Net Lease Investment Services

BUILDING A

BUILDING B EXCLUSIVE LISTING Cheyenne Marketplace Cheyenne, One of the Strongest Economies and Lowest Unemployment Rates in the U.S.

• Price: $11,750,000 – 8.59% Cap Rate • $3,469,000 Cash Required • 81,229 Square Feet, 96% Leased to – High Cash Returns National Tenants

• Assumable Fixed Rate Loan, • Best Retail Corridor in the City 8.5 Years Remain, 30 Year Amortization – Non-Recourse, 5.58%, 72% L-T-V

For more information, please contact: Robert C. Sanner, Partner/Broker Richard M. Sanner, Vice President 415-677-0439 415-677-0429 [email protected] [email protected] Cassidy Turley Northern LIC #00869657 LIC # 01792433 www.ctbtnnn.com

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

LOCATION Cheyenne Marketplace, northwest corner of Frontier Mall Drive and Prairie Avenue, Cheyenne, Wyoming. Cheyenne is one of the strongest economies in the U.S. See “Very Strong Economy.”

LOT SIZE Approximately 8.25 acres

IMPROVEMENTS A two-building retail center totaling 81,229+/- square feet of leasable space. The three tenant spaces below in Building A were constructed in 2007. There are three suites totalling 42,449+/- square feet.

TENANTS ADDRESS SQUARE FEET HobbyTown USA 5220 Rue Terre 2,601 Bed Bath & Beyond 5214 Rue Terre 22,732 Michaels 5204 Rue Terre 17,116

Building B, 5116 Frontier Mall, Suites 100-700 was completed in 2008. It totals 38,780+/- square feet and is demised into seven retail suites.

TENANTS ADDRESS SQUARE FEET Verizon Wireless Antenna (LOI) N/A 140 Vacant Suite 100A 1,760 Vacant Suite 100B 1,216 Batteries Plus Suite 200 1,607 Dollar Tree Suite 300 9,000 Natural Grocers Suite 400 10,053 Red Wing Shoes Suite 500 1,852 dressbarn Suite 600 7,030 Kirkland’s Suite 700 6,122

In total, the center is 96+% leased.

LEASES The leases are net with the tenants responsible for tax, insurance, and maintenance. Landlord is responsible for roof and structure.

PRICE $11,750,000 – 8.59% Cap Rate

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

NOI Rents at 100% Occupancy $1,069,882 Less: 5% vacancy on all tenants except BBB and Michaels* < 38,544> Effective Rents $1,031,338 Unreimbursed Management and Expenses < 22,161> NOI $1,009,177

The above is from a detailed Argus analysis for the 12 months beginning December 1, 2012.

ASSUMABLE LOAN The owner funded the following loan May 10, 2011 from a major securitized (conduit) lender. Ten year term, 30-year amortization. $8,600,000 original balance. Rate of 5.58%. Annual payment of $596,196. Balance on January 1, 2013, will be $8,419,000. The lender requires annual “retenanting & capital expenditures reserves” of $82,795. The owner’s reserves held by the lender, as of December 1, 2012 will be about $138,000. The loan is being paid down by about $9,800/month. The lender fee to assume is half a point (0.5%). This is also a lender processing fee of $12,500. The original lender was Morgan Stanley, and the loan is serviced by Wells Fargo. The loan is non-recourse except for standard carve- outs.

This loan must be assumed.

CASH FLOW ANALYSIS Using the loan above:

YEAR 1 Price: $11,750,000 NOI: $1,009,177 Restoration of Reserves $ 138,000 Debt Service: < 596,196> (see below, as of 12/01/12) Cash Flow Loan (as of 12/01/12) < 8,419,000> $ 412,981 Pre-Reserve: Cash Required: $ 3,469,000 Reserve < 82,795>

Cash Flow $ 330,186 After Reserve

Cash-on-Cash Pre-Reserve: 11.90% Cash-on-Cash After Reserve: 9.52%

The ending balance due on May 9, 2021 is $7,130,040. Thus debt is reduced by about $1.47 million during the 10 years of the loan, nearly $150,000 per year on average. At that time all unused reserves are returned to the owner.

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

RETENANTING RESERVES The retenanting reserve is $70,620 per year and maximizes at $500,000. Then no further payments are required. When both Michaels and Bed, Bath & Beyond extend their leases, any amounts above $250,000 are refunded to the owner. The remaining amount stays in the reserve to take care of other tenant spaces. Except for this situation, all this reserve must be used for actual dollar expenditures concerned with retenanting.

CAP EX RESERVES The cap ex reserve accumulates month-by-month, and can be used by the owner to make capital repairs during the life of the loan. That amount is $12,175 per year. The unsused amounts of both reserves are fully returned to the owner when the loan is repaid in May, 2021.

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

RENT ROLL

RENTAL ANNUAL BASE RENT TENANTS SQ. FT LEASE DATES INCREASE OPTIONS OPTION INCREASES RENT INCREASES TO DATES

HobbyTown USA 2,601 02/06/2011 –01/31/2021 $ 39,015 03/01/2016 $42,916 Two 5-Year $1.50 psf

Bed Bath & Beyond 22,732 11/02/2007 – 01/31/2018 $ 230,047 – -0- Four 5-year $0.50 psf

Michaels 17,116 04/01/2008 – 02/28/2018 $ 175,439 04/01/03 $192,555 Four 5-year $1.00 psf Verizon Wireless Antenna (A) 140 12/01/2012 – 11/30/2032 $ 21,000 – -0- One 10-year $25,920 (LOI) Vacant – Proforma 1,760 12/01/2012 – 11/30/2017 $ 41,360 – -0-

Vacant – Proforma 1,216 12/01/2012 – 11/30/2017 $ 28,576 – -0-

Batteries Plus 1,607 04/09/2010 – 07/31/2015 $ 32,140 – -0- Four 5-year 10%

Dollar Tree 9,000 10/01/2008 – 09/30/2015 $ 123,750 – -0- Three 5-year $1.00 psf 10/15/2015 $147,276 Natural Grocers 10,053 10/01/2010 – 10/31/2022 $ 137,223 Four 5-year $1.00 psf 10/15/2020 $157,329 Red Wing Shoes 1,852 10/06/2008 – 10/31/2013 $ 41,670 – -0- Four 5-year 10.3%

dressbarn 7,030 03/12/2009 – 06/30/2014 $ 77,300 – -0- Three 5-year $2.00 psf

Kirkland’s (LOI) 6,122 12/01/2012 – 11/30/2022 $ 110,196 12/01/2017 $122,440 Two 5-year $2.00 psf

(A) This rent includes the rent for a rooftop cellular antenna; and also the rent for 140 sf of space within the building for equipment. This 140 sf is rear space with no front footage or signage.

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

CHEYENNE MARKETPLACE SCHEDULE OF PROSPECTIVE CASH FLOW IN INFLATED DOLLARS FOR THE FISCAL YEAR BEGINNING 12/01/2012

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending November November November November November November November November November November 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Potential Gross Revenue Base Rental Revenue $1,069,882 $1,085,072 $1,097,789 $1,118,467 $1,119,443 $1,175,363 $1,190,105 $1,198,855 $1,220,045 $1,220,695 Absorption & Turnover Vacancy $0 $0 $0 $0 $0 ($13,715) $0 $0 $0 $0 Scheduled Base Rental Revenue 1,069,882 1,085,072 1,097,789 1,118,467 1,119,443 1,161,648 1,190,105 1,198,855 1,220,045 1,220,695 Total Reimbursement Revenue 221,812 228,388 235,145 242,122 249,218 255,065 264,425 272,239 280,320 288,582 Total Potential Gross Revenue 1,291,694 1,313,460 1,332,934 1,360,589 1,368,661 1,416,713 1,454,530 1,471,094 1,500,365 1,509,277 General Vacancy (38,544) (39,191) (40,004) (41,222) (41,455) (29,178) (43,537) (44,179) (45,450) (45,699) Effective Gross Revenue 1,253,150 1,274,269 1,292,930 1,319,367 1,327,206 1,387,535 1,410,993 1,426,915 1,454,915 1,463,578

Operating Expenses RE Taxes 63,394 65,295 67,254 69,272 71,350 73,491 75,695 77,966 80,305 82,714 Insurance 11,854 12,209 12,576 12,953 13,341 13,741 14,154 14,577 15,014 15,466 Management - 3% Rents 32,096 32,552 32,934 33,554 33,583 34,849 35,703 35,966 36,601 36,621 CAM 121,918 125,575 129,344 133,225 137,220 141,338 145,577 149,944 154,444 159,077 Trash/Water 14,711 15,152 15,607 16,074 16,557 17,055 17,566 18,093 18,636 19,195 Total Operating Expenses 243,973 250,783 257,715 265,078 272,051 280,474 288,695 296,546 305,000 313,073

Net Operating Income 1,009,177 1,023,486 1,035,215 1,054,289 1,055,155 1,107,061 1,122,298 1,130,369 1,149,915 1,150,505

Debt Service Interest Payments 473,714 466,602 459,077 451,115 442,690 433,777 424,346 414,368 403,810 392,639 Principal Payments 122,483 129,595 137,120 145,082 153,506 162,420 171,851 181,829 192,387 203,558 Total Debt Service 596,197 596,197 596,197 596,197 596,196 596,197 596,197 596,197 596,197 596,197

Leasing & Capital Costs Retenanting Reserves 70,620 70,620 70,620 70,620 70,620 (209,030) 0 0 0 0 Cap Ex Reserve 12,175 12,175 12,175 12,175 12,175 12,175 12,175 12,175 12,175 12,175 Total Leasing & Capital Costs 82,795 82,795 82,795 82,795 82,795 (196,855) 12,175 12,175 12,175 12,175

Cash Flow After Debt Service $330,185 $344,494 $356,223 $375,297 $376,164 $707,719 $513,926 $521,997 $541,543 $542,133

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. CHEYENNE MARKETPLACE INVESTMENT & LEASING ASSUMPTIONS

Timing & Occupancy New Tenant Assumptions Investment Analysis Start Date December 2012 Expense Reimbursements - Pro Rata Share Of: Purchase Price $11,750,000 Years to Report or End Date 10 Real Estate Taxes Price Per SF (81,229 sf) $144.65 Current Occupancy 96.5% Insurance Projected Occupancy at December 1, 2012 100.0% Management Fee - 3% Base Rent Net Operating Income General Vacancy * 5.0% All Common Area Maintenance Expenses Year One $1,009,177 Trash & Water for Tenant's Building Year Five $1,055,155 Rentable Square Feet 81,229 Year Ten $1,150,505 Tenant Improvements Growth/Infl ation Rates New Tenant $10.00 Capitalization Rate on Year One NOI 8.59% Consumer Price Index (CPI) 3.00% Renewal Tenant $0.00 Property Taxes 3.00% Execution of Options $0.00 Initial Equity $3,321,237 Expenses 3.00% Restoration of Reserves***** $8,428,763 Leasing Commissions Assumed Debt****** $596,197 Operating Expenses Annual PSF New Tenant 5.0% 1st Yr Debt Service $412,980 RE Taxes $63,394 $0.78 Renewal Tenant 2.5% 1st Yr Cash Flow After Debt Service $82,795 Insurance $11,854 $0.15 Execution of Options 0.0% Debt Reserves 12.43% Management - 3% Rents $32,096 $0.39 Cash on Cash Return ***** 9.94% CAM $121,918 $1.50 Cash on Cash Return After Reserves 9.48% Trash/Water $14,711 $0.18 TI & LC costs will be drawn from existing Retenanting Reserves Total $243,973 $3.00 so the costs are set to $0 in the cash fl ow model

Operating Expense Reimbursements **** Annual PSF RE Taxes $63,285 $0.78 Insurance $11,830 $0.15 Management - 3% Rents $5,152 $0.06 CAM $126,851 $1.56 Trash/Water $14,694 $0.18 Total $221,812 $2.73

* General vacancy is set at 5% of potential gross revenue, excluding Bed, Bath & Beyond and Michael’s ** Water & Trash reimbursements are simplifi ed for the sake of the cash fl ow model as each tenant reimbursing a pro rata share per building. In actuality, water is metered and reimbursed separately by tenant, and trash is reimbursed by building. Please refer to the leases for more details. *** Common Area Maintenance includes all CAM line items in the Argus model, including snow removal and utilities. *** Administrative fees are incorporated in Common Area Maintenance reimbursements and in one instance in liability insurance. ***** Cash-on-Cash Return excludes lease commission and tenant improvement costs.

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

CHEYENNE MARKETPLACE DISCOUNT TIRE AND KOHL’S Discount Tire is in front of the Kohl’s. Both these buildings are owned by those retailers, they are not leased. Both these parcels are self-managed by those retailers.

LOWE’S The Lowe’s store is owned by Lowe’s, which self-manages. In front of the Lowe’s are two vacant pads. These are owned by members of a wealthy family who are not so price motivated, so have never sold made a leasing deal.

WATER RETENTION AREAS There are two water retention areas. The larger is owned by Lowe’s and was built when Lowe’s constructed its building. The subject property has the right to “tap into” that area and pays a small yearly fee, included in CAM. When the subject property was approved and built in 2007-08, the retention area was required to be expanded That expanded retention area is part of the subject property and ownership will be delivered to the buyer with this sale.

Cheyenne is a “high desert” area. 99.999% of the time there is no water in these retention areas. Every 10-15 years, there is a downpour, which is why the city requires these areas. The buildings of the subject are naturally elevated, so, if there is a storm like that, the water fl ows effortlessly into these retention areas.

FRONT PARCEL – BUFFALO WILD WINGS There is a parcel of 1.5 acres in front of Batteries Plus, southeast of Discount Tire, fronting on Prairie Avenue. This parcel is owned by the seller and is not delivered with this sale. It is under construction for Buffalo Wild Wings for a corporate BTS which will be 5,000 sf. The property began construction in May, 2012 and will complete in October, 2012. This single-tenant property is under contract to a buyer. The annual rent for years 1-5 is $113,750, or $22.75/sf.

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

SITE INFORMATION The property is located in the Cheyenne Marketplace shopping center on the northwest corner of Frontier Mall Drive and Prairie Avenue. Cheyenne Marketplace is also anchored by Lowe’s Home Improvement and Kohl’s, under different ownerships.

Located on the southeast corner is Frontier Mall, a 536,442+/- square foot single- story enclosed mall which currently boasts a 98% occupancy rate. Frontier Mall is the largest mall in the city. The mall has four major department stores, Dillard’s (West), Dillard’s (East), JC Penney and Sears, plus over 75 stores and restaurants including The Sports Authority, Bath & Body Works, Boot Barn, Buckle, Chick-fil-A, Chili’s, Chipotle, Christopher & Banks, Claire’s, C.J. Banks, Finish Line, Game Stop, GNC, Journeys, Kay Jewelers, maurices, PacSun, Rue 21, Subway, Tradehome Shoes and Victoria’s Secret. It was built and is still owned by a large REIT.

This retail corridor is the dominant shopping area in a six county area located in the southeast corner of Wyoming at I-25 and I-80. The property is located two miles north of the central offi ce district of Cheyenne. The state line is 10 miles south, so the market area also includes northern parts of Colorado.

The manager of Frontier Mall considers the trade area population to be more than 200,000, because Cheyenne is the “market town” for a wide radius of rural areas and small towns.

Other national retailers in the area include Target, PetSmart, Ross, TJ Maxx, Big Kmart, Wal-Mart Supercenter, OfficeMax, Office Depot, Sam’s Club, Pier 1 Imports, and Walgreens, to name a few.

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

VERY STRONG ECONOMY As of June, 2012, according to the U.S. Bureau of Labor Statistics, in the Cheyenne metro area, the unemployment rate was 6.3%. (The U.S. rate was 8.2%). Of the 372 metro areas ranked, that is tied for 59th lowest.

In May, 2012, a job growth REPORT by a major demographics research fi rm was published in Forbes.com. The title was “Small Cities Are Becoming a New Engine of Economic Growth.” This study in turn referenced a study published in www.newgeography.com. In 2012, the #32 city for job growth in the USA, of 398, was Cheyenne. This study compares ALL metro areas in the U.S. in percentage job growth. For example, Cheyenne ranks above Dallas, San Jose and the suburbs of DC.

ABOUT THE AREA In general, Wyoming is one of the economically healthiest states in the U.S., due to extensive oil, gas and coal reserves. One of the “hottest” mineral plays in the U.S. is the Niobrara shale deposit, largely in Wyoming. Shale is non-dense rock filled with hydrocarbons. This particular shale is 4%-8% hydrocarbons by weight, and current energy prices and extraction techniques make it economic to exploit. Unlike many states, state tax revenues are in good shape. (This is positive for the city of Cheyenne, being the state capital). Taxes, including property taxes passed through to the tenants, are low. There is no personal income tax in Wyoming.

Cheyenne is the capital and largest city in Wyoming. The population is 57,618 at the 2010 census. The nearby area is at least 80,000 (see demographics below). However, the manager of Frontier Mall considers the trade area to be 200,000 (see above). Cheyenne is the northern terminus of the extensive and rapidly growing Front Range Urban Corridor, a rectangular region of urban population located along the eastern face of the Rocky Mountains in Colorado and Wyoming.

Cheyenne is strategically situated at a major transportation hub (the intersection of Interstates 25 and 80 and two major railroads). Only 90 minutes north of Denver, Cheyenne is also the site of F.E. Warren Air Force Base, a major employer.

The nearest signifi cant airport is Denver International Airport (DEN). DEN is hub to Frontier, Great Lakes and United Continental, and is served by a host of airlines offering non-stop and connecting flights to all points of the globe. DEN is about 100 miles southeast of Cheyenne, via Interstate 25.

DEMOGRAPHICS 2011 ESTIMATE 3-MILE 5-MILE 7-MILE Population 55,228 77,117 81,346 Average HH Income $62,712 $61,503 $61,908 Growth 2000-2011 5.77% 9.98% 11.17% The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

ABOUT THE TENANTS: HOBBYTOWN USA (2,601 SF) HOBBYTOWN USA HOBBYTOWN USA is a franchised retail hobby and toy store. HobbyTown stores offer a full line of radio control hobbies, models, games, toys, educational items, paints, tools and model railroad items. The stores also carry seasonal items such as rockets, pinewood derby, educational toys and kites. They have products suitable for both experienced and beginning hobbyists. HobbyTown was founded in 1980.

There are currently over 170 HobbyTown USA franchises open or under development in 43 states.

Website: www.hobbytown.com

BED, BATH & BEYOND BED, BATH & BEYOND (22,732 SF) This company is a chain of retail stores operating primarily under the name BED BATH & BEYOND. The company also operates smaller chains under the names Christmas Tree Shops, Harmon, Harmon Face Values and buybuy BABY. The Company sells a wide assortment of merchandise principally including domestics merchandise and home furnishings, as well as food, giftware, health and beauty care items and infant and toddler merchandise.

The Company’s 1,000+ stores principally range in size from 20,000 to 50,000 square feet. Shares of Bed Bath & Beyond are traded on NASDAQ under the symbol “BBBY” and are included in the Standard and Poor’s 500 and Global 1200 Indices and the NASDAQ-100 Index. The Company is counted among the Fortune 500.

For the fi scal year ended February 25, 2012, total revenue was $9.5 billion (a 8.5% increase compared to fi scal year 2011) and net income was $990 million (25% increase).

For the three months ended May 26, 2012, net sales were $2.22 billion, a 5.1% increase compared to corresponding quarter last year). Net income was $206.8 million, compared with $180.6 million for the corresponding period in fi scal 2011. Net worth was $3.9 billion.

In July, 2012, BBBY bought Cost Plus, a domestic retailer with an international fl air, for $495 million.

Website: www.bedbathandbeyond.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

MICHAELS STORES MICHAELS STORES (17,116 SF) MICHAELS STORES, a privately held company, is the largest arts and crafts retail chain in the world. It currently operates over 1,000 Michaels Arts and Crafts Stores located in 49 U.S. states and Canada. The company also owns the smaller Aaron Brothers art supply chain. The corporate headquarters are located in Irving, .

The average Michaels store contains 40,000 different products in 18,200+/- square feet of selling space. The stores sell a selection of arts, crafts, framing, fl oral, wall décor, and seasonal merchandise. Michaels provides custom framing and custom fl oral service at all stores. Classes and demonstrations - featuring cake decorating, beading, knitting, and other skills - and children’s birthday parties, where a craft is made, are frequent events at the stores.

Michaels was a public company until late 2006. At that time it was taken private by two of the most prestigious and capable private equity fi rms: Bain Capital and the Blackstone Group. Partners of Bain and Blackstone are on the Board of Directors.

Michaels announced in March, 2012, it intends to again become a public company. According to the information revealed in March, Michaels had 2011 sales of $4.2 billion and 2011 net income of $176 million. The initial stock offering would be $500 million, and all that would be used to pay down debt. None of the current owners (Bain, Blackstone, et al.) would be selling any shares or getting any proceeds. However, in April, 2012, the CEO suffered a stroke and went on medical leave. Thus the IPO has been indefi nitely postponed.

Website: www.michaels.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

VERIZON WIRELESS VERIZON WIRELESS (140 SF) VERIZON WIRELESS operates the nation’s largest 4G LTE network and largest, most reliable 3G network.

Headquartered in Basking Ridge, N.J., Verizon Wireless is a joint venture of VERIZON COMMUNICATIONS (NYSE, NASDAQ:VZ) and Vodafone (NASDAQ and LSE: VOD). A leader in wireless voice and data services, the company:

• Launched the nation’s largest 4G LTE network in 38 markets and more than 60 airports in December 2010. The company plans to expand its 4G LTE network to cover 175 markets by the end of 2011 and cover its entire 3G network footprint by the end of 2013.

• Built the nation’s fi rst wide-area wireless broadband network

• Delivered the nation’s fi rst wireless consumer 3G multimedia service

• Offers global voice and data services in more than 200 destinations around the world

VERIZON COMMUNICATIONS INC. (NYSE, NASDAQ: VZ), headquartered in , is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, with 93 million retail customers nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fi ber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company with $111 billion in 2011 revenues, Verizon employs a diverse workforce of nearly 192,000.

For the three months ended March 30, 2012, total revenue was $28.2 billion. Net income was $1.7 billion. Net worth was $88.4 billion.

For the fi scal year ended December 31, 2011, Verizon reported total revenue of $111 billion with net income of $2.4 billion.

The tenant is Verizon Wireless.

Website: www.verizon.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

BATTERIES PLUS BATTERIES PLUS (1,607 SF) BATTERIES PLUS operates a chain of retail and business-to-business battery stores. The company’s products include batteries for products such as camcorders, cellular and cordless phones, digital cameras, laptop/notebook computers, PDAs, ipod/MP3 players, calculators, cars and trucks, emergency lighting and security, golf carts, lawn and garden tools, mobility scooters and wheelchairs, personal watercraft, scanners, scooters, semi trucks, buses and coaches, snowmobiles, video game devices, and watches. It also offers battery-related products, as well as battery conditioning, maintenance, recycling and delivery services. The company also serves business in specifi c industries, including medical and construction. Batteries Plus was founded in 1988 and is based in Hartland, .

Batteries Plus has over 440 stores operating from coast-to-coast.

Website: wwwbatteriesplus.com

DOLLAR TREE DOLLAR TREE (9,000 SF) DOLLAR TREE, INC. (NASDAQ: DLTR) is a chain of discount variety stores selling every item for $1.00 or less. A Fortune 500 company, Dollar Tree is headquartered in Chesapeake, Virginia and operates 4,351 stores throughout the 48 contiguous U.S. states as of January 30, 2012. Its stores are supported by a nationwide logistics network of nine Distribution Centers. The Company operates dollar stores under the names of Dollar Tree and Dollar Bills. The Company also operates a multiprice-point variety chain under the name Deal$.

Each Dollar Tree stocks a wide variety of products including national, regional, and private-label brands. Some of the product departments found in a Dollar Tree store include health and beauty, food and snacks, party, seasonal décor, housewares, glassware, dinnerware, household cleaning supplies, candy, toys, gifts, gift bags and wrap, stationery, craft supplies, teaching supplies, books, and more. Many Dollar Tree stores also sell frozen foods and dairy items such as milk, eggs, pizza, ice cream, frozen dinners, and pre-made baked goods.

During 2011, Dollar Tree opened 278 new stores and relocated and expanded 91 stores for a total of 369 projects with each averaging approximately 10,000 gross square feet. The company plans for 2012 include 315 new stores and 75 relocations for a total of 390 projects.

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

DOLLAR TREE For the fi scal year ended January 28, 2012, total revenue was $6.6 billion (12.7% (CONTINUED) increase compared to the same period in fi scal 2010) and net income was $488.3 million (23% increase).

For the fi rst quarter ended April 28, 2012, net sales were $1.72 billion, an 11.5% increase compared to $1.55 billion reported for the quarter ended April 30, 2011. Net income was $116.1 million, a 15% increase compared to $101 million for the fi rst quarter 2011. Comparable store sales increased 5.6%, on top of a 7.1% increase for the fi rst quarter 2011. Net worth was $1.48 billion.

Website: www.dollartreeinfo.com

NATURAL GROCERS NATURAL GROCERS (10,053 SF) VITAMIN COTTAGE NATURAL FOOD MARKETS, INC. (dba as “Natural Grocers”) is a Colorado based health food chain founded in 1955 by Margaret and Philip Isely and now owned and operated by their children. The company operates 54 retail grocery stores in Colorado, Texas, , Oklahoma, , , New Mexico, , Idaho and Wyoming with approximately 1300 employees. Products include vitamins, dietary supplements, natural and organic food and natural body care products. Last year it opened 10 stores.

The company is well known for its manifesto entitled “What We Won’t Sell and Why.” Certain ingredients are not allowed in any product sold by the company. This list includes artifi cial colors and fl avors, artifi cial preservatives, irradiated food and meat raised using artifi cial hormones and antibiotics. Only USDA certifi ed organic fruits and vegetables are sold. The company differs distinctly from “gourmet natural smorgasbords markets” like Whole Foods in that it does not focus on promoting many indulgent, but often unhealthy and expensive, processed or prepared foods.

For the six months ending March 31, 2012, net income was $4 million and sales were nearly $160 million.

In late July, 2012, the company went public in an IPO. It raised about $107 million, ½ of which went to the company and ½ of which went to selling shareholders. The stock symbol is “NGVC,” and the market capitalization (early August, 2012) is $433 million.

Website: www.vitamincottage.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

RED WING SHOES RED WING SHOES (1,852 SF) RED WING SHOES is a footwear company based in Red Wing, Minnesota, that was founded in 1905.

Within 10 years of its inception, Red Wing Shoes was producing more than 200,000 pairs of boots per year and was the primary company manufacturing durable footwear for American soldiers fi ghting in World War I. Red Wing Shoes continued its tradition of producing footwear for wartime use by manufacturing boots for American soldiers during World War II.

Though Red Wing Shoes is known primarily for their leather boots intended for heavy work, in recent years the company has expanded its line-up to include athletic-styled work shoes and footwear designed for specifi c job applications (such as slip-resistant shoes designed for the service industry and boots ideal for the mining industry that utilize a metatarsal guard). The company produces oxford, chukka, hiker, and logger styles, as well as 6-inch high and 8-inch high work boots. Red Wing Shoes manufactures many of their styles with steel, non-metallic, or aluminum safety toes and offers puncture-resistant options that meet mandated safety standards. Red Wing Shoes also produces footwear that is static-dissipative in order to control the amount of electrical discharge from the body and electrical hazards, so as to provide the wearer extra protection from accidental contact with electrically energized objects.

Red Wing does not sell on the internet since “fi t” is considered too important.

The retailer has alliances with local employers, such that appropriate employees get credits and discounts at the store.

In addition to manufacturing footwear under its own name, Red Wing Shoes also manufactures shoes under the Carhartt, Irish Setter Boots, Vasque, and Worx brands. Most of the Red Wing footwear is still handmade in the USA at the company’s Minnesota plant.

Website: www.redwingshoes.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

DRESSBARN DRESSBARN (7,030 SF) DRESSBARN is a retailer of women’s clothing. The fi rst dressbarn was opened in 1962 in Stamford, Connecticut. In January 2011, the company was renamed as ASCENA RETAIL GROUP, INC.

With $2.8 billion in annual sales, Ascena Retail Group, Inc. (NASDAQ - ASNA), is a leading national specialty retailer of apparel for females of almost all ages, operating under the dressbarn, maurices and Justice brands. The Company operates nearly 2,500 stores throughout the United States and Puerto Rico. Ascena plans to open 20-30 Dressbarn stores annually.

Dressbarn stores offer casual, career and special occasion fashion apparel and accessories at value prices for women ages 35-55, operating 838 stores in 47 states. Maurices stores offer casual and career apparel and accessories at great values to the fashion-conscious woman, ages 17-34 “with a 20-something attitude,” and operate over 758 stores in 44 states. Justice stores offer trend-right apparel and accessories at value prices for tween girls ages 7-12 and operate 891 stores in 46 states and Puerto Rico.

Website: www.ascenaretail.com

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

KIRKLAND’S KIRKLAND’S STORES, INC. (6,122 SF) KIRKLAND’S (NYSE: KIRK) is a specialty retailer of home décor and gifts, operating 297 stores in 30 states as of April 28, 2012. The stores present a broad selection of distinctive merchandise, including framed art, mirrors, wall décor, candles and related items, lamps, decorative accessories, accent furniture, textiles, garden- related accessories and artifi cial fl oral products. The stores also offer an extensive assortment of holiday merchandise during seasonal periods as well as items carried throughout the year suitable for gift-giving. In addition, Kirkland’s uses innovative design and packaging to market home décor items as gifts. Kirkland’s provides its predominantly female customers an engaging shopping experience characterized by a diverse, ever-changing merchandise selection at prices which provide discernible value to the customer. The stores offer a unique combination of style and value that has led to its emergence as a leader in home décor and has enabled it to develop a strong customer franchise.

Net sales for the 13 weeks ended April 28, 2012, increased 3.6% to $97.8 million compared with $94.4 million for the prior-year quarter.

For the fi scal year ended January 27, 2012, total revenue was $430.3 million with net income of $19.1 million. Net worth was $117.7 million.

NOTE: The Kirkland’s space is currently occupied by Famous Footwear, whose lease will terminate by the end of the September, 2012. Kirkland’s will be paying a higher rent than the rent Famous Footwear was paying. The Kirkland’s lease is signed.

Tenant is Kirkland’s Stores, Inc.

Website: www.kirklands.com

NOTE The information set forth herein has been received by us from sources we believe to be reliable, but we have made no independent investigation of the accuracy or completeness of the information and make no representations with respect thereto. The above is submitted subject to errors, prior sale or lease, change in status, or withdrawal without notice.

WYOMING

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Cheyenne Marketplace Cheyenne, Wyoming

SITE PLAN

NOT A PART

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

PROPERTY PHOTOS

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Cheyenne Marketplace Cheyenne, Wyoming

PROPERTY PHOTOS

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

PROPERTY PHOTOS

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Cheyenne Marketplace Cheyenne, Wyoming

NORTH VIEW

NOT A PART

NOT A PART

NORTHEAST VIEW

NOT A PART

NOT A PART

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

AERIAL - WEST VIEW

CHEYENNE REGIONAL AIRPORT

Powderhouse Road

FRONTIER MALL P

e Road

d d d d d d d d d d d d d d d

Dell RangRange Road d

Frontier Mall Drive

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

AERIAL – NORTHWEST

Powderhouse Road

Prairie Drive

FRONTIER MALL

Dell Range Road e Stillwater AAvenue venue Frontier Mall DrivDrive

CHEYENNE REGIONAL AIRPORT

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

AERIAL – SOUTH VIEW

CHEYENNE REGIONAL AIRPORT

Dell Range Road FRONTIER MALL l Mal • F Prairie Drive

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

AERIAL

22,849 SF

NOT A PART BLDG A 17,719 SF

6,122 SF 2,601SF 7,030 SF

CHEYENNE MARKETPLACE 1,852 SF POINT FRONTIER RETIREMENT 10,053 SF DETENTION BLDG B CHEYENNE EXISTING LIFE CARE AREA MEDICAL 9,071 SF CENTER DETENTION SPECIALISTS Prairie Avenue

1,607 SF VACANT – 1,416 SF

HANDS ON PENDING – 1,700 SF PHYSICAL THERAPY Powderhouse Road Prairie Avenue

FRONTIER MALL

Dell Range Boulevard Dell Range Boulevard

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

MAP

SUBJECT

0 mi 0.5 1 1.5

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Cheyenne Marketplace Cheyenne, Wyyoming

MAP

SUBJECT

0 mi 1 2 3 4

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyyoming

MAP

SUBJECT

0 mi 20 40 60 80 100 120

The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

Updated Summary Report (%) Longitude: -104.80121180 January 27, 2012 Latitude: 41.16113630

3 mi 5 mi 7 mi Ring Ring Ring

POPULATION 1990 Total Population 49,319 65,013 67,079 2000 Total Population 52,216 70,117 73,173 2011 Total Population 55,228 77,117 81,346 2016 Total Population 57,515 80,916 85,583 % Population Change 1990-2000 5.87% 7.85% 9.08% % Population Change 2000-2011 5.77% 9.98% 11.17% % Population Change 2011-2016 4.14% 4.93% 5.21%

HOUSEHOLDS 1990 Total Households 19,727 25,192 25,889 2000 Total Households 21,373 27,774 28,854 2011 Total Households 23,457 31,800 33,340 2016 Total Households 23,593 32,247 33,891 % Households Change 1990-2000 8.34% 10.25% 11.45% % Households Change 2000-2011 9.75% 14.50% 15.55% % Households Change 2011-2016 .58% 1.40% 1.66%

2011 RACE % 2011 White Population 88.27% 87.55% 87.73% % 2011 Black Population 2.72% 2.82% 2.73% % 2011 American Indian/Alaska Native .95% .97% .99% % 2011 Asian/Hawaiian/Pacific Islander 1.36% 1.35% 1.31% % 2011 Other Population (Incl 2+ Races) 6.70% 7.31% 7.24%

% 2011 Hispanic Population 12.94% 13.77% 13.64% % 2011 Non-Hispanic Population 87.06% 86.23% 86.36%

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness. Net Lease Investment Services

Cheyenne Marketplace Cheyenne, Wyoming

Updated Summary Report (%) Longitude: -104.80121180 January 27, 2012 Latitude: 41.16113630

3 mi 5 mi 7 mi Ring Ring Ring

INCOME 2011 Per Capita Income $26,635 $25,362 $25,373 2011 Median Household Income $49,993 $49,255 $49,589 2011 Average Household Income $62,712 $61,503 $61,908

% 2011 Household Income < $10,000 5.08% 4.91% 4.78% % 2011 Household Income $10,000-$14,999 4.11% 4.16% 4.01% % 2011 Household Income $15,000-$19,999 5.74% 5.94% 6.05% % 2011 Household Income $20,000-$24,999 5.17% 5.41% 5.45% % 2011 Household Income $25,000-$29,999 5.21% 5.55% 5.46% % 2011 Household Income $30,000-$34,999 5.95% 5.96% 5.90% % 2011 Household Income $35,000-$39,999 6.34% 6.36% 6.29% % 2011 Household Income $40,000-$44,999 5.57% 5.99% 6.00% % 2011 Household Income $45,000-$49,999 6.85% 6.72% 6.59% % 2011 Household Income $50,000-$59,999 7.20% 7.53% 7.44% % 2011 Household Income $60,000-$74,999 11.34% 11.15% 11.09% % 2011 Household Income $75,000-$99,999 14.78% 13.80% 13.92% % 2011 Household Income $100,000-$124,999 8.07% 7.77% 7.97% % 2011 Household Income $125,000-$149,999 3.81% 4.19% 4.36% % 2011 Household Income $150,000-$199,999 2.51% 2.37% 2.44% % 2011 Household Income $200,000-$249,999 .76% .68% .69% % 2011 Household Income $250,000-$499,999 1.45% 1.47% 1.51% % 2011 Household Income $500,000+ .07% .05% .05%

2011 Average Household Size 2.3 2.3 2.4 % 2011 Total Owner Occupied Housing Units 64.77% 65.96% 66.93% % 2011 Total Renter Occupied Housing Units 35.23% 34.04% 33.07%

2011 Total Daytime Population 67,911 86,576 89,739 2011 Total Daytime Work Population 39,128 44,709 45,670 2011 Total Establishments 3,425 3,985 4,066

The information set forth herein has been received by us from sources we believe to be reliable. RCS:dkw:0812:13:R-2 We do not warrant its accuracy or completeness.