sellers package

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1214 Route 28, North Branch, New Jersey 08876 Ph: 908-722-5661 Fax: 908-429-1059 Email: [email protected] May 20, 2013 Fred Rosengarten Budget Self Storage 414 Raymond Blvd. Newark, NJ 07105 Dear Fred; It was a pleasure speaking with you today. As per our conversation, I have enclosed information on our company and the services we provide to our clients. Our package includes the rental rate comps for your surrounding area. We have also provided you with a Seller’s Due Diligence list. These items are necessary to compile a financial analysis. We review the financial reports, such as, the 2012 P&L, trailing 12 months of management summaries and rental rate occupancy reports. This will enable us to provide you with a fair opinion of value. My assistant will be in contact with you to make arrangements to tour your property at your convenience. Thank you in advance for your cooperation, any questions please feel free to contact me. Sincerely, Please review the material Linda Cinelli, CCIM, CEA Linda Cinelli, CCIM, CEA

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Page 1: Sellers Package

1214 Route 28, North Branch, New Jersey 08876 Ph: 908-722-5661 Fax: 908-429-1059 Email: [email protected] May 20, 2013 Fred Rosengarten Budget Self Storage 414 Raymond Blvd. Newark, NJ 07105 Dear Fred; It was a pleasure speaking with you today. As per our conversation, I have enclosed information on our company and the services we provide to our clients. Our package includes the rental rate comps for your surrounding area. We have also provided you with a Seller’s Due Diligence list. These items are necessary to compile a financial analysis. We review the financial reports, such as, the 2012 P&L, trailing 12 months of management summaries and rental rate occupancy reports. This will enable us to provide you with a fair opinion of value. My assistant will be in contact with you to make arrangements to tour your property at your convenience. Thank you in advance for your cooperation, any questions please feel free to contact me. Sincerely, Please review the material Linda Cinelli, CCIM, CEA Linda Cinelli, CCIM, CEA

Page 2: Sellers Package

AMERICA’S PREMIERAMERICA’S PREMIERSELF STORAGESELF STORAGE

BROKERAGE FIRMBROKERAGE FIRM

Li d Ci lli CCIMLinda Cinelli, CCIMLC Realty

Page 3: Sellers Package

Presented To:Fred Rosengarten

Budget Self Storage

414 Raymond AvenueNewark, NJ 07102

Presented by:

Linda Cinelli, CCIMLC RealtyLC Realty

[email protected]

America's Premier SelfStorage Brokerage FirmStorage Brokerage Firm

1-800-55-STOREwww.Argus-SelfStorage.com

Page 4: Sellers Package

Table of Contents

The Argus Advantage Page: 4

Value Realization Process Page: 5

Property Market Analysis Page: 6-7

Argus Marketing Program Page: 8-14

Broker Biography Page: 15

Broker Experience/Client & Sales List Page: 16-17Broker Experience/Client & Sales List Page: 16 17

Client Testimonials Page: 18

What is a CCIM Member? Page: 19

Disclaimer Page: 20

Listing Agreement Page: 21-24

Page 5: Sellers Package

The Argus Advantage

Since 1994, the Argus Self Storage Sales Network has been the leader in self-storage brokerage throughout the United States. Argus Broker Affiliates work withboth buyers and sellers to find the right property, and the right price, to meet theneeds of each individual client.

• Over $1 Billion in self-storage transactions• Over 650 deals completed• Hundreds of satisfied clients• Detailed analysis to maximize your facility’s value

The Argus Self Storage Sales Network boasts the industry’s most extensivemarketing program. Your property receives exposure to the maximum number ofinvestors through our advertising program and network of professional contacts.

• Over 40 Broker Affiliates representing major markets throughout the U.S.provide knowledgeable local representation

• Internet exposure via the industry’s premier website www.selfstorage.comp y p g• Presence at national and state self-storage conventions• Advertising in industry trade magazines• National database of self-storage buyers and sellers• Market Monitor newsletter and Alert e-newsletter reach buyers and sellers

nationwide

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 6: Sellers Package

Value Realization ProcessClient Objectives

• Purpose of Transaction

Confidentiality

Information Gathering

• Demographics

Market Data

Valuation & Strategy Development

• Market Analysis

V l ti• Confidentiality

• Tax considerations

• Employees

• Timing

• Market Data

• Financial Info

• Environmental

• Competitive Review

• Valuation

• Property Examination

• Market Strategy

• Pricing Strategy

• Reporting Requirements

• Financing

• Carry Back

• Zoning & Tax Requirements

• Plans

• Site Development

• Financing Strategy

• Preliminary Negotiation Strategy

Negotiation

• Contact Prospects

R d t I i i

Closing

• Assist In Due Diligence

Marketing Program

• Listing Agreement

S lfSt • Respond to Inquiries

• Qualify Prospects

• Answer Objections

• Review Offers

• Assist in Documentation

• Recommend Solutions for Last Minute Problems

• SelfStorage.com

• Online Marketing

• Offering Memorandum

• Market Monitor

• Recommend Counter Offers

• Review References

• Recommend Offers

• Verify Closing Financing

• Assist In Asset Transfer

• Trade Pub. Ads

• Property Flyers

• Tradeshow Exposure

• Co-op Brokers

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 7: Sellers Package

Market AnalysisyCompetition Map & Demographics

414 Raymond Ave. Newark NJ 07102Newark, NJ 07102

Population2018 Projection 17,710 204,693 738,8712013 Estimate 17 384 200 778 729 641

414 Raymond Blvd, Newark, NJ 07105 

0 ‐ 1 mi

414 Raymond Blvd, Newark, NJ 07105 

0 ‐ 3 mi

414 Raymond Blvd, Newark, NJ 07105 

0 ‐ 5 mi

2013 Estimate 17,384 200,778 729,641Households2018 Projection 6,123 69,289 269,5472013 Estimate 6,015 67,820 265,258

2013 Estimated Households by Household Income 6,015 67,820 265,258Less than $15,000 1,104 18.35% 13,767 20.30% 51,663 19.48%$15,000 to $24,999 871 14.48% 8,167 12.04% 30,896 11.65%$25 000 to $34 999 797 13 25% 7 575 11 17% 28 636 10 80%$25,000 to $34,999 797 13.25% 7,575 11.17% 28,636 10.80%$35,000 to $49,999 766 12.74% 10,179 15.01% 37,084 13.98%$50,000 to $74,999 1,230 20.44% 11,725 17.29% 47,284 17.83%$75,000 to $99,999 639 10.63% 6,957 10.26% 28,538 10.76%$100,000 to $124,999 304 5.05% 4,362 6.43% 17,074 6.44%$125,000 to $149,999 98 1.62% 2,406 3.55% 9,988 3.77%$150,000 to $199,999 145 2.41% 1,662 2.45% 8,128 3.06%$200,000 to $249,999 25 0.42% 458 0.68% 2,409 0.91%$250,000 to $499,999 31 0.51% 484 0.71% 2,882 1.09%$250,000 to $499,999 31 0.51% 484 0.71% 2,882 1.09%$500,000 or more 6 0.10% 77 0.11% 676 0.25%

2013 Estimated Average Household Income 51,298$           54,673$           58,923$          

2013 Estimated Median Household Income 39,628$           41,485$           43,670$          2013 Estimated Tenure of Occupied Housing Units 6,015 67,820 265,258Owner‐Occupied 1,421 23.63% 17,998 26.54% 81,279 30.64%Renter‐Occupied 4,594 76.37% 49,822 73.46% 183,979 69.36%

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

p 4,594 76.37% 49,822 73.46% 183,979 69.36%

Page 8: Sellers Package

Market AnalysisyCompetition Map & Demographics

Type Website Rates

PSF On‐Site Rates

PSF

10      x 10    Basic Storage, Indoor, Elevator Access  $177.00 $1.77 $208.00 $2.08

Unit Size

Extra Space: 412 Harrison Ave

10      x 10    Basic Storage, Indoor, 1st Floor Access  $196.00 $1.96 $231.00 $2.3110      x 15    Basic Storage, Indoor, Elevator Access  $215.00 $1.43 $253.00 $1.69

10      x 10   Drive Up $160.00 $1.6010      x 20   Drive Up $250.00 $1.25

Kearny Self Storage

Tuck‐It‐Away Self‐Storage

6        x 10   Basic Storage, indoor $75.00 $1.258 x 10 Basic Storage, indoor $90.00 $1.13

10      x 10   Basic Storage, indoor $100.00 $1.00

Storage King USA10      x 10   Inside / Floor 4 $153.50 $1.5410      x 10   Inside / Floor 3 $160.00 $1.6010      x 10   Inside / Floor 2 $164.00 $1.6410      x 15   Inside / Floor 3 $228.00 $1.52

21st Century Storage6        x 10   Basic Storage, indoor $115.98 $1.93 $139.98 $2.338        x 10   Basic Storage, indoor $145.98 $1.82 $182.48 $2.288        x 10   Drive Up $159.98 $2.00 $199.98 $2.50

10      x 30   Basic Storage, indoor $329.98 $1.10 $412.48 $1.37

SUBJECT LOCATION10 x 10 Basic Storage, indoor $159.00 $1.5910 x 20 Basic Storage, indoor $336.00 $1.68

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 9: Sellers Package

Argus National Contact Program

T t l

Argus offers Real Distribution to the self-storage industry. Your property is exposed to more qualified buyers and is more likely to sell at a reasonable price.

TotalContacts

National Magazine Advertising

ISS Circ. 18,000x12/yrSSA Globe Circ. 17,000x12/yr

216,000204,000

Market Monitor Newsletter 7 000 x 12/yr via email 84 000Market Monitor Newsletter 7,000 x 12/yr via email 84,000

Website 70,000 visitors / month (avg.) 840,000

Conventions/Tradeshows 4/yr @ 1,500 attendees (avg.) 6,000

Convention Presentations 2/yr @ 400 attendees 800Convention Presentations y @

Magazine Articles 12/yr in ISS 360,000

Alert e-newsletter 3,000 monthly recipients (avg.) 36,000

Social Networking 1,000 followers 2x monthly 24,000

Total Annual Contacts 1,770,800

Argus also lists all properties on LoopNet, PropertyLine, CoStar and Storage Business Owners Alliance for additional exposure to hundreds of

thousands of commercial real estate professionals each year.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Numbers as of October 2012

Page 10: Sellers Package

The Argus Marketing Program

The Argus Marketing Program is the most comprehensive of any in the entire real estatebusiness. The underlying premise is that getting the most exposure for a property as quicklyas possible will increase the number of qualified offers received To ensure that we reachas possible will increase the number of qualified offers received. To ensure that we reachbuyers, we have developed a multifaceted marketing program to give your facility the utmostexposure, both nationally and locally. Each element of the program is briefly describedbelow.

Note: Argus Self Storage Sales Network, Inc. is a marketing consultant and provides marketing services for the ArgusBroker Affiliates authorized to receive such services. Argus is not a party to any listing, buyer representation, or other realestate related contract unless specifically agreed to in writing by Argus Self Storage Sales Network Incestate related contract unless specifically agreed to in writing by Argus Self Storage Sales Network, Inc.

BBROKERROKER NNETWORKETWORK

The most important part of the Argus Marketing Program is our network of Broker Affiliatesspecializing in self-storage. Since all of the Argus Broker Affiliates specialize in self-storage, theyhave developed an industry-wide network of contacts. They have relationships with literallyhundreds, if not thousands, of owners and buyers. Each broker is aware of every property listedwithin the network, and is prepared and motivated to assist other Argus Brokers in a potentialtransaction.

AARGUSRGUS DDATABASEATABASE

On behalf of its Broker Affiliates, Argus maintains a database of owners, buyers, sellers, and industryspecialists. The database consists of approximately 25,000 self-storage owners, prospective buyersand potential prospects.

IINDUSTRYNDUSTRY CCONTACTSONTACTS

As in any other business, it’s not what you know as much as who you know, and in self-storage this isan even more important factor because of the unique nature of the property type. Over the years,Argus has built strong relationships not only with buyers and sellers, but also with lenders,appraisers, other real estate professionals and the large industry operators.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 11: Sellers Package

Marketing ProgramContinuing…

SSELFELFSSTORAGETORAGE..COMCOM

www selfstorage com is the self storage industry’s premierwww.selfstorage.com is the self-storage industry’s premierwebsite, receiving an average of approximately 71,000unique visitors per month. As part of www.selfstorage.com,Argus promotes its listings, provides valuable industryinformation, and develops qualified leads. Interested partiessearching for storage properties are able to view all of ourcurrent listings and details on each property by clicking onth A hthe Argus homepage.

When people search the web for self-storage they most oftengo to www.selfstorage.com. This site is a low cost, highquality advertising option for self-storage owners andoperators. Please visit the site and see for yourself. The sitealso offers a searchable list of industry vendors, the ability torequest bids from these vendors, and a forum to discussindustry issues.

OOFFERINGFFERING MMEMORANDUMSEMORANDUMS

The Argus Offering Memorandum is a packet designed toThe Argus Offering Memorandum is a packet designed togive as much historical and current information about theproperty as a potential investor would need. Its uniquedesign is easily recognizable and has been approved byseveral self-storage lenders as their means of making acursory inspection of the property without leaving their office!

The Offering Memorandum is available in both printed andThe Offering Memorandum is available in both printed andelectronic format. Your broker will work closely with you – andif any of the pertinent data changes, he or she will notify usand we will update the Offering Memorandum in a timelymanner.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 12: Sellers Package

Marketing Program

MMARKETARKET MMONITORONITOR

Continuing…

MMARKETARKET MMONITORONITOR

Argus and the network of Argus Broker Affiliates email theMarket Monitor once a month to owners and prospectivebuyers. The Market Monitor is a well-recognized newsletterin the industry. It is a significant source of leads for ourBroker Affiliates. The Market Monitor includes a short articleas well as details on our current properties for sale. Wehave found that owners and buyers are attracted to theformat – everyone seems to like to see what is available onthe market. We believe the credibility of the Market Monitorlends credibility to the listings.

AALERTLERT ONON SSELFELF SSTORAGETORAGEAALERTLERT ONON SSELFELF--SSTORAGETORAGE

Argus also publishes an e-newsletter, Alert on Self-Storage,for owners and prospective buyers who request asubscription. This e-newsletter draws potential buyers to ourwebsite and thus to your listing. Our list of e-mailsubscribers is growing quite rapidly and enhances our overallInternet presence. Past issues of the newsletter arearchived on our website.

NNEWEW LLISTINGSISTINGS AANNOUNCEMENTNNOUNCEMENT

Each month subscribers to the Argus email list will receiveEach month, subscribers to the Argus email list will receivean announcement of all of the Network’s newest self-storagelistings. This email contains basic property information andphotos as well as a link to the detailed information on theArgus website.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 13: Sellers Package

Marketing ProgramContinuing…

OONLINENLINE MMARKETINGARKETING

LoopNet

Argus posts all of the Network’s self-storage listings to LoopNet, the premierweb-based real estate listing service in America with over 100,000 commerciallistings in its system. It is a valuable source of both “out of industry” leads aswell as those within the industry. LoopNet directly connects any prospecti i li ti t th A h h i f ti bviewing your listing to the Argus home page where more information can be

found. Your listing will be available to all public searches beginning 30 daysafter its initial entry. You may search for it by visiting www.loopnet.com andclicking on “Search Properties.”

Property Line

Property Line supports the commercial brokerage community with its focus onthe marketing of properties. Listed on Property Line, your property will gain theattention of thousands of potential investors. With a membership of over51,000 commercial brokers and investors, Property Line will get your listing theattention it deserves. This additional resource allows your Argus Broker todistribute information on your property to the widest range of potential buyers.As a buyer’s representative, an Argus Broker will use Property Line to assisty p , g p yyou in your search for suitable properties. Visit their websitewww.propertyline.com.

CoStar Group

CoStar Group, Inc. is commercial real estate's leading source of verifiedcommercial properties for lease and for sale With an audience of 65 000+commercial properties for lease and for sale. With an audience of 65,000+professionals, Argus works with CoStar to post your detailed listing informationso that it gets maximum exposure to top commercial real estate brokers,investment sales professionals and private investors. Visit their websitewww.costar.com.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 14: Sellers Package

Marketing ProgramContinuing…

CCONVENTIONSONVENTIONS ANDAND TTRADESHOWSRADESHOWS

Argus attends all major industry conventions as well as stateg j yand regional conventions in an effort to market our customers’properties. Materials on each property are available in theArgus tradeshow booth as well as a video display of allproperties. A team of Argus Brokers is present to discussproperties and assist visitors with their needs. Argus has apresence at all the major self-storage conventions. Materials onyour listing are available at the booth. Each of thesey gconventions attracts from 1,000 to 4,000 attendees and resultsin qualified prospects for our brokers.

In addition, our Broker Affiliates also attend regional associationmeetings. These meetings are often smaller but more intimate.The Brokers have information on all listings available and oftenuse the Argus booth if appropriate In the past year Argususe the Argus booth, if appropriate. In the past year, ArgusBroker Affiliates have represented the Network at meetings inTexas, Wisconsin, New England, New York, Missouri, Kansas,California, Colorado, Washington, North Carolina, Alabama andFlorida. Your Argus Broker’s association with the Argus SelfStorage Sales Network provides this unique exposure-- one thatother brokers simply cannot duplicate.

MMAGAZINEAGAZINE AADVERTISINGDVERTISING

As a leading source for self-storage information, both Inside SelfStorage and The SSA Globe are read by most major ownersand operators and Argus advertises in both publications. InsideSelf Storage has a subscription base of 23,000 and The SSAGlobe has a subscription base of over 16,000. The SSA Globeis the “official” voice of the National Self Storage Association(SSA), and a free subscription is given to each SSA member.Magazine advertising is a very productive lead generator forArgus Broker Affiliates. We also find that “newcomers” to thebusiness (i.e. non-current owners) often come to us from this

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

( )source.

Page 15: Sellers Package

Marketing ProgramContinuingContinuing…

SSELLERELLER DDUEUE DDILIGENCEILIGENCE CCHECKLISTHECKLIST

Document Comments

A/R Aging Report, current

Business Insurance Policy

Financial Statements (P&L) – past 2 years

Financials (P&L), Year-to-Date

Lease Sample (include optional tenant insurance, if applicable) applicable)

Maintenance Contractors and current contracts

Management Contract (copy)

Marketing & Adversiting (include agreements, contractors, etc.)

Municipal Documentation (use, taxation, etc.)

Personal Property to be included in sale (list)

Property Tax Bills – past 2 years

Site Plan/Survey & Building Plans

Supplemental Business Documentation (if applicable)

Tax Returns – past 3 years

Tenant List with rates, delinquencies, etc.

Unit Mix and Rent Roll

Utility Bills (copy)

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 16: Sellers Package

ExperienceLinda Cinelli, CCIMLC Realty1214 Old Highway 28North Branch NJ 08876

Linda Cinelli has 23 years of experience in commercial real estate and land sales.

North Branch, NJ [email protected]

da C e as 3 yea s o e pe e ce co e c a ea estate a d a d sa esOver the past ten years she has specialized in investments and the self storageindustry. Her areas of expertise include real estate acquisition, asset disposition,development and institutional representation. She is a CCIM whose otherprofessional affiliations include CIREI, CBA, IREOBA. She has achieved thedesignation of CEA, a Certified Exchange Advisor, for those clients performing 1031exchanges Linda is the founder and President of the Northern New Jersey CCIMexchanges. Linda is the founder and President of the Northern New Jersey CCIMDistrict which has been merged into the Metro New York CCIM Chapter where sheserves on the Board of Directors.

Linda is a member of the New Jersey, New York and the National Self StorageAssociations. Her client list is comprised of many recognized names in both privateand public sectors including several self storage projects In 2003 she founded LCand public sectors, including several self storage projects. In 2003 she founded LCRealty and is the Argus Self Storage Sales Network Broker Affiliate for the NorthernNew Jersey, New York City and Long Island territory. Linda is licensed in New York,New Jersey and Florida.

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 17: Sellers Package

Self-Storage Experience

Lynbrook, NY– South Shore Self StorageSold Date: 4/16/2013Sold Price: $2,100,000

Bloomfield, NJ – Parkway Self StorageSold Date: 12/18/2012Sold Price: $10,050,000

Staten Island, NY – Moore Self StorageSold Date: 7/27/2011Sold Price: $4,600,000

Stanhope, NJ – Paramount Self StorageSold Date: 6/23/2011Sold Date: 6/23/2011Sold Price: $4,500,000

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 18: Sellers Package

Argus 2012 National Sales

State City Sale Price Square Feet Sale DateKS Kansas City $1,355,400 January-12MS Walls/Robinsonville $720,000 59,000 January-12MO Moscow Mills $1,090,000 44,298 February-12CO Monument $4,325,000 82,386 April-12AZ Mesa $4,250,000 169,040 April-12NC Chapel Hill $3,110,000 42,370 May-12TX Canutillo $486,000 7,516 May-12OK Tulsa $282,500 24,000 May-12TX Mansfield $5,000,000 58,750 June-12OK Ardmore/Norman $5,720,000 141,882 June-12CA Fairfield $7,700,000 75,965 June-12OK Ardmore/OKC $7,254,800 244,549 June-12MO Saint Joseph $555,000 24,900 July-12TX C till $515 000 13 870 J l 12TX Canutillo $515,000 13,870 July-12CO Colorado Springs $7,100,000 89,325 July-12TX Allen $5,250,000 61,870 July-12KS Bonner Springs $3,600,000 70,430 August-12NM Santa Fe $2,900,000 31,490 August-12NC Fayetteville $790,000 30,260 August-12CA Chester $275,000 8,800 August-12TX Houston $901,000 22,370 August-12MT Sidney $850,000 18,700 September-12WI Greenville $1 465 000 45 000 September 12WI Greenville $1,465,000 45,000 September-12AZ Black Canyon City $1,400,000 67,760 September-12NH Sunapee $805,000 22,100 October-12TX Forest Hill $1,900,000 49,625 October-12CO Denver $1,750,000 9,417 October-12WI Egg Harbor $260,000 12,000 October-12AL Jasper $1,100,000 50,095 October-12AL Eight Mile $725,000 24,025 October-12TX Smithville $860,000 25,325 October-12NY Newark Valley $360 000 11 584 November 12NY Newark Valley $360,000 11,584 November-12PA Mt. Pocono $1,569,000 28,300 November-12TX Flint $450,000 30,780 December-12NJ Bloomfield $10,050,000 98,338 December-12TX Lewisville $4,900,000 116,982 December-12WI Milwaukee $425,000 11,100 December-12IL Rockford $90,000 December-12

OK Oklahoma City $15,100,000 323,539 December-12Total Sales: $107,238,700 1,434,531

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 19: Sellers Package

Client Testimonials

“With the professional support of Argus, we successfully closed on the sale of ourfamily storage business. We were very pleased with the detailed upfront analysison the marketing, pricing and promotion of our property! Argus demonstratedtheir in-depth knowledge of the storage business and provided insightful supportthroughout the entire process ” - Reynaldo Ortizthroughout the entire process. Reynaldo Ortiz

“After meeting with our Argus Broker, we were immediately put at ease that wewould have the very best representation for selling our storage facility. Argusproduced a selling package that resulted in numerous inquiries and subsequentlythe prompt sale of our business.” – Robert & Donna Mahlep p

“Our Argus Broker went out of his way to make the process of selling our facility asatisfying experience for us. He was extremely professional, proficient and verypleasant to deal with. I could not be any happier and would recommend Argus toanyone who is considering buying or selling a self-storage facility.” - WarrenMitchell

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 20: Sellers Package

What is a CCIM?

A CCIM (Certified Commercial Investment Member) is a recognized expert in the commercialand investment real estate industry. The CCIM lapel pin is earned after successfully completinga designation process that ensures CCIMs are proficient not only in theory, but also in practice.This elite corps of CCIMs includes brokers, leasing professionals, investment counselors, assetmanagers appraisers corporate real estate executives property managers developersmanagers, appraisers, corporate real estate executives, property managers, developers,institutional investors, commercial lenders, attorneys, bankers, and other allied professionals.

A CCIM is part of a global commercial real estate network with members across North Americaand more than 30 countries. This professional network has enabled CCIM members to closethousands of transactions annually, representing more than $200 billion in value. As a result,the experts who possess the CCIM designation are an invaluable resource for commercial realestate owners investors and usersestate owners, investors, and users.

CCIMs have completed a designation curriculum that covers essential CCIM skill sets includingethics, interest-based negotiation, financial analysis, market analysis, user decision analysis,and investment analysis for commercial investment real estate. CCIMs have completed aportfolio demonstrating the depth of their commercial real estate experience. Finally, they havedemonstrated their proficiency in the CCIM skill sets by successfully completing a

h i i ti O l th i d i ti did t d d th t d CCIMcomprehensive examination. Only then is a designation candidate awarded the coveted CCIMpin, joining the ranks of highly skilled commercial and investment real estate experts.

Over 15,000 commercial real estate professionals have earned the designation. Currently,5,500 professionals are pursuing their CCIM designation.

www.ccim.com

1-800-55-STOREwww.Argus-SelfStorage.com

1-800-55-STOREwww.Argus-SelfStorage.com

Page 21: Sellers Package

Confidentiality and Disclaimer

PARTIES: Argus Self Storage Sales Network, Inc. (“Argus”) is not the listing agent (“Broker”) for anyproperty. Offers to buy or sell a property can only be made through the listing agent identifiedherein. Argus is a marketing consultant that provides certain marketing assistance to the listingbroker and is not a party to a listing agreement or any other agreement relating to a property. ASeller (“Seller”) is the owner or the authorized agent of the Owner (“Owner”), of the property offeredfor sale and the subject of the listing agreement between Broker and Seller.j g g

DISCLAIMER: Neither a Seller, Owner, Broker, or Argus represents, warrants, either by implication norexpress statement, the accuracy or completeness of the information contained herein. Theinformation contained herein has been prepared from sources believed to be reliable but has notbeen independently verified by the Broker or Argus as to accuracy or completeness. No warrantiesor representations, express or implied, are made as to the information presented herein. Warrantiesor representations can only be made by the Seller or Owner in a written and fully executed purchaseor representations can only be made by the Seller or Owner in a written and fully executed purchaseand sales agreement between Seller and purchaser. Projections in any presentation are based onassumptions and interpretations based on future events, market conditions, managerial operationsbeyond the control of Argus, Broker, Seller or Owner, and, therefore, subject to error and changewithout notice. The prospective purchaser is encouraged to perform such independent due diligenceas he or she finds appropriate. Typically, due diligence activities provide a more comprehensivereview and analysis of all aspects of the property (including, but not limited to, financial matters,market conditions physical condition regulatory issues and title status) than the material containedmarket conditions, physical condition, regulatory issues and title status) than the material containedherein. This presentation is for information purposes only and is not a solicitation of any naturewhatsoever. Sellers and Owners reserve the right, at their sole and absolute discretion, to rejectany offer.

CONFIDENTIALITY: The information contained herein is confidential and proprietary and is for theexclusive use of the party receiving the information (whether in printed, electronic, or facsimileformat) for the sole purpose of determining if the recipient desires to acquire more information Byformat) for the sole purpose of determining if the recipient desires to acquire more information. Byacceptance of this information in any format or from any source, the recipient agrees to not distributenor disclose this information in any form to any other person or entity without the prior writtenconsent of Broker or Argus.

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Page 22: Sellers Package

Listing Agreement

1214 Route 28 North Branch, New Jersey 08876 EXCLUSIVE LISTING AGREEMENT Price: ______________________ AGREEMENT made the ____ day of April, 2013, by and between 327 Realty LLC, its parent, subsidiaries, affiliates, nominees, designees or assignees (hereinafter referred to as "Owner"), with its principal office located at 327 Walnut Ave., Bronx, NY 10454 and LC Realty, LLC (hereinafter

f d t "B k ") ith ffi l t d t 1214 Old H 28 N th B h N J referred to as "Broker ") with an office located at 1214 Old Hwy 28, North Branch, New Jersey 08876. W I T N E S S E T H WHEREAS, Owner is the owner or net lessee of the property known as NYC Mini Storage, located at 863 East 141st St., Bronx, NY 10454, Borough 2, Block 02599, Lot 0128 (“Building”) and/or the Business if applicable (the Building, the underlying land, any other improvements on the land and any appurtenant rights of Owner in any abutting or adjacent land, shall be referred to collectively as “Property”) p y ) WHEREAS, Broker is a real estate broker duly licensed by the States of New York & New Jersey; WHEREAS, Owner desires to grant Broker the sole and exclusive right to negotiate for and to procurethe sale of all or portions of the Property and Broker desires to accept such exclusive right subject toand conditioned upon the terms and provisions contained herein; NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good andvaluable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,intending to be legally bound hereby agree as follows: intending to be legally bound, hereby agree as follows: 1. APPOINTMENT OF BROKER: Owner hereby grants Broker the exclusive right to negotiatefor and to procure the sale of all or portions of the Property or Owner’s interest therein (any of theforegoing, individually or collectively, “Sale”) on the terms and conditions as may be agreed upon by the Owner and an prospective purchaser, tenant or occupant (hereinafter collectively referred to asthe “Prospect”). 2. TERM: This Agreement shall commence on the date hereof (“Commencement Date”) and shall expire Six-Months after the Commencement Date. Thereafter, this Agreement shall continue on th t th b i l d til ith t t i t thi A t b di thi t a month-to-month basis, unless and until either party terminates this Agreement by sending thirty

days prior written notice to the other party, sent by certified mail, return receipt requested (said date that this Agreement shall terminate shall hereinafter be referred to as the "Termination Date"). 3. BROKER'S DUTIES: Broker agrees to use reasonable efforts to dispose of the Property,which efforts shall include the following:

(a) listing the Property with licensed real estate brokers (hereinafter referred to as"Outside Broker") within New York and the contiguous states;

(b) develop offers or inquiries; and

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(c) canvas, solicit, advertise and otherwise employ its services to bring about a Sale of the Property.

Page 23: Sellers Package

Listing Agreement(d) li t h t b i ffi i l t d/ i fid ti lit t(d) clients have to be given an official tour and/or sign a confidentiality agreement

registration and Broker will provide Owner with the clients list. Broker shall communicate with Owner on a regular basis about such offers or inquiries and the status of any negotiations for a Sale. All negotiations shall be conducted by Broker, subject to the review and finalapproval of Owner.

For the purposes of this Agreement, the term “Broker” shall be deemed to include an Outside Broker, except where separate compensation for the Outside Broker is set forth or where the context clearlyindicates otherwise. 4. OWNER’S DUTIES: Owner agrees during the term of this Agreement to:

• refer to Broker without delay all offers and inquiries from Prospects or Outside Brokers with respect to a Sale;

• furnish Broker with an adequate supply of brochures (or authorize Broker, subject tothe terms of Section 5 hereof, to produce such brochures), surveys, site plans or any other plans;

• cooperate with Broker to bring about a Sale, including meeting with Prospects and/ortheir respective Outside Brokers their respective Outside Brokers.

5. ADVERTISING: Broker agrees that it shall pay the cost of any and all advertising,promotional material, brochures, messenger and mailing expenses incurred by Broker in connectionwith Broker's appointment. Should Owner cancel listing prior to expiration date the owner will be responsible to pay the Broker a minimum marketing fee of $3,500.00. Marketing material will be presented to buyer(s) upon signing of a confidentiality agreement. 6. COMPENSATION: (a) Broker shall be entitled to a commission upon the occurrence of any one of the following (a) Broker shall be entitled to a commission upon the occurrence of any one of the following

events: • A Sale during the term of this Agreement by Broker, Owner or Outside Broker or by

any other person on their behalf; • Broker or Outside Broker procures a Prospect who is ready, willing and able to

complete the transaction at the Purchase Price set forth in the sale agreement; or • A Sale with an entity listed on the Pending List as defined in Paragraph 7 below.

• Furthermore, it is understood and agreed that if, under the terms of an executed contract or lease, any monies are paid to Seller in the form of option fees or non-refundable advances, the ‘Owner” will pay the Broker 3% (three-percent) of the monies received. These amounts will be due and payable upon receipt of these monies by ‘Owner”. That amount received by the Broker will be credited towards the total commission due. This is predicated on the deposit monies being non-refundable and released to Owner.

• Furthermore, if deposits paid on account of a purchase or lease were forfeited, 3% (three-percent) of that amount shall be paid to Broker; providing, however, that the Broker's share of any forfeited deposit shall not exceed the commission due. Release of monies is subject to written release from Owner and/or Buyers or Lessee or attorneys thereof.

• Furthermore, if (Purchasers Under Contract) does not close title, but enters into any other agreement to include but not limited to transfer, management, lease of business or real-estate, Broker shall be entitled to a commission to 3% (three-percent) of the total amount to be paid under the lease, management agreement or any other entity including, but not limited to a subsidiaries, affiliates and parent companies related to the business or the real-estate. The Broker entitlement to a commission hereunder shall be for a term of suchagreement by the parties. Broker shall be entitled to receive a copy of all

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executed agreements immediately upon execution by all parties.

Page 24: Sellers Package

Listing Agreement(b) In the event of a Sale Owner shall pay Broker a commission on the date of the transfer(b) In the event of a Sale, Owner shall pay Broker a commission on the date of the transfer

of the title, at the following rates:

• ________% of the Purchase Price (as hereinafter defined), where Broker or Owner isthe sole procuring cause; or

• ________% of the Purchase Price, where an Outside Broker is the procuring cause.Owner agrees to pay Outside Broker a commission pursuant to a separateagreement entered into between the parties.

(iii) For the purposes of this Agreement, “Sale”, in addition to the conventional transfer of a ( ) p p g

fee simple interest, shall be deemed to include any sale/lease/lease-back, any "swap” so-called “1031” tax-free exchange, or any other sale, transfer or disposition, purchase by a municipality or governmental acquisition of all or any part of the Property, by which Owner’s interest in the Property is transferred to another person or entity forconsideration. “Purchase Price” shall mean the sale price set forth in the contract of sale executed by the parties thereto, without any deduction or setoff for the customaryand usual adjustments between Owner and Buyer at closing of title.

7. PENDING NEGOTIATIONS: Within thirty (30) days after the Termination Date, Broker shalldeliver to Owner a complete list of all Prospects who during the term of this Agreement were showndeliver to Owner a complete list of all Prospects who during the term of this Agreement, were shownthe Property, submitted a written proposal or offer, or who entered into negotiations for a Sale(hereinafter referred to as the "Pending List"). The Pending List shall contain sufficient information to identify the Prospect and the proposed transaction. In the event any Prospect on the Pending Listconsummates a Sale after the Termination Date, Owner shall recognize Broker as the exclusive brokerand shall pay to Broker a commission in accordance with the terms set forth in Section 6 above,whether or not the Broker renders any service following such Termination Date and whether or not theBroker is the procuring cause of the Sale. The Owner obligation under the preceding sentence shall be broker for a period of twelve months from termination date. 8. DEFAULT BY OWNER: In the event that any payment provided for herein is not paid withinten (10) days after notice of non-payment, the entire commission, or any remaining unpaid portion(s) thereof shall become immediately due and payable. Owner further agrees to pay all costs ofcollection, including reasonable attorney's fees and interest on all unpaid sums at a rate equal to oneand one-half (1-1/2%) percent per month, commencing from the due date until paid in full. In noevent shall this paragraph be construed as a waiver by Broker of prompt payment by Owner of anycommissions due herein. 9. UPON SALE OR TRANSFER OF THE PROPERTY: It is expressly understood and agreed that i h h h i ld hi d h h l d b hiin the event that the Property is sold to any third party, other than to a Prospect as contemplated by thisAgreement, such sale shall be expressly subject to the terms and conditions of this Agreement. Ownershall deliver to Broker at the closing of such sale a written agreement by the persons, firm or entity takingtitle to the Property assuming all of Owner’s obligations hereunder in form and substance reasonablysatisfactory to Broker. It is expressly understood and agreed that in the event of such sale, and subject to the assumption of the Owner’s obligations hereunder by the purchaser, Owner shall have no furtherobligation or liability to Broker in connection with this Agreement, provided that Owner immediately paysto Broker all commission payments due and to be due at the time of the sale, notwithstanding any rightof Owner to delay such payment in accordance with any payment schedule set forth herein, if any. 10. PAYMENTS OF COMMISSIONS: All payments of commission to Broker shall be remitted as follows:

LC REALTY, LLC 1214 Route 28 North Branch, New Jersey 08876

The above address may be changed by written notice to Owner sent by certified mail, return receiptrequested.

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11. MISCELLANEOUS

Page 25: Sellers Package

Listing Agreement

a. Owner represents and warrants to Broker that it has the full authority to enter into thisAgreement and that the individual(s) executing the Agreement is authorized to act on behalf of Ownerand to bind Owner to the terms and conditions hereof. b. In the event any provision of the Agreement is found to be void or unenforceable by acourt of competent jurisdiction, the remaining provisions of the agreement shall nevertheless bebinding upon the parties with the same effect as though the void or unenforceable part had been severed and deleted severed and deleted. c. Owner acknowledges that Broker may represent both Prospects and Ownersimultaneously with respect to the same transaction and Owner consents to such dual representation. d. Owner represents that it has informed Broker, in writing, of any environmental problems associated with the Property of which Owner is aware. Owner shall provide Broker with allenvironmental studies and reports in its possession, including, but not limited to, relevant structural,mechanical and soils conditions, the presence and location of asbestos, PCB transformers, other toxic,hazardous or contaminated substances, and underground storage tanks, in, on or about the Property(“E i t l I f ti ”) ith t t th P t th ti f thi A t (“Environmental Information”) with respect to the Property upon the execution of this Agreement and will continue to do so during the term of this Agreement. Broker shall furnish to third parties onlythat Environmental Information as shall be provided by Owner and which it is so authorized by Owner to disseminate. Broker shall have no responsibility or liability for Environmental Information providedto it by Owner. e. This Agreement (i) contains the entire understanding of the parties with respect to thesubject matter hereof; (ii) may not be changed or modified orally but only by written instrument signed by the parties thereto; (iii) shall be binding upon and inure to the benefit of the successors andassigns of the respective parties; (iv) shall be governed by and construed in accordance with the lawsg p p ( ) g yof the State of New York, applicable to agreements made and to be performed entirely within New York, without regard to conflicts of laws, and shall be resolved in a proceeding within the State of New York; and (v) shall not be strictly construed either against Owner or Broker, both parties agreeing that they have participated fully and equally in the preparation of this Agreement.

f. This Agreement may be executed in any number of counterparts, each of which shallbe deemed an original and all of which together shall constitute a fully executed agreement, with thesame effect and validity as a single, original agreement signed by all of the parties. Facsimilesignatures shall have the same validity and effect as original signatures.

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute this Agreement as of the date first above given. LC REALTY, LLC Dated: _________ BY: ___________________________________________ N Name: _________________________________________ Title: __________________________________________ Seller: _________________________________________ Dated: _______ BY: ___________________________________________ Name: _________________________________________

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Title: ___________________________________________