Dow Chemical (TENANT) 401 BARTH ST MIDLAND, MI

Dow Chemical (TENANT) 401 BARTH ST MIDLAND, MI

CONTENTS 03 04 EXECUTIVE SUMMARY FINANCIAL OVERVIEW Dow Chemical (TENANT) 05 09 TENANT OVERVIEW AREA OVERVIEW LISTED BY TYLER GROTH Associate Tyler.Groth@matthews.com DIR (310) 844-9370 MOB (269) 326-2493 LIC # 6501390929 (MI) CALVIN SHORT SVP & Senior Director Calvin.Short@matthews.com DIR (949) 432-4506 MOB (310) 567-3525 LIC # 01927216 (CA) BROKER OF RECORD KYLE MATTHEWS BROKER OF RECORD LIC # 6505399495 (MI)

3 EXECUTIVE OVERVIEW Strategic Location - This warehouse plays a key role in Dow's business, located across the street from their 2000+ acre Michigan Manufacturing Campus Long-Term Tenant - Dow has occupied the subject property for more than 33 years Significant Capital Improvements - Current ownership has invested more than $350,000 into the property since 2010 Upside Potential - Vacant connected office suite provides an opportunity to further increase cash flow. Below Replacement Cost - At $40/SF, the purchase price represents the opportunity to acquire this property below current replacement cost Current rent is in line with the market, providing additional stability to the investment Investment Credit Tenant - DowDuPont, Dow Chemical s parent company, is the largest chemical producer in the world, carrying a BBB credit rating and a market cap exceeding $165B Commitment to the Market - Dow has been headquartered in Midland since its inception in 1897 and recently completed construction on a brand new 184,000 SF building within their Corporate Center, located less than 1mi from the Subject Property Continued Investment - In July, Dow announced the groundbreaking of a state-of-the-art $100M Innovation Center in Midland Dow #62 on Fortune 500 with 56,000 employees Strong Demographics - Average Household Income within a 5mi radius is nearly $90,000 Strong Industrial Market - Neighboring tenants include Consumers Energy, Xalt Energy, Case Systems Inc.

4 FINANCIAL OVERVIEW FINANCIAL OVERVIEW EXECUTIVE SUMMARY Address 401 Barth St, Midland, MI 48640 Year Built /Renovated 1965/1979 LIST PRICE $3,325,000 CAP RATE 7.25% TERM REMAINING ± 4.50 YEARS GLA Lot Size ± 83,000 SF ± 4.45 Acres ANNUALIZED OPERATING DATA Annual Rent Rent/SF Expenses* NOI Cap Rate 8/1/2017-7/31/2018 $304,815 $3.67 $63,773 $241,042 7.25% 8/1/2018-7/31/2019 $310,912 $3.75 $63,773 $247,138 7.43% 8/1/2019-7/31/2020 $310,912 $3.75 $63,773 $247,138 7.43% 8/1/2020-7/31/2021 $317,130 $3.82 $63,773 $253,356 7.62% 8/1/2021-7/31/2022 $317,130 $3.82 $63,773 $253,356 7.62% Option 1 FMV FMV Option 2 FMV FMV *Expenses = RE Taxes ($50,393) + Insurance ($8,484) + Operating Expenses ($4,897) TENANT SUMMARY Tenant Trade Name Dow Chemical Type of Ownership Fee Simple Lease Type Modified Gross Roof & Structure Owner Responsible Original Lease Term 5 years Rent Commencement Date 8/1/2017 Lease Expiration Date 7/31/2022 Term Remaining 4.50 years Increases 2% in Year 2 & Year 4 Options Two, 5-Year Options

5 TENANT overview DOW CHEMICAL HEADQUARTERS MIDLAND, MICHIGAN Dow Chemical is an American multinational chemical corporation. They manufacture plastics, chemicals, and agriculture products. Since 2017, it is the second-largest chemical manufacturer in the world by revenue. With a presence in over 160 countries, Dow employs 54,000 people worldwide. Known as the chemical companies chemical company, most of their sales are to other smaller industries. Dow has seven different major operating segments, with a wide variety of products made by each one. REVENUE $48B # OF EMPLOYEES ± 54,000 WORLDWIDE The company also works on some of the world s most challenging problems including the need for fresh food, safer and more sustainable transportation, clean water, and so much more. For over 120 years, Dow Chemical has transformed from a science start-up to an innovation powerhouse. YEAR FOUNDED 1897 CREDIT RATING (BBB)

the offering Parcel MAp Property Address 401 Barth St Midland, MI 48640 Assessor s Parcel Number 14-22-80-356 Site Description Number of Stories One Year Built/Renovated 1965/1979 GLA ± 83,000 SF GLA (office) ± 1,850 SF Lot Size ± 4.45 Acres ( 193,842 SF) Type of Ownership Fee Simple Topography Generally Level Docks 10 (6 with levelers) Grade Doors 2 Delivery Door 1 Clear Height 22 Roof Duro - Last (2004,2011,2014) Lease Summary Tenant Responsibilities Landlord Responsibilities Oceanside Blvd ± 31,792 Gas Electric Electrical/Plumbing/HVAC management and repairs under $500 Dock door and leveler maintenance Pest Control Janitorial Services Communications - security, computers, fax et al Snow removal Annual sprinker inspections Roof & Structure RE Taxes Property Insurance Landscaping 6

7 Dow s Chemical Production Campus Subject Property

8 Midland Town Center Storage Dow Chemical Credit Union Dow Chemical Credit Union Subject Property

9 9 AREA OVERVIEW MIDLAND, MI Located in Midland County, Midland sits in central Michigan. It is part of the Great Lakes Bay Region and has beautiful sights of natural Michigan. The town has received recognition as a great place to raise a family, find a promising career, excellent education, and much more. In 2016, Midland was named the first community in Michigan as an accredited Safe Community by the National Safety Council s Safe Communities America Program. The community has an extremely low crime and unemployment rate. The most common industries in the area are in manufacturing and retail trade. Popular occupations are in management and sales. DEMOGRAPHICS POPULATION 1 Mile 3 Mile 5 Mile 2023 Projection 4,084 31,130 50,604 2018 Estimate 4,141 31,321 50,518 HOUSEHOLDS 1 Mile 3 Mile 5 Mile 2023 Projection 2,203 13,588 21,318 2018 Estimate 2,213 13,563 21,115 INCOME 1 Mile 3 Mile 5 Mile 2018 Est. Average Household Income $45,044 $83,847 $89,997

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Dow Chemical located at 401 Barth St, Midland, MI 48640 ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

exclusively listed by TYLER GROTH Associate Tyler.Groth@matthews.com DIR (310) 844-9370 MOB (269) 326-2493 LIC # 6501390929 (MI) CALVIN SHORT SVP & Senior Director Calvin.Short@matthews.com DIR (949) 432-4506 MOB (310) 567-3525 LIC # 01927216 (CA) BROKER OF RECORD KYLE MATTHEWS BROKER OF RECORD LIC # 6505399495 (MI) Dow Chemical (TENANT) 401 BARTH ST MIDLAND, MI