TREASURE COAST DEVELOPMENT LAND

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1 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL FOR SALE LISTING EXCLUSIVELY PRESENTED BY: SPERRY VAN NESS FLORIDA COMMERCIAL REAL ESTATE ADVISORS PRESENTED BY: Ashley Bloom Senior Advisor ashley.bloom@svn.com Mark J. Mayfield, CCIM CPM Managing Director X 2 mark.mayfield@svn.com Ron Zeigler Advisor ron.zeigler@svn.com All Sperry Van Ness Offices Independently Owned & Operated.

2 DISCLAIMER The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of the Sperry Van Ness Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Owner in connection with the sale of the Property is the Sperry Van Ness Advisor listed in this proposal, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the Sperry Van Ness Advisor. Neither the Sperry Van Ness Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. This Offering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, the Sperry Van Ness Advisor and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the Sperry Van Ness Advisor nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release the Owner and the Sperry Van Ness Advisor from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk.

3 w w w. s v n. c o m NARRATIVE Subject Property The Subject Property consists of 5 parcels that total +/- 1, acres in unincorporated St. Lucie County. The south eastern boundary of the Asset runs along Glades Cut Off Road and the western boundary runs along Range Line Road. The Subject Property is generally located West of Interstate 95 and South of State Road 70. Near the property are ten Development of Regional Impact (DRI) tracts that include St. Lucie West, The Reserve (PGA Golf Club), Tradition, Verano, LTC Ranch, Western Grove, Riverland, Wilson Grove, Provences, and Southern Grove. These developments feature prominent regional and national builders that include Centex, Lennar, Minto, Kolter, GL Homes, DR Horton, Maronda, Paradise, GHO Homes, Arthur Rutenberg, AV Homes and ANSCA among others. Some are age restricted (55+) or assisted living while others are geared towards golfers, independent living and/or families. The Subject Property currently has AG-5 zoning classification. The Future Land Use allows residential development with one dwelling per five acres or 272 Lots. However, in order to increase the density, a property in this area must be able to be serviced by water & sewer which is provided by the City of Port St. Lucie. As part of this process, the City of Port St. Lucie generally requires a property to annex into the municipality. Fortunately, the Subject Property actually has water, re-use water, and sewer from the City of Port St. Lucie running on the site. Further, Verano (the DRI across the street) was annexed into the City and obtained 2 to the acre plus commercial as part of their zoning. For the purpose of this analysis, the property can achieve 2-3 to the acre. Residential Development in the area should be considered desirable in the long term due to the price point. There seems to be a significant amount of current and planned development from Regional & National developers. However, these developments are well established, amenity filled, better located, and incorporate significant commercial development. As such, careful consideration will need to be given in terms of the mix of units, price point, amenities, and commercial development. Securing a developer and/or home builder(s) as part of the contract process will allow the end-user to have input in the process of site design. The highest & best use of the Subject Property is Single Family Entitlement via an Annexation to the City of Port St. Lucie. It would be appear that allowing a potential Buyer the time (in exchange for bearing the cost of the land use change) would be the way to maximize value. The discount for selling as is is significant when compared to the time it will take to achieve the land use.

4 w w w. s v n. c o m NARRATIVE Development Existing Developments St. Lucie West, PGA Village, Tradition vs. General Development Lots Port St. Lucie was originally developed into brownie pan platted lots by General Development in the 1950 s. Like many of the other General Development projects, the lots are typically square blocks with very little commercial development. In many instances, the finished lots are in need of well and septic. Moreover, those lots have traded well below replacement cost of a finished community. The regional and national home builders typically have stayed away from the significant General Development lots in large scale. As a result, those companies have competed with these lots by developing communities with an identity, amenities, and commercial development. St. Lucie West (developed in the 1990 s) and Tradition (2006) was developed by Core Communities (who failed during the great recession). Tradition was acquired and the development has continued. These communities have attracted the regional and national home builders. As a result, this develop presents an opportunity and challenge to the subject property in marketing finished lots. Annexation & Traffic In order to maximize density, the likely process will require annexation into the City of Port St. Lucie. This scenario should be accepted by the City of Port St. Lucie since the boundary is across the street and the fact that utilities are on site. The County may have an issue due to the loss of tax base but considering past annexations, this site is a strong candidate. One issue that will have to be explored with the development is the traffic impact the development will have as well as any offsite improvements that might be required. Paired Villa & Single Family Residence There is an emerging trend in Florida for the Paired Villa product. Several of the Regional and National Homebuilders are reporting brisk sales of this product. The benefit of this product is they are smaller (less to maintain), are less expensive, and in some cases are marketed as maintenance free which is an attraction to the Snowbird or Retiree. The Regional and National Homebuilders have been able to design and sell with velocity a product starting in the $180,000 s. In the immediate area, it appears that the desired product is around 1,500 to 2,500 square feet and sells for around $120 PSF. This is clearly what the buyers are looking for in terms of price and size.

5 TABLE OF CONTENTS 1. PROPERTY INFORMATION 2. LOCATION INFORMATION 3. DEMOGRAPHICS 4. ADDITIONAL INFORMATION 5. COMPETITION 6. ABOUT SPERRY VAN NESS 7. ADVISOR BIOS All Sperry Van Ness Offices Independently Owned & Operated.

6 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL PROPERTY INFORMATION

7 SECTION 1 PROPERTY INFORMATION Property Overview Physical Description Construction Property Name: Type of Ownership: APN: Glades Cutoff Development Land Private Owner - 5 Parcels , , , , and Water: Re-Use Water: Sewer: Electric: Cable: 24" Water Main 30" Re-Use Main 24" Force Main Available 2" Fiber Optic Cable Current Zoning: Agricultural Future Land Use: 1:5 in the County (One per 5 acres) Development: Annex to City and Land Use Change: Obtain +/- 3 to 4 Units per Acre Site and Off-Site Conditions Survey: None Provided nor Topographical Phase I: None Provided Protected Species: None Provided Wetlands/Army Corp: None Provided / Does not Appear to be Army Corp Traffic: No Traffic Impact Statement Provided

8 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL LOCATION INFORMATION

9 SECTION 2 LOCATION INFORMATION Location Maps

10 SECTION 2 LOCATION INFORMATION Map of Relevant Commercial & Residential Development

11 SECTION 2 LOCATION INFORMATION Google Earth Aerial

12 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL DEMOGRAPHICS

13 SECTION 3 DEMOGRAPHICS Demographics Report 1 MILE 10 MILES 30 MILES Total households , ,737 Total persons per hh Average hh income $129,465 $64,559 $66,051 Average house value $403,520 $231,120 $236,676 1 MILE 10 MILES 30 MILES Total population , ,808 Median age Median age (male) Median age (female)

14 SECTION 3 DEMOGRAPHICS Demographics Map 1 Mile 10 Miles 30 Miles Total Population , ,808 Population Density Median Age Median Age (Male) Median Age (Female) Total Households , ,737 # of Persons Per HH Average HH Income $129,465 $64,559 $66,051 Average House Value $403,520 $231,120 $236,676

15 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL ADDITIONAL INFORMATION

16 SECTION 4 ADDITIONAL INFORMATION City Information Port St. Lucie, FL In the early 1990s, Core Communities (CC), acquired and began planning what would become St. Lucie West. Originally, St. Lucie West was to have contained about 14,000 homes over a 20-year period on 7 square miles (18 km2). But after realizing the community's strategic position, they began developing it into more than just a residential area. CC began building business sectors and places where people could have fun. That resulted in 7,000 jobs being brought to the small town, helping it into its boom during most of the early 2000's. In 2006, CC started development of its newest community, Tradition. The community, which sits west of the Interstate 95 intersection of Gatlin Blvd., was a large cattle ranch before CC began to develop it. There they built around 13,000,000 square feet (1,200,000 m2) of commercial area, and room for over 18,000 residences. According to CC's website, Tradition is the largest fully entitled residential development area from the tip of Interstate 95 to the Canadian Border. It is modeled after a 1950s-era town. City History Port St. Lucie was a largely uninhabited tract of land south of White City, Florida in the 1950s, composed of a fishing camp, a few farms and businesses near US 1. In 1958, with a budget of $50 million, the General Development Corporation (GDC) purchased the River Park development and 40,000 acres (160 km2) along the North Fork of the St. Lucie River.In 1959, the GDC opened its first bridge over the St. Lucie River, allowing for direct automobile access to Port St. Lucie. According to its website, Tradition Square, the town center of the community, holds festivities year-round. It was also chosen as the site of HGTV's Green Home 2009, and one of America's best 100 communities.in 2007, the housing market began to collapse and unemployment started to rise. As of February 2009, unemployment was at 10½ percent and in 2008, nearly 11,000 homes went into foreclosure. This prompted the county government to consider declaring itself a disaster area. Doing so would have given county administrators access to $17 million in county emergency reserve funds. That money, combined with a transportation fund and other accounts, would give St. Lucie $20 $30 million to spend on building projects: research parks, highways and other infrastructure improvements.in 2008, Tradition and Core Communities welcomed the Florida Center of Innovation, a research laboratory and campus, which has a building in Tradition for two biotech and life science companies, the Torrey Pines Institute for Molecular Studies and the Vaccine & Gene Therapy Institute. This campus alone is projected to bring more than 30,000 jobs to the city of Port St. Lucie.

17 SECTION 4 ADDITIONAL INFORMATION County Information St. Lucie County St. Lucie County is a county located in the state of Florida. As of the 2010 census, the population was 277,789. The county seat is Fort Pierce. As of the 2013 Census Estimate, St. Lucie County is at a population of 286,832.St. Lucie County is included in the Port St. Lucie, FL Metropolitan Statistical Area, which is also included in the Miami-Fort Lauderdale-Port St. Lucie, FL Combined Statistical Area. In 1958, General Development Corporation, a subsidiary of Mackle Brothers, bought tens of thousands of acres of land along the St. Lucie River in the southern part of the county in order to build a new community. Colorful and clever advertising soon drew thousands of northeastern retirees and families to the area, laying the foundation for the future city of Port St. Lucie. Population and building booms in the late 20th century led to the formation of other areas west and south of Port St. Lucie including St. Lucie West and the new master planned community of Tradition. The early 21st century brought many trials for the county including two major hurricanes in 2004 and an economic and housing slump starting in In 2005, St. Lucie County celebrated its 100th birthday. Economic & Business Climate Like most of Florida, the economy depends heavily on tourism, construction, real estate, medical, government & education. As the population grows with millennials, working families, and retirees, the local economy can thrive. The area was severely affected by the real estate bubble, but has witnessed a recovery that is expected to continue. According to the U.S. Census Bureau, the county has a total area of 688 square miles (1,780 km2), of which 572 square miles (1,480 km2) is land and 116 square miles (300 km2) (16.9%) is water. Extensive, dependable transportation and easy access is the key to growth, and St. Lucie County has both in abundance. Interstate Highway 95 and U.S. Highway 1 provide easy access to the country s east coast, from Key West to Maine. The Florida Turnpike stretches from just south of Miami through northern-central Florida, while State Road 70 runs from U.S Highway 1 in Fort Pierce west to Bradenton, Florida. St. Lucie County is served by the St. Lucie Transportation Planning Organization (TPO). The St. Lucie County International Airport is also one of the busiest general aviation airports in the state. International flight options within a two-hour drive are available at Miami, Fort Lauderdale, Palm Beach, Melbourne and Orlando International Airports. Palm Beach International Airport offers major domestic connections within a 50-minute drive. According to the US Census, the population of St. Lucie County increased 44.2% from 2000 to This equated to 277,789 from 192,695. In 2014, that estimate increased to 291,028.

18 SECTION 4 ADDITIONAL INFORMATION Property Utility Map

19 SECTION 4 ADDITIONAL INFORMATION St. Lucie County Major Employers

20 SECTION 4 ADDITIONAL INFORMATION Images Of Near Properties Minto SFR Tradition DR Horton Tradtion Location Map Maronda Interior Adams Windy Pines DR Horton Model PGA Village Golf Course Kolter Paired Villa PGA

21 SECTION 4 ADDITIONAL INFORMATION Tradition Site Plan

22 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL COMPETITION

23 SECTION 5 COMPETITION Treasure Coast DRI Map

24 SECTION 5 COMPETITION Map Of Home Builders

25 FOR SALE $65,000,000 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL ABOUT SPERRY VAN NESS

26 SECTION 6 ABOUT SPERRY VAN NESS About Sperry Van Ness It s a different world out there - the commercial real estate landscape has changed; it has perhaps changed forever. We don t need to tell you times are challenging, your own experience has proven the need for different strategies and direction. You have demanded a different kind of broker a proactive, collaborative, and proven advisor with deep local knowledge and a broad national footprint. The Sperry Van Ness Company of Affiliates has what you need. Because It s Right. Our culture is designed to ensure that our interests are aligned with those we serve. Why? Because it s right. We have a long and very public history of setting the industry standard in this regard. Every Sperry Van Ness company affiliate must agree in writing to abide by our Core Covenants the first of which is this primary covenant: I place my client s interests above my own... These covenants are more than mere words, they allow us to breathe and align as one organization. They offer you the confidence of knowing our entire organization of affiliates is always thinking of what is best for you. It s a different standard, driven by a different focus and supported by a unique, committed and passionate culture built to challenge the status quo. Why? Because It s Right. Defined. Our message isn t about us it s about you. We understand that your success is our success and we never lose sight of that. We like to think that we have some of the brightest minds in the industry, an innovative approach, a culture of sharing and collaboration, and a relentless commitment to service; but we prefer to let our actions and results speak louder than words. Vision. Our vision can be best summarized by our clear recognition that we have only one niche our client. The bottom line is that we are built to serve your needs across asset classes, practice areas, and geographic boundaries. If you have a need we have both the capability and the competency to insure a successful execution. Leadership. The Sperry Van Ness Company of Affiliates has an executive team with tremendous integrity, continuity and experience. Along with our industry veterans, we embrace the talents and insights of our next generation of leaders. You asked us to harness the incredible power that comes from the blending of institutional talent with a results-driven, entrepreneurial approach to doing the business and we listened. Wall Street To Main Street. We believe the Sperry Van Ness company of affiliates simply has the best footprint in the market. We realize that transactions don t just occur in major markets, and as such we have uniquely built our brand around a platform that focuses on your needs. Our affiliates have offices in major markets, as well as second and tertiary market. Whether you re seeking acquisition, disposition, advisory, management, or capital markets assistance, we stand ready to serve your needs. Lipsey Co. has ranked the Sperry Van Ness organization as one of the most recognized commercial real estate brands in the US for a reason we know how to deliver a certainty of execution for our clients. Tenacious. There are many things that go into creating a best-in-class commercial real estate company of affiliates or CRE Brand. While ours offers proven and emerging technologies, an innovative business model, a strategic footprint and a culture of collaboration and sharing, it is our tenacity that is the defining difference. Our affiliates understand our value is in breaking down barriers and accelerating results for our clients. We know that we don t earn your business by telling you how wonderful we are, but by creating a certainty of execution you can depend upon. We learned long ago that it doesn t cost anything to work hard; it just takes a commitment to a work ethic which is deeply ingrained in the Sperry Van Ness culture. It is this tenacious approach to relentlessly earn your business that has built the numerous longterm client relationships for our affiliates, and which continues to validate our beliefs and efforts. If you want evidence of our tenacity, look no further than our comprehensive approach to marketing. Every asset marketed within our system, SVN Connect, receives its own custom online presence cross- linked to a variety of other industry portals and fully integrate into state-of-the-art social media and search engine marketing campaigns. We further augment our marketing efforts with National marketing opportunities, and telesales efforts to proprietary investor and broker databases, and options like our accelerated marketing platform. We simply leave no stone unturned.

27 TREASURE COAST DEVELOPMENT LAND 0 Glades Cutoff Road Port St. Lucie, FL ADVISOR BIOS

28 SECTION 7 ADVISOR BIOS Advisor Bio & Contact 1 Ashley Bloom Senior Advisor Sperry Van Ness Florida Commercial Real Estate Advisors Ashley Barrett Bloom has been affiliated with Sperry Van Ness since Bloom is licensed with Sperry Van Ness Florida Commercial Real Estate Advisors, which covers the entire State of Florida, with partner Chris Malkin. Bloom services his clients providing national exposure with local expertise. Having a strong network of Branch Offices & Advisors, Bloom has been able to list and sell across Florida. Memberships & Affiliations 1997 State of Illinois - Certified Public Accountant (Inactive) 2012 LEED Green Associate FL #SL Phone: Fax: Cell: ashley.bloom@svn.com Address: 2044 Constitution Blvd. Sarasota, FL In June 2013, Bloom was named the founding Chairman of the Land Product Council for Sperry Van Ness. Under his leadership, Bloom has helped institute collaborative marketing program, a SVN land website, and land specific sales calls. Personally, Bloom is working on several large tracts of land with local, regional, and national developers. His client list includes several large equity funds and national banks that have entrusted Bloom with land opportunities across the State of Florida. Bloom has also been a member of the National Apartment Team with Sperry Van Ness. Additionally, Bloom has focused on transactional work related to a myriad of asset classes including Flex Warehouse, Retail Centers, and Office. Prior to joining Sperry Van Ness, Bloom specialized in land planning, commercial development, and conversions/renovations. While developing these projects, Bloom has also taken the role of Managing Partner. During that time period, he has successfully acquired, entitled, and sold multiple tracts of Florida Land. Bloom has been developing real estate for 19 years in Florida, North Carolina, and Arkansas. Prior to developing real estate, Bloom worked for Coopers & Lybrand LLP in the Financial Advisory Services division where he obtained his Certified Public Accountant s (CPA) License. Relevant experience included Litigation Support Services, Acquisition Due Diligence, and Financial Modeling. Mr. Bloom has also served on an Advisory Board of a small community bank in South Florida.

29 SECTION 7 ADVISOR BIOS Palm Beach County 1,265 Acre Tract

30 SECTION 7 ADVISOR BIOS Partial List Of Affiliates & Clients

31 SECTION 7 ADVISOR BIOS Advisor Bio & Contact 2 Mark J. Mayfield, CCIM CPM Managing Director Sperry Van Ness/Southern Commercial Real Estate, LLC Mark J. Mayfield, CCIM, CPM serves as managing director and principal broker (Broker-In-Charge) of Sperry Van Ness/Southern Commercial Real Estate, LLC, specializing in the sale and leasing of office, industrial, land and retail properties in South Carolina and North Carolina. With 24 years of experience, he has closed more than 500 transactions resulting in a career volume in excess of $150 million. In 2006, Mayfield was honored as a top producer for retail leasing in the Charlotte region by receiving the CoStar Power Broker Award. Only 2 percent of more than 118,000 eligible brokers nationwide were selected for this highly coveted award. Memberships & Affiliations Active in the industry, Mayfield is a member of the National Association of Realtors, the South Carolina Association of Realtors, the CCIM Institute, IREM and a charter member of the Charlotte Region Commercial Board of Realtors (CRCBR). He is a 18 time recipient of the CRCBR Annual Multi-Million Dollar Club Award. SC #18972 Phone: x 2 Fax: Cell: mark.mayfield@svn.com Address: 1926 India Hook Rd. Rock Hill, SC Prior to affiliating with Sperry Van Ness, Mayfield served as partner and principal broker (Broker-In-Charge) for Southern Commercial Real Estate, LLC where he sold and leased properties in York, Lancaster and Chester counties, South Carolina (suburban Charlotte, North Carolina). Mayfield has completed transactions with companies such as Bank of America, Wal-Mart, Combi International, Baskin-Robbins, Pizza Hut, Lowe's Companies, Inc. and Ebara International Corporation. Mayfield has achieved the Certified Commercial Investment Member (CCIM) and Certified Property Manager (CPM) designations. They are conferred to real estate professionals who complete a challenging education program of 200 classroom hours, pass a Comprehensive Examination and demonstrate experiential requirements. The designations are widely recognized as two of the most prestigious real estate designations in the world and are the marks of professionalism and knowledge in commercial-investment real estate and property management. Less than 6% of the 125,000 commercial real estate practitioners nationwide have achieved the CCIM designation.

32 PRESENTED BY: ASHLEY BLOOM Senior Advisor MARK J. MAYFIELD, CCIM CPM Managing Director X 2 mark.mayfield@svn.com RON ZEIGLER Advisor ron.zeigler@svn.com All Sperry Van Ness Offices Independently Owned & Operated 2014 All Right Reserved