Industrial Market Review

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1 Q industrial Stockton San JoAquin County, California research & forecast Report Industrial Market Review Amazon s Completed Facility Helps Balance the Market The San Joaquin County industrial real estate market experienced a slight increase in the overall vacancy rate during the quarter, rising to 11.8 percent. Although the vacancy rate increased the market still posted positive net absorption of 700,503 square feet. The positive net absorption in the third quarter was due in large part to the completion of Amazon s 1,017,353 square foot fulfillment facility in Tracy. Overall, activity in the market remains strong as users continue to aggressively tour remaining available space, which should translate into a solid fourth quarter to close out the year. market indicators Q3-13 VACANCY NET ABSORPTION construction Lease rates Cap Rates Projected Q4-13 Warehouse Distribution The warehouse distribution sector continued to be the strongest performer posting 412,290 square feet of positive net absorption. Amazon s completion of their newly opened warehouse/distribution center accounted for a large part of the absorption during the quarter. Despite the positive absorption, vacancy rates increased from percent as a few of Tesco s larger facilities became available due to the looming bankruptcy proceedings of Fresh & Easy Neighborhood Market, a subsidiary of Tesco. Oakridge Warehouse leased 200,238 square feet at 1203 N Gertrude Avenue in Stockton, along with Noll Manufacturing s completed lease of 111,160 square feet at 1780 Industrial Drive in Stockton. Land prices Selected Market Highlights: > Amazon completed their 1,017,353 square foot fulfillment facility in Tracy. > Total vacancy rate rose slightly from percent. Historical vacancy and asking rates 16.0% 12.0% 8.0% $0.55 $0.45 $0.35 The positive net absorption in the third quarter was due in large part to the completion of Amazon s 1,017,353 square foot fulfillment facility in Tracy. > Sutter Home Winery is under construction on their 1.8 million square foot expansion to their Lodi facility. 4.0% $ % 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 Vacancy Vacancy Rate Asking Rate $0.15

2 LODI STOCKTON 4 Manufacturing Manufacturing posted 165,497 square feet of positive net absorption bringing the year-to-date absorption to 402,415 square feet. Vacancy rates have continued to fall 1.1 percentage points from 13.8 percent to 12.7 percent. The Nautilus Group purchased a 118,056 square foot building at Murphy Parkway in Lathrop. LATHROP TRACY MANTECA RIPON Light Industrial Light industrial experienced the biggest decline during the third quarter with negative 26,497 square feet of absorption. The vacancy rate rose from 13.8 percent to an even 14.0 percent, leaving a total of 1,522,898 square feet of light industrial space available in the market. Gladden Equipment Erectors leased 7,200 square feet at 950 E Grant Line Road in Tracy. ANE Rack and Shelving purchased a 5,600 square foot facility at 375 W Larch Road in Tracy Overall, activity in the market remains strong as users continue to aggressively tour remaining available space, which should translate into a solid fourth quarter to close out the year. R&D Flex/Incubator The vacancy rate in the R&D Flex/Incubator sector had the sharpest decline by 3.6 percentage points to 12.5 percent down from 16.1 percent. This decline is a result of the 123,413 square feet of positive absorption during the third quarter, up significantly from the negative 48,470 square feet during the previous quarter. KT Builders purchased a 38,638 square foot building at 4220 Commercial Drive at the Larch Road Industrial Park in Tracy. Utility Telephone leased 4,132 square feet at 4211 Coronado Avenue in Stockton, while idx Impressions now occupies 3,561 square feet at 990 Dexter Way at the Goodwin Business Park in Ripon Cordes Ranch: 1780 Acre Industrial Park Approved The City of Tracy is showing no signs of slowing down in the wake of the completion of the newly constructed Amazon distribution center. In an effort to attract more large Amazon like users to the city the City Council agreed to annex 1,780 acres of land in an early September meeting for 30 million square feet of commercial, general office and industrial development, known as the Cordes Ranch project. One major goal of the project is to create jobs to make it easier to retain a work force of local residents that are currently commuting to the Bay Area to find comparable work. Tracy officials anticipate the project to provide upwards of 36,000 jobs once fully built out. significant deals Lease activity PROPERTY ADDRESS Lease DATE Square feet Tenant type 1203 N Gertrude Avenue, Stockton 7/ ,238 Oakridge Warehouse Warehouse/Distribution 2800 N California Street, Stockton 9/ ,750 Weyerhaeuser Warehouse/Distribution 1780 Industrial Drive, Stockton 7/ ,160 Noll Manufacturing Warehouse/Distribution 6665 Hardaway Road, Stockton 7/ ,300 Star Nut Company Warehouse/Distribution Sale activity PROPERTY ADDRESS sale Date square feet Buyer type Murphy Parkway, Lathrop 9/ ,056 Nautilus Group Manufacturing 4220 Commercial Drive, Tracy 7/ ,638 KT Builders Incubator p. 2 Colliers International - stockton

3 San Joaquin County Geographical Overview: San Joaquin County is located directly to the east of the San Francisco/Oakland Bay Area in Northern California s Central Valley. It covers more than 1,400 square miles and bridges northern and central California. It s geographical position within the Country s third largest state places the county within a dynamic growth corridor ideally situated for business and industry. There are five (5) submarkets in San Joaquin County comprised of Tracy, Lathrop, Manteca, Stockton and Lodi. Due to the centralized location of San Joaquin County, it has cultivated extensive transportation facilities. These facilities include The Port of Stockton, Interstate 5 and Highway 99, Union Pacific Railroad and Burlington Northern Sante Fe Railroad, and The Stockton Metropolitan Airport. LODI 4 STOCKTON LATHROP MANTECA TRACY RIPON Colliers International - Stockton p. 3

4 Industrial Definitions Total Rentable Square Feet: Industrial space in buildings with 4,800 SF or greater of industrial space. Includes speculative as well as owner-occupied buildings. Excludes buildings that are functionally obsolete in addition to space that is under construction or renovation. Direct Vacancy: Space in existing buildings that are vacant and immediately available during the quarter for direct lease or for sale, plus space that is vacant but not available for direct lease or sublease (for example, that is being held for a future commitment). Total Vacancy: Space in existing buildings that are vacant and immediately available during the quarter for direct lease, for sublease or for sale, plus space that is vacant but not available for direct lease or sublease. Net Absorption: Net change in occupied square feet from one period to the next (includes the impact of change in vacant space available for sublease). Sales and Leasing Activity: Square feet sold or leased for all known transactions completed during the quarter. Includes lease renewals and includes investment sale transactions. Weighted Average Asking Rental Rates: Weighted by square feet available for direct lease. Data is based on triple net rents, and excludes expenses such as taxes, insurance, maintenance, janitorial service and utilities. Reported on a monthly per square foot basis. Manufacturing Buildings: Includes buildings designed for the conversion or fabrication of goods. Buildings range in size from 20, ,000 square feet. Warehouse Buildings: Includes buildings of 50,000 square feet and greater with a minimum clear height of 16 feet. They have multiple dock-high doors and are primarily used for storage and/or distribution of goods. High-Cube Warehouse Distribution: A sub-type of Warehouse buildings, high-cube buildings include buildings 50,000 square feet and greater with a minimum clear height of 26 feet. Typically the buildings provide dock-high doors at a ratio of one door per 10,000 square feet or more. Light Industrial Buildings: Includes buildings in which the space is used primarily for development, service, production, storage or distribution of goods. Buildings range in size from 10, ,000 square feet. Under-Construction/Renovation: Includes buildings that are in some phase of construction, beginning with foundation work and ending with the issuance of a Certificate of Occupancy. Also includes buildings that are undergoing substantial renovation. R&D Flex: Includes buildings designed to allow its occupants flexibility of alternative uses, in a building with multiple tenants, usually in an industrial park setting. Buildings range in size from 4,800-25,000 square feet. Average Sales Price: Calculated using a straight average of actual sales transactions. Incubator: Includes buildings designed to allow alternative uses by multiple tenants who occupy less than 4,000 square feet. Buildings range in size from 4,800-25,000 square feet. p. 4 Colliers International - stockton

5 Industrial Michael Goldstein, SIOR Executive Managing Director Wes Widmer Vice President RETAIL Lisa Hodgson Senior Vice President Ben Rishwain Office Ben Rishwain INVESTMENTS Adam Lucatello Vice President ADMINISTRATIVE Maria Marquez Office Manager Gregory O Leary, SIOR Senior Vice President Garrett Drew Andy Hodgson Ruben Sandoval Market Analyst Barbara McDermott Administrative Assistant offices in 62 countries on 6 continents United States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195 EMEA: 85 > $2.0 billion in annual revenue > $1.12 billion square feet under management > Over 13,500 professionals Stockton OFFICE: 3439 Brookside Rd. Suite 108 Stockton, CA United States tel FAX MANAGING PARTNER: Michael Goldstein, SIOR Executive Managing Director tel CA License No RESEARCHER: A.J. Paniagua Research Analyst TEL This report and other research materials may be found at www. colliers.com < This report is a research document of Colliers International - Stockton California. Questions related to information herein should be directed to the Research Department at Information contained herein has been obtained from sources deemed reliable and no representation is made as to the accuracy thereof. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports Colliers International. Accelerating success. Colliers International - Stockton p. 5

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