F O U R 1 0 0 % L E A S E D , L I G H T I N D U S T R I A L B U I L D I N G S T O T A L I N G 1 0 3 , 6 1 3 S FS T R A T E G I C A L L Y L O C A T E D I N T H E D E S I R A B L E A I R P O R T M A R K E T

S I G N I F I C A N T D I S C O U N T T O R E P L A C E M E N T C O S T

SPENCER AIRPORT CENTERL A S V E G A S , N E V A D A

A C B R E N AT I O N A L PA RT N E R S I N D U S T R I A L I N V E S T M E N T O P P O RT U N I T Y

ADDRESS 1856 E Pama Ln

6754 Spencer St

6745 Surrey St

6830 Spencer St TOTAL

TOTAL RENTABLE AREA

16,046 SF 17,188 SF 11,654 SF 58,725 SF 103,613 SF

ACREAGE 0.83 Acres 1.06 Acres 0.82 Acres 3.59 Acres 6.30 Acres

OFFICE % 39% 29% 50% 35% 36%

OCCUPANCY 100% 100% 100% 100% 100%

# OF BUILDINGS / UNITS

1/2 1/1 1/1 1/2 4/6

DOCK-HIGH DOORS 1 1 0 4 6

GRADE LEVEL DOORS

2 1 2 3 8

CLEAR HEIGHT 24' 24’ 24’ 24' 24’

YEAR BUILT 1999 1999 2000 2000 1999-2000

YEAR ONE NOI - - - - $782,865

P R O P E RT Y S U M M A RY

The OfferingCBRE, Inc. is pleased to present a unique opportunity to acquire the Spencer Airport Center, strategically located in the desirable infill Airport Industrial submarket of Las Vegas, one of the top performing submarkets in Las Vegas. The offering consists of four, freestanding light industrial buildings totaling 103,613 SF at a significant discount to replacement cost. The properties are 100% leased to six diversified tenants at an average of 21% below market rents with staggered lease rollover and unit sizes ranging from 4,503 SF to 48,873 SF.

Given the lack of available land for development in the Airport submarket accompanied with very little competing product, the assets are well positioned for strong rental growth and long-term appreciation. Furthermore, the freestanding buildings provide investors with a flexible exit strategy through user sales, which are in high demand.

1 SPENCER AIRPORT CENTER C B R E | N A T I O N A L PA RT N E R S

» Four institutional quality buildings totaling 103,613 SF.

» Excellent features including abundant parking, attractive glass store fronts, insulated warehouses, dock high and grade level loading.

» Units range in size from 4,503 to 48,873 SF which provides maximum leasing flexibility and the ability to attract and maintain tenants with expansion capacity.

» Institutionally maintained and managed.

» Increasing construction costs and land values coupled with a lack of available land have created high barriers to new development.

» This provides an opportunity to purchase this property at a price below replacement cost, which is estimated to be +/-$210 PSF.

» The buildings are situated on separate parcels. Given the size of these buildings and strong demand for light industrial product in Las Vegas, there is a proven opportunity to sell to users or individual investors in the future which can garner a higher sales prices and provides flexibility.

» User pricing in this market for these types of buildings is currently in the $170-$190 PSF range depending on size and build out.

H I G H Q UA L I T Y L I G HT I N D U S T R I A L B U I L D I N G S B E LO W R E P L A C E M E N T C O S T

F L E X I B L E E X I T S T R AT E G I E S

R E C E N T C A P I TA L I M P R O V E M E N T S

» Recent capital improvements, totaling approximately $167,770 include new exterior paint, asphalt repair/seal and coat, HVAC maintenance and landscaping refresh.

SPENCER AIRPORT CENTER 2

Q UA L I T Y T E N A N C Y & C A S H F LO W S TA B I L I T Y

R E N TA L R AT E U P S I D E

» 100% leased to six well-regarded tenants including Clinical Pathology Laboratories, Terminix, MC2, Absolute Closet & Cabinetry, and Bitrate.

» Weighted average tenure in the park is approximately 8.6 years.

» These tenants represent diverse industries including health care, convention services, residential service provider, ghost kitchens, media and more.

» Committed tenants include:

» Terminix who has occupied the building for 10 years.

» Clinical Pathology Laboratories has occupied the building for 9 years.

» MC2 has occupied the building for 8 years.

» Absolute Closets & Cabinetry uses Spencer Airport Center as their main manufacturing location and headquarters.

» Celebrity Brands LLC is a ghost (commissary) kitchen for the Linq Hotel on the Las Vegas Strip. Demand for ghost (commissary) kitchens is expected to grow as food delivery dominates the restaurant industry.

» Rental rates for light industrial product are below peak levels, and rental growth is expected going forward.

» In-place rents are at a weighted-average of 21% below market.

» The property’s largest tenant; Creative Management (48,873 SF) exercised their fixed rate renewal option and are currently 37% below market. Significant NOI upside can be captured when the tenant’s lease expires in 2/2022.

» Staggered rollover ranging from 2020 to 2024.

3 SPENCER AIRPORT CENTER C B R E | N A T I O N A L PA RT N E R S

» Overall, the Las Vegas industrial market ended Q2 2019 with 1.7 MSF of net absorption, bringing the year to date total to 3.9 MSF.

» The Las Vegas market boasted 4.6 MSF of net absoprtion during 2018.

» The overall Las Vegas vacancy rate declined to a low 2.3%.

» The Airport submarket has an even lower Q2 2019 vacancy rate of 1.97%.

» CBRE EA forecasts that vacancy rates and asking lease rates will continue to climb through the end of 2020.

» The state of Nevada ranked first in year-over-year total employment growth in the nation, at nearly 3.5% compared to the national average of 1.7%.

F U N D A M E N TA L LY S T R O N G M A R K E T D Y N A M I C S

L A S V E G A S H I S TO R I C A L Y T D N E T A B S O R P T I O N & VA C A N C Y

O V E R T H E PA S T S I X Y E A R S R E N TA L R AT E S H AV E I N C R E A S E D 8% A N N UA L LY W H I L E T H E VA C A N C Y R AT E H A S D E C R E A S E D N E A R LY 13% A N N UA L LY S H O W I N G T H E S T R E N G T H I N

T H E L A S V E G A S M A R K E T

4.96

2.81

8.20

4.663.89

5.10%4.10%

3.50%2.60%

2.30%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

0123456789

2015 2016 2017 2018 Q2 2019

YTD Net Absorption (MSF) Vacancy Rate (%)

4 SPENCER AIRPORT CENTER C B R E | N A T I O N A L PA RT N E R S

» With California and Arizona recently increasing minimum wage, Nevada is positioned as THE low-cost labor market in the west

» Low wages, combined with an abundance of low-cost housing and no state income tax, make this a safe bet for strategic capital

» The Las Vegas market has seen an increasingly diverse tenant profile entering the market over the past 10 years; E-commerce, tradeshow, food and beverage, pharmaceuticals, manufacturing and 3PLs are a few of the industries that have expanded into the market over the years

» The manufacturing sector has seen an uptick recently as companies including Haas Automation, Sofidel America Corp., Nikkisco Cryo Corp., Toscana Bakery, and TemperPack Technologies, Inc. have expanded into the market

» In 2018, more than 42.1 million visitors came to Las Vegas, and 21.1 million people have already visited Las Vegas through June of 2019

» Convention attendance totaled 6.5 million people in 2018 and continues to increase with more than 3.5 million people attending conventions in Las Vegas through the first half of 2019

» According to CBRE EA total employment in the Las Vegas area has grown at an average annual rate of 3.5% over the last 5 years, while the rest of the U.S. has grown at an average annual rate of 1.7%

» Las Vegas is quickly emerging as the Sports Capital of the world with the growing expansion of professional teams including the Vegas Golden Knights (NHL), the Raiders (NFL), the Las Vegas Lights (USL), Las Vegas Aviators (PCL) and the Las Vegas Aces (WNBA). This is creating a global buzz for the city that is already known as the entertainment capital of the world

S T R E N G T H & D I V E R S I T Y I N LO C A L E C O N O M I C D R I V E R S

SPENCER AIRPORT CENTER 5

Regional Map

SEVEN HILLS

SUMMERLIN

NELLIS AFB

NEW RAIDERS STADIUM

LAS VEGAS STRIP

SUMMERLINSOUTH

HENDERSON

BOULDER CITY

NORTH LASVEGAS

BLUE DIAMOND

L A S V E G A S

MCCARRANINTERNATIONAL

AIRPORT

573

574

610

612

612

582

160

564

167

582

592

159

596

595

159

147

604

95

95

15

515

11

15

15

215

K E Y D I S TA N C E S

±2.0 MI

MCCARRAN INTERNATIONAL

AIRPORT

±2.0 MI

INTERS TATE

215

±5.0 MI

DOWNTOWNLAS VEGAS

±4.5 MI

515

±3.4 MI

15

SPENCER AIRPORT CENTER

6 SPENCER AIRPORT CENTER C B R E | N A T I O N A L PA RT N E R S

Local Map

SPENCER AIRPORT CENTER

INTERS TATE

215

» Strategically located within the desirable Airport Industrial submarket, just south of the signalized intersection at Sunset Road and Spencer Street

» Minutes from McCarran International Airport, the I-15 and I-215 and the Las Vegas Strip

» The location is equidistant from many employment bases in Las Vegas, including the master planned communities of Summerlin and Green Valley

» Access to a strong labor force of approximately 944,000 employees within a 20 mile radius of the property

NEWRAIDERS STADIUM

MCCARRAN INTERNATIONAL

AIRPORT

LAS VEGAS STRIP

15

515

LAS

VEG

AS

BLV

D

GIL

ESP

IE S

T

BER

MU

DA R

D

SUNSET RD

PAR

ADI

SE R

D562

593

SPENCER AIRPORT CENTER 7

Aerial

6745 SURREY

SURREY ST

E HELM AVE

E SUNSET RD

E PAMA LN

SPENCER ST

6830 SPENCER

6754 SPENCER 1856 PAMA

LAS VEGAS STRIP

MCCARRANINTERNATIONAL

AIRPORT

IHI CORP

RESTAURANT DEPOT

GALAXY GAMING

LAMAR ADVERTISING

NECTAR BATH TREATS

NASSIRI MUSIC & ENTERTAINMENT

IATSE LOCAL 702 TRAINING CENTER

ARCADIA INC.

KONE ELEVATORS & ESCALATORS LAND AIR

EXPRESS, INC

FOREVER YOUNG INTERNATIONAL

SLICE OF LIFE FOODS

AZ2 FREIGHT

SERVICES MICRON WIELESS

QUIXANT USA INC.

EPC RECYCLING CENTER

SPENCER AIRPORT CENTER 8

NOT A PART

OWNER USER

OWNER USER

NOT A PART

NOT A PARTNOT A PART

NOT A PART - OWNER USER NOT A PART -

OWNER USER

NOT A PARTNOT A PARTNOT A PART - OWNER USER

NOT A PART - OWNER USER

NOT A PART - OWNER USER

SPEN

CER

ST

E HELM AVE

SURREY ST

E PAMA LN

ABSOLUTE CLOSETS &

CABINETRY, LLCEXP. 3/2022

17,188 SF

TERMINIXEXP. 7/2024

4,503 SF

CELEBRITY BRANDS, LLCEXP. 2/2023

11,543 SF

CLINICALPATHOLOGY

LABORATORIESEXP. 7/2020

9,852 SF

MC2 – CREATIVE MANAGEMENT SERVICESEXP. 2/2022

48,873 SF

BITRATE PRODUCTIONS,

INCEXP. 10/2021

11,654 SF

Dock-High Doors

Grade Level Doors

6745 SURREY ST11,654 SF

1856 E PAMA LN16,046 SF

6754 SPENCER ST17,188 SF

6830 SPENCER ST58,725 SF

Site Plan - Spencer Airport Center

9 SPENCER AIRPORT CENTER C B R E | N A T I O N A L PA RT N E R S

FOR MORE INFORMATION, PLEASE VISIT OUR WEBSITE ATwww.cbrenp-spencerairportcenter.com

NORTHEAST Michael HinesBrian FiumaraBrad RuppelLauren Dawicki

SOUTHEAST Chris RileyFrank FallonTrey BarryJennifer Klingler

SOUTH CENTRAL Randy BairdJonathan BryanRyan ThorntonEliza BachhuberColleen Fazio

NORTH CENTRAL

Mike CaprileRyan BainZach GrahamVictoria Gomez

WEST Darla LongoBarbara PerrierRebecca PerlmutterBrett HartzellEric CoxGina Christen

DEBT & STRUCTURED FINANCE Val AchtemeierScott Lewis Steve RothSteve Kundert

GLOBAL INDUSTRIAL& LOGISTICSJack FrakerHeather McClain

OFFERING INTEGRATED REAL ESTATE CAPITAL MARKETS SOLUTIONS FROM STRATEGY TO EXECUTION – DELIVERED BY A SEAMLESS NATIONAL PARTNERSHIP

SPENCER AIRPORT CENTER

L A S V E G A S, N E VA D A

“Offering integrated real estate capital markets solutions from strategy to execution – delivered by a seamless national partnership.”© 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

DEBT & STRUCTURED FINANCE ADVISOR

BOB YBARRA Vice PresidentLic. 596+1 702 369 4800robert.ybarra@cbre.com

CAPITAL MARKETS ADVISORS

BRETT HARTZELLCBRE | Executive Vice PresidentLic. S.0182241+1 206 292 6100brett.hartzell@cbre.com

REBECCA PERLMUTTER FINKEL, CFACBRE | Senior Vice PresidentLic. S.0177428+1 310 922 5237rebecca.perlmutter@cbre.com

LOCAL MARKET EXPERTS

KEVIN HIGGINSExecutive Vice PresidentLic. BS.0016109+1 702 369 4944kevin.higgins2@cbre.com

GARRETT TOFTSenior Vice PresidentLic. BS.0061824+1 702 369 4868garrett.toft@cbre.com

SEAN ZAHERSenior AssociateLic S.0175473+1 702 369 4863sean.zaher@cbre.com

JAKE HIGGINSSenior AssociateLic S.0176473+1 702 369 4844jake.higgins@cbre.com