Parker Court OM - DRAFT

PARKER COURT BUSINESS CENTERAtlanta - Stone Mountain Submarket

Parker CourtBusiness Center

Stone Mountain

MASTER-PLANNED BUSINESS PARKVALUE-ADD INDUSTRIAL INVESTMENT OPPORTUNITY23.18 ACRES | 9 BUILDINGS | 52% LEASED

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AN OFFERING FROM LINCOLN PROPERTY COMPANY

CHIP SIPPLESenior Investment Analyst

[email protected]

DENTON SHAMBURGERVice President404.266.7600

[email protected]

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TABLE OF CONTENTS

PARKER COURT BUSINESS CENTER

PROPERTY TOURSTours are available any time upon

request. Please contact us as soon as possible to schedule a tour.

EXECUTIVE SUMMARYPROPERTY DESCRIPTIONKEY TENANT PROFILESFINANCIAL PROJECTIONSMARKET OVERVIEW

EXECUTIVE SUMMARY

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OFFERING AT A GLANCE

ADDRESS 1860-1999 Parker Court ,Stone Mountain, GA 30087

GLA 243,358 SF

NO. OF BUILDING 9

TOTAL SITE 23.18 acres

YEAR BUILT 1981-1989

TYPICAL CLEAR HEIGHT 16’ -20’

LEASING RATE $5.50 – 6.00/SF NNN

PERCENT OCCUPIED 52.12%

NO. OF TENANTS 25

PARKINGApprox. 5.0:1,000 SF on office SF (Assuming 33% office building)Approx. 1.8:1,000 SF on total SF

Lincoln Property Company is pleased to offer for sale Parker Court Business Center, a 243,358 square foot, nine (9) building office park, located at 1860-1999 Parker Court, Stone Mountain, Georgia (“Property”). Located within Stone Mountain’s 10,605,000 square foot Flex and Shallow Bay (combined) market, each building boasts durable steel frame and masonry construction, multi-tenant design, and access to a wide range of nearby amenities. Parker Court offers easy access to I-285, which provides interstate access to every major artery in the super-metro area.

The Stone Mountain submarket is a vibrant subset of the 500 + million square foot Atlanta Industrial Market, and has experienced dynamic improvement in the last year. Submarket vacancy rates for Shallow Bay product continue toward historic lows, down to 6.0% (2015, QTD) compared with nearly 10.9% a year ago. Flex product in this market demonstrates similar momentum with vacancy rates have fallen 450 bps to a current low of 18.9%.

Currently 52% leased, Parker Court Business Center is a value-add opportunity with significant lease-up potential. The center caters to smaller, value-driven tenants who have shown a historic propensity for long term occupancy. With suites ranging from 1,500 to 30,000 square feet and office buildouts from 20% to 100%, Parker Court is able to accommodate a wide range of users spanning the flex and shallow bay industrial segments. . The property has experienced significant leasing velocity over the last 18 months with a limited capital investment which has proven the property’s ability to lease. These attributes ensure an established position for the Property in an appreciating market where no new supply provides an extended opportunity to lease and create value.

OFFERING SUMMARY

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ATLANTA

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EXECUTIVE SUMMARY

PROPERTY FEATURES• Located within one of Atlanta’s highly established infill

industrial submarkets – a 10,605,000 square foot Flex and Shallow Bay submarket of Stone Mountain

• Well-maintained Business Park setting offers a multitude of suite sizes. Functional/Flexible product type offers both dock high and drive-in loading and a wide range of office square footage

• Direct access to Stone Mountain Highway (Hwy. 78), which provides numerous nearby amenities for employees which connects directly to I-285

• Located less than 5 miles from Stone Mountain Park – one of Georgia’s best tourist attractions

• Little CAPEX required – Seven of the nine roofs were replaced in 2009 and the remaining two were recoated. A majority of HVAC units are in good condition, most of which have been replaced since 2008.


STONE MOUNTAIN PARKWAY


EXECUTIVE SUMMARY

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ATLANTA – ONE OF THE NATION’S TOP PERFORMING INDUSTRIAL MARKETS

• 17.3 million SF of positive net absorption in 2014 – ranked #2 in the US (only outpaced by the Inland Empire in California)

• 8.60% market-wide vacancy rate for all product types as of 1Q15• Significant rental rate growth improvement across all product types in the

Atlanta metro industrial market over the past 18 months

KEY INVESTMENT HIGHLIGHTS

METRO ATLANTA - SHALLOW BAY AND FLEX PRODUCT - 15 YEAR HISTORY

QUICKLY IMPROVING METRO SHALLOW BAY / FLEX MARKET• Vacancy rates between shallow bay and flex have dropped over 400 basis

points from the peak in 2011 to the current rate of 9.71% (1Q2015)• The current vacancy rate represents a 15 year historic low• The sector has experienced 5 years of positive net absorption, equating to

over 8.5 M SF • As compared to bulk product, there is limited new speculative construction

in the shallow-bay and flex product sectors across the metro area• The lack of construction in the immediate pipeline will continue to

accelerate demand with these sectors allowing owners to drive returns with rising rents

PERIODEXISTING INVENTORY VACANCY NET

ABSORPTIONDELIVERIES UC INVENTORY LEASING

ACTIVITY# BLDS TOTAL RBA DIRECT SF TOTAL SF VAC % # BLDS TOTAL RBA # BLDS TOTAL RBA2015 2,922 148,446,318 14,147,947 14,411,211 9.71% 1,123,127 2 188,352 4 3,736,000 808,207

2014 2,920 148,257,966 15,054,377 15,345,986 10.35% 2,650,045 1 450,000 6 3,924,352 3,931,285

2013 2,919 147,807,966 17,240,735 17,546,031 11.87% 3,809,265 2 1,399,472 1 700,000 6,025,447

2012 2,917 146,408,494 19,717,731 19,955,824 13.63% 651,445 2 242,502 2 1,399,472 5,684,649

2011 2,916 146,188,210 20,144,280 20,386,985 13.95% 340,034 1 409,006 2 242,502 4,108,636

2010 2,915 145,779,204 20,035,293 20,318,013 13.94% (287,561) 1 918,868 1 409,006 4,609,788

2009 2,914 144,860,336 18,643,938 19,111,584 13.19% (1,719,709) 6 233,504 1 918,868 6,203,956

2008 2,909 144,662,532 16,611,985 17,194,071 11.89% (61,412) 23 2,049,988 5 211,804 4,416,496

2007 2,887 142,772,544 14,386,728 15,242,671 10.68% 2,210,356 29 2,393,211 16 1,882,095 4,591,144

2006 2,859 140,398,083 14,568,064 15,078,566 10.74% 1,844,533 27 1,693,472 26 2,330,136 5,918,620

2005 2,833 138,745,752 14,517,237 15,270,768 11.01% 2,853,483 18 1,204,642 21 1,291,575 6,957,013

2004 2,815 137,541,110 16,330,044 16,919,609 12.30% 1,562,814 28 1,570,116 15 1,001,379 9,152,552

2003 2,805 136,733,347 16,951,158 17,674,660 12.93% (2,031,545) 14 439,436 24 1,298,452 9,856,204

2002 2,794 136,441,983 14,467,754 15,351,751 11.25% 37,100 23 668,828 10 242,366 10,416,630

2001 2,773 135,827,309 13,445,893 14,774,177 10.88% (194,717) 37 1,899,700 19 533,586 11,214,200

2000 2,749 134,382,799 12,029,704 13,134,950 9.77% 3,077,350 58 4,019,228 29 1,437,112 21,093,133

“THE CURRENT VACANCY RATE REPRESENTS A 15 YEAR HISTORIC LOW”

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EXECUTIVE SUMMARY

STONE MOUNTAIN – ESTABLISHED SUBMARKET WITH PROVEN FUNDAMENTALS

• Stone Mountain is one of Atlanta’s most established infill submarkets equipped with quality infrastructure, strong local government, and numerous amenities

• The submarket’s main thoroughfare, Stone Mountain Highway (US 78) provides easy access to I-285

• Over the submarket’s past 15 year history, the flex and shallow bay product boasts an impressive average occupancy of over 88%

• The submarket has seen steady improvement over the past 5 years while the overall metro market has been much more volatile

• 10.6 million SF Flex and Shallow Bay market with approximately 500,000 SF of positive net absorption in 2014 and 95,000 SF in 2015 (QTD)

• 18.9% vacancy in Flex product and 6.0% vacancy in Shallow Bay Distribution product as of 1Q 2015 for a combined total of 9.5% vacancy

• This marks a decline in vacancy of approximately 900 bps from the peak vacancy in 2010

• No new construction planned or underway in the Stone Mountain submarket or micro-market

• Surrounded by residential (both single family and multi-family) and retail amenities that drive tenant demand

• Lack of new construction, combined with sustained positive net absorption, position Parker Court for continued growth in the immediate and long term.

ATLANTA INDUSTRIAL SUBMARKET POSITIONS

PEAKING PHASE

RISING PHASE

FALLING PHASE

BOTTOMINGPHASE

58

6

3

27

94

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ATLANTA METRO SUBMARKETS1

5

8

6

3

2 7

94

Central Atlanta Northwest

Chattahoochee Snapfinger / I-20 East

I-20W/Fulton Industrial South Atlanta

North Central Stone Mountain

Northeast

EXECUTIVE SUMMARY

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STRATEGIC LOCATION WITH FEW COMPETITORS

• Parker Court’s history within the submarket, it’s prime location directly off of Hwy 78 and connectivity to the entire Atlanta metro, positions the Property with a small elite class of other properties

• There are only three other business parks that compete with Parker Court

• The competitive set boasts an impressive 15 year average asking rate of $9.00-$10.00/SF NNN, with a current rate of over $8.00/SF NNN. This represents approximately a 40% higher rate than the current leasing rate at Parker Court of $5.50 - $6.00/SF NNN

• Parker Court is poised to leverage short term in place leases and below market rents of $5.74/SF to drive rates higher

TENANT NAME SF % OF

PROPERTYLEASE START

DATE

TENURE AT PARKER

COURTNATIONAL

EQUIPMENT 24,267 10.0% JUNE 2001 14.2

SAM CARTER CONCRETE 13,115 5.4% OCTOBER

2002 12.8

CONTAINER GRAPHICS 10,947 4.5% FEBRUARY

1999 16.6

TOTAL 48,329 19.9% 14.5

COMPETITIVE INDUSTRIAL PROPERTIES

Park Mountain East Business Center Mountain Park Place Royal Mountain Business ParkAddress 2046-2175 W. Park Court 1785-1835 E. Park Place Blvd. 2706-2730 Mountain Industrial Blvd.Size 235,655 54,439 228,760Occupancy 37.1% 90.8% 90.5%Year Built 1985-1997 1987 1984-1985Parking Ratio/1000 3.60 3.50 3.45Quoted Asking Rents ($ PSF) $7.50-$9.00 NNN $9.00-$12.00 NNN $4.25-$6.95 NNN

Source: CoStar

The table below shows that the Property has proven to be a location that can achieve above average tenant retention. The three largest tenants at Parker Court, boast an impressive + 14 year average tenancy.

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EXECUTIVE SUMMARY

PARKER COURTMOUNTAINPARK PLACE

MOUNTAIN EASTBUSINESS PARK

ROYAL MOUNTAINBUSINESS PARK

COMPETITIVE SET MAP

EXECUTIVE SUMMARY

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UNIQUE DESIGN ALLOWING ABILITY TO MARKET ACROSS PRODUCT TYPES

• A 23.18 acre master planned industrial park offers total control of business park environment providing leasing flexibility

• Developed from 1981-1989 with functional and durable design specifications

• Variability of vacant spaces in terms of size, office SF, dock door ratio, and clear heights allow the Property to accommodate most tenants within the market.

• Suites are separately metered for electricity and gas, allowing the possibility of condo conversion as an investment option

IMPRESSIVE LEASING VELOCITY: 50,000+ SF

• Over the last 18 months, the Property has experienced major leasing velocity

• A total of 16 deals, 12 new deals and 4 renewals have resulted in over 50,000 SF of leasing activity within the portfolio

• Over 50% of the new deals signed in the recent past are tenants that are new to the market

• These new deals have been achieved with limited Tenant Improvement Allowances (TIA) (weighted average of of only $1.12/SF in TIA) while achieving market rates on average of over $5.35/SF NNN.

TENANT NAME SQUARE FEET

% OF TOTAL

START DATE END DATE TERM

(MONTHS)FREE RENT TI START

RENTANNUAL

BUMPS (%)NEW /

RENEWALEXPEDITED TRANSPORTATION SERVICES 3,908 1.61% 10/1/2013 12/31/2016 39.00 3.00 $6.20 $5.50 3.00% NEW

CAREGIVER SOLUTIONS 3,133 1.29% 4/1/2014 6/30/2017 39.00 3.00 $1.58 $4.85 3.00% NEW

NICHE GRAPHICS 2,450 1.01% 5/1/2014 7/31/2017 39.00 3.00 $- $5.00 3.00% NEW

EAGLE MACHINE 2,494 1.02% 5/1/2014 7/31/2017 39.00 3.00 $3.05 $4.50 5.56% NEW

JOE PERRY REDD 4,671 1.92% 5/1/2014 10/31/2018 54.00 4.00 $- $5.75 4.35% RENEWAL

GWINNETT RATTLERS 7,207 2.96% 6/1/2014 7/31/2017 38.00 2.00 $- $4.50 5.56% NEW

SOUTHERN CHAMPION 3,226 1.33% 7/1/2014 6/30/2015 12.00 - $- $5.75 N/A RENEWAL

EARTH ELEMENTS 2,475 1.02% 7/1/2014 8/31/2017 38.00 2.00 $- $4.75 3.00% NEW

FARAG JANITORAL 1,589 0.65% 7/1/2014 6/30/2017 37.00 1.00 $- $5.00 3.00% NEW

ENKORE FITNESS PROS, LLC 3,128 1.29% 11/1/2014 1/31/2018 39.00 3.00 $- $5.25 3.00% NEW

TEST EQUIPMENT DISTRIBUTORS, LLC 4,893 2.01% 8/1/2015 8/31/2018 37.00 1.00 $- $6.75 3.00% RENEWAL

DIAMOND DIVA ALL STARS, LLC 2,446 1.01% 3/1/2015 7/31/2020 65.00 5.00 $- $5.25 3.00% NEW

NEXSTIM 1,936 0.80% 4/1/2015 3/31/2016 12.00 - $- $6.00 N/A NEW

SPARTAN TRANSPORTATION, INC. 3,653 1.50% 4/1/2015 3/31/2016 12.00 - $- $5.50 N/A NEW

SPSC, INC. 2,654 1.09% 4/1/2015 5/31/2018 38.00 2.00 $- $5.00 3.00% RENEWAL

SEE RESTORATIONS UNLIMITED, INC. 3,948 1.62% 7/1/2015 10/31/2020 64.00 4.00 $6.00 $6.00 3.33% NEW

TOTALS / AVERAGES 53,811 22.11% 37.63 2.25 $1.12 $5.36 3.52%

The table belows shows 53,000 SF of leasing over past 18 months at average rates of $5.36 SF and TIA of $1.12

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EXECUTIVE SUMMARY

VALUE ADD OPPORTUNITY AT SIGNIFICANT DISCOUNT TO REPLACEMENT COST

• Exceptional upside potential; 116,510 vacant square feet in a rising market with improving occupancy fundamentals

• The Property’s quality construction and consistent design drive tenants to the site, shown by already strong leasing momentum

• Potential value enhancement opportunity through multiple investment strategies (i.e. user sales, improved outside storage, future development, etc.)

• Compelling basis at a discount to replacement cost (estimated to be over $80.00/SF) for comparable product

Terms Of Sale

INTEREST OFFERED 100% Fee Simple Interest

TERMS All cash at closing

OFFERING PROCEDURESeller and Agent will assess the qualifications of any party submitting an offer to purchase the Property in accordance with Seller’s objectives. In making the assessment, Seller will consider a number of factors including, but not limited to: pricing, timing of closing and the perceived ability of the investor to complete the transaction.

PROPERTY TOURS All registered buyers are encouraged to visit the Property prior to submitting an offer and should contact Denton Shamburger or Chip Sipple at 404.266.7600 to schedule a tour of the Property.

EXECUTIVE SUMMARY

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ATLANTA MAP


9 miles to I-285

20 miles to Buckhead

28 miles to Downtown

29 miles to Hartsfield Jackson International Airport

9 MILES

Atlanta

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EXECUTIVE SUMMARY

SUBMARKET MAP


ExecutiveHousing

STONE MOUNTAIN

PARK

SMOKE RISECOUNTRY

CLUB

MOUNTAINBROOKE

CAMPCREEKSTATES

BRENTWOOD

LAKE LUCERNE ESTATES

EXECUTIVE SUMMARY

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LOCAL MAP


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PROPERTY DESCRIPTION

SUMMARY OF BUILDINGS

Building Year Built SF Occupancy # Of Tenants Office Build Out Dock High /Drive-In Clear Height Truck Court Depth Roof Age

1860 Parker Court 1982 24,267 100% 1 4% 0/11 20’ + N/A 1982 (metal)

1899 Parker Court 1982 6,561 0% 0 100% N/A 8’ - 9’ N/A 1982 (metal)

1939 Parker Court 1983 30,027 27% 3 34% 12/4 16 - 18’ 72’ - 120’ (shared) 2009






1999 Parker Court 1990 24,211 77% 6 42% 9/0 16 - 18’ 96’ 2009

SUBTOTALS/AVERAGES: 1985 243,358 52% 25 33% 77/34


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1860 PARKER COURT DESCRIPTIONPROPERTY SPECIFICATIONSYear Built 1982

Acres of Land (Total Phase) 23.18 acres

Gross Square Footage 24,267

Occupancy 100%

# of Tenants 1

Percentage Office 4.00%

Basic Construction

Steel beam and open bar joist for office area and engineered

steel frame metal for warehouse/service area, standing seam

metal roof and asphalt composite shingles, CMU walls with brick

siding,

HVACGas-fired split systems for office areas, gas fired unit heaters for

warehouse areas

Fire Protection Local smoke detection system

Roof Type and Age Standing seam metal roof and asphalt composite shingles

Electricity

Building served by 150 KVA utility transformer, 277V/480V three

phase 4 wire with multiple distribution panels located within

suite and service area

Clear HeightApproximately 20' from floor to ceiling, office area approximately

8' AFF

Window Bronze metal frame with single pane store front windows

Lighting, Interior2 x 4 lay-in, 4 tube, T-12 fluorescent lamps with acrylic lenses,

service area utilizes High bay metal halide fixtures

Lighting, Exterior Pole lights, exterior perimeter wall packs

Loading Dock Facilities 11 Drive in Doors

Parking Spaces 36 spaces plus approx. 5 acres of outside storage

Truck Court Depth/Concrete Apron N/A

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1899

1860

1940

1939 1959

1960 1980

1979

1999

1860 PARKER COURT FLOOR PLAN

1860 ENational Equipment Services

24,267 SF1/31/17

Available 2015 20192017 2020 20222016 20192018 2021 2022


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PROPERTY SPECIFICATIONSYear Built 1982



Occupancy 0%

# of Tenants 0

Percentage Office 100%

Basic ConstructionSteel beam and open bar joist, standing seam metal roof and

asphalt shingled, brick siding,

HVAC Multiple Gas fired split systems for office areas

Fire Protection local smoke detectors

Roof Type and Age Standing seam metal roof with section of asphalt shingled roof

Electricity

Building served by 75 KVA utility transformer, 120V/208V three

phase 4 wire with 150 AMP distribution panels located within

building

Clear Height Suspended acoustical tile lay-in ceiling at approximately 9' AFF

Window Bronze metal frame with single pane windows

Lighting, Interior2 x 4 lay-in, 4 tube, T-12 fluorescent lamps with acrylic lenses

and various incandescent and fluorescent task lighting

Lighting, ExteriorPole lights, exterior perimeter wall packs, soffit lights at front

entrances

Loading Dock Facilities 100% office

Parking Spaces 32 spaces

Truck Court Depth/Concrete Apron 100% office

1899 PARKER COURT DESCRIPTION

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1899Available6,561 SF

1899

1860

1940

1939 1959

1960 1980

1979

1999


Available 2015 20192017 2020 20222016 20192018 2021 2022


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PROPERTY SPECIFICATIONS

Year Built 1983



Occupancy 27%

# of Tenants 3


Basic Construction Steel beam and open bar joist, built-up TPO roof, CMU walls with brick siding, 9’ store front glass

HVAC Gas-fired rooftop units and split systems for office areas, gas fired unit heaters for warehouse areas

Fire Protection Fully sprinklered wet pipe sprinkler system

Roof Type and Age Built up TPO white roof, replaced in 2009, 10 year manufacturers warranty from GAF

Electricity Building served by 150 KVA utility transformer, 120V/208V three phase 4 wire with typical 150 AMP distribution panel located within suites

Clear Height 8 - 9’ office, 18’ warehouse


Lighting, Interior 2 x 4 lay-in, 4 tube, T-12 flourescent lamps with acrylic lenses, warehouse utilizes 8’, 2 lamp T-12 flourescent lamps

Lighting, Exterior Pole lights, exterior perimeter wall packs, soft lights at front entrances

Loading Dock Facilities 12 Dock High, 2 Drive In


Truck Court Depth/Concrete Apron

72’120’ (shared with 1959)


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1939 AGeorge Malik

1,589 SF6/30/17

1939 BAvailable3,226 SF

1939 C & DAvailable

18,829 SF

1939 EExpedited Trans.

3,908 SF12/31/16

1939 FEarth Elements

3,908 SF12/31/16

1899

1860

1940

1939 1959

1960 1980

1979

1999


Available 2015 20192017 2020 20222016 20192018 2021 2022


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Year Built 1981



Occupancy 78%

# of Tenants 3







Clear Height 8 - 9’ office, 16’ - 18’ warehouse







72’120’ (shared with 1960)


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1940 ECentimark Corporation

9,475 SF6/30/15

1940 FGwinnett Rattlers

7,207 SF7/31/17

1940 DAvailable7,647 SF

1940 AContainer Graphics Corporation

10,947 SF1/31/16


1899

1860

1940

1939 1959

1960 1980

1979

1999

Available 2015 20192017 2020 20222016 20192018 2021 2022


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Year Built 1987



Occupancy 86%

# of Tenants 6














120’ (shared with 1939)105’ (shared with 1979)


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1959 G & HJoe Perry Redd

4,671 SF10/31/18

1959 FSpartan Transportation, Inc.

3,653 SF3/31/161959 E

Cherokee Cleaning & Paper4,874 SF7/31/16

1959 DTest Equipment

4,893 SF8/31/18

1959 BSPSC, Inc.2,654 SF5/31/18

1959 ANexstim, Inc.

1,936 SF3/31/16

1959 CAvailable3,650 SF


1899

1860

1940

1939 1959

1960 1980

1979

1999

Available 2015 20192017 2020 20222016 20192018 2021 2022


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Year Built 1985



Occupancy 42%

# of Tenants 2














120’ (shared with 1940)105’ (shared with 1980)


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1960 AAvailable2,857 SF



1960 FAvailable3,975 SF

1960 ELapal Shipping

6,607 SF4/31/17

1960 CSamuel D. Carter Concrete

3,924 SFMTM 09/20

1960 GSamuel D. Carter Concrete

2,774 SFMTM 09/20

1960 HSamuel D. Carter Concrete

2,850 SFMTM 09/20


1899

1860

1940

1939 1959

1960 1980

1979

1999

Available 2015 20192017 2020 20222016 20192018 2021 2022


28


Year Built 1987



Occupancy 25%

# of Tenants 2














105’ (shared with 1959)70’


29


1979 HAvailable2,148 SF

1979 GAvailable2,771 SF

1979 DAvailable

12,842 SF



1979 FD.C. Jaymes & Co.

3,900 SFMTM 12/15

1979 CPlants Forever, Inc.

3,982 SF6/30/15


1899

1860

1940

1939 1959

1960 1980

1979

1999

Available 2015 20192017 2020 20222016 20192018 2021 2022


30


Year Built 1985



Occupancy 36%

# of Tenants 2














105’ (shared with 1960)70’


31


1980 GAvailable2,834 SF

1980 EAvailable6,133 SF

1980 CAvailable3,979 SF


1980 FLabel Graphics, Inc.

3,684 SFMTM 07/17

1980 DMiniveyor Systems

6,507 SF8/31/16



1899

1860

1940

1939 1959

1960 1980

1979

1999

Available 2015 20192017 2020 20222016 20192018 2021 2022


32


Year Built 1990



Occupancy 77%

# of Tenants 6











Loading Dock Facilities 9 Dock High Loading Bays


Truck Court Depth/Concrete Apron Various


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1899

1860

1940

1939 1959

1960 1980

1979

1999

1999 IFull Spectrum

2,527 SF3/31/16

1999 HFull Spectrum

2,460 SF3/31/16

1999 GDiamond Diva Allstars, LLC.

2,446 SF7/31/20

1999 FAvailable3,103 SF


1999 CNiche Graphics

2,450 SF7/31/17

1999 BEagle Machine

2,494 SF7/31/17

1999 AEnkore Fitness Pros, LLC.

3,128 SF1/31/18

1999 ECaregiver Solutions

3,133 SF6/30/17

Available 2015 20192017 2020 20222016 20192018 2021 2022

KEY TENANT PROFILES

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NES RENTALS

Size 24,267 SFSuite 1860Expiration 01/30/2017Website www.nesrentals.com

NES Rentals is a construction equipment rental company. Started in 1997, the company now has 80 in the $28 billion equipment rental industry.

In addition to rentals, they offer end-user training for a wide variety of their equipment, including classroom and on-site training for forklift and aerial lift operation, as well as scaffolding competency training and OSHA compliance.

NES is the first equipment rental company to offer the International Powered Access Federation Operator Training program, an internationally recognized training and certification program which offers standardized worker safety procedures and a third-party accessible database to encourage workplace safety through responsible and reliable contractor hiring practices.

This location functions as both a training facility and a facility for rental equipment storage.

SAM CARTER CONCRETE

Size 13,115 SFSuite 1890 A&c, 1960 C, G&HExpiration 09/01/2020 (MTM)Website www.carterstructures.com

Carter Concrete Structures offers project-tailored construction and design solutions using reinforced concrete. They operate as a single source provider of turnkey concrete solutions, which range from reinforced concrete foundations and building frames, to service-based preconstruction solutions including excavation, formwork, hoisting and surveying.

Carter Concrete is a specialized Contractor which has the flexibility and capability to act as a Subcontractor, Trade Contractor, or Prime Contractor in all projects which require reinforced concrete structures. Carter has worked on a wide range of construction projects, including the University of Florida Biomedical Building and the Centers for Disease Control Building 106 in Atlanta, Georgia.

Carter Concrete operates multiple projects throughout the southeast and continues to grow their business, in both geographic scope as well as economic volume.

A tenant since 2002, Carter Concrete utilizes this location as the central base of operations and exclusive office location.

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KEY TENANT PROFILES

EXPEDITED TRANSPORTATION SERVICES

Size 3,908 SFSuite 1939EExpiration 12/31/2016Website www.ets-atlanta.com

Expedited Transportation Services is a leading provider of third party logistics services. For over 30 years, Expedited Transportation Services has offered intra- and international shipping and freight services, including road freight, ocean full container load, and international airfreight.

As a Non Vessel Operating Common Carrier, Expedited Transportation Services offers robust and flexible international shipping solutions, tailored to each of their clients and with a reach spanning over 100 nations worldwide.

In addition to logistics, Expedited offers an extensive list of value-added services, including Regulatory and Trade Compliance Management, Document Processing and Legalization, Multi-Vendor Consolidation and Inventory Management, and Cargo Insurance and Surety Bonds.

This location serves as the main office for Expedited Transportation Services, as well as a centrally located warehouse and base of operations.

MINIVEYOR

Size 6,507 SFSuite 1980 DExpiration 08/31/2016Website www.accessconstructionequipment.com

Miniveyor Systems Inc. is a subsidiary of Access Construction Equipment. Both Access and Miniveyor offer onsite construction logistics solutions, such as the MiniveyorUSA and Miniconveyor miniature conveyor lines, as well as the Hi-T500 Tracked Hauler and the Messersi Tracker Hauler. Located in both Stone Mountain, Georgia, with offices in Ontario, Canada, Miniveyor’s products reach customers globally through their distributor network which includes offices in Australia, Spain, and Japan.

Access Construction Equipment recently partnered with the New York Fire Department to design and develop a complete disaster recovery system based on Miniveyor’s modular conveyor system, the Miniconveyor. The system is designed to move both debris and injured citizens to street level from underground facilities with intricate tunnel networks such as Grand Central Station in New York, and offers an exponential increase in per-unit efficiency in potentially any dense urban environment.

This location is the head office and manufacturing facility for both Access Construction Equipment and Miniveyor Systems, Inc.

KEY TENANT PROFILES

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CONTAINER GRAPHICS CO.

Size 10,947 SFSuite 1940AExpiration 01/31/2106Website www.containergraphics.com

Since October 31, 1960, Container Graphics Corporation has provided dedicated labeling services and packaging workflow solutions. From humble beginnings as a corrugated packaging manufacturer in Toledo, Ohio, Container Graphics has grown to operate over 15 dedicated offices across the United States. Internationally, Container Graphics has a presence in countries including Canada and Ireland, as well as in Central and South American Countries ranging from Mexico, to Coasta Rica, to Venezuela and Peru.

Container Graphics offers a complete “brand to box” solutions to companies seeking to streamline their branding process and realize highly scalable and efficient product design solutions. They offer advanced Photopolymer and flexible labeling solutions for both young and established businesses.

Container Graphics Corp utilizes this location as a full service die shop, manufacturing both flat and rotary laser cutting dies. The location additionally sells plates manufactured in both Pineville, NC and Dallas, TX.

FULL SPECTRUM

Size 4,987 SFSuite 1999 H&IExpiration 3/31/2016 Website www.fullspectrumpro.com

Full Spectrum is a production studio that specializes in the design, creation, and operation of massive outdoor displays and attractions. They are a full-service studio that handles an outdoor lights and fireworks display from conceptual design to final installation, and in some cases, on-site programming and ongoing operations.

They are accredited by the International Association of Amusement Parks and Attractions, The National Society of Professional Engineers, and the National Systems Contractors Association. Their services include Laser Shows, 3D projection mapping, Lighting Design, Audio-Visual Design and Coordination, and Project Management Consulting. Full Spectrum produces and operates the Stone Mountain Park Laser Show, the world’s largest laser show and a tradition lasting nearly three decades.

This location is Full Spectrum’s primary office and storage facility. They use Parker Court to deploy audiovisual and event technology to locations ranging from Atlantic City, NJ to the Turks and Caicos Islands, located to the East of Cuba and the Bahamas.

37

FINANCIAL PROJECTIONS

UNDERWRITING ASSUMPTIONSGeneral Assumptions

Analysis Start Date January 1, 2015

Reporting Start Date September 1, 2015

Building RSF 243,385 Total SF

Annual Growth Rates

General Inflation 2.50% Per Annum

Market Rent 3.00% Per Annum

Vacancy Loss 10.00% of Potential Gross Revenue

Miscellaneous Income N/A

Lease Up Period 24 months from the Reporting Start Date (9/01/2015). See the Argus Rent Roll and further notes on lease up schedule on the following pages for more details regarding specific lease up assumptions.

Operating Expense Assumptions

General The Year End 2013, Year End 2014 and April 2015 operating statements were all used in the analysis of the operating expenses.

Management Fee A management fee of 2.75% of EGR was utilized.

Non-Reimbursable Expenses

A typical value of non-reimbursable expenses of $0.20 per RSF was utilized.

Capital Reserve $0.20 per RSF.

Market Leasing Assumptions

Large Suites (>8,000 SF) Small Suites (<8,000 SF) 100% Office

Lease Term 64 months 38 months 65 months

Market Rent $5.00/SF (net) $5.50/SF (net) $8.00/SF (net)

Downtime 8 months 6 months 8 months

Tenant Improvements

New $3.00/SF $4.50/SF $7.50/SF

Renewal $2.00/SF $2.00/SF $3.75/SF

Leasing Commission

New 4.00% plus 100% of first month’s rent

Renewal 4.00%

Notes All deals are considered to be only brokered by the landlord. In our experience with the project, there are very few outside brokers representing tenants in Stone Mountain.


38

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

For the Years Ending Aug-2016 Aug-2017 Aug-2018 Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026

Potential Gross Revenue

Base Rental Revenue $1,374,381 $1,388,838 $1,427,816 $1,461,879 $1,504,351 $1,541,341 $1,584,932 $1,630,394 $1,678,809 $1,726,988 $1,779,441

Absorption & Turnover Vacancy -578,318 -277,466 -24,155 -47,214 -85,200 -95,065 -76,554 -89,645 -98,986 -39,290 -64,434

Base Rent Abatements -98,857 -127,434 -12,491 -8,189 -18,943 -53,916 -47,435 -47,898 -22,950 -4,394 -11,591

Scheduled Base Rental Revenue 697,206 983,938 1,391,170 1,406,476 1,400,208 1,392,360 1,460,943 1,492,851 1,556,873 1,683,304 1,703,416

Expense Reimbursement Revenue 214,554 318,613 408,252 413,923 412,970 420,549 435,351 444,887 455,569 485,002 489,887

Total Potential Gross Revenue 911,760 1,302,551 1,799,422 1,820,399 1,813,178 1,812,909 1,896,294 1,937,738 2,012,442 2,168,306 2,193,303

General Vacancy 0 0 -158,203 -139,547 -104,638 -95,732 -120,731 -113,092 -112,157 -181,469 -161,341

Effective Gross Revenue 911,760 1,302,551 1,641,219 1,680,852 1,708,540 1,717,177 1,775,563 1,824,646 1,900,285 1,986,837 2,031,962

Operating Expenses

Payroll 49,482 50,720 51,989 53,287 54,620 55,985 57,384 58,820 60,289 61,798 63,343

Management Fee 25,074 35,820 45,134 46,222 46,985 47,223 48,828 50,178 52,258 54,639 55,878

Administrative 4,574 4,690 4,807 4,927 5,049 5,177 5,306 5,438 5,573 5,714 5,856

Utilities 51,955 53,256 54,587 55,954 57,350 58,785 60,253 61,762 63,304 64,887 66,509

Service Contracts 61,853 63,399 64,985 66,608 68,274 69,982 71,731 73,524 75,363 77,246 79,177

Repairs and Maintenance 19,794 20,288 20,794 21,316 21,848 22,393 22,956 23,527 24,116 24,720 25,337

Property Insurance 36,268 37,175 38,105 39,057 40,033 41,036 42,061 43,110 44,191 45,293 46,428

Real Estate Taxes 129,361 132,595 135,911 139,307 142,791 146,361 150,018 153,770 157,614 161,554 165,594

NR Utilities 68,577 34,289 0 0 0 0 0 0 0 0 0

NR R&M 7,423 7,607 7,798 7,994 8,192 8,399 8,607 8,823 9,044 9,270 9,501

NR Misc 9,898 10,144 10,400 10,659 10,925 11,198 11,477 11,765 12,060 12,362 12,668

Total Operating Expenses 464,257 449,984 434,508 445,329 456,067 466,537 478,621 490,715 503,810 517,481 530,291

Net Operating Income 447,503 852,567 1,206,711 1,235,523 1,252,473 1,250,640 1,296,942 1,333,931 1,396,475 1,469,356 1,501,671

Leasing & Capital Costs

Tenant Improvements 233,138 409,066 94,680 92,122 211,971 242,893 149,475 250,330 252,074 47,993 $126,006

Leasing Commissions 86,352 139,691 28,560 29,665 68,619 94,983 70,007 97,870 83,133 15,917 41,987

Capital Reserve 49,482 50,720 51,989 53,287 54,620 55,985 57,384 58,820 60,289 61,798 63,343

Total Leasing & Capital Costs 368,972 599,477 175,229 175,074 335,210 393,861 276,866 407,020 395,496 125,708 231,336

Cash Flow Before Debt Service & Taxes 78,531 253,090 1,031,482 1,060,449 917,263 856,779 1,020,076 926,911 1,000,979 1,343,648 1,270,335

CASH FLOW PROJECTIONS

39


NOTES TO CASHFLOW OFFERING WEBSITE

Lincoln Property Company recommends prospective purchasers review the due diligence materials, including all tenant leases, available on the offering website prior to submitting an offer. (do we want to include lease files in initial war room database?)

ARGUS - TIMING

The ARGUS file is based on ARGUS Version DCF 15. The Analysis Start Date is 1/1/2015 and the Reporting Start Date is 9/1/2015. Inflation is set for a calendar year basis beginning in Calendar Year 2016. The general inflation rate in ARGUS is set at 2.50% per annum. Market rental rates escalate at 3.00% per annum.

GENERAL VACANCY

The cash flow projection assumes a 10% vacancy allowance beginning in Year 1 of the analysis.

LEASE-UP DETAIL

All available space is assumed to be leased in ARGUS over a 24 month period starting 9/1/15 at the specified market rents and terms noted in the below chart. Please note, suite 1890 B is an outside storage space and is modeled as static vacancy. All other comments for specific suites are outlined in the table below


40

Suite RSF Status % Office Date Rent (Net) TI Free Rent Term (Mo.)

1890 A 1,510 Static Vacancy

1899 6,561 Vacant 100% Jan-16 $8.24 $7.69 5 Months 60 Months

1939 B 3,229 Vacant 70% Mar-16 $5.67 $4.61 3 Months 36 Months

1939 C 18,829 Vacant 14% Apr-16 $5.15 $3.07 5 Months 60 Months

1940 D 7,647 Vacant 20% Jun-16 $5.67 $4.61 2 Months 36 Months

1940 E 9,475 Vacant 20% Jun-16 $5.67 $4.61 2 Months 36 Months

1959 C 3,650 Vacant Oct-17 $5.15 $3.08 3 Months 60 Months

1960 A 2,857 Vacant 68% May-17 $5.83 $4.73 2 Months 36 Months

1960 B 2,688 Vacant Jun-17 $5.83 $4.73 2 Months 36 Months

1960 D 6,550 Vacant 41% Nov-16 $5.67 $4.61 2 Months 36 Months

1960 E 6,607 Vacant 22% Feb-17 $5.83 $4.73 2 Months 36 Months

1979 A 2,880 Vacant 37% Jan-17 $5.83 $4.73 2 Months 36 Months

1979 B 2,776 Vacant 77% Feb-17 $5.83 $4.73 2 Months 36 Months

1979 D 12,842 Vacant Mar-17 $5.30 $3.15 5 Months 60 Months

1979 G 2,771 Vacant 42% Jun-17 $5.83 $4.73 2 Months 36 Months

1979 H 2,148 Vacant Apr-17 $5.83 $4.73 2 Months 36 Months

1980 A 2,180 Vacant 52% Oct-17 $5.83 $4.73 2 Months 36 Months

1980 B 2,794 Vacant 23% Oct-16 $5.67 $4.61 2 Months 36 Months

1980 C 3,979 Vacant 31% Jun-17 $5.83 $4.73 2 Months 36 Months

1980 E 6,133 Vacant 26% May-17 $5.83 $4.73 2 Months 36 Months

1980 G 2,834 Vacant 58% Jul-17 $5.83 $4.73 2 Months 36 Months

1999 D 2,470 Vacant 35% Aug-17 $5.83 $4.73 2 Months 36 Months

1999 F 3,103 Vacant Sep-17 $5.83 $4.73 2 Months 36 Months

TOTAL: 116,510

LEASE UP

TYPICAL OFFICE SUITE

TYPICAL WAREHOUSE SUITE

41


OPERATING EXPENSESOperating expenses used in the ARGUS models are based on the 2013, 2014 April 2015 actual operating expenses. Please note the following details regard-ing other specific expense line items:

MANAGEMENT FEEAll tenant leases permit a Management Fee to be passed-through as a build-ing operating expense. The cash flow projection assumes a new owner will pay a management fee of 2.75% of Effective Gross Revenue.

REAL ESTATE TAXESParker Court Business Center is located in Gwinnett County, GA. Property as-sessments for tax purposes are determined by the Gwinnett County Board of Assessors Office and tax payments are administered by the Gwinnett County Tax Commissioner’s Office. Real property in Georgia is assessed at 40% of Appraised Value for the purposes of Ad Valorem Taxes. Properties are subject to reassessment annually and an arm’s length sale transaction can be con-sidered by the Assessor for the calendar year following closing. The cash flow projection in the Argus model is based on the 2014 taxes. All taxes modeled in ARGUS assume general inflation increases for the duration of the cash flow projection. The calculation is modeled based on the below calculation.

More information can be found at the following websites:

Gwinnett County Board of Assessors Office – www.gwinnett-assessor.com

Gwinnett County Tax Commissioner’s Office – www.gwinnettaxcommissioner.com

REAL ESTATE TAXES UPON SALE

No adjustment has been made to taxes in the cash flow projection on account of the potential sale of the property. Lincoln Property Company strongly advises you to conduct your own due diligence on potential real estate taxes and assessments for the property and to obtain guidance from a tax professional with experience in Gwinnet.

NON-REIMBURSABLE EXPENSESWithin the non-reimbursable expense category there are multiple ownership specific expenses and line items that are applied for internal accounting pur-poses and other owner specific costs. These ownership specific expenses are not included in the ARGUS model going forward.

NR UTILITIESElectricity and Gas expenses incurred for current vacant suites are included in the non-reimbursable category. Due to the lease up of vacant space modeled within ARGUS, this expense is only carried for the first two years of the hold period, at 100% of the actual 2014 expense in year one ($0.28 PSF), and 50% in year two ($0.14 PSF).

NR R&MThis category includes expenses for repairs and maintenance of the property electrical and mechanical systems that are not included in the CAM. These typically included one-time costs for repairs of HVAC and other items that are not reoccurring expenses. Lincoln Property Company has modeled an annual cost of ($0.03 PSF).

NR MISCELLANEOUSThis category includes typical marketing fees, legal expenses and other miscellaneous costs that are not passed back to the tenants. Due to the high range of costs incurred over the past 2 years, Lincoln Property Company has included a typical costs for this type of property of ($0.04 PSF).

EXPENSE REIMBURSEMENTSMost tenants within Parker Court Business Center reimburse Landlord for all building operating expenses, taxes, and insurance on a net basis. A handful of tenants have caps and other specific reimbursement language in their leases. Please see the Rent Roll for more detailed comments regarding the tenants with more specific reimbursement methods. All future leasing in ARGUS assumes all operating expenses, taxes, and insurance are reimbursed on a net basis.


42

Parcel #1 Parcel #2 Parcel #3

Tax Address 1959 Parker Court 1863 Parker Court 1980 Parker Court

Parcel ID Number R6062 230 R6062 231 R6062 232

Fair Market Value $3,150,200 $300,000 $3,470,400

2014 Assessed Value (40% of FMV) $1,260,080 $120,000 $1,388,160

x 2014 Millage Rafe 0.0407 0.0407 0.0407

= Total Ad Valorem Tax $51,285.26 $4,884.00 $56,498.12

Non-Ad Valorem Assesment $6,841.26 $1,028.28 $6,703.50

= Total Tax $58,126.52 $5,912.28 $63,201.62

TOTAL REAL ESTATE TAXES $127,240.42

CAPITAL ASSUMPTIONS

A capital reserve of $0.20 PSF is included in the cash flow projection. Please note, no additional capital expenditures are included in the analysis period above the capital reserve amount. The following are additional details outlining specific capital items regarding the property.

BUILDING ROOFS

Seven of the nine buildings had new roofs put in place in 2009 and the other two roofs were recoated in the same year.

LEASE INFORMATION

Full tenant lease information, including recovery method, expiration dates, and options, are included in the Rent Roll section of the Offering Memorandum. Please note the following specific items.

MONTH TO MONTH TENANTS

There are currently five (5) month-to-month tenants at the Property. We have modeled these tenants with various assumptions based on our understanding of their current situations and what we believe to be accurate terms. We encourage you to make your own assumptions for these tenants.

SEE TABLE ON THE NEXT PAGE FOR FURTHER DETAIL ON MONTH-TO-MONTH TENANTS

43


No. Tenant Suite SF Expiration Reflected in Argus Comment(s)

1 Samuel D Carter 1890 A, 1960 C, 1960 G, 1960 H 13,115 9/30/2015 Sam Carter has been a tenant in the building since 2002 and MTM for three (3) years. Modeled

for five (5) years of term.

2 D.C Jaymes and Co. 1979 F 3,900 12/31/2015 DC has been a tenant at the Property since 2007. They renewed in 2012 for a two (2) deal and

currently pay $1,000/mo.

3 Prime Door 1980 B 2,794 Vacant Suite is currently occupied, but we have modeled it as vacant and put the suite in the lease up

pool.

4 K Kitchens LLC 1980 E 6,133 Vacant Suite is currently occupied, but we have modeled it as vacant and put the suite in the lease up

pool.

5 Label Graphics 1980 F 3,684 9/30/2018 Label Graphics has been a tenant at the Property since 2008 and been MTM for the past three

(3) years. Modeled for three (3) years of term.

TOTAL 29,626 12.17%


44

RENT ROLL | BLD 1860, 1890, 1899, 1939

Building Suite Tenant Name Total SF

Office % Office SF

Lease Start Date

Lease Exp. Date

Date Rent PSF

% Increase

1860

N/A National Equipment Servs. 24,267 4% 971 Jul-01 Jan-17 Current $5.46 -

Jan-16 $5.62 3%

Jan-17 $5.79 3%

1890

A Samuel D. Carter Concrete 3,567 0% 0 Oct-02 Sep-20 Current $6.81 -

Comments: Entrenched tenant, currently MTM

B Vacant 1,510 0% 0 - - - - -

1899

N/A Vacant 6,561 100% 6,561 - - - - -

1939

A George N. Malik 1,589 30% 477 Jun-14 Jul-17 Current $5.15 -

Comments: Jul-16 $5.31 3%

OpEx: Net CAM ($0.91/SF), Base Year Tax ($0.48/SF) and Insurance ($0.15/SF)

Jul-17 $5.47 3%

B Vacant 3,226 70% 2,258 - - - - -

C Vacant 10,081 22% 2,218 - - - - -

D Vacant 8,748 22% 1,925 - - - - -

E Expedited Transportation 3,908 55% 2,149 Oct-13 Dec-16 Current $5.67 -

Comments: Oct-15 $5.84 3%


Oct-16 $6.02 3%

F Earth Elements, Inc 2,475 45% 1,114 Jul-14 Aug-17 Current $4.75 -

Comments: Aug-15 $4.90 3%


Aug-16 $5.05 3%

45


RENT ROLL CONTINUED | BLD 1940, 1960


Office % Office SF

Lease Start Date

Lease Exp. Date

Date Rent PSF

% Increase

1940

A Container Graphics Co. 10,947 53% 5,802 Aug-99 Jan-16 Current $6.78 -

Comments:

See Method: Container

D Vacant 7,647 28% 2,141 - - - - -

E Vacant 9,475 23% 2,179 - - - - -

F Gwinett Rattlers 7,207 25% 1,802 Jun-14 Jul-17 Current $4.75 -

Comments: Jun-16 $5.00 5%


Jun-17 $5.25 5%

1960

A Vacant 2,857 68% 1,943 - - - - -

B Vacant 2,688 60% 1,613 - - - - -

C Samuel D. Carter Concrete 3,924 0% 0 Oct-02 Sep-20 Current $6.81 -

Comments:

Entrenched tenant, currently MTM

D Vacant 6,550 40% 2,620 - - - - -

E Vacant 6,607 20% 1,321 - - - - -

F See Restorations Unlimited 3,948 35% 1,382 Jul-15 Jul-20 Current $6.00 -

Jul-16 $6.18 3%

Jul-17 $6.37 3%

Jul-18 $6.56 3%

Jul-19 $6.75 3%

Jul-20 $6.96 3%

G Samuel D. Carter Concrete 2,774 30% 832 Oct-02 Sep-20 Current 6.81 -

Comments:


H Samuel D. Carter Concrete 2,850 25% 713 Oct-02 Sep-20 Current 6.81 -

Comments:



46


Office % Office SF

Lease Start Date

Lease Exp. Date

Date Rent PSF

% Increase

1959

A Nextism, Inc 1,936 65% 1,258 Apr-15 Mar-16 Current $6.00 -

Comments:


B Southern Power Elec. 2,654 49% 1,300 Apr-05 May-18 Current $4.07 -

Comments: Apr-15 $5.00 19%


Apr-16 $5.15 3%

Apr-17 $5.30 3%

Apr-18 $5.46 3%

C Vacant 3,650 23% 840 - - - - -

D Test Equipment Distributors 4,893 26% 1,272 Feb-98 Aug-18 Current $6.75 -

Comments: Aug-16 $6.95 3%


Aug-17 $7.16 3%

Aug-18 $7.37 3%

E Cherokee Cleaning & Paper 4,874 30% 1,462 Apr-12 Jul-16 Current $5.74 -

Comments:

See Method: Cherokee Supply

F Spartan Transportation 3,653 15% 548 Apr-15 Mar-16 Current $5.50 -

Comments:


H&G Joe Perry Redd Attorney 4,671 50% 2,336 May-02 Oct-18 Current $6.00 -

Comments: May-16 $6.25 4%

See Method: Joe Perry May-17 $6.50 4%

May-18 $6.75 4%

RENT ROLL CONTINUED | BLD 1959

47



Office % Office SF

Lease Start Date

Lease Exp. Date

Date Rent PSF

% Increase

RENT ROLL CONTINUED | BLD 1979. 1980

1979

A Vacant 2,880 60% 1,728 - - - - -

B Vacant 2,776 77% 2,138 - - - - -

C Plants Forever 3,982 12% 478 Aug-99 Jun-15 Current 0 -

Comments:

See method: Plants Forever

D Vacant 12,842 30% 3,853 - - - - -

F D.C. Jaymes and Co. 3,900 71% 2,769 May-07 Dec-15 Current $3.08 -

Comments:

Full Service: Pays no expense reimbursement

G Vacant 2,771 30% 831 - - - - -

H Vacant 2,148 30% 644 - - - - -

1980

A Vacant 2,180 100% 2,180 - - - - -

B Vacant 2,794 25% 699 - - - - -

C Vacant 3,979 40% 1,592 - - - - -

D Miniveyor Systems 6,507 35% 2,277 Aug-13 Aug-16 Current $5.84 -

Comments: Jul-15 $6.02 3%


E Vacant 6,133 25% 1,533 - - - - -

F Label Graphics 3,684 30% 1,105 Mar-08 Sep-18 Current $7.19 -

Comments:

See method: Label Graphics

G Vacant 2,834 50% 1,417 - - - - -


48

Total Occupied SqFt 126,848 52%

Total Available SqFt 116,510 48%

1999

A Enkore Fitness Pros, LLC 3,128 30% 938 Nov-14 Jan-18 Current $5.25 -

Comments: Nov-15 $5.41 3%


Nov-16 $5.57 3%

Nov-17 $5.74 3%

B Eagle Machine and Welding 2,494 30% 748 May-14 Jul-17 Current $4.75 -



C Niche Graphics, Inc. 2,450 30% 735 May-14 Jul-17 Current $5.15 -



May-17 $5.46 3%

D Vacant 2,470 35% 865 - - - - -

E Caregiver Solutions, LLC 3,133 80% 2,506 Apr-14 Jul-17 Current $5.00 -

Comments: Apr-16 $5.15 3%


Apr-17 $5.30 3%

F Vacant 3,103 35% 1,086 - - - - -

G Diamond Diva All Stars 2,446 50% 1,223 Mar-15 Jul-20 Current $2.76 -

Jan-16 $5.25 47%

Mar-16 $5.41 3%

Mar-17 $5.57 3%

Mar-18 $5.74 3%

Mar-19 $5.91 3%

Mar-20 $6.09 3%

H&I Full Spectrum, LLC 4,897 43% 2,106 Feb-11 Mar-16 Current $6.56 -

Jan-16 $6.75 3%

RENT ROLL CONTINUED | BLD 1999Building Suite Tenant Name Total

SFOffice % Office

SFLease Start

DateLease Exp.

DateDate Rent

PSF% Increase

49

MARKET OVERVIEW

ATLANTA OVERVIEW

KEY

RANK

INGS

3rd Top cities with most Fortune 500 companies, Fortune 2010

1st Most Cost Competitive Location, KPMG 2010

4th Top 10 Economic Strength Ratings, Policom 2011

2nd Best Places for Business & Careers, Forbes 2010

10th Wealthiest Cities in America, The Atlantic Cities 2012

15th Fastest Growing US City, US Census Bureau 2012

ATLANTA – STRONG MARKET ECONOMIC FUNDAMENTALS

Atlanta is a premier destination for business professionals and families and has experienced rapid recovery since the Great Recession. It has positioned itself as a leading growth market in the Southeast as its thriving economy and business friendly atmosphere encourages companies to grow and locate here.

• Atlanta currently ranked (Moody’s) #2 among all US Markets for forecasted job growth over the next 5 years. Over 300,000 net new jobs projected. Only behind the Dallas market

• The economy ranks 10th in the nation, with over $300 B of GDP in 2013

• Atlanta is home to 11 Fortune 500 company headquarters, including Delta, Coca-Cola, UPS, Home Depot, and Southern Company

• Many other large corporations call Atlanta home, such as: Genuine Parts, First Data, Suntrust Banks, AGC, AT&T Mobility, NCR, Equifax, IBM Internet Security Systems, Siemens One, GE Technology Infrastructure, Cox Enterprises, Sony Ericsson, etc.

• Current unemployment rate boasts an impressive 6.40%. This represents a 4.20% decline since its peak in early 2010. This would be net increase of approximately 200,000 jobs added in the market

PROJECTED 2015 -2019 ANNUAL EMPLOYMENT GROWTH AMONG

TOP MSA’S IN THE UNITED STATES

0.00%

0.50%

1.50%

2.50%

1.00%

2.70

%

2.50

%

2.50

%

1.70

%

1.40

%

1.20

%

1.20

%

1.20

%

1.20

%

1.00

%

0.90

%

2.00%

DA

LLA

S

ATLA

NTA

HO

UST

ON

MIA

MI

UN

ITED

STA

TES

PHIL

AD

ELPH

IA

BOST

ON

LOS

AN

GEL

ES

WA

SHIN

GTO

N

CHIC

AGO

NEW

YO

RK

Atlanta projected to outperform the nation in

employment growth over the next 5 years

MARKET OVERVIEW

50

• The 29-county metro area is the nation’s 9th largest MSA measured in terms of population. It contains approximately 5.30 million people

• Atlanta has been recognized and is a sought after location for business due to some of the lowest operating costs in the nation as compared to other metro markets.

PROVEN MARKET DRAW IN THE EYES OF NEW COMPANIES

Metro Atlanta has been recognized as an international gateway city and the economic engine of the Southeast. The city’s thriving economy and job base, coupled with its high quality and low cost of living, make it an ideal destination to draw young and educated talent from the region’s major universities. These characteristics are what strong components of what has been touted to build Atlanta to what it is today and will continue to propel the economy and city into the future.

As the State of Georgia’s premier economic development engine, Atlanta has continues to improve since The Great Recession of 2007-2008 and gained significant headway in the last 24 months by successfully attracting numerous recent major relocation and expansion facilities to the immediate area.

• Since 2013, the city has successfully attracted over 350 expansion/location commitments from a range of various companies.

• All of this good news is expected to generate more than 30,000 jobs and $6.0 billion of investment in the state

• This dramatic relocation and expansion activity is continued evidence of Atlanta’s ideal combination of

(1) low costs(2) business-friendly environment(3) quality of life (4) talented labor force

• Decisions to relocate to Atlanta solidify the market’s position as an excellent headquarters’ destination and as a global logistics hub

RECENT CORPORATE RELOCATIONS TO ATLANTA

Health Care

Financial Services Technology

Home Builders

Aluminum Products

Vehicle Manufacturing

Cloud Based Consulting

Children Apparel

Technology Services

Email Marketing

Insurance and Financial Services

Human Resources

Health Records and Management

Network Security

Manufacturer of Sport Equiment

Luxury Vehicle Manufacturing

51

MARKET OVERVIEW

IMPORTANT TRANSPORTATION AND LOGISTICS HUB

It is no secret that one of the driving economic factors that allows Georgia to be so successful in recruiting industrial companies is Due to the fact that Atlanta is undoubtedly the transportation epicenter of the Southeast. With various modes of transportation, including: Hartsfield- Jackson International Airport (the world’s busiest airport), the Port of Savannah, the Georgia’s Interstate Highway system and extensive rail network, these all make the region an attractive place for manufacturing, distribution, and corporate headquarters. These aspects are what help secure Atlanta as a global gateway connecting companies to all other major national and international markets.

• One of the six core distribution markets in the US along with Los Angeles, Chicago, Dallas, New Jersey, and Eastern Pennsylvania

• Atlanta is ranked 5th nationally in transportation and logistics employment.

• 70% of the top 20 supply chain software providers have operations in Atlanta.

• Hartsfield-Jackson Atlanta International Airport is the nation’s busiest, has more than 1,200 departures on a daily basis

• Georgia consists of the South’s largest highway system. It contains more than 1,200 miles of interstate highways and 18,000 miles of designated federal and state highways

• Host to 23 of the top 25 US-based third-party logistics providers

• Distribution hub for all major overnight package delivery companies, including UPS (headquartered in Atlanta) and FedEx

STRATEGIC INTERSTATE/HIGHWAY SYSTEM

As previously mentioned, Georgia contains the largest highway system in the Southeast. Atlanta is one of the few US cities with three major interstate highways converging near the CBD which makes is a hub for regional distribution.

In addition to the three major interstate highways (I-85, I-75, and I-20), Atlanta also has other major thoroughfares including the perimeter highway (I-285), and three regional interstate roadways (I-985, I-675, and I-575) that allow travelers to access all areas of the MSA.

• The perimeter highway (I-285) circles the city in a 62.7-mile loop

• One of only five cities in North America served by seven major interstate systems

• Trucks originating in Atlanta can reach 80% of the nation’s largest consumer markets within two delivery days

• In additional to the interstate system, Georgia 400 is a six-lane highway providing yet another route to the city via north Metro Atlanta. Atlanta’s major highways contain High Occupancy Vehicle (HOV) and High Occupancy Toll (HOT) lanes- designed to decrease traffic during peak hours

1,244 MILES of interstate highway

6 INTERSTATE HIGHWAYS I-20, I-75, I-285, I-575, I-675

62.7 - MILE LOOP I-285 cirles the entire city

2 DEEPWATER SEAPORTS Savannah & Brunswick

48 MILES OF RAIL TRACK & 38 train stations

MARKET OVERVIEW

52

WORLD RENOWNED AIR CAPABILITIES

The world’s most-traveled airport, Hartsfield-Jackson Atlanta International Airport (ATL), is the nation’s busiest international airport, since 1998, and has 5 runways that serve more than 89 million passengers a year. As of 2005, Hartsfield-Jackson can also boast that is has been the busiest operations airport in the world as well. It has a direct economic impact of more than $32.5 billion for the metropolitan area.

• Ranked 11th in the US and 28th in the world for cargo volume

• 80% of the US population is within a two-hour flight

• Served by more than 50 passenger and cargo airlines

• Serves, on average, more than 250,000 passengers per day, with over 1,200 daily flights

• Continued growth that now includes the new Maynard H. Jackson, Jr. International Terminal – a 1.2 million SF addition costing nearly $1.4 billion completed in 2012. A project that was 4 years in the making.

• Direct flights to 150+ domestic and more than 80 international destinations in 50 countries

COMPREHENSIVE CONNECTIVITY THROUGH EXTENSIVE RAIL NETWORK

Atlanta boasts an abundant rail service, making it one of the largest inland ports in the world. With more than 5,400 miles of railroad track, Atlanta is able to connect with the remainder of the state and the Southeast with extreme ease.

CSX Transportation & Norfolk Southern (both Class 1 railroad freight carriers) each operate more than 100 freight trains in and out of Atlanta daily and serve the entire state of Georgia through numerous rail lines and intermodal shipping yards located throughout the metropolitan area.

• CSX newest terminal servicing Atlanta is the Fairburn Intermodal Terminal – located on 500 acres southwest of Atlanta and ranks as CSX’s 9th largest terminal of lift volume.

• More than 2,600 miles of CSX rail in Georgia alone, handling more than 1.6 million carloads of freight per year

• Atlanta is an ideal central location for services from the ports of Savannah

HARTSFILED-JACKSON INT AIRPORT

MARIETTA TRAIN DEPOT

53

MARKET OVERVIEW

and Brunswick, GA, Jacksonville, FL, New Orleans, LA and Charleston, SC.

EAST COAST PORT EXPANSION

The Georgia Ports Authority and South Carolina Port Authority are catalysts for international trade and investment, and have experienced significant growth in recent past. Atlanta is located 250 miles from the port of Savannah and approximately 300 miles from the port of Charleston. With close proximity to both major ports, the effects are clearly felt within the metropolitan area.

• Georgia’s port systems expedite delivers to 153 countries around the world which creates more than 295,000 jobs within the state, generating $15.5 billion in income, $61.7 billion in revenue and $2.6 billion in in-state and local taxes.

• The port of Savannah is the nation’s fastest growing deep water port in the nation and the second busiest US container port for the export of American goods.

• The port of Savannah is also the first major east coast port of service (outside of Florida) for ships moving from Asia via the Panama Canal

• Recently approved port dredging project ensures Savannah’s continued dominance as the #1 East Coast port

• The port of Charleston deepening project was completed in 20024 (a $148 million project).

• Charleston generates $45 billion per year and is the eight largest in terms of dollar value for international shipments.

PORT OF SAVANNAH

MARKET OVERVIEW

54

ATLANTA – INDUSTRIAL MARKET OVERVIEW

Metro Atlanta is a 590 million SF industrial market, marking it as one of the largest industrial markets in the US. The market is, for all the reasons previously noted, a highly diverse and stable market. Due to the multitude of benefits that that Atlanta markets boasts (i.e. interstate connectivity, lower cost of business, highly educated workforce, etc) it is able to attract national, regional, and local tenants and why it performs well at all point of the cycle. Case in point, Atlanta experienced a nation leading 17.3 million square feet of positive net absorption in 2014. That marked five straight years of positive with absorption totaling nearly 41 million SF over that time. The Atlanta industrial market ended the year 2014 with a vacancy rate of 8.8%. This vacancy rate represented a 2.3 percentage point decrease over the previous year when the rate was 11.1%. This continuous positive absorption has, in addition to the lack of spec deliveries, limited the availability of big block industrial space in Atlanta, and has also started to affect smaller suite sizes.

The momentum has continued into 2015, where in the 1Q 2015, the Atlanta market experienced another approximately 2.6 million SF of positive absorption, dropping the overall vacancy rate to 8.60%.

Atlanta Industrial Market Statistics | 1Q 2015 Overview

MarketExisting Inventory Vacancy YTD Net

AbsorptionYTD

DeliveriesUnder

Const SF Leasing Activity# Blds Total RBA Direct SF Total SF Vac %

Central Atlanta Ind 285 14,012,466 1,515,698 1,519,898 10.8% 36,909 0 0 52,281

Chattahoochee Ind 400 19,417,531 1,057,799 1,063,299 5.5% (50,143) 0 0 207,022

I-20 W/Fulton Ind 949 91,181,138 8,403,099 8,548,427 9.4% 133,732 321,800 4,791,132 377,890

North Central Atlanta Ind 507 25,703,619 2,468,625 2,583,084 10.0% 257,363 0 0 176,025

Northeast Atlanta Ind 2,124 153,836,555 11,491,786 12,120,660 7.9% 405,860 195,180 1,249,804 1,097,805

Northwest Atlanta Ind 995 61,141,787 4,286,555 4,347,165 7.1% (31,611) 0 2,590,000 306,754

Snapfinger/I-20 East Ind 526 44,139,042 3,786,573 3,861,573 8.7% (142,043) 0 1,000,000 41,272

South Atlanta Ind 1,324 154,131,547 13,651,880 14,127,560 9.2% 2,109,924 503,192 5,244,830 584,769

Stone Mountain Ind 464 25,218,225 2,486,841 2,504,601 9.9% (122,337) 0 0 64,771

TOTALS 7,574 588,781,910 49,148,856 50,676,267 8.6% 2,597,654 1,020,172 14,875,766 2,908,589

55

MARKET OVERVIEW

POSITIVE ABSORPTION RESULTING IN DECLINING MARKET VA-CANCIES

• 8.8% vacancy rate at YE 2014 – a 2.30% decrease from YE 2013

• Absorption during 2013 and 2014 exceeded pre-recession levels of 2007 – bringing vacancy rates to now below pre-recession vacancy levels

• Current lack of large-block availabilities

• Absorption continued in 2015 – another 2.6 million SF absorbed and vacancy rate dropped again to 8.60%

• 80% of new leasing activity in 1Q 2015 consisted of spaces smaller than 150,000 SF

• There is a growing pipeline of industrial requirements

POSITIVE FUNDAMENTALS DRIVES DEVELOPERS

With positive continued improvement in the market and the national economic conditions mixed with steady forecasted job growth in the region, the Atlanta industrial market is poised to sustain its gathered momentum and has set the stage for developers to return to speculative construction.

• Currently there are 22 buildings under construction totaling approximately 11.44 million SF

• Estimated another 18.8 million SF poised for development.

• Developers focused on more core submarkets: I-20 West/Fulton Industrial, Airport/South Atlanta, and I-85/Northeast.

• Vacancy rates declining and with a lack of industrial big block space, these speculative projects could provide the necessary room for tenant growth near-term.

MARKET OVERVIEW

56

REGION OVERVIEW

Stone Mountain, GA is a vibrant city with a history seeped in culture and natural beauty. Founded in 1839, it was named after the largest exposed granite dome in North America, which stands over the city proudly and is undoubtedly its most prominent attraction. In the decades since its incorporation, Stone Mountain has become a bustling small-town community of about 7,722 residents, attracting thousands of visitors per year and offering a host of family-oriented outdoor activities, light shows, and vacation opportunities. Its convenient proximity to the commerce-rich Atlanta, GA not only provides the city with ample accessibility to the state’s capital, but it also creates for Stone Mountain an exceptionally bright future with regards to commercial development and growth.

HISTORY

In the year 1822, Georgia’s newly founded DeKalb County added Stone Mountain and the surrounding land to its parameters. Before long, residents had erected a post office and a hotel, built along the old Augusta Road in 1834 and 1836, respectively. Fueled by the famous American entrepreneurial spirit, Aaron Cloud, who some would refer to as the “father” of the park, constructed an observation tower, a club, and a restaurant, all atop the granite peak. Visitors from miles around could come to Stone Mountain, hike its 1.1 mile trail to the summit, and enjoy the benefits of Mr. Cloud’s facilities. With the addition of a general store and a small village in 1839, Stone Mountain quickly evolved from a wondrous roadside attraction to a thriving, independent community.

PARK AND RECREATION

Stone Mountain offers their visitors almost limitless fun and adventure for all ages. Families can enjoy the Sky Hike, one of the nation’s largest and most extensive ropes courses, then head over to the Summit Skyline, a Swiss cable car that transports riders safely and quickly to the top of Stone Mountain. From there, they can observe the breathtaking views of the Atlanta skyline. The park also offers the Lasershow Spectacular in

Mountain vision, which, being taller than the statue of liberty and five times larger than an IMAX screen, proudly claims to be the world’s longest running laser light show. These are just a handful of the endless family opportunities that await in Stone Mountain Park.

STONE MOUNTAIN OVERVIEW | SLEEPY HISTORIC TOWN WITH NEW AGE AMENITIES

57

MARKET OVERVIEW

STONE MOUNTAIN – ONE OF ATLANTA’S TIGHTEST INFILL SUBMARKETS

Parker Court Business Center is strategically located in the Stone Mountain industrial submarket on the eastern side of metro Atlanta. This submarket contains approximately 25 million square feet of industrial space (flex, shallow-bay and warehouse) and is well known for its convenient access along Highway 78, the main thoroughfare through the area and connects the Property to other major interstates and nearby amenities. Highway 78 is a west-east highway that runs all the way from Memphis, Tennessee to Charleston, South Carolina. In Georgia, is connects Alabama from the west and runs through Atlanta and continues to Athens, Augusta and into South Carolina. Highway 78 connects Stone Mountain, and Parker Court Business Center, to Interstate 285 (metro Atlanta’s perimeter highway) which is less than 10 miles to the west from the Property. From Interstate 285, all other interstates, including Interstate 85, Interstate 20, and Interstate 75 are all easily accessible. Hartsfield-Jackson International Airport is less than 25 miles away from the Property.

The Stone Mountain industrial submarket is one of Atlanta’s tightest and most centrally located infill industrial submarkets. The submarket is almost evenly split between shallow-bay/flex product and warehouse space. The majority of the product in the submarket (14.6 million SF of the total 25.2 million SF) is either multi-tenant or single tenant bulk warehouse space. As a result of its in-fill location, beneficial topography and access to amenities, the Stone Mountain submarket is known as one of metro Atlanta’s best occupancy cost alternatives. The submarket reported vacancy of 9.3% at the end of 2014 represents a 250 bps drop year-over year. This represents positive absorption of over 600,000 SF during the year.

There has been limited construction, only 63,000 SF delivered in Stone Mountain during 2014, and no product delivered in the 3 years prior. With no other construction projects currently underway and no other projects projected in the near term, the Stone Mountain submarket is poised for continued improvement and tightening.

STONE MOUNTAIN OVERVIEW INDUSTRIAL OVERVIEW

MARKET OVERVIEW

58

YearExisting Inventory Vacancy YTD Net

AbsorptionYTD

DeliveriesUnder

Construction SFLeasing Activity# Blds Total RBA Direct SF Total SF Vac %

2009 256 10,648,526 2,154,165 1,832,489 17.2% (387,888) 0 0 366,161 2010 256 10,648,526 2,119,848 1,957,363 18.4% (124,874) 0 0 321,630 2011 256 10,648,526 1,847,848 1,597,655 15.0% 359,708 0 0 374,772 2012 256 10,648,526 1,673,257 1,436,004 13.5% 161,651 0 0 467,414 2013 256 10,648,526 1,763,790 1,528,034 14.3% (92,030) 0 0 497,926 2014 254 10,606,380 1,075,111 1,075,111 10.1% 494,108 0 0 262,061

1Q 2015 254 10,605,380 1,010,856 1,010,856 9.5% 94,327 0 0 42,406

PARKER COURT’S NICHE

Parker Court Business Center has a unique position within the marketplace, in that it competes for tenants looking at both flex product and shallow bay product. Given the varying suite sizes, clear heights, office build out, dock door ratios, etc., the Property is able to garner momentum by seeing the majority of the deals within the submarket. When combining both flex and shallow bay product in Stone Mountain, the 10.6 million SF market has seen significant improvement over the past seven (7) years. Over that time period, it has seen a 10.63% decrease in vacancy rate to its current, as of 1Q 2015, rate of 9.53% from 20.16% in 2009. Over the past 5 years, the market has experienced approximately 655,000 SF of positive absorption within these two sectors, proving that the Stone Mountain market is improving with the overall metro Atlanta industrial market. The shallow-bay product has performed extremely well as of lately and as of the 1Q 2015 is currently touting a 6.0% vacancy rate.

Clearly, the Stone Mountain submarket was severely impacted during the great recession while tenants moved to more institutional submarkets and product and were able to get better deals from owners starving for occupancy. As the market as tightened in recent past, Stone Mountain has benefitted from tenants returning to a more infill location in search of more specialized product and higher amenity base. With no new construction in the submarket and continuing improving market and economic conditions, Stone Mountain and Parker Court Business Center are poised for a bright future.

59

MARKET OVERVIEW

This Offering Memorandum was prepared by Lincoln Property Company (LPC), and has been reviewed by the Seller. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All financial projections are provided for general reference purposesonly and are based on assumptions relating to the general economy, competition, and other factors, which thereforeare subject to material change or variation. An opportunity to inspect the Property will be made available to qualified prospective purchasers.

In this Offering Memorandum, certain documents, including leases and other materials, are described in summary form and do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes, or withdrawal without notice and does not constitute a recommendation, endorsement, or advice as to the value of the Property by LPC or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation, and judgment as to the advisability of purchasing the Property described herein.

Seller and LPC expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller, and any conditions to Seller’s obligations thereunder have been satisfied or waived. LPC is not authorized to make any representations or agreements on behalf of the Seller.

This Offering Memorandum is the property of LPC, and may be used only by parties approved by LPC. The Property is privately offered, and by accepting this Offering Memorandum, the party in possession hereof agrees (i) to return it to LPC, and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without prior written authorization of LPC and the Seller.

THE TERMS AND CONDITIONS SET FORTH ABOVE APPLY TO THIS OFFERING MEMORANDUM IN ITS ENTIRETY.

CONFIDENTIAL MEMORANDUM AND DISCLAIMER

3405 PIEDMONT RD NEATLANTA, GA 30345

404.266.7600WWW.LPCSOUTHEAST.COM

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