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James R. Pearson Senior Director Commercial Real Estate 402.708.2829 James.pearson@prudentialambassador.com 13340 California St., Omaha, Nebraska 68154

Nebraska Native

Executive Summary

Property Investment SummaryProperty Investment Summary

Land to be rezoned Residential 1—4

Chandler & Sarpy Avenue

Bellevue, Nebraska

FOR SALE

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EXECUTIVE SUMMARY The purpose of this business plan is to lay out the process and facts regarding an unimproved piece of land containing

approximately 3.70 acres, presently platted into 22 lots (approx. 40x100) containing a total square footage of 161,172 square feet. of land. Legal Description: Lots 12— 17 including Block 12 and Lots 10—16 including Block 7 first Addition to Randolph Place Addition to South Omaha and 1/2 of vacated alley and adjacent lots 13 & 14, Bellevue Sarpy County, Nebraska. 68107 Lots 7—16 including Block 6 First addition to Randolph Place Addition to South Omaha and 1/2 of vacated alley, Bellevue, Sarpy County, Nebraska. 68107. Zoning: Presently zoned LI, Limited Industrial District. Discussions with the Planning Department of the City of Bellevue, indicates their desire to be residential 1-4. Immediate area surrounding subject property is single family. Restrictions placed on present zoning (LI Industrial), prohibit any Improvements under this zoning classification. Site Size: Each of the subject parcels are rectangular in shape and contain approximately 161,172 square

Site

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feet or 3.70 acres. Access to the site is planned from Sarpy Avenue.. Flood Plain: According to the National Flood Insurance Program, Flood Insurance Rate Map, the subject property is not located in a flood hazard area. Utilities: All utilities, including electricity, sanitary and storm sewer, water, natural gas, and telephone service are available for the subject property and the proposed building improvements. Site Plan:

Project Area:

The property is located west of 36th Street, (approximately one block) at Sarpy Avenue and Chandler Road Bellevue,

Nebraska (Sarpy County). The neighborhood boundaries ae delineated as Harrison Street to the North, Chandler and

Platted & Ready

to Go

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Giles Streets to the South, 36th Street to the West and 25th Street and Kennedy Freeway to the East.

The property is located in Sarpy County, in the US, state of Nebraska. As of 2000, the population was 122,595, with

43,426 households and 33,220 families in the county, making it the third largest most populous county in Nebraska. It is

also one of the state’s fastest growing counties with the 2010 census estimate placing its population at 171,575.

County seat is Papillion, one of the five Nebraska counties in the eight-county Omaha Council Bluffs Metropolitan

Statistical area. The county has a total area of 247 square miles of which 241 is land and 7 is water. In the county the

population was spread out with 31% under the age of 18; 9.4% from 18 – 24; 34% from 25 – 44; 20% from 45 – 64; and

6.6% who were 65 and older, with the median age of 32 years. The median income for a household in the county was

$53,804, and the median income for family was $59,723.

The county population is spread out with 31% under the age of 18; 8.2% from 18 – 24; 30% from 25– 44; 22% from 45 –

64; and 8% over 65. Median age is 34 years. The median income for a household in the city was $72,136. The median

income for a family was $80,923., as of a 2007 estimate.

The County is served by Midlands Regional Hospital, along with the new regional facility in Bellevue, and public Police

and Fire Protection. Along with the expansion of population, Sarpy County is experiencing the fastest growing school

systems in Nebraska. (Two high schools, two junior highs, and six public elementary schools). School district has over

8,000 students.

Recent additions to the community include new commercial developments vying for valuable land within the

Counties zoning jurisdiction. The Shoppes at Market Pointe and Shadow Lake Towne Center have both made

Papillion their home.

Market Pointe opened in October 2006 and is home to Wal-Mart Super Center, Kohl’s Department Store,

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Lowe’s Home Improvement Store, Panera Bread, GameStop and Wells Fargo Bank. Market Pointe, is north of

our site (72nd & Harrison), approximately 1.5 miles. Occupancy appears to be in the upper 90 percent, some out

lots remain and are priced at $13.5 up.

Shadow Lake Towne Center, an upscale pedestrian-oriented lifestyle center, opened in May 2007. Some of the

stores currently in the shopping center are Old Navy, JCPenney, Famous Footwear, Bath & Body Works, Bed

Bath & Beyond, Complete Nutrition, Kay Jewelers and Sally Beauty Supply. Restaurants include Texas

Roadhouse, Tropical Smoothie Café and Wheatfield's. Shadow Lake is continually growing and expanding.

Shadow Lake is approximately 1.5 Miles to the South at 72nd & Highway 370.

Studies have shown Market Pointe and Shadow Lake has driven shoppers from downtown and West Omaha to

Sarpy County.

Shadow Lake Mall contains in excess of 871,000 square feet with at present exceeds 95% occupancy, with rents

in the small box spaces ranging from $12.5 - $22.00 per square foot net. Additional out lots are available with

asking prices of $13.5 to 21.00 per square foot. Most recently in phase 3, plans have been approved for 252

luxury apartments, and two office buildings. Given the diversity of the tenant mix, ease of access from 72nd and

Hwy 370, exposure and layout all the shops at Shadow Lake share and will continue with the success of this

Mall.

The subject property as mentioned has 22 platted lots (Lots 10-16 sold together with lots 12-17 and 7-15). The

site is level to street grade, perfect site for villas, single family homes or multi family units. Beautiful site, level

to street grade, heavily treed located just North of Chandler and Sarpy Ave (25th Ave) in Bellevue.

Site

Cornhusker

HWY 370

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Several meetings have been held with the Planning Department of Bellevue, Ownership and Olsson's & Associates,

regarding the useage of the acreage. The Planning Department will not support the LI Industrial Zoning. Residential lies

to the east , west and north of the site. The below conceptual site plan was presented and obtained support of the

Planning Department. They will not require the streets to be joined and will cooperate with street right of way and

drainage system.

Initial plan was to erect 8 buildings containing a total of 28 units, comprised of 14 two bedroom units (1,100 sf) and 14

one bedroom den units (1,000 square feet). The initial number was a estimate , site cfan be rearranged to include more

units.

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SUMMARY OF SALIENT FACTS AND

CONCLUSIONS

PROPERTY LOCATION Lake-

view Site Intersection of Chandler and Sarpy Avenue, Bellevue, Nebraska

LAND AREA Approximately 3.7 Acres

GROSS BUILDING

AREAS: 28 units - 14 One Bedroom plus Dens; 14 - Two Bedroom

APARTMENT UNITS:

Apartments Buildings 30,800 square feet, situated in eight buildings,

ZONING DESIGNA-

TION Rezone required from LI Light Industrial to Residential 1 - 4

CONCLUSIONS

Based on the findings set out in this report, the subject identified land of approximately 3.70 Acres, to be rezoned for Residential 1-4. Site is compatible for development of a multifamily community. The buildings and other improvements are hypothetical, based on feasibility and marketability of the proposed project.

Please see economiocs as attached.