CARLSBAD THREE-PROJECT OFFICE PORTFOLIO TOTALING OVER 200,000 SF. AN EXCELLENT Investment Opportunity with Tremendous Value-Add Upside

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1 CARLSBAD C O L L E C T I O N THREE-PROJECT OFFICE PORTFOLIO TOTALING OVER 200,000 SF AN EXCELLENT Investment Opportunity with Tremendous Value-Add Upside CAPITAL MARKETS INSTITUTIONAL PROPERTIES

2 Three well-located, institutional-quality office projects in San Diego S premier Coastal market CARLSBAD AIRPORT PLAZA 64,817 SF 86% Leased 82% SIZE: 201,612 SF 82% LEASED # BLDGS/# FLOORS 4 / 2-3 CARLSBAD COLLECTION 2

3 LA PLACE COURT 81,965 SF 86% leased CAMINO WEST CORPORATE PARK 54,830 SF 72% leased LAND AREA: Acres OPPORTUNITY Over 30% of existing vacancy in SPEC condition ABOVE MARKET PARKING: 4.4:1,000 USF parking ratio 3

4 CARLSBAD AIRPORT PLAZA LA PLACE COURT carlsbad AIRPORT PLAZA (APT) 5963 La Place Court la place COURT (LPC) 5900 & 5950 La Place Court camino west CORP. PARK (CMW) 2035 Corte del Nogal SIZE (per leases/per BOMA 2017) 62,026 RSF / 64,817 RSF 81,068 RSF / 81,965 RSF 54,326 SF / 54,830 SF % LOAD FACTOR 13.75% 15.40% 14.06% # BLDGS/# FLOORS 1 / 3 2 / 2 1 / 2 YEAR BUILT/ RENOVATED 1987/ / /2016 % LEASED 85.9% 86.3% 72.0% LAND AREA 3.01 Acres 4.58 Acres 4.42 Acres PARKING RATIO (PER BOMA 2017) 4.4:1,000 usf 4.3:1,000 USF 4.6:1,000 usf CARLSBAD COLLECTION 4

5 CAMINO WEST CORPORATE PARK THE OFFERING As Exclusive Advisor, CBRE is pleased to present qualified investors with the exceptional opportunity to acquire the Carlsbad Collection (the Portfolio or Properties ), consisting of three institutional-quality, multitenant office buildings totaling 201,612 square feet and currently 82% leased. The Carlsbad Collection is offered for sale without an asking price and no debt to assume. Investors are invited to bid on each asset individually and as a portfolio. IDEAL VALUE-ADD OPPORTUNITY COMBINED WITH EXISTING CASH FLOW 82% leased with below market in-place rents NOI is projected to increase over 37% by 2021 Five vacant suites totaling over 12,000 SF are in spec condition enabling investors to capitalize on the improvements and expediting lease up Attractive near-term lease expirations with 48% rollover within the first three years 3.0% annual rental increase provide consistent NOI growth ALTERNATIVE EXIT STRATEGIES Given the size and estimated value of each asset within the Carlsbad Collection, investors will have the utmost flexibility when evaluating possible exit strategies. At approximately 200,000 square feet, the portfolio is an ideal size for an institutional investor looking to acquire scale and diversification among multiple assets. Likewise, the individual assets provides ownership the ability to selloff to private investors or other exchange buyers. OPPORTUNITY TO ACQUIRE BELOW REPLACEMENT COST The Portfolio is expected to sell at a significant discount to replacement cost estimated at $67.6 million or $335/SF. With the diminishing supply of available land, coupled with numerous cost constrains, market rents would need to increase by 35-40% to reach acceptable replacement rents. $7 MILLION IN RECENT CAPITAL AND tenant improvements renovated lobbies & common corridors landscaping new outdoor loungestyle patios/courtyards new restrooms and showers 5

6 CARLSBAD C O L L E C T I O N INVESTMENT ADVISORS LOUAY ALSADEK Lic louay.alsadek@cbre.com LEASING EXPERTS (CMW) LARRY CAMBRA Lic larry.cambra@cbre.com LEASING EXPERTS (APT/LPC) MATTY SUNDBERG Lic matt.sundberg@cushwake.com FINANCING CONTACTS MARK MCGOVERN Lic mark.mcgovern@cbre.com HUNTER ROWE Lic hunter.rowe@cbre.com ROGER CARLSON Lic roger.carlson@cbre.com BOB COWAN Lic bob.cowan@cushwake.com SCOTT PETERSON Lic scott.peterson@cbre.com CAPITAL MARKETS OFFICE WESTERN U.S. Denver Tim Richey Mike Winn Chad Flynn Los Angeles Todd Tydlaska Sean Sullivan Mike Longo Orange County Anthony Delorenzo Phoenix Barry Gabel Portland Trevor Kaforury Charles Safley San Diego Louay Alsadek Hunter Rowe San Francisco Russell Ingrum Seattle Tom Pehl Lou Senini Silicon Valley Joe Moriarty Scott Prosser Jack Depuy Debt & Structured Finance Brad Zampa Brady O Donnell Bruce Francis Mark McGovern Scott Peterson Michael L. Walker Val Achtemeier CAPITAL MARKETS INSTITUTIONAL PROPERTIES 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.