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Confidential Executive Summary 1 Executive Summary

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Confidential Executive Summary 1 Executive Summary FREDERICK, MARYLAND WASHINGTON, DC — BALTIMORE MSA 185,656 SQUARE FEET DESTINATION COMMUNITY CENTER CONFIDENTIAL EXECUTIVE SUMMARY 1 EXECUTIVE SUMMARY THE OFFERING HFF has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Riverview Plaza, a 185,656 5425 - 5551 Urbana Pike square foot destination community center located in the Washington DC Metropolitan Area. Featuring shadow anchors Target Address Frederick, MD 21701 and Home Depot and located along Frederick’s dominant retail node, Riverview Plaza’s tenancy and location has led to a GLA % of GLA recent wave of new leases and tenant renewals. Occupied 172,056 92.7% Available 13,600 7.3% Total 185,656 100% Since Q1 2019, new-to-market retailers Sierra Trading Post and Old Navy have opened their doors at the Property, bolstering Year Built 1998 leased occupancy by 33,929 square feet or 18% of gross leasable area. In addition to the recent leasing success, Riverview Site Size 22.4 Acres Plaza has also experienced a wave of tenant renewals. Over the past 18 months, four of the Property’s tenant’s comprising Parking 925 (5.0 spaces per 1,000 SF) 48% of gross leasable area have exercised their extension options. Traffic Counts Urbana Pike 21,180 VPD I-70 83,440 VPD Riverview Plaza represents a compelling opportunity to acquire a proven, cash-flowing asset with an unmatched record of I-270 109,000 VPD tenant demand and retention in the Washington DC – Baltimore MSA. In-Place NOI $2,201,000 BALTIMORE 37 MILES WASHINGTON D.C 33 MILES URBANA PIKE (MD-355) 20,180 VPD Francis Scott Key Mall – Owned by PREIT 755,000 Square Feet, Sales of $372 PSF Frederick Corporate Park 16 Buildings 600,000 SF of Office, Flex, R+D Space 2 DEMONSTRATED TENANT COMMITMENT Over the trailing 18 months, four tenants totaling 48% of gross leasable area have exercised contractual extension options. The decision of each retailer to exercise their options is a powerful message of the tenants’ performance and commitment to Riverview Plaza. RECENT RENEWALS Extended Term Through Extended Term Through Extended Term Through Extended Term Through Q3 2024 Q1 2024 Q1 2024 Q3 2023 3 EXECUTIVE SUMMARY RECENT LEASING ACTIVITY WITH NEW- TO-MARKET NATIONAL RETAILERS In addition to the options recently exercised by existing tenants, Riverview Plaza has found success with attracting new-to-market, national retailers to replace a large vacancy created by The Sports Authority’s bankruptcy. Backfilled by Old Navy and Sierra Trading Post, each tenant chose Riverview Plaza for their first Frederick-area store with the goal of capturing the strong sales previously reached in the space as The Sports Authority reported sales of $9.7 million in 2015, a top performing store in the struggling chain. With average household incomes of $110,000 and a 5-year projected population growth of 5.6% within a 5-mile radius, Riverview Plaza is the prime location in Frederick for national retailers. RECENT & UPCOMING OPENINGS JANUARY 2019 MAY 2019 4 UNMATCHED RECORD OF TENANT RETENTION Riverview Plaza has an unparalleled history of retaining tenants, as five of the Property’s eight retailers are original to the asset’s delivery in 1998. The Property’s original tenants – Bed Bath & Beyond, PetSmart, Staples, Michaels, and Bray & Scarff – represent 65% of total rental revenue. Only two key tenants, Borders and Sports Authority, have vacated the center since delivering, each driven by corporate issues as opposed to real estate difficulties. Spurred by a combination of productive sales volumes and at-market rents, the “stickiness” of Riverview Plaza’s tenants is poised to continue well into the future. Total Rental Revenue By Tenant Tenure TOTAL RENTAL REVENUE BY TENANT TENURE 65% 20% 15% Under 5 Years 5 - 19 Years 20+ Years 5 EXECUTIVE SUMMARY IDEAL TENANT SPACING AND DESIRABLE WALE LEAD TO LONG-STANDING & STABLE TENANCY % of Nearest Location Tenant Suite GLA GLA Start Options Minutes Miles Bed Bath & Beyond 90 38,911 21% Aug-98 1x5 25 Mins 18 Mi. PetSmart 100 26,231 14% Dec-98 3x5 20 Mins 7 Mi. TJ Maxx 40 25,059 13% Oct-12 4x5 22 Mins 17 Mi. Staples 10 24,169 13% Jun-98 3x5 15 Mins 6 Mi. Michaels 30 19,257 10% Jun-98 1x5 25 Mins 18 Mi. Sierra Trading Post 75 18,407 10% May-19 4x5 60 Mins 40 Mi. Old Navy 70 15,522 8% Jan-19 2x5 20 Mins 14 Mi. Bray & Scraff 80 4,500 2% Oct-99 - 25 Mins 17 Mi. Available Suite 65 65 9,260 5% - - - - Available Suite 20 20 2,204 1% - - - - Available Suite 25 25 2,136 1% - - - - Total / Wtd. Avg. 185,656 100% 14.5 Yrs. 6 SYNERGISTIC MERCHANDISE MIX COMPRISED OF NATIONAL CATEGORY-LEADING RETAILERS Occupied Available Shadow Anchor Not a Part 355 URBANA PIKE (21,180 VPD) 7 EXECUTIVE SUMMARY BEST-IN-CLASS, USER-OWNED SHADOW ANCHORS The presence of shadow anchors Target, Home Depot, and Chick-Fil-A further establish Riverview Plaza as a destination shopping center and generate cross-shopping opportunities for the Property’s tenancy. OUTSTANDING SALES PERFORMANCE FURTHER EXEMPLIFIES TENANT STICKINESS Due to the Property’s outstanding merchandise mix and accessibility, Riverview Plaza’s tenants have reported strong and growing sales that outpace the respective retailer’s national average. • $7.4 Million Total Sales ($296/SF) • 9.7% Sales Growth (’16 – ’18) • $4.3 Million Total Sales ($178/SF) • 19.4% Sales Growth (’16 – ’17) • 4.5% Above Chainwide Average • $4.3 Million Total Sales ($225/SF) • 4.7% Above Chainwide Average 8 MOBILE WORKFORCE FLOURISHING WASHINGTON, DC 40% of the population commutes to – BALTIMORE EXURB Washington, DC / Baltimore for Work Frederick is a dynamic community that attracts residents with its high quality of life, robust local economy, and manageable commute to major job centers in and around both Washington, DC and TOP 5 EMPLOYERS IN FREDERICK Baltimore. Approximately 40% of Frederick area residents commute, with many utilizing the MARC commuter rail system (the Monocacy station sits directly adjacent to the Property). Locally, major 9,100 Jobs employers span the defense, healthcare, government, and rapidly growing BioTech sectors. In fact, Fort Detrick Campus Frederick’s job market is expected to grow nearly 10% through 2024. 5,600 Jobs Frederick County Board of Education Over the past decade, Frederick has experienced population growth of 13%, which is 2.3x greater than the national growth rate. The city’s largest employer, Fort Detrick, provides over 9,000 jobs 2,400 Jobs serving as a foundation of Frederick’s economy, while recent strides in the biotech sector have Frederick Memorial Healthcare System brought additional diversity with over 80 life sciences companies based in Frederick. Maryland’s dedicated effort to become a nationally-recognized life sciences hub has led to the formation of the 2,000 Jobs BioHealth Capital Region, anchored to the north by Frederick and the presence of groundbreaking Frederick County Government companies like AstraZeneca, ThermoFisher Scientific, and Leidos. 2,000 Jobs Leidos Biomedical Research Demographics 2019 NICHE BEST PLACES PERCENTILES 3-Mile 5-Mile 7-Mile Population 6th Percentile Most Diverse Places To Live In America 2019 Est. Population 40,000 109,000 154,000 % Change '10 - '19 12.6% 12.7% 13.1% 21st Percentile Places With The Best Public Schools % Change '19 - '24 5.3% 5.6% 5.8% In America Households 2019 Est. Households 16,000 41,000 57,000 21st Percentile Best Places For Young Professionals In America Avg. Household Income $100,500 $110,000 $119,000 Buying Power ($ Billion) $1.6 $4.5 $6.8 23rd Percentile Best Places To Live In America Education & Workforce Bachelor's Degree + 41.7% 41.9% 43.8% 23rd Percentile Best Places To Raise A Family Unemployment Rate 3.1% 3.3% 3.1% In America 9 HANOVER 15 WAYNESBORO PENNSYLVANIA EMMITSBURG 83 HAGERSTOWNEXECUTIVE SUMMARY HALFWAY THURMONT HAMPSTEAD 70 15 INCOMPARABLE REGIONAL CONNECTIVITYWESTMINSTER SPURRED BY INTERSTATE & COMMUTER RAIL SYSTEMS BEL AIR Frederick Municipal Airport Riverview Plaza is strategically located 1 on Urbana Pike (MD-355) two miles south of the interchange between FREDERICK TOWSON I-70 and I-270, the region’s primary 15 83,440 VPD connectors to Washington, D.C. 340 70 and Baltimore. Connectivity to the MIDDLE RIVER Washington – Baltimore Metro Areas Port of Baltimore BALTIMORE is further enhanced by the presence of ELLICOTT CITY a MARC station adjacent to Riverview Brunswick Line Plaza. The Maryland Area Regional 15 895 109,000 VPD 270 29 695 Commuter, known more commonly as MARC, is the nation’s 9th largest GERMANTOWN 95 GAITHERSBURG GLEN BURNIE commuter network, transporting over 9 BWI Airport million annual riders. LEESBURG 200 Camden Line ROCKVILLE ASHBURN Penn Line 97 BOWIE BETHESDA Dulles International Airport 50 ANNAPOLIS 495 Union Station WASHINGTON Washington DC DC 495 33 Miles CHANTILLY 66 Ronald Reagan National Airport 40 Minutes THE PLAINS 66 395 66 495 ALEXANDRIA Baltimore GAINESVILLE 37 Miles 301 40 Minutes MANASSAS 1 10 95 CHESAPEAKE BEACH 1775 PENNSYLVANIA AVENUE NW | 5TH FLOOR WASHINGTON, DC 20006 | HFFLP.COM INVESTMENT ADVISORY JOHN OWENDOFF JORDAN LEX Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Managing Director Senior Director 202.777.2302 202.533.2517 [email protected] [email protected] DANIEL NAUGHTON REMY MOONEY Holliday Fenoglio Fowler, L.P. Holliday Fenoglio Fowler, L.P. Associate Analyst 202.777.2316 202.777.2312 [email protected] [email protected] FINANCING CARY ABOD Holliday Fenoglio Fowler, L.P. Managing Director 202.533.2513 [email protected] HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information.
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