Imperial Lakewoods Golf & Development Opportunity BRADENTON - TAMPA MSA, FL

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Imperial Lakewoods Golf & Development Opportunity BRADENTON - TAMPA MSA, FL OFFERING MEMORANDUM Offered By: TERENCE M VANEK - LEAD AGENT Associate, Investment

FL: SL 3237145 STEVEN M EKOVICH National Managing Director, Vice President of Investments National Golf & Resort Properties Group Tel.

1 Imperial Lakewoods Golf & Development Opportunity BRADENTON - TAMPA MSA, FL OFFERING MEMORANDUM Offered By: TERENCE M VANEK - LEAD AGENT Associate, Investment Advisor National Golf & Resort Properties Group Tel. (813) TVanek@marcusmillichap.com Lic. FL: SL STEVEN M EKOVICH National Managing Director, Vice President of Investments National Golf & Resort Properties Group Tel. (813) SEkovich@marcusmillichap.com Lic. FL: BK ,110, HOLE GOLF & BANQUET FACILITY 31.22± ACRES I-75 OFF-RAMP W/PUBLIX SITE CONCEPT 53± ACRES INTERIOR RESIDENTIAL NA T ION A L GOLF & RES O R T PR OPER T IES GRO U P

2 CHAMPIONSHIP GOLF & BANQUET FACILITY - 1,750,000 FRONT 31.22± PROPOSED PUBLIX ANCHORED CENTER - 3,500,000 INTERIOR 53± PROPOSED RESIDENTIAL - 1,860,000

IMPERIAL LAKEWOODS INVESTMENT HIGHLIGHTS - 11,500± SQ

at I-75 / I-275 Connection Eight Miles West of the

- Site Concepts for Publix Anchored Neighborhood

IN THE PATH OF PROGRESS - Moccasin Wallow Road Poised

3 IMPERIAL LAKEWOODS INVESTMENT HIGHLIGHTS - 11,500± SQ FT Clubhouse & Banquet Facility - Unbeatable Location at I-75 / I-275 Connection Eight Miles West of the Sunshine Skyway Bridge - Front 31.22± Acres Priced at 112, / Acre - Interior 53± Acres Priced at 30,000 / Lot - Site Concepts for Publix Anchored Neighborhood Center & Residential Project Strong Returns - LOCATED IN THE PATH OF PROGRESS - Moccasin Wallow Road Poised for Major Growth w/over 7,000 Residential Units Planned - Future Land Use ROR - Retail/Office/Residential - 18-Hole Ted McAnlis Design - Value Add Golf Acquisition Opportunity for Projected 250,000 in EOY One NOI/EBITDA

4 Imperial Lakewoods Golf & Development Opportunity PALMETTO, FL OFFERING OVERVIEW INVESTMENT HIGHLIGHTS CHAMPIONSHIP GOLF & BANQUET FACILITY SIGNIFICANT UPSIDE - End of Year One NOI/EBITDA Projected at nearly 250,000 Represents a 14.26% Cap Rate on Golf Pricing and 5yr Levered IRR of over 40% Priced at a 1.43x Multiple of 1,219,597 in 2013 Gross Revenue RECENT INVESTMENT ACTIVITY - Four Homebuilders have Acquired Significant Land Tracts and Plan an Additional 7,000+ Residential Units along Moccasin Wallow, which is Largely Considered The Next Major Growth Corridor in Manatee County STRATEGIC LOCATION - As Moccasin Wallow's only Golf Course Offering, and the Area's Best Located Course, Projected Cash Flow is Expected to Explode over the Five - Ten Year Holding Period 1 ST Interchange North of 1-75/I-275 Connection 8 Miles from the Sunshine Skyway Bridge 5 Miles North of Ellenton Premium Outlets 19 Minutes South of Downtown St. Petersburg 21 Minutes South of Brandon/Tampa 7 Minutes North of Bradenton & Lakewood Ranch 14 Minutes North of Sarasota MAJOR CORPORATE INVESTMENT - Amazon Building a 250M, One-Million-SQ-FT Distribution Center 10 Miles North in Ruskin should Create Additional 1,000-2,500 Jobs 31.22± ACRES OF COMMERCIAL LAND FRONTING I-75 AND MOCCASIN WALLOW ROAD Priced at 112, per Acre - Compared to Recent Sales Average of 140, per Acre ± Parcel Zoned PCD Plan D & 13.42± Parcel Zoned PRD Plan D Future Land Use ROR - Retail/Office/Residential: Neighborhood Retail Uses, Community Serving Retail Uses, and Regional Retail Uses, Office Uses, Residential Uses, Hotel/Motel, Recreational Facilities Site Drawings for 45,600 SQ FT Publix Shopping Center 16,800 SQ FT of Tenant Retail & Four, One+ Acre Commercial Out-Parcels First Mover Opportunity to Develop the Interchange s only Grocery Anchored Center with 1,200 Feet of Frontage on what would Strategically be the First Access Point off the #229 Northbound Exit Ramp Closest Publix is One Exit South 8.2 Miles Away 53± ACRES OF INTERIOR RESIDENTIAL LAND Priced at 30,000 per Projected Lot Site Drawing for 61 Lots (52 x 120 ), Which Represents a Projected 3,050,000 in Retail Value at 50,000 per Developed Lot This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services of Florida 2014 Marcus & Millichap. All rights reserved. 3

5 MOCCASIN WALLOW ROAD IS LARGELY CONSIDERED THE NEXT MAJOR GROWTH CORRIDOR IN MANATEE COUNTY, EXPECTING EXPLOSIVE DEVELOP- MENT THROUGH 2020 WITH OVER 7,000+ RESIDENTIAL UNITS PLANNED BY FOUR MAJOR BUILDERS. THE VILLAGES OF AMAZON SOUTH 1,999 Unit Planned Community COPPERSTONE 530 Unit Planned Community SUMMER WOODS 562 Unit Planned Community EAGLE POINTE 1,600 Unit Planned Community SUBJECT PROPERTY - 18 Hole Championship Golf Course - - Front 31.22± Acres Zoned PDC / PDR - - Interior 53± Acres Zoned PDR Million SQ FT Distribution Center Should Create 1,000-2,500 Jobs Estimated Completion End of Miles North in Ruskin ARTISAN LAKES 2,800 Unit Planned Community West Florida s Largest Outlet Center w/ 130 Shops One Exit #224 South

6 FINANCIAL SUMMARY EXECUTIVE SUMMARY Imperial Lakewoods INVESTMENT METRICS GOLF COURSE PRICE Gross Revenue Multiplier - T Offering Price 1,750,000 Gross Revenue Multiplier - Pro Forma 1.15 Down Payment (35%)* 612,500 EBITDA Multiplier - T Loan Amount* 1,137,500 EBITDA Multiplier - Pro Forma 7.01 LTV* 65% CAP Rate - T % Interest Rate* 6.00% CAP Rate - Pro Forma 14.26% Amortization* 25yrs Unleveraged IRR - Pro Forma 21.06% Term* 5yrs Leveraged IRR - Pro Forma 42.01% Leveraged Yield - Pro Forma 21.39% ANNUALIZED OPERATING DATA: 2013 PRO FORMA ROUNDS PLAYED Public/Guest: 26,644 28,642 Member: 3,156 1,656 TOTAL ROUNDS 29,800 30,298 REVENUE Current /Round Pro Forma /Round Golf Revenue: 879, ,075, Merchandise Revenue: 48, , Food & Beverage Revenue: 291, , Other Revenue: - - GROSS REVENUE 1,219, ,526, COST OF SALES Merchandise COS: 33,195 69% 51,592 65% Food & Beverage COS: 135,430 46% 130,011 35% Other COS: - - TOTAL COST OF SALES 168, ,603 GROSS PROFIT 1,050,972 1,345,025 OPERATING EXPENSES Course Maintenance 499, ,823 Pro Shop 225, ,643 Food & Beverage 142, ,566 General Operations 140, ,085 Professional Management 10,000 53,432 TOTAL OPERATING EXPENSES 1,017,367 1,095,550 NOI/EBITDA 33,606 3% 249,475 16% * Down payment, Loan amount, LTV, Interest rate, Amortization and Term are all estimates based on the current loan market. The information contained herein are projections only, which are based upon the occurrence of several variables, none of which have occurred or are guaranteed to occur. This information is only an opinion based on unverified and sometimes speculative numbers, and should not be construed as a guarantee or assurance. Buyer bears all responsibility for verifying the values and numbers set forth herein.

MARKET OVERVIEW Imperial Lakewoods Golf & Development Opportunity is strategically located one exit north of the I - 75 / I - 275 connection eight miles west of the Sunshine Skyway Bridge, perfectly

Significant investment activity along Moccasin Wallow signals great opportunity for large-scale investment returns post-acquisition.

residential development opportunities should realize significant long-term return. Golf operations present immediate opportunity to return end-of-year one NOI/EBITDA of 250,000. The front 31.

7 MARKET OVERVIEW Imperial Lakewoods Golf & Development Opportunity is strategically located one exit north of the I - 75 / I connection eight miles west of the Sunshine Skyway Bridge, perfectly positioned adjacent to the Moccasin Wallow Northbound off-ramp, and ripe for explosive profits situated on THE NEXT MAJOR GROWTH CORRIDOR in Manatee County. Significant investment activity along Moccasin Wallow signals great opportunity for large-scale investment returns post-acquisition. With over 7,000 residential units planned among four major builders developing six residential communities, prescient investors that leverage the offering s golf operations and commercial / residential development opportunities should realize significant long-term return. Golf operations present immediate opportunity to return end-of-year one NOI/EBITDA of 250,000. The front 31.22± acre Publix anchored development site offers first-mover advantage with 1,200± feet of frontage and the area s most desirable commercial opportunity with excellent visibility and access. The interior 53± residential acreage based on a previously performed site drawing presents over 3M in retail value of a projected 61 developed lots. Exclusively Listed By: TERENCE M VANEK - LEAD AGENT Associate, Investment Advisor National Golf & Resort Properties Group Tel. (813) TVanek@marcusmillichap.com Lic. FL: SL STEVEN M EKOVICH National Managing Dirictor Vice President of Investments - National Golf & Resort Properties Group Tel. (813) SEkovich@marcusmillichap.com Lic. FL: BK VISIT US ONLINE AT:

Tel: (212) Tel: (212) Tel: (212)

Tel: (212) Tel: (212) Tel: (212) pvonderahe@mmreis.com jkoicim@mmreis.com TOTAL UNITS TOTAL SQUARE FEET david.lloyd@mmreis.com daniel.handweiler@mmreis.com PRICE /SF PROJECTED TAXES Tel: (212) 430-5168 adansker@marcusmillichap.com CAP