BROKER OPINION OF VALUE & MARKETING PLAN

Transcription

1 BROKER OPINION OF VALUE & MARKETING PLAN 4830 W. Lower Buckeye Road Phoenix, AZ Prepared For: Mr. Anil Nagu, Group Head Strategy & Finance Prepared By: Andrew Cheney, Principle Chris McClurg, Principle 3200 E CAMELBACK ROAD SUITE 100 PHOENIX, AZ MARCH 2017

2 LEE & ASSOCIATES BROKER OPINION OF VALUE TABLE OF CONTENTS I. Subject Property Property Information Photos Aerials II. Lee & Associates Arizona Services and Benefits Marketing Team Resumes References ANDREW CHENEY PRINCIPAL CHRIS MCCLURG PRINCIPAL LEE & ASSOCIATES ARIZONA 3200 E. Camelback Road, Suite 100 Phoenix, AZ III. Marketing Strategy Marketing Overview Marketing Strategy/Process Prospecting IV. Land Sale Comparables Sale Comparables Lease Comparables IV. Broker Opinion of Value Recommendations V. Industrial Market Report 4380 W. Lower Buckeye Road, Phoenix, AZ 85043

3 SUBJECT PROPERTY

4 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY PROPERTY: 4380 W. Lower Buckeye Rd Phoenix, AZ BUILDING SIZE: ±34,955 SF (warehouse) *Size based on Maricopa County Assessor Office LOT SIZE: TYPE: LOADING: 3.88 Acres *Includes 1.68 acre lot to the west, which could be used for building expansion. Industrial/Freestanding (1) Grade level (3) Truckwells YEAR BUILT: 2007 BUILDING CONSTRUCTION: Block Construction CLEAR HEIGHT: ZONING: A1 POWER: N/A PROPERTY TAXES: $40, (2016) PARCEL NUMBER: COMMENTS:» Freestanding building with great ingress and egress» Excellent Lower Buckeye Rd visibility» Industrial park location» Facility only ten years old» Guarded and patrolled business 4380 W. Lower Buckeye Road, Phoenix AZ 85043

5 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

6 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

7 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

8 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

9 LEE & ASSOCIATES ARIZONA

10 LEE & ASSOCIATES BROKER OPINION OF VALUE LEE & ASSOCIATES ARIZONA Lee & Associates Arizona specializes in providing exceptional brokerage services for the industrial, office, multifamily, investment and land sectors of the Phoenix commercial real estate market. Our office was established in 1991 and is now recognized as one of the most successful brokerage firms in the nation. Every principal broker is an owner of the Arizona office, which means each broker is personally driven to delivering excellent results for its clients. Each of our 57 nationwide Lee & Associates offices is locally owned and combined with a powerful platform from the national Lee & Associates network. Our philosophy is that clients are better served by giving talented Brokers a collaborative rather than competitive work environment. Lee & Associates knows real estate. We help clients large and small navigate the complexities of the commercial real estate industry. Whether you need help finding, acquiring, selling, leasing, managing or consulting, you ll benefit from our careful approach. Before offering any recommendations, we learn about your business goals to ensure that our strategies are in sync with your objectives. Our clients include the largest developers and holders of real estate in the marketplace. Clients differ as greatly in size as they do in variety, ranging from Fortune 100 companies to small, familyowned business. We use our knowledge and experience to support each client s goals. In fact, our principals have completed over $15 billion in transaction volume in the past twentyfive years. We leverage a national platform with local market expertise to provide customized real estate solutions W. Lower Buckeye Road, Phoenix, AZ 85016

11 LEE & ASSOCIATES BROKER OPINION OF VALUE LEE & ASSOCIATES ARIZONA SERVICES AND BENEFITS We have aggressively assembled a team of top professionals brokers from various disciplines backed by highly knowledgeable experts. Our skills can be applied across the breadth of industrial and commercial applications from manufacturing plants to highrise office properties, multifamily housing portfolios, bulk warehouse/distribution facilities to mixeduse projects, retail representation, land development and more. As Lee & Associates Arizona, we deliver a breadth and quality of service that is unparalleled in the industry. We are uniquely focused on the needs and trends of corporate real estate and have developed an extensive array of services to benefit our corporate clients. The entire process follows an organized and methodical approach to ensure ownership of the best possible economic deal terms through the least amount of risk and time. This process is tailored to your objectives and requirements. The result is a smooth and efficient transaction and a soldout project. We capture value. We perform financial due diligence, gather market intelligence, and pay attention to detail. We do it all so our clients realize rewards. PROJECT MARKETING AND LEASING SERVICES Evaluate the Project and surrounding submarket(s) Create Marketing Strategy Identify and Pursue Target Prospects Financial Proposal Analysis/Lease Analysis Negotiation Strategy Development & Implementation BENEFITS Maximize Value of Real Estate Optimal Solutions to Meet Sale Objectives and/or Cash Flow Projections Expertise of a Professional Real Estate Consultant at your Fingertips Single Point of Contact and Accountability 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

12 LEE & ASSOCIATES BROKER OPINION OF VALUE LEE & ASSOCIATES ARIZONA RESEARCH DEPARTMENT CAPABILITIES The Lee & Associates research department provides our clients with the most extensive research capabilities available. Our research analyst and team provide brokerage with the most relevant market information through market analysis, mapping and forecasting. Quarterly market reports and studies are produced using the latest thirdparty databases. Additionally, the department provides public relations and social media outreach, marketing proposals, broker opinionsofvalue, binding and packaging and other marketing services MARKET STUDIES Quarterly Market Reports Market Rate Comparisons Submarket Comparisons Financial Analysis BROAD DATABASE Sale/Lease Comparables Ownership/Tenant Information Property Features Demographics INTERNET/ MEDIA CoStar/Loopnet L & A Website Comprehensive Marketing Social Media/Press Releases DESKTOP PUBLISHING Proposals Presentations Property Brochures Marketing Collateral 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

13 Specializing in brokerage cheney Principal office cell fax E. Camelback Rd. Suite 100 Phoenix, AZ PARTIAL CLIENT LIST» Aegon USA» Buchanan Street Partners» ViaWest Group» Furst Properties» HDR Engineering» Valley of the Sun United Way» JDA Software Group» CopperPoint Mutual Insurance» Motorola, Inc.» The Noblitt Group» May Potenza Baran & Gillespie» Dickinson Wright» Ryan Companies» Opus» U.S. Bank Corp.» Lincoln Property Company» Oaktree Investment» Mark IV Capital» Kutak Rock Law Firm» USAA Real Co.» Piedmont Office Realty Trust» McCarthy Cook» Regent Properties» Plaza Companies» Holualoa» ASU Foundation» Griffin Partners» VanTrust» Everest Holdings PROFILE Mr. Cheney specializes in the representation of landlords and tenants, focusing on the leasing and sales of office properties in the metropolitan Phoenix real estate market. A second generation Arizonan, Mr. Cheney s extensive experience includes representing national tenants such as Motorola, JDA Software and HDR Engineering. Mr. Cheney is deeply committed to the industry and takes active leadership roles within elite organizations such as CCIM and NAIOP. He is one of 17 professionals in Arizona who hold both CCIM and SIOR designations. Mr. Cheney is one of 8 exclusive members of the national tenant representation arm of Lee & Associates, Lee Corporate Solutions. CAREER SUMMARY Mr. Cheney has completed over 900 transactions totaling over 3 million square feet valued in excess of $1 billion. Notable Recent Transactions Include:» Valley of the Sun United Way 33,000 SF» U.S. Bank Arizona HQ 30,000 SF» U.S. Food Service at River Corporate Center 133,000 SF» Cole Real Estate Investments at 24 th & Camelback 112,000 SF» SXC Healthcare at Thistle Landing 65,000 SF» GM Financial at Chandler Forum 150,000 SF Notable Awards Include:» 2013 Class of 40 under 40 Phoenix Business Journal» 2011 NAIOP National Developing Leader of the Year» 2010 NAIOP Arizona Chapter Emerging Broker of the Year» Former world ranked professional tennis player» Fourtime U.S. Men s Open Division Father/Son Doubles Champion» Formerly ranked #88 in the United States Tennis Association EXPERIENCE 2003 to present: 2000 to 2003: Lee & Associates / Principal ITF Professional Tennis Tour EDUCATION Bachelor of Science in Civil Engineering, University of California at Irvine State of Arizona Real Estate License COMMUNITY INVOLVEMENT NAIOP Arizona Board Member NAIOP Arizona Executive Committee 2016 Awarded Counselors of Real Estate (CRE) Certified Commercial Investment Member Member of Society of Office and Industrial Realtors One of less than 45 worldwide to hold the above 3 designations Guerrant Foundation Board Member (Microcredit Lending) Phoenix Men s Art Council FBI Citizens Academy Graduate and Alumni Association Member Arizona CCIM Chapter Past Board Member Past Lee & Associates Board Member

14 Specializing in INDUSTRIAL brokerage PROFILE chris mcclurg Principal office cell fax East Camelback Road Suite 100 Phoenix, Arizona PARTIAL CLIENT LIST» BBVA Compass Bank» Bucci Development Limited» Central Arizona Supply» Drive Time» Comfort Systems USA» Dillards Corporation» EJM Development» First Industrial Trust» Karl Suss SemiConductor» LGE Design Build» Magee Homes» Metro Commerical Properties» Motorola» National Bank of Arizona» PS Business Parks/Storage» Roper Industries» Sun State Builders» US Post Office» United Parcel Service» Via West Properties» WalMart Corporation» Wells Fargo Bank Mr. McClurg is a licensed Arizona Real Estate Broker and a graduate of the University of Tennessee. Mr. McClurg specializes in the representation of landlords and tenants specializing in the leasing and sales of industrial/flex properties and land in the Metropolitan Phoenix real estate market. Mr. McClurg s extensive knowledge of the Metropolitan Phoenix market is complemented by thorough analysis and marketing skills involving tenant relocation, tenant expansion, lease negotiations, market analysis and property marketing. These qualities, along with a strong work ethic, have enabled him to become a respected presence within the market. CAREER SUMMARY As a Commercial Real Estate Advisor for Lee & Associates, Mr. McClurg has represented the interests of multiple landlords, developers and tenants within Metropolitan Phoenix. The most noted of which include:» Wells Fargo Bank 700,000 sq. ft.» WalMart Corporation 500,000 sq. ft.» Silagi Development 418,000 sq. ft.» LGE Design Build 300,000 sq. ft.» Papa Johns 220,000 sq. ft. Mr. McClurg has completed over 830 transactions totaling over 14,738,643 square feet valued in excess of $453 million. EXPERIENCE 1994 to present Lee & Associates Arizona ACHIEVEMENTS Lee & Associates Board Member 2009 to 2011 Top 5 Producer 2006, 2007, 2011, 2012, 2013, 2014, 2015 and 2016 EDUCATION Bachelor of Science, Liberal Arts University of Tennessee, Knoxville, TN PERSONAL ACHIEVEMENTS President, TriScottsdale (not for profit organization) 2012 to present US Triathlon AllAmerican 2004 to 2014 Lee & Associates Arizona, Inc. Your Local Market Experts A Member of the Lee & Associates Group of Companies

15 LEE & ASSOCIATES BROKER OPINION OF VALUE LEE & ASSOCIATES ARIZONA REFERENCES Mr. Randy Stalworthy RRS & Co. 21 E. 6 th Street, Suite 706 Tempe, Arizona (480) Mr. Damian Bailey Cabot Industrial One Beacon Street, Suite 1700 Boston, MA (617) Ms. Janet Herlyck Metro Commercial Properties 1500 N. Priest Drive #132 Tempe, Arizona (602) Mr. Sean Babson Hewson Development 4636 E. University Phoenix, Arizona (480) Mr. David Sellers LGE Design Build 70 N. 52 nd St. Phoenix, AZ (480) Mr. Tony Hepner Metro Commercial Properties 1500 N. Priest Dr. #132 Tempe, AZ (602) Mr. Jeff Foster Prologis 4555 E. Elwood Phoenix, AZ (480) Ms. Christine Mackay City of Phoenix Economic Development Officer 200 W. Washington Street, 20 th Floor Phoenix, AZ (602) W. Lower Buckeye Road, Phoenix, AZ 85016

16 MARKETING STRATEGY

17 LEE & ASSOCIATES BROKER OPINION OF VALUE MARKETING STRATEGY Marketing and selling industrial property in a competitive and priceconscious environment requires a myriad of skills, market knowledge, insight and networking. Success is a function of exposure to active developer/buyer requirements, coupled with a wellthought out strategy to identify prospects. With over 30 years of sales experience in this submarket, our Lee team has the specific Surprise area experience and focus to handle this assignment complimented by a wellestablished track record of success. PROSPECTING The team is committed to contacting developers, investors and build to suit opportunities that are focused in this area. The Surprise market is a wellestablished, desirable location for light industrial users that have proven capable of attracting businesses from within this submarket and beyond. The team is committed to contacting developers and users in proximity to 4830 W. Lower Buckeye Road, as well as all brokers, and will continue our efforts on a parkbypark basis. Our years of marketing properties to endusers and brokers in this submarket bring familiarity with this Tenant base and decision makers. In addition to geographic calls, we will target specific industries that can utilize the features of the property. Immediately, we will focus on: Investors/users who can see an advantage of a sale/leaseback and have room on site Local and national industrial speculative developers Neighboring land owners Use industry specific SIC codes for build to suit opportunities 4830 W. Lower Buckeye Road, Phoenix, AZ 85016

18 LEE & ASSOCIATES BROKER OPINION OF VALUE MARKETING STRATEGY DEALMAKING ABILITY Integral to the success in the selling of the Foxfire property is the reputation and dealmaking skills of the Lee & Associates marketing team with their prospective owners/clients. Equally as important as "seeing" deals is the ability to make them. The team has significant experience being the local "eyes and ears" of building owners and developers and guide them towards the highest possible value. As the overall metro market continues to gain momentum, this guidance will become imperative. Lee & Associates will provide quality comparables, analyze each transaction and get inside every deal we compete for. Our standard response is a call back within two hours and instant flyer/project information with the vertically integrated team described previously. BROCHURES The Lee & Associates team will develop a comprehensive brochure that consists of detailed aerials and maps that show the property s proximity to Grand Avenue & Loop 303. At the same time, this allows other brokers and buyers to have more specific information on the facility and provides potential tenants insight into the property. The overall brochure will be offered in hard copy, ecopy and downloads via CoStar, Loopnet, Xceligent. SIGNAGE The Lee team will strategize to place the signs in the correct locations, such as hard corners for direct visibility by traffic, all entrances to the park should have specific signs and visible signage. Overall, signage and brochures are imperative for a successful and effective marketing campaign. The Lee & Associates team recognizes this importance and will prioritize both of these items. MAILINGS Perhaps the most effective (and often underutilized) method of prospecting is direct mailings to endusers. The team will create a quality marketing brochure similar to the draft included herein. This brochure and fact sheet will be used in mailers to prospects for the Project. The key to success in any mailing campaign is followthrough. The team will conduct followup calls to the decision markets and can provide detailed feedback to ownership. This also serves as accountability and ensures ownership that calls are being made for the property W. Lower Buckeye Road, Phoenix, AZ 85016

19 LEE & ASSOCIATES BROKER OPINION OF VALUE MARKETING STRATEGY BROKER COMMUNICATION In addition to the marketing efforts, we will enlist the brokerage community to help us absorb the availability. Once the marketing materials have been developed, we will: Send bimonthly s to the brokers of all major brokerage firms: WEBBASED MARKETING Although there is no such thing as MLS for commercial real estate, more and more brokers are using Internet databases such as CoStar and LoopNet to do availability surveys for their requirements. Although these databases are not the primary tools used to market opportunities, it is vital to have the information accurately listed on these sites that are used by so many brokers when they have requirements. The marketing team at Lee & Associates will be sure to keep the major webbased property databases informed and updated on all pertinent information and space availability at the Project W. Lower Buckeye Road, Phoenix, AZ 85016

20 LAND SALE COMPARABLES

21 W Buckeye Rd SOLD Phoenix, AZ Maricopa County Recorded Buyer: Old West Insurance LLC Recorded Seller: Equipment Storage Yard, LLC 2050 S 59th Ave Phoenix, AZ (602) S Brighton Crt Queen Creek, AZ (480) True Buyer: Old West Insurance LLC True Seller: Lemmermann Family Revocable Trust Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 01/19/2016 Bldg Type: $875,000 Confirmed Year Built/Age: $ RBA: Land Area: Zoning: SpecialtyContractor Storage Yard Built 1974 Age: 42 5,250 SF 2.93 AC (127,631 SF) A1 Map Page: Wide World of Maps, Inc LW Parcel No: Financing: Comp ID: C $550,000 from First Fidelity Bank Research Status: Confirmed W Lower Buckeye Rd SOLD Phoenix, AZ Maricopa County Recorded Buyer: Roehl Properties of Arizona LLC Recorded Seller: 51st Avenue West Lower Buckeye 1916 E 29th St LLC Marshfield, WI (715) Western Ave Stanton, CA (714) True Buyer: Roehl Transport Inc True Seller: CR&R Waste and Recycling Services Map Page: Wide World of Maps, Inc LX Sale Date: Sale Price: $/AC Land Gross: Density: Topography: Parcel No: Financing: Comp ID: 12/03/2015 Land Area: $974,000 Confirmed Lot Dimensions: $269, ($6.18/SF) Proposed Use: Level A, Down payment of $974,000 (100.0%) Research Status: Confirmed Zoning: Sale Conditions: 3.62 AC (157,687 SF) Industrial A1, Phoenix 3 NEC 55th Ave & Buckeye Vacant Land SOLD Phoenix, AZ Maricopa County Recorded Buyer: Krosstown Investments, LLC Recorded Seller: University of Oregon Foundation 2402 S 24th St Phoenix, AZ (602) University of Oregon Dev. Eugene, OR (541) True Buyer: Sun Valley Enterprises True Seller: University of Oregon Foundation Sale Date: Sale Price: $/AC Land Gross: Density: Topography: Parcel No: Financing: Comp ID: 09/16/2015 (2592 days on mkt) Land Area: $700,000 Confirmed Lot Dimensions: $166, ($3.83/SF) Proposed Use: , Down payment of $700,000 (100.0%) Research Status: Confirmed Zoning: Sale Conditions: 4.20 AC (182,952 SF) Industrial A1 Copyrighted report licensed to Lee & Associates /31/2017 Page 2

22 W Watkins St SOLD Phoenix, AZ Maricopa County Recorded Buyer: 301 L & D LLC Recorded Seller: Lower Buckeye Industrial Park LLC 7731 N 68th Ave Glendale, AZ W Washington St Tempe, AZ True Buyer: Daniel & Leane Owen True Seller: (480) Sun State Builders Sale Date: Sale Price: $/AC Land Gross: Density: Topography: Parcel No: Financing: Comp ID: 05/26/2016 Land Area: $669,866 Confirmed Lot Dimensions: $170, ($3.92/SF) Proposed Use: Level Zoning: Sale Conditions: 3.92 AC (170,755 SF) Industrial $4,300,000 from Wells Fargo Bank N.A.; Construction loan type Research Status: Confirmed I1 5 NE Watkins St & 51st Ave 2.86 Acres Industrial Land SOLD Phoenix, AZ Maricopa County Recorded Buyer: 5050 W Watkins Street LLC Recorded Seller: International Dealcor Operations N Perimeter Dr LTD Scottsdale, AZ True Buyer: Scottsdale Investment Management True Seller: 2701 Navistar Dr Lisle, IL Navistar Sale Date: Sale Price: $/AC Land Gross: Density: Topography: Parcel No: Financing: Comp ID: 09/10/2015 (1141 days on mkt) Land Area: $330,000 Confirmed Lot Dimensions: $115, ($2.65/SF) Proposed Use: Level A Down payment of $330,000 (100.0%) Research Status: Confirmed Zoning: Sale Conditions: 2.86 AC (124,582 SF) Irregular Industrial... A1, Phoenix Map Page: Wide World of Maps, Inc LW Copyrighted report licensed to Lee & Associates /31/2017 Page 3

23 1 2 N 35th Ave South Bldg Washington Square SOLD Phoenix, AZ Maricopa County Recorded Buyer: 35th Ave Investments LLC Recorded Seller: H35 Building LLLP 2426 S 24th St Phoenix, AZ True Seller: N Pacesetter Way Scottsdale, AZ Harvard Investments Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 04/21/2016 (372 days on mkt) Bldg Type: $1,881,000 Confirmed Year Built/Age: $50.70 RBA: Land Area: Zoning: Class C Industrial Built 1979 Age: 37 37,099 SF 1.94 AC (84,506 SF) A2 Parcel No: Financing: Comp ID: , Down payment of $581,000 (30.9%); $1,300,000 from Private Lender Research Status: Confirmed W Adams St Bldg 4 SOLD Phoenix, AZ Maricopa County Recorded Buyer: Gardner Ennis, LLC Recorded Seller: Ranchland Holdings II, LLC 4701 E 7th Ave Tampa, FL (813) True Seller: 2812 N Norwalk St Mesa, AZ (480) Reeb Group Map Page: Wide World of Maps, Inc LV Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 06/29/2016 (210 days on mkt) Bldg Type: $2,869,000 Confirmed Year Built/Age: $71.00 RBA: Land Area: Zoning: Class B IndustrialWarehouse Built 1979 Age: 37 40,409 SF 1.76 AC (76,666 SF) A2, Phoenix Parcel No: Financing: Comp ID: A Down payment of $626,500 (21.8%) Research Status: Confirmed W Mohave St Lynndale Stainess Service Inc SOLD Phoenix, AZ Maricopa County Recorded Buyer: Jerzy Properties LLC Recorded Seller: Lynndale Stainless Services, Inc Swarthmore Ave Lakewood, NJ (732) True Seller: 5302 W Mohave St Phoenix, AZ (602) Lynndale Stainless Services, Inc. Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 06/08/2015 Bldg Type: $2,000,000 Confirmed Year Built/Age: $50.00 RBA: Land Area: Zoning: Class C IndustrialWarehouse Built 1988 Age: 27 40,000 SF 3.53 AC (153,767 SF) I1 Parcel No: Financing: Comp ID: A Down payment of $500,000 (25.0%); $1,500,000 from Wells Fargo Bank Research Status: Confirmed Copyrighted report licensed to Lee & Associates /31/2017 Page 2

24 W Washington St MSC SOLD Phoenix, AZ Maricopa County Recorded Buyer: Fuel Stops Land & Recorded Seller: Jackwarren LLC Development, LLC 4895 S Airport Way Stockton, CA (209) W Washington Phoenix, AZ True Seller: Msc Distributing Inc Map Page: Wide World of Maps, Inc LV Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 12/15/2016 Bldg Type: $3,850,000 Confirmed Year Built/Age: $94.53 RBA: Land Area: Zoning: Class B IndustrialDistribution Built 2002 Age: 14 40,728 SF 3.48 AC (151,589 SF) I2 Parcel No: Financing: Comp ID: Down payment of $1,225,000 (31.8%); $2,625,000 from Farmers & Merchants Bank of Central California Research Status: Confirmed W Watkins St SOLD Phoenix, AZ Maricopa County Recorded Buyer: MBEA Partners LLC Recorded Seller: Chamberlain Development LLC 820 S Vintage Ave Ontario, CA (951) True Seller: 1050 W Washington St Tempe, AZ (480) Sun State Builders Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 05/13/2016 Bldg Type: $3,391,531 Confirmed Year Built/Age: $75.37 RBA: Land Area: Zoning: Class B IndustrialWarehouse 45,000 SF 2.42 AC (105,415 SF) A1 Parcel No: Financing: Comp ID: $1,671,396 from JPMorgan Chase Bank$1,337,117 from JPMorgan Chase Bank$1,378,000 from Ampac TriState CDC Inc Research Status: Confirmed Copyrighted report licensed to Lee & Associates /31/2017 Page 3

25 SALE COMPARABLES

26 1 2 N 35th Ave South Bldg Washington Square SOLD Phoenix, AZ Maricopa County Recorded Buyer: 35th Ave Investments LLC Recorded Seller: H35 Building LLLP 2426 S 24th St Phoenix, AZ True Seller: N Pacesetter Way Scottsdale, AZ Harvard Investments Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 04/21/2016 (372 days on mkt) Bldg Type: $1,881,000 Confirmed Year Built/Age: $50.70 RBA: Land Area: Zoning: Class C Industrial Built 1979 Age: 37 37,099 SF 1.94 AC (84,506 SF) A2 Parcel No: Financing: Comp ID: , Down payment of $581,000 (30.9%); $1,300,000 from Private Lender Research Status: Confirmed W Adams St Bldg 4 SOLD Phoenix, AZ Maricopa County Recorded Buyer: Gardner Ennis, LLC Recorded Seller: Ranchland Holdings II, LLC 4701 E 7th Ave Tampa, FL (813) True Seller: 2812 N Norwalk St Mesa, AZ (480) Reeb Group Map Page: Wide World of Maps, Inc LV Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 06/29/2016 (210 days on mkt) Bldg Type: $2,869,000 Confirmed Year Built/Age: $71.00 RBA: Land Area: Zoning: Class B IndustrialWarehouse Built 1979 Age: 37 40,409 SF 1.76 AC (76,666 SF) A2, Phoenix Parcel No: Financing: Comp ID: A Down payment of $626,500 (21.8%) Research Status: Confirmed W Mohave St Lynndale Stainess Service Inc SOLD Phoenix, AZ Maricopa County Recorded Buyer: Jerzy Properties LLC Recorded Seller: Lynndale Stainless Services, Inc Swarthmore Ave Lakewood, NJ (732) True Seller: 5302 W Mohave St Phoenix, AZ (602) Lynndale Stainless Services, Inc. Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 06/08/2015 Bldg Type: $2,000,000 Confirmed Year Built/Age: $50.00 RBA: Land Area: Zoning: Class C IndustrialWarehouse Built 1988 Age: 27 40,000 SF 3.53 AC (153,767 SF) I1 Parcel No: Financing: Comp ID: A Down payment of $500,000 (25.0%); $1,500,000 from Wells Fargo Bank Research Status: Confirmed Copyrighted report licensed to Lee & Associates /31/2017 Page 2

27 W Washington St MSC SOLD Phoenix, AZ Maricopa County Recorded Buyer: Fuel Stops Land & Recorded Seller: Jackwarren LLC Development, LLC 4895 S Airport Way Stockton, CA (209) W Washington Phoenix, AZ True Seller: Msc Distributing Inc Map Page: Wide World of Maps, Inc LV Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 12/15/2016 Bldg Type: $3,850,000 Confirmed Year Built/Age: $94.53 RBA: Land Area: Zoning: Class B IndustrialDistribution Built 2002 Age: 14 40,728 SF 3.48 AC (151,589 SF) I2 Parcel No: Financing: Comp ID: Down payment of $1,225,000 (31.8%); $2,625,000 from Farmers & Merchants Bank of Central California Research Status: Confirmed W Watkins St SOLD Phoenix, AZ Maricopa County Recorded Buyer: MBEA Partners LLC Recorded Seller: Chamberlain Development LLC 820 S Vintage Ave Ontario, CA (951) True Seller: 1050 W Washington St Tempe, AZ (480) Sun State Builders Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 05/13/2016 Bldg Type: $3,391,531 Confirmed Year Built/Age: $75.37 RBA: Land Area: Zoning: Class B IndustrialWarehouse 45,000 SF 2.42 AC (105,415 SF) A1 Parcel No: Financing: Comp ID: $1,671,396 from JPMorgan Chase Bank$1,337,117 from JPMorgan Chase Bank$1,378,000 from Ampac TriState CDC Inc Research Status: Confirmed Copyrighted report licensed to Lee & Associates /31/2017 Page 3

28 LEASE COMPARABLES

29 Comparison Report LEASE COMPARABLES March 28, 2017 Building Name Submarket Tenant Trans. Date Size Term (Mos.) Rate Structure T.I. Lease Type Features Comments Address Landlord Start Date Effective Rate Expenses Liberty Logistics Center II, Bldg W. Buckeye Rd. Southwest Best Buy Liberty Property Trust ,000 SF 61 Mos. Mos. 11 $0.000 Mos. 213 $0.420 Mos $0.430 Mos $0.440 Mos $0.450 Mos $0.460 $11.00 SF NNN Dock Hi Sprinklered Year Built: 2017 Clear Height: 30' ESFR Eff. Rate: $0.43 Coronado Commerceplex IVBuilding 1 Southwest Cardinal IG AZEJM Land Holdings ,369 SF 6 Mos. Mos. 16 $0.410 Eff. Rate: $0.41 AsIs NNN Truckwell Grade Level Sprinklered EVAP Year Built: 2001 Ceiling Height: 24' 1202 N. 54th Ave. 43rd Avenue Logistics Center 1635 S. 43rd Ave. Southwest Nestle Waters Cohen Asset Management, Inc ,775 SF 180 Mos. Mos. 112 $0.370 Mos $0.379 Mos $0.388 Mos $0.398 Mos $0.408 Mos $0.418 Mos $0.429 Mos $0.439 Mos $0.450 Mos $0.462 Mos $0.473 Mos $0.485 Mos $0.497 Mos $0.510 Mos $0.522 $10.00 SF NNN Truckwell Grade Level Dock Hi Sprinklered Year Built: 2013 Clear Height: 32' Tenant expected to pay 25 million in T.I. ESFR. Eff. Rate: $0.44 Page 1/2

30 Comparison Report LEASE COMPARABLES March 28, 2017 Building Name Submarket Tenant Trans. Date Size Term (Mos.) Rate Structure T.I. Lease Type Features Comments Address Landlord Start Date Effective Rate Expenses Coronado Commerceplex IV 1202 N. 54th Ave. Southwest The Office Liquidators EJM Development Co ,858 SF 64 Mos. Mos. 11 $0.400 Mos. 24 $0.000 Mos. 516 $0.430 Mos $0.440 Mos $0.460 Mos $0.470 Mos $0.480 AsIs NNN Truckwell Grade Level EVAP Year Built: 2001 Clear Height: 24' I10 freeway frontage. Eff. Rate: $ S. 40th Ave S. 40th Ave. Southwest Evergreen Innovation Group, LLC 1202 S. 40th Avenue Becknell Investors LLC ,777 SF 65 Mos. Mos. 15 $0.000 Mos. 612 $0.360 Mos $0.380 Mos $0.400 Mos $0.420 Mos $0.440 $2.50 SF NNN Truckwell Grade Level Dock Hi Sprinklered Year Built: 2008 Clear Height: 28' ESFR. Eff. Rate: $ S. 43rd Ave S. 43rd Ave. Southwest US Custom Fabrication Lippert Components Inc ,971 SF 120 Mos. Mos. 112 $0.390 Mos $0.400 Mos $0.410 Mos $0.420 Mos $0.430 Mos $0.440 Mos $0.450 Mos $0.460 Mos $0.470 Mos $0.480 AsIs NNN Grade Level Dock Hi Sprinklered Year Built: 1981 Clear Height: 18' Lease is an extension. Eff. Rate: $0.44 Page 2/2

31 BROKER OPINION OF VALUE

32 LEE & ASSOCIATES BROKER OPINION OF VALUE SUBJECT PROPERTY The subject property is a midsize freestanding industrial facility that is approximately 34,955 square feet. Outfitted with excellent office space and loading. The newer construction will be attractive to most buyers in the market. Access to the freeway is excellent but could be considered congested at certain times. The Southwest area of Phoenix is a mature industrial region and property values generally hold up fairly well during any market. This particular area has seen good appreciation over the last twelve months. Given the amount of competition in the area, we feel this asset will be able to trade in line with other properties in the area. The market availability on a square foot basis has a disconnect with actual sales comparables. The asking prices range from $50 $95/SF with sale comparables ranging from $67 $89/SF. With these factors in mind, the following is our professional opinion of the value: INVESTOR PRICING (SELLER TO A 3 RD PARTY) LEASE BACK LEASE RATE: $0.40/SF NNN $0.45/SF NNN ($13,982 $15,729/Month)* *This can be increased based in leaseback range ACHIEVABLE CAP RATE & INVESTMENT SALE PRICE RANGE: 6.75% ($2,485,688) ($2,796,400) 7.50% ($2,237,120) ($2,516,760 ) USER PRICING (VAULE BASED FOR BASIS OF MORTGAGE) ACHIEVABLE END USER SALE PRICE RANGE: $75.00 $80.00 ($2,621,625 $2,796,400) VALUE OF LOT We value the 1.68 Acres at around $5.00/SF or ($366,660) MARKETING TIME FRAME: 4 6 Months due to the existing inventory on the market. Access to the freeway and industrial trade area. MARKETING STRATEGY:» Focus on local investors» Focus on national investors» CoStar & Loopnet marketing» Potentially package this property with other assets in Billings, MT and Amarillo, TX 4380 W. Lower Buckeye Road, Phoenix AZ 85043

33 INDUSTRIAL MARKET REPORT

34 Q MARKET PHOENIX METRO REPORT INDUSTRIAL

35 Absorption/Vacancy in SF, Rental Rates Per month, Buyer Type Q4 16 Sales Economic Indicators as of Q % % 16.9% Absorption 12.6% Vacancy 20.0% 10.0% 15.0% 10.0% 5.0% 0.0% $0.70 $0.65 $0.60 $0.55 $0.50 $0.45 $0.66 $0.62 $0.57 $0.52 $0.48 $ NNN Asking Rates 43% 7% User Private Institutional 3% 9% 38% Public/REIT Private Equity Unemployment U.S. Down to 4.6% Arizona Down to 5.0% Phoenix Metro Down to 4.5% Consumer Price Index Up 0.2% U.S. GDP Up 2.2% Source: Bureau of Labor Stascs, Bureau of Economic Analysis of the U.S. Dept. of Commerce. Q Phoenix Industrial Market Overview Industrial Sector Finishes 16 With Solid Footing, Optimism By all accounts, the Phoenix industrial sector fared well in This wasn t a standout year compared with the previous two years, however, indicators point to a solid foundation with modest momentum moving into Most industrial indicators this year showed growth, including net absorption, construction and rising lease rates The industrial vacancy rate has remained mostly at over the past few years due in part to approximately 17M SF delivered to inventory. Many speculative projects have been completed with vacancies, which in turn oset leasing gains. Leasing activity for multitenant space has been persistent, especially under 25,000 SF. Fortunately, most of these new buildings are multitenant and have shown healthy leaseup rates compared with single tenant distribution facilities. Overall vacancy rate remained at 10.0% for the quarter. Both the Northwest and Northeast Valleys posted the lowest vacancies at 5.6% and 6.5%, respectively. Net absorption for the quarter was 2,305,766 SF, which was the highest quarterly number of the year. The cumulative total for 2016 was 5,634,562 SF. Asking rental rate averages continue to increase modestly. Overall fourth quarter rates improved by 1.8% to $0.56 per SF, per month. The Southwest Valley led the way with 2.8% overall. Construction activity settled at 3,858,105 SF for Q4 and is a sharp increase from last quarter s 2,513,228 SF. Most speculative building currently underway is for multitenant properties, which are most in demand. Completions this quarter were over 1M SF and nearly 5.8M SF for the year. A strong construction pipeline in the Valley shows condence in future market conditions. The largest new lease transaction for the quarter was Availl Services lease of 323,345 SF at West Valley Distribution Center II, 605 N. 75th Ave., Phoenix. The largest sales deal in Q4 was Huhtamaki, Inc. s $42.9M purchase of the 752,808 SF manufacturing facility at 4320 S. Cotton Ln., Goodyear. Price per SF was calculated at $ The Phoenix industrial market has proven to be the most resilient among CRE sectors. Quarter after quarter, the sector moves closely with the economy by shifting subtly, but rarely overreacting. The sector is expected to do well this year if current economic conditions prevail or improve in the coming year. Sales by the Numbers: Q No. of Transactions 130 Q3 16: 112 Total Sales $447.8M Q3 16: $433.4M Average PSF $68.91 Q3 16: $71.62 Actual Cap Rate 7.10% Q3 16: 7.21% Q Top Industrial Leases Tenant Name Property Name Address Submarket Type SF Lease Aviall Services, Inc. West Valley Distribution II 605 N. 75th Ave., Phoenix Southwest Distribution 323,345 New SilentAire USA, Inc. Park Lucero Phase III 280 E. Germann Rd., Gilbert Southeast Manufacturing 146,832 New Kysor Panel Systems Goodyear Crossing 3801 S. Cotton Ln., Phoenix Southwest Warehouse 118,549 New Amazon 550 E. Elliot Rd., Chandler 550 E. Elliot Rd.,Tempe Southeast Warehouse 91,204 New WW Grainger 1150 W. Grove Parkway 1150 W. Grove Pkwy., Tempe Southeast Flex 81,283 New Q Top Industrial Sales Property Address Buyer Seller Type Sales Price SF PSF 4320 S. Cotton Ln., Goodyear Huhtamaki, Inc. Cohen Asset Mgmt. Manufacturing $42,850, ,808 $ W. Buckeye Rd., Phoenix* Hines Hillwood Manufacturing $41,750, ,420 $ W. Alameda Dr., Tempe** Harrison Properties Safeway Distribution $40,000, ,320 $ S. 7th St., Phoenix Principal Global Investors Opus Group Distribution $32,650, ,292 $ S. 75th Ave., Phoenix Perfromance Food Group AmeriCold Logistics, LLC Cold Storage $16,325, ,852 $ *Allocated from portfolio sale which included land. **Sale/Leaseback: Safeway will be leasing the entire facility back through June of They will continue to lease the milk production plant for 10 years

36 Lower Buckeye Rd. Broadway Rd. Van Buren St. Yuma Rd. Southern Ave. Sun Valley Pkwy. 186 th Ave. 187 th Ave. Indian School Rd. McDowell Rd. le 175 th Ave. Olive Ave. Glendale Ave. Bethany Home Rd. Camelback Rd. y w y. k k Camelback Rd. Northern Pkwy. Northern Ave. Bell Rd. Greenway Rd. Waddell Rd. Cactus Rd. Peoria Rd. Olive Ave. Luke Air Force Base Bethany Home Rd. Deer Valley Dr. Indian Springs Rd. Estrella Mountain Park W 128 Aco m 11 1 Van Buren St. 111 th Ave. Northern Ave. Glendale Ave. Glendale Municipal Airport rt Indian School Rd. Broadway Rd. Pinnacle Peak Rd. Deer Valley Rd. Beardsley Rd. Union Hills Dr. Bell Rd. Cactus Rd. Peoria Ave. Olive Ave. Northern Ave. Glendale Ave. Camelback Rd. Indian School Rd. Thomas Rd. McDowell Rd. Van Buren St. Buckeye RdBuckeye Rd.Buckeye Rd. Rd. Buckk Buckeye e Rd. Avo Lower Buckeye e Rd th Ave. 107 th Ave. 107 th Ave. 107 th Ave. 103 rd Ave Lake Ple Pl Lake 99 th Ave. 99 th Ave 99 th Ave. Pleaseant Pkwy. st Ave. 91 st 91 st Ave. 91 st Ave ve. Lower Buckeye Rd. Broadway Rd. 83 rd Ave 83 rd Ave 83 rd Ave. 83 rd Ave 83 rd Ave Thunderbird Rd. Baseline Rd. Dobbins Rd. 75 th Ave. 75 th Ave. 75 th Ave. 75 th Ave. 75 th Ave Union Hills Dr. Southern Ave. 67 th Ave. 67 th Ave. 67 th Ave. Bell Rd. Greenway Rd. Thunderbird Rd. Cactus Rd. Peoria Ave. Olive Ave. Northern Ave. Glendale Ave. Bethany Home Rd. Camelback krd Rd. Indian School ol Rd. Estrella Dr. 59 th Ave. 59 th Ave. 59 th Ave. 59 th Ave. Pinnacle Peak Rd. Thunderbird Conservation Park Grovers Ave. 51 st Ave. 51 st Ave. 51 st Ave. 51 st Ave. 51 st Ave. Southern Ave. Baseline Rd. Dobbins Rd. 43 rd Ave 43 rd Ave 43 rd Ave 43 rd Ave Carver Rd. 39 th Ave. Thunderbird Rd. Cactus Rd. Peoria Ave. Dunlap Ave. Northern Ave. Glendale Ave. Bethany Home Rd. Camelback Rd. Indian School Rd. 35 th Ave. 35 th Ave. 35 th Ave. 35 th Ave. Greenway Rd. wy. k 29 th Ave. 27 th Ave. 27 th Ave. 27 th Ave. 23 rd Ave 19 th Ave 19 th Ave 19 th Ave. Dunlap Ave. Northern Ave. 15 th Ave. Southern Ave. Baseline Rd. Dobbins Rd. 7 th Ave. Glendale Ave. Camelback Rd. Indian School Rd. Thunderbird Rd. North Mountain Park Bethany Home Rd. 7 th Ave. 7 th Ave Hatcher rd. 7 th St. 7 th St. 7 th St. South Mountain Park Pecos Rd. 12 th St. 12 th St. 12 th St. 16 th St. 16 th St. 16 th St. Buffalo Ridge Park Chandler Blvd. Phoenix Mountain Preserve Sweetwater Ave. Cactus Rd. 24 th St. St. th St. 24 th St. Beardsley Rd. Union Hills Dr. Bell Rd. Cholla St. Piestewa Peak Park inc 28 th St. Camelback Rd. Indian School Rd. Rd. Ray 32 nd St. 32 nd St. Deer ValleyRd. 32 nd St. Pinnacle Peak Rd. e 36 th St. 36 th St. Pecos Rd. Rd. Lakewood o Pkw Pkwy. k wy. 40 th St. 40 th St. 40 th St. Cir Para r s 44 th St. Cholla St. 44 th St. Ray Rd. Chandler Blvd. w Village Pkwy 48 th St. 48 th St.. Bell Rd. Greenway Rd. Thunderbird Rd. pa a Rd. Cactus Rd. Shea Blvd. 56 th St. DoubleTree Ranch Rd. 52 nd St. 52 nd St. Lincoln Dr. McDonald Dr. Camelback Rd. School Rd. Indian 64 th St. Papago Park Ave 64 th St. 68 th St. 68 th St. Guadalupe Rd. Elliot Rd. Warner Rd. Ray Rd. Chandler Blvd. Th Le g Blvd. acy Scottsdale Municipal Airport Cactus Rd. Shea Blvd. Mountain View Rd. Indian Bend Rd. Chaparral Rd. Thomas Rd. McDowell Rd. Mckellips Rd. Curry Rd. Pkw k Rio Salado Pkwy. University Dr. Apache Blvd. Broadway Rd. Southern Ave. y. Raintree Dr. LegacyBlvd. Bell Rd. 94 th St. Via Linda Blvd. 96 th St. Rio Salado Pkwy. University Dr. Main St. Broadway Rd. Southern Ave. Brown Rd. University Dr. Main St. Broadway Rd. Southern Ave. Chandler Municipal Airport McDowell Mountain Regional Park McDowell Rd. McDowell Rd. McDowell Rd. Falcon Field Airport Baseline Rd. Baseline Rd. Baseline Rd. Baseline Rd. Houston Ave. Guadalupe Rd. Guadalupe Rd. Guadalupe Rd. Guadalupe Rd. Lin Ave. dner Elliot Rd. Warner Rd. Ray Rd. Chandler Blvd. Pecos Rd. Cactus Rd. ps Rd. Indian School Rd. Frye Rd. McDonald Dr. Chaparral Rd. Thomas Rd. Via Linda Shea Blvd. Horne Horne Mckellips Rd. Elliot Rd. Warner Rd. Ray Rd. Pecos Rd. Gilber ert Rd. Williams Field Rd. Brown Rd. University Dr. Broadway Rd. Pecos Rd. Germann Rd. Germann Rd. Germann Rd. A C Mes S Main St. Southern Ave. Elliot Rd. Warner Rd. H Longbow Pkwy. Mckellips Rd. Ray Rd. Williams Field Rd. u Thomas Rd. E Dr. Crest Eagle Ea Saddleback St. Elliot Rd. Usery Mountain Recreation Area University Dr. Main St. Broadway Rd. Southern Ave. MesaGateway Airport Pecos Rd. Four Peaks Wilderness Brown Rd. Ray Rd. Pecos Rd. Q C k Rd Q Phoenix Industrial Market Stats Industrial Total Vacancy Net Absorption Under Building Completions Asking Rent Change Submarkets Inventory Total SF Q4 16 Q4 16 YTD Total Construction Q4 16 YTD Total NNN Rate from Q3 16 Sky Harbor Airport Distribution/Warehouse 34,614,135 4,164, % (3,320) (136,996) 414, ,292 1,476,800 $ % Manufacturing 8,801, , % 54,836 (42,003) 41,252 $ % Flex 4,951, , % (9,246) (69,100) 215,634 $ % Total 48,367,250 5,977, % 42,270 (248,099) 630, ,292 1,518,052 $ % Northeast Valley Distribution/Warehouse 6,656, , % (33,479) 47,780 54,372 $ % Manufacturing 2,999,816 94, % 7,449 $ % Flex 5,244, , % 5,615 65,681 $ % Total 14,900, , % (27,864) 120,910 54,372 $ % Northwest Valley Distribution/Warehouse 38,365,609 2,188, % 125, ,176 2,001, ,262 1,137,117 $ % Manufacturing 11,449, , % (5,753) 481, ,377 $ % Flex 6,277, , % 64,734 (21,799) 50,937 $ % Total 56,092,458 3,166, % 184,713 1,350,264 2,052, ,262 1,521,494 $ % Southeast Valley Distribution/Warehouse 49,870,057 4,419, % 573,526 1,487, , , ,378 $ % Manufacturing 24,211,274 3,190, % (29,167) 41, ,832 $ % Flex 15,140,094 2,023, % 116, , ,957 32, ,034 $ % Total 89,221,425 9,632, % 661,141 1,735, , ,777 1,105,412 $ % Southwest Valley Distribution/Warehouse 75,795,710 8,082, % 1,181,637 2,247, , ,910 1,572,134 $ % Manufacturing 11,401,588 1,761, % 241, ,721 50,000 50,000 $ % Flex 1,280, , % 0 19,366 $ % Total 88,477,754 10,059, % 1,423,185 2,672, , ,910 1,622,134 $ % Total Submarkets Distribution/Warehouse 205,301,865 19,255, % 1,866,417 4,557,631 3,287,745 1,006,207 5,082,429 $ % Manufacturing 58,863,674 6,196, % 261, , ,832 50, ,629 $ % Flex 32,893,769 4,329, % 177, , ,528 32, ,034 $ % Phoenix Metro Total 297,059,308 29,780, % 2,305,766 5,634,562 3,858,105 1,088,241 5,767,092 $ % When inaccurate or newly updated information is discovered, it is incorporated into current reporting which may negate comparison to previously published market reports. Phoenix Industrial Submarket Map 1. Airport Area Submarket N. Airport S. Airport N. of Roeser S. Airport S. of Roeser SC. N. of Salt River SC. S. of Salt River 2. Northeast Submarket Central Phoenix Scottsdale Airpark Scottsdale/Salt River 3. Northwest Submarket Deer Valley/Pinnacle Peak Glendale Grand Ave. N. Black Canyon N. Glendale/Sun City W. Phx N. of Thomas Rd. W. Phx S. of Thomas Rd. 4. Southeast Submarket Chandler Chandler Airport Chandler N./Gilbert Falcon Field/Apache Jct. Mesa Tempe East Tempe Northwest Tempe Southwest 5. Southwest Submarket Goodyear SW. N. of Buckeye Rd. SW. S. of Buckeye Rd. Tolleson Verado Way Jackrabbit Trail Jackrabbit Trail Rainbow Valley Rd. Perryville Rd. 187 th Ave. Perryville Rd. 186 th Ave. Citrus Rd. Citrus Rd. Citrus Rd. Citrus Rd. Rd. Elliot ley Rd. 175 th Ave. Dr. Vista Verde Mountai Cotton Ln. Cotton Ln. Cotton Ln. Cotton Ln. Pkwy. Estre la 303 Cotton Ln. Ranch NW Pk w y. Sarival Ave. Sarival Ave. Alsup Rd. Estrella Pkwy. Reems Rd. Reems Rd. Pl. Park v view iew Pl. Rd. School Indian Bullard Ave. Bullard Ave. Bullard Ave. Litchfield Ave. Litchfield Ave. Litchfield Ave. Pkwy. Pkwy.. Point Point Dysart Ave. Dysart Ave. 128 th Ave. Nash St. El Mirage Rd. SURPRISE El Mirage Rd. El Mirage Rd. GOODYEAR th Ave. 111 th Ave. Avondale Ave. Tessmer Rd. 107 th Ave. 107 th Ave. 107 th Ave th Ave. 103 rd Ave. Lake Ple Lake Pleaseant Pkwy. 99 th Ave. 99 th Ave. 99 th Ave st Ave. 91 st Ave. 91 st Ave. 83 rd Ave. 83 rd Ave rd Ave. 83 rd Ave rd Ave. 75 th Ave. 75 th Ave. PEORIA 75 th Ave. 75 th Ave. 75 th Ave th Ave. 67 th Ave. 67 th Ave. 59 th Ave. 59 th Ave. 59 th Ave. 59 th Ave. 51 st Ave. 51 st Ave. 51 st Ave. 51 st Ave. 51 st Ave. 43 rd Ave. 43 rd Ave. GLENDALE 43 rd Ave. 43 rd Ave. 39 th Ave. 35 th Ave. 35 th Ave. 35 th Ave. 35 th Ave. Pkwy. Pkw Metro 28th Dr. 29 th Ave. 27 th Ave. 27 th Ave. 27 th Ave. 23 rd Ave. 19 th Ave. 19 th Ave. 19 th Ave. Ave. th th Ave. Dr. Gables Coral 7 th Ave. 7 th Ave. 7 th Ave. Central Ave. Central Ave. Central Ave. 12 th St. 12 th St. 12 th St. Foothi ls Pkwy. Desert 16 th St. 16 th St. 16 th St. 1 Blvd. Creek Cave 24 th St. Lincoln Dr. 28 th St. 32 nd St nd St. 32 nd St. 36 th St. Mayo Blvd. 36 th St. Pkwy. Mountain Lakewood Pkwy. 40 th St. 40 th St. 40 th St. 40 th St. 101 Ranc h Cir 44 th St. 44 th St. Tatum Blvd. Pkwy. Village adise Paradise 48 th St. 48 th St. Tatum Blvd. Tatum Blvd. PARADISE VALLEYL pa Rd. 52 nd St. 52 nd St. Priest Dr. Priest Dr. 56 th St. Priest Dr. Hardy Dr. Blvd. Mayo SCOTTSDALE Hardy Dr. Pkwy. Galvin Mill Ave. Kyrene Rd. Kyrene Rd. 64 th St. 64 th St. Ave. Ash Mill Ave. College Ave. 68 th St. 68 th St. Scottsdale Rd. Scottsdale Rd. Scottsdale Rd. TEMPE Rural Rd. Frank Lloyd Wright Blvd. McClintock Dr th St. 96 th St. Mckellips Rd. Mountain View Rd Rural Rd. Hayden Rd. McCormic Pkwy. k ompson Peak Pkwy. T hompson Peak Pkwy. McClintock Dr. McClintock Dr. Hayden Rd. Hayden Rd. Rd. Hayden Grantite Reef Rd. Pima Rd. Pima Rd. Saratoga Dobson Rd. Dobson Rd. Dobson Rd. Dobson Rd. Longmore Alma School Rd. Alma School Rd. Blvd. Frank Wright Lloyd Alma School Rd. Alma School Rd. Lloyd Wright Blvd. Ext Rd. Ext Rd. 2 Country Club Dr. Country Club Dr. Country Club Dr. Country Club Dr. 202 Center St. Center St. Center St. McQueen Rd. McQueen Rd. Mesa Dr. Mesa Dr. CHANDLER Mesa Dr. 202 Stapley Dr. 4 Stapley Dr. Cooper Rd. Gilbert Rd. Gilbert Rd. Gilbert Rd. Gilbert Rd. Gilbert Rd. Lindsay Rd. Lindsay Rd. Lindsay Rd. Lindsay Rd. 89 Dr. Sunridge Palisades Blvd. Val Vista Dr. Val Vista Dr. Val Vista Dr. Val Vista Dr. Golden Eagle Blvd. MESA Greenfield Rd. Greenfield Rd. Greenfield Rd. Greenfield Rd. ills Blvd. Fountain H Shea Blvd. Higley Rd. Higley Rd. Higley Rd. Higley Rd. Blvd. S aguaro Recker Rd. Recker Rd. McDowell Mountain Rd. McDowell Mou Rd. Mohave Power Rd. Power Rd. Power Rd. Power Rd. Power Rd. GILBERT Rd. McDowell Fort Way Mustang FOUNTAIN HILLS Sossaman Rd. Sossaman Rd. Sossaman Rd. Rid g crest e 202 Hawes Rd. Rittenhouse Rd. Hawes Rd. 202 Ellsworth Rd. Ellsworth Rd. Ellsworth Rd. Ellsworth Rd. Crismon Rd. Usery Pass Rd Crismon Rd.

37 About This Report The information and details contained herein have been obtained from thirdparty sources believed to be reliable; however, Lee & Associates Arizona has not independently veried its accuracy. Lee & Associates Arizona makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and tness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice, by thirdparty data source providers. The Lee & Associates Phoenix Industrial Market report compiles relevant market data by using a thirdparty database for the proprietary analysis of specic warehouse, distribution, manufacturing and ex properties in the Phoenix Metropolitan Area. Copyright 2016, 2017 Lee & Associates Arizona. All rights reserved. Market report analysis by: Matt DePinto, Senior Research Analyst Q About Lee & Associates Now in its 25th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, oce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix oce was established in 1991 and is now recognized as one of the most successful brokerage rms in the state. Each of our 57 nationwide Lee & Associates oces has a strong local ownership combined with a powerful platform from the national Lee & Associates network East Camelback Road, Suite 100 Phoenix, Arizona Follow us on: