RETAIL OFFERING | MSA, BEACH, VA

LYNNHAVEN NORTH SHOPPING CENTER 2720 – 2780 NORTH MALL DRIVE | VIRGINIA BEACH, VA

LENDER OWNED, ANCHORED RETAIL OPPORTUNITY | INFILL LOCATION ADJACENT TO THE REGION’S LEADING INDOOR MALL PROPERTY Lynnhaven North Shopping Center

TOTAL GLA 175,731 SF EXECUTIVE SUMMARY OCCUPANCY The Offering 76.5% Cushman & Wakefield | Thalhimer in conjunction with RealINSIGHT Marketplace is pleased to exclusively offer for sale, Lynnhaven North Shopping Center in Virginia Beach, Virginia ACREAGE (“the Property”). The 175,731 SF, big box-anchored regional ±16.76 center is comprised of three parcels totaling ±16.76 acres, within the larger Lynnhaven North retail development. With an YEAR BUILT ideal location immediately adjacent to the 1.17MM SF Lynnhaven Mall – Hampton Roads’ best performing regional shopping 1985-1988 mall – the asset enjoys shared access and visibility with virtually all major retailers in the trade area. The Property is currently NUMBER OF TENANTS 76.5% leased to a diverse, 26 tenant roster* including publicly 26 traded national users, The Tile Shop (NASDAQ: TTS), Dollar Tree (NASDAQ: DLTR; Moody’s Baa3) as well as regional leader, Goodwill of Central and Coastal Virginia. SIGNIFICANT TENANTS With a geographically constrained infill location, the Property The Tile Shop 22,000 SF caters to an established, densely developed trade area with Goodwill 13,000 SF over 243,000 residents and an average household income of over $84,000 within a five mile radius. Bound by Lynnhaven Dollar Tree 9,000 SF Mall to the south, The Naval Base Oceana to the east, heavily Rainbow 9,000 SF traveled interior artery Lynnhaven Parkway (47,000 VPD) to the west and major Hampton Roads Connector I-264 to the north, the location provides for high barriers to entry. Since 2016, WEIGHTED AVERAGE IN PLACE RENT nearly $770,000 has been invested in capital improvements to the Property. The asset represents a rare opportunity to $11.35/SF NNN acquire a cash flowing asset in a proven submarket at discount to replacement cost while having multiple exit strategies and AUCTION DATES avenues to create value. September 24 – 26 * 4,540 SF lease out for signature Investment Highlights

Excellent location in Virginia Beach’s premier retail destination next to the region’s top performing indoor : Lynnhaven Mall, 1.17 million SF with national anchors Macy’s, Dick’s Sporting Goods, JCPenney and Dillards

Positioned directly off of Lynnhaven Parkway with 47,000 vehicles passing by the property every day

Infill location, surrounded by dense residential and commercial development as well as the adjacent Naval Air Station Oceana which employs over 15,000 navy and civilian personnel and houses an additional 10,000 family members

Conveniently located less than 1.5 miles from major Hampton Roads connector – I-264, the property is approximately 6.5 miles equidistant between the oceanfront and Virginia Beach Town Center

A highly sought after tourist destination, Virginia Beach boasted record breaking tourism numbers in 2017 with over 19 million visitors, spending over $2.45 billion on tourism throughout the year

Established trade area with solid demographics, with over 243,000 residents and average home values exceeding $330,000 within a five mile radius

Cash flowing asset with potential for upside through lease up of existing vacancy, streamlining of management operations and exploring the potential for reduction of basis by sale of individual parcels and buildings

Staggered lease expiration schedule after year one of the analysis reduces exposure to future large block vacancies Demographics TENANT COMPOSITION 1 MILE 3 MILES 5 MILES BASED ON GLA

2018 POPULATION 9,105 98,698 243,002

2018 AVG. HOUSEHOLD INCOME $68,194 $72,112 $84,100

AVERAGE HOME VALUE $232,905 $269,466 $333,232

SOFT GOODS SERVICE Traffic Counts 54.0% 5.0%

ROAD TRAFFIC COUNT HOME GOODS MEDICAL 13.0% 2.0% LYNNHAVEN PARKWAY 47,000 VPD RESTAURANT AVAILABLE LYNNHAVEN ROAD 16,000 VPD 6.0% 23.5%

NATIONAL NEARBY RETAILERS Aerial

LYNNHAVEN NORTH SHOPPING CENTER NPA (NOT A PART) RETAIL INVESTMENT ADVISORS LEASING ADVISOR FINANCIAL ANALYST

Catharine Spangler Calvin Griffith Chris Rouzie Bo McKown [email protected] [email protected] [email protected] [email protected] 804 344 7140 804 344 7158 757 596 2897 804 697 3420

Joe Kennedy [email protected] 757 213 4151

Thalhimer Center 11100 West Broad Street Glen Allen, VA 23060

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