F l a g l e r S t r e e t & M i a M i a v e n u e , D o w n t o w n M i a M i

Joint Venture or 100% Sale

Macy’s Redevelopment Site Investment Opportunity

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Downtown Miami CBD Redevelopment Opportunity - JV or 100% Sale

Residential/Office/Hotel /Retail Development Allowed

The Macy’s Site represents 1.79 acres of prime development land situated on two parcels located at the Main and Main center of Downtown Miami, the intersection of Flagler Street and Miami Avenue. Macy’s currently has a store on the site, encompassing 522,965 square feet of commercial space at 8 West Flagler Street (“West Building”) and 22 East Flagler Street (“Store Building”) that are collectively referred to as the “Property” or as the “Macy’s Site”.

Macy’s flagship South Florida store is operating under a lease expiring in March 2018 on an absolute NNN basis, while the West Building is subject to a separate land lease that runs through November 2016, and is partially used by Macy’s. Macy’s will be vacating the property at the end of their lease and moving to the new Miami World Center project.

The Property is one of the most desirable redevelopment opportunities in all of the CBD--with frontage on Miami Avenue, Flagler Street, and South First Street--and offers an array of potential high return development opportunities ranging from residential condominiums, apartments, office space, and retail space.

Potential for Unit SaleS in exCeSS of $985 Million

MACy’S PROJECT

Price Unpriced

Size22 E. Flagler St. 332,920 SF

8 W. Flagler St. 189,945 SF

total Project 522,865 SF

Site Size22 E. Flagler St. 1.08 Acres

8 W. Flagler St. 0.71 Acres

total Project 1.79 Acres

Percentage leased 100.0%

in-Place noi $2,085,725

lease expirations Macy’s Store 22 E. Flagler St. 3/31/18

West Building 8 W. Flagler St. 11/1/16

JV interest Partnership is Preference

50% JV equity with a Devel-oper/invester

100% Sale will be Considered also an option

West Site ready for immediate development, while reaping steady and predictable income from Macy’s.

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WorlD ClaSS reDeVeloPMent oPPortUnitY

The Macy’s Site is one of the most desirable redevelopment parcels in the Miami CBD, and allows a mixed use project with a massive intensity of use providing a developer with significant flexibility in creating a World Class project as their vision deems fit. Residential, Office, Lodging, and Retail are all allowed by right. The current lease with Macy’s offers investors a stable and predictable income stream during preparations for redevelopment.

ePiCenter of DoWntoWn “Main anD Main” loCation The Macy Site’s high profile location is at the southwest corner (“West Building”) and the southeast corner (“Store Building”) of Flagler Street and Miami Avenue, with frontage along South 1st Street as well. The buildings are directly connected to the Miami Avenue Metromover station, providing immediate access to the wealth of amenities in the Downtown/Brickell central business district, including luxury condos, hotels, nightlife, and restaurants-- - a strong draw for both potential residents, office tenants and retailers.

The allowed density can support a condominium project of up to $985 million of sale value on the two sites, based on an average unit size of 1,000 SF applied to a sale price

of $550/SF.

Immediate Access to All

Points of Downtown and

Brickell via Metromover

East Flagler StreetWest Flagler Street

Southeast 1st StreetSouthwest 1st Street

Sout

h M

iam

i Ave

nue

22 East Flagler Street

8 West Flagler Street

Elevated Metromover

Station

Street Level Retail

Street Level Retail

Stre

et L

evel

Ret

ail

Commercial Building

and Ground Level

Retail

Macy’s Store and

Office Building

Skybridge

inVeStMent HigHligHtS

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flagler Street frontage

Flagler Street is the dominant commercial corridor of Downtown Miami, and is the office and retail main street for the market. Amenities abound along this renowned corridor, including numerous high grossing retailers, restaurants, financial institutions and professional offices. The location is the center of Government, with the immediate area home to county and federal courthouses as well as the Miami-Dade County Government Center.

inVeStMent HigHligHtS (Cont’D)

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roBUSt offiCe MarKet WitH SUPPlY ConStraineD inVentory

Demand for office space is strong, with no new office construction and a defined inventory with few available sites, creating the perfect recipe for near term rent spikes and stabilized market occupancy. The location at the center of Downtown, footsteps from the Courthouses and at the center of Government is ideal for an office component of new development on the Macy’s Site.

MaCY’S offerS PreDiCtaBle inCoMe WHile DeVeloPMent iS PlanneDThe Macy’s Site is under two leases, the east parcel is leased to Macy’s and expires in March of 2018 and the ground lease on the west parcel expires in November of 2016. The combined net income from the leases to the owner is $2,085,725. Macy’s will be moving to a new site at Miami World Center upon expiration of their lease.

renaiSSanCe of DoWntoWn into “24/7” gloBal CitY The proliferation of high quality residential and a blossoming amenity base continues to attract a significant expansion of residents living in the CBD, which in turn intensifies demand for office space in this evolving 24/7 City. Seasoned business professionals, young professionals, and international visitors have all chosen to live, work and play in Miami’s urban center because it offers the infrastructure, connections and lifestyle options that result in a true urban environment in a self contained community. The amenity base includes top restaurants, name brand retailers, grocers, bars, and entertainment venues. Confidence abounds in the market, with the Property ideally located at the epicenter of the expanding amenity base.

inVeStMent HigHligHtS (Cont’D)

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aBUnDanCe of aMenitieS anD loCation ConVenienCe

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intenSe reSiDential DeManD Given the intense demand from both local and foreign buyers for residential in the Downtown and Brickell markets, it is likely that residential condos will be the dominant component of any new development on the site.

> Accelerated absorption of the condo inventory has emanated not only locally from professionals attracted by the urban lifestyle, but also from Northeast US residents looking to replicate a vibrant urban lifestyle in a tropical environment, as well as a significant demand base from Latin America and Europe.

> Accelerated absorption of the condominium inventory has emanated from local professionals attracted by the urban lifestyle, but also from a significant demand base from Latin America and Europe, as well as Northeast US residents looking to replicate a vibrant urban lifestyle in a tropical environment.

> The 23,000 Downtown condominium units built since 2003 are almost fully absorbed, with 95% occupancy - up from approximately 62% four years ago, according to the Downtown Development Authority. The market is ripe for new residential development on such a prime site.

foreign “all CaSH” ConDo BUYerS The foreign-Buyer market has intensified demand for residential condominiums and continues to outstrip supply. The robust demand from Latin America, Canada and Europe largely involves high quality buyers prepared to pay all cash for their units, and have considerably strengthened the market, resulting in a transformation of the buyer pool now dominated by cash buyers.

inVeStMent HigHligHtS (Cont’D)

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SPonSor/Partner oVerVieWAetna Realty and United States Realty & Investment Company (U.S. Realty) are two firms with one goal, seeking growth opportunities through real estate investments. Aetna is a private equity investment company focus primary on real estate-related assets and investment instruments. Our firm’s opportunistic investment approach has allowed it to acquire and manage numerous, successful national and international assets.

Over the past twenty years, Aetna Realty has successfully invested in diverse and complex properties. Headquartered in New york City, Aetna Realty has regional offices in Chicago, Florida, Nevada, New Jersey, Pennsylvania, Phoenix, Texas, Wisconsin & Canada. Aetna Realty has national presence and a global view.

The firm’s team provides committed investment and captive asset management capabilities with a strong history of optimizing value. Our professional staff provide a unique combination of finance, construction, repositioning, acquisition and dispositions, leasing, management and operations of real estate assets to exploit financial market inefficiencies, mitigating risk and enhancing equity returns.

Aetna Realty provides comprehensive management to ensure the highest level of strategic planning for our portfolio of properties. Our property managers work with our asset management team to reduce operations costs, provide quality services to the tenants, achieve maximum income and appreciation of the property values. We are dedicated to having efficient, complete, and service-oriented professionalism that satisfies all of our real property needs. This includes operations, project management, preventative maintenance, financial reporting and accounting.

Web site: http://www.aetnarealty.com

The Seller (“Partner”) is seeking to retain a 50% interest in the property and sell the remaining 50% percent equity interest to an outside developer/investor.

the seller will also consider a 100% interest sale of the Property. the preference to remain as an ownership partner is driven by the Sponsors’ strong long term belief in the redevelopment opportunity and desire to reap anticipated further upside.

ProPoSeD Joint VentUre terMS

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To Miami Beach

MusuemPark

Bayfront Park

Flagler

Resorts World

Perez Art Museum

Frost Museum of Science

Miami World Center

All Aboard Florida(Railroad Station)

Proposed Convention Center

Met Square (Movie Theater/Retail)

Met 3 (Apts./Whole Foods)

Centro (Condos)

Government Center

CountyCourthouse

Miami Culinary Institute

Miami Dade College

Miami International University of Art and Design

Mary BrickellVillage (Mixed Use)

American Airlines Arena

Bayside Market Place

BrickellPark

Miami CirclePark

ArshtPerformingArts Center

Brickell CityCentre(Mixed Use)

One Brickell(Mixed Use)

DoWntoWn MiaMi / BriCKell MaP

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tHe offering ProCeSSThe Property is being offered for sale to principals only, subject to limiting conditions described in this Offering Memorandum and the Confidentiality Agreement. Potential purchasers should recognize the following:

Property Tours: Interested purchasers should contact broker to arrange a Property tour.

for More inforMation, ContaCt:

JOHN F. BELLManaging Directorjohn.bell@transwestern.net Direct: 305.808.7820Cell: 305.798.7438

100 SE 2ND STREET, SUITE 3100MIAMI, FLORIDA 33131

www.transwestern.net/miami

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to omissions, change of price, rental or other condition, without notice, and to any listing conditions, imposed by the owner