8455 Highway 85 - Building 100 · 2020. 9. 12. · The presence of the well-connected Hartsfield-Jackson International Airport helps seal the deal for potential residents and companies,

8455 Highway 85 - Building 100

PREPARED BY

Tony Tedesco

Qualifying Broker

Underwriting Report

8,600 SF Office Building

SUBJECT PROPERTY

Property Details 2

MARKET SUMMARY

South Clayton/Henry Cnty Submarket Summary 5

Atlanta Market Summary 6

Atlanta Economic Summary 7

PEER PROPERTIES

Peer Properties Summary 11

Peer Property Photos 13

Peer Property Comparison 15

Peer Property Details 19

LEASING ANALYTICS

Vacancy Analytics 28

Rent Analytics 34

Absorption Analytics 36

Leasing Analytics 37

LEASE COMPS

Lease Comps Summary 40

Lease Comps Details 42

CONSTRUCTION

Overall Construction Summary 52

Atlanta Construction 53

South Clayton/Henry Cnty Construction 55

Construction Activity 58

Under Construction Summary 63

Under Construction Details 65

Completed Construction Past 12 Months 66

Deliveries Past 12 Months Details 68

SALE COMPS

Investment Trends 71

Sale Comps Detail 75

Sales Volume 86

Sales Pricing 87

Cap Rates 89

Table Of Contents

9/12/2020Copyrighted report licensed to Crye-Leike Commercial - 485290

Tony Tedesco - 678-898-8691 General Manager and Qualifying Broker,Crye Leike Commercial Real Estate. [email protected] By

accepting this report is it is understood and agreed that it containsproprietary and confidential information.

Top Buyers & Sellers 90

DEMOGRAPHICS

Overview 93

APPENDIX

Historical Leasing Data 95

Historical Construction Data 97

Table Of Contents




Subject Property

8455 Highway 85 - Building 100Riverdale, GA 30274 - South Clayton/Henry Cnty Submarket

PROPERTY

Type: Class B Office

Yr Blt/Renov: 1985

Property Size: 8,600 SF

Stories: 4

Typical Floor: 2,150 SF

Parking Spaces: 24: 4.00/1,000 SF

LOCATION

Walk Score®: Car-Dependent (35)

Transit Score®: Minimal Transit (0)

EXPENSES PER SF

Taxes: $0.87/SF (2019)

OWNER

James K Clark

Purchased 7/31/2009

Price $450,000; $52.33/SF

VACANCY

Current:

Last Quarter:

0.0%

0.0%

Year Ago: 0.0%

Peers: 49.4%

Submarket 1-3 Star: 5.1%

GROSS ASKING RENT PER SF

Current:

Last Quarter:

-

-

Year Ago: -

Peers: -

Submarket 1-3 Star: -

12 MO. LEASING SF ACTIVITY

Subject Property:

Peers Total:

0

1,600

Peers Avg: 100

Submarket Total: 121,984

Submarket Avg: 194

AMENITIES

Air Conditioning

AVAILABLE SPACES

Rent

Space Type

Floor Use

Square Feet

Type SF AvailOccupancySuite Listing CompanyBldg Contig

30 Days Crye-Leike Commercial$12.00/MG6,5001,600 - 2,150DirectOfficeP 2nd -

30 Days Crye-Leike Commercial$12.00/MG6,500200 - 2,200DirectOfficeP 3rd -

30 Days Crye-Leike Commercial$12.00/MG6,5002,000 - 2,150DirectOfficeP 4th -

All Spaces 6,500 6,500 $12.00/SF/Yr

Tenant # Emps Move Date Exp DateFloor SFIndustry

KEY TENANTS

Marshall Consulting Services Llc 1 Mar 2016 --2ndProfessional, Scientific, a…

CoStar Research Moving Out Moving In My Data Shared Data




Page 2

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D13006%26ProductMode%3DProperty%26external%3D1

Subject Property

PRIMARY LEASING COMPANY

Crye-Leike Commercial

www.crye-leike.com

Cumming, GA 30040

5940 Bethelview Rd, Suite 800

(678) 845-1233 (p)(678) 690-5000 (f)

Tony Tedesco

Qualifying Broker

[email protected]

(678) 845-1233 X1201 (p)(678) 898-8691 (m)(678) 690-5022 (f)

TRUE OWNER

James K Clark

Fayetteville, GA 30214

155 Victoria Dr

(770) 719-9578

RECORDED OWNER

James K Clark


155 Victoria Dr

(770) 719-9578

PROPERTY MANAGEMENT

Owens Academy for Exceptional Learners

Riverdale, GA 30274

6611 Church St

(770) 210-2755

Cecelia Owens

Administrator / Director

(770) 210-2755




Page 3

http://www.crye-leike.com/


PREPARED BY

Tony Tedesco

Qualifying Broker

Market Summary


South Clayton/Henry Cnty Submarket SummarySouth Clayton/Henry Cnty Office

The South Clayton/Henry County Submarket covers alarge swath of the southern Atlanta metro. Nearly allsizable office buildings in this area are along I-75, nearEagle's Landing Country Club and McDonough. Only ahandful of tenants occupy more than 30,000 SF. Someof the submarket's largest office users are GeorgiaPower, the Clayton County Commissioner's Office, and aTotal System Services call center. The submarket alsohas a high concentration of medical tenants, and roughlyone-third of its stock consists of medical office space.

Limited construction and low rents have allowedvacancies to steadily compress in recent years, and at5.1%, the submarket's vacancy rate is one of the lowestin the metro. The few new builds have been medicaloffice buildings that are typically well leased in advanceof opening. For example, one of the largest projects toopen in recent years was the Locust Grove PhysicianCenter, a 40,000-SF medical office building that was100% preleased at the time of delivery.

NET ABSORPTION, NET DELIVERIES & VACANCY




Page 5

Atlanta Market SummaryAtlanta Office

Thanks to a limited supply pipeline and steady demand,Atlanta's office market was in a healthy position headinginto the coronavirus pandemic. However, the metro'soffice sector will face significant challenges over the nextfew quarters, as the pandemic continues to causeeconomic disruption in Atlanta. While the market got aboost from the big Microsoft deal in Midtown, overallleasing activity has slowed since the onset of thepandemic, and the metro will have to contend with a fewmajor move-outs in the coming months. Leasing andrent growth indicators will likely continue to feel theimpact of the pandemic in the near term.

Construction activity has increased in recent years, butthe amount of new supply underway is roughly equal tothe national average on a percentage basis. Many newprojects are breaking ground on a speculative basis, androughly 40% of the current pipeline is unleased. Rent

growth has slowed in recent quarters, but it continues tooutperform both the metro's historical average and thenational average, and high-end properties in top-tiersubmarkets are still leading the way in terms of rentgains.

Sales volume has slowed of late, and the impact of thecoronavirus pandemic could keep investment activitymuted over the next few months. Average cap rates areat a historical low point, and above-average rent growthhelped push pricing higher in recent years, but Atlantaassets still come at a significant bargain in terms ofyields and pricing compared to core coastal officemarkets. However, the metro's steady price appreciationmay come to a halt over the next few quarters due to theeconomic instability caused by the coronaviruspandemic.

NET ABSORPTION, NET DELIVERIES & VACANCY




Page 6

Atlanta Economic SummaryAtlanta Office

Atlanta will continue to feel the impact of the coronaviruspandemic on its economy, particularly in the vulnerableleisure and hospitality and retail trade sectors. Atlantaemployment fell by more than 300,000 jobs fromFebruary to April 2020, causing the unemployment rateto rise to a post-World War II record of nearly 13%. Butthe metro added more than 155,000 jobs back in May,June, and July as the state of Georgia continued to takeaggressive steps to reopen its economy. While therebound in employment is a positive sign for the metro,the pace of job gains slowed between June and July,which could indicate that the recovery is slowing.Furthermore, the local job market is still in a precariousposition compared to early 2020, and concerns about thepandemic could hamper the economic recovery over thenext few months.

Atlanta benefited from strong white-collar job growth inrecent years, especially the professional and businessservices sector. Though office-using sectors have takena hit due to the coronavirus pandemic, a handful of largecorporations are set to add thousands of high-payingoffice jobs over the next few years. For example,Microsoft, Google, and Facebook are opening major techhubs in Midtown, and FinTech firm Deluxe Corporation isadding 700 new jobs at an innovation center in CentralPerimeter. These moves follow other Fortune 500 firmssetting up their IT operations locally, includingBlackRock, Anthem, and Honeywell.

While white-collar sectors have held up better on apercentage basis than service-oriented employmentsegments since the onset of the pandemic, the metro isnot immune to office-using job losses. Cox Automotive,which has a major office presence in Central Perimeter,furloughed a substantial portion of its U.S. workforce,including nearly 1,000 of its Atlanta-based employees.Coca Cola announced nationwide layoffs in August 2020,a portion of which will likely impact the firm's Atlantaheadquarters. And after agreeing to open a 600-employee technology hub in Midtown, Macy's announcedit is backing out of that investment due to the effects ofthe coronavirus pandemic on its business.

Atlanta has a lower concentration of education andhealth services employment than the national average,but that sector has seen substantial job growth over thepast few years. Multiple healthcare systems areconstructing new facilities, and the sector is poised togrow in order to adequately service the metro's surgingpopulation. Emory University Hospital Midtown isunderway on its $500 million Winship Cancer Institute

tower, while Piedmont Hospital opened phase one of the$450 million Piedmont Heart Institute tower in Buckheadearly in order to treat coronavirus patients.

Growth in the warehouse and distribution industry couldserve as a partial counterbalance to extensive leisureand hospitality and retail job losses caused by thecoronavirus pandemic, and the trade, transportation andutilities sector has fared relatively well, according to theBLS figures through July. Hiring by firms like Amazon,Home Depot, HelloFresh, Purple Mattress and Goodyear,among others, should continue to boost blue-collar jobgrowth over the next few years. Long term, Atlanta willcontinue to benefit from its standing as a major regionaland national distribution hub.

The presence of the well-connected Hartsfield-JacksonInternational Airport helps seal the deal for potentialresidents and companies, including Mercedes-Benz andState Farm, which have recently relocated majoroperations to the metro. Atlanta's status as atransportation and logistics hub also helped attractNorfolk Southern, which is relocating its corporateheadquarters to Midtown when its build-to-suit facilitycompletes in 2021. The firm will add roughly 850 newjobs at an average salary north of $100,000.

However, the coronavirus pandemic is strongly affectingtravel-related industries, and airlines in particular, andwill likely continue to put a strain on economic activitydirectly related to Hartsfield-Jackson over the next fewmonths. Delta, which is headquartered at Hartsfield-Jackson, has avoided permanent layoffs, but the firmannounced that 20% of its workforce, or roughly 17,000employees agreed to voluntarily retire amid thepandemic. While not all of those workers are Atlanta-based, the slowdown in air traffic will continue to affectDelta, as well as other airport-related operations such asconcessionaires and other airlines.

Low living and business costs should continue to boostjob and population growth in Atlanta. In recent decades,Atlanta has drawn some of the strongest in-migration inthe country. Many employers have openly stated thatmoving all or a portion of their operations to Atlantasaved them millions, without having to sacrifice access tohigh-quality labor.

While not unique to Atlanta, highway and commuter railinfrastructure could be a limiting factor for Atlanta'sgrowth prospects in the mid- to long term. The renewedfocus on in-town density, combined with still expanding




Page 7


suburbs, has contributed to worsening traffic throughoutthe metro. Even with MARTA rail as an effective mode oftransit, it is limited in its scope, lessening its potentialimpact. However, the future expansion of MARTA is on

the horizon, and pedestrian infrastructure improvementsthroughout the metro could help provide those in Atlantawith alternative modes of transportation.

ATLANTA EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Level 12 Month Change 10 Year Change 5 Year Forecast

0.93%1.40%0.34%1.15%-7.00%-8.70%0.7158Manufacturing

1.65%1.12%0.32%1.35%-8.35%-4.43%1.2575Trade, Transportation and Utilities

2.01%1.07%-0.28%1.12%-10.03%-3.95%1.0279 Retail Trade

0.71%1.30%1.18%1.66%-1.33%-2.08%1.1177Financial Activities

0.68%0.44%-0.29%-0.12%-3.45%-1.55%0.8325Government

1.53%0.72%2.22%3.25%-5.91%-2.24%0.9129Natural Resources, Mining and Construction

2.39%2.54%1.37%3.34%-5.54%-1.19%0.8369Education and Health Services

2.34%2.57%1.63%2.41%-7.54%-7.30%1.3510Professional and Business Services

1.56%1.65%0.16%2.35%-4.03%-3.89%1.897Information

8.97%7.41%-1.91%-0.10%-34.90%-28.53%1.0219Leisure and Hospitality

3.27%2.92%-0.70%-0.54%-15.89%-13.84%0.991Other Services

Total Employment 2,649 1.0 -7.16% -9.52% 1.52% 0.47% 2.19% 2.31%

Source: Oxford Economics

LQ = Location Quotient




Page 8



YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

12 Month ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10 Year Change

Metro U.S. Metro U.S.

5 Year Forecast

Population 329,946,5636,092,876 1.2% 0.5% 1.4% 0.6% 1.2% 0.5%

Households 122,491,6952,186,491 1.1% 0.4% 1.3% 0.7% 1.1% 0.4%

Median Household Income $64,500$72,464 1.4% 1.4% 3.1% 2.6% 2.4% 2.8%

Labor Force 159,009,8753,005,327 -3.0% -2.8% 1.1% 0.3% 1.5% 1.0%

Unemployment 13.4%9.2% 6.1% 9.8% -0.1% 0.4% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH




Page 9


PREPARED BY

Tony Tedesco

Qualifying Broker

Peer Properties


Peer Properties Summary8455 Highway 85 - Building 100

16 $14.94 70.7% 49.4%No. Peers Direct Asking Rent/SF Availability Rate Vacancy Rate

PEER LOCATIONS

PEER SUMMARY STATISTICS

Property Attributes Low Average Median High

Building SF 2,800 9,523 6,597 36,400

Year Built 1968 1986 1986 2006

Stories 1 1 2 4

Typical Floor SF 1,880 5,271 4,378 13,200

Vacancy Rate 0% 49.4% 27.2% 100%

Availability Rate 19.8% 70.7% 77.5% 100%

Star Rating 2.2

Available Space Attributes Low Average Median High

Available SF 1,000 7,693 4,490 29,238

Direct Asking Rent/SF $14.94 $14.94 $14.94 $14.94

Months On Market 0.3 14.9 14.3 34.1

Floor Number 1 1 1 4




Page 11

Peer Properties Summary8455 Highway 85 - Building 100

Property Name / Address Rating Yr Blt/Renov Bldg SF Stories SF Avail %

Property Size

Spcs

Availability

Vac % Gross Direct Rent

-1 7651 Tara Blvd1994/2007 20,800 2 20,800 100%1 0% -

-2 7445 Old National Hwy1992/- 5,050 1 0 0%0 0% -

-3 1235 Southlake Cir1983/- 11,062 2 11,062 100%1 100% -

-4 207 Upper Riverdale Rd1979/- 4,579 1 4,579 100%1 0% -

-5 6944 Highway 851983/- 13,200 1 4,400 33.3%3 33.3% -

-6 749 Main St2006/- 36,400 4 29,238 80.3%2 80.3% -

-7 6525 Professional Pl1983/- 12,316 2 12,316 100%2 100% -

-8 137 W Mill St1984/- 5,556 1 0 0%0 0% $14.94

-9 6607 Powers St1988/2017 2,800 1 0 0%0 0% -

-10 867 Commerce Dr1998/- 7,034 2 7,034 100%2 100% -

-Building 100

1985/- 8,600 4 8,600 100%8455 Highway 85

3 0% -

-11 1755 Highway 138 SW1968/- 3,760 2 0 0%0 0% -

-12 203 Medical Way1986/- 7,200 2 5,380 74.7%2 26.3% -

-13 Bldg E1987/- 3,303 1 3,303 100%

6275 Highway 851 100% -

-14 Riverdale Professional C…1979/1998 8,352 2 3,055 36.6%

6714 Highway 856 28.1% -

-15 3190 Highway 42 N1988/- 4,800 2 2,400 50.0%1 50.0% -

-16 Cobb West - Bldg 21988/- 6,160 2 1,250 20.3%

3411 Austell Rd SW1 20.3% -




Page 12


















Vacancy 100%

11,062 SF / 2 Stories

Owner: Inland Real Estate Group of…

Rent/SF -,

1235 Southlake Cir3

Vacancy 0%

5,050 SF / 1 Story

Owner: Douglas Dryden

Rent/SF -,

7445 Old National Hwy2

Vacancy 0%


Owner: Johnson Ray C Jr

Rent/SF -,

7651 Tara Blvd1

Vacancy 80.3%


Owner: Schulten Ward Turner & Wei…

Rent/SF -,

749 Main St6

Vacancy 33.3%

13,200 SF / 1 Story

Owner: Will Daniels

Rent/SF -,

6944 Highway 855

Vacancy 0%

4,579 SF / 1 Story

Owner: Witkin Eugene N

Rent/SF -,

207 Upper Riverdale Rd4

Vacancy 0%

2,800 SF / 1 Story

Owner: Walter H Smith Do Pc

Rent/SF -,

6607 Powers St9

Vacancy 0%

5,556 SF / 1 Story

Owner: Dave Phillips

Rent/SF $14.94,

137 W Mill St8

Vacancy 100%


Owner: Yusufji Feroze A

Rent/SF -,

6525 Professional Pl7

Peer Property Photos8455 Highway 85 - Building 100




Page 13



















Vacancy 0%


Owner: Dana Richard Steele

Rent/SF -,

1755 Highway 138 SW11

Vacancy 0%

8455 Highway 858,600 SF / 4 Stories

Owner: James K Clark

Rent/SF -,

Subject Property

Building 100

Vacancy 100%


Owner: Raven Counseling Services,…

Rent/SF -,

867 Commerce Dr10

Vacancy 28.1%

6714 Highway 858,352 SF / 2 Stories

Owner: Metatron Second Group LLC

Rent/SF -,

Riverdale Professional Center14

Vacancy 100%

6275 Highway 853,303 SF / 1 Story

Owner: Advance Holding, LLC; Ridge…

Rent/SF -,

Bldg E13

Vacancy 26.3%


Owner: Shajih Muhanna MD

Rent/SF -,

203 Medical Way12

Vacancy 20.3%

3411 Austell Rd SW6,160 SF / 2 Stories

Owner: Jason Bowman

Rent/SF -,

Cobb West - Bldg 216

Vacancy 50.0%


Owner: Mike Vining Heating & Air

Rent/SF -,

3190 Highway 42 N15

Peer Property Photos8455 Highway 85 - Building 100




Page 14

















Property Name / Address Star Rating Gross Direct Rent Per SF Vacancy Rate

137 W Mill St8 $14.94 0%

1235 Southlake CirWithheld3 100%

Bldg E

6275 Highway 85Withheld13 100%

6525 Professional PlWithheld7 100%

867 Commerce DrWithheld10 100%

749 Main StWithheld6 80.3%

3190 Highway 42 NWithheld15 50%

6944 Highway 85Withheld5 33.3%

Riverdale Professiona…

6714 Highway 85Withheld14 28.1%

203 Medical WayWithheld12 26.3%

Cobb West - Bldg 2

3411 Austell Rd SWWithheld16 20.3%

Building 100

8455 Highway 85Withheld 0%

1755 Highway 138 SWWithheld11 0%

207 Upper Riverdale RdWithheld4 0%

6607 Powers St9 $12 - 15(Est.) 0%

7445 Old National HwyWithheld2 0%

7651 Tara Blvd

Average

(Arrows indicate trend over last quarter)

Withheld1 0%

46.7%$14.94

Peer Property Comparison8455 Highway 85 - Building 100




Page 15




































Property Name / Address Star Rating Availability Rate Vacancy Rate

1235 Southlake Cir3 100% 100%

Bldg E

6275 Highway 8513 100% 100%

6525 Professional Pl7 100% 100%

867 Commerce Dr10 100% 100%

Building 100

8455 Highway 85100% 0%

207 Upper Riverdale Rd4 100% 0%

7651 Tara Blvd1 100% 0%

749 Main St6 80.3% 80.3%

203 Medical Way12 74.7% 26.3%

3190 Highway 42 N15 50% 50%

1755 Highway 138 SW11 50% 0%


6714 Highway 8514 36.6% 28.1%

6944 Highway 855 33.3% 33.3%

Cobb West - Bldg 2

3411 Austell Rd SW16 20.3% 20.3%

7445 Old National Hwy2 19.8% 0%

137 W Mill St8 0% 0%

6607 Powers St

Average


9 0% 0%

46.7%72.2%




Page 16




































Property Name / Address Star Rating Gross Direct Rent Per SF Median Months on Market

137 W Mill St8 $14.94

203 Medical WayWithheld12 34

Building 100

8455 Highway 85Withheld 28


6714 Highway 85Withheld14 26

6525 Professional PlWithheld7 22

867 Commerce DrWithheld10 22

1235 Southlake CirWithheld3 19

3190 Highway 42 NWithheld15 18

749 Main StWithheld6 11

Cobb West - Bldg 2

3411 Austell Rd SWWithheld16 10

Bldg E



7651 Tara BlvdWithheld1 5

207 Upper Riverdale RdWithheld4

1755 Highway 138 SWWithheld11

6607 Powers St9 $12 - 15(Est.)

7445 Old National Hwy

Average


Withheld2

19$14.94




Page 17




































Property Name / Address Star Rating 12 Mo. Leasing Activity in SF 12 Mo. Net Absorption in SF

203 Medical Way12 1,600 0

7651 Tara Blvd1 0 10,000

6944 Highway 855 0 8,800


6714 Highway 8514 0 3,217

137 W Mill St8 0 250

Building 100

8455 Highway 850 0

1235 Southlake Cir3 0 0

1755 Highway 138 SW11 0 0

207 Upper Riverdale Rd4 0 0

3190 Highway 42 N15 0 0

6525 Professional Pl7 0 0

7445 Old National Hwy2 0 0

749 Main St6 0 0

867 Commerce Dr10 0 (534)

Cobb West - Bldg 2

3411 Austell Rd SW16 0 (1,250)

6607 Powers St9 0 (2,800)

Bldg E

6275 Highway 85

Average

13 0 (3,303)

84694




Page 18



































Peer Property Details8455 Highway 85 - Building 100

1 137 W Mill StDistance to Subject Property: 3.9 Miles

EXPENSES

Taxes: $1.07/SF (2012-Est)

Op. Exp: $0.43/SF (2011-Est)

PROPERTY

Type: Class C Office

Yr Blt/Renov: 1984

RBA: 5,556 SF

Stories: 1


Parking Spaces: 0.00/1,000 SF

# of Tenants: 5

OWNER

Individually Owned Condos

COMPARISON SUBJECTTHIS PROPERTY

Vacancy %: 0% 0%

Available SF: - 8,600

Gross Ask Rent: $14.94 -

Months To Lease: 8 mo 7 mo

Time On Market: - 28 mo

Walk Score®: 45 35

Transit Score®: 0 0

AVAILABILITY OFFICE

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: 0 %

Asking Rent: -

2 749 Main StDistance to Subject Property: 3.4 Miles

EXPENSES

Taxes: $1.30/SF (2019)

PROPERTY


Yr Blt/Renov: 2006

RBA: 36,400 SF

Stories: 4



# of Tenants: 7

OWNER

Schulten Ward Turner & Weiss, LLP


Vacancy %: 80.3% 0%

Available SF: 29,238 8,600

Gross Ask Rent: - -

Months To Lease: - 7 mo

Time On Market: 11 mo 28 mo

Walk Score®: 62 35


AVAILABILITY OFFICE

Spaces: 2

Square Feet: 18,000

Range: 4,500 - 9,000

Max Contig: 9,000

% Sublet: 0 %

Asking Rent: $8.00/MG




Page 19




3 7651 Tara BlvdDistance to Subject Property: 3.4 Miles

EXPENSES

Taxes: $0.78/SF (2019)

PROPERTY


Yr Blt/Renov: 1994/2007

RBA: 20,800 SF

Stories: 2



# of Tenants: 1

OWNER

Johnson Ray C Jr


Vacancy %: 0% 0%


Gross Ask Rent: - -



Walk Score®: 47 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 20,800

Range: 400 - 20,800

Max Contig: 20,800

% Sublet: 0 %

Asking Rent: -

4 867 Commerce DrDistance to Subject Property: 24.7 Miles

EXPENSES

Taxes: $1.30/SF (2019)

Op. Exp: $1.45/SF (2011-Est)

PROPERTY


Yr Blt/Renov: 1998

RBA: 7,034 SF

Stories: 2



# of Tenants: 2

OWNER

Raven Counseling Services, Corporation

Purchased 3/28/2014

Price $302,500; $43/SF


Vacancy %: 100% 0%


Gross Ask Rent: - -



Walk Score®: 26 35


AVAILABILITY OFFICE

Spaces: 2

Square Feet: 6,500

Range: 1,500 - 3,250

Max Contig: 6,500

% Sublet: 0 %





Page 20




5 6525 Professional PlDistance to Subject Property: 3.9 Miles

EXPENSES

Taxes: $0.66/SF (2019)

Op. Exp: $1.87/SF (2008)

PROPERTY


Yr Blt/Renov: 1983

RBA: 12,316 SF

Stories: 2



# of Tenants: 1

OWNER

Yusufji Feroze A

Purchased 4/22/2020


Vacancy %: 100% 0%


Gross Ask Rent: - -



Walk Score®: 17 35


AVAILABILITY OFFICE

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: 0 %

Asking Rent: -

6 1235 Southlake CirDistance to Subject Property: 5.4 Miles

EXPENSES

Taxes: $1.22/SF (2019)

PROPERTY


Yr Blt/Renov: 1983

RBA: 11,062 SF

Stories: 2



OWNER

Inland Real Estate Group of Companies, Inc.

Purchased 12/10/2007

Price $2,114,500; $191/SF


Vacancy %: 100% 0%


Gross Ask Rent: - -



Walk Score®: 39 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 11,062

Range: 11,062

Max Contig: 11,062

% Sublet: 0 %

Asking Rent: $8.00/NNN




Page 21




7 203 Medical WayDistance to Subject Property: 4.0 Miles

EXPENSES

Taxes: $0.54/SF (2019)

PROPERTY


Yr Blt/Renov: 1986

RBA: 7,200 SF

Stories: 2



OWNER

Shajih Muhanna MD


Vacancy %: 26.3% 0%


Gross Ask Rent: - -



Walk Score®: 18 35


AVAILABILITY OFFICE

Spaces: 2

Square Feet: 5,380

Range: 1,890 - 3,490

Max Contig: 5,380

% Sublet: 0 %


8 207 Upper Riverdale RdDistance to Subject Property: 3.8 Miles

EXPENSES

Taxes: $1.09/SF (2019)

PROPERTY


Yr Blt/Renov: 1979

RBA: 4,579 SF

Stories: 1



# of Tenants: 1

OWNER

Witkin Eugene N


Vacancy %: 0% 0%


Gross Ask Rent: - -



Walk Score®: 25 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 4,579

Range: 2,000 - 4,579

Max Contig: 4,579

% Sublet: 0 %

Asking Rent: -




Page 22




9 6944 Highway 85Distance to Subject Property: 2.9 Miles

EXPENSES

Taxes: $0.88/SF (2019)

PROPERTY


Yr Blt/Renov: 1983

RBA: 13,200 SF

Stories: 1



# of Tenants: 1

OWNER

Will Daniels

Purchased 8/22/2019

Price $325,000; $25/SF


Vacancy %: 33.3% 0%


Gross Ask Rent: - -



Walk Score®: 58 35


AVAILABILITY OFFICE

Spaces: 3

Square Feet: 4,400

Range: 950 - 2,500

Max Contig: 2,500

% Sublet: 0 %



EXPENSES

Taxes: $3.99/SF (2019)

PROPERTY


Yr Blt/Renov: 1987

RBA: 3,303 SF

Stories: 1



OWNER

Smoot Group, LLC

Advance Holding, LLC

Ridgeway Management LLC

Purchased 4/1/2019

Portfolio Price $850,000; $18/SFCOMPARISON SUBJECTTHIS PROPERTY

Vacancy %: 100% 0%


Gross Ask Rent: - -



Walk Score®: 50 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 3,303

Range: 3,303

Max Contig: 3,303

% Sublet: 0 %





Page 23





EXPENSES

Taxes: $0.85/SF (2019)

PROPERTY



RBA: 8,352 SF

Stories: 2



# of Tenants: 4

OWNER

Metatron Second Group LLC

Purchased 3/13/2017

Price $496,000; $59/SF


Vacancy %: 28.1% 0%


Gross Ask Rent: - -



Walk Score®: 60 35


AVAILABILITY OFFICERETAIL

Spaces: 1 5

Square Feet: 705 2,350

Range: 705 250 - 1,100

Max Contig: 1,355 1,355

% Sublet: 0 % 0 %

Asking Rent: $17.02/MG $11.00/MG

12 3190 Highway 42 NDistance to Subject Property: 13.1 Miles

EXPENSES

Taxes: $0.60/SF (2019)

PROPERTY


Yr Blt/Renov: 1988

RBA: 4,800 SF

Stories: 2



# of Tenants: 4

OWNER

Mike Vining Heating & Air


Vacancy %: 50.0% 0%


Gross Ask Rent: - -



Walk Score®: 20 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 2,400

Range: 2,400

Max Contig: 2,400

% Sublet: 0 %





Page 24




13 1755 Highway 138 SWDistance to Subject Property: 2.3 Miles

EXPENSES

Taxes: $0.88/SF (2019)

PROPERTY


Yr Blt/Renov: 1968

RBA: 3,760 SF

Stories: 2


OWNER

Dana Richard Steele


Vacancy %: 0% 0%


Gross Ask Rent: - -



Walk Score®: 28 35


AVAILABILITY OFFICE

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: 0 %

Asking Rent: -

14 3411 Austell Rd SWDistance to Subject Property: 25.7 Miles

EXPENSES

Taxes: $0.94/SF (2019)

PROPERTY


Yr Blt/Renov: 1988

RBA: 6,160 SF

Stories: 2



OWNER

Jason Bowman

Purchased 8/30/2016


Vacancy %: 20.3% 0%


Gross Ask Rent: - -



Walk Score®: 48 35


AVAILABILITY OFFICE

Spaces: 1

Square Feet: 1,250

Range: 1,250

Max Contig: 1,250

% Sublet: 0 %





Page 25




15 7445 Old National HwyDistance to Subject Property: 3.2 Miles

EXPENSES

Taxes: $1.66/SF (2019)

PROPERTY


Yr Blt/Renov: 1992

RBA: 5,050 SF

Stories: 1


# of Tenants: 1

OWNER

Douglas Dryden


Vacancy %: 0% 0%


Gross Ask Rent: - -



Walk Score®: 37 35


AVAILABILITY OFFICE

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: 0 %

Asking Rent: -

16 6607 Powers StDistance to Subject Property: 3.5 Miles

EXPENSES

Taxes: $0.78/SF (2019)

PROPERTY



RBA: 2,800 SF

Stories: 1



# of Tenants: 1

OWNER

Walter H Smith Do Pc

Purchased 5/16/2017

Price $157,500; $56/SF


Vacancy %: 0% 0%

Available SF: - 8,600

Gross Ask Rent: - -



Walk Score®: 62 35


AVAILABILITY OFFICE

Spaces: 0

Square Feet: 0

Range: -

Max Contig: -

% Sublet: 0 %

Asking Rent: -




Page 26




PREPARED BY

Tony Tedesco

Qualifying Broker

Leasing Analytics


ATLANTA VACANCY OVERVIEW

Due to consistently strong demand and a relatively tameconstruction pipeline, vacancies in Atlanta hovered belowthe metro's historical average for a few years. However,Atlanta's pipeline has ramped up in recent quarters, anda large portion of new construction is speculative. Whilestrong leasing velocity on new deals has kept vacanciesin check so far, 2020 and 2021 will rank as the top twoyears for net new supply in Atlanta since 2010, and newsupply should continue to put upward pressure onvacancies in the coming quarters. The metro will alsofeel the impact of major pending move-outs by AT&Tand State Farm's ongoing consolidation over the nextfew quarters. Furthermore, metro fundamentals couldtake a hit in the coming months as Atlanta and the nationcontinue to grapple with the effects of the coronaviruspandemic.

A concern for the market is the amount of subletavailability cropping up since the onset of the pandemic.Atlanta has roughly 4.9 million SF of sublet availability,representing about 1.5% of the metro's total inventory,which is up from about 3.2 million SF at the start of2020. Atlanta now has more sublet space on the marketthan at any point since the Great Recession. While a fewof the largest blocks of sublet space came on the marketbefore the pandemic, some sizable availabilities havecome on line in recent months. For example, Macy's putits entire 100,000-SF space at Atlantic Station up forsublease shortly after leasing it, and a few mid-sizedfirms are subletting space at Bank of America Plaza. Astenants look to reassess their physical office footprints ina post-pandemic environment, sublet availability mayremain an issue for Atlanta's office market in the nearterm.

Large deals in Atlanta have varied by industry, but techand IT leasing are driving absorption, particularly inMidtown. Impressively, this momentum has continueddespite the impact of the coronavirus pandemic.Microsoft inked a 523,000-SF lease at Atlantic Station inMidtown in May 2020. The firm is establishing a majorartificial intelligence and cloud computing hub. TheMicrosoft deal comes after NCR moved thousands ofemployees from Gwinnett County to its Midtown build-to-

suit, and Kaiser Permanente hired 900 IT workers inMidtown.

Other IT operations of Fortune 500 companies setting upshop in Midtown include Honeywell, Anthem, Google,BlackRock, GE, and Facebook. Buckhead has laggedMidtown in terms of tech tenant leasing, but thesubmarket has landed a few notable deals in recentyears. For example, Salesforce recently took three morefloors at its MARTA-adjacent tower, and FleetCor movedits HQ from Peachtree Corners to 46,000 SF at Terminusin late 2019.

While Buckhead and Midtown have always attracted bigoffice users, Atlanta's premier suburban submarketshave landed a number of national companies to majordeals over the past several years. Cumberland/Galleria,initially a laggard in the recovery, experienced a surge inleasing in recent years. Comcast inked a deal for260,000 SF in The Battery development at Truist Park toconsolidate some of its Atlanta-area offices and add aninnovation center. HD Supply moved into a 222,000-SFbuild-to-suit just down the road that serves as its HQ inCumberland/Galleria, and German manufacturing giantThyssenkrupp is building its new North American HQ atThe Battery.

In Central Perimeter, State Farm continues to move intoits new mega-campus. The insurance giant opened thesecond phase of the project in early 2020, and is wellunderway on the third phase. Mercedes-Benz and CoxCommunications each moved into massive build-to-suits in Central Perimeter a few years ago.

Atlanta benefits from its relative affordability, above-average education levels, and the presence of Hartsfield-Jackson International Airport. Atlanta office space comesat a significant discount to coastal metros, andcorporations choosing to relocate to or expand in themetro often don't have to sacrifice quality of labor oraccessibility. The general cost of living in Atlanta is alsoless than in coastal markets, which helps fuel in-migration and helps companies recruit highly educatedtalent.

Vacancy Analytics8455 Highway 85 - Building 100




Page 28


VACANCY RATE

VACANCY RATE

Vacancy Trend (YOY) VacancyTrend (YOY) Trend (YOY)VacancyTrend (YOY)Vacancy

Subject Peers South Clayton/Henry Cnty Atlanta

-1.3%13.6%-4.7%9.1%-4%11.6%0%0%2014

-1.9%11.7%-0.5%8.7%23.2%34.9%0%0%2015

-0.1%11.6%-2%6.6%-8.4%26.4%0%0%2016

0.1%11.7%-0.2%6.4%3.6%30.1%0%0%2017

-0.2%11.6%-1%5.4%14.5%44.6%0%0%2018

0%11.6%0.5%6.0%0.7%45.3%0%0%2019

0.6%12.1%-0.9%5.1%4%49.4%0%0%YTD

0.6%12.2%-0.8%5.1%3.4%48.7%2020

0.7%12.9%0.8%6.0%-1.3%47.4%2021

0%12.9%0.5%6.5%-1.7%45.7%2022 Forecast >

-0.3%12.6%0%6.5%-2.2%43.5%2023

-0.1%12.5%0.1%6.6%-2.1%41.4%2024




Page 29


AVAILABILITY RATE

AVAILABILITY RATE

Availability Trend (YOY) AvailabilityTrend (YOY) Trend (YOY)AvailabilityTrend (YOY)Availability

Subject Peers South Clayton/Henry Cnty 1-2 Star Atlanta 1-2 Star

-1.3%14.2%-2.2%9.3%-2.4%21.0%0%0%2014

-1.9%12.3%0.1%9.4%24%45.0%0%0%2015

-1.2%11.1%-3.2%6.2%-13.6%31.4%0%0%2016

-0.2%10.9%8.3%14.4%15%46.5%0%0%2017

-1%9.8%-7.9%6.5%7%53.5%100%100%2018

-0.9%9.0%-0.7%5.8%-3.1%50.4%0%100%2019

----19%70.7%0%100%2020 YTD




Page 30


MEDIAN MONTHS ON MARKET

MEDIAN MONTHS ON MARKET

Peers South Clayton/Henry Cnty Atlanta

2010 17.2 10.8 15.0

2011 12.6 10.9 17.8

2012 22.4 14.8 20.5

2013 17.4 17.3 21.6

2014 26.5 20.5 23.4

2015 31.5 24.1 25.8

2016 19.4 27.3 21.9

2017 7.9 19.5 15.9

2018 13.4 10.7 11.8

2019 8.4 10.7 12.2

2020 12.0 10.4 12.0




Page 31


MONTHS TO LEASE BY BLOCK SIZE (PAST 3 YEARS)

MONTHS TO LEASE BY BLOCK SIZE (PAST 3 YEARS)

Peers South Clayton/Henry Cnty Atlanta

0-9,999 SF 7.3 9.3 9.6

10,000-19,999 SF - 11.0 14.1

20,000-49,999 SF - - 15.8

50,000-99,999 SF - - 19.1

100,000+ SF - 8.0 18.6




Page 32


RENEWAL RATES

RENEWAL RATES

South Clayton/Henry Cnty & Adjacent Atlanta

2010 63.6% 60.3%

2011 70.3% 64.2%

2012 71.0% 67.7%

2013 76.3% 69.3%

2014 79.0% 71.2%

2015 83.9% 71.5%

2016 76.0% 69.1%

2017 62.2% 63.3%

2018 71.2% 50.9%

2019 71.2% 60.0%

2020 77.8% 60.9%




Page 33

Rent Analytics8455 Highway 85 - Building 100

ATLANTA RENT TRENDS

Rent growth in Atlanta has slowed in recent quarters, butit continues to outpace the metro's historical average aswell as the national benchmark. Year-over-year growthin Atlanta now stands at 2.1%, compared to the nationalaverage of 0.5%. Rent growth among 4 & 5 Star assetshas generally outpaced the metro average in recentyears, owing to a strong flight-to-quality effect alongwith a lack of large-scale speculative construction.However, pricing power may continue to shift in the favorof tenants over the next few quarters due to Atlanta'ssizable speculative pipeline and economic uncertaintycaused by the coronavirus pandemic.

Among submarkets, Midtown is still registering rentgrowth well above the metro average, even in the face ofthe ongoing wave of speculative supply. As rents inMidtown continue to rise at an accelerated pace, tenantsand investors alike are giving Downtown a second look.The submarket has benefited from a net decline ininventory, as some high-vacancy properties wereconverted to other uses. Furthermore, Downtown boastsmany of the same transit amenities as Atlanta's premiersubmarkets and is slowly emerging as a live/work/playenvironment.

Buckhead, which was a strong performer coming out ofthe Great Recession, has seen a notable slowdown inrent growth over the past few quarters. The submarket,which has long served as Atlanta's financial hub, haslarge blocks of looming backfill space to contend with,and has not seen the same type of leasing velocity asMidtown has in recent years. These factors, along withMidtown's surging spec supply pipeline, have limited theability of Buckhead landlords to push rents in recentquarters.

The delta between 4 & 5 Star rents in Midtown andBuckhead and those in premier suburban submarketscould provide a boost for landlords in areas like CentralPerimeter and Cumberland/Galleria. For example, thegap between 4 & 5 Star rents in Midtown and CentralPerimeter was about $5/SF in 2008, while today thedifference is roughly $12/SF.

Secondary suburban nodes like Duluth/Suwanee/Buford,North Clayton/Airport, and Norcross/Peachtree Cornerscontinue to underperform the metro average, as tenantsmigrate to submarkets with transit accessibility and high-quality office stock.

GROSS ASKING RENT PER SQUARE FOOT




Page 34

Rent Analytics8455 Highway 85 - Building 100

GROSS ASKING RENT PER SQUARE FOOT

Direct Rent Trend (YOY) Market RentTrend (YOY) Trend (YOY)Market RentTrend (YOY)Market Rent

Subject Peers South Clayton/Henry Cnty Atlanta

4.6%$19.812.8%$16.401.6%$12.97--2014

7.6%$21.313.9%$17.044.1%$13.51--2015

6.4%$22.672.6%$17.482.3%$13.82--2016

5.2%$23.868.4%$18.948.2%$14.94--2017

5.4%$25.161.3%$19.18-0.2%$14.91-$12.002018

4.5%$26.290.6%$19.29-1.9%$14.638.3%$13.002019

0.8%$26.501.5%$19.590.2%$14.65--YTD

-0.8%$26.090%$19.30-2%$14.342020

0.1%$26.110.3%$19.36-1.8%$14.072021

4.2%$27.214.4%$20.222.3%$14.402022 Forecast >

2.9%$27.993.1%$20.841.1%$14.572023

1.3%$28.351.5%$21.15-0.3%$14.532024




Page 35

Absorption Analytics8455 Highway 85 - Building 100

NET ABSORPTION IN PEERS IN SQUARE FEET

NET ABSORPTION IN SOUTH CLAYTON/HENRY CNTY SUBMARKET IN SQUARE FEET

NET ABSORPTION IN ATLANTA IN SQUARE FEET




Page 36

Leasing Analytics8455 Highway 85 - Building 100

LEASING ACTIVITY IN PEERS IN SQUARE FEET

LEASING ACTIVITY IN SOUTH CLAYTON/HENRY CNTY SUBMARKET IN SQUARE FEET

LEASING ACTIVITY IN ATLANTA IN SQUARE FEET




Page 37

Leasing Analytics8455 Highway 85 - Building 100

SUBLEASE SPACE AVAILABLE IN ATLANTA IN SQUARE FEET




Page 38


PREPARED BY

Tony Tedesco

Qualifying Broker

Lease Comps


Lease Comps Summary8455 Highway 85 - Building 100

9 $15.79 $15.62 7Deals Gross Asking Rent Per SF Gross Starting Rent Per SF Avg. Months On Market

LEASE COMPARABLES

SUMMARY STATISTICS

Rent Deals Low Average Median High

Gross Asking Rent Per SF

Gross Starting Rent Per SF

Gross Effective Rent Per SF

Asking Rent Discount

TI Allowance

Months Free Rent

9

9

8

9

1

-

$12.00

$12.04

$12.04

-4.5%

$0.00

-

$15.79

$15.62

$13.76

1.2%

$0.00

-

$13.16

$12.54

$12.52

0.4%

$0.00

-

8.5%

$0.00

-

$43.75

$43.75

$18.74

Lease Attributes Deals Low Average Median High

Months on Market

Deal Size

Lease Deal in Months

Floor Number

9

9

9

9

1

480

12.0

1

7

861

17.0

1

6

800

12.0

1 2

24

1,200

36.0




Page 40

Lease Comps Summary8455 Highway 85 - Building 100

Property Name - Address Rating SF Leased Floor Sign Date Rent Rent Type

Lease

Type

Rents

-1 137 W Mill St775 1st 8/17/2020 $12.00/+util EffectiveNew

-2 Commerce Point Office…720 1st 7/16/2020 $12.91/n Effective

105 Commerce DrNew

-3 Commerce Point Office…950 1st 7/16/2020 $12.12/n Effective

125 Commerce DrNew

-1 137 W Mill St775 1st 7/1/2020 $12.00/+util EffectiveNew

-4 238 Stockbridge Rd480 2nd 5/1/2020 $43.75/fs StartingNew

-5 Commerce Point Office…1,200 1st 12/2/2019 $12.50/mg Effective

90 Commerce DrNew

-2 Commerce Point Office…800 1st 12/2/2019 $12.90/mg Effective

105 Commerce DrNew

-3 Commerce Point Office…950 1st 11/13/2019 $12.12/mg Effective

125 Commerce DrNew

-6 Commerce Point Office…1,100 1st 11/12/2019 $12.54/mg Effective

115 Commerce DrNew




Page 41

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D6979388%26ProductMode%3DProperty%26SelectedTab%3Dlease%26external%3D1









Lease Comps Details8455 Highway 85 - Building 100

1 137 W Mill StJonesboro, GA 30236 - South Clayton/Henry Cnty Submarket

RENTS

Asking Rent: $13.12/+UTIL

Starting Rent: $12.00/+UTIL

Effective Rent: $12.00/+UTIL

CONCESSIONS AND BUILDOUT

Asking Discount: 8.54%

PROPERTY EXPENSES

Taxes: $1.07/SF (2012-Est);…

Operating Exp.: $0.43/SF (2011-Est)

LEASE

SF Leased: 775 SF

Sign Date: Aug 2020

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: E

LEASE TERM

Start Date: Aug 2020

Expiration Date: Aug 2023

Lease Term: 3 Years

TIME VACANT

Date Vacated: Dec 2019

Date Occupied: Aug 2020

Months Vacant: 8 Months

TIME ON MARKET

Date On Market: Dec 2019

Date Off Market: Aug 2020

Months on Market: 9 Months

LEASING REP

Coldwell Banker Commercial Bullard

201 Prime Pt

Peachtree City, GA 30269-3306

Adam Shekarabi (404) 229-4336

PROPERTY

Rentable Area: 5,556 SF

Stories: 1

Floor Size: 5,556 SF

Vacancy at Lease: 0.0%

Land Acres: 0.90

Property Type: Office

Status: Built 1984

Tenancy: Multi

Class: C

Construction: Masonry

Parking: Ratio of 0.00/1,000 SF

MARKET AT LEASE

Vacancy Rates 2020 Q3 YOY

-0.7%

0.4%

-28.8%Current Building 0.0%

Submarket 1-3 Star

Market Overall 12.1%

5.1%

Same Store Asking Rent/SF 2020 Q3 YOY

2.9%

2.1%

24.5%Current Building $14.94

Submarket 1-3 Star

Market Overall $26.50

$19.49

Submarket Leasing Activity 2020 Q3 YOY

0.0

-11.7%12 Mo. Leased SF 99,507

Months On Market 9.4




Page 42



2 105 Commerce Dr - Commerce Point Office ParkFayetteville, GA 30214 - Fayette/Coweta County Submarket

TENANT

Tenant Name: Spectacular Start

Industry: Services

RENTS

Asking Rent: $13.75/N

Starting Rent: $12.91/N

Effective Rent: $12.91/N



Buildout: Standard Office

Buildout Status: Full Build-Out

Space Condition: Average

PROPERTY EXPENSES

Taxes: $0.49/SF (2019)

LEASE

SF Leased: 720 SF

Sign Date: Jul 2020

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: F

LEASE TERM

Start Date: Jul 2020

Expiration Date: Jul 2021

Lease Term: 1 Year

TIME VACANT

Date Occupied: Jul 2020

TIME ON MARKET

Date On Market: May 2020

Date Off Market: Jul 2020


LEASING REP

Commerce Point LLC

115 Commerce Dr, Suite D


Cindy Martin (770) 364-5567

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1978

Tenancy: Multi

Class: B

Construction: Wood Frame

Parking: 45 Surface Spaces a…

MARKET AT LEASE


0.2%

0.4%

25.0%Current Building 25.0%

Submarket 1-3 Star


7.1%


3.0%

2.1%


Submarket 1-3 Star


$18.81


-2.5

18.6%12 Mo. Leased SF 238,372





Page 43




TENANT

Tenant Name: All Purpose Professional Services LLC

Industry: Professional, Scientific, and Technical Services

RENTS

Asking Rent: $12.38/N

Starting Rent: $12.12/N

Effective Rent: $12.12/N



PROPERTY EXPENSES

Taxes: $0.71/SF (2019)

LEASE

SF Leased: 950 SF

Sign Date: Jul 2020

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: G

LEASE TERM

Start Date: Jul 2020


Lease Term: 1 Year

TIME VACANT

Date Vacated: Jun 2020

Date Occupied: Jul 2020

Months Vacant: 1 Month

TIME ON MARKET

Date On Market: Jun 2020

Date Off Market: Jul 2020


LEASING REP

Commerce Point LLC



Cindy Martin (770) 364-5567

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1989

Tenancy: Multi

Class: B



MARKET AT LEASE


0.2%

0.4%


Submarket 1-3 Star


7.1%


3.0%

2.1%

Current Building -

Submarket 1-3 Star


$18.81

-


-2.5

18.6%12 Mo. Leased SF 238,372





Page 44



1 137 W Mill StJonesboro, GA 30236 - South Clayton/Henry Cnty Submarket

RENTS

Asking Rent: $13.12/+UTIL

Starting Rent: $12.00/+UTIL

Effective Rent: $12.00/+UTIL



PROPERTY EXPENSES

Taxes: $1.07/SF (2012-Est);…

Operating Exp.: $0.43/SF (2011-Est)

LEASE

SF Leased: 775 SF

Sign Date: Jul 2020

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: F

LEASE TERM



Lease Term: 3 Years

TIME VACANT

Date Vacated: Dec 2019

Date Occupied: Aug 2020


TIME ON MARKET

Date On Market: Dec 2019

Date Off Market: Aug 2020


LEASING REP


201 Prime Pt



PROPERTY


Stories: 1



Land Acres: 0.90


Status: Built 1984

Tenancy: Multi

Class: C


Parking: Ratio of 0.00/1,000 SF

MARKET AT LEASE


-0.7%

0.4%


Submarket 1-3 Star


5.1%


2.9%

2.1%


Submarket 1-3 Star


$19.49


0.0

-11.7%12 Mo. Leased SF 99,507





Page 45



4 238 Stockbridge RdJonesboro, GA 30236 - South Clayton/Henry Cnty Submarket

RENTS

Asking Rent: $43.75/FS

Starting Rent: $43.75/FS




Space Condition: Excellent

PROPERTY EXPENSES

Taxes: $1.24/SF (2019)

LEASE

SF Leased: 480 SF

Sign Date: May 2020

Space Use: Office

Lease Type: Coworking

Floor: 2nd Floor

LEASE TERM

Start Date: May 2020

Lease Term: 1 Year

TIME VACANT

Date Occupied: May 2020

TIME ON MARKET


Date Off Market: May 2020


LEASING REP


201 Prime Pt



PROPERTY


Stories: 3



Land Acres: 2.23


Status: Built 1987

Tenancy: Multi

Class: C



MARKET AT LEASE


-0.7%

0.1%


Submarket 1-3 Star


5.1%


2.9%

3.2%

Current Building -

Submarket 1-3 Star


$19.52

-


1.0

-54.3%12 Mo. Leased SF 114,924





Page 46




TENANT

Tenant Name: PREMIER TAX AND ACCOUNTING

RENTS


Starting Rent: $12.50/MG

Effective Rent: $12.50/MG


Asking Discount: -4.17%


PROPERTY EXPENSES

Taxes: $0.46/SF (2019)

LEASE

SF Leased: 1,200 SF

Sign Date: Dec 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: H

LEASE TERM

Start Date: Jan 2020

Expiration Date: Jan 2021

Lease Term: 1 Year

TIME VACANT

Date Vacated: Aug 2019

Date Occupied: Jan 2020


TIME ON MARKET

Date On Market: Jul 2019

Date Off Market: Dec 2019


LEASING REP

C & L Realty LLC



Don Whitman (770) 560-4200

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1989

Tenancy: Multi

Class: B


Parking: 185 free Surface Sp…

MARKET AT LEASE


0.3%

0.0%


Submarket 1-3 Star


7.6%


0.6%

4.5%

Current Building -

Submarket 1-3 Star


$18.53

-


-0.2

21.1%12 Mo. Leased SF 233,631





Page 47




TENANT

Tenant Name: SHEEK LASH STUDIO

RENTS

Asking Rent: $12.90-$13.00/MG








PROPERTY EXPENSES

Taxes: $0.49/SF (2019)

LEASE

SF Leased: 800 SF

Sign Date: Dec 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: A

LEASE TERM

Start Date: Jan 2020

Expiration Date: Jan 2021

Lease Term: 1 Year

TIME VACANT

Date Vacated: Nov 2019

Date Occupied: Jan 2020

Months Vacant: 1 Month

TIME ON MARKET

Date On Market: Nov 2019

Date Off Market: Dec 2019


LEASING REP

C & L Realty LLC



Don Whitman (770) 560-4200

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1978

Tenancy: Multi

Class: B



MARKET AT LEASE


0.3%

0.0%


Submarket 1-3 Star


7.6%


0.6%

4.5%


Submarket 1-3 Star


$18.53


-0.2

21.1%12 Mo. Leased SF 233,631





Page 48




TENANT

Tenant Name: CHIHH

Industry: Professional, Scientific, and Technical Services

RENTS









PROPERTY EXPENSES

Taxes: $0.71/SF (2019)

LEASE

SF Leased: 950 SF

Sign Date: Nov 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: G

LEASE TERM

Start Date: Dec 2019

Expiration Date: Dec 2020

Lease Term: 1 Year

TIME VACANT

Date Vacated: Jul 2019

Date Occupied: Dec 2019


TIME ON MARKET


Date Off Market: Nov 2019


LEASING REP

C & L Realty LLC



Don Whitman (770) 560-4200

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1989

Tenancy: Multi

Class: B



MARKET AT LEASE


0.3%

0.0%


Submarket 1-3 Star


7.6%


0.6%

4.5%


Submarket 1-3 Star


$18.53


-0.2

21.1%12 Mo. Leased SF 233,631





Page 49




TENANT

Tenant Name: Indect USA

RENTS






PROPERTY EXPENSES

Taxes: $0.64/SF (2019)

LEASE

SF Leased: 1,100 SF

Sign Date: Nov 2019

Space Use: Office

Lease Type: Direct

Floor: 1st Floor

Suite: K

LEASE TERM

Start Date: Dec 2019

Expiration Date: Dec 2020

Lease Term: 1 Year

TIME VACANT

Date Vacated: Jun 2019

Date Occupied: Dec 2019


TIME ON MARKET


Date Off Market: Nov 2019


LEASING REP

C & L Realty LLC



Don Whitman (770) 560-4200

PROPERTY


Stories: 1



Land Acres: 1.66


Status: Built 1984

Tenancy: Multi

Class: B


Parking: 52 free Surface Spa…

MARKET AT LEASE


0.3%

0.0%


Submarket 1-3 Star


7.6%


0.6%

4.5%

-2.4%Current Building $12.20

Submarket 1-3 Star


$18.53


-0.2

21.1%12 Mo. Leased SF 233,631





Page 50



PREPARED BY

Tony Tedesco

Qualifying Broker

Construction


253,160 99,108 0 511,550All-Time Annual Avg. SF Delivered SF Past 8 Qtrs Delivered SF Next 8 Qtrs Proposed SF Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET

Overall Construction Summary8455 Highway 85 - Building 100




Page 52

Atlanta ConstructionAtlanta Office

Net completions have not weighed too heavily on themarket over the past decade. Atlanta has averaged onlyabout 1 million SF of net new supply annually since2010, and a large portion of that supply came in the formof build-to-suits. But supply is ramping up, asdevelopers responded to the metro's consistently lowvacancies, above-average rent growth, and impressiveleasing velocity by breaking ground on a number ofmajor projects in recent years. While the economicimpact of the coronavirus may eventually lead to aslowdown in new construction, office developers inAtlanta generally remain confident in the market, andthere are a number of sizable projects in the works thatcould break ground over the next few quarters.

With 6.5 million SF under construction, the metro is setto expand at one of the fastest rates in the country on anominal basis over the next few years. Many of thosedeals are at least partially speculative, and there is evenmore spec supply in the planning stages. Roughly 40%of office space under construction is available for lease,while spec construction was virtually nonexistent foryears after the Great Recession. However, even with therecent uptick in groundbreakings, Atlanta is building at asimilar pace to the National Index on a percentage basis.

A large portion of the recently delivered or under-construction spec is concentrated in Midtown. Projectslike 1105 WP (664,000 SF), T3 West Midtown at AtlanticStation (232,000 SF), and Atlantic Yards North andSouth (523,000 SF) all started construction with major

spec components. But 1105 WP broke ground in early2019 after landing Google and law firm Smith Gambrell &Russell, T3 West Midtown scored Facebook a fewmonths after wrapping up construction in late 2019, andMicrosoft leased the entire Atlantic Yards project in May2020, while it was still under construction. In Buckhead,the 340,000-SF One Phipps Plaza broke ground in early2019 on a purely speculative basis and is still completelyavailable for lease.

Pending projects in Atlanta are following in the footstepsof 725 Ponce, which sits adjacent to the Atlanta BeltLineand Ponce City Market. That project delivered 100%vacant in mid-2019 but quickly landed BlackRock,McKinsey, Chick-fil-A, Slalom LLC, PagerDuty, andWeWork to sizable deals, bringing it to 100% leased bythe end of the year. Asking rents at 725 Ponce came inabove $40/SF triple net.

Speculative construction has returned in recent years,but there are still a handful of large single-tenantprojects in the pipeline. One of the biggest Atlanta build-to-suits is State Farm's campus in Central Perimeter.The first 600,000-SF building delivered at the end of2016, the second 670,000-SF phase opened in early2020, and the third and final building should deliver in2021. Other major build-to-suits include those for NCR,Cox Communications, Anthem, and Mercedes-Benz.Norfolk Southern's new headquarters is underway inMidtown, as is Thyssenkrupp's North Americanheadquarters in Cumberland/Galleria.




Page 53

Atlanta ConstructionAtlanta Office

DELIVERIES & DEMOLITIONS




Page 54

South Clayton/Henry Cnty ConstructionSouth Clayton/Henry Cnty Office

DELIVERIES & DEMOLITIONS




Page 55


106,396 37,000 0 24,200All-Time Annual Avg. Square Feet Delivered Square Feet Past 8 Qtrs Delivered Square Feet Next 8 Qtrs Proposed Square Feet Next 8 Qtrs

PAST 8 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED

PAST & FUTURE DELIVERIES IN SQUARE FEET




Page 56


RECENT DELIVERIES

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Jun 2018500 Plaza Pky

Clayton Eye Center5,000 1 Jul 2020

-

Clayton Eye Center1

Mar 20181075 Bandy Pky

Locust Grove Medical Of…32,000 1 Oct 2018

-

Bandy B Jackson2

PROPOSED

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Jun 20211075 Regency Plaza Blvd

14,200 2 Jun 2022-

Atlanta Leasing & Investment1

Jan 2021855 Highway 20

10,000 1 Jan 2022-

Henry Medical Center2




Page 57





UNDER CONSTRUCTION IN SQUARE FEET (10 Mile Radius)

PROJECTED DELIVERIES IN SQUARE FEET (10 Mile Radius)

Construction Activity8455 Highway 85 - Building 100




Page 58


DELIVERIES IN SQUARE FEET (10 Mile Radius)

STARTS IN SQUARE FEET (10 Mile Radius)




Page 59


PERCENT OCCUPIED AT DELIVERY (10 Mile Radius)

DELIVERIES AND OCCUPANCY IN SQUARE FEET (10 Mile Radius)




Page 60


NEW CONSTRUCTION OCCUPANCY AFTER DELIVERY BY YEAR BUILT (10 Mile Radius)

NET ABSORPTION IN SQUARE FEET (10 Mile Radius)




Page 61


GROSS ASKING RENT PER SQUARE FOOT (10 Mile Radius)




Page 62

0 0 - -Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

Building SF - - - -

Stories - - - -

Typical Floor SF - - - -

Preleasing - - - -

Estimated Delivery Date - - - -

Months to Delivery - - - -

Construction Period in Months - - - -

Star Rating

Under Construction Summary8455 Highway 85 - Building 100




Page 63

Under Construction Summary8455 Highway 85 - Building 100

No under construction properties found.




Page 64

Under Construction Property Details8455 Highway 85 - Building 100

No under construction properties found.




Page 65

2 51,000 5.9% -Properties Square Feet Percent Leased Asking Rent

COMPLETED CONSTRUCTION PAST 12 MONTHS

CONSTRUCTION SUMMARY STATISTICS

Low Average Median High

RBA 3,000 25,500 25,500 48,000

Stories 1 3 3 4

Typical Floor SF 3,000 7,500 7,500 12,000

Leases Signed 0 1 1 1

Percent Leased 0% 5.9% 50.0% 100%

Asking Rent - - - -

Star Rating 3.5

Completed Construction Past 12 Months8455 Highway 85 - Building 100




Page 66

Completed Construction Past 12 Months8455 Highway 85 - Building 100

Property Name/Address Rating RBA Stories Complete Leased Developer/Owner

Apr 2020210 J. Arthur Rank Ave

Pinewood Forest48,000 4 0%

Pace Lynch Corporation

Pace Lynch Corporation1

Jul 2019924 GA-85

Heritage Dental3,000 1 100%

-

Heritage Dental Associates2




Page 67



Deliveries Past 12 Months8455 Highway 85 - Building 100

1 210 J. Arthur Rank Ave - Pinewood ForestFayetteville, GA 30214 - Fayette/Coweta County Submarket

AVAILABILITY

Percent Leased: 0%

Available SF: 48,000

Asking Rent: -

PROPERTY

Type: Class A Office

Tenancy: Multi-Tenant

Yr Blt/Renov: 2020


Stories: 4



Distance To Subj… 6.1 Miles

CONSTRUCTION

Start Date: Jun 2019

Completion Date: Apr 2020

Build Time: 10 Months

Time Since Delivery: 5 Months

DEVELOPER

Pace Lynch CorporationOWNER

Pace Lynch Corporation

-

AVAILABLE SPACES

Rent

Space Type

Floor Use

Square Feet

Type SF AvailOccupancySuite Listing CompanyBldg Contig

Pace Lynch CorporationWithheld48,000800 - 12,000DirectOff/RetP 1st - Vacant

Pace Lynch CorporationWithheld5,000700 - 5,000DirectRetailP 1st - Vacant

Pace Lynch CorporationWithheld48,0002,000 - 12,000DirectOff/MedP 2nd - Vacant

Pace Lynch CorporationWithheld48,0002,000 - 12,000DirectOff/MedP 3rd - Vacant

Pace Lynch CorporationWithheld48,0002,000 - 12,000DirectOff/MedP 4th - Vacant

All Spaces 53,000 48,000 -

-




Page 68


Deliveries Past 12 Months8455 Highway 85 - Building 100

2 924 GA-85 - Heritage DentalFayetteville, GA 30215 - Fayette/Coweta County Submarket

AVAILABILITY

Percent Leased: 100%

Available SF: -

Asking Rent: -

PROPERTY


Yr Blt/Renov: 2019


Stories: 1


Distance To Subj… 7.1 MilesCONSTRUCTION


Completion Date: Jul 2019

Build Time: 11 Months

Time Since Delivery: 14 Months

-

OWNER

Heritage Dental Associates

-

AVAILABLE SPACES

Currently No Available Spaces

-




Page 69



PREPARED BY

Tony Tedesco

Qualifying Broker

Sale Comps


Investment Trends8455 Highway 85 - Building 100

15 6.9% $213 6.5%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $850,000 $1,899,826 $1,750,000 $4,000,650

Price Per SF $108 $213 $166 $550

Cap Rate 5.7% 6.9% 6.7% 8.4%

Time Since Sale in Months 0.3 11.5 12.3 23.8

Property Attributes Low Average Median High

Building SF 4,848 8,930 8,300 15,785

Stories 1 1 1 3

Typical Floor SF 3,099 6,607 6,900 10,800

Vacancy Rate At Sale 0% 6.5% 0% 40.7%

Year Built 1954 1995 1998 2019

Star Rating 2.5




Page 71


Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

-1 286 GA Hwy 3142000 8,300 0% $900,000 $1089/3/2020 -

-2 1058 Bear Creek Blvd1996 4,848 0% $959,489 $1988/24/2020 -

-3 Davita Dialysis2019 7,082 0% $3,287,803 $464

501 Walnut Way8/14/2020 5.7%

-4 Eagles Pointe Professio…1998 15,785 0% $2,400,000 $152

125 Eagles Pointe Pky6/12/2020 8.4%

-5 800 Doug Davis Dr1984 5,000 0% $1,500,000 $3004/30/2020 -

-6 101 Eagles Pointe Pky1996 10,000 0% $1,200,000 $12010/23/2019 -

-7 115-131 N Park Trl2000 14,000 40.7% $2,330,000 $1669/17/2019 7.0%

-8 10 Eastbrook Bnd1986 5,860 0% $2,200,000 $3759/3/2019 -

-9 450 Lanier Ave W2000 10,800 0% $1,750,000 $1628/29/2019 -

-10 Davita Dialysis1954 10,560 0% $2,511,000 $238

2669 Church St7/2/2019 -

-11 235 Corporate Center Dr1998 9,133 0% $990,000 $1086/14/2019 8.0%

-12 DaVita Dialysis2013 6,800 0% $1,883,450 $277

2540 Flat Shoals Rd3/5/2019 6.3%

-13 1071 Jodeco Rd1996 12,309 9.7% $1,735,000 $14112/14/2018 6.0%

-14 270 Village Center Pky2017 7,276 0% $4,000,650 $5509/26/2018 -

-15 917 Jonesboro Road1972 6,198 28.2% $850,000 $137

917 Jonesboro Rd9/20/2018 -




Page 72

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D6264348%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1
















ATLANTA INVESTMENT TRENDS

Despite steady price appreciation over the past fewyears, Atlanta remains a bargain compared to corecoastal office markets. Average pricing for officeproperties in Atlanta comes in at roughly $200/SF, whichis well below the national average of around $320/SF.The coronavirus pandemic has led to a sharp slowdownin transaction activity in Atlanta and should affect pricingand cap rates, as well, but the direct impact of theoutbreak on office values is uncertain at this time due tothe lack of recent trades.

Average cap rates in Atlanta are significantly higher thanthose found in gateway office markets. Cap rates haveflattened in recent years, and average caps stand at7.3%. With cap rates remaining flat over the past fewyears, price appreciation was driven by NOI growth.While Atlanta fundamentals and rent growth trends haveheld up better than the national average since the onsetof the coronavirus pandemic, slowing rent growth andrising vacancies may put downward pressure on values.

Out-of-state firms comprised roughly 50% of total buyervolume over the past 12 months. Notable buyers inrecent years include Starwood Capital, Blackstone, andBanyan Street Capital. Local firms are still active buttend to trade smaller assets priced below $10 million.However, a handful of major regional players based inAtlanta, including Cousins Properties and PiedmontOffice Realty Trust, own significant market shares inAtlanta.

Overall sales volume in Atlanta has steadily declinedeach year since 2015, and the coronavirus pandemic hasled to a sharp slowdown in transaction activity in recentmonths. For example, one of the few major deals inrecent months involved the two-building Edison project,which changed hands in late April 2020. Invescoacquired the new, nearly fully leased 216,000-SF

complex from its developer, TPA Group, for $74.2million, or $344/SF, at a 6.1% cap rate.

Well-leased core assets saw strong price appreciation inrecent years. For example, in Buckhead, the 631,000-SF Salesforce Tower sold in mid-2019 for $205 million($325/SF). The asset previously traded in 2016 for$137.5 million ($218/SF) at a 4.6% cap rate. In anothermajor deal, 715 Peachtree sold in June 2019 for $123million ($386/SF), or nearly three times what Carter andPCCP paid for the asset in 2015. In the time between thetwo sales, the asset was renovated and was broughtfrom essentially 100% vacancy to 100% leased afterlanding Honeywell, Spaces, and others to major deals.The recent sale came at a 6% cap rate.

Assets in core suburban submarkets often fetch roughlymetro average pricing. The 218,000-SF CumberlandCenter IV traded in November 2019 for $44.5 million($204/SF). The 1990s-era asset is near CumberlandMall and The Battery, and it was better than 90% leasedwhen it sold. The property previously changed hands in2013 for $36.2 million ($165/SF).

The office component of adaptive-reuse projects and loftoffice concepts cropping up throughout the region soldfor premiums that even rivaled Atlanta's trophy assets.The former meat packing plant, Stockyards, sold in earlyJanuary 2020. The 166,000-SF facility is almost fullyoccupied and fetched a price close to $70 million, or$420/SF. New York-based Clarion Partners was thebuyer. Along the Eastside BeltLine Trail, the 61,000-SFWilloughby office building sold to San Francisco-basedStockbridge Capital Group for $23.8 million ($407/SF) inAugust 2019. The property delivered 100% preleased totech companies Blue Sombrero, Dragon Army, andDagger.




Page 73


SALES VOLUME & MARKET SALE PRICE PER SF

SALES VOLUME & MARKET SALE PRICE PER SF




Page 74

Sale Comps Details8455 Highway 85 - Building 100

1 286 GA Hwy 314Distance to Subject Property: 3.8 Miles

SALE

Sale Type: Owner User

Sale Date: 9/3/2020

Time On Mar… 1 Yr 6 Mos

Sale Price: $900,000

Price/SF: $108

PROPERTY


Yr Blt/Renov: 2000

RBA: 8,300 SF

Stories: 1


Vacancy At S… 0%

Parking: 48: 2.80/1,000 SF-

CONTACTS

Seller: Rochester Associates I…

Listing Broker: Pace Lynch Corporatio…

2 1058 Bear Creek BlvdDistance to Subject Property: 12.1 Miles

SALE

Sale Type: Investment

Sale Date: 8/24/2020


Price/SF: $198

PROPERTY


Yr Blt/Renov: 1996

RBA: 4,848 SF

Stories: 1


Vacancy At S… 0%

Parking: 40: 8.25/1,000 SFSALE TERMS

Financing: 1st Mortgage: Synov…

CONTACTS

Buyer: Montecito Medical Real…

Seller: Eagles Landing Family…




Page 75




3 501 Walnut Way - Davita DialysisDistance to Subject Property: 13.6 Miles

SALE



Time On Mar… 200 Days

Sale Price: $3,287,803

Price/SF: $464

Cap Rate: 5.7%

PROPERTY


Yr Blt/Renov: 2019

RBA: 7,082 SF

Stories: 1


Vacancy At S… 0%

Parking: 27: 3.81/1,000 SF

SALE TERMS

Financing: Unknown Bal/Pmt: $… CONTACTS

Seller: Marie & Sarah R Prosper

Listing Broker: Stan Johnson Compan…

4 125 Eagles Pointe Pky - Eagles Pointe Professional CenterDistance to Subject Property: 11.5 Miles

PROPERTY


Yr Blt/Renov: 1998

RBA: 15,785 SF

Stories: 2


Vacancy At S… 0%

Parking: 120: 7.60/1,000 SF

SALE




Price/SF: $152

Cap Rate: 8.4%

CONTACTS

Buyer: Highgate Partners

Seller: Kathy Patricia Bainbridge

Buyer Broker: Highgate Partners - An…

SALE TERMS

Financing: Unknown: First Caro…

TRANSACTION NOTES

On 6/12/20 Henry County Dental Partners, LLC sold the 15,227 square foot office building to Highgate Partners for $2,400,000 or approximately $158per square foot. Henry County Dental Partners, LLC didn't use a broker for this transaction and Andrew Murphy represented himself as the buyer.

The subject property is located at 125 Eagles Point Pky, Stockbridge, GA 30281. Built in 1996, this class B office building sits on 2 acres of C2 zonedland. This deal was financed with a down payment of $96,000 and the property has a cap rate of 8.4%.

Details of this transaction were confirmed with the buyer and information was verified from public record documents from Henry County.




Page 76




5 800 Doug Davis DrDistance to Subject Property: 9.2 Miles

PROPERTY


Yr Blt/Renov: 1984

RBA: 5,000 SF

Stories: 1


Vacancy At S… 0%

Parking: 45: 9.00/1,000 SF

SALE





Price/SF: $300

CONTACTS

Buyer: Pit Boss BBQ

Seller: Mad Tom, LLC

SALE TERMS

Financing: Unknown: Seller Bal…

TRANSACTION NOTES

On April 30th, 2020 the 5,000 square foot Office property located at 800 Doug Davis Drive in Altanta, GA sold for $1,500,000, or $300 per square foot,to Wade McSwain. The C class property was delivered in 1984 and occupies a 1.28 acre lot, and was listed on the market for a little over ninemonths.

The transaction is being financed by the seller, with a 10% down payment from the buyer.

The information in this report was confirmed by parties on both sides of the deal. If any more information becomes available this report will beupdated.




Page 77



6 101 Eagles Pointe PkyDistance to Subject Property: 11.5 Miles

PROPERTY


Yr Blt/Renov: 1996

RBA: 10,000 SF

Stories: 3


Vacancy At S… 0%

Parking: 20: 3.76/1,000 SF

SALE


Sale Date: 10/23/2019


Price/SF: $120

CONTACTS

Buyer: Park Hospitality Group

Seller: Rod G Meadows

Buyer Broker: Commercial Realty Ass…

SALE TERMS

Sale Conditio… Sale Leaseback

Financing: 1st Mortgage: Corne…

TRANSACTION NOTES

On 10/23/19, the office building sold for $1,200,000 or approximately $120 per SF.

The subject property is a 10,000, two-story, multi-tenant building that is located at 101 Eagles Pointe Pky, Stockbridge, GA 30281. The building sits ona 2-acre lot. It was constructed in 1996 in the South Clayton/ Henry County submarket.

This was an investment. However, previous owner/seller will remain in two of the three floors of the building in a sale leaseback arrangement. Thenew owner will occupy the bottom floor.

According to public record, the buyer did receive a loan in the amount of $825,000 to go towards the purchase from Cornerstone CommercialMortgages. The down payment was $375,000.

The motive of the buyer to purchase the building was to get additional parking space for hotel he owns that is adjacent to the property in order to meetcode requirements.

The information for this sales comparable was verified through public record documents from Henry County, seller, buyer, and buyer broker.




Page 78



7 115-131 N Park TrlDistance to Subject Property: 11.1 Miles

PROPERTY


Yr Blt/Renov: 2000

RBA: 14,000 SF

Stories: 2


Vacancy At S… 40.7%

Parking: 55: 3.93/1,000 SF

SALE




Price/SF: $166

Cap Rate: 7.0%

CONTACTS

Buyer: CapKey Real Estate Ad…

Seller: Eric Nathan

Listing Broker: Highgate Partners - An…

SALE TERMS

Financing: 1st Mortgage: Bryan…

TRANSACTION NOTES

On September 9th, 2019, the 14,000 square foot Class C Office Building at 115-131 North Park Trail in Stockbridge, Georgia, was sold for $2,330,000or $166.43 per square foot. With construction being completed in 2000, the building was bought originally with 35% leased and was sold at 90%leased. Zoned C3, the property sits on a 1.13 parcel or 49,223 square feet.

The transaction was in escrow for 45 days.

The list details of the comp above were verified with the seller party.




Page 79



8 10 Eastbrook BndDistance to Subject Property: 11.4 Miles

PROPERTY


Yr Blt/Renov: 1986

RBA: 5,860 SF

Stories: 1


Vacancy At S… 0%

Parking: 35: 7.95/1,000 SF

SALE


Sale Date: 9/3/2019


Price/SF: $375

CONTACTS

Buyer: Prosper Holdings LLC

Seller: SG Property Services,…

SALE TERMS

Financing: Unknown: First Citiz…

TRANSACTION NOTES

On 9/3/2019, WM Oak Hill Park Holdings, LLC sold the class B office building in Peachtree City, GA to Eastbrook Bend LLC for $2,200,200 or$375.43 per square foot. There were no brokers involved in this transaction.

The subject property is a 5,860 office building located at 10 Eastbrook Bend in Peachtree City, GA 30269. The building sits on a .65-acre lot. It wasconstructed in 1986 in the Fayette/Coweta County Submarket.

First Citizens Bank & Trust provided the buyer with a $ 1,430,000 loan towards the purchase. The down payment on the property was $770,000.

The Buyer confirmed the detail of this transaction.




Page 80



9 450 Lanier Ave WDistance to Subject Property: 5.9 Miles

PROPERTY


Yr Blt/Renov: 2000

RBA: 10,800 SF

Stories: 1


Vacancy At S… 0%

Parking: 30: 2.53/1,000 SF

SALE




Price/SF: $162

CONTACTS

Buyer: James Thomas and Lin…

Seller: Vanecek Bearden, LLC

SALE TERMS

Sale Conditio… Purchase By Tenant

Financing: Unknown: Private L…

TRANSACTION NOTES

On 8/29/19, the office building sold for $1,750,000 or approximately $162.04 per SF. There were no broker involved in the deal.

The subject property is a 10,800 SF, one-story building located at 450 Lanier Ave W, Fayetteville, Ga 30214. The building sits on a 1.91-acre lot. Itwas constructed in 2000 in the Fayette/Coweta County submarket.

This was an owner/user sale as well as an off-market deal. The building was purchased by the current tenant who owns a medical practice. Accordingto public record documents, the buyer was provided a $1,700,000 loan towards the purchase from a private lender. The down payment was $50,000.

The seller's motivation was that the tenant wanted to buy the building and so he decided to sell.

The information for this comparable was verified through public documents from Fayette County, the buyer, and the seller.




Page 81



10 2669 Church St - Davita DialysisDistance to Subject Property: 11.0 Miles

PROPERTY


Yr Blt/Renov: 1954; Renov 1980

RBA: 10,560 SF

Stories: 1


Vacancy At S… 0%

Parking: 88: 7.82/1,000 SF

SALE


Sale Date: 7/2/2019


Price/SF: $238

CONTACTS

Buyer: Platform Ventures

Seller: Elliott Bay Capital Trust…

SALE TERMS

Sale Conditio… 1031 Exchange, Bul…

Financing: 1st Mortgage: Capit…

TRANSACTION NOTES

Platform Ventures acquired nine medical office properties throughout Delaware, Georgia, Idaho, Washington, Virginia and West Virginia from ElliottBay Capital Trust LLC on July 2, 2019 for $25,103,000, approximately $229.38 per square foot. The sale price reflects eight of the nine buildings. Asale price for the Idaho property was not provided in public records.

Capital One financed $15,950,000 for the buyer. Details on the loan are attached to the report.

The properties included in the portfolio are listed below:9111 Antique Aly, Bridgeville, DE1032 Bateman Dr, Social Circle, GA3620 Martin Luther King Jr Dr SW, Atlanta, GA2669 Church St, East Point, GA2494 Second St, Macon, GA582 Pole Line Rd, Twin Falls, ID400 McClanahan St, Roanoke, VA6825 Burden Blvd, Pasco, WA31 Landing Ln, Fairmont, WV

The medical office buildings were fully leased by three dialysis business: DaVita, Fresenius and U.S. Renal Care. The breakdown of the incomestream was not confirmed. The seller will be retained to perform asset and property management services for the portfolio.

Representation for both parties was not confirmed.

The seller was unwilling to confirm details on the deal. Information regarding the transaction was provided by public records and a press releaseissued by the buyer.




Page 82



11 235 Corporate Center DrDistance to Subject Property: 11.9 Miles

PROPERTY


Yr Blt/Renov: 1998

RBA: 9,133 SF

Stories: 2


Vacancy At S… 0%

Parking: 30: 7.50/1,000 SF

SALE





Price/SF: $108

Cap Rate: 8.0%

CONTACTS

Buyer: Niteshkumar M Patel

Seller: John Hardy Jones

Buyer Broker: Franks & White LLC - R…

Listing Broker: Franks & White LLC - M…

SALE TERMS

Financing: 1st Mortgage Bal/P…

TRANSACTION NOTES

On 6/14/2019, the 9,133 SF office building at 235 Corporate Center Dr, Stockbridge, GA was sold for $990,000 or approximately $108 price per SF.The Class C building built in 1998 is located in Henry County within the Corporate Center at Eagles Landing. The building is in the heart of a 70 acremaster planned business community with easy access to I75, I675 and I285. The building is one story over a full basement, with groundlevel entry forboth floors and overlooks the golf course at Eagle’s Landing Country Club. The lower level faces the Eagle Landing golf course with three entrancesand dividable suites.The building sits on .97 acres and parking is 7.51/1,000 SF.

The property was on the market for approximately 3 months, with an initial asking price of $1,030,000. There were no notable sales conditionsimpacting the sale. The property was 100% occupied at the time of sale and yielded 8% CAP rate.

The seller was motivated to divest the property because of current favorable market conditions. The buyer was attracted to the property because theyalready owned a building in the office park and wanted to expand their footprint.

The listing broker and selling broker confirmed the details of this comparable.




Page 83



12 2540 Flat Shoals Rd - DaVita DialysisDistance to Subject Property: 5.2 Miles

PROPERTY


Yr Blt/Renov: 2013

RBA: 6,800 SF

Stories: 1


Vacancy At S… 0%

Parking: 0.00/1,000 SF

SALE


Sale Date: 3/5/2019



Price/SF: $277

Cap Rate: 6.3%

CONTACTS

Buyer: Vault Equity Partners

Seller: Uma Kumar

Buyer Broker: Matthews Real Estate I…

Listing Broker: Matthews Real Estate I…

SALE TERMS

Sale Conditio… Investment Triple Net

Financing: 1st Mortgage: Capst…

TRANSACTION NOTES

On 3.5.2019 a 6,800 sf Class C Medical building located at 2540 Flat Shoals road in Atlanta, GA sold for $1,883,450.At the time of the sale building had a cap rate of about 6%.

The above information was confirmed by sources deemed reliable.

13 1071 Jodeco RdDistance to Subject Property: 10.3 Miles

PROPERTY


Yr Blt/Renov: 1996

RBA: 12,309 SF

Vacancy At S… 9.7%

SALE


Sale Date: 12/14/2018


Price/SF: $141

Cap Rate: 6.0%

CONTACTS

Buyer: Branvex Management L…

Seller: Quilla Inc

SALE TERMS

Financing: 2nd Mortgage: First…

TRANSACTION NOTES

On December the 14th of 2018, a property located at 1071 Jodeco Rd in Stockbridge, Ga sold for $1,735,000. The property is a day care called theIvywood Academy and has a total of 12,309 square feet. There was a 6% cap rate at the time of sale and was sold as an investment.




Page 84




14 270 Village Center PkyDistance to Subject Property: 11.6 Miles

PROPERTY


Yr Blt/Renov: 2017

RBA: 7,276 SF

Vacancy At S… 0%

SALE




Price/SF: $550

CONTACTS

Buyer: AEI Capital Corporation…

Seller: DaVita Inc., DaVita Kidn…

-

15 917 Jonesboro Rd - 917 Jonesboro RoadDistance to Subject Property: 14.4 Miles

SALE




Price/SF: $137

PROPERTY


Yr Blt/Renov: 1972

RBA: 6,198 SF

Stories: 2


Vacancy At S… 28.2%SALE TERMS

Financing: Unknown: Heritage…

CONTACTS

Buyer: Elevated Holdings, LLC

Seller: Phillip T Corbin, Wieder…




Page 85



Sales Volume8455 Highway 85 - Building 100

SOUTH CLAYTON/HENRY CNTY SUBMARKET SALES VOLUME IN SQUARE FEET

SOUTH ATLANTA SUBMARKET CLUSTER SALES VOLUME IN SQUARE FEET

ATLANTA METRO SALES VOLUME IN SQUARE FEET




Page 86

Sales Pricing8455 Highway 85 - Building 100

NATIONAL PRICE INDICES

REGIONAL OFFICE PRICE INDICES




Page 87

Sales Pricing8455 Highway 85 - Building 100

MARKET PRICE PER SF

UNITED STATES OFFICE PRICE PER SF IN PAST YEAR ATLANTA OFFICE PRICE PER SF IN PAST YEAR

PRICE PER SF SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

$7,273United States 19,134 $0.07 $43 $126 $246 $433

$2,449Atlanta 633 $5.58 $61 $120 $158 $350

$527South Atlanta 84 $11 $44 $103 $147 $232

$198South Clayton/Henry Cnty 16 $28 $46 $114 $118 $168

$464Selected Sale Comps 7 $108 $114 $166 $193 $382




Page 88

Cap Rates8455 Highway 85 - Building 100

MARKET CAP RATE

UNITED STATES OFFICE CAP RATES IN PAST YEAR ATLANTA OFFICE CAP RATES IN PAST YEAR

CAP RATE SUMMARY OF SALES IN PAST YEAR

Geography HighTop 25%AverageMedianBottom 25%LowTransactions

22.5%United States 2,110 1.8% 5.3% 7.4% 7.6% 10.2%

13.1%Atlanta 71 4.0% 5.9% 8.0% 8.0% 10.5%

13.0%South Atlanta 12 5.7% 6.3% 8.5% 8.5% 10.8%

9.0%South Clayton/Henry Cnty 4 7.0% 7.0% 8.5% 8.2% 9.0%

8.4%Selected Sale Comps 3 5.7% N/A 7.0% 7.0% N/A




Page 89

Buyers8455 Highway 85 - Building 100

TOP ATLANTA OFFICE BUYERS PAST TWO YEARS

Purchased at least one asset in South Clayton/Henry Cnty submarket

Properties Bought

Company Name Bldgs VolumeSF

Properties Sold

SF BldgsVolume

Piedmont Office Realty Trust, Inc. 3 1,278,115 $315,143,848 1 134,052 $12,650,000

Starwood Capital Group 2 712,473 $227,500,000 4 199,237 $19,200,000

Banyan Street Capital 3 904,983 $205,000,000 5 1,182,152 $237,035,821

KKR & Co. L.P 1 631,808 $205,000,000 0 0 -

Prime US REIT 1 510,268 $176,500,000 0 0 -

The Simpson Organization 12 1,193,814 $167,355,000 12 369,859 $55,354,871

Ilmarinen Mutual Pension Insurance Company 1 439,671 $166,000,000 0 0 -

New York Life Insurance Company 1 439,671 $166,000,000 0 0 -

Northwood Investors LLC 1 318,446 $123,037,000 0 0 -

Farallon Capital Management, LLC 1 646,471 $119,500,000 0 0 -

Anchor Health Properties 8 264,968 $100,435,803 0 0 -

B Developments 6 801,985 $98,220,821 0 0 -

TerraCap Management, LLC 12 769,850 $97,276,561 9 445,753 $62,949,998

KBS Realty Advisors 3 417,728 $91,000,000 1 510,268 $176,500,000

Cousins Properties Incorporated 8 1,672,163 $88,421,664 0 0 -

WellStar Health System 2 222,197 $84,344,498 1 3,475 $551,115

MassMutual 1 287,000 $82,573,500 3 255,985 $44,000,000

Physicians Realty Trust 1 168,676 $82,100,000 0 0 -

The Blackstone Group L.P. 2 651,120 $80,803,212 3 384,837 $52,200,001

Lone Star Funds 1 342,854 $80,000,000 1 300,454 $58,000,000

Invesco Ltd. 2 215,982 $74,200,000 2 116,530 $10,300,000

Assurant Inc 1 256,000 $73,000,000 1 256,000 $73,000,000

Clarion Partners 2 166,253 $69,730,000 0 0 -

The Carlyle Group 4 156,462 $68,535,803 0 0 -

Noro Management 4 420,003 $66,750,000 3 273,391 $22,250,000

TYPES OF OFFICE ATLANTA BUYERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/SF

Average Purchase

SF

Buying Volume

Private 524 19,956,429 $144 $5,508,989$2.9

Institutional 101 8,423,176 $204 $17,014,855$1.7

REIT/Public 34 4,612,605 $177 $24,095,468$0.8

Private Equity 31 3,388,429 $200 $21,963,663$0.7

User 110 3,248,749 $155 $4,601,600$0.5

$0 $0.8 $1.6 $2.4 $3.2




Page 90

Sellers8455 Highway 85 - Building 100

TOP ATLANTA OFFICE SELLERS PAST TWO YEARS

Sold at least one asset in South Clayton/Henry Cnty submarket

Properties Sold

Company Name Bldgs VolumeSF

Properties Bought

SF BldgsVolume

TPA Group, LLC 25 1,736,072 $287,212,349 0 0 -

Crocker Partners, LLC 2 1,086,142 $285,500,000 2 487,520 $61,500,000

Banyan Street Capital 5 1,182,152 $237,035,821 3 904,983 $205,000,000

Oaktree Capital Management, L.P. 3 908,977 $237,035,821 0 0 -

Columbia Property Trust, Inc. 4 1,727,122 $227,500,000 1 82,398 $13,878,134

STRS OHIO CA REAL ESTATE 2 863,623 $221,746,198 0 0 -

KBS Realty Advisors 1 510,268 $176,500,000 3 417,728 $91,000,000

Siguler Guff & Company, LP. 1 439,671 $166,000,000 0 0 -

Carter USA 1 318,446 $123,037,000 0 0 -

PCCP LLC 1 318,446 $123,037,000 0 0 -

Investcorp Bank B.S.C. 1 646,471 $119,500,000 0 0 -

Childress Klein 1 414,492 $93,397,650 0 0 -

Stockbridge Capital Group LLC 9 622,797 $92,665,109 1 58,547 $23,800,000

The Brookdale Group 1 287,000 $82,573,500 0 0 -

Northside Hospital, Inc. 2 175,441 $82,100,000 1 36,000 $9,600,000

Norfolk Southern Corporation 1 385,589 $82,000,000 0 0 -

Teachers' Retirement System of the State o… 1 342,854 $80,000,000 0 0 -

Assurant Inc 1 256,000 $73,000,000 1 256,000 $73,000,000

Meadows & Ohly, LLC 1 171,891 $70,344,498 0 0 -

Federal Capital Partners 2 166,253 $69,730,000 0 0 -

Westbridge Partners 2 166,253 $69,730,000 0 0 -

Atlanta Decorative Arts Center 1 550,000 $67,500,000 0 0 -

TerraCap Management, LLC 9 445,753 $62,949,998 12 769,850 $97,276,561

Midtown West Associates, LLC 3 249,722 $62,153,899 0 0 -

Praelium Commercial Real Estate 4 334,503 $60,845,240 3 289,563 $58,210,790

TYPES OF OFFICE ATLANTA SELLERS PAST TWO YEARS

Company Type Bldgs Billions Avg PricePrice/SF

Average Sale

SF

Selling Volume

Private 619 20,770,466 $169 $5,681,654$3.5

Institutional 106 8,980,308 $194 $16,519,018$1.8

User 146 5,654,687 $157 $6,095,071$0.9

Private Equity 33 3,042,703 $155 $14,374,336$0.5

REIT/Public 29 2,900,331 $109 $10,980,588$0.3

$0 $0.9 $1.8 $2.7 $3.6




Page 91


PREPARED BY

Tony Tedesco

Qualifying Broker

Demographics


Demographic Overview8455 Highway 85

10,152 2.8 34 $46,750Population (1 mi) Avg. HH Size (1 mi) Avg. Age (1 mi) Med. HH Inc. (1 mi)

DEMOGRAPHIC RADIUS RINGS

DEMOGRAPHIC SUMMARY

5 Mile3 Mile1 MilePopulation

151,00459,55210,1522020 Population

162,32464,25910,9732025 Population

7.5%7.9%8.1%Pop Growth 2020-2025

3535342020 Average Age

Households

53,38020,7803,6042020 Households

57,30822,4023,8972025 Households

7.4%7.8%8.1%Household Growth 2020-2025

$48,779$53,603$46,750Median Household Income

2.82.82.8Average Household Size

222Average HH Vehicles

Housing

$128,305$115,045$94,875Median Home Value

198519851986Median Year Built




Page 93


PREPARED BY

Tony Tedesco

Qualifying Broker

Appendix


Historical Leasing Data8455 Highway 85 - Building 100

PEERS HISTORICAL LEASING DATA

Available Space Gross Direct Asking Rent

Quarter AvailabilitySF Vacancy Direct Net Absorption SFRent Growth Leasing SF

Demand

QTD 70.7% 49.4% $14.94 74.7% 4,350 1,550107,697

2020 Q2 69.9% 52.2% $8.55 -37.0% (2,800) 0106,468

2020 Q1 68.0% 50.4% $13.57 2.1% (7,703) 1,600103,668

2019 Q4 50.4% 45.3% $13.29 6.9% 1,483 076,765

2019 Q3 51.7% 46.3% $12.44 -13.9% 23,400 078,782

2019 Q2 66.7% 61.7% $14.44 9.6% (12,796) 0101,648

2019 Q1 57.7% 53.3% $13.18 0.0% (13,222) 1,35087,968

2018 Q4 53.5% 44.6% $13.18 0.9% (9,690) 4,20081,462

2018 Q3 70.6% 38.2% $13.06 1.6% (20,510) 1,250107,644

2018 Q2 53.6% 24.8% $12.85 7.0% 3,916 3,30381,634

2018 Q1 51.0% 27.3% $12.01 -17.0% 4,180 1,88077,683

2017 Q4 46.5% 30.1% $14.47 7.7% (4,310) 070,801

SOUTH CLAYTON/HENRY CNTY SUBMARKET HISTORICAL LEASING DATA



Demand

QTD 6.4% 5.1% $20.60 -0.9% 4,532 22,477300,249

2020 Q2 6.6% 5.1% $20.79 12.3% (2,507) 12,517310,590

2020 Q1 6.6% 5.0% $18.52 -0.5% 44,688 28,814307,397

2019 Q4 6.6% 6.0% $18.62 4.1% (9,058) 36,293310,040

2019 Q3 7.1% 5.8% $17.89 -1.6% (902) 21,883334,046

2019 Q2 7.3% 5.7% $18.18 -1.5% (2,832) 27,934342,879

2019 Q1 7.6% 5.7% $18.44 4.0% (12,247) 22,839353,971

2018 Q4 6.9% 5.4% $17.73 0.0% 27,450 18,817323,546

2018 Q3 6.4% 5.4% $17.74 0.1% 29,101 43,113300,902

2018 Q2 6.8% 6.0% $17.73 1.2% 7,536 166,478317,600

2018 Q1 11.6% 6.1% $17.52 -0.2% 22,909 28,650541,007

2017 Q4 12.1% 6.4% $17.56 -2.3% 17,137 35,800561,455




Page 95

Historical Leasing Data8455 Highway 85 - Building 100

SOUTH ATLANTA SUBMARKET CLUSTER HISTORICAL LEASING DATA



Demand

QTD 10.9% 8.9% $20.84 6.2% 2,417 109,8042,940,614

2020 Q2 10.5% 8.6% $19.63 2.0% 45,753 94,6132,822,913

2020 Q1 10.4% 8.6% $19.25 1.0% 99,894 229,2322,813,411

2019 Q4 10.9% 8.9% $19.06 2.7% 54,360 168,0662,934,581

2019 Q3 10.9% 9.0% $18.56 3.4% 82,995 215,4822,927,529

2019 Q2 11.0% 9.3% $17.94 -1.8% 149,189 206,2032,964,606

2019 Q1 11.6% 9.8% $18.28 2.0% 83,798 169,3993,105,349

2018 Q4 11.9% 10.0% $17.91 0.9% 38,559 179,3303,179,413

2018 Q3 11.5% 9.9% $17.75 0.3% 176,297 225,7913,069,202

2018 Q2 11.8% 10.5% $17.70 3.5% 12,225 338,2473,165,748

2018 Q1 12.6% 10.6% $17.10 1.8% 65,718 155,5933,374,502

2017 Q4 12.8% 10.5% $16.79 0.8% 46,504 250,7363,392,418

ATLANTA METRO HISTORICAL LEASING DATA



Demand

QTD 16.5% 12.1% $28.30 1.5% (845,631) 1,451,57653,968,547

2020 Q2 15.6% 11.8% $27.88 2.5% (36,476) 2,262,51450,990,294

2020 Q1 15.0% 11.6% $27.21 2.0% 1,754,151 3,014,96348,811,387

2019 Q4 14.5% 11.6% $26.66 2.3% 597,710 4,187,43747,220,245

2019 Q3 14.5% 11.7% $26.06 1.0% 434,580 3,997,79647,129,366

2019 Q2 15.2% 11.7% $25.81 3.8% 375,254 4,597,37749,514,103

2019 Q1 14.7% 11.7% $24.86 1.3% 332,370 4,865,30947,230,557

2018 Q4 14.7% 11.5% $24.55 1.7% 1,475,098 3,679,46847,118,888

2018 Q3 14.9% 11.7% $24.13 2.8% (114,609) 4,558,03747,543,471

2018 Q2 14.8% 11.6% $23.48 1.1% 436,568 4,414,09947,219,231

2018 Q1 14.8% 11.5% $23.22 2.6% 1,082,561 3,327,64046,979,071

2017 Q4 14.7% 11.7% $22.64 1.0% 402,686 4,900,34646,676,528




Page 96

Historical Construction Data8455 Highway 85 - Building 100

10 MILE RADIUS HISTORICAL CONSTRUCTION DATA

Bldgs Bldg SF Vacancy Bldgs Bldg SF Leased

Inventory Deliveries

Quarter

Under Construction

Bldg SFBldgs Preleased

QTD 14,248,553 10.6% 0 0 0.0%1,202 0 0 0.0%

2020 Q2 14,248,553 10.3% 1 48,000 0.0%1,202 0 0 0.0%

2020 Q1 14,200,553 10.1% 0 0 0.0%1,201 1 48,000 100%

2019 Q4 14,200,553 10.2% 0 0 0.0%1,201 1 48,000 100%

2019 Q3 14,200,553 10.2% 1 3,000 0.0%1,201 1 48,000 100%

2019 Q2 14,197,553 10.2% 0 0 0.0%1,200 2 51,000 100%

2019 Q1 14,197,553 11.2% 1 48,108 0.0%1,200 1 3,000 100%

2018 Q4 14,151,288 11.6% 0 0 0.0%1,200 2 51,108 5.9%

2018 Q3 14,155,666 11.7% 0 0 0.0%1,202 2 51,108 5.9%

2018 Q2 14,155,666 12.0% 0 0 0.0%1,202 1 48,108 0.0%

2018 Q1 14,155,666 11.9% 1 6,000 30.0%1,202 0 0 0.0%

2017 Q4 14,177,273 12.0% 1 30,195 0.0%1,204 1 6,000 100%

SOUTH CLAYTON/HENRY CNTY SUBMARKET HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 4,686,531 5.1% 1 5,000 0.0%614 0 0 0.0%

2020 Q2 4,681,531 5.1% 0 0 0.0%613 1 5,000 100%

2020 Q1 4,681,531 5.0% 0 0 0.0%613 1 5,000 100%

2019 Q4 4,681,531 6.0% 0 0 0.0%613 1 5,000 100%

2019 Q3 4,681,531 5.8% 0 0 0.0%613 1 5,000 100%

2019 Q2 4,681,531 5.7% 0 0 0.0%613 1 5,000 100%

2019 Q1 4,681,531 5.7% 0 0 0.0%613 1 5,000 100%

2018 Q4 4,681,531 5.4% 1 32,000 68.8%613 1 5,000 100%

2018 Q3 4,649,531 5.4% 0 0 0.0%612 2 37,000 78.4%

2018 Q2 4,649,531 6.0% 0 0 0.0%612 2 37,000 78.4%

2018 Q1 4,649,531 6.1% 2 11,000 56.4%612 1 32,000 75.0%

2017 Q4 4,638,531 6.4% 0 0 0.0%610 2 11,000 100%




Page 97

Historical Construction Data8455 Highway 85 - Building 100

SOUTH ATLANTA SUBMARKET CLUSTER HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 26,945,507 8.9% 4 104,500 96.7%2,771 2 35,000 21.4%

2020 Q2 26,841,007 8.6% 2 60,000 20.0%2,767 6 139,500 80.3%

2020 Q1 26,781,007 8.6% 0 0 0.0%2,765 8 199,500 86.2%

2019 Q4 26,781,007 8.9% 1 34,900 24.4%2,765 5 157,000 100%

2019 Q3 26,746,107 9.0% 3 18,620 94.8%2,764 4 167,900 79.2%

2019 Q2 26,727,487 9.3% 0 0 0.0%2,761 7 186,520 81.3%

2019 Q1 26,727,487 9.8% 1 48,108 0.0%2,761 5 58,520 51.6%

2018 Q4 26,681,222 10.0% 3 74,303 74.3%2,761 5 99,546 23.2%

2018 Q3 26,611,297 9.9% 0 0 0.0%2,760 7 138,949 53.0%

2018 Q2 26,612,289 10.5% 0 0 0.0%2,761 6 135,949 52.0%

2018 Q1 26,612,289 10.6% 5 91,282 70.6%2,761 3 74,303 76.9%

2017 Q4 26,579,614 10.9% 3 46,697 98.9%2,759 6 121,282 81.9%

ATLANTA METRO HISTORICAL CONSTRUCTION DATA



Quarter

Under Construction


QTD 320,495,359 12.1% 12 264,661 62.0%16,337 50 6,437,118 57.5%

2020 Q2 320,243,966 11.8% 12 536,724 36.1%16,327 58 6,453,129 61.2%

2020 Q1 319,737,380 11.7% 16 2,204,912 90.8%16,319 63 6,401,037 62.1%

2019 Q4 317,537,468 11.6% 8 420,241 35.2%16,305 61 8,226,806 70.8%

2019 Q3 317,347,173 11.7% 22 367,702 65.9%16,307 62 7,896,486 72.7%

2019 Q2 317,055,689 11.7% 14 311,881 91.9%16,292 72 8,031,316 72.7%

2019 Q1 316,849,960 11.8% 12 1,331,466 73.9%16,289 69 5,093,433 81.6%

2018 Q4 315,914,216 11.6% 13 766,518 96.0%16,298 62 5,600,179 88.0%

2018 Q3 315,201,372 11.7% 9 128,353 96.4%16,290 59 5,369,537 89.7%

2018 Q2 315,098,398 11.7% 15 937,496 83.7%16,283 51 4,511,533 89.2%

2018 Q1 314,473,790 11.6% 16 766,046 86.9%16,272 53 4,714,741 83.1%

2017 Q4 313,939,583 11.7% 13 907,053 55.8%16,266 56 4,660,765 87.6%




Page 98

Documents

8455 Highway 85 - Building 100 · 2020. 9. 12. · The presence of the well-connected Hartsfield-Jackson International Airport helps seal the deal for potential residents and companies,