4429 Pecanland Mall Dr, Monroe, LA (“Property”)

PECANLAND PLAZA

ECANLAND PLAZ P SHOPPINGE CENTER A

4429 PECANLAND MALL DR | MONROE, LA OFFERING MEMORANDUM

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4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA

4 PROPERTY OVERVIEW 12 FINANCIAL OVERVIEW 20 TENANT OVERVIEWS

22 LEASE ABSTRACTS 32 AREA OVERVIEW

SCOTT HENARD PETER SMELKO BEN SNYDER DONNIE JARREAU SVP & Regional Director Associate SVP & Senior Director Broker of Record Shopping Centers Shopping Center Shopping Center License No. 00032688 (LA) D: (214) 692-2046 D: (214) 692-2186 D: (216) 503-3607 M: (972) 998-7373 M: (972) 979-3349 M: (614) 975-8822 E: [email protected] E: [email protected] E: [email protected] License No. 684841 (TX) License No. 700049 (TX) License No. 2018002569 (OH) PECANLAND PLAZA

OFFERING SUMMARY

Matthews Real Estate Investment Services is pleased to exclusively offer for sale Pecanland Plaza, a dominant power center located in a super-regional location next to the Pecanland Mall in Monroe, LA. The total square footage at the center is 111,801 SF and is currently 98% occupied. Pecanland boosts tenants with strong historical occupancy as 67% of the center has been in occupancy for over 10 years.

Pecanland Plaza is a unique and very strong investment as 98% of the current income comes from national tenants. In addition, there is upside for investors to lease up the 2,155 square foot vacancy and also replace the Lane Bryant gross lease in Jan-21 with a new tenant paying full NNN reimbursements. The center will also be delivered free and clear of debt, allowing investors to take advantage of low interest rates and boost their returns with additional leverage.

INVESTMENT HIGHLIGHTS

• Super Regional Location – Pecanland Plaza benefits from a super-regional location adjacent to the above average performing Pecanland Mall with inline sales in excess of $430/ PSF and anchored by Dillard’s, Dicks Sports, JC Penney, H&M and Belk.

• Strong Dominant National Tenant Lineup – Over 98% of the center is anchored by national credit tenants, providing investors with strong dependable cash flow.

• Long Term Leases – Less than 25% of the center rolls in the next 5 years.

• Upside in Lane Bryant Gross Lease and Vacancy – Upside exists for investors to re-tenant Lane Bryant gross lease to a new NNN tenant and increase NOI.

• Strong Leasing Momentum- Five Below immediately backfilled Shoe Carnival space as soon as it became vacant, proving this center as the most dominant power center in the trade area.

• Institutionally Maintained and Managed – Limited deferred CapEx exists as parking lot recently seal coated and restriped and roofs are still under warranty.

• New Debt Available – Investors can place new attractive financing and achieve strong cash-on-cash returns.

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PECANLAND PLAZA

4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA

PROPERTY OVERVIEW

K R PA EFFERSON J PECANLAND PLAZA

PROPERTY DETAILS

PROPERTY NET TOTAL CURRENT AVERAGE TERM APN ADDRESS RENTABLE AREA TENANTS OCCUPANCY REMAINING 4429 Pecanland Mall Dr ±111,801 SF 9 98.1% 4.7 Years 114832 Monroe, LA

PARCEL MAP

MILLHAVEN RD ±10,000 ADT

SHOPPING CENTER ±55,000 ADT

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SITE PLAN

TOTAL SQFT: 111,801 Square Suite Tenant Feet

A49-1 Best Buy 30,038

A49-2 PetSmart 17,939

Lane A49-3 5,000 Bryant

A49-4 Vacant 2,155

Massage A49-5 4,000 Envy

A49-6 Five Below 9,000

A49-7 Michaels 21,715

A49-8 Ulta 9,999

A49-9 Kirkland's 10,000

We Know A49-10 1,955 SUBJECT PROPERTY Wireless VACANT NAP Totals 10 Suites 111,801 SF

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PHYSICAL DESCRIPTION

Land Area 11.13 Acres Zoning B-3, General Business/Commercial District Access 2 Entrances off of Millhaven Road and 1 Entrance off Pecanland Mall Drive. Year Built (Renovated) 2008 Rentable Area 111,801 SF

Although not visible, the substructure's foundation reportedly consists of conventional spread footings and a slab-on-grade (SOG). Foundation Foundation walls consist of cast-in-place concrete.

The Subject is framed with load-bearing CMU exterior walls with interior structural steel beams and columns supporting open web Superstructure joists. The roof deck consists of corrugated metal decking.

Exterior Walls The predominant sidewall systems consist of painted split face CMU, EIFS, and painted smooth face CMU.

Site lighting is provided by a combination of lighting standards and wall mounted flood lights. Lighting is controlled by timers and Lighting photo cells. The main roofs consist of a fully adhered single-ply TPO (thermoplastic polyolefin) roofing system applied over rigid insulation and Roof corrugated metal decking. The design is that of a series of flat roofs pitched to the rear elevations, and there are very few roofing penetrations. Windows are the typical retail storefront system consisting of single pane glass set in clear anodized or dark anodized aluminum Windows finished frames. Each tenant space has an individual main entrance; no common area Doors entrances are provided. Entrances consist of a variety of single and dual leaf entrances of either manual swinging doors or automatic sliding doors. Elevators n/a Heating and cooling for the spaces is provided by rooftop DX cooling with a combination of natural gas or electric heating. In a few HVAC cases, there are split systems with condensing units on the roof. Some units are also equipped with outside air economizers. Each tenant is individually metered directly from the local utility with meters located on the exterior of each retail unit; common areas Electric Systems are separately metered. The building is fully sprinklered with several supervised wet systems Fire Protection utilizing steel piping. Fire sprinkler service is provided individually to each major tenant with two additional separate services for the smaller tenant infill spaces.

Parking 542 Spaces

Water - City of Monroe Sewer - City of Monroe Utilities Storm Drainage - City of Monroe Natural Gas - Atmos Electricity - Energy

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SURROUNDING TENANTS - WESTBOUND

SHOPPING CENTER

±55,000 ADT PECANLAND PLAZA

SURROUNDING TENANTS - EASTBOUND PECANLAND MALL Featuring: 83 Stores 450-Seat Food Court 10-Screen Cinema Avg. Sales of $430+/sf

SHOPPING CENTER

±55,000 ADT

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5 2 4

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COMPETING CENTERS

Distance Total GLA Year Asking Net Name/Location Owner Address Occ. % Anchors From (SF) Built Rental Rate Subject

4429 Pecanland Dr, Best Buy, Michaels, Pecanland Plaza Cole Credit Property Trust IV 111,801 98% 2008 - Monroe, LA, 71203 PetSmart

RETAIL COMPETITION

Brookfield Properties Retail 4700 Millhaven Rd, Dillard’s, JC Penney Pecanland Mall 964,123 - 0.4 Miles 1985 $4.00-$5.00 1 Group Monroe, LA 71203 Belk

Ross Dress for Less, David’s 4200 Millhaven Rd, Pecanland Commons TKG Management, Inc. 97,613 64% Bridal 0.4 Miles 2003 $9.00-$11.00 2 Monroe, LA 71203 Target (Shadow)

1128-1202 Pecanland Rd, Dollar Tree Dollar Tree Strip Auburndale Pecanland LLC 27,000 100% 0.2 Miles - $10.00-$13.00 3 Monroe, LA 71203 McAlister’s Deli

TJ Maxx/Toys R Us 1300-1350 Pecanland Rd., (former) Cay Properties 68,409 100% TJ Maxx 0.2 Miles 1985 $9.00-$11.00 4 Monroe, LA 71203

Home Depot and Conn's The Home Depot, Inc / 3650-3750 Millhaven Rd, Home Depot, 107,948/49,278 100% 0.5 Miles - $10.00-$12.00 5 Home Plus Kortoba LLC Monroe, LA 71203 Conn's HomePlus

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PECANLAND PLAZA

4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA

FINANCIAL OVERVIEW

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SUMMARY TENANT PROFILE

Lease In-Place Tenant Name Square Feet % of Revenue Tenant Type Credit Expiration Rent Best Buy 30,038 Mar-24 $435,551 25.1% Anchor National/Credit Michaels 21,715 Feb-24 $251,894 14.5% Anchor National/Credit PetSmart 17,939 Feb-24 $286,127 16.5% Anchor National/Credit ANCHOR SUBTOTAL 69,692 $973,572 56.0%

Lane Bryant 5,000 Jan-21 $75,000 4.3% Shops National/Credit Five Below 9,000 Jan-29 $148,500 8.5% Shops National/Credit Ulta 9,999 Feb-23 $234,977 13.5% Shops National/Credit Kirkland's 10,000 Jul-22 $190,500 11.0% Shops National/Credit SHOPS SUBTOTAL 33,999 $648,977 37.3%

Massage Envy 4,000 May-24 $76,000 4.4% Services National/Credit We Know Wireless 1,955 Mar-20 $39,100 2.3% Services Local/Regional SERVICES SUBTOTAL 5,955 $115,100 6.6%

GRAND TOTAL 109,646 $1,737,649 100%

INCOME AND EXPENSES In-Place Total $/SF Income Rental Income $1,738,626 $15.55 Vacancy Factor * ($442) ($0.00) Reimbursement Revenue $295,561 $2.64 Effective Gross Income $2,033,745 $18.19

Expenses Real Estate Taxes $193,254 $1.73 Insurance $23,224 $0.21 CAM $126,632 $1.13 Management Fees 3.5% $71,181 $0.64 Total Operating Expense $414,291 $3.71 Net Operating Income $1,619,454 $14.49

* Used greater of 5% of EGI or actual vacancy 13 PECANLAND PLAZA

RENT ROLL

Contract Rental Rate Rent $ PSF Rent Increases Option Option Rent Lease Lease Suite Tenant Square Feet % of NRA Expense Category Recovery Method Recovery Notes Start End Year Month $ PSF/Yr. $ PSF/Mo. Date $ PSF/Yr. Date $ PSF/Yr. 1x5yrs $17.60 CAM NNN + 5% Admin 1x5yrs $19.36 INS NNN Tenant pays pro rata share of CAM plus 5% Admin Fee (Admin Fee excludes utilities). Insurance is A49-1 Best Buy May-07 Mar-24 30,038 26.9% $435,551 $36,296 $14.50 $1.21 1x5yrs $21.30 TAX NNN paid pro rata share. Taxes are paid pro rata share. MGMT is not reimbursed. 1x5yrs $23.43 MGMT N/A CAM NNN + 6% Admin 1x5yrs $16.95 INS NNN Tenant pays pro rata share of CAM plus 6% Admin Fee (Admin Fee excludes utilities). Insurance is A49-2 PetSmart Nov-07 Feb-24 17,939 16.0% $286,127 $23,844 $15.95 $1.33 1x5yrs $17.96 TAX NNN paid pro rata share. Taxes are paid pro rata share. MGMT is not reimbursed. 1x5yrs $18.95 MGMT N/A CAM N/A INS N/A A49-3 Lane Bryant Mar-08 Jan-21 5,000 4.5% $75,000 $6,250 $15.00 $1.25 Tenant is gross per Amendment. TAX N/A MGMT N/A CAM NNN + 10% Admin INS NNN Speculative Tenant pays pro rata share of CAM plus 10% Admin Fee (including MGMT Fee). Insurance A49-4 Vacant 2,155 1.9% $45,255 $3,771 $21.00 $1.75 TAX NNN is paid pro rata share. Taxes are paid pro rata share. MGMT NNN + 10% Admin CAM NNN + 10% Admin INS NNN Tenant pays pro rata share of CAM plus 10% Admin Fee (including MGMT Fee) subject to a $1,428 cap A49-5 Massage Envy Jan-14 May-24 4,000 3.6% $76,000 $6,333 $19.00 $1.58 1x5yrs $22.50 TAX NNN increasing 5% annually. Insurance is paid pro rata share. Taxes are paid pro rata share. MGMT NNN + 10% Admin CAM NNN + 15% Admin 1x5yrs $20.00 Tenant pays pro rata share of CAM plus 15% Admin Fee (Admin Fee excludes Utilities) subject to a 5% INS NNN A49-6 Five Below Jul-19 Jan-29 9,000 8.1% $148,500 $12,375 $16.50 $1.38 Jul-24 $18.15 1x5yrs $22.00 annual cap. Insurance is paid pro rata share subject to a 5% annual cap. Taxes are paid pro rata share. TAX NNN 1x5yrs $24.20 MGMT is not reimbursed. MGMT N/A CAM NNN + 6% Admin 1x5yrs $12.60 Tenant pays pro rata share of CAM plus 6% Admin Fee (Admin Fee excludes utilities) subject to a INS NNN A49-7 Michaels Oct-07 Feb-24 21,715 19.4% $251,894 $20,991 $11.60 $0.97 1x5yrs $13.60 $7,752 cap increasing 5% annually. Insurance is paid pro rata share. Taxes are paid pro rata share. TAX NNN 1x5yrs $14.60 MGMT is not reimbursed. MGMT N/A CAM NNN + 10% Admin 1x5yrs $25.85 Tenant pays pro rata share of CAM plus 10% Admin Fee (Admin Fee excludes utilities) subject to a INS NNN A49-8 Ulta Sep-11 Feb-23 9,999 8.9% $234,977 $19,581 $23.50 $1.96 1x5yrs $28.44 $3,605 cap increasing 3% annually (cap not applied to electricity). Insurance is paid pro rata share. TAX NNN 1x5yrs $31.28 Taxes are paid pro rata share. MGMT is not reimbursed. MGMT N/A CAM NNN + 10% Admin Tenant pays pro rata share of CAM plus 10% Admin Fee subject to a $3,885 cap increasing 5% annually 1x5yrs $21.05 INS NNN A49-9 Kirkland's Jul-12 Jul-22 10,000 8.9% $190,500 $15,875 $19.05 $1.59 (cap not applied to electricity or parking lot lighting). Insurance is paid pro rata share. Taxes are paid 1x5yrs $23.05 TAX NNN pro rata share. MGMT is not reimbursed. MGMT N/A CAM NNN + 10% Admin INS NNN Tenant pays pro rata share of CAM plus 10% Admin Fee (including MGMT Fee) subject to a $1,505 cap A49-10 We Know Wireless Mar-15 Mar-20 1,955 1.7% $39,100 $3,258 $20.00 $1.67 1x5yrs $22.00 TAX NNN increasing 10% annually. Insurance is paid pro rata share. Taxes are paid pro rata share. MGMT NNN + 10% Admin Occupied Totals - In Place 109,646 98.1% $1,737,649 $144,804 $15.85 $1.32 Vacant Totals 2,155 1.9% $45,255 $3,771 $21.00 $1.75 Totals 111,801 100.0% $1,782,904 $148,575 $15.95 $1.33 14 PECANLAND PLAZA

LEASE EXPIRATION SCHEDULE

Year Year End Sqft % of NRA Cumulative %

1 2019 0 0% 0% 2 2020 1,955 2% 2% 3 2021 5,000 4% 6% 4 2022 10,000 9% 15% 5 2023 9,999 9% 24% 6 2024 73,692 66% 90% 7 2025 0 0% 90% 8 2026 0 0% 90% 9 2027 0 0% 90%

10 2028 0 0% 90% Occupied 109,646 98% Vacant 2,155 2% Total 111,801 100%

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CASH FLOW

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending In Place Jun-2020 Jun-2021 Jun-2022 Jun-2023 Jun-2024 Jun-2025 Jun-2026 Jun-2027 Jun-2028 Jun-2029 Jun-2030 Market Rent Per SF. Annual

Scheduled Base Rent Per SF. Annual $16.27 $16.36 $16.25 $16.42 $16.91 $18.08 $18.18 $18.12 $18.37 $18.90 $19.71

Total Operating Expense Per SF. Annual ($3.71) ($3.80) ($3.91) ($4.02) ($4.14) ($4.29) ($4.40) ($4.52) ($4.64) ($4.78) ($4.93)

Average Occupancy 98.07% 98.14% 99.63% 100.00% 100.00% 99.73% 99.68% 100.00% 100.00% 99.70% 99.56%

GROSS REVENUE

Base Rental Revenue 1,783,881 1,795,261 1,809,947 1,836,113 1,891,109 2,015,826 2,026,346 2,026,346 2,053,312 2,106,304 2,193,973

Absorption/Turnover Vacancy (45,255) (39,698) (8,178) - - (7,555) (9,006) - - (8,264) (12,890)

Reimbursement Revenue 295,561 312,638 336,377 348,118 359,123 369,741 381,482 394,615 406,647 418,039 434,256

Gross Rental Income 2,034,187 2,068,201 2,138,146 2,184,231 2,250,232 2,378,012 2,398,822 2,420,961 2,459,959 2,516,079 2,615,339

General Vacancy (442) (27,041) (44,469) (50,022) (51,173) (45,237) (44,711) (53,860) (55,443) (52,186) (49,291)

Percentage Rent ------

Other Income ------

Effective Gross Income 2,033,745 2,041,160 2,093,677 2,134,209 2,199,059 2,332,775 2,354,111 2,367,101 2,404,516 2,463,893 2,566,048

OPERATING EXPENSES

Real Estate Taxes 193,254 199,052 205,023 211,174 217,509 224,034 230,755 237,678 244,808 252,153 259,717

Insurance 23,224 23,921 24,639 25,377 26,139 26,923 27,731 28,563 29,419 30,301 31,211

CAM 126,632 130,432 134,344 138,372 142,524 146,801 151,205 155,742 160,414 165,226 170,183

Management Fees 71,181 71,441 73,279 74,697 76,967 81,647 82,394 82,849 84,158 86,236 89,812

Total Operating Expenses (414,291) (424,846) (437,285) (449,620) (463,139) (479,405) (492,085) (504,832) (518,799) (533,916) (550,923)

NET OPERATING INCOME $1,619,454 $1,616,314 $1,656,392 $1,684,589 $1,735,920 $1,853,370 $1,862,026 $1,862,269 $1,885,717 $1,929,977 $2,015,125

CAPITAL EXPENDITURES

Tenant Improvements - 22,197 53,045 - - 10,765 12,223 - - - 25,534

Leasing Commissions - 13,577 58,880 - - 8,499 10,132 - - - 19,151

Capital Reserves 16,770 17,273 17,791 18,325 18,875 19,441 20,024 20,625 21,244 21,881 22,538

Capital Expenses ------

Total Capital Expenditures (16,770) (53,047) (129,716) (18,325) (18,875) (38,705) (42,379) (20,625) (21,244) (21,881) (67,223)

NET CASH FLOW $1,602,684 $1,563,267 $1,526,676 $1,666,264 $1,717,045 $1,814,665 $1,819,647 $1,841,644 $1,864,473 $1,908,096 $1,947,902

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CASH FLOW ASSUMPTIONS DEBT ASSUMPTIONS

Timing Loan Type Non-recourse Analysis Start 7/1/19 Lender Profile CMBS and Bank Analysis End 6/30/30 Hold Period 10 Years Fixed/Floating Fixed Area Measures Net Rentable Area 111,801 LTV 65-70%

Inflation Interest 4.5-4.65% Market Rent Growth 3.0% Expense Growth 3.0% IO Period 1-2 years

Real Estate Tax Growth 3.0% Amortization 30 years Leasing Assumptions Market Rent ($PSF/Annual) $12.00-$22.00 Term 10 years Renewal Probability 75% Downtime 6 -12 Months For more information, or to receive a loan quote, Tenant Improvement Allowance ($/PSF) $10.00 / $3.00 contact Brian Krebs of Barrington Capital: Leasing Commissions 6% / 3% DIR: (949) 777-5988 Free Rent None MOB: (818) 606-9476 Rent Increases None [email protected] Reimbursements NNN + 10% Adm on CAM Term 10 / 5 Years

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OPERATING EXPENSES

Operating Expense 2017 2018 2019 Budget Year 1 ProForma

Utilities - Water and Sewer $783 $2,114 $831 $831 Utilities - Electric $26,502 $24,291 $28,116 $28,116 R&M - Building Repairs $3,073 $1,929 $11,750 $6,500 R&M - Fire and Safety $7,076 $5,055 $7,633 $7,633 R&M - Plumbing Repairs $1,820 $3,897 $1,931 $1,931 R&M - Dayporter Services $2,600 $2,000 $2,600 $2,600 Trash Removal $300 $2,126 $900 $900 Landscaping Contract $6,625 $5,996 $6,625 $6,625 Tree Maintenance $0 $0 $1,200 $0 Landscaping Plant $900 $1,000 $1,450 $1,450 Irrigation Repairs $651 $394 $691 $691 Parking Lot Sweeping $23,058 $25,685 $24,462 $24,462 Window & Walkway $3,750 $1,950 $7,500 $7,500 Pest Control $0 $125 $1,200 $1,200 Parking Lot Repair $76,120 $2,650 $22,000 $22,000

Parking Lot Lighting $13,378 $10,104 $14,193 $14,193 Real Estate Taxes $182,160 $172,863 $193,254 $193,254 Insurance - Property $16,944 $16,944 $19,488 $19,488 Insurance - General $1,320 $1,214 $1,396 $1,396 Insurance - Loss $2,040 $2,039 $2,340 $2,340 Property Management Fee $80,520 $83,760 $79,475 $71,181 Painting $1,822 $0 $0 $0 Misc. Repairs $795 $0 $0 $0 Snow Removal $0 $150 $0 $0 Keys and Locks $465 $0 $0 $0

Totals $452,702 $366,286 $429,035 $414,291

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PECANLAND PLAZA

4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA TENANT OVERVIEWS

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BEST BUY PETSMART MICHAEL’S Best Buy is a provider of technology products, Petsmart is the #1 US specialty retailer of pet food The Michaels Companies, Inc. is North America’s largest services and solutions. The Company offers products and supplies and operates more than 1,600 stores provider of arts, crafts, framing, floral, wall décor, and and services to the customers visiting its stores, in the US, Canada, and Puerto Rico in addition to merchandise for makers and do-it-yourself home decorators. engaging with Geek Squad agents, or using its e-commerce sites. Websites or mobile applications.

LOCATIONS | 1,509 LOCATIONS | 1,600+ LOCATIONS | 1,250+

ULTA KIRKLAND’S FIVE BELOW Since opening its first store in 1990, Ulta Beauty Inc. Kirkland’s, Inc. was founded in 1966 and is a specialty Five Below, a discount-store chain that sells everything has grown to be the largest beauty retailer in the U.S. retailer of home décor in the United States. Although from school supplies to clothes to candy for under $5, is one The company features more than 20,000 prestige originally focused in the Southeast, the Company has of several chains that have recently found success selling and mass-market products, including cosmetics, grown beyond that region and currently operates 434 extremely low-priced products. From 2010 to 2015, dollar- fragrances, skin and hair care products, salon styling stores in 37 states as well as an e-Commerce enabled store sales grew from $30.4 billion to $45.3 billion in the tools, and accessories. Each store is also equipped website. United States. with a salon.

LOCATIONS | 1,124 LOCATIONS | 434 LOCATIONS | 750 21 PECANLAND PLAZA

PECANLAND PLAZA

4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA

LEASE ABSTRACTS

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BEST BUY

Lessor ARCP MT MONROE, LLC Lessee Best Buy Stores, L.P. Tenant Name Best Buy Landlord ARCP MT MONROE, LLC Tenant Size (SF) 30,038 Lease Commencement Date May 23, 2007 Expiration Date March 31, 2024 Lease Term 202 Months Remaining Lease Term (Current - 3/31/2024) 56 Months No. & Term of Options 4x5 years Contract Rental Rate (Current- 3/31/2024) $435,551 1st Option (5 years) $528,669 2nd Option (5 years) $581,536 3rd Option (5 years) $639,809 4th Option (5 years) $703,790 Tenant pays pro rata share of CAM plus a 5% Administration Fee. Administration excludes electricity. CAM does not included Lessee Operating Expenses Management Fee, Roof or Parking Lot repairs. Operating Expense Caps Not applicable Property Tax Expenses Tenant pays pro rata share of Real Estate Taxes Property Insurance Tenant pays pro rata share of all Insurance Policy premiums Termination Option Not applicable Co-tenancy Not applicable Landlord: At the sole expense of Landlord, Landlord make all structural repairs to the Premises, whether interior or exterior, shall keep the Premises water tight, and keep in good working condition the exterior of the building including without limitation, the roof, exterior walls,foundations, parking and drive areas, and utility lines from the point of connection to the Premises main line. Maintenance & Repairs Tenant: Tenant will perform all necessary non-structural interior repairs to the Premises, including repair or replacement of HVAC systems, loading dock excluding structural components thereof. Tenant also agrees to keep and maintain the interior of the Premises in a clean and sanitary condition. Estoppel 30 days Tenant retains exclusive right to conduct business relating to sales, rental, service and warehousing of electronic equipment, major Exclusive Use household appliances, personal computers and software, car radios and other similar electronics. Restricted Use Tenant shall not operate a retail pet superstore, retail crafts superstore, retail off-price department store 23 PECANLAND PLAZA

PETSMART

Lessor Auburndale Pecanland, LLC Lessee PetSmart, Inc. Tenant Name PetSmart Landlord Auburndale Pecanland, LLC Tenant Size (SF) 17,939 Lease Commencement Date November 12, 2007 Expiration Date February 29, 2024 Lease Term 195 Months Remaining Lease Term (Current - 2/29/2024) 55 Months No. & Term of Options 3x5 years Contract Rental Rate (Current- 2/29/2024) $286,127 1st Option (5 years) $304,066 2nd Option (5 years) $322,184 3rd Option (5 years) $339,944 Tenant pays pro rata share of CAM plus a 6% Administration Fee. Administration excludes electricity. CAM does not include Man- Lessee Operating Expenses agement Fee, Roof or Parking Lot repairs. Operating Expense Caps Not applicable

Property Tax Expenses Tenant pays pro rata share of Real Estate Taxes Property Insurance Tenant pays pro rata share of all Insurance Policy premiums Termination Option Not applicable If for a period of one year neither Kohl's (or comparable replacement) plus tenants occupying 18,000 square feet of in-line space are Co-tenancy not open and operating, or, total occupancy is less than 50,000 square feet in the Shopping Center then Tenant will be permitted to pay Alternate Rent in the amount of 50% of Base Rent. Landlord: Landlord shall at its sole cost and expense and not as a part of Common Area Costs except as otherwise provided herein: repair all damage to the Premises or Common Area within Landlord's Parcel #1 caused by subsidence or other structural or latent defects; maintain in good condition and repair and replace, if reasonably necessary, the roofing, canopy, gutters, downspouts, wiring, plumbing, pipes, conduits and equipment which serve the Premises but are not located within the interior thereof and all structural portions of Tenant's Building [which shall include without limitation the foundations; exterior walls (but not exterior Maintenance & Repairs doors); columns; store front (excluding plate glass); floor slab; roof structure and all elements supporting the floor or roof].

Tenant: Tenant will maintain in good order; the interior surfaces of the walls, floors and ceilings of Tenant's Building, including building systems, exterior doors and the interior of Tenant's receiving dock, but excluding any structural elements and any portion of any mechanical, plumbing, electrical or other system which does not exclusively serve the Premises.

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Estoppel 20 days Tenant shall have the exclusive right in the Shopping Center to conduct any portion of Tenant's Primary Business described in claus- es (i), (ii) and (iii); sale of (i) pets (including, but not limited to, fish, birds, reptiles, dogs, cats and other small animals), (ii) pet food, Exclusive Use pet accessories and other products relating to pets and animals, including equestrian products and apparel related thereto, (iii) services related to pets and animals, such as grooming, boarding, pet day care, animal training and obedience classes, pet adoption and veterinary services. "Any use causing loud noises or offensive odors (including any business using exterior loud speakers); manufacturing facility; dry cleaner (except facilities for drop off and pick up of clothing cleaned at another location); any facility for the sale, lease or rental of automobiles, trucks, motorcycles, recreational vehicles, boats or other vehicles; automobile repair shop or service station or any facility storing or selling gasoline or diesel fuel in or from tanks; used clothing or thrift store or liquidation outlet; massage parlor; adult book shop or adult movie house; mortuary or funeral parlor; coin operated laundry; cocktail lounge, bar or tavern or sale of alcoholic beverages, whether or not packaged, except in conjunction with a restaurant permitted hereunder; night club; cinema or theater; place of recreation (including but not limited to bowling alley, skating rink, carnival, game arcade or health spa); church. No restaurants of any size shall be located within three hundred (300) feet of the Premises; provided, however, that this restriction shall not apply to (a) restaurants that are located within another owner or occupants' premises which Restricted Use do not have any separate customer entry/exit doors to the outside of the other owner or occupant's premises and which occupy less than seven (7%) of the gross floor area of the other owner or occupant's premises (hereinafter referred to as ""Incidental Restau- rants""); and (b) restaurants that are located within the area marked as the ""Outparcels"" on Exhibit A. In addition, the following uses must first be approved in writing by Tenant if they are located within the area shown on Exhibit A as the ""Control Area"": drive- through; children's recreational, educational or day-care facility; individual restaurants occupying more than twenty-five hundred (2,500) square feet of Gross Floor Area (provided, however, that this restriction shall not apply to Incidental Restaurants and/or one (1) restaurant which is located within the area marked as the ""Permitted Restaurant"" on Exhibit A); offices or professional uses occupying in excess of four thousand (4,000) square feet in the aggregate; and schools of any nature except in conjunction with animal training or obedience training classes associated with Tenant's Primary Business."

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KIRKLAND’S

Lessor Auburndale Pecanland, LLC Lessee Kirkland's Stores, Inc Tenant Name Kirkland's or Kirkland's Home Landlord Auburndale Pecanland, LLC Tenant Size (SF) 10,000 Lease Commencement Date July 3, 2012 Expiration Date July 31, 2022 Lease Term 120 Months Remaining Lease Term (Current - 7/31/2022) 36 Months No. & Term of Options 2x5 years Contract Rental Rate (Current- 7/31/2022) $190,500 1st Option (5 years) $210,500 2nd Option (5 years) $230,500 Tenant pays pro rata share of CAM (Controllable and Uncontrollable) plus a 10% Administration Fee. Uncontrollable CAM includes Lessee Operating Expenses electricity, parking lot lights repair. CAM does not included Management Fee, or Parking Lot repairs or Roof. Operating Expense Caps 3% on Controllable CAM Property Tax Expenses Tenant pays pro rata share of Real Estate Taxes. Property Insurance Tenant pays pro rata share of all Insurance Policy premiums. Termination Option Not applicable If Kohl's, or both Michael's and Ulta vacate, or total occupancy drops below 60%, Tenant shall be entitled to pay Alternate Rent in the Co-tenancy amount of 50% of Base Rent. Landlord: At the sole expense of Landlord, Landlord shall be responsible for the on-going maintenance, repair and replacement of all structural elements of the Premises, the exterior of the building for which the Premises is located and all other buildings and improvements of the Center, including all utility facilities up to the point of connection with the Premises.

Maintenance & Repairs Tenant: Tenant shall: (i) maintain in good order the interior, non-structural portions of the Premises; (ii) perform quarterly HVAC preventative maintenance; (iii) replace all glass damaged or broken in the Premises; (iv) repair and replace all signage of the Tenant on the exterior of the Premises; (v) maintain and repair all doors on the exterior of the Premises; (vi) repair and maintain all electrical systems in the Premises; (vii) replace all damaged doors or floor coverings.

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Estoppel 20 days Landlord agrees not to lease, let, use or permit to be used, any portion of the Center now or at any time during the Lease Term or any extension thereof to any entity or other party that operates or makes use of its premises for the sale of wall decor, lighting, lamps or framed art, or any combination thereof. Other tenants and occupants of the Center may sell such items if the sale of one of any such items thereof does not constitute a primary use (i.e., such item is sold in the lesser of ( i) ten percent ( 10%) of a Exclusive Use tenant's or occupant's premises or (ii) three hundred (300) square feet or less of Rentable Area, including an allocation of 1/2 of the area of the adjacent aisleways ), or any combination of such items does not constitute a primary use (i.e., such item is sold in the lesser of (i) twenty percent (20%) of a tenant's or occupant's premises or (ii) one thousand (1000) square feet or less of Rentable Area, including an allocation of 1/2 of the area of the adjacent aisleways)."

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ULTA

Lessor Auburndale Pecanland, LLC Lessee Ulta Salon, Cosmetics & Fragrance, Inc. Tenant Name Ulta Landlord Auburndale Pecanland, LLC Tenant Size (SF) 10,000 Lease Commencement Date August 7, 2012 Expiration Date February 28, 2023 Lease Term 126 Months Remaining Lease Term (Current - 2/28/2023) 43 Months No. & Term of Options 3x5 years Contract Rental Rate (Current- 2/28/2023) $234,977 1st Option (5 years) $258,500 2nd Option (5 years) $284,400 3rd Option (5 years) $312,800 Tenant pays pro rata share of CAM plus a 10% Administration Fee. Administration excludes electricity (Uncontrollable CAM). CAM Lessee Operating Expenses does not included Management Fee, Roof or Parking Lot repairs. Operating Expense Caps 3% on Controllable CAM

Property Tax Expenses Tenant pays pro rata share of Real Estate Taxes Property Insurance Tenant pays pro rata share of all Insurance Policy premiums Termination Option Not applicable If Best Buy or Kohl's cease business for 90 days, or total occupancy drops below 60%, Tenant shall be permitted to pay Alternate Co-tenancy Rent in the amount of 50% of Base Rent plus Tenant's share of Common Area Costs, Insurance Costs, and Realty Property Taxes. "Landlord: maintain in good condition, repair and replace the following: roofing, canopy, gutters and downspouts, Common Utilities; sprinkler system and all structural and exterior portions of the Premises (which shall include without limitation the foundations, exterior walls, exterior doors, columns, store front (excluding plate glass), floor slab, roof structure and all elements supporting the floor (excluding floor coverings) or roof.

Maintenance & Repairs Tenant: Tenant shall: (i) maintain in good order the interior, non-structural portions of the Premises; (ii) perform quarterly preventative maintenance of the HV AC System pursuant to a service contract with a reputable HVAC company and in accordance with the manufacturers warranty requirements and perform repairs (but not replacements) to the HVAC System not included in Section 8.1(a)(vi)(aa) above; and (iii) replace all glass damaged or broken in the Premises and (iv) replace all damaged doors or floor coverings. Estoppel 15 days

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The exclusive right to sell men's, women's and/or children's footwear provided, however, that this exclusive shall automatically expire if such tenant fails to operate such facility in at least eighty percent (80%) of its premises for a continuous period of two hundred Exclusive Use seventy (270) days absent casualty damage or force majeure. This exclusive shall not apply to the sale of footwear as an incidental part of its business by (i) anchor tenants occupying at least twenty-five thousand (25,000) square feet, (ii) fashion apparel tenants and (iii) Best Buy, Petsmart and Michaels. Manufacturing facility; dry cleaner (except facilities for drop off and pick up of clothing cleaned at another location); automobile repair shop or service station or any facility storing or selling gasoline or diesel fuel in or from tanks; used clothing or thrift store or liquidation outlet; massage parlor; adult book shop or adult movie house; mortuary or funeral parlor; coin operated laundry; Restricted Use cocktail lounge, bar or tavern or sale of alcoholic beverages, whether or not packaged, except in conjunction with a restaurant permitted hereunder; night club; cinema or theater; drug store/pharmacy; place of recreation (including, but not limited to, bowling alley, skating rink, carnival, game arcade, swimming pool, hot tub, gym, health club or exercise facility); church; or any other use inconsistent with the operation of a high quality retail shopping center.

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MICHAEL’S

Lessor Auburndale Pecanland, LLC Lessee Michaels Stores, Inc. Tenant Name Michaels Landlord Auburndale Pecanland, LLC Tenant Size (SF) 21,715 Lease Commencement Date October 8, 2007 Expiration Date February 29, 2024 Lease Term 196 Months Remaining Lease Term (Current - 2/28/2023) 55 Months No. & Term of Options 3x5 years Contract Rental Rate (Current- 2/28/2023) $251,894 1st Option (5 years) $273,609 2nd Option (5 years) $295,324 3rd Option (5 years) $317,039 Tenant pays pro rata share of CAM (including Management Fee) plus a 6% Administration Fee. Administration Fee excludes elec- Lessee Operating Expenses tricity (Uncontrollable CAM). CAM does not include Roof or Parking Lot repairs. Operating Expense Caps 5% on Controllable and Uncontrollable CAM

Property Tax Expenses Tenant pays pro rata share of Real Estate Taxes Property Insurance Tenant pays pro rata share of all Insurance Policy premiums Termination Option Not applicable If Kohl's plus one anchor tenant (defined as 15,000 sqft or greater) or two anchor tenants occupying more than 50,000 square feet Co-tenancy combined cease to operate than Tenant will be permitted to pay lesser of Minimum Rent or 4% of Gross Sales. "Landlord: Landlord shall make all structural repairs to the Premises, including but not limited to, the roof (including, without limitation, gutters, downspouts, and canopies), foundation and bearing walls. In addition, with respect to the Premises, and at Landlord's sole cost and expense, Landlord shall maintain the exterior walls, all plumbing and wiring inside the walls and/or within or under the floor slab of the Premises, plumbing and electrical wiring and facilities outside the Premises, and structural parts and Maintenance & Repairs supporting members of the Premises, as well as keep the roof free of leaks.

Tenant: Tenant will maintain the interior of the Premises, plate glass, and the HVAC System servicing the Premises (except that Tenant will not be required to replace any components or parts of the HVAC System except as set forth in Section 6.3 of this Exhibit C), in good order, condition and repair, ordinary wear and tear and damage by casualty excepted." Estoppel 30 days

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Neither Landlord nor any entity controlled by Landlord will use, lease (or permit the use, leasing or subleasing of) or sell any space in or portion of the Shopping Center or Entire Development (other than the Premises) or any property contiguous to the Shopping Center (including, without limitation, any property that would be contiguous or adjacent to the Shopping Center but for any intervening road, street, alley or highway) owned or controlled now or at any time hereafter by Landlord or any affiliate of Landlord, Exclusive Use to any "craft store", store selling arts and crafts, art supplies, craft supplies, picture frames or picture framing services, framed art, artificial flowers and/or plants, artificial floral and/or plant arrangements, wedding or party goods (except apparel), scrapbooking/ memory book store, or a store selling scrapbooking/memory book supplies, accessories, and/or decorations or other papercrafting (e.g. making greeting cards, gift bags, tags, and other related or similar items) supplies, accessories and/or decorations associated with the foregoing See Exhibit J of Lease: Funeral Establishment, automobile sales/leasing, auction house, pawn shop, outdoor circus or amusement Restricted Use parks, outdoor meetings, bowling alley, pool hall, shooting range/gallery, Off Track Betting, (full list on Exhibit J).

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PECANLAND PLAZA

4429SHOPPING PECANLAND MALL CENTER DR | MONROE, LA

AREA OVERVIEW

K R PA EFFERSON J PECANLAND PLAZA

MONROE, LA Monroe is the eighth-largest city in the U.S. state of Louisiana, located a little less than 100 miles east of Shreveport. Monroe is an economic, educational, and medical hub for Northeast Louisiana, and a very diverse area. The Monroe metropolitan area is expected to see the largest percentage job growth over the next two years thanks to public-private partnerships and cooperation at the local, regional, state, and federal levels. Monroe is the birthplace of Delta Airlines, and home to Louisiana Purchase Gardens and Zoo. There are three outstanding major universities and a community college within thirty minutes of the city - The University of Louisiana at Monroe, Grambling State University, Louisiana Tech University, and Delta Community College.

DEMOGRAPHICS ONE CITY, WITH ONE FUTURE 1 MILE 3 MILE 5 MILE Monroe has scores of local restaurants, unique shops, neighborhoods parks and community POPULATION centers. With a variety of delicious food, great entertainment, and kind people, Monroe is an excellent place to live and work. Monroe is “One City, with One Future.” 2000 Census 2,059 35,327 76,805

2010 Census 2,416 33,684 74,332 ENTERTAINMENT The Monroe Civic Center has multiple facilities. The main complex is the Civic Center 2019 Estimate 2,400 32,419 72,218 Arena, which provides 44,000 square feet of exhibit space along with 5,600 seats. The arena 2024 Projection 2,410 32,172 71,801 houses events such as banquets, circuses, and rodeos. The civic center also has the B. D. Robinson conference hall, Monroe Convention Center, equestrian pavilion, and the 2,200- seat W. L. Jack Howard Theatre, named for W. L. “Jack” Howard, the Union Parish native who served as the mayor of Monroe from 1956 to 1972 and again from 1976 to 1978. HOUSEHOLD

2000 Census 688 12,150 28,693 Monroe is also the home of the Louisiana Purchase Gardens and Zoo, which collectively maintains over 500 animals. The zoo also offers boat rides and a catwalk, in addition to 2010 Census 832 11,583 28,035 other seasonal activities.

2019 Estimate 816 11,236 27,643 TRANSPORTATION 2024 Projection 820 11,194 27,646 Monroe Regional Airport serves the city. The airport has three main runways and is served by American Airlines, United Airlines, and Delta Air Lines. Greyhound Bus Lines provides transportation from Monroe to many cities across the nation.

The city of Monroe also has the oldest municipally owned transit system in the nation. Created in 1906 as a four-line street railroad, the Monroe Transit System now provides 13 fixed bus routes covering most areas of the city, and three demand-response buses serving the disabled.

JEFFERSON PARK PECANLAND PLAZA

CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs ofPecanland located at 4429 Pecanland Mall Dr, Monroe, LA (“Property”). It has been prepared by Matthews Retail Advisors. 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 Retail Advisors. 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 Retail Advisors 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 Retail Advisors 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.

34 SCOTT HENARD SVP & Regional Director Shopping Centers

D: (214) 692-2046 M: (972) 998-7373 E: [email protected] License No. 684841 (TX)

PETER SMELKO Associate Shopping Center

D: (214) 692-2186 M: (972) 979-3349 E: [email protected] License No. 700049 (TX)

PECANLAND PLAZA BEN SNYDER SHOPPING CENTER SVP & Senior Director Shopping Center

4429 PECANLAND MALL DR | MONROE, LA D: (216) 503-3607 M: (614) 975-8822 OFFERING MEMORANDUM E: [email protected] License No. 2018002569 (OH)

DONNIE JARREAU Broker of Record

License No. 00032688 (LA)

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