U.S. IndUStrIal MarketvIewteam porterq1 2014

net absorption44.8 MSF

EXECUT IVE SUMMARY

Growing at a seasonally-adjusted

annualized rate of 0.1%, U.S.

economic growth slowed during Q1

2014, as a harsh winter and reduced

export demand slowed business

investment a trend we do not expect

to continue through the remainder of

2014.

Mismatch of supply and demand

continued to drive availability down

in most markets; the U.S. industrial

availability rate marked its 14th

consecutive quarterly decrease, with

a quarter-over-quarter drop of 20

basis points to 11.1%.

New supply remained historically low

during Q1 2014 - more than half of

all national industrial construction

occurred in only five markets.

Large warehouse space enjoys

significant pricing power that has

allowed its rent levels to keep pace

with smaller space, despite a much

higher peak availability and rate of

completions.

IndUSTR IAl nnn ASk Ing RATE

East Region

Philadelphia $3.86

New Jersey Northern $5.88

New Jersey Central $4.86

Baltimore $5.98

Boston $6.82

West Region

Los Angeles Metro $7.32

Inand Empire $4.56

Phoenix $6.60

Seattle $6.89

Orange County $8.04

MARkET STAT IST ICS

Top 10 Ind. Markets by Size (% Available)

1. Chicago 8.2%

2. Los Angeles 6.3%

3. Dallas/Ft. Worth 10.9%

4. Atlanta 14.6%

5. Detroit 11.6%

6. Houston 8.1%

7. Philadelphia 10.7%

8. Inland Empire 7.8%

9. N.J. Northern 9.1%

10. N.J. Central 10.2%

Top 5 Most Active Ind. Markets

1. Atlanta

2. Cincinnati

3. Kansas City

4. Palm Beach

5. Detroit & Miami

Top 5 Busiest U.S. Ports

1. Los Angeles/Long Beach

2. New York

3. Savannah

4. Seattle

5. Norfolk

Top 5 Most Unionized States

1. New York 25.8%

2. Alaska 24.5%

3. Hawaii 23.6%

4. Washington 19.7%

5. Rhode Island 17.8%

Top 5 Least Unionized States

1. Arkansas 4.1%

2. Mississippi 4.2%

3. South Carolina 4.7%

4. North Carolina 4.8%

5. Utah 5.4%

Source: CBRE Research

Source: U.S. Bureau of Labor Statistics

Source: CBRE Research

FOR MOREInFORMATIOnPlEASE COnTACT

John Porter

Executive Vice President

CBRE Energy | Infrastructure

404.229.4852

john.porter@cbre.com

Midwest Region

Chicago $4.39

Detroit $4.55

Minneapolis/St. Paul $5.40

Cleveland $4.51

Cincinnati $3.82

South Region

Dallas/Ft. Worth $4.03

Atlanta $3.49

Houston $5.73

Memphis $2.67

Nashville $3.85

availability rate11.1%

lease rate$5.29 PSF

construction completion24.7 MSF

P a g e 2

overview

The Porter team has more than 25 years of corporate real estate

experience and a strong track record of success in multiple markets in the

U.S., Canada and Mexico. The team has completed more than 100M

SF of transactions and developed more than 2,000 acres of land for an

aggregate value of $1B.

tracK recorD

As strategic advisors and transaction managers for corporations, the

Porter Team has a strong track record of success in the execution of

corporate real estate assignments. The team is an industry leader

in process, providing strategy and execution for small and complex

transactions.

Recent assignments include portfolio management, leasing assignments,

corporate disposition and customized build-to-suit. Extensive underwriting

and market due diligence are the cornerstone of the execution process

with documented results. Processes include detailed market information,

financial analysis, bidding, negotiations and project management.

services

Leasing

Acquisitions

Dispositions

Build-to-suit

Sale / Leaseback

Portfolio Overview / Strategy

CRE Cost vs. Market Analysis

Lease Administration / Audit

representative clients

P a g e 3

John porterexecutive vice presiDent

JohnPorter is a top producer and industry leader with CBRE, a global

Fortune 500 company. He has 23 years of experience with the company

and currently is the head of CBRE Energy | Infrastructure, focused on the

development of energy and supporting infrastructure. In a prior assignment,

Porter formed and led CBREs industry-leading Global Supply Chain Group.

Porter and his team have grown from their corporate real estate background,

completing more than 100 million square feet of projects in the top markets

throughout North America. His team exhibits a strong track record of success

executing major projects for the worlds top companies and investors.

Porter leads CBRE Energy | Infrastructures expansion into the market

with a focus on upstream, midstream, downstream, power generation

and supporting infrastructure in top global markets. His expertise includes

strategy, advisory, development, capital markets and operations.

Current assignments include CRE build to suit/consolidation projects,

upstream, midstream and downstream portfolio development, solar

generation development and redevelopment of power plant assets.

achievements

CBRE Top Industrial Producer

Colbert Coldwell Circle, CBRE

Co-Chairman, Porter Foundation

eDucation & creDentials

M.B.A., University of Southern California

B.S., Management, Georgia Tech

Scholarship Athlete, 3 Year Football Letterman

4 0 4 . 2 2 9 . 4 8 5 2

j o h n . p o r t e r @ c b r e . c o m

P a g e 4

corporate real estate representative client list

lEASE ACQUISITIOnGeneral Electric City Of Industry, CA USA 1,300,000 SF

Kuehne + Nagel Cuautitlan Izcalli, Tepotztlan Mexico 940,762 SF

PepsiCo Atlanta, GA USA 911,420 SF

Mercedes-Benz Tuscaloosa, AL USA 902,800 SF

BMW Lower Nazareth Township, PA USA 870,000 SF

Kuehne + Nagel Southaven, MS USA 866,064 SF

Kuehne + Nagel Ontario, CA USA 766,235 SF

General Electric Atlanta, GA USA 725,000 SF

Harmony Logistics Pickering, Ontario Canada 714,096 SF

Musician's Friend Kansas City, MO USA 702,000 SF

Kuehne + Nagel Memphis, TN USA 550,000 SF

CDW Logistics North Las Vegas, NV USA 513,240 SF

Standard / UTI Grand Prairie, TX USA 507,984 SF

Kuehne + Nagel Rialto, CA USA 493,875 SF

Kuehne + Nagel Cuautitlan Izcalli, Tepotztlan Mexico 481,320 SF

Kuehne + Nagel Cranbury, NJ USA 443,803 SF

Kuehne + Nagel McDonough, GA USA 440,000 SF

Kuehne + Nagel Rialto, CA USA 436,650 SF

APL Logistics Shreveport, LA USA 420,260 SF

Payless ShoeSource San Bernardino, CA USA 414,382 SF

APL Logistics City Of Industry, CA USA 400,000 SF

ServiceCraft Logistics Grand Prairie, TX USA 377,070 SF

Circuit Logistics Hamilton, Ontario Canada 349,700 SF

Kuehne + Nagel Stockbridge, GA USA 335,087 SF

Kuehne + Nagel Stockbridge, GA USA 332,392 SF

Kuehne + Nagel Stockbridge, GA USA 329,957 SF

BMW Redlands, CA USA 326,509 SF

C&H Milwaukee, WI USA 316,548 SF

Subaru Douglasville, GA USA 306,772 SF

BMW Minooka, IL USA 306,240 SF

Harman International Union City, GA USA 305,000 SF

Kuehne + Nagel Durham, NC USA 303,241 SF

Kuehne + Nagel McDonough, GA USA 302,500 SF

Kuehne + Nagel Rancho Cucamonga, CA USA 296,250 SF

APL Logistics Atlanta, GA USA 296,000 SF

Kuehne + Nagel Clayton, NC USA 293,964 SF

MotoSport Inc. Southhaven, MS USA 291,672 SF

BMW Lancaster, TX USA 282,349 sf

Kuehne + Nagel Stockbridge, GA USA 277,517 SF

Kuehne + Nagel Rancho Cucamonga, CA USA 276,608 SF

Kuehne + Nagel Stockbridge, GA USA 275,333 SF

APL Logistics Phoenix , AZ USA 263,169 SF

Kuehne + Nagel City Of Industry, CA USA 260,911 SF

BMW Stockton, CA USA 250,000 SF

Kuehne + Nagel Garland, TX USA 250,000 SF

Kuehne + Nagel Naugatuck, CT USA 247,500 SF

Kuehne + Nagel Sheffield Village, OH USA 243,000 SF

Standard / UTI Elizabeth, NJ USA 233,283 SF

BMW New York City, NY USA 227,782 SF

Kuehne + Nagel Memphis, TN USA 225,000 SF

DHL College Park, GA USA 219,780 SF

Kuehne + Nagel Louisville, KY USA 216,000 SF

Kuehne + Nagel East Point, GA USA 211,010 SF

Kuehne + Nagel Carlisle, PA USA 208,000 SF

Kuehne + Nagel McCarran, NV USA 208,000 SF

Kuehne + Nagel Houston, TX USA 160,000 SF

Kuehne + Nagel Durham, NC USA 155,420 SF

Kuehne + Nagel Zapopa, Jalisco Mexico 131,126 SF

Great Lakes Chemical Corporation Pickering, Ontario Canada 125,000 SF

Tracker Logistics Nisku, Alberta Canada 108,000 SF

Industriaplex Atlanta, GA USA 103,892 SF

Connect Logistics Edmonton, Alberta Canada 95,716 SF

lEASE dISPOSITIOnSumitomo Corporation Carson, CA USA 338,274 SF

Kuehne + Nagel Lewisville, TX USA 267,902 SF

Lights, Camera, Interaction, Inc Stockton, CA USA 209,560 SF

Standard / UTI Ontario, CA USA 195,778 SF

Kuehne + Nagel Tracy, CA USA 178,750 SF

Kuehne + Nagel Fontana, CA USA 157,008 SF

Kuehne + Nagel Davenport, FL USA 140,661 SF

SAlEMusician's Friend Kansas City, MO USA 702,000 SF

Kuehne + Nagel Iztapalapa, Mexico City Mexico 290,324 SF

Kent Enterprises Acworth, GA USA 30,000 SF

BMW Oakridge North, TX USA 13,741 SF

PURCHASETracker Logistics Edmonton, Alberta Canada 160 Acres

Panattoni Development Kansas City, MO USA 70 Acres

REI Bedford Township, PA USA 43.94 Acres

Belk Jackson, MS USA 31.15 Acres

Medline Industries Douglasville, GA USA 448,312 SF

Ole Mexican Foods Norcross, GA USA 360,460 SF

PROJECT FInAnCEPerry Uniontown Ventures I, LLC Uniontown, AL USA 1,325 Acres

Troy Hydro San Rafael, Nayarit Mexico 28.8 MW