offering memorandum Glenwood Park Retail 924,925, 928, 933 Garrett Street 475 Bill Kennedy Way 920 Glenwood Avenue A & B , GA 30316 Table of Contents

01 EXECUTIVE SUMMARY 04 Market overview Investment Highlights Atlanta, Investment Profile Demographics

02 Property Overview 05 financial Overview Property Information Cash Flow Projections Property Aerial Projected Expenses Site Plan Pro-Forma Area Map

03 Tenant Overview Tenant Overviews Rent Roll

contact shea meddin Ackerman & Co. Vice President, Brokerage 10 Glenlake Parkway 770.913.3992 South Tower, Suite 1000 [email protected] 770.913.3900 | ackermanco.com INFORMATION NOT WARRANTED

This Offering Memorandum and any subsequent evaluation material you may be THE OFFERING MEMORANDUM SHALL NOT BE DEEMED TO REPRESENT THAT provided (collectively known as the “Offering Memorandum”) is intended solely STATE OF AFFAIRS OF THE PROPERTY OR CONSTITUTE AN INDICATION THAT for your limited use in considering whether to pursue negotiations to acquire THERE HAS BEEN NO CHANGE IN THE BUSINESS OR AFFAIRS OF THE PROPERTY Glenwood Park Retail: 924,925, 928, 933 Garrett Street; 475 Bill Kennedy Way; SINCE THE DATE OF PREPARATION OF THE OFFERING MEMORANDUM. and 920 Glenwood Avenue A & B (the “Property”) located in Atlanta Georgia. The Property is being marketed for sale by Ackerman & Co. (“Broker”). The information provided in the Offering Memorandum has been gathered from sources that are deemed reliable, but the Broker does not warrant or represent The Offering Memorandum contains brief, selected information pertaining to that the information is true or correct. Prospective offerors are advised to verify the business and affairs of the Property and has been prepared by Broker. It information independently. The Offering Memorandum is not to be construed as does not, however, purport to be all-inclusive or to contain all of the information an offer or as any part of a contract to sell the property. that a prospective purchaser may desire. Broker makes no representation or warranty, express or implied, as to the accuracy or completeness of the Offering Furthermore, the inclusion or exclusion in the Offering Memorandum of Memorandum or any of its contents, and no legal liability is assumed to be information relating to asbestos or any other hazardous, toxic or dangerous implied with respect thereto. chemical item, waste or substance (hereinafter collectively referred to as “Waste”) relating to the Property shall in no way be construed as creating any warranties By acknowledgment of your receipt of the Offering Memorandum you agree that or representations, expressed or implied by the Broker as to the existence or the Offering Memorandum and its contents are confidential, that you will hold nonexistence or nature of Waste in, under or on the Property, it may create and treat it in the strictest of confidence, that you will not directly or indirectly significant legal and/or economic obligations upon the Owner, lessee and/or disclose, or permit anyone else to disclose, the Offering Memorandum or its other holders of interest in the Property or a part thereof and you are hereby contents to any other person, firm, or entity (including, without limitation, any advised to obtain professional assistance such as from a consultant, engineer principal for whom you have been engaged), without prior written authorization and/or attorney prior to taking an interest in the Property or a part thereof. of Owner or Broker and that you will not use or permit to be used the Offering Memorandum or its contents to be copied or used in any fashion or manner detrimental to the interest of Owner. Photocopy or other duplication is strictly prohibited. 01

EXECUTIVE SUMMARY

Investment Highlights Investment Profile



Glenwood Park Retail 01 Executive Summary Glenwood Park Retail 5

Ackerman & Co. is pleased to exclusively present for sale, Glenwood Park Retail, a 48,515 SF retail community located in Atlanta, Georgia. With 81.06% occupancy, Glenwood Park Retail provides an investor with stable cash flow from an impressive lineup of tenants in a strategic up and coming Atlanta location.

Developed in 2003-2007, Glenwood Park is a mixed-use neighborhood on the east side of Atlanta, Georgia. Glenwood Park is approximately two miles east of , and adjacent to Interstate 20, Glenwood Park Retail between and Grant Park. This incredible location Atlanta, Georgia 30318 offers extraordinarily easy access to downtown, midtown and the many exciting intown neighborhoods from the interstate system as well as an interconnected grid of city streets. This allows drivers to choose from a number of options depending on traffic conditions. MARTA buses investment profile stop literally at Glenwood Park’s doorstep and arrive downtown in 12 minutes. MARTA trains are within a pleasant walk or bike ride of about Square Footage: 48,515 SF a mile. The Atlanta Belt Line trolley and greenway trail system will run Offering Price: $11,306,656 ($233.05/SF) down Glenwood Park’s main street, with a proposed stop at its main corner. Glenwood Park is the winner of numerous development awards In-place Net Operating Income: $847,999 including the Urban Land Institute’s Development of the year in 2006. In-place Capitalization Rate: 7.50% Occupancy: 81.06% Investment Highlights Debt Structure: Market; offered free and clear Stable Cash Flow with rent escalations – With 81.06% occupancy Yes (see rent roll) Rent Escalations: and multi-year lease terms, this asset should continue to provide an Ownership: Condominium investor with stable cash flow. In addition, almost all of the tenants have annual base rental escalations and a double net rent structure. 01 Executive Summary Glenwood Park Retail 6

These escalations should provide a hedge against inflation and increase investor’s return.

Offered Free and Clear of Debt – This investment is offered free and clear of debt, thus enabling an investor to take advantage of low market interest rates available on new debt.

Limited Managerial Duties – All tenants have signed Double Net (NN) leases. This offering should require limited managerial work.

Administration fees – All tenants currently pay a 9% administrative fee as part of CAM. All leases allow the Landlord to charge up to 15% for administrative fees.

High End / New Construction – Built in 2003-2007, this property was built with the future in mind. Using high end construction including a 6” concrete slab between the 1st floor retail and 2nd floor residential to eliminate noise spillover and cast iron plumbing, no details were left behind when Glenwood Park was built. This property should continue to remain in great shape with minimal capital Overview Of Investment Highlights improvements required.

Beltline – Glenwood Park is located directly adjacent to the Beltline and the Beltline Trolley is proposed Stabilized 48,515SF retail community with 81.06% occupancy to run down Glenwood Park’s main street with a stop at its main corner. Strong leasing activity with 9,191SF of available space

Stable location located in the City of Atlanta

Approximately 375 residential units located within the development and an additional 330 units across the street

Popular Atlanta Restaurants include Gunshow, The Shed, Vickery’s and Tierra Mexicana

Built-In annual rent increases

Double Net (NN) lease structure for all tenants

Situated directly adjacent to the Belt Line

Award winning urban design development 01 Executive Summary Glenwood Park Retail 7

ABOUT GLENWOOD PARK

Glenwood Park is surrounded by attractive historic neighborhoods that have been experiencing a strong renaissance in recent years. The neighborhood of Grant Park is immediately to the west, featuring Victorian and Craftsman homes on a grid of very attractive, tree-lined city streets. To the east and south is Ormewood Park, another beautiful historic neighborhood consisting of primarily single-family awards / Accolades homes. Slightly farther east is . To the north are more revitalizing historic neighborhoods in Reynoldstown and Cabbagetown. Then a bit farther north are the graceful old mansions of , and the lively, funky shops and restaurants of .

The neighborhood is a leading example of New Urbanism, promoting a sense of community with walkable National Public Radio feature streets and closely spaced residential units that are mixed in with office, retail, and green space. Glenwood ABC World News Tonight feature Park is on the BeltLine, a former rail line converted to a trail, with transit to be constructed in the future. Urban Land Institute, Development of the Year – 2006 History Pedestrians Educating Drivers on Safety, Golden Shoe Award – 2005 Glenwood Park was founded in 2003 as a model community featuring environmental sustainability and Atlanta Regional Commission, New Urban design. Glenwood Park started life as an abandoned 28-acre brownfield site, 85% of which Development of Excellence Award – 2005 was covered by impervious concrete surfaces that supported no trees and from which stormwater run- Greater Atlanta Home Builders Association, Community of the Year – 2004 off was out of control. However, located beside a major Interstate and within 2 miles of downtown Atlanta, the site was ideal for a sensible, Smart Growth, urban in-fill development. Its unique, award EarthCraft House, Development of the Year – 2005 winning urban design and high quality architecture have attracted a wonderful community of residents Creative Loafing “Best of Atlanta,” dedicated to a sustainable urban living experience. The new community has attracted several filmmakers Charles Brewer, Best Real Estate Developer and television commercial directors who have produced their work in the beautiful place that Glenwood (Readers’ and Critics’ Choice) – 2004 Park has become. Several festivals, including the City of Atlanta’s 2008 Earth Day Festival, Hotoberfest Organic Style Magazine, America’s 10 Beer Festival, and EarthShare of Georgia’s Party in the Park have all been staged at Glenwood Park. “Best Places to Live” – February 2005 Georgia Urban Forest Council, Glenwood Park offers a compelling alternative to conventional development by emphasizing the public Outstanding Community – 2004 realm, walkability, mixed uses, community, diversity, and quality over quantity. Georgia Conservancy, Charles Brewer Distinguished Conservationist Award A Walkable Community – Glenwood Park pragmatically accommodates cars, but it is also designed for – 2004 people. Cars travel slowly thanks to traffic calming street designs and sidewalks emphasizing pedestrian Congress for the New Urbanism, comfort and safety. There are plenty of interesting things to walk to, because of the fine-grained mix of Charter Award – 2003 01 Executive Summary Glenwood Park Retail 8

ABOUT GLENWOOD PARK, cont’d. uses. Walks are local, because the neighborhood is relatively compact, and walking is safe as there are plenty of eyes on the street at all times.

Environmental Considerations – Glenwood Park’s site plan, as well as its construction and management procedures, emphasizes resource efficiency, environmental protection and restoration. Glenwood Park incorporated elements of nature in the neighborhood and made them part of people’s daily experience. The street trees are especially important.

A Place for Commerce – The commercial center of Glenwood Park has many retail/service stores, four restaurants and a coffee house. Because of its unique character, rare new urbanism, and easy access, it has become, as intended, the primary retail center for the surrounding neighborhoods as well as its immediate community. In addition, Glenwood Park has become a popular destination for business lunches, after-work gatherings and visits by travelers on the I-20, I-75 and I-85 freeways.

A Place to Live – The residential elements of Glenwood Park cover the entire spectrum, from small condominiums above shops to detached single-family homes. Glenwood Park aspired to keep the scale of individual buildings rather small, which enhances Glenwood Park’s ability to have an attractive mix of housing types throughout the neighborhood.

A Place to Work – Glenwood Park features a traditional fine-grained mix of different housing types as well as retail stores, office space, people-friendly streets, parks, and recreational facilities. Glenwood Park welcomes offices in the neighborhood, as the daytime occupants and visitors they draw to the neighborhood help maintain a vibrant, active, daytime environment.

A Place to Gather – Glenwood Park incorporates civic gathering places, which include public green spaces, pedestrian-oriented streets, recreational facilities, shops and restaurants. Glenwood Park believes that these civic places reinforce a sense of neighborhood and help provide the glue that holds the people of the community together.

For more, visit www.glenwoodpark.com 02

Property Overview

Property Information Property Aerial Site Plan Area Map

Glenwood Park Retail 02 Property Overview Glenwood Park Retail 10

property information

ADDRESS & 924 Garrett Street #10 14-0012-0006-243-7 PARCEL ID’s: 925 Garrett Street #14 14-0012-0006-260-1 928 Garrett Street #12 14-0012-0006-138-9 933 Garrett Street #16 14-0012-0006-139-7 475 Bill Kennedy Way #18 14-0012-0006-117-3 920 Glenwood Avenue A 14-0012-0006-277-5 920 Glenwood Avenue B 14-0012-0006-278-3 Atlanta Georgia 30316

COUNTY: Fulton

METRO MARKET: Atlanta

ZONING: PDMU (Planned Development Mixed Use)

BUILDING(S) SIZE: 48,515 SF

YEAR BUILT: 2003 - 2007

CONSTRUCTION: Masonry, Brick, Concrete

PARKING: Approximately 100 dedicated surface lot retail parking spaces. Street parking available.

TOTAL NUMBER OF RETAIL SPACES: 20

CURRENT NUMBER OF RETAIL TENANTS: 15

OCCUPANCY: 81.06% Glenwood Park Retail Atlanta, Georgia 30318 02 Property Overview Glenwood Park Retail 11

property Aerial close-up aerial view INTERSTATE 20

future development Residential

glenwood park

Bill Kennedy wy

Glenwood Park, founded in 2003, is a model community A C featuring environmental glenwood park retail sustainability and New E Urban design. B A 924 Garrett Street #10 D 925 Garrett Street #14 Glenwood Park Retail offers B a compelling alternative to F C 928 Garrett Street #12 conventional development D 933 Garrett Street #16 G by emphasizing the public E 475 Bill Kennedy Way #18 realm, walkability, mixed F 920 Glenwood Avenue A uses, community, diversity, Glenwood ave and quality over quantity. G 920 Glenwood Avenue B 02 Property Overview Glenwood Park Retail 12

site plan

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924 925 920 Garrett Garrett Glenwood ST #10 St ave B

920 Glenwood ave A d ave Gl e nwoo

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475 Bill Kennedy Way #18 41 Flowery Cumming Branch

Cartersville 113 HALL BARTOW Buford

Sugar Hill Alpharetta 02 Property Overview Glenwood Park Retail 13

area map Kennesaw Dacula

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Arts Center M Ansley o Morningside MARTA n r Emory Park o

Atlantic e University

Woodruff D

Station r Arts Center Piedmont Park Virginia

Highland 400

10th St

T Midtown H E Loganville MARTA A Druid Hills T L Ponce De Leon Ave Decatur

A Peachtree St Peachtree

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Briarcliff Rd

Midtown T A Museum of

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B Natural History E

L Decatur Georgia T Poncey 78

L MARTA

Tech I N Highlands

E COBB East Lake Decatur Carter MARTA Downtown Center Little DEKALB Old Five Points Lake Claire Atlanta CNN Center 4th Ward

M Centennial Inman AR TA E Georgia Olympic Park LIN Oakhurst Park Edgewood Dome DOWNTOWN Candler Park FULTON

Peachtree Center MARTA Inman Park

MARTA Reynoldstown

MARTA Kirkwood Edgewood Five Points Reynoldstown MARTA Cabbagetown East Lake King Memorial Memorial Dr Conyers MARTA GLENWOOD PARK RETAIL ATLANTA, georgia 30316 West End MARTA Gle nwo East Atlanta Grant od 675 Oxford Summerhill Ave Village

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McDonough 03

tenant Overview

Tenant Summaries Tenant Overview / Floor Plans R ent Roll

Glenwood Park Retail 03 Tenant Overview Glenwood Park Retail 15

Tenant summaries

gunshow 924 GARRETT Award Winning (Top Chef) Chef Kevin Gillespie has created a home-like atmosphere where STREET #10 guests can eat what they wish as he prepares dishes from refined to rustic and sends them out to the dining room. This nationally ranked restaurant is consistently rated among the top SQUARE FOOTAGE restaurants in Atlanta and around the nation. 2,577

Gillespie opened Gunshow in May of 2013 in the Glenwood Park area of Atlanta. The ever- LEASE EXPIRATION evolving menu is filled with wonderfully delicious food that is seasonally rooted, locally focused, 5/2018 and unlimited in its stylistic boundaries.

(www.gunshowatl.com)

the shed 475 BILL KENNEDY The Shed at Glenwood is a casual concept with serious food featuring Executive Chef Todd Richards. WAY #18 The Wine List compliments the menu with eclectic varietals and evolving selections of Weekly Reds and Whites sold by taste profile to offer wine lovers a simple but memorable experience. Simple, SQUARE FOOTAGE classic, elegant and casual. Sip Champagne on the patio or just enjoy a relaxed atmosphere with no 3,605 rules, no pretension and no dress code. LEASE EXPIRATION Owner Cindy Shera comes to Glenwood Park with a lengthy background in the restaurant industry. 7/2017 She has extensive experience with two of Atlanta’s most recognized chefs, Shaun Doty and Tom Catherall.

(www.theshedatglenwood.com) 03 Tenant Overview Glenwood Park Retail 16

Tenant summaries, cont’D.

Vickery’s 933 GARRETT Vickery’s Bar and Grill in Atlanta was opened by three guys (Sam, Chip and Jerry) and a dog (Dave) as a place to get a good stiff drink and a cheeseburger. STREET #16

They are open for Lunch, dinner, late night drinks and Weekend Brunch. SQUARE FOOTAGE 3,090 (www.vickerysatlanta.com) LEASE EXPIRATION 8/2019

925 GARRETT Tierra Mexicana STREET #14 Glenwood Park’s newest restaurant, Tierra Mexicana serves lunch and dinner and offers authentic Mexican food and drinks. Tierra Mexicana is the second location for this family owned restaurant, run SQUARE FOOTAGE by a husband and wife team. The head chef, Jose Olmos-Pena has over 16 years of experience and 3,012 is bound to cook up a dish you will love. Outside seating available and families always welcomed! LEASE EXPIRATION (www.tierramexicanallc.com) 4/2019

928 GARRETT drip STREET #12

A great selection of coffees, teas, cold drinks, sandwiches, ice cream and pastries make Drip SQUARE FOOTAGE Coffee House one of Atlanta’s favorite neighborhood destinations. 1,366 Drip Coffeehouse is the cozy coffee shop in Glenwood Park’s town center in which the community consistently gathers to start their day or tele-commute. LEASE EXPIRATION 8/2019 (www.dripatl.com) 03 Tenant Overview Glenwood Park Retail 17

Tenant summaries, cont’D.

snap fitness 920 GLENWOOD With a focus on providing members with the best equipment, guidance, and value-added services to AVENUE B help them achieve results, Snap Fitness is a global leader in fitness franchises, with nearly 1,400 clubs worldwide and some 15-20 new clubs added monthly. Founded in 2003 by CEO Peter Taunton, the SQUARE FOOTAGE Chanhassen, Minn.-based franchisor is dedicated to providing members with more value than any 6,501 other health club. LEASE EXPIRATION This location has consistently been one of their top national units. 11/2022 Awards and Accolades Entrepreneur Magazine Inc. 500/5000 - Franchise 500: #35 (2013) - Top 5000 companies list 2009-20134-years straight - Fastest-Growing: #96 (2013) - America’s Top Global: #33 (2013)

(www.snapfitness.com)

Intown Pediatric 920 GLENWOOD Dr. Deneta Sells and her staff are devoted to partnering with families to foster the healthy growth and development of Atlanta’s most precious resource: its children. Located in the heart AVENUE A of the city, Intown Pediatrics provides comprehensive healthcare for children ranging in age from infancy to adolescence and into early adulthood. Our practice’s primary focus is your child’s SQUARE FOOTAGE well-being. 5,524 (www.intownpediatrics.com) LEASE EXPIRATION 5/2019 03 Tenant Overview Glenwood Park Retail 18

Tenant summaries, cont’D. give and go cleaners 920 GLENWOOD Give and Go Dry Cleaners is Glenwood Park’s alteration and dry cleaners. All alterations are done on premises by an expert seamstress. AVENUE B Give and Go Cleaners offers the highest level of alteration and cleaning services at reasonable prices. Give and Go spends the extra time making sure your clothes are perfect and that you are always happy. To Give and Go, every customer SQUARE FOOTAGE counts! 1,604 (www.givengocleaners.com) LEASE EXPIRATION 2/2016

Southern Smiles! 475 BILL KENNEDY Our office provides progressive family dental care, specializing in preventive dentistry, quality restorations and cosmetic dentistry. WAY #18

At Southern Smiles our professional and courteous team will be using the latest technological SQUARE FOOTAGE advances in dentistry, to provide you with the comprehensive care necessary to produce a healthy mouth and beautiful smile. We offer progressive family dental care, specializing in preventative 3,050 dentistry, quality restorations, and cosmetic dentistry. Our office prides its self on great customer service in a warm friendly atmosphere. We’re conveniently located near East Atlanta, Grant Park and Ormewood Park. Just south of Virginia Highlands, and Inman Park. Southern Smiles is LEASE EXPIRATION “Dentistry worth Smiling about!” 8/2015

(www.southernsmilesga.com) 03 Tenant Overview Glenwood Park Retail 19

Tenant summaries, cont’D.

Body Well 928 GARRETT Dr. Erin Torzewski has a passion for helping individuals and families tap into their healing potential STREET #12 and experience better health through better living. Through wellness education, Dr. Erin teaches people to eat well, think well and move well. Our SQUARE FOOTAGE practice members benefit from health education, wellness workshops, newsletters, customized supplements and more. 1,366 Whether you are new to chiropractic, or have been under regular wellness chiropractic care for years, the best start includes: a thorough consultation, chiropractic exam, and an open conversation with LEASE EXPIRATION the doctor about your goals and expectations for care. 6/2016

(www.thebodywellatl.com)

ardyss 925 GARRETT Ardyss is a company that was created on the basis of family and helping others achieve their dreams. Throughout the years the company has evolved to meet the needs of the consumer. STREET #14 However, what has always remained at the forefront of Ardyss’ vision is the Díaz de León family’s desire to share the concept of “family” throughout the company and with its international family SQUARE FOOTAGE of Independent Distributors. 1,364 Family is our foundation and our Distributors are not only our partners in reshaping and reviving the world, but are important members in our international family. LEASE EXPIRATION Ardyss has all the key components in place to assist our partners in their pursuit of their health 06/2016 and wellness goals, financial freedom and their desire to provide a better future for their children.

(www.ardyss.com) 03 Tenant Overview Glenwood Park Retail 20

Tenant summaries, cont’D.

The Bailey Agency 924 GARRETT The Bailey Agency School of Fashion is primarily a school. STREET #10 With years of experience in the wonderful fashion industry, Cynthia Bailey is truly excited to be the founder of such greatness. The Bailey Agency School of Fashion has a promising curriculum which SQUARE FOOTAGE will help shape the careers of those who aspire to work in the fashion industry. 1,365 (www.thebaileyagencyschooloffashion.com) LEASE EXPIRATION 4/2015

Relish Hair Salon 924 GARRETT Relish Hair Salon provides cuts, color, relaxers and styling on all hair types. STREET #10 Relish Salon is proud to serve the beautiful Glenwood Park Community! Haircuts for men, women and children, hair color, relaxers and all types of styling are provided by a team of highly SQUARE FOOTAGE experienced stylists. Open Tuesday through Sunday. Walk-in’s are welcome, but appointments are recommended. 1,976

(www.relishsalon.net) LEASE EXPIRATION 2/2015 03 Tenant Overview Glenwood Park Retail 21

Tenant summaries, cont’D.

#1 Nails 925 GARRETT #1 Nails is proud of doing a great and professional job in this business. At # 1 Nails, we dare to do STREET #14 what we believe in rather than conforming to the mainstream. With every guest we service, the rituals we provide are a thoughtful balance of wellbeing and style. SQUARE FOOTAGE With the years of experience in this area, our staff always tries to give you the most satisfaction by their talent and passion. We do believe that you would enjoy the perfect treatment for your needs. 1,230 Especially, we guarantee to disinfect all instruments and foot spas after every use. New file, pumice, and buffer are provided to every customer. LEASE EXPIRATION (www.no1nailsatlanta.com) 12/2015

RH EYES, Inc 475 BILL KENNEDY RH Eyes is Glenwood Park’s Optometrist. RH Eyes is committed to improving the vision and eye health of all our customers and providing the best customer optical experience in the country. Our dedicated store associates are committed to providing WAY #18 the highest level of customer service and focusing on each customer’s unique needs. RH Eyes Optical carries all major eyewear brands as well as the latest prescription lens technology. SQUARE FOOTAGE 1,812

LEASE EXPIRATION 6/2019 03 Tenant Overview Glenwood Park Retail 22

Tenant overview C E N T R 924 Garrett Street #10 G & s f F S a l o n C E N T R C E N T R 1 , 9 7 6 e l i s h G G R S u i t e s & & s f s f F F S a l o n S a l o n T O W N E 1 , 9 7 6 1 , 9 7 6 s f e l i s h e l i s h R R S u i t e s S u i t e s A I L B E 9 6 S u i t e V T O W N T O W N A E E s f s f s f vacant D a i l e y A I L B E A I L B E 9 6 9 6 P A R K S u i t e S u i t e V B V A A A g e n c y S u i t e 1 , 3 6 4 T h e s f s f D D a i l e y a i l e y P A R K P A R K S t r e B B A g e n c y S u i t e A g e n c y S u i t e 1 , 3 6 4 1 , 3 6 4 # 1 0 T h e T h e S t r e S t r e s f C # 1 0 # 1 0 n t a c : G a r e t S u i t e 2 , 4 6 0 C o G u n s h o w n s f s f C C 6 u i l d n g 928 Garrett ST #12

933 Garrett ST n t a c : n t a c : #16 G L E N W O D G a r e t G a r e t B 9 2 4 S u i t e S u i t e 2 , 4 6 0 2 , 4 6 0 e x t . C o C o G u n s h o w G u n s h o w r m a t i o n n 6 u i l d n g 6 u i l d n g 924 925 920 Garrett Garrett Glenwood St C o m p a n y G L E N W O D G L E N W O D ST #10 ave B I n f o B 9 2 4 B 9 2 4 v i c h 920 e x t . Glenwood e x t . ave A r m a t i o r m a t i o h e r a n @ m e d i . c o C o m p a n y C o m p a n y I n f o I n f o M i j a n o M e d i n 4 0 . 8 7 2 v i c h v i c h F u r t 475 Bill Kennedy Way #18 r h e r h e r a n @ m e d i . c o a n @ m e d i . c o F o E : m a i l A n T h e P h : M i j a n o M i j a n o M e d i n 4 0 . 8 7 2 M e d i n 4 0 . 8 7 2 F u r t F u r t r r E : m a i l F o A n T h e P h : E : m a i l F o A n T h e P h : GLENWOOPDARKTOWNCENTER Building #14 925 Garrett Street 23 Glenwood Park Retail Park Glenwood

Suites K & L Suite J Suite I Suite H 3,012 sf 1,364 sf 1,230 sf 1,230 sf

Tierra Mexicana Ardyss #1 Nails AVAILA vacant BLE International

For Further Information Contact:

Ann Mijanovich The Meddin Company Ph: 404.872.2828 ext. 6 E:mail: [email protected] 920 B ave d Glenwoo 920 A ave d Glenwoo #16 ST ST 933 Garrett 925 St #14 St Garrett Garrett

928 #18 Way 475 Bill Kennedy ST #12 ST Garrett 924 ST #10 ST Garrett

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Tenant overview

928 Garrett Street #12

928 Garrett ST #12 933 Garrett ST #16

924 925 920 Garrett Garrett Glenwood St #14 ST #10 ave B

920 Glenwood ave A

475 Bill Kennedy Way #18 03 Tenant Overview Glenwood Park Retail 25

Tenant overview

933 Garrett Street #16

vacant

928 Garrett ST #12 933 Garrett ST #16

924 925 920 Garrett Garrett Glenwood St #14 ST #10 ave B

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475 Bill Kennedy Way #18 The Shed Building

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Tenant overview

920 Glenwood Avenue A

928 Garrett ST #12 933 Garrett ST #16

924 925 920 Garrett Garrett Glenwood St #14 ST #10 ave B

920 GlenwOod ave A

475 Bill Kennedy Way #18 03 Tenant Overview Glenwood Park Retail 28

Tenant overview

920 Glenwood Avenue B

Give & Go Cleaners

928 Garrett ST #12 933 Garrett ST #16

924 925 Garrett Garrett 920 ST #10 St #14 Glenwood ave B

920 GlenwOod ave A

475 Bill Kennedy Way #18 03 Tenant Overview Glenwood Park Retail 29

RENT ROLL – as of August 2014

Rate & Tenant Name Description of Floor SQFt Amount Changes Changes Type & Suite Number Rent escatlations Operating Expense Renewal options Comments Bldg share per Year on to Lease Dates & Term Reimbursements per Month Snap Fitness 6,501 $21.00 Dec-14 $21.63 Three Percent (3%) NN - Pro-Rata Share None 920 Glenwood Avenue 13.54% $136,524 Dec-15 $22.28 annual increases Suites 101, 102 & 103 $11,377 Dec-16 $22.95 12/1/2012-11/30/2022 Dec-17 $23.64 Dec-18 $24.34 Dec-19 $25.08 $25.83 Dec-20 $26.60 Dec-21

Intown Pediatric & Adolescent Medicine, PC 5,524 $24.00 Oct-16 $25.00 Three to Four NN - Pro-Rata Share One (1) x Five (5) Year Option 490 Bill Kennedy Way 11.51% $132,576 Oct-17 $25.75 Percent (3-4%) Five Percent (5%) Rent Increase Suite 101, 102 & 103 $11,048 Oct-18 $26.53 annual increases 1st option year then 3% 8/1/2009-5/31/2019 annually

Sueno, LLC d/b/a The Shed 3,605 $20.48 Aug-15 $21.10 Three Percent NN - Pro-Rata Share None Tenant Pays the greater of 6% 475 Bill Kennedy Way Suite F&G 7.51% $73,836 Aug-16 $21.73 (3%) annual of Gross Sales or Base Rent, whichever 8/1/2007-7/31/2017 $6,153 increases is greater (plus NNN Pro-Rata share)

Cassilly d/b/a Vickery's 3,090 $29.59 Sept-15 $30.48 Three Percent (3%) NN - Pro-Rata Share One (1) x Five (5) Year Option 933 Garrett Street Building #16 6.18% $91,155 Sept-16 $31.40 annual increases Rent increases Three Percent Unit 101 & 102 $7,596 Sept-17 $32.34 (3%) annually 07/01/2006-8/31/2019 Sept-18 $33.21

Southern Smiles Family Dentistry, Inc. 3,050 $22.28 Three Percent (3%) NN - Pro-Rata Share One (1) x Five (5) Year Option 475 Bill Kennedy Way, Suite D & E 6.35% $67,959 annual increases Twelve Percent (12%) Increase 9/1/2010-8/31/2015 $5,663 in 1st option year then 4% annually

Hyun Yim d/b/a Tierra Mexicana 3,012 $22.00 May-15 $24.00 $2/SF annually for NN - Pro-Rata Share One (1) x Five (5) Year Option Tenant pays 50% of base rent 925 Garrett Street Suite L 6.00% $66,264 May-16 $26.00 first 3 years Ten Percent (10%) Rent Increase through 11/30/2014 5/1/2014-4/30/2019 $5,522 May-17 $26.78 then Three Percent in 1st option year May-18 $27.59 (3%) annual then 3% annually increases

Kevin Gillespie - Gunshow ATL, LLC 2,577 $23.00 Jun-15 $23.60 Two Point Six NN - Pro-Rata Share One (1) x Five (5) Year Option Tenant has $77,312 note with Landlord 924 Garrett Street - Suite C 5.37% $59,271 Jun-16 $24.21 Percent (2.6%) Two Point Six Percent (2.6%) which is being repaid as part of base rent. 10/1/2012-5/31/2018 $4,939 Jun-17 $24.86 annual increases Rent Increases annually If Tenant does not exercise its Option, Tenant shall be required to pay the unamortized portion of the note in full.

03 Tenant Overview Glenwood Park Retail 30

RENT ROLL, CONT’D. – as of August 2014

Rate & Tenant Name Description of Floor SQFt Amount Changes Changes Type & Suite Number Rent escatlations Operating Expense Renewal options Comments Bldg share per Year on to Lease Dates & Term Reimbursements per Month Erin McAlister, Clay Eaton & Dexter 1,976 $18.00 NN - Pro-Rata Share Daughtery d/b/a Relish Salon 3.95% $35,568 Currently in lease 924 Garrett Street Suite F&G $2,964 extension negotiations 3/1/2012-2/28/2015

RH Eyes, Inc. 1,812 $22.00 Jul-15 $22.66 Three Percent (3%) NN - Pro-Rata Share One (1) x Five (5) Year Option Tenant pays no Base Rent or NNN 475 Bill Kennedy Way Suite A 3.78% $39,864 Jul-16 $23.34 annual increases Ten Percent (10%) Rent Increase through 10/31/2014 Tenant pays 50% 7/1/2014-6/30/2019 $3,322 Jul-17 $24.04 in 1st option year of base rent for November 2014 Jul-18 $24.76 then 3% annually

Give N Go Cleaners 1,604 $23.34 Mar-15 $24.04 Three Percent (3%) NN - Pro-Rata Share One (1) x Three (3) Year Option / Leh Don Suen and Kyung Suk Youn 3.20% $37,437 annual increases Fifteen Percent (15%) Rent 920 Glenwood Ave Building #15B $3,120 Increase in 1st option year Suite 104 then 5% annually 03/1/2006-2/29/2016

Dr. Erin M. Torzewski 1,366 $19.00 Jul-15 $19.57 Three Percent (3%) NN - Pro-Rata Share One (1) x Two (2) Year Option d/b/a The Body Well, LLC 2.85% $25,956 annual increases Seven Point Three (7.3%) Rent 928 Garrett Street - Suite A $2,163 Increase in 1st option year 6/1/2012-6/30/2016 then 3% annually

James Hal Miller d/b/a Drip 1,366 $23.00 Sep-15 $23.69 Three Percent (3%) NN - Pro-Rata Share 928 Garrett Street, Building #12 - Suite B 2.84% $31,418 Sep-16 $24.40 annual increases 8/6/2009-8/31/2019 $2,618 Sep-17 $25.13 Sep-18 $25.89

Cynthia Bailey - The Bailey Agency, LLC 1,365 $21.10 NN - Pro-Rata Share 924 Garrett Street, Suite D 2.84% $28,800 4/26-2011-4/30/2015 $2,400

Ardyss International, Inc. 1,364 $21.99 Jul-15 $22.65 Three Percent (3%) NN - Pro-Rata Share 925 Garrett Street Suite J 2.84% $30,000 annual increases 7/1/2014-6/30/2016 $2,500

Tuan Ngo d/b/a #1 Nails 1,230 $21.85 Jan-15 $22.51 Three Percent (3%) NN - Pro-Rata Share 925 Garrett Street Suite I 2.54% $26,880 annual increases 12/9/2010-12/31/2015 $2,240

Vacant 3,090 $22.00 Jan-16 $22.66 Three Percent (3%) NN - Pro-Rata Share - Built out as restaurant with grease trap 933 Garrett Street Building #16 6.18% $67,980 Jan-17 $23.34 annual increases Assumes January 2015 Lease Up Suite 103 & 104 $5,665 Jan-18 $24.04 Jan-19 $24.76 03 Tenant Overview Glenwood Park Retail 31

RENT ROLL, CONT’D. – as of August 2014

Rate & Tenant Name Description of Floor SQFt Amount Changes Changes Type & Suite Number Rent escatlations Operating Expense Renewal options Comments Bldg share per Year on to Lease Dates & Term Reimbursements per Month Vacant 996 $22.00 Feb-16 $22.66 Three Percent (3%) NN - Pro-Rata Share - Assumes February 2015 Lease Up 924 Garrett Street Building #10 Suite E 2.05% $21,912 Feb-17 $23.34 annual increases Finished Retail Space $1,826

Vacant 1,230 $22.00 Nov-15 $22.66 Three Percent (3%) NN - Pro-Rata Share - Assumes November 2014 Lease Up 925 Garrett Street Building #14 Suite H 2.54% $27,060 Nov-16 $23.34 annual increases Finished Retail Space $2,255

Vacant 1,763 $21.00 May-16 $21.63 Three Percent (3%) NN - Pro-Rata Share - Assumes May 2015 Lease Up 475 Bill Kennedy Way Suite B 3.63% $37,023 May-17 $22.28 annual increases $3,085 May-18 $22.95 May-19 $23.64

Vacant 2,112 $21.00 Jul-16 $21.63 Three Percent (3%) NN - Pro-Rata Share - Assumes July 2015 Lease Up 475 Bill Kennedy Way Suite C 4.35% $44,352 Jul-17 $22.28 annual increases $3,696 Jul-18 $22.95 Jul-19 $23.64

Total Occupied Square Feet 39,324 81.06% Total Available Square Feet 9,191 18.94% Total Property Square Feet 48,515 100.0% 04

market Overview

Atlanta, Georgia D emographics

Glenwood Park Retail 04 Market Overview Glenwood Park Retail 33

Atlanta, Georgia

Atlanta is the capital of and the most populous city in the state of Georgia, with an estimated 2013 population of 447,841. Atlanta is the cultural and economic center of the metropolitan area, home to 5,522,942 people and the ninth largest metropolitan area in the United States.

Atlanta is the primary transportation hub of the Southeastern United States, via highway, railroad, and air, with Hartsfield–Jackson Atlanta International Airport (the world’s busiest since 1998). The city’s transportation infrastructure also comprises The Metropolitan Atlanta Rapid Transit Authority (MARTA), which provides public transportation in the form of buses and heavy rail.

With a gross domestic product of $270 billion, Atlanta has a diverse economy that ranks 15th among world cities and sixth in the nation. The city’s economy is dominated by logistics, professional and business services, media operations, and information technology. Revitalization of Atlanta’s neighborhoods, initially spurred by the 1996 Olympics, has intensified in the 21st century, altering the city’s demographics, politics, and culture. Encompassing $304 billion, the Atlanta metropolitan Due to the more than 30 colleges and universities located in the city, Atlanta is considered area is the eighth-largest economy in the country and a center for higher education. Many corporations are drawn to Atlanta on account of the 17th-largest in the world. city’s educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation as a whole. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as:

The Coca-Cola Company #1 Best Place to Start a Business #1 Top Metros by Number of 2012 Projects The Home Depot Nerd Wallet, April 22, 2013 in the South Atlantic Region Delta Air Lines Site Selection Magazine, March 2013 #1 Top Cities for Young Entrepreneurs AT&T Mobility Under 30 CEO, March 2013 #1 Top Moving Destinations in the U.S. UPS Penske, January 13, 2013

TA SHI N ES A N TA Newell-Rubbermaid #1 Best Cities for New College Grads in 2013

L AT Forbes/Rent.com, March 19, 2013 04 Market Overview Glenwood Park Retail 34

Atlanta demographics

DEtailed deMOGRAPHICS 1 MILE 3 MILES 5 MILES 2013 Population 14,535 138,265 315,448 2018 Projected Population 16,014 149,231 336,355 2010 Census Population 13,564 131,012 302,050 2000 Census Population 12,572 127,071 308,214 Growth 2000 - 2013 7.16% 5.54% 4.44% Growth 2013 - 2018 10.17% 7.93% 6.63% 2013 Median Age 35.0 33.6 33.3 2013 Households 7,283 63,685 136,420 2018 Projected Households 8,154 69,862 148,252 2010 Census Households 6,661 59,227 127,974 2000 Census Households 5,440 51,650 118,505 Growth 2000 - 2010 22.45% 14.67% 14.67% Growth 2010 - 2013 9.33% 7.53% 7.53% Growth 2013 - 2018 11.97% 9.70% 8.67% 2013 Average Household Size 1.96 1.95 2.05 2013 Housing Units 7,283 63,685 136,420 2013 Owner Occupied Units 62.30% 43.42% 45.61% 2013 Renter Occupied Units 37.70% 56.58% 54.39%

Source: Claritas, Market + Main, Inc., U.S. Census Bureau 05

financial Overview

Cash Flow Projections Projected Expenses Pro- Forma

Glenwood Park Retail 05 Financial Overview Glenwood Park Retail 36

Cash flow predictions – Fiscal Year | November 1, 2014 See Assumptions on next page

For the Years Ending Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023 Oct-2024

Potential Gross Revenue Base Rental Revenue $1,030,629 $1,134,667 $1,174,191 $1,213,776 $1,239,390 $1,266,535 $1,306,392 $1,348,651 $1,396,343 $1,428,576 Base Rent Abatements (2,761)

Scheduled Base Rental Revenue 1,027,868 1,134,667 1,174,191 1,213,776 1,239,390 1,266,535 1,306,392 1,348,651 1,396,343 1,428,576 Expense Reimbursement Revenue 209,367 227,782 232,311 236,958 241,716 246,562 251,461 256,496 261,634 266,875

Total Potential Gross Revenue 1,237,235 1,362,449 1,406,502 1,450,734 1,481,106 1,513,097 1,557,853 1,605,147 1,657,977 1,695,451 General Vacancy (15%) (154,180) (170,200) (176,129) (182,067) (185,908) (189,982) (195,958) (202,297) (209,451) (214,287)

Effective Gross Revenue 1,083,055 1,192,249 1,230,373 1,268,667 1,295,198 1,323,115 1,361,895 1,402,850 1,448,526 1,481,164

Operating Expenses Condo Assoc Fees 131,129 133,750 136,427 139,154 141,938 144,775 147,671 150,627 153,637 156,710 Maintenance & Repairs 2,162 2,207 2,251 2,294 2,342 2,388 2,436 2,484 2,536 2,584 Insurance 4,081 4,163 4,246 4,330 4,417 4,507 4,595 4,688 4,782 4,877 Property Tax 62,185 63,431 64,697 65,993 67,312 68,658 70,031 71,433 72,860 74,317 Trash Disposal 3,145 3,209 3,271 3,339 3,403 3,473 3,542 3,613 3,685 3,758 Management Fees - NR 30,835 34,041 35,225 36,413 37,183 37,996 39,191 40,459 41,891 42,857 Electricity - NR 724 740 753 768 783 801 815 831 849 864 Water & Sewer - NR 1,354 1,381 1,409 1,439 1,465 1,497 1,525 1,557 1,586 1,620 Total Operating Expenses 235,615 242,922 248,279 253,730 258,843 264,095 269,806 275,692 281,826 287,587

Net Operating Income 847,440 949,327 982,094 1,014,937 1,036,355 1,059,020 1,092,089 1,127,158 1,166,700 1,193,577

Leasing & Capital Costs Tenant Improvements 38,750 Leasing Commissions 13,103 16,793 20,303 22,879 23,854 27,073 29,455 30,196 39,186 47,650

Total Leasing & Capital Costs 51,853 16,793 20,303 22,879 23,854 27,073 29,455 30,196 39,186 47,650

Cash Flow Before Debt Service & Taxes $795,587 $932,534 $961,791 $992,058 $1,012,501 $1,031,947 $1,062,634 $1,096,962 $1,127,514 $1,145,927

Projected Cash on Cash Return (b/t) 7.50% 8.40% 8.69% 8.98% 9.17% 9.37% 9.66% 9.97% 10.32% 10.56% 05 Financial Overview Glenwood Park Retail 37

Cash flow projections, cont’d. – Fiscal Year | November 1, 2014

Assumptions

Analysis assumes Operating expenses to grow by 2% annually Analysis assumes Management Fee to be 3% of Base Rental Revenue Analysis assumes 15% general vacancy Analysis assumes 100% Lease up by end of fiscal year 1 based on assumptions below 3,090 SF Assumes January 2015 Lease up. $22/SF NNN 5 year term with 5 year option. 3% escalations. No TI 996 SF Assumes February 2015 Lease up. $22/SF NNN. 3 year term with 3 year option. 3% escalations. No TI 1,230 SF Assumes November 2014 Lease up. $22/SF NNN 3 year term with 3 year option. 3% escalations. No TI 1,763 SF Assumes May 2015 lease up. $21/SF NNN 5 year term with 5 year option. 3% escalations. $10/SF TI 2,112 SF Assumes July 2015 lease up. $21/SF NNN 5 year term with 5 year option. 3% escalations. $10/SF TI Analysis assumes Commissions as follows (paid out over the term): New Leases: 4% for procuring broker and 2% for listing (6% total) Renewals: 2% for listing and 2% for procuring (4% total) Options: No Commission 05 Financial Overview Glenwood Park Retail 38

projected expenses (Based on Actual 2013 Expenses) Association Fees, Partial Total TOTAL Tenant's Suite Prop. Square Maint. & Special Property Insurance Trash Admin Expenses COST Proportionate Tenant Number Share % Footage Assessments Taxes Disposal Fee (9%)* for 2014 per SF Share for 2014 $130,692.58 $61,979.19 $4,067.36 $3,134.77 $17,988.65 $217,862.55 Building 10 - 924 Garrett St 6,796 $18,024.56 $10,082.75 $575.69 $443.70 $2,187.78 $29,126.70 $4.61 Gunshow (as of 1/1/13) C 5.37 2,577 $7,018.19 $3,328.28 $218.42 $168.34 $965.99 $11,699.22 The Bailey Agency D 2.84 1,365 $3,711.67 $1,760.21 $115.51 $89.03 $510.88 $6,187.30 Vacant E 1.992 996 $2,603.40 $1,234.63 $81.02 $62.44 $0.00 $3,981.49 Relish F-G 3.952 1,976 $5,164.97 $2,449.42 $160.74 $123.89 $710.91 $8,609.93

Building 12 - 928 Garrett St 2,732 $7,992.24 $4,044.34 $231.43 $178.37 $1,023.55 $12,446.38 $4.93 Dr. Erin Torzewski A 2.85 1,366 $3,724.74 $1,766.41 $115.92 $89.34 $512.68 $6,209.08 Drip B 2.84 1,366 $3,711.67 $1,760.21 $115.51 $89.03 $510.88 $6,187.30

Building 14 - 925 Garrett St 6,836 $18,418.73 $10,141.43 $567.97 $437.74 $2,051.43 $29,565.87 $4.63 Tierra Mexicana K-L 6.02 3,012 $7,867.69 $3,731.15 $244.86 $188.71 $1,082.92 $13,115.33 Ardyss J 2.844 1,364 $3,716.90 $1,762.69 $115.68 $89.15 $511.60 $6,196.01 Tuan Ngo (#1 Nails) I 2.54 1,230 $3,319.59 $1,574.27 $103.31 $79.62 $456.91 $5,533.71 Vacant H 2.56 1,230 $3,345.73 $1,586.67 $104.12 $80.25 $0.00 $5,116.77

Buildings 15A&B - 920 Glenwood Ave 13,629 $36,027.63 $20,146.97 $1,149.03 $885.57 $5,081.79 $58,209.20 $4.64 Intown Pediatric 101-102-103 11.51 5,524 $15,042.72 $7,133.80 $468.15 $360.81 $2,070.49 $25,075.98 Snap Fitness 101-102-103 13.54 6,501 $17,695.78 $8,391.98 $550.72 $424.45 $2,435.66 $29,498.59 Give & Go Cleaners 104 3.2 1,604 $4,182.16 $1,983.33 $130.16 $100.31 $575.64 $6,971.60

Building 16 - 933 Garrett St 6,180 $17,252.92 $9,169.46 $502.73 $387.46 $1,111.70 $27,312.56 $4.60 Vickery's 101-102 6.18 3,090 $8,076.80 $3,830.31 $251.36 $193.73 $1,111.70 $13,463.91 Vacant 103-104 6.18 3,090 $8,076.80 $3,830.31 $251.36 $193.73 $0.00 $12,352.21

The Shed Building - 475 Bill Kennedy Wy 12,342 $32,976.50 $8,394.24 $1,040.51 $801.94 $3,165.64 $43,213.19 $3.76 RH Eyes, Inc. A 3.734 1,812 $4,880.06 $2,314.30 $151.88 $117.05 $671.70 $8,134.99 Vacant B 3.634 1,763 $4,749.37 $2,252.32 $147.81 $113.92 $0.00 $7,263.42 Vacant C 4.350 2,112 $5,685.13 $2,696.09 $176.93 $136.36 $0.00 $8,694.51 Southern Smiles D-E 6.35 3,050 $8,298.98 $3,935.68 $258.28 $199.06 $1,142.28 $13,834.27 The Shed F-G 7.514 3,605 $9,820.24 $4,657.12 $305.62 $235.55 $1,351.67 $16,370.19

Total Expenses 48,515 $130,692.58 $61,979.19 $4,067.36 $3,134.77 $14,621.90 $199,873.90 $4.42 $214,495.80 Projected Total Expenses Recovered $106,232.16 $50,379.16 $3,306.11 $2,548.07 $14,621.90 $177,087.40

2011 2012 2013 2014 % as per Lease % based on SF/total SF ACTUAL Expenses $206,188.75 $219,229.97 $214,495.80 Based on Total SF 48,515 48,515 48,515 * All tenants pay an administrative equal to 9% of the NNN passthrough’s (currently billed at $4.25 $4.52 $4.42 $4.45/sf). Landlord has the right to charge each tenant up to 15% for administrative fees Proposed CAM RATE $4.25 $4.38 $4.45 ** Does not include potential management fees for new owner 05 Financial Overview Glenwood Park Retail 39

pro-forma

Tenant annual scheduled income – year Beginning 01.01.2015* TENANT BASE RENT EXPENSE PRS REIMBURSEMENT Snap Fitness $140,968 $29,499 13.54% Intown Pediatrics $132,576 $25,076 11.51% Sueno $74,761 $16,370 7.51% Cassilly (dba Vickery's) $92,356 $13,464 6.18% Southern Smiles Family Dentistry $70,720 $13,834 6.35% Tierra Mexicana $70,280 $13,115 6.02% Gunshow $60,172 $11,699 5.37% Relish $36,457 $8,610 3.95% RH Eyes, Inc. $40,464 $8,135 3.73% Give & Go Cleaners $38,380 $6,972 3.20% Dr. Erin Torzewski $26,346 $6,209 2.85% Drip $31,732 $6,187 2.84% The Bailey Agency $29,376 $6,187 2.84% Ardyss $30,450 $6,196 2.84% Tuan Ngo (dba #1 Nails) $27,684 $5,534 2.54% TOTAL $902,723 $177,087 81.28%

ANNUALIZED INCOME Projected ANNUALIZED EXPENSES Based on Actual 2013 Expenses Gross Potential Rent $902,723 Condo Association Fees / Maintenance $130,693 Tenant Reimbursements $162,465 Property Tax $61,979 Administrative Fees** $14,622 Management Fees *** $26,907 Effective Gross Income $1,079,810 Insurance $4,067 Less: Expenses ($231,810) Trash Disposal $3,135 NET OPERATING INCOME $847,999 Maintenance & Repairs - Non Reimbursable $2,957 Water & Sewer - Non Reimbursable $1,350 Electricity - Non Reimbursable $722 TOTAL EXPENSES $231,810 * Assumes all current tenants with leases expiring in 2015 renew or exercice option ** All tenants pay an administrative fee equal to 9% of the NNN passthrough’s OFFERING PRICE: $11,306,656 Landlord has the right to increase administrative fees up to 15% OFFERING CAP RATE: 7.50% *** Projected Management Fees of 3% of Base Rent for new owner For more information, please contact: shea meddin Vice President, Brokerage 770.913.3992 | [email protected]

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