PORTICO PLACE II LEASING AUDIT - User Authenticationpdf.leeazmail.com/pdfs/Tolson/Portico Place II -...

PORTICO PLACE II LEASING AUDIT

Prepared For:

Prepared By:

William A. Blake, Principal [email protected]

602.954.3761

Colton Trauter, Principal [email protected]

602.474.5503

Adam Tolson, Principal [email protected]

602.954.3771

JANUARY 2017

LEE & ASSOCIATES ARIZONA

TABLE OF CONTENTS

L:\ART\Portico Place Quarterly Audits\Portico Place II\Q416\Cover Page & TOC.doc

1. Marketing Material

2. Competitive Survey

3. Lease Comparables

1/29/2017

55 N Arizona Pl - Chandler City CenterChandler, AZ 85225 - Chandler Submarket

Property Summary Report

BUILDINGType: Class B Office

Tenancy: Multiple

Year Built: 1998

RBA: 104,534 SF

Floors: 5

Typical Floor: 26,133 SF

Construction: Reinforced Concrete

LANDLand Area: 2.26 AC

Zoning: PAD, Chandler

Parcel 303-06-138

EXPENSES PER SFTaxes: $0.16 (2016)

Opex: $8.09 (2010-Est)

LEASINGAvailable Spaces: 1,792 - 5,305 SF Available in 2 Spaces

Availability: 5.1% Available; 5.1% Vacant

AVAILABLE SPACES

Floor Suite Use Type SF Avail Flr Contig Bldg Contig Rent Occupancy Term

P 2nd 205 Office Relet 1,792 5,305 5,305 $26.50/FS Vacant 3 - 5 Yrs

P 2nd 206 Office Relet 3,513 5,305 5,305 $26.50/FS Vacant 3 - 5 Yrs

SALELast Sale: Sold on Jul 7, 2006 for $20,225,000 ($193.48/SF) at 7.60% Cap

TRANSPORTATIONParking: Ratio of 5.70/1,000 SF

Airport: 25 minute drive to Phoenix Sky Harbor International Airport

Walk Score ®: Very Walkable (78)

Transit Score ®: Some Transit (38)

KEY TENANTSPorts America 54,827 SF Patent Law Group 10,546 SF

Mobivity Holdings Corp. 10,395 SF APS 6,487 SF

Levementum LLC 6,144 SF Fairway Independent Mtg Corp 4,601 SF

Copyrighted report licensed to Lee & Associates - 113268.

1/29/2017

55 N Arizona Pl - Chandler City CenterChandler, AZ 85225 - Chandler Submarket


PROPERTY CONTACTSRecorded Owner: DT Chandler Property LLC Prior True Owner: City of Chandler

Property Manager: ACM Developer: The Boyer Company

MARKET CONDITIONS

Vacancy Rates Current YOY

Current Building 5.1% 0.0%

Submarket 2-4 Star 18.8% 0.7%

Market Overall 15.1% 1.1%

Gross Asking Rents Per SF Current YOY

Current Building $26.50 0.0%

Submarket 2-4 Star $24.05 1.6%

Market Overall $23.45 4.8%

Submarket Leasing Activity Current YOY

12 Mo. Leased SF 596,912 1.7%

Months On Market 15.4 0.9 mo

Submarket Sales Activity Current YOY

12 Mo. Sales Volume (Mil.) $25.6 50.7%

12 Mo. Price Per SF $121 43.6%


1/29/2017

1850 E Northrop Blvd - Chandler Airport CenterChandler, AZ 85286 - Chandler Submarket



Tenancy: Multiple

Year Built: 2008

RBA: 90,054 SF

Floors: 2



Zoning: PAD, Chandler

Parcel 303-29-837




AVAILABLE SPACES


P 1st 155 Office Sublet 17,858 17,858 17,858 Withheld Vacant Thru Oct 2018

P 1st Office Relet 2,000 - 4,819 4,819 4,819 $27.00 - 28.00/FS Vacant 1 - 10 Yrs

P 1st Office Sublet 7,544 7,544 7,544 $23.00/FS Vacant Thru Jul 2020

TRANSPORTATIONParking: 210 free Surface Spaces are available; 80 free Covered Spaces are available; Reserved Spaces @ $35.00/mo; Ratio of

7.00/1,000 SF

Walk Score ®: Car-Dependent (25)

Transit Score ®: Minimal Transit (0)

KEY TENANTSCDW Corporation 25,044 SF Darby Dental 4,121 SF

Opus West Construction 750 SF Mayo Clinic Primary Care - San Tan 400 SF

Spectrum Association Management 200 SF

PROPERTY CONTACTSTrue Owner: The Opus Group Recorded Owner: Opus Real Estate AZ VII Chandler, LLC

Prior True Owner: NorthMarq Capital, Inc. Property Manager: CBRE

Developer: Opus West Corporation


1/29/2017

1850 E Northrop Blvd - Chandler Airport CenterChandler, AZ 85286 - Chandler Submarket


MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

1975 S Price Rd - Chandler ForumChandler, AZ 85286 - Chandler Submarket



Tenancy: Multiple

Year Built: 2003; Renov 2015

RBA: 153,494 SF

Floors: 3


Construction: Masonry


Zoning: PAD

Parcel 303-25-574


LEASINGAvailable Spaces: No Spaces Currently Available

SALELast Sale: Sold on Sep 2, 2015 for $33,900,000 ($220.86/SF) at 7.00% Cap

TRANSPORTATIONParking: 400 free Surface Spaces are available; Ratio of 8.00/1,000 SF



KEY TENANTSGM Financial 129,442 SF MedAire, Inc. 21,850 SF

PROPERTY CONTACTSTrue Owner: Bruce Karsh Recorded Owner: Chandler Forum Building, LLC

Prior True Owner: Piedmont Office Realty Trust, Inc. Property Manager: Signature Real Estate Services, Inc.

Developer: ADEVCO Corporation Architect: Jacobs Carter Burgess


1/29/2017

1975 S Price Rd - Chandler ForumChandler, AZ 85286 - Chandler Submarket


MARKET CONDITIONS









12 Mo. Leased SF 596,912 1.7%






1/29/2017

3075 W Ray Rd - The Park at SanTan - Office BChandler, AZ 85226 - Chandler Submarket


BUILDINGType: Class A Office

Tenancy: Multiple

Year Built: 2007

RBA: 220,000 SF

Floors: 5


Construction: Steel


Zoning: PAD

Parcel 301-64-918


AMENITIES

Conferencing Facility



AVAILABLE SPACES


P 1st 120 Office Relet 2,500 - 8,328 8,328 8,328 $33.00/FS Vacant Negotiable

P 5th 500 Office Relet 5,000 - 23,508 23,508 23,508 $33.00/FS Vacant Negotiable

SALELast Sale: Portfolio of 4 Properties in Chandler, AZ Sold on Aug 22, 2014 for $68,000,000 ($283.23/SF)

TRANSPORTATIONParking: 60 free Surface Spaces are available; 200 Covered Spaces @ $65.00/mo; Ratio of 4.00/1,000 SF

Walk Score ®: Somewhat Walkable (59)


KEY TENANTSPearson 135,460 SF ARM Inc. 13,275 SF

NOVA® Home Loans 7,040 SF Trinity Capital Investments, LLC 6,443 SF

RW Lynch Company, Inc. 4,574 SF Charles Schwab 4,000 SF


1/29/2017

3075 W Ray Rd - The Park at SanTan - Office BChandler, AZ 85226 - Chandler Submarket


PROPERTY CONTACTSTrue Owner: TA Realty Recorded Owner: The Realty Associates Fund X, LP

Prior True Owner: Park At San Tan LLC Property Manager: Cushman & Wakefield

MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

3530 S Val Vista Dr - Copper PointGilbert, AZ 85297 - Gateway Airport/Loop 202 Submarket



Tenancy: Multiple

Year Built: 2008

RBA: 93,276 SF

Floors: 2


Core Factor: 13%



Zoning: RC

Parcel 304-54-076


AMENITIES

Signage



AVAILABLE SPACES


P 2nd B-210 Off/Med New 3,192 20,153 20,153 $19.50/NNN Vacant 3 - 5 Yrs






SALELast Sale: Portfolio of 2 Properties in Gilbert, AZ Sold on Dec 27, 2013 for $12,750,000 ($118.30/SF)

TRANSPORTATIONParking: 100 Surface Spaces are available; 40 Covered Spaces are available; Reserved Spaces @ $35.00/mo; Ratio of 5.00/1,000 SF




1/29/2017

3530 S Val Vista Dr - Copper PointGilbert, AZ 85297 - Gateway Airport/Loop 202 Submarket


KEY TENANTSTri-City Cardiology Conslnts 4,912 SF Drs. Goodman & Partridge, OB/GYN 4,020 SF

Cigna Medical Group 2,508 SF OSPI Orthopedics 2,400 SF

XO Dentistry 2,000 SF MomDoc 1,400 SF

PROPERTY CONTACTSTrue Owner: West Coast Capital Partners Recorded Owner: WCCP Copper Point LLC

Prior True Owner: Investment Equity Development LLC Property Manager: Avison Young

Developer: Investment Equity Development LLC

MARKET CONDITIONS










12 Mo. Leased SF 86,901 47.1%






1/29/2017

5670 W Chandler Blvd - Bldg JChandler, AZ 85226 - South Tempe/Ahwatukee Submarket



Tenancy: Multiple

Year Built: 2007

RBA: 56,105 SF

Floors: 2


Construction: Steel


Zoning: PAD

Parcel 301-87-988


Opex: $1.47 (2007)

LEASINGAvailable Spaces: 21,574 SF Available in 1 Space

Availability: 38.5% Available; 0% Vacant

AVAILABLE SPACES

Floor Use Type SF Avail Flr Contig Bldg Contig Rent Occupancy Term

P 1st Office Sublet 21,574 21,574 21,574 $22.00/MG 30 Days Thru Sep 2024

SALELast Sale: Portfolio of 2 Office Properties in Chandler, AZ Sold on Dec 7, 2012 for $10,100,000 ($90.17/SF)

TRANSPORTATIONParking: 220 free Surface Spaces are available; 70 free Covered Spaces are available; 56 Reserved Spaces are available; Ratio of

5.50/1,000 SF



KEY TENANTSNXP Semiconductors 32,988 SF QBE Insurance 15,480 SF

PROPERTY CONTACTSTrue Owner: ViaWest Properties LLC Recorded Owner: VWP-BV CM 5670, LLC

Recorded Owner: VWP-BV CM 5710 LLC Prior True Owner: McMahon Development Group LLC

Developer: McMahon Development Group Architect: Patrick Hayes Architects


1/29/2017

5670 W Chandler Blvd - Bldg JChandler, AZ 85226 - South Tempe/Ahwatukee Submarket


MARKET CONDITIONS










12 Mo. Leased SF 694,151 0.2%






1/29/2017

5710 W Chandler Blvd - Bldg IChandler, AZ 85226 - South Tempe/Ahwatukee Submarket



Tenancy: Multiple

Year Built: 2008

RBA: 55,908 SF

Floors: 2




Zoning: PAD

Parcel 301-87-989




AVAILABLE SPACES


P 1st 150 Office New 5,066 5,066 5,066 $24.00/FS Vacant Negotiable

SALELast Sale: Portfolio of 2 Office Properties in Chandler, AZ Sold on Dec 7, 2012 for $10,100,000 ($90.17/SF)

TRANSPORTATIONParking: 200 free Surface Spaces are available; 64 free Covered Spaces are available; Ratio of 5.50/1,000 SF



KEY TENANTSGSA Office of Portfolio Management / CO-PT 38,440 SF TSR Inc 750 SF

PROPERTY CONTACTSTrue Owner: ViaWest Properties LLC Recorded Owner: VWP-BV CM 5710 LLC

Prior True Owner: McMahon Development Group LLC Developer: McMahon Development Group

Architect: Patrick Hayes Architects


1/29/2017

5710 W Chandler Blvd - Bldg IChandler, AZ 85226 - South Tempe/Ahwatukee Submarket


MARKET CONDITIONS










12 Mo. Leased SF 694,151 0.2%






1/29/2017

2700 W Frye Rd - QBE Insurance GroupChandler, AZ 85224 - Chandler Submarket



Tenancy: Multiple

Year Built: 2011

RBA: 183,000 SF

Floors: 3



Zoning: PAD

Parcel 303-63-309A


LEASINGAvailable Spaces: No Spaces Currently Available

SALELast Sale: Sold on Mar 27, 2014 for $43,100,000 ($235.52/SF) at 6.75% Cap

TRANSPORTATIONParking: 328 Surface Spaces are available; 770 Covered Spaces are available; Ratio of 6.00/1,000 SF



KEY TENANTSQBE Insurance Group 178,140 SF Apria Healthcare 65,860 SF

PROPERTY CONTACTSTrue Owner: W.P. Carey, Inc. True Owner: Carey Wp Co Inc

Recorded Owner: Carey Wp Co Inc Recorded Owner: MCPA-PLUS(TN) Associates

Prior True Owner: Countrywide Home Loans, Inc Developer: Regent Properties, Inc.

Architect: Patrick Hayes Architecture, Inc.


1/29/2017

2700 W Frye Rd - QBE Insurance GroupChandler, AZ 85224 - Chandler Submarket


MARKET CONDITIONS









12 Mo. Leased SF 596,912 1.7%






1/29/2017

2501 S Price Rd - Continuum Business & Technology ParkChandler, AZ 85286 - Chandler Submarket



Tenancy: Multiple

Year Built: 1986; Renov 2012

RBA: 463,658 SF

Floors: 2




Zoning: PDP, Chandler


PARCEL

303-36-002A, 303-36-005A, 303-36-007A



AVAILABLE SPACES


P 1st Office New 81,896 81,896 81,896 $23.00/FS Vacant Negotiable

P 2nd Office New 86,617 115,394 115,394 $23.00/FS Vacant Negotiable

P 2nd Office New 28,777 115,394 115,394 $23.00/FS Vacant Negotiable

SALELast Sale: Sold on Feb 24, 2014 for $51,750,000 ($111.61/SF)




KEY TENANTSNationstar Mortgage 148,530 SF


1/29/2017

2501 S Price Rd - Continuum Business & Technology ParkChandler, AZ 85286 - Chandler Submarket


PROPERTY CONTACTSTrue Owner: Southwest Value Partners Enterprises Recorded Owner: SWVP Continuum Office LLC

Prior True Owner: Capital Commercial Investments, Inc. Property Manager: Voit Real Estate Services

Developer: Capital Commercial Investments, Inc.

MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

2525 W Frye Rd - Chandler 202Chandler, AZ 85224 - Chandler Submarket



Tenancy: Multiple

Year Built: 2015

RBA: 133,135 SF

Floors: 3


Construction: Metal


Zoning: I-1

Parcel 303-24-183


AMENITIES

Atrium



AVAILABLE SPACES


P 1st 115 Office New 5,743 15,094 31,998 $29.00/FS Vacant Negotiable

P 1st 120 Office New 9,351 15,094 31,998 $28.00 - 29.00/FS Vacant Negotiable

P 2nd 200 Office New 16,904 16,904 31,998 $28.00 - 29.00/FS Vacant Negotiable

TRANSPORTATIONParking: 100 free Surface Spaces are available; 40 Covered Spaces are available; Ratio of 6.00/1,000 SF




KEY TENANTSRepublic Services 74,387 SF Insys Therapeutics, Inc. 13,050 SF

Cardinal Financial 12,168 SF

PROPERTY CONTACTSDeveloper: Kieckhefer Properties LLC Architect: Creo Architects


1/29/2017

2525 W Frye Rd - Chandler 202Chandler, AZ 85224 - Chandler Submarket


MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

2222 E Yeager Dr - Mach One - Bldg AChandler, AZ 85286 - Chandler Submarket



Tenancy: Multiple

Year Built: 2016

RBA: 102,356 SF

Floors: 2



LANDParcel 303-31-363


Availability: 100% Available; 100% Vacant

AVAILABLE SPACES


E 1st Office New 50,349 50,349 207,356 $26.50/FS Vacant Negotiable

E 2nd Office New 52,007 52,007 207,356 $26.50/FS Vacant Negotiable





PROPERTY CONTACTSDeveloper: Trammell Crow Company Architect: Butler Design Group

MARKET CONDITIONS


Current Building 100% 0.0%








12 Mo. Leased SF 596,912 1.7%






1/29/2017

2290 E Yeager Dr - Mach One - Bldg BChandler, AZ 85286 - Chandler Submarket



Tenancy: Multiple

Year Built: 2016

RBA: 102,121 SF

Floors: 2



LANDParcel 303-31-363



AVAILABLE SPACES


E 1st Office New 50,921 50,921 207,121 $18.00/NNN Vacant Negotiable

E 2nd Office New 51,200 51,200 207,121 $18.00/NNN Vacant Negotiable





PROPERTY CONTACTSDeveloper: Trammell Crow Company Architect: Butler Design Group

MARKET CONDITIONS


Current Building 100% 0.0%








12 Mo. Leased SF 596,912 1.7%






1/29/2017

275 E Rivulon Blvd - RivulonGilbert, AZ 85297 - Chandler Submarket



Tenancy: Multiple

Year Built: 2015

RBA: 125,000 SF

Floors: 4


Construction: Metal

LANDParcel 304-55-010B

AMENITIES

Courtyard, LEED Certified



AVAILABLE SPACES


P 1st 100B&C Office New 5,137 - 15,280 15,280 15,280 $28.00 - 30.00/FS Vacant Negotiable

P 1st 100D Office New 7,192 7,192 7,192 $28.00 - 30.00/FS Vacant Negotiable

P 4th 400C Office New 2,538 9,724 9,724 $28.00 - 30.00/FS Vacant Negotiable

P 4th 400B Office New 7,186 9,724 9,724 $28.00 - 30.00/FS Vacant Negotiable





KEY TENANTSMerril Lynch 18,906 SF Haven Health 10,311 SF

Finance of America Mortgage 9,000 SF Thomas Title & Escrow 6,533 SF

Rivulon 450 SF


1/29/2017

275 E Rivulon Blvd - RivulonGilbert, AZ 85297 - Chandler Submarket


PROPERTY CONTACTSTrue Owner: Nationwide Realty Investors Limited Developer: Nationwide Realty Investors Limited

Architect: Butler Design Group

MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

2195 W Chandler Blvd - Portico Place IIChandler, AZ 85224 - Chandler Submarket



Tenancy: Multiple

Year Built: 2015

RBA: 48,173 SF

Floors: 2


Core Factor: 13.3%


Parcel 303-63-417

AMENITIES

Signage



AVAILABLE SPACES


E 2nd 200 Office Relet 24,983 24,983 24,983 $27.50/FS Vacant Negotiable

TRANSPORTATIONParking: Covered Spaces @ $45.00/mo; Ratio of 5.00/1,000 SF




PROPERTY CONTACTSTrue Owner: Irgens Partners Property Manager: Knight Management

Developer: Irgens Architect: Archicon, L.C.


1/29/2017

2195 W Chandler Blvd - Portico Place IIChandler, AZ 85224 - Chandler Submarket


MARKET CONDITIONS










12 Mo. Leased SF 596,912 1.7%






1/29/2017

2716 N Dobson Rd - St Katherine Education FacilityChandler, AZ 85224 - Chandler Submarket


BUILDINGType: Specialty

Subtype: Religious Facility

Year Built: 2000

GBA: 21,000 SF

Floors: 1


Zoning: R-43

Parcel 302-79-025A



AVAILABLE SPACES


E 1st Office Relet 21,000 21,000 21,000 $10.00/MG 30 Days Negotiable

TRANSPORTATIONParking: 200 Surface Spaces are available; Ratio of 9.52/1,000 SF



PROPERTY CONTACTSRecorded Owner: St Katherines Greek Orthodox Church


1/29/2017

SEC Pecos Rd & Gilbert Rd - Rivulon BlvdGilbert, AZ 85295 - Chandler Submarket



Year Built: Proposed

RBA: 100,000 SF

Floors: 2



PARCEL

304-55-009d, 304-55-009h



AVAILABLE SPACES


E GRND Office New 50,000 50,000 100,000 Withheld Dec 2017 Negotiable

E 2nd Office New 50,000 50,000 100,000 Withheld Dec 2017 Negotiable





PROPERTY CONTACTSRecorded Owner: Nationwide Realty Investors, Ltd

MARKET CONDITIONS








12 Mo. Leased SF 596,912 1.7%






1/29/2017

SEC Pecos Rd & Gilbert Rd - Rivulon Blvd 2Gilbert, AZ 85295 - Chandler Submarket



Year Built: Proposed

RBA: 100,000 SF

Floors: 2


LANDParcel 304-55-009d




AVAILABLE SPACES


E GRND Office New 50,000 50,000 100,000 Withheld Dec 2017 Negotiable

E 2nd Office New 50,000 50,000 100,000 Withheld Dec 2017 Negotiable





PROPERTY CONTACTSRecorded Owner: Nationwide Realty Investors, Ltd

MARKET CONDITIONS








12 Mo. Leased SF 596,912 1.7%






OFFICE COMPETITIVE SET - Portico Place Phase II

YEAR TOTAL SF OCC. LEASE ASKING PARKING PREVIOUS QUARTER PREVIOUS QUARTERNAME/ADDRESS BUILT STORIES SF AVAIL. RATE TYPE RENT/SF (F/S) RATIO/1,000 SF ASKING RATE OCCUPANCY OPEX NOTESPortico Place Phase II 2015 2 48,173 41,713 13.41% FS $27.50 4.50 $27.50 91.60% Class A Office 2195 W Chandler Blvd Chandler, AZ 85224

Developer: Irgens Partners 1 Chandler Office Center 1998 5 105,734 5,305 94.98% FS $26.50 5.70 $26.50 94.98% Est Ops $8.00 SF

55 N. Arizona Place Chandler, AZ 85225

Owner: City of Chandler 2 Chandler Airport Center 2008 2 90,054 30,221 66.44% FS $28.00 7.00 $27.50 94.70% 2 sublets - 17,858 & 7,544 @ $23/SF

1850 E. Northrop Blvd.Chandler, AZ 85286

Owner: Opus Group 3 Chandler Forum 2003 3 153,494 - 100.00% FS N/A 8.00 $22.00 100.00%

1975 S. Price Rd. Chandler, AZ 85224

Owner: Piedmont Office Realty Trust 4 The Park at SanTan 2007 5 220,000 31,836 85.53% FS $33.00 4 $33.00 82.60% Covered Spaces: $65.00/ mo

3075 W. Ray RoadChandler, AZ 85286

Onwer: Mckinney5 Nexus @ ASU Research Park 1987 2 123,863 - 100.00% FS $24.95 6.00 $24.95 47.61%

8375 - 8600 S. River ParkwayTempe, AZ 85286

Owner: ViaWest Properties 6 Copper Point Business Park 2008 2 93,961 32,875 65.01% NNN $19.50 5 $19.50 54.30% Covered Spaces: $65.00/ mo

3530 S. Val Vista Dr. Est Ops $8.00 SF. Asking $18.00 NNNGilbert, AZ 85297

Owner: West Coast Capital Partners 7 Chandler Midway Corporate Center Bldg. J 2007 2 56,105 - 100.00% FS $24.00 5.5 $24.00 86.76% 21,574 SF Sublease @ $22.00

5670 W. Chandler Blvd. Chandler, AZ 85226

Owner: ViaWest Properties 8 Chandler Midway Corporate Center Bldg. I 2008 2 55,908 5,066 90.94% FS $24.00 5.5 $24.00 90.90%

5710 W. Chandler Blvd. Chandler, AZ 85226

Onwer: ViaWest Properties 9 2700 Corporate Center 2011 3 183,000 - 100% FS N/A 6 $24.00 100.00% Apriva & CVS occupy building

2700 W. Frye Rd.Chandler, AZ 85224

Owner: W.P. Carey & Company 10 Continuum 1986 2 463,658 197,290 57.45% FS $23.00 6.00 $23.00 48.31% Est. Ops $8.00/SF

2501 S Price Road Rev 2012Chandler, AZ 85286

Developer: Southwest Valley Partners11 Chandler 202 2015 3 133,135 45,048 66.16% FS $28.00 6.00 $28.50 76.00% Ceiling Height: 10'

2525 W. Fry Rd.Chandler, AZ

Developer: Kieckhefer PropertiesTOTALS 1,678,912 347,641 AVERAGES 2003 2.8 152,628 31,604 84.2% $25.66 5.88 $25.18 79.65%

10/21/2016Su

bjec

t

OFFICE COMPETITIVE SET - Portico Place Phase II10/21/2016

UNDER CONSTRUCTIONYEAR TOTAL SF OCC. LEASE ASKING PARKING

NAME/ADDRESS BUILT STORIES SF AVAIL. RATE TYPE RENT/SF (F/S) RATIO/1,000 SF OPEX NOTES1 Mach One 2016

S. Cooper Rd & E Yeager Dr. Bldg #1 2 102,356 102,356 0% FS $26.50 6.00 $26.50 0.00% Ceiling Height: 12', 16' to the deckChandler, AZ Bldg #2 2 102,121 102,121 NNN $18.00 $26.50 FS

2016Developer: Trammell Crow Company

2 Rivulon 2016 4 125,000 32,196 74.24% FS $29.00 - $29.00 37.25% Class A Office 275 E. Rivulon Blvd Spec Gilbert, AZ

Developer: Nationwide Realty Investory3 Rivulon 2 100,000 100000 0 - - 5 - - Start construction June 2017

Building IIIGilbert, AZ

Developer: Nationwide Realty InvestoryTOTALS 429,477 336,673 AVERAGES 2.5 107,369 84,168 24.7% $24.50 5.50 $27.75 18.63%

PP I & II LEASE COMPS January 30, 2017

L:\ART\Portico Place Quarterly Audits\Portico Place II\Q416\Lease Comparables\Portico I & II Lease Comps Q416.doc

Building Photo Tenant Building / Address Date Size (SF) Term Annual Lease Rate Effective

Rate TI’s PSF

OpEx

Parking Ratio

Comments

1.

Radial Spark Chandler Midway 5710 W. Chandler

12/16 5,066 40 Months

Mos. 01-04: $0.00 Mos. 05-12: $23.50 Mos. 13-24: $24.00 Mos. 25-36: $24.50 Mos. 37-40: $25.00

$21.75 FSG

As-Is Base Year 2017

5:1000 • Spec Suite

2.

Synopsys The Park at San Tan 3075 W. Ray Rd.

1/2017 4,333 64 Months

Mos. 01-04: $0.00 Mos. 05-12: $32.00 Mos. 13-24: $32.50 Mos. 25-36: $33.00 Mos. 37-48: $33.50 Mos. 49-60: $34.00

$31.24 FSG

$10.00 Base Year 2017

4:1000 • New Lease • 2nd Gen.

3.

Orbital Sciences Allred Park Place Central – Bldg. 10

1233 S. Spectrum Blvd.

5/2017 46,225 53 Months

Mos. 01-07: $23.50 Mos. 08-19: $24.00 Mos. 20-31: $24.50 Mos. 32-53: $24.00

$24.46 FSG

$40 Base Year 2016

6.75:1000 • New Lease • 2nd Gen.

4.

Group Mobile Chandler Center Commons 5590 W. Chandler Blvd.

10/2016 3,220 60 Months

Mos. 01-12: $20.00 Mos. 13-24: $20.50 Mos. 25-36: $21.00 Mos. 37-48: $21.50 Mos. 49-60: $22.00

$21.00 As-Is Base Year N/A • New Lease • 2nd Gen.

5.

Caliber Home Loans

Chandler Center Commons 5580 W. Chandler Blvd.

7/2016 5,275 64 Months

Mos. 01-04 $0.00 Mos. 05-16 $19.50 Mos. 17-28 $20.00 Mos. 29-40 $20.50 Mos. 41-52 $21.00 Mos. 53-64 $21.50

$19.22 FSG

$40.00 Base Year 2016

5:1000 • Expansion

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