OFFERING MEMORANDUM

351 South US Highway One, Jupiter, FL 33477

02 - Disclosure

The information contained in this Offering Memorandum is confidential, furnished solely for review by a prospective purchaser of Jupiter Bay Plaza, located at 351 S. US Highway One, Jupiter, FL 33477 (“the Property”) and is not to be used for any other purpose or made available to any other person without the expressed written consent of Keller Wil-liams Realty, KW Commercial, KW CRECO, or any affiliate, thereof or of the Property Owner. The material is based in part upon information supplied by Owner, and in part upon information obtained by Keller Williams from sources, it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all-inclusive but rather only an outline of some terms and information contained therein. No warranty or representation, expressed or implied, is made by Owner, Keller Williams, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Property. No legal liability is assumed or to be applied in connection with the information or such other communications. Without limiting the generalization of the preceding, the report shall not be deemed a representation of the state of affairs of the Property or constitute an indication that there has been no change in the business or relation-ship of the Property since the date of preparation of the information. Prospective purchasers should make their projec-tions and conclusions without reliance upon the materials contained herein and conduct their independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.

This Offering Memorandum was prepared by Keller Williams and has been reviewed by Owner. It contains select information about the Property and does not purport to be all-inclusive or to provide all of the information which a pro-spective purchaser may desire.

An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete, nor necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review all documents independently.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Keller Williams or the Owner. Each prospective purchaser is to rely on its investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein.

Keller Williams and the Owner expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum unless a written agreement for the purchase of the Property has been fully executed and delivered by the Owner and such party and any conditions to Owner’s obligations thereunder have been satisfied or waived and then only to the extent expressly provided for therein, Keller Williams is not authorized to make any representations or agreements on behalf of Owner.

This Offering Memorandum is the property of Keller Williams and may be used only by parties approved by Keller Williams and Owner. The Property is privately offered, and by accepting delivery of this Offering Memorandum, the party in possession hereof agrees that this Offering Memorandum and its contents are a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Keller Williams and Owner.

The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

Thank you for your consideration.

Keller Williams Commercial Real Estate4455 Military TrailJupiter, FL 3348(561) 427-6100

INVESTMENT DISCLOSURE

Keller Williams Commercial Real Estate is pleased to present the opportunity to acquire Jupiter Bay Plaza, a 19,000 sq. ft. one-story neighborhood shopping center located in the heart of Jupiter, Florida’s growing and affluent residential base. The highly efficient design of the Property allows direct entrances to tenant spaces, with no common interior areas, reducing overall management responsibility and operating costs of the building.

The Property offers its tenants excellent market presence at a high profile intersection of Indiantown Road and US Highway One, across from The Jupiter Yacht Club and diagonally positioned across from Jupiter’s new Harbourside Village. Additionally, the Property shares access easements with a Publix Anchored shopping center, allowing patrons to easily access the Property.

The high income and rapidly growing Jupiter residential base provides long-term demand for retail and service businesses, which is demonstrated by the Property’s 100% occupancy, with minimal vacancy history.

The Jupiter community is well-known for its luxurious lifestyle, combining marine-oriented living with many celebrity athletes and prestigious entrepreneurs. Jupiter’s prominence in Palm Beach County is underscored by its tremendous population growth, which has more than doubled since 2000, with few signs of slowing down as demand swells north from West Palm Beach.

Jupiter’s northern Palm Beach location links the city to major employment centers to the south while maintaining a relaxed and luxurious way of life to its residents. These attributes have contributed to the increasing popularity of Jupiter as one of Southern Florida’s most desirable residential enclaves.

InvestmentOverview

Brad Kuskin

Managing Agent

Investment Overview - 03

Key Asset Statistics

OFFERING PRICE$5,950,000

TOTAL GLA18,976 Sq. Ft.

PRICE / SQ. FT.$313

OCCUPANCY100%

GROSS REVENUE$492,000

NOI (2016)$358,850

CAP RATE (2016)6.03%

AVERAGE RENT$21.78 / Sq. Ft.

Investment Highlights

01 02 03 04CASH FLOW STABILITY

MEANINGFUL FUTURE UPSIDE

VALUABLE TENANT MIX

UPWARD MARKET DEMAND

With evenly disbursed lease rollover, Jupiter Bay Plaza offers a highly predictable and stable cash flow with no tenant expirations during the first two years of the cash flow. Historic vacancy turnover has been less than 30 days, with multiple offers received for a single vacancy. Jupiter Bay Plaza offers its owner steady cash flows, with zero collection losses incurred over the past eight years.

Jupiter Bay Plaza’s tenant roster provides stable existing cash flows while providing an opportunity for increased revenue capture upon lease renewals. Leases are structured under a modified-gross rent model, with gross rents significantly below current market rates.

As large-box retail sectors continue to be impacted by online trends, the existing tenant mix at Jupiter Bay Plaza remains robust with a diverse mixture of service-oriented retail, professional office, and restaurant tenants. With no tenant occupying more than 21% of the plaza, the investment is not reliant on a single source of revenue. Instead, reliable cash flows are provided from a diverse tenant mix, spanning multiple retail and service sectors not overly exposed to shifting consumer trends.

The retail/office market is robust with a scarcity of available spaces for tenants to choose from as demonstrated by the local submarket vacancy at 4.5%. Stable inventory with little new construction and increasing tenant demand helps to bolster meaningful rent growth. New home construction is expanding in response to Jupiter’s growing population, further fueling retail and service tenant demand. Home values have shot up 8.4% over the past year according to Zillow.

04 - Investment Highlights

Jupiter Bay Plaza offers investors the unique chance to acquire a community shopping center located east of Florida’s Intracoastal Waterway on US Highway One. Below market rents, low maintenance costs, proven tenants, and passive management responsibilities make Jupiter Bay Plaza an ideal opportunity for investment in Jupiter’s long-term growth trends.

Attributes - 05

Property Attributes

TODAY

Location

Harbourside Village Enhances Exposure to the Property and inflates rental market

TOMORROW

Shared Access Easement Allows Flexible Ingress and Egress from Publix anchored shopping center

Primary Intersection Shared with Jupiter Yacht Club and Jupiter Bay Condominiums

Walkable Amenities Promote Leasing Advantage within Jupiter’s Riverwalk District

Reliable NOI trends upward as rents increase and management becomes more efficient.

Most tenants have expressed interest in purchasing units upon conversion to retail condos.

Address

City

County

State

Year Built

Year Renovated

Rentable Area

Total Land Area

Type

Stories

Occupancy

# of Tenants

Parking Ratio

Zoning

351 S US Highway One

Jupiter

Palm Beach

Florida

1983

2013

19,889 Sq. Ft.

2.26 Acres

Retail / Professional

1

100%

7

5 / 1,000 sq. ft. (99 spaces)

General Commercial

Tenants Financials

Strong tenant synergies with profitable and established businesses.

Balanced tenant mix, with no single tenant representing more than 25% of revenues.

Reliable Tenant Payments with zero collection loss and only a single late payment since 2013.

Locally recognized tenants create a marquee destination well-known throughout Jupiter.

Well-below market rents, combined with modified gross structure provides tremendous future upside.

Water, sewer, and refuse reimbursed by tenants to hedge against increased utility use or costs.

Lanes

2011 DTV

2012 DTV

2013 DTV

2014 DTV

2015 DTV

2016 DVT

5 Year Growth

4D

23,452

24,007

24,388

25,758

27,722

28,598

21.94%

Historic Traffic Growth*

* Palm Beach County Traffic Division

The property has been professionally maintained with no deferred maintenance since current ownership took possession in 2004. Significant capital improvements were made in 2013 and 2014.

06 - Property Photos

Property Photos

Aerial Photos

Aerial Photos - 07

PUBLIX

JUPITERYACHTCLUB

1.1 Miles to the Jupiter Lighthouse1.0 Miles to the Jupiter Inlet

FinancialsProfit and Loss January - December 2016 TotalIncome Rental Income 458,854.04 Billable Expense Reimbursements 33,179.41 Late Payment Fee 198.04 Total Income $492,231.49 Gross Profit $492,231.49

Expenses Grounds Maintenance 450.00 Irrigation 547.00 Landscaping 10,200.00 Pest Control 1,021.32 Site Security 220.00 Total Grounds Maintenance $12,438.32 Professional Expenses Insurance - Liability 2,790.74 Insurance - Property 19,752.22 Total Professional Expenses $22,542.96 Repair & Maintenance Electrical Systems & Lighting 1,093.00 General Property Maintenance 4,467.45 HVAC Service 1,465.00 Job Materials & Supplies 1,214.40 Plumbing Maintenance 532.85 Window Cleaning 445.20 Roofing Repairs 1,608.34 Total Repair & Maintenance $10,826.24 Taxes Property Taxes 46,669.20 Total Taxes $46,669.20 Utilities & Services Electric 2,405.15 Refuse & Recycling 13,919.49 Sewer 10,889.35 Water 13,690.20 Total Utilities & Services $40,904.19 Total Expenses $133,380.91 Net Operating Income $358,850.58

NOI Growth Since 2012

2012 2013 2014 2015 2016

$312

,184

$322

,889

$337

,564

$342

,856

$358

,850

EngergyEfficiency

43%Through the installation of LED parking lot lights and smart motion sensors, the Property’s total common electric expense has decreased 43% since 2013.

UtilityBilling

$30kTenant Reibursement of Utility Costs Provides an approximately $30k of additional income for the property and mitigates landlord exposure to increased utility use or costs.

Property Management

$750Prior to the current owner assuming management responsibilites, the Property was managed professionally for a flat $750 per month fee. This reduced cost is indicative of the low managment responsibilities associated with the Property.

Capital Improvements

$26kTotal 2016 Capital Improvement costs were $26,694, a mojority of which were attributed to Tenant Build Out contributions for Berkshire Hathaway.

08 - Property Financials

Portobello Italian Cucina21.47%

Gulfstream Tanker Oil15.92%

Tenant Summary - 09

Space utilization and gross revenues distribute evenly across most significant tenants of the plaza. Occupancy rates and future cash flows are not overly reliant on any single tenant.

TenantsUNIT # TENANT NAME SQ

FEETCURRENT MONTHLY RENT ($)

RENT/SF CAM REIMBURSE AMOUNT ($)

UTIL /SF/MO

LEASE TYPE

OCCUPANCY DATE

LEASE EXPIRATION

OPTIONS COMMENTS

100 KatherIne Shaffer, Ph.D. d/b/a Limit-less Potentials

881 $1,340.14 $18.25 $2,313.96 $2.63 MG 06/01/12 09/30/18 N/A Back Corner of Building

101 Stuart Investment III, LLC d/b/a A Suite Salone

4,100 $8,320.00 $24.35 $10,727.88 $2.62 MG 06/01/09 05/31/19 Two 5-Year Luxury Salon & Spa

102 Diving Bottoms Up, Inc. d/b/a Scuba Works

1,940 $1,906.66 $11.79 $0.00 $0.00 MG 02/01/11 01/31/26 N/A Classroom in Rear of Building

103 Diving Bottoms Up, Inc. d/b/a Scuba Works

1,870 $3,945.47 $25.32 $6,870.12 $3.67 MG 01/15/11 01/31/26 N/A Main Retail Store

104 Berkshire Hathaway Home Services of Florida

3,090 $6,332.79 $24.59 $10,933.08 $3.54 MG 01/13/16 01/31/21 Two 5-Year National Real Estate Agency

106 Gulfstream Tanker Chartering, LLC 3,021 $4,783.25 $19.00 $8,536.32 $2.83 MG 03/01/12 02/28/18 Two 5-Year Oil Brokerage Firm

107 Portobello Italian Cuisine 4,074 $9,901.91 $29.17 $0.00 $0.00 FS 06/01/01 05/31/32 N/A Italian Restaurant

TOTAL MONTHLY GROSS RENTAL INCOME: $36,530.22

TOTAL MONTHLY CAM REIMBURSEMENT INCOME: $3,281.78

TOTAL ANNUAL GROSS INCOME: $477,744.00

Gross Revenue By Tenant

Katherine Shaffer, Ph.D.3.85%

Stuart Investments 23.14%

Scuba Works16.14%

Berkshire Hathaway18.20%

Gulfstream Tanker Oil13.80%

Portobello Italian Cucina24.87%

Occupancy Sq. Ft. By Tenant

Portobello Italian Cucina21.47%

Katherine Shaffer, Ph.D.4.64%

Stuart Investments 21.61%

Scuba Works20.08%

Berkshire Hathaway16.28%

Gulfstream Tanker Oil15.92%

What Analysts Are SayingFlorida’s strong economy and rapid population growth are driving the state’s retail markets to record low vacancy rates and with construction at an all-time low, demand continues to exceed supply.

10 - Florida Retail

Florida’s major retail markets are seeing vacancy levels nearing pre-recession lows. Deliveries are also at an all-time low and demand is exceeding supply.

Florida’s large and growing workforce reported 84 consecutive months of job growth with a July employment increase of 2.7% year-over-year. Unemployment for the state stood at 4.1 %, an 80 bps improvement year-over-year, ahead of the nation by 20 bps. Florida’s real gross domestic product increased by 1.4% between Q4 2016 and Q1 2017, putting the state ahead of the national growth rate of 1.2% during the same time period.

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As a consumer economy, the state’s retail markets will continue to thrive due to continued population growth and a record-breaking tourism industry. Consumer sentiment remained very positive in July, another record breaking reading since 2002, which is anticipated to remain high through the rest of 2017.

Exerpts from CBRE Florida MarketView Q3 2017To learn more about CBRE Research or to access additional research reports, visit the CBRE Research Gateway at www.cbre.com

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KELLER WILLIAMS COMMERCIAL REAL ESTATE4455 MILITARY TRAIL, STE. 100, JUPITER, FL 33458

Phone 561 320 7555

Email jupiter@kwcommercial.comWeb www.kwcreco.com

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