CBRE VALUATION & ADVISORY SERVICES

APPRAISAL
REPORT
MELREESE GOLF COURSE
1802 NORTHWEST 37TH AVENUE
MIAMI, FLORIDA 33125
CBRE GROUP, INC. FILE NO. 18-397MI-0657-1

CITY OF MIAMI

© 2018 CBRE, Inc.

 VALUATION & ADVISORY SERVICES

777 Brickell Ave. Ste. 1100

Miami, FL 33131

T (305) 381-6472
F 305-381-6462

www.cbre.com

May 21, 2018

Jacqueline Lorenzo
Project Management Specialist
CITY OF MIAMI
444 SW 2nd Avenue, 3rd Floor
Miami, Florida 33130

RE: Appraisal of: Melreese Golf Course

1802 Northwest 37th Avenue
Miami, Miami-Dade County, Florida
CBRE, Inc. File No. 18-397MI-0657-1

Dear Ms. Lorenzo:

At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of
the referenced property. Our analysis is presented in the following Appraisal Report.
The subject is a 131.07-acre (5,709,575 sq. ft.), 18-hole municipal owned & operated golf
course located at 1802 Northwest 37th Avenue in Miami, Florida. However, the City of Miami is
considering other uses including leasing a portion of the site to a third-party developer for a
higher density, mixed-use development, subject to a voter referandum, a land use amendment &
rezoning of the site to SAP, Special Area Plan. The subject location is strategically situated at the
northeast quadrant of the Dolphin Expressway (State Road 836) & NW 42nd Avenue (LeJeune
Road) on the east side of the Miami International Airport and is an ideal location for a higher
density, mixed-use business park.
Based on the analysis contained in the following report, the market value of the subject is
concluded as follows:
MARKET VALUE CONCLUSION
Appraisal Premise Interest Appraised Date of Value Value Conclusion
As Is Fee Simple Estate May 8, 2018 $160,000,000
As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $8,500,000/Annum
As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $1.49/PSF
Compiled by CBRE

© 2018 CBRE, Inc.

 Jacqueline Lorenzo
May 21, 2018
Page 2

The report, in its entirety, including all assumptions and limiting conditions, is an integral part of,
and inseparable from, this letter.
The following appraisal sets forth the most pertinent data gathered, the techniques employed,
and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were
developed based on, and this report has been prepared in conformance with, the guidelines and
recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP),
and the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute.
The intended use and user of our report are specifically identified in our report as agreed upon in
our contract for services and/or reliance language found in the report. As a condition to being
granted the status of an intended user, any intended user who has not entered into a written
agreement with CBRE in connection with its use of our report agrees to be bound by the terms
and conditions of the agreement between CBRE and the client who ordered the report. No other
use or user of the report is permitted by any other party for any other purpose. Dissemination of
this report by any party to any non-intended users does not extend reliance to any such party,
and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its
conclusions or contents (or any portion thereof).
It has been a pleasure to assist you in this assignment. If you have any questions concerning the
analysis, or if CBRE can be of further service, please contact us.

Respectfully submitted,

CBRE - VALUATION & ADVISORY SERVICES

Stuart J. Lieberman, MAI James E. Agner, MAI, AI-GRS, SGA, MRICS

Vice President Senior Managing Director –
Cert Gen RZ1074 Florida/Caribbean
Cert Gen RZ382
www.cbre.com/stuart.lieberman www.cbre.com/james.agner
Phone: (305) 381-6472 Phone: (305) 381-6480
Fax: (305) 381-6462 Fax: (305) 381-6462
Email: [email protected] Email: [email protected]

© 2018 CBRE, Inc.

 Certification

Certification
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported
assumptions and limiting conditions and are our personal, impartial and unbiased
professional analyses, opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the
subject of this report and have no personal interest in or bias with respect to the parties
involved with this assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
5. Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
6. This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the Uniform Standards of Professional Appraisal Practice, as well as the
requirements of the State of Florida.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and
Standards of Professional Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review
by its duly authorized representatives.
10. As of the date of this report, Stuart J. Lieberman, MAI and James E. Agner, MAI have
completed the continuing education program for Designated Members of the Appraisal
Institute.
11. Stuart J. Lieberman, MAI has and James E. Agner, MAI has not made a personal inspection
of the property that is the subject of this report.
12. No one provided significant real property appraisal assistance to the persons signing this
report.
13. Valuation & Advisory Services operates as an independent economic entity within CBRE, Inc.
Although employees of other CBRE, Inc. divisions may be contacted as a part of our routine
market research investigations, absolute client confidentiality and privacy were maintained at
all times with regard to this assignment without conflict of interest.
14. Stuart J. Lieberman, MAI and James E. Agner, MAI have not provided any services, as an
appraiser, regarding the property that is the subject of this report within the three-year period
immediately preceding acceptance of this assignment.

Stuart J. Lieberman, MAI James E. Agner, MAI, AI-GRS, SGA, MRICS

Cert Gen RZ1074 Cert Gen RZ382

i
Melreese Golf Course, Miami, Florida

© 2018 CBRE, Inc.

 Subject Photographs

Subject Photographs

Aerial View

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Melreese Golf Course, Miami, Florida

© 2018 CBRE, Inc.

 Subject Photographs

Aerial View – Zoom Out

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Melreese Golf Course, Miami, Florida

© 2018 CBRE, Inc.

 Subject Photographs

Aerial View – File Photo Looking Northeast

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Melreese Golf Course, Miami, Florida

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 Subject Photographs

Photo 1–Main Entrance From NW 37th Ave. Photo 2–Looking North From 15th-Hole

Photo 3-Looking SW From Practice Tees Photo 4 - View West Along Tamiami Canal

Photo 5 – Fairway View Looking North Photo 6 – 3rd Hole Looking East

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 Subject Photographs

Photo 7 – Fairway View Photo 8 – 5th Hole Looking South

Photo 9 – Fairway View Photo 10 -Fairway View

Photo 11 – Clubhouse from 18th Hole Photo 12 – NW 37th Ave. Looking South

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 Executive Summary

Executive Summary
Property Name Melreese Golf Course
Location 1802 Northwest 37th Avenue, Miami, Miami-Dade
County, Florida 33125

Highest and Best Use

As If Vacant Mixed-use multi-family, office, retail & logistics
business park

As Improved Interim use golf course with future mixed-use

redevelopment
Property Rights Appraised Fee Simple Estate
Date of Report May 21, 2018
Date of Inspection May 8, 2018
Estimated Exposure Time 6 to 12 Months
Estimated Marketing Time 6 to 12 Months
Land Area 131.07 AC 5,709,575 SF
Zoning - Existing CS, Civic Space
Zoning - Proposed SAP, Special Area Plan
Improvements - Existing
Property Type Land (Mixed-Use)
Number of Buildings 4
Number of Stories 1
Gross Building Area 10,470 SF
Year Built 1972, 2007 & 2009 0
Condition Good
Buyer Profile Developer
VALUATION

Market Value As Is On May 8, 2018 Total Per SF

Cost Approach Not Applicable ---
Sales Comparison Approach $160,000,000 $28.02
Income Approach - Rent Multiplier Method $8,400,000 $1.47
Income Approach - Market Rent Comparison $8,565,000 $1.50

CONCLUDED MARKET VALUE

Appraisal Premise Interest Appraised Date of Value Value
As Is Fee Simple Estate May 8, 2018 $160,000,000
As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $8,500,000
As Is, Fair Market Rent Fee Simple Estate May 8, 2018 $1.49/PSF
Compiled by CBRE

STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS (SWOT)

Strengths/ Opportunities
 The subject is located immediately east of the Miami International Airport.

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 Executive Summary

 The subject is an in-fill, urban location with potential for higher density, mixed-use
development, subject to a voter referendum, land use amendment & rezoning the site to SAP,
Special Area Plan rezoning.
 The subject topography is improved at or above road grade with a higher percentage of
uplands versus water hazards.
Weaknesses/ Threats
 The voter referendum, land use amendment & rezoning process could take 12-to-24 month
and will likely have opposition & protest from the neighboring residential community.
 The City of Miami has an obligation to maintain parks & recreation areas for the public good
with a zero-net loss policy within the city limits. However, parks & recreation areas can be
mitigated by on-site open space requirements, the retention of a 9-hole golf course use, and
through off-site mitigation.
 Any land use amendment, rezoning & future development will be height restricted by the FAA
based on proximity to the Miami International Airport.

EXTRAORDINARY ASSUMPTIONS
An extraordinary assumption is defined as “an assignment-specific assumption as of the effective
date regarding uncertain information used in an analysis which, if found to be false, could alter
1
the appraiser’s opinions or conclusions.”

 We requested, but did not receive a Phase I environmental or a geotechnical subsurface

assessment. Therefore, all our analysis and value conclusions could be impacted and subject
to revision if any of these due diligence items are provided after-the-fact.

 Our analysis and value conclusions assume the City of Miami can readily achieve a voter
referendum, a land use amendment & rezoning of the site to SAP, Special Area Plan
necessary to develop the subject site to a higher density, mixed-use. If not, our analysis and
value conclusions will be impacted and we reserve the right to amend this report accordingly.

 The use of these extraordinary assumptions may have affected the assignment results.

HYPOTHETICAL CONDITIONS
A hypothetical condition is defined as “a condition, directly related to a specific assignment,
which is contrary to what is known by the appraiser to exist on the effective date of the
2
assignment results, but is used for the purposes of analysis.”

 None noted.

OWNERSHIP AND PROPERTY HISTORY

Title to the property is currently vested in the name of City of Miami Department of P&D Asset
Management Division and the existing Melreese Country Club is managed by DeLucca

1
The Appraisal Foundation, USPAP, 2018-2019
2
The Appraisal Foundation, USPAP, 2018-2019

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 Executive Summary

Enterprises, Inc. since 1972. The Melreese Country Club was established in 1942 with no
transactions or conveyances reported since then. However, we did not perform nor were we
provided with a title abstract.

According to historic accounts and recent media, the Melreese golf course was designed by
Charles Mahannah and Dick Wilson and opened in 1961 as the only city-owned course in
Miami. It is one of the few municipally owned businesses in Miami that is expected to break even
on a budget of $3.5 million. The course underwent an extensive renovation in 1996-97 and
again in 2014. Greens fees are priced at $35 for residents and reports approximately 40,000
rounds played a year. It also features a two-sided driving range, indoor hitting bays, a learning
center and classroom space.

At present, it is our understanding that the David Beckham led investor group is considering the
Melreese golf course as one of several potential sites for the 25,000-seat Major League Soccer
(MLS) stadium. However, any change in use would require a voter referendum, a land use
amendment, rezoning and mitigation to off-set the loss of any parks & recreation land within the
city limits.

EXPOSURE/MARKETING TIME
Current appraisal guidelines require an estimate of a reasonable time in which the subject could
be brought to market and sold. This reasonable time frame can either be examined historically
or prospectively. In a historical analysis, this is referred to as exposure time. Exposure time
always precedes the date of value, with the underlying premise being the time a property would
have been on the market prior to the date of value, such that it would sell at its appraised value
as of the date of value. On a prospective basis, the term marketing time is most often used. The
exposure/marketing time is a function of price, time, and use. It is not an isolated estimate of
time alone. In consideration of these factors, we have analyzed the following:

 exposure periods for comparable sales used in this appraisal;

 exposure/marketing time information from the CBRE, Inc. National Investor Survey and the
PwC Real Estate Investor Survey; and
 the opinions of market participants.
The following table presents the information derived from these sources.

EXPOSURE/MARKETING TIME DATA

Exposure/Mktg. (Months)
Investment Type Range Average
Comparable Sales Data 6.0 - 12.0 9.0
Local Market Professionals 6.0 - 12.0 9.0
CBRE Exposure Time Estimate 6 to 12 Months
CBRE Marketing Period Estimate 6 to 12 Months

CBRE National Investor Survey & PwC Real Estate Survey

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 Table of Contents

Table of Contents
Certification ......................................................................................................................... i 
Subject Photographs ............................................................................................................ ii 
Executive Summary ............................................................................................................ vii 
Table of Contents ................................................................................................................. x 
Scope of Work..................................................................................................................... 1 
Area Analysis ...................................................................................................................... 6 
Neighborhood Analysis ....................................................................................................... 9 
Site Analysis ...................................................................................................................... 17 
Zoning .............................................................................................................................. 22 
Tax and Assessment Data .................................................................................................. 26 
Highest and Best Use ........................................................................................................ 27 
Land Value........................................................................................................................ 29 
Income Approach – Fair Market Rent Analysis .................................................................... 36 
Assumptions and Limiting Conditions ................................................................................ 40 
ADDENDA
A Land Sale Data Sheets 
B Legal Description 
C Client Contract Information 
D Qualifications 

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 Scope of Work

Scope of Work
This Appraisal Report is intended to comply with the reporting requirements set forth under
Standards Rule 2 of USPAP. The scope of the assignment relates to the extent and manner in
which research is conducted, data is gathered and analysis is applied.

INTENDED USE OF REPORT

This appraisal is to be used by the client, the City of Miami and its elected officials for internal
decision making regarding the potential to lease a portion of the site to a third party, and no
other use is permitted.

CLIENT
The client is the City of Miami.

INTENDED USER OF REPORT

This appraisal is to be used by the City of Miami and its elected officials, and no other user may
rely on our report unless as specifically indicated in the report.

Intended Users - the intended user is the person (or entity) who the appraiser intends
will use the results of the appraisal. The client may provide the appraiser with
information about other potential users of the appraisal, but the appraiser ultimately
determines who the appropriate users are given the appraisal problem to be solved.
Identifying the intended users is necessary so that the appraiser can report the
opinions and conclusions developed in the appraisal in a manner that is clear and
understandable to the intended users. Parties who receive or might receive a copy of
the appraisal are not necessarily intended users. The appraiser’s responsibility is to
the intended users identified in the report, not to all readers of the appraisal report. 3

PURPOSE OF THE APPRAISAL

The purpose of this appraisal is to estimate the market value of the subject property.

DEFINITION OF VALUE
The current economic definition of market value agreed upon by agencies that regulate federal
financial institutions in the U.S. (and used herein) is as follows:

The most probable price which a property should bring in a competitive and open market under
all conditions requisite to a fair sale, the buyer and seller each acting prudently and
knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this
definition is the consummation of a sale as of a specified date and the passing of title from seller
to buyer under conditions whereby:

3
Appraisal Institute, The Appraisal of Real Estate, 14th ed. (Chicago: Appraisal Institute, 2013), 50.

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 Scope of Work

1. buyer and seller are typically motivated;

2. both parties are well informed or well advised, and acting in what they consider their own
best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale. 4

INTEREST APPRAISED
The value estimated represents fee simple estate as defined below:

Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate,
subject only to the limitations imposed by the governmental powers of taxation,
eminent domain, police power and escheat. 5
Leased Fee Interest - The ownership interest held by the lessor, which includes the right
to receive the contract rent specified in the lease plus the reversionary right when the
lease expires. 6
Leasehold Interest - The tenant’s possessory interest created by a lease. 7
Extent to Which the Property is Identified
The property is identified through the following sources:

 postal address
 assessor’s records
 legal description
Extent to Which the Property is Inspected
The extent of the inspection included the following: clubhouse interior, on-site & off-site areas and
the surrounding environs.

Type and Extent of the Data Researched

CBRE reviewed the following:

 applicable tax data

 zoning requirements
 flood zone status
 demographics
 comparable sale, listing & rental data

4
Interagency Appraisal and Evaluation Guidelines; December 10, 2010, Federal Register, Volume 75 Number 237,
Page 77472.
5
Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute, 2015), 90.
6
Dictionary of Real Estate Appraisal, 128.
7
Dictionary of Real Estate Appraisal, 128.

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 Scope of Work

Type and Extent of Analysis Applied

CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal
methodology to arrive at a probable value indication via each applicable approach to value. For
vacant land, the sales comparison approach has been employed for this assignment.

Data Resources Utilized in the Analysis

DATA SOURCES
Item: Source(s):
Site Data
Size Legal description & survey
Improved Data
Building Area Public records & Miami-Dade County Property Appraiser
No. Bldgs. Public records, Miami-Dade County Property Appraiser & observation
Parking Spaces Field count
Year Built/Developed Public records
Economic Data
Deferred Maintenance: Not applicable
Building Costs: Not applicable
Income Data: Not applicable
Expense Data: Not applicable
Other
Land Use & Rezoning City of Miami Planning & Zoning Department
Compiled by CBRE

APPRAISAL METHODOLOGY
In appraisal practice, an approach to value is included or omitted based on its applicability to the
property type being valued and the quality and quantity of information available. Depending on
a specific appraisal assignment, any of the following four methods may be used to determine the
market value of the fee simple interest of land:

 Sales Comparison Approach;

 Income Capitalization Procedures;
 Allocation; and
 Extraction.
The following summaries of each method are paraphrased from the text.

The first is the sales comparison approach. This is a process of analyzing sales of similar,
recently sold parcels in order to derive an indication of the most probable sales price (or value) of
the property being appraised. The reliability of this approach is dependent upon (a) the
availability of comparable sales data, (b) the verification of the sales data regarding size, price,
terms of sale, etc., (c) the degree of comparability or extent of adjustment necessary for
differences between the subject and the comparables, and (d) the absence of nontypical
conditions affecting the sales price. This is the primary and most reliable method used to value
land (if adequate data exists).

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 Scope of Work

The income capitalization procedures include three methods: land residual technique, ground
rent capitalization, and Subdivision Development Analysis. A discussion of each of these three
techniques is presented in the following paragraphs.

The land residual method may be used to estimate land value when sales data on
similar parcels of vacant land are lacking. This technique is based on the principle of
balance and the related concept of contribution, which are concerned with equilibrium
among the agents of production--i.e. labor, capital, coordination, and land. The land
residual technique can be used to estimate land value when: 1) building value is
known or can be accurately estimated, 2) stabilized, annual net operating income to
the property is known or estimable, and 3) both building and land capitalization rates
can be extracted from the market. Building value can be estimated for new or
proposed buildings that represent the highest and best use of the property and have
not yet incurred physical deterioration or functional obsolescence.
The subdivision development method is used to value land when subdivision and
development represent the highest and best use of the appraised parcel. In this
method, an appraiser determines the number and size of lots that can be created
from the appraised land physically, legally, and economically. The value of the
underlying land is then estimated through a discounted cash flow analysis with
revenues based on the achievable sale price of the finished product and expenses
based on all costs required to complete and sell the finished product.
The ground rent capitalization procedure is predicated upon the assumption that
ground rents can be capitalized at an appropriate rate to indicate the market value of
a site. Ground rent is paid for the right to use and occupy the land according to the
terms of the ground lease; it corresponds to the value of the landowner's interest in the
land. Market-derived capitalization rates are used to convert ground rent into market
value. This procedure is useful when an analysis of comparable sales of leased land
indicates a range of rents and reasonable support for capitalization rates can be
obtained.
The allocation method is typically used when sales are so rare that the value cannot be estimated
by direct comparison. This method is based on the principle of balance and the related concept
of contribution, which affirm that there is a normal or typical ratio of land value to property value
for specific categories of real estate in specific locations. This ratio is generally more reliable
when the subject property includes relatively new improvements. The allocation method does not
produce conclusive value indications, but it can be used to establish land value when the number
of vacant land sales is inadequate.

The extraction method is a variant of the allocation method in which land value is extracted from
the sale price of an improved property by deducting the contribution of the improvements, which
is estimated from their depreciated costs. The remaining value represents the value of the land.
Value indications derived in this way are generally unpersuasive because the assessment ratios
may be unreliable and the extraction method does not reflect market considerations.

For the purposes of this analysis, we have utilized the sales comparison approach and the income
approach. In the sales comparable approach, we have researched & analyzed similar

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 Scope of Work

comparable land sales within the immediate submarket area and the broader south Florida
region.

In regard to estimating the fair market rent of the subject property, we have surveyed the market
and researched large business park and retail ground lease rent comparables for direct
comparison to the subject property As Is via the income approach.

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 Area Analysis

Area Analysis

Moody’s Economy.com provides the following Miami-Miami Beach-Kendall, FL metro area

economic summary as of Feb-18.
MIAMI-MIAMI BEACH-KENDALL, FL - ECONOMIC INDICATORS
Indicators 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Gross Metro Product (C09$ Bil) 105.0 106.3 108.4 111.1 115.0 117.1 120.0 125.9 133.4 136.8 142.9 149.1
% Change 0.2 1.2 2.0 2.5 3.6 1.8 2.4 5.0 5.9 2.6 4.4 4.4
Total Employment (Ths) 1,007.3 1,031.3 1,056.5 1,089.3 1,125.8 1,157.7 1,181.9 1,211.0 1,235.5 1,244.6 1,248.9 1,264.2
% Change 2.2 2.4 2.4 3.1 3.4 2.8 2.1 2.5 2.0 0.7 0.3 1.2
Unemployment Rate (%) 9.4 8.3 7.5 6.8 5.9 5.4 4.9 4.2 3.9 4.4 5.1 5.3
Personal Income Growth (%) 4.8 2.6 0.4 7.8 7.8 2.8 4.2 5.8 7.2 6.0 5.6 6.0
Median Household Income ($ Ths) 41.9 42.2 42.6 43.2 44.6 45.9 47.5 49.5 51.8 53.7 55.2 57.1
Population (Ths) 2,573.4 2,607.6 2,641.7 2,668.5 2,695.7 2,718.8 2,747.4 2,783.5 2,821.1 2,858.3 2,895.3 2,932.4
% Change 2.6 1.3 1.3 1.0 1.0 0.9 1.1 1.3 1.3 1.3 1.3 1.3
Net Migration (Ths) 53.1 21.0 21.5 16.3 13.1 16.0 18.6 26.3 27.9 27.8 27.7 28.0
Single-Family Permits (#) 962.0 1,819.0 2,266.0 2,077.0 2,800.0 2,873.0 2,283.1 3,939.3 5,836.3 6,358.1 7,021.9 7,168.2
Multifamily Permits (#) 1,656.0 3,250.0 8,050.0 5,654.0 9,817.0 6,444.0 7,562.8 3,863.3 4,451.3 5,936.6 6,042.9 6,696.8
Fhfa House Price (1995Q1=100) 182.7 185.6 207.4 232.9 256.0 281.4 303.3 307.3 300.0 295.7 294.8 297.2
Source: Moody's Economy.com

RECENT PERFORMANCE
Economic growth in Miami-Miami Beach-Kendall (MIA) has stalled. The area's unemployment
rate was unchanged over the last six months of 2017 as average hourly wages grew by an
unimpressive 1.5% last year. Despite creating plenty of mid-wage jobs in wholesale trade,
transportation and utilities, wage growth suffered because MIA is losing high-wage jobs in

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 Area Analysis

finance. Labor market troubles are beginning to weigh down the housing market. For the first
time since 2011, house price appreciation in MIA fell short of the national average last year.

LEISURE AND HOSPITALITY

Jobs and income in leisure and hospitality will accelerate over the next few quarters as tourism in
MIA recovers from the blow delivered late in 2017 by Hurricane Irma. But growth will eventually
slow as rising interest rates in the U.S. strengthen the dollar, making travel to MIA more
expensive for overseas visitors and trips to foreign destinations more appealing for Americans.
Further ahead, a pullback is also likely when the economic expansion, which is already the third-
longest in U.S. history, comes to an end.

CRUISE CONTROL
Though growth will slow, the outlook for leisure and hospitality in MIA is not as grim as the
nationwide forecast because local tourism is buttressed by the behemoth cruise industry. Last
year, PortMiami broke its own 1-year-old world record and welcomed 5.3 million passengers.
The current fiscal year should be even busier than the last, as Royal Caribbean's 6,700-passenger
Symphony of the Seas, the world's largest cruise ship, starts sailing from the port in the fall. The
growing cruise industry is also good news for jobs in professional services; MIA is the
headquarters of Carnival Corp., Royal Caribbean Cruises Ltd., and Norwegian Cruise Line
Holdings Ltd., the world's three largest cruise lines.

AMAZON HQ2
MIA joined the list of 20 finalists that Seattle-based Amazon selected in its widely publicized
search for a second headquarters because of the area's many advantages. Amazon is a logistics
behemoth, and MIA is a leading distribution center-Miami International is the nation's second-
busiest airport as ranked by metric tons of international freight, and PortMiami is the only East
Coast port south of Virginia capable of docking the largest ships that can navigate through the
recently expanded Panama Canal. MIA is also an international gateway. The metro division is the
only area in the U.S. where the majority of residents are foreign-born, and the airport is the
nation's second-busiest hub for international travel. Like all Florida cities, MIA boasts no state or
local income taxes and a warm business and meteorological climate.

But MIA also features significant drawbacks. Because of strained budgets and political opposition
to "corporate welfare," state and local officials are unlikely to offer Amazon an incentive package
on par with other metro areas. And though MIA offers Florida's most extensive public
transportation system, commuter and metro rail service lags compared with the cities in the
Northeast Corridor. Finally, within the continental U.S., no two major cities are farther apart than
MIA and Seattle. Though this great distance provides an advantage from geographic diversity,
the travel costs and time required to shuttle senior executives between these far-flung locations
could hurt MIA.

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 Area Analysis

CONCLUSION
Tourism in Miami-Miami Beach-Kendall will rebound in the short run, but then it will face new
headwinds from unfavorable exchange rates. However, the cruise industry will be a source of
low- and high-wage jobs. In the long run, MIA's international character and high-skilled,
bilingual workforce will help it best the U.S. in income growth.

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 Neighborhood Analysis

Neighborhood Analysis

LOCATION
The subject property is located along the northwest quadrant of NW 14th Street and NW 37th
Avenue in the City of Miami. This location is approximately 6-miles northwest of the downtown
Miami central business district (CBD) and immediately across the way from the Miami
International Airport on the east side of NW 42nd Avenue (LeJeune Road).

BOUNDARIES
The neighborhood boundaries are detailed as follows:

 North: Miami River

 South: SW 8th Street (Tamiami Trail/State Road 7/US Highway 41)
 East: Interstate 95 and downtown Miami CBD & Biscayne Bay
 West: N.W. 42nd Avenue/Lejeune Road and Miami International Airport

LAND USE
Land uses within the immediate submarket area consist primarily of older, single family
residential homes including the Grapeland Heights subdivisions to the east. The Grapeland
Heights community dates to the 1940s & 1950s and best described as small, rambler style
housing with 2 to 4-bedroom floor plans, 1,000 to 2,000 square feet of living area and 6,000 to

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8,000 square foot lots. Recent sale transactions reported in the range of $245,000 to $320,000
and there are multi-family, duplexes interspersed throughout the neighborhood.

Commercial development is centered along the prime east/west thoroughfares of Flagler Street
and SW 8th Street, SW 7th Street, and NW 7th Street, as well as, the prime north-south
thoroughfares of N.W./S.W. 27th Avenue, N.W. 37th Avenue and N.W./S.W. 42nd Avenue,
(Lejeune Road). The residential uses to the south of NW 14th Street and the subject locale consist
of single family subdivisions built during the 1950’s and 1960’s. The same time of development
pertains too much of the commercial structures in the neighborhood. Uses along Flagler Street
and S.W. 8th Street include older hotels, restaurants, retail buildings, and service business uses.

Because of the built-out nature of the neighborhood, most of the new development has resulted
from renovation or demolition and redevelopment of older structures. Most redevelopment has
taken place in closer proximity to downtown Miami, though there has been renovation and
redevelopment moving west in & around the subject neighborhood.

In addition, there has been new higher density residential developments along the Miami River,
which is a deep-water impetus for maritime activity, including marinas, shipping terminals, boat
repair facilities and commercial fisherman wharfs along the Miami River and Tamiami Canal
working waterfront. However, newer high-rise residential and mixed-use projects have been
constructed along the Miami River in the past decade including Latitude on the River, Mint at
Riverfront, Neo Vertika, River Oaks Marina & Tower, Terrazas Miami and the under construction
mixed-use, vertical retail center identified as River Landing further down river and located in the
Health District.

The Miami International Airport anchors the submarket immediately to the west of the subject
property. The Miami International Airport handles flights to cities throughout the Americas and
Europe, as well as cargo flights to Asia, and is South Florida's main airport for long-haul
international flights, although most domestic and low-cost carriers use Fort Lauderdale-
Hollywood International Airport and Palm Beach International Airport, which charge significantly
lower fees to tenant airlines.

Miami is a major gateway between the United States and Latin America, and, along with Atlanta's
Hartsfield-Jackson Airport, Miami is one of the largest aerial gateways into the American South,
owing to its proximity to tourist attractions, local economic growth, large local Latin American and
European populations, and strategic location to handle connecting traffic between North
America, Latin America, and Europe. In the past, it has been a hub for Braniff International,
Eastern Air Lines, Air Florida, the original National Airlines, the original Pan Am, United Airlines,
and Iberia. As an international gateway to the United States it ranks third, behind New York-JFK
in New York City and LAX in Los Angeles. Miami is also the proposed hub of two new start-up
airlines, one which hopes to use the Eastern Airlines name.

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 Neighborhood Analysis

More recently, the Miami Intermodal Center (MIC) located just east of the Miami International
Center and due north of the subject property is a $2 billion ground transportation hub is being
built by the Florida Department of Transportation.

The MIC Program consists of several components including major roadway improvements, a
reconfigured Le Jeune Road, completed in May 2008; the user-friendly Rental Car Center which
opened for business in July 2010; the MIA Mover which became operational in September 2011
and connects MIA to the Rental Car Center; the Miami Central Station which opened in April
2015 currently offers connections to Tri-Rail and Greyhound services with Amtrak services
scheduled to start in the fall of 2017; and Joint Development which is currently being explored.

Another notable land use in the Miami International Airport submarket is the Waterford at Blue
Lagoon office park, which is a 250-acre master planned business park that runs along the south
side of State Road 836/Dolphin Expressway with mid-rise corporate office buildings overlooking
the Miami International Airport and the Blue Lagoon/Tamiami Canal water feature. Waterford is
a phased office park owned by TIAA-CREF and developed by the Hogan Group, and home to
more than 200 well-known companies comprising regional, national, and international firms
such as Burger King, Canon, Xerox, Estee Lauder, Federal Express, Johnson & Johnson, Oracle,
Sony, Miami Children’s Hospital, Verizon Wireless, Breitling USA, Inc., Yves Saint Lauren Beaute,
Bank of America, FirstBank Florida, The Discovery Channel Latin America, Ford Motor Company,
Komatsu America, , Royal Caribbean Cruise Lines, Seabourn Cruise Lines, Sharp Electronics, and
other notable firms.

In the following table, is a summary of Waterford at Blue Lagoon, as well as, other notable office
buildings, including the Airport Corporate Center buildings located immediately west of the
Miami International Airport and just north of the subject property’s location.

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 Neighborhood Analysis

As noted, there is approximately 5.305 million square feet of existing Class A & B office space in
the immediate vicinity of the subject property, of which a total of 518,986-SF or 9.3% is vacant
and available “for lease” with the majority in the range of $23.00 to $30.00 per square foot, on
a full-service basis, and-or $20.00 to $24.50 per square foot on a triple net basis.

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GROWTH PATTERNS
Growth patterns have occurred from the 1940s through present with single family subdivision,
commercial retail & service businesses, and more contemporary corporate office deliveries dating
back to the 1970’s, 1980’s, 1990’s through the 2000’s including recently completed limited
service and suite hotels that service the airport and business travelers; condominium conversions,
i.e. rental apartments to condominium ownership & reconversion back to rental; retail shopping
center renovations and new developments, such as, the recently completed Keystone Shoppes
located at 190 NW 42nd Avenue and the proposed Blue Lagoon Shoppes to be located at 1101
NW 57th Avenue.

ACCESS
Primary access to the subject neighborhood is provided by State Road 836/Dolphin Expressway,
the NW 14th Street exit and N.W. 37th Avenue (Douglas Road). Regional access is considered
excellent with the area bracketed by some of the major South Florida Highways, including the
Florida Turnpike (toll road) to the west; Interstate 95 to the east and the Airport Expressway (State
Road 112) to the north.

However, the single largest influence for the subject property and submarket is the Miami
International Airport (MIA), situated on the north side of State Road 836/Dolphin Expressway,
between the Palmetto Expressway (State Road 826) and LeJeune Road (N.W. 42nd Avenue). It is
the economic hub of the entire region, including international travel and cargo logistics, while
supporting the Doral/Airport West industrial submarket to the west and the downtown
Miami/Brickell Avenue financial submarket to the east.

Local east/west access in the subject area is provided by West Flagler Street, NW 7th Street, NW
20th Street and NW 14th Street. Local north/south access is provided via NW 12th Avenue, NW
17th Avenue, NW 22nd Avenue, NW 27th Avenue, NW 37th Avenue, NW 42nd Avenue and NW
57th Avenue.

Access to the downtown Miami CBD is provided via a mass transit system known as Metrorail and
the Metromover. The Metrorail is an elevated track train system, which extends north and west to
the City of Hialeah and south to the Dadeland area of unincorporated Miami-Dade County. The
Metromover is a remote controlled elevated track vehicle system, which provides local
transportation in and out of the Central Business District.

Finally, the Miami River is a restricted deep-water access waterway that navigates down river to
the Biscayne Bay, the Port of Miami and the Atlantic Ocean. Small pleasure boat and cargo
freighters navigate the Miami River via draw bridges at Brickell Avenue, Miami Avenue, the FEC
railway tracks, S.W. 2nd Avenue and S.W. 1st Street. The Interstate 95 off-ramps are fixed
bridges.

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 Neighborhood Analysis

Overall, regional and local access to and throughout the subject neighborhood is considered
good by land and air & sea, which provides a strategic benefit to the subject property.

DEMOGRAPHICS
Selected neighborhood demographics in 1-, 3-, and 5-mile radii from the subject are shown in
the following table:

SELECTED NEIGHBORHOOD DEMOGRAPHICS

1802 NW 37th Avenue
1 Mile 3 Miles 5 Miles
Miami, FL
Population
2022 Total Population 17,305 274,747 710,971
2017 Total Population 16,761 261,852 668,943
2010 Total Population 16,363 247,310 607,293
2000 Total Population 16,628 235,053 566,305
Annual Growth 2017 - 2022 0.64% 0.97% 1.23%
Annual Growth 2010 - 2017 0.34% 0.82% 1.39%
Annual Growth 2000 - 2010 -0.16% 0.51% 0.70%
Households
2022 Total Households 5,540 98,282 269,579
2017 Total Households 5,392 93,959 252,794
2010 Total Households 5,330 89,516 226,746
2000 Total Households 5,134 82,783 201,377
Annual Growth 2017 - 2022 0.54% 0.90% 1.29%
Annual Growth 2010 - 2017 0.17% 0.69% 1.57%
Annual Growth 2000 - 2010 0.38% 0.79% 1.19%
Income
2017 Median Household Income $32,815 $28,769 $35,699
2017 Average Household Income $44,163 $45,484 $60,032
2017 Per Capita Income $14,497 $16,709 $23,187
2017 Pop 25+ College Graduates 1,471 32,354 125,002
Age 25+ Percent College Graduates - 2017 11.8% 16.9% 25.5%
Source: ESRI

Population growth slowed in the past decade in the wake of the national economic recession in
2007. However, the future growth projection will be positive and represented by urban, in-fill
and redevelopment objectives going forward.

CONCLUSION
The neighborhood and submarket area is strategically located between the downtown Miami
CBD and the Miami International Airport. The neighborhood is essentially mature and built out
with older residential and commercial developments, and interspersed with a variety of newer
residential condominium, rental apartment, convenience retail projects and renovation/
redevelopments opportunities. While the Miami River has been an impetus for development since
the early 1900’s, it is the proximity of the Miami International Airport that will continue to provide
growth and redevelopment opportunities over the long term.

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 Site Analysis

SURVEY EXHIBIT

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 Site Analysis

FLOOD PLAIN MAP

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Site Analysis
The following chart summarizes the salient characteristics of the subject site.

SITE SUMMARY

Physical Description
Gross Site Area 131.07 Acres 5,709,575 Sq. Ft.
Net Site Area 131.07 Acres 5,709,575 Sq. Ft.
Primary Road Frontage NW 37th Avenue/Douglas Road 1,392 Feet
Secondary Road Frontage Tamiami Canal 2,541 Feet
Additional Road Frontage NW 42nd Avenue 2,511 Feet
Additional Road Frontage NW 14th Street/State Road 836 1,237 Feet
Excess Land Area None n/a
Surplus Land Area None n/a
Shape Rectangular
Topography Golf course with rolling hills & lakes
Average Daily Traffic Counts NW 37th Avenue 28,000
NW 42nd Avenue 47,000
NW 14th Street/State Road 836 12,900 & 164,000
Zoning District - Existing CS, Civic Space
Zoning District - Proposed SAP, Special Area Plan
Future Land Use Public Parks & Recreation
Flood Map Panel No. & Date 120650 0292 L 11-Sep-09
Flood Zone AE
Adjacent Land Uses Single family residential, hotel, commercial service
businesses, Tamiami Canal, limited access highway
& international airport

Comparative Analysis Rating

Visibility Excellent from NW 37th Avenue, the Doplhin
Expressway & NW 42nd Avenue
Functional Utility Good
Traffic Volume Heavy commuter, local & air traffic
Adequacy of Utilities Assumed adequate
Landscaping Good
Drainage Assumed adequate

Utilities Provider Adequacy

Water City of Miami Yes
Sewer City of Miami Yes
Natural Gas Contract service Yes
Electricity FPL Yes
Telephone AT&T land lines Yes
Mass Transit Miami-Dade Transit (MDT) bus service, Metrorail,
Metromover, Tri-rail, Brightline & Greyhound bus
Yes

Other Yes No Unknown

Detrimental Easements X
Encroachments X
Deed Restrictions FAA restrictions
Reciprocal Parking Rights X
Source: Various sources compiled by CBRE

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 Site Analysis

LOCATION
The subject is on the west side of NW 37th Avenue and north of the Dolphin Expressway (State
Road 836).

LAND AREA
The land area size was obtained via legal description and boundary survey provided by the client.
The site is considered adequate in terms of size and utility. There is no unusable, excess or
surplus land area.

SHAPE AND FRONTAGE

The site is generally rectangular and has adequate frontage along a primary north/south
thoroughfare, as well as limited access highway frontage within the neighborhood.

INGRESS/EGRESS
Ingress and egress is available to the site via the NW 37th Avenue frontage with striped
deceleration turn lanes.

TOPOGRAPHY AND DRAINAGE

The site is an undulating golf course terrain that is at & above street grade. The topography
includes water hazards and a wetland near the 6th hole of the course. However, this not seen as
an impediment to the development of the property. During our inspection of the site, we observed
no drainage problems and assume that none exist.

SOILS
A soils analysis for the site was requested, but has not been provided for the preparation of this
appraisal. According to the General Soil Map published by the City of Miami, the subject site is
comprised of Udorthents, limestone substratum with 2 to 5 % slopes.

In the absence of a soils report, and based on field observations, it is a specific assumption that
the site has adequate soils to support the highest and best use.

EASEMENTS AND ENCROACHMENTS

There are no known easements or encroachments impacting the site that are considered to affect
the marketability or highest and best use. It is recommended that the client/reader obtain a
current title policy outlining all easements and encroachments on the property, if any, prior to
making a business decision.

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 Site Analysis

COVENANTS, CONDITIONS AND RESTRICTIONS

There are no known covenants, conditions or restrictions impacting the site that are considered to
affect the marketability or highest and best use. However, the subject property is a municipal
owned & operated golf course that will require a voter referendum, a land use amendment and
rezoning to SAP prior to any future development. In addition, there are FAA height restrictions
and residential land use restrictions.

It is recommended that the client/reader obtain a copy of the current covenants, conditions and
restrictions, if any, prior to making a business decision.

UTILITIES AND SERVICES

The site includes all municipal services, including police, fire and refuse garbage collection. All
utilities are available to the site in adequate quality and quantity to service the highest and best
use.

ENVIRONMENTAL ISSUES
The appraiser is not qualified to detect the existence of potentially hazardous material or
underground storage tanks which may be present on or near the site. The existence of
hazardous materials or underground storage tanks may affect the value of the property. For this
appraisal, CBRE, Inc. has specifically assumed that the property is not affected by any hazardous
materials that may be present on or near the property.

 Based on the existing golf course use and potential for arsenic and fertilizer run-off, we
strongly recommend the client engage an experienced environmental engineer to perform a
Phase I assessment.

WETLANDS
The subject property contains a small wetlands area between the 6th & 7th fairways and closer to
the 6th hole, as presented in the following golf course graphic.

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 Site Analysis

ADJACENT PROPERTIES
The adjacent land uses are summarized as follows:

North: Tamiami Canal, the Sheraton Miami Airport Hotel & Executive Meeting
Center and the Miami Intermodal Center (MIC)
South: NW 14th Street, the Dolphin Expressway (State Road 836), single family
residential subdivisions and a Marriott hotel
East: The Grapeland Heights residential subdivision
West: NW 42nd Avenue (LeJeune Road) and the Miami International Airport
The adjacent properties are supportive of a built-out neighborhood with regional access &
employment influences.

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CONCLUSION
The site is strategically situated to the east of the Miami International Airport with good off-site
infrastructure, local & regional access and potential to be developed with a high density, mixed-
use, subject to voter referendum, land use amendment & rezoning to SAP, Special Area Plan.

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 Zoning

Zoning
The following chart summarizes the subject’s zoning requirements.
ZONING SUMMARY
Zone CS, Civic Space
Intended Use The civic category is intended to encompass land use functions predominantly of community-oriented
purposes of objectives including those of not-for-profit organizations dedicated to arts and culture, education,
recreation, religion, government and the like.

Definitions Civic space is a zone with mainly outdoor area dedicated for functioning for community purposes.

Transect Zone Description The civic zone consists of public use space and facilities that may contrast in use to their surroundings while
reflecting adjacent setbacks and landscape.
Permitted Uses;
Allowed by Right Marina
Allowed by Warrant Food service establishment, open air retail, community facility, recreational facility, religious facility and
infrastructure & utilities.
Allowed by Exception General commercial, marine related commercial established, childcare and learning center.
Category Zoning Requirement
Specific to Civic Space Zones Development in a Civic Space Zone should have a minimum 50% of it's perimeter enfronting a thoroughfare.
Civic Space sites shall be entered directly from a thoroughfare.

1 or more buildings may be built in each Civic Space. Building Floor area shall not exceed 25% of the lot
area of the Civic Space, and shall support the principal use of the Civic Space.

Buildings shall conform to regulations of the most restrictive abutting Transect Zone, except as shown by the
City of Miami's Parks and Public Spaces Master Plan. Other adjustments to the regulations shall be approved
by process of Exception.
All community facility and recreational facility uses shall be government owned or operated only.
Supplemental Regulations;
Boats, Houseboat & House Barge Occupancy of private pleasure crafts & houseboats shall not be allowed except for those specifically
grandfathered and regulated by ordinance #10932, adopted October 24, 1991.

Docks & Piers Extension docks & piers into Biscayne Bay are limited to 35 feet or up to a maximum 600 feet by Exception.
Extension docks & piers into other waterways are limited to 10 feet or 10% of the width of the waterway,
whichever is less.
Open Air Retail Access to the site must be from a major thoroughfare. Distance separation of any open air retail shall be a
minimum of 75 feet measured from any property within T-3, T4-R, T5-R or T6-R zone. Operation limited to
weekends and legal holidays for a maximum of 3 consecutive days between the hours of 7:00 AM and 7:00
PM. Provision of paved striping stalls & parking spaces and for on-site restroom facilities.

Personal Wireless Service Facility Subject to requirements of Section 6.4.

Helicopter Landing Pad Regulated by federal & state law, and may be permitted by Warrant subject to landing & take-off for dropping
off and picking up passengers & cargo, but not for fueling, repair or long term parking or storage of
helicopters.
Unless used for emergency operations (police, fire & hospital) landings & take-offs are restricted to M-F 9:00
Am to 5 PM on parcels abutting T3, T4, T5-R and T6-R zones.

Ground level sites shall be located away from buildings, trees or significant terrain features to avoid possible
air turbulence.
Rooftop sites shall be given priority over ground level sites in congested areas.
Childcare Minimum of 35 square feet of usable indoor floor space per child on license.
Minimum of 45 square feet of usable outdoor play area per child.
A minimum outdoor play area shall be provided for one half of license capacity. In no event shall any outdoor
play area be less than 450 square feet. The minimum standard of outdoor play area does not apply for
children under one year of age.
Off-Street Parking;
Commercial 3 spaces per every 1,000-SF of commercial space
1 bike space for every 20 vehicle spaces
Ratio can be reduced within a TOD area or within a Transit Corridor area by up to 30% by process of Waiver;
by 50% by process of Waiver & payment into a transit enhancement Trust Fund; or by 100% for any structure
with an floor area of 10,000-SF or less.

Parking ratio can be reduced according to shared parking standard.

Civic 1 space for every 5 seats of assembly uses
1 space for every 1,000-SF of exhibition or recreation space
1 space for every staff member for recreational uses
1 space for every 500-SF of building area for recreational uses
1 bike space for every 20 vehicle spaces
Civic Support 1 space for every 1,000-SF
1 space for every 5-slips for marinas
Educational 2 spaces for 1,000-SF of educational space
1 bike space for every 20 vehicle spaces
1 space per staff member, 1 space for owner & 1 drop-off space per 10 clients cared for in childcare facilities
Source: Miami 21, As Adopted - January 2018

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 Zoning

According to interviews with the City of Miami Planning & Zoning Department and recent media
report, the subject property is being considered as one of several potential sites for the 25,000-
seat Major League Soccer (MLS) stadium including peripheral development for a youth academy,
restaurant, retail, office space and maybe the retention of a 9-hole golf course. However, any
change in use would require a voter referendum, a land use amendment, rezoning to SAP,
Special Area Plan, and mitigation to off-set the loss of any parks & recreation land within the city
limits. Based on Miami 21, an SAP, Special Area Plan is described in detail, as follows:

3.9 SPECIAL AREA PLANS

The purpose of a Special Area Plan is to allow parcels greater than nine (9) Abutting acres in size
to be master planned to allow greater integration of public improvements and Infrastructure, and
greater flexibility to result in higher or specialized quality building and Streetscape design within
the Special Area Plan.

The purpose of a Special Area Plan further is to encourage the assembly and master planning of
parcels greater than nine (9) Abutting acres in size, in order to provide greater integration of
public and private improvements and Infrastructure; to enable Thoroughfare connectivity; to
encourage a variety of Building Heights, massing and Streetscape design, and to provide high
quality design elements, all to further the intent of this Code expressed in Article 2.

3.9.1 General
a. The single or multiple owner(s) of Abutting properties in excess of nine (9) acres may
apply for a rezoning to a Special Area Plan.

b. A Special Area Plan shall be approved by the process of rezoning with or without Transect
changes.

c. A Special Area Plan shall assign Thoroughfares, Transect Zones and Civic Space Types,
with appropriate transitions to Abutting areas. Guidelines for Thoroughfares and Public
Frontages may be adjusted to the circumstances of the Special Area Plan.

d. A Special Area Plan shall include a map of the Thoroughfares and Transect Zones, and
the standards that deviate from the requirements of Article 5.

e. A Special Area Plan shall assign at least five percent (5%) of its aggregated Lot Area to a
Civic Space Type. Civic Building sites are to be located within or adjacent to Civic Space
Types or at the axial termination of significant Thoroughfares. The developer shall be
responsible for con- structing the public improvements within the Special Area Plan,
including but not limited to the Civic Space Types and Thoroughfares.

f. Development within the Special Area Plan shall be pursuant to a recorded development
agreement that will establish the allocation of Thoroughfares and Civic Space Types and
Building Area among the Building sites, and the creation and retention of the public
benefits.

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 Zoning

g. Unless a Building is specifically approved as part of the Special Area Plan, any Building
shall be reviewed by the Planning Director, after referral to and recommendation from the
CRC for conformance to the Plan, prior to issuance of the Building Permit.

h. A Special Area Plan may include:

1. A differentiation of the Thoroughfares as a Primary-Grid (A-Grid) and a Secondary-

Grid (B-Grid). Buildings along the A-Grid shall be held to the highest standard of this
Code in support of pedestrian activity. Buildings along the B-Grid may be more
readily considered for automobile-oriented standards allowing surface parking lots,
unlined parking decks, and drive-throughs. The Frontages assigned to the B-Grid
shall not exceed thirty percent (30%) of the total length within a Special Area Plan. For
Frontages on the B-Grid, parking areas may be allowed in the Second Layer.

2. Retail Frontage requiring that a Building provide a Commercial Use at sidewalk level
along the entire length of the Frontage. The Commercial Use Building shall be no less
than seventy percent (70%) glazed in clear glass and provided with an Awning
overlapping the sidewalk as generally illustrated in Article 4, Table 6. The first floor
should be confined to Retail Use through the depth of the Second Layer.

3. Gallery or Arcade Frontage, requiring that a Building provide a permanent cover over
the sidewalk, either cantilevered or supported by columns. The Gallery or Arcade
Frontage may be combined with a Retail Frontage as shown in Article 4, Table 6.
Gallery or Arcade Front- age within the First Layer may apply towards Open Space
requirements.

4. Build-to-lines that differ from Transect Zone Setback requirement.

5. A Terminated Vista location, requiring that the Building be provided with architectural
articulation of a Type and character that responds to the location.

6. A Pedestrian Passage, requiring a minimum ten (10) foot wide pedestrian access be
reserved between Buildings.

7. A preservation plan acceptable to the Historic and Environmental Preservation Board

for any historic resources in the area of the Special Area Plan.

8. Area Design Guidelines.

9. A parking management program that enables shared parking among public and
private Uses.

10. Flexible allocation of development capacity and Height, excluding Density on

individual sites within the Special Area Plan shall be allowed so long as the capacity or
Height distribution does not result in development that is out of Scale or character with
the surrounding area, and provides for appropriate transitions.

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 Zoning

ANALYSIS AND CONCLUSION

Additional information may be obtained from the City of Miami elected officials and the City of
Miami Planning & Zoning Department. For purposes of this appraisal, CBRE has assumed the
information obtained is correct.

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 Tax and Assessment Data

Tax and Assessment Data

AD VALOREM TAX INFORMATION
Assessor's Market Value Parcel Description 2016 2017 Pro Forma
01-3132-000-0080 $2,516,482 $2,523,656 $160,000,000
01-3132-000-0090 5,741,491 5,840,494

Subtotal $8,257,973 $8,364,150 $160,000,000

Assessed Value @ 100% 100% 65%
$8,257,973 $8,364,150 $104,000,000

General Tax Rate (per $100 A.V.) 2.182560 2.118420 2.118420

Total Taxes Exempt Exempt $2,203,157

Less: 4% Early Pay Discount Exempt Exempt $2,115,031

Source: Assessor's Office

The subject property is exempt from real estate property taxes based on municipal government
ownership. However, if the subject property were sold-off to a third-party developer the
exemption would be rescinded. In addition, under a ground lease scenario, the land component
would remain exempt while any tenant leasehold improvements would be taxable, unless a non-
profit or municipal government entity developed and operated the leasehold improvements.

If the exemption is rescinded through sell-off, the local Assessor’s methodology for valuation
would be sales comparison and-or the recorded sale price. The next re-assessment of the subject
is scheduled for January 1, 2019. In addition, the January 1, 2018 assessment has yet to be
posted.

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 Highest and Best Use

Highest and Best Use

In appraisal practice, the concept of highest and best use represents the premise upon which
value is based. The four criteria the highest and best use must meet are:

 legally permissible;
 physically possible;
 financially feasible; and
 maximally productive.
The highest and best use analysis of the subject is discussed below.

AS VACANT
Legal Permissibility
The legally permissible uses were discussed in the Site Analysis and Zoning Sections. The existing
CS, Civic Space district zoning has limitations. However, the City of Miami is considering a voter
referendum that would allow a land use amendment and rezoning to SAP, Special Area Plan,
which allows for higher density, mixed-use development options, subject to FAA height
restrictions.

Physical Possibility
The subject is adequately served by utilities, and has an adequate shape and size, sufficient
access, etc., to be a high density, mixed-use site. There are no known physical reasons why the
subject site would not support any legally probable development (i.e. it appears adequate for
development).

Existing structures on similar sites have been approved and-or developed to densities as high as
0.28 to 0.68 FAR (floor-area-ratio), as per the comparable land sales analyzed in this appraisal.
In addition, The Landing at MIA is a mixed-use business park located on the west side of the
airport and east of the Palmetto Expressway (State Road 826) comprises 50.3-acres and is
improved with 1,050,761-SF of Class A & B office building, single story office and warehouse
buildings, which equates to an 0.48-FAR. Considering these buildings are contemporary and
built in the 1980s & 1990s, this would provide additional evidence for the physical possibility of
development and potential density for the subject property based on SAP, Special Area Plan
zoning district.

Financial Feasibility
The determination of financial feasibility is dependent primarily on the relationship of supply and
demand for the legally probable land uses versus the cost to create the uses. Development of
new office buildings, strip retail, limited & full-service hotels and road improvements in & around
the Miami International Airport has been booming.

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 Highest and Best Use

While we previously noted, the existing municipal owned & operated golf course is a breakeven
endeavor, as well as, an underutilization of the subject property given the strategic location
characteristics and potential for higher density development.

Maximum Productivity - Conclusion

The final test of highest and best use of the site as if vacant is that the use be maximally
productive, yielding the highest return to the land.

Based on the information presented above and upon information contained in the
neighborhood section of this report and the sales comparison analysis, we conclude that the
highest and best use of the subject would be a high density, mixed-use business park with
corporate office, retail & hotel components, surrounding generous open space including active
parks & recreation land uses, such as a downsized golf course and-or practice driving range,
subject to voter referendum, land use amendment & rezoning to SAP.

AS IMPROVED
Legally Permissible
The site has been improved with a municipal owned & operated golf course that is a legal,
conforming use.

Physically Possible
The layout and positioning of the improvements are considered functional for municipal golf
course use. However, the strategic location and potential for higher density, mixed-use business
park development clearly shows the existing municipal golf course use is an underutilization of
the site.

Financially Feasible & Maximally Productive - Conclusion

The financial feasibility of any property is based on the amount of rent which can be generated,
less operating expenses required to generate that income; if a residual amount exists, then the
land is being put to a productive use. Based upon the income approach fair market rent
conclusion, the subject has the potential to produce substantial positive net cash flow, as well as,
expanding the municipal tax base and the creation of an employment center as a long-term
ground lease investment to a third-party master developer and-or expansion of the Miami
International Airport & aviation support services.

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Land Value
The following map and table summarize the comparable data used in the valuation of the subject
site. A detailed description of each transaction is included in the addenda.

SUMMARY OF COMPARABLE LAND SALES

Transaction Actual Sale Adjusted Sale Size Size Price
No. Property Location Type Date Proposed Use Price Price 1 (Acres) (SF) Per SF

1 3550 NW 21st Street Sale Aug-15 TBD $35,500,000 $35,500,000 20.89 909,968 $39.01
Miami, FL 33142

2 4400 NW 87th Avenue Sale Apr-16 Mixed-use retail/office $96,000,100 $96,000,100 130.10 5,667,156 $16.94
Doral, FL 33166 & residential

3 12691 & 12705 NW 42nd Avenue Sale Jul-17 TBD $80,000,000 $80,000,000 72.07 3,139,512 $25.48
12700 NW 42nd Avenue
Opa-Locka, FL 33054

4 11700 NW 20th Street Sale Nov-17 Retail Shopping Center $44,845,264 $45,445,264 35.85 1,561,626 $29.10
Miami, FL 33182

5 7777 NW 41st Street Sale Dec-17 Mixed-use business $40,268,000 $40,268,000 23.70 1,032,436 $39.00
Doral, FL 33166 park

6 10300 NW 121st Way Sale Jan-18 Mixed-use business $35,700,000 $35,700,000 35.15 1,531,000 $23.32
Medley, FL 33178 park

Subject 1802 Northwest 37th Avenue, --- --- Mixed-use multi- --- --- 131.07 5,709,575 ---
Miami, Florida family, office, retail &
logistics business park

1
Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE

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 Land Value

The sales utilized represent the best data available for comparison with the subject and were
selected from the greater Miami area and regional business districts within the Miami-Dade
County market area. These sales were chosen based upon physical size, location, zoning/density
and highest & best uses in direct comparison to the subject property, assuming the voter
referendum, land use amendment and rezoning to SAP, Special Area Plan can be readily
achievable by the City of Miami.

DISCUSSION/ANALYSIS OF LAND SALES

Land Sale One
This riverfront land sale represents the sale of 20.89 waterfront acres located at the northeast
quadrant of NW 37th Avenue and the Tamiami Canal in Miami, FL. At the time of sale, it was a
luxury yacht manufacturing facility with a mixed-use redevelopment land use. According to public
records and seller verification, the existing buildings total 350,000-SF, but only 215,000-SF has
covered or enclosed roof area, of which 26,000-SF is office space occupied previously by
Bertram Yacht & Allied Marine, subsidiaries of Ferretti Yacht Group of Italy because of a prior
sale/leaseback transaction in June 2011 for $17,000,000. However, Bertram vacated most of
the manufacturing space in 2012, while the office space was retained for about 5 years
thereafter.

It is important to note, in late 2013, this site was rezoned from industrial to the newly created
Palmer Lake Metropolitan Urban Center District (PLMUC), which allows all types of industrial
uses, mixed-use development, retail, hotel, motels, and even residential development in certain
sub-districts. According to the Palmer Lake Charrette Area Plan of Miami-Dade County, the
redevelopment of the Bertram property has excellent potential to transform into a mixed-use,
pedestrian-oriented district that compliments the nearby MIC and joint development area as well
as the rest of Palmer Lake. Based on the property location and age of the improvements, this
current transaction is essentially a redevelopment play acquired by an Argentinian based
architect & developer who resides on Fisher Island. The buyer was attracted to the site because of
its proximity to Miami International Airport, the river and the Miami Intermodal Center, where
multiple public transit systems converge. Several redevelopment concepts include offices, hotels,
senior living and retail/entertainment uses focused on the riverfront, while maintaining interim
use income from an upgraded marina.

We adjusted Land Sale 1 upwards for positive market conditions between the sale transaction
date and our effective date of value. We also adjusted Land Sale 1 downwards for smaller
size/value relationship and downwards for superior frontage along the Tamiami Canal in direct
comparison to the subject property.

Land Sale Two

This comparable land sale is the Doral White Course located at the northeast quadrant of NW
41st Street and NW 87th Avenue in the City of Doral, Florida. The buyers represent two local,

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 Land Value

and very seasoned developers including Stuart Miller with Lennar Corp.; and Armando Codina &
Jim Carr with CC Homes. The two developers were the winning bidders and marks one of the
most expensive land deals in Miami-Dade history. The seller is GWC Miami Property LLC, an
affiliate of GIC, the sovereign fund of the government of Singapore. GIC acquired the property
through bankruptcy actions. The transaction was recorded in a three-way transaction with White
Course Lennar LLC; CC Homes at Doral; and, CC-WCD TIC purchasing three parcels for $27.5
million; $27.6 million; and, $40.9 million, respectively.

Lennar and CC Homes have a pending development application with the City of Doral for
Downtown Doral South. The site plan calls for 2,209 residential units, 150,000 square feet of
office space, 30,000 square feet of retail, seven acres for a civic and school uses, and 17.6-acres
for an amphitheater/public recreation area. The development will also feature linear greenways
and a promenade that connects to the new public space/amphitheater. As planned, 7 acres will
be set aside for civic use to be determined by the city, as well as a school for grades 6-12 that
will complement the K-5 charter school at Downtown Doral.

Codina and Lennar were the winning bidders and beat out developer & presidential hopeful
Donald Trump, Shoma Group’s Masoud Shojaee and other well-known developers in the
process. Bids were due on July 15, 2014 and contracts were executed in April 2015 with 12
months of escrow & due diligence. The property’s zoning parameters were set forth in a master
development agreement between the property’s predecessor owner, MSR Resort Hotel, in 2012.
The agreement has been in place for 20 years, and development must begin within 10 years.
The agreement was part of a court settlement between the former owner and the city. The prior
owner/hotel company filed Chapter 11 during the recession. The White Course was then deeded
to GWC Miami Property, controlled by the government of Singapore, as a creditor in the
bankruptcy case. The site is a rolling golf course topography with substantial water hazards.

We adjusted Land Sale 2 upwards for positive market conditions between the sale transaction
date and our effective date of value. We also adjusted Land Sale 2 upwards for inferior frontage,
inferior topography/site conditions given the substantial volume of golf course lakes & water
hazards that required to be backfilled and upwards for inferior location in direct comparison to
the subject property.

Land Sale Three

This comparable land sale comprises a clustering of three (3), non-contiguous parcels including
the 33.78-acre Opa-Locka Hialeah Flea Market site, the 28.31-acre Miami Auto Auction site,
and a 9.98-acre ancillary support site. According to the broker, the seller previously acquired &
assembled the three parcels between 1984 & 1990 for $11.3 million and was the operator of the
flea market, while collecting rent from the Miami Auto Auction. The buyer is a publicly traded
REIT that negotiated a post-closing, 12-year lease with three, 5-year renewal options with RER
Outdoor Marketplace LLC whose principals include Chris Kallivokas, Rodney Barreto Brian May
and the selling broker, Michael Fay. The new tenant operator group of the flea market has plans

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 Land Value

to renovate the parking lot areas, restroom and canopy improvements. The buyer was interested
in this property based on the existing below market Miami Auto Auction lease rate and the new
flea market operator lease produces a 6.10% cap rate, while providing a defensive downside
protection strategy based on the in-fill location, land value with a higher density, mixed-use
zoning designation and marketability for leasing to tractor trailer parking or other open yard &
parking uses.

We adjusted Land Sale 3 downwards for superior property rights conveyed, i.e. leased fee interest
with ground leased tenant base, and upwards for positive market conditions between the sale
transaction date and our effective date of value. We also adjusted Land Sale 3 downwards for
smaller size/value relationship and upwards for inferior location in direct comparison to the
subject property.

Land Sale Four

This comparable land sale is a 35.85-acre site located at the northwest quadrant of the Florida
Turnpike Extension and State Road 836 in unincorporated Miami-Dade County, Florida. It is part
of a master-planned development known as Beacon Lakes that is currently being developed by
Prologis as a Development of Regional Impact (DRI) and with the creation of the Beacon Lakes
CDD. The Beacon Lakes master plan comprises 478-acres +/- including 4.6 million square feet
of Class A distribution warehouse & business park space with the portion fronting the Florida
Turnpike dedicated to commercial retail uses. The buyer/developer secured the contract in
March 2017 at $45,000,000 subject to site plan approvals and the seller/master developer
delivering a clear & level buildable site with all supporting infrastructure as per the Beacon Lakes
CDD. However, there were numerous amendments to the contract including a slight price
change to $44,845,265 due to site measurements plus $600,000 for two (2) contract closing
date extensions, road impact credits, a seller obligation to remove construction & demolition
debris and deliver a 7.0' site elevation. The seller's off-site infrastructure obligations included
proposed NW 117th Place improvements, a 1.02-acre retention lake, a pump station. The buyer
essentially received a 35.85-acre buildable site within three (3) parcels with a total of 430,000-SF
of commercial retail entitlements allocated from the Beacon Lakes DRI. The buyer/developer site
plan includes a 9.44-acre ground lease to Home Depot, a 3.11-acre ground lease to City
Furniture, two outparcel sites, two pad sites approved for 13,500 rentable square feet and three
buildings that will total 159,341 square feet with ground breaking to occur immediately after
closing.

We adjusted Land Sale 4 upwards for positive market conditions between the sale transaction
date and our effective date of value. We also adjusted Land Sale 4 downwards for smaller
size/value relationship, upwards for inferior shape/configuration and upwards for inferior
location in direct comparison to the subject property.

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 Land Value

Land Sale Five

This comparable land sale is a short-term sale/leaseback of a vintage 1964 bottling plant
acquired by two, local & prominent residential & retail developers. The sale transaction was
facilitated with a $37.5 million loan in favor of Palmetto Finance & Investment, LLC. The site is
zoned for industrial, but is in a transitional sub-submarket of Doral that is shifting more towards
high density multi-family, hotel, corporate office & retail uses. The buyer/developers have
engaged Cushman & Wakefield to market the site as a build-to-suit opportunity for 87,000 to
700,000 square foot end users.

We adjusted Land Sale 5 downwards for superior property rights conveyed, i.e. leased fee interest
with a short-term sale/leaseback. We also adjusted Land Sale 5 downwards for smaller
size/value relationship and upwards for inferior location in direct comparison to the subject
property.

Land Sale Six

This comparable land sale is a sale/leaseback and monetization of a lumber storage &
distribution yard for a national, NASDAQ listed company. The buyer has preliminary plans to
build 650,000-SF of bulk distribution warehouse. The seller is repositioning into two other
facilities recently acquired from Robbins Manufacturing in 2017 and will add another purpose
built, state-of-the-art facility going forward to improve logistics & operational efficiencies
necessary to service the entire Florida and southeast region including Puerto Rico and the
Caribbean.

We adjusted Land Sale 6 downwards for superior property rights conveyed, i.e. leased fee interest
with a short-term sale/leaseback. We also adjusted Land Sale 6 downwards for smaller
size/value relationship and upwards for inferior location in direct comparison to the subject
property.

SUMMARY OF ADJUSTMENTS
Based on our comparative analysis, the following chart summarizes the adjustments warranted to
each comparable.

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LAND SALES ADJUSTMENT GRID

Comparable Number 1 2 3 4 5 6 Subject

Transaction Type Sale Sale Sale Sale Sale Sale ---
Transaction Date Aug-15 Apr-16 Jul-17 Nov-17 Dec-17 Jan-18 ---
Proposed Use TBD Mixed-use TBD Retail Mixed-use Mixed-use Mixed-use multi-
retail/office & Shopping business park business park family, office,
residential Center retail & logistics
business park
Actual Sale Price $35,500,000 $96,000,100 $80,000,000 $44,845,264 $40,268,000 $35,700,000 ---
Adjusted Sale Price 1 $35,500,000 $96,000,100 $80,000,000 $45,445,264 $40,268,000 $35,700,000 ---
Size (Acres) 20.89 130.10 72.07 35.85 23.70 35.15 131.07
Size (SF) 909,968 5,667,156 3,139,512 1,561,626 1,032,436 1,531,000 5,709,575
Allowable Bldg. Area (SF) --- --- --- 416,426 SF 504,605 SF 650,000 SF 2,740,596 SF
Indicated FAR --- --- --- 0.28 0.68 0.30 0.48
Price Per SF $39.01 $16.94 $25.48 $29.10 $39.00 $23.32 ---
Price Per Bldg. Area --- --- --- $109.13 $79.80 $54.92 ---
Price ($ PSF) $39.01 $16.94 $25.48 $29.10 $39.00 $23.32
Property Rights Conveyed 0% 0% -5% 0% -5% -5%
Financing Terms 1 0% 0% 0% 0% 0% 0%
Conditions of Sale 0% 0% 0% 0% 0% 0%
Market Conditions (Time) 30% 20% 10% 5% 0% 0%
Subtotal $50.71 $20.33 $26.63 $30.56 $37.05 $22.15
Size -30% 0% -10% -25% -30% -25%
Shape 0% 0% 0% 10% 0% 0%
Corner 0% 0% 0% 0% 0% 0%
Frontage -10% 10% 0% 0% 0% 0%
Topography 0% 10% 0% 0% 0% 0%
Location 0% 10% 10% 10% 10% 30%
Zoning/Density 0% 0% 0% 0% 0% 0%
Utilities 0% 0% 0% 0% 0% 0%
Highest & Best Use 0% 0% 0% 0% 0% 0%
Total Other Adjustments -40% 30% 0% -5% -20% 5%
Value Indication PSF of Site $30.43 $26.43 $26.63 $29.03 $29.64 $23.26
Value Indication PSF of FAR --- --- --- $108.85 $60.64 $54.79
1
Adjusted sale price for cash equivalency and/or development costs (where applicable)
Compiled by CBRE

CONCLUSION
The comparables sales presented produced an overall unadjusted value indicator range from
$16.94 to $39.01 per square foot of site area; and, $54.92 to $109.13 per square foot of
proposed or approved FAR. After considering and-or applying adjustments for property rights
conveyed, financing terms & conditions, conditions of sale, market conditions (time), size, shape,
corner/frontage, topography, location, and zoning/density, the range of value indicators was
narrowed substantially to $23.26 to $30.43 per square foot of site area; and, $54.79 to $60.64
per square foot of proposed or approved FAR.

Based on the preceding analysis, Comparables 2, 3, 4, 5 & 6 were the most representative of the
subject site, and warranted greatest consideration because of recent sale transaction dates,
location and zoning/density. In conclusion, a price per square foot of site area near the midpoint
of the unadjusted range and within the narrow-adjusted range of value indicators was most
appropriate for valuing the subject As Is. The following table presents the land valuation
conclusion:

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CONCLUDED LAND VALUE

$ PSF of Site Site SF Total
$26.00 x 5,709,575 = $148,448,943
$29.00 x 5,709,575 = $165,577,667

$ PSF of FAR Potential 0.48 FAR Total

$55.00 x 2,740,596 = $150,732,773
$60.00 x 2,740,596 = $164,435,752
Indicated Value: $160,000,000
(Rounded $ PSF) $28.02
Compiled by CBRE

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 Income Approach

Income Approach – Fair Market Rent Analysis

The following map and table summarize the comparable data used in the valuation of the subject
site. A detailed description of each lease transaction is included in the addenda.

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 Income Approach

In this section, we have estimated market rent for the subject site via the income approach by
performing a traditional market rent survey of comparable land and ground lease transactions,
as presented in the following table.
SUMMARY OF COMPARABLE GROUND LEASES
Comp. Property Name YOC / Tenant Lease Lease Lease Base Rent of Tenant Expense
No. and Location Type & Use Reno'd Occ. Name Area (Ac) Date Term Lease Area Improvements Basis Escalations

1 Amazon at Opa-Locka Logistics warehouse U/C 100% Amazon 91.00 Acres Jun-17 WND $0.45 PSF $5.0 million (County Absolute net WND
Executive Airport, NWQ & employment bond) in infrastructure
of NW 135th Street & center & 855,000-SF logistics
Douglas Road, Opa- warehouse
Locka, FL

2 Wet 'n' Wild, 1200 W. Commercial Proposed RFP Premier Parks, LLC 64.32 Acres TBD 50-Years $0.29 PSF Vacant land & Lockhart Absolute net ---
Commercial Blvd., Fort recreation water or 4% of gross Stadium renovation
Lauderdale Executive k revenue obligation
Airport, Fort Lauderdale,
FL

3 Opa-Locka Hialeah Flea Outdoor flea 1984 to 100% Opa-Locka Hialeah 72.07 Acres Jul-17 12-Years $1.55 PSF Surface parking lot, Absolute net ---
Market, 12691 NW market & outdoor 2006 & Flea Market & & 1984 + 3, 5-year small buildings & fence
42nd Ave., Opa-Locka, auto auction Proposed Miami Auto options
FL 33054 Auction

4 Home Depot, 1400 NW Big box retail Proposed 100% Home Depot 9.45 Acres May-19 20-Years $3.48 PSF Ready-to-build pad Absolute net Flat
117th Place, Miami, FL + 7, 5-year 143,538-SF building
33182 options

5 WalMart, 2500 W. Big box retail 2016 100% WalMart 15.23 Acres Oct-15 20-Years $1.96 PSF Ready-to-build pad for Absolute net Flat
Broward Blvd., + options 186,933-SF building + 5% every
Plantation, FL 33312 option term

6 Home Depot, 5660 NW Big box retail 1990 100% Home Depot 9.00 Acres Feb-16 5-Years $1.89 PSF Existing leasehold Absolute Flat
167th Street, Miami Renewal + 2, 5-year building (100,000-SF) + 10% every
Gardens, FL 33014 options improvements option term
remaining

Subj. Melreese Golf Course Mixed-use business TBD 0% --- 131.07 Acres --- --- --- Existing, municipal golf --- ---
1802 Northwest 37th park course
Avenue,
Miami, Florida

Compiled by CBRE

DISCUSSION OF RENT COMPARABLES

The comparable rentals produced an overall range from $0.29 to $3.48 per square foot on an
absolute net basis. We note that Rentals 1 & 2 set the lower end of the range at $0.29 to $0.45
per square foot of site area due to municipal government incentives necessary to promote
economic development. Rental 3 is a similar in-fill location and size in direct comparison to the
subject property; and Rentals 4, 5 & 6 are superior “ready-to-build” retail pad ground leases to
credit-worthy tenants.

Based on the foregoing comparable rent survey presentation & analysis of the proper fair market
rent for the subject property should fall well above Rentals 1 & 2; below Rentals 4, 5 & 6; and,
within reason of Rental 3, at say $1.50-PSF on an absolute net basis with the following market
supported lease terms & conditions for the subject property:

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 Income Approach

MARKET RENT COMPARISON CONCLUSION

Mixed-Use Business
Category Park - SAP
NRA (SF) 5,709,575
Percent of Total SF 100.0%
Market Rent ($/SF/Yr.) $1.50
Market Rent ($/Annum) $8,565,000
Concessions Phased Buildout Time
Reimbursements Absolute Net
Annual Escalation Flat for base term
Tenant Improvements (New Tenants) As Is
Tenant Improvements (Renewals) As Is
Average Lease Term 50 Years
Leasing Commissions (New Tenants) 0.5% to 1.0%
Compiled by CBRE

RENT MULTIPLIER METHOD

As a cross check to the preceding market rent comparison survey, we have also employed a rent
multiplier method to determine market rent. The rent multiplier method is based on the
difference or spread between the agreed upon rental rate and the overall capitalization rate used
to determine prospective value of what an investor would pay for a leased fee investment to an
end buyer and represents the profit expectation that a developer would require in order to secure
a prime tract of land, negotiate a long term ground lease with a good quality tenant and perform
earthwork & site improvements, if necessary, in order to secure the long term ground lease.

An appropriate profit spread for a ground lease transaction of this type would be between 200
and 300 basis points between rent multiplier and overall capitalization rate. In order to
determine a reasonable overall capitalization rate, we have presented the national investor
survey for triple net lease and land lease investors:

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 Income Approach

OVERALL CAPITALIZATION RATES

Investment Type OAR Range Average
RealtyRates.com - Land Leases
Golf 2.97% - 16.30% 8.90%
Industrial 2.59% - 10.64% 6.87%
Lodging 2.99% - 15.93% 7.47%
Office 2.77% - 10.64% 7.01%
Restaurant 3.15% - 15.39% 8.35%
Retail 2.51% - 12.01% 6.98%
Self-Storage 2.81% - 10.64% 7.99%
Special Purpose 3.25% - 16.10% 8.75%
All Properties 2.47% - 16.30% 7.62%
PwC Real Estate Investor Survey
National Net Lease Market 5.00% - 8.50% 6.60%
Indicated OAR: 2.50%-5.00%
Compiled by: CBRE

Based on the foregoing analysis and presentation, the subject property has the potential to be
leased to a third party for surface parking lot use. The corresponding capitalization range for a
long term prospective land lease investment in the built-up, and strategic Miami International
Airport submarket would be 2.50% to 3.50%. Hence, a 2.50% to 3.50% overall capitalization
rate expectation plus 250 basis point spread for profit expectation would produce a rent
multiplier range of 0.050 to 0.055.

The following tables present the rent multiplier method conclusions for subject proposed access
easement parcels:

RENT MULTIPLIER METHOD

Rent Multiplier Land Value As Is Potential Rent
0.050 x $160,000,000 = $8,000,000
0.055 x $160,000,000 = $8,800,000
Indicated Value As If Vacant: $8,400,000
(Rounded $ PSF) $1.47
Compiled by CBRE

RECONCILIATION OF MARKET RENT COMPARABLES & RENT MULTIPLIER METHOD

INCOME APPROACH VALUES
As Is on
May 8, 2018
Rent Multiplier Method $8,400,000
Market Rent Comparison $8,565,000
Reconciled Fair Market Rent $8,500,000
Compiled by CBRE

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 Assumptions and Limiting Conditions

Assumptions and Limiting Conditions

1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject
property. However, it is not possible or reasonably practicable to personally inspect conditions beneath the soil
and the entire interior and exterior of the improvements on the subject property. Therefore, no representation is
made as to such matters.
2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the
letter of transmittal and based upon the information, market, economic, and property conditions and projected
levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based
upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of
fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or
other events or conditions which occur subsequent to such date.
3. Unless otherwise expressly noted in the Report, CBRE has assumed that:
(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or
exceptions to title that would adversely affect marketability or value. CBRE has not examined title records
(including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may
affect the title or use of the subject property) and makes no representations regarding title or its limitations on
the use of the subject property. Insurance against financial loss that may arise out of defects in title should be
sought from a qualified title insurance company.
(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes
and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike
manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing,
etc.) are in good working order with no major deferred maintenance or repair required; and the roof and
exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent
structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no
representations relative to the condition of improvements. CBRE appraisers are not engineers and are not
qualified to judge matters of an engineering nature, and furthermore structural problems or building system
problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a
sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity
of building systems.
(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in
a workmanlike manner according to standard practices.
(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances.
The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater,
mold, or other potentially hazardous materials may affect the value of the property.
(v) No mineral deposit or subsurface rights of value exist with respect to the subject property, whether gas, liquid,
or solid, and no air or development rights of value may be transferred. CBRE has not considered any rights
associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report.
(vi) There are no contemplated public initiatives, governmental development controls, rent controls, or changes in
the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the
value of the subject property.
(vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any
local, state, nor national government or private entity or organization have been or can be readily obtained or
renewed for any use on which the Report is based.
(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficiently or
super-efficiently.
(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal,
state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic
hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable
uses, building codes, permits, and licenses.
(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA). CBRE is not qualified
to assess the subject property’s compliance with the ADA, notwithstanding any discussion of possible readily
achievable barrier removal construction items in the Report.

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 Assumptions and Limiting Conditions

(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and
no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor
reviewed or confirmed the accuracy of any legal description of the subject property.
Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s
attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information
inconsistent with any of the foregoing assumptions is discovered, such information could have a substantial
negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE, CBRE
reserves the right to amend the Report, which may include the conclusions of the Report. CBRE assumes no
responsibility for any conditions regarding the foregoing, or for any expertise or knowledge required to discover
them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such
conditions.
4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner,
or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and
information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel
Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building
areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating
expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report.
Accordingly, if any such errors are subsequently made known to CBRE, CBRE reserves the right to amend the
Report, which may include the conclusions of the Report. The client and intended user should carefully review all
assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any
questions or errors within 30 days after the date of delivery of the Report.
5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or
information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.
6. All furnishings, equipment and business operations have been disregarded with only real property being
considered in the Report, except as otherwise expressly stated and typically considered part of real property.
7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the
information and assumptions contained within the Report. Any projections of income, expenses and economic
conditions utilized in the Report, including such cash flows, should be considered as only estimates of the
expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual
results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating
economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE
does not warrant any such projections.
8. The Report contains professional opinions and is expressly not intended to serve as any warranty, assurance or
guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to
the value of the subject property. Furthermore, market value is highly related to exposure time, promotion effort,
terms, motivation, and conclusions surrounding the offering of the subject property. The Report is for the sole
purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject
property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any
investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor,
or lending institution may undertake related to the subject property, and CBRE has not been compensated to
assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect
recommendation of CBRE to buy, sell, hold, or finance the subject property.
9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge
beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in
areas that fall outside the scope of the real estate appraisal profession for such matters.
10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for
flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the
actual need for Flood Hazard Insurance.
11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any
special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full,
comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no
responsibility for any situation arising out of the user’s failure to become familiar with and understand the same.
12. The Report applies to the property as a whole only, and any pro ration or division of the title into fractional
interests will invalidate such conclusions, unless the Report expressly assumes such pro ration or division of
interests.

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 Assumptions and Limiting Conditions

13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing
use of the subject property. The allocations of values for each of the land and improvements are not intended to
be used with any other property or appraisal and are not valid for any such use.
14. The maps, plats, sketches, graphs, photographs, and exhibits included in this Report are for illustration purposes
only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be
removed, reproduced, or used apart from the Report.
15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written
consent of CBRE, which consent CBRE may withhold in its sole discretion. Exempt from this restriction is
duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit
of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of
any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that
the Report and its contents shall not be published, in whole or in part, in any public document without the written
consent of CBRE, which consent CBRE may withhold in its sole discretion. Finally, the Report shall not be made
available to the public or otherwise used in any offering of the property or any security, as defined by applicable
law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its
conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in
connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user.

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Melreese Golf Course, Miami, Florida

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 Addenda

ADDENDA

© 2018 CBRE, Inc.

 Addenda

Addendum A

LAND SALE DATA SHEETS

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 1
Property Name Miami International Centre
Address 3550 NW 21st Street
Miami, FL 33142
United States

Government Tax Agency Miami-Dade

Govt./Tax ID 30-3128-022-0180 (multiple)
Site/Government Regulations
Acres Square feet
Land Area Net 20.890 909,968
Land Area Gross 20.890 909,968

Site Development Status N/A

Shape Rectangular
Topography Generally Level
Utilities All Available

Maximum FAR N/A

Min Land to Bldg Ratio N/A
Maximum Density N/A

Frontage Distance/Street N/A NW 21st Street

Frontage Distance/Street N/A NW 37th Avenue
Frontage Distance/Street N/A NW 22nd Street
Frontage Distance/Street N/A Tamiami Canal

General Plan N/A

Specific Plan N/A
Zoning IU-1 & IU-2, Industrial (see comments)
Entitlement Status None
Sale Summary
Interterra Investments Group, LLC
Recorded Buyer &Intermarine Investments, LLC Marketing Time N/A
True Buyer Jorge Bernstein Buyer Type International Buyer
Recorded Seller MMM Northwest 37, LLC Seller Type End User
True Seller David Sherwood Primary Verification Thomas Byrne, EWM Commercial

Interest Transferred N/A Type Sale

Current Use Boat manufactruing Date 8/1/2015
Proposed Use TBD Sale Price $35,500,000
Listing Broker N/A Financing All Cash
Selling Broker N/A Cash Equivalent $35,500,000
Doc # 29731/4299 & 29731/4304 Capital Adjustment $0
Adjusted Price $35,500,000

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
08/2015 Sale Interterra Investments MMM Northwest 37, LLC $35,500,000 $1,699,378 / $39.01
Group, LLC &Intermarine
Investments, LLC
06/2011 Sale MMM Northwest 37, LLC Bertram Yacht, Inc.& $17,000,000 $813,787 / $18.68
Italvest Holdings, Inc.

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 1
Units of Comparison
$39.01 / sf N/A / Unit
$1,699,377.69 / ac N/A / Allowable Bldg. Units
N/A / Building Area
Financial
No information recorded
Map & Comments
This riverfront land sale represents the sale of 20.89 waterfront acres located at the northeast quadrant
of NW 37th Avenue and the Tamiami Canal in Miami, FL. At the time of sale it was a luxury yacht
manufacturing facility with a mixed-use redevelopment land use. According to public records and seller
verification, the existing buildings total 350,000-SF, but only 215,000-SF has covered or enclosed roof
area, of which 26,000-SF is office space occupied previously by Betram Yacht & Allied Marine,
subsidiaries of Ferretti Yacht Group of Italy as a result of a prior sale/leaseback transaction in June 2011
for $17,000,000. However, Betram vacated the majority of the manufactuing space in 2012, while the
office space was retained for about 5 years thereafter.

It is important to note, in late 2013, this site was rezoned from industrial to the newly created Palmer
Lake Metropolitan Urban Center District (PLMUC), which allows all types of industrial uses, mixed-use
development, retail, hotel, motels, and even residential development in certain sub-districts. According to
the Palmer Lake Charrette Area Plan of Miami-Dade County, the redevelopment of the Bertram property
has excellent potential to transform into a mixed-use, pedestrian-oriented district that compliments the
nearby MIC and joint development area as well as the rest of Palmer Lake. Based on the property
location and age of the improvements, this current transaction is essentially a redevelopment play
acquired by an Argentinian based architect & developer who resides on Fisher Island. The buyer was
attracted to the site because of its proximity to Miami International Airport, the river and the Miami
Intermodal Center, where multiple public transit systems converge. Several redevelopment concepts
include offices, hotels, senior living and retail/enterainment uses focused on the riverfront, while
maintaining interim use income from an upgraded marina.

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 2
Property Name White Course
Address 4400 NW 87th Avenue
Doral, FL 33166
United States

Government Tax Agency Miami-Dade

35-3022-002-0010; 35-3022-000-0110 & 35-3022-000-
Govt./Tax ID
0011
Site/Government Regulations
Acres Square feet
Land Area Net 130.100 5,667,156
Land Area Gross 130.100 5,667,156

Site Development Status Semi-Finished

Shape Other(See Comments)
Topography Rolling
Utilities Available to site

Maximum FAR N/A

Min Land to Bldg Ratio N/A
Maximum Density 16.98 per ac

Frontage Distance/Street N/A NW 41st Street

Frontage Distance/Street N/A NW 87th Ave
Frontage Distance/Street N/A NW 79th Ave

General Plan Downtown Mixed-Use

Specific Plan Mixed-use retail, office, residential & civic
Zoning DMU, Downtown Mixed-Use
Entitlement Status N/A
Sale Summary
White Course Lennar LLC, CC Homes at
Recorded Buyer Doral, LLC & CC-WCD TIC Marketing Time 9 Month(s)
True Buyer Lennar Corp, Armando Codina & Jim Carr Buyer Type Developer
Recorded Seller GWC Miami Property, LLC Seller Type Pension Fund
True Seller Singapore Sovereign Wealth Fund Primary Verification Robert Given, Listing Broker

Interest Transferred Fee Simple/Freehold Type Sale

Current Use Golf course Date 4/25/2016
Proposed Use Mixed-use retail/office & residential Sale Price $96,000,100
Listing Broker CBRE, Inc. Financing Cash to Seller
Selling Broker N/A Cash Equivalent $96,000,100
Doc # 30053/1186,1170 & 1154 Capital Adjustment $0
Adjusted Price $96,000,100

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
04/2016 Sale White Course Lennar GWC Miami Property, $96,000,100 $737,895 / $16.94
LLC, CC Homes at Doral, LLC
LLC & CC-WCD TIC

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 2
Units of Comparison
$16.94 / sf $43,459 / Unit
$737,894.70 / ac $43,459 / Allowable Bldg. Units
N/A / Building Area
Financial
No information recorded
Map & Comments
This comparable land sale is the Doral White Course located at the northeast quadrant of NW 41st Street
and NW 87th Avenue in the City of Doral, Florida. The buyers represent two local, and very seasoned
developers including Stuart Miller with Lennar Corp.; and Armando Codina & Jim Carr with CC Homes.
The two developers were the winning bidders and marks one of the most expensive land deals in Miami-
Dade history. The seller is GWC Miami Property LLC, an affiliate of GIC, the sovereign fund of the
government of Singapore. GIC acquired the property through bankruptcy actions. The transaction was
recorded in a three way transaction with White Course Lennar LLC; CC Homes at Doral; and, CC-WCD
TIC purchasing three parcels for $27.5 million; $27.6 million; and, $40.9 million, respectively.

Lennar and CC Homes have a pending development application with the City of Doral for Downtown
Doral South. The site plan calls for for 2,209 residential units, 150,000 square feet of office space,
30,000 square feet of retail, seven acres for a civic and school uses, and 17.6-acres for an
amphitheater/public recreation area. The development will also feature linear greenways and a
promenade that connects to the new public space/amphitheater. As planned, 7 acres will be set aside
for civic use to be determined by the city, as well as a school for grades 6-12 that will complement the
K-5 charter school at Downtown Doral.
Codina and Lennar were the winning bidders and beat out developer & presidential hopeful Donald
Trump, Shoma Group·s Masoud Shojaee and other well known developers in the process. Bids were
due on July 15, 2014 and contracts were executed in April 2015 with 12 months of escrow & due
diligence. The property·s zoning parameters were set forth in a master development agreement between
the property·s predecessor owner, MSR Resort Hotel, in 2012. The agreement has been in place for 20
years, and development must begin within 10 years. The agreement was part of a court settlement
between the former owner and the city. The prior owner/hotel company filed Chapter 11 during the
recession. The White Course was then deeded to GWC Miami Property, controlled by the government of
Singapore, as a creditor in the bankruptcy case. The site is a rolling golf course topography with
substantial water hazards.

© 2018 CBRE, Inc.

Sale Land - Industrial No. 3
Property Name Opa-Locka Hialeah Flea Market
Address 12691 & 12705 NW 42nd Avenue
12700 NW 42nd Avenue
Opa-Locka, FL 33054
United States
Government Tax Agency Miami-Dade
Govt./Tax ID 08-2128-000-0050, 08-2129-000-0032 & 0064
Site/Government Regulations
Acres Square feet
Land Area Net 72.073 3,139,512
Land Area Gross 72.073 3,139,512

Site Development Status Finished

Shape Other(See Comments)
Topography Level, At Street Grade
Utilities Available to site

Maximum FAR N/A

Min Land to Bldg Ratio N/A
Maximum Density N/A

Frontage Distance/Street N/A NW 42nd Ave

Frontage Distance/Street N/A Gratigny Parkway
Frontage Distance/Street N/A LeJeune-Douglas Connector

General Plan Interim hold & future redevelopment

Specific Plan Interim hold & future redevelopment
Zoning B-3, Commercial Intensive & Corridor Mixed-Use
Entitlement Status N/A
Sale Summary
Recorded Buyer GPT NW 42nd Avenue Owner, LLC Marketing Time 12 Month(s)
True Buyer Gramercy Property Trust Buyer Type REIT
Recorded Seller Bodwin Ltd. & SeaBase Florida Corp. Seller Type Private Investor
True Seller Shangli Huang Primary Verification Michael Fay, Listing Broker, Media
Releases & 10-Q

Interest Transferred Leased Fee Type Sale

Current Use Flea market & auto auction Date 7/20/2017
Proposed Use TBD Sale Price $80,000,000
Listing Broker Avison Young #305-447-7842 Financing All Cash
Selling Broker N/A Cash Equivalent $80,000,000
Doc # 30625/3802, 3808 & 3815 Capital Adjustment $0
Adjusted Price $80,000,000

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
07/2017 Sale GPT NW 42nd Avenue Bodwin Ltd. & SeaBase $80,000,000 $1,109,981 / $25.48
Owner, LLC Florida Corp.

© 2018 CBRE, Inc.

Sale Land - Industrial No. 3
Units of Comparison
$25.48 / sf N/A / Unit
$1,109,981.09 / ac N/A / Allowable Bldg. Units
N/A / Building Area
Financial

Pro Forma
Revenue Type Stabilized
Period Ending N/A
Source N/A
Price $80,000,000
Potential Gross Income N/A
Economic Occupancy N/A
Economic Loss N/A
Effective Gross Income N/A
Expenses N/A
Net Operating Income $4,880,000
NOI / sf N/A
NOI / Unit N/A
EGIM N/A
OER N/A
Net Initial Yield/Cap. Rate 6.10%
Map & Comments
This comparable land sale comprises a clustering of three (3), non-contiguous parcels including the
33.78-acre Opa-Locka Hialeah Flea Market site, the 28.31-acre Miami Auto Auction site, and a 9.98-
acre ancilliary support site. According to the broker, the seller previously acquired & assembled the three
parcels between 1984 & 1990 for $11.3 million and was the operator of the flea market, while collecting
rent from the Miami Auto Auction. The buyer is a publicly traded REIT that negotiated a post closing, 12-
year lease with three, 5-year renewal options with RER Outdoor Marketplace LLC whose principals
include Chris Kallivokas, Rodney Barreto Brian May and the selling broker, Michael Fay. The new tenant
operator group of the flea market has plans to renovate the parking lot areas, restroom and canopy
improvements. The buyer was interested in this property based on the existing below market Miami Auto
Auction lease rate and the new flea market operator lease produces a 6.10% cap rate, while providing a
defensive downside protection strategy based on the in-fill location, land value with a higher density,
mixed-use zoning designation and re-leasability for tractor trailer parking or other open yard & parking
uses.

© 2018 CBRE, Inc.

Sale Land - Retail/Commercial No. 4
Property Name Shops at Beacon Lakes
Address 11700 NW 20th Street
Miami, FL 33182
United States

Government Tax Agency Miami-Dade

Govt./Tax ID 30-3936-000-0120
Site/Government Regulations
Acres Square feet
Land Area Net 35.850 1,561,626
Land Area Gross 35.850 1,561,626

Site Development Status Other(See Comments)

Shape Irregular
Topography Other(See Comments)
Utilities Available to site

Maximum FAR 0.27

Min Land to Bldg Ratio 3.75:1
Maximum Density N/A

Frontage Distance/Street 2,600 ft Florida Turnpike

Frontage Distance/Street N/A NW 117th PLace
Frontage Distance/Street N/A NW 20th Street
Frontage Distance/Street N/A NW 22nd Street

General Plan Retail shopping center

Specific Plan Shops at Beacon Lakes
Zoning BU-3 - Liberal Business District & GU - Interim District
Entitlement Status Master/Specific Plan
Sale Summary
Recorded Buyer S/VIB Beacon Lakes, LLC Marketing Time N/A
True Buyer Stiles Corporation Buyer Type Developer
Recorded Seller AMB Codina Beacon Lakes LLC Seller Type REIT
True Seller Prologis Primary Verification Contract & Buyer

Interest Transferred Fee Simple/Freehold Type Sale

Current Use Vacant Land Date 11/15/2017
Proposed Use Retail Shopping Center Sale Price $44,845,264
Listing Broker N/A Financing Cash to Seller
Selling Broker N/A Cash Equivalent $44,845,264
Doc # 30937/1742 Capital Adjustment $0
Adjusted Price $45,445,264

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
11/2017 Sale S/VIB Beacon Lakes, LLC AMB Codina Beacon $44,845,264 $1,267,650 / $29.10
Lakes LLC

© 2018 CBRE, Inc.

Sale Land - Retail/Commercial No. 4
Units of Comparison
$29.10 / sf N/A / Unit
$1,267,650.32 / ac N/A / Allowable Bldg. Units
$109.13 / Building Area
Financial
No information recorded
Map & Comments
This comparable land sale is a 35.85-acre site located at the northwest quadrant of the Florida Turnpike
Extension and State Road 836 in unincorporated Miami-Dade County, Florida. It is part of a master-
planned development known as Beacon Lakes that is currently being developed by Prologis as a
Development of Regional Impact (DRI) and with the creation of the Beacon Lakes CDD. The Beacon
Lakes master plan comprises 478-acres +/- including 4.6 million square feet of Class A distribution
warehouse & business park space with the portion fronting the Florida Turnpike dedicated to commercial
retail uses. The buyer/developer secured the contract in March 2017 at $45,000,000 subject to site
plan approvals and the seller/master developer delivering a clear & level buildable site with all
supporting infrastructure as per the Beacon Lakes CDD. However, there were numerous amendments to
the contract including a slight price change to $44,845,265 due to site measurements plus $600,000 for
two (2) contract closing date extensions, road impact credits, a seller obligation to remove contruction &
demolition debris and deliver a 7.0' site elevation. The seller's off-site infrastructure obligations included
proposed NW 117th Place improvements, a 1.02-acre retention lake, a pump station. The buyer
essentially received a 35.85-acre buildable site within three (3) parcels with a total of 430,000-SF of
commercial retail entitlements allocated from the Beacon Lakes DRI. The buyer/develoepr site plan
includes a 9.44-acre ground lease to Home Depot, a 3.11-acre ground lease to City Furniture, two
outparcel sites, two pad sites approved for 13,500 rentable square feet and three buildings that will total
159,341 square feet with ground breaking to occur immediately after closing.

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 5
Property Name T2.0
Address 7777 NW 41st Street
Doral, FL 33166
United States

Government Tax Agency Miami-Dade

Govt./Tax ID 35-3022-000-0101 & 0090
Site/Government Regulations
Acres Square feet
Land Area Net 23.702 1,032,436
Land Area Gross 23.702 1,032,436

Site Development Status Finished

Shape Rectangular
Topography Level, At Street Grade
Utilities Available to site

Maximum FAR 0.49

Min Land to Bldg Ratio 2.05:1
Maximum Density N/A

Frontage Distance/Street 900 ft Palmetto Expressway

Frontage Distance/Street N/A NW 41st Street
Frontage Distance/Street N/A NW 79th Ave

General Plan Mixed-use business park

Specific Plan BTS office, logistical warehouse & retail/wholesale
Zoning I, Industrial District
Entitlement Status N/A
Sale Summary
Recorded Buyer 7777 Investment, LLC Marketing Time 6 Month(s)
True Buyer David Martin, Terra Group & Stephen Bittel, Buyer Type Developer
Terranova Corp.
Recorded Seller Bottling Group, LLC Seller Type End User
True Seller PepsiCo., Inc. Primary Verification Jay Olshonsky, Listing Broker

Interest Transferred Leased Fee Type Sale

Current Use PepsiCo bottling plant Date 12/26/2017
Proposed Use Mixed-use business park Sale Price $40,268,000
Listing Broker NAI Global Financing Cash to Seller
Selling Broker N/A Cash Equivalent $40,268,000
Doc # 30813/3815 Capital Adjustment $0
Adjusted Price $40,268,000

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
12/2017 Sale 7777 Investment, LLC Bottling Group, LLC $40,268,000 $1,698,964 / $39.00

© 2018 CBRE, Inc.

Sale Land - Mixed-Use No. 5
Units of Comparison
$39.00 / sf N/A / Unit
$1,698,964.20 / ac N/A / Allowable Bldg. Units
$79.80 / Building Area
Financial
No information recorded
Map & Comments
This comparable land sale is a short term sale/leaseback of a vintage 1964 bottling plant acquired by
two, local & prominent residential & retail developers. The sale transaction was facilitated with a $37.5
million loan in favor of Palmetto Finance & Investment, LLC. The site is zoned for industrial, but is
located in a transitional sub-submarket of Doral that is shifting more towards high density multi-family,
hotel, corporate office & retail uses. The buyer/developers have engaged Cushman & Wakefield to
market the site as a build-to-suit opportunity for 87,000 to 700,000 square foot end users.

© 2018 CBRE, Inc.

Sale Land - Industrial No. 6
Property Name Aljoma Lumber
Address 10300 NW 121st Way
Medley, FL 33178
United States

Government Tax Agency Miami-Dade

Govt./Tax ID 22-2032-004-0301
Site/Government Regulations
Acres Square feet
Land Area Net 35.147 1,531,000
Land Area Gross 35.147 1,531,000

Site Development Status Finished

Shape Rectangular
Topography Level, At Street Grade
Utilities Available to site

Maximum FAR 0.42

Min Land to Bldg Ratio 2.36:1
Maximum Density N/A

Frontage Distance/Street N/A NW South River Drive

Frontage Distance/Street N/A NW 121st Way

General Plan Future bulk distribution business park redevelopment

Specific Plan TBD
Zoning M-3, Intense Manufacturing & Industrial District
Entitlement Status N/A
Sale Summary
Recorded Buyer Duke Realty LP Marketing Time N/A
True Buyer Duke Realty LP Buyer Type REIT
Recorded Seller UFP Real Estate, Inc. Seller Type End User
True Seller Michael Cole, Universal Forest Products, Inc. Primary Verification Steve Wasserman, Listing Broker

Interest Transferred Leased Fee Type Sale

Current Use Lumber yard Date 1/18/2018
Proposed Use Mixed-use business park Sale Price $35,700,000
Listing Broker Colliers International South Florida #954-652 Financing All Cash
-4600
Selling Broker N/A Cash Equivalent $35,700,000
Doc # 30815/4749 Capital Adjustment $0
Adjusted Price $35,700,000

Transaction Summary plus Five-Year CBRE View History

Transaction Date Transaction Type Buyer Seller Price Price/ac and /sf
01/2018 Sale Duke Realty LP UFP Real Estate, Inc. $35,700,000 $1,015,737 / $23.32

© 2018 CBRE, Inc.

Sale Land - Industrial No. 6
Units of Comparison
$23.32 / sf N/A / Unit
$1,015,736.81 / ac N/A / Allowable Bldg. Units
$54.92 / Building Area
Financial
No information recorded
Map & Comments
This comparable land sale is a sale/leaseback and monetization of a lumber storage & distribution yard
for a national, NASDAQ listed company. The buyer has preliminary plans to build 650,000-SF of bulk
distribution warehouse. The seller is repositioning into two other facilities recently acquired from Robbins
Manufacturing in 2017 and will add another purpose built, state-of-the-art facility going forward in order
to improve logistics & operational efficienies necessary to service the entire Florida and southeast region
including Puetro Rico and the Caribbean.

© 2018 CBRE, Inc.

 Addenda

Addendum B

LEGAL DESCRIPTION

© 2018 CBRE, Inc.

© 2018 CBRE, Inc.
 Addenda

Addendum C

CLIENT CONTRACT INFORMATION

© 2018 CBRE, Inc.

 3/16/2018 City of Miami

REVISED REQUEST FOR APPRAISAL QUOTE

You are invited to submit a quote to prepare an appraisal report based on the Appraisal Assignment
attached herewith as Exhibit “A”.

Please complete the information requested at the bottom of this page. The quote and below
information must be received by the Department of Real Estate and Asset Management by 2:00p.m.,
Wednesday, March 21, 2018.

You may submit your proposal via email to:

Jacqueline Lorenzo
Project Management Specialist
Department of Real Estate and Asset Management
City of Miami
444 SW 2 Avenues, 3rd Floor
Miami, FL 33130
(305) 416-1426
[email protected]

ADDRESS FOLIO JOB No.

1400 NW 37 AVE 01-3132-000-0080
A-03-18-007
1550 NW 37 AVE* 01-3132-000-0090
*see survey attached hereto
7,500.00
Comprehensive total fee to perform appraisal/s: $

Hourly fee in the event expert testimony is required: $ 150.00

Appraisal Company:
CBRE, Inc.

Telephone/Extension: 305-381-6472

By: Stuart J. Lieberman, MAI Date: 3-18-2018

Sign:

NOTE: When sending a quote, your company must comply with the completion due date. If
selected, your company must provide a Certificate of Insurance in the manner
prescribed in Exhibit “B” below.

Page 1 of 5

© 2018 CBRE, Inc.

 3/16/2018 City of Miami

EXHIBIT “A”
APPRAISAL ASSIGNMENT

Job Number: A-03-18-007

Fiscal Year: 2017-2018

Location: 1400 NW 37 AVE, & portion of 1550 NW 37 AVE (see survey)

Folio No.: 01-3132-000-0080 & 01-3132-000-0090

Lot Size: Approximately 131 Acres (see survey)

Improvements: N/A (see purpose below)

Purpose of Appraisal: To determine Fair Market Value and Rental Value at highest and
best use. Please note the City’s purpose is to determine the value to
lease a vacant portion of the property to a third party. As such, we
are requesting the value be provided on a per square foot basis.

Property Rights Appraised: Fee Simple, subject to existing restrictions

Current Zoning: CS Civic Space Zone (under Miami 21 Zoning Code).

Type of Appraisal: Narrative Self Contained Report

Time to Complete: Four (4) weeks from authorization.

Number of bound copies: Four, (signed and certified).

City Contact Person: Jacqueline Lorenzo, Property Management Specialist

T: (305) 416-1426
E-mail: [email protected]

Resolution Reference: None.

Date of the Valuation: Date of the appraisal report.

Fee: Full payment upon completion of the assignment, subject to

revisions by the City of Miami and any other review appraiser
should there be any discrepancies in the appraisal reports.

THE APPRAISAL REPORT SHOULD INCLUDE THE FOLLOWING:

1. The appraisal report shall be performed in compliance with the professional services agreement
with the City for appraisal services as applicable.

2. The appraisal report must consider all three approaches to value and provide an explanation to
the weight given to each approach in arriving at the final reconciliation of value. In the event an
Page 2 of 5

© 2018 CBRE, Inc.

 3/16/2018 City of Miami

approach is not used, please provide justification. Please provide evidence for not using the Cost
Approach.

3. In calculating the Market Data, the appraiser should analyze and provide current local market
data and submit adjustment tables of comparables.

4. If utilizing a Land Sales Comparable Table to calculate Sales Price per Square Foot, please
provide line item adjustments in a matrix format for a better understanding of the Summary and
Land Value Correlation conclusion.

5. Provide source and proof of capitalization rate for the income approach to value in local market
versus other market when applicable.

6. Provide Market Data as if taxable property.

7. The appraisal report should be in compliance with the current Uniform Standard of Professional
Appraisal Practice (USPAP) according to Section 475, Part II, of the Florida Statutes. The City
of Miami reserves the right to review the appraisal report and submit its comments. The final
report will be due five days after the appraisal is reviewed by City’s staff.

Note: All calculations must be explicit. Show all steps used to arrive at any conclusions provided.
All data in this sheet must be verified by the appraiser, if any discrepancy, please call this office at
305-416-1426.

Page 3 of 5

© 2018 CBRE, Inc.

 3/16/2018 City of Miami

EXHIBIT “B”
INSURANCE REQUIREMENTS

(I) Commercial General Liability (Primary & Non Contributory)

A. Limits of Liability
Bodily Injury and Property Damage Liability
Each Occurrence $1,000,000
General Aggregate Limit $2,000,000
Products/Completed Operations $1,000,000
Personal and Advertising Injury $1,000,000

B. Endorsements Required
City of Miami included as an additional insured
Contingent Liability (Independent Contractors Coverage)
Contractual Liability
Premises & Operations Liability
Primary Insurance Clause

(II) Business Automobile Liability

A. Limits of Liability
Bodily Injury and Property Damage Liability
Combined Single Limit
Any Auto/Owned Autos/Scheduled
Including Hired, Borrowed or Non-Owned Autos
Any One Accident $ 1,000,000

B. Endorsements Required
City of Miami included as an Additional Insured

(III) Worker’s Compensation

A. Limits of Liability
Statutory-State of Florida
Waiver of subrogation

(IV) Employer’s Liability

A. Limits of Liability
$100,000 for bodily injury caused by an accident, each accident.
$100,000 for bodily injury caused by disease, each employee
$500,000 for bodily injury caused by disease, policy limit

(V) Professional Liability/Error’s & Omissions

A. Limits of Liability
Combined Single Limit
Each Claim $1,000,000
General Aggregate Limit $1,000,000
Retro Date Included
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© 2018 CBRE, Inc.

 3/16/2018 City of Miami

BINDERS ARE UNACCEPTABLE.

The above policies shall provide the City of Miami with written notice of cancellation or material
change from the insurer in accordance to policy provisions. Companies authorized to do business
in the State of Florida, with the following qualifications, shall issue all insurance policies
required above, and must meet the following requirements:

The company must be rated no less than “A-” as to management, and no less than “Class
V” as to Financial Strength, by the latest edition of Best’s Insurance Guide, published
by A.M. Best Company, Oldwick, New Jersey, or its equivalent. All policies and /or
certificates of insurance are subject to review and verification by Risk Management prior
to insurance approval.

Certificates will indicate no modification or change in insurance shall be made without thirty (30)
days written advance notice to the certificate holder. The Bidder shall be responsible for assuring
that the insurance certificates required in conjunction with this Section remain in force for the
duration of the contractual period; including any and all option terms that may be granted to the
Bidder.

In the event that expired certificates are not replaced with new or renewed certificates which cover
the contractual period, the City shall have the option to: (1) Suspend the contract until such time as
the new or renewed certificates are received by the City in the manner prescribed in the Request for
Appraisals Quote; or (2) The City may, at its sole discretion, terminate this contract for cause and
seek re-procurement damages from the Bidder in conjunction with the General and Special Terms
and Conditions of the Bid.

The insurance coverage required shall include those classifications, as listed in standard liability
insurance manuals, which most nearly reflect the operations of the bidder. Compliance with the
foregoing requirements shall not relieve the bidder of his liability and obligation under this section
or under any other section of this Agreement.

Page 5 of 5

© 2018 CBRE, Inc.

 Addenda

Addendum D

QUALIFICATIONS

© 2018 CBRE, Inc.

Stuart J. Lieberman, MAI
Vice President, Florida-Caribbean Region

̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Experience ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶

Stuart J. Lieberman, MAI is a Vice president with over 30 years of real estate
appraisal and consulting experience. Mr. Lieberman is in the Valuation &
Advisory Services Group’s Miami office in the South Florida/Caribbean Region.

Since 1987, Mr. Lieberman has provided real estate valuation and consulting
services to the financial lending community, institutional clients, government
agencies, corporate entities, legal & accounting professionals, developers and
private individuals. Mr. Lieberman has experience providing market studies,
feasibility studies, highest & best use analysis, market rent studies, expert
testimony & litigation support and portfolio analysis.

T +13053816472 Mr. Lieberman’s experience encompasses a wide variety of property types

M +13053816462
including single & multi-family residential, senior housing, mobile home parks,
[email protected]
high density urban & ocean front developments, open space & public parks,
777 Brickell Avenue automobile dealerships, service stations & convenience stores, funeral homes,
Suite 1100 medical office & surgical centers, mixed-use office, financial institutions & branch
Miami, FL 33131 banks, retail shopping centers & regional malls, parking garages, restaurants &
night clubs, movie theatres, health & fitness clubs, marinas & shipping terminals,
FBOs (fixed base operations), industrial flex warehouses, bulk distribution, truck
terminals, refrigeration warehouses, R&D, business parks, self-storage facilities;
Clients and, special purpose properties, including bowling alleys, broadcasting facilities,
Represented car wash, historical properties, public & private schools, day care facilities,
houses of worship & religious facilities, tourist attractions, sport arenas and
• BankUnited
entertainment venues & theatres.
• Ocean Bank
• Centennial Bank
• C-III Asset ̶̶̶̶̶̶ Professional Affiliations / Accreditations ̶̶̶̶̶̶
Management
• City of Miami
 Appraisal Institute – Designated Member No. 12003
• Miami-Dade
County, Internal  Certified General Real Estate Appraiser, State of Florida License RZ 1074
Services Dept.
 Licensed Real Estate Broker – Associate, State of Florida License BK 0477878

̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Education ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶

 University of South Florida, Tampa, FL, BA, Political Science – 1985

 Appraisal Institute, American Institute of Real Estate Appraisers, Society of Real Estate
Appraisers and Florida Real Estate Commission core courses, electives and seminars.

© 2018 CBRE, Inc.

© 2018 CBRE, Inc.
James E. Agner, MAI, AI-GRS
Senior Managing Director, Florida-Caribbean Region

̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Experience ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶

James Agner is the Senior Managing Director of the Valuation & Advisory Services for the Florida-
Caribbean Region. Located in the CBRE Miami office since 1995, Mr. Agner has over thirty years of
real estate appraisal and consulting experience throughout the State of Florida, with primary
experience in South Florida and in the Caribbean. Mr. Agner is a designated member of the
Appraisal Institute (MAI) and General Review Specialist (AI-GRS), member of the Society of Golf
Appraisers (SGA), and Royal Institution of Chartered Surveyors (MRICS) and is licensed as a
Certified General Real Estate Appraiser in the State of Florida and Georgia. He also has provided
expert witness testimony in the Circuit Courts – State of Florida and United States Bankruptcy Courts.

As Senior Managing Director, Mr. Agner leads a valuation and advisory staff in Miami and Palm
Beach Counties that provides exceptional quality appraisal work and client service in South Florida,
Treasure Coast and the Florida Keys. He also coordinates all activities for Florida and in the
Caribbean, including overseeing new business development, client relations and appraisal quality
T + 1 305 381 6480 control production. Mr. Agner is also the National Director of the Golf Valuation Group and the Net
[email protected] Lease Valuation Group for CBRE.
www.cbre.com/James.Agner

777 Brickell Ave., Suite 1100 ̶̶̶̶̶̶ Professional Affiliations / Accreditations ̶̶̶̶̶̶
Miami, FL 33131

• Appraisal Institute – Designated Member (MAI), Certificate No. 7791

• Appraisal Institute – General Review Specialist (AI-GRS), Certificate No. 69150
• Society of Golf Appraisers (SGA), Certificate No. 25
• Royal Institution of Chartered Surveyors – Member (MRICS), Certificate No. 7505662
Clients • Certified General Real Estate Appraiser, State of Florida, #RZ382
Represented • Certified General Real Estate Appraiser, State of Georgia, #345321
• Licensed Real Estate Broker, State of Florida, BK402088

• LNR Partners
• Bank of America Merrill
Lynch
̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶ Education ̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶̶
• SunTrust Bank
• PNC Bank
• Florida State University, Tallahassee, FL
• Mercantil
• Popular Community ̶ Bachelors of Science in Business Administration, Marketing - 1981
Bank
• 5/3 Bank
• Iberia Bank
• Santander Bank
• Regions Bank
• TD Bank
• Bank United
• BB&T Bank
• CitiBank
• Deutsche Bank
• Ocean Bank
• Centennial Bank
• Bank of the Ozark
• First Bank Florida

© 2018 CBRE, Inc.

© 2018 CBRE, Inc.
 Addenda

CBRE VALUATION & ADVISORY SERVICES

STUART J. LIEBERMAN, MAI

Valuation & Advisory Services
+1 305 3816472
[email protected]

JAMES E. AGNER, MAI

Valuation & Advisory Services
(305) 381-6472
[email protected]

www.cbre.com

© 2018 CBRE, Inc.