SoMi Industrial Portfolio OM

SOUTH MIAMI INDUSTRIAL PORTFOLIO | INVESTMENT HIGHLIGHTS

Florida’s Turnpike

INVESTMENT HIGHLIGHTS

S Dixie Highway (US 1)

N

Mak 3

Mak Too

SW 106th Avenue

The South Florida market has two primary physical barriers to entering the market: the Atlantic Ocean to the East and the Everglades to the West. As a result of these constricting factors as well as the scarcity of available land, the replacement cost for warehouse product comparable to the Properties is in excess of $120/SF.

Maksanim 10715-55 SW 190th Street

Maksanim 10700 SW 188th Street

Marlin Road

7 of 11 buildings in the Portfolio

SOUTH MIAMI INDUSTRIAL PORTFOLIO OVERVIEW

Property

Number of Buildings

RBA (SF)

Occupancy

Area (acres)

South Dade Industrial Center

1 (plus development-ready pad)

33,945 (pad for additional 30,972 SF*)

96.3% 96.2% 100.0%

3.36

Maksanim

6 2 2

218,258

8.90 3.20 3.34

Mak Too

57,336

Mak 3 Totals

56,876

97.9% 97.1%

11 (plus development-ready pad)

366,415 (potential for 397,387 SF)

18.80

* There is a development-ready pad stubbed out for utilities with parking in-place permitted for an additional 30,972 SF small-bay building.

There are numerous demand drivers for small bay warehouse space in Miami. Continued population growth, surging entrepreneurial activity in an improving economy, e-commerce trends towards more efficient delivery of goods and services over the “last mile,” $1 billion of capital improvements at Port Miami following the expansion of the Panama Canal, and the recent passage of an amendment to legalize cannabis for medical use are among the most prominent reasons contributing to growing demand. Given how tight the market is coming into 2017, there will be continued upward pressure on rental rates.

EXECUTIVE SUMMARY

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