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1 MIDYEAR UPDATE Commercial Real Estate & the Economy Presented to: Presented by: CBRE, INC. Michael Silver, SIOR First Vice President Industrial Brokerage Services July 25 th, 2013

2 July 2013: MARKET BUILDING SF Miami 206,035,953 Toronto 743,556,518 New York / New Jersey 797,408,532 Los Angeles 994,184,580 Chicago 1,193,534,125

3 Miami-Dade Industrial Market Statistics 2 nd Quarter 2013 Submarket Building SF Total Vacancy (%) Total Availability (%) Qtrly Net Absorption YTD Net Absorption Under Construction Avg Dir Asking Lse Rate (IG) Airport/Doral 55,381, , , ,612 $9.42 Central Dade 38,808, , ,892 0 $6.01 Hialeah 12,823, , ,919 0 $6.64 Kendall/Tamiami 12,352, ,884 40,674 0 $10.04 Medley 36,823, , , ,840 $7.56 Miami Lakes 6,286, ,700 60,774 40,000 $9.04 North Central Dade 36,080, , ,896 0 $6.57 North East Dade 2,828, ,741 79,171 0 $9.39 South Dade 4,612, ,488 (771) 0 $8.58 Total 205,997, ,090,651 2,228, ,452 $7.84 Manufacturing 19,893, ,343 21,737 84,394 $7.44 Warehouse/Distribution 168,646, ,520 2,033, ,058 $7.61 Flex/R&D 10,798, , ,210 0 $10.94 Other industrial 6,658, (13,292) 36,819 0 $9.99

4 Miami-Dade Industrial Market Statistics 2 nd Quarter 2013 Total Vacancy -vs- Average Direct Asking Lease Rate Vacancy Rate Asking Lease Rate 5.2% $ % $10 10% $8 8% $6 6% 4% $4 2% $2 0% YTD $0

5 SALE INVESTMENT BUILDING Date of Sale: February, 8 th, 2013 Cobia Distribution Center 3595 NW 125 th Street Total Bldg: 240,645 SF Size of Site: 7.19 acres Seller: Prologis Buyer: TIAA-CREF Sale Price: $20,600,000 ($85.60 PSF)

6 SALE INVESTMENT BUILDING Date of Sale: April 19 th, 2013 Econocaribe Building 725 SE 9 th Court Total Bldg: Size of Site: Seller: Buyer: Sale Price: 335,384 SF acres AEW Capital Partners Keating Resources $11,250,000 ($33.54 PSF)

7 SALE INVESTMENT BUILDING Date of Sale: May 22 nd, 2013 Americas Gateway Park 2011 NW 89 th Place Total Bldg: 172,847 SF Seller: TA Realty Buyer: Terreno Realty Corporation Sale Price: $13,343, ($77.20 PSF)

8 SALE INVESTMENT BUILDING Date of Sale: June 26 th, NW 106 th Street Buildings Total Bldg: 846,651 SF Seller: The Realty Associates Fund VI LP Buyer: Lincoln Property Co. Sale Price: $59,850,000 ($70.69 PSF)

9 SALE INDUSTRIAL BUILDING Date of Sale: May 13 th, 2013 Sunshine State Park NW 13 th Avenue Total Bldg: 76,298 SF Size of Site: 3.76 acres Seller: Norman Shapiro Buyer: 4 Over, Inc. Sale Price: $3,600,000 ($47.18 PSF)

10 SALE INDUSTRIAL BUILDING Date of Sale: May 28 st, NW 163 rd Street Total Bldg: 85,207 SF Seller: Sunshine Coronet Properties LLC Buyer: Quantum Equity One LLC Sale Price: $3,478,000 ($40.82 PSF)

11 LEASE Transaction Date: February 2 nd, 2013 Sunshine State Industrial Park NW 15 th Avenue Total Bldg: 123,409 SF Size of Site: 5.09 acres Lease Rate: $5.35 G Lessee: Expo Convention Contractors

12 LEASE Transaction Date: February 19 th, 2013 International Corporate Park 9950 NW 17 th Street Total Bldg: 148,750 SF Size of Site: 9.4 Lease Rate: $7.40 G Lessor: Keystone ICP V LLC Lessee: SeaFreight

13 LEASE Transaction Date: June 28 th, 2013 Pan American Distribution Center NW 123 rd Street Total Bldg: 185,520 SF Size of Site: 8.8 acres Lessor: IIT Miami AC LLC Lessee: OHL, Inc.

14 LEASE Transaction Date: May 27 th, 2013 I-75 Distribution Center 3701 Flamingo Road Spaced Leased: 183,331 SF of 545,000 SF Building Size of Site: 31.8 acres Lease Rate: $6.15 PSF Lessor: Prologis Six Rivers Limited Partnership Lessee: Floor & Décor

15 LEASE Transaction Date: February 19 th, 2013 Prologis Beacon Lakes NW 25 th Street Total Bldg: 156,000 SF Size of Site: N/A Lease Rate: $9.00 G Lessee: Bamerica

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21 Miami-Dade Industrial Trends National Tenant/User Perspectives Food and pharmaceutical requirements are most active across the Americas. Markets are evaluating build-to-suit activity due to the scarcity of quality available space. Blend and extend wave coming to an end. Tenants exploring longer lease terms to take advantage of lower rental rates. More retailers are deploying their E-commerce strategies for The health of the local users continues to improve with a rise in local building sales.

22 Miami-Dade Industrial Trends National Landlord/Owner Perspectives Class A rental rates increasing in most major markets. Planned spec construction turning into actual construction starts in more markets. Pre-leasing of under construction spec projects is a good sign for developers. Build-to-suit pricing back to pre-recession limits. Land prices increasing in more markets as developers explore strategic land positions. In tighter supply markets, concessions are limited in harmony with rental rate growth.

23 Miami-Dade Industrial Trends National Landlord/Owner Perspectives Intense competition on Class A space in core and gateway markets (lack of supply but this trend is changing in 2013). As investors move up the risk spectrum seeking yield, we expect to see more capital momentum in secondary markets as well as more appetite for non-stabilized assets and B product. Debt capital will continue to be abundant and interest rates are expected to remain at historic lows for 2013 which should continue to favorably impact overall asset pricing. Back to peak pricing in Tier I markets, but PSF values might be lower due to depressed rents. Expect a thinning spread in cap rates between Tier I and Tier II markets as increasing number of investors look to Tier II for yield. Still more capital available for industrial real estate investments than there are available offerings in the market.

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25 Michael Silver, SIOR First Vice President Industrial Brokerage Services CBRE, INC. 777 Brickell Ave, Suite 900 Miami, FL T F CB Richard Ellis. 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.

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