Aspen Dental & T-Mobile I Corporate Leases | Robust

ASPEN DENTAL & T-MOBILE I CORPORATE LEASES | ROBUST RETAIL CORRIDOR I POWER CENTER AND TARGET OUTLOT

DOWNTOWN S OLD RAND RD GRAND RAPIDS

96 74,030 VPD

CENTER DR NW NW DR RD FO ALPINE AVE NW ER TH EA W

43,360 VPD

SUBJECT PROPERTY

Actual Site

BRAD TEITELBAUM EVAN BEESON ALEX BIERI PRESIDENT VICE PRESIDENT LOCAL BROKER CONFIDENTIAL Office: 312-285-2946 Office: 773-455-1856 Stokas Bieri Real Estate Cell: 480-205-7637 Cell: 612-432-9935 MI Licensed OFFERING MEMORANDUM Email: [email protected] Email: [email protected] [email protected]

WWW.BELLAGIOREP.COM CONTENTS

EXECUTIVE SUMMARY �� 3 Price/CAP/NOI Summary and Highlights AERIALS �� 4 Regional Market Mid-range Closeup

DRONE AERIALS �� 8 SITE PLAN ��10 LEASE ABSTRACT ��11 IN-PLACE PROFORMA ��13 RENT ROLL ��14 TENANT OVERVIEW ��15 AREA OVERVIEW ��17 Narrative, Demographics Area Map Best Cities to live in 2019 Employments

DISCLAIMER ��20

Actual Site

Bellagio Real Estate Partners 940 W. ADAMS STREET SUITE 302 CHICAGO, IL 60607 www.bellagiorep.com EXECUTIVE SUMMARY $3,175,000 6.83% $216,800 PRICE CAP NOI 5,000 Square Feet BUILDING SIZE

Bellagio Real Estate Partners, LLC is pleased to present the opportunity to acquire the Green Ridge Square outlot center located at 3320 Alpine Avenue NW, Grand Rapids, MI. The asset is occupied by two attractive national retailers with corporate leases: Aspen Dental and T-Mobile. The site is surrounded by area attractions such as: Target, Kohls, Hobby Lobby, The Home Depot, Meijer, Walmart, Sam’s Club, and Menards, among others.

Investment Highlights ⨇ Over 43,000 vehicles per day along Alpine Avenue NW ⨇ Over 59,000 population within 3-mile radius ⨇ Outlot to Green Ridge Square, a 199,000 SF Power Center Shadow Anchored by Target ⨇ Thriving Retail Corridor Just Off I-96 Exit ⨇ Surrounding Anchors Include: Target, Kohls, Hobby Lobby, The Home Depot, Meijer, Walmart, Sam’s Club and Menards ⨇ 13+ year Historical Occupancy for Both Tenants ⨇ Corporate Leases ⨇ Submarket Occupancy Rate of Over 95% ⨇ Grand Rapids MSA Population of Approximately 1.1 Million ⨇ Attractive Pylon Signage Along Alpine Avenue NW

Actual Site

3 3320 Alpine Ave NW, Grand Rapids, MI 49544 REGIONAL AERIAL

94 10 APPLETON

127 75 OSHKOSH LUDINGTON 90 39 90 131 10 43 BAY CITY 41 31 151 SUBJECT SAGINAW

PROPERTY 75 MUSKEGON MADISON 94 MILWAUKEE 96 FLINT 69 90 151 GRAND RAPIDS CANADA 43 WYOMING LANSING 94

131 20 DUBUQUE 196 DETROIT 151 BATTLE CREEK 94 ROCKFORD 90 94 61 223 23 CHICAGO 88 88

51 SOUTH BEND 90 80 94 TOLEDO

DAVENPORT 69 CLEVELAND 30 80 80 90 24 480 30 75 41 31 76 55 FORT WAYNE AKRON 29 39 74 24 30 30 CANTON PEORIA 65 67 57 71 BLOOMINGTON 23 77 WEST LAFAYETTE 155 69 75 94 31 51 CHAMPAIGN 74 55 COLUMBUS 70 231 SPRINGFIELD 70 INDIANAPOLIS 71 33 72

4 3320 Alpine Ave NW, Grand Rapids, MI 49544 MARKET AERIAL

96 196

FULLER AVE NE

PLAINFIELD AVE NE

96 131 196 131 GRAND RAPIDS DOWNTOWN GRAND RAPIDS GRAND RIVER 131 131 GREEN RIDGE SQUARE 131

EXIT 30B

37 37 ALPINE AVE NW 43,360 VPD

196 SUBJECT PROPERTY 196

74,030 VPD

RICHMOND ST NW

5 3320 Alpine Ave NW, Grand Rapids, MI 49544 MID-RANGE AERIAL

GRAND RIVER 96 MONROE AVE NE 131 131

COMSTOCK PARK W RIVER DR NW HIGH SCHOOL

SUBJECT 131 4MILE RD NW PROPERTY 96

EXIT 30B GREEN RIDGE SQUARE LAMOREAUX DR NW LAMOREAUX

37 37 37 ALPINE AVE NW 43,360 VPD

Americas

Drive•In SM

74,030 VPD

6 3320 Alpine Ave NW, Grand Rapids, MI 49544 CLOSEUP AERIAL

WEATHERFORD DR NW

SUBJECT

PROPERTY

CENTER DR NW NW DR DR CENTER CENTER

NORTH CENTER DR NW NW DR DR CENTER CENTER NORTH NORTH ALPINE AVE NW 43,360 VPD 37 37

7 3320 Alpine Ave NW, Grand Rapids, MI 49544 DRONE AERIAL

S OLD RAND RD

NORTH CENTER DR NW OLD ORCHARD DR NW

43,360 VPD

SUBJECT PROPERTY

ALPINE AVE NW

8 3320 Alpine Ave NW, Grand Rapids, MI 49544 DRONE AERIAL

DOWNTOWN GRAND RAPIDS

131 S OLD RAND RD

131

96 96

CENTER DR NW

WEATHERFORD DR NW

SUBJECT PROPERTY 43,360 VPD

ALPINE AVE NW 37

9 3320 Alpine Ave NW, Grand Rapids, MI 49544 SITE PLAN SERENITY NAIL SPA

GREEN RIDGE SQUARE PYLON

GREEN RIDGE ASPEN DENTAL / T-MOBILE SQUARE PYLON MONUMENT SIGN

37 37 37 43,360 ALPINE AVE NW VPD

10 3320 Alpine Ave NW, Grand Rapids, MI 49544 LEASE ABSTRACT

Aspen Dental Management, Inc. (DBA Tenant Aspen Dental)

Space Size 3,000 Square Feet (60% of the building)

Rent Commencement May 1, 2008

Current Lease Expiration October 31, 2025

Current Annual Base Rent $124,800

Renewal Options One, 5-year options

Rent Increases 10% in option period

Roof & Structure Landlord Responsibility

The common areas are maintained by Actual Site the Landlord, with the pro-rata share Common Areas being fully reimbursed by the Tenant. Controllable CAM expense increases are capped at 5% annually.

Management and Admin Fee Full reimbursement plus 10% admin fee

Taxes Tenant

HVAC Tenant

Insurance Tenant

Utilities Tenant Actual Site

11 3320 Alpine Ave NW, Grand Rapids, MI 49544 LEASE ABSTRACT

T-Mobile Central LLC, a Delaware limited Tenant liability company (DBA T-Mobile)

Space Size 2,000 Square Feet (40% of building)

Rent Commencement June 13, 2008

Current Lease Expiration January 31, 2024

Current Annual Base Rent $92,000

Renewal Options None remaining

Roof & Structure Landlord Responsibility

The common areas are maintained by the Landlord, with the pro-rata share Common Areas being fully reimbursed by the Tenant. Controllable CAM expense increases are Actual Site capped at 5% annually.

Management Fee 4% of total gross rent

Taxes Tenant

HVAC Tenant

Insurance Tenant

Utilities Tenant Actual Site

12 3320 Alpine Ave NW, Grand Rapids, MI 49544 IN-PLACE PROFORMA

In-Place Operating Proforma

Unit SF Rent / SF Annual Rent

Aspen Dental 1 3,000 $41.60 $124,800

T-Mobile 2 2,000 $46.00 $92,000

TOTAL 5,000 $43.36 $216,800

Rental Income $43.36 $216,800

Reimbursable Expenses

Management Fee $1.73 $8,672

Administrative Fee $0.39 $1,964

Real Estate Taxes $3.62 $18,090

CAM $4.21 $21,043

Insurance $0.54 $2,712

Total Reimbursements $10.50 $52,481

Effective Gross Revenue $53.86 $269,281

EXPENSES

Management Fee $1.73 $8,672

Administrative Fee $0.39 $1,964

Real Estate Taxes $3.62 $18,090

CAM $4.21 $21,043

Insurance $0.54 $2,712

Total Operating Expenses $10.10 $52,481

In-Place Net Operating Income $43.36 $216,800

*Expenses based on 2019 P&L statement. Tenant reimbursement for expenses is billed one year in arrears. Actual Site

13 3320 Alpine Ave NW, Grand Rapids, MI 49544 RENT ROLL

Expiration Square Prorata Renewal Options Tenant Start Date Start Date End Date Monthly Rent Annual Rent Rent Increases Date Footage Share % Remaining

Aspen Dental 5/1/2008 10/31/2025 3,000 SF 60.00% One, 5-Year Option 5/1/2008 10/31/2025 $10,400 $124,800 10% in option period

T-Mobile 6/13/2008 1/31/2024 2,000 SF 40.00% None Remaining 6/13/2008 1/31/2024 $7,667 $92,000 N/A

Actual Site Actual Site

14 3320 Alpine Ave NW, Grand Rapids, MI 49544 TENANT OVERVIEW

Aspen Dental is the largest and fastest-growing network of branded Tenant Facts dental care providers in the U.S. today. With over 850 Aspen Dental Tenant Aspen Dental branded offices across 42 states, and a new location opening every four days, the company expects to record six million patient visits in 2021. Driven by a commitment Number of Locations 850+ to break down barriers to quality and affordability for oral health care, each individual dental care team offers patients a safe, welcoming, and convenient solution to Company Headquarters East Syracuse, New York addressing their dental needs. Aspen Dentals services include comprehensive exams, cleans, extractions, fillings, periodontal treatment, whitening, oral surgery, Website www.aspendental.com crown and bridge work, and denture services.

Actual Site

15 3320 Alpine Ave NW, Grand Rapids, MI 49544 TENANT OVERVIEW

T-Mobile U.S. Inc. (NASDAQ: TMUS) is the second largest carrier in the U.S, with 98.3 Tenant Facts million users as of Q2 2020. With revenue of over $68 billion in full year 2020, T-Mobile Tenant T-Mobile crossed the 100 million total customer milestone, driven by the Sprint merger and continued customer growth. T-Mobile’s customers benefit from its unmatched Number of Locations 16,100+ combination of value and quality, unwavering obsession with offering them the best possible service experience and indisputable drive for disruption that creates Company Headquarters Bellevue, WA competition and innovation in wireless and beyond. Based in Bellevue, Wash., T-Mobile provides services through its subsidiaries and operates its flagship brands, Website www.t-mobile.com T-Mobile, Metro by T-Mobile, and Sprint.

Actual Site

16 3320 Alpine Ave NW, Grand Rapids, MI 49544 AREA OVERVIEW

The subject property is located in Grand Rapids, Michigan, one of the fastest-growing economies in the nation while simultaneously ranking high on various “best places to live” U.S. News and World Report Best Cities to live in 2019 lists, including the number 13 spot by the “U.S. News and World Reports Best Cities to live in 2019”. Grand Rapids is located between Chicago and Detroit in Western Michigan and 1 Austin, Texas is the state’s second-largest city with a population of 200,000. It is the urban center of a growing region of more than 1 million people. Most notably, the City is home to over 11,000 2 Denver, Colorado employers that employ over 273,000 people. Additionally, there are over 83,000+ students enrolled in local colleges and universities in the region. Grand Valley State University is 3 Colorado Springs, Colorado located less than 14 miles from the subject property, which boasts a total enrollment of more than 25,000 students. 4 Fayetteville, Arkansas Grand Rapids economy features three major industries: manufacturing, medical device/ life sciences, and information technology. Grand Rapids most notable company by 5 Des Moines, Iowa employee count is Spectrum Health, Spectrum Health’s subsidiaries include hospitals, treatment facilities, urgent care facilities, as well as physician practices that serve the 6 Minneapolis-St. Paul, Minnesota western Michigan area. The subject property is well positioned along Alpine Ave (approximately 43,000 VPD), a 7 San Francisco, California thriving retail corridor with an abundance of national tenants which is located less than five miles from Downtown Grand Rapids. Further enhancing the sites desirability, Aspen 8 Portland, Oregon Dental and T-Mobile is situated just north of Interstate 96 (approximately 132,000 VPD). Surrounding anchors tenants include: Target, Kohls, Hobby Lobby, The Home Depot, 9 Seattle, Washington Meijer, Walmart, Sam’s Club and Menards. 10 Raleigh & Durham, North Carolina

11 Huntsville, Alabama

12 Madison, Wisconsin

13 Grand Rapids, Michigan

14 San Jose, California

Spectrum Health Headquarters Downtown Grand Rapids 31,000 Employees JW Marriott among other developments 15 Nashville, Tennessee

17 3320 Alpine Ave NW, Grand Rapids, MI 49544 AREA OVERVIEW

DEMOGRAPHICS 1 Mile 3 Mile 5 Mile TOTAL POPULATION 8,281 59,168 162,238

AVERAGE HH INCOME $56,474 $65,261 $70,496

TRAFFIC COUNTS 43,350+ along Alpine Ave

5-MILE RANK COMPANY EMPLOYEES PRODUCT/SERVICE

1 Spectrum Health (HQ) 31,000 General Medical & Surgical Hospitals 3-MILE 2 Meijer (HQ) 10,340 Supermarket Retail & Distribution Mercy Health (Kent & 3 8,500 General Medical and Surgical Hospitals 1-MILE Muskegon)

4 Gentex Corporation (HQ) 5,800 Computer/Electronic Manufacturing

Gordon Food Service Grocery and Related Products Merchant 5 5,000 (HQ) Wholesalers

6 Amway Corporation (HQ) 3,791 Consumer Goods Manufacturing

7 Herman Miller Inc. (HQ) 3,621 Office Furniture Manufacturing

8 Perrigo Company 3,500 Pharmaceutical Manufacturing

GRAND RAPIDS 9 Steelcase Inc. (HQ) 3,500 Office Furniture Manufacturing Direct Property and Casualty Insurance 10 Farmers Insurance Group 3,500 Carrier Grand Valley State Uni- 11 3,306 Higher Education versity (HQ) Lacks Enterprises, Inc. Plastic Manufacturing for Automobile 12 3,000 (HQ) Industry Grand Rapids Public 13 2,800 Elementary and Secondary Schools Schools (HQ)

14 Arconic, Inc. 2,350 Metal Manufacturing

15 Hope Network 2,162 Non-Profit

16 Metro Health Hospital 2,100 General Medical and Surgical Hospitals

17 Roskam Baking Co. 2,090 Food Processing

18 Fifth Third Bank 2,062 Banking - Personal & Commercial

19 Haworth, Inc. 2,000 Furniture Manufacturing

20 SpartanNash (HQ) 2,000 Supermarket Retail & Distribution

18 3320 Alpine Ave NW, Grand Rapids, MI 49544 DISCLAIMER

Bellagio Real Estate Partners, LLC (“Bellagio REP”) has been retained as the exclusive broker by the owner of record (the “Owner”) of 3320 Alpine Ave, Grand Rapids, Michigan 49544 (the “Property”) in connection with its sale as described in this Offering Memorandum. This Offering Memorandum is solely for the use of the person or entity whose name appears herein. You are not permitted to distribute, reproduce or divulge the contents of this Offering Memorandum, either in whole or in part, without the express written consent of Bellagio REP. By accepting this Offering Memorandum, the recipient agrees not to disclose the contents hereof to any third-party, except for the recipient’s professional advisors. This Offering Memorandum is not a contract nor does it purport to provide an all-inclusive accurate summary of the physical or economic aspects of the Property, or any documents related thereto. Certain information contained in this Offering Memorandum, while believed to be true, is based on other sources, assumptions about the general economy and competition, and other factors beyond the control of Bellagio REP and Owner. For the foregoing reasons, Bellagio REP and Owner make no representations as to the accuracy or completeness of this Offering Memorandum, including, but not limited to, the budgets and projections. No such information contained in this Offering Memorandum is or shall be relied upon as a promise, representation or warranty whether as to the past or future performance. Neither Bellagio REP nor the Owner, nor any of their agents shall be held liable for any improper or incorrect use of the information described and/or contained herein and assumes no responsibility for anyone’s use of the information. Although the information contained in this Offering Memorandum was produced and processed from sources believed to be reliable, no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. The contents of this Offering Memorandum should not be construed as investment, legal or tax advice. Each prospective purchaser is urged to seek independent investment, legal and tax advice concerning the consequences of purchasing the Property. No assurance can be given that existing law, general economy, competition, or other factor beyond the control of Bellagio REP and Owner will not be changed or interpreted adversely to the Property or a purchaser thereof. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. In making a purchase decision, a potential purchaser must rely on their own examination of the Property and the terms of purchase. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any potential purchaser at any time with or without notice. Owner shall have no legal commitment or obligations to any person or entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Owner and a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner’s obligations hereunder have been satisfied or waived.

19 3320 Alpine Ave NW, Grand Rapids, MI 49544 Actual Size