± Acres. Mixed-Use Land in Las Colinas. State Highway 114 Frontage l Irving, Texas. offering memorandum. Multi-Family AC.

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1 Multi-Family AC. R40 Single Family State Highway 114 Frontage l Irving, Texas ± Acres Mixed-Use Land in Las Colinas offering memorandum

2 CASE Commercial Real Estate Partners ( CASE ) has been retained to offer to qualified developers, investors and users the opportunity to acquire all or part of approximately acres of land (The Property ) in Irving, Texas. Zoned R-40 and S-P-2, the Property includes a mix of single-family residential and multi-family residential. Located along the north side of State Highway 114 just west of State Highway 161 (The President George Bush Turnpike), the high profile site is surrounded by the luxury residences of Hackberry Creek, a bustling business community, excellent shopping, dining, entertainment and recreational facilities. The surrounding main thoroughfares, along with other major Dallas roadways such as Beltline Road and Royal Lane, provide excellent ingress and egress and quick access to the Property from some of the most prestigious neighborhoods in the Dallas metro area, including Cottonwood Valley, Hackberry Creek, Southlake, Highland Park, Preston Hollow and Frisco. This Property offers investors the opportunity to acquire land within a Dallas suburb which is renowned for its multiple Fortune 500 world headquarters, highly educated workforce, superior transportation infrastructure, Double AAA bond rating and one of the lowest tax ratings in the metropolitan area. Offering Price: $10,700,000 Property Description The Property benefits from high visibility along State Highway 114 (John W. Carpenter Freeway), a six-lane, divided thoroughfare with over 89,000 vehicles passing each day. Minutes from both D/FW International Airport and the Las Colinas Urban Center, the site is proximate to many of the major roadways in the Dallas metropolitan area, which provide excellent access to all points of the city. Interstate 35E (Stemmons Freeway), one of the most traveled north/south highways in the Metroplex, forms the eastern boundary of the neighborhood. State Highway 161 (The President George Bush Turnpike) passes through the central portion of the area providing direct access to the northern suburbs. Interstate 635 (LBJ Freeway), which forms a loop around Dallas, passes through the nucleus of the area in an east/west direction. Other major arteries near the Property include Belt Line Road, MacArthur Boulevard, Luna Road, Valley View Lane, Walnut Hill Land and Northgate. The Property is situated in a highly stable area and neighbors the gated, master-planned community of Hackberry Creek with approximately 1,200 luxury residential homes, office, single-family and multifamily residential, retail, parks, and recreation. Approximately one mile to the east is the recently completed Irving Convention Center in the Las Colinas Urban Center. Future development on the site will include a 3,500 seat concert venue, restaurants, retail shops, a cinema and hotel. Opus West recently completed an office development to the west of the Property along SH 114. In addition, the site benefits from the nearby Hackberry Creek Country Club.

3 DALLAS INTERNATIONAL AIRPORT ± ACRES

4 The site is divided into two separate zoning ordinances. The western majority of the tract is currently zoned R-40 (single-family district), requiring a minimum lot size of almost an acre. The R-40 zoning is designated as a holding district. The eastern portion of the Property is zoned S-P-2, which calls for a multifamily site plan by the City of Irving. The demographic population serving the Property is excellent. Approximately 45,435 people in over 22,472 households live within a three-mile radius of The Property. The average household income of $97,755 is well above the Texas and the national averages. Growth in the area has been steady with economic projections estimating an additional 4,238 residents will migrate within a three-mile radius by the year Size ± Acres Owner Armed Forces Bank, NA Location 3400 West Carpenter Freeway (State Highway 114), east of Beltline Road, south of Royal Lane, west of The President George Bush Turnpike (State Highway 161) in Irving, Dallas County, Texas Zoning: R-40 (single-family residential) and S-P-2 (multi-family residential) Demographics Estimates 1-mile 3-mile 5-mile Population 6,688 45, ,762 Households 2,450 22,472 60,481 Avg. HH Income $173,589 $97,755 $96,788 Utilities: Water and sewer are along Hackberry Creek within the site (City of Irving) Telephone - AT&T Electricity TXU Gas - ATMOS Frontage: 4,983 feet of frontage on SH 114 Traffic: Belt Line SH ,100 vpd (2010 TxDOT) SH ,000 vpd (2010 TxDOT) Flood Zone: ±18.97 acres are located within a floodway resulting in a net developable area of acres.

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6 Las Colinas Location Overview Las Colinas is a 12,000-acre master-planned community within Irving, Texas which is situated between Dallas and Fort Worth, the fourth largest metro area in the country. Las Colinas is home to nearly 38,000 residents, over 2,000 companies, and four colleges and universities. The city is the global headquarters of five Fortune 500 companies including ExxonMobil, Commercial Metals, Kimberly-Clark, Fluor and Flowserve, as well as three Fortune 1000 companies including Michael s Stores, Pioneer Natural Resources, and Zale Corporation. Over 50 other Fortune 500 companies have a presence in Las Colinas including Abbott Laboratories, Allstate Insurance, AT&T, Capital One Financial, Citi, FedEx, General Motors, Lennar Homes, Medco Health Solutions, Time Warner, Wells Fargo and Xerox. Las Colinas is currently experiencing more than $2 billion in hotel, retail, entertainment, office, residential and meeting facility development, including the addition of the 275,000 square foot Irving, Texas convention center, which opened to business in Phase two of the convention center project will bring a 300,000 square feet entertainment venue, 10 themed restaurants, retail shopping options and a privately developed headquarters hotel adjacent to the convention center. The city currently has 22.3 million square feet of office space, 8.5 million square feet of light industrial and offers 1.3 million square feet of retail. There are also more than 10,600 multi-family units, with 2,000 under construction, as well as 3,400 single family homes and another 225-plus under construction. More than 20 quality hotels are available in the city, totaling 3,845 rooms. Las Colinas also offers the only AAA Five-Diamond resort in Texas, the Four Seasons Resort and Club at Las Colinas which is home to the Byron Nelson Classic.

7 Much of the new development in Las Colinas is fueled by a Dallas Area Rapid Transit 14-mile light-rail line which is scheduled to arrive at the Las Colinas Urban Center in Dallas Area Rapid Transit (DART) is currently constructing the Orange Line which will connect Irving directly to Dallas/ Fort Worth Airport as well as downtown Dallas. The line will follow a path from the former Texas Stadium site, along SH 114, into the Las Colinas Urban Center and continuing on to D/FW Airport in The Orange Line will also provide easy access via the Green Line connection to Love Field Airport when completed. Also attributing to its success is the City of Irving s tax base of $14 billion, earning it an acclaimed Double AAA bond rating. Considered the highest financial ranking a city can achieve, Irving is one of two cities in Texas and 18 in the country with this impeccable bond rating. Irving also has one of the lower tax rates in the Dallas/Fort Worth Metroplex. FORTUNE 100 CORPORATE HEADQUARTERS RANK Adjacent to the Dallas/Fort Worth International Airport, the world s third busiest airport, Las Colinas provides easy global access for residents and businesses. The airport has had an extraordinary impact on the regional economy and has contributed immensely to the relocation and expansion decisions of numerous firms. Surrounding thoroughfares also provide excellent access to the other four major business centers in the metro area, less than 15 minutes from Downtown Dallas, the LBJ Freeway Business District and Far North Dallas, and only 30 minutes from Downtown Fort Worth. Wal-Mart 37,100 Exxon Mobil 2 Kimberly-Clark 137 Flour 174 Commercial Metals 316 Michaels Stores 541 Pioneer Natural Resources 723 Zale Corporation 758 Supported by two major freeway systems (SH-114 and SH-161) the city is bordered by I-635 and lies within five minutes of three other main arteries (SH-183, I-35 and Loop 12), giving the area s workers and residents outstanding access to the entire region. The 5.2-mile portion of President George Bush Turnpike that runs between I-35 in Carrollton and I-635 in Las Colinas has significantly improved Las Colinas access to the suburbs of Far North Dallas. The 30-mile, six-lane, President George Bush Turnpike passes through or along the cities of Irving, Farmers Branch, Carrollton, Dallas, Plano, Richardson, and Garland. Plans are underway to extend SH 161 south from SH 183 to I-30 and to expand SH 114, SH 183 and Loop 12 with reversible high-occupancy vehicle lanes and conventional lanes. These transportation projects demonstrate the progressive nature of the community and lay the groundwork for continued growth and expansion.

8 Dallas/Fort Worth Metropolitan Area Dallas/Fort Worth continues to be one of strongest economies in the nation based on employment and unemployment, economic output and housing prices. The metropolitan area tops the nation in job growth and has fared better than most due to relatively low living costs, modest taxes, a central location and an attractive business climate. Dallas/Fort Worth and Texas as a whole have been less affected by the recent recession, largely due to home prices which were not as overinflated as other markets. Encompassing 12 counties, the Dallas/Fort Worth Metropolitan Statistical Area is comprised of Dallas on the east and Fort Worth on the west. Referred to locally as the Metroplex or D/FW, Dallas/Fort Worth is the economic and cultural hub of the region. The metro area s economic structure has two predominant characteristics that provide the foundation for its strength. First, its economy is well diversified, thereby minimizing the market risk against a downturn in any particular industry. Second, most of its principal industries are well-positioned for expansion in the near future. The 2010 issue of Fortune featured the annual 100 Best Companies to Work For and seven Dallas-area companies where among the elite group. The list includes Balfour Beatty Construction, Camden Property Trust, Edward Jones, EOG Resources, Ernst & Young, FedEx, and TDIndustries. In addition, the 2010 list of Fortune 500 companies, which rank America s largest corporations, included twenty-four Dallas/Fort Worth businesses. Among these Fortune 500 companies are Exxon Mobil, AT&T, JCPenney, Texas Instruments, Dr. Pepper Snapple Group, Tenet Healthcare, and Southwest Airlines.

9 Population Growth Dallas/Fort Worth is the largest metropolitan area in Texas and the fourth largest metro area in the country with an estimated population of 6.4 million residents, according to the U.S. Census Bureau. Today, more people live in the Dallas/Fort Worth area than in 16 U.S. States. Growth is most apparent around the edges of the Metroplex. Four of the state s top 10 counties surrounded Dallas, according to 2010 U.S. census data: Rockwall County grew 82 percent; Collin, 59 percent; Denton, up 53 percent; and Kaufman, 45 percent. Growth was almost as explosive in northern Collin County, where towns including Prosper, Murphy and Anna grew between 350 percent and almost 600 percent. Population growth in the D/FW area continues to outpace the nation showing a modest 0.8% gain year-over year at the end of Growth in the Dallas/Fort Worth region is expected to show upward trends well into the future far exceeding national population growth rates. From 2010 to 2015, D/FW is projected to add 556,433 new residents, the highest forecasted total in the entire U.S., according to Economy. com. The estimated population is expected to top 5.76 million people, representing a 31% increase since the 2000 Census. Employment Growth The Dallas/Fort Worth Metroplex continues to lead the nation in employment gains. At the beginning of 2011, the area was one of the nation s 12 largest statistical areas. With an unemployment rate of 8.6% in July, Dallas/ Fort Worth stood well below the national average of 9.3%. According to the Bureau of Labor Statistics, one of the nation s largest over-the-year employment increase occurred in the metro area, adding 65,400 jobs since July Similarly, the Texas economy is one of the top performers in the country. Job growth, sales tax collections, and consumer purchases signal that the Texas economy has emerged from the recent recession. Another indicator that the state s economy has been comparatively healthy was the U.S. Bureau of the Census report that Texas added more people (nearly 4.3 million) than any other state between the census counts of 2000 and According to the Federal Reserve Bank of Dallas, forecasting models project that Texas job growth will stand at 2.5 to 3.5 percent in Movement in the Dallas Fed s Texas Leading Index suggests 261,000 to 374,000 jobs will be added in the state this year. This pace of growth is consistent with the Texas unemployment rate falling to about 7 percent by the end of In July, the state s unemployment rate stood at 8.5%, nearly a full percentage point below the nationwide unemployment rate of 9.3%. Texas gained 278,100 jobs from July 2010 to July 2011, representing an annual growth rate of 2.7 percent compared with 1 percent for the United States. The year-over-year growth in Texas accounted for over 20% of all national jobs. With a more youthful population than the rest of the country, the state and ultimately the Dallas/Fort Worth area will continue to become more attractive to companies seeking residents that have more remaining work years and less potential for the collection of retirement and medical benefits. Texas median age is the second lowest of any state at 33.2 years. The overall median age in the United States is 36.8.

10 Housing Market Dallas/Fort Worth has been one of the strongest single-family and multi-family residential markets in the country, ranking in the top five nationally. Despite strong demand, median home prices in the Dallas/Fort Worth area are relatively inexpensive compared to most major U.S. metro areas. In addition, the metropolitan area and the South s home markets have not experienced a housing bubble or been hit as hard as other markets during the recession. According to the Texas A&M Real Estate Research Center, home prices increased in the Dallas metropolitan market in In June, the Dallas/Fort Worth metropolitan area had its largest sale volume in over a year with 4,493 sales, reaching a value of over $1 billion. Dallas/Fort Worth International Airport Strategically positioned in the middle of the nation, Dallas/Fort Worth is convenient to North America s five largest business centers: New York, Chicago, Los Angeles, Mexico City and Toronto. In addition, direct flight times from Dallas/Fort Worth International Airport (D/FW International Airport) to nearly any city in the continental U.S. takes four hours or less. The region is served by 20 airlines; including American Airlines which is based at the airport. Today, D/FW Airport is the third busiest airport in the world in terms of operations (takeoffs and landings), handling an estimated 57 million passengers annually. D/FW International Airport has had a substantial impact on the Dallas/ Fort Worth economy, generating more than $16 billion in economic activity each year and employing more than 300,000 people.

11 Dallas/Fort Worth Summary Strong demographics, along with stronger than average employment growth, has positioned the Dallas/Fort Worth metropolitan area as one of the top regional economies in the United States. With a cost of living 92% of the national average and no personal income tax, the area offers an enticing quality of life that will continue to draw a young, educated and growing workforce. While Dallas/Fort Worth grew faster than any region in the country last year, the metropolitan area is forecast to add 200,000 additional households and 300,000 new jobs expected by the year The resilient local economy, access to skilled workers and relatively low costs of living and doing business should continue to drive business startups, expansions and relocations to the area, allowing the metropolitan area to remain one of the strongest economies in the nation. Dallas/Fort Worth also offers more shopping and restaurant opportunities per capita than anywhere else in America, diverse cultural venues from small theater companies and galleries to the nation s largest arts district. A growing transit system, parks, trails, forests and lakes as well as professional sports venues round out the local opportunities. All assets combined, the long-term outlook suggests the health and expansion of the Dallas/Fort Worth economy will continue to strengthen for years to come. FORT WORTH - TOP EMPLOYERS EMPLOYEES Wal-Mart 37,100 American Airlines 21,935 Baylor Health Care System 18,000 Texas Health Resources 17,485 AT&T 14,400 Lockheed Martin 14,100 Verizon Communications 14,000 HCA 12,300 JP Morgan Chase 10,000 Citi 9,100 Raytheon 9,100 Kroger 9,052 Texas Instruments 8,900 Target 8,800 Brinker International 8,388 Bank of America 8,000 EDS (A Hewlett-Packard Co) 7,950 J.C. Penney UPS 6,850 Bell Helicopter 6,500 Albertsons 6,500 Southwest Airlines 6,392 Tom Thumb Food and Pharmacy 5,780 Walgreens 5,306 Children s Health Care System 4,939 Source: Dallas Business Journal, Book of Lists 2010

12 This Offering Memorandum was prepared by CASE Commercial Real Estate Partners (CASE), as Advisor on behalf of Seller, and is confidential and to be furnished to prospective purchasers of the property. It is intended solely to aid prospective purchasers in their evaluation of the property and whether to purchase the property. It is not to be used for any other purpose without prior written consent of CASE. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the property by Seller and Advisor and their sources. All projections have been made by Seller and Advisor and are based upon assumptions relating to the general economy, competition and other factors beyond the control of Seller, and are subject to change. Prospective purchasers should make their own projections and reach their own conclusions of value. This Offering Memorandum was prepared on the basis of information available to the Seller and Advisor in connection with the sale of the property. It contains pertinent information about the property and the surrounding area but does not contain all the information necessary for a complete evaluation of the property. Although the information contained in this Offering Memorandum is believed to be accurate and reliable, neither Seller nor Advisor guarantees its accuracy or completeness. Because of the foregoing and because the property will be sold as is, prospective purchasers should make their own independent assessments, investigations, and projections regarding the property. Although additional material that may include engineering, environmental, or other reports may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Seller or Advisor. Neither Seller nor Advisor nor any of their respective officers, advisors, agents, shareholders or principals of CASE has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of the Offering Memorandum or any of the contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the contents. Analysis and verification of the information contained herein is solely the responsibility of the prospective purchaser. The Seller expressly reserves the right, in its sole discretion, to reject any offer to purchase the property or to terminate any negotiations with any party at any time, with or without notice. The Seller shall have no legal commitment or obligation to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Seller s obligations thereunder have been fully satisfied or waived. The Seller is responsible for any commission due its Advisor in connection with the sale of the property. The Seller shall not be responsible for any commission claimed by any other agent or broker in connection with a sale of the property. No other party, including the Seller s Advisor, is authorized to make any representation or agreement on behalf of the Seller. This Offering Memorandum remains the property of the Seller and its Advisor and may be used only by parties approved by the Seller and its Advisor. No portion of this Offering Memorandum may be copied or otherwise or disclosed to anyone except as provided herein. Additional information and an opportunity to inspect the Property will be made available upon request by interested and qualified prospective purchasers. bruce endendyk bendendyk@casecre.com john endendyk jendendyk@casecre.com collin prater cprater@casecre.com CASE COMMERCIAL REAL ESTATE PARTNERS Preston Road, Suite 750 T: F: