300 West Town Center OFFERING MEMORANDUM 1110 South 300 West , Utah 84101 DISCLAIMER

This Offering Memorandum is provided for the sole purpose of allowing a potential investor to evaluate whether there is interest in proceeding with further discussions regarding a possible purchase of or investment in certain premises located at 300 West Town Center, the (“Property”).

The potential investor is urged to perform its own examination and inspection of the Property and information relating to same, and shall rely solely on such examination and investigation and not on this Offering Memorandum or any materials, statements or information contained herein or otherwise provided.

Neither Jones Lang LaSalle Americas, Inc. nor the Owner, nor any of their respective TABLE OF CONTENTS partners, directors, officers, employees, shareholders and agents (collectively, “Agents”), make any representations or warranties, whether express or implied, by operation of law or otherwise, with respect to this Offering Memorandum or the Property or any mate- rials, statements (including financial statements and projections) or information con- tained herein or relating thereto, or as to the accuracy or completeness of such materi- 5 Executive Summary als, statements or information, or as to the condition, quality or fitness of the Property, or assumes any responsibility with respect thereto. Such materials, statements and information have in many circumstances been obtained from outside sources, and have not been tested or verified. Projections, in particular, are based on various assumptions 13 Property Description and subjective determinations as to which no guaranty or assurance can be given.

Without limiting the foregoing, in the event this Offering Memorandum contains infor- mation relating to asbestos or any other hazardous, toxic or dangerous chemical, item, 15 Financial Overview waste or substance (“Hazardous Materials”) in relation to the Property, such information shall in no way be construed as creating any warranties or representations, expressed or implied, by operation of law or otherwise, by Agents or the Owner, as to the existence or non-existence or nature of Hazardous Materials in, under, on or around the Property. 23 Tenant Overview This Offering Memorandum is provided subject to errors, omissions, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice. The contents Overview hereof are confidential and subject to the terms of the confidentiality agreement in 27 Location place between Owner and the potential investor. This Offering Memorandum may not be reproduced, distributed or disclosed in any manner to any person or entity or used for any purpose other than initial evaluation as indicated above and in such confidentiality agreement(s).

Owner may, in its sole discretion, reject any offer to purchase the Property and may terminate negotiations at any time without written notice. Until a written sale agreement that is mutually acceptable to Owner and any investor has been executed by both par- ties, Owner shall have no binding obligations to any potential investor. PROPERTY CONTACTDESCRIPTION INFORMATION

Investment Sales Contact:s:

JASON SCHMIDT BRIAN ANDERSON EXECUTIVE VICE PRESIDENT VICE PRESIDENT +1 303 217 7953 +1 801 456-9535 [email protected] [email protected]

Financing Contact:

BAXTER FAIN MANAGING DIRECTOR +1 303 260-6538 [email protected] EXECUTIVE SUMMARY

4 Property Description | 300 West Town Center EXECUTIVE SUMMARY 300 West Town Center N 1110 South 300 West Salt Lake City, Utah 84101 Asset Summary 1110 South 300 West THE OFFERING Address: Salt Lake City, UT 84101

JLL (“Broker”) is pleased to present, to qualified investors, 100% of the fee Purchase Price: $3,000,000 simple interest in 300 West Town Center (“the Property”). This 9,394 square foot, Target (NYSE: TGT) shadow anchored retail asset is a rare value-add Purchase Price (PSF): $319 15 opportunity in the flourishing Salt Lake City, Utah marketplace. Size (sf): 9,394 This regionally located retail asset is currently 81% leased to a diverse roster 15 of brand name service retail credit tenants along with a US Government Site (acres): +/- 17.25 acres recruiting location and is strategically located at the intersection of 300 West and Paxton Avenue. This location is adjacent to and has great access from Occupancy: 81% I-15, the major north-south thoroughfare in Utah, which carries over 235,000 cars per day. The shopping center is within minutes of the downtown office Number of tenants: 4 market and serves a number of established yet growing residential areas, including some of the highest incomes in the state. This strong demographic Average in-place rental rate ($psf): $25.52 NNN trade area offers exceptional visibility and signalized access to one of the busiest traffic corridors in the region. In-Line $25.00 NNN Market rental rates ($psf): End Cap $35.00 NNN With limited lease roll 300 West Town Center represents a rare opportunity Govt $42.50 Gross for an investor to acquire a strategically located shopping center in a premier In-place NOI: $188,191 retail location.

In-place Cap Rate: 6.25% Tenant Sales

In-place Cash on Cash: 9.38% Tenant Sally Beauty GNC Payless 300 W Stabilized (95%) NOI: $220,337 Sales $866,846 $496,815 $419,800 Stabilized (95%) Cap Rate: 7.34% Sales PSF $620 $394 $149.93 Year 5 NOI: $255,188 Aspen Ave Occ. Cost 4.80% 8.62% 13.34% Year 5 Residual Value: $3,631,876

Year 5 Levered IRR: 17.44%

6 Executive Summary | 300 West Town Center EXECUTIVE EXECUTIVE SUMMARY SUMMARY

INVESTMENT HIGHLIGHTS INVESTMENT HIGHLIGHTS

Well Located Retail In-Fill Asset National Co-Tenancy at Intersections 300 West Town Center benefits from being shadow anchored by one of the nation’s top retailers, Target. Target has been in operation at this location The co-tenancy at 1300 South and 300 West makes this location a regional hub for its since 2010 when the shopping center was built and has experienced steady growth in annual sales ever since. With stores in West Valley City (9.0 tenants. In addition to Target (located at 300 West Town Center), the intersection’s tenancy miles), Cottonwood Heights (11.2 miles) and West Jordan (11.3 miles) the Target in 300 West Town Center is the only location in Salt Lake City and has includes large national names such as Walmart, Lowe’s Home Improvement, Tesla, McDon- ideal spacing to serve its market area in perpetuity. ald’s and Burger King amongst others. The intersection benefits from both convenience and Target Shadow destination drivers creating consistent and steady activity from both the immediate neigh- Anchored retail deals have constantly withstood the test of time. This asset will benefit from the recently developed shops, Target and the large box Anchored borhoods and customers beyond the trade area. retailers close by. The traffic generated by Target, KeyBank, El Pollo Loco, Wendy’s and other quality in-line shops and out parcels serves to attract Shopping Center customers from both the immediate trade area and beyond. This draw is evidenced by the recent construction of a retail outlet for Tesla adjacent to Affluent and Densely Populated Market Area the property. The area surrounding 300 West Town Center is densely populated with strong demograph- ics that provide the shopping center with a strong customer base for the long term. By Prime Visibility and High Traffic Intersection 2022, the number of households within 5 miles is projected to reach over 124,000 with an The CBD/Periphery retail market is formed by the highway system in southwest section of Salt Lake County. Bordered by Interstate I-15 to the west, average household income of $79,617. Families will continue to flood the communities in Lincoln Highway to the south and Interstate Highway 15 to the east, 300 West Town Center is located in the center of the CBD/Periphery corridor sub- the area as the growth continues. With this growth comes the need for public transportation market along the major thoroughfare with ease of access to the highway system in every direction. and accessibility to the rest of Salt Lake City. With a stop less than a mile from the shopping center, Ballpark Station houses the blue and green lines of UTA’s light rail system, On the corner of 300 West and Paxton Avenue and adjacent to I-15, 300 West Town Center is exposed to over 235,000 cars per day. At this main retail TRAX. The offers a short 15 minute ride into the CBD and the allows you node, with immediate access through signalized full access point and two turnouts on Paxton Avenue, traffic from all directions has direct visibility to $79,617 to get to SLC Airport in 30 minutes. the tenancy at 300 West Town Center. Signage is also extremely well located on 300 West and can be seen from the Interstate and all angles of traffic. Average Household The Center’s ideal location, high traffic counts and interstate visibility from two of Utah’s major arterials will result in 300 West Town Center attracting Income in 2022 Limited Lease Roll ongoing tenancy and consistently outperforming other competitive shopping centers. With no turnover until year four of the analysis and the US Government recently executing a brand new lease, 300 West Town Center offers confidence and a stable cash flow to inves- Rare Value-Add Retail Opportunity tors. This limited lease roll, coupled with the majority of the four tenants being in the shop- 300 West Town Center is Utah’s premier value-add retail investment opportunity. With nearly 20% of the retail space available, the shopping center is ping center since it opened for business, offers the buyer surety in their investment on 300 truly a unique opportunity for investors. With strong co-tenancy, heavy traffic, immediate visibility, direct access and strong demographics 300 West West Town Center. Town Center has the rare ability for significant value creation and sizable investor returns. 29.8% Roll in Year 4

8 Executive Summary | 300 West Town Center 9 Capitol Hill Greater Avenues EXECUTIVE Salt Lake City EXECUTIVE SUMMARY I 15 SUMMARY 3 Mile 5 Mile 1 Mile 4,436 61,306 117,855

2017 Number of 7.45% 2017 Number ofAltus 5.53% Jeremy2017 Ranch Number of 5.06%

UT 154 Households 2017-2022 Households 2017-2022 Households 2017-2022 population Summitpopulation Park population UT 270 growth OFFERINGgrowth TERMS growth 7.7% 11,368 16.5% 300 West153,565 Town Center is being offered19.0% at $3,000,000 320,306and free and clear of any debt obligations. All prospective buyers are encouraged to present HH income HH income HH income Garfield Junction more than $100K more than $100K their best offer based on the “as-is,more where-is” than $100K condition of the property. In addition to this offering memorandum, detailed financial analysis, including Garfield 2017 total 2017Kimball total Junction 2017 total population ARGUS,population is available, upon request. population UT 201 300 West $45,340 $62,548 $69,829 Lake Point Junction Town Center Avg. HH income 10,520 LostAvg. Acres HH income 145,067 Avg. HH income 304,077 I 80 South Salt Lake Forest Home Silver Springs Lago MAJOR TENANT SUMMARY I 215 3 Mile 5 Mile 1 Mile 4,436 61,306 117,855

West Valley City 2017 Number of 7.45% 2017 Number of 5.53% 2017 Number of Tenant5.06% SnydervilleSize (SF) % of Asset Lease Expiration Households 2017-2022 Households 2017-2022 Households 2017-2022 Lake Point population population population growth growth Payless ShoeSourcegrowth 2,800 30% October 2021 Taylorsville 7.7% Holladay11,368 16.5% 153,565 19.0% 320,306 Murray HH income HH income HH income US Government 2,146 23% January 2023 more than $100K more than $100K more than $100K 2017 total 2017 total 2017 total population population population Mills Junction $45,340 $62,548 $69,829 Sally Beauty Supply 1,400 15% June 2021 Avg. HH income 10,520 Avg. HH income 145,067 MounthavenAvg. HH income 304,077 GNC 1,260 13% June 2021 Pine Lodge Utley Pine Tree 3 Mile 5 Mile 1 Mile 4,436 61,306 117,855 Neilson

2017 Number of 7.45% 2017 Number of Cottonwood5.53% Heights 2017 Number of 5.06% Silver Fork Households 2017-2022 Households 2017-2022 Households 2017-2022 population population population Forest Glen growthMidvale growth growth Solitude Lady of the Lake Silver Lake Summer Resort West Jordan7.7% 11,368 16.5% 153,565 19.0% 320,306 HH income HH income HH income more than $100K more than $100K more than $100K 2017 total 2017 total 2017 total Brighton population population population Alta Vista Plat$45,340 $62,548 $69,829 Avg. HH income 10,520 Avg. HH income 145,067 Avg. HH income 304,077 Washington Square Fox Hollow Snowbird Center Albion Basin 10 CloverExecutive Hills Summary | 300 West Town Center 11 Albion Alps Lincoln Copperton Ridgecrest Little Cottonwood Robbe Ashford Acres Seven Springs White City Holly Park Dalton Community South Jordan Transwest Village Huntsman Plat A River Crest Thaxton Acres LKC Development Pepperwood Terrace Snyder Clover Ridge The Cove at Hidden Valley Angels Grove Brookwood Farm Meadows The Parc at Day Dairy The Villages Riverton Greenfield Farms Marblewood 5 mi Hi Country Estates Allen Draper Old Farm Aerial PROPERTY DESCRIPTION PROPERTY DESCRIPTION

PROPERTY HIGHLIGHTS

Size (Acres) 2.62 +/- (pre-subdivision)

Year Built 2010

Stories One

Parcel 15-12-331-006-0000 (to be subdivided)

Parking Surface lot

400 WEST Roof Original roof with warranty expiring 3/2021

Number of tenants: 4 (Not a Part) FINANCIAL (Not a Part) OVERVIEW 1170 SOUTH (PAXTON AVE)

(Not a Part) (Not a Part)

(Not a Part) (Not a Part) PAD 2 PAD 3

300 WEST

14 Property Description | 300 West Town Center FINANCIAL FINANCIAL OVERVIEW OVERVIEW

ASSUMPTIONS ASSUMPTIONS

Project: 300 West Town Center Vacant Space Lease Up:

Property Size: 9,394 sf Suite Size Lease Date Term Rental Rate TI Allowance LC Allowance

Reporting Start Date: 7/1/2018 EOD 1,788 10/1/2018 7 Years $25.00 $20.00 6%

Analysis Period: 11 Years Total / Avg 1,788 $25.00 $20.00 6%

Lease Type (speculative): Retail - NNN Tenant Improvements: Leasing Commissions: Lease Terms (speculative): 7 Years Year New Lease Renewal Lease Blended Year New Lease Renewal Lease Blended Capital Reserves: $0.15 PSF Year 1 $20.00 $10.00 $13.00 Year 1 6% 3% 4% Tenant Retention Ratio: 70% Renew, 30% Vacate Year 2 $20.00 $10.00 $13.00 Year 2 6% 3% 4% Lag Vacancy: 6 Months Year 3 $20.00 $10.00 $13.00 Year 3 6% 3% 4% General Vacancy: 5.0%, less absorption & lag vacancy Thereafter Held Flat Held Flat Held Flat Thereafter Held Flat Held Flat Held Flat Management Fee: 3% of EGR

Rent Abatement: None Market Rental Rates:

Rent Increases / Step Rent: 3% Annual Increases Year In-Line (NNN) End Cap (NNN) Govt (Gross) Annual Inflation Growth Rates: CPI: 3.0% Year 1 $25.00 $35.00 $42.50 0.00% Expenses: 3.0% Other Income: 3.0% Year 2 $25.75 $36.05 $43.78 3.00% Inflation: Inflation and reimbursments are calculated on a calendar year basis Year 3 $26.52 $37.13 $45.09 3.00%

Additional Notes: Expenses are based off of 2018 budget provided by Ownership Year 4 $27.32 $38.25 $46.44 3.00% Taxes are grown 2% annually Analysis assumes GNC & KeyBank sign rent is held flat throughout the entire analysis Year 5 $28.14 $39.39 $47.83 3.00% Pad site expenses and recovery income are included in analysis Year 6 $28.98 $40.57 $49.27 3.00%

Year 7 $29.85 $41.79 $50.75 3.00%

16 Financial Overview | 300 West Town Center Rents are inflated at 3.0% annually after Year 7 17 FINANCIAL FINANCIAL OVERVIEW OVERVIEW

CASH FLOW RENT ROLL

Square % of Recovery Suite Tenant Lease Term Rental Rates PSF Notes 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Feet Asset Type In-Place Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Begin End Begin Monthly PSF Annually Fiscal Year Ending Income Jun-2019 Jun-2020 Jun-2021 Jun-2022 Jun-2023 Jun-2024 Jun-2025 Jun-2026 Jun-2027 Jun-2028 Jun-2029 Income: EOA Payless 2,800 29.81% Jul-2011 Oct-2021 Current $4,667 $1.67 $56,000 $20.00 NNN with Renewal Option: One (1) option for five (5) years Base Rental Revenue $232,434 $277,134 $282,966 $287,710 $311,215 $324,928 $335,205 $343,892 $352,836 $379,439 $391,394 $402,526 ShoeSource Nov-2019 $5,040 $1.80 $60,480 $21.60 4% Cap at $32.07 with no less than 6 months notice Termination Option: If TT’s gross sales for the Absorption & Turnover Vacancy $0 ($11,175) $0 $0 ($8,032) ($11,654) $0 $0 ($9,163) ($25,124) ($20,429) ($9,878) lease year 11/18-10/19 fall below $350K TT Total Minimum Rent $232,434 $265,959 $282,966 $287,710 $303,183 $313,274 $335,205 $343,892 $343,673 $354,315 $370,965 $392,648 has right within 90 days following lease year to Expense Reimbursement Revenue $177,784 $185,436 $193,370 $198,864 $200,891 $208,047 $213,995 $220,144 $225,238 $226,386 $237,469 $242,610 terminate lease with 90 days written notice GNC & Keybank Sign Rent $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 $4,200 Admin Fee: 15% on CAM excluding Insurance Potential Gross Income $414,418 $455,595 $480,536 $490,774 $508,274 $525,521 $553,400 $568,236 $573,111 $584,901 $612,634 $639,458 and taxes General Vacancy: $0 ($12,164) ($24,026) ($24,540) ($17,783) ($15,204) ($27,671) ($28,411) ($19,951) ($5,376) ($11,225) ($22,588) Capital Reserve Fee: 15% on CAM for reserves (Total Vacancy) 0.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% -5.0% established by LL for future replacements or Effective Gross Income $414,418 $443,431 $456,510 $466,234 $490,491 $510,317 $525,729 $539,825 $553,160 $579,525 $601,409 $616,870 improvements to the Common Area Operating Expenses: Exclusive Use: the retail sale of shoes Controllable CAM - Parking ($5,214) ($5,214) ($5,367) ($5,530) ($5,694) ($5,866) ($6,043) ($6,222) ($6,411) ($6,603) ($6,801) ($7,005) Snow Removal ($1,037) ($1,037) ($1,067) ($1,100) ($1,133) ($1,166) ($1,202) ($1,237) ($1,275) ($1,312) ($1,352) ($1,393) EOE Sally Beauty 1,400 14.90% Jun-2011 Jun-2021 Current $3,465 $2.48 $41,580 $29.70 NNN with Renewal Option: One (1) option for five (5) years Utilities ($9,018) ($9,018) ($9,285) ($9,567) ($9,851) ($10,147) ($10,454) ($10,764) ($11,089) ($11,421) ($11,764) ($12,117) Supply 6% Cap at $32.67 with no less than 6 months notice and Controllable CAM - Bldg ($2,511) ($2,511) ($2,587) ($2,664) ($2,747) ($2,828) ($2,917) ($2,994) ($3,092) ($3,183) ($3,276) ($3,377) no more than 9 months Insurance ($5,782) ($5,782) ($5,955) ($6,130) ($6,318) ($6,506) ($6,700) ($6,903) ($7,105) ($7,324) ($7,542) ($7,769) Admin Fee: 15% on CAM excluding Insurance REA Share ($133,321) ($133,321) ($137,322) ($141,444) ($145,681) ($150,056) ($154,558) ($159,194) ($163,970) ($168,887) ($173,955) ($179,177) and taxes Govt Lease Expenses ($20,693) ($20,693) ($21,313) ($21,953) ($22,611) ($23,292) ($23,988) ($24,707) ($25,449) ($26,215) ($26,998) ($27,810) Capital Reserve Fee: 15% on CAM for reserves Mgt Fee ($11,807) ($13,303) ($13,696) ($13,987) ($14,716) ($15,308) ($15,773) ($16,194) ($16,595) ($17,386) ($18,042) ($18,506) established by LL for future replacements or Taxes ($34,998) ($34,998) ($35,698) ($36,413) ($37,142) ($37,882) ($38,642) ($39,414) ($40,202) ($41,006) ($41,826) ($42,663) improvements to the Common Area Holder's Cost-Environmental Monitoring ($1,846) ($1,846) ($1,904) ($1,960) ($2,019) ($2,078) ($2,141) ($2,207) ($2,270) ($2,342) ($2,411) ($2,482) Exclusive Use: the retail sale and wholesale Total Expenses ($226,227) ($227,723) ($234,194) ($240,748) ($247,912) ($255,129) ($262,418) ($269,836) ($277,458) ($285,679) ($293,967) ($302,299) of beauty supply products and related Net Operating Income $188,191 $215,708 $222,316 $225,486 $242,579 $255,188 $263,311 $269,989 $275,702 $293,846 $307,442 $314,571 merchandise Capital Expenditures: EO GNC 1,260 13.41% Jun-2011 Jun-2021 Current $3,570 $2.83 $42,840 $34.00 NNN Subleased by Madhav Ranjan & Courtney B. Tenant Improvements ($35,760) $0 $0 ($16,380) ($27,898) $0 $0 ($23,244) ($54,600) ($27,898) ($16,380) Ranjan who are paying full rent Leasing Commissions ($20,551) $0 $0 ($14,401) ($21,892) $0 $0 ($16,429) ($45,843) ($25,379) ($17,711) Sign Rent: TT pays $250/mo for monument Capital Reserves ($1,431) ($1,473) ($1,516) ($1,563) ($1,610) ($1,659) ($1,708) ($1,760) ($1,811) ($1,867) ($1,923) signage Total Capital Expenditures ($57,742) ($1,473) ($1,516) ($32,344) ($51,400) ($1,659) ($1,708) ($41,433) ($102,254) ($55,144) ($36,014) Admin Fee: 10% on CAM excluding insurance, Cash Flow Before Debt $157,966 $220,843 $223,970 $210,235 $203,788 $261,652 $268,281 $234,269 $191,592 $252,298 $278,557 taxes and water Exclusive Use: the retail sale of vitamins, mineral Annual Debt Service ($89,700) ($89,700) ($119,959) ($119,959) ($119,959) ($119,959) ($119,959) ($119,959) ($119,959) ($119,959) supplements or sports nutrition supplements Cash Flow After Debt $68,266 $131,143 $104,011 $90,276 $83,829 $141,693 $148,322 $114,310 $71,633 $132,339

18 Financial Overview | 300 West Town Center 19 FINANCIAL FINANCIAL OVERVIEW OVERVIEW

RENT ROLL EXPIRATION SCHEDULE

Square % of Recovery Suite Tenant Lease Term Rental Rates PSF Notes Tenant Suite Expiration Date Square Feet Percent of Total Feet Asset Type Begin End Begin Monthly PSF Annually Sally Beauty EOE 6/30/2021 1,400.00 14.9 GNC EOF 6/30/2021 1,260.00 13.4 EOB US 2,146 22.84% Jan-2018 Jan-2023 Current $7,600 $3.54 $91,205 $42.50 None Landlord is responsible for utilities and CAM Government Jan-2019 $7,752 $3.61 $93,029 $43.35 Use: Air Force reserves and Navy Recruiting Total for Year Ending Jun-2021 2,660.00 28.30% Jan-2020 $7,908 $3.69 $94,896 $44.22 Jan-2021 $8,065 $3.76 $96,785 $45.10 Jan-2022 $8,226 $3.83 $98,716 $46.00 Payless ShoeSource EOA 10/31/2021 2,800.00 29.8 Total for Year Ending Jun-2022 2,800.00 29.80%

US Government EOB 1/21/2023 2,146.00 22.8

Total for Year Ending Jun-2023 2,146.00 22.80%

EOD Vacant 1,788 19.03%

OCCUPIED SqFt 7,606 81.0%

VACANT SqFt 1,788 19.0%

TOTAL SqFt 9,394 100.0%

20 Financial Overview | 300 West Town Center 21 N

SMITH’S BALLPARK 15

Ballpark Station

15 TENANT OVERVIEW S 300 W

300 West Town Center Payless Shoesource GNC Sally Beauty US Government Cash & Carry (Not a Part) Keybank (Not a Part) Wendy’s (Not a Part) Target (Not a Part) TENANT TENANT OVERVIEW OVERVIEW

TYPE Public TYPE Public TYPE Public FOUNDER Louis Pozez, Shaol Pozez FOUNDER David Shakarian FOUNDER C. Ray Farber HEADQUARTERED Topeka, KS HEADQUARTERED Pittsburgh, PA HEADQUARTERED Denton, TX YEAR FOUNDED 1956 YEAR FOUNDED 1935 YEAR FOUNDED 1964 EMPLOYEES 25,000 EMPLOYEES 13,800 EMPLOYEES 7,500 ANNUAL REVENUE $3 Billion (EOY 2015) ANNUAL REVENUE $669 Million (EOY 2016) ANNUAL REVENUE $3.4B (EOY 2016) SQUARE FOOTAGE OCCUPIED 2,800 SQUARE FOOTAGE OCCUPIED 1,260 SQUARE FOOTAGE OCCUPIED 1,400 LEASE EXPIRATION October 2021 LEASE EXPIRATION June 2021 LEASE EXPIRATION June 2021

Payless ShoeSource is the largest specialty family footwear retailer in the GNC Holdings, Inc. is a leading global specialty retailer of health and wellness Sally Beauty is the world’s largest wholesale and retail distributor of beauty Western Hemisphere, offering a wide range of shoes and accessory items products - including vitamins, minerals, and herbal supplement products, supplies with over 3,300 stores carrying over 7,000 professional products at affordable prices for every member of the family. The company’s mission sports nutrition products and diet products. The Company has a diversified, for their customers. The products range for hair, skin, and nails through is simple: Become the first choice for style and value in footwear and multi-channel business model and derives revenue from product sales professional lines such as Clairol, L’Oreal, Wella and Conair, as well as an accessories for their customers. through company-owned retail stores, domestic and international franchise extensive selection of proprietary merchandise. Sally Beauty continues to activities, third party contract manufacturing, e-commerce and corporate grow and are always seeking retail space in strip centers in suburban and Payless was founded in 1956, in Topeka, Kansas on a revolutionary idea – partnerships. city locations. selling quality shoes at affordable prices in a self-select environment. More than 50 years later, Payless continues the self-select model combined with GNC’s broad and deep product mix, which is focused on premium, value-added leading customer service to provide a fun and engaging shopping experience nutritional products, is sold under GNC proprietary brands and under nationally for its customers. recognized third party brands. GNC sets the standard in the nutritional supplement industry by demanding truth in labeling, ingredient safety and product potency, all while remaining on the cutting-edge of nutritional science.

24 Tenant Overview | 300 West Town Center 25 N Salt Lake City

400 W

Urban Edge Mixed-Use Development

S 300 W 300 West Town Center 1110 South 300 West LOCATION Salt Lake City, Utah 84101 OVERVIEW

15 LOCATION LOCATION OVERVIEW OVERVIEW

SALT LAKE CITY OVERVIEW SALT LAKE CITY OVERVIEW

Salt Lake City is a unique fusion of metropolitan city and quaint mountain town; the Transportation and Access towering Wasatch Mountains that embrace Salt Lake City offer a dramatic backdrop Salt Lake is known as the “Crossroads of the West”, and Air Lines, Frontier, JetBlue, KLM Royal Dutch Airlines, to the vibrancy and activities in downtown. Since hosting the 2002 Olympic Winter is equidistant of all major western markets. Interstate 15, SkyWest, Southwest and United. The airport is the 25th Games, Salt Lake City, a metro area of nearly 1.2 million people, has evolved from Interstate 80, Route 215 and Interstate 70 are vital to the busiest in the United States and the 85th busiest in the good to great. From world-class skiing and outdoor recreation to a thriving cultural efficient movement of goods and materials throughout the world in terms of passenger numbers. It is one of Delta arts scene, Salt Lake City has established itself as a major outdoor destination in a region. Salt Lake is also home to Commuter Link, a recent Air Lines largest hubs with over 70% of the traffic. The cosmopolitan setting. It has become an ideal rail and highway transportation hub innovation designed to reduce traffic congestion and SLC International Airport accommodates approximately as a result of its location, almost equidistant in travel time between the southern increase efficiency, saving taxpayers around $100 million 21 million passengers per year and offers direct flights to California ports and the busy northern markets of Chicago. Easily accessible from annually. With a 1,400-square-mile service area spanning ten of the largest airports in the country. anywhere in the country, Salt Lake City continues to attract visitors from around six counties, (UTA) provides public the world that have returned time and again to experience what this mountain transit (bus, TRAX light rail and the new FrontRunner The airport is currently undergoing a $1.8 billion Terminal metropolis offers. commuter rail) to 75% of Utah’s population and some Redevelopment Project (“TRP”) that will continue through of the state’s largest communities, including Salt Lake, 2022. The Salt Lake City Department of Airports will also Within an hour of 14 popular ski resorts, The Great Salt Lake and multiple national Ogden, Provo, and Tooele. spend an additional $400 million during the same period forests, the Salt Lake metropolitan area’s central geography has played an integral on routine and ongoing airport improvement projects role in the metro area’s economic success. A robust climate, excellent schools, Salt Lake City is also home to the Salt Lake International unrelated to the TRP. Under the TRP, most of the airport highly educated population, and limitless outdoor activities have all aided this major Airport, which is served by ten airlines and their affiliates facilities will be demolished and rebuilt in phases through metropolitan area to rank amongst the best places to live and conduct business. including Air Canada, Alaska Airlines, American, Delta 2022. Furthermore, the City’s population is expected to grow 10 percent by 2021, more than double the national rate. Seattle 1 Hr 4 Mins Salt Lake City has experienced a period of unprecedented growth. In the last ten years, the Central Business District (“CBD”) received approximately $5 billion in public and private investment. There is no period in the history of that has seen equivalent investment activity in such a concentrated time frame. The previous “downtown boom” ran from 1990 to the 2002 Olympic San Francisco New York City 1 Hr 42 Mins Winter Games and involved $1.4 billion in new investment. During this period, Chicago 4 Hrs 2 Mins Denver 3 Hrs investment included both major public (Matheson Court Complex and Salt Lake City 1 Hr 1 Mins Library) and private (The Gateway) projects. Spurred by its hosting role in the 2002 Olympics, Salt Lake City has reinvented itself over the past decade with a focus on local entrepreneurship blended with a global perspective. The recent renaissance targeted improved infrastructure, including rebuilt freeways, airport and convention San Diego Phoeni 1 Hr 4 Mins 1 Hr 31 Mins Atlanta center expansions, and a major light rail system. All of these features have made 3 Hrs 40 Mins Dallas the city more accessible and desirable than ever, and the future of Salt Lake City 2 Hrs 30 Mins continues to be bright.

DOWNTOWN SALT LAKE CITY Orlando 4 Hrs 20 Mins 28 Location Overview | 300 West Town Center 29 LOCATION LOCATION OVERVIEW OVERVIEW

RAIL & BUS SYSTEM SALT LAKE CITY OVERVIEW

Salt Lake City’s TRAX light rail system and bus service complement each other to provide a pro- gressive public transportation infrastructure that serves downtown and the surrounding suburban Salt Lake City Economy Salt Lake City’s metropolitan area’s strong underlying fundamentals, and diverse economy, are attractive to the strongest and fastest areas. The two public systems combine to form three major rail lines spanning over 45 miles, and growing industries: technology, professional and business services, aerospace, mining, healthcare, education, government, and most a fleet of 400+ buses covering 1,400 square miles. Initially built in 2001, the high profile TRAX notably tourism. With the valley receiving 55 inches or more of snow in a year, the city is noted for its ski resorts. With the opening of Alta light rail has singlehandedly changed commuter patterns and re-energized downtown Salt Lake Ski Area in 1939, skiing and other winter sports started becoming a major force for the economy. Salt Lake City won the bid to host the 2002 Winter Olympics which boosted tourism and the economy, and helped to dramatically improve transportation throughout Salt Lake City’s retail and office communities. Its extensive transportation infrastructure has allowed the City. Since 2002, Salt Lake has developed a strong outdoor recreation tourist industry and hosts approximately 50,000 attendees of the CBD to attract high density tenants who would otherwise be forced to look elsewhere to satisfy semi-annual winter and summer conventions of the Outdoor Industry Association. parking requirements for their employees. Located less than one mile from South Jordan Station, The local economy is promoted by a low cost of doing business, pro-business regulatory environment, low business taxes and solid utility, Morgan Stanley’s proximity to multimodal transportation alternatives creates a unique attribute communications and transportation infrastructure. The Salt Lake metro area enjoys a lower unemployment rate (2.7%) than the national that differentiates the Property from its competitors. average with unemployment rates of 4.1% (December 2017). Companies are also attracted by Salt Lake City’s population growth which is one of the fastest in the country at 7.9% from 2010 to 2015.

Utah continues to build a foundation for stronger economic growth and has repeatedly been ranked as the “Best State for Business” by Forbes. The state is innovative, forward-thinking and has business-friendly policies that boost the economy. The economic rebound is fore- casted to continue its pace for years to come. Job creation and job sustainability are critical for the continued expansion of the economy.

Salt Lake City Market Overview

Total SF in Total SF in CBD / Periphery 6.6% Salt Lake City Market 4.7% Submarket Total Vacancy in 133,630,193 Total Vacancy in CBD / Periphery Salt Lake City Market 7,223,459 Submarket

FORT DOUGLAS LIGHT RAIL STATION

30 Location Overview | 300 West Town Center 31 LOCATION SALT LAKE CITY LOCATION OVERVIEW OVERVIEW

SALT LAKE CITY OVERVIEW UTAH IN THE MEDIA

Employment Recreation SALT LAKE CITY POISED TO BECOME Utah’s top-tier economic performance and dynamism are driven by a highly The Salt Lake City area offers an abundance of outdoor activities for those with BEST STATE FOR BUSINESS SALT LAKE CITY POISED TO BECOME BEST STATE FOR BUSINESS SALTTOMORROW’S LAKE CITY TECHPOISED MESSAS TO BECOME productive workforce with strong fundamentals, translating into an exceptional an active lifestyle. The nearby mountains provide year-round recreation: hik- ~BEST CNBC, STATE 2016 FOR BUSINESS TOMORROW’SSALT LAKE CITY TECHPOISED MESSAS TO BECOME #1 ~BEST CNBC, STATE 2016 FOR BUSINESS #1 TOMORROW’S~ Forbes, 2017 TECH MESSAS business climate. Entrepreneurs and other high-level executives running busi- ing, fishing, camping, paragliding and winter skiing. Some of the nation’s most #1 ~ CNBC, 2016 #1 TOMORROW’S~ Forbes, 2017 TECH MESSAS ~ CNBC, 2016 #1 #1 ~ Forbes, 2017 nesses in the state note the high levels of dedication and knowledge they find popular ski resorts such as Snowbird, Park City, Deer Valley, Sundance, Alta, and #1 #1 ~ Forbes, 2017 BEST ECONOMIC OUTLOOK BEST CITIES FOR NEW among workers and potential employees. According to Moody’s, job growth in Salt Solitude are within a 40-minute drive of the airport. Non-traditional sports such BEST ECONOMIC OUTLOOK BEST CITIES FOR NEW BESTFOR 2015 ECONOMIC OUTLOOK BESTCOLLEGE CITIES GRADUATES FOR NEW Lake is 50% higher than the national average at 1.8% on an annual basis. as ski-jumping, speed skating, skeleton and bobsled are offered at facilities con- FORBEST 2015 ECONOMIC OUTLOOK COLLEGEBEST CITIES GRADUATES FOR NEW #1 ~ Alec, 2015 ~ Kiplinger, 2014 FOR 2015 #3 COLLEGE GRADUATES The state’s highly educated workforce enjoys an above average literacy rate and structed for the 2002 Olympic Winter Games. The area’s rivers offer white-water #1 FOR~ Alec, 2015 2015 #3 COLLEGE~ Kiplinger, GRADUATES 2014 ~ Alec, 2015 #1 ~ Alec, 2015 #3 ~ Kiplinger, 2014 ranks seventh in the nation in the percentage of people 25 years and older who rafting, canoeing, fly fishing and inner tubing. Many area lakes are ideal spots for #1 #3 ~ Kiplinger, 2014 SALT LAKE COUNTY JOB GROWTH have completed high school. Utah’s workforce is also highly technologically pro- all forms of water activity—boating, sailing, water skiing, kite boarding and swim- HAPPIEST STATE SALT LAKE COUNTY JOB GROWTH HAPPIEST STATE SALTAMONG LAKE NATION’S COUNTY LARGEST JOB GROWTH COUNTIES ficient and multilingual. The state consistently ranks at or near the top of states ming. Salt Lake City operates a number of parks that feature swimming pools, ~HAPPIEST Wallet Hub, STATE 2016 AMONGSALT LAKE NATION’S COUNTY LARGEST JOB GROWTH COUNTIES #1 ~HAPPIEST Wallet Hub, STATE 2016 #3 AMONG~ Deseret NATION’S News, 2016 LARGEST COUNTIES for technology use among its population. In an increasingly global economy, the jogging trails, playing fields, tennis courts, and other recreational facilities. Forty #1 ~ Wallet Hub, 2016 #3 AMONG~ Deseret NATION’S News, 2016 LARGEST COUNTIES ~ Wallet Hub, 2016 ~ , 2016 #3 ~ Deseret News, 2016 unusually high level of multilingual capability in the state’s populace translates to seven championship-grade golf courses are located in the metro area as well. #1 #3 a more flexible and capable workforce. UTAH RANKED BEST ECONOMY BEST BIG CITIES FOR JOBS UTAH~ Wallet RANKED Hub, 2017 BEST ECONOMY BEST BIG CITIES FOR JOBS UTAH~ Wallet RANKED Hub, 2017 BEST ECONOMY BEST~ Forbes, BIG 2014 CITIES FOR JOBS #3 UTAH RANKED BEST ECONOMY #3 BEST~ Forbes, BIG 2014 CITIES FOR JOBS ~ Wallet Hub, 2017 #3 #3 ~ Forbes, 2014 ~ Wallet Hub, 2017 #3 #3 ~ Forbes, 2014

CITY CREEK SHOPPING CENTER BEST STATE FOR BUSINESS SALT LAKE CITY POISED TO BECOME BEST STATE FOR BUSINESS SALT LAKE CITY POISED TO BECOME BEST~ CNBC, STATE 2016 FOR BUSINESS TOMORROW’S TECH MESSAS ~ CNBC, 2016 TOMORROW’SSALT LAKE CITY TECHPOISED MESSAS TO BECOME BEST STATE FOR BUSINESS #1 TOMORROW’S~ Forbes, 2017 TECH MESSAS #1 ~ CNBC, 2016 #1 #1 ~TOMORROW’S Forbes, 2017 TECH MESSAS #1 ~ CNBC, 2016 #1 ~ Forbes, 2017 #1 #1 ~ Forbes, 2017 BEST ECONOMIC OUTLOOK BEST ECONOMIC OUTLOOK BEST CITIES FOR NEW BESTFOR 2015 ECONOMIC OUTLOOK BEST CITIES FOR NEW FOR 2015 COLLEGE GRADUATES ~BEST Alec, ECONOMIC 2015 OUTLOOK BEST CITIES FOR NEW #1 ~FOR Alec, 2015 2015 #3 COLLEGE~ Kiplinger, GRADUATES 2014 #1 FOR 2015 #3 ~COLLEGE Kiplinger, GRADUATES 2014 #1 ~ Alec, 2015 #3 ~ Kiplinger, 2014 #1 ~ Alec, 2015 #3 ~ Kiplinger, 2014 SALT LAKE COUNTY JOB GROWTH HAPPIEST STATE SALTAMONG LAKE NATION’S COUNTY LARGEST JOB GROWTH COUNTIES ~ Wallet Hub, 2016 AMONGSALT LAKE NATION’S COUNTY LARGEST JOB GROWTH COUNTIES ~HAPPIEST Wallet Hub, STATE 2016 AMONG~ Deseret NATION’S News, 2016 LARGEST COUNTIES #1 ~HAPPIEST Wallet Hub, STATE 2016 #3 AMONG~ Deseret NATION’SNews, 2016 LARGEST COUNTIES ~ Wallet Hub, 2016 #3 ~ Deseret News, 2016 #1 #3 ~ Deseret News, 2016 UTAH RANKED BEST ECONOMY UTAH RANKED BEST ECONOMY BEST BIG CITIES FOR JOBS ~ Wallet Hub, 2017 UTAH~ Wallet RANKED Hub, 2017 BEST ECONOMY BEST~ Forbes, BIG 2014 CITIES FOR JOBS #3 ~UTAH Wallet RANKED Hub, 2017 BEST ECONOMY #3 ~BEST Forbes, BIG 2014 CITIES FOR JOBS #3 #3 ~ Forbes, 2014 ~ Wallet Hub, 2017 #3 #3 ~ Forbes, 2014

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JASON SCHMIDT BRIAN ANDERSON BAXTER FAIN EXECUTIVE VICE PRESIDENT VICE PRESIDENT MANAGING DIRECTOR +1 303 217 7953 +1 801 456-9535 +1 303 260-6538 [email protected] [email protected] [email protected]