117 HARRISVILLE RD OGDEN, UT 84404 OFFERING MEMORANDUM

Greg Pavich Tim Simonsen Liesa Harrison Colliers International 6550 S Millrock Dr | Suite 200 +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 , UT 84121 [email protected] [email protected] [email protected] P: +1 801 947 8300 DISCLAIMER

Colliers International, has been engaged as the exclusive sales representative for the sale By taking possession of and reviewing the information contained herein, the recipient of THE FAMILY CENTER AT OGDEN FIVE POINTS located at 117 North Harrisville Rd, agrees that (a) the enclosed materials and their contents will be held and treated in Ogden, (the ”Property”) by LBG Funds or ‘Ownership’ (the “Seller”). the strictest of confidence; and (b) the recipient shall not contact tenants, employees, contractors, sub-contractors or lien-holders of the property directly, or indirectly regarding The Property is being offered for sale in an “as-is, where-is” condition, and the Seller and any aspect of the enclosed materials or the Property, without the prior written approval the Agent make no representations or warranties as to the accuracy of the information of the Seller or the Agent; and (c) no portion of the enclosed materials may be copied or contained in this Offering Memorandum. The enclosed materials include confidential otherwise reproduced without the prior written authorization of the Seller or the Agent information and are being furnished solely for the purpose of review by prospective or as otherwise provided in the Confidentiality Agreement executed and delivered by the purchasers (“Purchasers”) of the interest described herein for which it shall be fully and recipient(s) to Agent. solely responsible. Neither the enclosed materials, nor any information contained herein, are to be used for any other purpose, or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed information, should be registered with the Agent as a “Registered Potential Investor” or as a “Buyer’s Agent” for an identified “Registered Potential Investor”. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Agent or the Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to its accuracy or completeness. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Seller nor the Agent shall have any liability whatsoever for any other written or oral communication or information transmitted, or made available, or any action taken, or decision made by the recipient with respect to the Property. The Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market for sale at any time and for any reason without notice, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. The Agent is not authorized to make any This document has been prepared by Colliers International for advertising and general information only. Colliers representations or agreements on behalf of the Seller. The Seller shall have no legal International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding commitment or obligation to any recipient reviewing the enclosed materials, performing the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes un- additional investigation, and/or making an offer to purchase the Property unless and until equivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all a binding written agreement for the purchase of the Property has been fully executed, liability for loss and damages arising there from. This publication is the copyrighted property of Colliers Interna- tional and/or its licensor(s). ©2019. All rights reserved. delivered, and approved by Seller and any conditions required under the contract for title to pass from the Seller to the buyer have been satisfied or waived.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 2 PROPERTY OVERVIEW

Executive Summary

The Family Center at Ogden Five Points is a redeveloped community shopping center located at the five-point signalized intersection of Washington Blvd, Harrisville Rd. and Second St. in Ogden, UT. The shopping center features an excellent mix of nationally recognized tenants such as Planet Fitness, Dollar Tree, Harbor Freight Tools, Key Bank, among others. The seller completed a major redevelopment of the shopping center, creating a vibrant and premier community shopping environment in Ogden. The redevelopment includes: a new façade, new shops, expanded Dollar Tree and Planet Fitness, a tri-sided 35-foot tall LED pylon sign at the hard corner. The sign has been programmed for creative, extensive and entertaining advertising as well as branding of the retailers in the shopping center and is used by the local community. Three new monument signs surround the shopping center. Landscaping and parking lot have been upgraded.

Ogden

Located approximately 40 minutes north of Salt Lake City, Ogden is experiencing a renaissance with low unemployment, high job growth and significant public infrastructure improvements over the past 4 years. Ogden is ranked #31 in Forbes’ The Best Places For Business And Careers, #26 for Job Growth, and #7 in CNN Money’s Most Affordable U.S. Cities To Buy A Home.

Property: Ridley’s Shadow anchored grocery center, Ridley’s not included in the sale. Price: $10,434,500 - 8.25% Cap Rate Address: 117 Harrisville Road Ogden, Utah 84404 Year Built: 1979 Building Area: 92,795 SF Parking: Approx. 430* Subject to Final Parcel Parking Ratio: 4.63/1,000 SF* Subject to Final Parcel Property Type: Retail

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 3 PROPERTY OVERVIEW | HIGHLIGHTS

HIGHLIGHTS

• Recent exterior renovation. • 95% Occupied - Note: The shopping center has never been less than 95% occupied as far back as the seller has records (2011). • 67% of Square footage are credit tenants. • Ease of management with only 9 tenants. ·· 5 of which are nationally recognized tenants that make up 67% of the rentable square feet and 72% of the rental income. • There is an opportunity to develop pad, up to 6,500 square feet of building area, at the main entrance of the shopping center. • Planet Fitness extended their lease, they expanded and remodeled their store in 2014. • Dollar Tree extended their lease for 10 years, expanding and remodeling their store (which reopened in June 2017). • Wangsgard’s Market, Planet Fitness, and other rents are well below market (thus the historic high occupancy). • The property is priced well below replacement cost. • The seller recently sold land immediately to the north, where a 66 unit apartment complex will soon be built. (See Enclosed Elevation) • Existing debt is pre-payable. Strong lender interest in providing new debt. • KeyBank has occupied the property since 1978, and just renewed its lease for another 10 years. • Very low sub-market vacancy in Community Centers. • Ogden Five Points is located 2 miles northeast of the Boyer Business Depot (BBD), which is an 1,118-acre master planned business park and contains approximately 6,500,000 square feet of existing space, with another 10,454 square feet under construction. Second St., at which The Family Center at Ogden Five Points is located, is one of two primary entrances to the BBD.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 4 PROPERTY OVERVIEW | PROPERTY DESCRIPTION

FOUNDATION: Slab on grade

CEILING: Suspended, t-bar and acoustic tile

ELECTRICAL: Varies by space

ELEVATORS: None

EXTERIOR WALL: Masonry

FLOOR COVER: Concrete, tile, carpet

FLOOR TO CEILING HEIGHT: Varies by space Masonry lower walls with steel, wood and steel frame facade FRAME: walls HVAC: Packaged RTU’s

INTERIOR PARTITIONS: Steel and wood stud, sheetrock

LANDSCAPING: Typical

LIGHTING: Sodium vapor

PLUMBING: Copper supply, cast iron waste

RESTROOMS: In all spaces

ROOF COVER: Built-up, PVC

SECURITY: By tenant

FIRE SPRINKLERS: In all spaces and under exterior canopy

WINDOWS: Aluminum framed storefront

PARKING RATIO: 4.6/1,000 SF

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 5 PROPERTY OVERVIEW | PHOTO GALLERY

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 6 MARKET REPORT

Ogden is committed to long term projects which incorporate restaurant and retail spaces, meeting and event facilities, world class museums and art galleries and most importantly, quality neighborhoods. As the sixth city in the state of Utah, Ogden is known around the globe for it’s high-energy outdoor lifestyle with many people coming from out of state to take advantage of its outdoor recreation.

According to the U.S. Census Bureau data, over a five year period, the number of manufacturing jobs in the Ogden metro area grew 48% while average incomes for manufacturing workers grew 33%. Aerospace, IT Software and outdoor recreation are also big industries in the area.

Many existing businesses chose to expand in Ogden, including Autoliv, Williams International, Capstone Nutrition and Northrup Grumman. Retail development has been strong with such stores as Ross in Ogden and TJ Maxx and Target in neighboring Riverdale.

CITY NEWS Major redevelopment projects that were initiated in FY17 include the former Hostess Bakery site, the Swift Building, and the Adams community reinvestment area. Development of the Ogden-Hinckley Airport has been another focus, with growth in aerospace/aviation uses and new commercial service to LAX on Allegiant Air. Many existing businesses chose to expand in Ogden, including Autoliv, Capstone Nutrition, and Northrop Grumman. New companies were recruited to Ogden, with major projects underway by Honeyville Grain, Readerlink, and Home Depot. Retail development has been strong with stores such as Ross and Black Bear Diner.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 7 MARKET REPORT | INVESTMENTS

STATISTICS MAJOR EMPLOYERS • 1.7% increase in New Jobs, year over year growth rate. • Hill Air Force Base • MarketStar (headquarters) • 3% Unemployment Rate (3.8% Nationally) • International Revenue Service • Bank of Utah (headquarters) • $4,685 Average Monthly Wage • Office of Inspector General • Weber State University • 31.5 Median Age • Autoliv

HIGHLIGHTS “Located north of Salt Lake City, about a 30-to-40-minute drive up “Economic development efforts in Ogden are diligent and progressing Interstate 15, Ogden is another great place for potential investment with great momentum. The City has undertaken many strategies property owners. Property prices are affordable in terms of buy-in, that have led to promising results for Ogden, and all redevelopment and rents are comparatively high enough to produce a gross rental activities are made with serious analysis of potential benefits and a yield of 6.3%, behind only Logan’s 8.1%.” watchful eye toward current and future prosperity for residents.” FORBES - The Best Cities in Utah to Own Investment Property (April 2019) Comprehensive Annual Financial Repot (June 2018)

SHOPPING FOR ANCHORED CENTERS Anchored shopping centers are viewed almost across the board as the most attractive retail investment opportunity; the other interests included: The RCM retail survey participants represented a wide cross section Anchored Shopping Center 41% of principal investors, whose current investments include the Strip Center 23% following value ranges: Other 18.9% • Up to $20MM: 56% Mall 5.7% • $20MM - $50MM: 25% Strip Center 5.7% • $50MM - $100MM: 10% • $100MM + : 9%

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 8 RETAIL SALES COMPS

PROPERTY SALES PRICE CAP RATE DATE SOLD BUILDING SIZE PSF ACRES YEAR BUILT MAJOR TENANTS Little Cottonwood Center $23,400,000 7.25% March 2018 137,721 SF $169.91 7.44 1998 Fresh Market, 1860 East 9400 South Smokey Mountain Sandy, Utah Pizza & Pasta, Massage Grocery Anchored Envy

Layton Crossing (Savers) $9,928,950 7.50% February 2018 64,064 SF $154.98 5.55 1994 Savors, Mattress 957 North Main Street Dealzz Layton, Utah

Non-Grocery Anchored

Van Winkle $19,085,000 7.00% August 2017 168,494 SF $113.27 11.92 1994 Vasa Fitness, Shopping Center Jiu-Jitsu First, 5580 S Van Winkle Expressway Beaches Tanning Murray, Utah Center

Non-Grocery Anchored Goodwill & Planet Fitness $6,400,000 7.25% May 2017 60,000 SF $106.67 6.98 1974 Planet Fitness, 6022 S State Street Goodwill Murray, Utah

Non-Grocery Anchored

Clinton Town Center $6,000,000 7.50% June 2016 34,186 SF $175.51 11.46 1999 Walmart 2000 W 1800 N (Shadowed Clinton, Utah Anchored), Subway, Dollartree

Gateway Crossing $19,085,000 7.00% March 2016 100,761 SF $94.78 15.30 1990 TJMaxx, Cafe 500 S 500 W Rio, Sally Beauty Bountiful, Utah Supply

Non-Grocery Anchored

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 9 RETAIL SALES COMPS

PROPERTY SALES PRICE CAP RATE DATE SOLD BUILDING SIZE PSF ACRES YEAR BUILT MAJOR TENANTS Alpine Valley Shopping Center $20,600,000 7.00% March 2016 91,156 SF $225.99 14.45 - Target (Shadow I-15 Main Street Anchor), Office American Fork, Utah Depot, Old Navy

Non-Grocery Anchored Vasa Fitness Riverton $8,317,120 7.50% January 2017 44,556 SF $186.67 - 1996 Vasa Fitness, 1777 W 12600 S Dollar Tree, Papa Riverton, Utah Murphy’s

Non-Grocery Anchored

Vasa Fitness $6,859,700 6.50% November 2016 54,743 SF $125.31 - - America First 1150 Washington Blvd Credit Union (Co- Ogden, Utah Tenant)

Non-Grocery Anchored Cabelas $18,416,000 6.50% March 2018 68,957 SF $267.06 - 2016 Cabela’s 391 N Cabelas Dr Nearby: Harmon’s Farmington, Utah Grocery

Non-Grocery Anchored Union Park Ave Retail $6,201,372 6.00% April 2019 13,180 SF $470.51 1 2012 Smash Burger, 7020 S Union Park Ave. Coldstone Cottonwood Heights, Utah Creamery Smith’s & Wal-Mart Non-Grocery Anchored (Shadow-Anchored) 980 North Main Street, Tooele $16,400,000 7.02% March 2019 116,143 $141.21 0.49 2005 Macey’s, Mattress Firm, Wal-Mart (Shadow anchor

Jordan Shopping Square 7818 $17,000,000 7.50% May 2019 80,670 $210 8.99 1980 Vasa Fitness, Redwood Road, West Jordan Beaches Tanning

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 10 RENT ROLL

Square Monthly Annual Rate Per Lease Lease Rent Options Address Tenant Lease Type Notes Feet Rent Rent SF Execution Expiration Inc Remaining *FACTORY-4U/GEN X 123 Harrisville 10,720 $9,527 $114,329 $10.67 8/1/2001 7/31/2022 NNN 1 (5 years) CLOTHING 2 (5 years 113 Harrisville PLANET FITNESS 22,500 $13,125 $157,500 $7.00 5/1/2011 4/30/2021 NNN each) 101 N Harrisville VACANT SUITE D 1,000 $- $-

103 N Harrisville VACANT SUITE E 1,000 $- $-

105 N Harrisville DOLLAR CUTS 1,000 $1,840 $22,076 $22.08 12/1/2014 11/30/2019 3% NNN

HARBOR FREIGHT 1 (10 years), 107 N Harrisville 16,200 $14,684 $176,208 $10.88 4/1/1998 7/31/2025 12% NNN TOOLS 2 (5 years each) 115 N Harrisville VACANT SUITE F 3,500 $- $- Month to Month 119 N Harrisville SOCK ANNEX 2,400 $3,000 $15,000 $6.25 8/1/2019 Lease 117 N Harrisville *SONYA'S BRIDAL 3,600 $2,987 $35,844 $9.96 3/1/2017 1/31/2022 3% NNN 1 (5 years)

121-129 N Harrisville DOLLAR TREE 13,630 $13,062 $156,744 $11.50 6/8/2017 6/30/2022 10% NNN 3 (5 years each)

352 2nd St JM ACCOUNTING 875 $1,256 $15,066 $17.22 1/1/2012 6/30/2022 3% NNN *CHINESE BUFFET 179 Harrisville 6,470 $6,781 $81,372 $12.58 11/1/2018 11/30/2021 NNN 1 (5 years) (JADE BUFFET) 362 2nd St VACANT SUITE A 800 $- $-

175 Harrisville *KEYBANK 9,000 $10,500 $126,000 $14.00 11/1/1977 10/31/2027 10% NNN 2 (5 years)

HOKULIA SHAVE ICE $835 $-

TOTALS 92,795 $77,587 $900,139 $12 Average: 7%

ACTUAL ANNUAL GROSS RENT $900,139 Occupied SF: 86,395 SF 93% Vacant SF: 6,400 7%

This information has been secured from sources Colliers International believes to be reliable. Colliers International makes no representation of warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 11 OPERATING INFO

INCOME 2018 Pricing EXPENSES 2018 Scheduled Rent $900,139 Price: $10,435,000 Alarm Monitoring: $455 Other Income $22,835 Down Payment: (30%) $3,130,500 Fire & Safety Contract: $756 CAM Recoveries $227,851 Actual CAP rate: 8.36% Landscaping & Snow Removal: $23,845 Scheduled Gross Income $1,150,825 Approx. Rentable SF: 92,795 Management Fee: $37,908 Less Vacancy (5.6%/9.5%) Actual Cost per Rentable SF: $112.45 Repairs & Maintenance: $24,608 Annual Rent per SF: $9.70 Security-Fire Equipment: $7,384 Total Income $1,150,825 Pest Control: $1,147 Less Expenses $277,981 Trash Removal: $3,070 Signage $2,749 Net Operating Income $872,844 Electric / Water / Sewer: $19,535 Insurance: $32,622 Debt Service $405,939 Property Taxes: $120,607 Cash on Cash: $466,905 Repairs & Maintenance - Interier $2,525 Principal Reduction: $134,313 Vacant Space Utlities $769 Total Return: $601,218 Total 2018 Actual Expenses: $277,981 Expenses PSF: $3.00

*Ridley’s pays Taxes and Insurance directly

For More Information, Please Contact Greg Pavich This information has been secured from sources Colliers International believes to be reliable. Colliers International makes no representation of warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 12 UNLEVERAGED VALUATION SUMMARY LEVERAGED RETURN SUMMARY UNLEVERAGED VALUATION SUMMARY LEVERAGED RETURN SUMMARY

Analysis Assumptions VALUATION MATRIX - 10 YEAR HOLD Debt Summary LOAN 1 Analysis Assumptions VALUATION MATRIX - 10 YEAR HOLD Debt Summary LOAN 1 Analysis Start: 10/1/2019 Residual Cap Rate Loan Amount: $7,500,000 Discount Rate Analysis Start: Hold Period: 10/1/2019 10 Years Residual7.75% Cap Rate 8.25% 8.75% Loan Amount: LTV (Initial DCF Valuation):$7,500,000 71.9% Discount Rate Hold Period: Discount Rate: 10 Years 9.75% Purchase7.75% Price 11,188,3178.25% 8.75%10,805,436 10,466,313LTV (Initial DCF Valuation):Additional Funded Cap: 71.9% $0 UNLEVERAGED VALUATION SUMMARY LEVERAGED RETURN SUMMARY Discount Rate: Terminal Cap Rate: 9.75% 8.25% Purchase9.25% Price 11,188,317Price/SF 120.5710,805,436 10,466,313116.44 112.79Additional Funded InterestCap: Rate: $0 4.25% Terminal Cap Rate:Selling Cost: 8.25% 9.25%2.50% Price/SF In-Place120.57 Cap 7.46%116.44 112.797.72% 7.97%Interest Rate: Fixed or Floating: 4.25% Fixed Analysis Assumptions VALUATION MATRIX - 10 YEAR HOLD Debt Summary LOAN 1 Selling Cost: In-Place Occupancy:2.50% 164.87% In-Place Cap Purchase7.46% Price 10,796,4497.72% 10,430,6587.97% 10,106,672Fixed or Floating: Loan Term: Fixed 10 Yrs Analysis Start: 10/1/2019 Residual Cap Rate Loan Amount: $7,500,000 In-Place Occupancy:Average Econ. Occp:164.87% 95.00% Purchase9.75% Price Discount10,796,449Price/SF Rate 10,430,658116.35 10,106,672112.41 108.91Loan Term: Funding Month: 10 Yrs Month 1 Hold Period: 10 Years 7.75% 8.25% 8.75% LTV (Initial DCF Valuation): 71.9% Average Econ. Occp: 95.00% 9.75% Price/SF In-Place116.35 Cap 7.73%112.41 108.918.00% 8.26%Funding Month: Amort Term: Month 1 300 Months PurchaseDiscount Rate:Summary 9.75% Purchase Price 11,188,317 10,805,436 10,466,313 Additional Funded Cap: $0 In-Place Cap Purchase7.73% Price 10,422,1068.00% 10,072,5708.26% 9,762,981Amort Term: I/O Period: 300 Months N/A Purchase SummaryTerminal Cap Rate: 8.25%ARGUS9.25% Price/SF FINANCIAL120.57 116.44 SUMMARY112.79 Interest Rate: 4.25% Purchase Price 10,422,106 10,072,570 9,762,981 I/O Period: N/A Purchase Price:Selling Cost: $10,434,500 2.50%10.25% Price/SFIn-Place Cap 112.317.46% 108.557.72% 7.97%105.21 Fixed orRefinance? Floating: Fixed Purchase Price: Purchase Price$10,434,500In-Place $/SF: Occupancy: 10.25%$112.45 164.87%Price/SF In-PlacePurchase112.31 Cap Price 10,796,4498.01%108.55 10,430,658105.218.28% 10,106,6728.55%Refinance? Loan Term:Loan Fee: 10 Yrs 1.0% Purchase Price $/SF:Net Rentable Area:Average$112.45 Econ. Occp: 92,795 95.00%In-Place Cap9.75% 8.01%Price/SF 116.358.28% 8.55%112.41 108.91 Loan Fee: FundingPrepayment Month: Penalty: 1.0%Month 1 0.0% 92,795 In-Place Cap 7.73% 8.00% 8.26% Prepayment AmortPenalty: Term: 0.0%300 Months Net Rentable Area: Year 1 NOI: Purchase Summary$907,185 PurchaseUnleveraged Price 10,422,106 Return Summary10,072,570 9,762,981 I/O Period: N/A Year 1 NOI: Year 1 Cap: $907,185 8.69% Purchase Price: $10,434,500 Unleveraged10.25% ReturnPrice/SF Summary 112.31 108.55 105.21 Refinance? Leveraged Returns Year 1 Cap: In-Place NOI: 8.69% $834,339 3 Yr. 5 Yr. 10 Yr. Purchase Price $/SF: $112.45 In-Place Cap 8.01% 8.28% 8.55% LoanLeveraged Fee: Returns 1.0% In-Place NOI: $834,339 8.00% 3 Yr. 5 Yr. 10 Yr. In-Place Cap: Net Rentable Area: 92,795 IRR: 10.63% 10.06% 9.74% Prepayment Penalty: 0.0% 10 Yr. In-Place Cap: PV of Sale Proceeds: Year 18.00% NOI: IRR:$5,669,755 $907,185Net Proceeds: 10.63% 3,466,85110.06% 5,657,8519.74% 11,780,821 IRR: 10 Yr. 17.51% Unleveraged Return Summary PV of Sale Proceeds:Sale ProceedsYear $5,669,755- % 1 ofCap: NPV: Net Proceeds:54.36% 8.69%Net Proceeds PSF:3,466,851 5,657,85137.36 11,780,82160.97 126.96 IRR: Net Proceeds: 17.51% 8,929,205 Leveraged Returns Sale Proceeds - %PV of ofNPV: Cash Flow:In-Place54.36% NOI: Net $4,760,903Proceeds PSF:$834,339Avg Income Return:37.36 8.95%60.973 Yr. 9.28%5126.96 Yr. 10 9.93%Yr. Net Proceeds: Net Proceeds PSF: 8,929,205 $96.23 8.00% IRR: PV of Cash Flow: Cash Flow - %In-Place$4,760,903 of NPV: Cap: Avg Income45.64% Return:Avg Cash on Cash:8.95% 6.31%9.28%10.63% 10.06%7.34%9.93% 9.74%7.51% Net Proceeds PSF:Average Yield (On Initial Equity):$96.23 10 Yr. 9.85% PV of Sale Proceeds: $5,669,755 Net Proceeds: 3,466,851 5,657,851 11,780,821 IRR: 17.51% Cash Flow - % of NPV: 45.64% Avg Cash on Cash: 6.31% 7.34% 7.51% Average Yield (On Initial Equity): 9.85% Sale Proceeds - % of NPV: 54.36% Net Proceeds PSF: 37.36 60.97 126.96 Net Proceeds: 8,929,205 PV of Cash Flow: $4,760,903 Avg Income Return: 8.95% 9.28%RELEVANT METRICS9.93% Net Proceeds PSF: $96.23 Cash Flow - % of NPV: 45.64% Avg Cash on Cash: RELEVANT6.31% METRICS7.34% 7.51% Average Yield (On Initial Equity): 9.85% Hold Period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Hold Period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Average Sep-2020 Sep-2021 Sep-2022RELEVANT METRICSSep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029 Average Sep-2020 Sep-2021 Sep-2022 Sep-2023 Sep-2024 Sep-2025 Sep-2026 Sep-2027 Sep-2028 Sep-2029 OCCUPANCY Hold Period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 OCCUPANCY Initial Tenant Rollover (square feet) 9,280 Average 1,000Sep-2020 22,500Sep-2021 Sep-202235,295 Sep-20230 Sep-2024800 Sep-202524,200Sep-2026 0 Sep-2027 Sep-20280 Sep-20299,000 0 Initial Tenant RolloverAnnual (square % Rollover feet) 9,280 1,00010.00% 22,5001.08% 24.25%35,295 38.04%0 8000.00% 24,2000.86% 26.08%0 0.00%0 9,0000.00% 09.70% 0.00% OCCUPANCY Annual % Rollover Cumulative % InitialRollover Tenant Rollover10.00% (square feet) 1.08% 9,280 24.25%1.08%1,000 25.32%38.04%22,500 63.36%35,2950.00% 0.86%063.36% 80026.08%64.22% 24,200 0.00%90.30% 0 90.30%0.00% 0 9.70%90.30%9,000 0.00%100.00%0 100.00% Cumulative % RolloverGross Rent Increase/(Decrease)Annual % Rollover at Rollover 1.08% 10.00% 25.32%-20.03%1.08% 10.43%63.36%24.25% 38.04%4.01%63.36% 64.22%0.00%0.00% 0.86%90.30%1.56% 26.08%90.30%1.05% 0.00% 90.30%0.00%0.00% 100.00%0.00%9.70% 100.00%13.27%0.00% 0.00% Gross Rent Increase/(Decrease)Economic Occupancy atCumulative Rollover % Rollover -20.03%95.00% 10.43%95.00%1.08% 95.00%4.01%25.32% 95.00%63.36%0.00% 63.36%1.56%95.00% 64.22%1.05%95.00% 90.30%0.00%95.00% 90.30% 95.00%0.00%90.30% 13.27%95.00%100.00% 0.00%100.00%95.00% 95.00% Economic Occupancy Gross Rent Increase/(Decrease)95.00% at Rollover95.00% 95.00%-20.03% 95.00%10.43% 4.01%95.00% 95.00%0.00% 1.56%95.00% 1.05%95.00% 0.00% 95.00%0.00% 95.00%13.27% 95.00%0.00% PROPERTY CASHEconomic FLOW Occupancy 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% 95.00% PROPERTY CASH FLOWNet Operating Income 1,036,140.1 907,185 935,873 959,785 1,009,023 1,031,068 1,037,797 1,062,322 1,091,184 1,139,428 1,187,736 PROPERTY CASH FLOW Net Operating IncomeProperty Cash Flow 1,036,140.1 907,185784,026.4 935,873711,827 637,305959,785 627,4021,009,023 1,031,068835,541 1,037,7971,015,402 1,062,322876,497 1,091,184475,263 1,139,428917,860 1,187,736573,592 1,169,575 Net Operating Income 1,036,140.1 907,185 935,873 959,785 1,009,023 1,031,068 1,037,797 1,062,322 1,091,184 1,139,428 1,187,736 Property Cash FlowIncome Yield Property Cash Flow784,026.4 711,8279.93%784,026.4637,3058.69%711,827 8.97%627,402637,305 627,4029.20%835,541 1,015,402835,5419.67% 1,015,402876,4979.88% 876,497475,2639.95% 475,263 917,86010.18%917,860 573,59210.46%573,592 1,169,5751,169,57510.92% 11.38% Income Yield Cash on Cash IncomeYield Yield 9.93% 8.69%7.51% 9.93% 8.97%6.82%8.69% 6.11%9.20%8.97% 9.20%6.01%9.67% 9.67%9.88%8.01% 9.88%9.95%9.73% 9.95% 10.18%8.40% 10.18% 10.46%4.55%10.46% 10.92%8.80%10.92% 11.38%11.38%5.50% 11.21% Cash on Cash YieldLeveraged CashCash on on Cash Cash Yield Yield 7.51% 6.82%9.85% 7.51% 6.11%7.45%6.82% 4.98%6.01%6.11% 4.65%6.01%8.01% 8.01%9.73%11.56% 9.73%8.40%17.54% 8.40% 4.55%12.92% 4.55% 8.80%-0.41%8.80% 5.50%14.30%5.50% 11.21%11.21%2.86% 22.66% Leveraged Cash on Cash Yield Leveraged Cash on Cash9.85% Yield 7.45% 9.85% 4.98% 7.45% 4.65%4.98% 4.65%11.56% 11.56%17.54% 17.54%12.92% 12.92%-0.41% -0.41% 14.30%14.30% 2.86%2.86% 22.66%22.66%

MARKET LEASING ASSUMPTIONS (AS OF 10/01/2019) MARKET LEASING ASSUMPTIONS (AS OF 10/01/2019) MARKET LEASING ASSUMPTIONS (AS OF 10/01/2019) YearYear 1 1 Rent BlendedBlended RecoveryRecovery % of % of MLA Name MLA Name Blended RentBlended RentBlendedBlended TI Blended TI Blended LC LC Term Term Initial SF Initial SFFinal SF Final SF Year 1 Rent Blended Recovery % of MLA Name Blended Rent Blended TI Blended LC RenewalRenewal % % EscalationEscalation FreeFree Rent Rent MethodTermMethod Initial SF Final SF Total SF Total SF Ridleys Ridleys $0.00 $0.00 $0.00 $0.00Renewal0.00% 0.00%% 100.00%Escalation100.00% FreeNone Rent 0.0Method0.0 Months Months RidleysRidleys 240 Months240 Months69,000 69,00069,000 Total69,00074.36% SF 74.36% Greg Pavich Tim Simonsen Liesa Harrison Ridleys Planet FitnessPlanet$0.00 Fitness $0.00$8.00 $8.00 0.00%$11.50 $11.50100.00%1.80%1.80% 70.00%70.00%None 3%3% AnnualAnnual0.0 Months IncreasesIncreases 0.0Ridleys0.0 Months Months Big240 BoxBig Months Box 60 Months6069,000 Months22,500 69,00022,50022,500 74.36%22,50024.25% 24.25% +1 801 947 8304 Harbor Freight $10.00 $11.50 +1 8011.80% 947 830770.00% 3% Annual+1 Increases 801 947 83100.0 Months Big Box 60 Months 16,200 16,200 17.46% Planet Fitness Harbor Freight $8.00 [email protected]%$11.50 70.00%1.80% 3% Annual70.00% Increases3% Annual0.0 Months Increases Big0.0 Box Months 60 BigMonths Box 6022,500 Months 22,50016,200 24.25%16,200 17.46% Dollar Tree $12.00 $11.50 [email protected]% 70.00% 3% [email protected] Increases 0.0 Months Big Box 60 Months 13,630 13,630 14.69% 13 Harbor Freight Dollar Tree $10.00 $11.50$12.00 1.80%$11.50 70.00%1.80% 3% Annual70.00% Increases3% Annual0.0 Months Increases Big0.0 Box Months 60 BigMonths Box 6016,200 Months 16,20013,630 17.46%13,630 14.69% $12.00/SF $12.00 $11.50 1.80% 70.00% 3% Annual Increases 0.0 Months General 60 Months 12,470 12,470 13.44% Dollar Tree $12.00/SF $12.00 $11.50$12.00 1.80%$11.50 70.00%1.80% 3% Annual70.00% Increases3% Annual0.0 Months Increases Big0.0 Box Months 60 GeneralMonths 6013,630 Months 13,63012,470 14.69%12,470 13.44% Gen X $10.00 $11.50 1.80% 70.00% 3% Annual Increases 0.0 Months Big Box 60 Months 10,720 10,720 11.55% $12.00/SF Gen X Key$12.00 Bank $11.50$10.00 $14.00 1.80%$11.50 $11.50 70.00%1.80%1.80% 3% Annual70.00%70.00% Increases3%3% AnnualAnnual0.0 Months IncreasesIncreases 0.0General0.0 Months Months Key60 Bank BigMonths Box 60 Months6012,470 Months9,000 12,47010,7209,000 13.44%10,7209.70% 11.55% Gen X Key Bank $15.00/SF$10.00 $11.50$14.00 $15.00 1.80%$11.50 $11.50 70.00%1.80%1.80% 3% Annual70.00%70.00% Increases3%3% AnnualAnnual0.0 Months IncreasesIncreases 0.0Big0.0 Months Box Months General60Key Months Bank 60 Months6010,720 Months3,675 10,7209,000 3,675 11.55%9,0003.96% 9.70% Key Bank $15.00/SF $11.00/SF$14.00 $11.50$15.00 $11.00 1.80%$11.50 $11.50 70.00%1.80%1.80% 3% Annual70.00%70.00% Increases3%3% AnnualAnnual0.0 Months IncreasesIncreases 0.0Key0.0 Months Bank Months General60 GeneralMonths 60 Months609,000 Months3,600 9,0003,675 3,600 9.70%3,6753.88% 3.96% $15.00/SF $11.00/SF $17.00/SF$15.00 $11.50$11.00 $17.00 1.80%$11.50 $11.50 70.00%1.80%1.80% 3% Annual70.00%70.00% Increases3%3% AnnualAnnual0.0 Months IncreasesIncreases 0.0General0.0 Months Months General60 GeneralMonths 60 Months603,675 Months 1,000 3,6753,600 1,000 3.96%3,6001.08% 3.88% $11.00/SF $17.00/SF $11.00 $11.50$17.00 1.80%$11.50 70.00%1.80% 3% Annual70.00% Increases3% Annual0.0 Months Increases General0.0 Months 60 GeneralMonths 603,600 Months 3,6001,000 3.88%1,000 1.08% $17.00/SF $17.00 $11.50 1.80% 70.00% 3% Annual Increases 0.0 Months General 60 Months 1,000 1,000 1.08% UNLEVERED LEVERED Cap Rate Cap Rate Cap Rate Value PSF IRR Cash-on-Cash IRR Cash-on-Cash Equity Debt IN-PLACE Year 1 Year 2 8.00% 8.69% 8.97% $10,434,500 $112.45 9.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 9.50% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 9.75% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.00% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000

ASSUMPTIONS Current Occupancy General Modeling Occupied % 91.4% Vacant % 8.6% 100% Modeling Start Date 10/1/2019 Occupied SF 84,795 Vacant SF 8,000 92,795 Building Square Footage PSF 92,795 NOI: In-Place 8.99 $834,339 NOI: Year 1 9.78 $907,185 2,000,000 NOI: Year 2 10.09 $935,873 VALUE MATRIXSelling Cost INFORMATION2.50% Terminal Cap Rate 8.25% 1,500,000 1,187,736 Hold Period (Years) 10 1,009,023 1,037,797 1,091,184 Financing Assumptions 935,873 Loan-to-Cost 72% 1,000,000 1,139,428 Interest Rate 4.25% 1,031,068 1,062,322 NOI 907,185 959,785 Fixed Term (Months) UNLEVERED120 LEVERED Cap Rate Cap Rate Cap Rate Amortization (Months) UNLEVERED300 LEVERED 500,000 Cap Rate Cap Rate Cap Rate Value FinancingPSF Fee IRR 1.00%Cash-on-Cash IRR Cash-on-Cash Equity Debt IN-PLACE Year 1 Year 2 Value PSF IRR Cash-on-Cash IRR Cash-on-Cash Equity Debt 8.00%IN-PLACE 8.69%Year 1 8.97%Year 2 $10,434,500 $112.45 Mortgage Constant 9.25% 0.54%7.51% 17.51% 9.85% $3,009,500 $7,500,000 0 8.00% 8.69%8.69% 8.97%8.97% $10,434,500$10,434,500 $112.45$112.45 Cap-Ex Funding 9.25%9.50% 7.51%7.51% 17.51%17.51% 9.85%9.85% $3,009,500$3,009,500 $7,500,000$7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 9.50% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 8.00% 8.69% 8.97% $10,434,500 $112.45 Tenant Improvements 9.75% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69%8.69% 8.97%8.97% $10,434,500$10,434,500 $112.45$112.45 Leasing Commissions 9.75%10.00% 7.51%7.51% 17.51%17.51% 9.85%9.85% $3,009,500$3,009,500 $7,500,000$7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 Other Capital 10.00% 7.51% 17.51% 9.85% $3,009,500 $7,500,000-500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 Draw Period (Months) 10.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000

ASSUMPTIONS Current Occupancy 45,000 100.00% ASSUMPTIONS Residual Value Dependence Current Occupancy General Modeling Occupied % 91.4% Vacant % 8.6% 100% General Modeling OccupiedPSFT % 91.4%SaleVacant Date % 8.6% 100% Modeling Start Date 10/1/2019 Occupied SF 84,795 Vacant SF 8,000 40,000 92,795 90.00% Modeling Start Date 10/1/2019 Following Year's NOI Occupied$13.11 SF 84,795 $1,216,351Vacant SF 8,000 92,795 Building Square Footage PSF 92,795 Building Square Footage PSF 92,795 Terminal Cap Rate 8.25% 80.00% NOI: In-Place 8.99 $834,339 35,000 35,295 NOI: In-Place 8.99 $834,339 Gross Residual Value 2,000,000$158.88 $14,743,648 NOI: Year 1 9.78 $907,185 UNLEVERED LEVERED 2,000,000 70.00% NOI: Year 1 9.78 $907,185 Less: Selling Cost 2.50% 30,000 NOI: Year 2 10.09 $935,873 Cap Rate Cap Rate Cap Rate 22,500 NOI:Value Year 2 10.09PSF $935,873 IRR NetCash-on-Cash Residual Value IRR Cash-on-Cash$154.91 Equity Debt$14,375,057 60.00% Selling Cost 2.50% IN-PLACE Year 1 Year 2 Selling Cost 2.50% Present Value of Cash Flows 25,000 Cuml Terminal Cap Rate 8.25% 1,500,000 8.00% 8.69% 8.97% $10,434,500Terminal Cap Rate$112.45 9.25% 7.51%PV of Sale Proceeds:17.51% 9.85% 1,500,000 $3,009,500 $7,500,000 50.00% 8.25% $61.10 $5,669,755 1,187,736 16,200 % 8.00% 8.69% 8.97% $10,434,500Hold Period (Years)$112.45 10 9.50% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 1,187,736 Hold Period (Years) Sale Proceeds - % of NPV: 1,009,0254.36%3 1,037,797 1,091,184 SF Exp. 20,000 10 1,009,023 1,091,184 Financing Assumptions 935,873 1,037,797 40.00% 8.00% 8.69% 8.97% $10,434,500Financing Assumptions$112.45 9.75% 7.51%PV of Cash Flow: 17.51% 9.85% $51.31$3,009,500935,873 $7,500,000$4,760,903 1,000,000 8.00% 8.69% 8.97% $10,434,500Loan-to-Cost $112.45 72% 10.00% 7.51% 17.51% 9.85% 1,000,000 $3,009,500 $7,500,000 1,139,428 15,000 Loan-to-Cost 72% Cash Flow - % of NPV: 45.64% 1,139,428 30.00% Interest Rate 4.25% 1,031,068 1,062,322

NOI 1,062,322 8.00% 8.69% 8.97% $10,434,500Interest Rate $112.45 4.25% 10.25% 7.51% 17.51% 9.85% $3,009,500 959$7,500,000,785 1,031,068 NOI 907,185 Fixed Term (Months) 907,185 959,785 10,000 Fixed Term (Months) 120120 20.00% Amortization (Months) 500,000 9,000 ASSUMPTIONS Amortization (Months) 300300 Current Occupancy 500,000 0 5,000 0 0 10.00% General Modeling Financing FeeFee 1.00%1.00% Occupied % 91.4% Vacant % 8.6% 100% Modeling Start Date 10/1/2019Mortgage Constant 0.54% Occupied SF 84,795 Vacant SF 8,000 92,795 Mortgage Constant 0.54% 0 0.00% 0 0 1,000 Building Square Footage PSF Cap-Ex92,795 FundingFunding Y1 Y2 Y3 Y4 0 Y5 Y60 Y7 Y8 Y9 Y10 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 NOI: In-Place 8.99 Tenant$834,339 ImprovementsImprovements Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 2,000,000 NOI: Year 1 9.78 Leasing$907,185 CommissionsCommissions NOI: Year 2 10.09 Other$935,873 Capital -500,000-500,000 Selling Cost Draw2.50% Period (Months)(Months) Terminal Cap Rate 8.25% 1,500,000 45,00045,000 1,187,736 100.00%100.00% Hold Period (Years) Residual10 Value Dependence Residual Value Dependence 1,009,023 1,037,797 1,091,184 Financing Assumptions 935,873 PSFTPSFT SaleSale Date Date 40,00040,000 90.00%90.00% Loan-to-Cost Following72% Year'sYear's NOINOI $13.11$13.11 1,000,000$1,216,351$1,216,351 1,139,428 Interest Rate 4.25% 1,031,068 1,062,322 80.00%80.00% Terminal CapCap RateRate NOI 8.25%8.25% 35,00035,000 907,185 959,785 Fixed Term (Months) Gross120 Residual ValueValue $158.88$158.88 $14,743,648$14,743,648 35,29535,295 500,000 70.00%70.00% Amortization (Months) Less:300 SellingSelling CostCost 2.50%2.50% 30,00030,000 Financing Fee Greg Pavich Tim Simonsen Liesa Harrison 22,50022,500 Net1.00% Residual ValueValue $154.91$154.91 $14,375,057$14,375,057 60.00%60.00% Cuml Mortgage Constant Present0.54% ValueValue ofof CashCash+1 801 FlowsFlows 947 8304 +1 801 947 8307 +1 801 947 8310 25,00025,000 Cuml PV of Sale Proceeds: [email protected] 0 50.00%50.00% Cap-Ex Funding PV of Sale Proceeds: $61.10 [email protected]$5,669,755 [email protected] % 14 $61.10 $5,669,755 16,20016,200 % Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10

Exp. SF Exp. 20,000 Tenant Improvements Sale Proceeds -- %% ofof NPV:NPV: 54.36%54.36% SF Exp. 20,000 40.00%40.00% Leasing Commissions PV of Cash Flow:Flow: $51.31$51.31 $4,760,903$4,760,903 15,000 Other Capital Cash Flow - % of NPV: -500,00045.64% 15,000 Cash Flow - % of NPV: 45.64% 30.00%30.00% Draw Period (Months) 10,00010,000 20.00%20.00% 45,000 100.00% 9,0009,000 Residual Value Dependence 0 5,000 0 0 0 5,000 0 0 10.00%10.00% PSFT Sale Date 40,000 90.00% Following Year's NOI $13.11 $1,216,351 0 0.00% 1,0000 0.00% Terminal Cap Rate 1,000Y1 Y2 Y3 Y4 0 80.00%Y5 Y60 Y7 Y8 Y9 Y10 8.25% 35,000 Y1 Y2 Y3 Y4 0 Y5 Y60 Y7 Y8 Y9 Y10 Gross Residual Value $158.88 $14,743,648 35,295 70.00% Less: Selling Cost 2.50% 30,000 22,500 Net Residual Value $154.91 $14,375,057 60.00%

Present Value of Cash Flows 25,000 Cuml PV of Sale Proceeds: 50.00% $61.10 $5,669,755 16,200 %

Sale Proceeds - % of NPV: 54.36% SF Exp. 20,000 40.00% PV of Cash Flow: $51.31 $4,760,903 15,000 Cash Flow - % of NPV: 45.64% 30.00%

10,000 20.00% 9,000 0 5,000 0 0 10.00%

0 0.00% 1,000 Y1 Y2 Y3 Y4 0 Y5 Y60 Y7 Y8 Y9 Y10 UNLEVERED LEVERED Cap Rate Cap Rate Cap Rate Value PSF IRR Cash-on-Cash IRR Cash-on-Cash Equity Debt IN-PLACE Year 1 Year 2 8.00% 8.69% 8.97% $10,434,500 $112.45 9.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 9.50% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 9.75% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.00% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000

ASSUMPTIONS Current Occupancy General Modeling Occupied % 91.4% Vacant % 8.6% 100% Modeling Start Date 10/1/2019 Occupied SF 84,795 Vacant SF 8,000 92,795 Building Square Footage PSF 92,795 NOI: In-Place 8.99 $834,339 NOI: Year 1 9.78 $907,185 2,000,000 NOI: Year 2 10.09 $935,873 Selling Cost 2.50% Terminal CapUNLEVERED Rate LEVERED8.25% 1,500,000 1,187,736 Cap Rate Cap Rate Cap Rate Hold Period (Years) 10 Value PSF IRR Cash-on-Cash IRR Cash-on-Cash Equity Debt 1,009,023 1,037,797 1,091,184 IN-PLACE Year 1 Year 2 Financing Assumptions 935,873 8.00% 8.69% 8.97% $10,434,500 $112.45 9.25%Loan-to-Cost 7.51% 17.51% 72%9.85% $3,009,500 $7,500,000 1,000,000 1,139,428 Interest Rate 4.25% 1,031,068 1,062,322 8.00% 8.69% 8.97% $10,434,500 $112.45 9.50% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 NOI 907,185 959,785 Fixed Term (Months) 8.00% 8.69% 8.97% $10,434,500 $112.45 9.75% 7.51% 17.51% 120 9.85% $3,009,500 $7,500,000 Amortization (Months) 300 500,000 8.00% 8.69% 8.97% $10,434,500 $112.45 10.00% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 Financing Fee 1.00% 8.00% 8.69% 8.97% $10,434,500 $112.45 10.25% 7.51% 17.51% 9.85% $3,009,500 $7,500,000 Mortgage Constant 0.54% Cap-Ex Funding 0 ASSUMPTIONS Tenant ImprovementsCurrent Occupancy Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 General Modeling Leasing CommissionsOccupied % VALUE91.4% Vacant %MATRIX8.6% GRAPHS100% Modeling Start Date 10/1/2019 Other Capital Occupied SF 84,795 Vacant SF 8,000 92,795 -500,000 Building Square Footage PSF 92,795 Draw Period (Months)

NOI: In-Place 8.99 $834,339 45,000 100.00% Residual Value Dependence NOI: Year 1 9.78 $907,185 2,000,000 PSFT Sale Date NOI: Year 2 10.09 $935,873 40,000 90.00% Following Year's NOI $13.11 $1,216,351 Selling Cost 2.50% Terminal Cap Rate 8.25% 80.00% 1,500,000 35,000 Terminal Cap Rate 8.25% 35,295 Gross Residual Value $158.88 $14,743,6481,187,736 Hold Period (Years) 10 70.00% Less: Selling Cost 1,009,023 1,037,797 1,091,184 2.50% 30,000 935,873 22,500 Financing Assumptions Net Residual Value $154.91 $14,375,057 60.00%

Loan-to-Cost 72% Present Value1,000,000 of Cash Flows 1,139,428 25,000 Cuml PV of Sale Proceeds: 1,062,322 50.00% Interest Rate 4.25% $61.101,031,068 $5,669,755 % NOI 959,785 16,200

907,185 SF Exp. 20,000 Fixed Term (Months) 120 Sale Proceeds - % of NPV: 54.36% 40.00% PV of Cash Flow: Amortization (Months) 300 500,000 $51.31 $4,760,903 Cash Flow - % of NPV: 45.64% 15,000 Financing Fee 1.00% 30.00% Mortgage Constant 0.54% 10,000 20.00% Cap-Ex Funding 0 9,000 0 Tenant Improvements Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 5,000 0 0 10.00% Leasing Commissions 0 0.00% -500,000 1,000 Other Capital Y1 Y2 Y3 Y4 0 Y5 Y60 Y7 Y8 Y9 Y10 Draw Period (Months)

45,000 100.00% Residual Value Dependence

PSFT Sale Date 40,000 90.00% Following Year's NOI $13.11 $1,216,351 80.00% Terminal Cap Rate 8.25% 35,000 Gross Residual Value $158.88 $14,743,648 35,295 70.00% Less: Selling Cost 2.50% 30,000 22,500 Net Residual Value $154.91 $14,375,057 60.00%

Present Value of Cash Flows 25,000 Cuml PV of Sale Proceeds: 50.00% $61.10 $5,669,755 16,200 %

Sale Proceeds - % of NPV: 54.36% SF Exp. 20,000 40.00% PV of Cash Flow: $51.31 $4,760,903 15,000 Cash Flow - % of NPV: 45.64% 30.00%

10,000 20.00% 9,000 0 5,000 0 0 10.00%

0 0.00% 1,000 Y1 Y2 Y3 Y4 0 Y5 Y60 Y7 Y8 Y9 Y10

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 15 TENANT OVERVIEW

DOLLAR TREE (PUBLIC - DLTR) Headquartered in Chesapeake, VA, Dollar Tree is the largest and most successful single-price-point retailer in North America, operating thousands of stores across 48 contiguous U.S. states and five Canadian provinces, supported by a solid and scalable Square Feet: 13,630 logistics network. One of the top stores in Utah. Lease Start: 10/01/1995 Lease Exp: 4/30/2027 At Dollar Tree, we are committed to serving the best interests of our shareholders. We seek to enhance shareholder value not only through exceptional business performance and practices, but also through responsible and effective communication. To help put Dollar Tree, Inc.’s financial performance into perspective, our Investor Relations site provides the latest company information relevant to the individual.

HARBOR FREIGHT TOOLS (PRIVATE) In 1977, when Harbor Freight Tools was started as a small family-owned business, we made a commitment to provide working people with great quality tools at the lowest prices. And for over 35 years, Harbor Freight Tools has done just that. From hand Square Feet: 16,200 tools and generators, to air and power tools, from shop equipment to automotive tools, Harbor Freight offers more than 7,000 Lease Start: 4/1/1998 tools and accessories at quality levels that match or exceed competing brands, but at prices that are up to 80% less. Lease Exp: 7/31/2025 With over 750+ stores and over 30 million satisfied customers, Harbor Freight Tools continues to grow, but we’re still family owned and for over 3 decades our mission has remained the same: deliver an incredible assortment of great quality tools at the lowest prices. See for yourself - stop by one of our 750+ stores today and discover why Harbor Freight Tools is the place to go for all of your tool needs.

PLANET FITNESS (PUBLIC – PLNT) Planet Fitness is an American franchise of fitness centers based in Newington, New Hampshire. Each gym features exercise equipment and fitness instructors to assist its members. It markets itself as a “Judgement Free Zone” that caters to novice and casual gym users. Planet Fitness currently has 1000 club locations across the US, and recently expanded into Canada and Square Feet: 22,500 the Dominican Republic. Franchisee operates 40 locations regionally. Lease Start: 5/1/2011 Lease Exp: 4/30/2021 From: Dees Stribling, Bisnow National (August 22, 2018) Early this year, Planet Fitness CEO Christopher Rondeau told Jim Cramer on CNBC that the closing of stores like Sears and Kmart sites is “perfect for us. We drive traffic. There are 5,000 workouts per week per store, many Monday, Tuesday and Wednesdays. We drive traffic and we can’t be Amazoned.” The growth of Planet Fitness in previously traditional retail space is part of a larger shift in retail.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 16 TENANT OVERVIEW

Square Feet: 10,720 GEN X CLOTHING (PRIVATE) Lease Start: 09/1/2001 In 1998, a small clothing store opened its doors to the public in Salt Lake City, Utah. In the years that have passed the Lease Exp: 07/31/2022 success of the stores has blossomed into an additional 40 stores spanning some 11 states. With all of this expansion we still have kept one idea at the forefront of our company: customer value.

KEYBANK (PUBLIC – KEY) We are one of the nation’s largest banks, based in Cleveland, Ohio, and we’re committed to helping you and our commu- Square Feet: 9,000 nities thrive. We promise that our relationship with you will always be a top priority, and we will bring you our smartest Lease Start: 1/1/1978 solutions and best service. To serve everyone, from individuals to large corporations, we have more than 1,000 branches Lease Exp: 10/31/2027 in 14 states, from Maine to Alaska.

DOLLAR CUTS (PRIVATE) Square Feet: 1,000 Dollar Cuts is a local Utah-based company that has been around for over 20 years. We have a variety of locations across Lease Start: 12/1/2014 the state from Logan to St. George. We currently have 29 locations and look forward to opening more salons soon! Lease Exp: 11/30/2019

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 17 TENANT OVERVIEW

LIBERTY TAX SERVICE (PUBLIC – TAX) Liberty Tax Service is an American company specializing in the preparation of tax returns for individuals and small businesses. It is the third largest tax preparation franchise in the . The company began in Canada in 1997 Square Feet: 875 when John Hewitt, co-founder of Jackson Hewitt, acquired a Canadian tax franchisor, U&R Tax Depot. In 1998, the Lease Start: 1/1/2012 company became Liberty Tax Service and opened five offices in the United States. Liberty Tax Service is the primary Lease Exp: 4/30/2022 subsidiary of Liberty Tax, Inc., a NASDAQ-traded company.

CHINESE BUFFET (PRIVATE) Square Feet: 6,470 Jade buffet consists of traditional Chinese-American dishes like crab cheese wontons, lo mein, sweet & sour pork, and Lease Start: 11/1/2011 chicken & broccoli. They also have fresh hot soups daily like hot and sour soup, egg drop soup, and wonton soup. They Lease Exp: 11/30/2021 also serve sushi, peel-and-eat shrimp, and desserts like pastries, fruit, and soft-serve ice cream. A full dine-in and take-out menu is available and all-you-can-eat buffet is available for lunch for $6.95 per person and dinner for $9.65 per person.

SONYA’S BRIDAL (PRIVATE) Square Feet: 3,600 Distinctive, personal service is what you will receive as soon as you walk in the door and a respectful, caring staff Lease Start: 7/11/2012 looking to treat you like a queen. With a wonderful selection of wedding gowns you can choose from many designers Lease Exp: 1/31/2022 or take a walk down creativity lane and have Sonia create your dream custom-made wedding dress. Our founder is always available to share her 25 years of experience and help make the day you find your dress unforgettable.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 18 SITE PLAN

Future 66-Unit Apartment Complex. See Attached Elevation (pg.25) Currently Under NOT A PART OF SALE Construction

Up to 6,500 building 7,900 ADT 7,900

10,000 ADT

26,000 ADT

* Wangsgard outline is approximate. Seller will subdivide grocer from parcel.

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 19 AREA OVERVIEW | OGDEN

Ogden, UT has a population of 666,600, up 4.7% from the previous year. Unemployment is currently below the U.S. average at 3%. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic, which makes it a convenient location for manufacturing and commerce. The most common occupations in Ogden are Manufacturing, Construction, Health Care and Social Assistance. Ogden is located 40 miles North of Utah’s capital city, Salt Lake City. In 2010 Forbes rated Ogden-Clearfield as the 6th best place to raise a family. The IRS has a large regional facility in Ogden and is the city’s largest employer with over 5,000 employees. ACCOLADES After the 2002 Winter Olympics, which hosted events in Ogden, the community began to rebuild itself around the outdoors. Ogden has been nationally recognized for rapid job growth and low income inequality, with a Forbes List: #31 Best Places breadth of growth across diverse industry clusters including outdoor recreation, the Information Technology for Business and Careers (IT) / Software sector, and aerospace and advanced manufacturing. Today, Ogden’s residents are diverse, 24/7 Wall Street lists Ogden among young, and increasingly well-educated. Cities with most job growth at 11%

Top 100 Best Places to Live - Livability

Hill Air Force Base Lifetime Products IRS America First Credit Union McKay Dee Hospital Associated Food Stores DEMOGRAPHICS 1 Mile 3 Mile 5 Mile Weber State University Walmart Population Autoliv 2019 Estimated 13,997 69,601 132,759

TOP EMPLOYERS TOP 2024 Projected 15,161 75,873 144,877 Households OGDEN TRADE AREA 2019 Estimated 5,105 25,570 47,245 2024 Projected 5,394 27,257 50,375 MEDIAN Income POPULATION HOUSEHOLD MEDIAN AGE 2019 Median HHI $47,166 $53,440 $60,001 2019 Average HHI $51,417 $61,535 $67,959 INCOME 666,600 30.5 2019 Per Capita $18,793 $22,921 $24,390 $73,214 Information provided by ESRI Business Analyst

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 20 AREA OVERVIEW | UTAH

The benefits of Utah brings to businesses are substantial, providing an abundance of highly educated, young individuals who are motivated to work and eager to succeed.

MEDIAN AGE: Utah has the youngest median age of any state in the country, exceeding averages by a large margin with a population that is on average almost eightMEDIAN years AyoungerGE and households roughly 20% larger. Most of Utah has a median age of less than 30. Median Age EDUCATION: Utah has one of the most educated populations in the nation.30. 6As a state, over 90% of its 30.6 citizens have at least a high school degree, and over 55% have attended some college, with Years over 28% having earned a Bachelor’s degree.

ECONOMIC GROWTH: EDUCATION Education Utah has one of the fastest growing and robust economies in the nation. Over23 the pastrd decade, Utah has added nearly 400,000 people to its population, the equivalent ofBUSIEST adding AIRPORTtwo cities IN the NORTH AMERICA size of Salt Lake City. 55% 55% 370 Employment Growth DAILY EMPLOYMENT GROWTH COMMERCIAL DEPARTURES 3.6%

3.6%

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 21 DRONE AERIAL

NOT A PART OF SALE

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 22 ELEVATION PLANS

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 23 ArcGIS Web Map PARCEL OUTLINE

NOT A PART OF SALE

May 16, 2019 Greg Pavich Tim Simonsen Liesa Harrison 1:3,125 +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 0 0.025 0.05 0.1 mi City Boundaries [email protected] [email protected] [email protected] 24 0 0.04 0.08 0.16 km Street Labels World Transportation Esri, HERE, Garmin, (c) OpenStreetMap contributors Source: Esri, DigitalGlobe, GeoEye, Earthstar Geographics, CNES/Airbus Parcel Address Web AppBuilder for ArcGIS Esri, HERE, iPC | Microsoft | AERIAL

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 25 GROWTH MAP

SITE

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 26 LOCATION MAP

SITE Logan Brigham City

Ogden Layton

Salt Lake City West Valley City Park City Sandy Vernal Lehi Orem Provo Duchesene

Nephi Price

Green River

Richfield Moab

Cedar City

St. George

Greg Pavich Tim Simonsen Liesa Harrison +1 801 947 8304 +1 801 947 8307 +1 801 947 8310 [email protected] [email protected] [email protected] 27 117 HARRISVILLE RD OGDEN, UT 84404

Marketed by:

Greg Pavich +1 801 947 8304 [email protected]

Tim Simonsen +1 801 947 8307 [email protected]

Liesa Harrison +1 801 947 8310 [email protected]

Colliers International 6550 S Millrock Dr | Suite 200 Salt Lake City, UT 84121 P: +1 801 947 8300

Accelerating success.