Exclusive Listing

EXCLUSIVE Pier 1 Imports LISTING 6907 Gunn Hwy Tampa, FL 33625

ACTUAL PROPERTY PHOTO

ACTUAL PROPERTY PHOTO The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is CONFIDENTIALITY intended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services and should not be made available to any other person or entity without the written consent of Tiktin Real Estate Investment AND DISCLAIMER Services. This Pricing Analysis has been prepared to provide summary, unverified information to the current ownership, 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. Tiktin Real Estate Investment Services 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, PCB’s or asbestos, the compliance with 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 Pricing Analysis has been obtained from sources we believe to be reliable; however, Tiktin Real Estate Investment Services has not verified, and will not verify, any of the information contained herein, nor has Tiktin 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.

NON-ENDORSEMENT NOTICE:

Tiktin Real Estate Investment Services, Inc. (“Tiktin”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Pricing Analysis. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Tiktin, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Tiktin, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

2 TABLE OF FINANCIAL ANALYSIS Pricing Analysis ...... 5 CONTENTS EXECUTIVE SUMMARY Investment Overview 7 Tenant Overview ...... 8-10 PROPERTY DESCRIPTION Aerial Photo ...... 11 Local Retailer Map ...... 12 Local Aerial ...... 13 Regional Map ...... 14 MARKET OVERVIEW Market Overview ...... 16-17 COMPETITIVE PROPERTY SET Rent Comparables Map ...... 20 Rent Comparables ...... 21-23 Sales Comparables Map - Single Tenant 25 Sales Comparables - Single Tenant 26-28 DEMOGRAPHIC Demographic Summary ...... 30-31

3 FINANCIAL ANALYSIS PRICING ANALYSIS - PIER 1 IMPORTS FINANCIAL ANALYSIS PIER 1 IMPORTS BASE RENT 6907 Gunn Highway, Tampa, FL 33625 Occupied Space (10,675 SF): $213,380 Available Space at Market Rents (0 SF): N/A OFFERING PRICE Gross Potential Rent: $213,380 Price $2,865,000 Expense Reimbursement: $46,097 Down Payment 35%/$1,002,750 Gross Potential Income: $259,477 Current Occupancy 100% Effective Gross Income: $259,477 Rentable Square Feet 10,675 SF Total Expenses: $46,097 Price/Rentable SF $268.38 Net Operating Income: $213,380 Cap Rate 7.45% TOTAL RETURN 7.45%/$213,380 Lot Size 55,194 SF (1.26 Acres) Debt Service $130,638 Year Built: 2003 Debt Coverage Ratio 1.63 Net Cash Flow After Debt Service 8.25%/$82,742 VITAL DATA Total Return After Principal Reduction 12.08%/$121,140 Current Net Operating Income: $213,380 OPERATING EXPENSES FINANCING Real Estate Taxes $25,406 Loan Amount: $1,862,250 Insurance $6,091 Loan Type: New Loan CAM Expenses $14,600 Interest Rate: 5.00% Amortization: 25 Years TOTAL EXPENSES $46,097 EXPENSES/SF $5.69 SF/YR

5 EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS ■■ Single Tenant Retail Building - Pier 1 Imports Occupied Since Built In 2003 ■■ Population Exceeds 212,000 People Within A 5 Mile Radius EXECUTIVE ■■ Average Household Income In Excess of $75,000 Within A One, Three, and Five Mile SUMMARY Radius ■■ Shadow Anchored By The Westfield Citrus Park Mall. ■■ Average Daily Traffic Counts Exceed 48,000 Vehicles Per Day Along Citrus Park Drive ■■ Property Directly Off Exit At Veterans Expressway (FL-589)

INVESTMENT OVERVIEW Tiktin Real Estate Investment Services is pleased to present Pier 1 Imports at Citrus Park in Tampa, Florida. The offering includes a free standing retail building which was a build to suit for by Pier 1 Imports, who have occupied the building since 2003. The building consists of 10,675 SF on a 55,194 SF lot. The adjacent property currently has a complimentary mix of national tenants and franchisees occupying the center. The property is adjacent to both the Westfield Citrus Park Mall, a 1 Million + SF shopping mall as well as The Plaza at Citrus Park a 340,000 SF shopping center. This area of Tampa known as Citrus Park is home to dozens of national tenants and is one of the most concentrated area of retail within a 5 mile radius.

7 PROPERTY DETAILS THE OFFERING Property Pier 1 Imports Property Address 6907 Gunn Highway, Tampa, FL 33625

SITE DESCRIPTION Gross Building Area: 10,675 SF PROPERTY Lot Size: 55,194 SF (1.26 Acres) Ownership: FEE SIMPLE DESCRIPTION Year Built: 2003 Number of Stories: 1 Story Parking: 50 Parking Ratio: 4.68 / 1,000 SF Topography: FLAT

PARCELS Number of Tax Parcels 1 APN 003101-0000

CONSTRUCTION Foundation Concrete Framing Concrete Exterior Concrete Parking Surface Asphalt Roof Flat

MECHANICAL HVAC Central Air Fire Protection Fully Sprinkled & Monitored Utilities City of Tampa

ZONING PUD: CD-2

ACCESS POINTS Veterans Expressway Via Citrus Park Road

UTILITIES Gas Tenant Electric Tenant Water Tenant Sewer Tenant Trash: Tenant 8 TENANT OVERVIEW

Property Property: Pier 1 Imports Property Address: 6907 Gunn Highway, Tampa, FL 33625

Tenant Tenant Trade Name: Pier 1 Imports TENANT Ownership: Public Tenant: Corporate Store OVERVIEW Lease Guarantor: Pier 1 Imports (U.S.), Inc. Credit Rating (Moodys) Caa1 Sales Volume $1.8 Billion Stock Symbol PIR

LEASE Lease Commencement Date: February 13th, 2003 Rent Commencement Date: February 13th, 2003 Lease Expiration Date: February 28th, 2021 Lease Type: Net Leased (NN) ACTUAL PROPERTY PHOTO Roof & Structure: Landlord Responsibility Lease Term: 10 Years Term Remaining: 2 Years Remaining Net Operating Income: $213,380 Increases: N/A

OPTIONS Options to Renew: NONE Options to Terminate: N/A Options to Purchase: N/A First Right of Refusal: N/A No. of Locations: Over 1,000 Retail Locations Headquartered: Fort Worth, Texas

Pier 1 Imports, Inc. engages in the retail sale of decorative accessories, furniture, candles, housewares, gifts, and seasonal products. It offers decorative accents and textiles, such as rugs, wall decorations and mirrors, pillows, bedding, lamps, vases, dried and artificial flowers, baskets, ceramics, dinnerware, candles, fragrances, gifts, and seasonal items; and furniture and furniture cushions that are used in living, dining, office, kitchen and bedroom areas, sunrooms, and patios. As of march 3, 2018, the Company operated 928 stores in the United States and 75 stores in Canada It also operates e-Commerce Website, pier1.com. The company was founded in 1962 and is headquartered in Fort Worth, Texas.

9 "5 Stocks Under $5 to Buy Before They Soar" https://finance.yahoo.com/news/5-cheap-stocks-buy-soar-142803945.html

Pier 1 (PIR) February 19, 2019 TENANT PIR Stock Price: 88 cents

OVERVIEW Furniture retailer Pier 1 Imports (NYSE:PIR) has had a tough time getting its act together for several years.

Peer Restoration Hardware (NYSE:RH) has seen its stock rise 30% over the past year thanks to a red-hot housing market and robust demand for home furnishings. PIR stock, however, has collapsed during that same stretch. These problems aren’t new. Over the past five years, this stock has lost more than 90% of its value.

Having said that, there is visibility for a turnaround in PIR stock in the near future.

At its core, Pier 1 has been killed by rising e-commerce threats creating huge pricing and traffic headwinds. Pier 1, which stands somewhat square in the middle of price and quality, doesn’t really have anything special about the business to protect against these headwinds. Consequently, sales and margins have dropped in a big way.

But, the company has a three-year strategic plan to turn the business around. The plan includes bigger investments in omni-channel commerce capabilities and marketing.

No one knows whether this plan will actually work. But home furnishings is a market with enduring demand, so that helps.

Meanwhile, PIR stock is dirt cheap. This company used to have earnings power of $1 per share. Even half of that earnings power (50 cents) would be huge for a stock trading under $1. At 50 cents per share in earnings power, it wouldn’t be unreasonable to see this stock hit $8 (a market-average 16x multiple).

10 PROPERTY DESCRIPTION

AERIAL PHOTO

11 PROPERTY DESCRIPTION

LOCAL RETAILER MAP

SUBJECT PROPERTY

12 PROPERTY DESCRIPTION

LOCAL MAP

SUBJECT PROPERTY

13 PROPERTY DESCRIPTION

REGIONAL MAP

SUBJECT PROPERTY

14 MARKET OVERVIEW TAMPA OVERVIEW

The City of Tampa is the largest city in Hillsborough County, is the county seat and is the third most populous city in Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 southwest of Jacksonville, and MARKET 20 miles northeast of St. Petersburg. The population of the city represents approximately one-third of the total population OVERVIEW of Hillsborough County. Tampa's economy is founded on a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology, and the port of Tampa. Contributing to the success of our community is the way businesses, City government, and citizens work together to make Tampa a better place to live.

The current location of Tampa was once inhabited by indigenous peoples of the Safety Harbor culture (most notably the Tocobaga and the Pohoy, who lived along the shores of Tampa Bay). The area was explored by Spanish explorers in the 16th century, resulting in violent conflicts and the introduction of European diseases, which wiped out the original native cultures. Although Spain claimed Florida as part of New Spain, it did not found a colony in the Tampa area, and there were no permanent American or European settlements within today's city limits until after the United States acquired Florida from Spain in 1819.

In 1824, the United States Army established a frontier outpost called Fort Brooke at the mouth of the Hillsborough River, near the site of today's Tampa Convention Center. The first civilian residents were pioneers who settled near the fort for protection from the nearby Seminole population, and the small village was first incorporated as "Tampa" in 1849. The town grew slowly until the 1880s, when railroad links, the discovery of phosphate, and the arrival of the cigar industry jump-started its development, helping it to grow from a quiet village of less than 800 residents in 1880 to a bustling city of over 30,000 by the early 1900s.

Today, Tampa is part of the metropolitan area most commonly referred to as the "Tampa Bay Area". For U.S. Census purposes, Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area. The four-county area is composed of roughly 2.9 million residents, making it the second largest metropolitan statistical area (MSA) in the state, and the fourth largest in the Southeastern United States, behind Miami, Washington, D.C. and Atlanta. The Greater Tampa Bay area has over 4 million residents and generally includes the Tampa and Sarasota metro areas. The Tampa Bay Partnership and U.S. Census data showed an average annual growth of 2.47 percent, or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million population mark on April 1, 2007. A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people and a 2017 projection of 4,536,854 people.

16 HILLSBOROUGH COUNTY OVERVIEW

In 1824, the United States Army established a frontier outpost called Fort Brooke at the mouth of the Hillsborough River, near the site of today's Tampa Convention Center. The first civilian residents were pioneers who settled near the fort for protection from the nearby Seminole population, and the small village was first incorporated as "Tampa" in 1849. The town grew slowly until the 1880s, when railroad links, the discovery of phosphate, and the arrival of the cigar industry jump- MARKET started its development, helping it to grow from a quiet village of less than 800 residents in 1880 to a bustling city of over 30,000 by the early 1900s.

OVERVIEW According to the U.S. Census Bureau, the county has a total area of 1,266 square miles, of which 1,020 square miles is land and 246 square miles, (19.4%) is water. There is approximately 158.27 miles of shoreline on Tampa Bay.

The county's unincorporated area approximately 888 square miles, or more than 84 percent of the total land area. Municipalities account for 163 square miles. The modern boundaries of the county place it midway along the west coast of Florida.

A narrow portion of Hillsborough County to the south, consisting almost exclusively of water, extends west to the Gulf of Mexico roughly along the Tampa Port Shipping Channel. This has the effect of keeping Hillsborough County from being technically landlocked. The central portion of the Sunshine Skyway Bridge is in Hillsborough County as is Egmont Key at the entrance to Tampa Bay. This narrow strip of land effectively separates Pinellas County from Manatee County. The extreme northernmost tip of a spoil island located just west of port manatee also lies in hillsborough county.

Economy In the early 20th century Hillsborough's economy was predominantly based on cigar making and agriculture. In 2012, Hillsborough had the second largest agricultural output among Florida's Counties. As of 2010, the average annual employment in Hillsborough County was 563,292. The percentages of total employment by industry was:

- Natural Resources & Mining 2.0%

- Construction 4.6%

- Manufacturing 4.1%

- Trade, Transportation and Utilities 19.5%

- Information 3.0%

- Financial Activities 9.2%

- Professional & Business Services 18.1%

- Education & Health Services 14.6%

- Leisure & Hospitality 10.3%

- Other Services 2.7%

- Public administration 4.7% 17 COMPETITIVE PROPERTY SET RENT COMPARABLES COMPETITIVE PROPERTY SET

RENT COMPARABLES MAP

SUBJECT PROPERTY

5 1

Rent Comps

Subject Property 1 Olive Garden - Tampa 2 Meadowview Plaza

3 Country Chase 4 4 AutoZone - Tampa 5 Citrus Park Plaza 20 COMPETITIVE PROPERTY SET

Occupancy

Average 100% 100.00%

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00% Subject Property Olive Garden - Meadowview Country Chase AutoZone - Citrus Park Plaza Tampa Plaza Tampa

Rent/SF

$35.00

$30.00

$25.00 Average $21.75 $20.00

$15.00

$10.00

$5.00

$- Subject Property Olive Garden - Meadowview Country Chase AutoZone - Citrus Park Plaza Tampa Plaza Tampa

21 COMPETITIVE PROPERTY SET

RENT COMPARABLES

Subject Property 6907 Gunn Highway, Tampa, FL

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $19.98 Gross Leasable Area: 10,675 SF Year Built: 2003 Lease Type: NNN Comments:

1 Olive Garden - Tampa 8306 Citrus Park Drive, Tampa, FL 33625

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $32.00 Gross Leasable Area: 8,000 SF Year Built: 2001 Lease Type: NNN

COMMENTS: Olive Garden has a NNN lease through 2030.

2 Meadowview Plaza 11611 Sheldon Road, Tampa, FL 33625

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $22.58 Gross Leasable Area: 9,600 SF Year Built: 2007 Lease Type: NNN

COMMENTS: This multi-tenant retail is fully occupied with rent ranging from $14.69 - 25.64/PSF. Tenants include Quest Diagnostics and Coco's Spring Massage. 22 COMPETITIVE PROPERTY SET

RENT COMPARABLES

3 Country Chase 11641 - 11669 Countryway Blvd, Tampa, FL 33626

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $17.18 Gross Leasable Area: 16,500 SF Year Built: 2003 Lease Type: NNN COMMENTS: This retail building has 16,500 SF of space which is 100% occupied. Tenants include AAA Insurance, One Price Dry Cleaners, and C&G Cigars.

4 AutoZone - Tampa 8302 Sheldon Road, Tampa, FL 33615

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $16.00 Gross Leasable Area: 73,266 SF Year Built/Renovated: 1987 Lease Type: NNN

COMMENTS: AutoZone is on a NNN lease with 10 years remaining.

5 Citrus Park Plaza 8608 Citrus Park Drive, Tampa, FL 33625

Date Surveyed: 1/1/2019 Occupancy: 100% Rent/SF: $22.78 Gross Leasable Area: 12,000 SF Year Built: 2004 Lease Type: NNN

COMMENTS: This multi-tenant retail has 5 tenants with rent ranging from $18 - 27/PSF. Tenants include Massage Envy, AT&T, and Bed Pros. 23 SALES COMPARABLES - SINGLE TENANT COMPETITIVE PROPERTY SET

SALES COMPARABLES MAP - SINGLE TENANT SUBJECT PROPERTY

4 1 5

Recent Sales

Subject Property

1 Olive Garden - Tampa

2 Tibby's New Orleans Kitchen

3 Dollar General - Frostproof

4 The Goddard School

5 Caliber Collision - Tampa

25 COMPETITIVE PROPERTY SET

Price/SF Building

$700.00

$600.00

$500.00

$400.00 Average $330.64

$300.00

$200.00

$100.00

$- Subject Property Olive Garden - Tibby's New Dollar General - The Goddard Caliber Collision Tampa Orleans Kitchen Frostproof School - Tampa

Cap Rate

8.00%

7.00% Average 6.95%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00% Subject Property Olive Garden - Tibby's New Dollar General - The Goddard Caliber Collision Tampa Orleans Kitchen Frostproof School - Tampa

26 COMPETITIVE PROPERTY SET

SALES COMPARABLES - SINGLE TENANT

Subject Property 6907 Gunn Highway, Tampa, FL 33625

Sales Price: $2,865,000 Gross Leasable Area (GLA): 10,675 SF Price/SF Building: $268.38 Cap Rate: 7.45% Lot Size: 55,194 SF (1.26 Acres) Year Built: 2003

1 Olive Garden - Tampa 8306 Citrus Park Drive, Tampa, FL 33625

Close of Escrow: 6/12/2015 Sales Price: $4,830,188 Gross Leaseable Area (GLA): 8,000 SF Price/SF Building: $603.77 Cap Rate: 5.30% Lot Size: 63,206 SF (1.45 Acres) Year Built: 2001 COMMENTS: Olive Garden is on a long term lease through 2030.

2 Tibby's New Orleans Kitchen 1721 West Brandon Blvd., Brandon, FL 33511

Close of Escrow: 8/23/2017 Sales Price: $2,700,000 Gross Leaseable Area (GLA): 6,526 SF Price/SF Building: $413.73 Cap Rate: 6.70% Lot Size: 63,598 SF (1.46 Acres) Year Built: 1991/2016 COMMENTS: This is the sale of a Tibby's New Orleans Kitchen on a NNN lease with 8 years remaining. 27 COMPETITIVE PROPERTY SET

SALES COMPARABLES - SINGLE TENANT

3 Dollar General - Frostproof 14 Highway 630 East, Frostproof, FL 33843

Close of Escrow: 7/23/2018 Sales Price: $2,000,000 Gross Leaseable Area (GLA): 9,156 SF Price/SF Building: $218.44 Cap Rate: 7.36% Lot Size: 45,302 SF (1.54 Acres) Year Built: 1998 Comments: This is a single tenant Dollar General with 5 years remaining on a NNN lease.

4 The Goddard School 13401 Tampa Oaks Blvd, Temple Terrace, FL 33637

Close of Escrow: 4/26/2018 Sales Price: $2,125,000 Gross Leaseable Area (GLA): 8,000 SF Price/SF Building: $265.63 Cap Rate: 8.00% Lot Size: 54,450 SF (1.25 Acres) Year Built: 2008 Comments: Goddard School has occupied this property since January 2008 and their lease expires in September 2023.

4 Caliber Collision - Tampa 8021 Anderson Road, Tampa, F L33634

Close of Escrow: 4/27/2017 Sales Price: $1,925,000 Gross Leaseable Area (GLA): 9,000 SF Price/SF Building: $213.89 Cap Rate: 6.86% Lot Size: 34,848 SF (0.80 Acres) Year Built: 1980 28 Comments: Caliber Collision signed a 15 year NN lease with 2% annual increases in 2017. DEMOGRAPHICS DEMOGRAPHICS DEMOGRAPHIC POPULATION 1-MILE 3-MILES 5-MILES SUMMARY 2023 Population 8,977 88,710 231,128 2018 Population 8,224 81,671 212,946 2010 Population 7,225 74,322 194,827

HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2023 Households 3,372 33,923 90,163 2018 Households 3,093 31,230 83,070 2010 Households 2,735 28,324 75,770 Growth 2018 - 2023 9.02% 8.62% 8.54% Growth 2010 - 2018 13.09% 10.26% 9.63% Owner Occupied Housing Units 1,639 22,307 53,942 Renter Occupied Housing Units 1,453 8,922 29,128 2018 Avg Household Income $74,847 $86,772 $86,840 2018 Med Household Income $58,661 $66,461 $64,834

INCOME 1-MILE 3-MILES 5-MILES <$25,000 602 5,347 14,113 $25,000 - $50,000 725 6,303 17,602 $50,000 - $75,000 680 6,069 16,654 $75,000 - $100,000 434 4,351 10,930 $100,000 - $125,000 203 3,003 7,415 $125,000 - $150,000 107 1,942 5,070 $150,000 - $200,000 209 2,022 5,094 $200,000+ 134 2,192 6,193 Source: CoStar

30 DEMOGRAPHIC SUMMARY DEMOGRAPHICS Geography: 5 Miles

POPULATION In 2018, the population in your selected geography was 212,946. The population has changed by 9.30% since 2010. It is estimated that the population in your area will be 231,128 five years from now, which represents a change of 8.54% from the current year.

HOUSEHOLDS There are currently 83,070 households in your selected geography. The number of households has changed by 9.63% since 2010. It is estimated that the number of households in your area will be 90,163 five years from now, which represents a change of 8.54% from the current year.

INCOME In 2018, the median household income for your selected geography is $64,834, compare this to the U.S. average which is currently $44,779.

The current year per capita income in your area is $33,876, compare this to the U.S. average, which is $28,888. The current year average household income in your area is $86,840, compared this to the U.S. average which is $74.533.

SUBMARKET DATA: ZIP CODE 33625

HOUSING The median sales price for homes within this area is $171,300 compared to the U.S. average which is $241,000.

EMPLOYMENT In 2018, there are 8,940 employees with full time Earnings, 4,837 with part time earning, and 6,038 with no earnings, in your selected area, this is also known as the daytime population.

Source: CoStar Demographics & United States Zip Codes.