1 denholtz associates

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1 1 denholtz associates

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3 ission For over 60 years Denholtz Associates has built a reputation for integrity, innovation, and commitment. Our goal is to provide our employees and tenants with a superior work environment to flourish and grow and to maximize value for our partners and investors. 3 denholtz associates

4 verview 1Privately held, vertically integrated real estate development/operating/ investment company 2Headquartered in Matawan, NJ with offices in Chicago, Tampa and West Palm Beach 3Multistate office/flex/ industrial/multifamily portfolio consisting of 5 million square feet 4Value-add platform targeting underperforming assets in prime locations 5Focus on risk reduction through multitenancy, intensive management, and industry/geographic diversification

5 Denholtz Associates Timeline s Jack Denholtz starts company. Construction of single family homes, townhouses, low and moderate income, government assisted housing in NJ s Expansion projects including urban renewal, commercial and industrial development. Pioneer of modular industrial buildings serving users of small distribution or service space s Steven Denholtz assumes leadership and expands NJ portfolio Acquisition of 127 acre Lily Tulip factory site in Holmdel, NJ for $200 million redevelopment project. First Brownfields Redevelopment project in NJ $$ 2000 Renovation of 300,000 sf Class A office building in Jersey City, NJ. Winner of TOBY Renovated Office Building of the Year Partnership with Almanac Realty, an investment vehicle for $125 million in expansion capital Acquisition of 2.7 million sf portfolio from a publicly traded REIT denholtz associates 2011 Construction of new 42,500 sf corporate headquarters.

6 Capital Sources Our varied and extensive real estate investments have enabled us to affiliate with some of the nation s premier capital providers, including: GE Capital Corp. Genworth Life & Annuity Insurance Co. HSBC Fannie Mae M&T Bank Morgan Stanley Provident Bank Wells Fargo Almanac Realty Goldman Sachs Equity Partners Paradium Lincoln Insurance First Bank 6 denholtz associates

7 ur Team Steven J. Denholtz chief executive officer Steven Denholtz, Chief Executive Officer, has been with the Company since He is responsible for the strategic direction of the Company as well as its capital structure, supervision of all development opportunities, and spearheading of business development. Under his stewardship the Company has grown to more than 60 employees and doubled the square footage it owns and manages. Mr. Denholtz has served as a Board Member for the New Jersey Economic Development Authority, Treasurer and Board of Trustees Member of the New Jersey Chapter of the National Association of Industrial and Office Properties (NAIOP), Board Member of Meridian Health Affiliated Foundations, and is a member of the New Jersey Bar Association. He has a B.A. and M.A. from Northwestern University and a J.D. from the University of Pennsylvania Law School. Our extensive combined experience has created deep bonds, innate trust, and powerful results for our tenants and capital partners. Steven Denholtz 7 denholtz associates

8 ur Team Stephen Cassidy President Stephen Cassidy, President, joined the Company in He oversees the operations and finance functions of the Company s multistate portfolio from its headquarters in New Jersey. Mr. Cassidy, a licensed Certified Public Accountant, is a member of the New Jersey Society of CPAs, the American Institute of Certified Public Accountants, and the National Association of Industrial and Office Properties (NAIOP). He holds a B.S. and an M.S. from Rutgers University and is an Advisory Board Member of the Rutgers Business School Center for Real Estate. Kristine B. Hurlbut senior vice president of leasing Kristine Hurlbut, Senior Vice President of Leasing, has been with the Company since She is responsible for the leasing and marketing of the Company s national portfolio, overseeing the activities of third party brokers, and the implementation of all company-wide leasing procedures, including all leasing reporting. Ms. Hurlbut is an active member of the National Association of Industrial and Office Properties (NAIOP) as well as a Board Member of Industrial Commercial Real Estate Women (ICREW). She has been featured in articles in Real Estate New Jersey, Commercial Property News, and NJ Biz. Ms. Hurlbut has a B.S. from Kean University and an A.P.C. in Real Estate from New York University. 8 denholtz associates

9 ur Team JP Josephson Director of Florida Acquisitions JP Josephson is responsible for the sourcing, underwriting, and execution of prospective acquisitions for Denholtz Associates in Florida. He brings over 17 years of real estate experience in a wide variety of capacities. He has been directly involved in almost $1.5 billion of principal investment acquisitions, totaling over 7 million square feet of real estate while he was a partner at JBK Capital and SVP at Montecito Property Company. Additionally, he has extensive experience on the debt side, having successfully negotiated the modification of over $300 million of defaulted debt for clients, managed loan pools totaling over $2.5 billion while at LNR, and has been involved in over $5 billion of CMBS securitizations while at UBS. Mr. Josephson holds a B.S. from Washington and Lee University. Janet Kouvaras Director of finance Janet Kouvaras, Director of Finance, joined the Company in She is responsible for the day-to-day management of all aspects of financial matters for the Company. Ms. Kouvaras, a licensed Certified Public Accountant, is a member of the American Institute of Certified Public Accountants and earned a B.S. in Accounting from Pace University. 9 denholtz associates

10 ur Structure Steven Denholtz chief executive officer Property Management Regional Property Managers, Property Managers, On Site Management/Administration, Building Engineers and Porters, Management Support Stephen Cassidy president Accounting Director of Finance, Controller, Accounting Supervisor, Senior Property Accountant, Accounts Receivable, Accounts Payable, Property Accountants, Property Accounting Support Acquisitions/Financing Acquisitions Analyst, Project Analyst Leasing Senior VP of Leasing, Director of Leasing, Leasing Administrator, Tenant Relations Coordinator, Leasing Support Construction Project Manager, Construction/IT Legal Paralegal, Legal Support Administration Human Resources, Public Relations, Office Manager, Reception

11 ata Relevant Experience Pennsylvania New Jersey Office 150 Morristown Road Bernardsville Business Center at Edison Edison 270 Sylvan Avenue Englewood Cliffs Fairfield Business Center Fairfield 100 Commons Way holmdel Metropark South Matawan Metropark South II Matawan Oak Tree Business Center S. Plainfield Our Properties by State Illinois Florida Florida New Jersey Flex/Industrial Bridgewater Industrial Park Bridgewater Clark Commercial Center clark 1 Kimberly Road e. Brunswick 10 Alvin Court e. Brunswick Edgeboro Corp. Center E. Brunswick Fairfield Business Center Fairfield Essex Fairfield Campus fairfield 140 Ethel Road West Piscataway Brunswick Business Park Piscataway Northampton Business Park Toms River Residential Rahway Plaza Apartments Rahway Union Plaza Apartments Union City University Corporate New Jersey Fairfield Business Pinellas The Times 270 Sylvan Florida Office Pinellas Business Center The Times Building St. Petersburg tampa Flex/Industrial Flamingo Commerce Center Riviera Beach University Corp. Center Winter Park Flamingo Commerce Center 150 Morristown Union Plaza Clark Commercial Center Bridgewater Industrial Oak Tree Brunswick Business 140 Ethel 10 Alvin Metropark South Metropark South II Essex Fairfield Rahway Plaza Business Center Edgeboro Corporate 1 Kimberly 100 Commons Northampton Business

12 ata a unified approach TYPES STATES Office Flex./Ind. Residential NJ FL PA IL SF by Asset Type SF by Region 13% 3% 11% 54% 33% 19% 67% No. of Tenants by Asset Type No. of Tenants by Region 48% 24% 28% 9% 1% 8% 82% 12 denholtz associates

13 Company Services Profitability Through Operational Excellence Property Management Capital Markets Space Planning Acquisitions Leasing Property Management Asset Management Legal Hands-on management responsive to tenant needs, including on line Service Request Helpline. Asset Management State-of-the-art financial and property management systems maximize operational effectiveness and responsiveness. Legal In-house preparation and negotiation of lease documentation allows for efficient deal making and follow-through. Leasing In-house team focused on net effective rents and maximizing occupancy through market knowledge and efficient costing for tenant fit up. Acquisitions Full service multistate owner/ developer targeting underperforming assets in prime locations. Capital Markets Sophisticated execution of debt and equity structures. Space Planning In-house CAD allows for quick customization and pricing of tenant floor plans. 13 denholtz associates

14 nvestment Profiles Corporate Headquarters METROPARK SOUTH II, MATAWAN, NJ Opportunity Bankruptcy of Kara Homes halted construction of new headquarters building in early stages of construction Ideal site for relocation and expansion of Denholtz Associates headquarters Challenges Acquisition structured around Kara Homes bankruptcy Partially completed construction necessitated extensive re-engineering Redesign required to prepare Results Financing provided by local relationship bank Corporate offices relocated Building 100% leased before completion

15 Core Plus Challenges Negotiating deed-in-lieu from existing owner Obtaining acquisition loan from existing lender - NYSE mortgage REIT 50% vacant at acquisition 150 MORRISTOWN ROAD, BERNARDSVILLE, NJ Opportunity Acquire 56,000 sf multitenant office building from lender in foreclosure Prestigious submarket Modern, well designed building results 90% occupied Long-term fixed rate financing Stabilized cash flow allowing for partner distributions 15 denholtz associates

16 Multiuse Development Required extensive demolition and site work Complex political and entitlement process LILY TULIP REDEVELOPMENT, HOLMDEL, NJ Opportunity $8.2 million acquisition of defunct Lily Tulip industrial site in Holmdel, NJ 127 acres Existing 1,000,000 sf shuttered manufacturing facility Results Fully constructed multi-use development 158 senior housing units 44,000-square-foot office building 235,000 square feet of retail Public/private partnership First developer to apply for Brownfields approval in New Jersey $200 million created real estate value Challenges 64 areas of environmental concern Antiquated zoning 16 denholtz associates

17 Environmental Remediation/ Development HAMILTON AVE REDEVELOPMENT SITE, SOUTH PLAINFIELD, NJ Opportunity 29 acres in South Plainfield Formerly contaminated super fund industrial site remediated by EPA over 8 years Denholtz awarded redevelopment rights by the Borough of South Plainfield Challenges EPA has lien of $150 million on land Inadequate zoning Requires tri-party agreement with current landowner, EPA, and redeveloper Results Denholtz has obtained site plan approval for development of Phase I construction of 4 buildings - retail lease with WaWa - lease with STS - retail building - flex building Preliminary plans for Phase II of development include a combination of flex/industrial/retail buildings 17 denholtz associates

18 Urban Core Office 30 MONTGOMERY STREET, JERSEY CITY, NJ Opportunity Acquire 300,000 sf office building with structured parking on Jersey City s Gold Coast Challenges Existing ownership, UNA, facing financial difficulties Building in extreme disrepair All mechanical systems failing 50% occupied Results Purchase price of $19 million plus capital improvement projects of $8 million for all in cost of $27 million Sale at $52 million in four years TOBY award winner for Renovated Office Building of the Year Occupancy at 97% 18 denholtz associates

19 14 Cliffwood Avenue, Suite 200, Matawan, NJ Tel: