GLP Park 121_Presentation_February 2019

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GLP PARK 121

LEASING & MARKETING PRESENTATION

PREPARED FOR:

FEBRUARY 2018

AGENDA

AGEND

II. MARKET OVERVIEW III. ASSET IV. WHY CUSHMAN & WAKEFIELD I. INTRODUCTION

CUSHMAN & WAKEFIELD 2

GLP PARK 121

INTRODUCTION

THE TEAM

ANN JAGGARS Analyst

KURT GRIFFIN, SIOR Executive Managing Director

NATHAN ORBIN, SIOR Executive Managing Director

DFW Market Veteran • Completed Hundreds of Transactions Exceeding 50 Million SF • Excess of $1 Billion in Transaction Value

15 Years of Experience • Completed Transactions Totaling More than 30 Million SF • Sales of Over 4,000 Acres of Industrial Land

2 Years of Experience • Tailored Analytics for Clients • Maintains Extensive Research, Lease Comp and Market Database • Project & Marketing Support

CUSHMAN & WAKEFIELD 4

SIGNIFICANT TRANSACTIONS

- PAST 3 YEARS

11.5MSF TRANSACT ION VOLUME ( SF )

OVER

SELECT TENANT CL I ENTS

SELECT LL CL I ENTS

CUSHMAN & WAKEFIELD 5

TEAM RESULTS

TENANT / BUYER

SUBMARKET

LANDLORD / SELLER

11.5MSF I N TOTAL TRANSACT ION VOLUME OVER THE LAST 3 YEARS OVER

NFI (Lowe's)

South Dallas

1,128,227

Hillwood

S I GN I F I CANT TRANSACT IONS ( 1 50K SF+ )

Liberty Property Trust*

South Dallas

900,043

Copeland Commercial

Malouf

South Dallas

836,561

Toys R Us

Lindt

South Dallas

709,280

Panattoni / MetLife

Cabot

South Dallas

667,663

USAA

Amazon

DFW Airport

605,847

Clarion Partners

BTS EXPER I ENCE

Amazon

DFW Airport

605,847

Clarion Partners

Project Fonzie*

GSW

524,460

Crow Holdings Industrial

Fossil*

Garland

517,500

First Industrial

Stonecrop Technologies

Garland

472,200

Clarion Partners

Ashley Furniture

Mesquite

442,035

Prologis

Geodis

GSW

341,442

Liberty Property Trust

Hollander

GSW

322,215

Crow Holdings Industrial

Ingram Micro*

GSW

314,758

Hillwood/GLP

Pratt Industries

South Dallas

294,952

USAA

Essendant*

GSW

262,854

Prologis

Ingram Micro*

Valwood

235,302

Duke

American Hotel Register*

DFW Airport

227,924

Cabot

OHL

Pinnacle

225,498

Southwest Moulding

Vistaprint

South Dallas

201,010

Becknell

PROJECT FONZIE

Vistaprint*

South Dallas

201,010

Becknell

Technology Container Corp (TCC)

South Dallas

200,450

Clarion Partners

Chase Doors

GSW

172,120

Liberty Property Trust

Genuine Parts*

GSW

153,000

Prologis

JP Fulfillment

Redbird/Mountain Creek 151,200

Brookfield Properties

CUSHMAN & WAKEFIELD 6

* Tenant/Buyer Representation Transactions

DFW INDUSTRIAL

THE TEAM

CAPITAL MARKETS ADVISORY GROUP

PROPERTY MANAGEMENT

ADDITIONAL RESOURCES

ROBBY RIEKE Director

JUD CLEMENTS Executive Managing Director

KURT GRIFFIN, SIOR Executive Managing Director

NATHAN ORBIN, SIOR Executive Managing Director

CHRISTY MEANS Managing Director

RAN HOLMAN Managing Principal D-FW Market Leader

KONRAD KNUSTEN Vice President West Region Research Lead

TAYLOR STARNES Senior Analyst

BEN FRIEDLAND Financial Analyst

ANN JAGGARS Analyst

GREG SIMNACHER Property Manager

BRAD BLANKENSHIP Executive Managing Director Dallas Market

AMBER RYAN Senior Marketing Coordinator

CUSHMAN & WAKEFIELD 7

ACTIVE LISTINGS

EXISTING

PLANNED & BTS

Construction Status

Building / Project Name

Developer / Owner

Location

Submarket

RBA (SF)

Available Space

Building / Project Name

Developer / Owner

Location

Submarket

RBA (SF)

Available Space

NEC Elizabeth Creek & FM 156 Fort Worth NEC Elizabeth Creek & FM 156 Fort Worth NEC Elizabeth Creek & FM 156 Fort Worth

Copeland Commercial / Goldman Sachs

2601 S Airfield Dr Irving

Axis Logistics Center Building A

DFW Airport

Existing

1,000,584 1,000,584 754,313

Hines

Alliance

Planned

754,313

951 Valley View Ln Irving

Axis Logistics Center Building B

Liberty Property Trust

GSW

Existing

341,442

263,200

Hines

Alliance

Planned

263,200 263,200

5151 Samuell Blvd Mesquite

Axis Logistics Center Building C

Prologis

Mesquite

Existing

442,035

667,517

Hines

Alliance

Planned

667,517

14325 Gillis Rd Farmers Branch

N Dallas / Metropolitan

MacArthur Crossing Building B

Crow Holdings Industrial

2535 Gifford St Grand Prairie

Exeter

Existing

175,300

93,703

Pinnacle

Existing

187,518

93,703

3636 Mountain Creek Pkwy Dallas 3584 Mountain Creek Pkwy Dallas

14327 Gillis Rd Farmers Branch

N Dallas / Metropolitan

Liberty Park Mountain Creek Building 1

Liberty Property Trust

Redbird / Mtn Creek

Exeter

Existing

57,546

794,458

Planned

794,458

Cleveland Rd Dallas

Liberty Park Mountain Creek Building 2

Liberty Property Trust

Redbird / Mtn Creek

Hines

South Dallas

Existing

1,044,647 1,044,647

484,110

Planned

484,110

3535 N Houston School Rd Lancaster 2801 N Houston School Rd Lancaster 2801 N Houston School Rd Lancaster 1221 E Centre Park Blvd DeSoto

Midpoint Logistics Center Building 1

Panattoni / MetLife

3401 N Dallas Ave Lancaster

Liberty Property Trust

South Dallas

Existing

900,043

900,043 1,200,728

South Dallas

Planned 1,200,728 1,200,728

Cedar Valley Dr & Dallas Ave Lancaster Cedar Valley Dr & Dallas Ave Lancaster SEC N Longhorn Dr & West Dr Lancaster

Midpoint Logistics Center Building 3

Panattoni / MetLife

Crow Holdings Capital

South Dallas

Existing

610,806

610,806 1,007,760

South Dallas

Planned 1,007,760 1,007,760

Midpoint Logistics Center Building 4

Panattoni / MetLife

Crow Holdings Capital

South Dallas

Existing

610,806

340,200

South Dallas

Planned 340,200 340,200

Oakmont / Pacolet

Clarion Partners

South Dallas

Existing

550,600 350,000 603,392

Oakmont 20/35

South Dallas

Planned

603,392

SouthLink Building 2

Cleveland Rd Dallas

Hines

South Dallas

Planned

421,200 421,200

Danieldale Rd & Houston School Rd Lancaster

First 20/35

First Industrial

South Dallas

Planned

421,200 421,200

CUSHMAN & WAKEFIELD 8

L I S T I N G S

GLP PARK 121

MARKET OVERVIEW

DFW INDUSTRIAL

OBSERVATIONS & TRENDS

NEW SUPPLY

NET ABSORPTIONS/COMPLETIONS

• DFW Industrial Market is one of the strongest in the US as a top four choice for national logistics distribution • DFW #1 in US population growth and #2 for US job growth • Overall demand remains elevated with 2018 net absorption reaching nearly 23 MSF, making it the fourth straight year and the only four years in its history, the DFW Industrial Market exceeded 20 MSF in net absorption • DFW Industrial Market vacancy remains tight at 7.1% despite the 18.5 MSF of speculative new supply delivered during 2018

Title

5-Year Historical Average = 18.9 MSF 5-YEAR HISTORICAL AVERAGE = 18.9 MSF

35.0

30.0

25.0

20.0

15.0 Millions

10.0

5.0

0.0

2010 2011

2012

2013

2014 2015

2016 2017

2018

2010 2011

2012 2013 2014 2015 2016 2017 2018

DELIVERED

5-YEAR HISTORICAL AVERAGE

OVERALL NET ABSORPTION COMPLETIONS

22.9 MSF

7.1%

26.9 MSF

21.7 MSF

OVERALL NET ABSORPTION

OVERALL VACANCY

COMPLETIONS

UNDER CONSTRUCTION

CUSHMAN & WAKEFIELD 11

DFW INDUSTRIAL

VACANCY

MARKET SUMMARY

2010 2011

2012 2013 2014 2015 2016 2017

2018

15-Year Historical Average = 9.2%

14.0%

614.9 616.9 619.0 626.4 643.5 663.1 684.3 713.5

741.3

Inventory (MSF)

15-YEAR HISTORICAL AVERAGE = 9.2%

12.0%

2.9 12.5 12.1

17.4 15.6 20.2 23.7 25.9

22.9

Overall Net Absorption (MSF)

10.0%

12.1% 10.4% 8.7% 7.0% 7.1% 6.8% 6.0% 6.5%

7.1%

Overall Vacancy

8.0%

1.5

2.0

2.1

7.4

17.1

19.6 21.2 29.2

26.9

Completions (MSF)

6.0%

1.4

2.0 4.0 13.9 16.6 20.3 26.6 19.3

21.7

Under Construction (MSF)

4.0%

2.0%

0.0%

Q4 2010 Q4 2011

Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018

DFW INDUSTRIAL SUBMARKET LEADERS AT YEAR-END ARE GREAT SOUTHWEST, SOUTH DALLAS, DFW AIRPORT & NORTH FW/ALLIANCE WITH NET ABSORPTIONS OF 9.7 MSF, 6.4 MSF, 2.8 MSF AND 2.3 MSF, RESPECTIVELY

OVERALL VACANCY RATE

HISTORICAL AVERAGE

CUSHMAN & WAKEFIELD 12

DFW INDUSTRIAL

Overall Vacancy Rate

2018 Net Absorption

Under Construction

2018 Completions

Overall Vacancy Rate

2018 Net Absorption

Under Construction

2018 Completions

Building Size (SF)

Inventory

Building Size (SF)

Inventory

Allen/McKinney

7,976,779

6.5%

147,478

30,954

455,722

South Dallas

53,922,486

20.4% 6,369,294 1,312,850 8,830,071

Brookhollow/Trinity

48,802,343

1.9%

134,008

Valwood/N Stemmons

50,597,930

4.6%

591,408

803,445

235,900

Central Dallas

14,424,995

2.6%

-10,325

Walnut Hill/Stemmons

22,165,365

2.4%

-23,069

389,234

DALLAS TOTAL

583,448,568

7.2% 19,464,172 17,238,852 20,862,159

DFW Airport

83,137,608

8.4%

2,840,268 3,819,540 3,824,961

Far North/I-35

18,656,892

4.5%

314,006

564,756

587,198

Alliance

42,560,908

11.6%

1,583,364 2,487,055 3,987,073

Garland

44,720,350

7.9%

294,337

249,097

789,400

Central Fort Worth

16,008,482

2.2%

-144,522

Great Southwest

111,912,351

5.3%

9,743,093 4,664,683 4,989,173

East Fort Worth

23,482,411

6.0%

67,826

64,800

Mesquite

18,518,620

10.1%

207,070

1,855,109

520,666

North Fort Worth

44,291,372

5.1%

725,536

1,148,517

1,686,155

North Dallas/Metropolitan 19,367,912

6.9%

-441,725

South Fort Worth

27,204,944

4.8%

1,067,497

754,585

308,061

Pinnacle/Turnpike

27,774,375

9.0%

-1,089,537 2,160,444

189,200

West Fort Worth

4,344,345

9.7%

90,000

FORT WORTH TOTAL 157,892,462

6.7% 3,389,701

4,454,957 6,071,289

Redbird

22,284,459

2.6%

152,953

154,960

Richardson/Plano

36,456,549

6.7%

234,913

738,740

284,908

DFW TOTAL

741,341,030 7.1% 22,853,873 21,693,809 26,933,448

Rockwall

2,729,554

0.1%

650,000

CUSHMAN & WAKEFIELD 13

DEMAND TENANTS IN THE MARKET

REQU I REMENTS BY S I ZE

REQU I REMENTS BY SUBMARKET ( SF )

REQU I REMENTS BY BROKERAGE F I RM

EST IMATED OCCUPANCY T IMEL I NE ( SF )

H I STOR I CAL REQU I REMENTS ( SF )

CUSHMAN & WAKEFIELD 14

2018 BIG DEALS LIST - KEY US MARKETS | 500K SF+

ATLANTA

CHICAGO

DALLAS/FORT WORTH

INLAND EMPIRE

INLAND EMPIRE (cont inued)

PA I -81 & I -78 CORRIDOR

TENANT NAME

SIZE (SF) 1,208,301 1,100,000

TENANT NAME

SIZE (SF) 1,500,135

TENANT NAME

SIZE (SF) 1,500,000 1,500,000 1,214,000 920,275 863,328 858,000 855,000 836,561 800,000 722,733 707,000 670,300 658,692 650,000 650,000 617,820 615,000 604,800 603,354 594,000 562,640 540,000 524,460 1,200,000 651,518

TENANT NAME

SIZE (SF) 1,387,899 1,331,763 1,313,470 1,309,754 1,074,628 1,039,898 1,009,092 1,003,567 1,000,000 889,445 886,055 830,000 827,560

TENANT NAME Amazon.com

SIZE (SF) 615,440 613,174 605,735 601,810 601,287 600,000 585,064 562,089 500,602

TENANT NAME

SIZE (SF) 1,719,200 1,279,350 1,048,380 1,024,860 905,520 812,425 800,000 770,000 703,968 1,015,740

Mars, Inc

Lowe's Home Center

Saddle Creek / Lowe's

Diageo North America

Qvc, Inc.

Home Depot

Keeco

UNFI*

Haier

S&S Activewear Berner Food & Beverage Kenco Logistics / Exxon Mobil

750,314

Amazon.com* NFI/Lowes Confidential

Drive Medical / Medical Depot

Stanley Black & Decker

Performance Team

Caleres, Inc.

1,054,500

675,840

Hanes Brand* Amazon.com

Harbor Freight Tools Kuehne + Nagel FabFitFun, Inc. Performance Team Ingram Micro, Inc.* Ashley Furniture

Goodyear Amazon* HD Supply

HD Supply

1,017,627 903,145 759,300 744,900 715,000

599,317

United Parcel Service, Inc.

Kellogg*

Ferguson Enterprises

Home Depot Sony Music Corporation*

588,233

Vert Logistics Newell Brands*

Nordstrom, Inc. UPS (Fontana) UPS (Riverside)

Confidential

579,900

Living Spaces

Reckitt Benckiser*

Amazon

Five Below

Pactiv Corporation*

513,674 500,000 500,000

At Home

Carlisle Tire & Wheel Company* Bluelinx Corporation*

Maulouf Sleep Home Depot

Handi-Foil

676,000

Burlington

Ingram Micro Inc.*

Kellogg

Allways Logistics Johnson & Johnson* Jarden Consumer Solutions*

INDIANAPOLIS

585,637

Confidential

Tellworks Dematic

Bayer Healthcare Pharmaceuticals Inc. Schneider Electric Usa, Inc.

681,720

TENANT NAME

SIZE (SF) 947,333 615,000 550,000 545,010 536,804

McLane Company Haggar Clothing* Thirty-One Gifts

650,671

Amazon* Amazon DS Smith

DCG Fulfillment Georgia Pacific* Kellogg Sales Company

771,839 763,228 758,940 755,137 753,200 748,023 739,903 699,350 682,800 677,909 656,040 645,311

Amazon.com* Confidential

615,600 611,000 517,000 508,821 503,423

Lollicup

Geodis Logistics

Westport Axle Corp. McKesson Corporation

Amazon Air

Walmart*

Adidas*

Steelcase

CJ Logistics Dorel Home Furnishings*

Geodis Usa, Inc.*

Ollie's Bargain Outlet

Amazon* Solo Cup*

NEW JERSEY

DMSI | Ross Stores Kimberly Clark*

Geodis* SanMar Clorox*

TENANT NAME

SIZE (SF) 1,016,000 655,500 547,334 526,400

UNFI

Amazon Jet.com

DSC Logistics*

Project Fonzie

Nike-Converse, Inc.* Performance Team*

Pioneer USA* XPO Logistics

*Renewals

CUSHMAN & WAKEFIELD 15

2018 BIG DEALS LIST - DALLAS/FORT WORTH

TENANT NAME

SIZE (SF)

DEAL TYPE

TENANT NAME

SIZE (SF)

DEAL TYPE

Mars, Inc

1,500,000

BTS

Haggar Clothing

658,692

Renewal

Home Depot

1,500,000

BTS

Thirty-One Gifts

651,518

2nd Gen Lease

Stanley Black & Decker

1,214,000

Spec Lease

Lollicup

650,000

BTS

Goodyear

1,200,000

BTS

Amazon Air

650,000

BTS

Amazon

920,275

Renewal

Steelcase

617,820

Spec Lease

HD Supply

863,328

BTS

Ollie's Bargain Outlet

615,000

BTS

Living Spaces

858,000

Sublease

Amazon

604,800

Renewal

Amazon

855,000

BTS

Solo Cup

603,354

Renewal

Maulouf Sleep

836,561

2nd Gen Purchase

Geodis

594,000

Renewal

Home Depot

800,000

BTS

SanMar

562,640

Spec Purchase

Tellworks

722,733

Spec Lease

Clorox

540,000

Renewal

Dematic

707,000

BTS

Project Fonzie

524,460

Spec Lease

McLane Company

670,300

2nd Gen Lease

CUSHMAN & WAKEFIELD 16

2018 BTS DEALS DONE - DALLAS/FORT WORTH (100K SF+)

TENANT NAME

SIZE (SF)

SUBMARKET

Home Depot

1,500,000

GSW

Mars, Inc

1,500,000

DFW Airport

18 BTS DEALS DONE

Stanley Black & Decker

1,279,500

Alliance

Goodyear

1,207,538

Forney

HD Supply

863,328

Redbird/Mountain Creek

Amazon

855,000

Pinnacle

Home Depot

800,000

GSW

Dematic

707,000

North Ft Worth

Lollicup

650,000

Rockwall

Ollie's Bargain Outlet

615,060

South Dallas

SanMar

562,640

DFW Airport

12.7MSF TOTAL

Project Fonzie

524,460

GSW

PPG

449,220

DFW Airport

Global Fulfillment

404,175

South Dallas

TBC Corporation

312,000

GSW

Vistaprint

201,010

South Dallas

Chase Industries

172,120

GSW

Viracon

144,900

Mesquite

CUSHMAN & WAKEFIELD 17

SUPPLY - COMPLETED CONSTRUCTION

SUM OF AVAILABLE SPACE - Completed Construction

Supply

Submarket

100,000-249,999 250,000-499,999 500,000-749,999 750,000+ Grand Total

Garland



Allen/McKinney Alliance DFW Airport Garland GSW N Stemmons/Valwood North Ft Worth Richardson/Plano South Dallas South Ft Worth

317,446 234,277 677,335 326,970 421,436 235,900 549,645 84,948 866,204

317,446 3,276,504 2,923,608 656,061 1,404,007 235,900 1,347,036 84,948 9,970,727 355,121

1,246,630 1,245,689

705,955

1,089,642 1,000,584

North Ft Worth

Completed Construction

329,091 982,571

GSW

632,670

164,721

1,513,269 355,121 6,305,041

2,508,363

5,082,891

FIRST GENERATION VACANCIES

South Dallas

Total

3,714,161

3,379,039 7,173,117 20,571,358

DFW Airport

COUNT OF AVAILABLE SPACE - Completed Construction

(VACANCY WITHIN RANGE)

Submarket

100,000-249,999 250,000-499,999 500,000-749,999 750,000+ Grand Total



Allen/McKinney Alliance DFW Airport Garland GSW N Stemmons/Valwood North Ft Worth Richardson/Plano South Dallas South Ft Worth

2 1 6 2 4 1 3 1 5

2 7 11 3 10 1 6 1 19 2 62

4 4 1 6

1 1

Alliance

4 2

Total

CUSHMAN & WAKEFIELD 18

SUPPLY - UNDER CONSTRUCTION

Supply Under Construction

SUM OF AVAILABLE SPACE - Under Construction

Submarket

100,000-249,999 250,000-499,999 500,000-749,999

750,000+

Grand Total



Alliance DFW Airport Far North/I-35 Garland GSW Mesquite N Stemmons/Valwood North Ft Worth Pinnacle/Turnpike Richardson/Plano South Dallas South Ft Worth Walnut Hill/Stemmons 

451,402 401,854 282,526 249,166 560,440 248,890 151,176 100,029 193,000 397,471 106,700 323,845 389,234

500,555 895,047

4,373,001 1,106,315

5,324,958 2,709,496 282,526 249,166 1,363,112

South Ft Worth Supply Under Construction South Dallas

SUM OF AVAILABLE SPACE - Under Construction

306,280

Submarket

100,000-249,999 250,000-499,999 500,000-749,999

750,000+

Grand Total

Alliance DFW Airport Far North/I-35 Garland GSW Mesquite N Stemmons/Valwood North Ft Worth Pinnacle/Turnpike Richardson/Plano South Dallas South Ft Worth Walnut Hill/Stemmons

451,402 401,854 282,526 249,166 560,440 248,890 151,176 100,029 193,000 397,471 106,700 323,845 389,234

500,555 895,047

4,373,001 1,106,315

5,324,958 2,709,496 282,526 249,166 1,363,112

306,280

802,672

Richardson/Plano

South Ft Worth

584,089

832,979 151,176

South Dallas

802,672

Richardson/Plano

1,023,488

1,123,517 1,771,329

Alliance

584,089

832,979 151,176

Pinnacle/Turnpike

296,615

1,281,714

397,471 510,875 620,685 389,234

1,023,488

1,123,517 1,771,329

Alliance

404,175 296,840

Pinnacle/Turnpike

296,615

1,281,714

397,471 510,875 620,685 389,234

UNDER CONSTRUCTION VACANCIES

404,175 296,840

Total

3,855,733

2,106,582

3,261,405

6,502,804

15,726,524

UNDER CONSTRUCTION VACANCIES

North Ft Worth

Total

3,855,733

2,106,582

3,261,405

6,502,804

15,726,524

North Ft Worth

N Stemmons/Valwood

COUNT OF AVAILABLE SPACE - Under Construction

N Stemmons/Valwood

COUNT OF AVAILABLE SPACE - Under Construction

(VACANCY WITHIN RANGE)

Mesquite

Submarket

100,000-249,999 250,000-499,999 500,000-749,999

750,000+

Grand Total

(VACANCY WITHIN RANGE)



Mesquite

Alliance DFW Airport Far North/I-35 Garland GSW Mesquite N Stemmons/Valwood North Ft Worth Pinnacle/Turnpike Richardson/Plano South Dallas South Ft Worth Walnut Hill/Stemmons 

2 3 2 2 4 1 1 1 1 3 1 2 2

1 2

4 1

7 7 2 2 6 2 1 2 4 3 2 3 2

Submarket

100,000-249,999 250,000-499,999 500,000-749,999

750,000+

Grand Total

Alliance DFW Airport Far North/I-35 Garland GSW Mesquite N Stemmons/Valwood North Ft Worth Pinnacle/Turnpike Richardson/Plano South Dallas South Ft Worth Walnut Hill/Stemmons

2 3 2 2 4 1 1 1 1 3 1 2 2

1 2

4 1

7 7 2 2 6 2 1 2 4 3 2 3 2

GSW

DFW Airport

GSW

DFW Airport

Far North/I-35

1 1

Total

CUSHMAN & WAKEFIELD 19

LABOR STUDY

PINNACLE

2018 BLUE COLLAR POPULATION DENSITY

377

289

134,856 NUMBER OF WAREHOUSE EMPLOYEES

91 WAREHOUSE EMPLOYEE INDEX*

5.2% 2018 UNEMPLOYMENT RATE

$48,561 MEDIAN HOUSEHOLD INCOME

380

DENTON

GSW

MCKINNEY

LOW DENSITY

HIGH DENSITY

136,301 NUMBER OF WAREHOUSE EMPLOYEES

89 WAREHOUSE EMPLOYEE INDEX*

4.9% 2018 UNEMPLOYMENT RATE

$54,572 MEDIAN HOUSEHOLD INCOME

380

FRISCO

35W

35E

MOUNTAIN CREEK

287

L E W I S V I L L E L A K E

111,433 NUMBER OF WAREHOUSE EMPLOYEES

78 WAREHOUSE EMPLOYEE INDEX*

5.6% 2018 UNEMPLOYMENT RATE

$50,366 MEDIAN HOUSEHOLD INCOME

ALLEN

L A K E

THE COLONY

GARLAND

116,504 NUMBER OF WAREHOUSE EMPLOYEES

74 WAREHOUSE EMPLOYEE INDEX*

4.5% 2018 UNEMPLOYMENT RATE

$57,725 MEDIAN HOUSEHOLD INCOME

L A V O N

PLANO

LEWISVILLE

FLOWER MOUND

114

SOUTH DALLAS - 1

G R A P E V I N E L A K E

98,309 NUMBER OF WAREHOUSE EMPLOYEES

70 WAREHOUSE EMPLOYEE INDEX*

5.6% 2018 UNEMPLOYMENT RATE

$50,090 MEDIAN HOUSEHOLD INCOME

ALLIANCE

114

VALWOOD

RICHARDSON

COPPELL

MESQUITE

ROWLETT

GRAPEVINE

FARMERS BRANCH

96,518 NUMBER OF WAREHOUSE EMPLOYEES

66 WAREHOUSE EMPLOYEE INDEX*

KELLER

5.1% 2018 UNEMPLOYMENT RATE

$51,656 MEDIAN HOUSEHOLD INCOME

GARLAND

DFW AIRPORT

E A G L E M O U N T A I N L A K E

635

35W

635

GARLAND

NORTH FORT WORTH

NORTH RICHLAND HILLS

35E

360

101,567 NUMBER OF WAREHOUSE EMPLOYEES

64 WAREHOUSE EMPLOYEE INDEX*

4.5% 2018 UNEMPLOYMENT RATE

$58,053 MEDIAN HOUSEHOLD INCOME

DFW INTERNATIONAL

EULESS

NORTH FORT WORTH

IRVING

W H I T E R O C K L A K E

183

L A K E R A Y H U B B A R D

LOVEFIELD

SOUTH FORT WORTH

HURST

820

78,255 NUMBER OF WAREHOUSE EMPLOYEES

53 WAREHOUSE EMPLOYEE INDEX*

5.0% 2018 UNEMPLOYMENT RATE

$55,129 MEDIAN HOUSEHOLD INCOME

HALTOM CITY

GSW

PINNACLE

L A K E W O R T H

DALLAS

820

VALWOOD

MESQUITE

WHITE SETTLEMENT

MESQUITE

GRAND PRAIRIE

2018 DEMOGRAPHICS CALCULATED WITHIN A 20 MIN DRIVE TIME OF EACH LOCATION 10 11 12 3.7% 2018 UNEMPLOYMENT RATE $61,387 MEDIAN HOUSEHOLD INCOME 84,540 NUMBER OF WAREHOUSE EMPLOYEES 45 WAREHOUSE EMPLOYEE INDEX* 3.4% 2018 UNEMPLOYMENT RATE $70,443 MEDIAN HOUSEHOLD INCOME 43,631 NUMBER OF WAREHOUSE EMPLOYEES 43 WAREHOUSE EMPLOYEE INDEX* 6.5% 2018 UNEMPLOYMENT RATE $41,582 MEDIAN HOUSEHOLD INCOME 29,940 NUMBER OF WAREHOUSE EMPLOYEES 0 WAREHOUSE EMPLOYEE INDEX* 3.1% 2018 UNEMPLOYMENT RATE $89,429 MEDIAN HOUSEHOLD INCOME DFW AIRPORT SOUTH DALLAS - 2 ALLIANCE *INDEX SCORE CALCULATION: NUMBER OF WAREHOUSE EMPLYEES (70%), UNEMPLOYMENT RATE (15%), MEDIAN HOUSEHOLD INCOME (15%) 84,020 NUMBER OF WAREHOUSE EMPLOYEES 49 WAREHOUSE EMPLOYEE INDEX*

FORT WORTH

635

ARLINGTON

BALCH SPRINGS

35E

L A K E A R L I N G T O N

287

MOUNTAIN CREEK LAKE

360

BENBROOK

SOUTH FORT WORTH

175

MOUNTAIN CREEK

DUNCANVILLE

B E N B R O O K L A K E

DESOTO

287

SOUTH DALLAS-2

SOUTH DALLAS-1

LANCASTER

35W

J O E P O O L L A K E

CEDAR HILL

MANSFIELD

35E

Miles

2.5

CUSHMAN & WAKEFIELD 20

GLP PARK 121

ASSET

SWOT ANALYSIS

STRENGTHS

WEAKNESSES

• Limited Supply of 50+ Acre Industrial Sites • Proximity to Rooftops for Service-Industry Industrial Users • Favorable Ingress/Egress • Access to DFW Airport and Major Transportation Routes • Triple Freeport Tax Exemption • Proximity to Skilled Labor • Nearby Amenities

• BP Zoning Requirement of 25% Office Finish for Anything Over 500K SF

OPPORTUNITIES

THREATS

• Pursue Economic Incentives / Real and Personal Property Tax Abatements from The Colony • Perform Necessary Engineering and Design Work to Compete on Tenant Requirements with Quick Timelines • Flexible Building Designs to Accommodate Variation of BTS Requirements

• Competitive Economics for BTS in Other Submarkets (South Dallas, Alliance) • Blue Collar Labor Shortage

CUSHMAN & WAKEFIELD 22

POTENTIAL COMPETITIVE SET

PROLOGIS 121 MUSTANG BUSINESS PARK - BUILDING 2

PROLOGIS 121 MUSTANG BUSINESS PARK - BUILDING 1

FIRST PARK 121 BUILDING A

FIRST PARK 121 BUILDING D

LAKESIDE RANCH BUILDING 21

MAJESTIC AIRPORT CENTER - BUILDING 7

RAYZOR RANCH INDUSTRIAL

MCKINNEY FIVE INDUSTRIAL PARK TEXAS Commercial Development 3827 N McDonald St McKinney

PROJECT

75/380 AT MCKINNEY

DEVELOPER / OWNER

First Industrial

Duke

Majestic Realty

Prologis

Rayzor Family

Hunt Southwest

2150 Midway Rd Lewisville

Lakeside Pky @ Garden Ridge Rd, Flower Mound

2601 S Valley Pky Lewisville

SEC Stone Myers Pky & Mustang Dr

SW of I-35 & US 380 Denton

NWCish SH 75 & SH 380 McKinney

LOCATION

SUBMARKET

Far North/I-35

DFW Airport

Far North/I-35

Allen/McKinney

Planned - Break Ground in 2019

CONSTRUCTION STATUS

Delivers May-19

Planned - Phase II

Planned - BTS

Delivers Mar-19

Planned

Planned - BTS

RBA (SF)

220,480

256,880

280,000

306,280

429,720

401,280

TBD

399,600

206,960

CLEAR HEIGHT

32'

TBD

36'

32'

DH DOORS

TBD

112

BLDG. DEPTH

260'

268'

370'

TBD

370'

420'

COLUMN SPACING

52' x 50'

56' x 52'

52' x 50'

TBD

54' x 50'

50' x 52'

TRUCK COURT

185'

140'

190'

TBD

130' / 185'

130'

TRAILER PARKING

TBD

113

TBD

CAR PARKING

222

175

TBD

205

TBD

215

166

ASKING RATE ($SF/YR)

$5.25

TBD

$5.25

TBD

$3.95

TBD

TI ALLOWANCE ($/NRA SF)

$6.00

TBD

$9.00

TBD

EST. OPEX

$1.79

TBD

$1.64

TBD

• Cross dock • Three total sites accommodating

• Cross dock • DFW Airport ground lease

• Multiple developers with sites under contract

COMMENTS

• Rear load

• Front load

• Rear load

• Cross dock

200K-400K SF layouts • Quoted pricing on single loads $4.75-$5.00

CUSHMAN & WAKEFIELD 23

TAX ANALYSIS

GLP PARK 121

FIRST PARK 121 - BLDG D

LAKESIDE RANCH 21

VALWOOD CORPORATE CENTER RAYZOR RANCH INDUSTRIAL MCKINNEY FIVE INDUSTRIAL PARK

SH 121 & Memorial Drive

2150 Midway Rd

Lakeside Pky & Garden Ridge Rd

1625 Hutton Dr

SW of I-35 & US 380

3827 N McDonald St

Building Name

The Colony, TX

Lewisville

Flower Mound

Carrollton

Denton

McKinney

*Assumed RP Value $45 psf

Property Owner

GLP

First Industrial

Duke

Prologis

Rayzor Family / Multiple Developers TEXAS Commercial Development

Total Building SF

400,000

256,880

236,550

400,000

399,600

County

Denton

Dallas

Denton

Collin

City

The Colony

Lewisville

Flower Mound

Carrollton

Denton

McKinney

School District

Lewisville ISD

Carrollton Farmers Branch ISD

Denton ISD

McKinney ISD

Special Districts

N/A

Valwood Improvement

N/A

County Tax Rate

0.2256

0.6565

0.2256

0.2620

City Tax Rate

0.6625

0.4361

0.4390

0.5950

0.6205

0.5252

ISD Tax Rate

1.4075

1.3700

1.5400

1.5900

Special Districts

N/A

0.2000

N/A

Combined Tax Rate

2.295574

2.069160

2.072074

2.821470

2.386051

2.377177

Real Estate Value

$18,000,000

$11,559,600

$10,644,750

$18,000,000

$17,982,000

Real Property Tax

$413,203

$239,187

$239,523

$300,338

$429,489

$427,464

Real Property Tax PSF

$1.03

$0.93

$1.27

$1.07

*Assumed Constants

CUSHMAN & WAKEFIELD 24

COMPARABLE DEALS

Trans Date Submarket Building Name / Project

Free (Mos)

Starting Rent

Effective Rate

TI Allowance

Building Address

Tenant

Landlord

Leased SF RBA (SF) Deal Type Term (Mos)

Comments

Design

Dec-18 Mountain Creek

First Mountain Creek Mountain Creek Pky & I-20, Dallas

HD Supply

First Industrial

863,328 863,328

BTS

180

0 $3.43

$3.96 +/- $6.50

• 2% bumps

Cross Dock

Dec-18 Valwood Valwood Crossroads Building A

1010 Luna Rd, Carrollton

Steelcase

Core5

336,960 336,960 New Lease

0 $4.50 $4.93 $4.00

• 3% bumps

Cross Dock

Dec-18 Valwood Valwood Crossroads Building B

1020 Luna Rd, Carrollton

Steelcase

Core5

280,860 280,860 New Lease

0 $4.50 $4.93 $4.00

• 3% bumps

Rear Load

• TI included $1M lease takeover on current 299k SF at Railhead, 2.5% bumops

Oct-18 North Fort

1101 W I-35 W, Fort Worth

Dematic

Ironwood/TCRG 707,000 707,000

BTS

0 $3.65

$3.84 $5.00

Cross Dock

Worth Synergy Crossing

Sep-18

GSW CentrePort 4

14601 Sovereign Rd, Fort Worth

Cintas

GLP

261,818

494,518 New Lease

126

6 $4.86

$5.19 $11.75

• 2.5% bumps

Cross Dock

• Base rent based off 5.7% YOC of $110 psf, expandable to 375K SF, incentives include $1.7M from city, $1.1M from state & $500k from county, 2.5% bumps

Jul-18 South Dallas Vistaprint BTS

9900 Bonnie View Rd, Dallas

Vistaprint

Becknell

201,010 201,010

BTS

183

$5.99

$7.04 BTS

Cross Dock

Jun-18 DFW Airport Lakeside 1

1001 Lakeside Pky, Flower Mound

PPG Industries

Duke

449,200 634,200

BTS

122

$3.35

$3.69 $4.50

• BTS for PPG - +/- 185k sf available for lease, 2.5% bumps

Cross Dock

• Toyota Motor Sales / 5,000 sf office & 6,000 sf showroom / Tenant putting additional $15 TI into space, 2.5% bumps

May-18 Far North / I-35

121 Riverview Crossing 1825 Midway Rd, Lewisville

Toyota

ML Realty

121,188

121,188 New Lease

$5.82

$5.67 $7.67

Rear Load

• First 18 mos at $2.52 effective, 100% HVAC, 20k sf office - 10k sf is mezz (outside NRA), 2% bumps

Apr-18

GSW Cooper I-20 Building B

1111 W Bardin Rd, Arlington

Rent the Runway Barings/Langford 319,886 420,000 New Lease

144

0 $5.29

$5.41

$17.50

Cross Dock

Parrish Hare Electric Supply

Jackson Shaw/ Clarion

Feb-18

GSW Parc GSW Building B

4921 Conflans Rd, Irving

232,151

New Lease

189

9 $3.80 $4.17 $6.50

• New construction with 161 frontage, 2% bumps

Front Load

Jan-18 DFW Airport Majestic DFW Airport Building 6

2701 S Valley Pky, Lewisville

VIRA Insight

Majestic

329,060 329,060 New Lease

124

4 $4.94 $5.36 $9.00

• 2.5% bumps

Cross Dock

• 6.15% YOC / Temp controlled to maintain 57 degrees Fahrenheit / Expandable to 1 MSF, 2% bumps

Sep-17 South Dallas Midpoint Logistics Center - Building 2

3701 N Dallas Ave, Lancaster

Lindt

Panattoni/MetLife 709,280 709,280

BTS

120

0 $4.25

$4.60 BTS

Cross Dock

Crow Holdings Industrial

Jul-17

GSW Wildlife 6

2401 N Belt Line Rd, Grand Prairie

GE Appliance

702,000 702,000

BTS

120

0 $3.60 $3.99 $7.00-$8.00

• Heavy trailer parking/storage / 210' truck court mandatory, 2.25% bumps Cross Dock

• TI from shell / First month at $1.19 NNN, 3yrs at $5.10, 2yrs at $5.41, 2yrs at $5.68

Jan-17 DFW Airport Majestic Airport

Tri Mark USA

Majestic

249,500 249,500 New Lease

0 $5.10

$5.31

$12.00

Rear Load

Centre - Bulding 4 2801 S Valley Pky, Lewisville

CUSHMAN & WAKEFIELD 25

MARKETING STRATEGIC PLAN

• Seek Cross Dock BTS Opportunities for 200K SF+

A STRATEGIC P L A N FOR LEAS I NG & MARKET I NG

• Seek Smaller Shallow Bay BTS Opportunities for 70K SF+

• Partner with Engineering and Architect Firms

• Engage with City of The Colony

• Comprehensive Marketing Program

• Host Key Broker Events to Display New Development Plans

• Targeted BTS Prospect Approach

CUSHMAN & WAKEFIELD 26

FULL MARKETING CAMPAIGN

NEW PROJECT NAME AND LOGO

P A R K 1 2 1 GLP

GLP PARK 121 T H E C O L O N Y

PA R K 1 2 1

BRANDED MARKETING COLLATERAL

VIDEO

WEBSITE

PR CAMPAIGN

PARK 121 GLP

GLP PARK 121 THE COLONY

PARK 121

PA R K 1 2 1 GLP

GLP PARK 121 T H E C O L O N Y

PARK 121

CUSHMAN & WAKEFIELD 27

GLP PARK 121

WHY CUSHMAN & WAKEFIELD

WHY CUSHMAN & WAKEFIELD?

Sizable Leasing Portfolio DFW Market Wide • Significant Leasing Assignments in 7 Different Submarkets with No Conflicts • Enhanced Deal Flow Top Industrial Tenant Rep Brokerage Firm in DFW & Nationally • Enhanced Deal Visibility

WHY C&

Extensive Build-to-Suit and Development Experience • Vested Interest in Creating Long-Term Value

One Stop Shop • Agency Leasing, Tenant Representation, Capital Markets, Property Management and Construction Management

CUSHMAN & WAKEFIELD 29

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