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CONFIDENTIAL OFFERING MEMORANDUM

10.78 ACRES FOR SALE7735 & 7777 SOUTHERN BOULEVARDWEST PALM BEACH, FLORIDA

Executive Summary 5

Property Information 8

Market Overview 15

Exhibits 21

Table of Contents

3Cushman & Wakefield

Alex VanDresserAssociate+1 561 227 [email protected]

Christopher Thomson, SIORExecutive Director+1 561 301 [email protected]

For more information, pleasecontact one of the following individuals:

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the ConfidentialityAgreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (asdefined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possiblepurchase of the property located at 7777 & 7735 Southern Boulevard, West Palm Beach, Florida, consisting ofapproximately 10.78 acres (Folio Numbers: 00-42-43-27-05-006-4201 & 00-42-43-27-05-006-4110) (the “Project”), andis not to be used for any other purpose or made available to any other party without the prior written consent of HooverProperties & Leyser, LLC (“Managing Members”), or its exclusive broker, Cushman & Wakefield. This Memorandumwas prepared by Cushman & Wakefield based primarily on information supplied by Managing Member. It containsselect information about the Project and the real estate market but does not contain all the information necessary toevaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for generalreference only. They are based on assumptions relating to the overall economy and local competition, among otherfactors. Accordingly, actual results may vary materially from such projections. Various documents have beensummarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of theterms or a legal analysis of such documents. While the information contained in this Memorandum and any otherConfidential Information is believed to be reliable, neither Cushman & Wakefield nor Managing Member guarantees itsaccuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “AsIs, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solelyto facilitate the prospective purchaser’s investigation, must make its independent investigations, projections andconclusions regarding the investment in the Project without reliance on this Memorandum or any other ConfidentialInformation. Although additional Confidential Information, which may include engineering, environmental or otherreports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seekadvice from their own attorneys, accountants, engineers and environmental experts. Neither Cushman & Wakefield norManaging Member guarantees the accuracy or completeness of the information contained in this Memorandum or anyother Confidential Information provided by Cushman & Wakefield and Managing Member. Managing Member expresslyreserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations withany party at any time with or without written notice. Managing Member shall have no legal commitment or obligations toany prospective investor unless and until a written sale agreement has been fully executed, delivered and approved byManaging Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived.Managing Member has retained Cushman & Wakefield as its exclusive broker and will be responsible for anycommission due to Cushman & Wakefield in connection with a transaction relating to the Project pursuant to a separateagreement. Cushman & Wakefield is not authorized to make any representation or agreement on behalf of ManagingMember. Each prospective investor will be responsible for any claims for commissions by any other broker in connectionwith an investment in the Project if such claims arise from acts of such prospective investor or its broker. ThisMemorandum is the property of Managing Member and all parties approved by Managing Member and may be usedonly by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproducedor disclosed to anyone except as permitted under the Confidentiality Agreement.

Offering Memorandum Disclaimer

303 W Banyan Boulevard, Suite 301West Palm Beach, Florida 33401+ 561 227 2020

SECTION I:Executive Summary


Executive SummaryCushman & Wakefield has been retained by the Owners as theexclusive agent for the sale of two parcels totaling approximately10.78 acres of prime industrial development land (“the Property”).The Properties are located in the emerging West Palm BeachTurnpike Corridor Industrial Market. The Owners have notestablished a specific asking price, but are sophisticated, market-sensitive sellers with expectations of achieving a land value thatpremium locations like this property command.

10.78ACRES

FrontageSOUTHERN BOULEVARD

ZoningINDUSTRIAL (IL) & AGRICULTURE

RESIDENTIAL (AR)

Folio Numbers 00-42-43-27-05-006-420100-42-43-27-05-006-4110

Address | City | County 7777 & 7735 SOUTHERN BOULEVARD

WEST PALM BEACH | PALM BEACH

This development site is located off Southern Boulevard in West Palm Beach withoutstanding proximity to the Florida Turnpike, which offers quick accessibility to the Tri-County area of Miami-Dade, Broward and Palm Beach Counties.

The Property is a rare opportunity to develop South Florida industrial land in a high-barrier-to-entry submarket, creating significant value to the investor.

This extraordinarily land constrained market continues to see strong absorption, drivingrents dramatically higher in the past 24 months. The continued strong population andjob growth are also driving demand for centrally located distribution space in thecounty.

Offering Highlights


Executive Summary

This Property is being marketed in accordance with theschedule outlined below. The Owners, as it may deemnecessary, reserve the right to modify any and all time frameswithin the schedule. All offers are being accepted at this time. The Owners reserve the right to

accept an offer prior to this date or to remove the Property from themarket at any time.

All questions and written correspondence should be forward to:

Offering Schedule

Christopher Thomson, SIORExecutive Director

303 Banyan BoulevardSuite 301West Palm Beach, FL 33401+ 561 227 2019 P+ 561 227 2699 F

[email protected]

CONTACT

Alex VanDresserAssociate

303 Banyan BoulevardSuite 301West Palm Beach, FL 33401+ 561 227 2067 P+ 561 227 2699 F

[email protected]

CONTACT

SECTION II:Property Information


Property Information

The Property is currently assessed for ad valorem and non-advalorem taxes by Palm Beach County, Florida. The assessment forreal estate purposes is established as of January 1st of each year.The County Commission sets the millage rate to be used incalculating the tax bill in September or October of each year. Paymentof current year taxes is due by March 31st of the following year with afour (4%) percent discount if paid by November 30th. The discount isreduced by one (1%) percent per month through March after whichthey are delinquent.

REAL ESTATE TAXES

• Folio Numbers: 00-42-43-27-05-006-4201 00-42-43-27-05-006-4110

• Zoned: AR IL

• Acreage: 6.30 AC 4.4840 AC

• 2019 Assessed Value: $1,898,237 $1,757,925

• 2019 Tax Amount: $894.96 $10,057.78

• 2019 Millage Rate: 17.7544 17.7544

• Physical Description: NE corner of Southern Boulevard& Benoist Farms Road, WestPalm Beach, Florida 33321

• Total Land Area: Approximately 10.78 Acres

• Folio Numbers: 00-42-43-27-05-006-4201

00-42-43-27-05-006-4110


Property Information

LOCATION MAP –REGIONAL PERSPECTIVE

• Palm Beach International Airport: 8.0 Miles

• Port of Palm Beach: 13.8 Miles

• Fort Lauderdale International Airport: 50.7 Miles

• Port Everglades: 50.9 Miles

• Miami International Airport: 68.3 Miles

• Port of Miami: 68.5 Miles

• Orlando Airport 164 Miles

• Tampa Airport 210 Miles

Subject Property Location


Property Information LOCATION MAP –LOCAL PERSPECTIVE

10.54 ACRES

Southern Blvd


Property Information AERIAL

00-42-43-27-05-006-4201 00-42-43-27-05-006-4110

Southern Blvd


Property Information 7777 SOUTHERN BLVD- SURVEY

Southern Blvd


Property Information 7735 SOUTHERN BLVD- SURVEY

Southern Blvd

SECTION III:Market Overview


Market Overview


Map# Building Name / OwnerTotal

Sq. Ft.Avail.Sq. Ft. Asking Rent (NNN) OPEX

1 Vista Parkway / Cabot Properties 167,411 SF 15,060 SF $11.95 NNN $3.63

2 Turnpike Center / Jeff Greene 317,499 SF 317,499 SF Proposed

TBD TBD

3 Duke Airport Center / Duke Realty 264,818 SF --- --- ---

4 Duke Turnpike Crossing / Duke Realty 800,743 SF --- --- ---

5 Southern Mills Business Park / Multiple Owners 362,790 SF --- --- ---

6 Turnpike Business Park / Cabot Properties 353,835 SF --- --- ---

7 Turnpike Commerce Center / Black Creek Group 225,198 SF --- --- ---

8 Liberty Airport Center / Prologis 648,340 SF 395,633 SF $7.95 - $8.50 NNN $2.50-$2.75

9 Airport Logistics Park / McCraney Property Company 566,422 SF 566,422 SF Proposed

$8.50 NNN TBD

Total: 3,7707,056 SF 1,294,614 SF $9.22 Avg. $2.96 Avg.

Market Overview

INDUSTRIAL COMPETITIVE PROPERTIES – PALM BEACH COUNTY


Market Overview

MAP OF INDUSTRIAL COMPETITIVE PROPERTIES – PALM BEACH COUNTY


Market Overview PALM BEACH COUNTY OVERVIEW

SECTION III:Exhibits


ExhibitsCONFIDENTIALITY AND CONDITIONS

This Offering was prepared by Cushman & Wakefield. It contains select information pertaining to the Property and does not purport to be all-inclusive or tocontain all of the information which a prospective purchaser may desire. An opportunity to inspect the Property will be made available to qualified prospectivepurchasers.

In this Offering, certain documents, including Due Diligence Materials, are described in summary form below. The summaries do not purport to be completenor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties areexpected to independently review all documents.

This Offering is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsementor advice as to the value of the Property by Cushman & Wakefield or Owner. Each prospective purchaser is to rely upon its own investigation, evaluation andjudgment as to the advisability of purchasing the Property described herein.

Owner and Cushman & Wakefield expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase theProperty and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to anypurchaser reviewing this Offering or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fullyexecuted, delivered, and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Cushman & Wakefield isnot authorized to make any representations or agreements on behalf of Owner.

This Offering is the property of Cushman & Wakefield and may be used only by parties approved by Cushman & Wakefield. The Property is privately offeredand, by accepting this Offering, the party in possession hereof agrees (i) to return it to Cushman & Wakefield immediately upon request of Cushman &Wakefield or Owner and (ii) that this Offering and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion ofthis Offering may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Cushman & Wakefield and Owner.

Due Diligence Materials:

• Survey

• Cross Access Agreement

• Land/Engineering Studies

• Title Search Report

• Urban Design

• Waste Water Estimate

• Grant of Easement Agreement

• Community Asphalt – Hoover; Attorney Letters

Click here for link to the Non-Disclosure Agreement.


ExhibitsDISCLOSURE

Regarding Environmental Matters: All parties to real estate transactions should be aware of the health, liability and economic impact ofenvironmental factors on real estate. Cushman & Wakefield does not conduct investigations or analyses of environmental matters and,accordingly, urges its clients to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (suchas asbestos, PCBs and other contaminants or petro-chemical products stored in underground tanks) or other undesirable materials or conditionsare present at the property and, if so, whether any health danger or other liability exists. Such substances may have been used in theconstruction or operation of buildings or may be present as a result of previous activities at the property. Depending upon past, current andproposed uses of the property, it may be prudent to retain an environmental expert to conduct a site investigation.

Various federal, state and local authorities have enacted laws and regulations dealing with the use, storage, handling, removal, transport anddisposal of toxic or hazardous wastes and substances. If hazardous or toxic 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.

Cushman & Wakefield makes no representation and assumes no obligation regarding the presence or absence of toxic or hazardous waste orsubstances or other undesirable materials on or about any property ultimately sold or leased. It is solely the responsibility of the potentialtenants or purchasers to conduct investigations to determine the presence of such materials.

Regarding Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in sufficient quantities, may present healthrisks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings inFlorida. Additional information regarding radon and radon testing may be obtained from your county public health unit. This notice is givenpursuant to section 404.056(8), Florida Statutes.

Regarding Closing Costs: Upon closing the sale of the Property, additional costs may be demanded from the purchaser in the form of closingcosts. Closing costs include, typically, attorneys’ fees, title insurance premiums, other insurance costs, taxes, abstract charges, escrow fees,documentary stamps, recording fees, discount points, survey charges, mortgage transfer or service fees, and/or any other major cost to be paidor assumed by the purchaser. Allocation of these costs may be varied by provisions of the contract of sale.

303 Banyan BoulevardSuite 301West Palm Beach, FL 33401+1 561 227 2020 cushmanwakefield.com

Alex VanDresserAssociate+1 561 227 [email protected]

Christopher Thomson, SIORExecutive Managing Director+1 561 227 [email protected]

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