Sunfl wer MARKETPLACE

(NAP) OFFERING MEMORANDUM

™ 285 - 393 W Shaw Ave Clovis, CA 93612 OFFERING MEMORANDUM

03 EXECUTIVE SUMMARY

06 PROPERTY OVERVIEW

Sunfl wer 12 FINANCIAL OVERVIEW

MARKETPLACE 18 AREA OVERVIEW 285-343 W Shaw Ave | Clovis, CA 93612 24 TENANT OVERVIEW

EXCLUSIVELY LISTED BY

LINDSAY TSUMPES EL WARNER WALTER C. SMITH AVP & Director EVP & National Director Leasing Broker Shopping Centers Shopping Centers

Direct +1 949 873 0270 | Mobile +1 310 880 8418 Direct +1 949 873 0507 | Mobile +1 858 752 3078 Direct +1 559 447 6222 Main +1 866 889 0550 | Fax +1 310 388 0788 Main +1 866 889 0550 | Fax +1 310 388 0788 [email protected] [email protected] [email protected]

CA License No. 01954256 CA License No. 01890271 CA License No. 00914097 OFFERING SUMMARY

Matthews Real Estate Investment Services is pleased to present the fee simple sale of Sunflower Marketplace, a shadow anchored shopping center located at the signalized northeast corner of West Shaw Avenue and Peach Avenue in the Fresno sister city of Clovis, CA. Consisting of five separate assessor’s parcels, including three pads and two strip centers, the ±58,785 SF property is situated on a high traffic intersection that sees ±74,000 vehicles per day and is shadow anchored by Walmart, Walgreens, Michaels and Goodwill adding the security and benefit of owning an anchored center at a fraction of the cost.

Sunflower Marketplace is strategically positioned within the Fresno-Clovis metro area with great access to State Route 168, close proximity to California State University Fresno which serves over 24,000 students, and a three-mile population of over 132,000 people. Located along the Shaw Avenue retail corridor that is the city’s busiest arterial, the property is central to the two-and-a-half-mile major revitalization project known as the Shaw Avenue Corridor Plan that the City of Clovis has identified for long term planning and reinvestment.

Leased to a mix of national, regional and local tenants, not only does the property have below market rents in place and immediate upside through the lease-up of three inline spaces, but the fact that the offering consists of five parcels also allows the owner the ability to sell the parcels off separately should the need or opportunity arise.

This property provides excellent, double-digit in place and stabilized returns within a high-density California trade area poised for long-term growth.

SUNFLOWER MARKETPLACE| 3 INVESTMENT HIGHLIGHTS

• Shadow anchored by Wal-Mart, a national credit tenant ranked #1 on the Fortune 500 List, which provides added financial security and consumer draw to the shopping center

• Double digit cash-on-cash return of 13.45% in place and 20.44% stabilized

• Individually parcelized, providing an investor future value on their exit strategy

• Immediate upside through the lease up of 12.5% of the GLA

• Below market rents allow for additional upside as tenants leave or roll to market

• Centrally positioned in the Shaw Avenue Corridor Plan, the City of Clovis’s focus area for long term planning and reinvestment as one of the community’s primary commercial corridors

• Located two-and-one-half miles from California State University Fresno which serves over 24,000 students • SunflHigh traffic signalized corner location that sees over a combined ±74,000 vehicleswer per day with multiple points of ingress and egress off of West Shaw Avenue • Densely populated trade area with ±132,000 people in a 3-mile radius and ±338,000 in a 5-mile radius • Situated along the Shaw AvenueMARKETPLACE retail corridor, the busiest arterial in the city of Clovis, with strong neighboring tenants in the trade area including: Home Depot, Target, Lowe’s, Smart & Final Extra!, Walgreens, McDonalds, and the Sierra Vista Mall

• Provided free and clear of debt

4 | OFFERING MEMORANDUM FINANCIAL SUMMARY

Price $8,050,000 Property Size (NRA) 58,785 Price Per SF $136.94 Year Built/Renovated 1995-1998 Current Occupancy 87.5% DEBT ASSUMPTIONS Investment Returns Cap Rate - Yr 1 8.00% Cap Rate - Yr 2 9.80% Principle Loan Amount $5,997,250 Loan to Value 74.5% Cap Rate - Yr 4 10.93% Interest Rate 4.60% Cash on Cash - Yr 1 13.45% Amortization 30 Years Cash on Cash - Yr 2 20.44% Term 10 Years Cash on Cash - Yr 4 24.87% Annual Debt Service - Amortized $369,104 Debt Debt $5,997,250 Loan quote provided by Altoma Real Estate Advisors based on market condi- Required Equity $2,052,750 tions at this time. Actual rates and terms will vary based on market conditions at closing. Please contact Dean Sparks at the information below: Operating Data Net Operating Income - Yr 1 $645,235 Dean Sparks: (209) 628-5724 or [email protected] Net Operating Income - Yr 2 $788,691 Net Operating Income - Yr 4 $879,669 Major Tenants Wal-Mart (NAP) 129,529 SF Boot Barn, Inc. 16,500 SF Royal Furniture 8,000 SF AutoZone 5,000 SF

SUNFLOWER MARKETPLACE| 5 PROPERTY OVERVIEW

PHYSICAL DESCRIPTION

Property Name Sunflower Marketplace

Address 285 - 393 W Shaw Avenue

Location Clovis, CA 93612

Cross Street Peach Avenue

Square Footage (GLA) ± 58,785

Land Area ± 308,663 SF (± 7.087 Acres)

Year Built 1995-1998

Type of Ownership Fee Simple

Zoning C-2

Number of Stories 1

Parking Spaces (approximate) ± 361

Parking Ratio ± 6.14:1,000

6 | OFFERING MEMORANDUM PARCEL MAP

1 Villa Avenue

2

3 4 5

W Shaw Avenue

# Tenants APN

1 Multi-Tenant 497-051-03

2 Multi-Tenant 497-051-06

3 AutoZone 497-051-07

4 Royal Furniture 497-051-08

5 Boot Barn 497-051-09

SUNFLOWER MARKETPLACE| 7 SITE PLAN

# Tenant

P-1 AutoZone

P-2 Royal Furniture

P-3 Boot Barn

B-1 Payless

B-2 Sally’s Beauty

B-3 Clothes Avenue

A2 FedEx

A4 Vacant

A6 & A8 Vacant

A10 Weight Watchers

A12 Lovely Nails

A14 Pho Delite

A16 Advance America

A18 Cost U Less Insurance

A20 Vacant

A22 Bobby Salazar Mexican Restaurant

Occupied Not A Part Vacant

8 | OFFERING MEMORANDUM TENANT MAP

# Tenant

Sierra Freeway P-1 AutoZone ±57,000 ADT

P-2 Royal Furniture

P-3 Boot Barn

B-1 Payless

B-2 Sally’s Beauty Willow Ave B-3 Clothes Avenue ±22,000 ADT

A2 FedEx

A4 Vacant

A6 & A8 Vacant SUBJECT PROPERTY

A10 Weight Watchers

A12 Lovely Nails

A14 Pho Delite

A16 Advance America

A18 Cost U Less Insurance Peach Ave ±14,411 ADT A20 Vacant

A22 Bobby Salazar Mexican Restaurant

W Shaw Ave ±60,000 ADT

SUNFLOWER MARKETPLACE| 9 SURROUNDING TENANTS

Subject Property

Not A Part 6 3 7 Villa Avenue

9

11 1 5 10 8 2 4 12 W Shaw Avenue 16 14 13 17 15

# Tenants # Tenants

FedEx Office, Weight Watchers, Lovely Nails & Spa, Pho Delite, 10 Walgreens 1 Advance America, Cost U Less Insurance, 11 Jersey Mike’s Subs, RadioShack, Supercuts Bobby Salazar’s Mexican Restaurant 12 Starbucks, AT&T 2 AutoZone 13 KFC 3 Sally Beauty, Payless ShoeSource, Clothes Avenue Corp. 14 Mattress Land SleepFit 4 Royal Furniture 15 Kijima Japanese, Top Beauty Supply, Metro PCS, Aron’s 5 Boot Barn 16 See’s Candies 6 Walmart 17 Shell 7 Michaels, Goodwill

10 | OFFERING MEMORANDUM REVITALIZING SHAW AVENUE SHAW AVENUE CORRIDOR PLAN

The Shaw Avenue Corridor Plan will cover a 2.5 mile stretch of Shaw Avenue starting at SR-168 to Clovis Avenue which includes the subject property between Peach Avenue and Villa Avenue. The project as a whole will include land about .5 miles north and south of Shaw Avenue (see adjacent map).

The main goal of this project is to have Shaw Avenue, the busiest street in Clovis, to be a successful commercial district. The plan focuses on improving circulation, mobility, economics and aesthetics of the commercial and employment uses along this major roadway in addition to the residential neighborhoods along and behind the main frontage.

Through these improvements, the city of Clovis will explore new economic development, mobility and design strategies that utilize local and regional assets and investments such as the consideration of transit systems that would link Shaw Avenue with major emplyment centers and CSU Fresno.

The plan will be led by the City of Clovis in partnership with California State University, Fresno, Fresno Housing Authority, Fresno Council of Governments, www.shawcooridor.org Fresno Co. Dept. of Public Health, Economic Devt. Corp. of Fresno Co., and the Clovis Chamber of Commerce. Shaw Avenue Planning Area Subject Property

Shaw Avenue Neighborhoods Shaw Avenue

SUNFLOWER MARKETPLACE| 11 FINANCIAL OVERVIEW

RENT ROLL

CONTRACT LEASE LEASE % OF RENT PER SF UNIT TENANT SF RENTAL RATE RENT INCREASES OPTIONS START END GLA YEARLY MONTHLY YEAR MONTH

P-1 AutoZone 2/96 11/19 5,000 8.5% $81,000 $6,750 $16.20 $1.35 None 2 x 5 Yr

P-2 Royal Furniture 1/17 10/18 8,000 13.6% $86,400 $7,200 $10.80 $0.90 None 1 x 1 Yr

P-3 Boot Barn, Inc. 6/12 1/23 16,500 28.1% $207,900 $17,325 $12.60 $1.05 Feb-18 $213,840 2 x 5 Yr Dec- 17 $117,480 Dec- 18 $120,120 Dec- 19 $122,760 Dec- 20 $124,740 2 x 5 Yr A-02 FedEx Office & Print 4/06 11/26 5,500 9.4% $115,500 $9,625 $21.00 $1.75 Dec- 21 $127,380 Dec- 22 $130,020 Dec- 23 $132,660 Dec- 24 $135,300 Dec-25 $138,050 A-04 Vacant 2,100 3.6% $37,800 $3,150 $18.00 $1.50 None

A-06/A-08 Vacant 3,400 5.8% $61,200 $5,100 $18.00 $1.50 None

A-10 Weight Watchers 9/11 9/17 1,500 2.6% $22,500 $1,875 $15.00 $1.25 None 1 x 5 Yr

A-12 Lovely Nails & Spa1 7/14 6/19 1,500 2.6% $27,900 $2,325 $18.60 $1.55 Jul-18 $28,800 Jul-18 $30,888 A-14 Pho Delite2 2/11 6/21 1,800 3.1% $30,024 $2,502 $16.68 $1.39 Jul-19 $31,752 Jul-20 $32,616 A-16 Advance America3 7/07 6/19 1,005 1.7% $18,600 $1,550 $18.51 $1.54 Jul-18 $19,175 1 x 3 Yr Jan-18 $23,649 Jan-19 $24,358 A-18 Cost U Less Insurance 12/17 1,450 2.5% $22,960 $1,913 $15.83 $1.32 Jan-20 $25,089 Jan-21 $25,842 Jan-22 $26,617

12 | OFFERING MEMORANDUM CONTRACT LEASE LEASE % OF RENT PER SF UNIT TENANT SF RENTAL RATE RENT INCREASES OPTIONS START END GLA YEARLY MONTHLY YEAR MONTH

A-20 Vacant 1,830 3.1% $32,940 $2,745 $18.00 $1.50 None Jul-18 $29,376 Bobby Salazar's Mexican Jul-19 $30,144 A-22 7/04 6/22 1,600 2.7% $28,416 $2,368 $17.76 $1.48 Restaurant5 Jul-20 $31,104 Jul-21 $32,064 B-1 Payless ShoeSource 12/94 2/21 3,000 5.1% $60,000 $5,000 $20.00 $1.67 None 1 x 5 Yr

B-2 Sally Beauty Supply 12/94 11/20 1,600 2.7% $40,128 $3,344 $25.08 $2.09 None 1 x 5 Yr

B-3 Clothes Avenue Corp. 2/06 2/19 3,000 5.1% $43,200 $3,600 $14.40 $1.20

SUN-C Wal-Mart (NAP)6 129,529 0.0% $0 $0 $0.00 $0.00 None

Occupied Totals - In Place 51,455 87.5% $784,528 $65,377 $15.25 $1.27

Vacant Totals 7,330 12.5% $131,940 $10,995 $18.00 $1.50

Totals 58,785 100.0% $916,468 $76,372 $15.59 $1.30

Notes: 5. The rent roll reflects the Bobby Salazar’s contractual rent 1. The rent roll reflects the Lovely Nails & Spa contractual rent increase that begins July 1, 2017. increase that begins July 1, 2017. 6. Wal-Mart is NAP of the center and only reimburses its pro rata 2. The rent roll reflects the Pho Delite contractual rent increase share of water irrigation costs. that begins July 1, 2017. 3. The rent roll reflects the Advance America contractual rent increase that begins July 1, 2017. 4. Analysis assumes Cost U Less Insurance renews on 1/18 at 3% above current rents with 3% annual increases. Renewal negotiations are ongoing.

SUNFLOWER MARKETPLACE| 13 INCOME & EXPENSES

IN PLACE - YEAR 1 STABILIZED - YEAR 2 YEAR TOTAL $/SF TOTAL $/SF Income Rental Income $792,335 $13.48 $943,361 $16.05 Expense Reimbursements $123,803 $2.11 $162,140 $2.76 Vacancy Factor (5%) $0 $0.00 ($36,453) ($0.62) Effective Gross Income $916,138 $15.58 $1,069,048 $18.19 Expenses Real Estate Taxes $95,172 $1.62 $97,076 $1.65 Property Insurance $11,390 $0.19 $11,618 $0.20 CAM/R&M $130,978 $2.23 $133,596 $2.27 Management $27,484 $0.47 $32,071 $0.55 EGI (%) 3.00% 3.00% Non-Reimbursable Expenses 5,879 $0.10 5,996 $0.10 Operating Expenses $270,903 $4.61 $280,357 $4.77 Net Operating Income $645,235 $10.98 $788,691 $13.42 Operating Expense Ratio 30% 26%

14 | OFFERING MEMORANDUM SUMMARY TENANT PROFILE`

INCOME DISTRIBUTION TENANT NAME IN PLACE RENT % OF INCOME EXPIRATION DATE Pads AutoZone $81,000 10.32% Nov-19 Royal Furniture $86,400 11.01% Oct-18 Boot Barn, Inc. $207,900 26.50% Jan-23 Subtotal $375,300 47.84% Pads - 48% Restaurants Restaurants - 7% Pho Delight $30,024 3.83% Jun-21 Shops - 45% Bobby Salazar's $28,416 3.62% Jun-22 Mexican Restaurant Subtotal $58,440 7.45%

Shops FedEx Office & Print $115,500 14.72% Nov-26 Weight Watchers $22,500 2.87% Sep-17 Credit/National Tenant - 70%

Lovely Nails & Spa $27,900 3.56% Jun-19 Local/Regional Tenant - 30% Advance America $18,600 2.37% Jun-19 Cost U Less Insurance4 $22,960 2.93% Dec-22 Payless Shoe Source $60,000 7.65% Feb-21 Sally Beauty Supply $40,128 5.11% Nov-20 Clothes Avenue Corp. $43,200 5.51% Feb-19 Subtotal $350,788 44.71% Total $784,528 100%

SUNFLOWER MARKETPLACE| 15 CASH FLOW

Year 1 Year 2 Year 3 Year 4 Year 5 For the Years Ending Jul-2018 Jul-2019 Jul-2020 Jul-2021 Jul-2022 ______Potential Gross Revenue Base Rental Revenue 924,275 963,601 1,008,461 1,029,139 1,044,204 Absorption & Turnover Vacancy -131,940 -11,279 -36,760 -12,457 -7,437 Base Rent Abatements -8,961 -39,147 -9,507 -6,078 ______Scheduled Base Rental Revenue 792,335 943,361 932,554 1,007,175 1,030,689

Expense Reimbursement Revenue Total Reimbursement Revenue 123,803 162,140 182,054 204,528 221,586

______Total Potential Gross Revenue 916,138 1,105,501 1,114,608 1,211,703 1,252,275 General Vacancy -36,453 -11,706 -38,525 -44,469 ______Effective Gross Revenue 916,138 1,069,048 1,102,902 1,173,178 1,207,806 ______Operating Expenses Repairs & Maintenance 8,620 8,792 8,968 9,147 9,331 Common Area Maintenance 25,769 26,284 26,809 27,345 27,894 Landscaping 30,297 30,903 31,521 32,150 32,794 Utilities 66,292 67,617 68,971 70,350 71,757 Insurance 11,390 11,618 11,850 12,088 12,329 Management Fee 27,484 32,071 33,087 35,195 36,234 Property Taxes 95,172 97,076 99,016 100,996 103,019 General & Professional Fees 5,879 5,996 6,116 6,238 6,363 ______Total Operating Expenses 270,903 280,357 286,338 293,509 299,721 ______Net Operating Income 645,235 788,691 816,564 879,669 908,085

Cap Rate 8.02% 9.80% 10.14% 10.93% 11.28% Cash-on-Cash Return 13.45% 20.44% 21.80% 24.87% 26.26%

16 | OFFERING MEMORANDUM ASSUMPTIONS

Analysis Period Cash Flow Projection Begin Date August 1, 2017 Holding Period for Net Present Value 5 Years

General Projection Assumptions Cost of Living Growth per Annum 2.00% General Expense Growth per Annum 2.00% Real Estate Tax Growth per Annum 2.00% Market Rent Growth per Annum 3.00% Exit Cost of Sale 1.00%

Leasing Assumptions Market Rent $12.60 - $21.00/SF/Yr Renewal Probability 75.00% Downtime 6-9 Months Tenant Improvement Allowance (Shops/Pads) $10 - $15/SF Leasing Commissions 6% N/3% R Free Rent (Shops/Pads) 2-3 Months Escalations Annual 3% - 10% Mid Term Increases Operating Expenses NNN + Admin Fee Term 5-10 Years

SUNFLOWER MARKETPLACE| 17 AREA OVERVIEW

CLOVIS, CALIFORNIA Located in the northeast quadrant of the Fresno-Clovis Metropolitan Area, Clovis is situated in the midst of the agriculturally rich San Joaquin Valley. The City's economic base consists of retail sales and services and light manufacturing. Availability of housing, quality hospital care, excellent schools with modern facilities, responsive safety services, a mild climate, access to varied recreational opportunities, and strong community identity all contribute to Clovis' reputation as a great place to live. Ideally located between Los Angeles and San Francisco, Clovis, CA is one of the most advantageous business locations in the State of California. The collaborative approach to business offered by both the Economic Development Department and the community at large makes doing business in Clovis easy.

18 | OFFERING MEMORANDUM CLOVIS, AT A GLANCE PROXIMITY TO SUNFLOWER MARKETPLACE

• Known as "Gateway to the Sierras", sits at the foot of the Sierra Nevada Mountain Range ...... ± 2 miles Fresno State University ± 2 miles • Over 58 public parks, most with picnic shelters, playing fields, BBQ equipment, and other amenities; over 25 miles of running Fresno International Airport ...... ± 5 miles and bike trails Chukchansi Park ± 9 miles • Countless entertainment opportunities with national touring acts, Fresno State athletic teams and the , a Downtown Fresno ± 10 miles AAA affiliate of the Houston Astros Sierra Nevada Mountains ± 40 miles • Events and activities, including the Clovis Rodeo, Big Hat Days and Clovis Fest, all which led to Clovis being named the most festive city by Sunset magazine

• Great weather with over 300 days of sunshine per year

DEMOGRAPHICS

POPULATION 3 Mile 5 Mile 7 Mile 2022 Projection 136,671 353,266 568,436 2017 Estimate 132,358 338,521 544,602 2011 Census 127,937 319,799 513,547 Growth 2017 - 2022 3.26% 4.36% 4.38% Growth 2011 - 2017 3.46% 5.85% 6.05%

HOUSEHOLDS 3 Mile 5 Mile 7 Mile 2022 Projection 48,966 118,149 187,129 2017 Estimate 47,390 113,450 179,638 Growth 2011 - 2017 3.59% 5.11% 5.39% INCOME 3 Mile 5 Mile 7 Mile 2017 Est. Average $62,090 $68,582 $68,593 Household Income

SUNFLOWER MARKETPLACE| 19 FRESNO, CALIFORNIA FRESNO TOP EMPLOYERS

Fresno is in the center of the San Joaquin Valley and the largest city in EMPLOYER INDUSTRY the Central Valley. The city is an ideal spot as it is in the midst between California Teaching Fellows Employment Service Los Angeles and San Francisco. Fresno serves as the economic hub of Cargill Meat Packers Fresno County and California's San Joaquin Valley. Today, Fresno is among the nation's 40 most cities, with a population of around 430,000 Community Regional Medical Center Hospitals and a rapidly-growing metro area. Fresno County's $3 billion agriculture Foster Farms Poultry Farms business makes it the top county for agriculture in the country. Grapes, Fresno Community Hospital & Medical Center Physicians & Surgeons lettuce, cotton and tomatoes are the leaders among its more than 250 Fresno Community Hospitals Hospitals crops. Fresno's economy is also supported by diverse industries such as agricultural chemicals and equipment, food processing, computer software, glass and plastics. Aided by its proximity to both San Francisco and Los Angeles, Fresno is enjoying a growing convention business.

20 | OFFERING MEMORANDUM CALIFORNIA STATE UNIVERSITY, FRESNO

The university has a total enrollment of 24,400 undergraduate, graduate, and post- ECONOMIC IMPACT OF THE UNIVERSITY baccalaureate students. It offers bachelor’s degrees in 60 areas of study, 45 master’s degrees, 3 doctoral degrees, 12 certificates of advanced study, and 2 different teaching credentials. California State University--Fresno’s ranks in the 2017 edition of $716.9 MILLION Best Colleges in National Universities. Regional Business Sales

Located at the foot of the Sierra Nevada range in the middle of California, the university began as a teachers college but now offers several areas of studies including those in the Craig School of Business. 9,904 The 388-acre main campus features more than 46 traditional and modern buildings Jobs Supported and Created with an additional 34 structures are on the 1,011-acre University Farm, which includes the student-run Equine, Swine, Beef, Dairy, Poultry, and Sheep Units as well as several hundred acres of cattle rangeland. It is considered one of the most modern and best equipped agricultural facilities in the West. $282.5 MILLION Labor Income Fresno State is a powerful economic force accounting for $716.9 million in business sales in the region, according to a recent study conducted by the Craig School of Business at Fresno. The study considered the economic effect of the University on job creation, sales for local firms, generated sales tax and employee and student spending. The total impact of the university’s expenses supported 9,904 jobs and created $282.5 million in labor income for Valley residents. Additionally, the $93.4 $96.5 MILLION million earned and spent by employees of Fresno State and its auxiliaries produced a Community Business Sales total impact of $96.5 million in business sales in the community.

SAVE MART CENTER

Save Mart Center is a 430,000-square foot, 16,000 seat multi-purpose arena on the California State University Fresno campus. Along with being home to the basketball team, the venue has hosted major concerts from Beyoncé and Justin Timberlake to Paul McCartney and The Rolling Stones. The center brings in multiple visitors to Fresno every year as people come from all over the country to catch a Bulldog basketball game or to see their favorite band perform live.

Funding to build the site came from revenue, corporate sponsorships, private gifts, leasing luxury suites, sale of club seating and personal seat licenses, as well as revenue from advertising and signage agreenemts.

SUNFLOWER MARKETPLACE| 21 TRANSFORMING BULLDOG STADIUM

The vision of a new Bulldog stadium coming to the Cal State Fresno campus is becoming a reality with the announcement of AECOM being selected as the project architect. With the current stadium being built over 35 years ago, it is due for renovations and upgrades. The multi-million-dollar project could be completed as early as 2018.

The renovations are being executed in four phases. Phase 1 was executed before the 2016 football season with fencing and branding around the facilities. Phase 2 will be done this year with tunnels, cross aisles, restrooms, and other amenities; Phase 3 in 2018 will add additional luxury suites, club lounge and press box. The final phase of the project will be a completely new facility housing the Bulldogs’ locker room, offices and an alumni lounge for former student-athletes.

22 | OFFERING MEMORANDUM PROXIMITY TO FRESNO STATE

SUBJECT PROPERTY

SUNFLOWER MARKETPLACE| 23 TENANT OVERVIEW

24 | OFFERING MEMORANDUM SALLY BEAUTY SUPPLY www.sallybeautyholdings.com

Ownership Public Headquartered Denton, TX Website www.sallybeautyholdings.com

Sally Beauty Supply is an American international specialty retailer and distributor of professional beauty supplies with revenues of more than $2,600,000,000 annually. The Company sells and distributes through over 4,000 stores, including approximately 200 franchised units, throughout the United States, the United Kingdom, Belgium, Canada, Chile, Puerto Rico, Mexico, France, Ireland, Spain and Germany. Sally Beauty Supply stores offer more than 6,000 products for hair, skin, and nails through professional lines such as Clairol, L’Oreal, Wella, and Conair, as well as an extensive selection of proprietary merchandise.

AUTOZONE www.autozone.com

Ownership Public Headquartered Memphis, TN Website www.autozone.com

For more than 30 years, AutoZone has been committed to providing the best parts, prices and customer service in the automotive aftermarket industry. To stay out of the no-driving zone, DIY car repairers with auto problems often enter the AutoZone. With more than 5,190 stores in the US and Puerto Rico, AutoZone is the nation’s #1 auto parts chain. The company also operates 24 Interamerican Motor Corporation (parts distribution) branches in the US. AutoZone stores sell hard parts (alternators, engines, batteries), maintenance items (oil, antifreeze), accessories (car stereos, floor mats), and non-automotive merchandise under brand names, as well as under private labels. AutoZone’s commercial sales program distributes parts and other products to garages, dealerships and other businesses. SUNFLOWERSUNFLOWER MARKETPLACE| MARKETPLACE| 25 25 BOOT BARN www.bootbarn.com

Ownership Public 2016 Sales $569.02 Million Headquartered Irvine, CA

Boot Barn specializes in and is the nation’s leading lifestyle retailer of quality western and work gear. With over 8,000 styles of boots, jeans, shirts, hats, belts, jewelry and more, Boot Barn has all of the latest designer styles. The company is the largest fastest-growing retail chain devoted to western footwear, apparel and accessories in the United States.

WEIGHT WATCHERS www.weightwatchersinternational.com

Ownership Public 2016 Sales $1.16 Billion Headquartered New York, NY

Weight Watchers has built its business by helping millions of people around the world lose weight through food plans, activity, behavior modification and group support. At the end of last year, the company had approximately 1.1 million active meeting subscribers. Weight Watchers-branded services and products include meetings, digital weight management products, mobile sites, apps, products sold at meetings and through its websites, licensed products sold in retail channels and magazine subscriptions.

26 | OFFERING MEMORANDUM FEDEX www.fedex.com

Ownership Public 2016 Sales $50.37 Billion Headquartered Plano, TX

The company operates some 1,800 stores in the US, including about 30 locations in four other countries. Stores provide printing and duplication, presentation support, and related business assistance, and serve as drop-off points for deliveries to be made by sister companies FedEx Express and FedEx Ground. Stores also sell office supplies and rent computers and videoconferencing rooms.

WALMART (NAP) www.walmart.com

Ownership Public 2016 Sales $485.87 Billion Headquartered Bentonville, AR

Walmart is the world’s #1 retailer with some 2.2 million employees. In the US, Wal-Mart operates more than 5,160 stores, including about 4,400 Wal-Mart stores and 650 Sam’s Club warehouses, and a growing number of smaller format stores.

SUNFLOWERSUNFLOWER MARKETPLACE| MARKETPLACE| 27 27 CONFIDENTIALITY & DISCLAIMER STATEMENT:

This Offering Memorandum contains select information pertaining to the business and affairs of Sunflower Marketplace located at 285-343 W Shaw Avene, Clovis, CA 93612 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Sunfl wer EXCLUSIVELY LISTED BY MARKETPLACE

LINDSAY TSUMPES 343 W Shaw Ave | Clovis, CA 93612 AVP & Director Shopping Centers

Direct +1 949 873 0270 | Mobile +1 310 880 8418 Main +1 866 889 0550 | Fax +1 310 388 0788 [email protected]

License No. 01954256

EL WARNER EVP & National Director Shopping Centers

Direct +1 949 873 0507 | Mobile +1 858 752 3078 Main +1 866 889 0550 | Fax +1 310 388 0788 [email protected]

License No. 01890271

WALTER C. SMITH Leasing Broker

Direct +1 559 447 6222 [email protected]

CA License No. 00914097

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