College Boulevard Portfolio

Holliday Fenoglio Fowler, L.P. (“HFF”) an Illinois licensed real estate broker

College Boulevard Portfolio

E X E C U T I V E S U M M A R Y

Overland Park, Kansas

del Sartoat the

Renaissance

del Sartoat the

Renaissance

Outlook StreetOutlook Street

Glenwood StreetGlenwood Street

MidwestTrust

MidwestTrust

Overland ParkConvention Center


Courtyard Inn

Courtyard Inn

Black & VeatchGlobal

Headquarters


Headquarters

ZurichNorth

America

ZurichNorth

America

Black &VeatchBlack &Veatch

Hilton Garden

Inn

Hilton Garden

Inn

SheratonSheraton

CardinalHealth

CardinalHealth

AccentureAccenture

Mid TownAthletic Club


DruryLane Inn

DruryLane Inn

DoubleTreeby Hilton

DoubleTreeby Hilton

MidlandLoan Services

MidlandLoan Services

7101 College College Boulevard

College Boulevard

College Boulevard

College Boulevard

Van Eyckat the

Renaissance

Van Eyckat the

Renaissance

FinancialPlaza

CommercePlaza

Metcalf AvenueMetcalf AvenueMetcalf AvenueMetcalf Avenue

Antioch RoadAntioch Road

MarriottMarriott

Stable Cash Flow with Redevelopment UpsideHolliday Fenoglio Fowler, L.P. (“HFF”) has been retained to sell a 100% fee simple

interest in the College Boulevard Portfolio (the “Property” or “Portfolio”); a 806,864

RSF, three-asset Class A office portfolio situated in the heart of Kansas City’s most

vibrant submarket, Overland Park. 7101 College (228,660 RSF), Commerce Plaza I &

II (285,465 RSF) and Financial Plaza I-IV (292,739 RSF) all combine to make up the

College Boulevard Portfolio.

The combination of the three assets presents a unique opportunity to acquire the stable

cash flow provided by 7101 College Boulevard and Commerce Plaza I & II (collectively

96% leased), and further enhance returns through the stabilization, repositioning or

redevelopment of the mixed-use Financial Plaza complex (86% leased). The in-place

rents in the Portfolio are 10% below market, providing an excellent opportunity to mark

to market on rollover and further increase rental rates with cosmetic upgrades.

Investors are welcome to bid on the Portfolio in its entirety or any

combination of the three properties within.

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College Boulevard PortfolioCollege Boulevard PortfolioCollege Boulevard Portfolio

COLLEGE BOULEVARD PORTFOLIO

BOMA RENTABLE AREA 806,864 RSF

PERCENT OFFICE LEASED 92.6%

# OF BUILDINGS 7

STORIES Varies

DATE COMPLETED / RENOVATED 1984-1989

PARKING RATIO 3.7/1,000 RSF

SUBMARKET South Johnson County

College Boulevard Corridor

7101 College - JNA Advertising

PROPERTY SUMMARY Portfolio Summary 7101 College Commerce Plaza I Commerce Plaza II Financial Plaza I Financial Plaza II Financial Plaza III Financial Plaza IV

Type Office/Retail Office Office Office Office Office Office Office

Address 7101 College Blvd. 7300 W. 110th St. 7400 W. 110th St. 6700 College Boulevard

6800 College Boulevard

6900 College Boulevard

11005-11095 Metcalf Avenue

% Leased 92.6% 94.4% 98.4% 98.1% 76.3% 79.6% 87.5% 99.8%

RSF 806,864 228,660 158,095 127,370 8,484 106,384 147,952 29,919

% of Portfolio 100.0% 28.3% 19.6% 15.8% 1.1% 13.2% 18.3% 3.7%

# of Buildings 7 1 1 1 1 1 1 1

Stories 1-15 15 9 7 1 7 10 1

Built/Renov 1984-1989 1986 1986 1989/2004 1984 1985 1985 1985

Construction Type Structural Steel Masonry Frame w/ Polished Granite

Masonry Frame w/ Polished Granite

Steel Frame Steel Frame Steel Frame Steel Frame

# of Parking Spaces 2,880 749 975* 1,156*

Parking Ratio* 3.6 3.7 3.4* 4.0*

* Represents combined Ratio for Commerce I &I and Financial Plaza I-IV

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Overland Park/ South Johnson County Outperformance In recent years, Johnson County has accounted for an outsized share of new business and job growth

in the greater Kansas City MSA. The submarket’s proximity to executive housing, interstate access,

retail amenities and a deeply educated workforce serves as a magnet for corporate relocations. The

proximity to the Missouri state line and an inventory of Class A properties with comparatively lower

operating expenses has resulted in thousands of jobs relocating to the College Boulevard Corridor in

recent years. Aiding these relocations are state incentives that aim to attract new businesses to the

region but also lure businesses across state lines from Missouri. As both states have engaged in this

so called “border war”, Kansas has long been considered to be winning the war with tenants leaving in

favor of a Missouri address few and far between.

SOUTH JOHNSON COUNTY - CORPORATE RELOCATIONSCompany Employees Sq Ft

JP MORGAN* 800 175,000

PERCEPTIVE SOFTWARE 750 238,000

AMC 450 130,000

TEVA 400 147,000

COVENTRY HEALTH CARE 300 70,000

KEYBANK 300 67,000

AMERIGROUP 300 40,000

APRIA HEALTHCARE 300 101,000

FISHNET SECURITY 200 70,000

UNITED HEALTHCARE 100 30,000

Source: Kansas Chamber of Commerce*JP Morgan occupies 7,360 RSF of Commerce Plaza II

Primary Tenants BuildingCredit Rating RSF % NRA Expires

Remaining Term

Tenant Since

GE 7101 S&P: AA+ 44,877 5.6% September-17 1.2 Yrs June-11

CARDINAL HEALTH CP II Fitch: BBB+ 36,910 4.6% August-18 2.2 Yrs September-12

CIGNA CP II S&P: A 30,277 3.8% January-22 5.6 Yrs June-02

ARROWHEAD GENERAL INSURANCE FP III 24,077 3.0% September-22 6.2 Yrs March-14

BRUNGARDT HONOMICHL & COMPANY 7101 23,983 3.0% November-21 5.4 Yrs June-14

PRINCIPAL CP I S&P: A+ 20,706 2.6% February-19 2.7 Yrs October-90

EMC CP I AM Best: A 18,162 2.3% January-21 4.6 Yrs October-10

HQ GLOBAL WORKPLACE CP I 18,110 2.2% March-18 1.7 Yrs January-98

WALSWORTH PUBLISHING COMPANY CP I 18,096 2.2% August-20 4.2 Yrs September-13

HMN ARCHITECTS CP II 17,667 2.2% September-19 3.2 Yrs January-05

MEDTRAK SERVICES, INC 7101 16,435 2.0% November-18 2.4 Yrs October-07

ODYSSEY AMERICAN REINSURANCE CP I S&P: A- 15,780 2.0% October-19 3.3 Yrs December-08

SIMPSON, LOGBACK, LYNCH, NORRI CP II 15,187 1.9% January-19 2.6 Yrs November-03

300,267 37.2% 3.4 Yrs 8.6 Yrs

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Diverse Tenant Base/ Sticky Tenancy The College Boulevard Portfolio possesses an exceptional investment profile, providing a wide array of high profile

tenancy steeped in quality. The 806,864 rentable square foot portfolio features a rent roll of 128 tenants, insulating

investors from an over-concentration to one specific tenant. The largest tenant, General Electric (GE) leases 44,877

rentable square feet in 7101 College, only 5.6% of the net rentable area of the Portfolio, shielding an investor from any

tenant specific risk. An impressive 45% of the primary tenants in The College Boulevard Portfolio carry an investment

grade credit rating of BBB- or better. Twenty four tenants within the Portfolio have occupied space at one of the three

buildings for over 10 years, accounting for over 46% of the leased square footage. A major contributor to the success

of the Portfolio is the ability to accommodate tenants’ varying space and pricing needs while maintaining a highly visible

presence at Metcalf and College Boulevard.

Best Absorption in the Central U.S.Since 2013, Kansas City has absorbed over 4.8 million rentable square feet. Kansas City has outpaced all but one Central

U.S. market in net absorption on a percentage basis. The table herein shows how Kansas City compares to other major

Central U.S. markets.

Cerner HeadquartersCerner Corporation, a global leader in healthcare,

recently broke ground on their $4.45 billion Trails

Campus just 20 minutes down the road from the

College Boulevard Portfolio. The project is heralded

as the largest economic development project in

Missouri state history. The Trails Campus, slated to

be completed over the next decade, will house 16,000

new Cerner employees. The campus will feature

4.3 million square feet of office and 400,000 square

feet of retail and hotel space. The office portion will

include two data centers, a service center, a training/

conference center and employee amenities, including

an on-site day-care center, dining services, fitness

center and health clinic. Cerner will not be vacating

any of their existing office space as part of this project.

This will all be pure new absorption for the market and

a majority of the jobs at the complex will be new hires.

Credit: Cerner Corp. & Gould Evans Architects

NET ABSORPTION SINCE 2013 AS % OF INVENTORY - 4Q 2015

Market Total RBA Net Absorption Absorption as % of Inventory

HOUSTON 290,351,116 17,480,188 6.02%

KANSAS CITY 115,128,156 4,845,793 4.21%

DALLAS/FT WORTH 345,951,175 14,418,336 4.17%

OKLAHOMA CITY 57,565,630 2,222,351 3.86%

LOUISVILLE 54,019,618 1,880,200 3.48%

CINCINNATI 141,346,839 4,250,171 3.01%

DETROIT 210,034,140 6,190,167 2.95%

ST. LOUIS 133,574,236 3,354,115 2.51%

INDIANAPOLIS 103,034,939 2,337,098 2.27%

MINNEAPOLIS/ST. PAUL 189,723,938 3,920,810 2.07%

CHICAGO 471,762,280 9,351,454 1.98%

MILWAUKEE 68,841,808 1,283,137 1.86%

CLEVELAND 151,032,106 2,287,835 1.51%

Source: CoStar Property®

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Epicenter of the College Boulevard Corridor The College Boulevard Portfolio is located at the epicenter

of Kansas City’s strongest submarket. Kansas City’s

deepest base of prolific corporations and Fortune 500

tenants is concentrated in the 28.5 million RSF South

Johnson County submarket. The College Boulevard

Corridor is the densest cluster of office product in the

submarket, due to its access and visibility to I-435 as well

as nearby executive housing. Companies such as AMC,

TEVA, Sprint, Black & Veatch, CenturyLink, Quintiles,

YRC Worldwide, Midland Loan Services and Waddell

Reed all operate either global or regional headquarters

from the College Boulevard Corridor.

South Johnson County boasts an exceptionally low

7.0% vacancy rate within its Class A space, the lowest

of any major submarket in the Kansas City market. The

quadrant between Metcalf Avenue and Nall Avenue

from College Boulevard to the north to 119th Street to

the south contains 6.4 million RSF of office space that

is over 95% leased. This quadrant contains the global

headquarters of Black and Veatch (Forbe’s Largest

Private Companies #150).

Site Plan

43550

College Blvd

435 50

Met

calf

Aven

ue

W. 110th Street

Lam

ar A

venu

e

Low

ell A

venu

e W. 110th Street

College Blvd

W. 112th Street

Met

calf

Aven

ue

Ship Center

Van Eyck at the

Renaissance

del Sartoat the

Renaissance

The ZurichBuilding

Midtown Athletic Club

CommercePlaza

7101 College FinancialPlaza

Online Trading Academy

Cons

er A

venu

eNfs National

Flood Services

Drug Enforcement Administration

435 OverlandPark Place

GasMartUSA

Wright CareerCollege

The AtriumsSenior LivingCommunity

Met

calf

Aven

ue

W. 107th StreetW. 107th Street

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Epicenter of the College Boulevard Corridor

del Sartoat the

Renaissance

del Sartoat the

Renaissance

Lamar Avenue

Lamar Avenue


Headquarters


Headquarters

ZurichNorth

America

ZurichNorth

America

CardinalHealth

CardinalHealth

Van Eyckat the

Renaissance

Van Eyckat the

Renaissance

FinancialPlaza

Metcalf Avenue

Metcalf Avenue


Sprint CorporationGlobal Headquarters

Sprint CorporationGlobal Headquarters

QuintilesTransportation

Corporation

QuintilesTransportation

Corporation

HyattPlaceHyattPlace

Overland ParkInternational Trade Center

Overland ParkInternational Trade Center


Nall AvenueNall Avenue

Town Center PlazaTown Center Plaza

MenorahMedicalCenter

MenorahMedicalCenter


Ship CenterShip Center

Metcalf Avenue

Metcalf Avenue

CommercePlaza



MidwestTrust

MidwestTrust



The Fountains on 119thThe Fountains on 119th

Wright Career College


Carrabba's Italian GrillCarrabba's Italian Grill

7101College

Epicenter of the College Boulevard Corridor

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South Johnson County SuccessThe overall health of the South Johnson County is best evidenced by the meager 7.0% vacancy rate

within its class A inventory. This is one of the strongest of the major submarkets in the Kansas City area.

Vacancy rates are expected to decline as all office sectors are expected to see positive growth. A lack of

quality space in the market will continue to drive the market, lowering vacancy rates in South Johnson

County. This trend will open the door to rent growth across the market and specifically at the Properties.

As of Q1 2016, the 1/2 radius of the Metcalf Avenue and College Boulevard intersection saw a Class

A vacancy rate of just 5.3%. The lack of of Class A space within the immediate area speaks to the

prominence of the Portfolio’s location within what is already considered Kansas City’s best submarket.

Mark to Market OpportunityThe wide gap between current in place rents across the Portfolio and current market rents provides an

opportunity for a new investor to increase future revenues. As highlighted in the adjacent chart, the average

in-place rental rate across the Portfolio is 10% below market. This provides opportunity for a new investor

to capitalize current market conditions by marking leases to market as they come up for renewal, thereby

substantially enhancing the asset’s return throughout the holding period.

5%

6%

7%

8%

9%

10%

11%

12%

13%

2014 2015

Vaca

ncy

South Johnson CountySource: Costar

SOUTH JOHNSON COUNTY VACANCY RATE

7101 College - Lobby

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

Portfolio 7101 Commerce FinancialIn-Place Market

IN-PLACE VS. MARKET RENT

Upside Potential Through Repositioning The College Boulevard Portfolio presents a unique opportunity to acquire and stabilize, reposition or redevelop the Financial Plaza buildings via the stability of the income stream produced

by 7101 College and Commerce Plaza, which are collectively 96% leased. Cosmetic upgrades to the lobbies of Financial Plaza Tower II & III, in conjunction with the continuation of corridor

and restroom upgrades, will bring a modern feel to the buildings and will allow a new owner to continue to push rental rates in a rising market. This practice has been proved out across

Metcalf Avenue at 7007 and 7015 College Boulevard. Benefitting from recent cosmetic improvements, the two Class A buildings increased occupancy from 80% to the low 90% while

pushing asking rents from $18.00 to $22.00 in less than

24 months. The Portfolio underwriting takes into account

capital necessary to modernize the Properties and

achieve top tier rents. A full overview of the underwritten

capital projects can be found the Financial section of the

offering memorandum.

Upside Potential Through RedevelopmentThis Main and Main location has the potential for an new

investor to unlock the true value of this site. The current

retail building is under utilizing the hard corner at the

absolute center of this market. Over 48,200 vehicles

pass through this intersection each day. The potential

redevelopment opportunities include a new retail

center, retail out lots, multi-family or an office building.

This is the number one intersection in the number one

submarket in Kansas City. The potential opportunities

are endless with multiple different scenarios possible.

A new owner will be able to transform this intersection

and add significant value to their investment.

del Sartoat the

Renaissance

del Sartoat the

Renaissance

ZurichNorth

America

ZurichNorth

America

7500 CollegeBlvd.

7500 CollegeBlvd.

Van Eyckat the

Renaissance

Van Eyckat the

Renaissance

FinancialPlaza III

Metcalf Avenue

Metcalf Avenue

College Boulevard

College Boulevard

CommercePlaza II Commerce

Plaza I

FinancialPlaza II

FinancialPlaza IVCollege Boulevard

College Boulevard

Metcalf Avenue

Metcalf Avenue

Metcalf Avenue

Metcalf Avenue

Marty AvenueMarty Avenue

PotentialRedevelopment


7101 College



FinancialPlaza I



Carrabba's Italian GrillCarrabba's Italian Grill

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Kansas City Tech Startup BoomKansas City has historically been an entrepreneurial city, but most recently the city has experienced a tech ecosystem boom with burgeoning startup activity and

tech density, which proves the city’s viability as a technology destination. This dynamic is best demonstrated by Think Big Partners and the Sprint Mobile Health

Accelerator. Think Big Partners is an early stage accelerator and startup incubator, which has formed the first partnership of its kind with Microsoft Ventures. Not

only has this partnership provided a more elaborate platform for Kansas City based startups, but it has attracted capital from around the world. Sprint has also been

a relevant player and recently launched the Sprint Mobile Health Accelerator, powered by Techstars, a leading accelerator brand. Leaders of early-stage mobile

technology startups from across the United States have come to Kansas City to work on health care initiatives with the expertise of top technology experts.

Besides these tech incubator programs, several large organizations including Sprint, Cerner, MRI Global, Marion Laboratories, and the University of Kansas have been

engines of tech growth throughout the years. Since 1970, these groups have spun off over 100 separate tech companies that are still in business today. The Kansas

City Tech Galaxy herein depicts the breadth and depth of the tech community in Kansas City.

Kansas City was recently named one of the top 5 cities in the world for tech entrepreneurship by the Global Entrepreneurship Congress, with its state of the art

connectivity provided by Google Fiber, low unemployment rate and practical cost of living. Some of the fastest growing startups in the city include:

• VeriShip: Creator of an intelligent operations enhancement technology

• Rhythm Engineering: Its flagship product, In Sync, is a real-time adaptive traffic control system

• Avenue Link: Performance based online marketing company

Midwest Technology HubThe city is well on its way to becoming one of the most advanced and connected cities in the world, both by attracting innovative technology companies and by being a pioneer in

the technology revolution. Kansas City is committed to the technology renaissance and this is demonstrated by a number of the government’s initiatives including public WiFi.

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There is currently a lack of creative office space in the Johnson County

submarket. As part of the redevelopment and repositioning of Financial

Plaza, an investor will be able to create this much needed space. An

investor could also re-brand the building away from The Financial Plaza

name and re-brand as a technology complex.

Kansas City has been granted a competitive

advantage in future high-tech growth with

the installation of an ultrahigh-speed internet network called Google Fiber.

Kansas City was chosen as the first city to receive Google Fiber. The fiber-

optic network has proven attractive to both high-tech companies and data

centers, as they have aggressively flocked to Kansas City since learning of

Google Fiber’s presence. Recently, Kansas City was identified as one of the

top five cities for tech start-ups by the Global Entrepreneurship Congress.

Discount to Replacement CostThe College Boulevard Portfolio represents a rare opportunity to

acquire a supremely located and historically well-preforming office

portfolio at a significant discount to replacement cost. Reproduction

of an asset of such scale and design would cost in excess of $300 per

RSF to recreate today. The cost of construction creates an arbitrage

opportunity between the escalated replacement costs and the

Property’s projected residual value.

Investors are welcome to bid on the Portfolio in its entirety or any

combination of the three properties within.

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Contact InformationHFF Chicago181 West Madison | Suite 3900Chicago, IL 60602Telephone: 312.528.36

Investment ContactsMark B. KatzManaging [email protected]

Jeffrey M. BramsonSenior Managing [email protected]

Jaime M. FinkSenior Managing [email protected]

Sean P. FogartyManaging DirectorKansas License #: [email protected]

Patrick M. [email protected]

©2016 HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.

HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

Debt ContactChristopher S. CarrollManaging [email protected]

Documents

College Boulevard Portfolio