MODULE ASSEMBLY AND PIPE FABRICATION FACILITYCONFIDENTIAL OFFERING MEMORANDUM

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This is a confidential Offering Memorandum intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of the Property. This Offering Memorandum was prepared by Cushman & Wakefield I Thalhimer and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that prospective purchasers may desire. It should be noted that all information provided is for general reference purposes only and may be based on assumptions relating to the general economy, competition, and other factors beyond the control of Ownership and Cushman & Wakefield I Thalhimer and, therefore, subject to material variation. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither Ownership nor Cushman & Wakefield I Thalhimer nor any of their respective officers, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this Offering Memorandum or any related document and no legal commitments or obligations shall arise by reason of this Offering Memorandum or any related documents or their contents. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Neither Cushman & Wakefield I Thalhimer nor Ownership has conducted any investigations or analyses of environmental matters and, accordingly, it is recommended that any prospective purchaser retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petro chemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings located on the property or may be present as a result of previous activities at the Property. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. Ownership and Cushman & Wakefield I Thalhimer expressly reserve the right, in their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice. Ownership shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written commitment to purchase the Property has been fully executed, delivered, and approved by Ownership and any conditions to Ownership’s obligations thereunder have been satisfied or waived. By receipt of this Offering Memorandum, you agree that this Offering Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this Offering Memorandum or any of its contents to any other entity without the prior written authorization of Ownership nor will you use this Offering Memorandum or any of its contents in any fashion or manner detrimental to the interest of Ownership or Cushman & Wakefield. The terms and conditions stated in this section will relate to all of the sections of this Offering Memorandum as if stated independently therein. Photocopying or other duplication of this Offering Memorandum is not authorized.

DISCLAIMER

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TABLE OF CONTENTS

Executive Summary .......................4 Property Overview ........................6Area Overview ............................. 14Local Industrial Market ...............22

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EXECUTIVE SUMMARYCushman & Wakefield | Thalhimer, on behalf of Jacobs Engineering Group Inc. (“Owner”), is pleased to offer the opportunity to purchase the Jacobs Module Assembly and Pipe Fabrication Facility located at 2040 Bushy Park Road in Goose Creek, South Carolina (the “Property”). The Property offers a rare opportunity to acquire a best-in-class, fully equipped manufacturing facility in the rapidly growing Port of Charleston market.

The Property consists of 94 acres of land and includes six buildings totaling over 360,000 square feet of assembly and warehouse space, a 43,000 square foot engineering and administrative building and 800,000 square feet of outdoor assembly and laydown area.

The Property contains a premier module assembly and pipe fabrication facility which has the capacity to construct up to 75 barge-sized modules or 130 truck-sized modules simultaneously in a controlled environment. From this location, modules can be shipped via truck, rail, or barge on the Cooper River which is located 12 miles from the Port of Charleston.

The Port of Charleston is the Nation’s fourth busiest container port landing more that $3 million in cargo every hour, serving 140 countries.

THE OFFERING

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HIGHLIGHTS• 94 acres of Waterfront Industrial Property • Barge Access to Port of Charleston• 1,000 feet of frontage along the Cooper River• CSX Rail Spur • Strategic Location • High Quality Local Workforce• State of the Art Facilities and Equipment • 200’ Clear Height in Final Assembly Building• Class 1000 Pharmaceutical Clean Room

The Property’s coastal South Carolina location gives it access to a local craft construction labor pool that is largely independent of the US Gulf Coast labor market. South Carolina enjoys a favorable labor setting and has a strong technical college system for training/developing craft and technical skills. South Carolina’s labor force is ranked 3rd highest in the United States in terms of productivity.

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HISTORYThe facilities were built in the early 1970s to fabricate cryogenic, spherical aluminum LNG tanker tanks in an iron dust-free environment. Ownership acquired the facilities in 1998 and invested more than $10 million in order to create a premier module assembly facility. The facility has provided services to the petrochemicals and chemicals market, as well as the pharmaceutical, refining, power, microelectronics, food and beverage, and consumer products markets.

PROPERTY OVERVIEW

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FACILITIES AND EQUIPMENTThe Property consists of multiple under roof fabrication and assembly buildings, an administrative building and a warehouse. The Property has a total under roof area of 410,000 square feet with an additional 800,000 square feet of outside assembly area. The facility permits the building of any standard bay size physical plant (both size and weight).

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BUILDING 1Building 1 consists of 194,000 square feet (376’ x 516’) of floor area. It includes three assembly bays with two 40-ton bridge cranes in each bay. The lifting hook height is 176 feet and has a span of 150 feet on a 370 foot rail.

BUILDING 2Building 2 consists of 77,000 square feet (100’ x 770’) of floor area. It includes one assembly bay with two 40-ton bridge cranes with a clear under hook height of 60 feet (100’ span on 770’ rail). Each bridge crane also has an auxiliary 10-ton hook.

BUILDING 3Building 3 consists of 36,000 square feet (100’ x 360’) of floor area. It has one assembly bay with two overhead cranes each with two 20-ton bridge cranes (100’ span on 360’ rail) and 40 feet of clear under hook height. The crane rails extend ~630’ into the laydown yard to the west of Building 3.

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PAINT AND BLAST FACILITYThe paint blast, and cure building is 12.500 square feet consisting of a 40’ x 100’ blasting room, a 40’ x 100’ paint room, and a 40’ x 100’ curing room. The building is closely coupled to the main assembly area, and includes a grit reclaim/separation system with 400 cubic foot bin capacity, an EPA approved dust collection system and an EPA approved side draft filtered spray booth. The curing room is temperature controlled with forced curing.

WAREHOUSEThe warehouse has 37,000 square feet of floor area and two bays, one of which is 400’ x 50’ and the other which is 350’ x 50’. The warehouse also features a material control and issue system.

BUILDING 6Building 6 is an 8,000 square foot (50’ x 160’) Class 1000/10 clean room and high purity/stainless steel hygienic pipe fabrication facility. Half of the building is dedicated to 10 hygienic and stainless steel pipe fabrication workstations. The other half of the building is clean room pipe fabrication area.

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ADMINISTRATIVE/ENGINEERING BUILDINGThe Administrative/Engineering Building includes 43,000 square feet of offices, complete with furniture, furnishings, and office equipment for 250 employees.

136 137Conf Room West

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Stairs

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1B2 1B1 1A7 1A6 1A5 1A4 1A3 1A2 1A1

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1D7 1D6 1D5 1D4 1D3 1D2 1D1 1C7 1C6 1C5 1C4 1C3 1C2 1C1

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156Conf Room South

154Copy/Plot

Room

153Break Room

150Jan Sply

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Womens Restroom155

IT

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Room

148Mens Restroom

147a 145Small Conf Room Central

Stairs

1271F7 1F6 1F5 1F4 1F3 1F2 1F1 1E7 1E6 1E5 1E4 1E3 1E2 1E1

126 1H7 1H6 1H5 1H4 1H3 1H2 1H1 1G7 1G6 1G5 1G4 1G3 1G2 1G1

125 124 123122 121

120 119Conf Room East

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FIRST FLOOR SECOND FLOOR226 227

Conf Room West229

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Stairs

2B7 2B6 2B5 2B4 2B3 2B2 2B1 2A7 2A6 2A5 2A4 2A3 2A2 2A1 2J1

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2J3

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238 Jan Sply 237c 236a 236b

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2F7 2F6 2F5 2F4 2F3 2F2 2F1 2E7 2E6 2E5 2E4 2E3 2E2 2E1

216 2H7 2H6 2H5 2H4 2H3 2H2 2H1 2G7 2G6 2G5 2G4 2G3 2G2 2G1

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Conf Room East207

206 205 204 203 202

101Lobby

102Mail/Supply Room

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A9

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Mens Restroom Women's Restroom A8 A6 A5 A4 A3

A2

A1 Executive Area

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A10a Accounting Vault A7 Actng Storage

RRKitchen Restroom

Closet

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A14Small

ExecutiveConf Room A15

WarRoom

A16Large

ExecutiveConf Room

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A11

A13h A13g A13f A13e

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A12 A18

104Document

Control Room

A13 A19A13a A13b A13c A13d Storage

Marketing

HVAC/FireHeater Room Telephone Room

Data Control Room

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EQUIPMENT

Equipment includes a shuttlelift with 200-ton capacity and three forklifts: one 4.5-ton capacity, one 1.5-ton capacity, and one 15-ton capacity.

Additional equipment includes the following:

Plate & Structural:• Structural Iron Worker: angle 4” x 1/2” • Cut-Off saw: 8” x 30”• Abrasive Wheel Cut-Off Saw: pipe and beams 6”• Band Saw: 18” x 18”• Bug-O-Portable Cutting Machine • Plasma Arc Cutting: 1” Stainless Steel• Automatic Traveling Cutting Torch Machines• shields Metal Arc Units

Welding Pipe Fabrication and Machine Shop• Flux Core Arc Units• Gas Metal Arc Units• Gas Tungsten Arc Units• Submerged Arc Units• Manual Single Arc Units• Ten (10) Swagelok M100 Orbital Welding Machines• Arch Machine Orbital Welder Unit• Stud Welders – 7/8” diameter• Pipe Rotators

Other equipment: • Pipe Threading Machines• Pipe Beveling Machines (Pneumatic)• Automatic Pipe Saw – 4”• Pantograph w/Plasma Arc and/or Oxy/Acetylene• Tube Bender – 1 - 1/2” diameter

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AREA OVERVIEWCHARLESTON, SOUTH CAROLINA STRATEGIC TRANSPORTATION CENTERCharleston, South Carolina is a thriving coastal community centrally located along the eastern seaboard at the midpoint between New York and Miami. Steeped in three centuries of rich culture and history, Charleston’s diverse economy is driven by one of the busiest containerized cargo ports along the Atlantic and Gulf coasts, a multi-billion dollar tourist industry, a growing base of national and international industry, and a significant military presence.

As one of the largest deep water port markets on the eastern coast of the United States, Charleston is a global gateway connecting companies to virtually every major international and domestic market. Several major U.S. and state highways converge in the area to provide easy access to the interstate highway system. Two of the nations most extensive railroads intersect in Charleston. Air service is available through Charleston International Airport with service from most major U.S. carriers.

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ECONOMIC OVERVIEW Charleston ranked in the Top 10 Small American Cities of the Future 2015/16 for FDI Strategy. 421 locations were analyzed and ranked based on population size. Data for the report included economic potential, business friendliness, human capital and lifestyle, cost effectiveness and connectivity. The Charleston unemployment rate at 6.4% is one of the lowest in the Southeast and overall South Carolina is in the top 25% of all States for being the best place to find a job. Aerospace, technology, automotive and port related jobs lead the community in job growth.

Foreign container shipping firms are taking advantage of the strong dollar and its resulting boost in European exports to the United States, as well as population and manufacturing gains in the Southeast, by adding new routes to Charleston and other East Coast ports.

Dubai-based United Arab Shipping Co. recently launched its NEU-I service that will travel weekly between five ports in Northern Europe and four U.S. ports: New York, Norfolk, Charleston and Savannah.

The Army Corps of Engineers’ Civil Works Review Board (CWRB) recently approved the final integrated feasibility study report and Environmental Impact Statement (EIS) for the Charleston Harbor Deepening Project. This milestone allows the project to move forward, deepening the harbor to 52 feet.

Conde Nast ranked Charleston as the number one travel destination in the U.S.

Travel & Leisure named Charleston the best city in North America.

Charleston has a population of 520,000 people and offers a highly-skilled workforce in a pro-building tax and incentive structure, world class infrastructure and a coastal location.

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ATLANTA

CHARLOTTE

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PHILADELPHIANEW YORK

WASHINGTON DC

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TAMPA

JACKSONVILLE

Macon

Columbia

Knoxville

RALEIGHGreensboro

Charleston

Lexington

Cincinnati

Columbus

Pittsburgh

Norfolk

RICHMOND

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CHARLESTONCHARLESTON

ORLANDO

Savannah

Greenville

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REGIONAL HIGHWAY ACCESS• I-95, I-77, I-20, I-85, I-526 and I-40 all link directly to I-26, which originates in

Charleston

• Land-based shipments can reach 80% of domestic markets within 48 hours

CHARLESTON INTERNATIONAL AIRPORT• Major Airlines: Delta, US Air, United, American, Alaska Airlines, Jet Blue,

Southwest and U.S. Air

• 290 daily flights

• 3 million passengers annually

• Nonstop flights to 24 airports and 19 cities in the US and Canada

• Growing air cargo services

BOEING: ECONOMIC GAME-CHANGER • Boeing selected Charleston as the site for a second assembly facility for the

new 787 Dreamliner aircraft, its only commercial assembly facility outside the state of Washington

• 7,500 jobs and, a projected $2 billion projected investment by Boeing in the region

• Significant economic multiplier effect expected throughout the state

• New Boeing interior fabrication and paint facilities in North Charleston were recently announced

• The announcement thrust Charleston onto the world stage of aircraft design

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The Port of Charleston is one of the busiest container ports along the southeast and gulf coasts and is recognized as one of the nation’s most efficient and productive port in the world. the Port of Charleston ranked first in customer satisfaction by World and Cargo Business News.

PORT OF CHARLESTON OVERVIEW• 5 Total terminals with service to over 150 countries via 40 carriers

• Deepest water channels in the region with the ability to handle 8,400-TEU vessels drafting up to 48 feet

• Competitive, multi-carrier access to every major global trade lane

• Only port in the Southeast Atlantic region that can handle fully-loaded post-panamax vessels

HIGHLY EFFICIENT DEEPWATER PORT• All-tide access for big ships, with 45-feet of water at low tide and 50

feet at high tide

• Transit times of one-to-two hours from open sea to dockside. Fastest on the east coast

• Dockside operation teams among the best in the business: average 41 moves per hour per crane across the entire port compared to the us U.S. average of 25 moves per hour per crane

• Efficient yard and gate operations: average truck turn time of 20 minutes

• Large number of container gates and efficient gate processes minimize queue times

PORT OF CHARLESTON - A LEADING EAST COAST PORT

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GROWTH & EXPANSION

• The State Ports Authority is investing in new and existing terminals with a 10-year, $1.3-Billion capital plan

• Continued investment to maximize utilization and build new capacity to meet expected future demand

• Conversion of former navy base to new three-berth, 280-acre terminal will boost capacity 50% at full build out

• Anticipated opening date of the 171-acre first phase is on target for December 2016

• Former navy base terminal is the only permitted port expansion project on the east coast

POST-PANAMAX READY• As ocean carriers seek economies of scale in their operations,

the ability to work ever larger ships is significantly important

• With the deepest water in the southeast, the Port of Charleston is one of only three east coast ports (Charleston, New York, Norfolk) able to work fully-loaded Post-panamax ships

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CHARLESTON

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PORT OFCHARLESTON

5 PORT TERMINALS

NORTH CHARLESTON

Francis Marion National Forest

SUMMERVILLE

Isle of Palm

Sulivans Island

Folly Beach

Charleston Harbor

Johns Island

W

West Ashley

Charleston AFB/ International

Airport

US Naval Reservation

CharlestonExecutive

Airport

Mt Pleasant Regional Airport

Cypress Gardens Rd

Clements Ferry RdAshley River Rd

Savannah Hwy

Main Rd

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State Rd

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St James Ave

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Black Tom Rd

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Sawmil Rd

State Rd S-8-44

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Dorchester Rd

Palms Blvd

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Rd T SHEEP ISLANDINTERCHANGE

JEDB TERCHANGE

CHARLESTON DISTRIB TION CORRIDOR

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EXPANDING INDUSTRIAL SECTORThe Charleston region boasts a thriving industrial sector directly tied to cargo movement through the Port of Charleston. The port’s industry-leading productivity and supply-chain reliability are a perfect fit with the demands of consumer goods importers and manufacturers. The Port of Charleston offers the fastest and most reliable access to the Southeastern United States, one of the fastest growing population areas in the U.S.

In recent years, several major companies have announcednew facilities to be built in Charleston:

• Boeing - 787 Dreamliner assembly facility in North Charleston. The facility will be the first commercial airline assembly operation for Boeing outside the State of Washington.

• Boeing – New interior fabrication facility in North Charleston. This 250,000 square foot facility is expected to create more than 150 new jobs.

• Clemson University Restoration Institute - Clemson University received a $45 million Department of Energy grant for a large scale wind turbine testing facility to be located in Charleston, the biggest single grant that Clemson University has ever received. This event has brought Charleston to the forefront of the wind and renewable energy sector and has already spurred investment from third-party providers who manufacture turbine parts and components.

• Gerber Childrenswear - New distribution center in Berkeley County that will import clothing and other merchandise through the Port of Charleston, sending it to retail stores and mail-order customers throughout the United States. Gerber Childrenswear is investing $33 million in the 477,000 square foot facility.

• Gildan Activewear - Retail distribution center operation in Berkeley County. Charleston’s central location between New York and Miami offers Gildan access to some of their fastest growing markets in the United States. Gildan’s investment is expected to generate approximately 250 new jobs.

• Volvo – New $500 million plant expected to produce 100,000 cars per year. Located in Berkeley County, it is expected to create 2,000 new jobs over the next decade, and up to 4,000 jobs by 2030. Will begin rolling out cars from factory in 2018.

• Mercedes-Benz – New $500 million Sprinter plant construction to begin in 2016. When complete, the site will cover approximately 200 acres, including a body shop, paint shop and assembly line. It will employ 1,300 people who will be building Sprinters badged as both Mercedes and Freightliner models.

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LOCAL INDUSTRIAL MARKETThe Charleston industrial market consists of 38 million square feet of industrial buildings. Current overall vacancy is 6.1%, down from 9.1% in the Second Quarter of 2014. Rental rates have increased 11.2% in the past year and currently average $4.80 per square foot. Year to date absorption is 600,000 square feet.

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The Charleston industrial market caters to many industries, including automotive, aeronautical, advanced materials and major defense firms.

Major industrial firms include:

Alcoa - 4,500-acre campus

BP/Amoco - 490-acre campus

Nucor Steel - 300-acre campus

Nexans - 350,000 square foot cable manufacturing facility

OVERALL RENTAL RATE OVERALL VACANCY RATE

2011 4.39 8.08%

2012 4.3 7.04%

2013 4.3 7.96%

2014 4.42 6.80%

Q2 15 4.8 6.10%

LEASING ACTIVITY OVERALL ABSORPTION

2011 3,107 3,276

2012 2,064 659

2013 5,094 -670

2014 3,541 724

2015 Y 590 793

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

$4.00

$4.25

$4.50

$4.75

$5.00

2011 2012 2013 2014 Q2 15

psf/y

r

OVERALL RENTAL RATE OVERALL VACANCY RATE

OVERALL RENTAL VS. OVERALL VACANCY RATES

3,10

7

2,06

4

5,09

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3,54

1

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276

659

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2011 2012 2013 2014 2015 YTD

SF (

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LEASING ACTIVITY OVERALL ABSORPTION

OCCUPIER ACTIVITY

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

$4.00

$4.25

$4.50

$4.75

$5.00

2011 2012 2013 2014 Q2 15

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OVERALL RENTAL RATE OVERALL VACANCY RATE

OVERALL RENTAL VS. OVERALL VACANCY RATES

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ED KERCHERSenior Vice President, Managing BrokerCushman & Wakefield | Thalhimer(843) 724 0104One Unity Alley, Suite 310Charleston, SC 29401ed.kercher@thalhimer.com

ERIC OLOFSONExecutive Vice ChairmanCushman & Wakefield(310) 595 221610250 Constellation Blvd., Suite 2200Los Angeles, CA 90067eric.olofson@cushwake.com

RAYMOND A. STACHE, SIORSenior DirectorCushman & Wakefield(404) 853 531355 Ivan Allen Jr. Blvd., Suite 700Atlanta, GA 30308 ray.stache@cushwake.com