INDUSTRIAL MARKET SURVEY JACKSONVILLE

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1 201 INDUSTRIAL MARKET SURVEY JACKSONVILLE

2 2015 [ MARKET TOTALS ] Overall Market The Northeast Florida Market. J A C K S O N V I L L E REAL ESTATE MARKET OVERVIEW Y E A R E N D 2 Y E A R E N D 1 TOTAL INVENTORY SF 10 SF TOTAL INVENTORY SF 10 SF VACANCY RATE 9. % VACANCY RATE 8% ABSORPTION. 1, SF ABSORPTION SF COMPLETED CONSTRUCTION SF COMPLETED CONSTRUCTION SF *Excludes Build-To-Suits S I G N I F I C A L E A S E S TENANT PROPERTY SIZE (SF) LEASE RATE (PSF) TERM SF $ 15 YEARS YEARS 0,000 $ YEARS,000 $ YEARS $ YEARS S I G N I F I C A N S A L E S BUYER PROPERTY SIZE (SF) PRICE OCCUPIER $ MILLION $ MILLION $ MILLION $ MILLION S I G N I F I C A N T 2 CO N S T R U C TI O N AC TI V IT Y BUILDING COMPLETION DATE SIZE DEVELOPER SUBMARKET S IG N I FICANT PROJ EC TS U N DE BUILDING COMPLETION DATE SIZE TENANT SUBMARKET WESTSIDE Information deemed reliable, but not guaranteed. 2 Mark Scott Peter Crolius marks@grahamcompany.com peterc@grahamcompany.com 550 Water Street Suite 1225 Jacksonville, FL

3 MAJOR LAND PROJECTS Land / Location Lem Turner Industrial Park/Lem Turner Road Woodwings West/ Pecan Park I-295 Woodwings East/ Duval I-295 Jacksonville North Commerce Park/ NW Quad of I-95 and Pecan Park Road Jacksonville Interstate Commerce Pecan Park Road Pecan Park Distribution Center/ US 17/Pecan Park I-95 New Berlin Distribution Center Ownership SunCap Jacksonville Aviation Authority (JAA) Jacksonville Aviation Authority (JAA) Pecan Park Road Investments, LLC Benderson Schafer Submarket Northside Northside Northside Northside Northside Northside Northside Industrial Land Area 500 Acres 890 Acres Mixed-Use/327 Light Industrial 328 Acres Mixed-Use / 300 Light Industrial 93 Acres 319 (Ind.) 117 Acres 160 Acres Total Planned 4.8M SQ FT 3.5M SQ FT 3.5M SQ FT 1M SQ FT 4.6M SQ FT 1.3M SQ FT 2.5M SQ FT Entitlements IL Zoning with Fair- Share Agreement and Concurrency In-Place w/city of Jacksonville Part of JIA DRI Part of JIA DRI PUD with Fair-Share Agreement In-Place w/city of Jacksonville Zoning/Concurrency In-Place Zoning/Concurrency In-Place Fully-entitled w/ concurrency Existing Buildings Rail Service N/A N/A N/A N/A CSX N/A N/A Planned 201 None None None None None None Comments Utilities located 1200 feet from the property Master Plan includes 150 acre golf course Under J.V. contract with Majestic Site has additional 22 acres for retail/ commercial use Ownership will sell land or B-T-S Ownership will sell land or B-T-S Owners will sell lots, B-T-S, some speculative development Land / Location Port Jax Trade Center/S@-9A and Alta Drive Midpoint Commerce Park Cecil Commerce Center/Cecil Commerce Center Parkway Westlake Industrial Park/ Imeson Road and Moncrief Road Ownership Group IV Knabb Jointly Owned and Administered by JEDC (11,000 Acres) and JAA (6,000 Acres) Norfolk Southern Railroad Majestic Submarket Northside Westside Westside Westside Westside Westside Westside Industrial Land Area 31 Acres 700 Acres 17,000 of which 4,000 is commercially developable 1,500 Acres (300 ind.) 95 Acres 14 Acres 118 Acres Total Planned 475,000 SQ FT 6.3M SQ FT SAFT America: 143,000 SQ FT (2010) 2.17M SQ FT 1,598,875 SQ FT 183,500 SQ FT Entitlements Existing Buildings Fully-entitled and Pad-ready 82,000 fullyoccupied B-T-S with W & O, 82,000 spec warehouse with 57,000 sq ft vacant Entitled DRI Westlake DRI Part of Westlake DRI Westlake DRI None Rail Service N/A CSX CSX Unilever (772,200 SQ FT); ING (400,000 SQ FT); Johnson (546,000 SQ FT); BJ's Warehouse (460,972 SQ FT); JM Family (283,000 SQ FT); Penser (250,000 SQ FT) Norfolk Southern Railroad Fully-entitled w/ concurrency N/A N/A N/A Planned 201 SQ FT,000 SQ FT None None None Comments Owner has up to 6 designed and permitready building plans for end-users. Eastern Baker County location I-10 access at SR228 North 4,500 Acres Under Master Developer contract with Hillwood Investment Properties Norfolk Southern sells land only; no vertical development Phases 1 and 2 include 2-486,400 SQ FT cross-dock warehouses 2 Buildings Planned: 100,700 SQ FT and 82,500 SQ FT Flexible development plan includes both large cross-dock and service-center buildings. 3

4 MAJOR INDUSTRIAL PROJECTS Project Name/ Location Ownership Majestic International Tradeport/ Airport Road and Tradeport Road Majestic Tradeport/ Alvarez Road Tradeport Business Park/ Airport Road and Duval Road Developmen Imeson International Industrial Park/ Heckscher Drive and North Main Street Webb International Northpoint Industrial Park/ New Berlin and Faye Roads Pattillo Northport Logistics Center/11530 New Berlin Road Alta Lakes Commerce Center/Blasius and Faye Roads Cabot Properties, Inc. Westlake Industrial Park/ Exeter Westside Industrial Park/ West of I-295 Pattillo Submarket Northside Northside Northside Northside Northside Northside Northside Westside Westside Land Area 47 Acres 26 Acres 93 Acres 1,500 Acres. 505 industrial acres for sale 300 Acres 58 Acres 66 Acres 100 Acres 960 Acres Existing Developer- Owned Inventory 318,000 SQ FT Building and 520,000 SQ FT Building 334,930 among 3 Buildings 904,400 8 Buildings 1,774,000 1, 588, Buildings 872,627 1 Building 565,215 among 4 Buildings 546,000 1 Building 5,098,439 Total Availability Current Vacancy Largest Contiguous Planned for Delivery Within 12 Months 318,000 SQ FT 872,627 0 % % % 5 % 100% 4 % 0% % 318, , , , ,000 Quoted Rates (PSF) $3.95 $ $3.95 $ $4.50 NNN $ $5.00 NNN $ $4.50 $ $4.00 NNN $ $4.25 NNN Clear Height Truck Court Potential Additional Developable Building Area 0 Approximately 350,000 SQ FT 0 Up to 18M SQ FT 2.65M SQ FT 0 300,000 SQ FT 0 Approximately 5M SQ FT Rail Service N/A N/A N/A CSX N/A N/A N/A N/A N/A Project Name/ Location Perimeter West Industrial Park/ I-295 and Crossroads Distribution Center/6600 Ownership ING Clarion Westside Dist. Center/ N. Ellis Road Eastgroup Properties, Inc. Bowden Commerce Center/ Salisbury Road Sealy & Company Center Point/ U.S. 1 Salisbury Business Park/7251 Salisbury Road Interstate Distribution Center/8475 Western Way Lakepointe Business Park/ Western Way First Coast Distribution Center/SR 207 at I-95 St. Johns County Greenfield Greenfield EastGroup EastGroup Submarket Westside Westside Westside Southside Southside Southside Southside Southside Southside Land Area 75 Acres 129 Acres 18 Acres 55 Acres 71 Acres 25 Acres 11 Acres 29 Acres 80 Acres Existing Developer- Owned Inventory 260,000 Existing Volkswagen B-T-S 126,056 (Building #2) 1,025,165 7 Buildings leased 107,840/ 2 Buildings 624,237 among 13 Buildings 122,400/ 2 Buildings 181,120/ 2 Buildings 375,125 among 9 Buildings 203,320 Total Availability 0 21,206 4,800 Current Vacancy Largest Contiguous Planned for Delivery Within 12 Months Quoted Rates (PSF) 0% 16.8% 0 4% % % % % N/A 21,206 4, , $5.25 $ $.95 $ $4.50-$ $ $ $9. 0 $4. Clear Height Truck Court Potential Additional Developable Building Area Cross-Dock Design 139,400 and 195,000 planned 2 add l bldgs 550,000 SQ FT, 3 Additional Buildings Planned Ranging from 100, ,000 SQ FT 0 Additional 7.5 acres available. Up to 85,000 additional sq ft. Part of a total 490,000 sq ft mixed-use development ,000 Rail Service N/A N/A CSX N/A N/A N/A N/A N/A N/A 4

5 NORTHSIDE JACKSONVILLE, FLORIDA JACKSONVILLE INTERNATIONAL AIRPORT DOWNTOWN JACKSONVILLE 5 MILES Major Industrial Projects Major Land Projects NOTE: Numbers correspond with charts on Page 3 and Page 4 5

6 WESTSIDE JAC KSO NVI LLE, FLO RI DA DOWNTOWN JACKSONVILLE 4 MILES 10 Major Industrial Projects Major Land Projects N OT E : N u m b e r s c o rre s p o n d with charts on Page 3 and Page 4 6

7 SOUTHSIDE JAC KSO NVI LLE, FLO RI DA DOWNTOWN JACKSONVILLE Major Industrial Projects N OT E : N u m b e r s c o rre s p o n d with chart on Page 4 7

8 ABO UT G R AHAM & CO M PAN Y Founded in 1978, Graham & Company is a full-service commercial real estate firm based in Birmingham. With offices in Birmingham and Huntsville, Alabama and Jacksonville and Panama City, Florida, the company offers professional services including sales, leasing, property management, appraisal, consulting, investment and development. In response to client demand, Graham has systematically extended its range of services and geographic reach, now serving clients throughout. AFFILIATION S NAIOP National Association of Industrial & Office Properties SIOR Society of Industrial & Office Realtors CRE Counselors of Real Estate ICSC International Council of Shopping Centers IREM Institute of Real Estate Management CCIM Certified Commercial Investment Member BOMA Building Owners and Managers LEED Leadership in Energy and Environmental Design Association ULI Urban Land Institute MEASURE US BY OUR ACTIONS grahamcompany.com BIRMINGHAM HUNTSVILLE JACKSONVILLE GULF COAST 110 Office Park Drive Suite 200 Birmingham, AL TEL Quality Circle Suite E Huntsville, AL TEL Suite 1 acksonville, FL 322 TEL Richard Jackson Boulevard Suite 115 Panama City Beach, FL TEL FAX FAX FAX FAX GRAHAM & COMPANY PERSONNEL JACKSONVILLE FOUNDING PRINCIPALS Steve Graham, MAI, CRE Mike Graham, CPM, SIOR PROPERTY MANAGEMENT Ron Kirkland, RPA, FMA MANAGING BROKER Peter Crolius, SIOR SENIOR DIRECTOR/INDUSTRIAL GROUP Mark Scott, SIOR BUILDING ENGINEER Rick Lee ADMINISTRATION