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RECEIVED <br />PZ <br />PLANNING & ZONING DEPT. <br />City of Sunny Isles Beach, FL <br />AN APPRAISAL REPORT OF <br />A MULTI -FAMILY ZONED OCEAN FRONT PARCEL <br />LOCATED AT <br />18401 COLLINS AVENUE, <br />SUNNY ISLES BEACH, FLORIDA 33160 <br />Appraisal No. 06-21-286 <br />FOR <br />Arthur L. Gallagher <br />EVP, Chief Investment Officer <br />Dezer Owners & Developers <br />18001 Collins Avenue, 3 1 " Floor <br />Sunny Isles Beach, Florida 33160 <br />BY <br />APPRAISALFIRST <br />Real Estate Appraisers, LLC <br />1444 Biscayne Boulevard, Suite 211 <br />Miami, Florida 33132 <br />