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Subject Property

100 Dorchester SqWesterville, OH 43081 - Westerville Submarket

PROPERTY

Type: Class C Office

Yr Blt/Renov: 1984

Property Size: 10,248 SF

Stories: 2

Typical Floor: 5,124 SF

Core Factor: 15%

Parking Spaces: 42: 4.10/1,000 SF

LOCATION

Walk Score®: Somewhat Walkable (57)

Transit Score®: Minimal Transit (17)

EXPENSES PER SF

Taxes: $3.24/SF (2013)

OWNER

ADR & Associates Limited

Purchased 11/27/2017

Price $875,000; $85.38/SF

VACANCY

Current:

Last Quarter:

0.0%

0.0%

Year Ago: 25.0%

Peers: 17.2%

Submarket 2-4 Star: 6.0%

GROSS ASKING RENT PER SF

Current:

Last Quarter:

$16.95

-

Year Ago: $16.95

Peers: $12.70

Submarket 2-4 Star: $15.99

12 MO. LEASING SF ACTIVITY

Subject Property:

Peers Total:

2,562

5,856

Peers Avg: 585

Submarket Total: 208,321

Submarket Avg: 510

AVAILABLE SPACES

Currently No Available Spaces

Tenant # Emps Move Date Exp DateFloor SFIndustry

KEY TENANTS

Right at Home - Jul 2012 -5,163UnkwnMedical

Diversified 6 Feb 2018 -2,0001stRetailers/Wholesalers

Envisual 6 Nov 2016 -9002ndBusiness Services

Guthrie Law Office 1 Jan 2017 -1502ndLaw Firms

Alloy 10 Aug 2017 --2ndPersonal Services

CoStar Research Moving Out Moving In My Data Shared Data

8/1/2019Copyrighted report licensed to Donald R Kenney & Company - 512681.

Page 1

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Sold By DRK - 7/30/19 - $162.00 PSF Office Building in Westerville

8/30/2019

Page 1 Copyrighted report licensed to Donald R Kenney & Company - 512681.

140 Commerce Park Dr - 140 Commerce Park Drive Westerville, OH 43082 - Outlying Delaware County Submarket

BUILDING

Type: Class B Office

Tenancy: Multiple

Year Built: 2003

RBA: 4,540 SF

Floors: 1


Construction: Masonry

LAND

Land Area: 0.66 AC

Zoning: commercial

Parcel 317-334-03-006-005

EXPENSES PER SF

Taxes: $4.08 (2018)

AMENITIES

Air Conditioning, Central Heating, Plug & Play, Signage

LEASING

Available Spaces: No Spaces Currently Available

SALE

Last Sale: Sold on Jul 30, 2019 for $735,000 ($161.89/SF)

TRANSPORTATION

Parking: 24 free Surface Spaces are available; Ratio of 5.29/1,000 SF

Airport: 21 minute drive to John Glenn Columbus International Airport

Walk Score ®: Somewhat Walkable (50)

Transit Score ®: Some Transit (28)

KEY TENANTS

Bradigan & Orlandini Inc. 1,800 SF Heitmeyer Consulting 450 SF

PROPERTY CONTACTS

True Owner: Grafmiller & Davis Insurance Recorded Owner: Grafmiller & Davis Insurance

Prior True Owner: Bale & Assoc LTD

Sold By DRK - 7/30/19 - $162.00 PSF Office Building in Westerville

8/30/2019

Page 2 Copyrighted report licensed to Donald R Kenney & Company - 512681.

140 Commerce Park Dr - 140 Commerce Park Drive Westerville, OH 43082 - Outlying Delaware County Submarket

MARKET CONDITIONS

0.0%

0.1%

0.5%

18.8%

5.7 mo

2.6%

2.8%

-54.4%

1.3%

Submarket Leasing Activity Current YOY

Gross Asking Rents Per SF Current YOY Vacancy Rates Current YOY

Submarket Sales Activity Current YOY

Current Building 0.0%

Submarket 2-4 Star 4.3%

Market Overall 7.1%

Current Building $21.22

Submarket 2-4 Star $17.78

Market Overall $19.65

12 Mo. Leased SF 66,213

Months On Market 5.3

12 Mo. Sales Volume (Mil.) $3.8

12 Mo. Price Per SF $128

www.drk-realty.com

Sale Comps


Investment Trends100 Dorchester Sq

Sale Comparables

16Avg. Cap Rate

9.3%Avg. Price/SF

$136Avg. Vacancy At Sale

0%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $750,000 $1,709,752 $1,280,000 $5,300,000

Price Per SF $75 $136 $115 $286

Cap Rate 7.0% 9.3% 9.4% 10.5%

Time Since Sale in Months 0.8 9.5 7.6 21.7

Property Attributes Low Average Median High

Building SF 7,236 12,598 11,418 20,484

Stories 1 1 1 2

Typical Floor SF 4,560 10,467 10,025 18,528

Vacancy Rate At Sale 0% 0% 0% 0%

Year Built 1900 1986 1997 2003

Star Rating 2.4


Page 2


Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

-1 507 Executive Campus Dr2002 10,000 0% $919,400 $927/9/2019 -

-2 98 Commerce Park Dr1900 9,120 0% $1,450,000 $1597/2/2019 -

-3 1010 Old Henderson Rd1999 9,562 0% $1,068,624 $1126/6/2019 -

-4 2191-2193 Citygate Dr1999 10,050 0% $750,000 $754/19/2019 -

-5 631 Copeland Mill Dr1982 8,762 0% $1,100,000 $1264/10/2019 -

-6 4816 Indianola Ave2003 7,236 0% $1,050,000 $1454/4/2019 10.5%

-7 5797 Beechcroft Rd1973 13,490 0% $1,975,000 $1463/21/2019 8.9%

-8 1660 NW Professional Pky1972 10,835 0% $1,000,000 $9212/28/2018 10.5%

-9 600 Cross Pointe Rd2003 14,837 0% $1,410,000 $9511/30/2018 -

-10 413 N State St1999 15,976 0% $3,750,000 $23510/12/2018 8.8%

-11 707 Park Meadow Rd1984 18,000 0% $1,800,000 $1006/6/2018 -

-12 6665 Busch Blvd1971 12,000 0% $988,000 $824/4/2018 -

-13 495 Executive Campus Dr1990 9,634 0% $1,150,000 $1191/30/2018 -

-14 1080 Polaris Pky1999 20,484 0% $2,090,000 $1021/11/2018 -

-15 1480 Manning Pky1996 13,054 0% $1,555,000 $11911/14/2017 9.8%

-16 7400 Huntington Park Dr1998 18,528 0% $5,300,000 $28610/10/2017 7.0%


Page 3

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COLUMBUS INVESTMENT TRENDS

Very few assets have been exchanged in 2019, and yearover year volume is close to $272,100,000, with theaverage property selling for close to $78.00/SF with an8.6% cap rate. One of the largest sales of the secondquarter involved 4900 Tuttle Crossing, which closed inJune for just over $2.4 million or $60/SF. This Dublinasset was vacant at the time of sale, and will beoccupied by the Dave Thomas Foundation for Adoption.Second quarter transactions were limited, with mostsales resembling 2900 Tuttle Crossing, and salesthroughout June were heavily focused around thesuburbs surrounding Downtown.

While last year's totals remained above historicalexpectations, annual investment activity has slowed forthree years running. Owners are likely hanging on tosafe bets, as the market’s economic outlook is bright,and annual prices per SF continue to rise while cap ratescompress. Columbus’s office market is relatively local

when compared to its multifamily and logisticscounterparts, which draw heavy levels of investment fromnational and international players.

The overwhelming majority of 2018 transactions finalizedin Franklin County, which encompasses the entire city ofColumbus. Franklin County Properties have closed forclose to $90/SF this year, but the market’s highest pricesare found in Delaware County. This area is home to thehot Polaris district, and properties have sold for close to$150/SF.

Volume on the cycle is over $3.2 billion and has beenhighest in the Dublin, North Central, and Downtownsubmarkets. Sales in these submarkets account forroughly half of the metro’s total volume. The metro’sstable and expanding economy has made the metro asafe bet for Ohio investors, and volume in Columbus isnotably higher than in Cincinnati and Cleveland.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 4


WESTERVILLE INVESTMENT TRENDS

About $40,600,000 has been exchanged over the lasttwelve months, with the average property selling at$110.00/SF at an 8.8% cap rate. One of the largestrecent sales involves 5797 Beechcroft Road, a 14,000SF 3 Star center which sold for $1.9 million or $145/SFat an 8.9% cap in late March.

Cyclical volume is around $392,680,000, and theaverage property has sold for close to $114.00/SF in thattime frame, some of the metros highest PPS figures. Thelargest sale of the year by far has been the acquisition of

5500 New Albany Rd, a 4 Star center which sold for $20million, close to $200/SF, in March.

Typical annual volume in Westerville is around $34million, and last year saw $58,900,000 trade hands.Activity is heaviest in the western section of thesubmarket. However, assets have sold for the highestprices in the New Albany area. This is a wealthyColumbus submarket, but investor interest might beperked by the recent announcement that Facebook willbe opening up a data center in the city.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 5

Sale Comps Details100 Dorchester Sq

1 507 Executive Campus DrDistance to Subject Property: 2.8 Miles

SALE

Sale Type: Owner User

Sale Date: 7/9/2019

Sale Price: $919,400

Price/SF: $92

PROPERTY


Yr Blt/Renov: 2002

RBA: 10,000 SF

Stories: 1


Vacancy At S… 0%

Parking: 60: 5.90/1,000 SF-

CONTACTS

Buyer: D R Horton-indian Llc

Seller: Schanck William E Trust

2 98 Commerce Park DrDistance to Subject Property: 2.3 Miles

SALE


Sale Date: 7/2/2019

Time On Mar… 215 Days

Sale Price: $1,450,000

Price/SF: $159

PROPERTY


Yr Blt/Renov: 1900

RBA: 9,120 SF

Stories: 2


Vacancy At S… 0%

Parking: 75: 8.14/1,000 SF-

CONTACTS

Buyer: Ohio Assocation of Sch…

Seller: Tim Bahan

Buyer Broker: Newmark Knight Frank…

Listing Broker: Best Corporate Real Es…


Page 6




3 1010 Old Henderson RdDistance to Subject Property: 7.6 Miles

PROPERTY


Yr Blt/Renov: 1999

RBA: 9,562 SF

Stories: 2


Vacancy At S… 0%

Parking: 24: 2.51/1,000 SF

SALE


Sale Date: 6/6/2019



Price/SF: $112

CONTACTS

Buyer: Preferred Living

Seller: Sama Management Gro…

Buyer Broker: RE/MAX City Center Re…

Listing Broker: RE/MAX City Center Re…

SALE TERMS

Sale Conditio… Redevelopment Proj…

TRANSACTION NOTES

This transaction is being researched.

4 2191-2193 Citygate DrDistance to Subject Property: 6.4 Miles

PROPERTY


Yr Blt/Renov: 1999; Renov 2002

RBA: 10,050 SF

Stories: 1


Vacancy At S… 0%

Parking: 36: 4.00/1,000 SF

SALE

Sale Type: Investment

Sale Date: 4/19/2019


Price/SF: $75

CONTACTS

Buyer: National Tax & Account…

Seller: Sophisticated Systems…

Listing Broker: Crawford Hoying Real…

SALE TERMS

Financing: 1st Mortgage Bal/P…

TRANSACTION NOTES

The 10,050 SF Class B Office Building located at 2191-2193 Citygate Drive, Columbus, OH sold on April 19, 2019 for $750,000. There was financingfor this transaction. Details of this sale were verified through public record.


Page 7




5 631 Copeland Mill DrDistance to Subject Property: 1.4 Miles

PROPERTY


Yr Blt/Renov: 1982

RBA: 8,762 SF

Stories: 1


Vacancy At S… 0%

Parking: 50: 5.55/1,000 SF

SALE



Time On Mar… 3 Yrs 2 Mos


Price/SF: $126

CONTACTS

Buyer: Warden Properties Inc.

Seller: Lamp, David L

Listing Broker: Kohr Royer Griffith Inc.…

-

TRANSACTION NOTES

This transaction is being researched.

6 4816 Indianola AveDistance to Subject Property: 5.1 Miles

PROPERTY


Yr Blt/Renov: 2003

RBA: 7,236 SF

Stories: 1


Vacancy At S… 0%

Parking: 36: 4.00/1,000 SF

SALE


Sale Date: 4/4/2019


Price/SF: $145

Cap Rate: 10.5%

CONTACTS

Buyer: Charles River Consulta…

Seller: Fannin Realty

-

TRANSACTION NOTES

On 4/4/2019 this class B office building was sold to Joshua Wurzburger of Charles River Consultants for $1,050,000. Larry Fannin had Phillip Bird ofNAI Ohio Equities LLC as the listing broker. Haven't ben able to reach anyone from the seller side.


Page 8




7 5797 Beechcroft RdDistance to Subject Property: 2.6 Miles

PROPERTY


Yr Blt/Renov: 1973

RBA: 13,490 SF

Stories: 1


Vacancy At S… 0%

Parking: 70: 5.48/1,000 SF

SALE





Price/SF: $146

Cap Rate: 8.9%

CONTACTS

Buyer: Andrew Kent Tibbitts

Seller: CHRISTOPHER J. HER…

Listing Broker: The Robert Weiler Com…

SALE TERMS

Sale Conditio… Sale Leaseback, Inv…

TRANSACTION NOTES

On 3/21/19 this 13,490 square foot office build sold for $1,975,000.00 as part of a sale/leaseback deal from C3H Ltd to Beechcroft Medical LLC

8 1660 NW Professional PkyDistance to Subject Property: 8.4 Miles

PROPERTY


Yr Blt/Renov: 1972

RBA: 10,835 SF

Stories: 1


Vacancy At S… 0%

Parking: 46: 4.25/1,000 SF

SALE


Sale Date: 12/28/2018



Price/SF: $92

Cap Rate: 10.5%

CONTACTS

Buyer: Campus Consortium

Seller: LS Development Syste…

Buyer Broker: Keller Williams Consult…

Listing Broker: NAI Ohio Equities LLC -…

-

TRANSACTION NOTES

This 10,835 SF Office Building was sold by Chris Schnetzler on 12/28/2018 to Arun Kumar Chopra for $1,000,000. Peter Merkle and Matt Gregory ofNAI Ohio Equities, brokered the deal for the the seller and Kishore Billakanti for the buyer.


Page 9




9 600 Cross Pointe RdDistance to Subject Property: 8.7 Miles

PROPERTY


Yr Blt/Renov: 2003

RBA: 14,837 SF

Stories: 1


Vacancy At S… 0%

Parking: 100: 6.75/1,000 SF

SALE


Sale Date: 11/30/2018



Price/SF: $95

CONTACTS

Buyer: Reliant Capital Solutions

Seller: The Ohio PIA Service C…

Listing Broker: Newmark Knight Frank…

-

TRANSACTION NOTES

Corey Cooperman of Newmark Kinght Frank brokerd the deal between Carrie Wallace and David Shull for this 14,837 sf Office Building. It sold for$1,410,000 on 11/30/2018.

10 413 N State StDistance to Subject Property: 2.1 Miles

PROPERTY


Yr Blt/Renov: 1999

RBA: 15,976 SF

Stories: 2


Vacancy At S… 0%

Parking: 60: 3.76/1,000 SF

SALE


Sale Date: 10/12/2018



Price/SF: $235

Cap Rate: 8.8%

CONTACTS

Buyer: Gabriel Yandam

Seller: HER Realtors Commerc…

Buyer Broker: E-Merge Real Estate - A…

Listing Broker: HER Realtors Commerc…

SALE TERMS

Financing: 1st Mortgage: Ready…

TRANSACTION NOTES

On October 12, 2018 this 15,976 SF office building sold by HER Investments Limited for $3,750,000.00 to Westerville Yandam, LLC.


Page 10




11 707 Park Meadow RdDistance to Subject Property: 0.8 Miles

PROPERTY


Yr Blt/Renov: 1984

RBA: 18,000 SF

Stories: 1


Vacancy At S… 0%

Parking: 92: 5.11/1,000 SF

SALE


Sale Date: 6/6/2018



Price/SF: $100

CONTACTS

Buyer: Brian & Joanne Marshall

Seller: Definite Homecare Solu…

Buyer Broker: NAI Ohio Equities LLC -…


-

TRANSACTION NOTES

This 18,000 sq ft retail property sold for $1,800,000 on June 6 2018. Verified with Buyer Broker Mark Francescon and Seller Broker Matt Gregory,both with NAI Ohio Equities. The property was vacant at the time of the sale and the deal was financed.


Page 11



12 6665 Busch BlvdDistance to Subject Property: 3.8 Miles

PROPERTY


Yr Blt/Renov: 1971

RBA: 12,000 SF

Stories: 1


Vacancy At S… 0%

Parking: 38: 3.17/1,000 SF

SALE


Sale Date: 4/4/2018



Price/SF: $82

CONTACTS

Buyer: Habitat For Humanity M…

Seller: Brian & Joanne Marshall

Buyer Broker: CBRE - Michael Copella


-

TRANSACTION NOTES

On April 4th, 2018, the 12,000 SF office property at 6665 Busch Blvd, Columbus, OH was sold for $988,000, or $82.33/SF.

The property was on the market for 175 days, with an initial asking price of $995,000. The transaction was in escrow for approximately 60 days.

The seller was motivated to divest the property because they had outgrown the space.

The sale was an arm length sale.

The SF and price were confirmed with the seller's agent.


Page 12



13 495 Executive Campus DrDistance to Subject Property: 2.7 Miles

PROPERTY


Yr Blt/Renov: 1990

RBA: 9,634 SF

Stories: 1


Vacancy At S… 0%

Parking: 30: 3.11/1,000 SF

SALE




Price/SF: $119

CONTACTS

Buyer: Sean Stoner

Seller: Building Industry Asso…

Buyer Broker: Keller Williams Greater…

Listing Broker: Keller Williams Greater…

SALE TERMS

Sale Conditio… Sale Leaseback

Financing: 1st Mortgage: Old F…

TRANSACTION NOTES

The office building sold for a confirmed price of $1,150,000, or about $119.37 per square foot on January 30, 2018.

The asset delivered in the 1990s and is situated on 1.02 acres. This was a private transaction. The buyer obtained financing. While the seller remainsin the building future relocation has not yet been determined. The property is currently occupied by three tenants. Information obtained is consistentwith county recorded documents.

A contact for the seller confirmed the transaction.

14 1080 Polaris PkyDistance to Subject Property: 4.5 Miles

PROPERTY


Yr Blt/Renov: 1999

RBA: 20,484 SF

Core Factor: 14%

Stories: 2


Vacancy At S… 0%

Parking: 110: 5.37/1,000 SF

SALE



Price/SF: $102

CONTACTS

Buyer: Ivb Llc

Seller: B/t Gsr Polaris Properti…

-

TRANSACTION NOTES

On January 11, 2018, the 20,484 sf office building was sold for $2,090,000 or $102.03/sf. Research attempted to contact all parties involved in thesale, however, was unable to reach anyone. All information was obtained per public record.


Page 13




15 1480 Manning PkyDistance to Subject Property: 6.8 Miles

PROPERTY


Yr Blt/Renov: 1996

RBA: 13,054 SF

Stories: 2


Vacancy At S… 0%

Parking: 23: 1.76/1,000 SF

SALE


Sale Date: 11/14/2017



Price/SF: $119

Cap Rate: 9.8%

CONTACTS

Buyer: Measurement Resource…

Seller: Charles Penzone Inc

Listing Broker: Capitol Equities Realty…

SALE TERMS

Financing: 1st Mortgage: Fahey…

TRANSACTION NOTES

The office building sold for $1,555,000, on November 14, 2017.

The asset delivered in 1996. It was financed. At the time of sale the property was fully occupied. The buyer intends to move in to operate theirbusiness.

Information obtained is consistent with county recorded documents.

A contact for the buyer confirmed the transaction.


Page 14



16 7400 Huntington Park DrDistance to Subject Property: 4.4 Miles

PROPERTY


Yr Blt/Renov: 1998

RBA: 18,528 SF

Stories: 1


Vacancy At S… 0%

Parking: 120: 6.43/1,000 SF

SALE


Sale Date: 10/10/2017



Price/SF: $286

Cap Rate: 7.0%

CONTACTS

Buyer: Frank J Cipriano

Seller: MPM Properties, LTD

Buyer Broker: Aspen Realty - Doug M…

Listing Broker: The Robert Weiler Com…

SALE TERMS

Financing: Unknown: Middlefiel…

TRANSACTION NOTES

On October 10, 2017, the Crosswoods Center located at 7400 Hungtington Park Drive in Columbus, OH sold for $5,300,000. The Class B medicaloffice building consists of 18,528 square feet and was built in 1998.

The property was on the market for ten months, with an initial asking price of $5,950,000.

The cap rate at the time of sale was 6.96%, based on the net operatinf income of $368,900.

This information was confirmed by the seller's broker and the buyer's broker.


Page 15


Sales Volume100 Dorchester Sq

WESTERVILLE SUBMARKET SALES VOLUME IN SQUARE FEET

COLUMBUS EAST SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET

COLUMBUS METRO SALES VOLUME IN SQUARE FEET


Page 16

Sales Pricing100 Dorchester Sq

NATIONAL PRICE INDICES

REGIONAL OFFICE PRICE INDICES


Page 17

Sales Pricing100 Dorchester Sq

PRICE PER SF INDEX

UNITED STATES OFFICE PRICE PER SF IN PAST YEAR COLUMBUS OFFICE PRICE PER SF IN PAST YEAR

PRICE PER SF SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$28,525United States 20,314 $0.02 $44 $126 $247 $435

$884Columbus 180 $3.40 $37 $92 $74 $169

$248Columbus East 36 $18 $40 $102 $94 $161

$248Westerville 23 $31 $43 $112 $106 $173

$235Selected Sale Comps 10 $75 $86 $119 $132 $180


Page 18

Cap Rates100 Dorchester Sq

CAP RATE TRENDS

UNITED STATES OFFICE CAP RATES IN PAST YEAR COLUMBUS OFFICE CAP RATES IN PAST YEAR

CAP RATE SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

28.9%United States 3,727 0.9% 5.3% 7.4% 7.5% 10.0%

12.0%Columbus 30 6.5% 7.3% 8.6% 8.7% 10.4%

11.9%Columbus East 6 8.0% 8.1% 9.0% 9.3% 10.7%

9.5%Westerville 4 8.0% 8.0% 9.0% 8.9% 9.5%

10.5%Selected Sale Comps 4 8.8% 8.8% 9.7% 9.7% 10.5%


Page 19

Buyers100 Dorchester Sq

TOP COLUMBUS OFFICE BUYERS PAST TWO YEARS

Purchased at least one asset in Westerville submarket

Properties Bought

Company Name Bldgs VolumeSF

Properties Sold

SF BldgsVolume

Cantor Fitzgerald & Co. 1 216,514 $46,600,000 0 0 -

The Opus Group 3 320,748 $31,350,000 0 0 -

ValStone Partners 1 330,849 $28,000,000 0 0 -

Thirty-One Gifts LLC 1 175,000 $24,000,000 0 0 -

I.M.C. Management 2 325,046 $22,275,000 0 0 -

Group RMC 2 486,519 $21,230,000 1 112,500 $9,250,000

E M H & T Inc 1 104,807 $20,000,000 0 0 -

Bailard 1 135,485 $19,500,000 0 0 -

Tempus Real Estate Investments 2 192,854 $17,800,067 0 0 -

Gladstone Commercial Corporation 1 102,559 $17,150,000 0 0 -

Davidson Kempner Capital Management LP 2 139,290 $15,430,075 0 0 -

Priam Capital 4 394,980 $12,714,518 0 0 -

Cory Harkleroad 1 118,030 $11,000,000 0 0 -

Jian Wei 1 96,876 $9,675,803 0 0 -

Sperry Commercial 1 96,876 $9,675,803 1 96,876 $9,675,803

OhioHealth Corporation 1 112,500 $9,250,000 0 0 -

Lawyers Development Corporation 1 219,708 $6,500,000 0 0 -

RSM Real Estate Services 1 70,869 $6,450,000 0 0 -

Realty Corp 3 124,151 $6,400,000 0 0 -

Alpha Residential Trust, LLC 1 14,416 $6,000,000 0 0 -

Landmark Investments Inc 1 50,027 $5,574,000 1 3,343 $830,000

Frank J Cipriano 1 18,528 $5,300,000 0 0 -

Raith Capital Partners, LLC 1 111,780 $4,700,000 0 0 -

Boyd Watterson Asset Management 1 36,000 $4,500,000 0 0 -

Uprising Capital 1 56,517 $4,500,000 0 0 -

TYPES OF OFFICE COLUMBUS BUYERS PAST TWO YEARS

Company Type Bldgs Millions Avg PricePrice/SF

Average Purchase

SF

Buying Volume

Private 119 3,556,771 $69 $2,090,521$248.8

Institutional 8 598,155 $140 $10,490,000$83.9

Private Equity 10 1,366,054 $61 $8,337,459$83.4

User 33 899,839 $89 $2,440,627$80.5

REIT/Public 2 122,623 $165 $10,175,000$20.4

$0 $70 $140 $210 $280


Page 20

Sellers100 Dorchester Sq

TOP COLUMBUS OFFICE SELLERS PAST TWO YEARS

Sold at least one asset in Westerville submarket

Properties Sold

Company Name Bldgs VolumeSF

Properties Bought

SF BldgsVolume

The Georgetown Company 1 216,514 $46,600,000 0 0 -

Lexington Realty Trust 3 244,097 $35,430,075 0 0 -

The Blackstone Group L.P. 3 883,523 $34,200,000 0 0 -

TIER REIT, Inc. 1 330,849 $28,000,000 0 0 -

Golden Gate Capital 1 175,000 $24,000,000 0 0 -

Zurich Insurance Group Ltd. 2 325,046 $22,275,000 0 0 -

PNL Companies 2 208,854 $21,100,000 0 0 -

HPI Real Estate Services & Investments 2 192,854 $17,800,067 0 0 -

Morgan Stanley & Co. LLC 1 102,559 $17,150,000 0 0 -

CapRocq Core Real Estate Fund L.P. 2 80,355 $12,714,518 0 0 -

Matthew Cowan Real Estate 1 118,030 $11,000,000 0 0 -

Sperry Commercial 1 96,876 $9,675,803 1 96,876 $9,675,803

Group RMC 1 112,500 $9,250,000 2 486,519 $21,230,000

Waterstone Asset Management 1 112,500 $6,530,000 0 0 -

Anthem, Inc. 1 219,708 $6,500,000 0 0 -

Gemini Investments (Holdings) Limited 1 70,869 $6,450,000 0 0 -

Bergman Real Estate Group 3 124,151 $6,400,000 0 0 -

Consolidated Medical Specialist 1 14,416 $6,000,000 0 0 -

DEC Investment Group, Inc. 1 50,027 $5,574,000 0 0 -

MPM Properties, LTD 1 18,528 $5,300,000 0 0 -

VEREIT, Inc. 1 111,780 $4,700,000 0 0 -

Curtis Investments 1 36,000 $4,500,000 0 0 -

Welltower Inc. 1 56,517 $4,500,000 0 0 -

inContact, Inc 1 46,653 $4,465,000 0 0 -

Carlile Patchen & Murphy, LLP 1 31,237 $4,300,000 0 0 -

TYPES OF OFFICE COLUMBUS SELLERS PAST TWO YEARS

Company Type Bldgs Millions Avg PricePrice/SF

Average Sale

SF

Selling Volume

Private 99 2,474,651 $100 $2,499,827$247.5

Private Equity 7 1,251,378 $64 $11,452,074$80.2

User 35 940,001 $70 $1,889,431$66.1

Institutional 10 1,423,871 $36 $5,251,300$52.5

REIT/Public 6 483,263 $105 $8,513,345$51.1

$0 $70 $140 $210 $280


Page 21

www.drk-realty.com

Lease Comps


Lease Comps Summary100 Dorchester Sq

Deals

9Gross Asking Rent Per SF

$13.18Gross Starting Rent Per SF

$13.18Avg. Months On Market

36LEASE COMPARABLES

SUMMARY STATISTICS

Rent Deals Low Average Median High

Gross Asking Rent Per SF

Gross Starting Rent Per SF

Gross Effective Rent Per SF

Asking Rent Discount

TI Allowance

Months Free Rent

9

9

4

9

1

3

$12.00

$12.00

$12.95

0.0%

$0.00

0

$13.18

$13.18

$12.97

0.0%

$0.00

0

$12.95

$12.95

$12.95

0.0%

$0.00

0

0.0%

$0.00

0

$15.26

$15.26

$13.01

Lease Attributes Deals Low Average Median High

Months on Market

Deal Size

Lease Deal in Months

Floor Number

9

9

9

9

2

865

12.0

1

36

1,152

17.0

1

12

1,152

12.0

1 2

122

1,300

36.0


Page 5

Lease Comps Summary100 Dorchester Sq

Property Name - Address Rating SF Leased Floor Sign Date Rent Rent Type

Lease

Type

Rents

-1 611 Park Meadow Rd1,200 1st 6/5/2019 $12.95/mg EffectiveNew

-2 WESTERVILLE OFFICE…1,152 1st 6/5/2019 $12.95/mg Effective

635 Park Meadow RdNew

-2 WESTERVILLE OFFICE…1,152 1st 6/5/2019 $12.95/mg Effective

635 Park Meadow RdNew

-1 611 Park Meadow Rd1,200 1st 4/4/2019 $12.95/mg StartingNew

-3 15 Bishop Dr1,200 2nd 3/14/2019 $15.00/mg StartingNew

-4 Eastwind 1000865 1st 3/4/2019 $15.26/mg Starting

1001 Eastwind DrNew


-4 Eastwind 10001,300 1st 10/23/2018 $12.00/nnn Effective

1001 Eastwind DrNew



Page 6

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D494027%26ProductMode%3DProperty%26SelectedTab%3Dlease%26external%3D1









Lease Comps Details100 Dorchester Sq

1 611 Park Meadow RdWesterville, OH 43081 - Westerville Submarket

RENTS

Asking Rent: $12.95/MG

Starting Rent: $12.95/MG

Effective Rent: $12.95/MG

CONCESSIONS AND BUILDOUT

Asking Discount: 0.00%

PROPERTY EXPENSES

Taxes: $1.69/SF (2019)

LEASE

SF Leased: 1,200 SF

Sign Date: Jun 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: L

LEASE TERM

Start Date: Jul 2019

Expiration Date: Jun 2020

Lease Term: 1 Year

TIME VACANT

Date Occupied: Jul 2019

TIME ON MARKET

Date On Market: Feb 2019

Date Off Market: Jun 2019

Months on Market: 4 Months

LEASING REP

Dublin Center

2700 Sawbury Blvd

Columbus, OH 43235-1821

Carroll Blazina (614) 764-0197

PROPERTY

Rentable Area: 14,885 SF

Stories: 1

Floor Size: 14,885 SF

Vacancy at Lease: 8.1%

Property Type: Office

Status: Built 1985

Tenancy: Multi

Class: B


Parking: 80 free Surface Spa…

MARKET AT LEASE

Vacancy Rates 2019 Q2 YOY

3.1%

0.6%

0.3%Current Building 8.1%

Submarket 1-3 Star

Market Overall 6.9%

6.0%

Same Store Asking Rent/SF 2019 Q2 YOY

0.7%

1.0%

0.0%Current Building $12.00

Submarket 1-3 Star


$16.83

Submarket Leasing Activity 2019 Q2 YOY

6.7

57.1%12 Mo. Leased SF 269,316



Page 7



2 635 Park Meadow Rd - WESTERVILLE OFFICE CENTERWesterville, OH 43081 - Westerville Submarket

RENTS






Buildout Status: Partial Build-Out

PROPERTY EXPENSES

Taxes: $0.06/SF (2019)

LEASE

SF Leased: 1,152 SF

Sign Date: Jun 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 104

LEASE TERM



Lease Term: 2 Years

TIME VACANT

Date Vacated: Jan 2019


Months Vacant: 6 Months

TIME ON MARKET

Date On Market: Mar 2017



LEASING REP

Dublin Center

2700 Sawbury Blvd



PROPERTY


Stories: 2




Status: Built 1983

Tenancy: Multi

Class: B



MARKET AT LEASE


3.1%

0.6%


Submarket 1-3 Star

Market Overall 6.9%

6.0%


0.7%

1.0%


Submarket 1-3 Star


$16.83


6.7

57.1%12 Mo. Leased SF 269,316



Page 8



2 635 Park Meadow Rd - WESTERVILLE OFFICE CENTERWesterville, OH 43081 - Westerville Submarket

RENTS







PROPERTY EXPENSES

Taxes: $0.06/SF (2019)

LEASE

SF Leased: 1,152 SF

Sign Date: Jun 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 105

LEASE TERM



Lease Term: 2 Years

TIME VACANT

Date Vacated: Jan 2019



TIME ON MARKET




LEASING REP

Dublin Center

2700 Sawbury Blvd



PROPERTY


Stories: 2




Status: Built 1983

Tenancy: Multi

Class: B



MARKET AT LEASE


3.1%

0.6%


Submarket 1-3 Star

Market Overall 6.9%

6.0%


0.7%

1.0%


Submarket 1-3 Star


$16.83


6.7

57.1%12 Mo. Leased SF 269,316



Page 9




RENTS





Mo. Free Rents: 0 Months

PROPERTY EXPENSES

Taxes: $1.69/SF (2019)

LEASE

SF Leased: 1,200 SF

Sign Date: Apr 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: B

LEASE TERM

Start Date: May 2019

Expiration Date: May 2020

Lease Term: 1 Year

TIME VACANT

Date Occupied: May 2019

TIME ON MARKET

Date On Market: Feb 2019

Date Off Market: Apr 2019


LEASING REP

Dublin Center

2700 Sawbury Blvd



PROPERTY


Stories: 1




Status: Built 1985

Tenancy: Multi

Class: B



MARKET AT LEASE


3.1%

0.6%


Submarket 1-3 Star

Market Overall 6.9%

6.0%


0.7%

1.0%


Submarket 1-3 Star


$16.83


6.7

57.1%12 Mo. Leased SF 269,316



Page 10



3 15 Bishop DrWesterville, OH 43081 - Westerville Submarket

RENTS






PROPERTY EXPENSES

Taxes: $2.68/SF (2019)

LEASE

SF Leased: 1,200 SF

Sign Date: Mar 2019

Space Use: Office

Lease Type: Direct

Floor: 2nd Floor

Suite: 204

LEASE TERM

Start Date: Apr 2019

Expiration Date: Apr 2022

Lease Term: 3 Years

TIME VACANT

Date Vacated: Nov 2017

Date Occupied: Apr 2019


TIME ON MARKET

Date On Market: Jan 2009

Date Off Market: Mar 2019


LEASING REP

HER Realtors Commercial Real Estate S…

4261 Morse Rd


Scott Hrabcak (614) 545-1432

PROPERTY


Stories: 2



Land Acres: 0.24


Status: Built 1989

Tenancy: Multi

Class: C



MARKET AT LEASE


3.0%

0.3%


Submarket 1-3 Star

Market Overall 6.5%

6.4%


1.2%

1.6%


Submarket 1-3 Star


$16.69


9.6

39.2%12 Mo. Leased SF 364,804



Page 11



4 1001 Eastwind Dr - Eastwind 1000Westerville, OH 43081 - Westerville Submarket

RENTS





PROPERTY EXPENSES

Taxes: $0.43/SF (2019)

Operating Exp.: $1.12/SF (2013-Est)

LEASE

SF Leased: 865 SF

Sign Date: Mar 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 404

LEASE TERM

Start Date: Apr 2019

Expiration Date: Apr 2020

Lease Term: 1 Year

TIME VACANT

Date Vacated: Feb 2018

Date Occupied: Apr 2019


TIME ON MARKET


Date Off Market: Mar 2019


LEASING REP

Keller Williams Realty

1510 W Lane Ave, Suite B

Upper Arlington, OH 43221

David J. Nauman (614) 451-8500

PROPERTY


Stories: 2



Land Acres: 1.40


Status: Built 1985

Tenancy: Multi

Class: C


Parking: 110 free Surface Sp…

MARKET AT LEASE


3.0%

0.3%


Submarket 1-3 Star

Market Overall 6.5%

6.4%


1.2%

1.6%


Submarket 1-3 Star


$16.69


9.6

39.2%12 Mo. Leased SF 364,804



Page 12




RENTS







PROPERTY EXPENSES

Taxes: $1.49/SF (2019)

LEASE

SF Leased: 1,152 SF

Sign Date: Nov 2018

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: C

LEASE TERM

Start Date: Dec 2018

Expiration Date: Dec 2019

Lease Term: 1 Year

TIME VACANT

Date Vacated: Nov 2008

Date Occupied: Dec 2018


TIME ON MARKET

Date On Market: Nov 2008

Date Off Market: Nov 2018


LEASING REP

Dublin Center

2700 Sawbury Blvd



PROPERTY


Stories: 1




Status: Built 1985

Tenancy: Multi

Class: B



MARKET AT LEASE


1.5%

0.2%


Submarket 1-3 Star

Market Overall 6.9%

7.2%


1.3%

2.4%

Current Building -

Submarket 1-3 Star


$16.51

-


6.5

81.8%12 Mo. Leased SF 589,410



Page 13



4 1001 Eastwind Dr - Eastwind 1000Westerville, OH 43081 - Westerville Submarket

TENANT

Tenant Name: TK Lee & Associates

RENTS

Asking Rent: $12.00/NNN

Starting Rent: $12.00/NNN

Effective Rent: $12.00/NNN



PROPERTY EXPENSES

Taxes: $0.43/SF (2019)

Operating Exp.: $1.12/SF (2013-Est)

LEASE

SF Leased: 1,300 SF

Sign Date: Oct 2018

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 403

LEASE TERM

Start Date: Nov 2018

Expiration Date: Nov 2019

Lease Term: 1 Year

TIME VACANT

Date Vacated: Oct 2018

Date Occupied: Nov 2018

Months Vacant: 1 Month

TIME ON MARKET

Date On Market: Jul 2018

Date Off Market: Oct 2018


LEASING REP

Keller Williams Realty

1510 W Lane Ave, Suite B

Upper Arlington, OH 43221

David J. Nauman (614) 451-8500

PROPERTY


Stories: 2



Land Acres: 1.40


Status: Built 1985

Tenancy: Multi

Class: C


Parking: 110 free Surface Sp…

MARKET AT LEASE


1.5%

0.2%


Submarket 1-3 Star

Market Overall 6.9%

7.2%


1.3%

2.4%

Current Building $14.99

Submarket 1-3 Star


$16.51

-


6.5

81.8%12 Mo. Leased SF 589,410



Page 14




RENTS






PROPERTY EXPENSES

Taxes: $1.69/SF (2019)

LEASE

SF Leased: 1,152 SF

Sign Date: Sep 2018

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: 611 M

LEASE TERM

Start Date: Nov 2018

Expiration Date: Oct 2019

Lease Term: 1 Year

TIME VACANT

Date Occupied: Nov 2018

TIME ON MARKET

Date On Market: Aug 2017

Date Off Market: Oct 2018


LEASING REP

Dublin Center

2700 Sawbury Blvd



PROPERTY


Stories: 1




Status: Built 1985

Tenancy: Multi

Class: B



MARKET AT LEASE


2.8%

0.6%


Submarket 1-3 Star

Market Overall 6.8%

9.7%


2.5%

3.7%


Submarket 1-3 Star


$16.59


4.9

225.0%12 Mo. Leased SF 678,924



Page 15


www.drk-realty.com

Peer Comps


Peer Properties Summary100 Dorchester Sq

No. Peers

10Gross Direct Asking Rent

$12.70Availability Rate

37.7%Vacancy Rate

17.2%PEER LOCATIONS

PEER SUMMARY STATISTICS

Property Attributes Low Average Median High

Building SF 14,885 32,871 32,170 54,900

Year Built 1983 1986 1986 1989

Stories 1 1 1 2

Typical Floor SF 14,885 28,988 22,079 54,900

Vacancy Rate 6.9% 17.2% 39.5% 59.6%

Availability Rate 6.9% 37.7% 38.4% 64.3%

Star Rating 2.2

Available Space Attributes Low Average Median High

Space SF 1,200 12,403 9,768 35,286

Gross Direct Asking Rent Per SF $7.95 $12.70 $12.00 $16.87

Months On Market 3.0 56.9 35.3 151.9

Floor Number 1 1 1 2


Page 5

Peer Properties Summary100 Dorchester Sq

Property Name / Address Rating Yr Blt/Renov Bldg SF Stories SF Avail %

Property Size

Spcs

Availability

Vac % Gross Direct Rent

-100 Dorchester Sq

1984/- 10,248 2 0 0%0 0% $16.95

-1 749-757 Brooksedge Plz1986/- 22,822 1 13,604 59.6%1 59.6% $16.87

-2 701-719 Brooksedge Pla…1987/- 49,129 1 26,636 54.2%1 54.2% -

-3 Brooksedge Corporate C…1988/- 54,900 1 35,286 64.3%

259-291 W Schrock Rd4 0% $12.00

-4 WESTERVILLE OFFICE…1983/- 35,000 2 13,824 39.5%

635 Park Meadow Rd12 39.5% $12.00

-5 235-241 W Schrock Rd1988/- 41,356 1 5,948 14.4%1 0% $12.00

-6 Bldg T-81989/- 42,671 2 5,598 13.1%

185-195 W Schrock Rd1 0% $12.00

-7 611 Park Meadow Rd1985/- 14,885 1 2,400 16.1%2 8.1% $12.00

-8 659 Park Meadow Rd1984/- 17,500 1 1,200 6.9%1 6.9% $12.00

-9 771-781 Brooksedge Plz1985/- 21,110 1 7,877 37.3%

771-781 Brooksedge Plaz…1 0% $9.50

-10 774 Park Meadow Rd1986/- 29,340 1 11,660 39.7%1 0% $7.95


Page 6












Vacancy 54.2%

49,129 SF / 1 Story

Owner: NRI Brooksedge LLC

Rent/SF -,

701-719 Brooksedge Plaza Dr2

Vacancy 59.6%

22,822 SF / 1 Story

Owner: Partners at Brooksedge

Rent/SF $16.87,

749-757 Brooksedge Plz1

Vacancy 0%

10,248 SF / 2 Stories

Owner: ADR & Associates Limited

Rent/SF $16.95,

Subject Property

100 Dorchester Sq

Vacancy 0%

41,356 SF / 1 Story

Owner: Partners at Brooksedge

Rent/SF $12.00,

235-241 W Schrock Rd5

Vacancy 39.5%

635 Park Meadow Rd35,000 SF / 2 Stories

Owner: MJ Engineering & Consulting

Rent/SF $12.00,

WESTERVILLE OFFICE CE…4

Vacancy 0%

259-291 W Schrock Rd54,900 SF / 1 Story

Owner: Continental Properties; Cush…

Rent/SF $12.00,

Brooksedge Corporate Center3

Vacancy 6.9%

17,500 SF / 1 Story

Owner: -

Rent/SF $12.00,

659 Park Meadow Rd8

Vacancy 8.1%

14,885 SF / 1 Story

Owner: -

Rent/SF $12.00,

611 Park Meadow Rd7

Vacancy 0%

185-195 W Schrock Rd42,671 SF / 2 Stories

Owner: Continental Properties; Cush…

Rent/SF $12.00,

Bldg T-86

Peer Property Photos100 Dorchester Sq


Page 7



















Peer Property Photos100 Dorchester Sq

Vacancy 0%

29,340 SF / 1 Story

Owner: NRI Brooksedge LLC

Rent/SF $7.95,

774 Park Meadow Rd10

Vacancy 0%

771-781 Brooksedge Plaza Dr21,110 SF / 1 Story

Owner: 757 Brooksedge Plaza Drive,…

Rent/SF $9.50,

771-781 Brooksedge Plz9


Page 8





Property Name / Address Rating Gross Direct Rent Per SF Vacancy Rate

100 Dorchester Sq$16.95 0%

749-757 Brooksedge Plz1 $16.87 59.6%

WESTERVILLE OFFIC…

635 Park Meadow Rd4 $12.00 39.5%

611 Park Meadow Rd7 $12.00 8.1%

659 Park Meadow Rd8 $12.00 6.9%

Bldg T-8

185-195 W Schrock Rd6 $12.00 0%

235-241 W Schrock Rd5 $12.00 0%

Brooksedge Corporat…

259-291 W Schrock Rd3 $12.00 0%

771-781 Brooksedge Plz

771-781 Brooksedge Plaz…9 $9.50 0%

774 Park Meadow Rd10 $7.95 0%

701-719 Brooksedge P…

Average

(Arrows indicate trend over last quarter)

Withheld2 54.2%

16.7%$12.81

Peer Property Comparison100 Dorchester Sq


Page 9
























Property Name / Address Rating Availability Rate Vacancy Rate


259-291 W Schrock Rd3 64.3% 0%

749-757 Brooksedge Plz1 59.6% 59.6%

701-719 Brooksedge P…2 54.2% 54.2%

774 Park Meadow Rd10 39.7% 0%


635 Park Meadow Rd4 39.5% 39.5%


771-781 Brooksedge Plaz…9 37.3% 0%

611 Park Meadow Rd7 16.1% 8.1%

235-241 W Schrock Rd5 14.4% 0%

Bldg T-8

185-195 W Schrock Rd6 13.1% 0%

659 Park Meadow Rd8 6.9% 6.9%

100 Dorchester Sq

Average


0% 0%

16.7%36.6%


Page 10
























Property Name / Address Rating Gross Direct Rent Per SF Median Months on Market

100 Dorchester Sq$16.95

749-757 Brooksedge Plz1 $16.87 36

235-241 W Schrock Rd5 $12.00 119

Bldg T-8

185-195 W Schrock Rd6 $12.00 50

659 Park Meadow Rd8 $12.00 34




259-291 W Schrock Rd3 $12.00 14



771-781 Brooksedge Plaz…9 $9.50 152



Average


Withheld2 133

34$12.81


Page 11
























Property Name / Address Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF

611 Park Meadow Rd7 3,552 (48)

100 Dorchester Sq2,562 2,562


635 Park Meadow Rd4 2,304 (7,824)

749-757 Brooksedge Plz1 0 9,218

659 Park Meadow Rd8 0 1,200

Bldg T-8

185-195 W Schrock Rd6 0 0





771-781 Brooksedge Plaz…9 0 0

774 Park Meadow Rd10 0 0


Average

2 0 (15,031)

(902)765


Page 12























Peer Property Details100 Dorchester Sq

1 749-757 Brooksedge PlzDistance to Subject Property: 0.7 Miles

EXPENSES

Taxes: $1.78/SF (2013)

PROPERTY


Yr Blt/Renov: 1986

RBA: 22,822 SF

Stories: 1



OWNER

Partners at Brooksedge

COMPARISON SUBJECTTHIS PROPERTY

Vacancy %: 59.6% 0%

Available SF: 13,604 -

Gross Ask Rent: $16.87 $16.95

Months To Lease: - 12 mo

Time On Market: 36 mo -

Walk Score®: 39 57

Transit Score®: 33 17

AVAILABILITY OFFICE

Spaces: 1

Square Feet: 13,604

Range: 3,000 - 13,604

Max Contig: 13,604

% Sublet: 0 %


2 259-291 W Schrock RdDistance to Subject Property: 0.7 Miles

EXPENSES

Taxes: $2.48/SF (2019)

Op. Exp: $5.81/SF (2017)

PROPERTY


Yr Blt/Renov: 1988

RBA: 54,900 SF

Stories: 1


Parking Spaces: 7.00/1,000 SF

# of Tenants: 11

OWNER

Continental Properties

Cushman & Wakefield


Vacancy %: 0% 0%





Walk Score®: 52 57


AVAILABILITY OFFICE

Spaces: 4

Square Feet: 35,286

Range: 3,420 - 18,000

Max Contig: 18,000

% Sublet: 0 %

Asking Rent: $12.00/N


Page 13





EXPENSES

Taxes: $0.06/SF (2019)

PROPERTY


Yr Blt/Renov: 1983

RBA: 35,000 SF

Stories: 2



# of Tenants: 17


Vacancy %: 39.5% 0%



Months To Lease: 14 mo 12 mo


Walk Score®: 43 57


AVAILABILITY OFFICE

Spaces: 12

Square Feet: 13,824

Range: 1,152

Max Contig: 4,608

% Sublet: 0 %



EXPENSES

Taxes: $2.55/SF (2013)

Op. Exp: $5.92/SF (2017)

PROPERTY


Yr Blt/Renov: 1988

RBA: 41,356 SF

Stories: 1



# of Tenants: 4

OWNER

Partners at Brooksedge


Vacancy %: 0% 0%





Walk Score®: 55 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 5,948

Range: 5,948

Max Contig: 5,948

% Sublet: 0 %



Page 14





EXPENSES

Taxes: $2.12/SF (2013)

Op. Exp: $7.69/SF (2017)

PROPERTY


Yr Blt/Renov: 1989

RBA: 42,671 SF

Stories: 2



# of Tenants: 6

OWNER

Continental Properties

Cushman & Wakefield


Vacancy %: 0% 0%





Walk Score®: 60 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 5,598

Range: 5,598

Max Contig: 5,598

% Sublet: 0 %



EXPENSES

Taxes: $1.69/SF (2019)

PROPERTY


Yr Blt/Renov: 1985

RBA: 14,885 SF

Stories: 1



# of Tenants: 10


Vacancy %: 8.1% 0%





Walk Score®: 46 57


AVAILABILITY OFFICE

Spaces: 2

Square Feet: 2,400

Range: 1,200

Max Contig: 1,200

% Sublet: 0 %



Page 15





EXPENSES

Taxes: $1.22/SF (2019)

PROPERTY


Yr Blt/Renov: 1984

RBA: 17,500 SF

Stories: 1



# of Tenants: 9


Vacancy %: 6.9% 0%





Walk Score®: 43 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 1,200

Range: 1,200

Max Contig: 1,200

% Sublet: 0 %


8 701-719 Brooksedge Plaza DrDistance to Subject Property: 0.6 Miles

EXPENSES

Taxes: $1.81/SF (2013)

Op. Exp: $4.41/SF (2017)

PROPERTY


Yr Blt/Renov: 1987

RBA: 49,129 SF

Stories: 1


Parking Spaces: 7.00/1,000 SF

# of Tenants: 3


Vacancy %: 54.2% 0%


Gross Ask Rent: - $16.95



Walk Score®: 46 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 26,636

Range: 26,636

Max Contig: 26,636

% Sublet: 0 %



Page 16




9 771-781 Brooksedge Plaza DrDistance to Subject Property: 0.7 Miles

EXPENSES

Total Expenses: $4.78/SF (2017)

PROPERTY


Yr Blt/Renov: 1985

RBA: 21,110 SF

Stories: 1



# of Tenants: 4

OWNER

Purchased 9/30/2005

Price $1,600,000; $76/SF


Vacancy %: 0% 0%





Walk Score®: 40 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 7,877

Range: 7,877

Max Contig: 7,877

% Sublet: 0 %



EXPENSES

Taxes: $1.89/SF (2019)

Op. Exp: $4.29/SF (2016)

PROPERTY


Yr Blt/Renov: 1986

RBA: 29,340 SF

Stories: 1



# of Tenants: 3


Vacancy %: 0% 0%





Walk Score®: 37 57


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 11,660

Range: 11,660

Max Contig: 11,660

% Sublet: 39.7 %



Page 17



www.drk-realty.com

Market Summary


Westerville Submarket SummaryWesterville Office

Fundamentals are stabilizing in Westerville, and demandfor office space has been strong enough for the metro torecover from an influx of supply earlier in the cycle.Vacancies still hover close to the historical average, andrents have grown over the course of the cycle.

Uncertainty could be behind the sporadic sales volume,which has varied widely year to year, but with Facebookbringing a new data center to the submarket, demand forspace and properties could spike.

NET ABSORPTION, NET DELIVERIES & VACANCY


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RentWesterville Office

Rents here are similar to most submarkets in the metro,with rates close to $18.60/SF, a year over year growthof 2.4%. This represents a growth rate of close to 16%,which is about average when compared to most of themetro's submarkets.

Rent growth has been strong for much of the cycle, withowners seeing annual gains since 2012. The highestrents are in offices near New Albany and Westerville.

MARKET RENT GROWTH (YOY)


Page 6

RentWesterville Office

MARKET RENT PER SQUARE FOOT


Page 7

Columbus Market SummaryColumbus Office

Government, finance, and logistics entities continueexpanding their footprints, further strengtheningfundamentals in one of the country’s healthiest markets.The market’s employment gains are keeping vacanciestight, and years of conservative construction have all buteliminated the risk of oversaturation.

Heavy construction began again in 2016, and developersappear comfortable testing demand. More supply hasbeen added in the past two years than in the previous10, largely in build-to-suit projects for majorcorporations like Big Lots, and spec supply is also

returning. Multiple projects are underway, and the newsupply is quickly leased. While functionality remains kingoutside of city limits, developers are getting creative inthe heart of Downtown. New projects like 80 on theCommons and Gravity feature eye-catching designs andreflect the city’s growing economic stature.

The tight vacancies fostered years of healthy rent gains,and Columbus is easily Ohio’s strongest-performingoffice market. This has spurred heavy sales volume, butinvestors still prefer acquiring local logistics or multifamilyproperties.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 61

RentColumbus Office

Space currently fills for $19.70/SF, representing a yearover year change of 2.6%%. While not explosive, yearover year growth is higher than the market average.Cyclical gains are close to 25%, comparing favorably toneighboring Detroit, Cleveland, Indianapolis, andCincinnati.

Planners and developers spent the majority of the cyclerevitalizing the downtown district, bringing thousands ofnew multifamily units online to foster a live/work/playenvironment. Their efforts are boosting office demand,and rates in Downtown and Downtown East haveclimbed by over 30% since 2010, the metro’s strongestgains. Further showcasing the strength of the metro’s

economy: over half of Columbus’s 21 submarkets haveseen office rates climb by more than 20%, in contrast,none of Cleveland or Cincinnati’s submarkets saw gainsthis strong.

Heavy government presence and a strong economymean that rents are significantly less volatile than otherOhio metros. Spec space could slow returns, so could arecession. The base case forecast calls for rents tostagnate in the future, but the market’s economy isdiverse. The highest levels of job growth in the last fourquarters have been in the eds/meds sector, which couldkeep rents from declining.

MARKET RENT GROWTH (YOY)


Page 7

Columbus Economic SummaryColumbus Office

High levels of government employment provide thesturdy economic foundation Columbus rests upon. Butthe metro is also home to five Fortune 500 companiesand dozens of major regional employers. Job growthroutinely eclipses the national average, and around53,000 new jobs have been created since 2016. Thattype of growth attracts attention across Ohio, bringing inresidents from across the state. Columbus’sdemographic gains are forecasted to remain strongerthan those of other Midwest markets, and a substantialchunk of new Columbus residents are young andeducated.

Of the population aged 25 years or older, 33% have abachelor’s degree or higher in Columbus compared with25% in Ohio. Recent enrollment numbers peg the total ofOhio State University students at 66,000, with 58,000 of

them at the Columbus campus alone. The increasinglyeducated workforce has encouraged outside companiesto relocate and existing companies to hire locally,drawing in more outside residents to the area, creating apositive feedback loop for commercial real estateowners.

The diverse economy provides the market withcomfortable insulation, smoothing out the downturns thatcan disrupt other Midwestern markets. The metro’slimited exposure to manufacturing shields it from majorjob losses and helped keep unemployment fromexploding in the past. Crucially, the fastest-growingnational sectors—education and health services,professional and business services, and leisure andhospitality—are heavily concentrated here, making upnearly half of employment.

COLUMBUS EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-0.01%0.61%0.87%1.05%1.37%2.14%0.875Manufacturing

0.48%0.43%1.16%1.25%0.88%-1.20%1.0206Trade, Transportation and Utilities

0.38%-0.18%0.85%0.04%-0.14%-3.64%0.999 Retail Trade

0.35%0.13%1.01%2.28%0.98%0.99%1.488Financial Activities

0.76%1.09%-0.01%0.64%0.44%0.38%1.0175Government

0.24%0.05%2.13%3.88%3.09%8.93%0.745Natural Resources, Mining and Construction

0.55%0.85%2.12%3.66%2.24%4.46%1.0172Education and Health Services

0.98%1.03%2.63%2.37%2.25%1.19%1.2185Professional and Business Services

0.56%0.25%0.02%0.15%-0.87%-0.73%0.817Information

0.61%0.54%2.50%2.26%2.50%0.74%0.9110Leisure and Hospitality

0.29%0.22%0.99%1.65%1.30%3.45%1.044Other Services

Total Employment 1,118 1.0 1.45% 1.55% 1.93% 1.44% 0.67% 0.55%

Source: Oxford Economics

LQ = Location Quotient


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Columbus Economic SummaryColumbus Office


YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,175,4692,126,826 1.1% 0.6% 1.2% 0.7% 1.1% 0.7%

Households 121,224,906803,747 1.0% 0.5% 1.0% 0.6% 1.0% 0.6%

Median Household Income $63,668$67,051 3.1% 3.3% 2.5% 2.2% 4.2% 4.4%

Labor Force 163,369,5161,094,189 1.0% 0.9% 0.9% 0.6% 0.7% 0.6%

Unemployment 3.6%3.6% -0.3% -0.3% -0.5% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 63

SubmarketsColumbus Office

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 Bethel Rd 3.7%15 2.8% 4$17.32 12

2 Downtown 8.1%2 2.5% 9$21.43 3

3 Downtown East 3.4%11 2.2% 17$18.24 14

4 Dublin 6.4%3 2.8% 6$20.61 5

5 East 3.9%14 2.2% 16$17.73 11

6 Fairfield County 1.8%19 2.1% 20$16.62 18

7 Grandview/Upper Arlington 7.2%5 2.9% 3$19.86 4

8 Hilliard 6.3%6 2.6% 7$19.46 7

9 Licking County 4.6%13 2.4% 10$17.91 9

10 Madison County 0.7%21 2.2% 19$15.17 20

11 Morrow County 0.7%20 2.2% 18$15.96 21

12 North Central 6.1%4 2.8% 5$20.41 8

13 Outlying Delaware County 3.0%12 2.5% 8$18.09 17

14 Pickaway County 1.2%18 2.0% 21$16.77 19

15 Polaris 11.0%1 3.5% 1$21.77 1

16 Southeast 3.6%17 2.4% 12$16.88 13

17 Southwest 3.3%7 2.3% 14$18.79 15

18 Union County 10.1%8 3.5% 2$18.63 2

19 West 3.1%10 2.3% 15$18.49 16

20 Westerville 6.3%9 2.4% 13$18.58 6

21 Worthington 4.4%16 2.4% 11$17.21 10


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www.drk-realty.com

DRK & Company, Realty


The name “Donald R. Kenney and Company” has become synonymous with quality and integrity in the

real estate industry in Central Ohio. The company has achieved remarkable growth and success since

its inception. By focusing on professionalism, trustworthiness and reliability, this company has set the

standard by which real estate companies in Central Ohio are now measured.

We are as a full service commercial real estate brokerage, established in 1969. With over 40 years

experience, extensive local and regional market knowledge, we are consistently rated among the top

five commercial brokerages in Columbus. We are your single source solution for all aspects of real

estate. We are experts in all asset types including Multi-family, Land, Office, Retail, and Industrial. We

provide exceptional service in Seller/Landlord Representation, Investor Representation and Buyer/

Tenant Representation.

From its inception DRK has achieved exceptional success by following four simple principals:

There is no substitute for outstanding service to customers

Performance must be delivered

Quality can not be sacrificed

All parties must be treated with honesty and respect

DRK has formed many valuable and important relationships over the years with lenders, city officials,

contractors, tenants, neighbors and all others involved in the real estate business have come to rely on

DRK to honor its commitments and deliver products which will be a credit to its clients and the

community. We are committed to continuing our history of success. In today’s difficult and complex real

estate environment, we recognize that hard work, creativity, attention to detail, and knowledge of the

market are all critical elements to any successful transaction. When you work with DRK you work with

knowledgeable professionals who understand these concepts, and put them to work for you.

Executive Real Estate Team Commercial Sales and Leasing Associate

www.drk-realty.com

ANDY DIBLASI

VP of Investment TRE' GILLER

CEO

DONALD R KENNEY

Founder

JAIMINE JOHNSON

Director, Commercial

Operations, Leasing and Sales

AMIE LENHART

Sales and Leasing Associate


AMIE LENHART, As a leasing and sales associate with Donald

R. Kenney and Company Realty, Amie has two decades of

experience in the corporate business and real estate markets.

Prior to joining DRK, Amie worked in a variety of real estate and

human resource positions, including: marketing coordinator for

Colliers International; client services specialist with CBRE; human

resource generalist for Plane Detail; and realtor with Coldwell

Banker King Thompson.

During her career, she has consistently excelled in team branding,

property marketing, developing client relationships, and

coordinating corporate real estate transactions.

Amie earned her associate’s degree in real estate from Columbus

State Community College before getting a bachelor’s degree in

business administration from Mount Vernon Nazarene University.

She maintains a busy volunteer schedule, serving with Ronald

McDonald House Charities, Meals on Wheels, Susan G. Komen

Race for the Cure, Muscular Dystrophy Association, and Best

Buddies International.

www.drk-realty.com

PUTTING YOUR REAL ESTATE NEEDS TOGETHER ONE PIECE AT A TIME

AMIE LEHART

Leasing and Sales Associate

Donald R. Kenney & Company Realty

470 Olde Worthington Rd., Suite 101 | Westerville, OH 43082

Office: (614) 918-6301 Cell: (614) 893-3513 | Fax: (614) 540-2426

Email: [email protected]

EDUCATION & QUALIFICATIONS

Bachelor of Science in Business Administration, Mount Vernon Nazarene University Associates

Degree in Real Estate, Columbus State Community College

Licensed Real Estate Salesperson: OH

PROFESSIONAL ACCOMPLISHMENTS &

AFFILIATIONS

Member, Ohio Association of Realtors

Member, Columbus Board of Realtors

COMMUNITY INVOLVEMENT

Volunteer for Meals on Wheels

Fund raiser for Best Buddies

Fund raiser for the MDA

Volunteer for Nationwide Duck Race

Volunteer and Fund raiser, The Ronald McDonald House, Columbus


JAIMINE JOHNSON, As Director of Commercial Real Estate

Assets for DRK, Jaimine Johnson develops and implements long-

term strategies for the commercial asset division in the investment

management of office, industrial/flex, medical, retail properties. She

has a proven record of success in developing strategies that drive

revenue and increase overall business profitability.

Jaimine, who previously worked at DRK from 2007 to 2015, brings

a wealth of real estate experience to the company. She has

overseen transactions involving the asset management, sales,

leasing and marketing of commercial properties, while executing

initiatives to promote and support company growth, global

planning, new business start-ups and company branding. In her

time at DRK, Jaimine consistently maintained a 96% tenant

occupancy rate, while increasing outside listings by 83%.

Jaimine’s recent real estate expertise in Columbus includes

working as first vice president of Colliers Healthcare Real Estate

Group. There, she directed the real estate strategy and operations

in providing consultative services for healthcare systems and

service providers both in Ohio and a national platform. She also

served as senior vice president of commercial real estate at

Huntington National Bank, where she developed strategies to

enhance the real estate portfolio comprised of $10 billion in office,

retail, land out parcel properties.

She was a 2013-2014 selection for the “Top 20 to Know in Real

Estate” and “Top 20 Women in Business” by Columbus Business

First, and was a Costar Power Broker in 2014.

www.drk-realty.com

PUTTING YOUR REAL ESTATE NEEDS TOGETHER ONE PIECE AT A TIME

JAIMINE JOHNSON

Director, Commercial Operations, Leasing and Sales

Donald R. Kenney & Company Realty

470 Olde Worthington Rd., Suite 101 | Westerville, OH 43082

Office: (614) 540-2404 Cell: (614) 374-5412 | Fax: (614) 540-2426

Email: [email protected]

EDUCATION & QUALIFICATIONS

Licensed Real Estate Salesperson: OH

Expert Academy certificate in life coach 2016

Expert Academy certificate in business coach 2015 -2016

PROFESSIONAL ACCOMPLISHMENTS &

AFFILIATIONS

Member, Ohio Association of Realtors

Member, Columbus Board of Realtors

Served as Chair – NAIP Treasurer 2017-2018

NAIOP board 2015-2019

President of Lakeview Owner’s Association

President of Crosswoods Owners Association

President of Golf Village Owners Association

President of Taylor Station Owners Association

Member of BOMA

Member of CCIIR

Advisory Board member 2018-present

Healthcare Fellos 2017-2018

Top women, Business First 2018

COMMUNITY INVOLVEMENT

Nationwide Children’s Hospital

Community for New Direction

Pink Ribbon Girls


A comprehensive view of the market

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