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WORTH AVENUEPALM BEACH, FL

OFFERING SUMMARY

Rare Worth Avenue Acquisition Opportunity

An inviting and energetic environment in the heart of Worth Avenue

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WORTH AVENUEPALM BEACH, FL

Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive advisor, is pleased to present an exceptionally rare opportunity to acquire Via Bice (the “Property”), a multi-tenant retail and office building located along one of the most renowned streets in the country—Worth Avenue in Palm Beach, FL. Since the early 1930’s, Palm Beach has been considered a haven for the ultra-wealthy and Worth Avenue has served as its marquee shopping destination. Recognized as on the “10 Most Iconic Streets” by USA Today, Worth Avenue stretches four blocks from Lake Worth to the Atlantic Ocean. This world-class shopping mecca includes preeminent designers including Gucci, Louis Vuitton, Chanel, Hermes, Cartier, Hublot, Salvatore Ferragamo and Ralph Lauren, to name a few. Via Bice is situated at the epicenter of activity on Worth Avenue and stretches to Peruvian Avenue offering approximately 20,000 square feet of retail and second-level office space. The architecturally appealing buildings are centered along one of the intimate “Via” streets, reminiscent of a European plaza with ornate improvements and lush foliage. This offering represents an exceptionally rare opportunity to acquire an investment property on one of the most iconic streets in the world with the strong potential for growth through lease-up and tenant remerchandising.

INTRODUCTION

PROPERTY SUMMARYAddress: 313 1/2 Worth Avenue

Palm Beach, Florida 33480Site Size: 0.57-acresYear Built/Renovated: 1987/2000GLA (SF) 18,712Occupancy 89.4%Parking 20 spacesTenant Summary: Tenant GLA % of

totalPSF Rental Revenue

In Place ($) Proportion of

Revenue—In Place (%)Bice (Restaurant) 4,635 24.8% $75.35 $349,247 29.7%Leased Shops 12,102 64.7% $68.39 $827,606 70.3%Available 1,975 10.6% $0.00 0 0.0%Total 18,712 100.0% $70.31 $1,176,853 100.0%

Extremely Rare Worth Avenue Acquisition - Seldom do opportunities to acquire retail on Worth Avenue become available and rarely of this scale. Only a fraction of the retail on Worth Avenue has changed hands in the past decade and even fewer involving nearly 20,000 SF.

Extraordinarily High Barriers to Entry - Via Bice benefits from significant barriers to entry due to the geographic limitations and restrictive zoning that will continue to limit future competition for retail development.

Strong Tenant Demand with Stable Cash Flows – Given the desirability of the location, Via Bice has enjoyed long term tenant stability of over ten years. In addition to a stable cash flow, the opportunity recognizes healthy growth in NOI through annual rent increases, percentage rent, and below market lease resulting in CAGR of 3.1%.

High Volume Restaurant Anchor – Bice Ristorante Group, originally founded in 1926, has established itself as the premiere Italian restaurant group. At the Property, Bice is widely recognized as a Palm Beach institution with average sales exceeding $1,000 PSF.

Unencumbered by Existing Debt - The Property is being offered on a free and clear basis.

High Quality Improvements with Abundant Parking - The Property has been meticulously maintained by current ownership and is one of the few properties on Worth Avenue that offers abundant on-site and street parking.

Thriving Retail Market - Palm Beach continues to experience strong rental rate growth increasing nearly 20% in the past year with current average rents of $150 PSF.

INVESTMENT HIGHLIGHTS

Royal Palm Way

Peruvian Avenue

Hibiscus A

venue

Intracoastal WaterwayIntracoastal Waterway

West Palm Beach CBDWest Palm Beach CBD

Worth Avenue

ValentinoHermes

Jimmy ChooEscada

Ralph LaurenCartier

Van Cleef & ArpelsSalvatore Ferragamo

Michael KorsMaloGucci

HublotEmilio PucciLouis Vuitton

ValentinoHermes

Jimmy ChooEscada

Ralph LaurenCartier

Van Cleef & ArpelsSalvatore Ferragamo

Michael KorsMaloGucci

HublotEmilio PucciLouis Vuitton

Saks Fifth AveEngel & Volkers

Lana MarksWorth Avenue Yachts

Kate SpadeBrooks Brothers

Tiffany & Co.Chanel

Vineyard VinesJ McLaughlinHerve LegerPeter Millar120% Lino

Neiman Marcus

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WORTH AVENUEPALM BEACH, FLSelect Worth Avenue TenantsSelect Worth Avenue Tenants

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WORTH AVENUEPALM BEACH, FL

Worth Ave – A Global Luxury Retail Destination – Palm Beach is home to a roster of the most sought after luxury retailers in the industry including Cartier, Chanel, Gucci, Graff Diamonds, Hermes, Cartier, Salvatore Ferragamo, Louis Vuitton, Neiman Marcus, and Saks Fifth Avenue to name just a few.

Highly Affluent and Dynamic Market - The Town of Palm Beach is one of the wealthiest areas in the world with a full time population of approximately 10,000 and 20,000 more seasonal residents. Median home values exceed $1,000,000 and include some of the priciest waterfront residences in the US along “Billionaire’s Row”. Additionally the town boasts some of the highest-earning households in the country, with an average household income for 2016 of approximately $175,000, which is more than double that of Palm Beach County.

Strong Tourist & Snowbird Impact – Palm Beach benefits from strong demand by tourists and “snowbirds” increasing the city’s population more than double during peak season months. In particular, these visitors descend on Worth Avenue as this location is recognized as the #1 shopping and dining destination in the city given its proximity to the beach and supply of hotel rooms nearby.

DEMOGRAPHICS1-Mile 3-Mile Town of

Palm Beach10-Minute

Drive Time2016 Population 6,057 50,580 8,380 253,3182021 Population 6,433 52,971 8,556 264,5002016-2021 Population Growth 6.2% 4.7% 2.1% 4.4%Avg. HH Income $115,198 $76,184 $173,695 $59,186 Avg. Age 50.6 41.7 64.0 38.6% Owner Occupied 52.5% 46.0% 85.9% 53.9%% of Housing Values >$300,000 74.2% 42.1% 83.4% 19.7%

Royal Palm Way

Peruvian Avenue

Hibiscus A

venue

Intracoastal WaterwayIntracoastal Waterway

West Palm Beach CBDWest Palm Beach CBD

Worth Avenue

ValentinoHermes

Jimmy ChooEscada

Ralph LaurenCartier

Van Cleef & ArpelsSalvatore Ferragamo

Michael KorsMaloGucci

HublotEmilio PucciLouis Vuitton

ValentinoHermes

Jimmy ChooEscada

Ralph LaurenCartier

Van Cleef & ArpelsSalvatore Ferragamo

Michael KorsMaloGucci

HublotEmilio PucciLouis Vuitton

Saks Fifth AveEngel & Volkers

Lana MarksWorth Avenue Yachts

Kate SpadeBrooks Brothers

Tiffany & Co.Chanel

Vineyard VinesJ McLaughlinHerve LegerPeter Millar120% Lino

Neiman Marcus

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WORTH AVENUEPALM BEACH, FLSelect Worth Avenue TenantsSelect Worth Avenue Tenants

2 5 0Luxury Shops, Boutiques, Restaurants and Art Galleries

# 3 on the “10 Most Iconic Streets” per USA Today

T O P 5places to shop in the country according to Conde Nast Traveler

6 . 9 M I L L I O N Yearly visitors to The Palm Beaches

$ 4 . 5 5 B I L L I O N in Direct Expenditures from Visitors in 2015

1 6 , 0 0 0 Hotel Rooms and Luxury Condominiums

1 6 0Public and Private Golf Courses

47 OF THE TOP 50on the Forbes 400 list of America’s wealthiest people are Palm Beach Islanders

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WORTH AVENUEPALM BEACH, FL

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WORTH AVENUEPALM BEACH, FL

1450 Brickell AvenueSuite 2950Miami, Florida 33131Telephone: (305) 448-1333Fax: (305) 448-9499www.hfflp.com

Luis CastilloManaging Directorlcastillo@hfflp.com(305) 448-5498

Hermen RodriguezSenior Managing Directorhrodriguez@hfflp.com(305) 448-5332

Kimberly FloresDirector Analystkflores@hfflp.com(305) 448-4778

Eric WilliamsAssociate Directorewilliams@hfflp.com(786) 532-2346

Danny FinkleSenior Managing Directordfinkle@hfflp.com(305) 421-6544

Nat ScarmazziDirectornscarmazzi@hfflp.com(305) 421-6545

hfflp.com

Holliday Fenoglio Fowler, L.P. (HFF) and HFF Securities L.P. (HFFS) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

Capital Markets:Investment Sales:

Holliday Fenoglio Fowler, L.P. (“HFF”) a Florida licensed real estate broker.