PROPERTY SURVEY

March 28, 2023

MITCHELL JACOBY, MCR

Principal [email protected] 978.476.1223

RYAN HINGST

Associate [email protected] 602.954.3772

PROPERTY SURVEY March 28, 2023

SEARCH CRITERIA

LOCATION

Preferred: Arizona - Bull Head City, Mojave Valley, Lake Havasu Other: Western Arizona, west of Phoenix

PROPERTY TYPE

Industrial Warehouse

SPACE NEEDS

Two loading docks, one drive-in door, 24’ clear height, 1,000 SF office; no A/C in warehouse required

TIMING

Q2 2023

MARKET INSIGHT/COMMENTS Market vacancy varies widely by geography. There is little to no industrial inventory in Bull Head City, Mojave Valley or Lake Havasu, AZ. Consequently, other western Arizona submarkets with industrial inventory were surveyed to accommodate the space needs referenced above. Quoted rents range from $0.90/SF to $1.35/SF NNN per month.

City

Address

Property Type

Property Size

Space Avail

Rent/SF/Yr

1

10 S 48th Ave

Phoenix

Class B Industrial/Warehouse

86,400 SF

43,200 SF

Withheld

2

5609 W Latham St

Phoenix

Class B Industrial/Distribution

52,600 SF

32,488 SF

Withheld

3

1002 S 56th Ave

Phoenix

Class B Industrial/Distribution

118,210 SF

21,383 SF

Withheld

4

NWC 61st Ave & Buckeye Rd

Phoenix

Class B Industrial/Distribution

101,018 SF

25,500 SF

-

5

9019 W Bloomfield Rd

Peoria

Class B Industrial/Warehouse

75,526 SF

75,526 SF

Withheld

6

9030 W Cactus Rd

Peoria

Class B Industrial/Warehouse

65,474 SF

65,474 SF

Withheld

7

10100 W Montebello Ave

Glendale

Class A Industrial/Distribution

74,293 SF

21,871 SF

Withheld

8

13301 N Dysart Rd

Surprise

Class B Industrial

74,819 SF

74,819 SF

Withheld

9

13430 N Dysart Rd

Surprise

Class B Industrial

85,711 SF

85,711 SF

Withheld

10

NEC Cactus Rd & Summit Way

Surprise

Class B Industrial/Warehouse

133,904 SF

133,904 SF

Withheld

11

13820 W Rioglass Solar Rd

Surprise

Class B Industrial/Warehouse

107,400 SF

107,400 SF

Withheld

12

4433 W Van Buren St

Phoenix

Class B Industrial/Warehouse

79,600 SF

15,372 SF

$10.68

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470. Only properties with valid lat/lon display on map

10 S 48th Ave - Bldg 7 - Van Buren Dist Center

Location: Bldg 7 Southwest Ind Cluster SW N of Buckeye Road Ind Submarket Maricopa County Phoenix, AZ 85043

Building Type: Class B Warehouse Status: Built 1980 Tenancy: Multiple Tenant Land Area: 4.13 AC Stories: 1 RBA: 86,400 SF Total Avail: 43,200 SF % Leased: 100%

Management: Deutsche Asset & Wealth Management Recorded Owner: Colfin 2017-9 Industrial Owner, LLC

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities:

Floor

24'6" 1 10 ext 100-300a/277-480v 3p/4w

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None Union Pacific Railroad None Reinforced Concrete -

2021 Tax @ $0.73/sf; 2010 Ops @ $0.60/sf 104-02-006B 15 Surface Spaces are available; Ratio of 0.50/1,000 SF Cooler, Fenced Lot

SF Avail

Bldg Contig

Rent/SF/Yr + Svs

Occupancy

Term

Use/Type

P 1st / Suite 1

21,600

21,600

Withheld

04/2023

Negotiable

Direct

P 1st / Suite 3

21,600

21,600

Withheld

04/2023

Negotiable

Direct

Notes Base Rent: $1.20/SF/month, $14.40/SF/year NNN CAM: $0.17/SF/month, $2.04/SF/year Two non-contiguous +/-21,600 SF spaces Rail served 2nd generation space Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

10 S 48th Ave - Bldg 7 - Van Buren Dist Center

Building 7 | Suite 1 21,600 SF

Building 7 | Suite 3

21,600 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

5609 W Latham St - Building 2 - Interstate Commons

Location: Building 2 W Latham St Southwest Ind Cluster SW N of Buckeye Road Ind Submarket Maricopa County Phoenix, AZ 85043

Building Type: Class B Distribution Status: Built 1988, Renov 2019 Tenancy: Multiple Tenant Land Area: 3.33 AC Stories: 1 RBA: 52,600 SF Total Avail: 32,488 SF % Leased: 100%

Management: EastGroup Properties, Inc. Recorded Owner: EastGroup Properties LP

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities: Floor

P 1st

20'0" 10 - 8'0"w x 10'0"h Yes 200-600a/277-480v 3p/4w

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None Reinforced Concrete -

2021 Tax @ $1.35/sf 103-27-044 20 Surface Spaces are available; Ratio of 0.39/1,000 SF Security System SF Avail

32,488 div

Bldg Contig

Rent/SF/Yr + Svs

32,488

Withheld

Occupancy

30 Days

Notes Base Rent: $1.10/SF/month, $13.20/SF/year NNN CAM: $0.28/SF/month, $3.36/SF/year Subdivides to 10,000 SF (exact location of where divisibility occurs is TBD) Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

5609 W Latham St - Building 2 - Interstate Commons

Building 2 32,488 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

1002 S 56th Ave - Freeport Center

Location: Freeport Center Southwest Ind Cluster SW N of Buckeye Road Ind Submarket Maricopa County Phoenix, AZ 85043

Building Type: Class B Distribution Status: Built 1985 Tenancy: Multiple Tenant Land Area: 5.50 AC Stories: 1 RBA: 118,210 SF

Management: D.F. Properties Inc. Recorded Owner: ColFin 2017-6 Industrial Owner LLC

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities: Floor

P 1st / Suite 106

Total Avail: 21,383 SF % Leased: 100%

24'0" 30'w x 50'd 22 ext 1600a/277-480v 3p/4w

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None Southern Pacific Railroad None Masonry Sewer - City, Water - City

2021 Tax @ $0.65/sf 104-19-011, 104-19-012, 104-19-013 80 Surface Spaces are available; Ratio of 1.13/1,000 SF Bus Line, Skylights SF Avail

Bldg Contig

21,383/1,340 ofc

Rent/SF/Yr + Svs

21,383

Withheld

Occupancy

04/2023

Notes Base Rent: $0.95/SF/month, $11.40/SF/year NNN CAM: $0.13/SF/month, $1.56/SF/year Total space is 21,383 SF No grade loading Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

1002 S 56th Ave - Freeport Center

Suite 106 21,383 SF

1,340 SF Office

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

NWC 61st Ave & Buckeye Rd - Building 3 - Estrella Commerce Center II

Location: Building 3 Southwest Ind Cluster SW S of Buckeye Road Ind Submarket Maricopa County Phoenix, AZ 85043

Building Type: Class B Distribution Status: Built Jan 2023 Tenancy: Land Area: 6.39 AC Stories: 1 RBA: 101,018 SF Total Avail: No Spaces Currently Available % Leased: 74.8%

Management: Recorded Owner: Sheffa LLC

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

30'0" 2 24 ext -

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None -

Expenses: 2021 Tax @ $0.50/sf Parcel Number: 104-18-017 Parking: 152 Surface Spaces are available; Ratio of 1.50/1,000 SF

Notes Base Rent: $0.92/SF/month, $11.04/SF/year NNN CAM: $0.20/SF/month, $2.40/SF/year Space is 25,500 SF Under construction; completing final punch list items

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

NWC 61st Ave & Buckeye Rd - Building 3 - Estrella Commerce Center II

Building 3

+/- 25,500 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

9019 W Bloomfield Rd - Building 1

Location: Building 1 AKA W Cactus Rd & N 91st Ave Northwest Ind Cluster Surprise Ind Submarket Maricopa County Peoria, AZ 85381

Building Type: Class B Warehouse Status: Under Construction, delivers Jun 2023 Tenancy: Multiple Tenant Land Area: 9.11 AC Stories: 1 RBA: 75,526 SF Total Avail: 75,526 SF % Leased: 0%

Management: Recorded Owner: Az Cactus Industrial Lp

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

28'0" 4 27 ext 2500a/480v

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None None Lighting, Sewer, Water

Expenses: 2021 Tax @ $0.37/sf Parcel Number: 200-97-411 Parking: 114 Surface Spaces are available; Ratio of 1.51/1,000 SF Floor

P 1st

SF Avail

Bldg Contig

75,526 div

Rent/SF/Yr + Svs

75,526

Withheld

Occupancy

06/2023

Notes Base Rent: $1.20/SF/month, $14.40/SF/year NNN CAM: $0.20/SF/month, $2.40/SF/year Space subdivides to 14,394 SF Under construction; roof recently installed

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

9019 W Bloomfield Rd - Building 1

Building 1 75,526 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

9030 W Cactus Rd - Building 2 - Cactus 101 Business Park

Location: Building 2 AKA W Cactus Rd & N 91st Ave Northwest Ind Cluster Surprise Ind Submarket Maricopa County Peoria, AZ 85381

Building Type: Class B Warehouse Status: Under Construction, delivers Jun 2023 Tenancy: Multiple Tenant Land Area: 9.15 AC Stories: 1 RBA: 65,474 SF

Management: Recorded Owner: Az Cactus Industrial Lp

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Total Avail: 65,474 SF % Leased: 0%

28'0" 6 26 ext 2500a/480v

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None None Lighting, Sewer, Water

Expenses: 2021 Tax @ $0.43/sf Parcel Number: 200-97-411 Parking: 114 Surface Spaces are available; Ratio of 1.74/1,000 SF Floor

P 1st

SF Avail

Bldg Contig

65,474 div

Rent/SF/Yr + Svs

65,474

Withheld

Occupancy

06/2023

Notes Base Rent: $1.20/SF/month, $14.40/SF/year NNN CAM: $0.20/SF/month, $2.40/SF/year Space subdivides to 13,126 SF Under construction; roof recently installed

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

9030 W Cactus Rd - Building 2 - Cactus 101 Business Park

Building 2 65,474 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

10100 W Montebello Ave - Building A

Location: Building A Northwest Ind Cluster Glendale Ind Submarket Maricopa County Glendale, AZ 85307

Building Type: Class A Distribution Status: Built 2020 Tenancy: Multiple Tenant Land Area: 5.45 AC Stories: 1 RBA: 74,293 SF Total Avail: 21,871 SF % Leased: 70.6%

Management: CBRE Recorded Owner: JCC Montebello AZ LLC

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

24'0" 6 12 ext 2500a/277-480v 3p

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None None -

Expenses: 2021 Tax @ $2.46/sf Parcel Number: 102-15-012 Floor

P 1st / Suite 120/130

SF Avail

21,871 div

Bldg Contig

Rent/SF/Yr + Svs

21,871

Withheld

Occupancy

Vacant

Notes Base Rent: $1.15/SF/month, $13.80/SF/year NNN CAM: $0.19/SF/month, $2.28/SF/year Space subdivides to 7,311 SF; total space is 21,871 SF High amenity area Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

10100 W Montebello Ave - Building A

Building A | Suites 120 & 130 21,871 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

13301 N Dysart Rd - Dysart & Sweetwater

Location: Northwest Ind Cluster Surprise Ind Submarket Maricopa County Surprise, AZ 85379

Building Type: Class B Industrial Status: Under Construction, delivers Jun 2023 Tenancy: Multiple Tenant Land Area: 27.24 AC Stories: 1 RBA: 74,819 SF Total Avail: 74,819 SF % Leased: 0%

Management: Recorded Owner: -

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities:

Floor

P 1st

24'0" 14 14 ext 3000a/277-480v 3p/4w

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None Lighting, Sewer, Water

2021 Tax @ $0.60/sf 501-36-933 Covered Spaces @ $25.00/mo; Ratio of 2.10/1,000 SF Car Charging Station, Skylights, Yard

SF Avail

74,819 div

Bldg Contig

Rent/SF/Yr + Svs

74,819

Withheld

Occupancy

06/2023

Notes Base Rent: $1.10/SF/month, $13.20/SF/year NNN CAM: $0.18/SF/month, $2.16/SF/year Space subdivides to 5,064 SF; can be subdivided to +/-20,000 SF Under construction; August 2023 delivery Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

New

13301 N Dysart Rd - Dysart & Sweetwater

Building B 74,819 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

13430 N Dysart Rd

Location: AKA 13401 N Dysart Rd Northwest Ind Cluster Surprise Ind Submarket Maricopa County Surprise, AZ 85379

Building Type: Class B Industrial Status: Under Construction, delivers Jun 2023 Tenancy: Multiple Tenant Land Area: 27.24 AC Stories: 1 RBA: 85,711 SF Total Avail: 85,711 SF % Leased: 0%

Management: Recorded Owner: -

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

12 12 ext -

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None None -

Expenses: 2021 Tax @ $0.52/sf Parcel Number: 501-36-933 Floor

P 1st

SF Avail

85,711 div

Bldg Contig

Rent/SF/Yr + Svs

85,711

Withheld

Occupancy

06/2023

Notes Base Rent: $1.10/SF/month, $13.20/SF/year NNN CAM: $0.18/SF/month, $2.16/SF/year Space subdivides to 6,720 SF; can be subdivided to +/-20,000 SF Under construction; July/August 2023 delivery

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

New

13430 N Dysart Rd

Building A 85,711 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

NEC Cactus Rd & Summit Way - Summit Business Park

Location: Summit Business Park Northwest Ind Cluster Surprise Ind Submarket Maricopa County Surprise, AZ 85379

Building Type: Class B Warehouse Status: Under Construction, delivers Sep 2023 Tenancy: Land Area: 10.87 AC Stories: 1 RBA: 133,904 SF

Management: Recorded Owner: Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power: Expenses: Parcel Number: Parking: Amenities: Floor

Total Avail: 133,904 SF % Leased: 0%

28'0" 50'w x 52'd 6 41 ext 2500a/480v 2021 Tax @ $0.08/sf 501-38-983 184 free Surface Spaces are available; Ratio of 1.37/1,000 SF Signage SF Avail

Bldg Contig

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

Rent/SF/Yr + Svs

None Lighting, Water

Occupancy

Term

Use/Type

P 1st / Suite 1

25,635

134,048

Withheld

12/2023

Negotiable

Direct

P 1st / Suite 2

16,496

134,048

Withheld

12/2023

Negotiable

Direct

P 1st / Suite 3

24,816

134,048

Withheld

12/2023

Negotiable

Direct

P 1st / Suite 4

24,816

134,048

Withheld

12/2023

Negotiable

Direct

Notes Base Rent: $1.00/SF/month, $12.00/SF/year NNN CAM: $0.20/SF/month, $2.40/SF/year est. Space subdivides to 16,496 SF Under construction; 3Q23 anticipated delivery Buildings are designed to be divided, but preference is for 1 or 2 tenants

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

NEC Cactus Rd & Summit Way - Summit Business Park

Suite 1

25,635 SF 1,587 SF Spec Suite

Suite 2

16,496 SF

Suite 3

24,816 SF

Suite 4

24,816 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

13820 W Rioglass Solar Rd - Skyway Business Park

Location: Skyway Business Park AKA NWC 132nd Ave & Rioglass Northwest Ind Cluster Glendale Ind Submarket Maricopa County Surprise, AZ 85379

Building Type: Class B Warehouse Status: Under Construction, delivers Apr 2023 Tenancy: Multiple Tenant Land Area: 6.37 AC Stories: 1 RBA: 107,400 SF Total Avail: 107,400 SF % Leased: 0%

Management: Recorded Owner: -

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities:

Floor

E GRND

31'0" 50'w x 51'd 14 18 ext 6000a/277-480v 3p

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None -

2021 Tax @ $0.18/sf 501-45-940A 186 Surface Spaces are available; Ratio of 1.73/1,000 SF Fenced Lot

SF Avail

Bldg Contig

107,400 div

Rent/SF/Yr + Svs

107,400

Withheld

Occupancy

05/2023

Notes Base Rent: $1.20/SF/month, $14.40/SF/year NNN CAM: $0.20/SF/month, $2.40/SF/year est. Space subdivides to 15,300 SF Under construction; 2Q23 anticipated delivery

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

New

13820 W Rioglass Solar Rd - Skyway Business Park

Ground Floor 107,400 SF

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

4433 W Van Buren St - Van Buren Bldg

Location: Van Buren Bldg Southwest Ind Cluster SW N of Buckeye Road Ind Submarket Maricopa County Phoenix, AZ 85043

Building Type: Class B Warehouse Status: Built 1981 Tenancy: Multiple Tenant Land Area: 2.60 AC Stories: 1 RBA: 79,600 SF

Management: Cutler Commercial Recorded Owner: Zimmerman Properties, Inc.

Ceiling Height: Column Spacing: Drive Ins: Loading Docks: Power:

Expenses: Parcel Number: Parking: Amenities: Floor

P 1st / Suite 1-2

Total Avail: 15,372 SF % Leased: 80.7%

20'0" 4 - 9'0"w x 13'0"h 14 ext 200a/277-480v 3p/3w

Crane: Rail Line: Cross Docks: Const Mat: Utilities:

None None None Reinforced Concrete Sewer - City, Water - City

2021 Tax @ $0.79/sf; 2007 Ops @ $1.63/sf 104-01-002, 104-01-013 96 Surface Spaces are available; Ratio of 1.20/1,000 SF Fenced Lot SF Avail

Bldg Contig

15,372

Rent/SF/Yr + Svs

15,372

$10.68/ig

Occupancy

Vacant

Notes Base Rent: $0.89/SF/month, $10.68/SF/year IG 2nd generation space

Information based on representations by listing brokers in CoStar. © 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 65470.

Term

Negotiable

Use/Type

Direct

4433 W Van Buren St - Van Buren Bldg

Suites 1 & 2 15,372 SF

TRUCKWELL DOORS GRADE LEVEL DOORS

© 2023 CoStar Group - Licensed to Lee Commercial Real Estate, LLC - 1265925.

176 Federal Street, Suite 403 Boston, MA 02110 lee-associates.com/boston

MITCHELL JACOBY, MCR

Principal [email protected] 978.476.1223

RYAN HINGST

Associate [email protected] 602.954.3772

Note: The information contained herein is believed to be accurate but is not warranted as to accuracy and may change or be updated without notice. Seller, Landlord or Sublandlord makes no representation as to the environmental condition of the property and recommends Purchaser’s or Tenant’s independent investigation.