202 Red Mountain Storage...+1 602 770 4830 [email protected] American Allstar Realty 6642 E...

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202 Red Mountain Storage Mesa, Arizona Greg Valladao Managing Director Equity, Debt & Structured Finance +1 602 229 5907 [email protected] Presented by: Paul Whittle | Broker | MRED | MBA +1 602 770 4830 [email protected] American Allstar Realty 6642 E Baseline Rd, Suite 101 Mesa, Arizona 85206 JULY 2018

Transcript of 202 Red Mountain Storage...+1 602 770 4830 [email protected] American Allstar Realty 6642 E...

Page 1: 202 Red Mountain Storage...+1 602 770 4830 paul@findazhomes.net American Allstar Realty 6642 E Baseline Rd, Suite 101 Mesa, Arizona 85206 JULY 2018 202 RED MOUNTAIN STORAGE | MESA,

202 Red Mountain Storage Mesa, Arizona

Greg Valladao Managing Director Equity, Debt & Structured Finance +1 602 229 5907 [email protected]

Presented by:

Paul Whittle | Broker | MRED | MBA

+1 602 770 [email protected]

American Allstar Realty 6642 E Baseline Rd, Suite 101Mesa, Arizona 85206

JULY 2018

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STATEMENT OF CONFIDENTIALITY AND DISCLAIMER This is a confidential memorandum intended solely for your own limited use to determine whether you have an interest in purchasing Broadway Self-Storage (the “Property”). American Allstar Realty (the "Broker") has been exclusively retained to represent 202 Red Mountain Storage, LLC (the "Sponsor") in this dispostion effort. By your receipt of this confidential memorandum, you agree that this memorandum and the information contained herein, together with other additional information submitted to you, is of a confidential nature, and that you will hold and treat it in the strictest confidence, and that you will not, directly or indirectly, disclose or permit anyone else to disclose this memorandum or any part of the contents to any other person, firm or entity without prior authorization from Broker nor will you use or permit use of this memorandum or any part of the contents in any fashion or manner detrimental to or in conflict with the interest of the Sponsor. This confidential memorandum contains brief, selected information pertaining to the business and affairs of the Property and has been prepared by Broker primarily from information supplied by the Sponsor

and Brokers's own independent research from third party services. It does not purport to be all-inclusive or to contain all of the information which a prospective lender may desire. Neither the Sponsor nor Broker make any representation or warranty, expressed or implied, as to the accuracy or completeness of this confidential memorandum or any of its contents, or to the quality or fitness of the Property, and no legal liability is assumed or to be implied, by any of the aforementioned with respect thereto. This memorandum has been prepared solely for informational purposes to assist an interested buyers in determining whether to proceed with an in-depth investigation of the Property and evaluating the investment generally. This memorandum may contain non-public, material information and data of Sponsor (the “Confidential Information”) and may not be used for purposes other than evaluating this opportunity. Recipients shall limit access to the Confidential Information to only senior executives of the recipients, directors of recipients, employees of recipients assigned specifically to review and analyze the Confidential Information in connection with this transaction, and recipients’ attorneys, accountants, investment bankers and bankers, who reasonably require access to the Confidential Information (“Representatives”), but only to the extent that such people agree to keep this information confidential. Furthermore, this memorandum shall in no way be construed as creating any warranties or representations, expressed or implied, as to the Property generally, including the existence or non-existence, or nature of any hazardous or toxic substance in, under or on the Property. Any interested buyer is hereby advised to obtain his own assistance from professional consultants and/or an attorney with respect

to hazardous substances prior to deciding whether to pursue the purchase of the Property. You agree to be responsible for maintaining the confidentiality and misuse of this confidential memorandum by your Representatives. Any projections or forward-looking statements included in this confidential memorandum are based on assumptions and estimates developed by the Sponsor and/or Broker in good faith and the Sponsor believes such assumption and estimates to be reasonable as of the date of this confidential memorandum. Whether or not such projections or forward-looking statements are in fact achieved will depend upon future events some of which are not within the control of the Sponsor. Accordingly, actual results may vary from the projections and such variations may be material. The projections included in the evaluation material should not be regarded as a representation by the Sponsor or its management that the projected results will be achieved. The Sponsor and Broker expressly reserve the right at their sole discretion to reject any or all proposals or expressions of interest in the Properties and to terminate discussions with any party at any time with

or without notice. All arrangements for inspections will be made by Broker and local management at the Properties and should not be contacted by a prospective lender, its agents or designees. No implied agreement shall be made by virtue of this confidential memorandum. If you do not wish to pursue this matter, kindly return this confidential memorandum to Broker at your earliest possible convenience. Photocopying or other duplication is not authorized.

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TABLE OF CONTENTS PAGE

Executive Summary ..................................................................................................................................................................................................................... 4

Property Information .................................................................................................................................................................................................................. 8

Renderings ................................................................................................................................................................................................................................... 11

Site Plan ......................................................................................................................................................................................................................................... 12

Financial Analysis ....................................................................................................................................................................................................................... 13

Location Overview ..................................................................................................................................................................................................................... 15

Market Overview ........................................................................................................................................................................................................................ 17

Lease Comparables ................................................................................................................................................................................................................... 24

Sales Comparables .................................................................................................................................................................................................................... 26

Sponsorship ................................................................................................................................................................................................................................. 28

Attachments ................................................................................................................................................................................................................................. 29

• Self-Storage Development Study – Fourth Quarter

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EXECUTIVE SUMMARY

The 202 Red Mountain Storage project is a proposed two-story, Class A, 100% climate-controlled project containing 546 units and approximately 63,015 rentable square feet. The location is on the west side of the Loop 202 Freeway, on the south side of Broadway Road. The 800 square foot office/lobby area will face Broadway Road and is located near the visitor parking spaces. A 30-foot wide drive-aisle and fire access lane encircles the building; however, vehicular access to the majority of the site is limited to only returning customers with secured access codes for the drive-aisle security gates. The facility will feature a unique, “drive-up” aisle through the center of the building to provide clientele with a convenient, internal and air-conditioned unloading area. All of the storage units will be indoor and climate controlled and the project will incorporate 24-hour video surveillance. The project is well placed relative to existing competition and will offer true climate control in a state-of-the-art facility that is lacking in this area. US Storage Centers will provide third party professional management with technologically-advanced software for leasing, billing and monitoring.

Project Timeline:

• Final zoning approved March 21, 2018

• Estimated construction commencement September 2018: Month 1

• Certificate of Occupancy: Month 8

• Lease-up to stabilization: Month 36

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EXECUTIVE SUMMARY (CONT.)

Summary of Requested Loan Terms:

Size 87,300 GBA; 63,015 NRA; 546 units

Total Costs $9,594,000

Estimated Value (Fully Stabilized Year 5) $13,718,600 (5.75% cap; $157/GBA)

Stabilized Net Operating Income

(Year 5 NOI)

$718,356

Source and Use of Funds:

Construction Loan / $ 6,715,800 Land Value $ 1,200,000

Equity $ 2,878,200 Soft Costs $ 842,349

Hard Costs (including Contingency) $ 5,873,312

Development Fee $ 437,967

Financing costs (to breakeven) $ 1,236,674

Operating Deficits $ 3,698

Total $ 9,594,000 $ 9,594,000

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EXECUTIVE SUMMARY (CONT.)

Investment Highlights:

Premier Location

Located on Broadway Road, adjacent to the Loop 202 Freeway, the site is ideally surrounded by residential single-family homes and manufactured housing projects in the area. Strong Market Demand

Self-Storage 101 prepared a Market Study dated June 2017 commissioned by the Sponsor for the subject property. As of the date of this report, the findings are summarized as follows: • The square foot demand calculations would appear to indicate that the subject market, up to the three-mile demographic profile, is under-developed by a

substantial amount of storage space and there is a sufficient amount of unmet self-storage space demand for the expected development and in particular, for climate-controlled storage space.

• The site is considered an “A” site due to location with good visibility and access from a moderately high to high traffic count roadway, the close proximity to residential customers, the “owned” market of the site and the potential for population drive-by opportunities in close proximity.

• The amount of storage space owned and operated by sophisticated, institutional operators in the market does indicate that rental rate increases should likely be expected in the near future as occupancy levels increase.

Proximity to Freeway Access

The Property borders the west side of the Loop 202 Freeway in Mesa, Arizona. Access to the site is from Broadway Road travelling eastbound.

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EXECUTIVE SUMMARY (CONT.)

Experienced Team:

Paul Whittle – The principal in charge of the development of the subject property, Paul Whittle, owns and manages several commercial properties. He is an experienced entrepreneur and owns his own real estate brokerage company with a proven track record of success. Adam Mayes – Founder of AR Mayes Construction, a general contracting firm that builds all types of commercial buildings, including several self-storage facilities. Adam has over 30 years’ experience in commercial real estate and founded the company in 1986. The company’s project list includes self-storage projects, AMC Theatres in various locations, Dophinarius in Scottsdale, Cliff Castle Casino Hotel, Sprouts Markets, bank branches, restaurants, and fitness facilities. AR Mayes will be the General Contractor on the subject property and Adam and his partner Joe Barth will personally invest in the equity. Joe Barth - Joe is a Principal of AR Mayes and contributes to the Company’s success through his participation and guidance in the creation, analysis, development and implementation of operational strategies and objectives. Joe has over 20 years’ experience in the industry. Keith Doyle – Project Executive at AR Mayes and has 25 years of construction experience. He has managed the oversight of over $100 million of self-storage and commercial projects in metro Phoenix and Las Vegas. Architect -The team architect for the property is Robert Brown Architects of Chandler. The full-service firm offers more than 50 years’ experience in the field of architectural design. They have designed several self-storage facilities across the Valley. Management - The property will be branded as a “US Storage Center”, the firm that will be used for professional third party property management and leasing. Since its founding in 1985, US Storage Centers (USSC) has helped thousands of people and businesses organize their lives by delivering convenient and affordable self-storage solutions. The company currently owns, operates and manages over 120 storage facilities across the country. They are recognized as an industry leader for professional management. Their fully integrated platform combines the best in people, processes and technology with the goal of delivering an outstanding customer experience. Their modern facilities are clean, conveniently located, and equipped with many of today’s leading amenities such as key-code gated entrances, 24 hour video recording, climate control and a free move-in truck. While features will vary by facility, all of their facilities are staffed with courteous, knowledgeable and professionally-trained managers who are able to make decisions and are always willing to help.

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PROPERTY INFORMATION

Overview:

Summary

Name of Property 202 Red Mountain Storage

Year Built Proposed

Number of Units 546

Number of Buildings One

Stories Two-story, 100% air conditioned units

Management The project will be professionally managed by US Storage Centers using state-of-the-art software.

Total Costs $9,594,000

Gross Building Area 87,300 SF

Rentable Area 63,015 SF

Land Area (SF) 96,168 SF (2.21 AC)

Entry / Office Main customer entry to the rental office will be distinguished with storefront glazing, colorful façade treatments and distinctive roof/shade elements.

Parking Six (6) on-site parking spaces including one accessible space.

Building Amenities − 100% climate controlled units

− 24/7 security

− Drive-through, air conditioned loading access for the majority of the storage space

− All exterior accessed units are provided with an insulated roll-up door allowing direct drive-up access from the drive lane to the storage unit

− Outdoor pedestrian courtyard area of 1,100 SF between customer parking and main rental office. Courtyard area to be shaded with canopy trees, roof overhangs and other building shade elements

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PROPERTY INFORMATION (CONT.)

Construction Details

Construction Type CMU block construction with colored variations on front (north facing) of building.

Foundation Reinforced concrete

Roof The roof will be a rigid foam board with Thermoplastic membrane.

Interior Finishes The design makes use of maximum natural light

Floors Polished concrete

Walls Painted drywall

Typical Floor-to-Ceiling Height 14’

Lighting Modern LED interior and exterior lighting will be used.

Floor Plate Approx. 30,100 square feet

Lobby The main lobby is approximately 800 square feet.

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PROPERTY INFORMATION (CONT.)

Unit Mix

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RENDERING

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SITE PLAN

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FINANCIAL ANALYSIS

Project Cash Flow Projection:

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FINANCIAL ANALYSIS (CONT.)

Assumptions to the Cash Flow Projection:

The cash flow projection for the Property was submitted by the Sponsor. The projection shows consolidated projections from a month-by-month construction and lease-up schedule. The cash flow projection covers the 5-year period beginning at final Certificate of Occupancy (estimated to be Month 8).

Lease-Up Assumption:

The Cash Flow Projection assumes a lease up rate of 18.2 units per month, for a total lease up period of 30 months (stabilization to occur in Month 36).

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LOCATION OVERVIEW

Location Map:

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LOCATION OVERVIEW (CONT.)

Transportation:

The Property has an easily accessible location, just bordering the west side of Loop 202 on Broadway Road in Mesa. The Property has convenient access to three interstate highways and also benefits from major surface street accessibility. Broadway Road experiences an average daily volume of 32,200 cars passing at this location.

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MARKET OVERVIEW

Studies have shown that the primary market demand for self-storage space comes from within a 3-mile radius. The 2017 location demographics indicate that the average home value in a 3-mile radius is $152,450 and the value of homes rises to $172,799 within a 5-mile radius. With the population continuing to grow, the need for self-storage will also increase. The map of the demographics below follows.

2017 Demographics: (source: Esri)

1 Mile Radius 3-Mile Radius 5-Mile Radius

2017 Population Total Population 13,733 100,327 225,860 Median Age 49.8 43.3 44.5 2017 Income Median HH Income $38,734 $50,581 $52,743 Average HH Income $48,585 $63,423 $67,837 2017 Households Total Households 5,972 40,054 90,827 Average Household Size 2.30 2.49 2.47 Median Home Value 2017 $78,753 $152,450 $172,799 Population 2017 Population 13,733 100,327 225,860 2022 Population 14,655 108,523 244,032 2000-2010 Annual Rate 1.47% 3.50% 2.93% 2015-2020 Annual Rate 1.78% 1.68% 1.57%

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MARKET OVERVIEW (CONT.)

Location Map:

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MARKET OVERVIEW (CONT.)

Self-Storage Market

According to the Cushman & Wakefield Q4 2017 Self-Storage Investment Report (courtesy of Paul Boyle and Rick Danis of the Phoenix Cushman & Wakefield Office), self-storage continues to be popular with investors and product remains limited. The majority of owners continue to show little interest in selling their facilities. As a result, the pent-up demand bodes well for the few sellers, and competition remains strong. With few purchase opportunities for existing product, more attention is being given towards development opportunities. Eight self-storage facilities were completed throughout 4Q 2017 totaling 553,000+ SF and 3,344 units. This brings the number of newly built, renovated or expanded storage developments to 25 which totals over 2.1 million SF and just under 18,000 units. An additional 17 properties are under construction and 53 projects are in planning. The Phoenix market is similar other major metropolitan areas, as 2017 was the biggest year ever for new construction throughout the country. The self-storage market continues to remain popular with both investors and developers on a national and local level. In particular, significant interest exists in the Metro Phoenix market. This level of interest which is creating competition among buyers and, with the aid of interest rates (while they remain low), pushes cap rates downward. In 2017, the average cap rate for self-storage sales was 6.6%. A brief summary of historical cap rates and sales volume in the Phoenix market is illustrated below.

Year Number of Sales Cap Rate

2017 24 (includes 11 buildings as 1 sale

-Desert Storage Portfolio)

6.56%

2016 26 5.93%

2015 20 6.51%

2014 29 6.53%

2013 19 7.34%

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MARKET OVERVIEW (CONT.)

By comparison to other industries, the self-storage sales volume is a fraction of other major commercial real estate investment sales.

2017 Sales Number of Sales

Industrial 1,247 Retail 2,198 Office 1,285 Multi-Family 1,098

Source: Cushman & Wakefield, Phoenix Metro Area 2017 Unlike other commercial real estate investments, tenant turnover costs for self-storage facilities are minimal. This also attracts first-time buyer interest which helps lead to higher pricing. The popularity of self-storage facilities has also spurred new development growth in the industry. In 2017 for Metro Phoenix, 25 new facilities were completed, are currently under construction (17), or are planned (53). It should be noted that the amount of new product entering the Phoenix market has caused some concerns of overbuilding which can have an impact on values as newer, modern facilities will cause operators of older self-storage facilities to be more aggressive with rental rates in order to maintain their tenants. With regard to the facilities under construction or completed in Mesa, the closest new development to the subject property is 17 miles away on East McKellips Road. In this regard, new development activity should not have a negative impact on rental rates at Broadway 202 Self-Storage. Planned projects in the area include:

Distance / Drive Time Property Status Miles Minutes 205 E. McKellips, Mesa Completed 17 18 2731 S. Signal Butte, Mesa Planned 6.3 10 2836 S. Signal Butte, Mesa Planned 6 10 1126 E. Ellsworth, Mesa Planned 3.6 5 457 S. Higley, Mesa Planned 7 10

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MARKET OVERVIEW (CONT.)

Below is a map of all the planned self-storage locations as of the 4th Q 2017. The Subject is #26 on the list.

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MARKET OVERVIEW (CONT.)

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MARKET OVERVIEW (CONT.)

Mesa Overview:

Mesa is the third largest city in Arizona, after Phoenix and Tucson, and the 36th largest city in the U.S. Mesa is the central city of the East Valley of the Metro Phoenix area. Mesa's centralized location in the metropolitan area provides tremendous ease of access for nearly 1M drivers within 30 minutes. Mesa stretches over 133 square miles and is larger than Miami, Minneapolis, Atlanta and St. Louis. Located in Maricopa County and just 15 miles east of Phoenix, Mesa is a community of over 493,089 residents. The average aged resident in the Mesa area is 36, with a median household income of $51,084. “Mesa was ranked the Best Big City in the Southwest by Money.com”

Mesa offers a competitive operating environment compared to other Southwest markets. Economic development priorities are guided by Mesa’s targeted industries of opportunity: healthcare, education, aerospace/aviation, technology and tourism. Mesa has a diverse economy with multiple business districts including Downtown Mesa, Falcon District, Fiesta District, Superstition Freeway Corridor, Mesa Riverview and the Mesa Gateway area. All of Mesa’s districts have the necessary infrastructure and attributes to help businesses succeed. Each also has a unique set of qualities that are especially suited for specific industry segments and business needs.

“Employers view Mesa as a business destination with an abundant labor pool that also provides clients ease of access”

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LEASE COMPARABLES – ALL CLIMATE CONTROLLED Subject - 202 Red Mountain Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF

SWC Broadway Road and Loop 202, Mesa, Arizona Climate Controlled $62.00 $74.00 $134.00 $189.00 $230.00 SF: 63,015 Rent/SF $2.48 $1.48 $1.34 $1.26 $1.15 Total Units: 546 Property Amenities:

1 StorQuest Self-Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 10461 East Apache Trail, Mesa, Arizona 85208 Climate Controlled $64.00 $98.00 $1.13 (480) 302-9862 Rent/SF $1.28 $0.98 SF: 48,652 Total Units: Property Amenities: Video Surveillance, Gate Coded Access, Drive-up Units, RV & Boat Storage

Year Built: 1997

2 Central Self-Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 107 North Ellsworth Road, Mesa, Arizona 85207 Climate Controlled $78.00 $100.00 $151.00 $1.19 (480) 984-4036 Rent/SF $1.56 $1.00 $1.01 SF: 59,040 Total Units: 697 Property Amenities: Video Surveillance, Door Alarms, Resident Manager, Single Story.

Year Built: 1982

3 Extra Space Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 9252 East Guadalupe Road, Mesa, Arizona 85212 Climate Controlled $220.00 $235.00 $1.32 (480)980-2699 Rent/SF $1.47 $1.18 SF: 74,700 Total Units: 559 Property Amenities: Video Surveillance, Door Alarms, Resident Manager, Single Story.

Year Built: 2002

4 American Self-Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 8050 East Main Street, Mesa, Arizona 85207 Climate Controlled $68.00 $104.00 $1.20 (480) 269-9742 Rent/SF $1.36 $1.04 SF: 86,868 Property Amenities: Video Surveillance, Door Alarms, Resident Manager Year Built: 1984

5 Southern Pavilion Mini Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 7110 East Southern Avenue, Mesa, Arizona 85209 Climate Controlled $85.00 $115.00 $154.00 $185.00 $1.63 (702) 256-7545 Rent/SF $3.40 $1.15 $1.03 $0.93 SF: 51,408 Total Units: Property Amenities: Video Surveillance, Gate Coded Access, Door Alarms, Resident Mgr.

Year Built: 1997 Single story.

6 Extra Space Storage Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF 9363 East Southern Avenue, Mesa, Arizona 85209 Climate Controlled $82.00 $156.00 $229.00 $258.00 $1.50 (480) 844-7368 Rent /SF $1.64 $1.56 $1.53 $1.29 SF: 103,000 Property Amenities: Video Surveillance, Door Alarms, Resident Manager Year Built: 2008 Unit Type 5x5 5x10 10x10 10x15 10x20 Avg. Rent/SF Summary Averages Climate Controlled $85.00 $73.00 $114.60 $188.50 $226.00 $1.33 $3.40 $1.46 $1.15 $1.26 $1.13

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LEASE COMPARABLES (CONT.)

Lease Comparables Map:

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SALES COMPARABLES

Name & Address: Features: GBA: Price: Price/NRA: Date Closed: Yr Built: Occupancy: Cap Rate:

Subject - 202 Red Mountain Storage 100% Climate Controlled 87,300 $11,025,000* $126.29* ---- Proposed ---- ----

Some drive-in units. 546 units

*Yr 5 Est Value using 6.5% cap rate

1 Extra Space Self-Storage 100% Climate Controlled 86,411 $9,520,000 $110.17 12/21/2016 1989 62% 5.00%

2150 North Arizona Avenue Renov: 2015

Chandler, Arizona

2 CubeSmart 100% Climate Controlled 124,183 $19,000,000 $153.00 2/16/2018 2017 47% 4.50%

7910 West Beardsley Road 3-story

Glendale, Arizona Some drive-in units.

3 Store Safe Self-Storage Partial Climate Controlled 48,580 $6,175,000 $127.11 6/30/2017 1996 90% 6.00%

11860 North Tower Drive

Fountain Hills, Arizona

4 US Storage Centers Sale at Certificate of Occupancy 104,079* $15,750,000 $151.33 1/25/2018 2017 N/A 5.80%

4950-4960 East Thomas Road 4-story CoStar shows 73,980 SF

Phoenix, Arizona

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SALES COMPARABLES (CONT.)

Sales Comparables Map:

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SPONSORSHIP

202 Red Mountain Storage, LLC. Its Members will be: • American Allstar Financial Group, LLC, owned by Paul Whittle • AMJB202 Storage, LLC

Paul Whittle The manager of Broadway and 202 LLC is Paul Whittle. Paul is the principal in charge of the 202 Red Mountain Storage project, an entrepreneur and owner of several entities. Paul is a top ranked real estate broker with a proven record of increasing sales, training and exceeding sales goals. Since 2005, he has been the President/Designated Broker of American Allstar Realty, a residential and commercial investment brokerage company. He was ranked as a Top 10 Agent in Arizona from 2008-2013, all while fostering growth increases of 20%+ per year. Paul has a Masters in Real Estate Development from Arizona State University, an MBA from California Coast University and a B.S. from American Public University.

A list of projects Mr. Whittle owns or has owned include:

• Commercial office building at 16841 N 31st Avenue, Suite 131, Phoenix • Commercial office building at 6642 E Baseline Road, Mesa • Commercial office building at 6344 E Brown Road, Mesa

• Commercial office building at 4140 N 108th Avenue, Phoenix • Commercial office building at 2921 N Power Road, Mesa

Adam Mayes is a founder of AR Mayes Construction, a general contracting firm that builds all types of commercial buildings, including several self-storage facilities. With a strong work ethic, and inherent passion for creating end results, Adam advanced through various trades in the construction industry during his early years. His interest in building resulted in a transfer from Miami University of Ohio to the School of Construction at Arizona State University. Adam formed A.R. Mays Construction in 1986 to be a proactive builder that customers could rely on to prevail over industry challenges, create superior product, and meet or exceed their expectations. In addition to construction, Adam is active in his community supporting many of the local philanthropies as well as community services The company’s project list includes self-storage projects, AMC Theatres in various locations, Dophinarius in Scottsdale, Cliff Castle Casino Hotel, Sprouts Markets, bank branches, restaurants, and fitness facilities. Joseph Barth Joe is a Principal of AR Mayes and contributes to the Company’s success through his participation and guidance in the creation, analysis, development and implementation of operational strategies and objectives. He is also responsible for instituting and maintaining an effective and efficient financial management system. With over 20 years’ experience in the construction industry, and holding a BS degree in Business Administration from Ohio Northern University and an MBA degree from the University of Phoenix, Joe has the experience and technical expertise that allows him to function in both operational and financial leadership roles. Joe enjoys sharing this knowledge with others as an active member of Construction Financial Management Association, Alliance for Construction Excellence, and Arizona Builders Alliance.

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ATTACHMENTS

• AR Mayes Construction: Qualifications & List of Projects • Cushman & Wakefield Self-Storage Development Study – Fourth Quarter • “Self-Storage Continues to Gain Traction in 2018”, article 4.4.2018

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