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Est. 2002

Golf & Resort Properties

Z. Gordon Davidson & Associates, Inc.80884 Via Puerta AzulLa Quinta, CA 92253

Office: 760.564.6454Cell: 760.238.7120

www.zdavidsongolf.comzdavidson@dc.rr.com

Broker

Southern Dunes Golf ClubExecut ive Summary

http://www.zdavidsongolf.comhttp://www.zdavidsongolf.commailto:zdavidson@dc.rr.commailto:zdavidson@dc.rr.com

TABLE OF CONTENTS

EXECUTIVE SUMMARY I. SOUTHERN DUNES GOLF CLUB & PLANNED AREA DEVELOPMENT

II. GOLF COURSE ARCHITECTS & CLUBHOUSE

III. MEMBERSHIP

IV. LOCATION

V. WATER, CARTS & EQUIPMENT, PRACTICE FACILITIES, & PLANNED AREA DEVELOPMENT

VI. SITE SUMMARY TABLE

VII. FINANCIAL SUMMARY

VIII. DISCLAIMER

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I. SOUTHERN DUNES GOLF CLUB & PLANNED AREA DEVELOPMENT

SOUTHERN DUNES GOLF CLUB & PLANNED AREA DEVELOPMENTSouthern Dunes is a high-end golf community that is unique to the Phoenix Market. The existing 18-hole semi-private golf course was designed by Fred Couples, PGA Tour Pro, working in conjunction with golf course designers Schmidt-Curley, Design Inc. The proposed planned area development comprises approximately 75 of the 318 total acres with an overall density of 268 units. The product mix consists of 106 golf course home sites, 74 town home units and 88 stacked flat condominiums.

The design of the golf course is reminiscent of the great links style courses of Australia and the British Isles. The course has hosted such prestigious events as U.S. Open qualifying, Arizona State Amateur Championship, and Second Stage PGA Tour Qualifying Tournament 2006 and 2007.

Clubhouse and #9 Green Complex

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Clubhouse and #9 Green Complex

II. GOLF COURSE ARCHITECTS & CLUBHOUSE

GOLF COURSE ARCHITECTSThe Southern Dunes Golf Club was the sixth collaboration between Fred Couples and Schmidt-Curley Design. Other team designs include The Plantation and the Palms in Palm Springs Area; Royal Oaks Country Club in Houston, Texas; Talega Golf Club in San Clemente, California; and The Crosby Estate in Rancho Sante Fe, California. Schmidt-Curley has also completed such high-profile courses as the Landmark Golf Club in Indio, California, site of The Skins Game; the 36-hole Southern California PGA Club in Beaumont, California; the exclusive Bali Hai on the Las Vegas strip, Goose Creek in Ontario, California, and Mission Hills in Southern China, which is in the Guiness Book of Records as the biggest Golf Club in the world with 180 holes, and 10 courses.

CLUBHOUSEThe clubhouse was completed at the end of 2005 and designed by acclaimed golf clubhouse architect, Douglas Frederickson. The facility consists of two buildings connected by a covered patio area. The total building area is 6,097 square feet. Included is a golf shop, offices, bag storage room, general storage room, bar and grill, commercial kitchen, men’s locker rooms, and restrooms.

Number 9 Green & Fairway (Looking West)

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III. MEMBERSHIP

MEMBERSHIPSouthern Dunes Golf Club is a “traditional” golf club where there is no social calendar, fitness classes or spa services. Our mission is to provide a relaxed and welcoming environment where the game of golf is the focus. Course conditioning, playability and member service standards are extremely high. Our intimate membership is composed of core golfers who understand the subtle nuances that our unique Australian sand-belt design provides.

With rolling hills, native grasses, and tees that can reach over 7,500 yards, Southern Dunes is a unique golf experience that will challenge the most accomplished golfer while still accommodating the novice.

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III. MEMBERSHIP

MEMBERSHIP (CON’T)Exclusive Member Benefits:- 7 Day Advance Tee Times- Unlimited Golf 7 days a week- Unlimited use of the Practice Facility- Complimentary Locker & Bag Storage- Play for just a car fee (Good for all day play)- Members only events to include an annual Club Championship, Senior Club Championship,

Member-Member, and Member-Guest- Discounted member pricing on all golf shop merchandise

Membership Dues:- Membership Dues include all member green fees, range fees, member bag storage and

locker fees.• Individual Membership Dues: $300• Family Membership Dues: $500 (Includes spouse and all children under 19)• Optional Fleet Trail Fee:

• $1,000 Individual• $1,500 Family

*Annual Members obligate themselves for the payment of all applicable dues, fees and charges incurred under the membership during the membership term.

Southern Dunes Golf Club is managed by Troon Golf, the leader in upscale golf course management.

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IV. LOCATION

LOCATIONSouthern Dunes is located in the City of Maricopa on the north side of HWY 238 immediately west by 2.5 miles of Maricopa Rd (HWY 347). The site address is 48456 Highway 238, Maricopa, Arizona 85239.

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Need Hole # for caption

V. WATER, CARTS & EQUIPMENT, PRACTICE FACILITIES, & PLANNED AREA DEVELOPMENT

WATERThe water supply for the course is from the Central Arizona Project, via a gravity flow channel. There is one man made lake used for the irrigation water storage, which has approximately 3 acres of surface area.

CARTS & EQUIPMENT The course features concrete cart paths around tees and greens, as well as crushed red granite walking paths through the native grass areas.

PRACTICE FACILITIESThe Southern Dunes Golf Club features a 300+ yard driving range with target greens; the practice tee is approximately 100 yards wide, with room for approximately 25 stalls. In addition, there is a practice putting green, which is roughly 9,000 square feet, and a chipping green with a practice sand bunker.

PLANNED AREA DEVELOPMENTThe residential land area proposed for development will include custom home lots, town houses, and condominiums situated on approximately 75 acres. The property was annexed into the town of Maricopa in April 2007 and is currently zoned P.A.D., Planned Area Development, and SR, Suburban Ranch.

Typical Green Side Bunker

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VI. SITE SUMMARY TABLE

SITE SUMMARY TABLE

ENTIRE AREA

Existing Zoning SR

Proposed Zoning P.A.D.

Gross 13,895,192 S.F. or 318.9897 AC.

Net Acres 13,695.986 S.F. or 313.9798 AC.

Total Lots 268

Total Residential 75.27 Acres

CUSTOM LOTS - CR-2

Gross & Net Acres 2,555,338 S.F. or 58.66 AC.

Total Number of Lots 106

Typical Lot Size (75’ x 160’)

Gross & Net Density 1.81 D.U. per Acre

Street Area 13.9327 Acres

Maximum Lot Area 23,438 S.F.

Minimum Lot Area 10,133 S.F.

Average Lot Area 13,660 S.F.

TOWNHOMES & CONDOMINIUMS -CR-5

Total Number of Units 162 (74 Townhomes & 88 Condos)

Gross & Net Acres 723,391 S.F. or 16.61 AC.

Gross & Net Density 9.75 D.U. per Acre

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Need Hole # for caption

VI. SITE SUMMARY TABLE

SITE SUMMARY TABLE (CON’T)

COMMERCIAL-CB-2

Tract “G” & “H”

Net Acres 124,126 S.F. or 2.8495 AC.

Club House Area (Tract “I”)

Net Acres 218,271 S.F. or 5.01108 AC.

Total Acres 342,397 S.F. or 7.8604 AC.

SUBURBAN RANCH

Golf Course Area (Tracts “B”, “C”, & “D”)

Net Acres 10,274,081 S.F. or 235.8604 AC.

OPEN SPACE CALCULATIONS

235.86 Acres x 0.50 = 117.93 Acres

Comprised of Tracts “B”, “C”, & “D”

Number 9 Green Complex(Looking East)

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VII. FINANCIAL SUMMARY

FINANCIAL SUMMARYDetailed financial data is available; please inquire about our secured website address for review.

ASKING PRICEWe are offering this unique investment opportunity without an asking price. Submit offer.

Number 9 Green Complex(Looking East)

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VIII. DISCLAIMER

DISCLAIMERThis Investment Offering is provided for the sole purpose of assisting a potential investor to evaluate whether there is an interest in proceeding with further discussions and research regarding a possible purchase of or investment in the Southern Dunes Golf Club and Planned Area Development (the “Property”).

The potential investor must perform their own examination of the Property and information relating to same, and shall rely solely on such examination and inspection, and not on this Investment Offering or any materials, statements or information contained herein or otherwise provided.

Neither Cocopah Nurseries of Arizona, INC, (“Owner”), nor Z. Gordon Davidson & Associates, Inc. nor any of their respective affiliates, Headquarters West, Ltd., Arizona Broker, partners, directors, officers, employees or agents, make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Investment Offering or the Property or any materials, statements (including financial statements and pro forma) or information contained herein or relating thereto, as to the accuracy or completeness of such materials, statements or information, or as to the condition, quality or fitness of the Property; nor do they assume any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside resources and have not been tested or confirmed. In particular, financial summaries and pro formas are based on various assumptions and no guarantee or assurance can be given.

These materials, along with any correspondence or other means of communications with respect to the Property, are intended only to expedite non binding discussions and they do not constitute an offer of any kind with respect to the Property. Accordingly, unless and until a final, binding written purchase and sale agreement (specifically identified as such) is entered into between Owner and you, either party shall have the right to withdraw from these discussions at any time without any liability whatsoever to the other party (with the exception of the terms and provisions of the Confidentiality Agreement signed by you with respect to the Property). By acceptance of this Investment Offering, both you and your principal (if applicable) hereby confirm the Confidentiality Agreement and agree that the Confidentiality Agreement is valid, binding and enforceable in accordance with its terms.

This Investment Offering is provided for evaluating purposes of a possible purchase and is subject to errors, omissions, prior sale or lease, change of price of terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal without prior notice. The contents herein are confidential in nature and may not be reproduced or distributed to any person or entity without the prior written consent of Owner or used for any purpose other than the initial evaluation as indicated above.

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