BROKER OPINION OF VALUE & MARKETING PLANpdf.leeazmail.com/pdfs/McClurg/BOV - 4209-4211 S. 43rd Place.pdflee & associates broker opinion of value & marketing plan subject property 4209

BROKER OPINION OF VALUE & MARKETING PLAN

4209 – 4211 S. 43rd Place

Phoenix, AZ 85040

Prepared For: Ms. Joyce Richards

Mr. Gerald Richards

Prepared By: Marc Pierce, Principal

Chris McClurg, Principal Brian Payne, Industrial Properties

3200 E. Camelback Road Suite 100

Phoenix, AZ 85018

DECEMBER 2016

LEE & ASSOCIATES BROKER OPINION OF VALUE & MARKETING PLAN

TABLE OF CONTENTS

4209 – 4211 S. 43rd Place, Phoenix, AZ 85040

I. Subject Property Property Information Photos Map/Aerial II. Lee & Associates Arizona Services and Benefits Marketing Team Resumes References III. Marketing Strategy Marketing Overview Marketing Strategy/Process Prospecting IV. Sale Comparables V. Lease Comparables VI. Broker Opinion of Value Recommendations VII. Industrial Market Report

MARC PIERCE PRINCIPAL 602.954.3750 [email protected] CHRIS MCCLURG PRINCIPAL 602.954.3766 [email protected] BRIAN PAYNE INDUSTRIAL PROPERTIES 602.474.9571 [email protected] LEE & ASSOCIATES ARIZONA 3200 E. Camelback Road, Suite 100 Phoenix, AZ 85018 602.956.7777 www.leearizona.com

SUBJECT PROPERTY


SUBJECT PROPERTY


PROPERTY: 4209 – 4211 S. 43rd Place Phoenix, AZ 85040

BUILDING SIZE: ±12,540 SF

LOT SIZE: 34,536 SF (.79 Acre)

TYPE: Freestanding industrial building with a generous sized yard

ZONING: A-1, City of Phoenix

PARCEL NUMBER: 124-54-006G

YEAR BUILT: 1979

PROPERTY TAXES: $13,851 (2016)

COMMENTS: » Excellent freeway accessibility » Ability to be two (2) suites » Large yard » Truckwell loading


SUBJECT PROPERTY



SUBJECT PROPERTY



SUBJECT PROPERTY



SUBJECT PROPERTY



SUBJECT PROPERTY


LEE & ASSOCIATES ARIZONA




Lee & Associates Arizona specializes in providing exceptional brokerage services for the industrial, office, multifamily, investment and land sectors of the Phoenix commercial real estate market. Our office was established in 1991 and is now recognized as one of the most successful brokerage firms in the nation. Every principal broker is an owner of the Arizona office, which means each broker is personally driven to delivering excellent results for its clients. Each of our 57 nationwide Lee & Associates offices is locally owned and combined with a powerful platform from the national Lee & Associates network.

Our philosophy is that clients are better served by giving talented Brokers a collaborative rather than competitive work environment.

Lee & Associates knows real estate. We help clients large and small navigate the complexities of the commercial real estate industry. Whether you need help finding, acquiring, selling, leasing, managing or consulting, you’ll benefit from our careful approach. Before offering any recommendations, we learn about your business goals to ensure that our strategies are in sync with your objectives. Our clients include the largest developers and holders of real estate in the marketplace. Clients differ as greatly in size as they do in variety, ranging from Fortune 100 companies to small, family-owned business. We use our knowledge and experience to support each client’s goals. In fact, our principals have completed over $15 billion in transaction volume in the past twenty-five years.

We leverage a national platform with local market

expertise to provide customized real estate solutions.




SERVICES AND BENEFITS We have aggressively assembled a team of top professionals – brokers from various disciplines backed by highly knowledgeable experts. Our skills can be applied across the breadth of industrial and commercial applications from manufacturing plants to high-rise office properties, multi-family housing portfolios, bulk warehouse/distribution facilities to mixed-use projects, retail representation, land development and more. As Lee & Associates Arizona, we deliver a breadth and quality of service that is unparalleled in the industry. We are uniquely focused on the needs and trends of corporate real estate and have developed an extensive array of services to benefit our corporate clients. The entire process follows an organized and methodical approach to ensure ownership of the best possible economic deal terms through the least amount of risk and time. This process is tailored to your objectives and requirements. The result is a smooth and efficient transaction and a sold-out project.

We capture value. We perform financial due diligence, gather market intelligence, and pay attention to detail.

We do it all so our clients realize rewards.

PROJECT MARKETING AND LEASING SERVICES

• Evaluate the Project and surrounding submarket(s)

• Create Marketing Strategy • Identify and Pursue Target Prospects • Financial Proposal Analysis/Lease Analysis • Negotiation Strategy Development &

Implementation BENEFITS

• Maximize Value of Real Estate • Optimal Solutions to Meet Sale Objectives

and/or Cash Flow Projections • Expertise of a Professional Real Estate

Consultant at your Fingertips • Single Point of Contact and Accountability




RESEARCH DEPARTMENT CAPABILITIES The Lee & Associates research department provides our clients with the most extensive research capabilities available. Our research analyst and team provide brokerage with the most relevant market information through market analysis, mapping and forecasting. Quarterly market reports and studies are produced using the latest third-party databases. Additionally, the department provides public relations and social media outreach, marketing proposals, broker opinions-of-value, binding and packaging and other marketing services

• Quarterly Market Reports • Market Rate Comparisons • Submarket Comparisons • Financial Analysis

• Sale/Lease Comparables • Ownership/Tenant Information • Property Features • Demographics

• CoStar/Loopnet • L & A Website • Comprehensive Email Marketing • Social Media/Press Releases

• Proposals • Presentations • Property Brochures • Marketing Collateral

MARKET STUDIES

BROAD DATABASE

INTERNET/ MEDIA

DESKTOP PUBLISHING




REFERENCES

Mr. Randy Stalworthy RRS & Co. 21 E. 6th Street, Suite 706 Tempe, Arizona 85281 (480) 305.1956

Mr. Damian Bailey Cabot Industrial One Beacon Street, Suite 1700 Boston, MA 02108 (617) 305-6144

Ms. Janet Herlyck Metro Commercial Properties 1500 N. Priest Drive #132 Tempe, Arizona 85284 (602) 452.2584

Mr. Sean Babson Hewson Development 4636 E. University Phoenix, Arizona 85040 (480) 829.1773

Mr. David Sellers LGE Design Build 70 N. 52nd St. Phoenix, AZ 85008 (480) 966.4001

Mr. Tony Hepner Metro Commercial Properties 1500 N. Priest Dr. #132 Tempe, AZ 85271 (602) 452-2575

Mr. Jeff Foster Prologis 4555 E. Elwood Phoenix, AZ 85040 (480) 379-9919

Ms. Christine Mackay City of Phoenix Economic Development Officer 200 W. Washington Street, 20th Floor Phoenix, AZ 85003 (602) 261.8709

MARKETING STRATEGY


MARKETING STRATEGY


Marketing and selling industrial property in a competitive and price-conscious environment requires a myriad of skills, market knowledge, insight and networking. Success is a function of exposure to active developer/buyer requirements, coupled with a well-thought out strategy to identify prospects. With over 45 years of sales experience in this submarket, our Lee team has the specific Sky Harbor and Southeast Valley experience and focus to handle this assignment complimented by a well-established track record of success. PROSPECTING

The team is committed to contacting building owners and tenants that are focused in this area. The Sky Harbor market is a well-established, desirable location for light industrial users that have proven capable of attracting businesses from within this submarket and beyond. The team is committed to contacting tenants and users in proximity to 43rd Place, as well as all brokers, and will continue our efforts on a park-by-park basis. Our years of marketing properties to end-users and brokers in this submarket bring familiarity with this Tenant base and decision makers. In addition to geographic calls, we will target specific industries that can utilize the features of the property. Immediately, we will focus on: Local and national tenants in the area

Neighboring building owners

Use industry specific SIC codes for build to suit opportunities

All industrial brokers both in this area and Metro Phoenix


MARKETING STRATEGY


DEAL-MAKING ABILITY

Integral to the success in the selling of the 43rd Place property is the reputation and deal-making skills of the Lee & Associates marketing team with their prospective owners/clients. Equally as important as "seeing" deals is the ability to make them. The team has significant experience being the local "eyes and ears" of building owners and developers and guide them towards the highest possible value. As the overall metro market continues to gain momentum, this guidance will become imperative. Lee & Associates will provide quality comparables, analyze each transaction and get “inside” every deal we compete for. Our standard response is a call back within two hours and instant flyer/project information with the vertically integrated team described previously. BROCHURES

The Lee & Associates team will develop a brochure that consists of detailed aerials and maps that show the property’s proximity to Airport and I-10 Freeway. At the same time, this allows other brokers and buyers to have more specific information on the facility and provides potential users insight into the property. The overall brochure will be offered in hard copy, e-copy and downloads via CoStar, Loopnet, Xceligent. SIGNAGE

The Lee team will strategize to place the signs in the correct locations, such as hard corners for direct visibility by traffic, all entrances to the park should have specific signs and visible signage. Overall, signage and brochures are imperative for a successful and effective marketing campaign. The Lee & Associates team recognizes this importance and will prioritize both of these items. MAILINGS

Perhaps the most effective (and often underutilized) method of prospecting is direct mailings to end-users. The team will create a quality marketing brochure similar to the draft included herein. This brochure and fact sheet will be used in mailers to prospects for the Project. The key to success in any mailing campaign is follow-through. The team will conduct follow-up calls to the decision markets and can provide detailed feedback to ownership. This also serves as accountability and ensures ownership that calls are being made for the property.


MARKETING STRATEGY


BROKER COMMUNICATION

In addition to the marketing efforts, we will enlist the brokerage community to help us absorb the availability. Once the marketing materials have been developed, we will: Send bi-monthly e-mails to the brokers of all major brokerage firms:

WEB-BASED MARKETING

Although there is no such thing as “MLS” for commercial real estate, more and more brokers are using Internet databases such as CoStar and LoopNet to do availability surveys for their requirements. Although these databases are not the primary tools used to market opportunities, it is vital to have the information accurately listed on these sites that are used by so many brokers when they have requirements. The marketing team at Lee & Associates will be sure to keep the major web-based property databases informed and updated on all pertinent information and space availability at the Project.

SALE COMPARABLES

Copyrighted report licensed to Lee & Associates - 316473. 12/22/2016

Page 1

2206-2210 S 2nd Pl

Phoenix, AZ 85004

Class C Warehouse Building of 9,600 SF Sold on 5/19/2016 for$625,000 - Research Complete

buyer

Theodore F Sparks7010 E Halifax DrMesa, AZ 85207(480) 985-4109

Alan N. Premraj3101 S Park DrTempe, AZ 85282(480) 759-7234

seller

vital data

Sale Date: 5/19/2016

Days on Market: 405 days

Exchange: Yes

Conditions: 1031 Exchange

Land Area SF: 30,492

Acres: 0.7

$/SF Land Gross: $20.50

Year Built, Age: 1980 Age: 36

Parking Spaces: 15

Parking Ratio: 1.25/1000 SF

FAR 0.31

Lot Dimensions: 326x70

Frontage: -

Comp ID: 3599973

Sale Price: $625,000

Status: Confirmed

Building SF: 9,600 SF

Price/SF: $65.10

Pro Forma Cap Rate: -

Actual Cap Rate: -

Down Pmnt: $625,000

Pct Down: 100.0%

Doc No: 0342444

Trans Tax: -

Corner: No

Zoning: A-1, Phoenix

Percent Improved: 79.6%

Submarket: SC N of Salt River Ind

Property Type: Industrial

MultiTenancy:

Parcel No: 112-42-048

Map Page: Wide World of Maps, Inc. 148-164LW

Escrow/Contract: 30 days

income expense data

$11,129

$11,129

Total Expenses

- Operating Expenses

- TaxesExpenses

Listing Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Matthew McDougall, Chris McClurg

Buyer Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Matthew McDougall, Chris McClurg

prior sale

Date/Doc No:

Sale Price:

CompID:

3/31/2005

$560,000

1037371

financing


Page 2

328 N 11th Way

Phoenix, AZ 85006

Class C Service Building of 8,400 SF Sold on 6/30/2016 for$350,000 - Research Complete

buyer

ABC 11th LLC820 N 3rd StPhoenix, AZ 85004

Coreif LLC39475 13 Mile RdNovi, MI 48377

seller

vital data



Exchange: No

Conditions: -


Acres: 0.55



Parking Spaces: -

Parking Ratio: -

FAR 0.35

Lot Dimensions: -

Frontage: -

Comp ID: 3641009


Status: Affidavit


Price/SF: $41.67


Actual Cap Rate: -

Down Pmnt: $350,000

Pct Down: 100.0%

Doc No: 0461024

Trans Tax: -

Corner: No

Zoning: C-3




SingleTenancy:

Parcel No: 116-26-119 [Partial List]

Map Page: -

Escrow/Contract: -

income expense data

$925

$925

Total Expenses


- TaxesExpenses

Listing Broker

Luke Land Realty, LLC320 W Lone Cactus DrPhoenix, AZ 85027(602) 995-1936Mark Lewis, Luke Lewis

Buyer Broker

financing


Page 3

4802 S 35th St

Image SourcePhoenix, AZ 85040


buyer

DBA LLC4814 S 35th StPhoenix, AZ 85040

BB & F LLC4166 E SuperiorPhoenix, AZ 85040(480) 998-0395

seller

vital data


Days on Market: -

Exchange: No

Conditions: -


Acres: 0.69



Parking Spaces: 20


FAR 0.31

Lot Dimensions: -

Frontage: 120 feet on 35th

Comp ID: 3593048


Status: Affidavit


Price/SF: $66.49

Pct Office: 10.0%


Actual Cap Rate: -

Down Pmnt: $50,000

Pct Down: 7.9%

Doc No: 0324327

Trans Tax: -

Corner: No

Zoning: IND PK, Phoenix

No Tenants: 2


Submarket: S Airport N of Roeser Ind


MultiTenancy:

Parcel No: 122-72-085

Map Page: -

Escrow/Contract: -

income expense data

$14,010

$14,010

Total Expenses


- TaxesExpenses

Listing Broker

Buyer Broker

prior sale

Date/Doc No:

Sale Price:

CompID:

2/5/2002

$630,000

624436

financing

1st Bank of America NA

Bal/Pmt: $580,000


Page 4

3749 E Atlanta Ave

First Arizona Indst ParkPhoenix, AZ 85040

Class B Warehouse Building of 10,750 SF Sold on 9/22/2016 for$1,002,438 - Research Complete

buyer

Python Partners LLC16025 N 52nd PlScottsdale, AZ 85254

RML Electric, Inc.3749 E Atlanta AvePhoenix, AZ 85040(602) 244-2080

seller

vital data



Exchange: No

Conditions: -


Acres: 0.62



Parking Spaces: 16


FAR 0.40


Frontage: -

Comp ID: 3714602

Sale Price: $1,002,438

Status: Confirmed


Price/SF: $93.25

Pct Office: 51.2%


Actual Cap Rate: -

Down Pmnt: $192,438

Pct Down: 19.2%

Doc No: 0696550

Trans Tax: -

Corner: No

Zoning: IND.PK, Phoenix

No Tenants: 1




SingleTenancy:

Parcel No: 122-74-131B

Map Page: Wide World of Maps, Inc. 148-168LY


income expense data

$12,140

$12,140

Total Expenses


- TaxesExpenses

Listing Broker

NAI Horizon2944 N 44th StPhoenix, AZ 85018(602) 955-4000Rick Foss

Buyer Broker

LevRose Real Estate4414 N Civic Center PlzScottsdale, AZ 85251(480) 947-0600Matt Leonard

prior sale

Date/Doc No:

Sale Price:

CompID:

6/6/2007

$1,284,000

1323613

financing


Page 5

1309 E Elwood St

Cooling Tower ProductsPhoenix, AZ 85040

Class C Warehouse Building of 13,400 SF Sold on 10/31/2016for $650,000 - Research Complete

buyer

Robert Lanford4001 E ClaremontParadise Valley, AZ 85253(480) 840-4358

Jorja Leslie1309 Elwood StPhoenix, AZ 85040

seller

vital data

Sale Date: 10/31/2016


Exchange: No

Conditions: -


Acres: 1



Parking Spaces: 14


FAR 0.31

Lot Dimensions: -

Frontage: -

Comp ID: 3742665


Status: Confirmed


Price/SF: $48.51

Pct Office: 17.9%


Actual Cap Rate: -

Down Pmnt: $650,000

Pct Down: 100.0%

Doc No: 0796959

Trans Tax: -

Corner: No


No Tenants: 1


Submarket: SC S of Salt River Ind


SingleTenancy:

Parcel No: 113-23-002G

Map Page: -


income expense data

$16,673

$16,673

Total Expenses


- TaxesExpenses

Listing Broker

CBRE2415 E Camelback RdPhoenix, AZ 85016(602) 735-5555Cooper Fratt, Jerry McCormick

Buyer Broker

CBRE2415 E Camelback RdPhoenix, AZ 85016(602) 735-5555Cooper Fratt, Jerry McCormick

prior sale

Date/Doc No:

Sale Price:

CompID:

6/10/1992

$345,000

85504

financing


Page 6

2415 W Erie Dr

Interstate Commerce CenterTempe, AZ 85282

Class B Warehouse Building of 12,101 SF Sold on 4/21/2016 for$978,122 - Research Complete (Part of Multi-Property)

buyer

RW Partners, LLC2944 N 44th StPhoenix, AZ 85018(602) 852-3442

Turner Development Corp.1500 Quail StNewport Beach, CA 92660(949) 955-9131

seller

vital data


Days on Market: -

Exchange: Yes



Acres: 1.98



Parking Spaces: 30


FAR 0.14

Lot Dimensions: -

Frontage: -

Comp ID: 3574351


Status: Allocated


Price/SF: $80.83


Actual Cap Rate: -

Down Pmnt: -

Pct Down: -

Doc No: 0266582

Trans Tax: -

Corner: No

Zoning: GID

No Tenants: 1

Percent Improved: -

Submarket: Tempe Southwest Ind


SingleTenancy:

Parcel No: -

Map Page: -

Escrow/Contract: -

income expense data

$9,022

$9,022

Total Expenses


- TaxesExpenses

Listing Broker

Cushman & Wakefield2375 E Camelback RdPhoenix, AZ 85016(602) 954-9000Bob Buckley, Steve Lindley, Tracy Cartledge

Buyer Broker

No Buyer Broker on Deal

prior sale

Date/Doc No:

Sale Price:

CompID:

5/28/2013

$5,003,100

2758721

financing


Page 7


Page 8

2515 W Erie Dr

Bldg 2 - Interstate Commerce CenterTempe, AZ 85282

Class C Warehouse Building of 8,372 SF Sold on 4/21/2016 for$676,708 - Research Complete (Part of Multi-Property)

buyer

RW Partners, LLC2944 N 44th StPhoenix, AZ 85018(602) 852-3442

Turner Development Corp.1500 Quail StNewport Beach, CA 92660(949) 955-9131

seller

vital data


Days on Market: -

Exchange: Yes



Acres: 0.66



Parking Spaces: 21


FAR 0.29

Lot Dimensions: -

Frontage: -

Comp ID: 3574351


Status: Allocated


Price/SF: $80.83

Pct Office: 27.5%


Actual Cap Rate: -

Down Pmnt: -

Pct Down: -

Doc No: 0266582

Trans Tax: -

Corner: No

Zoning: GID, Tempe

Percent Improved: -



SingleTenancy:

Parcel No: -


Escrow/Contract: -

income expense data

$9,022

$9,022

Total Expenses


- TaxesExpenses

Listing Broker

Cushman & Wakefield2375 E Camelback RdPhoenix, AZ 85016(602) 954-9000Bob Buckley, Steve Lindley, Tracy Cartledge

Buyer Broker


prior sale

Date/Doc No:

Sale Price:

CompID:

5/28/2013

$5,003,100

2758721

financing


Page 9


Page 10

2522 W Geneva Dr

3D Machines - Eaton Fwy Business ParkTempe, AZ 85282


buyer

3D Machine LLC1560 E Hope StMesa, AZ 85203(480) 239-8254

Joshua M. Sunshine315-503 E Watkins StPhoenix, AZ 85004(602) 258-6400

seller

vital data

Sale Date: 8/5/2016


Exchange: No

Conditions: -


Acres: 1



Parking Spaces: 42


FAR 0.24

Lot Dimensions: -

Frontage: -

Comp ID: 3668559


Status: Confirmed


Price/SF: $76.50

Pct Office: 29.1%


Actual Cap Rate: -

Down Pmnt: $119,944

Pct Down: 15.2%

Doc No: 0559344

Trans Tax: -

Corner: No

Zoning: I-2, Tempe

No Tenants: 1




SingleTenancy:

Parcel No: 123-28-109A


Escrow/Contract: -

income expense data

$13,121

$13,121

Total Expenses


- TaxesExpenses

Listing Broker

NAI Horizon2944 N 44th StPhoenix, AZ 85018(602) 955-4000Rick Foss

Buyer Broker


prior sale

Date/Doc No:

Sale Price:

CompID:

12/10/2002

$678,378

719323

financing

1st Wells Fargo Bank NA

Bal/Pmt: $667,700


Page 11

2318 S Industrial Park Ave

Broadway Industrial ParkTempe, AZ 85282


buyer

Arizona Refrigeration Service, Inc.1009 W Broadway RdTempe, AZ 85282(602) 244-9900

Twenty Three "T" LLC5820 W Robinson WayChandler, AZ 85226(480) 752-8550

seller

vital data


Days on Market: -

Exchange: No

Conditions: -


Acres: 1.65



Parking Spaces: -


FAR 0.20


Frontage: -

Comp ID: 3720164


Status: Confirmed


Price/SF: $68.42


Actual Cap Rate: -

Down Pmnt: $985,000

Pct Down: 100.0%

Doc No: 0715801

Trans Tax: -

Corner: No

Zoning: GID

No Tenants: 1




SingleTenancy:

Parcel No: 123-35-068 [Partial List]



income expense data

$19,456

$19,456

Total Expenses


- TaxesExpenses

Listing Broker

Buyer Broker

Colton Commercial2206 S Priest DrTempe, AZ 85282(480) 894-3636Dan Colton

prior sale

Date/Doc No:

Sale Price:

CompID:

12/4/2002

$612,000

712905

financing


Page 12

3669 E La Salle St

Eaton 40 St Business ParkPhoenix, AZ 85040

Class B Warehouse Building of 14,730 SF Sold on 11/30/2016for $1,237,320 - Research Complete

buyer

Martin-2136 LLC2136 E Indian School RdPhoenix, AZ 85016(623) 847-3605

Gregory David Cohen, Tr10624 Bradbury RdLos Angeles, CA 90064(310) 231-9500

seller

vital data

Sale Date: 11/30/2016


Exchange: Yes



Acres: 1.12



Parking Spaces: 20


FAR 0.30

Lot Dimensions: -

Frontage: -

Comp ID: 3768038


Status: Confirmed


Price/SF: $84.00

Pct Office: 20.4%


Actual Cap Rate: -

Down Pmnt: $185,620

Pct Down: 15.0%

Doc No: 00883307

Trans Tax: -

Corner: No

Zoning: Ind PK


Submarket: S Airport S of Roeser Ind


MultiTenancy:

Parcel No: 122-76-034

Map Page: -


income expense data

$20,630

$20,630

Total Expenses


- TaxesExpenses

Listing Broker

Cushman & Wakefield2375 E Camelback RdPhoenix, AZ 85016(602) 954-9000Tom Atkinson, James Harper

Buyer Broker

Atlantis Commercial, Inc.3104 E Camelback RdPhoenix, AZ 85016(602) 840-2535Mark DiSabato

prior sale

Date/Doc No:

Sale Price:

CompID:

2/1/2002

$1,630,018

627155

financing


Page 13

901 E Madison St

Phoenix, AZ 85034

Class C Manufacturing Building of 12,400 SF Sold on 9/14/2016for $875,000 - Research Complete

buyer

Norris Design, Inc1101 Bannock StDenver, CO 80204(303) 892-1166

Francisco and Josefa Gonzalez Trust3675 Santa Elena CirCorona, CA 92882(951) 741-3319

seller

vital data


Days on Market: -

Exchange: Yes



Acres: 0.4



Parking Spaces: 12


FAR 0.71


Frontage: -

Comp ID: 3704876


Status: Confirmed


Price/SF: $70.56

Pct Office: 24.2%


Actual Cap Rate: -

Down Pmnt: -

Pct Down: -

Doc No: 0667226

Trans Tax: -

Corner: No





SingleTenancy:


Map Page: -


income expense data

$12,280

$12,280

Total Expenses


- TaxesExpenses

Listing Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Scott Smith, T.J. Swearengin

Buyer Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777T.J. Swearengin, Scott Smith

prior sale

Date/Doc No:

Sale Price:

CompID:

8/7/2014

$670,000

3093076

financing

1st Firstbank

Bal/Pmt: $1,808,000


Page 14

915 E Madison St

Phoenix, AZ 85034

Class C Warehouse Building of 12,200 SF Sold on 2/1/2016 for$800,000 - Research Complete (Part of Multi-Property)

buyer

Cowley Companies, Inc.c/o Rory Blakemore1242 E Jackson StPhoenix, AZ 85034(602) 385-4200

Willie Itule Produce, Inc.926-930 E Jackson StPhoenix, AZ 85034(602) 252-7258

seller

vital data

Sale Date: 2/1/2016

Days on Market: -

Exchange: No

Conditions: -


Acres: 0.32



Parking Spaces: 11

Parking Ratio: -

FAR 0.88

Lot Dimensions: -

Frontage: -

Comp ID: 3508777


Status: Allocated


Price/SF: $65.57


Actual Cap Rate: -

Down Pmnt: -

Pct Down: -

Doc No: 0075217

Trans Tax: -

Corner: No


Percent Improved: -



SingleTenancy:

Parcel No: -

Map Page: Wide World of Maps, Inc. 148-165LV

Escrow/Contract: -

income expense data

$12,342

$12,342

Total Expenses


- TaxesExpenses

Listing Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Stein Koss, T.J. Swearengin

Buyer Broker


prior sale

Date/Doc No:

Sale Price:

CompID:

4/17/2006

$1,200,000

1124822

financing


Page 15


Page 16

3730 E Superior Ave

Phoenix, AZ 85040

Class C Warehouse Building of 11,253 SF Sold on 12/14/2016for $1,063,850 - Research Complete

buyer

Eric Edenholm2007 E Carriage DrDesert Hills, AZ 85086

RRE, LLC3730 E Superior AvePhoenix, AZ 85040(602) 454-9022

seller

vital data

Sale Date: 12/14/2016


Exchange: No

Conditions: -


Acres: 0.87



Parking Spaces: -

Parking Ratio: -

FAR 0.30

Lot Dimensions: -

Frontage: -

Comp ID: 3780018


Status: Confirmed


Price/SF: $94.54


Actual Cap Rate: -

Down Pmnt: $212,000

Pct Down: 19.9%

Doc No: 0922387

Trans Tax: -

Corner: No

Zoning: A-1

No Tenants: 1


Submarket: North Airport Ind


MultiTenancy:

Parcel No: 122-05-022C

Map Page: -


income expense data

$23,606

$23,606

Total Expenses


- TaxesExpenses

Listing Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Peter Batschelet, Ken McQueen

Buyer Broker

Lee & Associates3200 E Camelback RdPhoenix, AZ 85018(602) 956-7777Ken McQueen, Peter Batschelet

financing

1st RRE LLC

Bal/Pmt: $857,000


Page 17

4551 E University Dr

Phoenix, AZ 85034

Class B Service Building of 15,000 SF Sold on 5/6/2016 for$985,000 - Research Complete

buyer

John Kenny

(480) 966-1595

Fried Living Trust2124 W PinchotPhoenix, AZ 85015(602) 255-0635

seller

vital data

Sale Date: 5/6/2016

Days on Market: -

Exchange: No

Conditions: -


Acres: 1



Parking Spaces: 23

Parking Ratio: 2/1000 SF

FAR 0.34


Frontage: -

Comp ID: 3590191


Status: Affidavit


Price/SF: $65.67


Actual Cap Rate: -

Down Pmnt: $5,000

Pct Down: 0.5%

Doc No: 0311905

Trans Tax: -

Corner: No


No Tenants: 1


Submarket: North Airport Ind


SingleTenancy:


Map Page: -

Escrow/Contract: -

income expense data

$18,126

$18,126

Total Expenses


- TaxesExpenses

Listing Broker

Buyer Broker

prior sale

Date/Doc No:

Sale Price:

CompID:

8/23/1994

$588,240

88616

financing

1st BOKF NA

Bal/Pmt: $499,250


Page 18

3811 E Wier Ave

Phoenix, AZ 85040

Class B Distribution Building of 12,400 SF Sold on 3/29/2016for $875,000 - Research Complete

buyer

Robert & Catherine Baum990 Garrido DrInglewood, CA 90310(909) 593-8332

Len Ronson4806 40th StPhoenix, AZ 85040(602) 942-2137

seller

vital data



Exchange: No

Conditions: -


Acres: 0.46



Parking Spaces: 25


FAR 0.62

Lot Dimensions: -

Frontage: 118 feet on E. Wier

Comp ID: 3553897


Status: Confirmed


Price/SF: $70.56


Actual Cap Rate: -

Down Pmnt: $875,000

Pct Down: 100.0%

Doc No: 0203091

Trans Tax: -

Corner: No

Zoning: IND PK, Phoenix




SingleTenancy:

Parcel No: 122-74-025B [Partial List]

Map Page: -


income expense data

$16,255

$16,255

Total Expenses


- TaxesExpenses

Listing Broker

Colton Commercial2206 S Priest DrTempe, AZ 85282(480) 894-3636Dan Colton

Buyer Broker

Kasten Long Commercial Group5110 N 40 StPhoenix, AZ 85018(602) 445-4141Arvle Knight

prior sale

Date/Doc No:

Sale Price:

CompID:

11/5/1996

$516,200

163344

financing


Page 19

LEASE COMPARABLES

Comparison Report LEASE COMPARABLESDecember 22, 2016

Building Name Submarket Tenant Trans. Date Size Term (Mos.) Rate Structure T.I. Lease Type Features Comments

Address Landlord Start Date Effective Rate Expenses

Phoenix Star Commerce

Park-Building B

2140 S. 7th Ave.

Sky Harbor Allied Wire & Cable

The Realty Associates

Fund X, LP

11-14-2016

11-14-2016

13,146 SF 50 Mos. Mos. 1-2 $0.000

Mos. 3-12 $0.530

Mos. 13-24 $0.550

Mos. 25-36 $0.570

Mos. 37-48 $0.585

Mos. 49-50 $0.610

Eff. Rate: $0.54

$3.00 SF NNN Truckwell

Grade Level

Year Built: 2002

Ceiling Height: 24'

Holly 25 Center

2006-2014 N. 25th Dr.

Sky Harbor Creative Litho, Inc.

Presson P.V. Twelve,

LLC

10-13-2016

08-01-2017

10,000 SF 36 Mos. Mos. 1-12 $0.450

Mos. 13-24 $0.480

Mos. 25-36 $0.510

Eff. Rate: $0.48

As-Is MOD GRS Grade Level

A/C

Year Built: N/A

Clear Height: N/A

Elwood Airport Center

4346 E. Elwood St.

Sky Harbor The Paradies Shops,

LLC

Cohen Asset

Management, Inc.

09-23-2016

10-01-2016

14,014 SF 90 Mos. Mos. 1-3 $0.000

Mos. 4-12 $0.550

Mos. 13-24 $0.570

Mos. 25-36 $0.590

Mos. 37-48 $0.610

Mos. 49-60 $0.630

Mos. 61-72 $0.650

Mos. 73-84 $0.670

Mos. 85-90 $0.690

Eff. Rate: $0.60


Grade Level

Sprinklered

EVAP

Year Built: 2002

Clear Height: 20'

Maricopa Freeway Center

4246 E. Wood St.

Sky Harbor CJMFG, LLC dba CJ

Manufacturing

Zimmerman II, LLC

09-21-2016

12-01-2016

8,095 SF 63 Mos. Mos. 1-1 $0.000

Mos. 2-3 $0.275

Mos. 4-15 $0.550

Mos. 16-27 $0.580

Mos. 28-39 $0.610

Mos. 40-51 $0.640

Mos. 52-63 $0.670

Eff. Rate: $0.59

$12.00 SF MOD GRS Grade Level

Sprinklered

A/C

Year Built: 1975

Clear Height: 14'

New carpet, paint, restrooms, offices,

lighting & compressor cage. 100%

HVAC

8464 S. Kyrene Rd.

8464 S. Kyrene Rd.

Tempe Fimco

The Red Headed

Stepchild Son of Son of

Bakala, LLC

09-20-2016

11-01-2017

13,056 SF 36 Mos. Mos. 1-36 $0.570

Eff. Rate: $0.57

As-Is IND GRS N/A Year Built: 1974

Clear Height: 16'-18'

3 year renewal. Option rates set in

2016.

Page 1/3




Broadway Industrial Park

1233 W. Geneva Dr.

Tempe MEI Rigging and

Crating, LLC

DCT - AZ 2004 RN

Portfolio, LLC

07-01-2016

07-01-2016

12,056 SF 36 Mos. Mos. 1-12 $0.500

Mos. 13-24 $0.510

Mos. 25-36 $0.530

Eff. Rate: $0.51

As-Is NNN Truckwell

Grade Level

Sprinklered

EVAP

Year Built: 1981

Clear Height: 14'

Fenced lot.

Prologis Sky Harbor

Distribution Center

1710 E. Grant St.

Sky Harbor FM Solutions, Inc.

Prologis, LP

06-27-2016

07-01-2016

12,480 SF 62 Mos. Mos. 1-2 $0.000

Mos. 3-12 $0.450

Mos. 13-24 $0.460

Mos. 25-36 $0.470

Mos. 37-48 $0.490

Mos. 49-60 $0.500

Eff. Rate: $0.46

As-Is NNN Dock Hi

Sprinklered

Year Built: 1998

Clear Height: 24'

3535 E. Wier Ave.

3535 E. Wier Ave.

Sky Harbor Metal Magic, LLC

Dunbar Real Estate

Investments

06-09-2016

08-16-2016

10,000 SF 24 Mos. Mos. 1-12 $0.615

Mos. 13-24 $0.625

Eff. Rate: $0.62

As-Is GROSS Truckwell

Grade Level

Sprinklered

EVAP

Year Built: 1984

Clear Height: 18'

Renewal

Phoenix Star Commerce Park

2130 S. 7th Ave.

Sky Harbor Goodman

Manufacturing

TA Realty

06-01-2016

06-01-2016

11,773 SF 60 Mos. Mos. 1-2 $0.000

Mos. 3-12 $0.550

Mos. 13-24 $0.560

Mos. 25-36 $0.584

Mos. 37-48 $0.600

Mos. 49-60 $0.618

Eff. Rate: $0.56


Grade Level

EVAP

Year Built: 2002

Clear Height: 24'

Lease is a Renewal.

Broadway Industrial Park

455 West 21st Street

Tempe American Fitness

Wholesale

Clarion Partners

05-11-2016

08-01-2016

11,244 SF 64 Mos. Mos. 1-4 $0.000

Mos. 5-16 $0.530

Mos. 17-28 $0.543

Mos. 29-40 $0.556

Mos. 41-52 $0.569

Mos. 53-64 $0.583

Eff. Rate: $0.52

As-Is NNN Dock Hi

Sprinklered

Year Built: 1997

Clear Height: 20'

TI: Paint, Carpet, Floorboards

Page 2/3




Parkland Center

7307 S. Harl Ave.

Tempe BPG Designs, LLC

DCT Tempe Industrial

Park

05-01-2016

05-01-2016

13,640 SF 24 Mos. Mos. 1-12 $0.680

Mos. 13-24 $0.700

Eff. Rate: $0.69

As-Is GROSS Grade Level

Sprinklered

A/C

Year Built: 1982

Clear Height: 16'

Lease is an expansion.

Sky Harbor Business Park

1918 W. 3rd St.

Tempe Renature, Inc

EJM Development Co.

04-04-2016

05-01-2016

10,107 SF 36 Mos. Mos. 1-12 $0.500

Mos. 13-24 $0.515

Mos. 25-36 $0.530

Eff. Rate: $0.52

As-Is NNN Truckwell

Grade Level

Sprinklered

EVAP

Year Built: 1986

Clear Height: 15'

Elwood Airport Center

4346 E. Elwood St.

Sky Harbor Applied Industrial

Technologies

4346 Elwood Industrial,

LLC

04-01-2016

05-01-2016

13,663 SF 63 Mos. Mos. 1-3 $0.000

Mos. 4-12 $0.660

Mos. 13-24 $0.700

Mos. 25-36 $0.720

Mos. 37-48 $0.740

Mos. 49-63 $0.760

Eff. Rate: $0.69

As-Is NNN Truckwell

Grade Level

EVAP

Year Built: 2002

Clear Height: 20'

3321 E.Atlanta Ave.

3321 E. Atlanta Ave.

Sky Harbor Ace Home Services

SF Hotel 447 LP

02-09-2016

03-01-2016

12,000 SF 60 Mos. Mos. 1-12 $0.516

Mos. 13-24 $0.527

Mos. 25-36 $0.537

Mos. 37-48 $0.548

Mos. 49-60 $0.559

Eff. Rate: $0.54

As-Is NNN Truckwell

Grade Level

Yard

EVAP

Heavily improved freestanding

masonry with 4:1000 parking.

Yard is 20,000 SF.

Year Built: 1986

Clear Height: 20'

Elwood Industrial Center

4202 E. Elwood St.

Sky Harbor R2EWaste LLC

Presson Corporation

01-29-2016

02-11-2016

10,050 SF 36 Mos. Mos. 1-3 $0.240

Mos. 4-12 $0.480

Mos. 13-24 $0.510

Mos. 25-36 $0.540

Eff. Rate: $0.49

$0.50 SF IND GRS Truckwell

Grade Level

EVAP

Year Built: 1985

Clear Height: 16'

3814 E. Roeser Rd.

3814 E. Roeser Rd.

Sky Harbor GHX Industrial LLC

Desert Frontiers

Properties LI

01-07-2016

03-01-2016

11,340 SF 24 Mos. Mos. 1-12 $0.520

Mos. 13-24 $0.530

Eff. Rate: $0.53

As-Is IND GRS Truckwell

Grade Level

EVAP

Year Built: 1985

Clear Height: 14'

Page 3/3

BROKER OPINION OF VALUE


BROKER OPINION OF VALUE


The building located at 4209 South 43rd Place consists of approximately 12,540 square feet, built in 1979. The facility has excellent curb appeal considering the age and also has a highly desired zoning (A-1). This zoning is broad and allows many end users to occupy this type of facility. The building is located adjacent to the I-10 freeway with easy access on and off as well as access to Sky Harbor International Airport. The facility is also located in a desirable submarket and should see early traffic with buyers and tenants. As the listing brokerage team, we would be committed to exposing the opportunity to as many users as possible. At the same time, other brokers will be exposed to the property. The following is our opinion of value for the property: SUGGESTED LIST SALES PRICE:

$83.00/SF - $85.00/SF

ACHIEVABLE SALES PRICE: $78.00/SF - $80.00/SF

SUGGESTED LEASE RATE: $0.58 NNN (retrofit tenant improvement allowance)

MARKETING TIME FRAME:

3 - 6 Months

MARKETING STRATEGY:

» Focus on all developers in the Phoenix marketplace » Focus on users in a lease scenario who can now own » CoStar & Loopnet marketing » Lee & Associates signs » Bi-monthly e-blast to over 300 Brokers

MARC PIERCE Principal

602.954.3750 [email protected]

CHRIS MCCLURG Principal

602.954.3766 [email protected]

BRIAN PAYNE Industrial Properties

602.474-9571 [email protected]

INDUSTRIAL MARKET REPORT

Q320162016 PHOENIX METRO PHOENIX METRO

INDUSTRIALINDUSTRIAL

CELEBRATING 1991 - 2016I N A R I Z O N A

MARKETMARKETREPORTREPORT

Q3 2016 | Phoenix Industrial Market Overview

Positive Direction Continues for Industrial, Best Since ‘07

Total Sales

$432.5MQ2 16: $419.5M

No. of Transactions

125Q2 16: 178

Average PSF

$73.30Q2 16: $68.12

Average Cap Rate

7.48%Q2 16: 7.73%

Q3 2016 Top Industrial Leases

Q3 2016 Top Industrial Sales

Tenant Name Property Name Address Submarket Type SF LeaseNestle Water 42rd Ave. Logistics Cente3r 1635 S. 43rd Ave., Phoenix SW S of Buckeye Manufacturing 394,775 NewOHL 10 West Logistics Center-A 6200 W. Van Buren St., Phoenix SW N of Buckeye Warehouse 295,695 NewWestern Window Systems I-10 Buisness Park 2200 E. Riverview St., Phoenix S Apt. N of Roeser Distribution 169,685 NewRace Pro Products 2929 NW Grand Ave 2929 NW. Grand Ave., Phoenix W Phx N of Thomas Distribution 140,651 NewTrane Metro East Valley Com. Park 720 E. Auto Center Dr., Mesa Chandler/N Gilbert Warehouse 110,588 New

Property Address Buyer Seller Type Sales Price SF PSF6835 W. Buckeye Rd., Phoenix Seera Investment Bank Duke Realty Corp. Distribution $74,750,000 1,009,351 $74.0616920 W. Commerce Ln., Goodyear (2) Hines Global REIT II Gramercy Prop. Trust Distribution $56,200,000 820,384 $68.509081 W. Washington St., Tolleson Cohen Asset Mgmt. VEREIT, Inc. Distribution $48,000,000 466,418 $102.917037 W. Van Buren St., Phoenix Westcore Properties XPO Logistics, Inc. Distribution $32,828,000 552,330 $59.44670 S. 91st Ave., Tolleson CT Realty Investors States Logistics Services Distribution $27,352,800 417,600 $65.50

( ) No. of buildings in transaction.

Absorption/Vacancyin SF, 2006-2016

14.2%

16.9%

9.7%

12.6% 10.6%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

06 07 08 09 10 11 12 13 14 15 16YTD

Absorption Vacancy

Buyer TypeQ3 16 Sales

3%

9%

38%

7%

43%

User Public/REITPrivate Private EquityInstitutional

Rental RatesPer month, 2006-2016

$0.66

$0.62

$0.48 $0.50$0.52

$0.56

$0.40

$0.45

$0.50

$0.55

$0.60

$0.65

$0.70

06 07 08 09 10 11 12 13 14 15 16YTD

Asking Triple Net Rates Per Month

Economic Indicatorsas of Q3 2016

Source: Bureau of Labor Sta s cs, Bureau of Economic Analysis of the U.S. Dept. of Commerce.

Unemployment U.S. Down 4.9% Arizona Down 6.0% Phoenix Metro Down 5.0%

Consumer Price Index Up 0.2%U.S. GDP Up 1.4%

( ) No. of buildings in transaction.

The Phoenix industrial market continues to improve in 2016 besting several key indicators as the year progresses. The sector continues at a pace that is steady and reassuring to both investors and landlords. This market thankfully does not resemble the overheated market of 2005-2007. It clearly is not at that level of intensity and its risk-reward potential, but it is also without the inherent risks that come from such a meteoric market.

The Valley’s industrial sector is seeing more and more California companies searching for space in the Valley to help mitigate the expensive and limited vacancy in the Los Angeles/Orange County/Inland Empire industrial sectors. Availabilities are hard to come by as lease renewals continue to dominate in those markets. Buyers are also more attracted to the higher investment potential in Arizona considering

how low cap rates are in California.

Phoenix industrial vacancy continues to decline even as 4.8 million SF of new inventory was delivered in 2016. Vacancy levels posted at 10.6% this quarter, the lowest level they’ve been since Q1 2008. Even though it is just a 10-basis point drop from last quarter, the modest decrease is due to the high number of deliveries this quarter adding new inventory that is not yet fi lled. Since 2008 over 40 million SF has been added to the Phoenix industrial sector.

Construction remains strong with 2,513,228 SF of mostly distribution space is in the pipeline. Sky Harbor Airport and East Valley submarket sectors are seeing the most market activity. Absorption this quarter was strong at 1,159,965 SF after a less than impressive Q2. Absorption stands at 3.3 million year-

to-date and should top out in the 5 to 5.5 million-range by the end of 2016. That will be down from last year, but still on pace as a historically successful year.

Rental rates have remained steady these past few quarters, but are expected to tick up next year as availabilities begin to decline.

The largest lease transaction for the quarter was Nestle Water signing for 394,775 SF at 1635 S. 43rd Ave, Phoenix. A logistics company, OHL, leased 295,695 SF at 10 West Logistics Center, 6200 W. Van Buren St., Phoenix.

The largest sales transaction in Q2 was for $74,750,000 at 6835 W. Buckeye Rd., Phoenix. Seera Investment Bank of Bahrain and The Koll Co. were the buyers. The price per SF was listed at $74.06. The building is leased to Amazon.com.

Sales by the Numbers: Q3 2016

Industrial Total Net Absorption Under Asking ChangeSubmarkets Inventory Total SF Q3 16 Q3 16 YTD Total Construction Q3 16 YTD Total NNN Rate from Q2 16

Sky Harbor AirportDistribution/Warehouse 34,150,182 3,486,415 10.2% (89,011) 62,559 912,737 147,480 977,508 $0.57 -0.1%

Manufacturing 8,801,359 836,368 9.5% 44,420 (49,781) - 41,252 41,252 $0.50 -1.3%

Flex 4,911,956 936,145 19.1% 21,369 (59,854) 107,187 - - $1.11 4.7%

Total 47,863,497 5,258,928 11.0% (23,222) (47,076) 1,019,924 188,732 1,018,760 $0.67 0.0%

Northeast ValleyDistribution/Warehouse 6,713,250 426,658 6.4% 29,319 50,855 54,372 - - $0.83 -2.4%

Manufacturing 3,005,922 94,218 3.1% (200) 7,449 - - - $0.87 1.2%

Flex 5,168,633 453,516 8.8% 25,965 54,479 - - - $0.97 0.0%

Total 14,887,805 974,392 6.5% 55,084 112,783 54,372 - - $0.91 0.4%

Northwest ValleyDistribution/Warehouse 38,353,040 2,298,829 6.0% 214,616 796,606 556,095 - 963,855 $0.57 1.8%

Manufacturing 11,412,118 316,607 2.8% 99,453 472,440 - - 384,377 $0.56 12.0%

Flex 6,288,793 719,133 11.4% (46,528) (75,880) - - - $0.85 3.6%

Total 56,053,951 3,334,569 5.9% 267,541 1,193,166 556,095 - 1,348,232 $0.59 2.0%

Southeast ValleyDistribution/Warehouse 49,633,718 4,838,746 9.7% 225,530 813,622 367,743 225,600 785,635 $0.57 0.0%

Manufacturing 24,226,557 3,206,114 13.2% 162,221 69,262 - - 64,000 $0.59 3.5%

Flex 15,289,116 2,228,646 14.6% (9,990) 36,980 - 177,000 177,000 $1.11 11.0%

Total 89,149,391 10,273,506 11.5% 377,761 919,864 367,743 402,600 1,026,635 $0.71 4.4%

Southwest ValleyDistribution/Warehouse 75,698,077 9,547,351 12.6% 395,837 927,872 515,094 1,000,000 1,349,224 $0.37 0.0%

Manufacturing 11,363,494 1,905,201 16.8% 87,089 195,818 - - - $0.32 3.2%

Flex 1,359,484 233,531 17.2% (125) 19,366 - - 85,794 $0.55 0.0%

Total 88,421,055 11,686,083 13.2% 482,801 1,143,056 515,094 1,000,000 1,435,018 $0.36 0.0%

Total SubmarketsDistribution/Warehouse 204,548,267 20,597,999 10.1% 776,291 2,651,514 2,406,041 1,373,080 4,076,222 $0.48 -2.0%

Manufacturing 58,809,450 6,358,508 10.8% 392,983 695,188 - 41,252 489,629 $0.46 0.0%

Flex 33,017,982 4,570,971 13.8% (9,309) (24,909) 107,187 177,000 262,794 $1.05 1.9%

Phoenix Metro Total 296,375,699 31,527,478 10.6% 1,159,965 3,321,793 2,513,228 1,591,332 4,828,645 $0.56 0.0%

Vacancy Building Completions

Q3 2016 Phoenix Industrial Market Stats

Sky HarborInt'l Airport

GRAND AVE.

RED MOUNTAIN FWY.

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.South Mountain Fwy.

87

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VIS

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PHOENIX

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PhoenixGoodyear Airport

GLENDALE AVE.

NORTHERN AVE.

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MCDOWEL L RD.

101

303

WADDEL L RD.

51

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W. HAPPY VALLEY RD. W. HAPPY VALLEY RD.

W. DEER VALLEY RD. W. DEER VALLEY RD.

E. PINNACLE PEAK RD.E. PINNACLE PEAK RD.

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WY.

PIES

TEW

A FW

Y.

.

PRIC

E FW

Y.

AGU

A FR

IA F

WY.

MARICOPA FWY. 143

3

15


GRAND AVE.

RED MOUNTAIN FWY.

SANTAN FWY.


87

NE RD.

VAL

VIS

TA D

R.

POW

ER R

D.

CHANDLERGILBERT

GLENDALE

PEORI A

Gila River

Salt R iver

PHOENIX

NO

RTH

MCDOWEL L RD.

ARUR

L.

DR

PIM

A FW

Y.



CAMELBACK RD.

MCDONALD DR.

ARIZ

ON

A AV

E.

McQ

UEE

N R

D.

COO

PER

RD.

GRE

ENFI

ELD

DR.

BASELINE RD.

THUNDERBIRD RD.

BUCKEYE RD.YUMA RD.


JACK

RABB

IT T

R.

COT

TON

LN

.

MIL

L AV

E.

ELLIO T RD.

CHANDLER B LVD.

RAY RD.

GUADALUPE RD.

WARNER Rd.

32N

D S

T.

HAY

DEN

RD

.

MCDOWEL L RD.CEN

TRA

L AV

E.

44TH

ST.

24TH

ST.43

RD A

VE.

83RD

AVE

.

59TH

AVE

.

.DR

NOSB

OD

TEMPE

85 60

202

101

101

SCOTTSDALE

LITC

HFI

ELD

RD

.

EL M

IRAG

E RD

.

REEM

S RD

.

OLIVE AVE.

BEL L RD.


GLENDALE AVE.

NORTHERN AVE.

CAMELBACK RD.

MCDOWEL L RD.

101

303

WADDEL L RD.

51

LukeAFB

.RD TSEI RP




BEL L RD.

CAVE

CRE

EK R

D.

N. P

IM

7TH

ST.

LOWER BUCKEYE RD.

202

7TH

AVE

.

GERMANN RD.

202

BEL L RD.

INDIAN BEND RD.

PARADISEVALLEY

MESA

FOUNTAINHILLS

TOLLESON

GOODYEAR

OADWAY RD.

EL MIRAGE

SURPRISE

SUNCITYWEST

SUN CITY


ESTR

ELLA

FW

Y.

PAPAGO FWY.

BLAC

K CA

NYO

N F

WY.

PIES

TEW

A FW

Y.

UNIVERSITY DR.

.

PRIC

E FW

Y.

AGU

A FR

IA F

WY.

MARICOPA FWY. 143

SUPERSTITION FWY.

.

3

15

2

4


GRAND AVE.

RED MOUNTAIN FWY.

SANTAN FWY.


87

NE RD.

VAL

VIS

TA D

R.

POW

ER R

D.

CHANDLERGILBERT

GLENDALE

PEORI A

Gila R iver

Salt R iver

PHOENIX

NO

RTH

MCDOWEL L RD.

ARUR

L.

DR

PIM

A FW

Y.



CAMELBACK RD.

MCDONALD DR.

ARIZ

ON

A AV

E.

McQ

UEE

N R

D.

COO

PER

RD.

GRE

ENFI

ELD

DR.

BASELINE RD.

THUNDERBIRD RD.

BUCKEYE RD.YUMA RD.


JACK

RABB

IT T

R.

COT

TON

LN

.

MIL

L AV

E.

ELLIO T RD.

CHANDLER B LVD.

RAY RD.

GUADALUPE RD.

WARNER Rd.

32N

D S

T.

HAY

DEN

RD

.

MCDOWEL L RD.CEN

TRA

L AV

E.

44TH

ST.

24TH

ST.43

RD A

VE.

83RD

AVE

.

59TH

AVE

.

.DR

NOSB

OD

TEMPE

85 60

202

101

101

SCOTTSDALE

LITC

HFI

ELD

RD

.

EL M

IRAG

E RD

.

REEM

S RD

.

OLIVE AVE.

BEL L RD.


GLENDALE AVE.

NORTHERN AVE.

CAMELBACK RD.

MCDOWEL L RD.

101

303

WADDEL L RD.

51

LukeAFB

.RD TSEI RP




BEL L RD.

GREENWAY RD.

CAVE

CRE

EK R

D.

N. P

IM

7TH

ST.

LOWER BUCKEYE RD.

202

7TH

AVE

.

GERMANN RD.

202

BEL L RD.

INDIAN BEND RD.

PARADISEVALLEY

MESA

FOUNTAINHILLS

TOLLESON

GOODYEAR

OADWAY RD.

EL MIRAGE

SURPRISE

SUNCITYWEST

SUN CITY


ESTR

ELLA

FW

Y.

PAPAGO FWY.

BLAC

K CA

NYO

N F

WY.

PIES

TEW

A FW

Y.

UNIVERSITY DR.

.

PRIC

E FW

Y.

AGU

A FR

IA F

WY.

MARICOPA FWY. 143

SUPERSTITION FWY.

.

PhoenixGatewayAirport

FalconField

ScottsdaleMunicipalAirport

PhoenixDeer ValleyAirport

1. Airport Area Submarket - N. Airport - S. Airport N. of Roeser - S. Airport S. of Roeser - SC. N. of Salt River - SC. S. of Salt River

2. Northeast Submarket - Central Phoenix - Scottsdale Airpark - Scottsdale/Salt River

3. Northwest Submarket - Deer Valley/Pinnacle Peak - Glendale - Grand Ave. - N. Black Canyon - N. Glendale/Sun City

- W. Phx N. of Thomas Rd. - W. Phx S. of Thomas Rd.

4. Southeast Submarket - Chandler - Chandler Airport - Chandler N./Gilbert - Falcon Field/Apache Jct. - Mesa - Tempe East - Tempe Northwest - Tempe Southwest

5. Southwest Submarket - Goodyear - SW. N. of Buckeye Rd. - SW. S. of Buckeye Rd. - Tolleson

Phoenix Industrial Submarket Map

About Lee & Associates Now in its 25th year, Lee & Associates Arizona specializes in providing exceptional commercial brokerage services to the industrial, offi ce, land and investment sectors of the Phoenix commercial real estate market. The Phoenix offi ce was established in 1991 and is now recognized as one of the most successful brokerage fi rms in the state. Each of our 57 nationwide Lee & Associates offi ces has a strong local ownership combined with a powerful platform from the national Lee & Associates network.

Follow us on:

3200 East Camelback Road, Suite 100Phoenix, Arizona 85018602.956.7777 | www.leearizona.com

Q320162016

The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Arizona has not independently verifi ed its accuracy. Lee & Associates Arizona makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fi tness for a particular purpose.

Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice, by third-party data source providers.

The Lee & Associates Phoenix Industrial Market report compiles relevant market data by using a third-party database for the proprietary analysis of specifi c warehouse, distribution, manufacturing and Flex properties in the Phoenix Metropolitan Area.

© Copyright 2016 Lee & Associates Arizona. All rights reserved.

Market report analysis by: Matt DePinto, Senior Research Analyst

About This Report

Documents

BROKER OPINION OF VALUE & MARKETING PLANpdf.leeazmail.com/pdfs/McClurg/BOV - 4209-4211 S. 43rd Place.pdflee & associates broker opinion of value & marketing plan subject property 4209