WIENERSCHNITZEL REAL ESTATE and FRANCHISE SINGLE TENANT DRIVE-THRU Contacts 4680 E

CommercialSun Real Estate, Inc.

WIENERSCHNITZEL REAL ESTATE AND FRANCHISE SINGLE TENANT DRIVE-THRU Contacts 4680 E. Flamingo Road, Las Vegas, Nevada 89121

Roy Fritz Paul Chaffee Cathy Jones, CPA, SIOR, CCIM Senior Vice President Senior Vice President CEO 702-968-7322 702-968-7308 702-968-7320 [email protected] [email protected] [email protected]

Jessica Cegavske Taylor Vasquez Vice President Associate 702-968-7321 702-968-7316 [email protected] [email protected]

Sun Commercial Real Estate, Inc. 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148 702 | 968 | 7300 Ph • 702 | 968 | 7301 Fax www.SunCommercialRE.com Confidentiality & Disclosure 4680 E. Flamingo Road, Las Vegas, Nevada 89121

SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been retained on an exclusive basis to market the property described herein (the “Property”). Broker has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate.

The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma.

Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto.

Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.

Cathy Jones, CPA, SIOR, CCIM CEO [email protected] Table of Contents 4680 E. Flamingo Road, Las Vegas, Nevada 89121

Property Overview Section 1 Investment Highlights Property Summary Tenant Overview Property Photos Surrounding Aerial Map

Location Overview Section 2

Assessor Parcel Map Las Vegas Valley Location Map

Market Overview Section 3 Las Vegas Retail Market Review East Las Vegas Submarket Review Area Demographics

Las Vegas Valley Overview Section 4 Investment Highlights 4680 E. Flamingo Road, Las Vegas, Nevada 89121

THE OFFERING

Sun Commercial Real Estate, Inc. is pleased to offer an exceptional opportunity to purchase the single tenant 2,640 SF drive-thru Wienerschnitzel located at 4680 East Flamingo Road, Las Vegas, Nevada. The property is shadow anchored by DD’s Discounts and Big Lots. This property is being offered inclusive of the real estate, franchise, equipment, management, free and clear of debt and below replacement cost.

INVESTMENT HIGHLIGHTS

• Unique Opportunity to Purchase Franchise and Real Estate – Offering includes the Real Estate, Franchise, Equipment with Certified Managers in place

• Strong Location with Drive-thru inside of Anchored Shopping Center – Shadow Anchored by DD’s Discount and Big Lots with 32,000+ daily traffic count and a submarket vacancy of only 4.9%

• Below Replacement Cost – Price per square foot is well below replacement cost

• Strong Demographics – 187,000+ residences within a 3-mile radius and average household incomes of more than $55,000

• Offered Free and Clear – Can be purchased on an all cash basis or with historically low interest rate debt

SUMMARY

Asking Price: $975,000 Building SF: +/- 2,640 SF

Price / SF: $369 Occupancy: 100%

Year Built: 2004 Site Size: ±0.64 acres

*Gross Sales 2017: $424,154 Franchise Agreement ±6.5 Years Term Remaining: (New 10 year term available upon purchase)

*Past Three Years P&L’s Available with Executed Confidentialty Agreement Property Summary 4680 E. Flamingo Road, Las Vegas, Nevada 89121

Property Location: The Property is located on East Flamingo Road, east of South Mountain Vista Street, having the civic address of 4680 East Flamingo Road, Las Vegas, Nevada. The Property is conveniently located less than 1 mile east of US-95 and less than .3 miles west of Boulder Highway, providing easy access to Las Vegas, and Henderson. The Property is shadow anchored by DD’s Discounts and Big Lots. As of 2017, there were 453,482 residents within a 5-mile radius with an average household income of $55,433.

Property Description: This Property consists of a single-tenant drive-thru retail building built in 2004 and totals ± 2,640 square feet. This property has excellent street exposure on East Flamingo Road offering 134 feet of frontage and traffic counts over ±32,000 cars per day.

Assessor Parcel Number: 161-17-801-016

Site Size: ± 0.64 Acres

Building Size: ± 2,640 SF

Zoning: (C-2) General Commercial

Construction Year: 2004

Traffic Counts: On E. Flamingo Rd., E. of Mountain Vista St.: ± 32,197 CPD Tenant Overview 4680 E. Flamingo Road, Las Vegas, Nevada 89121

Founded by John Galardi in 1961

Six consecutive years of same-store sales increases

Wienerschnitzel Corp. operates a chain 331 locations and growing (20 planned of quick service hot dog restaurants with new locations in 2018) ± 350 locations across the United States. Wienerschnitzel offers chili and corn dogs, hamburgers, sandwiches, and fries, along World’s Largest Hot Dog Franchise with soft serve ice cream cones, shakes and sundaes. The company was founded in 1961 Ranked the No. 1 Hot Dog Quick Service out of Southern California and now known as the largest hot dog chain in the world. As a private company, Wienerschnitzel has Restaurant by Entrepreneur Magazine been ranked the number one (#1) quick service restaurant in the hot dog category by Ranked No. 166 in the Franchise 500 Entrepreneur Magazine. Property Photos 4680 E. Flamingo Road, Las Vegas, Nevada 89121 Surrounding Aerial Map 4680 E. Flamingo Road, Las Vegas, Nevada 89121

S. Nellis Boulevard

SUBJECT PROPERTY

S. Boulder Highway

E. Flamingo Road ± 32,197 CPD

Mountain Vista Street Assessor Parcel Map 4680 E. Flamingo Road, Las Vegas, Nevada 89121

This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK CO., NV. SEC. MAP This map is for assessment use only and does NOT represent a survey. ASSESSOR'S PARCELS - CLARK CO., NV. BOOK T21S R62E 17 S 2 SE 4 161-17-8 SEC. Michele W. Shafe - Assessor 125 124 123 122 121 MAP No liability is assumed for the accuracy of the data deliniated herein. BOOK T21S R62E 17 S8 2 SE4 4 8 4 161-17-8 Michele W. Shafe - Assessor 125 124 123 122 121 InformationNo liability is on assumed roads and for other the accuracy non-assessed of the data parcels deliniated may be herein. obtained PARCEL BOUNDARY CONDOMINIUM UNIT 001 ROAD PARCEL NUMBER 6 5 4 3 2 1 8 4 8 4 142 6 5 4 3 2 1 5 1 5 1 PARCELSUB BOUNDARY BOUNDARY CONDOMINIUMAIR SPACE PCL UNIT 001 ROADPARCEL PARCEL NUMER NUMBER 138 139 140 141 121110987 fromInformation the Road on Document roads and other Listing non-assessed in the Assessor's parcels Office. may be obtained 001 5 1 SUBPM/LD BOUNDARY BOUNDARY 138 139 140 141 142 121110987 1 5 from the Road Document Listing in the Assessor's Office. AIR SPACE PCL 001 1.00PARCELACREAGE NUMER 18 17 16 15 1314 RIGHT OF WAY PCL 158 6 2 6 2 PM/LDROAD BOUNDARY EASEMENT 161162 160159 18 17 16 15 1314 1.00 ACREAGE 163 19 23222120 24 RIGHT OF WAY PCL 158 6 2 6 2 This map is compiled from official records, including surveys and deeds, ROAD EASEMENT SUB-SURFACE PCL PARCEL SUB/SEQ NUMBER 161162 160159 MATCH / LEADER LINE 202 163 19 23222120 24 30 29 28 27 26 25 This map is compiled from official records, including surveys and deeds, SUB-SURFACE PCL PARCEL SUB/SEQ NUMBER 181 7 3 7 3 but only contains the information required for assessment. See the MATCHHISTORIC / LEADER LOT LINE LINE 202PB 24-45 PLAT RECORDING NUMBER 176 177 178 179180 NOTES 181 30 29 28 27 26 25 7 3 7 3 recordedbut only contains documents the forinformation more detailed required legal for information. assessment. See the HISTORIC LOT LINE PB 24-45 PLAT RECORDING NUMBER 176 177 178 179180 31 3635343332 NOTES HISTORIC SUB BOUNDARY BLOCK NUMBER 31 3635343332 8 4 recorded documents for more detailed legal information. 188 186 4 8 USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL HISTORICHISTORIC SUB PM/LD BOUNDARY BOUNDARY BLOCK5 NUMBER 192 191 190 189

188 186 8 4 8 4 150

MAP LEGEND 5 LOT NUMBER

USE THIS SCALE(FEET) WHEN MAP REDUCED FROM 11X17 ORIGINAL HISTORIC PM/LD BOUNDARY 5 192 191 190 189 5 51 1 SECTION LINE 150 MAP LEGEND 5 LOT NUMBER Scale: 1" = 200 ' Rev: 02/08/2011 0 100 200 400 600 800 SECTION LINE GL5 GOV. LOT NUMBER 5 51 1 490 Scale: 1" = 200 ' Rev: 02/08/2011 0 100 200 400 200 600 800 GL5 GOV. LOT NUMBER 2 490 217.85

200 405.76 2 217.85362.85

1 405.76 362.85 1 400 400

200 10 80 008 200 10 80 008 40 30 90 006 40 30 90 30 006 30 300 1.84 1281.66 300 1.84 1281.66 1189.69 50 40 VIKING RD 35.56 88.36 110 1189.69 50 19 40 VIKING RD 35.56 88.36 110 2 19 2 56.35 109.35

56.35 109.35 105 105 106.26 001 100 106.26 001 40 100 200 1.3 40 106 200 10698 52.87 053 200 1.3 002 BOULDER MANOR 002 200 002 9846.76 52.87 053 002 BOULDER MANOR 51.24 46.76 104 2.75 6.73 PB 40-8 004 51.24 104 2.75 6.73 PB 40-8 004 100 490 100 490 37.93 37.93

038 361.31

113.18 40 038 361.31

113.18 40

76.46 400 500

44.8 300

101102 10376.46 400 500 44.8 10110270 88.45 103 300 1179.41 70 88.45 1179.41 200 PM 87-45 200 810 60 810 300 PM 87-45 60 012 MARGARETEMARGARETE AVE AVE 300 012 802 See Condo List Page 2.3 802 See Condo List Page 61 61 55.48 2.3 61 61 55.48 4040

940 940

102 "A" 037102 037 "A"

87.43 500 94 87.43 001 500 939394 95 95 001 140.7 6161 72.872.8 140.7 70.8 70.8 013013

200200 801801 2.292.29 006 006 86.64

102 86.64 102 015015 001001

400 400 68 370 6970 6970 68 4.934.93 370 6161 6161 58.1158.11 11 500 500 002002 002 002 60 PBPB 14-39 14-39 60 93.13 5.21 5.21 002 002 6161 6161 55.8555.85 PM 38-1PM 38-1 195.88195.88 BOULDERBOULDER HWY HWY 200200 001 008 008

006006 140.7 140.7 001

128

128 102

102 016016 4.144.14 0.8 0.8 87.43 6565 6666 67 67 87.43 22 6161 73.17 90.9 90.9

73.17 1295.4 118.5 1295.4 6161 70.1770.17 118.5 10 1515 448.91 448.91 10

102 029 86.64 102 029 86.64 200 134.1 200 004 005 100 140 134.1 003 003 004 005 545556 190 100 140 545556 190 14

61 61 57.47 14 1.49 147.8 61 61 57.47 0.93 0.76 147.8 0.93 0.76 147.59 1.49 803147.59 803 007 009009 007 CATHERINE LN 60 118 CATHERINE LN 60 118

0.43 NELLIS BLVD

0.43 NELLIS BLVD 370 888.02 370 254.2 134.1 888.02 62 62 55.43 29 254.2 134.1 62 62 55.43 005 29 140 005 36.26 1 140 54.55 36.26 1 4.66 54.55 MOUNTAIN VISTA ST 4.66 258.84 030 MOUNTAIN VISTA ST 130.8 258.84

102.81 030

88.27 130.8 812 102.81 51 52 53 88.27 202.5 812 51 526253 72.76 202.5 62 72.76 324.65 60 68.27 324.65 BOULDER / FLAMINGO 60 68.27 BOULDER / FLAMINGO 422.96 PB 81-42 235 422.96 PB 81-42

002 235 008 003

157.26 157.26 282.98 39.77 128.28 008 84.63 811

100 002 003 005 128.28

020 021 157.26 157.26 282.98 39.77 PB 17-26 84.63 811 020 100 021 005 2.83 5.29 23 1 0.930.93 PB 17-26 2.83 5.29 55.52 PM 106-57 6023 60 1 CENTRAL VALLEY SHOPPING270.1 CENTER 157.76 431.9 55.52 PM 106-57 156.24 60 60 CENTRAL VALLEY SHOPPING270.1 CENTER 193.37 157.76 431.9 PM 84-62 015 156.24 193.37 PM 84-62 170 344.75

60 015 5 2 156.61 170 344.75 PB 9-69 60 1.71 5 003 2 135.04 156.61 PB 9-69 1.71 003 169.9 19 61 61 61 52.21 135.04 169.9 119.53 2.87 19 007 61 61 61 52.21 2.87 007 119.53 007 008 352.39 117 108.14 202.21 005 0.72 100

007 008 352.39 117 175.34108.14

100 100

023 022 325.53 005 1.11 1.18 325.53 202.21 61.28 0.72 175.34

100 1.23 85.43 3 002 023 022 325.53 1.11 1.18 325.53 61.28 230.76 196.7

12 016 1.23 248.43 3 85.43 3 002 1 274.79 9 260 193 61 69.48 230.76 196.7 2.06 3 12 016 001 248.43 61 69.48 1 274.79 9 260 193 2.06

001 196.15 67.2 113.78 016 196.15 0.61 004

052 196.15 67.2 001 002 152.82

146.19 113.78 196.15 004

152.82 016 0.61 130 052 0.41 006 001 002 200

0.64 152.82 40 146.19

152.82 88.11 100 130 0.52 0.28 053 64.46 0.41 006 200 PT 1 1 102.97 103.14 103.32 40 0.64 4 0.69 PT 1 88.11 1 2 6 7 8 100 84.32 0.52 0.28 R 5 40 053 R=25 64.46 = PT 1 5 R=55 1 102.97 30103.14 31103.32 32 40 4 0.69 5 5 PT 1 = 005 51.17 149 5 1 157.26 1104.14 2 140.57 32.59 68.29 135.046 188.79 1177 75.94 30 8 265 81.35148.1984.32 R .06 R 40 61 61 61 57.08 R=25 804 = 82.81 13.13 5 006 R=55 30 31 32 40 92.02 5 5 51.17 = 005 88.43 10 149

1 32.59 30 265 148.19 .0 61 61 61 57.08 157.26 104.14 140.57 68.29010 135.04 188.79 117 75.94 81.35 137.9804L=46.59 6 82.81 13.13 R 006

92.02 014 015 88.43

10 20 50 010 012 45.83 013137.9 L=46.59 42.74

40 014 421.83 015 20

50 013 012 45.83 115.19 40 421.83 42.74

> FLAMINGO RD 67.77 60

50 003 115.19 67.77 004 006 > 50 6 44.02 010 001 FLAMINGO RD 8.3 9 208.77 60

50 003 004 18006 010 001 50 71.1 6 8.3 9.25 44.02 143.81 208.77 212.42 133.56 80.63 59.36 72.5 70.09 70 70 70 70 70 72.5 58.91 64.96 203.81 R=9 9 017 156.67 37.66 027 R=30 71.1 18 9.25 143.81 133.56 72.5 70.09 70 70 70 70 70 72.5 58.91 37.51 64.96 203.81 017 212.42 80.63 59.36 74.14 R=9 R=55 156.67 R=54 60 90.52 150 37.66 027 44 R=30 60 140 79.9 PM 45-83 100 80.17 37.51 243.11 100 74.14 77.17 R=55

R=54 57.74 60 150 44 90.52 140 TAX DIST 470 1 60 U S HWY 93 95 466 79.9

PM 45-83 100 70

140 79.44 FLAMINGO / MOUNTAIN VISTA 80.17 616263 60 243.11 207.41 100

150 6970 65666768 64 77.17 57.74 150 111.76 TAX50 DIST 470

1 76.95 72.5 70.09 70 70 72.5 100 70 U S HWY 93 95 466 140 FLAMINGO / MOUNTAIN VISTA 5 79.44 4 616263 60 320 150 207.41

PB 111-12 150 6970 65666768 64 66 59.86 150 120.02 1 76.95 72.5 70.09 70 70 72.5 111.76 100 25 50 2 5 4 320 150 PB 111-12 66 59.86 PM 10-49 120.02 503 2 1 PM 10-49 25 503 Las Vegas Valley Location Map 4680 E. Flamingo Road, Las Vegas, Nevada 89121 Las Vegas Retail Market Review

Las Vegas � First Quarter 2018 4680 E. FlamingoFirst Quarter 2018R oad– Las Vegas, LasLas VegasVe � gasFirst Quarter, N 2018evada 89121 First Quarter 2018 – Las Vegas Las Vegas Retail Market Las Vegas Retail Market Las Vegas Retail Market Las Vegas Retail Market Figures at a Glance Figures at a Glance

General Retail Market Statistics First Quarter 2018 Shopping Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central East Las Vegas Ret 642 5,294,418 338,779 443,216 8.4% (4,228) 0 0 $13.48 Central East Las Vegas Ret 155 6,994,064 879,194 987,354 14.1% (45,593) 0 0 $14.10 Central West Las Vegas Ret 704 6,251,641 131,732 131,732 2.1% (22,803) 9,000 78,600 $16.67 Central West Las Vegas Ret 200 9,060,108 791,517 851,912 9.4% (19,085) 0 0 $14.50 East Las Vegas Ret 305 2,088,303 31,589 31,589 1.5% (248) 0 90,000 $20.41 East Las Vegas Ret 56 2,528,033 202,529 213,729 8.5% (6,792) 0 0 $16.83 North Las Vegas Ret 262 1,831,875 41,817 41,817 2.3% 18,855 15,256 62,965 $19.66 North Las Vegas Ret 74 5,646,258 404,258 468,177 8.3% 119,941 0 50,000 $13.92 Northeast Las Vegas Ret 466 2,749,314 267,552 274,552 10.0% (206,032) 0 0 $16.62 Northeast Las Vegas Ret 89 3,648,157 324,652 373,334 10.2% (57,891) 0 0 $14.81 Northwest Las Vegas Ret 152 1,815,894 28,344 28,344 1.6% (17,016) 3,344 4,500 $14.50 Northwest Las Vegas Ret 52 3,746,433 267,909 270,582 7.2% 29,793 65,200 23,722 $20.15 Outlying NE Clark Cnty Ret 79 953,583 36,869 36,869 3.9% 385 0 0 $12.52 Outlying NE Clark Cnty Ret 10 459,275 63,520 63,520 13.8% (9,487) 0 0 $14.56 Outlying NW Clark Cnty Ret 3 8,572 0 0 0.0% 0 0 0 $0.00 Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 23 87,583 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 3 146,296 55,318 55,318 37.8% (4,318) 0 0 $1.02 Resort Corridor Ret 317 3,639,779 155,227 155,227 4.3% (24,857) 0 0 $25.22 Resort Corridor Ret 22 426,428 18,249 18,249 4.3% 2,150 0 0 $30.04 Southeast Las Vegas Ret 530 5,073,717 136,799 139,103 2.7% 41,654 5,400 94,085 $19.49 Southeast Las Vegas Ret 183 11,959,944 1,151,373 1,275,475 10.7% 160,664 26,943 25,000 $16.67 Southwest Las Vegas Ret 283 2,713,393 59,080 64,949 2.4% 4,948 22,027 109,366 $29.72 Southwest Las Vegas Ret 102 3,938,502 275,249 275,249 7.0% 39,048 0 16,940 $19.55 West Las Vegas Ret 180 2,239,598 46,355 46,355 2.1% (88) 0 0 $30.97 West Las Vegas Ret 81 4,818,954 369,194 369,194 7.7% 6,074 0 0 $18.48 Totals 3,946 34,747,670 1,274,143 1,393,753 4.0% (209,430) 55,027 439,516 $18.60 Totals 1,027 53,372,452 4,802,962 5,222,093 9.8% 214,504 92,143 115,662 $15.90

Source: CoStar Property® Source: CoStar Property®

Mall Market Statistics First Quarter 2018 Specialty Center Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central East Las Vegas Ret 5 2,742,317 210,760 210,760 7.7% 0 0 0 $15.62 Central East Las Vegas Ret 1 182,863 0 0 0.0% 0 0 0 $0.00 Central West Las Vegas Ret 1 970,304 9,265 9,265 1.0% 24,172 0 0 $0.00 Central West Las Vegas Ret 2 284,316 0 0 0.0% 0 0 0 $0.00 East Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 East Las Vegas Ret 1 10,000 0 0 0.0% 0 0 0 $0.00 North Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 North Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Northeast Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Northeast Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Northwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Northwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 2 622,071 48,193 48,193 7.7% 8,070 0 0 $30.54 Resort Corridor Ret 3 2,951,697 0 0 0.0% 0 0 0 $0.00 Resort Corridor Ret 3 1,194,078 143,688 143,688 12.0% 0 0 0 $18.90 Southeast Las Vegas Ret 3 1,600,250 46,098 46,098 2.9% (1,148) 0 0 $41.88 Southeast Las Vegas Ret 2 592,455 57,514 57,514 9.7% 10,736 0 0 $16.43 Southwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 Southwest Las Vegas Ret 0 0 0 0 0.0% 0 0 0 $0.00 West Las Vegas Ret 3 1,171,146 98,373 98,373 8.4% (3,125) 0 0 $27.00 West Las Vegas Ret 1 74,069 4,912 4,912 6.6% 0 0 0 $19.80 Totals 15 9,435,714 364,496 364,496 3.9% 19,899 0 0 $18.40 Totals 12 2,959,852 254,307 254,307 8.6% 18,806 0 0 $18.97

Source: CoStar Property® Source: CoStar Property®

Power Center Market Statistics First Quarter 2018 Total Retail Market Statistics First Quarter 2018 Existing Inventory Vacancy YTD Net YTD Under Quoted Existing Inventory Vacancy YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Central East Las Vegas Ret 1 622,094 59,260 59,260 9.5% 29,909 0 0 $12.12 Central East Las Vegas Ret 1,058 15,835,756 1,487,993 1,700,590 10.7% (19,912) 0 0 $14.13 Central West Las Vegas Ret 2 1,042,228 83,792 83,792 8.0% (64,976) 0 0 $0.00 Central West Las Vegas Ret 1,204 17,608,597 1,016,306 1,076,701 6.1% (82,692) 9,000 78,600 $14.73 East Las Vegas Ret 2 944,605 42,091 42,091 4.5% (1,280) 0 0 $14.66 East Las Vegas Ret 486 5,570,941 276,209 287,409 5.2% (8,320) 0 90,000 $16.99 North Las Vegas Ret 5 1,828,599 147,964 147,964 8.1% 2,140 0 0 $19.57 North Las Vegas Ret 630 9,306,732 594,039 657,958 7.1% 140,936 15,256 112,965 $15.20 Northeast Las Vegas Ret 1 350,554 4,000 4,000 1.1% 0 0 0 $0.00 Northeast Las Vegas Ret 689 6,748,025 596,204 651,886 9.7% (263,923) 0 0 $15.22 Northwest Las Vegas Ret 3 1,301,218 57,725 57,725 4.4% 0 0 0 $24.96 Northwest Las Vegas Ret 394 6,863,545 353,978 356,651 5.2% 12,777 68,544 28,222 $19.53 Outlying NE Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NE Clark Cnty Ret 100 1,412,858 100,389 100,389 7.1% (9,102) 0 0 $13.64 Outlying NW Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying NW Clark Cnty Ret 3 8,572 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 0 0 0 0 0.0% 0 0 0 $0.00 Outlying S Clark Cnty Ret 31 855,950 103,511 103,511 12.1% 3,752 0 0 $21.31 Resort Corridor Ret 1 959,065 149,993 149,993 15.6% (9,422) 0 0 $30.30 Resort Corridor Ret 383 9,171,047 467,157 467,157 5.1% (32,129) 0 0 $26.21 Southeast Las Vegas Ret 5 2,147,965 58,174 58,174 2.7% 0 0 0 $27.45 Southeast Las Vegas Ret 1,279 21,374,331 1,449,958 1,576,364 7.4% 211,906 32,343 119,085 $17.52 Southwest Las Vegas Ret 4 4,133,999 107,842 110,242 2.7% (3,028) 0 0 $20.74 Southwest Las Vegas Ret 666 10,785,894 442,171 450,440 4.2% 40,968 22,027 126,306 $21.27 West Las Vegas Ret 4 2,011,022 100,328 100,328 5.0% (21,119) 0 0 $20.38 West Las Vegas Ret 540 10,314,789 619,162 619,162 6.0% (18,258) 0 0 $19.62 Totals 28 15,341,349 811,169 813,569 5.3% (67,776) 0 0 $20.42 Totals 7,463 115,857,037 7,507,077 8,048,218 6.9% (23,997) 147,170 555,178 $16.80

Source: CoStar Property® Source: CoStar Property®

8 CoStar Retail Statistics ©2018 CoStar Group, Inc. ©2018 CoStar Group, Inc. CoStar Retail Statistics 9 10 CoStar Retail Statistics ©2018 CoStar Group, Inc. ©2018 CoStar Group, Inc. CoStar Retail Statistics 11 Las Vegas – First Quarter 2018 East Las Vegas Submarket ReviewFirst Quarter 2018 – Las Vegas Las Vegas Retail Market 4680 E. FlamingoLas Vegas Road, RetailLas Ve Marketgas, Nevada 89121 East Las Vegas Market Market Highlights – Class “A, B & C” Market Highlights – Class “A, B & C”

Deliveries, Absorption & Vacancy Historical Analysis, All Classes

Delivered SF Absorption SF Vacancy

0.080 10.0%

9.0% 0.060 8.0% 0.040 7.0%    0.020   6.0%   

0.000 5.0%  

4.0%  (0.020) 3.0% (0.040) 2.0% (0.060) 1.0%

(0.080) 0.0% 2015 1q 2015 2q 2015 3q 2015 4q 2016 1q 2016 2q 2016 3q 2016 4q 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q

Source: CoStar Property®

Vacant Space Quoted Rental Rates Historical Analysis, All Classes Historical Analysis, All Classes

Direct SF Sublet SF $17.50 0.35 $17.00 0.30

0.25 $16.50

 0.20 $16.00 

 0.15 Dollars/SF/Year  $15.50  0.10 $15.00 0.05

$14.50 0.00 2017 1q 2017 2q 2017 3q 2017 4q 2018 1q 2017 1q 2017 3q 2018 1q

Source: CoStar Property® Source: CoStar Property®

Existing Inventory Vacancy Net Delivered Inventory UC Inventory Quoted Period # Bldgs Total RBA Vacant SF Vacancy % Absorption # Bldgs Total RBA # Bldgs Total RBA Rates 2018 1q 486 5,570,941 287,409 5.2% (8,320) 0 0 1 90,000 $16.99 2017 4q 486 5,570,941 279,089 5.0% 21,673 0 0 1 90,000 $16.57 2017 3q 486 5,570,941 300,762 5.4% (6,317) 0 0 1 90,000 $16.22 2017 2q 486 5,570,941 294,445 5.3% 32,720 0 0 1 90,000 $16.64 2017 1q 486 5,570,941 327,165 5.9% 30,245 1 2,200 1 90,000 $15.52 2016 4q 485 5,568,741 355,210 6.4% 48,783 0 0 1 2,200 $14.18 2016 3q 485 5,568,741 403,993 7.3% 21,066 1 9,698 1 2,200 $14.54 2016 2q 484 5,559,043 415,361 7.5% 67,288 1 2,995 2 11,898 $14.23 2016 1q 483 5,556,048 479,654 8.6% (1,162) 0 0 3 14,893 $14.29 2015 4q 483 5,556,048 478,492 8.6% (60,251) 0 0 0 0 $14.16 2015 3q 483 5,556,048 418,241 7.5% 22,901 1 8,000 0 0 $14.33 2015 2q 482 5,548,048 433,142 7.8% (2,528) 0 0 1 8,000 $14.19 2015 1q 482 5,548,048 430,614 7.8% (10,380) 0 0 1 8,000 $14.01 2014 4q 482 5,548,048 420,234 7.6% 108,196 1 50,000 1 8,000 $13.78 2014 3q 480 5,487,465 467,847 8.5% 46,457 0 0 2 60,583 $13.68 2014 2q 480 5,487,465 514,304 9.4% 9,911 0 0 2 60,583 $13.68

Source: CoStar Property®

POPULATION 1 Mile 3 Miles 5 Miles 2017 Population 25,933 187,187 453,482 2022 Population 27,921 201,071 484,377

HOUSEHOLD 1 Mile 3 Miles 5 Miles 5 Mile 2010 Households 8,904 64,833 155,019 2017 Households 9,571 69,331 164,135 2022 Households 1,059 73,896 174,084 2017 Average HH Size 2.70 2.70 2.74 2010 Owner Occupied Housing Units 4,836 35,812 73,074 2010 Renter Occupied Housing Units 4,068 29,021 81,945 3 Mile 4680 E. Flamingo 2017 Owner Occupied Housing Units 4,771 35,623 71,937 Road 2017 Renter Occupied Housing Units 4,800 33,709 92,198 2022 Owner Occupied Housing Units 5,071 37,591 75,764 2022 Renter Occupied Housing Units 5,188 36,305 98,319 1 MILE

INCOME 1 Mile 3 Miles 5 Miles <$15,000 13.9% 12.6% 14.2% $15,000 - $24,999 13.1% 13.3% 13.4% $25,000 - $34,999 14.3% 14.2% 14.2% $35,000 - $49,999 18.7% 17.7% 17.0% $50,000 - $74,999 20.4% 19.2% 18.5% $75,000 - $99,999 10.4% 11.3% 10.4% $100,000 - $149,999 6.1% 7.7% 7.8% $150,000 - $199,999 1.9% 2.5% 2.7% $200,000+ 1.2% 1.5% 1.9% 2017 Median HH Income $40,696 $42,083 $40,883 2017 Average Household Income $51,878 $55,426 $55,433 2017 Per Capita Income $19,591 $20,769 $20,551 *Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2017 and 2022 Las Vegas Valley Overview 4680 E. Flamingo Road, Las Vegas, Nevada 89121

7 $13.6 Billion in New 3 1 4 Capital 9 Investment 10 is Driving 2 Growth 8 5 6

1. Resorts World Las Vegas - $4.0 Billion 2. Las Vegas Stadium - $1.9 Billion

• $4 billion Strip resort project with a heavy Asian theme began • The Oakland Raiders will move to Las Vegas for the 2020 NFL construction in 2017. season. • Resorts World, developed by the Genting Group, is being • The groundbreaking ceremony took place in November 2017 built at the former site of the Stardust and Echelon. for a new $1.9 billion stadium just west of the Strip. • Genting, which bought the site from Boyd in 2013 for $350 • The venue’s horse-shoe shape, designed by Manica million, will be using the partially constructed Echelon Architecture, would accommodate 65,000 spectators, 8,000 structures for this property. cars, tailgating amenities and mixed-use commercial facilities. • With a projected opening set for 2020, the initial phase will • The design shows a retractable natural turf field. have 3,100 rooms, a 100,000-square-foot casino, shops and • This venue would also allow Las Vegas to host the annual restaurants spread across its 88-acre site. Super Bowl. Las Vegas Valley Overview 4680 E. Flamingo Road, Las Vegas, Nevada 89121

3. Wynn Paradise Park - $1.5 Billion 4. Convention Center Expansion - $1.4 Billion

• Wynn Resorts Ltd. is building its third hotel behind its two Las • Las Vegas Convention Center will be renovated and Vegas casinos, an ambitious Carnivale themed project called expanded into a $1.4 billion Las Vegas Global Business District. Wynn Paradise. • Planned in four phases, new facilities will replace the 26-acre • The $1.5 billion resort will take the place of the golf course and Riviera Hotel site, adding ±1.4 million square-feet of exhibit and feature 1,500 rooms around a 38-acre lagoon, a small casino, meeting space. restaurants and nightclubs. • Phase Two of the project is projected to be completed in • The lake will have a white sandy beach, a boardwalk, water 2020. skiing, paddle boating, zip lines/gondola, and nightly fireworks. • Expected to draw an additional 600,000 visitors a year, drive • Heavy duty construction should begin by spring 2018 with a $2.1 billion in economic activity during construction and have 2020 debut. an annual economic impact of $810 million when finished. 5. Union Village - $1.2 Billion 6. Switch - $1 Billion

• Union Village will be the first Integrated Health Village in the • Switch is a globally recognized leader in future-proof data world, and is listed as the largest healthcare building project in center design, superscale cloud, unparalleled telecom the United States. gateways and energy sustainability. • The $1.2 billion dollar, 155-acre planned development not only • Its Southern Nevada expansion includes a $1 billion data covers healthcare, but retail, entertainment, and senior living storage site on 200 acres near its two existing data storage as well. facilities at South Jones Boulevard and the 215 Beltway. • Approximately 355,000 square feet have been completed, • Idea to link 50 million people within 14 milliseconds of data totaling $300 million in work, with another 476,000 square feet hosted at each of the company’s data hubs via a superloop to be under construction soon. of fiber optic cable connecting its Reno and Las Vegas supernaps sites, with a planned facilities in LA and SF. Las Vegas Valley Overview 4680 E. Flamingo Road, Las Vegas, Nevada 89121

7. Project Neon - $1 Billion 8. Extreme Sports Park - $800 Million

• Project Neon is the largest public works project in Nevada • Josh Kearney’s $800M extreme sports park called The Edge history. received county approval in 2017. • $1 billion effort to redesign and widen Interstate 15 from the • 130-acre at the SEC of Las Vegas Boulevard and Sunset Road, U.S. Highway 95 interchange to Sahara Avenue by July 2019. adjacent to Town Square Las Vegas, a 1.2M SF class A open • Currently this road is the busiest stretch of highway in Nevada air shopping, dining, office and entertainment center. with 300,000 vehicles daily. Traffic through the corridor is • The Park is expected to have surfing/wake boarding/rock expected to double by 2035. climbing/mountain biking/indoor skydiving/bungee jumping/zip lines and a 15-story, 640 room hotel with a casino, convention space, restaurants and two rooftop pools. • Project will take approximately 2.5 years to complete.

9. Palms Renovation - $485 Million 10. Park MGM (Former Monte Carlo) - $450 Million

• Station Casinos will enhance nearly every feature of the resort • A transformation occurring in Las Vegas is the conversion of by investing $485 million in improvements. the Monte Carlo into two hotels: a 2,700-room luxury resort • Plans include redesigned/renovated hotel rooms, 60 new Park MGM and a 292-room hotel NoMad Las Vegas. hotel rooms, 29,000 square foot nightclub, new 73,000 square • This $450 million makeover is projected to be completed by foot pool club, several celebrity chef restaurants, new spa, the end of 2018. meeting/convention space, new covered parking spaces, • The new resort will feature two hotels, redesigned rooms, an refresh of the Pearl Theater, renovated casino floor, and a new Italian market Eataly with cafes, walk-up counters and dine-in front desk registration area to name a few. restaurants. • First phase underway and the second phase is expected to be • The properties will have amenities such as dining and casinos completed by early 2019. as well as a 5,300-seat theater at the Park MGM. Exclusively Listed by: Roy Fritz Paul Chaffee Cathy Jones, CPA, SIOR, CCIM Senior Vice President Senior Vice President CEO 702-968-7322 702-968-7308 702-968-7320 [email protected] [email protected] [email protected]

Jessica Cegavske Taylor Vasquez Vice President Associate CommercialSun Real Estate, Inc. 702-968-7321 702-968-7316 [email protected] [email protected]

The information contained herein was obtained from sources believed reliable, however, Sun Commercial Real Estate, Inc. any of its agents or employees make no guaranty, warranty or representation as to the completeness and/or accuracy thereof, inclusive of any current and future projected returns. Anyone utilizing this analysis does so at their own risk and agrees to hold Sun Commercial Real Estate, Inc., its agents and employees harmless. The presentation of this property is subject to error, omissions change of price or conditions prior to sale, or withdrawal without notice.