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  Summary:

Economics Research Associates (ERA) was retained to conduct a comprehensive market review for the Walsh Ranch property. This review examines both the primary and secondary markets with respect to current and future demand for residential, office and industrial property, conventional and destination retail.


The Market:

The property will draw from both a primary and a secondary market with:

The Primary market consisting of Parker County and West Central Tarrant County. West Central Tarrant County can be described as the area on the western side of I-35 excluding the areas to the north of Lake Worth and to the south of Benbrook Lake.

A Secondary market exists, taking into account the remaining portions of Tarrant County that were excluded from the Primary market. The Secondary market's contribution to the property is expected to increase as the area east of downtown Fort Worth
(between IH-35 and the DFW Airport) nears build-out.

The population of the Primary market is estimated over 500,000 people. Combined, the Primary and Secondary markets represent approximately 1.9 million people (Tarrant County has a population of over 1,800,000 and Parker County's population is over 118,000).

  Customer Profile:

Residential

Because of its size, the Walsh Ranch property is suited for a variety of residential types. At build-out, it is estimated that the property will contain over 18,000 homes with an estimated population of over 44,600 people (assuming 2.6 residents per household per the 2000 census). The residential target market is made up of the following characteristics:

Initial home prices ranging from $300,000 for first-time move-up buyers to above $1,000,000 for luxurious estate homes.

The exemplary schools in the Aledo Independent School District will be a marketing draw for the community.

Potential for an active adult component — limiting residents to ages 65 and over.

Mixed-use center living for residents seeking convenience and maintenance free living.

Professionals desiring shorter driving commutes to the central business district, Lockheed Martin/Naval Air Station Fort Worth Joint Reserve Base area and the Alliance corridor of Fort Worth.

  Office, Industrial, and Retail

The owners seek to take advantage of the property's location and size to capitalize on its office, light industrial, and retail market potentials. Taken together the property will have approximately 770 developable acres available for office, industrial, and retail space or an estimated 8.8 million square feet of space.

In addition to its size, the property has many attributes favorable for capturing potential business which include:

Immediate access to the
interchange between two major interstates (I-20 and I-30).

Availability of land with superior transportation access and proximity to the Fort Worth CBD, Lockheed Martin/ Naval Air Station Fort Worth Joint Reserve Base and the Alliance corridor, and DFWAirport.

Potential work force and/or
customers within Walsh Ranch of 37,000 employees at build-out.

Abundance of freeway frontage land, ideal for corporate campus opportunities / relocations.

Affordability and availability of managerial and executive housing convenient to the workplace.