Riverpark 1000 & DFW Airport I by Ramon Rodriguez

T W O S TAT E - O F - T H E - A RT I N D U S T R I A L B U I L D I N G S ยง P R E M I E R S U B M A R K E T S ยง S I N G L E - T E N A N T L O N G - T E R M L E A S E S RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

DISCLOSURE AGREEMENT AFFILIATED BUSINESS DISCLOSURE 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 realestate 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. PROPERTY WEBSITE www.cbremarketplace.com/riverpark_dfwairport/ Confidentiality Agreement 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. CBRE NATIONAL PARTNERS CBRE National Partners operate under a partnership model to deliver superior strategy and execution over the industrial property life cycle. Located in the five key logistics hubs of Los Angeles, Dallas, Chicago, Atlanta and Philadelphia, these 50 investment sales and support professionals connect local market insight to a national capital markets perspective. Enhanced by a fully integrated debt platform and CBRE’s network of more than 950 industrial leasing professionals, the National Partners team is able to achieve remarkable results for their national, regional and local clients. In 2014, the team successfully completed transactions totaling 134.4 million square feet with an aggregate value of $8.0 billion. Please visit our Web site at www.cbre.com/np

PORTFOLIO CONTACTS JACK FRAKER Vice Chairman 214.979.6300 jack.fraker@cbre.com JOSH MCARTOR Executive Vice President 214.979.6303 josh.mcartor@cbre.com JONATHAN BRYAN First Vice President 214.979.6304 jonathan.bryan@cbre.com HEATHER MCCLAIN VENEGONI Vice President 214.979.6307 heather.mcclain@cbre.com RYAN THORNTON Director 214.979.5661 ryan.thornton@cbre.com

LEASING CONTACTS Riverpark 1000 STEVE KOLDYKE First Vice President 817.987.4404 steve.koldyke@cbre.com DFW Airport I STEVE TRESE First Vice President 214.979.6534 steve.trese@cbre.com

DEBT & EQUITY CONTACT SCOTT LEWIS Senior Vice President 214.979.5605 scott.lewis@cbre.com

TABLE OF CONTENTS

RIVERPARK 1000 & DFW AIRPORT I

EXECUTIVE

19 29 33

PROPERTY

DFW MARKET

TENANT

PORTFOLIO

SUMMARY

DESCRIPTIONS

OVERVIEW

NARRATIVES

FINANCIALS

RIVERPARK 1000 & DFW AIRPORT I

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY RIVERPARK 1000

DFW AIRPORT I

CBRE is pleased to present Riverpark 1000 & DFW Airport I, two trophy-quality single-tenant leased industrial buildings totaling 547,179 square feet. Riverpark 1000 is located in the highly desired upper Great Southwest / Arlington submarket and DFW Airport I is located in the DFW Airport submarket. DFW Airport I and Riverpark 1000 have lease expirations in 2026 and 2027, respectively. These two institutional quality buildings boast over 11 years of average lease term with two financially stable tenants in the two best industrial submarkets in North Texas. Property

Address

Year Built

Clear Height

Percentage Leased (%)

Square Footage (SF)

Riverpark 1000

3324 Trinity Boulevard

2015

32’

100%

145,579

DFW Airport I

1900 Lakeside Parkway

2015

32’

100%

401,600

2015

32’

100%

547,179

TOTAL

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

NNN LONG TERM LEASES u

Riverpark 1000 and DFW Airport I are both occupied by high quality tenants with long term

RIVERPARK 1000

NNN leases. Fruit of the Earth (Riverpark 1000) and MIWD Holdings (DFW Airport I) have remaining lease terms of 11.6 and 10.3 years, respectively. u

Both tenants are highly recognized in their industries and benefit greatly from their exceptional locations within DFW.

This is an opportunity to acquire two state-of-the-art buildings with a stable and secure long term income stream in the top industrial market in the country.

STATE-OF-THE-ART SPECIFICATIONS u

Brand new construction

32’ clear heights

130' & 185’ truck court depths

T5 and T8 lighting

Ideal building dimensions

ESFR fire protection systems

Above-market trailer storage positions

DFW INDUSTRIAL MARKET FUNDAMENTALS u

The DFW Metroplex is widely considered by investors to be one of the most desirable and fastest growing markets in the United States.

The rapidly increasing population of 6.7 million people (fourth largest in the country and a 30% increase from 2000) is expected to grow approximately 10% over the next 5 years.

This massive population growth has been a driving force behind the 19 consecutive quarters of positive net absorption. 15.9 million square feet was absorbed in 2014 plus an additional 10 million square feet in the first half of 2015 alone – on pace for a record breaking year.

EXECUTIVE SUMMARY

DFW AIRPORT I

EXECUTIVE SUMMARY

DFW AIRPORT I

DALLAS/FORT WORTH INTL.

DALLAS LOVE FIELD

RIVERPARK 1000

PREMIER INSTITUTIONAL SUBMARKETS DFW Airport (DFW Airport I)

Great Southwest/Arlington (Riverpark 1000)

The DFW Airport submarket is the “platinum” industrial submarket in the Dallas/Fort Worth area given its’ proximity to the DFW International Airport, key decision-maker

submarket and considered one of the top industrial locations in the DFW metroplex,

housing, and a strong network of highways. u

The DFW International Airport is an economic engine for the region, generating

The Great Southwest/Arlington submarket (“GSW”) is the oldest and largest DFW with a second quarter 2015 vacancy rate of 5.2%.

Rental rates in GSW have seen more pressure than any other submarket in the metroplex

$16.6 billion in economic impact annually.

given the fundamentals and lack of new development. As of the second quarter of

The submarket has experienced over 10 million square feet of absorption since 2011

2015, market rents average $4.23 – an incredible 27% increase from 2010.

and has been the target of institutional investment given the top tier fundamentals and opportunity for continued growth.

GSW is the most centrally located submarket in the metroplex and is rapidly running out of land for future development.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

THE DFW INTERNATIONAL AIRPORT u

Located mid-way between Dallas and Fort Worth, the DFW International Airport is the highest-capacity commercial airport in the world.

Cargo operations, which have grown to over 660,000 tons, serve 13 major markets around the world, including several key markets in Asia.

As a major hub for Fort Worth-based American Airlines, DFW Airport offers business travelers a high-frequency schedule and access to any major city in the continental United States in less than four hours. DFW Airport is currently upgrading its four original terminals with a $2.3 billion dollar “Terminal Renewal and Improvement Program” which is expected to be completed in 2017.

Both properties are strategically located within a short driving distance from DFW International Airport: — DFW Airport I: 6 Miles — Riverpark 1000: 7 Miles

LAND CONSTRAINED MARKET u

The DFW industrial market is rapidly becoming more land constrained, particularly in the areas surrounding the DFW International Airport.

Ever increasing shortages of developable land sites have increased land prices to record highs which are resulting in increased demand for existing institutional product in these areas.

These two submarkets are almost completely built out and have very few sites remaining for development.

EXECUTIVE SUMMARY

EXECUTIVE SUMMARY DFW AIRPORT I

RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 & DFW AIRPORT I

PROPERTY DESCRIPTIONS

RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

PROPERTY DESCRIPTION - RIVERPARK 1000 CONSTRUCTION OVERVIEW Building Construction Type: Roof System: Roof Age (Year): Fire Protection System: HVAC System & Areas: Interior Lighting:

Concrete Tilt-Up 45 mil TPO w/ R23.6 insulation 2015 ESFR Fully Conditioned - 15 RTU's with T-stat controls T-8

TENANTS Tenant Names: What do the tenants do in the space? LOCATION Address: City, State, Zip: Industrial Market: Industrial Submarket:

3324 Trinity Boulevard Grand Prairie, TX, 75050 DFW Great Southwest

Fruit of the Earth Food Grade Lotion Manufacturing & Filling

RP 1000 ALSO HAS: 4000 Amp service with conduit in place for additional 4000 Amp service Full dock packages to 20 overhead dock doors Increased R-value of roof deck insulation of R-23.6

SQUARE FOOTAGE Warehouse Area (SF): A/C Office Area (SF): Total Area (SF): Land Area (Acres):

2” rigid insulation on warehouse walls 136,583 8,998 (10.3%) 145,579 9.808

Note the 9.808 is the acreage within fill area and outside floodzone - i.e. net usable acreage

BUILDING FEATURES Percentage Leased: Construction Age (Year): Clear Height: Column Spacing: Building Dimensions: Truck Court Depth: Auto Parking: Dock Doors: Ground Level Doors: Zoning: Special Features:

PROPERTY DESCRIPTIONS

100% 2015 32' 52' 260' x 572' 135' (expandable to 190') 156 20 (plus 10 knockout panels) 2 F-1 - Manufacturing/Warehouse 42 Trailer Storage Spaces (as needed - not paved)

340 tons of roof-top AC units installed for warehouse/manufacturing area. Extended gas service to the building via 6” line to provide heavy-duty capacity of up to 28 million BTU’s.

PROPERTY DESCRIPTIONS AERIAL - RIVERPARK 1000 N DFW INTERNATIONAL AIRPORT 183

183

8 6

6 2

161

7 5 4

RIVERPARK 1000

IDGE DR TRINITY R

ITY

BL VD

INSTITUTIONAL OWNERSHIP 1 PFG 2 Duke 3 JLL Income Property Trust 4 Cornerstone 5 Seefried Properties 6 Stockbridge Capital Group 7 Prologis 8 Industrial Property Trust 9 STRS OHIO 10 Norges Bank Investment Management

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

CLOSE UP AERIAL - RIVERPARK 1000 E

ITY

G ID

N RI

TRINIT

Y BLVD

Liquid Nitrogen Tank

Hydrocarbon tanks used in propellant products (i.e. shave gels, sunscreen)

PROPERTY DESCRIPTIONS

PROPERTY DESCRIPTIONS SITE PLAN - RIVERPARK 1000 N

55'

(42) FUTURE TRAILER PARKS

135’ (30) 9’X10’ O.H. DOORS

260’

RIVERPARK 1000 145,579 SF

50’ TYP. 52’ TYP. 527’

LEGEND DOCK HIGH DOOR

TRINITY RIDGE DRIVE TRINITY BOULEVARD

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

DFW AIRPORT I

PROPERTY DESCRIPTIONS

PROPERTY DESCRIPTIONS PROPERTY DESCRIPTION - DFW AIRPORT I CONSTRUCTION OVERVIEW Building Construction Type: Roof System: Roof Age (Year): Fire Protection System: HVAC System & Areas: Interior Lighting: TENANTS Tenant Names: What do the tenants do in the space? LOCATION Address: City, State, Zip: Industrial Market: Industrial Submarket: SQUARE FOOTAGE Warehouse Area (SF): A/C Office Area (SF): Total Area (SF): Land Area (Acres): BUILDING FEATURES Percentage Leased: Construction Age (Year): Clear Height: Column Spacing: Building Dimensions: Truck Court Depths: Auto Parking: Dock Doors: Ground Level Doors: Zoning: Special Features:

1900 Lakeside Parkway Flower Mound, TX, 75022 DFW Northwest

389,431 12,169 (10.3%) 401,600 23.14

100% 2015 32' 52' 1004' x 400' 185' / 130' / 130' 613 35 3 Planned Development District No. 31 (PD-31) with Campus Industrial District (C-1) uses 99 Trailer Storage Spaces 99 Trailer Storage Spaces + 38 Future Spaces

Concrete Tilt-Up 45 mil TPO 2015 ESFR 5 RTUs Conditioned office only T-5

MI Windows and Doors Window and Door manufacturing

LAKESIDE ALSO HAS:

4000 Amp service with conduit in place for additional 4000 Amp service

20 each Serco 24' diameter ventilation fans in WH

LAK

ESI

PAR

KW AY

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

AERIAL - DFW AIRPORT I N

7 6 4

3 2

2 1

GRA

PEV

INE

MILL

S PA RKW AY

DFW AIRPORT I 1

PA R

KW AY

SPIN KS D

ROA

PROPERTY DESCRIPTIONS

INSTITUTIONAL OWNERSHIP 1 Industrial Property Trust 2 Stockbridge Capital Group 3 Colony Realty Partners 4 EastGroup Properties 5 Crow Holdings 6 Prologis 7 Duke Realty

PROPERTY DESCRIPTIONS CLOSE UP AERIAL - DFW AIRPORT I

LAKES

IDE PA RKWA Y

ION

SIT

FUT

O RP ILE TRA

65 T RA

ILER

ILE

TRA

ITIO

S PO

POS

ITIO

PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

50’ TYP. PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

52’ TYP. PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

DOCK HIGH DOOR

38 FUTURE TRAILER POSITIONS (IF NEEDED) 34 TRAILER POSITIONS

400’

MI WINDOWS AND DFW AIRPORT DOORS 401,600 SF 401,600 S.F.

130' 1,004’

Please note that this east side is dock high for a third truck court or could be used for four rows of parking.

SPINKS ROAD PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

185'

SPINKS ROAD

PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

35 TRAILER POSITIONS OR CAR PARKING 2827 22

185'

L A KLAKESIDE E S I PARKWAY DE PARKWAY

PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

PROPERTY DESCRIPTIONS

PARKING FOR LOW-EMITTING AND FUEL EFFICIENT VEHICLE

LEGEND

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 & DFW AIRPORT I SITE PLAN - DFW AIRPORT I

PROPERTY DESCRIPTIONS DFW AIRPORT I

RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 & DFW AIRPORT I

DFW MARKET OVERVIEW

DFW HAS RECOVERED 197% OF THE JOBS ORIGINALLY LOST DURING THE RECESSION, A STATISTIC THAT TRAILS ONLY HOUSTON (+252%) DALLAS/FORT WORTH MARKET OVERVIEW TOP U.S. MARKETPLACE The Dallas/Fort Worth Metroplex (DFW) is a dynamic 12-county region that is comprised

Centrally located with two major airports, Dallas/Fort Worth capitalizes on Texas’ pro-

of Dallas, Fort Worth and another 150 municipalities. The City of Dallas is the 10th most

business community, favorable tax climate, low cost of doing business, and wide array of

populous U.S. city, and Dallas/Fort Worth is the fourth-largest metropolitan area in the

economic development support and incentives. Consistently ranked as a low-cost, low-tax

United States with an area of 9,286 square miles and a population of more than 6.8 million

and high-quality corporate environment, the DFW metro has enjoyed a sustained period of

people. U.S. Census Bureau estimates released in March 2015 show that 131,000 people

economic and population expansion as local companies increase their business capacity

(over 330 each day) were added to the DFW population base from July 2013 to July

and relocate to this desirable, central U.S. location. According to the U.S. Department of

2014. This trails only Houston and New York, which ranked first and second nationwide.

Commerce, Dallas/Fort Worth posted the nation’s third-fastest gross domestic metropolitan

Over the most recent decade, DFW trailed only Houston in population growth, adding 1.2

product growth (4.3%) in 2012. This growth rate trailed only the San Francisco and

million people between 2000 and 2010. Dallas/Fort Worth has the largest, most educated

Houston metro areas. In addition, Dallas ranks 12th among major U.S. cities for the lowest

workforce in the state of Texas, with a labor force of 3.4 million people.

cost of doing business, according to KPMG’s 2014 Competitive Alternatives study.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RANKS #3

FASTEST GROWING

TOP 10

DALLAS RANKS THIRD IN THE U.S.

DFW RANKS (#4) IN

DFW RANKS (#5) IN TOP 10 CITIES FOR REAL ESTATE

FOR JOB OUTLOOK.

AMERICA’S FASTEST GROWING CITIES.

INVESTMENT, DEVELOPMENT AND HOMEBUILDING.

—Forbes 2014

—Crain’s Wealth 2014

—ManpowerGroup 2014

BEST CITIES

BOOMING

20 BEST CITIES ON THE PLANET

FUTURE CITIES: WHERE THE U.S.

– DALLAS RANKS (#13).

YOUTH POPULATION IS BOOMING - DFW (#3)

—Business Insider 2014

BEST PLACE DALLAS IS THE BEST PLACE FOR STARTUPS. —U.S. Chamber of Commerce Foundation 2014

BEST FOR SMALL BUSINESS DALLAS RANKS (#9) FOR BEST CITIES TO WORK

DFW GAINS NATIONAL RECOGNITION

—Forbes 2014

FORTUNE 500 18 DFW COMPANIES LISTED IN THE 2014 FORTUNE 500. —Fortune 2014

DALLAS / FORT WORTH AREA EMPLOYMENT OF THE 12 LARGEST METROPOLITAN AREAS IN THE

FOR A SMALL BUSINESS.

COUNTRY, DALLAS RANKED FIRST IN THE RATE OF JOB

—U.S. Chamber of Commerce Foundation 2014

GROWTH AND THIRD IN THE NUMBER OF JOBS ADDED. —Bureu of Labor Statistics 2015

RANKS #9 BEST CITIES FOR JOBS

3RD BEST MARKET DALLAS/FORT WORTH WAS THE THIRD-BEST MARKET IN 2012 FOR COMPANIES THAT WANTED TO EITHER BUILD NEW OR EXPAND

DALLAS RANKS 9 FOR BEST CITIES TO WORK FOR A

- DALLAS-PLANO-IRVING (#9).

THEIR EXISTING CORPORATE FACILITIES. DFW WAS TOPPED BY

SMALL BUSINESS IN 2015.

—Forbes 2014

ONLY CHICAGO AND HOUSTON.

—Wallethub 2015

—Site Selection Magazine 2013

SMALL BUSINESS

DFW MARKET OVERVIEW

DFW MARKET OVERVIEW RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

DALLAS/FORT WORTH INDUSTRIAL MARKET OVERVIEW (2Q 2015) Dallas/Fort Worth (“DFW”) is an integral distribution market for the nation, and is the

feet in 2014*. The first half of 2015 resulted in more than 10 million square feet of net

fourth-largest industrial market in the United States (measured by total square footage).

absorption highlighting the stability in the DFW industrial market.

DFW’s robust, growing economy is evidenced by a continually low unemployment

* 2014 net absorption excludes 3,084,401 SF of negative absorption from Vought Aircraft's move-out in South

rate. During the first quarter, DFW unemployment remained strong at 4.6%, which is

Stemmons on 9314 W Jefferson Blvd which is not competitive warehouse/distribution space.

just slightly above the Texas average of 4.3%. For the sixteenth consecutive quarter, DFW outperformed the national unemployment rate of 5.5%. As a result, over the

THE DFW VACANCY RATE CONTINUES AT ALL-TIME LOW

last two years, DFW has been the fastest growing metro area in the United States

Dallas/Fort Worth industrial market vacancy remained low throughout 2014 and saw a

(adding approximately 361 people a day), and it is not surprising that industrial

slight increase in the first half of 2015, largely due to speculative deliveries. Despite the

market fundamentals continue to trend positively.

slight increase, the DFW vacancy rate of 7.3% is still at a very healthy level.

The Dallas/Fort Worth industrial market is comprised of nine major submarkets that

STABLE LEASE RATES

contain approximately 720 million square feet of industrial product ranging from

In addition to the positive leasing momentum experienced over the past few years, average

manufacturing to light industrial and business parks. Dallas/Fort Worth’s business parks

industrial lease rates have increased by $0.18 per square foot from the year end of 2013

command a large portion of the overall industrial product and are designed to preserve

and remained steady at $4.11 for the first half of 2015.

the logistical benefits of a master-planned development. The chart on page 23 outlines the largest industrial parks in Dallas/Fort Worth.

CONSTRUCTION UPDATE Deliveries totaled almost 12.5 million square feet in the first half of 2015, which

POSITIVE NET ABSORPTION – 18 CONSECUTIVE QUARTERS

includes the pre-leased 1.3 million square foot warehousing/distribution portion of

Since year-end 2010, DFW has posted positive total net absorption and declining

the Nebraska Furniture Mart. This level of deliveries highlights institutional investor’s

vacancy rates for eighteen consecutive quarters. Absorption in 2014 tapered off the post-

confidence in the Dallas/Fort Worth industrial fundamentals and projections for

recessionary high seen in 2013, but continued to remain strong with 15.95 million square

sustained leasing momentum.

DFW MARKET OVERVIEW

DFW MARKET OVERVIEW TOTAL DFW NET ABSORPTION 20,000,000

18,727,597 15,946,014

15,000,000

13,894,547 11,599,020

10,233,689

10,000,000 5,000,000 1,600,029 -

2,545,781

2009

2010

2011

2012

2013

2014*

Q2 2015

6.5%

6.8%

2013

2014 *

Q2 2015

$4.12

$4.11

2014 *

Q2 2015

DIRECT VACANCY 12.0%

10.0%

11.1%

10.7%

9.8%

8.0%

8.5%

6.0%

7.3%

4.0% 2.0% 0.0%

2009

2010

2011

2012

LEASE RATES ($/SF) $4.20

$4.00 $3.93

$3.80 $3.60

$3.82

$3.75

$3.66

$3.61

$3.40 $3.20

2009

2010

2011

2012

2013

CONSTRUCTION DELIVERIES 20,000,000

15,440,680

15,000,000 10,000,000

12,469,463 10,373,497 7,352,418

5,000,000 1,499,868 -

2009

2010

1,774,757

1,423,448

2011

2012

2013

2014 *

Q2 2015

* Net absorption excludes 3,084,401 SF of negative absorption from Vought Aircraftâ&#x20AC;&#x2122;s move-out in South Stemmons on 9314 W Jefferson Blvd which is not competitive warehouse/distribution space.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

GREAT SOUTHWEST/ARLINGTON SUBMARKET HISTORY

CHARACTERISTICS

In 1961, Texas pioneer and visionary Angus G. Wynne, Jr., founder of the “Six Flags

The Great Southwest/Arlington industrial submarket lies just south of the DFW Airport

Over Texas” theme parks, created what was to become the nation’s largest masterplanned

submarket. Less than five minutes from the Dallas/Fort Worth International Airport, the

business park. In the interest of financing the business park, Wynne endeavored to model

Great Southwest/Arlington industrial submarket provides superior highway access in

a theme park after Disneyland, which had opened approximately three years prior in

and out of the Dallas/Fort Worth Metroplex via Interstate 20, Interstate 30, Highway

1957, and founded Six Flags Over Texas.

360, Highway 161, Highway 183, and Loop 12. Additionally, highway and road projects such as Highway 161 in Grand Prairie and continue to progress, contributing

Wynne and his staff planned and implemented a set of standards that developers

to development potential.

throughout the country would model when planning the business park. Stringent deed restrictions, designated sign criteria, architectural review committees, and ongoing control

The submarket shares boundaries with the South Fort Worth submarket to the west and South

of these issues by a concerned property owners association known as the Great Southwest

Stemmons and South Dallas to the east. Great Southwest/Arlington is further subdivided into

Association helped to assure major corporations that the Great Southwest Industrial Park

three micro-markets—Upper Great Southwest, Lower Great Southwest, and Arlington. Major

would set the standard for industrial development. Today, the industrial market is currently

communities represented in the submarket include Arlington and Grand Prairie. Major area

the fourth-largest industrial submarket in Dallas/Fort Worth.

attractions include Six Flags, Globe Life Park in Arlington, and AT&T Stadium.

DFW MARKET OVERVIEW

DFW MARKET OVERVIEW SUPPLY

TOTAL NET ABSORPTION

The Great Southwest/Arlington submarket contains 95.2 million square feet of space. It is the fourth-largest industrial submarket in the Dallas/Fort Worth Metroplex, encompassing 13.2% of the overall market supply.

4,000,000 3,365,676

leasing

activity

has

occurred

throughout the Great Southwest/Arlington submarket since the beginning of 2013, posting over 8 million square feet of positive net absorption in the same time frame, resulting in steadily rising rental rates.

2,103,408

2,000,000

1,549,329 930,293 281,418

2007

Arlington submarket has experienced an

748,603 317,142

2008

2009

2010

2011

2012

2013

2014

Q2 2015

5.5%

5.1%

5.2%

2013

2014

Q2 2015

$4.31

$4.29

$4.23

2013

2014

Q2 2015

DIRECT VACANCY 16.0%

14.0%

14.6%

12.0%

13.0%

10.0%

The vacancy rate for the Great Southwest/

3,680,745

3,000,000

1,000,000

Healthy

3,383,866

8.0%

8.8%

12.3%

10.0%

8.9%

6.0% 4.0%

astounding 360 basis point decrease since

2.0%

the end of 2012, ending first half of 2015

0.0%

2007

2008

2009

2010

2011

2012

at 5.2%. Average industrial lease rates also increased significantly since 2012, growing $0.68 to $4.23 per square foot. Increasing lease rates are expected to continue into 2015 as the supply of space becomes more constrained in the submarket.

LEASE RATES ($/SF) $5.00

$4.00 $3.00

$1.00

experienced sustainable construction in the

$0.00

2007

second quarter of 2015, with 2.1 million of the quarter. General Motors is currently

$3.35 $3.35

$3.32

$3.31

2009

2010

2011

$3.55

$2.00

The Great Southwest/Arlington submarket

square feet under construction at the end

$3.38

$3.60

2008

2012

CONSTRUCTION DELIVERIES 3,000,000

planning a billion dollar expansion to their

2,500,000

SUV plant in Arlington, which would result in

2,000,000

a creation of new jobs to the area.

1,500,000

2,561,370

2,420,116 1,873,229

1,888,166

894,121

1,000,000 500,000 0

2,154,294

2007

2008

50,638

2009

2010

2011

2012

2013

2014

Q2 2015

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

NORTHWEST DALLAS SUBMARKET HISTORY The Northwest Dallas submarket is home to several of DFW’s most historic cities. In fact,

(“I-35”).

The area boasts a well-developed infrastructure including the Dallas North

an archaeological site near Lewisville Lake is considered to be one of the oldest sites

Tollway and I-35, which each carry an estimated 165,000 and 200,000 cars per day,

inhabited in the Southwestern United States, estimated to be 12,000 years old. Modern

respectively. Additionally, the local Addison Airport, which averages 127,334 flights per

settlements developed around the area and benefited in 1881 from the intersection of

year, offers a convenient alternative facility for users of smaller-sized aircraft. The City of

the Missouri-Kansas-Texas Railroad as well as the St. Louis Southwestern Railway, which

Flower Mound has approved the city’s first mixed-use project which began construction

facilitated Carrollton’s development into a shipping center for cotton and livestock and are

during summer 2013. Lakeside DFW is a planned mixed-use project to be built on 155

now part of the Union Pacific Railroad system. Lewisville also experienced rapid growth

acres on DFW Airport I. Plans include retail, office and residential space connected by

as a result of construction of the Garza-Little Elm Dam in 1954, which enlarged the Garza

trails and parks.

Little Elm Reservoir, thereby creating Lewisville Lake. Sharing its borders with the North Fort Worth submarket to the west and the DFW Airport CHARACTERISTICS

and the South Stemmons industrial submarkets to the south, the Northwest Dallas industrial

Today, major communities represented in the Northwest Dallas market include Flower

submarket has a long history of industrial operations as it ranks the second-largest industrial

Mound, Denton, Lewisville, Carrollton, and Farmers Branch. The submarket begins just

submarket in Dallas/Fort Worth. The submarket is also further subdivided into four micro-

west of the Dallas Tollway corridor and extends west beyond Interstate Highway 35 West

markets: Denton, Lewisville, Metropolitan/Addison, and North Stemmons/Valwood.

DFW MARKET OVERVIEW

DFW MARKET OVERVIEW SUPPLY The Northwest Dallas submarket contains

TOTAL NET ABSORPTION 4,000,000

104.4 million square feet of space, 85 million square feet of which is industrial space. The remaining 19 million square feet is flex product. The submarket accounts for 14.4% of the industrial and flex supply in the overall Dallas/Fort Worth market, making it the second-largest submarket in the Metroplex (led by South Stemmons). In the first half of 2015, the Northwest Dallas submarket posted the highest net absorption of all of the Dallas Fort Worth submarkets

3,694,810

3,423,487

3,174,190

3,000,000

2,447,926

2,000,000

1,746,786 1,237,010

1,052,180

1,000,000

1,621,026

349,392 0

2007

2008

2009

2010

2011

2012

2013

2014

Q2 2015

DIRECT VACANCY 14.0% 12.0% 10.0% 8.0%

with almost 3.2 million square feet. Between

6.0%

2012 and 2014, the submarket recorded

4.0%

a total of nearly 6.5 million square feet of

2.0%

positive absorption. The vacancy rate has

0.0%

10.0%

11.3%

12.0%

12.7%

11.7% 8.8% 6.7%

2007

2008

2009

2010

2011

2012

2013

$4.44

$4.47

2012

2013

7.4%

2014

Q2 2015

$4.34

$4.38

2014

Q2 2015

stayed steady through the beginning of 2015 ending the second quarter at 7.4%.

LEASE RATES ($/SF) $4.60

Additionally, the average asking industrial

$4.40

lease rate resides at one of itsâ&#x20AC;&#x2122; highest levels

$4.20

in recent years at $4.38 per square foot,

$4.00

well-above the overall Dallas/Fort Worth

$3.80

market average of $4.11 per square foot.

$3.60

Throughout 2013 and YTD 2015, construction ramped up significantly, showing the true potential that the market holds. Approximately 2.4 million square feet is currently under construction in Northwest Dallas.

$3.40

$4.34 $4.10 $3.95

2007

2008

2009

$3.85

2010

$3.95

2011

CONSTRUCTION DELIVERIES 5,000,000 4,000,000

4,043,839 3,451,500 2,905,732

3,000,000

2,416,159

2,000,000

1,429,397

1,000,000 0

582,130 2007

2008

2009

40,346

57,508

2010

2011

2012

2013

2014

Q2 2015

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 & DFW AIRPORT I

TENANT NARRATIVES

TENANT NARRATIVES MIWD HOLDING COMPANY Tenant: Website: Public/Private: Net Rentable Area:

MIWD Holding Company www.miwd.com Private 401,600 SF

% of Building:

100%

% of Portfolio:

73%

Lease Expiration:

MIWD TIMELINE

March 2026

MI Windows and Doors is one of the nation's largest suppliers of vinyl and aluminum windows and doors. With plants across the country, MIWD offers a broad spectrum of products backed by exemplary customer service and quality. For over sixty years, they have been serving distributors, architects, builders, remodelers, and homeowners alike. Their hope is to continue providing quality products and grow into the most trusted manufacturer of "Best in Class" windows and doors.

MIWD Holding Company occupies approximately 401,600 square feet of DFW Airport I through March 2026. MIWD Holdings Company uses their space for window and door manufacturing.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

FRUIT OF THE EARTH For more than 20 years, Fruit of the Earth has been providing customers with quality Tenant: Website: Public/Private: Net Rentable Area:

Fruit of the Earth

personal care products. Founded in 1980 by the McCurry and Michell families, Fruit

www.fote.com

of the Earth revolutionized the way aloe was used in consumer personal care products.

Private

The company knew this miracle plant was beneficial for treating more than burns. Fruit

145,579 SF

% of Building:

100%

% of Portfolio:

27%

Lease Expiration:

July 2027

of the Earth was also the first company to offer customers a comprehensive line of health and beauty products based on aloe-vera’s beneficial healing qualities. Since 1980, the company has grown into a leading manufacturer of aloe-vera based and nature-inspired skin, sun and health care products. As Fruit of the Earth continues to expand its quality line of personal care products, the company has never lost sight of its commitment to provide their customers with the finest, purest formulas on the market. u

SunCare Products - Fruit of the Earth’s line of suncare products are designed to protect skin both in and out of the sun. From sunscreen to after sun gels and lotions, Fruit of the Earth’s complete line of suncare products offer superior formulas that include only the purest aloe vera gel, known for its moisturizing and healing properties. All of their sunblocks are waterproof, hypo allergenic, paba free and UVA/UVB protective.

HealthCare Products - Drinking aloe vera juice has proven effects on a variety of ailments, including indigestion, oral care maintenance and joint and muscle stimulation. Fruit of the Earth’s Aloe Vera Juices are the finest on the market today. Their premium, full strength vegetable juices, made with only fresh aloe vera gel, are 100% pure. Cold processed, they contain no added sugars, flavors, thickeners or starches.

Sunless Tanning Products - Fruit of the Earth’s unique blends of Sunless Self Tanning Creams come in a variety of shades to give skin just the right amount of sun-kissed color in minutes.

Fruit of the Earth occupies 145,579 square feet of Riverpark 1000 through July 2027. Fruit of the Earth uses their space for food grade lotion manufacturing and filling.

TENANT NARRATIVES

TENANT NARRATIVES RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 & DFW AIRPORT I

PORTFOLIO FINANCIALS

PORTFOLIO FINANCIALS DFW AIRPORT I - SUMMARY OF FINANCIAL ASSUMPTIONS GLOBAL

VACANT SPACE LEASING

Analysis Period

SECOND GENERATION LEASING

Occupancy and Absorption

Commencement Date End Date

Jan 1, 2016 Dec 31, 2025

Term

10 Years

Area Measures Building Square Feet (NRSF)

401,600 SF

Growth Rates

Retention Ratio

Projected Vacant at 1/1/16

75%

0 SF

Percentage Vacant at 1/1/16

0.00%

Financial Terms

Absorption Period

2016 Annual Market Rent

Absorption Period Start Date

Rent Adjustment

First Absorption Occurs On

Lease Term

Last Absorption Occurs On

Expense Reimbursement Type

Financial Terms

$3.90 PSF 3.00% Annually 5 Years NNN

Tenanting Costs

Consumer Price Index (CPI)

3.00%

2016 Annual Market Rent

Other Income Growth Rate

3.00%

Rent Adjustment

Operating Expenses

3.00%

Lease Term

Real Estate Taxes

3.00%

Expense Reimbursement Type

New

$0.50 PSF

Rent Abatements

Renewal

$0.25 PSF

Weighted Average

$0.31 PSF

Market Rent Growth CY 2017

- 4.00%

Tenant Improvements ($/NRSF)

CY 2018

- 4.00%

Commissions (Base Rent Only)

CY 2019

- 3.00%

CY 2020

- 3.00%

CY 2021

- 3.00%

CY 2022

- 3.00%

General Vacancy Loss Capital Reserves (CY 2016 Value)

Rent Abatements

None

Tenant Improvements ($/NRSF)

Commissions (Base Rent Only) OPERATING EXPENSES [3] Operating Expense Source 0.00% [1] $0.00 PSF [2]

Management Fee (% of EGR) Real Estate Taxes Reassessed

2015 Budget annualized grown 3% 3.00% No

New

6.75%

Renewal

4.50%

Weighted Average

5.06%

Downtime New

8 Month(s)

Weighted Average

2 Month(s)

Notes: All market rent rates are stated on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. All tenants are subject to this loss factor. [2] Capital Reserves are estimated at $0.00 PSF in FY 1-5 and $0.05 PSF in FY 6-10 [3] Operating Expenses a) CY2016 real estate taxes are based on the 2015 budget annualized growing 3% thereafter. b) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense. [4] Analysis assumes seller will credit all in-place rent abatements and rent reductions at closing.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

RIVERPARK 1000 - SUMMARY OF FINANCIAL ASSUMPTIONS GLOBAL

VACANT SPACE LEASING

Analysis Period

SECOND GENERATION LEASING

Occupancy and Absorption

Commencement Date End Date

Jan 1, 2016 Dec 31, 2025

Term

10 Years

Area Measures Building Square Feet (NRSF)

145,579 SF

Growth Rates

Retention Ratio

Projected Vacant at 1/1/16

75%

0 SF

Percentage Vacant at 1/1/16

0.00%

Financial Terms

Absorption Period

2016 Annual Market Rent

Absorption Period Start Date

Rent Adjustment

First Absorption Occurs On

Lease Term

Last Absorption Occurs On

Expense Reimbursement Type

Financial Terms

$5.35 PSF 3.00% Annually 5 Years NNN

Tenanting Costs

Consumer Price Index (CPI)

3.00%

2016 Annual Market Rent

Other Income Growth Rate

3.00%

Rent Adjustment

Operating Expenses

3.00%

Lease Term

Real Estate Taxes

3.00%

Expense Reimbursement Type

New

$2.00 PSF

Rent Abatements

Renewal

$1.00 PSF

Weighted Average

$1.25 PSF

Market Rent Growth CY 2017

- 4.00%

Tenant Improvements ($/NRSF)

CY 2018

- 4.00%

Commissions (Base Rent Only)

CY 2019

- 3.00%

CY 2020

- 3.00%

CY 2021

- 3.00%

CY 2022+

- 3.00%

General Vacancy Loss Capital Reserves (CY 2016 Value)

PORTFOLIO FINANCIALS

None

Tenant Improvements ($/NRSF)

Commissions (Base Rent Only) OPERATING EXPENSES [3] Operating Expense Source 0.00% [1] $0.00 PSF [2]

Management Fee (% of EGR) Real Estate Taxes Reassessed

2015 Budget annualized grown 3% 2.00% No

Notes: All market rent rates are stated on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. The following tenants are excluded from this loss factor for current lease terms only: Fruit of the Earth. [2] Capital Reserves are estimated at $0.00 PSF in FY 1-5 and $0.05 PSF in FY 6-10. [3] Operating Expenses: a) CY2016 real estate taxes are based on the 2015 budget annualized growing 3% thereafter. b) Analysis does not factor in the Texas Margin Tax and assumes a buyer will consult with their tax advisor to evaluate their exposure to this expense.

Rent Abatements

New

6.75%

Renewal

4.50%

Weighted Average

5.06%

Downtime New

4 Month(s)

Weighted Average

1 Month(s)

PORTFOLIO FINANCIALS RIVERPARK 1000 & DFW AIRPORT I - CASH FLOW PROJECTIONS Calendar Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Physical Occupancy

100.00%

95.57%

Overall Economic Occupancy [1]

100.00%

Weighted Average Market Rent

$4.29

$4.46

$4.64

$4.77

$4.92

$5.07

$5.22

$5.37

$5.53

$5.70

$5.87

Weighted Average In Place Rent [2]

$4.23

$4.32

$4.40

$4.50

$4.55

$4.64

$4.74

$4.80

$4.90

$4.99

$5.65

Total Operating Expenses PSF Per Year

$1.43

$1.47

$1.52

$1.56

$1.61

$1.65

$1.70

$1.75

$1.80

$1.85

$1.92

$4.23

$2,312,051

$2,362,251

$2,409,510

$2,460,786

$2,488,898

$2,541,085

$2,593,272

$2,625,400

$2,678,499

$2,731,598

$2,957,058

Absorption & Turnover Vacancy

0.00

Base Rent Abatements

0.00

4.23

2,312,051

2,362,251

2,409,510

2,460,786

2,488,898

2,541,085

2,593,272

2,625,400

2,678,499

2,731,598

2,957,058

[3] CY 2016 REVENUES

$/SF/YR

Scheduled Base Rent Gross Potential Rent

Total Scheduled Base Rent

1.43

783,714

806,874

830,390

854,698

879,180

904,901

931,356

958,149

986,145

1,014,939

1,050,107

TOTAL GROSS REVENUE

Expense Reimbursements

5.66

3,095,765

3,169,125

3,239,900

3,315,484

3,368,078

3,445,986

3,524,628

3,583,549

3,664,644

3,746,537

4,007,165

General Vacancy Loss

0.00

5.66

3,095,765

3,169,125

3,239,900

3,315,484

3,368,078

3,445,986

3,524,628

3,583,549

3,664,644

3,746,537

4,007,165

Common Area Maintenance

-0.15

-81,251

-83,688

-86,199

-88,785

-91,449

-94,192

-97,018

-99,928

-102,926

-106,014

-109,195

Mangement Fee

-0.15

-83,096

-85,238

-87,106

-89,115

-90,629

-92,695

-94,782

-96,479

-98,625

-100,794

-108,535

Insurance

-0.06

-34,373

-35,404

-36,466

-37,560

-38,687

-39,847

-41,043

-42,274

-43,542

-44,848

-46,195

Real Estate Taxes

EFFECTIVE GROSS REVENUE OPERATING EXPENSES

-1.07

-584,995

-602,545

-620,621

-639,240

-658,417

-678,169

-698,515

-719,470

-741,054

-763,285

-786,184

TOTAL OPERATING EXPENSES

-1.43

-783,715

-806,875

-830,392

-854,700

-879,182

-904,903

-931,358

-958,151

-986,147

-1,014,941

-1,050,109

NET OPERATING INCOME

4.23

2,312,050

2,362,250

2,409,508

2,460,784

2,488,896

2,541,083

2,593,270

2,625,398

2,678,497

2,731,596

2,957,056

Tenant Improvements

0.00

-168,662

Leasing Commissions

0.00

-576,782

Capital Reserves

0.00

-8,193

-31,716

-32,668

-33,648

-34,658

-35,697

-36,768

TOTAL CAPITAL COSTS

0.00

-8,193

-31,716

-32,668

-33,648

-34,658

-35,697

-782,212

OPERATING CASH FLOW

$4.23

$2,312,050

$2,362,250

$2,409,508

$2,460,784

$2,480,703

$2,509,367

$2,560,602

$2,591,750

$2,643,839

$2,695,899

$2,174,844

CAPITAL COSTS

[1] [2] [3]

This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. 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. Based on 547,179 square feet.

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

DFW AIRPORT I - CASH FLOW PROJECTIONS Calendar Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Physical Occupancy

100.00%

Overall Economic Occupancy [1]

100.00%

Weighted Average Market Rent

$3.90

$4.06

$4.22

$4.34

$4.48

$4.61

$4.75

$4.89

$5.04

$5.19

$5.34

Weighted Average In Place Rent [2]

$3.85

$3.98

$4.05

$4.13

$4.20

$4.28

$4.36

$4.44

$4.52

$4.60

$5.16

Total Operating Expenses PSF Per Year

$1.42

$1.47

$1.51

$1.55

$1.60

$1.65

$1.69

$1.74

$1.79

$1.84

$1.91

$3.85

$1,546,160

$1,596,360

$1,624,472

$1,656,600

$1,684,712

$1,716,840

$1,748,968

$1,781,096

$1,813,224

$1,845,352

$2,070,812

Absorption & Turnover Vacancy

0.00

Base Rent Abatements

0.00

3.85

1,546,160

1,596,360

1,624,472

1,656,600

1,684,712

1,716,840

1,748,968

1,781,096

1,813,224

1,845,352

2,070,812

[3] CY 2016 REVENUES

$/SF/YR

Scheduled Base Rent Gross Potential Rent

Total Scheduled Base Rent

1.42

571,946

589,222

606,286

623,962

642,014

660,703

679,926

699,694

720,025

740,938

768,428

TOTAL GROSS REVENUE

Expense Reimbursements

5.27

2,118,106

2,185,582

2,230,758

2,280,562

2,326,726

2,377,543

2,428,894

2,480,790

2,533,249

2,586,290

2,839,240

General Vacancy Loss

0.00

5.27

2,118,106

2,185,582

2,230,758

2,280,562

2,326,726

2,377,543

2,428,894

2,480,790

2,533,249

2,586,290

2,839,240

Common Area Maintenance

-0.09

-35,016

-36,066

-37,148

-38,263

-39,411

-40,593

-41,811

-43,065

-44,357

-45,688

-47,059

Mangement Fee

-0.16

-63,543

-65,567

-66,923

-68,417

-69,802

-71,326

-72,867

-74,424

-75,997

-77,589

-85,177

Insurance

-0.06

-24,633

-25,372

-26,133

-26,917

-27,725

-28,556

-29,413

-30,295

-31,204

-32,140

-33,105

Real Estate Taxes

-603,089

EFFECTIVE GROSS REVENUE OPERATING EXPENSES

-1.12

-448,755

-462,218

-476,084

-490,367

-505,078

-520,230

-535,837

-551,912

-568,469

-585,523

TOTAL OPERATING EXPENSES

-1.42

-571,947

-589,223

-606,288

-623,964

-642,016

-660,705

-679,928

-699,696

-720,027

-740,940

-768,430

NET OPERATING INCOME

3.85

1,546,159

1,596,359

1,624,470

1,656,598

1,684,710

1,716,838

1,748,966

1,781,094

1,813,222

1,845,350

2,070,810

Tenant Improvements

0.00

-168,662

Leasing Commissions

0.00

-576,782

Capital Reserves

0.00

-23,278

-23,977

-24,696

-25,437

-26,200

-26,986

TOTAL CAPITAL COSTS

0.00

-23,278

-23,977

-24,696

-25,437

-26,200

-772,430

OPERATING CASH FLOW

$3.85

$1,546,159

$1,596,359

$1,624,470

$1,656,598

$1,684,710

$1,693,560

$1,724,989

$1,756,398

$1,787,785

$1,819,150

$1,298,380

CAPITAL COSTS

[1] [2] [3]

PORTFOLIO FINANCIALS

PORTFOLIO FINANCIALS RIVERPARK 1000 - CASH FLOW PROJECTIONS Calendar Year

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Physical Occupancy

100.00%

Overall Economic Occupancy [1]

100.00%

Weighted Average Market Rent

$5.35

$5.56

$5.79

$5.96

$6.14

$6.32

$6.51

$6.71

$6.91

$7.12

$7.33

Weighted Average In Place Rent [2]

$5.26

$5.39

$5.52

$5.66

$5.80

$5.94

$6.09

Total Operating Expenses PSF Per Year

$1.45

$1.50

$1.54

$1.58

$1.63

$1.68

$1.73

$1.78

$1.83

$1.88

$1.93

$765,891

$785,038

$804,186

$824,245

$844,304

$865,275

$886,246

[3] CY 2016 REVENUES

$/SF/YR

Scheduled Base Rent Gross Potential Rent Absorption & Turnover Vacancy

$5.26 0.00

5.26

765,891

785,038

804,186

824,245

844,304

865,275

886,246

1.45

211,768

217,652

224,104

230,736

237,166

244,198

251,430

258,455

266,120

274,001

281,679

TOTAL GROSS REVENUE

6.72

977,659

983,543

1,009,142

1,034,922

1,041,352

1,068,443

1,095,734

1,102,759

1,131,395

1,160,247

1,167,925

General Vacancy Loss

0.00

6.72

977,659

983,543

1,009,142

1,034,922

1,041,352

1,068,443

1,095,734

1,102,759

1,131,395

1,160,247

1,167,925

Common Area Maintenance

-0.32

-46,235

-47,622

-49,051

-50,522

-52,038

-53,599

-55,207

-56,863

-58,569

-60,326

-62,136

Mangement Fee

-0.13

-19,553

-19,671

-20,183

-20,698

-20,827

-21,369

-21,915

-22,055

-22,628

-23,205

-23,358

Insurance

-0.07

-9,740

-10,032

-10,333

-10,643

-10,962

-11,291

-11,630

-11,979

-12,338

-12,708

-13,090

Real Estate Taxes

-0.94

-136,240

-140,327

-144,537

-148,873

-153,339

-157,939

-162,678

-167,558

-172,585

-177,762

-183,095

TOTAL OPERATING EXPENSES

-1.45

-211,768

-217,652

-224,104

-230,736

-237,166

-244,198

-251,430

-258,455

-266,120

-274,001

-281,679

NET OPERATING INCOME

5.26

765,891

785,038

804,186

824,245

844,304

865,275

886,246

Tenant Improvements

0.00

Leasing Commissions

0.00

Capital Reserves

-9,782

Total Scheduled Base Rent Expense Reimbursements

EFFECTIVE GROSS REVENUE OPERATING EXPENSES

CAPITAL COSTS

0.00

-8,193

-8,438

-8,691

-8,952

-9,221

-9,497

TOTAL CAPITAL COSTS

0.00

-8,193

-8,438

-8,691

-8,952

-9,221

-9,497

-9,782

OPERATING CASH FLOW

$5.26

$765,891

$785,038

$804,186

$795,993

$815,807

$835,613

$835,352

$856,054

$876,749

$876,464

[1] [2] [3]

RIVERPARK 1000 & DFW AIRPORT I

A CBRE NATIONAL PARTNERS INVESTMENT OPPORTUNITY

DFW AIRPORT I - RENT ROLL AS OF 1/1/2016

Suite

Tenant Name

100

MIWD Holdings Company

Square

% of

Feet

Property

Begin

Lease Term End

401,600

100.00%

Jul-2015

Mar-2026

Recovery

Market Assumption /

Begin

Monthly

Rental Rates Annually

PSF

Type

Market Rent

NNN

Current

$128,847

$1,546,160

$3.85

Jan-2017

$133,030

$1,596,360

$3.98

Jan-2018

$135,373

$1,624,472

$4.04

Jan-2019

$138,050

$1,656,600

$4.13

Jan-2020

$140,393

$1,684,712

$4.19

Jan-2021

$143,070

$1,716,840

$4.28

Jan-2022

$145,747

$1,748,968

$4.35

Jan-2023

$148,425

$1,781,096

$4.43

Jan-2024

$151,102

$1,813,224

$4.51

Jan-2025

$153,779

$1,845,352

$4.59

Market $3.90 NNN [TI:$0.50/$0.25]

Comments/Options Two 5 year renewal options @ FMV. 5% cap on OPEX excluding UTIL, SNOW, INS, and RET.

DFW Airport I OCCUPIED SqFt VACANT SqFt TOTAL SqFt

401,600 0 401,600

100.0% 0.0% 100.0%

RIVERPARK 1000 - RENT ROLL AS OF 1/1/2016

Suite

Tenant Name

100

Fruit of the Earth

Square

% of

Feet

Property

Begin

End

Begin

Monthly

Annually

145,579

100.00%

Jul-2015

Jul-2027

Current

$63,824

Jul-2018

$67,015

Jul-2021 Jul-2024 Riverpark 1000 OCCUPIED SqFt VACANT SqFt TOTAL SqFt

145,579 0 145,579

PORTFOLIO FINANCIALS

100.0% 0.0% 100.0%

Lease Term

Rental Rates

Recovery

Market Assumption /

PSF

Type

Market Rent

$765,891

$5.26

NNN

$804,186

$5.52

$70,359

$844,304

$5.80

$73,854

$886,246

$6.09

Market $5.35 NNN [TI:$2.00/$1.00]

Comments/Options Two 5 year renewal options @ FMV. MGT not to exceed 2% of gross revenues. 7% cap on OPEX excluding UTIL, SNOW, INS, and RET.

PORTFOLIO FINANCIALS DFW AIRPORT I

RIVERPARK 1000

RIVERPARK 1000 & DFW AIRPORT I PORTFOLIO CONTACTS JACK FRAKER Vice Chairman 214.979.6300 jack.fraker@cbre.com

JOSH MCARTOR Executive Vice President 214.979.6303 josh.mcartor@cbre.com

JONATHAN BRYAN First Vice President 214.979.6304 jonathan.bryan@cbre.com

HEATHER MCCLAIN VENEGONI Vice President 214.979.6307 heather.mcclain@cbre.com

RYAN THORNTON Director 214.979.5661 ryan.thornton@cbre.com

LEASING CONTACTS Riverpark 1000

DFW Airport I

STEVE KOLDYKE First Vice President 817.987.4404 steve.koldyke@cbre.com

STEVE TRESE First Vice President 214.979.6534 steve.trese@cbre.com

DEBT & EQUITY CONTACT SCOTT LEWIS Senior Vice President 214.979.5605 scott.lewis@cbre.com

PROPERTY WEBSITE www.cbremarketplace.com/riverpark_dfwairport/

Â©2015 CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. CBRE, CB RICHARD ELLIS and the CBRE CB RICHARD ELLIS logo are service marks of CB Richard Ellis, Inc. and/ or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.