Maitland, FLorida 32780

Transcription

1 The Commons at Maitland Center Maitland, FLorida BishopBeale A Commercial Real Estate Advisory Firm

2 Investment Package EXCLUSIVE LISTING The Commons at Maitland Center 1009 Maitland Center Commons Blvd Maitland, Florida 32780

3 The Commons at Maitland Center TABLE OF CONTENTS 1>> Memorandum and Disclaimer 2>> Investment Details 3>> Property Images 4>> Representative Site Plan 5>> Income and Expense Summary 6>> Financial Summary 7>> Offering Summary 8>> Location Map 9>> Tenant Descriptions 10>> Metro Orlando Demographics 11>> About BishopBeale

4 Memorandum and Disclaimer BishopBeale Realty has been engaged as the exclusive agent for the sale of 1009 Maitland Center Commons Blvd located in Maitland, Orange County, Florida (the Property ). The Property is being offered for sale in an as-is, where is condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with BishopBeale as a Potential Purchaser or as Prospective Purchaser s Agent for an identified Potential Purchaser. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the Prospective Purchaser s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Agent nor Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections, and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale, or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and any conditions to Owner s obligations thereunder have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of Seller or Agent; (c) the recipient shall make no attempt to visit the Property and/or grounds without the prior written approval of Seller or Agent; and (d) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/ or Registration Agreement executed and delivered by the recipient(s) to Agent. If you have no interest in the Property at this time, please return this Offering Memorandum immediately to: BishopBeale 1321 Edgewater Dr., Suite 2 Orlando, FL 32804

5 Investment Details Property Summary This professional office building is currently built-out and 72% is leased by multi-year tenants. The 28% vacancy allows for the opportunity to add value. The lease rates are currently at market value with market escalations year over year. Please inquire for details. Located next to RDV Sportsplex in the heart of Maitland Center, this is one of the most desirable office sites in Central Florida. Above average incomes can be found within a 5 mile radius due to it centralized location with regards to Maitland, downtown Orlando, Winter Park, and College Park. In addition, Sunrail, the regional commuter rail service, is now up and running and currently offers a station in Maitland. The station includes a park and ride lot with a bus drop-off area. Executive Summary >> Property Name: maitland Court Condominium >> Building Size (SF): 13,203 >> Land Size (SF): Condominium >> Year Built: 2003 >> Number of Floors: One >> Construction: Common Brick >> Roof: 11 Years Old >> Parking: 4/1,000 >> Signage: suite >> Occupancy: 72% >> Zoning: oc >> 2014 NOI: $103,605 >> Price: $1,250,000

6 Property Images

7 Representative Site Plan SUITE 212 1,490 SF SUITE 218 2,168 SF SUITE 210 Leased 3,471 SF SUITE 209 Leased HVAC FIRE PUMP HVAC HVAC Leased Leased 1,526 SF SUITE 213 WH 1,523 SF SUITE 205 Leased 1,349 SF SUITE 207 Leased

8 Income and Expense Summary Gross Square Feet: 13,203 Rentable Square Feet: 13,203 INCOME Base Rent Per Foot Occupied Space 9,545 $12.47 Vacant at Market 3,658 $12.00 GROSS POTENTIAL RENT $162,896 $12.34 Expense Reimbursements $0 $0.00 GROSS POTENTIAL INCOME $162,896 $12.34 Vacancy/Collection allow. (%GPR) 5.00% $8,145 $0.62 EFFECTIVE GROSS INCOME $154,751 $11.72 Total Expenses $51,147 $3.87 NET OPERATING INCOME (NOI) $103,605 $ Net Cash Flow Before Debt Service $103,605 $7.85

9 Financial Summary SUMMARY Price $1,250,000 Down Payment $312,500 Price Per Rentable Sq. Foot $94.68 Current CAP Rate 8.29% Year Built 2003 Parcel Size Condominium ANNUALIZED OPERATING DATA INCOME 2014 Base Rent $12.34 Occupied Space 9,545 Vacant at Market 3,658 Gross Potential Rent $162,896 Total Expense Reimbursements $0 Gross Potential Income $162,896 Vacancy/Collection Allow. (%GPR) 5.00% $8,145 Effective Gross Income $154,751 Less: Expenses $51,147 Net Operating Income (NOI) $103,605 Net Cash Flow Before Debt Service $103,605 Annual Debt Service $69,085 Cash Flow After Debt Service $34,520 Cash on Cash Return (Before Amortization) 11.05%

10 Offering Summary SUMMARY Price $1,250, Down Payment 25.00% $312,500 Rentable Sq. Feet 13,203 Price per Rentable Sq. Feet $94.68 Year Built 2003 Parcel Size Condominium Parking 4/1000 Current Occupied Space 9,545 Current Vacant Space 3,658 POTENTIAL MARKET FINANCING Loan Amount $937,500 Interest Rate 5.50% Amortization 25 Term 10 Loan to Value 75% Index Fixed Debt Coverage (Ratio- Formula) 1.50 Annual Debt Service $69,085

11 Offering Summary VITAL DATA Current CAP Rate 8.29% Current Net Operating Income $103,605 Current Net Cash Flow after Debt Service $34,520 Current Cash on Cash (Before Amortization) 11.05% FINANCIAL SUMMARY Proforma Year Ending PSF Total C.F. After Debt Service Unlevered Return December 31, 2014 $7.85 $103,605 $34, % December 31, 2015 $8.08 $106,713 $37, % December 31, 2016 $8.32 $109,914 $40, % December 31, 2017 $8.57 $113,211 $44, % December 31, 2018 $8.83 $116,608 $47, % December 31, 2019 $9.10 $120,106 $51, % December 31, 2020 $9.37 $123,709 $54, % 7-Year Levered IRR 23.0%

12 Location Map ALTAMONTE SPRINGS MAITLAND APOPKA ALTAMONTE SPRINGS MAITLAND WINTER PARK ORLANDO

13 Tenant Descriptions RP FUNDING RP Funding is a full service lender who underwrites, closes, and funds their own loans to offer their customers the best rate and highest level of customer service. RP Funding holds the highest Mortgage Lender license available for a mortgage company in the state of Florida. In 2013 RP Funding placed #17 on the Florida Fast 100 list. This prestigious award recognizes the fastest-growing privately owned businesses in the sunshine state. You can read more about their company here: Lease Details >> Term: 3 Years 2 Months >> Lease Commencement: September 2012 >> Unit Size: 2,872 SF >> Base Rent: $10.50 PSF >> Lease Type: modified Gross >> Rental Increases: 5% Per Annum >> Options: n/a LINCARE Lincare has long been known as a leader in respiratory care. They provide a variety of services including but not limited to home infusion, enteral therapy, sleep therapy, and pulmonary rehabilitation. Lincare has over 1,100 location in 48 states. You can read more about their company here: Lease Details >> Term: 3 Years >> Lease Commencement: October 2012 >> Unit Size: 2,931 SF >> Base Rent: $15.00 PSF >> Lease Type: modified Gross >> Rental Increases: n/a >> Options: Three (3) One (1) Year Options

14 Tenant Descriptions CORVUS OF ORLANDO Corvus provides its customers a vast array of janitorial, sanitation and maintenance service types. Corvus has become an industry leading one-stop-shop for facilities. From nightly janitorial services to carpet cleaning to construction clean-ups, their comprehensive suite of services covers the range of customer needs. Corvus services over 14 different markets throughout the U.S. You can read more about their company here: Lease Details >> Term: 3 Years 3 Months >> Lease Commencement: August 2012 >> Unit Size: 1,606 SF >> Base Rent: $11.00 PSF >> Lease Type: modified Gross >> Rental Increases: $1.00 PSF Per Year >> Options: n/a SOUTH BEACH ORTHOTICS AND PROSTHETICS INC. South Beach O & P designs, fits, and fabricates customized orthoses and braces for the neck and back, upper extremity (arm), and lower extremity (leg). These include orthoses for sports injuries and acute orthopedic trauma. South Beach O & P has a practitioner on call 24 hours a day, seven days a week. With 14 locations throughout Florida for customer convenience. You can read more about their company here: Lease Details >> Term: 3 Years 3 Months >> Lease Commencement: October 2012 >> Unit Size: 1,536 SF >> Base Rent: $12.36 PSF >> Lease Type: modified Gross >> Rental Increases: 3% Per Annum >> Options: n/a

15 Tenant Descriptions BDG Construction Services, LLC BDG Construction Services is a Florida based general contractor that builds and renovates a variety of commercial construction projects including retail shopping centers, multifamily properties, office spaces, and public facilities. BDG Construction Services provides consultation and completion of work for all steps of the construction process including pre-construction, construction, quality control, and safety. You can read more about their company here: Lease Details >> Term: 3 Years 3 Months >> Lease Commencement: March 2014 >> Unit Size: 600 SF >> Base Rent: $12.00 PSF >> Lease Type: modified Gross >> Rental Increases: $ per annum >> Options: n/a

16 Metro Orlando Demographics Population Executive Summary with Charts 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Rings: 1, 3, 5 mile radii Longitude: mile 3 miles 5 miles 2000 Population 8,501 92, , Population 9,884 92, , Population 9,974 94, , Population 10, , , Annual Rate 1.52% 0.00% -0.11% Annual Rate 0.28% 0.75% 0.46% Annual Rate 0.90% 1.12% 0.91% 2013 Male Population 48.0% 48.1% 48.1% 2013 Female Population 52.0% 51.9% 51.9% 2013 Median Age In the identified area, the current year population is 228,137. In 2010, the Census count in the area was 224,789. The rate of change since 2010 was 0.46% annually. The five-year projection for the population in the area is 238,686 representing a change of 0.91% annually from 2012 to Currently, the population is 48.1% male and 51.9% female. 260, , , , , , , , ,000 80,000 60,000 40,000 20,000 0 Population 227,182k 224,789k 228,137k 238,686k Year Median Age The median age in this area is 38.7, compared to U.S. median age of Race and Ethnicity 2013 White Alone 64.9% 68.7% 69.6% 2013 Black Alone 20.8% 18.3% 19.5% 2013 American Indian/Alaska Native Alone 0.2% 0.4% 0.4% 2013 Asian Alone 4.8% 3.4% 2.9% 2013 Pacific Islander Alone 0.1% 0.0% 0.1% 2013 Other Race 5.4% 5.5% 4.4% 2013 Two or More Races 3.9% 3.7% 3.2% 2013 Hispanic Origin (Any Race) 21.2% 21.9% 18.1% Persons of Hispanic origin represent 18.1% of the population in the identified area compared to 16.9% of the U.S. population. Persons of Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from different race/ethnic groups, is 63.2 in the identified area, compared to 61.4 for the U.S. as a whole. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and Esri converted Census 2000 data into 2010 geography.

17 Metro Orlando Demographics Executive Summary with Charts 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Rings: 1, 3, 5 mile radii Longitude: Race and Ethnicity mile 3 miles 5 miles White Black Percent Hispanic Two+ Other Pacific Asian Am. Ind Black White Am. Ind 0.4 Asian 2.9 Pacific 0.1 Other 4.4 Two+ 3.2 Hispanic 18.1 Households 2000 Households 3,608 38,273 92, Households 4,553 39,428 93, Total Households 4,601 40,418 94, Total Households 4,830 42,774 99, Annual Rate 2.35% 0.30% 0.07% Annual Rate 0.32% 0.77% 0.49% Annual Rate 0.98% 1.14% 0.94% 2013 Average Household Size The household count in this area has changed from 93,473 in 2010 to 94,969 in the current year, a change of 0.49% annually. The five-year projection of households is 99,527, a change of 0.94% annually from the current year total. Average household size is currently 2.37, compared to 2.37 in the year The number of families in the current year is 56,495 in the specified area. Households 110, ,000 90,000 92,801k 93,473k 94,969k 99,527k ,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Year Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and Esri converted Census 2000 data into 2010 geography. March 04, 2014

18 Metro Orlando Demographics Median Household Income Executive Summary with Charts 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Rings: 1, 3, 5 mile radii Longitude: mile 3 miles 5 miles 2013 Median Household Income $50,054 $45,868 $46, Median Household Income $57,833 $53,687 $54, Annual Rate 2.93% 3.20% 3.35% Average Household Income 2013 Average Household Income $66,959 $63,984 $67, Average Household Income $77,297 $73,854 $79, Annual Rate 2.91% 2.91% 3.27% Per Capita Income 2013 Per Capita Income $30,200 $27,415 $28, Per Capita Income $34,996 $31,632 $33, Annual Rate 2.99% 2.90% 3.28% Households by Income Current median household income is $46,562 in the area, compared to $50,157 for all U.S. households. Median household income is projected to be $54,894 in five years, compared to $56,895 for all U.S. households Current average household income is $67,911 in this area, compared to $68,162 for all U.S households. Average household income is projected to be $79,755 in five years, compared to $77,137 for all U.S. households Current per capita income is $28,412 in the area, compared to the U.S. per capita income of $26,409. The per capita income is projected to be $33,385 in five years, compared to $29,882 for all U.S. households 60,000 55,000 50,000 45,000 40,000 35,000 30,000 25,000 20,000 46,562k Median Household Income 54,894k ,000 80,000 70,000 60,000 50,000 40,000 30,000 67,911k Average Household Income ,755k ,000 10,000 5, Year 20,000 10, Year Per Capita Income 35,000 30,000 28,412k 33,385k ,000 20,000 15,000 10,000 5, Year Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and Esri converted Census 2000 data into 2010 geography. March 04, 2014

19 Metro Orlando Demographics Housing Executive Summary with Charts 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Rings: 1, 3, 5 mile radii Longitude: mile 3 miles 5 miles 2000 Total Housing Units 3,934 40,886 98, Owner Occupied Housing Units 1,659 20,506 55, Owner Occupied Housing Units 1,949 17,768 36, Vacant Housing Units 326 2,612 5, Total Housing Units 5,325 45, , Owner Occupied Housing Units 1,717 20,657 54, Renter Occupied Housing Units 2,836 18,771 38, Vacant Housing Units 772 6,162 12, Total Housing Units 5,386 46, , Owner Occupied Housing Units 1,558 19,756 52, Renter Occupied Housing Units 3,043 20,662 42, Vacant Housing Units 785 5,636 12, Total Housing Units 5,578 47, , Owner Occupied Housing Units 1,640 21,368 56, Renter Occupied Housing Units 3,191 21,406 43, Vacant Housing Units 748 4,980 12,077 Currently, 48.8% of the 107,565 housing units in the area are owner occupied; 39.5%, renter occupied; and 11.7% are vacant. Currently, in the U.S., 56.5% of the housing units in the area are owner occupied; 32.1% are renter occupied; and 11.4% are vacant. In 2010, there were 106,380 housing units in the area % owner occupied, 36.4% renter occupied, and 12.1% vacant. The annual rate of change in housing units since 2010 is 0.49%. Median home value in the area is $153,730, compared to a median home value of $167,749 for the U.S. In five years, median value is projected to change by 4.09% annually to $187,804. Data Note: Income is expressed in current dollars Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and Esri converted Census 2000 data into 2010 geography. March 04, 2014

20 Metro Orlando Demographics Traffic Count Map 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Ring: 1, 3, 5 Miles Longitude: Source: 2011 MPSI (Market Planning Solutions Inc.) Systems Inc. d.b.a. DataMetrix March 04, 2014

21 Metro Orlando Demographics Traffic Count Map - Close Up 1009 Maitland Center Commons Prepared by Michael Beale 1009 Maitland Center Commons Blvd, Maitland, Florida, Latitude: Ring: 1, 3, 5 Miles Longitude: Source: 2011 MPSI (Market Planning Solutions Inc.) Systems Inc. d.b.a. DataMetrix March 04, 2014

22 Metro Orlando Demographics METRO ORLANDO DEMOGRAPHICS Population Trends Orange County 896,295 1,145,956 1,183,903 1,334,879 Seminole County 365, , , ,641 Lake County 210, , , ,263 Osceola County 172, , , ,350 City of Orlando 212, , , ,610 Metro Orlando* 1,644,566 2,134,411 2,184,763 2,386,133 *Four county total. City of Orlando is included in Orange County. Source: Research360 Population By Ethnicity* White 69.9% Black 16.2% Asian 4.0% Native American 0.4% Hawaiian/Pacific Islander 0.1% Hispanic 26.4% *Note: Hispanic is not a race, thus are delineated separately. Source: Research360 Male/Female Population Statistics Male 1,081, % Female 1,103, % Source: Research360 ORANGE COUNTY SEMINOLE COUNTY LAKE COUNTY OSCEOLA COUNTY CITY OF ORLANDO Population By Age MSA Orange Seminole Lake Osceola % 21.1% 19.0% 16.5% 21.6% % 13.8% 13.7% 9.9% 14.5% % 31.9% 28.3% 20.9% 28.2% % 23.4% 27.2% 24.3% 23.7% % 8.4% 10.0% 24.4% 10.6% % 1.4% 1.8% 4.0% 1.5% Source: Research EAST PINE STREET, SUITE 900 ORLANDO, FLORIDA FAX INFO@ORLANDOEDC.COM OrlandoEDC.com R

23 Metro Orlando Demographics LABOR* Labor Force 1,126,058 Right-to-Work State Yes Wage and/or Labor Survey Available Yes National Unemployment Rate 7.9% Florida Unemployment Rate 8.5% Metro Orlando Unemployment Rate 8.3% *Note: Data is compiled monthly, not seasonally adjusted. Source: Florida Department of Economic Opportunity, Local Area Unemployment Statistics (LAUS) - May 2012 EDUCATION Number of Schools/Enrollment Orange Seminole Lake Osceola Elementary 129/83,530 41/28,438 28/19,916 26/24,700 Middle 36/39,587 12/14,995 10/9,292 8/12,413 High Schools 54/52,869 14/20,795 12/11,902 19/16,353 Source: Florida Dept. of Education School Year SAT Scores* Orange Seminole Lake Osceola Mean Score *Note: Scores include three sections including new writing section. Source: Florida Dept. of Education, 2011 ACT Scores Orange Seminole Lake Osceola Composite Score Source: Florida Dept. of Education, 2011 FACILITIES Total Industrial Market Summary Total existing industrial space million sq. ft. Under construction 137,573 sq. ft. Current vacancy rate 10.7% Lease rate $5.22/sq. ft. Net Absorption (YTD) 2,088,988 Source: CoStar, 2nd Quarter 2012 Total Office Market Summary Total existing office space million sq. ft. Under construction 303,410 sq. ft. Current vacancy rate 12.5% Lease rate $18.35/sq. ft. Net Absorption (YTD) 937,368 sq. ft. Source: CoStar, 2nd Quarter 2012 Central Business District Office Market Summary Total existing CBD office space 10.8 million sq. ft. Current vacancy rate 13.9% Lease rate (Class A) $20.95/sq. ft. Source: CoStar, 2nd Quarter 2012 HOUSEHOLD INCOME Median Household $52,953 Per Capita $27,347 Source: Research360 HOUSING* Metro Orlando National Median Home Price $124,600 $158,100 Source: National Association of Realtors, 1st Quarter 2012 Colleges and Universities (Fall 2011) University of Central Florida 58,698 (public state university) Full Sail University 13,000 (private 4-year school) Rollins College 3,275 (private liberal arts college) State/Community Colleges (Fall 2011) Valencia College 35,931 Seminole State College of Florida 20,937 Lake-Sumter Community College 3,789 Education Profile Grade K-8 65, % Grade 9-12 (no diploma) 104, % High School Graduate 434, % Some College (no degree) 287, % Associate s Degree 148, % Bachelor s Degree 281, % Graduate Degree 130, % Total Population Age 25+ 1,453,338 Source: Research360

24 Metro Orlando Demographics PROPERTY TAXES* Orange County Apopka Oakland Bay Lake Ocoee Belle Isle Orlando Eatonville Windermere Edgewood Winter Garden Lake Buena Vista Winter Park Maitland Unincorporated Seminole County Altamonte Springs Oviedo Casselberry Sanford Lake Mary Winter Springs Longwood Unincorporated Lake County Astatula Mascotte Clermont Minneola Eustis Montverde Fruitland Park Mount Dora Groveland Tavares Howey-in-the-Hills Umatilla Lady Lake Unincorporated Leesburg Osceola County Kissimmee Unincorporated St. Cloud *Note: Real property is assessed at 100% of value. Florida has a $50,000 homestead exemption with 3% cap. Figures represent dollars per $1,000 of assessed value. Personal property (excluding personal household items) is assessed at just value according to schedules established by owner and tax assessor. Source: County Tax Collectors Other Taxes State County City Inventory None None None Sales 6.00% 0% - 1.0% None Gasoline $.267 $ $.031 None Corporate Income 5.50% None None Personal Income None None None Unemployment 2.7%-5.4% Source: Dept. of Revenue TRANSPORTATION Air Orlando International Airport Serves Metro Orlando with full custom services and a designated Foreign Trade Zone. 3rd largest airport in the nation for domestic origin and destination 4th best airport in the world for customer service 11th fastest-growing major airport in the world 2nd busiest airport in Florida; 13th in the nation; 29th in the world 17th largest port of entry for international visitors in the Continental U.S. More than 980 arrivals and departures daily Domestic passengers (2011) - 31,923,422 International passengers (2011) - 3,502,584 Cargo tonnage (2011) - 187,095 Foreign Trade Zone No. 42 Orlando Sanford International Airport Serves Metro Orlando with full custom services and a designated Foreign Trade Zone. 3rd most active international airport in Florida; 13th in the nation Domestic passengers (2011) - 1,129,496 International passengers (2011) - 440,989 Cargo tonnage (2011) - 3, acre Sanford Airport Commerce Park 13,500 sq. ft. incubator, the Airport Enterprise Center 50,000 sq. ft. cargo building Foreign Trade Zone No. 250 General Aviation Orlando Executive Airport Kissimmee Gateway Airport Leesburg International Airport Mid-Florida Airport Runway Length 6,000 ft. 6,000 ft. 5,000 ft. 3,000 ft. Highways Interstate 4 Florida s Turnpike S.R. 417 (Greeneway) S.R. 408 (East-West Expressway) S.R. 528 (Beachline Expressway) S.R. 429 (Western Beltway) S.R. 414 Apopka Expressway) U.S. 17/92 U.S. 192 U.S. 27 U.S. 441 Bus Service Commercial: Greyhound Regional: Lynx Railroads Commercial: Amtrak Cargo: CSX Transportation (CSXT) Florida Central Railroad (FCEN) CSXT Facilities in Metro Orlando: Locomotive servicing facilities Car repair shops CSX intermodal terminals Rail-to-truck TRANSFLO transloading facilities Finished Automobile Distribution Centers (TDSI) Waterways Distance from Orlando/Channel Depth Sanford Port Canaveral Tampa Jacksonville 20 miles / 12 feet 50 miles / 35 feet 84 miles / 34 feet 139 miles / 38 feet

25 Metro Orlando Demographics ESTABLISHMENT ACTIVITY Recent Expansions to Metro Orlando Company Industry AcAe Information Technology ACD Search Optimization Business Services Advanced Solar Photonics LLC Manufacturing Blue Earth Solutions Clean Tech Calvert Manufacturing, Inc. Manufacturing Digital Risk, LLC Business Services The DiSTI Corporation Modeling, Simulation & Training Dunkin Brands, Inc. Distribution EZ Yield Global, LLC Business Services Fiserv Information Technology Industrial Lighting Products Manufacturing Innovative Medical Device Solutions (IMDS) Life Sciences JHT, Inc. Modeling, Simulation & Training Millenium Luxury Coaches Manufacturing MYMIC LLC Modeling, Simulation & Training NIIT Healthcare Technologies Life Sciences Rapter Technology Group Energy Team Cymru Inc. Information Technology Tecport Optics, Inc. Optics & Photonics TravelCLICK Business Services SAIC Modeling, Simulation & Training ZeeGee Games Digital Media MAJOR GOVERNMENT EMPLOYERS Orange County Public Schools 21,349 Orange County Government 7,818 Seminole County Public Schools 7,983 Osceola County Public Schools 6,250 Lake County Public Schools 5,100 United States Postal Service 4,000 City of Orlando 2,995 Osceola County Government 1,715 Orange County Corrections Department 1,673 Seminole County Government 1,446 Naval Air Warfare Center - TSD 1,053 Lake County Government 690 Source: Lexis Nexis, Harris InfoSource, Direct Company Contact & OBJ Book of Lists 2011 MAJOR EMPLOYERS Walt Disney World Company 58,000 Publix Super Markets Inc. 17,521 Adventist Health System (Florida Hospital) 16,700 Orlando Health 14,000 Universal Orlando Resort 13,000 Lockheed Martin Corporation 13,000 SeaWorld Parks & Entertainment 7,000 Marriott International Inc. 6,312 Starwood Hotels & Resorts Worldwide Inc. 5,369 Walgreen Co. 5,004 Darden Restaurants Inc. 4,800 Central Florida Investments (Westgate Resorts) 3,861 Siemens 3,500 AT&T Corp. 3,210 FedEx Corp. 3,000 Space Gateway Support 2,886 Lowes Cos. Inc. 2,872 Wyndham Worldwide Corp. 2,790 Mears Transportation Group 2,776 Wachovia Corp. 2,765 Northrop Grumman Corp. 2,746 Rosen Hotels and Resorts 2,667 SunTrust Banks Inc. 2,644 CVS Corp. 2,500 Orange Lake Resort & Country Club 2,500 Source: Lexis Nexis, Harris InfoSource, Direct Company Contact, OBJ book of Lists 2011 & Orlando Sentinel CORPORATE HEADQUARTERS A. Duda & Sons Inc. Jardon & Howard Tech. Inc. ABC Fine Wine & Spirits Keene Construction Co. Acuosti Engineering Co. of Florida Orlando Regional Healthcare Adventist Health System Priority Healthcare Corp. AAA Recreational Factory Whse. Attorneys Title Insurance Fund Inc. Regal Marine Industries Inc. Bairnco Corp. RKC Construction Inc. Cambridge Homes Rosen Hotels & Resorts Inc. Central Florida Investments Rotech Healthcare Inc. Coleman Technologies Inc. Ruth s Chris Steakhouse Color Wheel Paint Manufacturing Co. SeaWorld Parks & Ent. Commercial Net Lease Realty Inc. Smart City Holdings ContraVest Construction Co. Sonny s Franchise Co. Darden Restaurants Inc. Sunniland Corp. Dynetech Corp. Terry s Electric Inc. Epoch Properties Inc. Tri-City Electrical Contractors Inc. FARO Technologies Inc. Tupperware Brands Corp. FDN Communications United Medical Corp. Florida Distribution Company Villages of Lake-Sumter Inc. Florida Irrigation Supply Inc. Walker & Co. Construction Inc. Global Travel International Inc. WELBRO Group of Companies H.J. High Construction Co. Wiginton Corp. Hammond Electronics Inc. Williams Co. Heller Bros. Packing Corp. Winter Park Construction Co. Source: Lexis Nexis, Harris InfoSource & Direct Company Contact

26 Metro Orlando Demographics COST OF LIVING ACCRA, the professional association of community researchers, conducts a quarterly survey that assesses living costs in hundreds of cities nation-wide. The resulting index measures relative price levels for consumer goods and services in participating cities and compares them to the national average - the index number for all cities. Composite Index Grocery Housing Atlanta, GA Austin, TX Denver, CO Miami, FL New York, NY ORLANDO, FL Raleigh, NC Richmond, VA Seattle, WA Source: C2ER The Council for Community of Economic Research (formerly ACCRA) - 1st Quarter 2012 RECREATION/CULTURE Boating & sailing Camping Golf Tennis 2,000+ fresh water lakes 3,000 acres of public parks 176 courses 800+ outdoor & indoor courts MEDICAL Hospitals/beds 25/5,372 Doctors of medicine/osteopaths 4,999/481 Dentists/Hygienists 1,207/1,320 Nurses 26,604 Nursing homes 291 Source: Florida Department of Health GATHERING PLACES Hotels & Motels/rooms 449/115,199 Restaurants/seating capacity 4,154/599,405 Major shopping centers and regional malls 68 Libraries 53 Source: Florida Statistical Abstract; Visit Orlando Other Recreation and Cultural Activities AFL (Orlando Predators) Orlando Ballet Atlanta Braves Spring Training Orlando Museum of Art Broadway Theatre Orlando Philharmonic Orchestra Capital One Bowl Orlando Science Center Civic and Dinner Theatres Russell Athletic Bowl Central Florida Zoo SeaWorld Orlando Drag Racing Silver Spurs Rodeo ECHL (Orlando Solar Bears) Silver Spurs Rodeo Greyhound Racing UCF Knights Football Harness Racing Universal Orlando Houston Astros Spring Training USL (Orlando City Soccer) Jai-Alai Walt Disney World Resort NBA (Orlando Magic) CLIMATE Temperature: Annual average 84.4 Average high 83.5 Average low 63.3 Annual total rainfall (inches) Annual total snowfall 0 Source: National Climate Data Center, NOAA data

27 Metro Orlando Demographics ECONOMIC INCENTIVES State Tax Incentives No state personal income tax No sales tax on food and medicine No state-level ad valorem tax No inventory tax No ad valorem tax on goods-in-transit Exemptions from sales tax on manufacturing machinery and equipment used in production Exemptions from sales tax on purchases of research and development equipment Exemptions from sales tax on electricity, steam and natural gas used in the manufacturing process Sales and use tax exemptions for research/development costs No sales tax on containers/packaging/materials incorporated into a final product No sales tax on boiler fuels Up front sales tax exemption for the motion picture, television and recording industries Tax refunds up to $3,000 per job created for qualified target industries State Financing Incentives Industrial Development Revenue Bonds (IDRB) tax-exempt bond financing, offering below prime rates, for industrial and non-profit organizations with projects requiring $1.25 to $10 million in bonds, provided that the total of all of the borrower s capital expenditures during the period beginning three years prior to the issuance of the bonds and ending three years after the issuance of the bonds with respect to the borrower's facilities within the local jurisdiction, plus the amount of the bonds, will not exceed $20 million. No limit for tax-exempt organizations. Enterprise Bonds provide tax-exempt bond financing at attractive rates for small to medium manufacturers requiring $800,000 up to $2 million. Enterprise Florida provides capital for start-ups, expansions, technology-transfer and businesses seeking to export goods and services. Florida First Capital Finance Corporation is a non-profit corporation certified to issue SBA debentures. International transactions are exempt from documentary stamp tax; international banking transactions are exempt from intangible tax. Florida Black Business Investment Board provides financing for black-owned businesses. Updated 0712 Local Incentives On a case-by-case basis, local jurisdictions are prepared to offer inducements to companies that will have an impact on the community. This may include items such as tax abatements, fee abatements, relocation costs and infrastructure enhancements. Location Instant access to a computerized directory of available industrial and office buildings and sites in Metro Orlando. Complete professional assistance in site selection. Comparison of taxes and location factors for Florida and all other states. Fully permitted and developed industrial/office parks and sites available. Foreign trade zone designation. 90-day permitting for targeted projects. Rapid local permitting for approved projects. Human Resources Florida is a Right to Work state. Training programs tailored to meet the company s needs. Assistance with recruiting, testing and screening employees at no cost to the employer. Research and Development One of the nation s finest university-related research and development parks, where firms may locate facilities to access university resources and expertise. Southern Technology Applications Center provides online research University of Central Florida s Institute for Simulation and Training (IST), Center for Research and Education in Optics and Lasers (CREOL) and materials Characterization Facility (MCF) provide advanced high tech education and research. Internationally renowned engineering and computer science programs at the University of Central Florida. Transportation Deregulated trucking industry. State grants authorized to build or improve roads for new and expanding industry. Lower transportation rates because of backhaul advantage.

28 Metro Orlando Demographics Employment by Industry Metro Orlando Industry October 2012 % of Total Sep 12 - Oct 12 % Change Oct 11 - Oct 12 % Change Total Nonagricultural Employment 1,036, % -1.9% 2.1% Leisure & Hospitality 212, % 0.4% 3.3% Professional & Business Services 165, % 1.0% 2.2% Education & Health Services 126, % 0.7% 2.4% Retail Trade 123, % 0.9% 1.0% Government 118, % 1.0% 0.5% Financial Activities 64, % -0.5% -1.1% Construction 46, % 2.4% 11.1% Other Services 47, % 0.2% -0.4% Wholesale Trade 39, % 1.0% 5.9% Manufacturing 37, % -0.3% 0.0% Transportation, Warehousing, Utilities 30, % 0.3% 1.7% Information 23, % -0.4% 0.9% Natural Resources & Mining % 0.0% 0.0% OCTOBER % 3.0%2.3% Leisure & Hospitality 3.8% 20.5% Professional & Business Services 4.6% Education & Health Services Retail Trade 4.4% Government 6.2% 11.5% 16.0% Financial Activities Construction Other Services Wholesale Trade Manufacturing Transportation, Warehousing, Utilities 11.9% 12.2% Information Source: Florida Department of Economic Opportunity, Labor Statistics Center (CES) - November 16, 2012 Note: Employment estimates have been rounded to the nearest hundred. Sum of detail may not equal totals due to rounding or the exclusion of certain industries from publication. All data are subject to revision due to late reporting of participants and the annual benchmarking process.

29 About BishopBeale EXPERIENCE Clients have repeatedly relied on BishopBeale to evaluate every aspect of their commercial real estate goals. The firm provides a platform of experience by implementing an innovative approach to solving real estate challenges and working through complex transactions. With their finger on the pulse of the market, BishopBeale provides clients a proven perspective on investments that maximizes long-term value. RESULTS BishopBeale s leading professionals are dedicated to creating strategic partnerships with clients to help achieve optimum results from their real estate investments. Clients will be guided, step-by-step, through the commercial real estate process while considering how each decision will affect the investment in the future. The firm s results-driven strategies will take you from where you are now to where you want to be. SERVICE BishopBeale believes in utilizing the strengths of each professional by assembling a team tailored to suit each project. The experienced Principals, Agents and Directors provide a full range of realty services including Commercial Sales and Leasing, Tenant and Landlord Representation, Investment Property Services, Property and Facilities Management and Corporate Property Services. BishopBeale assures that with just one phone call, all of your real estate needs are met. As a full service commercial real estate advisory firm we are staffed with the best professionals in the region. Mike Beale Nicholas Fouraker Director of Office Services (407) x64 nick@bishopbeale.com Wesley Hughes Office Leasing Associate (407) x58 wesley@bishopbeale.com