Airport Park Industrial Portfolio by Ramon Rodriguez

A I R P O R T PA R K I N D U S T R I AL P O R TF O L I O R O M U L U S • M I C H I G A N

AIRPORT PARK INDUSTRIAL PORTFOLIO EXECUTIVE SUMMARY.................................................................................................................... 1 PROPERTY OVERVIEW.................................................................................................................... 5 LOCATION OVERVIEW . . ................................................................................................................ 15 MARKET OVERVIEW..................................................................................................................... 23 FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS................................................................. 27

AIRPORT PARK INDUSTRIAL PORTFOLIO

E X E C U T I V E

S U M M A R Y

EXECUTIVE SUMMARY XXX

EXECUTIVE SUMMARY THE OFFERING CBRE is pleased to present this opportunity to acquire the 100 percent fee simple interest in Airport Park, a strategically located 23 building, industrial complex adjacent to the Detroit Metropolitan Wayne County Airport (“DTW”) in Romulus, Michigan (“the Property”). The Property, which consists of 22 one-story light industrial buildings and one Class B office building, totals 664,645 square feet on over 55 acres. Averaging 29,520 square feet, these well-maintained freight forwarding facilities accommodate the growing number of smaller, local transport companies in the region. Airport Park is currently 83 percent occupied and trending towards a prerecession high of 96 percent. Offering excellent dock door ratios, highly functional depths and favorable office mix, Airport Park marks an opportunity to acquire a major industrial property in one of Metropolitan Detroit’s strongest submarkets.

OFFERING SUMMARY

664,645

SQUARE FEET

NUMBER OF BUILDINGS

TENANTS

83%

$1.79 Million

NUMBER OF SPACES

OCCUPANCY

YEAR 1 NOI

AIRPORT PARK INDUSTRIAL PORTFOLIO

INVESTMENT HIGHLIGHTS Outstanding Location For air-freight related companies, Airport Parkâ&#x20AC;&#x2122;s proximity and access to DTW is unmatched in the region. Logistically, this location provides ideal freeway access to I-94, I-275 and I-96, as well as quick access to Downtown Detroit, the major suburbs and Willow Run Airport. Stable Income The Property is 83 percent occupied with a well-diversified tenant base providing a stable income. Value Add Opportunity Staggered lease roll overs in the next five years provide a value add opportunity for increased yields and terms. Exceptional Building Design Comparing favorably to competitive parks, the dock high buildings feature one truck dock for every 1,800 square feet, ample load levelers and dock shelters, 16 feet to 18 feet clear ceilings as well as 30 feet x 40 feet bay sizes. The unique MT-2 zoning permits generous truck and trailer storage in a land constrained market. Furthermore, the buildings are well designed for divisibility or expansion and offer flexibility for a wide range of space needs. Below Replacement Cost Airport Park is a unique opportunity to acquire a stabilized income-producing major airport asset significantly below replacement cost. Institutional Owner The Property is owned and managed by First Industrial Realty Trust, one of the largest institutional owners of industrial properties in the country. The Property has been well maintained over the years with regular replacements and improvements. Condominium Flexibility A site condominium has been created giving each of the 23 buildings a separate legal description. Although the offering is for the entire site, the condominium structure will allow an investor flexibility for the resale of individual buildings to users and investors.

AIRPORT PARK INDUSTRIAL PORTFOLIO

EXECUTIVE SUMMARY

OFFERING PROCEDURES Airport Park is being offered as a whole and without an asking price or bid deadline. In evaluating offers the owner will consider all circumstances relating to each proposal, including without limitation, the offering price, nature of contingencies, time to close and the financial capacity of each prospective purchaser to perform. Airport Park is being offered free and clear of any debt obligations. Financing options are available through the CBRE team. Please contact Steve Roth for debt inquiries at 630.573.7046 or steve.roth@cbre.com. Guided property tours will be made by appointment only and should be arranged through CBRE.

Please direct any questions or comments to: Jeffrey Shell Executive Vice President Corporate Capital Markets +1 313 417 2100 jeffrey.shell@cbre.com

Larry Emmons Senior Vice President Capital Markets +1 248 936 6839 larry.emmons@cbre.com

Anne Rahm Vice President Corporate Capital Markets +1 313 417 2100 anne.rahm@cbre.com

AIRPORT PARK INDUSTRIAL PORTFOLIO

P R O P E R T Y

O V E R V I E W

PROPERTY OVERVIEW

AIRPORT PARK INDUSTRIAL PORTFOLIO

BLDG 20 25,837 SF

BLDG 2 29,280 SF

BLDG 19 29,280 SF

HIGHLAND ROAD NORTH

BLDG 17 33,440 SF

BLDG 8 29,280 SF

BLDG 7 29,284 SF

BLDG 4 29,340 SF

BLDG 3 35,347 SF

BLDG 6 29,280 SF

BLDG 5 29,285 SF

BLDG 12 29,548 SF

BLDG 11 25,925 SF

BLDG 13 29,280 SF

BLDG 14 25,620 SF

HARRISON ROAD

MIDDLEBELT ROAD

BLDG 9 29,280 SF

BLDG 16 36,658 SF

BLDG 15 23,707 SF

BLDG 10 32,664 SF

RIV

RT D

PO AIR

BLDG 18 29,287 SF

HIGHLAND ROAD WEST

BLDG 21 29,282 SF

BLDG 22 29,282 SF

AIRPORT DRIVE

OFFICE CENTER 23 15,173 SF

BLDG 1 29,286 SF

PROPERTY OVERVIEW

PROPERTY OVERVIEW Airport Park is a 23 building campus totaling 664,645 rentable square feet developed on 55 acres of land in Romulus, Michigan. This high-use 24-hour freight warehouse complex is comprised of 22 industrial buildings and a 15,173 square foot multi-tenant office building. BUILDINGS 1-22 Constructed between the years 1978 and 1987, the 22 freight forward buildings offer an excellent dock-door ratio of 1:1,800 square feet, functional depths and an efficient proportion of office space. To allow for increased flexibility for resale, effective December 13, 2012, Buildings 1 through 22 of Airport Park were established as a Condominium Project as evidenced by a Master Deed and corresponding Bylaws which will be provided upon request. It is important to note that the park can accommodate operational growth as evidenced by the combination of Buildings 9 and 10 at the request of Road Runner Transportation in 2010 as well as Buildings 3 and 4 for Central States in 2012. The tenant base is well-diversified with airport reliant operations and short-run freight companies benefiting from the strategic access to the major freeways.

Building

Year Built

Square Feet

Parking¹

Percentage of Value²

1978

29,286

4.55%

1978

29,280

4.55%

1979

35,347

4.55%

1979

29,340

4.56%

1980

29,285

4.55%

1980

29,280

4.55%

1981

29,284

4.55%

1982

29,280

4.55%

1982

29,280

4.55%

1982

32,664

5.08%

1987

25,925

4.03%

1987

29,548

4.59%

1987

29,280

4.55%

1987

25,620

3.98%

1983

23,707

3.69%

1983

36,658

5.70%

1984

33,440

5.20%

1985

29,287

4.55%

1985

29,280

4.55%

1986

25,837

4.02%

1986

29,282

4.55%

1985

29,282

4.55%

649,472

844

100%

TOTAL

¹ The above parking space allocation was estimated on best use. A Property Condition Report stated that all buildings had ample parking available. The average number of parking spaces per building is 40.18. ² Percentage of Value assigned to each Condominium Unit.

AIRPORT PARK INDUSTRIAL PORTFOLIO

TYPICAL FLOOR PLAN

PROPERTY OVERVIEW

The 22 buildings were built over a nine year time frame and are consistent with the following: Area Part of a reported 55 acre site containing 23 buildings.

Watering Site does have landscape irrigation system.

Type/Stories Single story office/warehouse buildings.

Fencing Cyclone chain link fencing along retention Pond

Date of Construction Built from 1978 to 1987

Handicapped Accessibility ADA Building site is partially accessible. Entry doors have small step entry.

Paving/Drainage Paving is asphalt with centrally located catch basins connected to an underground storm drainage system. Underground system flows to two retention ponds which are connected to a municipal system via an automatic pumping system.

Structure Perimeter bearing wall with internal steel frame using columns beams and long span joints. Clear Height 16 to 18 feet

Utilities Municipal water, sanitary sewer by the City of Romulus and storm sewer services by Wayne County. Natural gas and electricitty through DTE Energy.

Bay Spacings 40 by 30 feet for all buildings except Buildings 15 and 16 (25 by 50 feet)

Landscaping Landscaping consists of trees, shrubs and lawn areas.

Floor Construction Reinforced concrete on-grade.

AIRPORT PARK INDUSTRIAL PORTFOLIO

Wall Construction Typically perimeter block masonry walls or precast concrete bearing walls eight inches thick. Roof Construction The various roof systems include fully adhered EPDM, gravel surfaced asphalt, ballasted EPDM and mechanically fastened EPDM. The insulation types include Polyisocyanurate, Fiberglass, Polystyrene and Perlite. Building #17 has Â˝ inch wood fiber insulation. Builtup roofing system sloped to one side. Drainage by metal gutter and downspout system. Windows Aluminum framed fixed windows with single pane glass. Doors Entry door is typically aluminum and glass. Interior doors are wood. Truck overhead doors are fiber panel doors. Exterior doors are painted metal in metal frames. Ceilings Office ceilings are typically lay-in acoustical tile and are eight feet high. Flooring/Partitions Interior flooring is carpet and vinyl tile in office areas, vinyl tile in toilet rooms and sealed concrete in warehouse areas. HVAC Systems consist of gas-fired through-wall HVAC systems, gas-fired unit heaters and gasfired rooftop units. Number of each vary per building.

Plumbing Domestic water service is typically service supplying water to minimal plumbing systems which vary in complexity by tenant. Typical system includes single occupancy men and women toilet rooms in office areas and one multiple occupancy toilet room in the warehouse. Typical water heater is a 40 gallon gas fired unit mounted above office area. Electric Each building is served by a 75 kva utility company pad mounted transformer with each tenant service being typically a 200 amp 208/120 volt, three phase, four wire service. Lighting is high-efficiency fluorescent. Fire Protection Although these buildings are not required to have fire suppression under Michigan code, all buildings have sprinkler systems, excluding Buildings #1, #2, #6 and #7. Classification MT-2, Industrial/Transportation Flood Plain No

PROPERTY OVERVIEW

BUILDING 23 The 15,173 square foot single-story office building includes 120 parking spaces of which six are compliant with the Americans with Disability Act. Built in 1983, this highly flexible office building has six units with the potential for 20. Importantly, this asset offers highly visible mounted signage as well as ground signage along Middlebelt Road. This Class B asset is the only multi-tenant office building of its kind in the DTW airport market.

BUILDING 23 FLOOR PLAN

AIRPORT PARK INDUSTRIAL PORTFOLIO

Access Two driveways from Middlebelt Road. Paving/Drainage Paving is asphalt with centrally located catch basins connected to an underground storm drainage system. Walks/Curbs Minimal walkways are reinforced concrete. Typically, the site does not incorporate curbs. Some locations use asphalt extruded curb. Utilities Municipal water, sanitary sewer by the City of Romulus and storm sewer services by Wayne County. Natural gas and electricity through DTE Energy. Lighting Site lighting is through building mounted high pressure sodium fixtures. Signage Ground signage at Middlebelt Road and building mounted signage.

Type Single story office building. Date of Construction Built in 1983. Foundation Reasonably assumed to be reinforced concrete. Structure Wood frame using 2 inches by 4 inches stud walls and sloped roof trusses. Clear Height Nine feet. Floor Construction Reinforced concrete on-grade. Wall Construction 2 inches by 4 inches wood stud walls with gypsum board interior and brick veneer exterior.

PROPERTY OVERVIEW

Roof Construction Pitched A frame design with plywood base covered by asphalt shingles. Windows Aluminum framed fixed units with insulated glass. Doors Entry door is typically aluminum and glass. Interior doors are wood. Interior Flooring Carpet and vinyl tile in office areas, vinyl tile in toilet rooms.

Plumbing Domestic water service is typically a 1 1/12 inch diameter service supplying water to minimal plumbing systems which vary in complexity by tenant. The typical system includes single occupancy toilet rooms in office areas. Electric The building is served by a 75 kva utility company pad mounted transformer with each tenant service being typically a 100 amp 40/120 volt, 3 phase, 4 wire service. Lighting is typically fluorescent. Fire Protection Building is fully sprinklered.

HVAC System consists of 20 gas-fired through wall HVAC systems and four gas fired furnaces with exterior air conditioning compressors (split systems).

AIRPORT PARK INDUSTRIAL PORTFOLIO

L O C A T I O N

O V E R V I E W

LOCATION OVERVIEW

LOCATION OVERVIEW Airport Park is located in Southeast Michigan in the City of Romulus. Southeast Michigan is comprised of Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw and Wayne Counties. The region has a diverse economy and is home to 13 Fortune 500 companies and 4.7 million residents. The Detroit region remains one of the fastest growing in the nation as the state continues to reinvent itself in the global economy. In many key economic categories, including gross domestic product, private sector job growth and per capita income, the region is outperforming the national average while unemployment rates have decreased to near pre-recession levels. The metropolitan area is the second largest U.S. metropolitan area connecting the Great Lakes system to the Saint Lawrence Seaway. Southeast Michigan is known for its automotive heritage, arts, entertainment, popular music and sports legacies. The area includes a vast variety of natural landscapes, parks, and beaches with a unique recreational coastline linking the Great Lakes.

AIRPORT PARK INDUSTRIAL PORTFOLIO

Wayne County is the most populous county in the State of Michigan and the eighteenth most populous county in the United States. It is comprised of 34 cities, including Detroit and nine townships. Wayne County is the automotive capital of the world, and is home to the Detroit Symphony Orchestra, Michigan Opera Theater, Detroit Institute of Arts, the Henry Ford, the Detroit Lions, Detroit Tigers and Detroit Red Wings, a top-rated international airport, and several major universities. Romulus is a close-knit community located within a short distance of Detroit and Ann Arbor, Michigan and Toledo, Ohio. Romulus is home to Detroit Metropolitan Wayne County Airport and major industries and corporate headquarters, including a General Motors plant. 15

AIRPORT PARK INDUSTRIAL PORTFOLIO

DETROIT’S BANKRUPTCY – A FRESH START The City of Detroit filed for Chapter 9 bankruptcy in July 2013. In November 2014, Detroit’s exit plan was approved by U.S. Bankruptcy Judge, Stephen Rhodes, clearing the way for the City to cut its 18 billion dollars in unsecured liabilities by seven billion dollars. The exit plan calls for nearly two billion dollars of reinvestment into the City, and protects Detroit’s world-class museum and its pensioners. Governor Rick Snyder has appointed a nine-member Financial Review Commission to supervise the reinvestment for at least the next twelve years. Detroit will be able to satisfy its remaining obligations through cost cutting, as well as revenue generated by leasing city-owned properties and services. Additional revenue is also expected as the tax base within the City continues to grow. Economic growth has been on the rise in Detroit thanks to an influx of outside conventions, businesses moving into downtown, and investors

purchasing bonds. Experts believe this will translate into the City outperforming the national gross domestic product rate over the next several years. Real estate investors locally, nationally, and internationally have recently invested hundreds of millions of dollars in office, retail, healthcare, and multifamily projects in the city. Two major boutique hotels are under construction to accommodate the convention and visitor requests, projected to increase 140 percent from 2014 to 2021. Large corporations such as Quicken Loans, Blue Cross Blue Shield, Chrysler, and hundreds of start-ups have added thousands of new employees within the City. Fifth Third Bank is another large employer relocating their regional headquarters to One Woodward bringing an additional 150 employees and an $85 million investment to downtown Detroit.

LOCATION OVERVIEW

Michigan has shown the greatest recovery of any state in the nation and continued growth is anticipated.

ECONOMY The Southeast Michigan region is home to the headquarters of 13 Fortune 500 Companies, including two in the top ten, General Motors and Ford Motor Company. The table below provides a full list of Fortune 500 Companies in Southeast Michigan. Fortune 500 Companies in Southeast Michigan Revenues Company Rank ($B) General Motors 7 152.3 Ford Motor 10 134.3 TRW Automotive Holdings 173 16.4 Lear 187 14.6 Penske Automotive Group 203 13.6 Ally Financial 221 12.6 DTE Energy 299 8.8 Autoliv 317 8.3 Masco 336 7.8 BorgWarner 358 7.2 Visteon 359 7.2 Con-way 450 5.6 Kelly Services 462 5.5

Top 10 Largest Employers in the Region City Detroit Dearborn Livonia Southfield Bloomfield Hills Detroit Detroit Auburn Hills Taylor Auburn Hills Van Buren Township Ann Arbor Troy

County Wayne Wayne Wayne Oakland Oakland Wayne Wayne Oakland Wayne Oakland Wayne Washtenaw Oakland

Rank 1 2 3 4 5 6 7 8 9 10

Company Ford Motor Co. University of Michigan Chrysler, LLC General Motors Co. U.S. Government Henry Ford Health System CHE Trinity Health Detroit Medical Center Beaumont Health System St. John Providence Health System

Regional HQ Dearborn Ann Arbor Auburn Hills Detroit Detroit Detroit Livonia Detroit Royal Oak Warren

County Wayne Washtenaw Oakland Wayne Wayne Wayne Wayne Wayne Oakland Macomb

Regional Employment 43,977 29,551 29,006 26,843 18,600 17,831 14,062 13,458 13,134 12,002

Source: Crainâ&#x20AC;&#x2122;s Detroit Business - Largest Employers in Regional Detroit, 2013

Source: CNN Money 17

AIRPORT PARK INDUSTRIAL PORTFOLIO

The automotive industry, including two of the Fortune 500 Companies listed in the prior table, General Motors and Ford, has been driving the region’s economic recovery. Automotive firms have rebounded and are experiencing tremendous success. Airport Park is benefiting from Michigan’s continued growth. As demand for consumer goods increases so does the need for short-run operators to serve the region, such as those attracted to Airport Park. Michigan’s unemployment rate has declined as jobs have been created in the State. Michigan’s unemployment rate was 7.2 percent in the third quarter of 2014, which is 1.6 percent improvement over year-end 2013. GROWTH IN GROSS DOMESTIC PRODUCT 10.0%

5.0%

0.0%

-5.0%

-10.0%

2000

2001

2002

2003

2004

2005

2006

2007

Michigan (2013 Ranking: 21)

2008

2009

2010

2011

2012

2013

U.S.

While serving as the epicenter of the global automotive industry, the region continues to attract foreign companies with nearly 1,300 international business locations. Health care and social assistance is the largest industry, accounting for 14 percent of the region’s employment. The top three industries, excluding the government sector – health care and social assistance, manufacturing and retail trade – employ more than 825,000 people. Thirteen of the 19 Fortune 500 companies with headquarters in Michigan are located within the Detroit region. General Motors Co. and Ford Motor Co. rank in the Top 10 Fortune 500 companies. The region’s largest private sector employers include Fiat Chrysler Automobiles, Penske Corp. and Guardian Industries, which have a collective revenue of more than $92 billion. The international business presence continues to expand with nearly 1,300 international locations within the region. Japan and Germany combined lead the way with more than 600 operating locations. 18

In March 2013, Michigan became the country’s 24th right-to-work state. The rightto-work law, which prohibits mandatory union membership and paying union dues as a condition of employment, is believed to have boosted the economy and attracted businesses. Michigan’s rank among CNBC’s America’s Top States for Business improved four spots after becoming a right-to-work state. These rankings are based on ten categories: cost of doing business, overall economy, infrastructure and transportation, workforce, quality of life, technology and innovation, business friendliness, education, cost of living and access to capital. Michigan made a significant jump in 2013, and improved from 38th to 15th in the workforce category, which encompasses the education level and the level of available workers. The business environment in the State of Michigan is enhanced by recent corporate income tax reform instituting a six percent tax rate. The State’s ranking on the Tax Foundation’s State Business Tax Climate Index jumped from #19 in 2012 to #14 in 2013 and 2014. The rankings are based on five components: individual income tax, sales tax, corporate tax, property tax and unemployment insurance tax. The rankings cover the standard state fiscal year, July 1 to June 30.

Real estate investors locally, nationally, and internationally have recently invested hundreds of millions of dollars in office, retail, healthcare, and multifamily projects in the city. Large corporations such as Quicken Loans and Blue Cross Blue Shield, and hundreds of start-ups have added thousands of new employees within the city.

LOCATION OVERVIEW

EDUCATION Southeast Michigan attracts businesses because of its excellent access to higher education. Five public four-year universities, eight public two-year institutions and 36 independent colleges and universities are located in the region. Along with access to higher education, the region also provides access to an educated workforce. Southeast Michigan’s educational attainment exceeds both the state and national averages. As of March 2014, 29.0 percent of Southeast Michigan’s residents earned a Bachelor’s degree or higher, compared to 25.5 percent for the State of Michigan and 28.4 percent for the nation.

Public 4-Year Universities

Independent Colleges and Universities

University of Michigan - Ann Arbor

Cleary University - Livingston

University of Detroit Mercy

ITT Technical Institute - Canton

University of Michigan – Dearborn

Baker College - Clinton Township

Saint Cyril and Saint Methodius Seminary

Lewis College of Business

Oakland University

Davenport University - Warren

The Art Institute of Michigan - Novi

Madonna University

Wayne State University

Baker College - Auburn Hills

University of Phoenix - Southfield

Marygrove College

Eastern Michigan University

Central Bible College

VanAndle Institute

Michigan Theological Seminary

Cranbrook Academy of Art

Yeshiva Beth Yehudah

Siena Heights University

Public 2-Year Institutions

DeVry University - Southfield

Baker College - Port Huron

Oakland Community College

Great Lakes University - Auburn Hills

Ave Maria School of Law

Macomb Community College

International Academy of Design & Technology

Cleary University - Washtenaw

Monroe County Community College

ITT Technical Institute - Troy

Concordia University

St. Clair County Community College

Lawrence Technological University

Baker College - Allen Park

Washtenaw Community College

Michigan Jewish Institute

College for Creative Studies

Henry Ford Community College

Michigan School of Professional Psychology

Davenport University

Schoolcraft College

Midwestern Baptist College - Pontiac

Detroit Baptist Theological Seminary

Wayne County Community College

Rochester College

Ecumenical Theological Seminary

AIRPORT PARK INDUSTRIAL PORTFOLIO

HIGHWAYS Southeast Michigan enjoys tremendous freeway access to the nation and Canada via two major interstate highways, I-75, the region’s main north-south route extending from Michigan’s Upper Peninsula to South Florida and I-94, the area’s main east-west route extending from Port Huron (providing access to Canada) to the west through Chicago to the nation’s western Intermountain regions. Other area freeways include I-96 that runs northwest and southeast from downtown Detroit to western Michigan and I-696 providing east-west travel in the northern suburbs and linking it with I-96 to the west and I-94 to the east. I-275 provides north-south access between I-96/I-696 and I-94 and extending further south to I-75 near Monroe, Michigan. Further north, I-69 begins at I-94 in Port Huron at the Blue Water Bridge (to Canada) and continues westward across the state before heading south to Indianapolis.

POPULATION The estimated population of the seven counties that make up Southeast Michigan is 4.7 million. Wayne County, where the properties are located has a population of over 1.77 million. The City of Romulus, has experienced growth in population despite a slight population decline in Wayne County and the State. The current population of Romulus is 24,212 and it is expected to grow by over one percent through 2019. TRANSPORTATION/LOGISTICS Located on I-94 and adjacent to the Detroit Metropolitan Wayne County Airport, the Property benefits from the growth in highway, air and rail activity making this a strategic location for global logistics. Southeast Michigan and the State of Michigan pioneered a gateway to North American trade and in 1701 it became “the gateway to the West.” Today, the region’s transportation and logistics network is robust and worthy of a world-class distinction. The region has one of the top three busiest U.S. Canada international border crossings. The Bureau of Transportation statistics reported that for the full year 2012, in terms of number of vehicles crossing the border, Detroit ranked #1 for trucks, #2 for buses and #3 for personal vehicles. The region also has one of the most active foreign trade zones in North America, one of the nation’s busiest airports, and impressive intermodal facilities. Southeast Michigan is the gateway to the Great Lakes Region and Canada. Southeast Michigan’s logistical location provides access to 46 percent of the U.S. population, 46 percent of U.S. personal wealth, 44 percent of Canada’s population, 45 percent of Canada’s personal wealth and 58 percent of U.S. manufacturing, all within 500 miles. 20

AIRPORT PARK INDUSTRIAL PORTFOLIO

LOCATION OVERVIEW

“Detroit’s airport is at the top of its game, ranked No. 1 in terminal cleanliness, design, location, lounges, and business centers” by Travel and Leisure

AIRPORTS The Detroit Metropolitan Wayne County Airport, a regional hub airport, serves the metropolitan area with 145 gates operated by 13 major carriers including Air Canada, Air France, AirTran Airways, American Airlines, Delta Airlines, Frontier Airlines, jetBlue, Lufthansa, Royal Jordanian, Southwest Airlines, Spirit Airlines, United Airlines, and US Airways. In 2012, DTW ranked as the 12th busiest airport in the United States and 17th busiest in the world with 427,814 aircraft operations. DTW includes two primary terminals – the McNamara Terminal that principally houses Delta Airline’s operations and the North Terminal, from which all other airlines operate. Other area airports include the Coleman A. Young International Airport (City Airport), a general aviation facility, the Oakland County International Airport, a charter passenger facility, and Willow Run Airport, offering facilities for cargo, general aviation, and charter passenger traffic. RAIL Southeast Michigan’s rail and water transportation provide excellent avenues of shipping with their efficient intermodal rail yards and port facilities along the Detroit River. Rail freight

service to the nation and Canada are served by CSX Transportation (“CSX”), Canadian National Railway (“CN”), Canadian Pacific Railway (“CP”), Norfolk Southern Railway (“NS”), Consolidated Rail Corporation (owned by CSX and NS), and many local rail lines. There are four intermodal rail yards in metro Detroit: NS/CSX-Livernois Junction Yard (southwest Detroit), CP-Expressway (Corktown), CP-Oak (Detroit), CN Moterm (Ferndale). Rail travel to Canada flows through rail tunnels under the Detroit River in Detroit, served by CP, and Port Huron, served by CN via the “double stack” International Tunnel. Many of the goods heading to Asia and Europe are transported to Canada by rail and then board ships in Vancouver and Montreal, respectively, for the balance of the journey. PORT OF DETROIT – WATER TRANSPORTATION The Port of Detroit sits on the Detroit River connecting with Lake Erie that allows water access to the Atlantic Ocean through the St. Lawrence Seaway. Port facilities on the Detroit and Rouge rivers include ten berths equipped for all types of cargo from bulk, container, and heavy lift to roll on/roll off. The Detroit River has a northern connection through Lake St. Clair to Lake Huron providing a western route to Lake Michigan allowing ships access to the Gulf of Mexico by way of the Illinois and Mississippi Rivers. 21

AIRPORT PARK INDUSTRIAL PORTFOLIO

M A R K E T

O V E R V I E W

MARKET OVERVIEW

MARKET OVERVIEW The Properties are located in the Airport/I-275 submarket cluster, which is part of the Detroit Industrial real estate market. The Detroit industrial market has strengthened over the past four years, a trend that is anticipated to continue as additional activity from logistics and transportation companies is expected. Demand remains high to manufacture products in the State and large grants and tax incentives have attracted new businesses to Michigan and Detroit. The Detroit market has long been one of the largest industrial markets in the United States. It is anchored around the automotive industry, with a number of large manufacturing facilities, and industrial parks that have formed around those facilities. More than 16,700 industrial buildings are located in the Detroit market, totaling over 556.5 million square feet of space, according to CoStar. The Detroit industrial market has improved considerably since 2010. Vacancy rates declined from 13.6 percent in 2010 to 8.3 percent in the third quarter of 2014 and net absorption from 2011 to present totaled nearly 34 million square feet, according to CoStar. The chart below demonstrates the vacancy decline from 2010 through the third quarter of 2014.

DETROIT INDUSTRIAL MARKET Quoted Rates $5.00 $4.75 $4.50 $4.25

DETROIT INDUSTRIAL MARKET Vacancy %

$4.00 2011

15%

2012

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Source: CoStar

The market currently has over 1.25 million square feet of space under construction and nearly 1.76 million square feet have been delivered to the market from 2010 through the third quarter of 2014.

10%

2010

2011

2012

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

Source: CoStar

Quoted rental rates have increased steadily and were the highest in the third quarter of 2014 since 2009. Rates increased from $4.38 per square foot in 2011 to $4.71 per square foot in the third quarter, as reported by CoStar. The following chart demonstrates the increase in quoted rental rates.

The Airport/I-275 submarket cluster is the largest submarket cluster in the Detroit industrial market, in terms of total square footage. The submarket cluster consists of 3,114 buildings totaling over 123 million square feet of space. Net absorption has been positive every quarter since the fourth quarter of 2010 and totaled nearly 8.67 million square feet from the fourth quarter of 2010 through the third quarter of 2014. As a result of the positive net absorption, vacancy rates have steadily declined. Vacancy rates were 13.6 percent in the fourth quarter of 2010, 12.6 percent in the third quarter of 2011, 10.5 percent in the third quarter of 2012, 9.0 percent in the third quarter of 2013 and 7.7 percent in the third quarter of 2014. 23

AIRPORT PARK INDUSTRIAL PORTFOLIO

AIRPORT PARK INDUSTRIAL PORTFOLIO’S COMPETITIVE SET

« Airport Park Industrial Portfolio

A I R P O R T PA R K I N D U S T R I A L P O R T F O L I O

1 Metro Airport Center

2 Northline Commerce Park 3 Airport Business Plaza 4 Taylor Trade Center 5 Universal Trade Center 6 Airport Business Center

7 Metroplex Industrial Park 8 Trolley Commerce Center

6 5

Property

Address

Airport Park Industrial Portfolio

Property Size

Max Contiguous

Min Available

Asking Lease Rate

Airport Dr/Harrison St/Highland Rd

664,645

29,280

3,660

$3.95 - $4.25 NNN

Metro Airport Center

11101-11701 Metro Airport Center Dr

863,140

34,528

2,406

$4.62 - $5.81 NNN

Northline Commerce Park

25801-26000 Northline Commerce Dr

586,778

21,250

4,000

$5.90 - $6.40 G

Airport Business Park

9675 Harrison Road

115,000

23,000

5,750

$4.75 - $5.00 G

Taylor Trade Centre

26445-27225 Northline Rd

136,100

42,900

4,000

$5.83 - $5.95 G

Universal Trade Center

12250-12737 Universal Dr

147,502

9,200

3,200

$5.91 - $6.25 G

Airport Business Center

28501-28825 Goddar Rd

353,949

41,600

5,600

$5.95 - $6.15 G

Metroplex Industrial Park

6670-7015 Metroplex Dr

285,201

14,000

640

$4.00 - $5.95 NNN

Trolley Commerce Center

26986-27150 Trolley Industrial Dr

164,451

24,964

12,200

$3.75 - $4.25 NNN

MARKET OVERVIEW

AIRPORT PARK INDUSTRIAL PORTFOLIOâ&#x20AC;&#x2122;S SALES COMPARABLES Address

Occupancy

Sale Date

Sale Price

Sale Price/SF

47440 Michigan Ave Canton, MI

66%

480,982

On Market

Asking $20,000,000

$41.58

10725 Harrison Rd Romulus, MI

N/A

312,000

3/27/14

$10,890,000

$34.90

27501 Hildebrandt Rd Romulus, MI

N/A

260,000

12/26/13

$9,040,000

$34.77

38220 Plymouth Road

100%

145,232

5/30/13

$5,452,009

$37.54

38150 Plymouth Road

100%

140,074

5/30/13

$5,258,378

$37.54

Low

91,238

8/23/12

$2,300,000

$25.21

N/A (Auction)

56,583

8/16/12

$1,505,000

$26.60

36300 Eureka Rd Romulus, MI 21655 Trolley Industrial Dr Taylor, MI

The Detroit industrial market has seen an increase in stabilized long term net leased assets. In turn, investment opportunities in Detroit are experiencing an increase in activity from buyers and lenders as the market becomes more attractive for both.

Source: Real Capital Analytics 25

AIRPORT PARK INDUSTRIAL PORTFOLIO

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

FINANCIAL OVERVIEW Airport Park occupancy is trending to the strong pre-recession level of 96 percent as evidenced by a current occupancy of 83 percent. Following the recession, larger freight companies are again outsourcing the smaller freight forward business to such companies as Central States Trucking in Buildings #3 and #4. With the favorable dock to square foot ratio and access to DTW and major freeways, Airport Park is an ideal facility for the growing number of smaller freight forward providers. The existing rollover schedule allows for strong upside in both higher yield and longer terms. Year 1 NOI of $1.8 million is projected to increase 25 percent by Year 5. Following in this section is detailed information including Annual Cash Flow and Assumptions.

BLDG 15 - 23,707 SF (AIRPORT) BLDG 16 - 36,658 SF (AIRPORT)

VACANT; 7,376SF 29185 28933

XPRESS; 12,000; 9/30/15 28945

28957

VAC: 5,080SF

28451

28420

28424

28428

28432

28436 VACANT: 18,300SF

28440

28444

28448

BLDG 6 - 29,280SF (HIGHLAND)

BLDG 8 - 29,280 SF (HIGHLAND)

29122 EXEL; 21,962SF; 7/31/16 29120

YEAR EXPIRING

BLDG 21 - 29,282 SF (AIRPORT)

2014 14,645

2015 143,652

2016 124,710

2017 83,390

2018 133,051

2019 28,207

2020 3,660

2023 29,280

VACANT

29200 29202 4/30/17

SQUARE FEET

664,645

104,050

BLDG 22 - 29,282 SF (AIRPORT)

9800

9804

9808

9812

BDLG 13 - 29,280 SF (HARRISON) PENN-RIDGE; 18,300SF; 9816 11/30/15

9740

9744

9748

MACH 1; 14,774SF;3/31/16 9752

9760

BLDG 11 - 25,925 SF (HARRISON)

9764

9768

VACANT; 14,774SF; 9772

9710

9714

9718

9722

9726

28824

28836

28848

28860

28872

28884

28896

ROADRUNNER; 29,280; 28908

28932

28944

28956

28968

28980

28992

29004

BLDG 10 - 32,664 SF (HIGHLAND)

9820

VACANT; 7,320SF; 9824

9856

9860

9864

VACANT: 14,640SF 9852

9856

9860

BLDG 3 - 35,347 SF (HIGHLAND) 9730

ROADRUNNER; 32,664; 29016 3/31/18

BLDG 2 - 29,280 SF (HARRISON)

9864

9358 JB HUNT; 25,925SF; 9734 9/30/16

9300

SODEXO; 7,320; 4/30/16 9304

9308

9312

MEYER; 3,660; 4/30/15 9320 YORK; 10,980; 9/30/15 9316

9324

ABCO; 7,326; 2/28/15 9328

SRI/SURGICAL; 7,320 SF; 11/30/17 9330 9334 SAVINO; 3,660 SF 4/30/16 9338 EL MILAGRO; 3,660 SF; 2/29/16 9342 HIGHWAY FREIGHT; 3,660 SF; 9346 11/30/17 PLUM BROTHERS; 3,660 SF 11/30/20 9350 NUCENTURY; 7,320 SF; 5/31/15 9354

SSBB; 14,640SF; 1/31/16 9868

SC OLIVERIO; 3,660SF; 28459 6/30/16 MP 7,320SF 4-30-16; 28455

DET HAULING; 3,660SF; 28463 9/30/15

28467

RELAY; 7,320SF; 5/31/16 28471

BLDG 5 - 29,285 SF (HIGHLAND)

28981

BLDG 7 - 29,284 SF (HIGHLAND) 28475

VACANT; 7,320SF; 28479 11/30/14

28450

28454

28458

28462

28466

28470

28474

CENTRAL STATES; 2/28/18 28478 46,387SF

BLDG 4 - 29,340 SF (HIGHLAND)

28993

12,200SF; 4/30/18

28421

RECALL; 7,320SF; 5/31/18 28425

FINAL TOUCH; 3,660SF; 28433 3/31/17 CARGO PLACE; 3,660SF; 28429 7/31/15

28437

28441

28445

UPS; 14,645SF; 12/31/14 28449

BLDG 1 - 29,286 SF (HARRISON)

29005

PEOPLES; 29017

28825

NEBRASKA; 4,544SF; 28849 3/31/15 ASAP; 7,320SF; 28837 7/31/16

28861

NEBRASKA; 6,440SF; 28973 6/30/16

28885

VACANT; 7,320SF; 28897

VACANT; 3,660SF; 28909

AIRPORT PARK INDUSTRIAL PORTFOLIO

STACKING PLANS BLDG 9 - 29,280 SF (HIGHLAND)

BLDG 12 - 29,548 SF (HARRISON)

BLDG 14 - 25,620 SF (HARRISON)

28933

XPRESS; 1 28945

28957

28981

28993

29005

PEOPLES; 29017

28825

NEBRASKA; 28849 ASAP; 28837

28861

NEBRASKA; 28973

28885

3,660

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS 2023 29,280 104,050

VACANT

664,645

BLDG 15 - 23,707 SF (AIRPORT)

BLDG 16 - 36,658 SF (AIRPORT) VACANT; 7,376SF 29185 ALTAQUIP; 29,282SF

US QUALITY; 13,707SF 1/31/19

8/31/15

29265

29205

29225

BLDG 21 - 29,282 SF (AIRPORT) 29122

29200 29202

29124

29204

29126

29206

29128

29208

29130

29210

VACANT, 7,320SF 29132 29134

29212 29214

29161 29163 29165

BLDG 19 - 29,280 SF (AIRPORT)

VAC 2,120 29113 1-800-RADIATOR; 5,200SF;4/30/18 29115

BLDG 20 - 25,837 SF (AIRPORT)

RAPID RESPONSE 29,280SF 29031 2/28/23 29033

XPERIENCE; 11,337SF; 4/30/15 29050 29052

29035

29039

29054 HERITAGE; 14,500SF 7/31/19 29056 29058

29041

29060 29062

9319

SQUARE FEET

2014

14,645

2015

143,652

2016

124,710

2017

83,390

2018

133,051

2019

28,207

2020

3,660

2023

29,280

VACANT

JETT PRO;709SF 9339,10/31/16

8/31/17 9315 9337

#60 ; 2,250SF 9315 VAC; 1,500SF; 9335

9313

9307

9305

YEAR EXPIRING

#141; 750SF; 9333 3/31/15

29159

2/28/17; 9309

29107 VACANT; 7,320SF 29109 29111

9331

29157

3,778SF; 9309

SSBB; 8,547SF; 12/31/15 29105

PANASONIC; 9329

29155

9327

29153

29151 JACO; 33,440SF; 9/30/17

9325

BLDG 18 -29,287 SF (AIRPORT) D&W; 6,100SF; 10/31/15 29101 29103

9303

OFFICE CENTER (23) - 15,173 SF (MIDDLEBELT) MIDWEST MED; 6,186 SF;4/30/15 9321 9301

BLDG 17 -33,440SF (AIRPORT)

29043

4/30/17

2/28/15

29285

29037

BLDG 22 - 29,282 SF (AIRPORT)

EXEL; 21,962SF; 7/31/16 29120

9323

US QUALITY; 10,000SF

29149

VACANT; 7, 28897

VACANT; 3,

2020

104,050 664,645

29045

AIRPORT PARK INDUSTRIAL PORTFOLIO

ASSUMPTIONS Global Analysis Period Commencement Date End Date Term Area Measures Building Square Feet (NRSF)

Vacant Space Leasing April 1, 2015 March 31, 2020 5 Years

664,645 SF

Growth Rates Consumer Price Index (CPI) Operating Expenses Real Estate Taxes Market Rent Growth CY 2016 - 2.00% CY 2017 - 2.00% CY 2018 - 2.00% CY 2019 - 2.00% CY 2020 - 2.00% CY 2021 - 2.00% CY 2022 - 2.00% CY 2023 - 2.00% CY 2024 - 2.00% CY 2025+ - 2.00% General Vacancy Loss Capital Reserves (CY 2015 Value)

2.00% 2.00% 2.00%

116,137 SF 116,137 SF 17.47% 33 Month(s) April 1, 2015 July 1, 2015 January 1, 2018

Financial Terms 2015 Annual Market Rent Rent Adjustment Lease Term Expense Reimbursement Type Rent Abatements Tenant Improvements ($/NRSF) Commissions

$3.55 PSF 2.00% Annually 4 Years Net 2 Month(s) $5.00 PSF 6.00%

Expenses Operating Expense Source Management Fee (% of EGR)

10.00% $0.25 PSF

Notes: All market rent rates are stated on calendar-year basis.

Occupancy and Absorption Projected Vacant at 4/1/15 Currently Vacant as of 1/1/15 Percentage Vacant at 1/1/15 Absorption Period Absorption Period Start Date First Absorption Occurs On Last Absorption Occurs On

2015 Projection 3.00%

SECOND GENERATION LEASING 70%

Retention Ratio Financial Terms 2015 Annual Market Rent Rent Adjustment Lease Term Expense Reimbursement Type Tenanting Costs Rent Abatements New Renewal Weighted Average Tenant Improvements ($/NRSF) New Renewal Weighted Average

Building 23 $10.00 PSF

Buildings 1-22 $3.55 PSF 2.00% Annually 4 Years Net

2 Month(s) 0 Month(s) 0.60 Month(s)

$5.00 PSF $2.00 PSF $2.90 PSF

Commissions New Renewal Weighted Average

6.00% 3.00% 3.90%

Downtime New Weighted Average

4 Month(s) 1 Month(s)

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

CASH FLOW Fiscal Year Ending - March 31 Physical Occupancy Overall Economic Occupancy [1] Weighted Average Market Rent Weighted Average In Place Rent [2] Total Operating Expenses PSF Per Year

Revenues Scheduled Base Rent Gross Potential Rent Absorption & Turnover Vacancy Base Rent Abatements Total Scheduled Base Rent Expense Reimbursements Total Gross Revenue General Vacancy Loss Effective Gross Revenue Operating Expenses Real Estate Taxes R&M Management Fee Utilities Insurance Other Total Operating Expenses Net Operating Income Capital Costs Tenant Improvements Leasing Commissions Capital Reserves Total Capital Costs Operating Cash Flow

2016 83.89% 86.41% $3.72 $3.53 $1.69

2017 92.81% 87.96% $3.79 $3.68 $1.73

2018 97.73% 89.22% $3.87 $3.83 $1.77

2019 98.74% 89.26% $3.94 $3.87 $1.81

2020 97.55% 89.06% $4.02 $3.94 $1.84

2021 97.49% 88.92% $4.10 $4.02 $1.88

$3.64 (0.60) (0.08) 2.96 1.42 4.38 0.00 4.38

$2,418,386 (399,794) (50,096) 1,968,496 942,120 2,910,616 0 2,910,616

$2,523,939 (190,721) (62,590) 2,270,628 1,067,630 3,338,258 (171,753) 3,166,505

$2,581,483 (67,846) (28,330) 2,485,307 1,150,518 3,635,825 (302,978) 3,332,847

$2,601,809 (31,596) (27,696) 2,542,517 1,185,195 3,727,712 (344,335) 3,383,377

$2,658,307 (66,508) (36,062) 2,555,737 1,193,939 3,749,676 (315,110) 3,434,566

$2,712,572 (66,002) (41,951) 2,604,619 1,216,482 3,821,101 (322,709) 3,498,392

(0.55) (0.75) (0.13) (0.06) (0.15) (0.04) (1.69) 2.69

(367,383) (500,977) (87,319) (40,078) (100,195) (26,719) (1,122,671) 1,787,945

(374,731) (510,995) (94,995) (40,879) (102,199) (27,253) (1,151,052) 2,015,453

(382,225) (521,216) (99,985) (41,697) (104,243) (27,799) (1,177,165) 2,155,682

(389,869) (531,640) (101,502) (42,531) (106,328) (28,354) (1,200,224) 2,183,153

(397,666) (542,272) (103,037) (43,381) (108,455) (28,921) (1,223,732) 2,210,834

(405,620) (553,118) (104,952) (44,249) (110,623) (29,499) (1,248,061) 2,250,331

(0.93) (0.18) (0.25) (1.36) $1.33

(615,571) (120,572) (166,992) (903,135) $884,810

(722,748) (132,620) (170,331) (1,025,699) $989,754

(302,204) (67,505) (173,738) (543,447) $1,612,235

(452,492) (87,958) (177,214) (717,664) $1,465,489

(553,935) (114,536) (180,757) (849,228) $1,361,606

(681,134) (133,221) (184,373) (998,728) $1,251,603

[3] FY 2016 $/SF/YR

[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. [2] This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the weighted-average physical occupancy during each fiscal year. [3] Based on 664,645 square feet.

AIRPORT PARK INDUSTRIAL PORTFOLIO

EXISTING LEASE EXPIRATIONS Fiscal Year Ending March

Net Rentable Square Feet Expiring

Percentage Square Feet Expiring

2015 2016 2017 2018 2019 2020 2021 2022 2023

143,652 124,710 83,390 133,051 28,207 3,660 0 0 29,280

21.61% 18.76% 12.55% 20.02% 4.24% 0.55% 0.00% 0.00% 4.41%

Total SF

664,645

160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2015

2016

2017

2018

2019

2020

2021

2022

2023

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

RENT ROLL Market Suite 42005 42006

Tenant Name Sodexo Management York Rubber

Square

% of

Feet

Property

Begin

End

7,320

1.13%

May-2011

Apr-2016

10,980

1.69%

Lease Term

Mar-2012

Rental Rates

Sep-2015

Begin

Monthly

Recovery

Tenant

Leasing

Assumption / Market Rent

PSF

Annually

PSF

Type

Improvements

Commissions

NNN

Current

$2,074

$0.28

$24,888

$3.40

May-2015

$2,135

$0.29

$25,620

$3.50

Current

$2,974

$0.27

$35,685

$3.25

Market $3.55 NNN

NNN

Market $3.55 NNN

42007

Meyer Logistics

3,660

0.56%

May-2013

Apr-2015

Current

$1,202

$0.33

$14,420

$3.94

NNN

Market $3.55 NNN

42008

ABCO

7,326

1.13%

Sep-2014

Feb-2016

Current

$2,503

$0.34

$30,037

$4.10

NNN

EXP 2/15

Market $3.55 NNN

Comments/Options Actual expiration is 2/15. This analysis assumes tenant renews at current terms for 1 year and then rolls to market. 42036 42037

42038

El Milargro of Michigan SRI/Surgical Express

Savino Del Bene USA

3,660 7,320

3,660

0.56% 1.13%

0.56%

Mar-2011 Dec-2012

May-2014

Feb-2016 Nov-2017

Apr-2016

Current

$1,129

$0.31

$13,542

$3.70

Mar-2015

$1,159

$0.32

$13,908

$3.80

Current

$2,357

$0.32

$28,280

$3.86

Dec-2015

$2,391

$0.33

$28,694

$3.92

Dec-2016

$2,428

$0.33

$29,134

$3.98

Current

$991

$0.27

$11,895

$3.25

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

42039

Nucentury Textile Service

7,320

1.13%

Jun-2012

May-2015

Current

$2,103

$0.29

$25,239

$3.45

NNN

Market $3.55 NNN

42040

42041

42064

42065

42095

42125

KTC1

Highway Freight Logistics

Central States Trucking

VACANT (Ste 3-2)

Central States Trucking

Cargo Placement

3,660

17,047

18,300

29,340

3,660

0.56%

2.62%

2.82%

4.52%

0.56%

Dec-2014

Mar-2013

Jul-2015

Mar-2013

Aug-2010

Nov-2020

Nov-2017

Feb-2018

Jun-2019

Feb-2018

Jul-2015

Current

$1,022

$0.28

$12,261

$3.35

Dec-2015

$1,052

$0.29

$12,627

$3.45

Dec-2016

$1,083

$0.30

$12,993

$3.55

Dec-2017

$1,113

$0.30

$13,359

$3.65

Dec-2018

$1,144

$0.31

$13,725

$3.75

Dec-2019

$1,174

$0.32

$14,091

$3.85

Current

$1,068

$0.29

$12,810

$3.50

Dec-2015

$1,098

$0.30

$13,176

$3.60

Dec-2016

$1,129

$0.31

$13,542

$3.70

Current

$4,599

$0.27

$55,185

$3.24

Mar-2015

$4,702

$0.28

$56,426

$3.31 $3.37

Mar-2016

$4,787

$0.28

$57,448

Mar-2017

$4,887

$0.29

$58,642

$3.44

Jul-2015

$5,414

$0.30

$64,965

$3.55

Jul-2016

$5,521

$0.30

$66,246

$3.62

Jul-2017

$5,627

$0.31

$67,527

$3.69

Jul-2018

$5,749

$0.31

$68,991

$3.77

Current

$7,946

$0.27

$95,355

$3.25

Mar-2015

$8,117

$0.28

$97,409

$3.32

Mar-2016

$8,264

$0.28

$99,169

$3.38

Mar-2017

$8,435

$0.29

$101,223

$3.45

Current

$1,205

$0.33

$14,457

$3.95

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

$5.00

$0.84

Market

$91,500

$15,416

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

42126

Recall Secure

7,320

1.13%

Jun-2013

May-2018

Current

$2,745

$0.38

$32,940

$4.50

NNN

Market $3.55 NNN

AIRPORT PARK INDUSTRIAL PORTFOLIO

RENT ROLL Market Suite 42127

Tenant Name UPS Supply Chain

Square

% of

Lease Term

Rental Rates

Feet

Property

Begin

End

Begin

Monthly

PSF

Annually

14,645

2.25%

Jan-2014

Dec-2015

Current

$3,124

$0.21

$37,491

Recovery

Tenant

Leasing

Assumption /

PSF

Type

Improvements

Commissions

Market Rent

$2.56

NNN

Market $3.55 NNN

42128

42156

42157 42158

Final Touch

VACANT (Ste 6-1)

Relay Express Detroit Hauling

3,660

7,320

7,320 3,660

0.56%

1.13%

1.13% 0.56%

Mar-2014

Sep-2015

Jun-2013

Mar-2017

Aug-2019

May-2016

Oct-2011

Sep-2015

Current

$1,013

$0.28

$12,151

$3.32

Apr-2015

$1,043

$0.29

$12,517

$3.42

Apr-2016

$1,074

$0.29

$12,883

$3.52

Sep-2015

$2,166

$0.30

$25,986

$3.55

Sep-2016

$2,208

$0.30

$26,498

$3.62

Sep-2017

$2,251

$0.31

$27,011

$3.69

Sep-2018

$2,300

$0.31

$27,596

$3.77

Current

$2,458

$0.34

$29,492

$4.03

Jun-2015

$2,507

$0.34

$30,085

$4.11

Current

$1,052

$0.29

$12,627

$3.45

NNN

Market $3.55 NNN

NNN

$5.00

$0.84

Market

$36,600

$6,166

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

42159 42160 42186 42187 42188

42189

S.C. Oliverio MP International Nebraska ASAP Express & Logistics VACANT (Ste 7-3)

Nebraska

3,660 7,320 6,440 7,320 7,320

4,544

0.56% 1.13% 0.99% 1.13% 1.13%

0.70%

Jul-2013

Jun-2016

May-2014

Apr-2016

Jul-2013

Jun-2016

Aug-2013 Nov-2015

May-2014

Jul-2016 Oct-2019

Mar-2016

Current

$1,022

$0.28

$12,261

$3.35

Jul-2015

$1,052

$0.29

$12,627

$3.45

Current

$1,983

$0.27

$23,790

$3.25

May-2015

$2,074

$0.28

$24,888

$3.40

Current

$1,833

$0.28

$22,002

$3.42

Jul-2015

$1,868

$0.29

$22,411

$3.48

Current

$2,044

$0.28

$24,522

$3.35

Aug-2015

$2,105

$0.29

$25,254

$3.45

Nov-2015

$2,166

$0.30

$25,986

$3.55

Nov-2016

$2,208

$0.30

$26,498

$3.62

Nov-2017

$2,251

$0.31

$27,011

$3.69

Nov-2018

$2,300

$0.31

$27,596

$3.77

Current

$947

$0.21

$11,360

$2.50

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

$5.00

$0.84

Market

$36,600

$6,166

$3.55 NNN

6.00% NNN

EXP 3/15

Market $3.55 NNN

Comments/Options Actual expiration is 3/15. This analysis assumes tenant renews for 1 year at $2.50 PSF and then rolls to market. 42190

42217

42218

VACANT (Ste 7-5)

People's Transit

Xpress Global Systems

3,660

12,200

12,000

0.56%

1.88%

1.85%

Jan-2016

Mar-2013

Oct-2013

Dec-2019

Apr-2018

Sep-2015

Jan-2016

$1,104

$0.30

$13,253

$3.62

Jan-2017

$1,125

$0.31

$13,505

$3.69

Jan-2018

$1,150

$0.31

$13,798

$3.77

Jan-2019

$1,171

$0.32

$14,054

$3.84

Current

$4,480

$0.37

$53,758

$4.41

May-2015

$4,565

$0.37

$54,778

$4.49

May-2016

$4,656

$0.38

$55,876

$4.58

May-2017

$4,758

$0.39

$57,096

$4.68

Current

$3,200

$0.27

$38,400

$3.20

NNN

$5.10

$0.86

Market

$18,666

$3,145

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

42219

42248

VACANT (Ste 8-3)

Roadrunner

5,080

29,280

0.78%

4.51%

Mar-2016

Apr-2011

Feb-2020

Mar-2018

Mar-2016

$1,533

$0.30

$18,395

$3.62

Mar-2017

$1,562

$0.31

$18,745

$3.69

Mar-2018

$1,596

$0.31

$19,152

$3.77

Mar-2019

$1,626

$0.32

Current Apr-2015

$9,638 $9,882

$0.33 $0.34

$19,507 $115,656

$3.84 $3.95

$118,584

$4.05

NNN

$5.10

$0.86

Market

$25,908

$4,365

$3.55 NNN

6.00% NNN

Market $3.55 NNN

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

Market Suite 42278 42309 42339

Tenant Name Roadrunner J.B. Hunt Mach 1 Global Services

Square

% of

Feet

Property

Begin

End

32,664

5.03%

Apr-2011

Mar-2018

25,925 14,774

3.99% 2.27%

Lease Term

Sep-2011 Jan-2011

Rental Rates

Sep-2016 Mar-2016

Recovery

Tenant

Leasing

Assumption / Market Rent

Begin

Monthly

PSF

Annually

PSF

Type

Improvements

Commissions

Current

$10,752

$0.33

$129,023

$3.95

NNN

Apr-2015

$11,024

$0.34

$132,289

$4.05

Current

$6,481

$0.25

$77,775

$3.00

Oct-2015

$6,568

$0.25

$78,812

$3.04

Current

$3,798

$0.26

$45,577

$3.08

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

42340

13-1

13-2 14-1

VACANT (Ste 12-2)

VACANT (Ste 13-1)

SSBB Penn-Ridge Transportation

14,774

14,640

14,640 18,300

2.27%

2.25%

2.25% 2.82%

May-2016

Apr-2020

Jul-2016

Jun-2020

Feb-2011 Sep-2012

Jan-2016 Nov-2015

May-2016

$4,458

$0.30

$53,497

$3.62

May-2017

$4,543

$0.31

$54,516

$3.69

May-2018

$4,641

$0.31

$55,698

$3.77

May-2019

$4,728

$0.32

$56,732

$3.84

Jul-2016

$4,418

$0.30

$53,011

$3.62

Jul-2017

$4,502

$0.31

$54,022

$3.69

Jul-2018

$4,599

$0.31

$55,193

$3.77

Jul-2019

$4,685

$0.32

$56,218

$3.84

Current

$4,148

$0.28

$49,776

$3.40

Feb-2015

$4,209

$0.29

$50,508

$3.45

Current

$4,956

$0.27

$59,475

$3.25

NNN

$5.10

$0.86

Market

$75,347

$12,695

$3.55 NNN

6.00% NNN

$5.10

$0.86

Market

$74,664

$12,579

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

14-2

15-1

15-2

VACANT (Ste 14-2)

U.S. Quality

7,320

13,707

10,000

1.13%

2.11%

1.54%

Sep-2016

Aug-2020

Feb-2013

Sep-2014

Jan-2019

Feb-2016

Sep-2016

$2,209

$0.30

$26,506

$3.62

Sep-2017

$2,251

$0.31

$27,011

$3.69

Sep-2018

$2,300

$0.31

$27,596

$3.77

Sep-2019

$2,342

$0.32

$28,109

$3.84

Current

$3,427

$0.25

$41,121

$3.00

Aug-2016

$3,884

$0.28

$46,604

$3.40

Current

$1,667

$0.17

$20,000

$2.00

NNN

$5.10

$0.86

Market

$37,332

$6,290

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

EXP 2/15

Market $3.55 NNN

Comments/Options Actual expiration is 2/15. This analysis assumes tenant renews for 1 year at $2.00 PSF and then rolls to market. 16-1

AltaQuip

29,282

4.51%

Apr-2015

Aug-2015

Current

$8,663

$0.30

$103,951

$3.55

NNN

Market $3.55 NNN

16-2

17-1

18-1

VACANT (Ste 16-2)

Jaco Environmental

SSBB

7,376

33,440

8,547

1.14%

5.15%

1.32%

Nov-2016

Aug-2014

Jan-2014

Oct-2020

Sep-2017

Dec-2015

Nov-2016

$2,226

$0.30

$26,709

$3.62

Nov-2017

$2,268

$0.31

$27,217

$3.69

Nov-2018

$2,317

$0.31

$27,808

$3.77

Nov-2019

$2,360

$0.32

$28,324

$3.84

Current

$10,032

$0.30

$120,384

$3.60

Aug-2015

$10,339

$0.31

$124,062

$3.71

Aug-2016

$10,645

$0.32

$127,741

$3.82

Current

$2,383

$0.28

$28,601

$3.35

NNN

$5.10

$0.86

Market

$37,618

$6,338

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

18-2

D&W International

6,100

0.94%

Nov-2012

Oct-2015

Current

$1,825

$0.30

$21,899

$3.59

NNN

Market $3.55 NNN

18-3

1-800-Radiator

5,200

0.80%

May-2013

Apr-2018

Current

$1,455

$0.28

$17,460

$3.36

NNN

Market $3.55 NNN

AIRPORT PARK INDUSTRIAL PORTFOLIO

RENT ROLL Market Suite

Tenant Name

18-4

VACANT (Ste 18-4)

18-5

19-1

20-1

20-2

20-3

21-1 21-2

22-1

VACANT (Ste 18-5)

Rapid Response

Square

% of

Feet

Property

Begin

End

7,320

1.13%

Jan-2017

Dec-2020

2,120

29,280

0.33%

4.51%

Lease Term

Mar-2017

Nov-2014

Rental Rates

Feb-2021

Feb-2023

Recovery

Tenant

Leasing

Assumption /

PSF

Type

Improvements

Commissions

Market Rent

NNN

Begin

Monthly

PSF

Annually

Jan-2017

$2,253

$0.31

$27,036

$3.69

Jan-2018

$2,300

$0.31

$27,596

$3.77

Jan-2019

$2,342

$0.32

$28,109

$3.84

Jan-2020

$2,391

$0.33

$28,694

$3.92

Mar-2017

$653

$0.31

$7,830

$3.69

Mar-2018

$666

$0.31

$7,992

$3.77

Mar-2019

$678

$0.32

$8,141

$3.84

Mar-2020

$693

$0.33

$8,310

$3.92

Current

$0.00

Jun-2015

$8,906

$0.30

$106,872

$3.65

Comments/Options

Nov-2015

$9,174

$0.31

$110,093

$3.76

Tenant received 4 months of net free rent (2/1/15 to 5/31/15).

Nov-2016

$9,443

$0.32

$113,314

$3.87

Nov-2017

$9,736

$0.33

$116,827

$3.99

Nov-2018

$10,028

$0.34

$120,341

$4.11

Nov-2019

$10,321

$0.35

$123,854

$4.23

Nov-2020

$10,638

$0.36

$127,661

$4.36

Nov-2021

$10,956

$0.37

$131,467

$4.49

Nov-2022

$11,273

$0.39

$135,274

$4.62

Current

$3,927

$0.27

$47,125

$3.25

Aug-2015

$4,048

$0.28

$48,575

$3.35

Heritage

VACANT (Ste 20-2)

VACANT (Ste 20-3)

Exel VACANT (Ste 21-2)

Xperience

14,500

5,636

5,701

21,962 7,320

29,282

2.23%

0.87%

0.88%

3.38% 1.13%

4.51%

May-2014

Dec-2016

Mar-2017

Jun-2013 Sep-2017

Mar-2014

Jul-2019

Nov-2020

Feb-2021

Jul-2016 Aug-2021

Apr-2017

Aug-2016

$4,169

$0.29

$50,025

$3.45

Aug-2017

$4,290

$0.30

$51,475

$3.55

Aug-2018

$4,410

$0.30

$52,925

$3.65

Dec-2016

$1,701

$0.30

$20,408

$3.62

Dec-2017

$1,733

$0.31

$20,797

$3.69

Dec-2018

$1,771

$0.31

$21,248

$3.77

Dec-2019

$1,804

$0.32

$21,642

$3.84

Mar-2017

$1,755

$0.31

$21,056

$3.69

Mar-2018

$1,791

$0.31

$21,493

$3.77

Mar-2019

$1,824

$0.32

$21,892

$3.84

Mar-2020

$1,862

$0.33

$22,348

$3.92

Current

$7,030

$0.32

$84,361

$3.84

Sep-2015

$7,247

$0.33

$86,970

$3.96

Sep-2017

$2,253

$0.31

$27,036

$3.69

Sep-2018

$2,300

$0.31

$27,596

$3.77

Sep-2019

$2,342

$0.32

$28,109

$3.84

Sep-2020

$2,391

$0.33

$28,694

$3.92

Current

$7,931

$0.27

$95,167

$3.25

May-2015

$8,101

$0.28

$97,216

$3.32

May-2016

$8,272

$0.28

$99,266

$3.39

$5.20

$0.88

Market

$38,079

$6,416

$3.55 NNN

6.00% NNN

$5.20

$0.88

Market

$11,028

$1,858

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

Market $3.55 NNN

NNN

$5.10

$0.86

Market

$28,744

$4,843

$3.55 NNN

6.00% NNN

$5.20

$0.88

Market

$29,657

$4,997

$3.55 NNN

6.00% NNN

Market $3.55 NNN

NNN

$5.20

$0.88

Market

$38,079

$6,416

$3.55 NNN

6.00% NNN

Market $3.55 NNN

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

Market Square

% of

Lease Term

Suite

Tenant Name

Feet

Property

Begin

23-1

VACANT (Ste23-1)

750

4.94%

Nov-2017

Rental Rates

23-3

Type

Oct-2021

Nov-2017

$650

$0.87

$7,803

$10.40

NNN

Nov-2018

$663

$0.88

$7,958

$10.61

$676

$0.90

$8,115

$10.82

$0.92

$8,280

$11.04

6,186

40.77%

May-2010

Market Rent

PSF

$690

Midwest Medical Center

Commissions

Annually

Nov-2019

Mar-2014

Improvements

PSF

Nov-2020

24.90%

Assumption /

Monthly

Comments/Options

3,778

Leasing

Begin

This space is currently occupied by I.A.M.A.W. through 3/15. This analysis assumes tenant vacates upon expiration, which occurs prior to the start date. Hence, this space is shown as vacant. Panasonic Avionics

Tenant

End VACATE

23-2

Recovery

Feb-2017 Apr-2015

Current

$2,597

$0.69

$31,169

$8.25

Sep-2015

$2,629

$0.70

$31,546

$8.35

Current

$5,103

$0.83

$61,241

$9.90

$5.20

$2.47

Market

$3,902

$1,852

$10.00 NNN

6.00%

NNN

Market $10.00 NNN

NNN

Market $10.00 NNN

23-4

23-5

23-6

International Association

VACANT (Ste 23-5)

Jett Pro Line Maintenance

2,250

1,500

709

14.83%

9.89%

4.67%

TOTALS / AVERAGES

664,645

OCCUPIED SqFt

548,508

VACANT SqFt

116,137

17.5%

TOTAL SqFt

664,645

100.0%

Sep-2010

Jan-2018

Nov-2014

Aug-2017

Dec-2021

Oct-2016

Current

$2,047

$0.91

$24,564

$10.92

Sep-2015

$2,104

$0.94

$25,245

$11.22

Sep-2016

$2,160

$0.96

$25,920

$11.52

Jan-2018

$1,327

$0.88

$15,918

$10.61

Jan-2019

$1,353

$0.90

$16,230

$10.82

Jan-2020

$1,380

$0.92

$16,560

$11.04

Jan-2021

$1,408

$0.94

$16,890

$11.26

Current

$500

$0.71

$5,998

$8.46

Nov-2015

$515

$0.73

$6,175

$8.71

NNN

Market $10.00 NNN

NNN

$5.31

$2.52

Market

$7,959

$3,777

$10.00 NNN

6.00% NNN

Market $10.00 NNN

82.5%

AIRPORT PARK INDUSTRIAL PORTFOLIO

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES Central States Trucking Co., a Delaware corporation Tenant Central States Trucking Co., a Delaware corporation Premises: 28440-28448 Highland Road, Romulus, Michigan (17,047 square feet) – Building #3 28450-28478 Highland Road, Romulus, Michigan (29,340 square feet) – Building #4 Rentable Square Feet: 46,387 Total Permitted Uses: Office, warehousing and distribution of materials and general commodities freight. Lease Term: Five (5) years commencing March 1, 2013 and ending February 28, 2018. Rental Rate: Term

Monthly Rate

Annual Rate

Rate/SF

3/1/15 – 2/28/16

$12,815.00

$153,780.00

$3.32

3/1/16 – 2/28/17

$13,047.00

$156,564.00

$3.38

3/1/17 – 2/28/18

$13,317.00

$159,804.00

$3.45

Lease Type: Triple Net Recoveries: Tenant shall pay a proportionate share of 7.142 percent (46,387 SF divided by 649,472 SF of the 22 industrial buildings) of operating expenses and real property taxes as stated in the lease. Initial estimated additional rent payable by Tenant is $5,390.00 per month. Tenant shall purchase all utility services from the utility or municipality providing such services. Operating Expense Cap: Tenant’s share of operating expenses may not exceed $64,680.00 annually for the term of the lease.

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

In addition to Tenant’s obligations under (i) and (ii) above, Tenant shall also be responsible for all costs and expenses incurred to perform any and all repairs and replacements (whether structural or non-structural; interior or exterior; and ordinary or extraordinary), in and to the Premises and the Property and the facilities and systems thereof (if and to the extent that the need for such repairs or replacements arises directly or indirectly from any or all of: (a) the performance or existence of any Alterations, (b) the installation, use or operation of Tenant’s Property in the Premises, (c) the moving of Tenant’s Property in or out of the Property, and (d) any act, omission, misuse, or neglect of Tenant, any of its subtenants, or others entering into the Premises by act or omission of Tenant or any subtenant. Any repairs or replacements required to be made by Tenant to any or all of the structural components of the Property and the mechanical, electrical, sanitary, HVAC, or other systems of the Property or Premises shall be performed by appropriately licensed contractors approved by Landlord, which approval shall not be unreasonably withheld. All such repairs or replacements shall be subject to the supervision and control of Landlord, and all repairs and replacements shall be made with materials of equal or better quality than the items being repaired or replaced. Landlord Responsibilities: Landlord shall repair, replace and restore the foundation, exterior and interior loadbearing walls, roof structure and roof covering, and tuck-pointing of the Property, and be responsible for the inspection, preventative maintenance, repair and replacement when necessary of the HVAC systems; provided however, that (i) all costs and expenses so incurred by Landlord shall constitute Operating Expenses, and (ii) notwithstanding (i) above, in the event that any such inspection, preventative maintenance, repair, replacement or restoration is necessitated by any or all of the matters set forth in Clauses 13.l(a), (b), (c) or (d) [collectively, “Tenant Necessitated Repairs”], then Tenant shall be required to reimburse Landlord for all costs and expenses that Landlord incurs in order to perform such Tenant Necessitated Repairs, and such reimbursement shall be paid, in full, within ten (10) days after Landlord’s delivery of demand therefor. Landlord agrees to commence the repairs, replacements or restoration described in this Section 13.2 within a reasonable period of time after receiving from Tenant written notice of the need for such repairs. The Landlord shall maintain a commercial property insurance policy (not including the Tenant’s personal property), commercial general public liability insurance, rent loss insurance and other deemed appropriate insurance.

Termination Option: Notwithstanding anything to the contrary contained herein, Tenant shall have a onetime Option to Terminate this Lease as of December 31, 2016 (“Termination Option”) in accordance with the following terms and conditions: a. Tenant Gives Notice. If Tenant desires to exercise the Termination Option, Tenant shall give Landlord irrevocable written notice (“Termination Notice”) of Tenant’s exercise of this Termination Option, which shall be delivered by certified mail, which Termination Notice must be received by Landlord no later than the date that is six (6) full months prior to December 31, 2016 (defined below), that is, such Termination Notice must be received by Landlord no later than July 1, 2016. Time is of the essence with respect to Landlord’s receipt of the Termination Notice and all other deadlines in this Clause. b. Termination Date. If Tenant gives the Termination Notice and complies with all the provisions in this Clause, the Lease shall terminate at 11:59 p.m. on December 31, 2016 (the “Termination Date”). c. Termination Fee Must Accompany Notice. In order for such Termination Notice to be effective, it must be accompanied by the termination fee in an amount equal to the unamortized cost of the Tenant Improvements (construction costs for the connector) and commissions, plus one and one-half months of Rent and Additional Rent which shall be payable only in cash or certified funds.

AIRPORT PARK INDUSTRIAL PORTFOLIO

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES Central States Trucking Co., a Delaware corporation (continued) Casualty and Condemnation: If the Building or the Premises shall be totally destroyed by fire or other casualty, or if the Building shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than one hundred eighty (180) days; or (ii) such repair or restoration requires the expenditure of more than fifty percent (50%) of the full insurable value of the Building immediately prior to the casualty; or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Building; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within ten (10) days after such contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Building by Landlord. If the whole, or any substantial (as reasonably determined by Landlord) portion, of the Building is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof, and such taking would prevent or materially interfere with the Permitted Use of the Premises, this Lease shall terminate effective when the physical taking occurs. If less than a substantial portion of the Building is so taken or condemned, or if the taking or condemnation is temporary (regardless of the portion of the Building affected), this Lease shall not terminate, but the Rent payable hereunder shall be proportionally abated to the extent of any actual loss of use of the Premises by Tenant. Landlord shall be entitled to any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking or conveyance, and Tenant shall have no claim against Landlord for the value of any unexpired portion of this Lease. Option to Renew: None

Right of First Refusal: None Relocation: Landlord shall have the right to relocate Tenant from the Premises to comparable (as to size, configuration and improvements) alternative space in the Property (“Replacement Premises”) upon 90 days’ prior written notice to Tenant only if reasonably acceptable to Tenant. In the event of such a relocation, Landlord shall make reasonable, good faith efforts to coordinate with Tenant a mutually acceptable plan (as to scope and timing) for such relocation, and Landlord shall be responsible for the third party costs incurred to accomplish the physical relocation of Tenant ( movers and telephone company charges). If the Replacement Premises are larger in size than the original Premises, there shall be no adjustment in Tenant’s Base Rent; however, Tenant’s Proportionate Share shall be appropriately modified, thereby resulting in a potential increase in Tenant’s Additional Rent. If, however, the Replacement Premises is a smaller size (as to rentable square feet) than the original Premises, Landlord shall appropriately adjust both Tenant’s Base Rent and its Proportionate Share, only if reasonably acceptable to Tenant. Right to Assign or Sublease: Tenant shall not, whether voluntarily, or by operation of law, or otherwise: (a) assign or otherwise transfer this Lease; (b) sublet the Premises or any part thereof, or allow the same to be used or occupied by anyone other than Tenant; or (c) mortgage, pledge, encumber, or otherwise hypothecate this Lease or the Premises, or any part thereof, in any manner whatsoever, without in each instance obtaining the prior written consent of Landlord, which consent may be given or withheld in Landlord’s sole, but reasonable, discretion. Security Deposit: $18,707.00

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES

Tenant: Roadrunner Transportation Services, Inc., a Delaware corporation Premises: 28824 Highland Road, Romulus, Michigan (29,280 square feet) – Building #9 28980 Highland Road, Romulus, Michigan (32,664 square feet) – Building #10 Rentable Square Feet: 61,994 Total Permitted Uses: Office, warehouse, distribution, sales and transportation. Lease Term: Seven (7) years commencing April 1, 2011 and ending March 31, 2018. Rental Rate: Term

Monthly Rate

4/1/15 – 3/31/18 $20,906.10

Annual Rate

Rate/SF

$250,873.20

$4.05

Lease Type: Triple Net Recoveries: Tenant shall pay a proportionate share of 9.54 percent (61,994 SF divided by 649,472 SF of the 22 industrial buildings) of operating expenses and real property taxes as stated in the lease. Initial estimated additional rent payable by Tenant is $9,291.60 per month. Tenant shall purchase all utility services from the utility or municipality providing such services. Operating Expense Cap: Tenant’s share of operating expenses, not including taxes, insurance, utilities, repairs and maintenance and capital improvements may not increase by more than five percent (5%) per operating year.

Tenant Responsibilities: Throughout the Term, Tenant shall, at its sole cost and expense: (i) both (x) maintain and preserve, in first-class condition (subject to normal and customary wear and tear), and (y) perform any and all repairs and replacements required in order to so maintain and preserve, in first class condition, the Premises and the fixtures and appurtenances therein (including, but not limited to, the Premises’ plumbing and HVAC systems, all doors, overhead or otherwise, glass and levelers located in the Premises or otherwise available in the Property for Tenant’s sole use; and excluding, however, only those specific components of the Premises for which Landlord is expressly responsible, and insurance covering excess liability (including personal injury and property damage) comprehensive automobile liability covering Tenant, personal property, workers compensation, and pollution legal liability insurance. Landlord Responsibilities: Landlord shall repair, replace and restore the foundation, exterior and interior loadbearing walls, roof structure and roof covering, and tuck-pointing of the Property, and be responsible for the inspection, preventative maintenance, repair and replacement when necessary of the HVAC systems. The Landlord shall maintain a commercial property insurance policy (not including the Tenant’s personal property), commercial general public liability insurance, rent loss insurance and other deemed appropriate insurance. HVAC Maintenance Contract. Landlord shall maintain, in full force and effect, a preventative maintenance and service contract with a reputable service provider for maintenance of the HVAC system of the Premises (the “HVAC Maintenance Contract”). Tenant shall reimburse Landlord for the cost of the HVAC Maintenance Contract as Additional Rent, simultaneously with the payment of Operating Expenses as part of Estimated Additional Rent. Termination Option: None Casualty and Condemnation: If the Building or the Premises shall be totally destroyed by fire or other casualty, or if the Building shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration

AIRPORT PARK INDUSTRIAL PORTFOLIO

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES Roadrunner Transportation Services, Inc., a Delaware corporation (continued) requires more than one hundred eighty (180) days; or (ii) such repair or restoration requires the expenditure of more than fifty percent (50%) of the full insurable value of the Building immediately prior to the casualty; or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Building; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within ten (10) days after such contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Building by Landlord. If the whole, or any substantial (as reasonably determined by Landlord) portion, of the Building is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof, and such taking would prevent or materially interfere with the Permitted Use of the Premises, this Lease shall terminate effective when the physical taking occurs. If less than a substantial portion of the Building is so taken or condemned, or if the taking or condemnation is temporary (regardless of the portion of the Building affected), this Lease shall not terminate, but the Rent payable hereunder shall be proportionally abated to the extent of any actual loss of use of the Premises by Tenant. Landlord shall be entitled to any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking or conveyance, and Tenant shall have no claim against Landlord for the value of any unexpired portion of this Lease. Option to Renew: Tenant shall have the option to renew the lease for one (1) period of three (3) additional years commencing on April 1, 2018 and ending on March 31, 2021. The rent for the period will increase to $21,680.40 per month or $4.20 per square foot.

Right of First Refusal: None Right to Assign or Sublease: Tenant shall not (a) assign (whether directly or indirectly), in whole or in part, this Lease, or (b) allow this Lease to be assigned, in whole or in part. Security Deposit: $10,000.00

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES Rapid Response Emergency Services, LLC., a Michigan Limited Liability Company Tenant: Rapid Response Emergency Services, LLC., a Michigan Limited Liability Company Premises: 29031-29045 Highland Road, Romulus, Michigan (29,280 square feet) – Building #19 Rentable Square Feet: 29,280 Total

Operating Expense Cap: None

Permitted Uses: Ambulance Services. Lease Term: Eight (8) years and four (4) months commencing November 1, 2014 and ending February 28, 2023. Rental Rate: Term

Monthly Rate

Annual Rate

Rate/SF

2/1/15 – 5/31/15

$0.00

6/1/15 – 10/31/15

$8,906.00

$106,872.00

$3.65

11/1/15 – 10/31/16

$9,173.18

$110,078.16

$3.76

11/1/16 – 10/31/17

$9,448.38

$113,380.56

$3.87

11/1/17 – 10/31/18

$9,731.83

$116,781.96

$3.99

11/1/18 – 10/31/19

$10,023.78

$120,285.36

$4.11

11/1/19 – 10/31/20

$10,324.49

$123,893.88

$4.23

11/1/20 – 10/31/21

$10,634.23

$127,610.76

$4.36

11/1/21 – 10/31/22

$10,953.26

$131,439.12

$4.49

11/1/22 – 2/28/23

$11,281.85

$135,382.20

$4.62

Lease Type: Triple Net

Recoveries: Tenant shall pay a proportionate share of 4.5083 percent (29,280 SF divided by 649,472 SF of the 22 industrial buildings) of operating expenses and real property taxes as stated in the lease. Initial estimated additional rent payable by Tenant is $3,904.00 per month. Tenant shall purchase all utility services from the utility or municipality providing such services.

Tenant Responsibilities: Tenant shall, at its expense maintain and preserve, in first-class condition (a) the premises and the fixtures and appurtenances (including, but not limited to plumbing and HVAC systems, all doors, overhead or otherwise, glass and levelers (b) a preventative maintenance and service HVAC systems contract, and insurance covering excess liability (including personal injury and property damage) comprehensive automobile liability covering Tenant, personal property, workers compensation, and pollution legal liability insurance. HVAC Maintenance Contract: Tenant shall also maintain, in full force and effect, a preventative maintenance and service contract with a reputable, fully licensed and insured/bonded third-party service provider for maintenance of the HVAC systems of the Premises. Landlord Responsibilities: Landlord shall repair, replace and restore the foundation, exterior and interior load bearing walls, roof structure and roof covering, at Landlord’s cost for replacements or restoration of. Tenant shall be required to reimburse Landlord for all repair costs and expenses that Landlord incurs above to be included in Operating Costs. The Landlord shall maintain a commercial property insurance policy (not including the Tenant’s personal property), commercial general public liability insurance, rent loss insurance and other deemed appropriate insurance.

AIRPORT PARK INDUSTRIAL PORTFOLIO

MAJOR TENANT LEASE ABSTRACTS - AIRPORT PARK SELECTED LEASE SUMMARIES Rapid Response Emergency Services, LLC., a Michigan Limited Liability Company (continued) Termination Option: None

Option to Renew: None

Casualty and Condemnation: If the Building or the Premises shall be totally destroyed by fire or other casualty, or if the Building shall be so damaged by fire or other casualty that (in the reasonable opinion of a reputable contractor or architect designated by Landlord): (i) its repair or restoration requires more than one hundred eighty (180) days; or (ii) such repair or restoration requires the expenditure of more than fifty percent (50%) of the full insurable value of the Building immediately prior to the casualty; or (iii) the damage (x) is less than the amount stated in (ii) above, but more than ten percent (10%) of the full insurable value of the Building; and (y) occurs during the last two (2) years of Lease Term, Landlord and Tenant shall each have the option to terminate this Lease (by so advising the other, in writing) within ten (10) days after such contractor or architect delivers written notice of its opinion to Landlord and Tenant, but in all events prior to the commencement of any restoration of the Premises or the Building by Landlord.

Right of First Refusal: None

If the whole, or any substantial (as reasonably determined by Landlord) portion, of the Building is taken or condemned for any public use under any Law or by right of eminent domain, or by private purchase in lieu thereof, and such taking would prevent or materially interfere with the Permitted Use of the Premises, this Lease shall terminate effective when the physical taking occurs. If less than a substantial portion of the Building is so taken or condemned, or if the taking or condemnation is temporary (regardless of the portion of the Building affected), this Lease shall not terminate, but the Rent payable hereunder shall be proportionally abated to the extent of any actual loss of use of the Premises by Tenant. Landlord shall be entitled to any and all payment, income, rent or award, or any interest therein whatsoever, which may be paid or made in connection with such a taking or conveyance, and Tenant shall have no claim against Landlord for the value of any unexpired portion of this Lease.

Right to Assign or Sublease: Tenant shall not (a) assign (whether directly or indirectly), in whole or in part, this Lease, or (b) allow this Lease to be assigned, in whole or in part. Security Deposit: $16,836.00 plus a Letter of Credit for $163,000.00 expiring on October 31, 2015.

FINANCIAL OVERVIEW/MAJOR DOCUMENTS ABSTRACTS

AIRPORT PARK | AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT 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 Affiliates, 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 successful 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 manner 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 owner 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, market 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 qualified 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, Affiliates 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 Memorandum 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 discussions 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 obligation 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. © 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

A I R P O R T PA R K I N D U S T R I AL P O R TF O L I O R O M U L U S â&#x20AC;˘ M I C H I G A N

For more information, please contact: Jeffrey Shell Executive Vice President Corporate Capital Markets +1 313 417 2100 jeffrey.shell@cbre.com

Larry Emmons Senior Vice President Capital Markets +1 248 936 6839 larry.emmons@cbre.com

Anne Rahm Vice President Corporate Capital Markets +1 313 417 2100 anne.rahm@cbre.com