Shops at Stonebriar - Frisco, TX

SHOPS AT STONEBRIAR FRISCO, TX

W E

A R E

E X C I T E D

T O

A N N O U N C E

T H E

M E R G E R

O F

PIERSON RETAIL ADVISORS & THE VITORINO GROUP

Pierson Retail Advisors and the Vitorino Group announce they have entered into a definitive agreement to merge and combine their operations. Together, Pierson and Vitorino have sold nearly $3 billion in commercial real estate. The new firm will be called Strive.

PRICING & FINANCIAL ANALYSIS

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Shops at Stonebriar 2693-2995 Preston Road Frisco, TX 75034

Offering Summary Price Net Operating Income Terms Loan Amount Occupancy Gross Leasable Area Lot Size

$2,608,584 Assumption Up to 65%*

Dr. Pepper Arena Dr. Pepper Ballpark

98.61% 2003

PROPERTY DESCRIPTION

Year Built

Market

181,371 SF 21.51 Acres

*See loan summary on page 4. Seller will carry back a note up to 65% LTV.

MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

3

PRICING & FINANCIAL ANALYSIS

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Financing Summary 1st Loan - Existing Original Loan Amount Loan Balance at Assumption Interest Rate Years to Maturity

$22,250,000 $20,921,797 5.15% 6.6 Years

Original Term

10 Years

Amortization Period

30 Years

Origination Fee Loan Constant Annual Debt Service Payment Maturity Loan Balance at Maturity

$104,609

PROPERTY DESCRIPTION

Origination Fee in dollars

0.50% 6.55% $1,458,219 February-2024 $14,829,011

2nd Loan - Seller Financing Loan Amount Interest Rate Annual Debt Service Payment Maturity Amortization

Up to 65% 5.15% TBD February-2024 30 years

Tenant

SF

% of SF Expiration

Credit Rating

50,200

27.68%

January 2019

S&P: B-

Sun N Ski Sports

18,056

9.96%

March 2020

Not Rated

Destination XL

13,856

7.64%

January 2022

Not Rated

Mellow Mushroom

5,000

2.76%

August 2017

Not Rated

The Vitamin Shoppe

3,526

1.94%

September 2018

Moody’s: B2

Smoothie King

1,035

0.57%

April 2018

Not Rated

Weight Watchers

1,800

0.99%

October 2018

S&P: B-

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

MARKET OVERVIEW

Toys “R” Us

4

CASH FLOW

SHOPS AT STONEBRIAR

Year 1 PSF

AVERAGE OCCUPANCY INITIAL TENANT EXPIRATION Gross Potential Rent

$2,895,756

Absorption & Turnover Vacancy Scheduled Base Rental Revenue Total Rental Revenue Total Expense Recoveries TOTAL TENANT REVENUE

$16.62

Other Income

Year 2 June 2019

Year 3 June 2020

Year 4 June 2021

Year 5 June 2022

Year 6 June 2023

Year 7 June 2024

Year 8 June 2025

Year 9 June 2026

Year 10 Junew 2027

98.26%

97.90%

97.92%

99.65%

99.26%

99.15%

98.30%

98.59%

99.56%

98.93%

15.61%

33.98%

15.54%

4.25%

0.00%

15.34%

0.84%

8.84%

1.39%

0.00%

$3,015,072

$3,160,550

$3,253,750

$3,314,608

$3,354,400

$3,424,082

$3,521,758

$3,599,406

$3,677,917

$3,749,806

($0.52)

($94,763)

($116,933)

($93,507)

($25,330)

($29,083)

($42,699)

($80,109)

($62,424)

($32,099)

($45,101)

$2,895,756

$16.62

$2,920,309

$3,043,617

$3,160,243

$3,289,278

$3,325,317

$3,381,383

$3,441,649

$3,536,982

$3,645,818

$3,704,705 $3,704,705

$0

$16.10

$2,920,309

$3,043,616

$3,160,243

$3,289,278

$3,325,317

$3,381,383

$3,441,649

$3,536,982

$3,645,818

$842,554

$4.92

$892,353

$919,275

$961,069

$1,007,771

$1,036,388

$1,067,507

$1,093,721

$1,141,514

$1,185,345

$1,215,539

$3,738,310

$21.02

$3,812,662

$3,962,891

$4,121,312

$4,297,049

$4,361,705

$4,448,890

$4,535,370

$4,678,496

$4,831,163

$4,920,244

($103,337)

($95,259)

($128,674)

($168,194)

($190,217)

($166,391)

($171,603)

($190,952)

($186,547)

($204,428)

Vacancy Allowance

EFFECTIVE GROSS REVENUE

Year 1 June 2018

$2,700

$0.01

$2,720

$2,802

$2,886

$2,972

$3,062

$3,153

$3,248

$3,346

$3,446

$3,549

$3,741,010

$20.47

$3,712,045

$3,870,434

$3,995,524

$4,131,827

$4,174,550

$4,285,652

$4,367,015

$4,490,890

$4,648,062

$4,719,365

$104,217

$0.57

$104,217

$107,344

$110,564

$113,881

$117,297

$120,816

$124,441

$128,174

$132,019

$135,980

Grounds

$96,472

$0.53

$96,472

$99,366

$102,347

$105,417

$108,580

$111,837

$115,192

$118,648

$122,207

$125,874

Maintenance and Repairs

$42,725

$0.24

$42,725

$44,007

$45,327

$46,687

$48,088

$49,530

$51,016

$52,547

$54,123

$55,747

Security and Fire

$9,792

$0.05

$9,792

$10,085

$10,388

$10,700

$11,021

$11,351

$11,692

$12,043

$12,404

$12,776

Insurance

$27,927

$0.15

$27,927

$28,765

$29,627

$30,516

$31,432

$32,375

$33,346

$34,346

$35,377

$36,438

Franchise Tax

$11,184

$0.06

$11,184

$11,520

$11,865

$12,221

$12,588

$12,966

$13,355

$13,755

$14,168

$14,593

Property Tax

$623,892

$3.44

$623,892

$642,609

$661,887

$681,744

$702,196

$723,262

$744,960

$767,309

$790,328

$814,038

Utilities

$152,294

$0.84

$152,294

$156,862

$161,568

$166,415

$171,408

$176,550

$181,847

$187,302

$192,921

$198,709

Non-Recoverable Mgmt

$51,681

$0.31

$55,681

$58,057

$59,933

$61,977

$62,618

$64,285

$65,505

$67,363

$69,721

$70,790

Roof Repairs

$12,242

$0.07

$12,242

$12,609

$12,987

$13,377

$13,778

$14,192

$14,617

$15,056

$15,508

$15,973

Total Expenses

$1,132,426

$6.27

$1,136,426

$1,171,224

$1,206,493

$1,242,935

$1,279,006

$1,317,164

$1,355,971

$1,396,543

$1,438,776

$1,480,918

$2,608,584

$14.20

$2,575,619

$2,699,210

$2,789,031

$2,888,892

$2,895,544

$2,968,488

$3,011,044

$3,094,347

$3,209,286

$3,238,447 $187,082

NET OPERATING INCOME Tenant Improvements

$62,786

$62,786

$127,253

$184,138

$67,615

$158,039

$151,483

$258,610

$225,390

$97,037

Leasing Commissions

$24,846

$24,846

$48,780

$84,387

$25,919

$60,582

$58,561

$99,134

$86,399

$37,197

$71,715

Capital Expenditures

$27,614

$27,614

$28,442

$29,295

$30,174

$31,080

$32,012

$32,972

$33,961

$34,980

$36,030

Total Leasing & Capital Costs

$115,246

$115,246

$204,475

$297,820

$123,708

$249,701

$242,056

$390,716

$345,750

$169,214

$294,827

$2,493,338

$2,460,373 $2,494,735

$2,491,211

$2,765,184 $2,645,843 $2,726,432 $2,620,328 $2,748,597 $3,040,072 $2,943,620

MARKET OVERVIEW

NET CASH FLOW BEFORE DEBT SERVICE

PROPERTY DESCRIPTION

Management

FINANCIAL ANALYSIS

As-Is Static Income

Start of 10-Year Analysis: July 2017 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

5

RENT ROLL

SHOPS AT STONEBRIAR Sq Ft

% of Sq Ft

Start

End

Monthly Rent

Annual Rent

PSF

Luxe Leather Furniture: Suite A-1000

5,000

2.76%

4/1/2017

3/31/2022

$11,667 /mo.

$140,000 /yr.

28.00 /sf

Dr. Cell Phone: Suite A-1010

1,117

0.62%

3/25/2010

8/31/2020

$2,109 /mo.

$25,311 /yr.

22.66 /sf

1,336

0.74%

3/2/2012

6/30/2018

$2,408 /mo.

$28,898 /yr.

21.63 /sf

Fort Worth District Commander: Suite A-1025

1,476

0.81%

9/11/2009

9/10/2019

$2,583/mo.

$30,996 /yr.

21.00 /sf

Jinbeh Sushi & Hibachi: Suite A-1040

5,000

2.76%

6/1/2003

5/31/2018

$10,417 /mo.

$125,000 /yr.

25.00 /sf

Bawarchi Curry House: Suite A-1052

2,015

1.11%

9/8/2016

1/31/2022

$3,862 /mo.

$46,345 /yr.

23.00 /sf

29.00 /sf

Jul-2018

30.00 /sf

Jul-2019

31.00 /sf

Jul-2020

32.00 /sf

Jul-2021

23.34 /sf

Sep-2017

24.04 /sf

Sep-2018

24.76 /sf

Sep-2019

22.28 /sf

Jul-2017

Renewal Options & Lease Structure One 5-year option at market rate.

NNN (MF of 4%)

One 5-year option at market rate.

NNN (MF of 4%)

NNN (MF of 4%) Tenant Specific NNN

Tenant Specific NNN 23.69 /sf

Feb-2018

24.40 /sf

Feb-2019

25.13 /sf

Feb-2020

25.88 /sf

Feb-2021

One 5-year option at market rate.

NNN (MF of 4%)

9,335

5.15%

10/30/2009

7/31/2017

$17,114 /mo.

$205,370 /yr.

22.00 /sf

Two 5-year options at market rate.

NNN (MF of 4%)

Vacant: Suite A-1090

2,526

1.39%

1/1/2020

12/31/2024

$5,290 /mo.

$63,478 /yr.

25.13 /sf

Tenant Specific NNN (MF of 4%)

4,000

2.21%

3/22/2004

3/31/2019

$8,743 /mo.

$104,920 /yr.

26.23 /sf

27.01 /sf

Apr-2018

One 5-year option at market rate.

Tenant Specific NNN

2,086

1.15%

10/29/2015

3/31/2021

$4,655 /mo.

$55,863 /yr.

26.78 /sf

27.58 /sf

Apr-2018

One 5-year option at market rate.

NNN (MF of 4%)

28.41 /sf

Apr-2019

29.26 /sf

Apr-2020

13.84 /sf

Oct-2017

Doc’s Comics: Suite B-1120

Patel Brothers: Suite B-1130

16,038

8.84%

5/16/2016

9/30/2023

$18,043 /mo.

$216,513 /yr.

13.50 /sf

14.18 /sf

Oct-2018

14.54 /sf

Oct-2019

14.90 /sf

Oct-2020

15.27 /sf

Oct-2021

15.66 /sf

Oct-2022

MARKET OVERVIEW

Bellezza Salon Suites: Suite A-1080

Fadis Mediterranean Grill: Suite B-1100

PROPERTY DESCRIPTION

Kids N Art: Suite A-1020

Escalation Escalation Amount Date

FINANCIAL ANALYSIS

Tenant

Two 5-year options at 2.5% increase over prior year, and rent for each subsequent year for the first option shall increase annually by 2.5% NNN (MF of 4%)

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

6

RENT ROLL

SHOPS AT STONEBRIAR

Sq Ft

% of Sq Ft

Start

End

Monthly Rent

Annual Rent

PSF

Escalation Amount

Escalation Date

Uptown Cheapskate: Suite B-1180

5,098

2.81%

2/1/2012

6/30/2022

$8,497 /mo.

$101,960 /yr.

20.00/sf

20.60 /sf

Jul-2018

21.22 /sf

Jul-2019

21.85 /sf

Jul-2020

22.51 /sf

Jul-2021

Renewal Options & Lease Structure Tenant Specific NNN

7 Notes: Suite B-1190

2,642

1.46%

2/8/2013

6/30/2018

$4,958 /mo.

$59,498 /yr.

22.52 /sf

One 5-year option at market rate.

NNN (MF of 4%)

Mellow Mushroom: Suite C-1200

5,000

2.76%

5/1/2012

8/31/2017

$11,813 /mo.

$141,750 /yr.

28.35 /sf

Three 5-year options at $29.77 per annum w/ 5% bump every 2.5 years on first option.

Second and third option at FMV Tenant specific NNN

Fitness HQ: Suite C-121

2,253

1.24%

4/27/2009

8/31/2019

$5,178 /mo.

$62,138 /yr.

27.58 /sf

Rocky Mountain: Suite C-1250

1,035

0.57%

8/15/2003

4/30/2018

$2,795 /mo.

$33,534 /yr.

32.40 /sf

1,311

0.72%

8/1/2003

1/31/2020

$2,213 /mo.

$26,561 /yr.

20.26 /sf

Sep-2017

29.26 /sf

Sep-2018

Tenant Specific NNN

PROPERTY DESCRIPTION

Smoothie King: Suite C-1220

28.41 /sf

FINANCIAL ANALYSIS

Tenant

Tenant Specific NNN

20.87 /sf

Feb-2018

21.49 /sf

Feb-2019

Tenant Specific NNN

18,056

9.96%

6/23/2010

3/31/2020

$20,729 /mo.

$248,749/yr.

13.78 /sf

Two 5-year options at $16.00 and $18.00 psf respectively.

Base stop

Destination Xl Group: Suite E-1450

13,856

7.64%

7/12/2011

1/15/2022

$13,856 /mo.

$166,272 /yr.

12.00 /sf

Two 5-year options at market rate.

Tenant specific NNN

Dental Spa: Suite E-1500

2,104

1.16%

2/1/2004

4/30/2019

$3,849 /mo.

$46,183 /yr.

21.95 /sf

Tenant Specific NNN

Weight Watchers: Suite E-1510

1,800

0.99%

6/29/2011

10/31/2018

$3,375 /mo.

$40,500 /yr.

22.50 /sf

23.17 /sf

Nov-2017

NNN (MF of 4%)

Aquarium Advantage: Suite E-1520

1,850

1.02%

9/30/2011

4/30/2022

$3,546 /mo.

$42,550 /yr.

23.00 /sf

23.69 /sf

May-2018

NNN (MF of 4%)

24.40 /sf

May-2019

25.13 /sf

May-2020

25.89 /sf

May-2021

Interstate All Battery: Suite E-1530

1,572

0.87%

9/18/2012

1/31/2018

$2,506 /mo.

$30,072 /yr.

19.13 /sf

One 5-year option at market rate.

NNN (MF of 4%)

Springfree: Suite E-1535

2,400

1.32%

1/22/2014

5/31/2017

$4,700 /mo.

$56,400 /yr.

23.50 /sf

One 3-year option at market rate.

NNN (MF of 4%)

Vitamin Shoppe: Suite E-1540

3,526

1.94%

9/19/2003

9/30/2018

$9,320 /mo.

$111,845 /yr.

31.72 /sf

One 5-year option at $37.27 per SF. Tenant Specific NNN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

MARKET OVERVIEW

Sun & Ski Sports (includes percentage rent): Suite E-1400

7

RENT ROLL Tenant

Winnie Couture: Suite E-1580

Platia Greek Kouzina: Suite E-1590

Start

End

Monthly Rent

Annual Rent

PSF

7,599

4.19%

10/2/2012

2/29/2028

$12,120 /mo.

$145,445 /yr.

19.14 /sf

1,530

2,098

3,000

0.84%

9/1/2009

1.16%

10/17/2013

1.65%

11/2/2009

11/30/2022

2/29/2020

4/30/2020

$2,628 /mo.

$4,203 /mo.

$7,160 /mo.

$31,533 /yr.

$50,436 /yr.

$85,920 /yr.

20.61 /sf

24.04 /sf

28.64 /sf

50,200

27.68%

9/7/2003

1/31/2019

$22,500/mo.

$270,000/yr.

5.38/sf

4,512

2.49%

11/2/2005

11/30/2020

$15,040 /mo.

$180,480 /yr.

40.00 /sf

178,845

98.61%

$2,911,041 /yr.

$16.28 /sf

Vacant

2,526

1.39%

$63,478 /yr.

$25.13 /sf

Total

181,371

100.00%

$2,974,520 /yr.

$16.40 /sf

Fuddruckers: Suite G-100

Occupied

Escalation Escalation Amount Date 0.00 /sf

Jan-2018

20.00 /sf

Feb-2018

20.60 /sf

Feb-2019

21.22 /sf

Feb-2020

21.85 /sf

Feb-2021

0.00 /sf

Feb-2022

22.51 /sf

Mar-2022

23.19 /sf

Mar-2023

23.88 /sf

Mar-2024

24.60 /sf

Mar-2025

25.34 /sf

Mar-2026

26.10 /sf

Mar-2027

22.00 /sf

Dec-2017

22.66 /sf

Dec-2018

23.34 /sf

Dec-2019

24.04 /sf

Dec-2020

24.76 /sf

Dec-2021

24.76 /sf

Mar-2018

25.50 /sf

Mar-2019

29.50 /sf

May-2018

30.39 /sf

May-2019

Renewal Options & Lease Structure NNN (MF of 4%)

Tenant Specific NNN

One 5-year option at market rate.

NNN (MF of 4%) One 5-year option at market rate.

Tenant Specific NNN

MARKET OVERVIEW

Toys R Us: Suite E-2871

% of Sq Ft

PROPERTY DESCRIPTION

Classy K-9 Cuts: Suite E-1570

Sq Ft

FINANCIAL ANALYSIS

Next Generation MMA: Suite E-1550

SHOPS AT STONEBRIAR

Seven 5-year options, beginning at $5.80 per SF with each option period increasing 8%.

Tenant specific NNN 42.00 /sf

Dec-2018

One 5-year option at market rate.

Tenant Specific NNN

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

8

TENANT ROLLOVER SCHEDULE

Suite

Exp.

SF

% of Total

Year 1 Springfree

Tenant

Suite

Exp.

SF

% of Total

Dr Cell Phone

A-1010

Aug-20

1,117

0.62%

Year 4 E-1535

May-17

2,400

1.32%

A-1020

Jun-18

1,336

0.74%

Doc's Comics

B-1120

Mar-21

2,086

1.15%

Jinbeh Sushi & Hibachi

A-1040

May-18

5,000

2.76%

Fuddruckers

G-100

Nov-20

4,512

2.49%

Bellezza Salon Suites

A-1080

Jul-17

9,335

5.15%

Year End - June 2021

3 Tenants Expiring

7,715

4.25%

7 Notes

B-1190

Jun-18

2,642

1.46%

Year 5

Mellow Mushroom

C-1200

Aug-17

5,000

2.76%

Luxe Leather

A-1000

Mar-22

5,000

2.76%

A-1052

Jan-22

2,015

1.11%

Smoothie King

C-1220

Apr-18

1,035

0.57%

Bawarchi Curry House

Interstate All Battery

E-1530

Jan-18

1,572

0.87%

Uptown Cheapskate

B-1180

Jun-22

5,098

2.81%

28,320

15.61%

Destination Xl Group

E-1450

Jan-22

13,856

7.64%

Aquarium Advantage

E-1520

Apr-22

4,000

2.21%

Year End - June 2022 Year 6

8 Tenants Expiring

Year 2 Fadis Mediterranean Grill

B-1100

Mar-19

Dental Spa

E-1500

Apr-19

2,104

1.16%

Weight Watchers

E-1510

Oct-18

1,800

0.99%

Classy K-9 Cuts Year End - June 2023

Vitamin Shoppe

E-1540

Sep-18

3,526

1.94%

Toys R Us

E-2871

Jan-19

50,200

27.68%

61,630

33.98%

Year End - June 2019

5 Tenants Expiring

A-1025

Sep-19

1,476

0.81%

Fitness Hq

C-1212

Aug-19

2,253

1.24%

Rocky Mountain

C-1250

Jan-20

1,311

0.72%

Sun & Ski Sports

E-1400

Mar-20

18,056

9.96%

Winnie Couture

E-1580

Feb-20

2,098

1.16%

Platia Greek Kouzina

E-1590

Apr-20

3,000

1.65%

Year End -June 2020

6 Tenants Expiring

Nov-22

1.02%

15.34%

1,530

0.84%

1,530

0.84%

Sep-23

16,038

8.84%

1 Tenants Expiring

16,038

8.84%

1 Tenant Expiring

Patel Brothers

B-1130

MARKET OVERVIEW

Fort Worth District Commander

E-1570

1,850

27,819

Year 7

Year End - June 2024

Year 3

5 Tenants Expiring

PROPERTY DESCRIPTION

Kids N Art

Year End - June 2018

FINANCIAL ANALYSIS

Tenant

SHOPS AT STONEBRIAR

Year 8 Vacant Year End - June 2025

A-1090

Dec-24

2,526

1.39%

1 Tenants Expiring

2,526

1.39%

0 Tenants Expiring

0

0.00%

0 Tenants Expiring

0

0.00%

Year 9 None Year End - June 2026 Year 10

28,194

15.54%

None Year End - June 2027

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

9

TENANT INFORMATION

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Tenant Overview Tenant Ownership Mellow Mushroom Home Grown Industries, Inc., dba Mellow Mushroom Pizza Bakers is a restaurant chain that was established in Atlanta, Georgia as a single pizzeria in 1974. Mellow Mushroom restaurants specialize in pizza, but they also serve calzones, hoagies, salads, appetizers, and a wide beer selection.

Years In Business Number of Locations Headquarters Website

Mellow Mushroom Private 43 Years 150 + Atlanta, GA www.mellowmushroom.com

Tenant Ownership Smoothie King’s mission is to make living a healthier more active lifestyle delicious and nutritious. They blend smoothies for a variety of purposes -- weight loss, added energy, diet supplementation, etc. As their menu has grown, so has their following. Since 1989, Smoothie King has been named #1 franchise in our category by Entrepreneur Magazine, 20 times.

Years In Business Number of Locations Headquarters Website

PROPERTY DESCRIPTION

Tenant Overview Smoothie King Franchises, Inc. Private 44 Years 800 + Metairie, LA www.smoothieking.com

Tenant Overview Tenant

Rocky Mountain Chocolate Factory is an international franchisor, confectionery manufacturer and retail operator in the United States, Canada and the United Arab Emirates. The Company is based in the charming historical town of Durango located on the western slope of the Rocky Mountains in southwestern Colorado. Their products include many varieties of clusters, caramels, creams, meltaways, truffles and molded chocolates.

Public (NASDAQ: RMCF)

Market Cap

$65.04M

Sales Volume

$40.46M

Years In Business

36 Years

Number of Locations Headquarters Website

MARKET OVERVIEW

Ownership

Rocky Mountain Chocolate Factory, Inc.

400+ Durango, CO www.rmcf.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

10

TENANT INFORMATION

SHOPS AT STONEBRIAR

Tenant Ownership Years In Business Retail Concepts, Inc. (“RCI”), d/b/a Sun & Ski offers gear – including apparel, footwear, food supplies, electronic equipment and more – for snow sports, water sports, skating, running, cycling, and camping.

Number of Locations Headquarters Website

FINANCIAL ANALYSIS

Tenant Overview Sun & Ski Subsidiary of Retail Concepts, Inc. 37 Years 35+ Houston, TX www.retailconcepts.cc

Tenant Overview Tenant

DXL is a unique, all-inclusive superstore that offers one of the most extensive assortments of XL men’s clothing and shoes available anywhere.

This “one-stop-shop” concept is designed to make the shopping experience more convenient and enjoyable. From value-priced private labels to highend designer names, DXL offers thousands of styles in the widest range of sizes.

Public (NASDAQ: DXLG)

Market Cap

$152.44M

Sales Volume

$442.22M

Years In Business Number of Locations Headquarters Website

PROPERTY DESCRIPTION

Ownership

Destination XL Group.

41 Years 300+ Canton, MA www.destinationxl.com

Tenant Overview Tenant Market Cap Weight Watchers International is an American company that offers various products and services to assist weight loss and maintenance. it now operates in about 30 countries around the world, generally under names that are local translations of “Weight Watchers”. The core philosophy behind Weight Watchers programs is to use a science-driven approach to help participants lose weight by forming helpful habits, eating smarter, getting more exercise and providing support.

Public (NYSE:WTW) $786.31M

Sales Volume

$1.16B

Credit Rating

Standard & Poor’s: B-

Years In Business Number of Locations Headquarters Website

MARKET OVERVIEW

Ownership

Weight Watchers International, Inc.

53 Years 800+ New York, NY www.weightwatchers.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

11

TENANT INFORMATION

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Tenant Overview Tenant Interstate Batteries markets automotive batteries manufactured by Johnson Controls and others through independent distributors. The company also markets marine/RV, mobility, motorcycle, lawn and garden, and other lines of batteries in the starting, lighting and ignition (SLI) markets. Interstate Batteries operates a distributor network that supplies batteries and power solutions to over 200,000 dealers.

Ownership Years In Business Number of Locations Headquarters Website

Interstate Battery System of America, Inc.

Private 65 Years 200+ Dallas, TX www.interstatebatteries.com

Tenant Ownership Market Cap The Vitamin Shoppe (formerly Vitamin Shoppe Industries, Inc., stylized as theVitaminShoppe) is an American, New Jersey-based retailer of nutritional supplements. The company provides approximately 8,000 different SKUs of supplements through its retail stores and over 20,000 different SKUs of supplements through its retail websites.

Sales Volume Years In Business Number of Locations Headquarters Website

PROPERTY DESCRIPTION

Tenant Overview Vitamin Shop Industries, Inc. Public (NYSE: VSI) $528.6M $1.26B 40 Years 450+ North Bergen, NJ www.vitaminshoppe.com

Tenant Overview Ownership Toys “R” Us, Inc. is an American toy and juvenile-products retailer founded in 1948 and headquartered in Wayne, New Jersey, in the New York City metropolitan area. The company owns or licenses 866 Toys “R” Us and Babies “R” Us stores in the United States and Puerto Rico, more than 750 international stores and more than 245 licensed stores in 37 countries and jurisdictions.

Credit Rating Years In Business Number of Locations Headquarters Website

Toys “R” Us, Inc.

MARKET OVERVIEW

Tenant

Private Standard & Poor’s: B69 Years 1500+ Wayne, NJ www.toysrus.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

12

TENANT INFORMATION

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Tenant Overview Tenant Ownership Years In Business Patel Brothers is a U.S. based grocery retail chain that focuses on flavors and foods found in in the Indian sub-continent and the Middle East. Patel Brothers offer a full line of groceries including dry goods, frozen items and fresh produce.

Number of Locations Headquarters Website

Frisco Grocery, LLC dba Patel Bros.

Private 43 Years 52+ Chicago , IL www.patelbros.com

PROPERTY DESCRIPTION

Tenant Overview Tenant Ownership

Public (NYSE:LUB)

Market Cap

$100.93M

Sales Volume

$402.64M

Years In Business Number of Locations Headquarters Website

MARKET OVERVIEW

Fuddruckers is an American fast casual, franchised restaurant chain that specializes in hamburgers. The Fuddruckers concept is to offer large hamburgers in which the meat is ground on-site and buns are baked on the premises. As of 2015, Fuddruckers had 77 company-operated restaurants and 111 franchises.

Subsidiary of Luby’s, Inc.

70 Years 280+ Houston, TX www.lubys.com

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

13

INVESTMENT HIGHLIGHTS

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FINANCIAL ANALYSIS

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SHOPS AT STONEBRIAR

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PROPERTY DESCRIPTION

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Investment Summary:

MARKET OVERVIEW

Vitorino Group and Pierson Retail Advisors are pleased to offer Shops at Stonebriar (“Property”) a +/- 181,371 square foot neighborhood retail center located at the southwest corner of Preston Road and Gaylord Parkway in the city of Frisco, Texas. Comprised of five retail buildings, the Property is shadow to Stonebriar Centre mall, a 1.5M square foot regional mall anchored

by Nordstrom, Macy’s, and AMC Theaters among others. Shops at Stonebriar is currently 98.6% occupied by a mix of national, regional and local tenants including Toys R Us, Sun & Ski Sports, Casual Male XL, Vitamin Shoppe, Weight Watchers, and Smoothie King, to name a few. This quality asset benefits from its position in the heart of the retail hub in Frisco.

The city of Frisco is in the high growth trade area of North Central Dallas and has experienced an incredible 39.5% growth in a one mile radius over the past five years with an additional 16.8% growth projected over the next five years. This rate of growth is rarely seen anywhere else in the nation. Shops at Stonebriar provides an investor the opportunity to acquire a well-positioned, stabilized shopping center within an affluent, desirable community within the Dallas MSA.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

14

HIGHLIGHTS & FEATURES

SHOPS AT STONEBRIAR

Structured Rent Increases: Leases have been structured with base rent increases in 35% of the tenants’ leases virtually guaranteeing future income growth over the next several years. By the end of 2018, an investor could capture an additional $374,692 of annual contractual rent.

National Tenancy & Longevity: National tenants make up 56.9% of the asset’s tenant line up. This dynamic tenant base includes Toys R Us, Sun & Ski Sports, The Vitamin Shoppe, Fuddruckers, Smoothie King and Mellow Mushroom to name a few. Furthermore, more than 81% of the current tenants have been at the Property for more than five years and 59.6% of the national tenant base has been at Shops at Stonebriar for 12 years or more.

Tremendous Exposure with High Traffic Counts: The Property is situated at the southeast corner of Preston Road and Gaylord Parkway and is less than a half mile from both SH 121 and Dallas North Tollway. This positioning provides Shops at Stonebriar exposure to more than 91,000 vehicles per day at this signalized intersection. Furthermore, the Property benefits from more than 113,500 vehicles travelling daily along SH 121 (Sam Rayburn Tollway), a major connector in the northern portion of the DFW Metroplex. Dallas North Tollway connects Frisco and surrounding suburbs with the Dallas CBD, carrying more than 93,700 vehicles per day.

• Fastest Growing Cities & Job Growth (#1) - WalletHub.com - October 2016 • Best Real-Estate Markets (#1) - WalletHub.com - September 2016 • The 10 Most Successful Cities in America (#1) - Zippia.com - August 2016 • Western City with Lowest Property Crime Rates - Safeco.com - August 2016 • Best Cities for Texas Families (#6) - WalletHub.com - July 2016 • Most Mobile-Friendly Cities in the U.S. (#1) - BuzzBoard.com - January 2016 • Top 10 Cities with Highest Holiday Budgets (#3) - WalletHub.com - December 2015 • Best Cities to Start a Restaurant (#6) - NerdWallet.com - August 2015 • Best Places to Live in Texas (#3) - NerdWallet.com - June 2015 • Best Mid-Sized Cities for Education (#2) - Movoto.com - January 2015

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

MARKET OVERVIEW

High Growth Trade Area with Outstanding Demographics: Shops at Stonebriar benefits from its location within the affluent, high growth Frisco trade area. Presently, within a three mile radius of the Property there are 97,500 residents increasing to 262,395 residents within five miles. Additionally, the population base has average annual incomes of $125,819 and $129,465 within a three and five mile radius, respectively.

Furthermore, over the last five years this trade area has seen an incredible 21.3% growth on average within five miles. This pattern is expected to continue over the next five years with projections averaging 12.6% growth.

The Property’s surrounding demographics continue to provide stability for the Property and its trade area well into the future.

Location, Location, Location: Shops at Stonebriar is situated in the desirable city of Frisco, Texas. Located approximately 25 miles north of downtown Dallas, Frisco is a 20-minute drive from both DFW International Airport and Dallas Love Field Airport. The nearby Dallas North Tollway and Sam Rayburn Tollway (SH-121) as well as the desirable Preston Road (Hwy 289) connect Frisco to affluent and fast growing areas in Dallas, Plano, and McKinney, to name a few. The asset benefits from its location 1/2 mile north of Legacy Business Park, with a daytime population of more than 50,000 people.

PROPERTY DESCRIPTION

Assumable Non-Recourse Debt: The Property has attractive, assumable non-recourse debt in-place with 5.152% interest rate and approximately seven years remaining on a 10-year term. Furthermore, if necessary the seller is prepared to carry-back additional debt at the same terms for a buyer to reach a 65% LTV.

$5 Billion Mile: Frisco is home to one of the most dynamic development concentrations in America with more than $5 billion in capital investments.

Within a one-mile stretch of road along the Dallas North Tollway, four mixed-use developments have been announced or under construction between Warren Parkway and Lebanon Road which is less than 2.5 miles west of Shops at Stonebriar.

FINANCIAL ANALYSIS

Stonebriar Centre: Stonebriar Centre, the #2 mall (based on sales volumes) in Dallas Fort Worth, is one of the premier shopping destinations in the Metroplex. Featuring major stores such as Nordstrom, Macy’s and Dillard’s, the mall also offers family activities such as a carousel, westernthemed kids play area as well as a 24-screen AMC Theatre movie complex complete with an IMAX-theatre experience. Furthermore, plans are underway for a new Hyatt Regency Hotel in the Stonebriar Centre to open in 2018. This luxury hotel will have 15 floors, 295 guest rooms plus 50,000 square feet of meeting space.

16

SITE PLAN

SHOPS AT STONEBRIAR NRA

A-1000

Luxe Leather Furniture

5,000

A-1010

Dr. Cell Phone

A-1020

Kids ‘N Art

1,336

A-1025

Fort Worth District Commander

1,476

A-1040

Jinbeh Inc.

5,000

A-1052

Bawarchi Curry House

2,015

A-1080

Bellezza Salon Suites

9,335

A-1090

VACANT

2,526

B-1100

Fadis Mediterranean Grill

4,000

B-1120

Doc’s Comics & Games, LLC

2,086

B-1130

Patel Brothers

16,038

B-1180

Uptown Cheapskate

5,098

B-1190

7 Notes

2,642

C-1200

Mellow Mushroom

5,000

C-1212

Fitness HQ

2,253 1,035

1,117

C-1220

Smoothie King

C-1250

Rocky Mountain Chocolate Factory

E-1400

Sun & Ski Sports

18,056

E-1450

Casual Male XL

13,856

E-1500

Dental Spa

2,104

E-1510

Weight Watchers

1,800

E-1520

Aquarium Advantage

1,850

E-1530

Interstate All Battery Center

1,572

E-1535

Springfree Trampoline

2,400

E-1540

The Vitamin Shoppe

3,526

E-1550

Next Generation MMA

7,599

E-1570

Classy K-9 Cuts

1,530

E-1580

Winnie Couture

2,098

E-1590

Platia Greek Kouzina

3,000

E-2871

Toys R Us

50,200

G-100

Fuddruckers

4,512

Total Units

181,371

PROPERTY DESCRIPTION

NOT A PART

Tenant

FINANCIAL ANALYSIS

NOT A PART

UNIT

1,311

MARKET OVERVIEW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

17

LEASE COMPARABLES Property Name

SHOPS AT STONEBRIAR Occupancy

Major Tenants

Available SF

Rental Rates

nnn

Shops at Stonebriar 2693 - 2995 Preston Rd. Frisco, TX

181,371

1996

95.9%

Toys R Us, Sun 'N Ski Sports, Destination XL, Fudruckers, Smoothie King, Fitness HQ

7,526

$5.38 - Anchor $11.00 - $32.50 - Inline $40.00 - Pad

$6.27

Shops at Preston Ridge 8080 SH 121

59,973

2007

84.7%

La Madeleine, Sleep Experts, Paciugo Mattress Firm, The Leather Sofa Co.

9,181

$18.00 - 39.00

$8.09

South Frisco Village 2930 Preston Rd.

227,175

1996 / 1997

95.0%

Bed Bath & Beyond, Office Depot, Buy Buy Baby, Jo-Ann, Fuzzy's Tacos, Sally Beauty Supply

11,432

$8.00 - $11.00 -- Anchor $17.00 - $30.00 -- Inline

$4.50

Center at Preston Ridge 8400 Gaylord Pky.

780,595

2004

96.4%

Target, Best Buy, DSW, Marshalls, Old Navy, Pet Smart, Big Lots, Sacks Off 5th, TJ Maxx, Chipolte

28,171

$6.00 - $10.00 -- Anchor $13.00 - $42.00 -- Inline

$5.00

Preston Village Center 8600 - 8700 Preston Rd.

287,001

1999

93.3%

PGA Superstore, Michaels, Petco, Total Wine, Subway, H&R Block, Hockey Giant, Great Clips, AT&T

19,360

$6.00 - $15.00 -- Anchor $20.00 - $45.00 -- Inline

$4.75

Frisco Village 4710 - 4944 Preston Rd.

125,291

1999

92.0%

Tom Thumb (shadow), Subway, Chase, Edible Arrangements

10,033

$20.00 - $35.00 -- Inline

$5.00

PROPERTY DESCRIPTION

Year Built

FINANCIAL ANALYSIS

GLA

Shops at Stonebriar 1

Shops at Preston Ridge

2

South Frisco Village

3

Center at Preston Ridge

4

Preston Village Center

5

Frisco Village

5

3 MARKET OVERVIEW

2

4 1

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

18

AERIAL MAP

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS PROPERTY DESCRIPTION

Dr. Pepper Arena

Dr. Pepper Ballpark

MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

19

AERIAL MAP

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

20

REGIONAL MAP

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS

Shops at Stonebriar

PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

21

MARKET SUMMARY

SHOPS AT STONEBRIAR

FINANCIAL ANALYSIS PROPERTY DESCRIPTION

DALLAS, TX Dallas encompasses half of the Dallas/Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States.

Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas/Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States.

Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations.

Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 Vitorino Group

MARKET OVERVIEW

The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become the fourth-largest employment center in the nation (behind New York City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the

latest rankings released in 2013, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 20.

22

DEMOGRAPHIC SUMMARY

SHOPS AT STONEBRIAR

Geography: 5 miles

FINANCIAL ANALYSIS

Population In the identified area, the 2016 population was 262,395. The rate of change since 2000 was 79.81%. The five-year projection for the population in the area was 289,469 representing a change of 10.32% from 2016 to 2021. The population was 48.7% male and 51.3% female. The median age in this area was 36.5, compared to the U.S. median agoe of 38.0.

Households There were 97,783 households in your selected georgraphy in 2016. The number of households changed by 88.73% since 2000. It is estimated that the number of households in your area will be 107,819 in 2021, which represents a change of 10.26% in five years. The average household size in your area was 2.68 persons.

Income PROPERTY DESCRIPTION

In 2016, the median household income for your selected geography was $102,977, compared to the entire U.S. average, which was $54,149. It is estimated that the median household income in your area will be $107,693 in 2021, which represents a change of 4.58% from 2016.

The per capita income in your area was $48,306, compared to the entire U.S. average, which was $29,472. The 2016 average household income in your area was $129,465, compared to the entire U.S. average, which was $77,008.

Race and Ethnicity The 2016 racial makeup of your selected area was as follows: 64.5% White, 7.9% Black, 0.4% Native American and 20.7% Asian/Pacific Islander. Compare these to the entire U.S. averages which were: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin made up 11.5% of the 2016 population in your selected area. Compare this to the entire U.S. average of 17.9%.

MARKET OVERVIEW

Housing In 2016, there were 60,378 owner occupied housing units in your area, and there were 37,405 renter occupied housing units in your area.

Median home value in the area was $285,577, compared to a median home value of $198,891 for the U.S.

Employment In 2016, there were 137,905 employees in your selected area, this is also known as the daytime population. 83.0% of employees were employed in white-collar occupations in this geography, and 7.1% were employed in blue-collar occupations. In 2016, unemployment in this area was 3.4%.

Demographic data Š 2016 esri This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

23

DEMOGRAPHIC STATISTICS

SHOPS AT STONEBRIAR 1 Mile

3 Miles

5 Miles

Income

1 Mile

3 Miles

5 Miles

2000 Population

1,560

45,662

145,925

$ 0 - $14,999

6.9%

4.7%

4.2%

2010 Population

5,816

87,060

233,323

$ 15,000 - $24,999

4.3%

4.0%

3.9%

2016 Population

8,114

97,500

262,395

$ 25,000 - $34,999

6.0%

5.3%

5.0%

2021 Population

9,478

107,955 289,469

$ 35,000 - $49,999

11.5%

9.0%

8.6%

Change from 2010 to 2016

39.51%

11.99%

12.46%

$ 50,000 - $74,999

12.2%

13.6%

13.4%

Change from 2016 to 2021

16.81%

10.72%

10.32%

$ 75,000 - $99,999

18.8%

13.4%

12.6%

$100,000 - $149,999

21.8%

22.2%

23.4%

$150,000 - $199,999

9.9%

12.8%

13.1%

$200,000 +

8.7%

15.0%

15.8%

3 Miles

5 Miles

2000 Households

605

16,626

51,811

2010 Households

2,933

33,968

87,073

2016 Households

4,161

38,381

97,783

2021 Households

4,904

42,658

107,819

2016 Daytime Population

5,097

52,389

137,905

1.95

2.54

2.68

2010 Owner Occupied Housing Units

26.5%

55.6%

62.2%

2010 Renter Occupied Housing Units

66.1%

39.4%

32.8%

2010 Vacant

7.4%

5.0%

4.9%

2016 Owner Occupied Housing Units

21.8%

50.8%

58.8%

2016 Renter Occupied Housing Units

71.1%

44.2%

36.4%

2016 Vacant

7.1%

5.1%

4.7%

2021 Owner Occupied Housing Units

20.2%

49.1%

57.7%

2021 Renter Occupied Housing Units

72.7%

45.9%

37.6%

7.1%

5.1%

4.7%

2016 Average Household Size

2021 Vacant

2016 Median Household Income

$85,118

$100,014 $102,977

2016 Per Capita Income

$52,382

$49,675

$48,306

$104,046

$125,819

$129,465

2016 Average Household Income

Traffic Counts

21,917 58,530

MARKET OVERVIEW

1 Mile

PROPERTY DESCRIPTION

Households

FINANCIAL ANALYSIS

Population

102,000

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 Vitorino Group

24

CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential.

It is intended to be reviewed only by the party receiving it from Vitorino Group and it should not be made available to any other person or entity without the written consent of Vitorino Group. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Vitorino Group.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.

Vitorino Group has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Vitorino Group has not verified, and will not verify, any of the information contained herein, nor has Vitorino Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE VITORINO GROUP AGENT FOR MORE DETAILS.

Net Lease Disclaimer Vitorino Group hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, the Vitorino Group has not and will not verify any of this information, nor has the Vitorino Group conducted any investigation regarding these matters.

The Vitorino Group makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. The Vitorino Group expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release The Vitorino Group and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

B

Information About Brokerage Services

efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an

intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

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