1. New Haven County Market Overview March 2012 Presented by: Steven K. Inglese, SIOR Brokers of Investment Properties & Development Sites www.TheNewHavenGroup.com 203-773-3060

2. Introduction 2011 – The lost year! Is 2012 the year of the big thaw? The news of the year 2011 and 2012 market transactions Where do we go from here?

3. The News of the Year High Tech Manufacturing Yale New Haven Hospital and St. Raphaels to Merge Quinnipiac Expands Graduate Campus New Medical School 2,000 new graduate students to North Haven Yales Endowment back over $20 billion

4. 2011 Transactions

5. Annual Sale Transactions Per Conn-Comp

6. Apartment Sale Transactions Sunset Ridge, New Haven 312 units – affordable housing Sold for $45k/unit - $14MM Belfonti Associates purchased from Winn Residential Meeting House –Meriden 296 units + 13k sf retail $53k/unit - $16.25 mm 7.6% going in cap rate 1 & 2 Bd and Town houses Solomon Organization, buyer

7. Value Added Apartment Sales Trolley Crossing – East Haven 214 units 126 efficiencies and 88 -1 Bedrooms Sold for $45k - $9.6 mm 7% going in cap rate Beachwold Residential buyer 492 Fountain – New Haven 72 units (1 and 2 beds) $59k/unit $4.25MM Pike International buyer

8. 9 Dixwell Ave, New Haven 21 units + Ground Floor Retail, mostly studios $1,900,000 - $86k/unit Redevelopment Play for Yale Univ.

9. Apartments –New Haven County City of New Haven Apt Vacancy lowest in Country at 1.9% --National average 5.6% City Class A rents range from $1.75 to $2.77/sf Suburban Class A rents from $1.25 to $1.90/sf

10. 360 State St – New 500 unit Complex 90% Occupied in 14 months

11. Office to Apartment Conversion Downtown Milford – 1 New Haven Ave Former office building Purchased for Apartment mixed use redevelopment Close to Metro North REO asset Bob Smith - developer

12. Notable Retail Sales Fedex Kinkos, Starbucks, Pizza Hut $7.05 MM ($286/sf) – 8% cap / 9% equity return 26,000 sf- built 07 Loan Assumption $5.1m Washington Trust 170,000 s/f, multi tenants $13.7 mm ($81/sf) 7.3% going in Cap Silver Commons, Meriden 500 Derby Ave - Derby

13. Office Sales 25,000 s/f office $2.2 mm ($88/sf) or $62k per apt unit. $1.5 MM ($63/sf) 432 Washington Ave, North Haven Easter Seals Purchases 1 New Haven Avenue – Milford Apartment Redevelopment Wellpath Buys E. Main St Waterbury $2.2 MM - $77/sf User

14. Medical Office Sales 2560 Dixwell Ave., Hamden 21,000 s/f medical building $6,855,000 ($316/sf) Built in 2007 6 Devine Street, North Haven 115,000 s/f Office Yale New Haven Hospital to purchase from AT&T for Outpatient and Admin.

15. 2011 Office Lease Deals Leases 28,000 s/f -- $21/sf 10 yr Occupies 1 st phase of 80,000 sf of 217,000 s/f lease Community Health Network Leases 23,000 sf - $9/sf range At 4 Fairfield Blvd, Wallingford Campus At Greenhill Wallingford 4 Fairfield Blvd

17. 2011 Office Lease Deals IPP – 24,000 sf 538 Preston Ave, Meriden $18.50/sf $ - 40/sf T.I. – 10 yr VNA – 10,000 sf One Hamden Center $19.50/sf - $40/sf T.I. – 10 yr Alliant Insurance Services – 15,000 sf 55 Realty Drive, Cheshire Moves from Waterbury

18. Industrial Sales 65,000 s/f $34/sf - $2.2MM Sold to United Concrete (owner user) 386,000 s/f $9/sf - $3.9 MM Former Printing facility Speculative purchase 297 State St, North Haven69 North Plains Highway, Wallingford

19. Industrial Sales 75,000 s/f $2.5 MM ($33/sf) Aurora Products (owner user) 205 Edison Rd Orange 1020 Research Parkway Meriden 43,000 s/f $1.25 MM ($30/sf) Lasership (owner user)

20. 2011-12 Industrial Leases Allied Building Products - 86,000 s/f 780 North Colony Rd Wallingford $3.50/sf NNN CF Paper – 80,000 s/f 351 Morgan Lane West Haven $3.75/sf NNN

21. 2011-12 Manufacturer Leases LQ Group – 12,000 s/f 33 Business Park Drive Branford $6.50/sf NNN Forum Plastics – 34,000 s/f 105 Progress Lane Waterbury $3.65/sf NNN

22. Wheres The Market Going? Education and Healtcare Knowledge Based Workers in demand EDC of New Haven Survey shows 7,500 freelance / self employed workers within the city of New Haven The Living Experience is what Counts Access to transit Entertainment and cultural Housing

23. Start Up Companies in New Haven Higher One Grey Wall Software Continuity Control Prometheus Research SeeClickFix YouRenew Optherion Independent Software PaperG Spot on Networks Retail Optimization Historx GSM Nation

24. Start Up Opportunities The Grove - collaboration and incubator space for start ups CT Tech at Science Park – high tech incubator space The Bourse – Downtown collaboration and hoteling space.

25. How are these companies impacting the market? Science Park New Haven Mixed Use $150 million Development Rendering View 140,000 s/f office for Higher One 200 Market Rate apartments, with 20% affordable Before View

26. Downtown Crossing – 400,000 sf Bio tech Building Planne d

27. In Closing Healthcare and Education continuing to lead the charge Strengthening Manufacturing sector Apartment Market remains solid Modest improvement in transactions for 2012

28. New Haven County Market Overview March 2012 Presented by: Steven K. Inglese, SIOR Brokers of Investment Properties & Development Sites www.TheNewHavenGroup.com 203-773-3060