Proposed

COLD STORAGE LOGISTICS FACILTY

at Port Everglades

and Fort Lauderdale - Hollywood International Airport

December 2015

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Table of Contents

I. Executive Summary

II. Vicinity Photos

III. Current Zoning IV. Comparable Land Values V. Proposed Land Use

VI. Development Team

VII. Port Everglades Information

VIII. Fort Lauderdale-Hollywood Airport (FLL) Information IX. Panama Canal Expansion Information

X. Project Metrics

XI. Confidentiality Notice

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I. Executive Summary

Proposed

Cold Storage Logistics Facility

Property The Property consists of a vacant parcel of land of approximately 4.34 acres located immediately adjacent to the east end of the Fort Lauderdale Hollywood International Airport (FLL) in Broward County within the City of Dania Beach, Florida (the “Property”). The Property location offers easy access to the I-595, I-95 & I-75 expressways and is located approximately 4 miles south of Downtown Fort Lauderdale. The Property is currently vacant. A warehouse project had been permitted in 2004 and construction of the foundation system had commenced. Shortly thereafter construction work was suspended and the planned warehouse project was abandoned by the then current Owner.

Southeast Florida International Commerce Center (SFICC) has recently acquired control of the Property with the intention to develop a Class A Cold Storage Logistics Facility. The recent FLL south runway extension, associated highway system improvements and the significant public investment in expansion projects at Port Everglades makes a cold storage logistics facility highly desirable at the Property location and supports the strategic need of Port Everglades and regional demand for facilities of this type.

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The Development Program would consist of: Entitlement and Site Plan Approval After an initial meeting with the City of Dania Beach in August, SFICC was advised that the City would be a receptive and supportive for the proposed use and development of the property. Development Given the ideal location adjacent to both FLL and Port Everglades and the industrial zoning on the property, a Class A Industrial Cold Storage Logistics facility (approximately 10,000 pallet positions - 2,500,000 cubic feet of storage - 80,435 sq. ft.) is proposed for the property. Market rents at initial stabilization would be targeted in the range of $15.50 - $16.50 NNN per sq. ft. (annual). The building would feature best in class physical attributes including 40’ clear height, state of the art refrigeration system, quell fire protection system, 60’ deep refrigerated dock area and well-designed truck court for ease of truck maneuvering and shipping container loading. Development Attributes Positive Excellent property location* Barriers to entry for competitors Scarcity of developable land near FLL and Port Everglades Ease of access to Interstate Highways and transportation system Potential to leverage public infrastructure investments at FLL and Port Everglades Metropolitan consumer area of 5.8 million (ranked 8th largest in U.S) Strategic synergies with Broward County’s Port Everglades Department

Negative Existing geotechnical soil conditions (pile foundation system) Existing environmental conditions (readily mitigatable)

*At the crossroads of north-south and east-west trade, Broward County's Port Everglades is Florida's leading container port, handling more than one million TEUs (20-foot equivalent units, the industry standard measurement for container volumes) and serving as a gateway to Latin America, the Caribbean, Europe and Asia. Port Everglades moved approximately 130,000 TEU of perishable goods through the Port in 2014. Located within the cities of Fort Lauderdale, Hollywood, and Dania Beach, Florida, Port Everglades is in the heart of one of the world's largest consumer regions, including a constant flow of visitors and up to a combined 110 million residents and seasonal visitors within a 500-mile radius. Port Everglades has direct access to the interstate highway system and the newly opened 43-acre Florida East Coast Railway (FECR) intermodal hub, and is closer to the Atlantic Shipping Lanes than any other Southeastern U.S. port. Ongoing capital improvements and expansion will ensure that Port Everglades can continue to handle future growth in container traffic. A world-class cargo handling facility, Port Everglades serves as an ideal point of entry and departure for products shipped around the world.

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II. Vicinity Photos

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III. Current Zoning

The Property currently includes the following Zoning District: IRO Industrial Research Office – City of Dania Beach The following Zoning Map illustrates the zoning for the Property.

The allowable land uses in the IRO are broad and varied as outlined in the City of Dania Beach Zoning Code. The City of Dania Beach is receptive to development on this property and supportive of the proposed project. Re-zoning is not required and the proposed land use is “as of right”.

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IV. Comparable land values

SALE COMPS 4-9-15

Property Name Buyer Address / Intersection City Property Type / UseDowtown/US 1 Holmon Automotive Mini Holman Automotive Inc 2125 S. Federal Highway Fort Lauderdale Retail / Auto dealer

Rio Vista Financial Rio Vista Financial LLC 626 & 632 S. Federal Hwy. Fort Lauderdale Retail / Bank 17th St Apartments Harbor Beach Inverstors LLC SE 17th St Causeway Fort Lauderdale Retail / Apartment

Homon Automotive Andrews Holman Automotive Inc 2601 S. Andrews Avenue Fort Lauderdale Former Lumber Site / Auto dealer

Industrial Bridge Point Bridge Development 2650-2694 SW 36th Street Dania Beach Industrial Land / DistributionPort 95 Business Center MSG Port 95 LLC 2650-2694 SW 36th Street Dania Beach Industrial Distribution / same

Bridge Marina Mile Bridge Marina Mile LLC 3400 SW 30th Avenue Dania Beach Industrial Land / DistributionBridge Davie Bridge Point Davie LLC 3501 SW 46th Avenue Davie Industrial Land / Distribution

Davie Business Center Diversified Industrial Fund C LLC 3450 Davie Road Davie Industrial Land / DistributionLakeview Center Industrial Income Trust 2201-2217 Stirling Road Dania Beach Multi-Tenant Ind. - 6 bldgs

Marine Westport Shipyard Westport LLC 2957 W. State Road 84 Fort Lauderdale MarinaSS Rocks Site S S Rocks LLC 2551 W. State Road 84 Fort Lauderdale Marina

Property Name Address / Intersection City Property Type / UseOn Market Lauderdale Marine Center 2001 SW 20th Street Fort Lauderdale Marina

Port 5 1850 NE 7th Avenue Dania Beach Industrial Land800 Old Griffin 800 Old Griffin Road Dania Beach Warehouse

Permiter Rd Land 3301 SW 9th Ave Fort Lauderdale Industrial LandDania Beach Industrial 3251 SW 26th Terrace Dania Beach Industrial Bldg

Dania Industrial Land 1.5 AC 2401 SW 31st St Dania Beach Industrial Land

(continued)

SALE COMPS 4-9-15Land Size Land Size Bldg. Sale Price Land Price Bldg Price Sale Price

(SF) (AC) (SF) ($) ($/SF) ($/SF) ($/AC) Date Sold NotesDowtown/US 1 47,589 1.09 38,068 $3,650,000 $76.70 $95.88 $3,340,982 9/29/2014 Soon to be Mini dealership

20,400 0.47 8,000 $2,020,000 $99.02 $252.50 12/29/2015 2 parcels sold - future bank location184,983 4.25 Parking $22,100,000 $119.47 $5,204,132 3/4/2015 Major apartment project planned224,746 5.16 Land $5,600,000 $24.92 $1,085,385 Former industrial lumber site

(dealership under construction)

Industrial 652,663 14.98 $7,550,000 $11.57 $503,902 5/31/2013652,663 14.98 231,629 $26,637,400 $40.81 $115.00 $1,777,832 11/21/2014 MSG Port 95 purchase458,140 10.52 $6,750,000 $14.73 $641,791 8/26/2013 1 bldg (189,620 SF) under construction423,906 9.73 $5,000,000 $11.80 $513,793.15 7/29/2014 1 bldg (150,000 SF) under construction

1,841,035 42.26 $20,689,800 $11.24 $489,533.16 5/30/2012 Former mobile home park685,216 15.73 203,857 $17,450,000 $25.47 $85.60 $1,109,317.35 5/13/2013 Project built in 1987

Marine 140,033 3.21 3,537 $2,287,030 $16.33 $646.60 $711,425.36 6/6/2014 Marina/shipyard, partially submerged286,871 6.59 31,266 $2,450,400 $8.54 $78.37 $372,081.61 3/31/2014 Partially submerged site

Land Size Land Size Bldg. Asking Price Asking Land Asking Bldg Asking Sale(SF) (AC) (SF) ($) Price ($/SF) Price ($/SF) Price ($/AC)

On Market 2,178,000 50.00 $165,000,000 $75.76 $3,300,000.00 Under Contract - Investment Sale189,000 4.34 $3,800,000 $20 $875,809.52165,000 3.70 28,000 $3,000,000 $18 $107.14 Sale - owner/user289,238 6.64 $6,950,000 24 $1,046,686.75392,040 9.00 50,000 $8,750,000 $22.32 $175 $972,222.2265,340 1.50 $1,350,000 $20.66 $900,000.00 Under Contract

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V. Proposed land use

Given the ideal location adjacent to both FLL and Port Everglades, and the current industrial zoning on the property, a Class A Industrial Cold Storage Logistics facility (approximately 10,000 pallet positions - 2,500,000 cubic feet of storage - 80,435 sq. ft.) is proposed for the Property. The facility would feature best in class physical attributes including 40’ clear height, state of the art refrigeration system, quell fire protection system, 60’ deep refrigerated dock area and well-designed truck court for ease of truck maneuvering and shipping container loading.

Conceptual Site Plan

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VI. Development Team

COLD STORAGE LOGISTICS FACILTY

DEVELOPMENT TEAM

PRINCIPALS David Rulien

Daniel Johnson

LAND USE COUNSEL

LEASING & BROKERAGE

ENGINEERING

IBI GROUP

ENVIRONMENTAL

DESIGN BUILD CONTRACTOR

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VII. Port Everglades Information Summary At the crossroads of north-south and east-west trade, Broward County's Port Everglades is Florida's leading container port, handling more than one million TEUs (20-foot equivalent units, the industry standard measurement for container volumes) and serving as a gateway to Latin America, the Caribbean, Europe and Asia. Located within the cities of Fort Lauderdale, Hollywood, and Dania Beach, Florida, Port Everglades is in the heart of one of the world's largest consumer regions, including a constant flow of visitors and up to a combined 110 million residents and seasonal visitors within a 500-mile radius. Port Everglades has direct access to the interstate highway system and the newly opened 43-acre Florida East Coast Railway (FECR) intermodal hub, and is closer to the Atlantic Shipping Lanes than any other Southeastern U.S. port. Ongoing capital improvements and expansion will ensure that Port Everglades can continue to handle future growth in container traffic. A world-class cargo handling facility, Port Everglades serves as an ideal point of entry and departure for products shipped around the world. Market Forecast Market assessments, critical to identifying the Port's future infrastructure needs predict steady growth in all business sectors at Port Everglades. The cruise business at Port Everglades is forecasted to reach 5.6 million passenger moves in 2033 compared to 4 million expected during fiscal year 2014 (ending September 30, 2014). Port Everglades is expected to continue as Florida's leading containerized cargo port, reaching 1.7 million TEUs (the industry standard measurement of 20-foot equivalent units) in 2033 compared to 943,000 TEUs expected during FY2014. Non-containerized cargo such as steel, lumber, aggregate, cement and vehicles is forecasted to reach nearly 3.3 million tons by 2033, which is triple the amount moved through Port Everglades today. Infrastructure Highlights Current keystone capital improvements are providing a springboard for future growth and infrastructure enhancements. Those current projects include lengthening the Southport Turning Notch from 900 to 2,400 feet to add up to five new cargo berths; deepening and widening the navigation channels; and the Florida East Coast Railway's new intermodal container transfer facility (ICTF) which recently opened and is operating. (Source – www.porteverglades.net)

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VIII. Fort Lauderdale-Hollywood Airport (FLL) Information

The Fort Lauderdale-Hollywood International Airport (FLL) and North Perry Airport (HWO), a general aviation airport, form a diverse and dynamic airport system. This airport system serves the needs of 24.6 million annual passengers and the general aviation community throughout South Florida. FLL is ranked 21st in the U.S. in total passenger traffic and 13th in domestic origin and destination passengers. There are more than 300 departure and 300 arrival flights a day. FLL offers nonstop service to more than 100 U.S. cities and flights to Canada, Bahamas, Caribbean, Mexico, Latin America, and Europe. FLL averages 621 commercial flights per day on 30 airlines. There are also 125 private flights. Each day over 67,000 travelers pass through the four terminals at FLL.

Economic Engine

• 12,500 on-airport badged employees • 139,920 total jobs (direct, indirect, induced multiplier effect) • Total payroll $3.5 billion in wages • Total output $13.2 billion

Read the Florida Department of Transportation's Economic Impact Reports for:

Fort Lauderdale-Hollywood International Airport (PDF)

The FLL Airport Improvements and Renovations Program will modernize the terminals, add gates for international and domestic destinations, and keep delays to a minimum through a new runway. FLL Improvements includes these major projects.

• The new South Runway that opened in September 2014 created an estimated 11,000 construction jobs with a $1.4 billion impact to the regional economy.

• Terminal 4 will expand from 10 to 14 gates with more international gates. There will also be more restaurants and shops for passengers.

• The Terminal Modernization Program will upgrade and improve Terminals 1, 2 and 3.

Part of Broward County Broward County, a political subdivision of the State of Florida, owns the two airports. The Airports are operated through the Broward County Board of County Commissioners. The Commission delegates the management and operations of FLL and HWO to the Broward County Aviation Department.

(Source – www.broward.org)

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IX. Panama Canal Expansion Information The expansion of the Panama Canal was planned for completion by the Canal’s 100th anniversary (2014) (now estimated to be 2016) will reshape trade flows worldwide. Because trade with China has become the single largest driver of the U.S. waterborne container volumes, and because the Panama Canal is a key route for China-U.S. trade, its expansion is critical. The Canal’s current dimensions allow passage of container ships with up to 4,400 TEU, known as Panamax vessels. The expansion will accommodate larger, post-Panamax vessels carrying up to 12,600 TEU which require 50 foot in draft in fresh water (equivalent to 48 feet in salt water). Industry estimates suggest post-Panamax vessels account for about 30% of the ships today, but a large majority of all ships on order. Over 150 post-Panamax ships currently call on west coast seaports, and some can be redirected to the Panama Canal route if their owners believe the overall economics warrant the change. Even with the Canal’s current dimensions, there has been a noticeable increase in all water services between East Asia and the U.S. Atlantic and Gulf Coasts. All water services are replacing traditional services with U.S. Pacific Coast seaports and cross country intermodal rail shipments. In 2006, the transpacific route accounted for 75 percent of Asian imports to the United States, with an average shipping time of 18.3 days. The Panama Canal route accounted for 19 percent of Asian imports and an average time of 21.6 days. The Canal widening will reduce costs and time by enabling larger ships and reducing congestion at the locks, making Asian service to the Gulf or Atlantic Coast seaports competitive with service to the Pacific Coast and a transcontinental rail shipment. Ocean carriers may choose to share their cost reductions with shippers to increase volumes through the Canal route, but this will be balanced against reducing volumes in their existing East Asia to the west coast routes. Seaports desiring to serve the largest ships transiting the Canal must provide navigation channels with 50 feet of depth. Only one U.S. Atlantic Coast seaport, Norfolk, has at least 50 feet of depth for both its channel and berths today. Miami and New York have federal authorization to reach this depth but need funding to complete their projects. Plans to deepen harbors and channels at Port Everglades, Savannah, Jacksonville and Charleston are in various stages of review and study by the U.S. Army Corps of Engineers (Port Everglades recently received the Corps approval in June 2015 for the Environmental and Feasibility studies for the dredging and widening. Some Panama Canal traffic may be on smaller ships and transloaded through seaports in Panama and the Caribbean, so U.S. seaports offering less than 50 feet of depth also will benefit from Panama Canal traffic. Larger container ports will continue to focus on developing container trade with Asia, midsize and developing container ports will pursue regional carriers as well as Asian feeder service. Growth in non-China container trade, an in general cargo and bulk commodity trade also is expected. The factors driving seaport selection today – terminal capacity, efficiency, and operating costs; proximity to customers, markets and distribution centers, and landside truck and rail services and infrastructure – will continue to play a key role in determining which seaports attract and retain the greatest share of traffic. (Source – Florida Trade and Logistics Study – 2011)

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X. Project Metrics (In process)

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XI. Confidentiality Notice This confidential proposed Project Summary (the “Plan”) is being furnished solely for use by potential investors and lenders to determine whether to proceed with a further investigation of the Southeast Florida International Commerce Center (the “Project). The Plan may not be distributed, copied or reproduced without the prior written consent of the Southeast Florida International Commerce Center, LLC. By accepting this Plan, the recipient acknowledges and agrees that: (i) all of the information contained herein is subject to Confidentiality; (ii) the recipient will not distribute or reproduce this Plan, in whole or in part; (iii) if the recipient does not wish to pursue this matter, or if the Southeast Florida International Commerce Center, LLC so requests, the recipient will return the Plan promptly, together with any other material relating to the Project which the recipient may have received. The information contained herein has been prepared to assist interested parties in making an evaluation of the proposed Project and does not purport to contain all of the information that an interested party may need or desire. All communications, inquiries and requests for additional information should be directed to the following:

Southeast Florida International Commerce Center, LLC Fort Lauderdale, FL