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OFFERING MEMORANDUM CBRE CAPITAL MARKETS 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068 ONE ELM PLACE

OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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Page 1: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

OFFER ING MEMORANDUM

C B R E C A P I TA L M A R K E T S

1000 EAST E LDORADO PARKWAY | L I T T LE E LM, TX 75068

O N E E L M P L AC E

Page 2: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

OFFERING SUMMARY

EXCLUSIVE MARKETING ADVISORS: M ICHAEL AUSTRYVICE PRES IDENT+1 214 252 1115michae l .aus t r y@cbre . com

JARED AUBREYSENIOR V ICE PRES IDENT+1 214 252 1031ja red .aub rey@cbre . com

PRICE

$7,735,000CAP RATE

7.75%NET OPERATING INCOME

$599,440GROSS LEASEABLE AREA

33,050 SFLAND AREA

7.73 ACRESOCCUPANCY

95.06%YEAR BUILT

2007/2017

Page 3: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTYSQUARE

FEET GLA %LEASE

COMMENCEMENTLEASE

EXPIRATIONANNUAL BASE RENT TOTAL LEASE TYPE

TRIPLE LINK CROSSFIT 3,885 11.75% FEBRUARY 2018 JUNE 2023 $76,992 NNN

MASTER LEASE 3,002 9.08% JUNE 2019 MAY 2020 $54,036 NNN

DOMINOS PIZZA 2,080 6.29% JANUARY 2018 DECEMBER 2022 $42,000 NNN

SMILE DOCTORS 3,520 10.65% SEPTEMBER 2006 JULY 2027 $80,080 NNN

SONNY’S DONUT 1,200 3.63% APRIL 2007 MARCH 2022 $26,400 NNN

METRO PCS 1,280 3.87% SEPTEMBER 2012 AUGUST 2020 $23,100 NNN

ARTE DENTAL 2,160 6.54% NOVEMBER 2012 OCTOBER 2022 $41,040 NNN

COWBOY NAIL SALON 3,200 9.68% APRIL 2017 MARCH 2027 $57,600 NNN

EMMA GRULLON HAIR 1,440 4.36% JULY 2017 JUNE 2022 $30,336 NNN

ELIZABETH PRE SCHOOL 3,250 9.83% AUGUST 2017 JANUARY 2023 $58,920 NNN

REDDS SUDS LAUNDRY 1,600 4.84% MAY 2017 AUGUST 2022 $28,800 NNN

EL TAPATIO MEAT MARKET 4,800 14.52% OCTOBER 2014 MARCH 2029 $96,000 NNN

AVAILABLE 1,633 4.94% - - - -

TOTAL OCCUPIED 33,050 SF 95.06% $616,134

TENANT ROSTER

Page 4: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

INVESTMENT HIGHLIGHTS

+ 95% Occupied - Strong mix of National and local tenants

+ Triple Net Leases - Allow an investor to have limited landlord responsibilities and ease of management

+ Strategically Situated Just North of the DFW Metroplex - Little Elm is located approximately 50 minutes northeast of downtown Fort Worth and 40 minutes north of Downtown Dallas

+ 78% Increase in Population by 2023

+ Densely Populated Submarket - Currently over 250,767 in a 7-mile radius

+ Easy Access to and from Eldorado Parkway

+ Strong Traffic Counts, Excellent Visibility - Over 24,000 Vehicles per Day on Eldorado Parkway

+ Surrounding Retailers include ALDI, Starbucks, Hula Hut, Fuzzy’s Taco Shop, Dollar General, Kroger, Lowe’s, Walmart, Sprouts, Smoothie King, Arby’s, and many more

+ Texas has no State Income Tax

Page 5: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTY PHOTOS

Page 6: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTY LOCATION

Page 7: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

DRONE AERIAL

SITE

DONUTS

EL TAPATIOMEAT MARKET

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTY AERIAL | 2 MILE VIEW

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTY AERIAL | .5 MILE VIEW

N

Page 10: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

PROPERTY AERIAL | .5 MILE VIEWCUSTOMER DAYTIME LOCATION - Mass Mobile Data

UNDERSTANDING YOUR CUSTOMER

What is Massive Mobile Data??

Massive Mobile Data Science?

Data sourced from a wide range of varied mobile apps (SDKs) providing a location analysis

solution for location decisions that is dramati-cally changing the way retailers consider their

market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail, site selection, trade area analysis, marketing, or visitor profil-ing, mobile data is the most trusted solution for

strategic marketplace analysis.

Tracking customers back to their home and day locations allows us to identify the top cities visit-ing this site. Click the cities below to see where

those customers work or live.

NightLocation

Day Location

Little Elm - 42.5%Frisco - 13.8%Dallas - 6.2%Aubrey - 4.8%Plano - 3.9%

Page 11: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

HOUSING STUDY | 7 MILE RADIUS

BUILT OUT(118 locations, 27,347 lots)

UNDER CONSTRUCTION(82 locations, 44,153 lots)

FUTURE DEVELOPMENTS(29 locations, 8,517 lots)

2016 LOCATION SUMMARY

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

TYPE Orthodontics

YEARS IN BUSINESS 3

NO. OF LOCATIONS 140+

HEADQUARTERS Georgetown, TX

WEBSITE www.smiledoctors.com

SQUARE FOOTAGE 3,510 SF

% OF CENTER 10.62%

Smile Doctors is the largest orthodontic dental support organization with over 100 affiliated practices in ten states. focuses exclusively on developing and growing affiliated orthodontic practices. Smile Doctors-affiliated practices are owned and operated by licensed orthodontists and committed to providing affordable, all-inclusive orthodontic treatment to patients across the country. Smile Doctors’ patient-centric approach and team collaboration result in beautiful, confident smiles and the highest standard of patient care.

KEY TENANT INFORMATION

TYPE Restaurant

YEARS IN BUSINESS 57

NO. OF LOCATIONS 14,000+

HEADQUARTERS Ann Arbor, MI

WEBSITE www.dominos.com

SQUARE FOOTAGE 2,080 SF

% OF CENTER 6.30%

Domino’s Pizza, Inc., now branded simply as Domino’s, is an American pizza restaurant chain founded in 1960. In February 2018, the chain became the largest pizza seller worldwide in terms of sales. Domino’s operates more than 14,000 pizza restaurants in more than 85 countries, and delivers more than 1.5 million pizzas each day. Domino’s delivery experts drive more than 10 million miles across the United States every week.

Page 13: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

TYPE Restaurant

YEARS IN BUSINESS 13

NO. OF LOCATIONS 3

HEADQUARTERS Carrollton, TX

WEBSITE www.latapatiameatmartket.com

SQUARE FOOTAGE 4,800 SF

% OF CENTER 14.53%

El Tapatio Meat Market is a part of La Tapatía Meat Market, which is a family business that provides services to the Hispanic community in their language and with great respect and understanding of the Mexican and Latin American culture. All the stores remain open daily and are managed by the same family. La Tapatía Meat Market also sells prepared food to consume at the stores, food-to-go, pick up orders and catering for parties and business events.

TYPE Wireless Communications

YEARS IN BUSINESS 24

NO. OF LOCATIONS 10,000+

HEADQUARTERS Richardson, TX

WEBSITE www.metropcs.com

SQUARE FOOTAGE 1,280 SF

% OF CENTER 3.87%

Metro by T-Mobile (formerly known as MetroPCS), is a prepaid wireless carrier brand owned by T-Mobile US. It previously operated the fifth largest mobile telecommunications network in the United States using code division multiple access. In 2013, the carrier engaged in a reverse merger with T-Mobile USA; post-merger, its services were merged under T-Mobile’s 4G and LTE network.

KEY TENANT INFORMATION

EL TAPATIO

MEAT MARKET

Page 14: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

IN-PLACE NOI & PRICING SUMMARY

In-P lace NOIJun-19 to May-20 $ PSF

Size of Improvements 33,050 SF

In-P lace Occupancy 95.06%

REVENUESScheduled Base Rent $616,134 $18.64

CAM Reimbursement 60,782 1.84MGT Reimbursement 29,963 0.91INS Reimbursement 13,786 0.42RET Reimbursement 200,911 6.08

EFFECTIVE GROSS REVENUE 921,576 27.88

OPERATING EXPENSESCommon Area Maintenance (64,028) (1.94)Management Fee (32,255) (0.98)Insurance (14,501) (0.44)Real Estate Taxes (211,352) (6.39)

TOTAL OPERATING EXPENSES (322,136) (9.75)

NET OPERATING INCOME $599,440 $18.14

Annual Debt Service (314,714) (9.52)

CASH FLOW AFTER DEBT $284,726 $8.62

PURCHASE PRICE AS OF JUNE 1, 2019 $7,734,710 $234.03

Loan Funding (5,027,561) (152.12)Origination Fee 50,276 1.52

INITIAL EQUITY $2,757,424 $83.43

Assumptions:Commencement Date Jun 1, 2019Operating Expense Source 2017 CAM Rec Grown 3% /YrManagement Fee (% of EGR) 3.50%Real Estate Taxes Reassessed No

Notes:Operating Expenses:a) Real Estate Taxes in CY2019 are based on the 2019 value of $8,298,341 and the 2018 millage rate of 2.515474%.b) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense.

Investment Summary:Capitalization Rate 7.75%Leveraged Cash on Cash Return [1] 10.33%Debt Service Coverage Ratio (NOI) 1.9xLoan Constant 6.26%Weighted Average Remaining Lease Term (in Years) 5.14

[1] Market Debt based on 65% Loan-to-Value, 4.75% Interest Rate, 30-Year Amortization, and a 1.00% Loan Fee.

Page 15: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

EXISTING LEASE EXPIRATIONS

Suite Tenant End 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter Available70 MASTER LEASE May-20 3,002

120 Metro PCS Aug-20 1,280110 Sonny's Donuts Mar-22 1,200160 Emma Grullon Hair Jun-22 1,440180 Redds Suds Laundry Aug-22 1,600130 Arte Dental Oct-22 2,16080 Dominos Pizza Dec-22 2,080

170 Elizabeth Pre School Jan-23 3,25050 Triple Link CrossFit Jun-23 3,885

150 Cowboy Nail Salon Mar-27 3,200100 Smile Doctors Jul-27 3,520190 El Tapatio Meat Market Mar-29 4,80090 Available NA 1,633

Totals: 0 4,282 0 8,480 7,135 0 0 0 6,720 0 4,800 1,633Percent: 0% 13% 0% 26% 22% 0% 0% 0% 20% 0% 15% 5%Count: 0 2 0 5 2 0 0 0 2 0 1 1

Cumulative SF: 0 4,282 4,282 12,762 19,897 19,897 19,897 19,897 26,617 26,617 31,417 33,050Cumulative %: 0% 13% 13% 39% 60% 60% 60% 60% 81% 81% 95% 100%

Summary of Lease Expirations

Year Leases SF Percent Cumu. SF Cumu. %

2019 0 0 0% 0 0%

2020 2 4,282 13% 4,282 13%

2021 0 0 0% 4,282 13%

2022 5 8,480 26% 12,762 39%

2023 2 7,135 22% 19,897 60%

2024 0 0 0% 19,897 60%

2025 0 0 0% 19,897 60%

2026 0 0 0% 19,897 60%

2027 2 6,720 20% 26,617 81%

2028 0 0 0% 26,617 81%

Thereafter 1 4,800 15% 31,417 95%

Available 1 1,633 5% 33,050 100%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Ther

eaft

er

Avai

labl

e

Annual Cumulative

Suite Tenant End 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter Available70 MASTER LEASE May-20 3,002

120 Metro PCS Aug-20 1,280110 Sonny's Donuts Mar-22 1,200160 Emma Grullon Hair Jun-22 1,440180 Redds Suds Laundry Aug-22 1,600130 Arte Dental Oct-22 2,16080 Dominos Pizza Dec-22 2,080

170 Elizabeth Pre School Jan-23 3,25050 Triple Link CrossFit Jun-23 3,885

150 Cowboy Nail Salon Mar-27 3,200100 Smile Doctors Jul-27 3,520190 El Tapatio Meat Market Mar-29 4,80090 Available NA 1,633

Totals: 0 4,282 0 8,480 7,135 0 0 0 6,720 0 4,800 1,633Percent: 0% 13% 0% 26% 22% 0% 0% 0% 20% 0% 15% 5%Count: 0 2 0 5 2 0 0 0 2 0 1 1

Cumulative SF: 0 4,282 4,282 12,762 19,897 19,897 19,897 19,897 26,617 26,617 31,417 33,050Cumulative %: 0% 13% 13% 39% 60% 60% 60% 60% 81% 81% 95% 100%

Summary of Lease Expirations

Year Leases SF Percent Cumu. SF Cumu. %

2019 0 0 0% 0 0%

2020 2 4,282 13% 4,282 13%

2021 0 0 0% 4,282 13%

2022 5 8,480 26% 12,762 39%

2023 2 7,135 22% 19,897 60%

2024 0 0 0% 19,897 60%

2025 0 0 0% 19,897 60%

2026 0 0 0% 19,897 60%

2027 2 6,720 20% 26,617 81%

2028 0 0 0% 26,617 81%

Thereafter 1 4,800 15% 31,417 95%

Available 1 1,633 5% 33,050 100%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Ther

eaft

er

Avai

labl

e

Annual Cumulative

Page 16: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

RENT ROLL AS OF 6/1/2019

Square % of Lease Term Rental Rates Recovery

Suite Tenant Name Feet Proper ty Begin End Begin Monthly Annually PSF Type Comments/Options

50 Tr iple Link CrossF it 3,885 11.75% Feb-2018 Jun-2023 Current $6,416 $76,992 $19.82

70 MASTER LEASE 3,002 9.08% Jun-2019 May-2020 Current $4,503 $54,036 $18.00

80 Dominos P izza 2,080 6.29% Jan-2018 Dec-2022 Current $3,500 $42,000 $20.19

90 Available 1,633 4.94%

100 Smile Doctors 3,520 10.65% Sep-2006 Jul-2027 Current $6,673 $80,080 $22.75 Sep-2021 $7,260 $87,120 $24.75 Sep-2026 $7,407 $88,880 $25.25

110 Sonny 's Donuts 1,200 3.63% Apr-2007 Mar-2022 Current $2,200 $26,400 $22.00 Apr-2020 $2,300 $27,600 $23.00

120 Metro PCS 1,280 3.87% Sep-2012 Aug-2020 Current $1,925 $23,100 $18.05

130 Ar te Dental 2,160 6.54% Nov-2012 Oct-2022 Current $3,420 $41,040 $19.00 Nov-2019 $3,510 $42,120 $19.50 Nov-2020 $3,600 $43,200 $20.00 Nov-2021 $3,690 $44,280 $20.50

150 Cowboy Nail Salon 3,200 9.68% Apr-2017 Mar-2027 Current $4,800 $57,600 $18.00 Apr-2022 $5,333 $64,000 $20.00

160 Emma Grullon Hair 1,440 4.36% Jul-2017 Jun-2022 Current $2,528 $30,336 $21.07

NNN+MGT Analysis assumes a 3-month extension from 03/23-06/23 at the same rate.

NNN+MGT 5% cap on prior year CAM excluding SNOW, UTIL, INS, and RET.

NNN+MGT MASTER LEASE - Analysis assumes seller will master lease this space at the indicated terms.

NNN+MGT Two 5 year renewal options @ $21.92 /sf/yr and $24.81 /sf/yr.

NNN+MGT One 5 year renewal option @ FMV. 5% cumulative compounding cap on CAM excluding MGT, INS, and RET. MGT may not exceed 4% of EGR.

NNN+MGT One 5 year renewal option @ $22.13 /sf/yr.

NNN+MGT

NNN+MGT

NNN+MGT Rent as of 07/19.

Page 17: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

RENT ROLL AS OF 3/1/2019

Square % of Lease Term Rental Rates Recovery

Suite Tenant Name Feet Proper ty Begin End Begin Monthly Annually PSF Type Comments/Options

50 Tr iple Link CrossF it 3,885 11.75% Feb-2018 Jun-2023 Current $6,416 $76,992 $19.82

70 MASTER LEASE 3,002 9.08% Jun-2019 May-2020 Current $4,503 $54,036 $18.00

80 Dominos P izza 2,080 6.29% Jan-2018 Dec-2022 Current $3,500 $42,000 $20.19

90 Available 1,633 4.94%

100 Smile Doctors 3,520 10.65% Sep-2006 Jul-2027 Current $6,673 $80,080 $22.75 Sep-2021 $7,260 $87,120 $24.75 Sep-2026 $7,407 $88,880 $25.25

110 Sonny 's Donuts 1,200 3.63% Apr-2007 Mar-2022 Current $2,200 $26,400 $22.00 Apr-2020 $2,300 $27,600 $23.00

120 Metro PCS 1,280 3.87% Sep-2012 Aug-2020 Current $1,925 $23,100 $18.05

130 Ar te Dental 2,160 6.54% Nov-2012 Oct-2022 Current $3,420 $41,040 $19.00 Nov-2019 $3,510 $42,120 $19.50 Nov-2020 $3,600 $43,200 $20.00 Nov-2021 $3,690 $44,280 $20.50

150 Cowboy Nail Salon 3,200 9.68% Apr-2017 Mar-2027 Current $4,800 $57,600 $18.00 Apr-2022 $5,333 $64,000 $20.00

160 Emma Grullon Hair 1,440 4.36% Jul-2017 Jun-2022 Current $2,528 $30,336 $21.07

NNN+MGT Analysis assumes a 3-month extension from 03/23-06/23 at the same rate.

NNN+MGT 5% cap on prior year CAM excluding SNOW, UTIL, INS, and RET.

NNN+MGT MASTER LEASE - Analysis assumes seller will master lease this space at the indicated terms.

NNN+MGT Two 5 year renewal options @ $21.92 /sf/yr and $24.81 /sf/yr.

NNN+MGT One 5 year renewal option @ FMV. 5% cumulative compounding cap on CAM excluding MGT, INS, and RET. MGT may not exceed 4% of EGR.

NNN+MGT One 5 year renewal option @ $22.13 /sf/yr.

NNN+MGT

NNN+MGT

NNN+MGT Rent as of 07/19.

150 Cowboy Nail Salon 3,200 9.68% Apr-2017 Mar-2027 Current $4,800 $57,600 $18.00 Apr-2022 $5,333 $64,000 $20.00

160 Emma Grullon Hair 1,440 4.36% Jul-2017 Jun-2022 Current $2,528 $30,336 $21.07

170 Elizabeth Pre School 3,250 9.83% Aug-2017 Jan-2023 Current $4,910 $58,920 $18.13 Nov-2020 $5,159 $61,913 $19.05

180 Redds Suds Laundry 1,600 4.84% May-2017 Aug-2022 Current $2,400 $28,800 $18.00

190 El Tapatio Meat Market 4,800 14.52% Oct-2014 Mar-2029 Current $8,000 $96,000 $20.00 Apr-2021 $8,160 $97,920 $20.40 Apr-2023 $8,324 $99,888 $20.81 Apr-2025 $8,488 $101,856 $21.22 Apr-2027 $8,660 $103,920 $21.65

TOTALS / AVERAGES 33,050 $51,275 $615,304 $19.59

OCCUPIED SqFt 31,417 95.1%VACANT SqFt 1,633 4.9%

TOTAL SqFt 33,050 100.0%

NNN+MGT One 5 year renewal option @ $22.13 /sf/yr.

NNN+MGT Two 5 year renewal options @ (1st) FMV, not less than $19.80 /sf/yr, and (2nd) FMV.

NNN+MGT (xT)

NNN+MGT Rent as of 07/19.

NNN+MGT

Page 18: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

SITE DEMOGRAPHICS

7 MI

3 MI

1 MI

5 MI

POPULATION

250,767 82,003

51,063

22,017

3,316

$83,410

$110,575

$121,780

$120,134

161,847

70,023

10,974

75,000 25,000115,000 50,000225,000 75,000

60,000

300,000 100,000

120,000

0 0

0

HOUSEHOLDS

AVERAGE HOUSEHOLD INCOME

7 MI

3 MI

1 MI

5 MI

7 MI

3 MI

1 MI

5 MI

30,000 90,000

206,898

2000

2018

2023

2010

POPULATION GROWTH (5 MILES)

14,638

88,676

161,847

50,000100,000150,000200,000 0

Page 19: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

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ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

WHY DALLAS/FORT WORTH?

Office And Administrative Support 17.9%Sales And Related 10.9%Food Preparation And Serving Related 9.2%Transportation And Material Moving 8.2%Production 5.6%Business And Financial Operations 5.5%Education, Training, And Library 5.4%Healthcare Practitioners And Technical 5.4%Installation, Maintenance, And Repair 4.2%Management 4.2%Computer And Mathematical 4.1%Construction And Extraction 4.1%Personal Care And Service 2.7%Building And Grounds Cleaning /Maintenance 2.7%Healthcare Support 2.5%Protective Service 2.1%Architecture And Engineering 1.8%Arts, Design, Entertainment, Sports, And Media 1.2%Community And Social Service 0.8%Legal 0.7%Life, Physical, And Social Science 0.4%Farming, Fishing, And Forestry 0.1%

OUR EMPLOYMENTOVERALL EMPLOYMENT REMAINS STRONGDiversified economy has helped drive robust job growth.

JOBS (MILLIONS)

Source: Texas Workforce Commission, Bureau of Labor Statistics, April 2018.

730,900#2 2.8% 98,900JOBS ADDED SINCE JUNE 2010

JOBS ADDED YEAR-OVER-YEAR THROUGH FEBRUARY 2018

1.5

2.0

2.5

3.0

3.5

4.0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

RECESSIONS:EMPLOYMENT:

MARKET FOR NUMBER OF JOBS ADDED BEHIND NEW YORK CITY

EXPANSION IN EMPLOYMENT BASE FEBRUARY 2017 - FEBRUARY 2018

(Seasonally adjusted)

LAB

OR

FO

RCE

Source: BLS Occupational Employment Statistics, April 2018.

HEALTHCARE

7 Not-For-Profit Heath Systems

90MEMBER HOSPITALSIN THE DALLAS/FORT WORTH HOSPITAL COUNCIL

Source: The Dallas Regional Chamber, The University of Texas Southwestern Medical Center, 2018.

AIRPORT SYSTEM & LOGISTICS

NOBELLAUREATES6

OUR ECONOMYHIGHER EDUCATION

Source: Dallas Regional Chamber, 2018.Source: Airports Council International, 2017; DFW International Airport, Love Field, Hillwood, 2018.

4TH BUSIEST AIRPORT IN U.S. (DFW INTERNATIONAL)

MAJOR UNIVERSITIES13

82.8 MILLION annual passengers (DFW International + Love Field)

1 OF 7 AIRPORTSAIRPORTS GLOBALLY WITH 200+ DIRECT DESTINATIONS (DFW INTERNATIONAL)

82 Acute care hospitals and other major medical centers

281 Medical manufacturing businesses20,000+ Hospital beds in the DFW region

58,687 Registered nurses in DFW

9,600 ACRES of inland port designated as Foreign-Trade Zone (Alliance Global Logistics Hub)

TOP 10 ranked container ports (BNSF Intermodal Facility), Coordinating nearly 3,000 trucks and 16 intermodal trains per day

15 major universities7 community college systems 370,899 students enrolled

3 of 7 Emerging research universities in Texas pursuing “tier one” status

3,600 Medical, graduate, and health profession students, residents, and postdoctoral fellows trained at UT Southwestern each year.

45,481 BACHELORS, MASTERS AND PHD DEGREES AWARDED IN 2015

TECHNOLOGY

48 COWORKING SPACES

Source: CBRE Research, April 2018; Dallas Regional Chamber, April 2018.

1of 3 OF ALL HIGH-TECH JOBS IN TEXAS

ARE LOCATED IN DFW

7TH LARGEST LARGEST CONCENTRATION OF TECHNOLOGY-RELATED EMPLOYEES IN THE U.S. (224,957 TECH TALENT TOTAL)

#1 LARGE AIRPORTIN NORTH AMERICA FOR CUSTOMER SERVICE

29 INCUBATORS/ACCELERATORS

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20

ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

WHY DALLAS/FORT WORTH?

OUR PEOPLECOST OF LIVING INDEX

OUR DIVERSITY

NEW YORK

SAN FRANCISCO

BOSTON

SEATTLE

SAN DIEGO

LOS ANGELES

PHILADELPHIA

CHICAGO

DALLAS

HOUSTON

ATLANTA

TAMPA

PHOENIX

ST. LOUIS-20 -0 20 40 60 80 100 120 140

% AVG. HOUSEHOLD INCOME % ABOVE US AVG. COST OF LIVING % ABOVE US AVG.

POPULATION TRENDS & DEMOGRAPHICS

47.1% Anglo

28.8% Hispanic

15.6% Black

6.4% Asian

2.1% Other

DIVERSITY

ETH

NIC

ITY

Source: Esri, 2018.

29.6% BELOW LARGE

U.S. METRO AVERAGE

FLAT COMPARED TO OVERALL NATIONAL AVERAGE

=

DFW INCOME IS ABOVE NATIONAL AVERAGE

Source: Council for Community and Economic Research (C2ER), Cost of Living Index, April 2018; Fast Reports

DFW METRO

JULY 2016 TO JULY 2017DFW ADDED

+146,238RESIDENTS

+400RESIDENTS PER DAY

=

DFW ADDED THE MOST RESIDENTS OUT OF ANY OTHER U.S. METRO IN 2017

HOUSING MARKET

20,660 SINGLE FAMILY HOME SALES2018 YTD (MARCH)

DFW TRADE SECTORS

$5.90B $3.20 B $2.70 B $1.70 B TRANSPORTATION

EQUIPMENT

Source: Dallas Economic Development Guide 2018

DALLAS, TX

Source: Texas A&M Real Estate Center, April 2018.

$326,266AVERAGE HOME PRICE

April 2018

2 MONTHS OF HOUSING SUPPLY

Y-O-Y (MARCH 2016 TO MARCH 2017) SALES VOLUME INCREASED 5.24%

COMPUTER AND ELECTRONIC PRODUCTS

CHEMICALS MACHINERY, EXCEPT ELECTRICAL

MISC. MANUFACTURED COMMODITIES

$7.20 B

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21

ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

OUR QUALITY OF LIFE

31,998 ACRESOF PARK LAND

1,728 MILESOF STREET TRAILS

660+PUBLIC PARKS IN DFW

MORE THAN TWO DOZEN PUBLIC DOG

PARKS

EDUCATION

PARKS & RECREATION

Source: Dallas Parks & Recreation Annual Report - DallasParks.org

Source: http://fortworthtexas.gov/parks/info/

Source: http://sayyestodallas.com/parks-outdoors/its-a-dogs-life/

SPORTS370,899 STUDENTS IN HIGHER EDUCATION

20,114 Dallas 11,884 Fort Worth

393 Dallas273 Fort Worth

232 SUNNY DAYS A

YEAR ON AVERAGE

45,481DEGREES AWARDED ANNUALLY

Cowboys • Mavericks • Rangers • FC Dallas • Stars • Wings • Diamonds

5 SUPERBOWL

WINS

2011 NBS

CHAMPIONSHIPS

2015 & 2016 DIVISION

CHAMPIONSHIPS

2016 US OPEN CUP CHAMPIONS

2016 DIVISION

CHAMPIONS

WHY DALLAS/FORT WORTH?

14,111RESTAURANTS

549BARS

Source: https://bigtex.com/attendance/

Source: Dallaschamber.org/why-dallas

CULINARYLOCAL ATTRACTIONSTATE FAIR

2.25 MILLION2017 ATTENDANCE

$54.5 MILLION2017 REVENUE

RETAIL MARKETRETAIL SALES

$81B

4.3%

RETAIL SALES 2016

Source: Texas Comptroller, 2018

Dallas has a strong consumer base. Retail spending has shown steady growth since 2010.

RETAIL DEVELOPMENT

308,344,247 SFEXISTING RETAIL INVENTORY (SF)

4,871,914 SFUNDER CONSTRUCTION (SF)

SALES TAX REVENUE

YoY Change 3.6%

YoY Change

Source: CBRE Research Q1 2018.

MARKET TRENDS

$15.73PSFWEIGHTED AVG ASKING RATE

RETAIL OCCUPANCYSource: CBRE Research Q1 2018.

2007 90.2%

2007 94.9%

4.7%

Page 22: OFFERING MEMORANDUM CBRE CAPITAL MARKETS ONE …...market strategy. By analyzing sophisticated mo-bile data, we are creating an accurate picture of customers. Whether used for retail,

22

ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

ACCOLADES & RANKINGS

WHY DALLAS/FORT WORTH?

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

4 GLOBAL FORTUNE500 COMPANIES

IN THE COUNTRY FOR PERCENT JOB GROWTH (3% GROWTH)

IN THE COUNTRY IN ABSOLUTE JOB GROWTH (98,900)

1

2

#

#

#

#

#

February 2017 - February 2018

TOP 5HOT HOUSING MARKET, 2017

Realtor.com

WORLD’S MOSTCONNECTED AIRPORTS

BEST PLACES TO LIVEDALLAS-FORT WORTH

U.S. News & World Report

1

3

TOP 10Kauffman Foundation

2016 Index of Growth Entrepreneurship

BEST SPORTS CITIES IN THE U.S.

DALLAS-FORT WORTH

3

SPORTS ILLUSTRATED, 2016

OAG AVIATION WORLDWIDE, 2016

2017TOP 20

BEST STATE FORBUSINESS

CHIEF EXECUTIVE MAGAZINE

14 CONSECUTIVEYEARS

TOP 5U.S. DATA CENTER MARKET

3# FOR CORPORATE EXPANSIONSDALLAS-FORT WORTH. 2017

MAGAZINE

TOP METROS FOR TALENT ATTRACTIONEMSI (2017)

#2TOP MOVING DESTINATION

HEALTHIEST HOUSING MARKET CNBC (2017)

PENSKE (2017)

#1 TOP CITY FOR JOBSFORBES (2017-2018)

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23

ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Af-filiates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the success-ful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a man-ner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the own-er of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, mar-ket conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qual-ified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not

purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affil-iates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Mem-orandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discus-sions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obli-gation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this 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 Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMERS

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24

ONE ELM PLACE 1000 EAST ELDORADO PARKWAY | LITTLE ELM, TX 75068

Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can as-sist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to repre-sent the buyer, usually through a written buyer representation agreement. A buy-er’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written con-sent of each party to the transaction to act as an intermediary.

Approved by the Texas Real Estate Commission for Voluntary UseTexas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;

(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

(3) may not disclose that the buyer will pay a price greater than the price sub-mitted in a written offer unless authorized in writing to do so by the buyer; and

(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the par-ties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out in-structions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

INFORMATION ON BROKERAGE SERVICES

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JARED AUBREYSENIOR VICE PRESIDENT+1 214 252 1031jared .aubrey@cbre . com

MICHAEL AUSTRYVICE PRESIDENT+1 214 252 1115michae l .aus t ry@cbre . com