Industrial Developer Overview

Developer OverviewTampa Industrial Services Group // February 2016

Jones Lang LaSalle © 2016 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. 04188_FL_08.2015

TABLE OF CONTENTS

Development Activity in Central Florida - Current developments - Land sales - Tenants in the market 2Industrial Market Statistics 8Industrial Market Insights 9Tampa Industrial Services Group Bios 12

About the Developer OverviewThe Central Florida industrial market is seeing its highest level of development activity in over 10 years. As prime land sites diminish swiftly, the JLL Industrial Services Group in Tampa is providing you with this timely Developer Report with expert insight into this up-and-coming region of opportunity.- JLL Industrial Services Group, Tampa

DEVELOPMENTS

1

23

4

5

6 710

8 9

1112

13

14

Industrial developers are racing to get buildings out of the ground as tenant activity flourishes in Central Florida. On a near monthly basis, developers have been announcing new projects along all major thoroughfares spanning Highway 301 in Tampa through Highway 27 in Davenport.More than 3.7 million square feet has been announced to go vertical by Q2

2016 in Central Florida’s industrial submarkets.

TampaCabot Properties out of Boston, was the first developer in Tampa Bay to go spec, post-recession, when they began developing Cabot Crosstown in the middle of 2014. Cabot Crosstown was a 150,000 square-foot, 30’ clear asset that was delivered in Q2 2015. Several occupiers pursued tenancy

but ultimately the developers leased the entire building to a Fortune 100 company prior to the end of summer. As Cabot’s development was near completion, McDonald Development Company acquired 70 acres of land1 in March 2015 at the intersection of Highway 301 and Columbus Drive. The Atlanta-based firm plans to break ground on the park, known as 301 Business Center, in the first quarter of 2016. The initial development

Race to get vertical continues throughout Central Florida

ID DEVELOPER/OWNER SIZE (SF)1 McDonald Development 473K2 Taurus Investment 150K3 Transcend Development Undisclosed4 Central Florida Dev. 200K5 Central Florida Dev. 100K6 Aspyre Properties 175K7 Ridge Development 490K8 The Ruthvens 131K9 The Ruthvens 120K10 The Ruthvens 60K11 Seefried Properties 270K12 Browning Investments 554K13 Gem Realty 407K14 McCraney Property Co. 603K15 MDH Partners 503K

1 Purchased for $100,000 per acre, or $2.30 per square foot.

15

DEVELOPERS IN THE MARKETis rumored to comprise of two buildings built on a speculative basis: a 353,000-square-foot cross dock facility and a 120,000-square-foot rear load facility. With the capacity to develop up to 858,000 square feet when the project is complete, McDonald Development is also pursuing multiple build-to-suits at 301 Business Center.Also in East Tampa, Taurus Investment Holdings recently announced that they would finally break ground in Q2 2016 on Tampa Commerce Center with a speculative 150,000-square-foot asset. At this time, no additional details have been released.

Plant CityMoving east along the I-4 corridor to Plant City, Transcend Development is expected to break ground in the upcoming year on the first building of the long-awaited Lakeside Station Logistics Park. The park is composed of 1,000 acres of upland development with access to rail. Nothing has been announced at this time about the size or number of buildings to be built on a speculative basis. Nearby, County Line Road continues to be a hotbed of activity. Central Florida Development (CFD) achieved 100 percent occupancy prior to completion of County Line Commerce Center (CLCC). Announced as a speculative development early in 2015, CFD completed the first building before the end of 2015, a 100,000-square-foot warehouse,

with three tenants on the rent roll; Fit Life Foods at 15,000 square feet, International Paper at 25,000 square feet and another to-be-announced tenant at 60,000 square feet. After the success of the first building, CFD is now actively constructing the second at CLCC, another 100,000-square-foot tilt-wall building that will share a truck court with building one. The buildings at CLCC are 30’ clear, ESFR equipped, have 50’ x 50’ column spacing and are lit by T-8 fluorescent lights. CLCC has room for one additional 40,000-square-foot building that is going to be a flex style asset with 24’ ceilings and higher office finish. Central Florida Development also has announced their next set of buildings will be developed further south on County Line Road at the intersection of Rice Road and County Line Road, to be known as Central Florida Commerce Center. Although the 72-acre site can accommodate a single building up to 1.6 million square feet, it is rumored that CFD will continue developing buildings between 100,000 to 200,000 square feet due to their recent successes in that size range.McCraney Property Company has put a 78 acre site known in the market as Fancy Farms under contract with plans to close by the end of Q1 2016. The site is able to be developed into 1.2 million square feet of warehouse product. The developer is working through different site plans at this point and has yet to release what his

Developer Overview // 3

LAND SALES

1

2

3

4115

6

9

7

8

10

Clearwater

Largo

Lakeland

Winter Haven

Spring Hill

Plant City

Tampa

Orlando

Kissimmee

Riverview

Com

mon

wealt

h Ave

Kathleen Rd

County Line R

d

Drane Field RdPolk Pkwy

Bartow Rd

Com

bee Rd

E Memorial Blvd

Saddle Creek Rd

first product will be on the soon-to-be acquired land but has stated that it will resemble one of his other successful projects in Orlando off of John Young Parkway.

LakelandOnly slightly further east, Wesley Beck and Aspyre Properties finished Building 800 at Interstate Commerce Park during the latter half of 2015. The 175,000-square-foot building was developed on a speculative basis. Aspyre Properties is actively negotiating a lease for what is rumored to be a Fortune 100 tenant who will be occupying 150,000 square feet of the building. Building 800 is a tilt-wall building with 30’ clear, ESFR equipped and has 47

dock doors. Their next development is a 100,000-square-foot building at Interstate Commerce Park, which will have excellent frontage on Interstate-4.Ridge Development has walls tilted at their recently acquired 46.5 acres2 at the corner of Wabash Avenue and Memorial Boulevard in Lakeland. Ridge is in the process of going spec by building the first of two 245,000-square-foot warehouses. Each warehouse will have 32’ clear, be ESFR equipped, lit by T-5s and have 74 overhead loading doors. Although the landlord is chasing larger users, they have sent out proposals that demise the building down to as small as 44,000 square feet.

The Ruthvens continue to have success in their development efforts. With a portfolio roughly at 95.0 percent occupancy, the largest landlord in Lakeland currently is f in ish ing a 131,000-square-foot warehouse on Drane Field Road. This will be The Ruthvens 76th building in the Lakeland market and will also be one of their nicest. A tilt-wall asset with 30’ clear, the building is located just south of the Polk Parkway, offering tenants exposure to the toll-road in Polk County. This is not the only building that The Ruthvens have built in 2015. Delivered in Q1 2015, The Ruthvens built a 50,400-square-foot flex building that was 66.0 percent leased prior to being finished. The Ruthvens have also gone for permits

2 Purchase price of $57,419 per acre, or $1.32 per square foot.

12

ID BUYER YEAR SOLD

GROSS ACRES $ PSF

1 Ruthven 2005 44.8 $1.282 CFD 2005 68.6 $0.763 CFD 2007 32.7 $1.474 Cabot 2008 60.2 $2.025 Browning 2008 105.0 $1.386 CFD 2011 39.4 $1.227 Amazon* 2013 116.8 $0.908 FedEx* 2014 132.0 $1.229 McCraney 2015 32.0 $3.72

10 Ridge Dev. 2015 34.5 $1.4811 Brennan 2015 112.0 $1.2912 MDH 2015 51.8 $3.49

CENTRAL FLORIDA OCCUPIERS

on a 120,000-square-foot building adjacent to the 131,000-square-foot warehouse at Drane Field Road in addition to a 60,000-square-foot building adjacent to O’Reilly Auto Parts Distribution Center. Both of those buildings are expected to break ground in Q1 2016. Moving to the center of Polk County, the intersection of I-4 and Highway 33 seems to be the next pocket of development. 2007 was the last year construction took place at Firstpark at Bridgewater, where tenants such as Havertys, HD Supply and The Empire Company reside. Seefried Properties out of Atlanta is under contract to purchase two parcels of land on the south side of I-4—the golf course west of Havertys

is rumored to be under contract to Seefried for $85,000 per acre while the parcel at the southwest corner of I-4 and Highway 33 is expected to see dirt moving in February 2016 for a spec 270,000-square-foot asset. Word has spread that The Empire Company is going to expand and lease 200,000 square feet in the new building. Specifications on this 270,000-square-foot building have not yet been released. On the north side of I-4, Browning Investments out of Indianapolis is expected to break ground on Velocity 4 Trade Center in 2016 on land they purchased in 2008. Currently, Browning is planning to go spec one of the largest availabilities in Central Florida—a 554,000-square-

foot asset that is expandable out to 1.1 million square feet.Before the turn of the calendar year, the Brennan Investment Group out of Illinois, closed on the former 112 acre Rockefeller Park3. Purchased for what is rumored to be $6,300,000, the site has been rebranded as the CenterState Logistics Park. Brennan is currently in for permit on a 600,000 square foot facility with intentions to go spec upon receipt of the permit.

CSX IntermodalIn southern Polk County, Mike Mullen heads Gem Realty Capital’s endeavor to develop the Central Florida Intermodal Logistics Center. The 407,000-square-foot, 36’ clear

3 Purchased for $56,250 per acre, or $1.29 per square foot.


4 Purchase price of $160,562 per acre, or $3.62 per square foot.5 Purchase price of $151,930 per acre or $3.49 per square foot.

building is the first building located at the CSX Intermodal Rail Terminal in Winter Haven. The industrial park has the capacity to house over 8 million square feet of industrial development; however, there are no immediate plans for additional development, with exception to build-to-suit, until the first building is leased.

Highway 27 Polk CountyFour large deals are taking place at the intersection of I-4 and Highway 27; two of the deals are for users, and two for speculative development. A Fortune 100 retailer has received incentives from the county for what would equate to nearly $200 million in capital investments at the northwest corner of I-4 and Highway 27. The Fortune 100 retailer is proposing two buildings, one of which is 1 million square feet and the second is 900,000 square feet. The facilities hope to be operational by mid to late 2016. Just north of the Fortune 100 retailer’s future site is FedEx who is currently building a 300,000-square-foot distribution center. McCraney Property Company, who recently purchased part of Duke Realty’s Park 27 land4, a 32.76 acre site at the corner of Deen Still Road

and Highway 27, is in the process of going vertical on two assets: a 189,000-square-foot building and a 414,000-square-foot building. Adjacent to Ford Motor Company and hhgregg, the larger building will be 36’ clear, ESFR equipped, have 117 dock doors and bays with 52’ x 43’ column spacing. The building is estimated to be delivered in the summer of 2016.MDH Partners out of Atlanta, purchased the 52 acre former Prologis site off of Highway 27 during Q4 2015 for $7,870,0005. The development team plans to go spec on two buildings in 2016, one of which is a 391,000 square foot facility with a clear height of 36’ and the second of which will be 112,000 square feet with a planned clear height of 24’.

// As both developers and users continue the race to get vertical while the overall economy strengthens, it remains paramount to have the most up-to-date insight. The Industrial Services Group at JLL Tampa has more than 65 years of combined experience in helping industrial clients achieve their real estate goals. We are keeping fingers on the pulse of Central Florida and are ready to partner with you. //

TENANTS IN THE MARKET

SIZE (SF) RATE TI (PSF) CLASS BUILDING TYPE DEAL TYPE106,000 $3.95 $1 B Distribution New

26,000 $7.00 $5 A Flex New

60,000 $5.25 $3 A Distribution New

138,000 $6.80 $1 B Office/Production/Distribution Renewal/Expansion

RECENT LEASE COMPARABLES

Distribution, 5

Unknown, 4

Wholesalers, 4E-commerce, 3

3PL, 3

Manufacturing, 3

Retailer, 2

Moving & Storage, 1Industrial Services, 1

By industry type (>70,000 SF)

E-commerce, 37.2%

Distribution, 19.9%

Manufacturing, 12.2%

Retailer, 8.9%

Wholesalers, 8.3%

Unknown, 7.3%3PL, 4.3%

Industrial Services, 1.0%Moving & Storage, 0.8%

Market share by industry

0 2 4 6 8 10 12

70K-100K

100K-250K

250K-500K

500K-1M

1M-2M

2M+

Size requirements (SF)


Warehouse/Distribution annual absorption

Source: JLL Research

Submarket vacancies


Available Class A blocks of space: Warehouse & distribution


Strong absorption continues in final quarter of 2015 After a strong fourth quarter, Tampa Bay has now seen more than 375,000 square feet of positive absorption for eight straight quarters. The market has averaged a robust 7.3 million square feet of leasing activity each of the past five years. The continued strong absorption can be attributed to the continual shift of consumer purchases online, as multiple regional distribution and fulfillment centers for e-commerce groups have opened in East Tampa and Polk County. With a distinct lack of existing product to service these users, more speculative and BTS construction is expected.

Most Pinellas submarkets seeing vacancies drop to all-time lows Most submarkets are seeing vacancies approach levels last seen in 2007-2008. After a strong fourth quarter of absorption, eight of nine submarkets currently have a vacancy rate below 10 percent. The Gateway, Mid-Pinellas, North Pinellas and Manatee/Sarasota submarkets are all experiencing record low vacancies. Tenants looking around the market are feeling the squeeze since some of the vacant space is either unusable or of poor quality. Strong demand is expected to continue into 2016 - driving current vacancy rates even lower across the market.

Large blocks remain at a premium Leasing activity has been a high in 2015, especially for big block space. There are only seven Class A blocks larger than 100,000 square feet available across the market down from 11 at the end of 2014, with only three available in Polk County. More than 10 leases greater than 100,000 square feet have been signed in the past two quarters alone, primarily in West Polk, East Tampa and Westshore. More than 12 tenants are currently seeking space in excess of 100,000 square feet in those two submarkets alone, which current availabilities cannot accommodate, likely leading to future construction.

Tampa Bay positioned for continued growth in 2016

-4.9% -2.7% 0.3%

1.8% 1.9% 1.9%

5.3% 6.2%

7.6%

Downtown

Midtown

Northeast

Northwest

Central Perimeter

$0

$50

$100

$150

$200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

62%

Of all known requirements for office space associated with suburban tech occupiers, sixty-two percent by volume are targeting options in Buckhead and/or Midtown.

14.1% 15.2% 14.8% 12.5% 16.7% 17.4% 16.3% 15.2% 17.8% 20.2%

0.0%

10.0%

20.0%

30.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

3.6% 4.8% 5.0%

5.4% 5.8%

6.4% 6.5%

9.2% 11.5%

0.0% 2.0% 4.0% 6.0% 8.0% 10.0%12.0%14.0%South Pinellas

Westshore/AirportWest Polk

GatewayNorth Pinellas

Manatee/SarasotaMid-Pinellas

East SideEast Polk

14.1% 15.2%

14.8%

12.5%

16.7% 17.4%

16.3%

15.2%

17.8%

20.2% 2005 2006 2007 2008

2009 2010 2011 2012

2013 2014

14.1% 15.2%

14.8%

12.5%

16.7% 17.4% 16.3%

15.2%

17.8%

20.2% 2005 2006 2007 2008

2009 2010 2011 2012

2013 2014

14.2% Text to describe number above

17,000,000 s.f. Text to describe number above

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

14.1% 15.2% 14.8% 12.5%

16.7% 17.4% 16.3% 15.2% 17.8%

20.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

16 5 3

13

6 2

0

10

20

30

50,000 - 100,000 s.f. 100,000 - 200,000 s.f. > 200,000 s.f.

# of b

locks

Class A Class B

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

2008 2009 2010 2011 2012 2013

s.f. Leasing activity Sublease space

Industrial Insight

Tampa Bay | Q4 2015

194,508,271 Total inventory (s.f.)

907,508 Q4 2015 net absorption (s.f.)

$4.76 Direct average asking rent

1,359,050 Total under construction (s.f.)

6.9% Total vacancy

2,862,152 YTD net absorption (s.f.)

7.2% 12-month rent growth

545,120 YTD delivered (s.f.)

Analysts can choose which data points to highlight. (Do not cite figures found in the data table on pg. 2, however (unless call out a specific figure in the narrative). Other ideas: 1,000,000 Leasing activity (s.f.) 2,000,000 Quarterly completions (s.f.) 30.9% Total leased $70.72 average sales price (p.s.f.)

-4,000,000-2,000,000

02,000,0004,000,0006,000,000

2008 2009 2010 2011 2012 2013 2014 YTD2015

$19.83 $21.09 $21.32 $20.92 $20.73 $20.27 $20.08 $19.86

$20.71 $20.97

$14.00

$16.00

$18.00

$20.00

$22.00

$24.00

2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015

17.5% 16.9% 18.5%

21.2% 22.6% 22.8% 21.9% 21.0%

19.8% 18.8%

10.0%

15.0%

20.0%

25.0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD2015

13,386,000 13,944,000

9,391,000

6,443,529

1,365,522

0

5,000,000

10,000,000

15,000,000

2011 2012 2013 2014 YTD 2015

16 8

4

3

2 2

0

5

10

15

20

100,000 - 249,999s.f.

250,000 - 499,999s.f.

> 500,000 s.f.

# of b

locks

Existing Under construction

For smaller markets: 50,000 – 99,999 s..f.; 100 – 249,999 s.f.; 250,000 – 499,999 s.f.

19

10 6

0

5

10

15

20

100,000 - 249,999s.f.

250,000 - 499,999s.f.

> 500,000 s.f.

# of b

locks

Competitive leasing pushes rents higher Growing an astonishing 81.5 percent since the first quarter of 2010, rents continued on their upward trajectory, increasing 8.6 percent year-over-year as the supply of large blocks, creative space, and high-end space continued their steep decline. While there remain pockets of value and opportunity in lower-demand submarkets outside of the CBD and SOMA, as well as in older office space across the market, tenants that signed five-year terms in 2009 and 2010 now face a significantly higher market rate coupled with far less negotiating leverage as they renew or relocate.

Project Size (s.f.) Est. Delivery

100 Logistics Drive 500,000 Q1 2016

Amazon BTS 1,200,000 Q4 2015

251 Sullivan Way 497,233 Q2 2016

Notable under construction

Project Price $ per s.f. Cap rate

100 Logistics Drive $120,000,000 $70 4.9%

Amazon BTS $97,888,555 $65 6.2%

251 Sullivan Way $24,000,000 $40 User

Notable sales

5 2

0

3

2 0

02468

10

100,000 - 249,999 s.f. 250,000 - 499,999 s.f. > 500,000 s.f.

# of b

locks

Existing Under construction


Tampa Industrial Services Group

John C. Dunphy, CCIM, SIOR Senior Vice President Industrial Brokerage Current responsibilities John Dunphy is a Senior Vice President at JLL and a 25 year veteran of the Tampa Bay industrial market. John is currently responsible for the Tampa Bay industrial team, which handles occupier and investment sales for the greater Tampa Bay MSA. Experience Prior to joining JLL, John was Managing Director of Industrial Services at Colliers International Tampa Bay specializing in the sale and leasing of user and investment property since 1988. In this time, he has sold and/or leased more than 10 million square feet of space, representing more than $1 billion in transaction value. In 2014, John was recognized as the No. 1 overall industrial broker in the Tampa Bay MSA and has been in the Top 3 every year since 1998. In 2010, 2008 and 2006 John was recognized as the No. 1 Industrial Producer by the Florida Gulf Coast Commercial Association of Realtors (FGCAR). He was also awarded the FGCAR Industrial Deal of the Year for the third time, as well as the overall Deal of the Year. He has also been awarded Industrial Deal of the Year by the Tampa Bay Business Journal in 2003, 2004 and 2006. In 2006 he completed the NAIOP Deal of the Year. Education John graduated from University of South Florida with a Bachelor of Arts in Finance. He has received the CCIM designation from the Commercial Investment Real Estate Institute, and has also been designated a SIOR from the Society of Industrial and Office Realtors. Fewer than 1,000 commercial real estate brokers hold both of these prestigious designations. Representative Clients John's experience has included key customers, such as: Lockheed Martin, Genca, Tech Data, Honeywell, Raytheon, Smith & Nephew, Halkey-Roberts, Iron Mountain, Public Storage, Berry Plastics, FedEx Ground, First Industrial, ProLogis, KTR, Harrod Properties and Stryker to name a few.

Robert O. Alter Senior Vice President Industrial Brokerage

Current Responsibilities A 30-year career of diverse, vertically integrated, multi-market commercial real estate experience, including more than 13 years in Tampa, Bob is currently a member of the Tampa Industrial team responsible for investor and occupier services for greater Tampa Bay and Central Florida.

Experience Prior to joining JLL, Bob was Vice President and Managing Director of Real Estate for SCG Assets/FORT Properties, responsible for the acquisition, disposition, and overall performance of its U.S. real estate portfolio since 2006.

Prior thereto, Bob was Group Vice President for Hillwood Properties, with responsibility for portfolio leasing, build-to-suit development and expansion of Ross Perot Jr.’s 18,000 acre mixed-use AllianceTexas development. Bob has also served as First Vice President and an Officer with ProLogis, having national and overall southeast regional responsibility for Global Account Management and Corporate Distribution Facility (BTS) Development. In this time, Bob negotiated and coordinated more than 6 million square feet of Build-to-Suit development.

Having led or served on numerous organizations, including 3 terms as Chair of NAIOP’s National Build-to-Suit Development Forum, Bob has received a number of awards in various markets. He has also served on NAIOP’s steering committees and was named a contributor to its industrial publications. He was recognized in each of 2001-2004 by the Dallas Business Journal with its “Heavy Hitter” Award in Dallas/Fort Worth, and previously as a Top Producer in Tampa by the Tampa Bay Business Journal.

Education Bob received his Bachelor of Science in Accounting from Arizona State University, and began his career with Arthur Andersen & Company.

Representative Clients & Experience Bob’s multi-market experience has included key occupiers, such as General Mills; Bell Helicopter/Textron; Home Depot; LG Electronics; Mead Westvaco; AIG; Iasis Healthcare; GM; Sprint; Konica/Minolta; EGL Global Logistics; Exel; FIS; Philips Electronics; Stryker (Ascent Health); L3 Communications (Global Crossing); AT&T Corporation; and, Texas Children’s Health Plan.

Scott D. Altieri Vice President Industrial Brokerage Current responsibilities Scott is a Vice President with the Industrial Services team and is currently responsible for all industrial product, including sales and leasing for the Tampa Bay area, with particular focus on Pinellas County. Prior to joining JLL, Scott worked at Colliers International Tampa Bay specializing in the sale and lease of user and investment property since 2003. He has been responsible for selling or leasing transactions totaling more than $130 million. 2010 Largest Industrial Deal – Colliers International Tampa Bay 2006 & 2007 ProLogis – Brokerage Firm of the Year 2007 Disposition of the Year – ProLogis 2006 Investment Deal of the Year – ProLogis 2005 MVP Industrial Sales Associate Award Education Scott attended Keystone State Junior College. He has received the CCIM CI INTR designation from the Commercial Investment Real Estate Institute. Scott is a Licensed Real Estate Associate in Florida.

Ryan A. Vaught Associate Broker Industrial Brokerage Current responsibilities Ryan Vaught’s responsibilities within the firm focus on business development efforts for both tenant representation and agency opportunities throughout Tampa Bay in addition to leveraging his experience in the private equity field for capital markets transactions. Experience Ryan previously led the research department in Central and Northern Florida for JLL, where he was responsible for more than 83 million square feet of Class A and B office space in addition to nearly 400 million square feet of industrial space. Accompanying the delivery of quarterly reports for the two markets, Ryan supported both the tenant-representation and agency brokers by performing market analyses for individual submarkets, statistical analyses, forecasts for future market conditions, financial analyses in regards to current ownership, and underwrote acquisition/disposition scenarios. Prior to joining JLL, Ryan worked as an Acquisitions Analyst for Brixton Capital, a private equity investment firm located in San Diego, CA, providing analytical support to Acquisitions, Dispositions, Asset Management, and Capital Markets teams. Ryan prepared cash flow models and financial analyses, conducted market research and prepared market reports, assisted in due diligence and closing, and prepared acquisition underwriting summaries for various property types, primarily retail, for properties located throughout the country. In addition to his work in the real estate industry, Ryan currently serves as a First Lieutenant in the Florida Army National Guard. Presently, he is a member of the 53rd Infantry Brigade Combat Team and possesses an active TS/SCI security clearance. Education and affiliations A graduate of the University of San Diego, Ryan earned a Bachelor’s degree in Economics with a minor in Mathematics where he graduated Cum Laude and was awarded Departmental Honors. Ryan is a member of the University of San Diego’s Alumni Association, a mentor in the University of South Florida’s Veterans Mentorship Program, an executive committee member for the Make-A-Wish Foundation, the founder of a youth soccer club (Tampa Blaze FC) and is a member of Tampa Connection’s Class of 2016, a non-profit leadership and community service focused organization.

Developer Overview // February 2016

Notes

TAMPA INDUSTRIAL SERVICES GROUP

John C. Dunphy, CCIM, SIOR Senior Vice President +1 813 387 1312 [email protected]

Robert O. Alter Senior Vice President +1 813 387 1325 [email protected]

Scott D. Altieri Vice President +1 813 387 1313 [email protected]

Ryan A. Vaught Associate +1 813 387 1291 [email protected]

401 E ast Jackson Street, Suite 1500 | Tampa, FL 33602 jll.com/tampa

Documents

Industrial Developer Overview