CANOVANAS URBAN DEVELOPMENT CORP. P.O. BOX SAN JUAN, P.R

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1 CANOVANAS URBAN DEVELOPMENT CORP. P.O. BOX SAN JUAN, P.R COMMERCIAL LOTS FOR SALE UP TO 60,000 S.F. AVAILABLE FOR CONSTRUCTION Karla Mas O Neill Real Estate Broker Lic Mobile proyectosnuevospr@gmail.com

2 EXECUTIVE SUMMARY Canovanas Urban Development, Corp. have been doing business successfully in P.R. related to commercial and residential development and construction for more than 20 years. Our company is dedicated to the planning, design and construction of commercial and residential properties. The purpose of this proposal is to give you the opportunity to evaluate and consider a highly potential commercial lots of lots of 0.97 acres each one in a New Commercial Park with a total area of 7.40 Acres. The commercial property subject of this proposal is located at State Road #3, Km in the fast growing Canovanas Municipality. The property land available has a Zoning Code Commercial 2 (C-2), consists of 0.97 acres and has all necessary permits (lot division), agency endorsements and studies (soil test, Hydraulic-Hidrology) for it immediate construction. All of these permits are available upon request. MUNICIPALITY IMPORTANT FACTS- ECONOMIC FACTS Business Most of Canovanas commerce is driven by retail businesses. There are three main shopping malls, located along Road PR-3, which is the main roadway between San Juan and the east coast. These malls are the location of main stores like Wal-Mart, Marshall's, Burlington, Nike, Gap, and many outlet stores. Other typical businesses in Canovanas are pharmacies, liquor stores and bars, restaurants, cafeterias, gasoline stations, auto repair shops, supermarkets and bakeries. Canovanas is considered the "Door to the East" due to its closeness to Metro San Juan and its privileged location in the rapidly developing northeast of Puerto Rico. Also the expansion of route 66 has placed the City of Canovanas on the spot for new industrial, commercial and high income residential projects. Industrial The most growing sector is the industrial zone where large international pharmaceuticals, manufacturing and service plants like I.P.R. Manufacturing, Avanti Kitchens, Inc. Accurate Printers, Inc, Ambrosiani Hermanos, Inc. Artec, Inc, Bodegas Españolas

Argentinas, Corp, Digicore, Inc, E.L.M, Inc., Empresas Kikuet, Inc., Girard Manufacturing, Inc. Ideal Products,, NCS Puerto Rico, Inc, Perfiles de Aluminio, Inc., R&R Electric Motors, Corp.

3 Argentinas, Corp, Digicore, Inc, E.L.M, Inc., Empresas Kikuet, Inc., Girard Manufacturing, Inc. Ideal Products,, NCS Puerto Rico, Inc, Perfiles de Aluminio, Inc., R&R Electric Motors, Corp., Remaches Puerto Rico, Inc., Xamm Corporation, among other have established their manufacturing plants. MUNICIPALITY IMPORTANT FACTS- POPULATION Canovanas has an superficial area of 610 hectares equivalent to 6.10 km² (2.36 sq mi). The lattitud are and longitude: As for 2000 census the Canovanas District has an estimate population of 43,335 habitants. As of today, it s been estimated that this fast growing population township has a population of 47,796 habitants. We have seen a 9% to 10% increase rate in this population in the past 10 years. It s of sum importance to indicate that there is about 3,500 housing units under construction in this Municipality. For 2002 Canovanas Township registered a total of $110,296 millions of retail sale, this amount excluded car and fuel sales. That sale represent a total 28% of the Municipality Income. For 2010 Canovanas demand was about $ millions. Furthermore, in recent economical study has shown that retail sales in Canóvanas have an estimated value of $ 143,284 millions for In conclusion since 2010 exists an offer of 325,440 square feet of retail stores in this Town. Since Canovanas boundary limits are Loiza Municipality by North, Juncos and Las Piedras Municipalities by the South, Carolina in the west boundary and Rio Grande by the East (Figure 1) it is of sum importance to include a potential percentage of population of these areas since they are join and communicate directly with commercial and all kind of economical, tourist and daily operation activities. It is estimate that over PR #3, drive above 4,000,000 tourist annually. The Average Income of Canovanas Population have been estimated in $ 23,968 annually. Figure 1

Also it is important to indicate that among the cities that are within 15 miles of Canóvanas are: Caguas, Ceiba, Fajardo, Gurabo, Humacao, Juncos, Las Piedras, Loiza, Luquillo, Naguabo, San Juan, San

4 Also it is important to indicate that among the cities that are within 15 miles of Canóvanas are: Caguas, Ceiba, Fajardo, Gurabo, Humacao, Juncos, Las Piedras, Loiza, Luquillo, Naguabo, San Juan, San Lorenzo and Trujillo Alto. Below you will find in Table A a relation of the population and households obtain from the 2010 Census in within different radius from Canovanas. Table A 10-Mile Radius 15-Mile Radius 25-Mile Radius Population 535,366 1,229,478 2,126,829 Households 162, , ,240 Average Age *Obtained from Census 2010 LOCATION: ACCESS & TRAFFIC ANALYSIS As mentioned before this commercial land is located in the Km of the of PR Road #3. Recently, Canovanas, has been recognized because of the great accessibility through important roads and new highways that make it easy to travel from this Town to any other area in P.R. Since the construction and delivery of Highway PR Num. 66 Canovanas have been delighted with easy access that make it very attractive for new commercial investors and families (See figure 2). It s of sum importance to indicate that there is about 10 minute travel time from the San Juan International Airport to Canovanas. You can appreciate both access from PR #66 and SR 3# that deliver direct access toward Canovanas from San Juan and furthermore serve as the bridge between Eastern Municipalities. Figure 2 Property GPS Coordinates: ( N, W)

In terms of the close access and demand the location of the commercial lot proposed deliver excellent exposure to all travelers, visitors, and going home travelers.

5 In terms of the close access and demand the location of the commercial lot proposed deliver excellent exposure to all travelers, visitors, and going home travelers. As a matter of fact the location of this site make an affordable travel time to the any town in the East Region Municipalitys that transit every day through San Juan and Carolina to Canovanas and Rio Grande including the Municipalies of Luquillo and Fajardo. The site proposed connects directly with PR #3 throughout a marginal street already built by the Owner. As per data received from the Highway and Transportation Authority the Average Daily Traffic is over 70,000 vehicles per day ACTIVITY GENERATORS: As the picture below (Figure 3), the commercial lots are located parallel to the multi story office building of Universal Insurance Company. This property started construction at the beginning of this year after completed the process of acquisition with us for a similar lot of 0.97 acres. Also it is important to mention that lot Number three (3) is currently optioned to a General Medical Offices. That site has been optioned for about two months and has a remaining expiration term of 5 months. Right now, lot number 4, is in negotiations with a very important Cooperative in P.R. Beside that important fact, there exist a very strong motivated residential developments in a very close radius of the site. Figure 3 As the information obtained by the Urban and Developing Office of Canovanas in Table B, you will appreciate the amounts of units that have been approved since It is estimated to be 4,772 new residential units very close to this site.

6 Table B NEW RESIDENTIAL UNITS APPROVED SINCE 2002: CLOSE TO THE SITE PROPOSED Name of Development Number of Units (at least 3 bdr/2bath) Average Housing Unit Cost ($150,000- $350,000) Las Haciendas 148 Las Haciendillas 173 Las Masias 450 Hacienda Altamira 995 Campo Rico New Castle 1,200 Señorio de Gonzaga 300 La Alborada 300 Ciudad Jardin 60 Ocean Hills 163 Puerta del Este 650 River Valley Park 140 RiverValley 193 Total 4,772 *Source: Urban Planning Office of Canovanas Municipality Furthermore, there are several residential complex existing and fully developed that will serve as activity generator to the site proposed; BRISAS DE CANOVANAS, Dev. BRISAS DE LOIZA, CIUDAD JARDIN DE CANOVANAS, ESTANCIAS DEL RIO, EXT VILLAS DE LOIZA, HACIENDAS DE CANOVANAS, JARDINES DE CANOVANAS, JARDINES DE PALMAREJO, PARCELA CENTRAL, PARCELA MONTEVERDE, PARCELAS SAN ISIDRO, PARCELAS VILLA DELICIAS, QUINTAS DE CANOVANAS, QUINTAS JARDINES DE PARMAREJO, COUNTRY VIEW DEV.,DEL PILAR DEV., FOREST PLANTATION DEV., LAS VEGAS DEV., LOIZA VALLEY DEV., LOS EUCALIPTOS DEV., URB PUEBLO INDIO, URB RIVER GARDEN DEV., RIVER PLANTATION DEV., TOWN PARK DEV., USUBA DEV., VILLAS DE LOIZA, VILLAS DEL ESTE AND. VILLAS DORADAS. It is important to notice as shown in Figure 4 the population and households within the 1, 3 and 5 Mile-Radius which in fact deliver a huge economic generator for the site proposed. As we can see within the most distance zone of 5 mile-radius, this commercial site will generate public from Loiza, Carolina, Rio Grande and Canovanas. In Table C, we have included the population and families within the radius mentioned above.

7 Figure 4 1-Mile Radius Table C 3-Mile Radius 5-Mile Radius Population 12,019 72, ,286 Households 3,657 22,233 49,053 Average Age

8 ADDITIONAL INFORMATION 1. PHOTOS Figure A Figure B

9 Figure C

10 Note: Lot #1-Universal Insurance Company New Administrative Office Lot #2- Includes a preliminary view and layout of a 3,500 S.F. Free Standing/Drive-Thru

11 2. Inscription and Division Lot Approval

12 3. Traffic Information Obtained from DTOP (2012) ROAD KILOMETER CITY/TOWN LOCATION YEAR ADT 1 PR Canóvanas Oeste PR ,925 2 PR Carolina Entre PR-874 y Limite Municipal ,636 3 PR Canóvanas Entre PR-874 y PR-9959(Oeste) ,000 4 PR Canóvanas Entre PR-9959 y PR ,953 5 PR Canóvanas Entre PR-9959 y PR ,000 6 PR Canóvanas Oeste PR ,363 8 PR Canóvanas Entre PR-9959 Este y PR ,306 9 PR Canóvanas Entre PR-188 y PR , Canovanas Census 2010

$ FACTS ABOUT PUERTO RICO: WAGE HOUSING MOST EXPENSIVE AREAS WAGE RANKING

$ FACTS ABOUT PUERTO RICO: WAGE HOUSING MOST EXPENSIVE AREAS WAGE RANKING STATE #52 * RANKING In Puerto Rico, the Fair Market Rent () for a two-bedroom apartment is $480. In order this level of and utilities without paying more than 30% of income on housing a household must