For Sale. BONITA GROVES 1,200 +/- ACRES 8701 SW Allapattah Rd, Indiantown, FL SW Allapattah Road

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1 For Sale BONITA GROVES 1,200 +/- ACRES 8701 SW Allapattah Rd, Indiantown, FL SW Allapattah Road Presented By: Edward A. Kearney, CCIM P.O. Box (561) Contents: Executive Summary Sales Comparables Location Maps Aerials Photos Additional Information Demographics About Offering Highlights 1,200 +/ Usable AG Acres with 5 Access Roads Former Citrus Grove 100% Irrigat with Pumps 2.5 Miles of Frontage on SR 609 (SW Allapattah Rd) Excellent Drainage

2 Bonita Groves 8701 SW Allapattah Road 8701 SW Allapattah Rd, Indiantown, FL PROPERTY DETAILS Tax Parcel No. Sewer No Water No Electric No Gas No Phone Corner Signalized Street Frontage 2 1/2 miles Ingress/Egress Sub Market Market Indiantown, FL EXECUTIVE SUMMARY List Price Size Shape Zoning Agricultural Topography Flat Price Per Acre Price Per SF PROPERTY DESCRIPTION Existing Structures None Land Improvements 100% Irrigated with pumps in place. Best Use Citrus, Cane or Row Crops Area Indiantown is a large agricultural area with Okeechobee Lake to the west and Stuart to the east. Property The property consists of 1,200 +/- acres. There are two and one-half miles of frontage on SR 609 (Allapattah Road) and five gated access roads over the roadside irrigation canal. The property has a deep drainage canal on its south side so the property should drain well in all types of weather. Further, the C23/24 STA (Storm Treatment Area) and C44 reservoir are immediately to the east of the property adjacent to the drainage canal mentioned above. The Indiantown Telecommunications Systems is planning on extending its Fiber Optic facilities along the east side of Allapattah Road next to the irrigation canal on the subject property. The proposed 7,000+ acre Treasure Coast Intramodal Campus (St. Lucie In-Land Port) is approximate. Exclusively listed by: Edward A. Kearney, CCIM (561) Ed@Kearneyreal.com

3 Sales Comparables Summary Sales Comparables Closed Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Property Location Sale Price Total Acres Price/Acre Total S.F. Price/S.F. Zoning Closing Date Photo R & B Ranch L $4,250, $4,988 AG 9/15/2009 SR Miles SE Property has limited access to SR 710. Also has some low and wet areas which limits usable acreage. Of Indiantown Indiantown, FL Martin County Land $5,195,000 1, $3,475 AG 12/14/2009 Company 4 Miles SE of I-95 Land is very wet. Limited usable land. And CR 714 Palm City, FL Tesoro Groves $500, $5,208 AG 10/1/2010 SW Famel Ave 2 parcels of 47 acres and 49 acres purchased at auction. Indiantown, FL Averages $3,315, $4,557 Averages For All Comparables Sale Price Total Acres Price/Acre Total S.F. Price/S.F. Zoning Closing Date Averages $8,898, $14,899

4 Sales Comparables Summary Sales Comparables On Market Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Property Location Sale Price Total Acres Price/Acre Total S.F. Price/S.F. Zoning Closing Date Photo Gateway to Indiantown $60,0000 2,422 $24,773 AG SR 706 at SR 716 2,422 acres with citrus, sod farms and coquina rock deposit. Indiantown, FL 62 Acres Development $1,900, $30,645 AG Site Warfield & Adams 62 acres site plan approved or 157 single family homes. Indiantown, FL 60 AG Acres $716, $12,000 AG Fox Brown Rd 3 Miles From Warfield Indiantown, FL 43 AG Acres $1,085, $25,000 AG 9601 SW Fox Brown Rd Indiantown, FL 104 AG Acres $1,456, $14,000 AG Fox Brown Rd 104 acre pasture and ranch land with access to Fox Brown Rd. Indiantown, FL 356 AG Acres $4,984, $14,000 AG Fox Brown Rd Indiantown, FL Averages $11,690, $20,070

5 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

6 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

7 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

8 Aerials Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Port St. Lucie Glades Cut off Road Inland Port Stuart Warfield Road Fox Brown Road 8701 SW Allapattah Road Bonita Groves Kanner Highway Lake Okeechobee

9 Aerials Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL SW Allapattah Road

10 Photos Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

11 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Other Information Proposed Inland Port

12 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

13 3/22/2011 $340 million water project in Martin Co $340 million water project in Martin County has environmentalists, contractors champing at bit By Tyler Treadw ay Monday, March 21, 2011 STUART Environmentalists and the construction industry, strange bedfellows indeed, are all anxiously awaiting a May 26 announcement from the Army Corps of Engineers. The Corps is expected to name the winner of a contract to start work on a reservoir and stormwater treatment area along the C-44 Canal, also known as the St. Lucie Canal. For folks in the construction industry, the project is millions of dollars worth of work in an extended sluggish economy. For environmentalists, it's the long-promised start of the Indian River Lagoon component of the Comprehensive Everglades Restoration Plan. The total cost of the three-phase project has been estimated at $340 million. President Obama's budget for the budget year includes $21 million to pay for the first phase of the project, with work expected to begin in July. About 200 contractors and subcontractors jammed the Wolf High Technology Center at Indian River State College's Chastain Campus in Stuart on Thursday for the Corps' "pre-proposal meeting" on the project. Among them was George "Chappy" Young, president of Palm City-based GCY surveyor and Mappers Inc. "Surveying work, like construction work in general, in South Florida is sparse," Young said. "This project is huge. It will support a lot of contractors and subcontractors, everyone down to office supply businesses." At a South Florida Water Management District board meeting March 10 in Fort Pierce, Martin County Commission Chairman Ed Ciampi said the project "will result in 7,250 direct, indirect and induced jobs that our area desperately needs." Young said his firm did surveying for the design and preparation work being done at the site, "and we're hoping to parlay that into getting to be a subcontractor on the project." Local environmentalists also have been "surveying" the C-44 project for a while, too.

14 "This project started back in 2000, right after the authorization of (the Comprehensive Everglades Restoration Plan)," said Mark Perry, director of the Stuart-based Florida Oceanographic Society. "Back in November 2005, officials said it was ready to go. Construction would start in 2007 and be done in 2009." Perry said Martin County residents "have certainly done their part to get this project under way," raising $28 million for land acquisition through a 3-year, 1-cent sales tax approved by voters. The rest of the $168 million to buy the needed 12,000 acres came from the water district, which also paid about $5 million to clear and prepare the site. "We're very excited about this development," Paul Millar, Martin County water resource manager, said of the upcoming contract award. "We've been pushing for this project a long, long time.... Once it starts, I'm confident the federal money will keep coming so that it won't shut down." C-44 for yourself A look at the water quality project about to get under way in western Martin County. What it will do: Clean water from the 116,000-acre watershed north and south of the C-44 Canal between Port Mayaca and the St. Lucie Locks. How it will work: Water will be moved out of the canal into a 3,400-acre reservoir and then sent slowly through a 5,300-acre stormwater treatment area a shallow, grass-filled marsh that will clean the water before it flows back into the canal and eventually into the St. Lucie Estuary and the Indian River Lagoon. What it won t do: Eliminate periodic discharges of nutrient-rich fresh water from Lake Okeechobee that damage the ecosystem of the St. Lucie Estuary; although Paul Millar, Martin County water resources manager, said the reservoir and stormwater treatment area should be able to take low-level discharges when there s not a lot of basin runoff. When it will be built: With a contractor to be named May 26, work on the project is expected to begin in July and take about seven years divided into three phases: 2.5 years to build the intake canal, access roads, a bridge across the canal for Citrus Boulevard and a staging area; two years to build the reservoir and 2.5 years to build the stormwater treatment area. What it will cost: Total cost estimate is $340 million, which includes $168 million in state and local money already spent on land acquisition.

15 Owners of proposed inland port withdraw annexation plan in Port St. Lucie By Alexi Howk October 19, 2010 PORT ST. LUCIE The owners of the 7,139 acres west of Rangeline Road proposed for the Treasure Coast Intermodal Campus, or the inland port, formally withdrew their application Tuesday to annex the land into the city, saying the city s demands that they pay certain fees for infrastructure are absurd. Additionally, the campus also withdrew its application to change the land from agricultural to heavy industrial and is requesting the city refund it $506,520 in planning and zoning fees. The cargo distribution center was expected to produce more than 25,000 jobs and give a huge boost to the local economy. For now, the project is on hold but could still move forward without the land being annexed into the city if the property owners get a land-use change from St. Lucie County, said James Caruso, one of the property owners r epresenting Pineloch Management Corp. The longer it s delayed the longer this inland port could move to other parts of the state or even out of the state, Caruso said when contacted Tuesday. It s a great workforce opportunity that would bring a lot of jobs, which is what this area needs, we believe. When the city is ready to talk in good faith then we will do so, In an Oct. 19 letter to City Manager Jerry Bentrott, Caruso said the city s demand that the Treasure Coast Intermodal Campus pay $3.5 million into the city s general fund within 30 days of reaching an annexation agreement and that it pay as much as $36.7 million within a year toward other infrastructure improvements, without having yet impacted the area, is so absurd as to indicate bad faith on the part of the city in its dealings with us. That is our conclusion without even getting to the requirement that we expend ($228.7 million) within 10 years (again, without any regard to our impacts). Bentrott couldn t be reached for comment Tuesday. In a Sept. 22 letter to Johnathan Ferguson, the attorney representing the property owners, Assistant City Attorney Pam Hakim said there were major differences in what the group was proposing in the annexation agreement and what the city was proposing. The property owners are Bay Hill Holdings LLC, Kennedy Holdings LLC and Mabel Groves LLP/Southern Groves LLC, which is managed by Pineloch Management Corp. Hakim said the city requested the Treasure Coast Intermodal Campus, in addition to paying a portion for the completion of Crosstown Parkway, construct a third interchange at Open View Drive and pay for property acquisition. She said the city requested $3.5 million within 30 days of executing the annexation agreement, $5 million by Oct. 1, 2014 and $5 million by Oct. 1, (Treasure Coast Intermodal Campus) has not agreed to fund this interchange nor property acquisition, Hakim wrote. These funds would address transportation impacts on a city wide basis.

16 Hakim also said there were several other transportation, utility, planning and zoning issues the two parties didn t agree on that would have been impacted by the project. The city has also advised your client on numerous occasions that we have existing contractual obligations with the developers in the South West Annexation area in regard to transportation improvements, and those investments must be considered and protected. The city recognizes the fact that this may be an incredible opportunity to provide employment opportunities to our citizens at a time of severe economic hardships; however, the city of Port St. Lucie must balance the costs of providing those jobs to our citizens, Hakim wrote. In his letter, Caruso said when investors met with former City Manager Don Cooper last fall and representatives of the city s planning, engineering and legal departments, we were very pleased with the reception we received. Everyone seemed to think that the creation of an inland port or integrated logistics center was a great idea, which would be of tremendous economic benefit to this area... When contacted Tuesday, Caruso called the city s demands totally unreasonable and not what we were led to believe it would be. Caruso said, the boom years are over. Realism has got to set in. City Councilman Chris Cooper, who s running for mayor and has touted his support for the inland port during his campaign, said the Treasure Coast Intermodal Campus is leveraging the city with its withdrawal, and this is part of the negotiating process, There s been a lot of time and energy devoted to this project, and I still remain optimistic it s a salvageable I ssue, Cooper said. I m a half glass is full kind of guy. They know darn well it s a pay as you play scenario, Cooper said of the developers criticizing the city s demands. A lot of costs are projected. If they are going to cause any impact out there they have to pay their share of the impact. I just believe we ll work it out.

17 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

18 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL 34956

19 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Indiantown, FL Demographics Report 1.00 Mile Ring 3.00 Mile Ring 5.00 Mile Ring POPULATION 1990 Population 237 4,885 5, Population 286 5,767 6, Population 312 5,627 6,628 % Population Change % % % 2014 Total Population 323 5,395 6,447 % Population Change % % % % Population Change % % % 2014 Total Households 147 1,800 2,147 % Households Change % 9.11 % 8.91 % % Households Change % 0.17 % 1.51 % 2009 Household Income $200,000-$249, Household Income $250,000-$499, Household Income $500, Average Household Size Total Owner Occupied Housing Units 110 1,029 1, Total Renter Occupied Housing Units Total Daytime Population 608 4,743 5, Total Daytime Work Population 188 1,601 1, Total Establishments HOUSEHOLDS 1990 Households 79 1,417 1, Households 120 1,647 1, Households 140 1,797 2,115 % Households Change % % % 2009 RACE AND ETHNICITY White Population 184 1,804 2,211 Black Population 85 1,214 1,317 American Indian/Alaska Native Population Asian/Hawaiian/Pacific Islander Population Other Population (Incl 2+ Races) 38 2,205 2,646

20 Bonita Groves 8701 SW Allapattah Rd, Indiantown, FL Hispanic Population 54 3,155 3, Non-Hispanic Population 258 2,472 2,866 INCOME 2009 Per Capita Income $19,752 $15,093 $15, Median Household Income $21,922 $32,720 $34, Average Household Income $44,018 $47,260 $47, HOUSEHOLD INCOME DISTRIBUTION Household Income < $10, Household Income $10,000-$14, Household Income $15,000-$19, Household Income $20,000-$24, Household Income $25,000-$29, Household Income $30,000-$34, Household Income $35,000-$39, Household Income $40,000-$44, Household Income $45,000-$49, Household Income $50,000-$59, Household Income $60,000-$74, Household Income $75,000-$99, Household Income $100,000-$124, Household Income $125,000-$149, Household Income $150,000-$199,

21 Edward A. Kearney F ed@kearneyreal.com Edward A. Kearney is President of specializing in commercial real estate in Palm Beach, Broward, Martin and St. Lucie Counties in South Florida. He also has a property tax consulting business which he has operated for more than 23 years as Tax Reduction Consultants of Florida, Inc. He has extensive experience in investment analysis, landlord and tenant representation and property tax abatement. He also serves as a Court Appointed Receiver in foreclosure and bankruptcy cases. Kearney has recently represented owners in the sale and leasing of a number of strip shopping centers, warehouses, office buildings and parcels of vacant land. For instance, he recently leased seven acres of industrial land for open storage to a national company, leased 7,400 SF of retail space to a regional sporting goods retailer, 3,700 SF to an engineering company working on the new bridge to Palm Beach and 5,750 SF to an attorney and his title company. He has a number of properties listed for sale and lease including 1,518 acres of a former citrus grove, a 53,400 SF warehouse and a 20,000 SF warehouse sublease. Kearney has been President of his own firm for the past 23 years. His business from 1989 through 2000 was primarily property tax consulting throughout the state of Florida. He sold that business in He annually represented more than $1 billion of commercial real estate and more than $250 million in commercial tangible personal property. Prior to moving to Florida in 1989, he spent 16 years in Colorado where he was a stockbroker with Merrill Lynch, President of an oil and gas exploration company and co-developed several commercial properties. Kearney has been a Florida Broker since 1990 and has earned his CCIM designation. He is the immediate past-president of the Palm Beach Realtors Commercial Alliance and serves on it Board. He has also served on the Board of Directors of the Realtors Association of the Palm Beaches. He currently serves on that organization s Finance, Government Affairs and Building Committees. Kearney was selected by the RCA as the 2010 Commercial Realtor of the Year and has been recognized by The CoStar Organization as a Power Broker. He is a member of the Forum Club of the Palm Beaches and is a founding member of the Florida Association of Property Tax Consultants. Kearney received a Bachelor s Degree from Manhattan College in New York City. He served as an Explosive Ordnance Disposal and Diving Officer in the United States Navy. He is married and has three grown children.