LINCOLN PLAZA CENTER South State Street Salt Lake City, Utah INVESTMENT OFFERING. BRYCE BLANCHARD, MBA

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1 1300 South State Street Salt Lake City, Utah EXCLUSIVELY LISTED BY: BRYCE BLANCHARD, MBA

2 & HIGHLIGHTS 2

3 Newmark Grubb ACRES is pleased to present the opportunity to acquire the notable Lincoln Plaza Center located in periphery of downtown Salt Lake City. The Lincoln Plaza Center is a multi-tenant retail/office strip that is 100% occupied, with 67% of the leasing being government-backed. The project has had an impressive 90100% 15-yr occupancy history and features a strong tenant mix, including a cluster of diverse international eateries, and benefits by the well established in-fill location. Some of the benefits are derived from the growing development of the area, including the recent multi-family project, 616 Lofts, under construction on State Street and the recent redevelopment that has taken place surrounding nearby Liberty Park. Salt Lake County is the lead tenant for the project. Salt Lake County occupies 40,679 square feet of office space at a lease rate that is well below market at $14.44 PSF Full Service. There is only one other available office property in the surrounding area with a lease rate below $16.00 PSF Full Service and the property is classified as a Class C property. In addition, Salt Lake County has invested a considerable amount of their own capital in the space over the last few years and has been a tenant since PROPERTY HIGHLIGHTS # OF TENANTS RENTABLE SQUARE FOOTAGE TOTAL PROJECT ACREAGE PARKING RATIO 11 60, /1,000 INVESTMENT HIGHLIGHTS PURCHASE PRICE NET OPERATING INCOME PRICE PER SQUARE FOOT CAP RATE ST 1 YEAR LEVERAGED CASH ON CASH RETURN 10 YEAR LEVERAGED IRR: 3 $7,950,000 $634,497 $ % 14.15% 16.97%

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REGIONAL MAP 56 0 0 W es t 70 0 S out h CBD CBD 50 0 S out h 60 0 S out h C a l i f o r ni a A v e n u e Salt L ake City Ma g n a 31 0 0 So uth 35 0 0 So uth 215 41 0 0 So uth Ke a r n s 82 0 0 So ut

uth ri H e r ri m ou Ba n M He rr ima n g e r t er H i g h wa y H ou nt Blu f fd a le ai n Vi ew C or r id 68 or 5 1 4 6 00 S o u t h t le San d y Riv e rt on as 9 4 00 S ou t h k R oad wc e ee N 90

Re giona l Air por t 70 0 0 So uth 54 0 0 So uth Re d woo d R oa d 39 0 0 So uth Taylo rs ville 32 0 0 W es t 111 48 0 0 W es t 40 0 0 W es t 47 0 0 So uth 33 0 0 So uth 90 0 E as t Mi l l cr e e k

5 REGIONAL MAP W es t 70 0 S out h CBD CBD 50 0 S out h 60 0 S out h C a l i f o r ni a A v e n u e Salt L ake City Ma g n a So uth So uth So uth Ke a r n s So ut h Cot tonwoo d Heigh ts Mi d v a l e Cr So u th So ut h W est So ut h J o rd a n So u th S Dra p e r So uth ve a n H i gh w ay th So uth ri H e r ri m ou Ba n M He rr ima n g e r t er H i g h wa y H ou nt Blu f fd a le ai n Vi ew C or r id 68 or S o u t h t le San d y Riv e rt on as S ou t h k R oad wc e ee N So uth So uth O l d B i ng ha m H i g h w a y So uth S o uth Da n non W a y Mu r r a y West Jo r dan Holladay So uth So uth So uth So uth Va lley Re giona l Air por t So uth So uth Re d woo d R oa d So uth Taylo rs ville W es t W es t W es t So uth So uth 90 0 E as t Mi l l cr e e k 90 0 E as t West V alley C ity So uth So uth So ut h Salt L ake 50 0 W e st W es t W est S o uth E as t Ea s t 50 0 E as t Sta te Str e e t W e st 90 0 W e st W e st 80 0 N o rt h W es t Salt Lake City Inter national Airport N h ig la nd D D r iv e

6 DOWNTOWN MAP N t Eas 200 Wes t 300 West Temple 300 Wes t st 200 Ea 1300 South Main Street et State Stre 6

Salt Lake City, Utah 84111 Ofﬁce 801.578.

7 1300 South LOCAL MAP State Street Salt Lake City, Utah N Jody Wilkinson Pacific Food Korea House Kelsey Avenue Shanghai Cafe House of Tibet 25,330 cars/day 1300 South State Street Major Street Main Street West Temple Big Kahuna s Pizza Cleveland Avenue Alvaro s 24,150 cars/day 9,190 cars/day 4,320 cars/day 13,545 cars/day Coachman s Mi Lindo Nayarit Diamond Nails Spencer s Car Wash 200 East 21,675 cars/day Nate Wade 10,465 cars/day 5,040 cars/day Harvard Avenue Miles 376 East 400 South, Suite 120 l Salt Lake City, Utah Ofﬁce l Fax Map Data and/or Imagery Courtesy of Google, UDOT (2014

8 SITE LAYOUT 8

Suite Tenant 1 TASC, INC 2 APEX STAFFING 912 3 TASC, INC 900 4 TASC, INC 1,250 5 FRISCH EATERY 1,540 6 PACIFIC FOODS, INC 1,539 7 KOREA HOUSE 2,750 8 IPHIXIT 1,186 9 OSCAR

9 Suite Tenant 1 TASC, INC 2 APEX STAFFING TASC, INC TASC, INC 1,250 5 FRISCH EATERY 1,540 6 PACIFIC FOODS, INC 1,539 7 KOREA HOUSE 2,750 8 IPHIXIT 1,186 9 OSCAR MORALES RAMOS 2, DIAMOND NAILS SHANGHAI CAFÉ 2, HOUSE OF TIBET 10,11,13, SALT LAKE COUNTY 16,17 SALT LAKE COUNTY Storage Room 9 SF 2,800 1,292 40,679 62

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11 RENT ROLL (12/31/16 12/31/17 TENANT SF $ PSF MONTHLY ANNUAL LEASE TYPE LEASE START DATE LED ESCALATIONS COMMENTS TASC, Inc. 2,800 $14.04 $3,277 $39,323 5/1/2015 6/30/2018 3% annually Rent bumps September. Renewal Option: One 3 year at 3% annual inc and 120 day notice TASC, Inc. 900 $13.91 $1,043 $12,520 6/1/2012 6/30/2018 3% annually Rent bumps January. Same Renewal option as above. TASC, Inc. 1,250 $13.91 $1,449 $17,388 12/31/2014 6/30/2018 3% annually Rent bumps January. Same Renewal option as above. 912 $14.49 $1,101 $13,215 7/1/ /31/2016 3% annually Rent bumps January. Renewal Option: None Rent bumps January. Renewal Option: One 5 year at FMV plus 3% annual increases with 90 day notice Apex Staffing Frisch Eatery 1,540 $14.21 $1,823 $21,876 3/13/ /31/2018 3% annually Pacific Foods, Inc. 1,539 $12.73 $1,632 $19,585 7/10/2010 6/30/2020 3% annually Rent bumps July. Renewal Option: None Korea House 2,750 $12.91 $2,958 $35,495 12/1/ /30/2018 3% annually Rent bumps December. Renewal Option: None iphixit 1,186 $13.33 $1,317 $15,810 5/1/2012 4/30/2018 3% annually Rent bumps May. Renewal Option: None Oscar Morales Ramos Mi Lindo 2,420 $12.89 $2,599 $31,189 4/1/2013 7/31/2018 3% annually Rent bumps August. Renewal Option: None 720 $20.83 $1,250 $15,000 2/1/1997 1/31/2017 Rent bumps February. Renewal option: None Shanghai Café 2,268 $16.19 $3,059 $36,713 8/1/1995 7/31/2021 Rent bumps August Renewal Option: One 5 year at 3% annual inc and 90 day notice House of Tibet 1,292 $17.13 $1,844 $22,128 9/1/2014 8/31/2017 3% annually One bump of 5% in 8/1/18 CPI Annually Flat Outstanding credit available for T.I.'s from Landlord to Tenant for approximately $30,000. Renewal Option: One 5 year at 10% increase at renewal and 18 month notice Diamond Nails (Betty Howard, Mai Salt Lake Criminal Justice 40,679 Property Storage Room SUBTOTAL $14.44 $48,942 $587, $- $- $- 60,318 $14.38 $72,296 $867,547 Add: Tenants Reimbursable Income $58,652 Add: SL Criminal Justice Estimated Reimbursable Income $53,291 Add: Parking Income $1,200 GROSS INCOME TOTALS 10/18/ /31/2019 $980,690 Less: Vacancy on Retail (None on Office Space 5.00% $(11,080 Less: Reimbursable Operating Expenses $(180,711 Less: SL Criminal Justice OpEx Only $(134,813 Less: Reserves FS 2.00% $(19,590 Expense/Vacancy Totals $(346,193 TOTAL NET OPERATING INCOME $634, Rent bumps September. Renewal Option: None

12 VALUATION AND CASH ON CASH Net Operating Income $634,497 Value $7,950,000 Price PSF $132 Cap Rate 8.0% Loan to Value Ratio 65.00% Down Payment $2,782,500 Mortgage Balance $5,167,500 Amortization (in years 25 Payments per Year 12 Loan Term 10 Interest Rate 1.52% 4.28% 6.49% 20.01% 4.500% Annual P&I $344,672 Annual Cash Return (NOI less P&I $289,825 Origin Fee/Closing Costs: LEASE EXPIRATION DATE (% OF INCOME 1.00% $51,675 Total Cost $8,001,675 Total Cash Invested $2,834,175 Cash on Cash Return 1st Year Principal Reduction Total Return Including Principal Reduction FIRST YEAR TOTAL RETURN ON INVESTMENT 67.70% 10.23% $111,220 $401, %

- INCOME STATEMENT AND IRR 2017 YEAR 1 Capital Investment Net Operating Income Cashflows Rent Roll Income Add: Tenants Reimbursable Income Add: SL Criminal Justice Estimated Reimbursable Income Add:

13 - INCOME STATEMENT AND IRR 2017 YEAR 1 Capital Investment Net Operating Income Cashflows Rent Roll Income Add: Tenants Reimbursable Income Add: SL Criminal Justice Estimated Reimbursable Income Add: Parking Income Less: Vacancy on Retail (None on Office Space 5.00% Less: Reimbursable Operating Expenses Less: SL Criminal Justice OpEx Only Less: Reserves 2.00% Total Net Operating Income NOI Return on Cost Debt Coverage Ratio Annual Cash Flows Total Net Operating Income Less: Tenant Improvements $10.00 PSF Less: Brokerage Costs 6.00% Less: Leasing Costs (T.I.'s and Brokerage Costs Less: Vacancy Down Time Less: Debt Service Total Annual Cash Flows Cash on Cash Return Sales Proceeds (Valuation: Year of Sale 2027 Exit Cap Rate 8.25% Sale Value Less: Debt Payoff Less: Cost of Sale 3.50% Total Sale Proceeds at Cap Rate IRR Analysis Exit Cap Rate 8.25% Total Cash Flows IRR 16.97% Assumptions YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR ,898 59,825 54,357 1,200 (11,301 (184,325 (137,509 (19, , % ,596 61,022 55,444 1,200 (11,527 (188,011 (140,260 (20, , % ,648 62,242 56,553 1,200 (11,758 (191,771 (143,065 (20, , % ,061 63,487 57,684 1,200 (11,993 (195,607 (145,926 (21, , % ,842 64,757 58,838 1,200 (12,233 (199,519 (148,845 (21, , % ,999 66,052 60,014 1,200 (12,477 (203,509 (151,822 (22, , % ,539 67,373 61,215 1,200 (12,727 (207,580 (154,858 (22, , % ,016,470 68,720 62,439 1,200 (12,981 (211,731 (157,955 (22, , % ,036,799 70,095 63,688 1,200 (13,241 (215,966 (161,114 (23, , % , , , , ,701 (30,159 (30,762 (31,377 (32,005 (32,645 (7,860 (8,017 (8,178 (8,341 (8,508 (38,019 (38,779 (39,555 (40,346 (41,153 Included as a deduction in Incoming cash flows above (344,672 (344,672 (344,672 (344,672 (344,672 (2,582, , , , ,876 n/a 9.30% 9.73% 10.17% 10.62% 700,411 (33,298 (8,678 (41, ,395 (33,964 (8,852 (42, ,659 (34,643 (9,029 (43, ,208 (35,336 (9,209 (44, ,048 (36,043 (9,393 (45,436 (344, , % (344, , % (344, , % (344, , % (344, , % (2,834, ,547 58,652 53,291 1,200 (11,080 (180,711 (134,813 (19, , % ,188,466 (3,778,028 (321,596 5,088,842 (2,582, ,712 Annual Turnover: Typical Renewal/New Lease Term: Typical Renewal/New Lease Escalations: Annual Rent/Expense Inflation: Annual TI Inflation: 275,855 5% 3 Years 2% 2% 2% , , , , , ,991 5,456,782

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15 TOTAL RENTABLE SF ACREAGE PROPERTY TYPE Strip Center 1990 EFFECTIVE YEAR BUILT 1996 CONSTRUCTION TYPE Block EXTERIOR MECHANICAL 4.40 Acres YEAR BUILT ROOF 60,318 SF ELEVATOR PARKING RATIO Glass store front with aluminum frames, painted concrete block, and decorative stucco sign fascia. Metal roof deck with a 4-ply John Manville built-up roof with gravel ballast. Roof-mounted heating and air conditioning units, with thermostat controls in each tenant space. US Elevator-2 story hydraulic 3.17/

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19 WHY INVEST IN UTAH? #1 ECONOMY AWARDED GOLD SHOVEL #1 STATE WITH THE BEST ECONOMY by Area Development Magazine for significant job creation, infrastructure improvement and for leading the nation in fostering a world-class business environment. (WalletHub, 2016 (Utah Governor s Office of Economic Development, 2016 TOP STATE FOR BUSINESS EMPLOYMENT RATED AMERICA S TOP STATE FOR BUSINESS UNEMPLOYMENT IS SECOND LOWEST IN NATION (CNBC, 2016 (Dept. of Workforce Services #1 FOR BUSINESS GLOBALLY RANKED #1 BEST STATE FOR BUSINESS SALT LAKE CITY RANKED ONE OF THE 15 BEST CITIES TO DO BUSINESS GLOBALLY (Forbes, 2015 (Fortune #1 FUNAMENTALLY SOUND #1 PRO-BUSINESS STATE FOR 3RD CONSECUTIVE YEAR HIGHEST RESULTS IN 6 PERFORMANCE CATEGORIES (Pollina and AEDI (US Chamber Foundation, October 2015 AAA TOP 10 1 OF 13 STATES AWARDED A AAA CREDIT RATING LABOR SALT LAKE & PROVO BOTH RANKED TOP 10 (Standard & Poor s, 2015 (Forbes,

20 SALT LAKE CITY LIFESTYLE 5 NATIONAL PARKS 43 STATE PARKS 14 WORLD-CLASS SKI RESORTS SALT LAKE RANKED ONE OF THE HEALTHIEST METRO S (ATLANTIC CITIES MAGAZINE OVER 9 MILLION ACRES OF NATIONAL FOREST UTAH HAS 6TH LOWEST CRIME RATE IN THE U.S. #1 HIKING CITY (SALT LAKE CITY (NATIONAL GEOGRAPHIC ADVENTURE SALT LAKE RANKED BEST PLACE TO LIVE PARK CITY RANKED BEST TOWN EVER (OUTSIDE MAGAZINE 2ND MOST LIVABLE STATE (CQ PRESS, 2013 #1 STATE FOR FUTURE LIVABILITY (GALLUP WELLBEING 20

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22 2016 MIDYEAR REPORT CLICK TO VIEW NEWMARK GRUBB ACRES 2016 MIDYEAR UTAH/MOUNTAIN WEST REPORT 22

THE LAST LOOK 2014 MID-YEAR SALT LAKE INDUSTRIAL REVIEW

THE LAST LOOK 2014 MID-YEAR SALT LAKE INDUSTRIAL REVIEW AUGUST 2014 2014 Mid-Year Salt Lake Industrial Review At IPG Commercial our sole focus is to assist owners and occupiers of industrial property in Utah, and across the country, make informed real estate