FEASIBLITY ANALYSIS

Self Storage & Warehouse Rental

BREG Services ..............................................3-4

Property Overview ................................................... 5-18

Market & Area Overview ......................................20

Broker Overview ................................................31

Construction Overview........................................12

Disclosures, Notices and Confidentiality ......................32

B & L Steel Erectors Warehouse & Storage Rental

table of contents

Orlando Office.

t: . f:

Sales Management & Operations Richard Canelon

License Real Estate Broker Rich@bregroups.com

t: 407.407.341.4035

Executive Summary ............................................19

2

Sales & Marketing Julian Quitian

License Real Estate Associate Julian@bregroups.com

t: 407.407.310-6585

Location

Your chance to purchase an Industrial Warehouse & Self Storage rental facility in central Florida.

The mid-Florida Region has economically evolved and grown in the past few years, turning this region into an infinite real estate investment opportunity. Those who tap into this market will become innovators and profit from its full economical growth potential. For the past 5 years, Central Florida has seen the growth of real estate in the form of commercial retail establishments, new luxury resorts, vacation / residential homes and booming Commercial Self Storage Rentals properties are attractive to Investors as well as business owner operator. With huge growth in areas in and around Orlando/Kissimmee MSA, more people are being attracted to storage rental properties because of all the new projects developments like Lake Nona Medical City, United States Tennis Association USTA new headquarters, MLS Soccer Team and the multi Billion dollar expansion of the Orlando International Airport. These areas are creating an aggressive economic environment that is not just limited to the Theme Parks: Walt Disney World , Universal & Universal Studios, Seaworld and Lego land. This economic condition has increased demographic growth and attracted investors from all over the world to open new businesses in Orlando. The wealth created with new jobs and new businesses keep making the real estate investment market more attractive.

From an investment perspective, a huge population growth present a storage rental business opportunity. Investors that seek higher returns with storage rental investment properties have the opportunity to benefit from the actual physical, economic conditions and fertile market in Central Florida.

Rental Storage OpportunitySince Florida is the nation's 3rd largest in Population, there has been a considerable necessity for the self storage spaces in Florida. The Orlando/Kissimmee area is one of the fastest growing MSA in the country, investors are starting to open additional locations to increase rental storage establishments that are demands in the Orlando/Kissimmee area. These self storage establishments are low cost to operate which is ideal for investors seeking low maintenance income property. Population growth continue to provide high tenants demand in the self storage industry which is a great opportunity for real estate investors seeking income properties in the central Florida market.

chain that creates value for the investors. With this last link, the value chain that is created can be fully replicated in any place, at any time, simultaneously.

3

ADVISORY SERVICES

BREG Commercial Advisors provides a comprehensive range of Advisory services for our clients. We build long-term relationships with our clients and advise them throughout the entire life-cycle of their investment: development/acquisition, expansion/renovation, refinance and sale.

REAL TIME MARKET RESEARCH

BREG Commercial Advisors invests heavily in research, analysis, and the latest technological innovations in order to sustain a premier service delivery platform. Such investments equip the firm’s professionals with the most current and accurate market information, enabling our clients to make well-informed decisions.

ASSET VALUATION

Because of the large volume of Vacant Land transactions that BREG Commercial is involved in, we have a firm grasp on current market asset valuations. The market is very dynamic and changes rapidly, and there are multiple micro & macro-economic factors that impact asset values. We know about deals that are under contract and not yet public record, so you can be confident that we have the most current real-time market data available in the industry. Whether you are a bank, institutional investor, trustee, private investor, family office, sovereign wealth fund or a private equity firm, why not leverage the power of BREG’s real-time market data?

4

Property

5

Purchase Price & Summary

Purchase Price : $1,850,000

Property sits on 4.55 acres of land.

Over 41,000 sq ft. of warehouse storage with lots of outside space for additional storage as well.

74 Storage units. Great opportunity to increase income with new management control.

Low operational cost and easy to manage property.

Property has potential that could benefit a Real Estate investors or offer an opportunity for a privately owned and operated business.

Additional outside storage space available for Boats, Campers and RV's.

Located within City limits and surrounded by a great variety of businesses.

Walking distance to Florida Hospital, Kissimmee.

Zoning: IB Industrial Business

6

Property

Increase income potential with use of outside storage for Boats, RV's, Campers and more.

Adjacent additional parcel. Single Family home sitting on .97 acre that could be converted for office use.

Proforma without outside storage Proforma with 21K sqft outside storage

Outside Storage Proforma assumptions:

Side

7

Ariel

8

Property

Map View

9

2390 Smith St, Kissimmee, Florida, 34744 Rings: 1, 2, 4 mile radius

City: Kissimmee

County: Osceola County

State: Florida ZIP Code: 34744

Census Tract: 12097042300 Census Block Group: 120970423002

CBSA: Orlando-Kissimmee-Sanford, FL Metropolitan Statistical Area

Business Summary

Business Summary2390 Smith St, Kissimmee, Florida, 34744 Rings: 1, 2, 4 mile radii

Prepared by EsriLatitude: 28.31531

Longitude: -81.39959

Data for all businesses in area 1 mile 2 miles 4 milesTotal Businesses: 809 2,374 4,621Total Employees: 6,857 21,743 44,345Total Residential Population: 13,544 43,918 147,499Employee/Residential Population Ratio (per 100 Residents) 51 50 30

Businesses Employees Businesses Employees Businesses Employeesby SIC Codes Number Percent Number Percent Number Percent Number Percent Number Percent Number PercentAgriculture & Mining 9 1.1% 46 0.7% 35 1.5% 150 0.7% 82 1.8% 341 0.8%Construction 43 5.3% 331 4.8% 107 4.5% 794 3.7% 262 5.7% 1,755 4.0%Manufacturing 19 2.3% 173 2.5% 41 1.7% 316 1.5% 66 1.4% 620 1.4%Transportation 20 2.5% 109 1.6% 58 2.4% 341 1.6% 160 3.5% 915 2.1%Communication 8 1.0% 40 0.6% 30 1.3% 177 0.8% 54 1.2% 306 0.7%Utility 1 0.1% 4 0.1% 1 0.0% 6 0.0% 2 0.0% 18 0.0%Wholesale Trade 33 4.1% 149 2.2% 65 2.7% 285 1.3% 106 2.3% 466 1.1%

Retail Trade Summary 197 24.4% 1,703 24.8% 474 20.0% 4,754 21.9% 1,034 22.4% 14,037 31.7%Home Improvement 10 1.2% 85 1.2% 24 1.0% 228 1.0% 45 1.0% 582 1.3%General Merchandise Stores 8 1.0% 320 4.7% 24 1.0% 861 4.0% 66 1.4% 2,125 4.8%Food Stores 22 2.7% 252 3.7% 47 2.0% 722 3.3% 114 2.5% 1,834 4.1%Auto Dealers, Gas Stations, Auto Aftermarket 49 6.1% 304 4.4% 87 3.7% 596 2.7% 134 2.9% 907 2.0%Apparel & Accessory Stores 6 0.7% 18 0.3% 25 1.1% 106 0.5% 77 1.7% 617 1.4%Furniture & Home Furnishings 20 2.5% 66 1.0% 45 1.9% 196 0.9% 86 1.9% 573 1.3%Eating & Drinking Places 42 5.2% 446 6.5% 111 4.7% 1,423 6.5% 256 5.5% 4,442 10.0%Miscellaneous Retail 40 4.9% 211 3.1% 111 4.7% 622 2.9% 258 5.6% 2,957 6.7%

Finance, Insurance, Real Estate Summary 74 9.1% 399 5.8% 262 11.0% 1,543 7.1% 507 11.0% 2,884 6.5%Banks, Savings & Lending Institutions 15 1.9% 135 2.0% 46 1.9% 402 1.8% 76 1.6% 626 1.4%Securities Brokers 1 0.1% 3 0.0% 12 0.5% 29 0.1% 32 0.7% 103 0.2%Insurance Carriers & Agents 18 2.2% 84 1.2% 61 2.6% 287 1.3% 102 2.2% 498 1.1%Real Estate, Holding, Other Investment Offices 40 4.9% 178 2.6% 143 6.0% 826 3.8% 297 6.4% 1,657 3.7%

Services Summary 378 46.7% 3,765 54.9% 1,125 47.4% 10,292 47.3% 2,042 44.2% 18,744 42.3%Hotels & Lodging 6 0.7% 22 0.3% 23 1.0% 169 0.8% 74 1.6% 1,203 2.7%Automotive Services 76 9.4% 323 4.7% 147 6.2% 634 2.9% 214 4.6% 1,255 2.8%Motion Pictures & Amusements 12 1.5% 30 0.4% 40 1.7% 145 0.7% 119 2.6% 594 1.3%Health Services 92 11.4% 2,039 29.7% 289 12.2% 5,043 23.2% 413 8.9% 6,025 13.6%Legal Services 6 0.7% 26 0.4% 76 3.2% 367 1.7% 98 2.1% 435 1.0%Education Institutions & Libraries 10 1.2% 236 3.4% 38 1.6% 1,128 5.2% 93 2.0% 3,486 7.9%Other Services 175 21.6% 1,089 15.9% 512 21.6% 2,804 12.9% 1,030 22.3% 5,747 13.0%

Government 8 1.0% 132 1.9% 106 4.5% 3,066 14.1% 140 3.0% 4,214 9.5%

Unclassified Establishments 18 2.2% 6 0.1% 69 2.9% 19 0.1% 166 3.6% 43 0.1%

Totals 809 100.0% 6,857 100.0% 2,374 100.0% 21,743 100.0% 4,621 100.0% 44,345 100.0%

Source: Copyright 2017 Infogroup, Inc. All rights reserved. Esri Total Residential Population forecasts for 2017.Date Note: Data on the Business Summary report is calculated using Esri’s Data allocation method which uses census block groups to allocate business summary data to custom areas.

August 17, 2017

11

Business Summary2390 Smith St, Kissimmee, Florida, 34744 Rings: 1, 2, 4 mile radii

Prepared by EsriLatitude: 28.31531

Longitude: -81.39959

Businesses Employees Businesses Employees Businesses Employeesby NAICS Codes Number Percent Number Percent Number Percent Number Percent Number Percent Number PercentAgriculture, Forestry, Fishing & Hunting 0 0.0% 0 0.0% 3 0.1% 20 0.1% 5 0.1% 24 0.1%Mining 0 0.0% 0 0.0% 0 0.0% 0 0.0% 1 0.0% 3 0.0%Utilities 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0% 0 0.0%Construction 46 5.7% 365 5.3% 116 4.9% 864 4.0% 287 6.2% 1,896 4.3%Manufacturing 25 3.1% 204 3.0% 51 2.1% 348 1.6% 83 1.8% 684 1.5%Wholesale Trade 30 3.7% 141 2.1% 61 2.6% 273 1.3% 100 2.2% 449 1.0%Retail Trade 147 18.2% 1,195 17.4% 344 14.5% 3,182 14.6% 741 16.0% 9,315 21.0%

Motor Vehicle & Parts Dealers 45 5.6% 289 4.2% 81 3.4% 572 2.6% 126 2.7% 872 2.0%Furniture & Home Furnishings Stores 12 1.5% 42 0.6% 23 1.0% 118 0.5% 49 1.1% 315 0.7%Electronics & Appliance Stores 6 0.7% 17 0.2% 17 0.7% 63 0.3% 31 0.7% 237 0.5%Bldg Material & Garden Equipment & Supplies Dealers 10 1.2% 85 1.2% 24 1.0% 228 1.0% 45 1.0% 582 1.3%Food & Beverage Stores 18 2.2% 207 3.0% 40 1.7% 620 2.9% 98 2.1% 1,638 3.7%Health & Personal Care Stores 18 2.2% 109 1.6% 45 1.9% 264 1.2% 88 1.9% 779 1.8%Gasoline Stations 4 0.5% 14 0.2% 6 0.3% 24 0.1% 8 0.2% 35 0.1%Clothing & Clothing Accessories Stores 8 1.0% 20 0.3% 30 1.3% 115 0.5% 95 2.1% 667 1.5%Sport Goods, Hobby, Book, & Music Stores 6 0.7% 28 0.4% 17 0.7% 110 0.5% 35 0.8% 298 0.7%General Merchandise Stores 8 1.0% 320 4.7% 24 1.0% 861 4.0% 66 1.4% 2,125 4.8%Miscellaneous Store Retailers 12 1.5% 57 0.8% 34 1.4% 187 0.9% 87 1.9% 840 1.9%Nonstore Retailers 1 0.1% 6 0.1% 3 0.1% 20 0.1% 14 0.3% 925 2.1%

Transportation & Warehousing 14 1.7% 146 2.1% 41 1.7% 400 1.8% 120 2.6% 931 2.1%Information 12 1.5% 63 0.9% 44 1.9% 272 1.3% 90 1.9% 650 1.5%Finance & Insurance 37 4.6% 232 3.4% 127 5.3% 762 3.5% 221 4.8% 1,296 2.9%

Central Bank/Credit Intermediation & Related Activities 18 2.2% 146 2.1% 53 2.2% 445 2.0% 85 1.8% 690 1.6%Securities, Commodity Contracts & Other Financial IInnsvuersatnmceen tCs ar&r ieOtrsh e&r RReellaatteedd AAccttiivivitietiess

1 0.1% 3 0.0% 13 0.5% 31 0.1% 34 0.7% 108 0.2%; Funds, Trusts & 18 2.2% 84 1.2% 61 2.6% 287 1.3% 102 2.2% 498 1.1%

ReaOlt hEsetr aFtien, aRnecinatl alV &eh iLcelaessing 72 8.9% 285 4.2% 202 8.5% 967 4.4% 411 8.9% 2,004 4.5%Professional, Scientific & Tech Services 55 6.8% 378 5.5% 228 9.6% 1,176 5.4% 398 8.6% 1,872 4.2%

Legal Services 8 1.0% 31 0.5% 84 3.5% 399 1.8% 111 2.4% 480 1.1%Management of Companies & Enterprises 1 0.1% 2 0.0% 3 0.1% 5 0.0% 4 0.1% 7 0.0%Administrative & Support & Waste Management & Remediation 20 2.5% 106 1.5% 83 3.5% 333 1.5% 202 4.4% 808 1.8%ESderuvciacteisonal Services 14 1.7% 241 3.5% 48 2.0% 1,143 5.3% 120 2.6% 3,529 8.0%Health Care & Social Assistance 113 14.0% 2,288 33.4% 347 14.6% 5,642 25.9% 511 11.1% 7,377 16.6%Arts, Entertainment & Recreation 5 0.6% 30 0.4% 20 0.8% 133 0.6% 62 1.3% 513 1.2%Accommodation & Food Services 50 6.2% 495 7.2% 137 5.8% 1,638 7.5% 340 7.4% 5,750 13.0%

Accommodation 6 0.7% 22 0.3% 23 1.0% 169 0.8% 74 1.6% 1,203 2.7%Food Services & Drinking Places 44 5.4% 472 6.9% 115 4.8% 1,468 6.8% 265 5.7% 4,547 10.3%

Other Services (except Public Administration) 141 17.4% 549 8.0% 345 14.5% 1,501 6.9% 619 13.4% 2,980 6.7%Automotive Repair & Maintenance 55 6.8% 197 2.9% 109 4.6% 403 1.9% 150 3.2% 902 2.0%

Public Administration 8 1.0% 132 1.9% 106 4.5% 3,066 14.1% 140 3.0% 4,214 9.5%

Unclassified Establishments 18 2.2% 6 0.1% 69 2.9% 19 0.1% 166 3.6% 43 0.1%

Total 809 100.0% 6,857 100.0% 2,374 100.0% 21,743 100.0% 4,621 100.0% 44,345 100.0%Source: Copyright 2017 Infogroup, Inc. All rights reserved. Esri Total Residential Population forecasts for 2017.Date Note: Data on the Business Summary report is calculated using Esri’s Data allocation method which uses census block groups to allocate business summary data to custom areas.

August 17, 2017

12

Property

Parcel: 15-25-29-00U0-0082-0000Owner InformationOwner Name B & L STEEL ERECTORS INC

Mailing Address 2417 N OLD DIXIE HWYKISSIMMEE, FL 34744

Physical Address 2390 SMITH ST, KISSIMMEE FL 34744Description WAREHS.MINI-IMPTax District 200 - KISSIMMEE

Tax ValuesCurrent ValuesCurrent Value represents working appraised values as of08/15/2017, which are subject to change prior to certificationLand $583,200AG Benefit $0Extra Features $51,800Buildings $641,200Appraised(just) $1,276,200Assessed(estimated) $767,800Exemption(estimated) $0Taxable(estimated) $767,800* Assessed Values Reflect Adjustments for AgriculturaClassification and/or the Save Our Homes Cap

Legal DescriptionLegal Description BEG 1054.51 FT S OF NE COR OF NW 1/4, W 426.85 FT MOL, S 173 FT, W 257 FT, S 117.16 FT,

E 257 FT, S S 27.4 FT, E 426.85 FT, N 318 FT MOL TO POB LESS R/W ORD #2328

13

Building 2Description WAREHOUSE BedroomsYear Built 1982 Bathrooms

Fixtures 4Actual Area 8120 Roof Cover 1 CORRUGATED METALHeated Area 8000 Exterior Wall (1.00) 17 PREFINISHED

METALBuilding 2 subareaDescription Code Year Built Total Sketched AreaBASE AREA BAS 1982 7300OPEN PORCH FINISHED OPF 1982 120OFFICE-AVERAGE OFA 1982 700

Building 3Description MINI-WAREHOUSE BedroomsYear Built 1983 Bathrooms

FixturesActual Area 8000 Roof Cover 1 CORRUGATED METALHeated Area 8000 Exterior Wall (1.00) 17 PREFINISHED

METALBuilding 3 subareaDescription Code Year Built Total Sketched AreaBASE AREA BAS 1983 8000

Building 4Description MINI-WAREHOUSE BedroomsYear Built 1996 Bathrooms

FixturesActual Area 6400 Roof Cover 1 CORRUGATED METALHeated Area 6400 Exterior Wall (1.00) 17 PREFINISHED

METALBuilding 4 subareaDescription Code Year Built Total Sketched AreaBASE AREA BAS 1996 6400

Building InformationBuilding 1Description WAREHOUSE BedroomsYear Built 1980 Bathrooms

Fixtures 6Actual Area 19152 Roof Cover 1 CORRUGATED METALHeated Area 18360 Exterior Wall (1.00) 17 PREFINISHED

METALBuilding 1 subareaDescription Code Year Built Total Sketched AreaBASE AREA BAS 1980 18360CANOPY CAN 1980 300CANOPY CAN 1980 300CANOPY CAN 1980 150CANOPY CAN 1980 42

Self Storage Rental

©2016 Esri

Page 1 of 1

15

Rings: 1 mile radii

DEMOGRAPHIC SUMMARYB & L Steel Erectors Inc.

INCOME

$36,201Median Household

Income

$17,405Per Capita Income

$17,248Median Net Worth

KEY FACTS

13,544Population

37.4

Median Age

4,746Households

$31,266Median Disposable Income

1,0008006004002000

HOUSEHOLD INCOME

200000+

150000-199999

100000-149999

75000-99999

50000-74999

35000-49999

25000-34999

15000-24999

0-14999

EDUCATION

24%

No HighSchool

Diploma 36%High School

Graduate

28%Some College 12%

Bachelor's/Grad/ProfDegree

EMPLOYMENT

51%White Collar

24%Blue Collar

26%Services

7.3%

UnemploymentRate

Source: ©2016 ali rate e hnologies Page 1 of 1

Inforgraphics

16February 11, 2017

Page 1 of 1

BUSINESS

809Total Businesses

6,857Total Employees

Age PyramidThe largest group:

2017 Males Age 25-29

SITE DETAILS

Attributes

20%1001020%

The smallest group:

2017 Males Age 85+

Dots showcomparison to

Osceola County

Attributes

Building Area (sq. ft) 0

Frontage (ft) 0

Parking 0

Site Area (sq. ft) 0

Executive Summary

World’s Top Tourist DestinationsThe property is near the middle of largest tourism destinations in the World. The front door to Walt Disney World is located less than 11.5.0 miles from the Property, and there are more than 11 leading theme and water parks that surround development . Further, the 2.2 million square foot Orange County Convention Center, which is the 2nd largest in the United States is located less than 20 miles northeast of the development.

PARK

2015

ATTENDANCE

WORLDWIDE

CATEGORY

RANK

DISTANCE

FROM VISTA

CENTRE DIRECTION

AMUSEMENT PARKSDisney - Magic Kingdom 1 5.2 Northwest

Disney - Epcot Center .6

Disney - Animal Kingdom 7 .5 Southwest

Disney - Hollywood Studios 8 .8 Southwest

Universal - Islands of Adventure 8,14 ,000 11 6. Northeast

Universal - Universal Studios 7,062,000 16 6.4 Northeast

Sea World 5,090,000 19 .7 Northeast

Subtotal

WATER PARKSDisney - Typhoon Lagoon 2,142,000 2 .9 Southwest

Disney - Blizzard Beach 1,968,000 3 4.9 Southwest

Sea World - Aquatica 1,553,000 7 3. Northeast

Wet 'N Wild 1,259,000 9 . Northeast

Subtotal 6,922,000

Located in Third Largest Hospitality Market in U.S.

Because of the magnitude of the world-renowned tourism drivers in the immediate area, there are more than 200 resorts and hotels within 12 miles of B & L Steel Erectors Inc, many within walking distance or a short drive to the Property. Within the area, there are over 83,500 hotel rooms, which accounts for nearly 70% of the total Orlando hospitality market. Hotel occupancy at 85% and RevPAR are at all-time highs for the Orlando Lake Buena Vista submarket.

Exploding Area DemographicsThe property is located in northeast Osceola county in one of the fastest-growing region of the Kissimmee/ Orlando MSA.

In the identified area, the current year population is 15,095. In 2010, the Census count in the area was 12,424. The rate of change since 2010 was 3.16% annually. The five-year projection for the population in the area is 17,228 representing a change of 2.68% annually from 2016 to 2021. Currently, the population is 48.6% male and 51.4% female.

Currently, 19.6% of the 15,300 housing units in the area are owner occupied; 15.0%, renter occupied; and 65.4% are vacant. Currently, in the U.S., 55.4% of the housing units in the area are owner occupied; 32.9% are renter occupied; and 11.7% are vacant. In 2010, there were 14,316 housing units in the area - 20.0% owner occupied, 10.4% renter occupied, and 69.6% vacant. The annual rate of change in housing units since 2010 is 3.00%. Median home value in the area is $177,325, compared to a median home value of $198,891 for the U.S. In five years, median value is projected to change by 3.67% annually to $212,324.

Walt Disney World covers 27,258 acres, in which it houses 27 themed resort hotels, nine non–Disney hotels, four theme parks, two water parks, four golf courses, one nine-hole walking golf course for young golfers (no electric carts allowed), two themed miniature golf courses, one camping resort, a downtown-like shopping district, and other entertainment venues. In 2014, the resort’s four theme parks all ranked in the top 8 on the list of the 25 most visited theme parks in the world; (1st) Magic Kingdom 19,332,000 visitors, (6th) Epcot - 11,454,000 visitors, (7th) Disney’s Animal Kingdom -10,402,000 visitors, and (8th) Disney’s Hollywood Studios -10,312,000 visitors.

Walt Disney World- Orlando, Florida

Disney’s Magic Kingdom, the world’s most-visited theme park, experienced a 4 percent jump in attendance to 19.3 million. Its other parks — Epcot, Disney’s Hollywood Studios and Animal Kingdom — increased 2 percent.

Walt Disney World parks all saw attendance growth in 2015

19

20

With a resident population of nearly 2.3 million, Orlando’s population growth of 38.9% since 2000 is more than 54% higher than Miami, Tampa or Jacksonville’s, and nearly three times the growth rate of the U.S. over the same period. Driven by Florida’s leading economy, the Orlando MSA is expected tocontinue to outpace the state and national average over the next five years, with projected growth of 7.8%

4.5% Unemployment Rate one of the lowest of Major Florida's MSAThe Orlando MSA is currently experiencing an economic boom exceeding state and national averages dueto its vibrant tourism, real estate and life sciences industries. Over the past 12 months, the Orlando MSA was ranked the #1 MSA in the United States for job growth having increased its employment base by an

At only astounding 3.7%. 4.5%, Osecola Co unemployment rate is one of the lowest of the major Florida MSAs and represents a 6.8% decrease since May 2010.

Orlando is the #1 most visited city in the U.S. with over 100 million visitors in 2015, an all-time U.S. record, which is up by 43% from 2009, and the 2015 visitor volume is predicted to be even higher. Further, Orlando Airport is the 13th busiest airport in the U.S. with 35.7 million passengers. Orlando has seven of the 20 most visited theme parks in the World and the 2nd largest convention center in the U.S., which drive Orlando’s $50 billion annual tourism industry.

Year Population Forecast2000 16445632010 21344112014 2311200 23112002019 2447840

1,500,000

1,750,000

2,000,000

2,250,000

2,500,000

2,750,000

2000 2010 2014 2019

Po

pu

latio

n

Orlando MSA Population Growth

38.9%

25.2%21.1%

17.6%13.2%

0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%

Pe

rce

nta

ge

Gro

wth

Population Growth 2000-2015

7.8%

6.4%5.5% 5.3%

3.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Pe

rce

nta

ge

Gro

wth

Estimated Population Growth 2015-2020

8.0

Orlando/Kissimmee- Fastest Growing MSA in Florida with 38.9% Growth

Orlando – 1# Tourism Destination in USA

21

Unemployment rates for the Orlando area, selected area counties, and the nation

3.8

4.5

3.8

4.2

3.9

4.5

4.5

5.3

4.6

5.0

4.7

5.1

0.0 2.0 4.0 6.0

Seminole Co.

Osceola Co.

Orange Co.

Lake Co.

Orlando area

United States

Jun-17Jun-16Source: U.S. BLS, Local Area Unemployment Statistics.

Unemployment rates

Source: U.S. BLS, Current Employment Statistics.

Orlando/Kissimmee area employment (numbers in thousands)

Jun. 2017

Change from Jun.

2016 to Jun. 2017

Number Percent Total nonfarm 1,239.3 47.2 4.0 Mining and logging 0.3 0.0 0.0 Construction 72.3 4.5 6.6 Manufacturing 44.9 2.3 5.4 Trade, transportation, and utilities 233.7 8.9 4.0 Information 23.5 Financial activities 79.3 Professional and business services 212.1 Education and health services 149.3 Leisure and hospitality 263.3 Other services 46.3 Government 114.3

-0.4 5.4 8.2 2.6

13.2 2.0 0.5

-1.7 7.3 4.0 1.8 5.3 4.5 0.4

1,22

4,85

5

1,64

4,56

8

2,13

4,41

1

2,38

4,53

4

2,66

2,68

2

0

750,000

From 1990 to 2016, the population of metro Orlando increased nearly 94.7%, growing from 1,224,855 to an estimated 2,384,534 residents.

The metro area’s population is projected to reach 2,662,682 people by 2021, equating to a 2.3% average annual increase, nearly three times the projected national rate of 0.8% annually over the same period.

At this pace, the Orlando metro area may be home to over 3.9 million residents by 2040.

POPULATION TRENDORLANDO MSA

3,000,000

2,250,000

1,500,000

1990 2000 2010 2016* 2021****PRPRPROOOJJJEEECCCTETETEDDD

POPULATION UNEMPLOYMENT ORLANDO MSA LARGEST EMPLOYERS

Walt Disney World Resort 74,000

22,347Orange County Public Schools

Universal Orlando (Comcast) 20,000

Adventist Health System / Florida Hospital 19,304

18,000

15,174

11,078

7,687

7,000

Orlando International Airport (MCO)

Orlando Health

University of Central Florida

Seminole County Public Schools

Lockheed Martin

Orange County Government 6,768

Orlando EDC and Orlando Business Journal Book of Lists, 2015-2016

ECONOMIC AND DEMOGRAPHIC PROFILE - ORLANDO, FL

23

mosmost populous st populous sttatateeiinn UUnitnited Sed Sttatateses3tthehe

rdFlorida’s Population

PANAMA CITY

THE VILLAGES

ORLANDO

NORTHPORT

CAPE CORAL

NAPLES

6of the top

We are home to

20

fastest growingmetro areas in the U.S.

Source: U.S. Census Bureau (2013-2014 population change).

Growing Quickly

20.61 Million (2016)

Unemployment rates for the Orlando area, selected area counties, and the nation

3.8

4.5

3.8

4.2

3.9

4.5

4.5

5.3

4.6

5.0

4.7

5.1

0.0 2.0 4.0 6.0

Seminole Co.

Osceola Co.

Orange Co.

Lake Co.

Orlando area

United States

Jun-17Jun-16Source: U.S. BLS, Local Area Unemployment Statistics.

Unemployment rates

ORLANDO INTERNATIONAL AIRPORT

As of March 2015, work began on a $1.1 billion expansion at Orlando International Airport (MCO). The

expansion calls for numerous projects such as the construction of an Intermodal Transportation Facility

to accommodate commuter rail stations, a South Airport Automated People Mover (APM), and

enhancements at the North Terminal Facility. Improvements to the North Terminal Facility

will include expanded ticket lobbies and enhanced baggage system.

Estimated completion: 2018.

LAKE NONA

This 7,000-acre master-planned medical and residential development has entitlements for seven million square feet of commercial space, 11,000 homes, and infrastructure. The project boasts medical, research, office and academic institutions, retail centers, entertainment venues, as well as some of the nation’s top hospitals and life science companies, making the project a global destination for the healthcare industry. More than $2.8 billion worth of residential and commercial construction is taking place in the community. By 2017, this project is expected to support 30,000 jobs and have an economic impact of $7.6 billion.

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8 6

2017 Visitors Outlook

New Attractions Coming in 2017

Orlando Newest Stadium 25,500 capacity360 lower bowlCanopy to enhance crowd noise and provide shelter from sun / rainField sunken 8' below ground level to offer spectacular views from street levelAll natural grass playing surfaceExpansive fan plaza spanning 10,000 square feet

7

25

21

r

East LakeTohopekaliga

Universityof CentralFlorida

ExecutiveAirport

KissimmeeAirport

WinterPark

PineHillsWinter

Garden

Ocoee

Conway

BayHill

OakRidge

Phillips

Kissimmee

TOLL

408TOLL

417TOLL

528TOLL

4

429

429TOLL

436

50

50

17/92

441

192

435

Downtown Orlando

417TOLL

417TOLL

528TOLL

4

192

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B & L Self Storage Rental

MSA OverviewThe Orlando/Kissimmee MSA is the 26th largest metro area in the United States and the 3rd largest MSA in the state. With a resident population of more than 2.3 million, Orlando’s population growth of 38.9% since 2000 is more than 54% higher than Miami, Tampa, Jacksonville, and Florida, and three times the growth rate of the U.S. over the same period. Driven by Florida’s leading large economy, the Orlando MSA is expected to continue to outpace each of Florida’s major MSA’s, the state, and national averages over the next five years, with projected growth of 7.8%.

The Orlando/Kissimmee MSA is currently experiencing an economic boom exceeding state and national averages due to its vibrant tourism, real estate and life sciences industries. For 2015, Forbes Magazine named Orlando the #1 U.S. city for job growth, having increased its employment base by an astounding 3.7%. As of March 2015, Orlando’s year-over-year employment growth of 4.3% is #2 in the U.S and at only 4.3%, Orlando’s unemployment rate is the lowest of the major Florida MSAs and represents a 6.8 percentage point drop since May 2010.

Trade Area OverviewThe Tourism Corridor is home to many of Central Florida’s major demand drivers including theme parks, world-class entertainment, dining, shopping, lodging, and convention facilities. Walt Disney World and SeaWorld Orlando are located less than 12 miles from the Property, and Universal Studios and Islands of Adventure are located less than 20 miles from the Property. Each of these theme parks is ranked in the top-10 in the United States in annual attendance. The Orange County Convention Center, located just over three miles north of the Property, is the second busiest and second largest convention center in the United States.

The MSA is in top 5 most visited city in the United States with more than 66 million visitors in 2015. Based upon the length of stay of visitors, tourism provides the full-time population equivalent of an additional 500,000 residents, a boost of 23% from the reported demographics. Further, the average household income of domestic ($95,476) and international ($93,001) tourists is nearly 50% higher than the income demographics of the metro area resident base ($62,799). Based on a recent study by the Orlando Visitor and Convention Bureau most tourists specifically allocate time during their theme park vacations to shop and the shopping pattern of tourists is significantly different from traditional consumers. Tourists are very targeted in the goods they are seeking and do not comparison-shop. Many of the shoppers are international tourists and cannot find the quality or brands available in their home country, so they “binge” shop for themselves and friends and family back home.

Hotels & ResortsThe Lake Buena Vista-International Drive and Kissimmee West hotel trade area features nearly 220 hotels and resorts. There are currently 83,500 hotel rooms within 10 miles of the Property, which accounts for 69.2% of the overall Orlando/Kissimmee market. Over 17,000 hotel rooms are in the immediate vicinity of the property .

Residential

Orlando has the second-highest number of hotel rooms with 144,125 and the second- largest convention center in the United States with 2,100,000 sq ft & over 7,000,000 sq ft (650,000 m2) of total convention space.

Rank/Convention Center Prime Exhibit Space

1. McCormick Place (Chicago, IL) 2,600,000 sf

2. Orange County Convention Center (Orlando, FL) 2,100,000 sf

3. Las Vegas Convention Center (Las Vegas, NV) 1,940,631 sf

4. Georgia World Congress Center (Atlanta, GA) 1,400,000 sf

5. Sands Expo & Convention Center/The Venetian | The Palazzo Resort Hotel Casino (Las Vegas, NV) 1,305,052 sf

6.* Kentucky Exposition Center (Louisville, KY) 1,100,000 sf

7.* New Orleans Ernest N. Morial Convention Center (New Orleans, LA) 1,100,000 sf

8. Reliant Park (Houston, TX) 1,056,213 sf

9. International Exposition Center (I-X Center) (Cleveland, OH) 1,050,000 sf

10. Kay Bailey Hutchison Convention Center, formerly Dallas Convention Center (Dallas, TX) 1,018,942 sf

14,670,838 sfPrime Exhibit Space at Top Ten U.S. Venues Percent of Total SF of Prime Exhibit Space at All U.S. Venues 26%

*Tied in amount of space

Trade Show Executive Snapshot:The Top Convention Centers in the U.S.RANKED BY AMOUNT OF PRIME EXHIBIT SPACE, SEPTEMBER 2013

2013

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The property is located in n e a r the Tourist Corridor submarket, which is the fourth largest retail submarket in Kissimmee-Orlando, containing approximately 12.2 million square feet of space. The Tourist Corridor has experienced YTD net absorption of 58,721 square feet, the fourth highest positive absorption of any submarket in the Orlando area during that time. Vista Centre Shoppes’s competitive set is representative of some of the best retail assets in Orlando. Many of Orlando’s top retail projects are located in the submarket, including two of the United States’ top 10 most productive retail assets in The Mall at Millenia and the Orlando Vineland Premium Outlets.

Looking forward, the Tourist Corridor submarket is expected to continue to lead the market in occupancy and rental rate growth. The Tourist Corridor is the only retail submarket in the United States with 4 retail assets producing sales greater than $1,000 PSF: Orlando Vineland Premium Outlets ($1,537 PSF), The Mall at Millenia ($1,400 PSF), Orlando International Premium Outlets ($1,146 PSF), and The Florida Mall ($1,102 PSF). Vacancy in the Tourist Corridor fell to 5.3% in 4Q 2015, a 4.1% decrease from 9.2% in 2Q 2013. Net absorption in the submarket has remained positive for the last six quarters and the market absorbed a total of 109,000 SF in 2015.

The Mall at Millenia

The Florida Mall

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Less than a 15 miles from property , Orlando Vineland Premium Outlets thrives as the nation’s 8th highest sales grossing retail asset on a per square foot basis (Fortune Magazine). The outlet mall is located two miles from Walt Disney World and SeaWorld Orlando, and six miles from Universal Studios & Islands of Adventure. Built in 2000, the outlet mall has already expanded twice. Owned by Simon Property Group, the outlet mall features 160 outlets including high-end luxury brands such as Armani, Barneys New York, Burberry, Coach, Fendi, Prada, Salvatore Ferragamo, and Tory Burch. In 2014, the property generated sales of over $1,500 PSF.

14 miles west-northwest of B & L Steel Erectors Inc, the Lake Buena Vista Factory Stores recently announced plans to add 110,000 square feet of leasable space to bring the center’s total to 348,000 square feet. Existing tenants include Tommy Hilfiger, Calvin Klein, Nike, Gap, Ann Taylor and Guess. Many retailers view Lake Buena Vista as a two-store market and operate successful locations at the Orlando Vineland Premium Outlets and Lake Buena Vista Factory Stores, only 2.5 miles apart. Lake Buena Vista Factory Stores

Orlando Vineland Premium Outlets

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Disclosures, Notices and ConfidentialityThis confidential offering memorandum, information provided in the Offering Materials, the “Offering Materials”) are intended solely for the limited use by a potential purchaser (“Potential Purchaser”) OR Investor in considering whether to purchase or develop (the “Property”) located in Osceola, Florida. The Property is owned by The Seller /Developer (the “Owner”). For purposes of these conditions of offering (the “Conditions of Offering), Brokers Real Estate Group, Inc “BREG”) is an agent of the Owner or will become and agent of the owner .

The Offering Materials, which are provided subject to these Conditions of Offering, contain brief, selected information pertaining to the business and affairs of the Property. They do not, however, purport to be all-inclusive or to contain all of the information which a Potential Purchaser / Developer may desire or require. Any party in possession of the Offering Materials is bound by the Conditions of Offering.

The Offering Materials contain certain documents, such as, but not limited to, rent rolls and lease abstracts that are described in summary form. The summaries do not purport to be complete nor necessarily accurate descriptions of the full documents involved. The Potential Purchaser/ Developer must rely solely on its own review of the full documents. All financial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and HFF. Any graphics or drawings included in the Offering Materials are included to assist the reader in visualizing the Property. BREG has made no survey of the Property, and assumes no responsibility in connection with such matters. BREG has had neither a legal review of title or development rights of the Property nor an engineering review with regard to the environmental, physical, and mechanical integrity of the Property, and no representations with respect to such matters are made hereby. Neither Owner nor any of its partners, officers, employees, or agents make any representation or warranty, express or implied, as to the accuracy or completeness of this information, and no liability of any kind whatsoever is assumed by Owner with respect thereto.

The Offering Materials relating to a possible sale of the Property or development of the property (the “Sale Opportunity”), which may be furnished to the Potential Purchaser/ Developer by the Owner or BREG, shall continue to be the property of the Owner and BREG. The Offering Materials will be used by the Potential Purchaser/ Developer and the Related Parties (as hereinafter defined) solely for the purpose of evaluating the Sale Opportunity and not for any other purpose unrelated to the Sale Opportunity, and may not be copied or duplicated without the Owner’s or BREG’s prior written consent and must be returned to BREG immediately upon request or when the Potential Purchaser/ Developer decides not to pursue, or terminates discussion or negotiations with respect to, the Sale Opportunity or the Property.

The Potential Purchaser/ Developer acknowledges that the Sale Opportunity and the Offering Materials are considered confidential and proprietary information of Owner and BREG, and will not disclose the Sale Opportunity, make any Offering Materials available, or disclose any of the contents thereof, to any person without Owner’s or BREG’s prior written consent; provided, however, that the Sale Opportunity and the Offering Materials may be disclosed to the Potential Purchaser’s partners, employees, legal counsel, advisors, institutional lenders, and other capital source(s) (collectively, the “Related Parties”) as required for an evaluation of the Sale Opportunity and/or the Property, provided such Related Parties are (a) informed by the Potential Purchaser/ Developer of the confidential nature of the Sale Opportunity and the Offering Materials and these Conditions of Offering and (b) directed by the Potential Purchaser/ Developer to keep the Sale Opportunity, the Offering Materials, and related information strictly confidential in accordance with these Conditions of Offering. The Potential Purchaser/ Developer shall be responsible for any violation of this provision by any of the Related Parties.

POTENTIAL PURCHASER/ DEVELOPER HEREBY AGREES TO INDEMNIFY OWNER AND BREG FROM ANY LOSS OR DAMAGE, WHICH OWNER MAY SUFFER AS A RESULT OF POTENTIAL PURCHASER’S/ DEVELOPER OR ITS RELATED PARTIES’ BREACH OF THESE CONDITIONS OF OFFERING.

OWNER EXPRESSLY RESERVES THE RIGHT AT OWNER’S SOLE, SINGULAR, EXCLUSIVE AND ARBITRARY DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THIS SALE OPPORTUNITY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY IN CONNECTION THEREWITH AT ANY TIME WITHOUT NOTICE.

THE OFFERING MATERIALS SHALL NOT BE DEEMED TO REPRESENT THE STATE OF AFFAIRS OF THE SALE OPPORTUNITY OR THE PROPERTY, OR CONSTITUTE AN INDICATION THAT THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE SALE OPPORTUNITY OR THE PROPERTY SINCE THE DATE OF PREPARATION OF THIS INFORMATION.

THE INFORMATION PROVIDED HAS BEEN GATHERED FROM SOURCES DEEMED RELIABLE, BUT THE OWNER AND HFF DO NOT WARRANT OR REPRESENT THAT THE INFORMATION IS TRUE OR CORRECT. YOU ARE ADVISED TO VERIFY INFORMATION INDEPENDENTLY.

The Owner reserves the right to make any change, to add, delete, or modify the information or to withdraw the Sale Opportunity from consideration at any time, without notice.

Furthermore, the inclusion or exclusion of information relating to any other hazardous, toxic or dangerous item, waste or substance (hereinafter collectively referred to as “Waste”) relating to the Property shall in no way be construed as creating any warranties or representations, expressed or implied, by the Owner or its agents as to the existence or nonexistence of Waste of any kind or nature in, under, or on the Property, or to create legal and/or economic obligations upon the Owner, lessee, and/or other holders of any interest in the Property or a part thereof.

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