The Freedom Building S State Rd 7 Plantation, FL 33317

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1 The Freedom Building Shopping center located is desirable Plantation Florida 9 bays, 100% leased with double net tenants Rapidly developing and growing area Over 80,000 cars per day on 441 Legacy tenants provide room to increase Sponsored By: JOHN DEMARCO, ACP JohnDeMarco@Remax.net Each office is independently owned and operated. RE/MAX 5 STAR REALTY 4151 Hollywood Blvd Hollywood, FL (954) Each office independently owned and operated

2 REAL ESTATE INVESTMENT DETAILS Analysis Analysis Date July 2017 Property Property The Freedom Building Property Address S State Rd 7 Plantation, FL Year Built 1966 Purchase Information Property Type Shopping Center Purchase Price $2,099,000 Tenants 8 Total Rentable Sq. Ft. 9,818 Financial Information All Cash Loans Type Debt Term Amortization Rate Payment LO Costs All Cash Income & Expenses Gross Operating Income $154,171 Monthly GOI $12,848 Total Annual Expenses ($36,801) Monthly Expenses ($3,067) Contact Information John DeMarco, ACP JohnDeMarco@Remax.net P. 2 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

3 EXECUTIVE SUMMARY ACQUISITION COSTS Purchase Price, Points and Closing Costs $2,099,000 Investment Cash $0 INVESTMENT INFORMATION Purchase Price $2,099,000 Price per Tenant $262,375 Price per Sq. Ft. $ INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $154,171 Total Vacancy and Credits $0 Operating Expenses ($36,801) Net Operating Income $117,370 Debt Service $0 Cash Flow Before Taxes $117,370 FINANCIAL INDICATORS Debt Coverage Ratio N/A Capitalization Rate 5.59% Gross Income / Square Feet $15.70 Gross Expenses / Square Feet ($3.75) Operating Expense Ratio 23.87% P. 3 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

4 PROPERTY DESCRIPTION John DeMarco with Re/Max 5 Star Realty is pleased to present the Freedom Building. Located in desirable Plantation Florida, and well positioned on 441 with over 80,000 cars per day. This shopping center is surrounded by several new multifamily projects, new credit tenants, and new office parks. This plaza consists of 9 bays totaling 9800 sf of leasable space, and is 100% occupied (one tenant using 2 bays). All tenants are on NN double net leases with annual increases. This property is currently grossing $154,375 per year, netting $117,574 per year. Legacy tenants are under market value paying on average $11.60 a foot net. The average leasing rate in this area is $16 a foot net. A new investor can easily retenant this property raising rents to $16$18 a foot NN. This increase would provide an investor with $164,343 per year or a 7.83% proforma capitalization rate. The physical property is in excellent overall condition, with quality improvements and build out. County recertification on file. Enclosed in this package is a report from the City of Plantation showing several new projects in the area. Also included in recent comparable sales averaging $271 a foot, far exceeding the asking price per foot of only $213 a foot. Please remember to not disturb the current tenants, for all showings and for additional information call listing broker. P. 4 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

5 PROPERTY PHOTOS P. 5 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

6 LEASE RENT ROLL Suite Tenant Start Date Expire Date RSF $/RSF Annualized Rent Tenant Improvements Commissions Renewal Term Renewal Increase Notes 101 Tax Care 12/15/ /15/2018 1,000 $14.25 $14,250 $0.00 $ year $ % annual increase. Tenant has 1 2years option to renew at fair market value. 103 Church 11/01/ /31/2017 1,000 $11.87 $11,870 $0.00 $ year $ Restaurant 07/01/ /30/2019 1,000 $12.07 $12,066 $0.00 $ year $ % Annual increase. Tenant has 1 2years option to renew at fair market value. 107 Religious Store 11/18/ /18/2019 1,000 $11.83 $11,833 $0.00 $ year $ % Annual increase. 109 Blueprint 05/12/ /12/ $10.58 $10,049 $0.00 $ year $ % Annual increase. Tenant has 1 2years option to renew at fair market value. 111 Salon 12/01/ /01/2019 1,050 $13.60 $14,281 $0.00 $ year $ % Annual increase. 117 Chiropractor 10/01/ /30/2018 1,000 $11.82 $11,818 $0.00 $ year $ % Annual increase. Tenant has 1 2years option to renew at fair market value. 121 Massage 03/01/ /28/2018 2,750 $9.05 $24,875 $0.00 $ year $ % Annual increase. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 6

7 BASE RENT REPORT Description Year 1 Year 2 Year 3 Year 4 Year 5 Total Income $111,043 $112,486 $112,853 $112,853 $112, Tax Care $14,250 $14,461 $14,461 $14,461 $14, Church $11,870 $11,870 $11,870 $11,870 $11, Restaurant $12,066 $12,427 $12,427 $12,427 $12, Religious Store $11,833 $12,188 $12,338 $12,338 $12, Blueprint $10,049 $10,049 $10,049 $10,049 $10, Salon $14,281 $14,710 $14,927 $14,927 $14, Chiropractor $11,818 $11,905 $11,905 $11,905 $11, Massage $24,875 $24,875 $24,875 $24,875 $24,875 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 7

8 DETAILED GENERAL EXPENSES Description Year 1 Year 2 Year 3 Year 4 Year 5 Total Expenses ($36,801) ($37,148) ($37,498) ($37,852) ($38,210) Building Insurance ($4,787) ($4,835) ($4,883) ($4,932) ($4,981) Alarm ($350) ($350) ($350) ($350) ($350) Maintenance ($1,800) ($1,818) ($1,836) ($1,855) ($1,873) Fire sprinkler testing ($320) ($320) ($320) ($320) ($320) Backflow testing ($120) ($120) ($120) ($120) ($120) Fire monitoring ($540) ($540) ($540) ($540) ($540) Taxes Real Estate ($22,000) ($22,220) ($22,442) ($22,667) ($22,893) Trash Removal ($2,700) ($2,727) ($2,754) ($2,782) ($2,810) Utility Electricity ($449) ($453) ($458) ($463) ($467) Utility Landscaping ($780) ($780) ($780) ($780) ($780) Utility Water ($2,955) ($2,985) ($3,014) ($3,045) ($3,075) The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 8

9 PRO FORMA SUMMARY INCOME Actual Per SF Market Per SF Gross Potential Rent $110,158 $11.22 $156,000 $15.89 Less: Vacancy $0 $0.00 $0 $0.00 Misc. Income $43,128 $4.39 $45,144 $4.60 Effective Gross Income $153,286 $15.61 $201,144 $20.49 OPERATING EXPENSES Actual Per SF Market Per SF Building Insurance $4,787 $0.49 $4,787 $0.49 Alarm $350 $0.04 $350 $0.04 Maintenance $1,800 $0.18 $1,800 $0.18 Fire sprinkler testing $320 $0.03 $320 $0.03 Backflow testing $120 $0.01 $120 $0.01 Fire monitoring $540 $0.06 $540 $0.06 Taxes Real Estate $22,000 $2.24 $22,000 $2.24 Trash Removal $2,700 $0.28 $2,700 $0.28 Utility Electricity $449 $0.05 $449 $0.05 Utility Landscaping $780 $0.08 $780 $0.08 Utility Water $2,955 $0.30 $2,955 $0.30 Total Expenses ($36,801) ($3.75) ($36,801) ($3.75) Net Operating Income $116,485 $11.86 $164,343 $16.74 P. 9 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

10 PRO FORMA SUMMARY TENANT ANNUAL SCHEDULED INCOME Tenant Actual Market Tax Care $14,040 $16,000 Church $11,870 $16,000 Restaurant $12,066 $16,000 Religious Store $11,630 $16,000 Blueprint $10,049 $15,200 INVESTMENT SUMMARY Price: $2,099,000 Year Built: 1966 Salon $14,070 $16,800 Chiropractor $11,558 $16,000 Massage $24,875 $44,000 TOTALS $110,158 $156,000 Tenants: 8 RSF: 9,818 Price/RSF: $ Lot Size: 31,746 sf Floors: 1 APN: Cap Rate: 5.55% Market Cap Rate: 7.83% ANNUALIZED INCOME Actual Market Gross Potential Rent $110,158 $156,000 Less: Vacancy $0 $0 Misc. Income $43,128 $45,144 Effective Gross Income $153,286 $201,144 Less: Expenses ($36,801) ($36,801) Net Operating Income $116,485 $164,343 ANNUALIZED EXPENSES Actual Market Building Insurance $4,787 $4,787 Alarm $350 $350 Maintenance $1,800 $1,800 Fire sprinkler testing $320 $320 Backflow testing $120 $120 Fire monitoring $540 $540 Taxes Real Estate $22,000 $22,000 Trash Removal $2,700 $2,700 Utility Electricity $449 $449 Utility Landscaping $780 $780 Utility Water $2,955 $2,955 Total Expenses $36,801 $36,801 Expenses Per RSF $3.75 $3.75 P. 10 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

11 MAPS AND AERIALS The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. P. 11

12 LOCATION MAP P. 12 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

13 Lorem Ipsum City of Plantation Where the grass is greener.

14 Lorem Ipsum 2 About Plantation The city of plantation is rich in amenities, a competitive business environment and beautifully landscaped streets. With it s original town charm, Plantation has developed into and exceptional city with sophistication and variety. Plantation s natural environment is unsurpassed by other South Florida cities. Situated among thousands of trees are safe, friendly neighborhoods, worldclass recreation facilities and a stable business community. It is geographically centered in Broward County, and is home to a number of large national firms, including Motorola Solutions, National Beverage, Magic Leap and Kaplan University. You will find an urban environment intermixed with a hometown lifestyle, achieved through thoughtful comprehensive planning and the vision and support of our City Council, staff and volunteer organizations. Plantation has an area of 22.8 square miles and is Directly west of Fort Lauderdale, Florida; 20 miles north of Miami/Dade County; 15 minutes from Fort Lauderdale/Hollywood International Airport. Located in Broward County, the city of Plantation holds a population of 88,328. The housing consists of single and multifamily dwelling and home values range from $125,000 to over $2 million (median value = $284,500. The median household income in plantation is $66,740, higher than the Broward County average of $51,782. With a Subtropical climate, the average rainfall is about 62 inches; the average temperature is about 75.4 ; Winter mean temperature is 66.5 ; summer mean temperature: Plantation carries a vast number of industries like education services, healthcare, finance/insurance, retail, entertainment/recreation, food services. There is approximately 4,378 registered businesses and over 45,000 persons employed, 43 percent of those employed have Bachelor s Degree or higher.

15 Lorem Ipsum 3 Plantation s Best Attractions The Farmers Market: Plantation hosts a Farmers Market featuring fresh, certified Organic and nonorganic produce, locally produced honey, homemade hummus, plants and orchids, fresh cut flowers, breads and Danishes, olive oils, cheeses, dips, spreads and more. It is located at Volunteer Park, from 8:00 AM to 2:00 PM, and runs year round. Central Park MultiPurpose Center: The 26,560 square foot MultiPurpose Facility was constructed in Inside the facility, there is a basketball court, exercise room, locker room, game room and several classrooms Outside, residents can enjoy amenities such as two Olympic size pools, a hydroplay area, indoor/outdoor lighted basketball courts, exercise room, roller hockey rinks, Pickleball courts, playground area, jogging track, eight lighted baseball diamonds, three lighted football fields, a 400 meter running track and a ten acre lake for remote control boats. Plantation Historical Museum: With a local historical museum in town, different educational exhibits are always available. Since 1974, the Plantation Historical Society has dedicated its time and resources to preserving the City s history. The group has educated and enlightened residents and visitors from around the world about our history and those who have worked to make Plantation, Your Place in the Sun. We are always searching for dedicated individuals to be part of this exciting journey of studying the past and documenting the present for future generations. Plantation Preserve Gold Course & Club: Within the Plantation Preserve property, visitors will find a challenging 18 hole championship golf course, a beautiful clubhouse with stunning panoramic views, and state of the art practice facilities including a private Memberonly practice area. Plantation Preserve s Evergladesinspired wetlands situated throughout the back nine and a 55acre linear park complete with a 1.1 mile multiuse trail is oneofakind in the country, and safely bisects the front and back nines. Shopping & dining: There is a large variety of shopping selections located in Plantation for residents and visitors, such as Westfield Broward Mall. The mall is anchored by Macy s, Dillard s, J.C. Penney and Sears and offers over 120 national and regional stores. The Fountain Shoppes of Distinctions is an openair 440,000 square feet complex featuring shopping, entertainment and features Kohl s, Dick s Sporting Goods, TooJay s, Lime Fresh, Home Goods/Marshall s, Cheese Course, 5 Guys, Total Wine, JoAnn s, and more. In addition, East Sawgrass Shopping District is an array of specialized retail stores and restaurants which includes hhgregg, Pier 1 Imports, CompUSA, Michael s, Publix, Hallmark, Office Max, Haverty s, HomeGoods, Ross, Best Buy, Party City and Edwin Watts Golf. Restaurants include Quarterdeck, Denny s and more. Plantation Equestrian Center: All this is set amidst 85 acres of beautifully landscaped boardwalks, bridle paths and recreational areas. Within Volunteer Park, visitors will enjoy quiet, peaceful nature trails, wetlands designed to support local wildlife, educational playgrounds, auditory sculptures that react to wind and rain, and a beautiful meeting facility able to accommodate gatherings from

16 Lorem Ipsum 4 City Amenities Education: The city provides a vast amount of educational centers such as 6 public elementary, 2 public middle, 2 public high schools & 32 private schools (preschool/daycare through grade 12). Plantation is home to the University of Phoenix; within a 10 minute drive are Nova Southeastern University, Florida Atlantic University, Broward College and McFatter Technical Center, all part of the prestigious South Florida Education Center. Transportation: There are several forms of transportation for citizens and tourists of Plantation. There is a county bus service, close proximity to major interstates (I95, I595, and I75); Ft. Lauderdale/Hollywood International Airport, Amtrak, TriRail commuter service, and Port Everglades, a major deepwater port for passengers and freight, including a Foreign Trade Zone. Utilities: Utility services are provided as an enterprise fund that earns its revenues through selling water and wastewater services. No general funds are used for these functions and they are not supported by property taxes. The utility s primary function is to provide cost effective, environmentally safe, water and waste water treatment and disposal services. It also provides residents with Florida Power & Light (electric) and Comcast cable, along with various satellite TV providers. Public Safety: In order to provide the city with safe streets and neighborhood, the Plantation Police Department, Plantation Emergency Medical Services (EMS), and Plantation Volunteer Fire Department all take part in keeping the community free of harm and the city has 2 major hospitals called Westside Regional Medical Center and Plantation Medical Hospital. Parks & Recreation: Plantation contains 42 parks and playgrounds (totaling 642 acres) in addition to 6 golf courses including the City s own Plantation Preserve Golf Course & Club and extensive recreational programs for all ages, including: tennis, swimming, baseball, basketball, horseback riding, softball, football, soccer, track and jogging, making is the perfect place for active adults and children.

17 Lorem Ipsum 5 The Community Redevelopment Association The Community Redevelopment Agency has identified 22 projects to be implemented through the Redevelopment Plan. The Agency has prioritized these projects by their significance in aesthetically improving the corridor's appearance, improving the functionality on the redevelopment areas circulation and infrastructure, promoting community sustainability, funding availability and the level of publicprivate sector partnerships can be utilized to promote the redevelopment effort. The zoning designations, permitted uses and development standards are sufficient to ensure compatibility with surrounding areas. The majority of the compatibility issues are related to existing uses that are nonconforming. A fiscal impact pertains to those revenues and expenditures directly received by the local government as a result of a project s operations and construction activity. Fiscal impact revenues include as valorem taxes, gas taxes, sales taxes, charges for service, and other revenues received. Fiscal impact expenditures include items such as general government expenses, law enforcement, roads, fire department, and others. In other words, fiscal impacts directly impact the budget revenues and expenditures. Economic impacts consist of jobs, wages and total economic activity. These impacts are generated from construction activity, operations of commercial uses and household spending from residential uses. The place name Gateway expresses the importance of the area to the City. The District is the eastern boundary of the City, and should serve as a demarcation line where the City s desired image is immediately apparent upon arrival. Through the investment of funds on the Plan s prioritized projects, the CRA is improving the District s built environment. Further strategic actions are needed to accomplish the desired image. All of the information was gathered from the following site. To get more information and review the full CRA plan, please visit: STRATEGIC ASSESMENT OF PLANTATION CRA PLAN

18 Lorem Ipsum 6 Upcoming Developments Riverbend Broward: Up first, Riverbend Broward L.P. wants to build a 221,130squarefoot warehouse and a 130,700squarefoot commercial building at 2401 W. Broward Blvd. The company bought the 17.7acre site just west of Interstate 95 out of foreclosure for $5.9 million in the commercial space would have a selfstorage facility and about 8,000 square feet of retail space fronting Broward Boulevard to compliment the WalMart store across the street. Strata Plantation Luxury Townhouses: Strata at Plantation is comprised of 147 chic, openconcept homes sprawled over 13 acres. Setting the standard for the new South Florida lifestyle, Strata townhomes come with upgraded features focused around sustainability. Strata aims to be one of the most luxurious, natureconscious, and unique communities created with the whole family in mind. We are located in the Tree City of Plantation in sunny South Florida. Cricket Club: The 175unit project has proposed on the 10.3acre site at 1101 N. State Road 7. It s on the northwest corner of Sunrise Boulevard and across from Central Broward Regional Park, which has a large cricket stadium. The previous owner previously approved it for a townhome project of similar size, but that development plan expired during the recession in The national homebuilder purchased the site at 400 N.E. 48th Street for $1.56 million in July American Express Regional Headquarters: The modern glass building, on the southeast corner of Northwest 136th Street and Sunrise Boulevard, is a new regional headquarters for the financial services company that will house about 3,000 employees in customer service, travelrelated services, marketing, human resources, legal services and other internal operation jobs. Building the new regional headquarters cost about $200 million, according to American Express. Preferred Storage: The Plantation City Council recently approved a 101,533squarefoot selfstorage project on Sunrise Boulevard just east of Florida Turnpike. The threestory complex was designed by architect Kenneth Carlson in Deerfield Beach. Thomas Speno Jr., president of Margatebased Preferred Realty & Development, said he ll break ground on the project in the first quarter of 2017, which it acquired for $1.2 million in April.

19 Lorem Ipsum All information on this brochure was gathered from the following sites. For more information please visit: content/uploads/2013/05/city Council GW Present pdf content/uploads/2013/05/redevelopment Highlights 1.pdf content/uploads/2016/08/cra Plan Jan 2006.pdf Florida/Lauderhill/Cricket Club lauderdale to consider three major.html approves square foot project.html sentinel.com/business/fl american express regional hub sunrise story.html

20 1 900 N Federal Hwy Johnson Plaza SOLD Hollywood, FL Broward County Recorded Buyer: Mival Group 900 LLC Recorded Seller: 1705 Van Buren, LLC NE 19th Ave North Miami Beach, FL Hollywood Blvd Hollywood, FL True Buyer: Natalia Cundari True Seller: (954) Van Buren, LLC Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 09/29/2016 (61 days on mkt) Bldg Type: $2,185,000 Confirmed Year Built/Age: $ GLA: RetailFreestanding Built 2009 Age: 7 8,235 SF Land Area: 0.69 AC (30,056 SF) Zoning: C2 Parcel No: Financing: Comp ID: Down payment of $2,185,000 (100.0%) Research Status: Confirmed N Federal Hwy SOLD Hollywood, FL Broward County Recorded Buyer: Vmn Group LLC Recorded Seller: Jewel Holdings Llc 1328 S Federal Hwy Hollywood, FL S Southlake Dr Hollywood, FL True Buyer: World Market Cafe True Seller: (305) Hagit S Yahalomi Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 08/09/2016 (615 days on mkt) Bldg Type: $1,585,000 Confirmed Year Built/Age: $ GLA: RetailFreestanding Built 1954 Age: 62 6,000 SF Land Area: 1.48 AC (64,469 SF) Zoning: C2 Parcel No: Financing: Comp ID: Research Status: Confirmed E Hallandale Beach Blvd SOLD Hallandale Beach, FL Broward County Recorded Buyer: Carolyn Laurie Llc Recorded Seller: Mg Fl Properties Llc 217 E Hallandale Beach Blvd Hallandale Beach, FL Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: 09/28/2016 (87 days on mkt) Bldg Type: $900,000 Year Built/Age: $ GLA: 8.00% Land Area: Zoning: Sale Conditions: Retail Built 1964 Age: 52 3,500 SF 0.18 AC (7,841 SF) BL Parcel No: Financing: Comp ID: $675,000 from Floridian Cmnty Bk Research Status: P. 20 Copyrighted report licensed to Re/Max 5 Star Realty /21/2017 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Page 1

21 Hollywood Blvd Napa Center SOLD Hollywood, FL Broward County Recorded Buyer: 2584 Flatbush Llc Recorded Seller: Beile Center Llc 58 Sandy Hill Rd Oyster Bay, NY Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 06/01/2016 (544 days on mkt) Bldg Type: $5,250,000 Full Value Year Built/Age: $ GLA: Retail Built 1980 Age: 36 15,000 SF Land Area: 0.69 AC (30,056 SF) Zoning: C4, Hollywood Parcel No: Financing: Comp ID: , Down payment of $5,250,000 (100.0%) Research Status: Full Value N Powerline Rd Shoppes at Corporate Park (Part of MultiProperty) SOLD Fort Lauderdale, FL Broward County Recorded Buyer: 6300 Powerline Shopping, LLC Recorded Seller: ESACypress, LLC Collins Ave Sunny Isles Beach, FL (305) S University Dr Davie, FL (954) Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 09/21/2016 Bldg Type: $8,480,302 Allocated Year Built/Age: $ GLA: Retail Built 1988 Renov 1991 Age: 28 30,114 SF Land Area: 4.30 AC (187,308 SF) Zoning: CC, Fort Lauderdale Parcel No: Financing: Comp ID: Research Status: Allocated NW Powerline Rd Burger King (Part of MultiProperty) SOLD Fort Lauderdale, FL Broward County Recorded Buyer: 6300 Powerline Shopping, LLC Recorded Seller: ESACypress, LLC Collins Ave Sunny Isles Beach, FL (305) S University Dr Davie, FL (954) Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: 09/21/2016 Bldg Type: $1,019,698 Allocated Year Built/Age: $ GLA: RetailFast Food Built 1989 Age: 27 3,621 SF Land Area: 0.56 AC (24,394 SF) Zoning: CC Parcel No: Financing: Comp ID: Research Status: Allocated P. 21 Copyrighted report licensed to Re/Max 5 Star Realty /21/2017 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Page 2

22 Stirling Rd The Stirling Town Center SOLD Cooper City, FL Broward County Recorded Buyer: Stirling Retail 26 LLC Recorded Seller: MLMT 2005LCI Stirling Road LLC 122 Golden Beach Dr Golden Beach, FL Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: 11/01/2016 Bldg Type: $13,500,000 Confirmed Year Built/Age: $ GLA: 7.25% Land Area: Zoning: Sale Conditions: Retail Built 2005 Age: 11 56,968 SF 5.91 AC (257,440 SF) B1 Parcel No: Financing: Comp ID: $9,000,000 from Branch Banking & Trust Company Research Status: Confirmed Wilton Dr Shoppes of Plaza Dee North SOLD Wilton Manors, FL Broward County Recorded Buyer: Shirley & Santino Battiata Recorded Seller: Da Vinci Plaza Llc 726 Horatio Ave Franklin Square, NY (516) NE 123rd St North Miami, FL (315) Sale Date: Sale Price: Price/SF: PrFrma Cap Rate: Actual Cap Rate: 10/14/2016 (164 days on mkt) Bldg Type: $6,050,000 Confirmed Year Built/Age: $ GLA: 7.92% Land Area: Zoning: Sale Conditions: RetailFreestanding Built 1963 Age: 53 20,401 SF 1.12 AC (48,787 SF) B2 Parcel No: Financing: Comp ID: Down payment of $4,050,000 (66.9%); $2,000,000 from Landmark Bank Research Status: Confirmed P. 22 Copyrighted report licensed to Re/Max 5 Star Realty /21/2017 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Page 3

23 Trend Report Dollar Volume # of Transactions Cap Rate Average Price Per SF Legend: Current Survey Sold Transactions Time Interval Quarterly Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate Report Time Frame: 4/1/2016 6/21/2017 Sold Transactions 8 $38,970, , ,351 $4,871,250 17,980 $ $ , % P. 23 Copyrighted report licensed to Re/Max 5 Star Realty /21/2017 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Page 4

24 Trend Report 2Q16 04/16/30/16 3Q16 07/19/30/16 4Q16 10/112/31/16 Sold Transaction Sold Transaction Sold Transaction Number of Transactions Total Dollar Volume Total Bldg Square Feet Total Land in Acres Total Land in SF Average Price Average Number of SF Average Price Per Bldg SF Median Price Per SF Average Number of Acres Average Number of SF(Land) Average Price Per Unit Median Price Per Unit Average Number of Units Actual Cap Rate 1 $5,250,000 15, ,056 $5,250,000 15,000 $ $ ,056 5 $14,170,000 51, ,068 $2,834,000 10,294 $ $ , % 2 $19,550,000 77, ,227 $9,775,000 38,685 $ $ , % P. 24 Copyrighted report licensed to Re/Max 5 Star Realty /21/2017 The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. Page 5