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Offering Summary Orlando, Florida ONE AND THREE Building One TWO BUILDING OFFICE PORTFOLIO - RARE INVESTMENT OPPORTUNITY IN ORLANDO, FLORIDA OFFERING SUMMARY Building Three EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to exclusively offer the opportunity to acquire the Resource Square Office Portfolio, two Class A office buildings in Orlando’s Central Florida Research Park adjacent to the University of Central Florida (collectively the “Portfolio”). Resource Square One is a 3-story office building that is currently 75.2% leased and Resource Square Three is a 5-story office building that is 90.7% leased. The Portfolio’s quality tenancy, major roadway access, and proximate hotel and dining amenities make the Resource Square Office Portfolio a rare investment opportunity in the nation’s fastest growing job market. ONE THREE PROPERTY OVERVIEW PROPERTY OVERVIEW Building Address 13501 Ingenuity Drive, Orlando, FL Building Address 12001 Research Parkway, Orlando, FL Year Built 1999 Year Built 2003 Rentable Building Area 91,667 SF Rentable Building Area 152,882 SF Number of Stories 3 Number of Stories 5 Occupancy 75.2% Occupancy 90.7%1 Parking Ratio 5.3/1,000 SF Parking Ratio 4.4/1,000 SF 1 Occupancy excludes known vacate StoneRiver, Inc. (10,531 SF). PORTFOLIO Total Net Rentable Area 244,549 SF Average Occupancy 84.9%1 1 Occupancy excludes known vacate StoneRiver, Inc. (10,531 SF). 2 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY INVESTMENT-GRADE CREDIT TENANTS INVESTMENT HIGHLIGHTS S&P Credit % of Total Tenant Rating Industry Leased SF Portfolio General Dynamics Resource Square Three A+ Aerospace / Defense 62,773 25.7% SECURE INVESTMENT-GRADE CREDIT TENANTS IN THE FIELDS AVNET Resource Square Three BBB- Technology Hardware 17,333 7.1% OF TECH AND ENGINEERING Cisco Systems Resource Square Three AA- Telecommunications 10,924 4.5% ■ Over 45% of the Resource Square Office Portfolio square Raytheon Resource Square One A Aerospace / Defense 7,070 2.9% footage is leased to investment-grade credit tenancy Royal Bank of Canada Resource Square Three AA- Banking 5,147 2.1% Boeing Company Resource Square One A Aerospace / Defense 4,509 1.8% Variable Annuity Life Resource Square Three A+ Insurance 3,394 1.4% Insurance (VALIC) TOTAL INVESTMENT-GRADE CREDIT TENANTS 111,150 45.5% 3 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY ORLANDO MSA ECONOMIC OVERVIEW POPULATION & DEMOGRAPHICS RANKINGS & ACCOLADES HIGHEST City for #1 City Exceeding Rate of JOB GROWTH Projected 3,985 $77,739 #1 Job Creation #1 (US Dept. of Labor) #1 JOB GROWTH Total Avg. Household Income (CareerBuilder) Square 2.5 RACE/ETHNICITY: ORLANDO MSA City for Happiest Places Miles 3.67% POPULATION to Work in the MILLION 4.8% residents in Orlando GROWTH Nation (Forbes) 6.93% #1 #2 Cost of Living Index: (US Census Bureau) 67.95% Caucasian 16.64% African American Florida’s 3rd 16.64% 67.95% largest MSA 6.93% Other Race 4.80% American Indian/Alaskan Most Competitive Best City for 93.5 3.67% Two or More Races Business Locaton Millennials (National average is 100%) #2 (KPMG) #3 (Realtor.com) INFRASTRUCTURE NEW DEVELOPMENT BUSINESS TOURISM Orlando International Airport Orlando Companies with TOURIST MILLION HQ in Orlando: DESTINATION HOTEL ACRE LARGEST NEW CONSTRUCTION rd #1 IN THE WORLD 68 VISITORS OCCUPANCY RATE AIRPORT AIRPORT HOMES SOLD in 2016 an all-time 15,000 3 IN THE U.S. 15,000 in the past 12 months record for U.S. Travel Amway Center HOME OF Spending 75.5% BUSIEST AIRPORT MILLION th (in the U.S. for domestic travel) AN INCREASE 5 FACILITY of 12% in 2016. $480 7 of 10 10% higher than the Lake Nona TOP THEME $50 National average PARKS IN THE BILLION BILLION WORLD BILLION economic renovation $7.6 activity 30,000 EMPLOYMENT $3.1 underway JOBS CREATED by 2018 MSA MILLION ANNUAL in Florida for PASSENGERS 36,800 JOBS #1 Wage Growth (2015) 42 were created in Orlando MSA from October 2016 to $430 October 2017 SunRail MILLION 48,000 CORPORATE global training and ATTENDEES Ridership has conference center Projected at the CONVENTION CENTER UNEMPLOYMENT MILLION increased in each of planned by KPMG KPMG facility PASSENGERS the last 12 months RATE 1 in its first year of operation Creative Village nd 3.0% 3.4% ACRES REDEVELOPED 3.8% 2 (As of August 2017) Ultimate I-4 as mixed-use, transit oriented JOB GROWTH WAGE GROWTH 68urban neighborhood LARGEST Orlando ranked #2 in the annually in Orlando. IN THE U.S. #2 BILLION nation for % job growth Leads Florida (3.0%) and exceeds National Growth (3.0%) STUDENTS through October 2017 $2.3RENOVATION from UCF & underway on a 21-mile stretch of I-4 7,700Valencia College 4 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY ORLANDO’S EXPLOSIVE GROWTH PEO STRI & THE SALE OF RESOURCE SQUARE TWO POPULATION OVERVIEW ■ Central Florida Research Park is home to the U.S. Army’s PEO STRI Population Population Growth (Program Executive Office for Simulation, Training and Instrumentation), Area 2010 Census 2017 Estimate 2022 Projection 2010-2017 2017-2022 Orlando 238,300 286,903 310,356 20.4% 8.2% where weapons developers test cutting-edge arms and armor, and Orlando MSA 2,134,411 2,462,444 2,666,264 15.4% 8.2% simulate warzone scenarios to optimize soldier readiness. Florida 18,801,310 20,748,693 22,128,727 10.4% 6.7% ■ PEO STRI executes a multibillion-dollar program annually, and is staffed United States 308,745,538 325,365,189 339,698,965 5.4% 4.4% by more than 1,200 military, government civilian, and service support Source: Claritas contractors. Recent increases in military spending will motivate PEO UNIVERSITY OF CENTRAL FLORIDA: THE LARGEST UNIVERSITY IN THE COUNTRY AND GROWING STRI and other military organizations to acquire buildings at a premium. ■ The University of Central Florida (UCF), adjacent to Resource Square Three, has been crucial ■ In 2017, the State of Florida acquired Resource Square Two for $19.1 to the growth of the Central Florida Research Park and the employment growth in the million, or $154 per square foot, as a space where PEO STRI can utilize submarket their cyber security operatives and others rent free and maintenance-free. ■ In 2015, UCF’s acceptance rate fell to 48.6%, well below that of its most direct competition, ■ The acquisition of Resource Square Two will keep high-paying tech Florida State University jobs in the submarket, creating critical mass and countless synergies ■ UCF has added 7 new colleges since 2004, increasing the total by more than 50% for nearby tenants that work with these groups. ■ The school’s enrollment has skyrocketed in recent years, as indicated in the graph below ■ Resource Square Two and other State of Florida/University of Central Florida-owned buildings such as those summarized below represent a reduction of privately-held office supply and a lack of Class-A office UNIVERSITY OF CENTRAL FLORIDA THE LARGEST FALL SEMESTER STUDENT ENROLLMENT UNIVERSITY IN space available to tenants in the submarket, a signal of future rent THE COUNTRY growth potential. 70,000 63,016 64,335 66,183 S 60,821 T 58,698 59,785 59,770 N 60,000 56,337 E 53,644 D 50,275 STATE OF FLORIDA–OWNED OFFICE BUILDINGS U 50,000 48,699 T S Property Name Property Address Total RBA F O 40,000 University Tower 12201 Research Parkway 94,832 SF R E 3100 Technology Parkway 3100 Technology Parkway 158,215 SF B 30,000 M U 3039 Technology Parkway 3039 Technology Parkway 117,442 SF N 20,000 Research Pavilion 12424 Research Parkway 134,000 SF 10,000 352,313 SF+ Warehouse/ PEO STRI Facilities 12350 Research Parkway 0 Flex Space 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 5 EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY TOP BUILDINGS IN THE MARKET ■ Highly sought-after institutional-quality buildings with modern design and ■ Picturesque surroundings and landscaping, featuring a lakefront gazebo, construction nature paths with internet-enabled benches and an on-site basketball court ■ Timeless wood paneling and granite finishes contribute to submarket- ■ 75 kVA, diesel fueled backup generator (Resource Square One) leading rents ■ Superior parking ratios of 5.3/1,000 SF (Resource Square One) and 4.4/1,000 ■ Significant improvements in many of the tenant spaces, including Sensitive SF (Resource Square Three) Compartmented Information Facility (SCIF) construction, state-of-the-art data room, and elegant finishes, result in “sticky” tenants with a higher likelihood of renewal 6 Deltona EXECUTIVE SUMMARY PROPERTY OVERVIEW TENANCY OVERVIEW FINANCIAL ANALYSIS MARKET OVERVIEW AREA OVERVIEW AREA OVERVIEW MARKET OVERVIEW FINANCIAL ANALYSIS TENANCY OVERVIEW PROPERTY OVERVIEW EXECUTIVE SUMMARY LAKE 17/92 COUNTY STRATEGIC CORE LOCATION IN THE CENTRAL FLORIDA RESEARCH PARK (CFRP) Eustis Lake Lake ■ Central Florida Research Park is the largest research park in Florida,Eustis Monroe encompassing 59 buildings, 126 companies and more than 1,000 acres 441 Mount Dora Sanford ■ The Park’s tenants employ more than 10,000 people with an annual payroll Tavares Orlando Lake Harris Lake Saor tl of about $1 billion Mary SEMINOLE 17/92 ■ Over $1.4 billion in federal contracts is awarded by the U.S.
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