Overlake Village at Lake Stevens Townhomes Multifamily Residential High Urban Residential Development Site Senior Housing

FOR SALE: Approximately 13.86 acres for Overlake Village at Lake Stevens Townhomes Multifamily Residential High Urban Residential Development Site Senior Housing

Lake Stevens: 8.5 miles of shoreline

Overlake Village

Shared Private Lakefront Lot

10500 Oak Road, Lake Stevens, WA 98258

Exclusively Wyk Parker Sharif Batroukh marketed by: +1 206 332 1484 +1 206 332 1491 [email protected] [email protected] Overlake Village 10500 Oak Road 01 Property & Development Overview

02 Market Overview

03 Offering Terms & Procedures

Bellevue | Seattle | Tacoma nai-psp.com

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 2 01 Property & Development Overview Property Overview & Development Overview

Located in the city of Lake Stevens, this site is a uniquely pristine and large tract of land with views overlooking the lake. Arca Architecture’s 01

overall design principle is to preserve as much forested and natural Overview & Dev. Property area as possible to provide a beautiful and sustainable setting for future residents. The site has access to a shared private lakefront lot on the shores of Lake Stevens. SR-9 Centered around the idea of a pedestrian “green street,” this plan attempts to take advantage of its surrounding natural beauty and lush vegetation. Another important feature in Arca’s design is its flexibility to Lake Stevens be built in phases.

The property is outstanding access to State Route 92 that connects with 02 State Route 9 and I-5.

Site Large development site has views of Lake Stevens and is located close to schools, amenities and the central business district. Downtown Lake 03 Stevens is currently working on a major redevelopment plan to include retail opportunities, more businesses, community and conference centers and road improvements.

Lake Stevens has a strong retail trade area with retailers including Target, Safeway, Sports Authority, Staples, Walgreens and Haggen. Lake SR-92 Stevens is a high-income trade area with average household incomes of approximately $95,000 in 1, 3, and 5 mile rings.

Bellevue | Seattle | Tacoma nai-psp.com

The potential development plan of the property may include the following: »» Townhouses 01

»» Apartments Overview & Dev. Property »» Senior housing »» Senior care campus Location Callow/Oak Road Development Approval Pending Planned Unit Development

Jurisdiction City of Lake Stevens Amenity Pavilion Green Street & Park

District North Shore Off-Site Amenity Shared Private Lakefront Lot

Land Area (Square Feet) 603,743

Land Area (Acres) 13.86 Arterial Access Lundeen Prkwy, SR-92, SR-9 02

Comprehensive Plan Designation High Density Residential (HDR) Sewer City of Lake Stevens

Zoning High Urban Residential (HUR) Water City of Lake Stevens 03 Proposed Overlay PND Schools City of Lake Stevens

Schools within one-mile radius 5

Primary Land Use Residential/Senior Housing Projected Development Cost TBD

Secondary Land Use Apartments/Townhomes Sale Price TBD

Tertiary Land Use Forest Park Architect Arca

Other Lakefront Amenity

Bellevue | Seattle | Tacoma nai-psp.com

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 5 Overlake Village at Lake Stevens Sample Development Plan One

Area shown includes land that is not part of this offering. 01 Overview & Dev. Property

Bellevue | Seattle | Tacoma nai-psp.com

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 6 Overlake Village at Lake Stevens Sample Development Plan Two

Area shown includes land that is not part of this offering. ctgc ctglmvhgvyth + ytecrmuo B10 Es�nuvsr C�hryh 01 Uhcvvnh bculmrivsr B9104 206.406.159B

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SITE PLAN 50' 150' 1 SCALE: 1" = 50' 0" 25' 100' ---

Bellevue | Seattle | Tacoma nai-psp.com

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 7 Overlake Village at Lake Stevens Sample Development Plan Three

Area shown includes land that is not part of this offering. ctgc 01 SITE AREA = 603,743 SF ctglmvhgvyth + ytecrmuo B10 Es�nuvsr C�hryh Uhcvvnh bculmrivsr B9104 TOTAL WETLAND AREA TO BE 206.406.159B

MITIGATED = 61,553 SF Overview & Dev. Property

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Bellevue | Seattle | Tacoma nai-psp.com

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k 4 T A E D c MF Development Agreement (MFDA) Sub-Regional Commercial (SRC) Urban Growth Area (UGA) City Boundary3 T 9 BIC KFORDAV E V D 4 S u R 4 1 T H H 4 0 E h R PL SE 4 TH S T E E

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O E 7 6 TH ST S T 4 1 City 1 46TH P L S D E R City of Lake Stevens All data, information, and maps are provided "as is” without warranty Sor any representation of accuracy, timeliness, or completeness. The burden for determining accuracy, completeness, timeliness, merchantability and fitness U A L S I 83RDAV E SE 2 R for or the appropriateness for use rests solely on the requester. TheH City of Lake Stevens makes no warranties, express or implied, as to the use of the information obtained here. There are no implied warranties of merchantability T Future Planning Area C £2 L ¢ A or fitness for a particular purpose. The requestor acknowledges and accepts all limitations, includingA the fact that the data, information, and maps are dynamic and in a constant state of maintenance, correction and update. I M Urban Growth Area £¢2 N D D L N BU E NK 1 FOSS RD O 0 T

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E iv T Data Sources: Snohomish County (2009), City of Lake Stevens (2009) Created by: Perteet Inc. Revision Date: December 2009

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r 1 50T H S E T SE 9 J:\GIS\GIS_Projects\20080052_LakeStevens_OnCall\MapDocs\Perteet_CityofLakeStevens_2009LandUse_EsizePortrait.mxd12/16/2009- AM @ 10:36:18 02 Market Overview Village Center at Lake Stevens Economy

In 2018, city leaders adopted a plan that shall bring more homes, businesses, lake access, and improved roads. The area covered in 01 the plan is approximately 200 acres. The plan has commenced with the rebuilding of Main Street and redoing North Cove Park. The city is encouraging higher density housing and commercial uses and foresees 600 new housing units, and more than 240,000 square feet of new 02

commercial space. In addition, there is expected to be over $40 million Overview Market of road improvements.

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Lake Stevens is known for having the top schools in Washington State. Nearby Lake Stevens schools are shown on this map. 01

02 Market Overview Market

Middle and High Schools 1. Cavelero Mid High School 2. Crossroads High School 3. Lake Stevens High School 4. Lake Stevens Middle School 5. North Lake Middle School

03 Elementary Schools 6. Glenwood Elementary 7. Highland Elementary 8. Hillcrest Elementary 9. Mt. Pilchuck Elementary 10. Skyline Elementary 11. Stevens Creek Elementary 12. Sunnycrest Elementary

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10510 Oak Rd Transportation Access

Hwy 92 to Granite Falls

Hwy 92 Overview Market to Hwy 9 Overlake Village 10500 Oak Road

Callow to Hwy 92

Hwy 9 to I-5, Everett and Marysville

Hwy 9 to Woodinville

https://www.google.com/maps/place/10510+Oak+Rd,+Lake+Stevens,+WA+98258/@48.0230046,-122.0943498,7302m/data=!3m1!1e3!4m5!3m4!1s0x549aacc0b1a86da5:0x7c53f26fdb34e227!8m2!3d… 1/1 Transportation Transit

Route 109: Ash Way Park & Ride to Lake Stevens Route 209: Smokey Point to Lake Stevens 01 Lake Stevens TC 109 209 280 425 # Timepoint # Timepoint 1 Transfer Route(s) 1 Transfer Route(s) ## Green = CT ## Purple = CT ## Grey = ST Express ## Grey = ST Express 02 ET Everett Transit Market Overview Market

2 2

3 03 3 4 Mariner Park & Ride 101 105 106 109 201 202 410 810 ET

5 4 Lake Stevens TC 109 209 280 425 Ash Way Park & Ride 109 112 115 116 119 196 6 5 201 202 410 413 415 810 860 880 511 512 532

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Route 280: Granite Falls to Everett Route 425: Lake Stevens to Seattle 01 1 Lake Stevens TC 1 109 209 280 425 2 # Timepoint Granite Falls Park # Timepoint & Ride Transfer Route(s) Transfer Route(s) ## Blue = CT ## Orange = CT ## Grey = ST Express ## Grey = ST Express 02 AA Other Transit Market Overview Market

3 Everett Station 2 Swift Blue Line | 201 202 270 271 280 510 512 532 4 Everett Transit | Skagit Transit Island Transit | Sounder Amtrak Lake Stevens TC 3 109 209 280 425 5

Lake Stevens Transit Center

5 4

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Overlake Village

10500 02 Oak Road Market Overview Market Frontier Village Retailers

Downtown Lake Stevens »» City Hall »» Shops 03 »» Library »» Parks »» Restaurants »» Boat Launch and Docks

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Since settling in 1886, Lake Stevens has been home to families who set their sights on pioneering a better way of life for western Washington and beyond. Surrounding one of the region’s most coveted recreational lakes, the City of Lake Stevens has emerged 01 as one of the most desirable places in the state to call home.

Just 10 minutes east of Everett, and 34 minutes from downtown Seattle, Lake Stevens is home to hardworking families and retirees. Lake Steven’s growth is outpacing the rest of Snohomish County. In 2016, Lake Stevens had more than 31,000 citizens 02

and forecast that by 2035 Lake Stevens will experience 40% growth to exceed a population of 40,000. Overview Market

Here are some of the reasons people like to call Lake Stevens home: »» NerdWallet ranked Lake Stevens fourth in the Best Small »» Lake Stevens is the largest lake in Snohomish County Cities for Families in the Western Region that provides year-round recreational opportunities for »» Washington State Board of Education Achievement Index our citizens and tourists shows that Lake Stevens School District consistently »» Located on the Centennial Trail, Lake Stevens is a outperforms it neighbors gateway destination for cyclists

Lake Stevens’ government operates under the mayor-council system. The City’s motto “One Community Around the Lake” 03 embodies its quality of life, top-ranked school district, and City Council’s commitment to providing excellent services and amenities for its citizens. Source: Economic Alliance Snohomish County

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Drive Times from Lake Stevens 01 Everett Bellevue Seattle Skiing Boating

15 60 60 60 10 02 minutes minutes minutes minutes minutes Market Overview Market

Major Employers Lake Stevens Cobalt Safeway Haggen Target School District Enterprises

Source: Economic Alliance Snohomish County

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Plans for Growth City of Lake Stevens adopted a plan in 2018 that that calls for 01 more homes, businesses, lake access and approximately $40 MIL in road improvements in downtown Lake Stevens. The area covered by the plan spans about 200 acres, centered near the intersections of 20th Street NE, Main Street and Hartford 02

Drive NE. Overview Market

The main points to the plan include rebuilding Main Street, redoing North Cove Park and improving retail opportunities.

An overhaul and expansion of North Cove Park is under way to increase lake visibility and access and work also has started on redesigning Main Street as a tree-lined boulevard.

The city is planning for more businesses, multifamily housing and a community and conference center. A breakdown in the plan calls for up to 600 housing units, more than 240,000 square feet of retail and commercial space, and 300 parking spaces once 03 downtown is redeveloped.

To make way for downtown redevelopment, and to centralize city services, a new civic campus is planned in the Chapel Hill area. The old City Hall has been torn down and services are housed in temporary buildings at North Cove until a permanent location is ready.

Source: Economic Alliance Snohomish County

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99,882 Population

50,417 Overview Market Population

6,527 Population 36.4 34.9 36.1 Median Age Median Age Median Age $98,133 Avg HH Income 03 $99,943 Avg HH Income

$95,394 Avg HH Income

March 15, 2019 Bellevue | Seattle | Tacoma

Snohomish County and its 20 cities and towns, including Lake Stevens, are perfectly balanced; the urban and the rural, manufacturing and research, maritime and alpine. This is also true geographically, as we are equidistant from both Europe and 01 Asia. Snohomish County’s duality in this regard is a credit to its success as a hub for a diverse set of industries and multinational companies. Thriving aerospace, agriculture, manufacturing, and technology industries power our communities, resulting in the highest concentration of advanced manufacturing jobs west of the Rocky Mountains and the highest concentration of engineers in Washington. With “anchor tenants” such as Boeing, Philips and Fortive/Fluke, combined with the County’s proximity to global 02

brands like Microsoft, Amazon, Starbucks and T-Mobile, you have the makings of a robust and diverse regional economy. As a Overview Market collaborative community where the private and public sectors partner to maximize economic vitality, this diversity of industries lays a foundation for business success.

Snohomish County’s diverse industrial base, technological talent, and strategic location positions Snohomish County at the center of innovation. Snohomish County’s advantages include the following: »» Technical workforce – second in concentration of »» Significant aerospace and life science (medical device technology workers in Washington State and biotech) clusters »» Education resources – two research universities and two »» Lowest electricity costs in Nation technical colleges, both offering curriculum supportive of »» Part of Seattle metropolitan division (MD) 03 manufacturing »» International community »» Snohomish STEM Network to raise technical training at »» Commercial airport – Paine Field the K-12 level »» Port of Everett deepwater port »» Manufacturing Center – 20% of the workforce in »» No corporate or personal income tax manufacturing; highest in Washington State »» Equidistant from Europe and Asia

Source: Economic Alliance Snohomish County

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Snohomish County is a global center for aerospace and advanced manufacturing. Snohomish County has been the home of Boeing’s Everett assembly plant since 1976; over 50 years. The 747, 767, KC-46A Tanker, 777 and 787 are all delivered from 01 this site; the largest building in the world by volume. The recently completed $1 billion Composite Wing Center supports the new 777X, which is forecasted to add 8,000 jobs and bring new firms to a regional supply chain that already includes 600+ companies. This supply chain supports Boeing as well as Airbus, Bombardier, Comac, Embraer, Sukoi, and Mitsubishi. 46% of all aerospace workers in the State of Washington are employed in Snohomish County. 1 in 5 jobs in Snohomish County are associated with 02

aerospace. Overview Market

Snohomish County is known for its medical device industry including two international leaders in ultrasound, Philips and Fijifilm Sonosite, who have headquarters and manufacturing here. On the biotech side, CMC Biologics, Seattle Genetics, and Juno Therapeutics each have a significant presence in Snohomish County. Providence Health and Services recently invested $500 million in a healthcare facility that participates in clinical trials for cancer, vascular, cardiac and orthopedic care. Snohomish County attracts tech and creative companies including Fluke Corporation, and its Fortune 500 parent, Fortive, have their headquarters and operations here, as do Seattle Genetics (immunotherapies), Zumiez (retail/clothing), Premera Blue Cross (insurance), and Funko (toys). T-Mobile, Google and AT&T all have a significant presence throughout Snohomish County. Snohomish County is home to more than 15 higher educational institutions. Highlighting STEM and 21st Century skills, Snohomish 03 County’s higher education network is committed to bridging the gap between the next generation of workforce and our local employers.

Source: Economic Alliance Snohomish County

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The Higher Education partners in Snohomish County work seamlessly to provide continuity to students, connection points for employers and degree offerings that align with the needs of the employers in our community. Higher education institutions are 01 described as follows:

Edmonds Community College (EdCC) Demonstrates its vision to transform lives through exemplary, nationally recognized educational and career pathways and is a 02

robust contributor to the local STEM workforce. Of the 11,100 students, approximately 8,500 students each quarter are local to Overview Market Snohomish County, with 18% of these students pursuing STEM fields. EdCC offers 14 Associate Degrees, 12 Certificates, and 26 Certificates of Completion in various STEM programs such as Materials Science and Composites Technology, Robotics and Electronics, Digital Forensics and Information Technology, Cyber Security, Computer and Electrical Engineering, and Network Technology.

Everett Community College (EvCC) Serves more than 19,000 students in Snohomish County yearly, more than 2,600 students in STEM programs of study. EvCC’s Aerospace and Advanced Manufacturing programs include cutting edge mechatronics, advanced avionics, and UAV/drone technology, while its Business programs focus on business and finance, entrepreneurship, IT and cyber security. EvCC’s engineering 03 program has grown by 61% in the last four years, due in part to direct transfer agreements with Washington State University at the University Center of North Puget. EvCC’s Corporate and Continuing Education Center (CCEC) offers corporate training onsite for employers as well as on campus and online.

Source: Economic Alliance Snohomish County

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University of Washington Bothell (UW Bothell) Enrolls almost 6,000 students, 30% from Snohomish County, with the largest number pursuing degrees in STEM fields. The 01 campus is home to the state’s second-largest computer science program, a rapidly expanding cybersecurity initiative, expertise in supply chain management, and media communications programs that are relevant to the high-tech economy. UW Bothell faculty and staff are also known for creating a campus culture that fosters innovation, creativity, and entrepreneurial thinking: students in the Digital Future Lab produce industry-quality games, MBA students advise companies from Boeing to Starbucks on business 02

and marketing strategies, seniors in engineering submit capstones on industry-delivered challenges, and students use the Maker Overview Market Space to develop autonomous trikes and 3D printed prostheses.

Washington State University Everett (WSU Everett) and the University Center of North Puget Sound The newest WSU campus in Everett is a model of innovation in higher education with industry-aligned programs, state-of-the-art classrooms and a trailblazing partnership with local community colleges that broadens access and reduces the cost of college. The campus leads an innovative approach to bring the region access to more than 30 signature undergraduate and graduate programs from a consortium of higher education institutions, including WSU, Western Washington University, UW Bothell, Eastern Washington University and Hope International University. WSU Everett currently offers baccalaureate degrees in: Data Analytics; Software, Mechanical, and Electrical Engineering; Integrated Strategic Communication; Organic Agriculture; and Hospitality 03 Business Management. Expansion plans include degrees in Business Administration and Supply Chain Management. WSU Everett is also developing an applied research portfolio that, coupled with the campus’ proximity to international ports and countries, will help advance scientific research and catalyze emerging industries and technologies.

Source: Economic Alliance Snohomish County

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Higher education schools located in Snohomish County include the following: 01 Private Universities and Colleges »» City University of Seattle - Everett »» Embry Riddle Aeronautical University - Everett »» Columbia College - Everett 02

Public Universities and Colleges Overview Market »» Central Washington University - Lynnwood »» Everett University Center - Everett »» Northwest Indian College - Tulalip »» Eastern Washington University »» Washington State University - Everett »» The Evergreen State College »» University of Washington - Bothell »» Hope International University »» University of Washington - Bothell »» Washington State University »» Western Washington University

Community and Technical Colleges 03 »» Cascadia College - Bothell »» Everett Community College - Everett »» Edmonds Community College - Lynnwood »» Lake Washington Institute of Technology - Kirkland

Source: Economic Alliance Snohomish County

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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 25 Snohomish County Industry Sectors and Top Employers

Snohomish County, Washington is home to over 20,500 businesses, ranging from small family farms specializing in organic foods, to the world’s largest advanced manufacturing facility producing state-of-the-art aerospace equipment. The fifty largest employers 01 account for over 96,900 jobs, or about 34% of the County’s total employment. 71% of workers are in service-providing industries and 29% of workers are good’s producing industries.

Snohomish County, a blend of urban and suburban, white and blue collar jobs, has a well-educated labor force of over 400,000. 02 Market Overview Market Northern Snohomish County is the manufacturing center of Washington State. 20% of Snohomish County’s workforce is associated with manufacturing; over twice the State average. The assembly of commercial aircraft is significant in our local economy with 37,000 jobs at both The Boeing Company and the associated supply chain. This supply chain, representing both products and services, is not limited to Boeing: many are doing business with Airbus while pursuing opportunities with the growing list of single-aisle airframe manufacturers. Additionally, these suppliers have diversified to serve multiple markets including shipbuilding, defense, energy generation, and more. The northern part of the county also has workers engaged at Naval Station Everett.

Southern Snohomish County, with its proximity to Seattle, has a concentration of knowledgeable workers. Bothell, in particular, has a concentration of life science companies including a cluster of medical device companies with a focus in ultrasound diagnostics. 03 Philips Healthcare and Fujifilm Sonosite have a combined workforce of 2,600. On the pharmaceutical side and smaller in scale, CMC Biologics has 300 scientists researching and producing bio-pharmaceuticals on a contract basis. Seattle Genetics has a workforce of 700 pursuing cancer therapies. Juno Therapeutics is working on oncology through the application of cell therapy. Engineering sites for T-Mobile and Google also reside in the Bothell / South Snohomish County area.

Source: Economic Alliance Snohomish County

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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 26 Snohomish County Industry Sectors and Top Employers (Cont.)

# Company Employees Business Line Public/Private 01 1 The Boeing Company 35,000 Aircraft Manufacturing Private 2 Providence Regional Medical Center 4,906 Medical Services Private 3 Edmonds School District 3,616 School District Public 4 The Tulalip Tribes 3,500 Gaming, Real Estate, Gov’t Services Public 02 5 Washington State Government (includes colleges) 3,000 State Government Public Market Overview Market 6 Naval Station Everett 2,900 U.S. Navy Base Public 7 The Everett Clinic 2,871 Health Care Private 8 Snohomish County Government 2,759 County Government Public 9 Everett School District 2,443 School District Public 10 Premera Blue Cross 2,200 Health Insurer Private 11 Albertson’s/Safeway (21 locations) 2,177 Retail - Grocery Private 12 U.S. Federal Government (includes USPS, excludes Navy) 2,100 Federal Government Public 13 Mukilteo School District 2,020 School District Public 03 14 Philips Healthcare 2,000 Ultrasound Technology Private 15 Swedish Medical Center - Edmonds Campus 1,850 Health Care Private 16 Edmonds Community College 1,635 Higher Education Public 17 Fred Meyer/QFC (19 locations) 1,351 Retail - Grocery Private 18 Walmart (8 locations) 1,342 Retail Private 19 Marysville School District 1,341 School District Public 20 City of Everett 1,225 City Government Public

Source: Economic Alliance Snohomish County

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Washington State business incentives include the following: »» No corporate income tax »» No inventory tax 01 »» No personal income tax »» No tax on interest, dividends or capital gains »» No unitary tax (VAT)

Washington State has an assortment of tax incentives. Those most frequently implemented by Snohomish County business are: 1. All manufacturing equipment is exempt from the Sales and 4. Agriculture & food processing incentives: 02 Use Tax. »» Manufacturers of solar energy systems/components have Market Overview Market 2. Aerospace firms incentives: a reduced B&O Tax rate. Additionally, installed equipment »» Reduced B&O Tax rate for aerospace manufacturing. for the generation of alternative energy is exempt from the »» Credit against the B&O Tax for preproduction development Sales Tax. expenditures. 5. Job training financial support: »» Credit against the B&O Tax for property/leasehold taxes »» The Job Skills Program offers customized training through paid on aerospace manufacturing facilities. the Community College system with 50% cost share by »» Sales & Use Tax exemption for computer hardware/ the State. software and peripherals. »» The Customized Employment Training Program provides 3. High technology firms incentives: a credit against the B&O Tax for 50% of training costs. »» Manufacturers of solar energy systems/components have a reduced B&O Tax rate. Additionally, installed equipment 03 for the generation of alternative energy is exempt from the Sales Tax.

Local Tax Incentives in City of Everett Local Tax Incentives in cities of Arlington, Marysville and Lake Stevens The City offers a credit of $1000 per job created to be taken against Manufacturers located in these three cities are exempt from property the City B&O Tax. The program requires a minimum of 50 new jobs tax on the construction of a new manufacturing buildings for ten and has a lifetime cap of $500,000. years; property tax on the land continues to be paid. The building must be a minimum of 10,000 SF and the operation must create a minimum of 25 new jobs paying $18.00/hour or higher. Source: Economic Alliance Snohomish County

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The Seattle apartment market is hot, and justifiably so. Construction activity is still dynamic, but tight peripheral 01 areas in South King, Pierce and Snohomish counties are showing strong rent gains. Sales volume has been consistently high over the past few years, mostly due to institutional investment. Pricing is at record highs and cap 02

rates are among the lowest in the country. Overview Market

Seattle’s economy continues to expand, attracting residents seeking high-paying jobs and, in turn, spurring household formation. Even high-paid tech workers struggle to find desirable homes in King County: The median home price is roughly $670,000, equating to roughly $3,500/month in mortgage payments including insurance and taxes. The dream of homeownership is more realistic in peripheral areas like Pierce and Snohomish counties, where the average mortgage payment is more than $1,000 cheaper using the same inputs as above. 03

Seattle is one of the top metros nationally for construction activity this cycle, and most of it is concentrated in the urban core. The city of Seattle continues to have the most cranes in the sky of any city in the country, the majority of which are for multifamily projects. From 2015–18, the metro increased its inventory by 14%, compared with only 3% in Los Angeles, for example. In fact, the Seattle metro had roughly 8,000 more deliveries in 2015–18 than the L.A. metro did, and it is only one-third the size.

Source: Costar

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ABSORPTION, NET DELIVERIES & VACANCY

Seattle Market Cont.

Most development targets employment nodes in the urban core and Eastside submarkets, but peripheral areas in Pierce, South King, and Snohomish counties are getting attention too. Renters in these areas can save up to 30%on rent, making the long 01 commute worth it for some.

Investment in the Puget Sound area has reached new heights over the past few years. Recent deals have been focused in the suburbs, where cap rates are higher than the exorbitantly priced urban core. Institutional investors see potential in suburban 02

submarkets that provide easy access to employment hubs, and many developers sell properties once they stabilize. Overview Market

Source: Costar

VACANCYVacancy RATE Rate

Seattle 3 Star

Seattle 4-5 Star 03 Seattle

United States

Source: Costar

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The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 30 1/28/2019 Copyrighted report licensed to NAI Puget Sound Properties - 18512. Page 65 Seattle Market Cont.

Seattle’s economic success remains broad-based, and the unemployment rate has contracted significantly this cycle. 01 Employment growth has outpaced the national average since 2010. A strong job market translates to robust income growth, and the metro’s median household income is around $85,000, nearly 40% higher than the national 02

median and more than 30% higher than the metro level at Overview Market the beginning of the cycle.

The largest sector in the Seattle area remains trade, transportation, and utilities, and it has grown exponentially this cycle. This includes retail trade, which Amazon technically falls under. Trade has benefited from strong connections to emerging Asian markets, as have leisure and hospitality, bolstered by increasing international business travel and tourism. This has resulted in an ongoing hotel development 03 boom in the region, adding many construction jobs. The education and health services sector benefits from the presence of the University of Washington, which, in addition to being one of the metro’s largest employers, has spawned a cluster of life sciences and biotech companies in nearby South Lake Union.

Source: Costar

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Amid a well-diversified job base, tech is clearly the toast of the town. The presence of companies like Microsoft 01 and Expedia contribute to making Seattle an international center of technology, but Amazon seals the deal. The e-commerce giant continues to expand rapidly with high- paying jobs in the tech industry. Between its existing, 02

under-construction, and proposed office spaces, the Overview Market online retailer could realistically employ more than 75,000 workers in the Puget Sound area by April 2019, when many of the company’s leases expire. Amazon will likely renew these leases through April 2033, in addition to any future leases signed, even with its second headquarters (HQ2).

Other tech companies have been expanding, too, including well-known Bay Area firms. Facebook preleased all 384,000 SF of office space at Vulcan’s Arbor Blocks, which could double its Puget Sound region headcount to at least 4,000 employees by 03 2019. Google also preleased more than 600,000 SF in South Lake Union, which will double its footprint in the metro when the property opens in 2019. Such expansions continue to drive favorable demographics—the metro’s population growth far outpaces the national average. That growth helps keep the metro at the forefront of innovation, attracting educated new residents with its abundance of well-paying jobs. Ideally, residents will plow their earnings back into the local economy, generating even more jobs and fueling a virtuous cycle of growth.

Source: Costar

Bellevue | Seattle | Tacoma nai-psp.com

The information supplied herein is from sources we deem reliable. It is provided without any representation, warranty or guarantee, expressed or implied, as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. CONSULT YOUR ATTORNEY, ACCOUNTANT OR OTHER PROFESSIONAL ADVISOR. Seattle\Offering Memorandums\10500 Oak Road - WP 32 03 Offering Terms & Procedures Offering Terms & Procedures

Terms of Sale The Property is being offered “as is,” “where is” and subject to all faults. Seller makes no representation or warranty with respect thereto. Buyer acknowledges 01 that buyer is not relying on any representation or warranty of Seller or of any agent or representative of Seller. All information furnished regarding property for sale is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and the same is subject to errors, omissions, changes of prices, rental or other conditions, prior sale or lease or withdrawal without notice.

02 No Contact with Seller All contact with seller shall be conducted through listing agents.

Property Tours and Offering Procedure Requests for property tours and inquiries concerning the procedures outlined in this Offering Memorandum may be directed to: 03

Wyk Parker Sharif Batroukh Terms Offering +1 206 332 1484 +1 206 332 1491 [email protected] [email protected]

Confidential Offering Memorandum Disclaimer Information included or referred to herein is furnished by third parties and is not guaranteed as to its accuracy or completeness. You understand that all information included or referred to herein is confidential and furnished solely for the purpose of your review in connection with a potential purchase of 10500 Oak Road, Lake Stevens, WA 98258. Independent estimates of proforma income and expenses should be developed by you before any decision is made on whether to make any purchase. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual documents to which they relate. NAI Puget Sound Properties, the asset owner(s), their services, representatives and/or brokers and their respective agents, representatives, affiliates and employees, (i) make no representations or warranties of any kind, express or implied, as to any information or projections relating to the subject asset(s), and hereby disclaim any and all such warranties or representations, and (ii) shall have no liability whatsoever arising from any errors, omissions, or discrepancies in the information. Any solicitation for offers to purchase the subject asset is subject to prior placement and withdrawal, cancellation or modification without notice.

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