Retail Property Advisory & Investment Sales

RETAIL PROPERTY ADVISORY & INVESTMENT SALES REAL ESTATE IS NOT A COMMODITY

At Faris Lee we never treat real estate like a commodity. Retail, in particular, is uniquely complex. It’s decidedly tenant-driven and completely location-driven. That is why we established a collaborative and highly creative culture — to set the industry standard in retail investment and client service. Whether advising on a single asset or large portfolio, Faris Lee brings top-level expertise to every aspect of the transaction, providing our clients with strategy, execution, and results that are unmatched by any other retail-specialized group in the nation.

One Team. One Company: Moving Markets and Maximizing Value. OUR PLATFORM

One Team. One Company. OUR CLIENTS SAY: Many factors make retail properties a superior investment choice. There are also many factors “Creativity and drive to get deals done have that make them a highly complex investment that demands a skilled team of financial and been consistent qualities of the firm over transactional experts. the years. On all of our tougher deals we definitely look to Faris Lee first and they Faris Lee Investments’ integrated investment services platform, which incorporates have proven themselves time and again. comprehensive real estate investment sales expertise and capital markets intelligence, is Ultimately, Faris Lee is a different breed of designed to protect, enhance, and create value. Our clients benefit from our financial counsel broker. They are experts who can do more and ability to produce customized marketing programs to achieve the best outcome, no matter than one thing. If a task or deal doesn’t the level of complexity. When we discuss the strategy for a retail portfolio or single asset, we fit in one box, they think out of the box to don’t just provide an historical analysis, we dig deeper, investigating the street-level financial make it work. Their biggest attribute is that and operational characteristics that will change market perception and in turn, create value. I don’t get put into a corporate machine and spit out the other side... we can get ahold of them, they respond, they get an- swers quickly.” Joe Goveia | 3 SEAMLESS INTEGRATION OF FUNCTIONAL EXPERTISE

Minds Moving Markets

INSTITUTIONAL SERVICES FINANCE PRIVATE CLIENT INVESTOR SERVICES WEALTH MANAGEMENT QQ Portfolio valuation QQ Advisory services QQ Investment advisory QQ Value-add redevelopment

QQ QQ QQ QQ Q Investments Portfolio optimization Recapitalization Property valuation Q Reposition & re-merchandise

QQ QQ QQ QQ Q Insurance and Acquisition and disposition Loan restructuring Appraisal review Q Merchant banking (co-invest)

QQ QQ annuities strategies Q Discounted loan payoff Acquisition and disposition Q Asset management

Q QQ Q Agency execution QQ services Wealth planning Note sales QQ Operational audits Q Q QQ Q QQ Q Trust services Distressed asset disposition Merchant banking Transaction management Q Q Construction management QQ Restructuring and and execution QQ Estate planning Debt Program QQ Concept & feasibility analysis QQ recapitalization Financial analytics and QQ QQ Senior debt Retirement solutions QQ Proforma & financial analysis QQ Merchant banking engineering QQ QQ Research Mezzanine debt QQ Q Design & development QQ Proforma and financial analysis Q Lease abstracts/lease audits QQ Bridge loans Q QQ Q Equity placement Corporate sale-leaseback Equity Capital Q QQ Q Financing Research and consulting QQ Equity Q QQ Q 1031/1033 Exchange Finance private capital QQ Preferred equity

QQ planning Investment banking capital QQ Rescue equity advisors QQ Market research | 4 ONE TEAM – ONE COMPANY

Structure Solves Complexity & Maximizes Value We employ a collaborative problem-solving process as a company, which provides our clients better solutions, strategies and outcomes. It’s how we’ve accumulated billions of dollars and thousands of deals in transactional experience. When you work with Faris Lee Investments, you gain from a powerful organization comprised of senior level advisors and a resource team solely dedicated to retail investment. In fact, we engineer our teams to fit the project and client, providing best-in-class service at all levels. We provide a hands-on, street- level, collaborative approach to marketing that goes beyond the expected. Our expertise lies in identifying a property’s potential and working to demonstrate the existing and future value to prospective buyers throughout the marketing process.

OUR CLIENTS SAY: “From the underwriting, through the marketing and escrow process, Faris Lee actively managed every aspect of the transaction, which increased my confidence and resulted in a timely close of escrow.” R. Phillip Ramming Product Leader - Retail - Sabal Financial

“Faris Lee is unique in providing a very high level of integrated financial and marketing processes.” Chris Westfahl Managing Director - Silverpeak Real Estate Partners

| 5 OUR PROCESS

The Best Minds, Functional Expertise, Industry Experience, and Market Knowledge

Client Objectives & Risk Tolerance Review Project Recommendation Execution Financial & property-level Evaluation Investment Advisory Committee: QQ Billions of dollars and thousands of deals in QQ Senior level retail leaders collaborate to evaluate and transactional experience Market Assessment Lead & Lag Indicators create customized strategy. QQ Proactive, strategic, and focused involvement Financial Services: during escrow QQ Assemble local, regional, national team QQ Financial control throughout the deal brings certainty of QQ Highest level of expertise in every deal QQ Bring together financial and transactional execution. throughout the entire process intelligence and expertise QQ Team leverages financial experience and relationships QQ Ability to overcome environmental, tenant, QQ Leverage capital and advisory services to the to maximize value. construction, and appraisal issues benefit of property and client Resource Team: QQ Able to tap into every investment advisory Comprehensive marketing resource team provides committee member on each deal financial analytics, research, and accelerated marketing strategies incorporating advertising and promotion.

QQ Client benefits from access to our proprietary database. | 6 SETTING THE STANDARD

Retail Re-Engineered We’re known for our innovative deal matching that connects buyers and sellers. We also specialize in creative solutions including: lease structuring, development advisory, breakup and pre-sale strategies, complex loan assumption scenarios, and zero cash flow transactions, among others. Our customized integrated solutions, financial counsel, and commitment to long-term relationships gives our clients a unique advantage. Over the years, Faris Lee has been recognized for its leading-edge retail investment marketing strategies, financial insight, and distinct collaborative team culture. No matter the client’s goals and objectives, we can deliver the right balance of financial, transactional, and operational expertise to achieve superior results.

| 7 OUR FOUNDATION

Protecting Value – Delivering on Commitments WE ARE FULLY COMMITTED TO DELIVERING ON OUR PROMISES AND PRINCIPLES. Our Promise: Protect, Enhance, and Create Value Business Principles QQ The client’s best interest is our paramount objective and concern.

QQ We are committed, responsible, and accountable to the success of our clients, Faris Lee Investments, and each other.

QQ We treat each other with integrity, dignity, and respect.

QQ We share openly and completely for the benefit of our clients and each other.

QQ We are committed to superior quality standards and excellence in all that we do.

QQ We are committed to deliver the best of our firm to every client and each project, every time.

OUR CLIENTS SAY: “We have worked on many projects with Faris Lee, and they are first-class advisors and brokers.” Ed Coppola President - Macerich Company

“Faris Lee has a proven track record for strategically tapping into both institutional and private buyer pools.” Bill Ohlsen Senior Vice President - LNR Partners, LLC

| 8 THE TEAM

About Us

Faris Lee was founded in 1996 on the belief there was a place in the industry for a firm with a commitment to openness, transparency, and a willingness to share ideas. At the time, these basic tenets were different from the norm and continue to be so today.

In any market, up or down, Faris Lee has continued to rely on forward-thinking, market expertise, collaborative teamwork and creative insight to deliver outstanding value to our clients.

Operating with a highly skilled, deeply experienced team of retail specialists, we’ve closed thousands of deals worth billions of dollars, achieving the industry’s highest percentage closing record. Today, Faris Lee is one of the leading retail real estate advisory firms in the nation. OUR TEAM

In-Depth Industry Experience

RICHARD W. CHICHESTER President and Chief Executive Officer As President and Chief Executive Officer of Faris Lee Investments, Mr. Chichester is responsible for overseeing the development and execution of the firm’s business strategies, and managing its day-to-day operations. A 30-year real estate industry veteran, Mr. Chichester is a commercial real estate executive, successful at building corporate value and improving profitability through market expansion and development, process re-engineering, business development, cost containment, client base management, and corporate positioning. His core competencies are focused on accelerated growth and/or turnaround that emphasize stabilization and revitalization strategies, and strong financial management. Mr. Chichester excels at maximizing market opportunities, optimizing operational performance, and increasing market and client share. Prior to joining Faris Lee Investments, Mr. Chichester served as president of Colliers International, North America where he delivered more than $1.9 billion in total revenues. During his tenure he expanded the firm’s platform into a top four “global” real estate company.

EXECUTIVE COMMITTEE

PATTY CHIN TAYLOR DAVIS Chief Financial Officer Vice President of Finance & Business Analytics »»15 years of accounting, tax and finance experience »»15 years of real estate experience »»Responsible for all financial and accounting matters of the »»Directs and oversees all of the financial underwriting and company analytics for Faris Lee’s 300+ annual property assignments. »»Extensive commercial real estate experience in 1031 »»Expertise within financial underwriting, asset management, trades, partnership structuring and TIC ownership accounting, structured finance, capital markets, market research, »»Served as senior management team of Faris Lee negotiations and transaction management. Investments for over 10 years

| 10 OUR TEAM (CONT.)

RICHARD W. CHICHESTER President and Chief Executive Officer »»Over 30 years of CRE leadership experience »»Key strengths include: building corporate value and improving profitability through market expansion and development, process re-engineering, business development, cost containment, client base management, and corporate positioning. »»Focused on accelerated growth and/or turnaround that emphasize stabilization and revitalization strategies, and strong financial management. »»Excels at maximizing market opportunities, optimizing operational performance, and increasing market and client share.

JEFF B. CONOVER NICHOLAS COO Senior Managing Director Senior Managing Director »»30-year career in commercial real estate »»Member: International Council of Shopping Centers »»Over $7 billion in closings / over 1,100 transactions »»Contributing Author: Shopping Center Business, Western Real Estate »»Specializes in the advisory, acquisition & disposition of Retail STNL Business Investments across the US, including national portfolios & sale- »»COLE Capital Top Broker - Wall Street Journal Recognition for Top leasebacks Broker Nationally »»Noted sale transactions include: Foothill Crossing – Rancho »»40 Under Forty – Real Estate Forum Magazine – National Cucamonga, CA ($54M), Marbella Plaza, San Juan Capistrano, CA Recognition of Top Real Estate Executives Under Forty in the United ($30M), Lowe’s – Shippensburg, PA ($24M), Walmart – La Habra, CA States ($18M), CVS – San Francisco, CA ($17M), Best Buy Portfolio (WI & TX) »»Client profiles include merchant developers, private & institutional, 1031 exchange & REIT’s

SHAUN D. RILEY DONALD J. MACLELLAN Senior Managing Director Senior Managing Partner »»Began commercial real estate career in 1993 »» 34-year career in commercial real estate investments »»Advisor to retail property investors since 1998 »» Over 450 sale transactions - $5.5 Billion »»$1.9 billion in transactions »» Leads the firm’s major disposition assignments, including: Northglenn »»Specializes in strip center and single tenant investment sales Marketplace, Denver CO ($48M); The District, Henderson,NV ($79.3M); »»Brokered the $64 million sale of Best Plaza in Cerritos, CA SouthBay Pavilion ($50M); Hawaii $200M Portfolio; Gateway Village »»Client profiles include private developers and investors, as well as ($66M); AIG Portfolio ($260M); Torrance Crossroads ($133M) gatekeepers for high net worth individuals and family trusts »» Works with retail industry leaders - REITs, pension funds, developers and equity funds - including Macerich, UBS, Fortress, Hudson Advisors, Vornado, LaSalle, Prudential, DDR and LNR »» Prior to joining Faris Lee, Mr. MacLellan spent 17 years with CBRE and HFF in Southern California

| 11 OUR TEAM (CONT.)

Investment Advisory Committee

GENE VENTURA CHRIS DEPIERRO Senior Managing Director Managing Director »»Over 30 year career in client development, retail advisory and »»23 years of commercial real estate expertise covering all facets of marketing and sales the industry »»Successfully provided development advisory, marketing and »»Extensive experience in leasing, investment sales, development, transaction services for over $1 billion in retail and office commercial land sales, tenant representation, and consulting real estate »»Transaction experience in most Western US markets, with a »»Preferred developer for Starbucks, Best Buy, AT&T and Verizon network of major developers, retailers and restaurants »»Has close relationships with national development companies, capital groups and private wealth investors »»Most recent development includes 100,000 SF retail center from the ground up in southeast Wisconsin

THOMAS CHICHESTER JOSEPH CHICHESTER Managing Director Managing Director »»Supported & involved in over $1 billion in retail transactions »»7-year career in commercial real estate »»Extensive experience in due diligence and underwriting »»Extensive knowledge of the due diligence and underwriting »»Specializes in advisory services including anchored and non- »»Supported & participated in transactions valuing over $500 anchored retail, single tenant, and portfolio transactions million »»Recent record-setting transactions include: US Bank (4.06% Cap), »»Specializes in advisory services, including anchored and non- Jack in the Box (5.0% Cap), and Kenneth Village anchored retail, single tenant, and portfolio transactions

SCOTT DEYOUNG MATT BROOKS Director Director »»5th generation broker and developer in Southern California »»Specializes in advising private clients in strip centers and single »»Specializing in single tenant and credit strip center assets nationwide tenant assets nationwide »»Principle background in acquisitions, dispositions, investments, »»Actively managing & participating in transactions valued over development and management at private family offices focusing on $400 million retail, multifamily, office, hospitality & senior living »»Recent transactions include a national record Starbucks - Lake »»Client profile includes private investors, Institutions and developers, Forest, CA (3.48% CAP); Rite Aid – Los Angeles, CA (4.35% CAP) as well as gatekeepers for high net worth individuals and family with 18 months of term remaining trusts »»Closed over $100M in transactions

| 12 OUR TEAM (CONT.)

Resource Center

Access Managing a proprietary database of active retail buyers, institutional investors, 1031/1033 exchange buyers, international investors, active principals, co-op brokers, and apartment owners. TAYLOR DAVIS Vice President of Finance & Business Analytics Intelligence More than 15 staff members dedicated to providing comprehensive financial analytics, research, and marketing.

Strategy Analysis of long-term goals and return requirements, acquisition and disposition strategies, structured debt and equity for CLARENCE NICHOLAS JEREMY high net worth clients. WONG MILLER WARREN Senior Financial Analyst Business Analyst Business Analyst Team Leader Team Leader Team Leader Accelerating Market Strategies In addition to Marketing and Analytics Team Leaders, we have more than 30 professionals dedicated to providing comprehensive financial analytics, research, and marketing.

KRYSTAL LIZ NELSEN GUERRERO Graphic Designer Marketing Manager

| 13 CASE STUDIES A Relationship Business

PARTIAL CLIENT LIST

QQ 3D Investments, LLC QQ Del Taco, LLC QQ The Kroenke Group QQ Peninsula Retail Partners, QQ Torchlight Investors

QQ A&B Properties, Inc. QQ Donahue Schriber QQ Ladder Capital LLC QQ Trigild

QQ QQ Adler Realty Investments QQ DSB Properties, Inc. QQ LaSalle Investment Mgmt. Phillips Edison QQ UBS Realty Investors, LLC

QQ QQ American Realty Capital QQ East West Bank QQ Lendlease Praedium Advisors, Inc. QQ U.S. Restaurant Properties

QQ (ARC) QQ Evergreen Development QQ Leonard Green & Partners PRES Companies QQ ValueRock Realty Partners

QQ QQ Archon Group, LP QQ Fortress Investment Group, QQ LNR Partners, LLC Prudential QQ Vestar

QQ QQ Bank of America LLC QQ Lubert-Adler Red Mountain Retail Group QQ Vintage Real Estate

QQ QQ QQ BlackRock Fritz Duda Company QQ Macerich Redwood-Kairos Real Estate QQ Vornado Realty Trust

QQ QQ Partners Brixmor G&L Realty Corp. QQ Makena Great American QQ Wells Fargo

QQ QQ QQ Regency Centers Cadence Capital GDA Real Estate Services, QQ Midland Realty Group QQ Weingarten Realty Investments LLC QQ Rich Development QQ Milan Capital Management QQ Westrust Ventures, LLC QQ Cap Lease, Inc. QQ Glenborough, LLC Enterprises QQ National Retail Properties QQ Westwood Financial Corp. QQ QQ Cathay Bank QQ Gramercy Property Trust, Inc. Rockwood Capital QQ North American Realty QQ Whitestone REIT QQ QQ Central Pacific Bank QQ Grosvenor Group Limited Royal Investors Group, LLC QQ O & S Holdings, LLC QQ WP Glimcher QQ QQ Chick-fil-A QQ The Herrick Company Ruby Tuesday, Inc. QQ Owl Companies, Inc. QQ QQ CIM Group QQ Heslin Holdings, Inc. S+A Properties QQ Pacific Castle, Inc. QQ QQ Citivest, Inc. QQ Horowitz Group Sabal Financial Group, LP QQ Pacific Coast Capital QQ QQ Clarion Partners QQ Inland Real Estate Partners, LLC ScanlanKemperBard Companies (SKB) QQ Corporation Cole Real Estate Investments QQ Pacific Development Group QQ QQ Silverpeak Real Estate QQ Invesco Ltd. Combined Properties QQ PacTrust Realty Associates,

QQ Partners QQ Coventry Real Estate Invest West Financial Corp. LP QQ QQ Spirit Realty Capital Advisors JH Real Estate Partners QQ Paragon Real Estate QQ STORE Capital QQ CWCapital QQ JP Morgan Investments QQ Strategic Realty Trust, Inc. QQ DDR Corp. QQ Kimco Realty QQ Partners Capital QQ Tooley Investment Company QQ Decron Properties QQ Krausz Companies, Inc. QQ Passco Companies, LLC

| 15 CLIENT ROSTER * 3D Investments * Excel Trust * LNR * Pres Companies * STORE Capital * Blackrock * Fritz Duda * Lubert Adler * Prudential Real Estate * Tooley Investments * Blackstone * GDA * Macerich Investors * Torchlight Investors * Brixmor * Glimcher REIT * Midland * Realty Income * Trigild * Cadence Capital * Grosvenor * Milan Capital Corporation * CBL & Associates * Hutensky Capital Partners * Newmark Merrill * Red Mountain Retail * Vestar * CIM Group * Inland Companies * North American * Regency Centers * Vornado Realty * Citivest * Invesco RE * Paciﬁ c Castle * Rich Development * VEREIT * Clarion Partners * JP Morgan Chase * Pactrust Realty * Rockwood Capital * Weingarten * Combined Properties * Kimco Realty * Paragon * RPAI Properties * Westrust * Coventry Advisors * Krausz Companies * Passco * Sabal Financial * Westwood Financial * DDR * La Salle Advisors * PCCP * Shamrock Fund * Decron Properties * Ladder Capital Finance * Phillips Edison * Silverpeak Partners * Whitestone REIT * Donahue Schriber * Lend Lease * Praedium Advisors * SKB * Winthrop REIT * DSB Properties * Lewis Operating Corp * PREIT * Spirit Realty

SIGNIFICANT TRANSACTIONS Puente Hills Mall - City of Industry, CA $170,500,000 Lahaina Gateway - Lahaina, HI $32,000,000 ITC North - Mount Olive, NJ $20,800,000 Ruby Tuesday Portfolio - 9 States $150,000,000 Tesoro Village Shopping Center - Valencia, CA $31,000,000 Forever 21 - Montebello, CA $20,750,000 Torrance Crossroads - Torrance, CA $138,000,000 Shops - Anderson, SC $30,300,000 Southridge Plaza - Fontana, CA $20,675000 Albertsons Portfolio - Nationwide $101,000,000 Waianae Mall - Waianae, HI $29,762,728 Yorba Canyon - Yorba Linda, CA $20,300,000 ITC Center - Mount Olive, NJ $85,100,000 Marbella Plaza - San Juan Capistrano, CA $29,400,000 Foothill Crossing - Rancho Cucamonga, CA $19,750,000 The District - Henderson, NV $79,300,000 Rosedale Village - Bakersﬁ eld, CA $29,300,000 Woodland Hills Village - Woodland Hills, CA $19,700,000 CVS & Walgreens Portfolio $69,000,000 Island at Carlsbad - Carlsbad, CA $29,000,000 El Super & Shops - Paramount, CA $19,200,000 Gateway Village - Valencia, CA $66,415,000 Courtyards at Talega $29,000,000 Waiakea Shopping Center - Hilo, HI $19,000,000 Crossroads Marketplace - Chino Hills, CA $62,000,000 Ralphs & CVS - Burbank, CA $28,750,000 Island at Carlsbad - Carlsbad, CA $18,500,000 Cobb Place - Atlanta, GA $61,000,000 Village Center - Irvine, CA $27,600,000 Sierra Del Oro Town Center - Corona, CA $18,500,000 Best Plaza - Cerritos, CA $57,000,000 Euclid Plaza - Anaheim, CA $27,500,000 Plaza El Paso - Rancho Santa Margarita, CA $56,639,000 Crossroads Entertainment Center - Chino Hills, CA $26,700,000 Note Sale - Normal, IL $18,000,000 Foothill Crossing - Rancho Cucamonga, CA $54,000,000 Home Depot - Spokane, WA $26,515,000 The Marketplace at Ontario Mills - Ontario, CA $18,000,000 Kohl’s Portfolio - 5 Properties $52,700,000 Montclair East Shopping Center - Montclair, CA $25,530,000 Loma Linda Shopping Center - Nogales, AZ $17,450,000 Everett Mall - Everett, WA $50,200,000 Kahana Gateway - Maui, HI $25,500,000 Lake Forest Plaza - Lake Forest, CA $17,375,000 Aliso Viejo Town Center - Aliso Viejo, CA $50,000,000 Hawthorne Exchange - Hawthorne, CA $25,250,000 Coronado Plaza - Coronado, CA $17,350,000 South Bay Pavilion - Carson, CA $50,000,000 Best Buy Portfolio - 4 Properties $25,000,000 Kohl’s - Redondo Beach, CA $17,250,000 Northglenn Marketplace - Denver, CO $48,000,000 Jeronimo Center - Mission Viejo, CA $25,000,000 Best Buy & Shops - Houston, TX $17,100,000 Centre Point Marketplace - Santa Clarita, CA $47,200,000 Lowe’s - Shippensburg, PA $24,350,000 Fry’s Electronics - Concord, CA $16,841,600 Bluegrass Manor - Saint Matthews, KY $46,100,000 Crossroads Entertainment Ctr - Chino Hills, CA $24,240,000 Pad Southbay Pavillion - 24Hr Fitness - Carson, CA $16,841,000 Marketplace Long Beach - Long Beach, CA $44,300,000 Redondo Beach Plaza - Redondo Beach, CA $23,850,000 Wal-Mart - La Habra, CA $16,500,000 Plaza at Puente Hills - City of Industry, CA $44,000,000 Hemet Village - Hemet, CA $23,378,823 Westchester Place - Los Angeles, CA $16,500,000 Olathe Station Center - Olathe, KS $44,000,000 Santa Fe Springs Promenade - Santa Fe Springs, CA $23,000,000 Winchester Square - Temecula, CA $16,250,000 Wenatchee Valley Mall - East Wenatchee, WA $43,020,000 Gateway Crossroads - Los Angeles, CA $22,900,000 Kona Crossroads - Kona, HI $16,000,000 Mountaingate Plaza - Simi Valley, CA $39,600,000 Waikoloa Highlands Center - Waikoloa Village $22,475,000 Winchester Springs - Murrieta, CA $16,000,000 Hacienda Center - Hacienda Heights, CA $39,300,000 Hawthorne Exchange - Hawthorne, CA $22,300,000 Shops To Simi Valley Town Center - Simi Valley, CA $15,900,000 Shops at Aliso Viejo Town Center - Aliso Viejo, CA $39,000,000 Watson Marketplace - Buckeye, AZ $22,000,000 Net Leased Portfolio $15,725,000 Desert Springs Marketplace - Palm Desert, CA $38,250,000 The Great Mall Of The Great Plains - Olathe, KS $22,000,000 LA Fitness Portfolio - KY, TN, KY $35,901,052 Lakewood Colonial Center - Lakewood, WA $22,000,000 LA Fitness - Irvine, CA $15,450,000 Plaza De San Jose - San Jose, CA $34,000,000 Gooding’s Plaza - Orlando, FL $22,000,000 Kohl’s - Upland, CA $15,430,000 The Great Indoors - Denver, CO $33,700,000 Bryant Ranch Shopping Center - Yorba Linda, CA $21,890,000 “Shops B, C, D” - Santa Clarita, CA $15,371,000 Village at Lee Branch - Birmingham, AL $33,535,000 Coconut Grove Marketplace - Kailau Kona, HI $21,800,000 County Fair Mall - Woodland, CA $15,100,000 Plaza at Puente Hills - City of Industry, CA $33,205,000 Everett Village Center - Everett, WA $21,700,000 Eastlake Medical/Prof Bldg. - Chula Vista, CA $15,092,055 Kauai Village - Kauai, HI $33,000,000 Creekside - Calabasas, CA $21,700,000 Payson Village Center - Payson, AZ $15,075,000 Kenwood Pavillion Place - Cincinnati, OH $32,035,000 Southwood Village - Torrance, CA $21,000,000 Wrigley Marketplace - Long Beach, CA $15,000,000

| 16 FARIS LEE NATIONWIDE TRANSACTIONS (PARTIAL LIST)

City of Industry, CA - Puente Hills Mall $170,500,000 Hawthorne, CA - Hawthorne Exchange Shopping Center - 2007 $25,250,000 Woodland, CA - County Fair Mall $15,100,000 9 States - RUBY TUESDAY PORTFOLIO $150,000,000 Best Buy Portfolio - 4 Properties $25,000,000 Chula Vista, CA - Eastlake Medical/Professional Bldg. $15,092,055 Torrance, CA - Torrance Crossroads $138,000,000 Mission Viejo, CA - Jeronimo Center $25,000,000 Payson, AZ - Payson Village Center $15,075,000 Nationwide - Albertsons Portfolio $101,000,000 Escondido, CA - Gateway Center $24,825,000 Huntington, CA - CVS Pharmacy $15,000,000 Mount Olive, NJ - ITC Center $85,100,000 Shippensburg, PA - Lowe’s $24,350,000 Long Beach, CA - United Paciﬁ c $15,000,000 Henderson, NV - The District $79,300,000 Chino Hills, CA - Crossroads Enterainment Center $24,240,000 Long Beach, CA - Wrigley Marketplace $15,000,000 CVS & Walgreens Portfolio $69,000,000 Redondo Beach, CA - Redondo Beach Plaza $23,850,000 Rancho Santa Margarita, CA - Circuit City and Shops $14,900,000 Santa Clarita, CA - Gateway Village $66,415,000 Hemet, CA - Hemet Village $23,378,823 Monroe, LA - Pecanland Commons $14,600,000 Valencia, CA - Gateway Village $66,415,000 Santa Fe Springs, CA - Santa Fe Springs Promenade $23,000,000 Kapolei, HI - Halekuai Center $14,584,000 Chino Hills, CA - Crossroads Marketplace $62,000,000 Sonoma, CA - Apartment Portfolio $22,996,000 Woodland Hills, CA - Whole Foods/Burger King $14,500,000 Atlanta, GA - Cobb Place $61,000,000 Los Angeles, CA - Gateway Crossroads $22,900,000 Mission Viejo, CA - 3 Pad Building at Trabucco $14,400,000 Cerritos, CA - Best Plaza $57,000,000 Waikoloa Village, HI - Waikoloa Highlands Center $22,475,000 San Diego, CA - Rolando Plaza $14,000,000 Rancho Santa Margarita, CA - Plaza El Paseo $56,639,000 Hawthorne, CA - Hawthorne Exchange $22,300,000 Ontario, CA - The Gateway at Mountain Village - Bldg C $14,000,000 Rancho Cucamonga, CA - Foothill Crossing $54,000,000 Buckeye, AZ - Watson Marketplace $22,000,000 Rancho Santa Margarita, CA - Walgreen’s $13,900,000 Kohl’s Portfolio - 5 Properties $52,700,000 Olathe, KS - The Great Mall of the Great Plains $22,000,000 Peoria, AZ - Peoria Crossings $13,700,000 Las Vegas, NV - Lifetime Fitness $51,000,000 Orlando, FL - Gooding’s Plaza $22,000,000 Irvine, CA - Culver & Barranca $13,688,000 Everett, WA - Everett Mall $50,200,000 Lakewood, WA - Lakewood Colonial Center $22,000,000 Phoenix, AZ - Paradise Valley Mall - 12 Individual Sales $13,611,200 Aliso Viejo, CA - Aliso Viejo Town Center $50,000,000 Yorba Linda, CA - Bryant Ranch Shopping Center $21,890,000 Hesperia, CA - Topaz Marketplace $13,500,000 Carson, CA - South Bay Pavilion $50,000,000 Kailua-Kona, HI - Coconut Grove Marketplace $21,800,000 Norwalk, CA - CVS Pharmacy $13,500,000 Denver, CO - Northglenn Marketplace $48,000,000 Everett, WA - Everett Village Center $21,700,000 Severna Park, MD - Walgreen’s $13,200,000 Santa Clarita, CA - Centre Point Marketplace - Whole $47,200,000 Calabasas, CA - Creekside $21,700,000 Rancho Cucamonga, CA - The Monet $13,200,000 Saint Matthews, KY - Bluegrass Manor Shopping Center $46,100,000 Torrance, CA - Southwood Village $21,000,000 Riverside, CA - Tyler Village $13,000,000 Long Beach, CA - Long Beach Marketplace $44,300,000 Mount Olive, NJ - ITC North $20,800,000 Irvine, CA - Irvine Bristol Park Medical Bldg. $13,000,000 City of Industry, CA - Plaza at Puente Hills $44,000,000 Montebello, CA - Forever 21 $20,750,000 Monrovia, CA - Kohl’s $12,893,000 Olathe, KS - Olathe Station Center $44,000,000 Fontana, CA - Southridge Plaza $20,675,000 Phoenix, AZ - 24 Hour Fitness $12,750,000 East Wenatchee, WA - Wenatchee Valley Mall $43,020,000 Yorba Linda, CA - Yorba Canyon $20,300,000 Scottsdale, AZ - 24 Hour Fitness $12,750,000 Simi Valley, CA - Mountaingate Plaza $39,600,000 Rancho Cucamonga, CA - Foothill Crossing $19,750,000 Chino, CA - Smart & Final $12,750,000 Hacienda Heights, CA - Hacienda Center $39,300,000 Woodland Hills, CA - Woodland Hills Village $19,700,000 Baldwin Park, CA - Baldwin Park Town Center $12,700,000 Aliso Viejo, CA - Shops at Aliso Viejo Town Center $39,000,000 Paramount, CA - El Super & Shops $19,200,000 Venice, CA - Lincoln-Rose Center $12,700,000 Palm Desert, CA - Desert Springs Marketplace $38,250,000 Hilo, HI - Waiakea Shopping Center $19,000,000 City of Industry, CA - The Shoppes at Puente Hills Mall $12,500,000 Wellington, Lexinton, Antioch, Louisville, KY, TN, KY - LA Fitness Portfolio $35,901,052 Carlsbad, CA - Island at Carlsbad $18,500,000 Barstow, CA - Factory Merchants Outlets $12,500,000 San Jose, CA - Plaza de San Jose $34,000,000 Corona, CA - Sierra Del Oro Town Center $18,500,000 Paramount, CA - CVS & Starbucks $12,500,000 Denver, CO - The Great Indoors $33,700,000 Normal, IL - Note Sale $18,000,000 Santa Clarita, CA - Centre Point Marketplace $12,350,000 Birmingham, AL - Village at Lee Branch $33,535,000 Ontario, CA - The Marketplace at Ontario Mills $18,000,000 Orange, CA - Town & Country II $12,250,000 City of Industry, CA - Plaza at Puente Hills $33,205,000 Nogales, AZ - Loma Linda Shopping Center $17,450,000 San Diego, CA - Dave & Busters $12,100,000 Kauai, HI - Kauai Village $33,000,000 Lake Forest, CA - Lake Forest Plaza $17,375,000 Phoenix, AZ - Thomas Center $12,000,000 Cincinnati, OH - Kenwood Pavillion & Kenwood City Place $32,035,000 Coronado, CA - Coronado Plaza $17,350,000 Ontario, CA - Ontario Town Center $11,750,000 Lahaina, HI - Lahaina Gateway $32,000,000 Redondo Beach, CA - Kohl’s $17,250,000 Las Vegas, NV - Spring Valley Town Center $11,500,000 Valencia, CA - Tesoro Village Shopping Center $31,000,000 Houston, TX - Best Buy & Shops $17,100,000 Gilbert, AZ - Encore Plaza $11,150,000 Anderson, SC - Shops $30,300,000 Concord, CA - Fry’s Electronics $16,841,600 Torrance, CA - Sports Authority $11,111,100 Waianae, HI - Waianae Mall $29,762,728 Carson, CA - Pad to SouthBay Pavillion - 24-Hour Fitness $16,841,000 Walgreens Portfolio 2 $11,100,000 San Juan Capistrano, CA - Marbella Plaza $29,400,000 San Francisco, CA - CVS Pharmacy $16,800,000 Rancho Cucamonga, CA - Day Creek Village $11,000,000 Bakersﬁ eld, CA - Rosedale Village $29,300,000 La Habra, CA - Wal-Mart $16,500,000 New Orleans, LA - CVS $10,900,000 Carlsbad, CA - Island at Carlsbad $29,000,000 Los Angeles, CA - Westchester Place $16,500,000 Anderson, SC - Academy Sports & Outdoors $10,900,000 San Clemente, CA - The Courtyards At Talega Phase I & II $29,000,000 Temecula, CA - Winchester Square $16,250,000 Santa Ana, CA - Bristol Street Pads $10,887,500 Burbank, CA - Ralphs $28,750,000 Murrieta, CA - Winchester Springs $16,000,000 Westminster, CO - Willow Run Shopping Center $10,825,000 Irvine, CA - Village Center $27,600,000 Kona, HI - Kona Crossroads $16,000,000 Los Angeles, CA - Rite Aid $10,000,000 Anaheim, CA - Euclid Plaza $27,500,000 Simi Valley, CA - Shops to Simi Valley Town Center $15,900,000 Las Vegas, NV - Lowe’s $10,765,000 Chino Hills, CA - Crossroads Entertainment Center $26,700,000 Net Leased Portfolio $15,725,000 Santa Rosa & Sonoma, CA - Apartment Portfolio - Equity $10,700,000 Spokane, WA - Home Depot $26,515,000 Irvine, CA - LA Fitness $15,450,000 Livermore, CA - Kohl’s $10,650,000 Fontana, CA - Southridge Plaza $25,675,000 Irvine, CA - LA Fitness $15,450,000 Livermore, CA - Plaza 580 $10,600,000 Montclair, CA - Montclair East Shopping Center $25,530,000 Upland, CA - Kohl’s $15,430,000 Rancho Cordova, CA - Kohl’s $10,575,000 Maui, HI - Kahana Gateway $25,500,000 Santa Clarita, CA - “Shops B, C, D” $15,371,000 San Clemente, CA - Courtyards at Talega $10,500,000

| 17 FARIS LEE NATIONWIDE TRANSACTIONS (PARTIAL LIST, CONT.)

Walgreens Portfolio $10,360,000 Temecula, CA - Mall Pad 4-Tenant $7,525,000 Viera, FL - Total Wine & More $6,100,000 Vista, CA - Breeze Hill Commercial Center $10,234,000 Tucson, AZ - Burlington Coat Factory $7,500,000 Escondido, CA - Mission Square Plaza $6,100,000 San Juan Capistrano, CA - Capistrano Collection $10,175,000 Tucson, AZ - Jiffy Lube Portfolio $7,500,000 Santa Ana, CA - Northland Shopping Center $6,100,000 Bermuda Dunes, CA - Washington Square $10,112,000 Lake Forest, CA - Foothill Center $7,400,000 Van Nuys, CA - Crunch Fitness $6,100,000 North Las Vegas, NV - Craig Promenade $10,100,000 Gastonia, NC - Petco & Shops $7,400,000 Avondale, LA - CVS $6,069,000 Rancho Cucamonga, CA - 4 Retail Bldg $10,100,000 Lakewood, CA - Lakewood Collections $7,400,000 Bourbonnais, IL - Best Buy $6,034,000 Viera, FL - T.J. Maxx $10,000,000 Rancho Mirage, CA - Walgreens $7,325,000 Northglenn, CO - Walgreens $6,050,000 Henderson, NV - Kohl’s $10,000,000 Palm Springs, CA - Palm Canyon $7,300,000 Upland, CA - 24 Hour Fitness $6,000,000 Torrance, CA - Lowe’s $10,000,000 Rancho Cordova, CA - Kohl’s $7,283,000 Yuma, AZ - Hastings Entertainment/CVS Center $6,000,000 Tucson, AZ - Walgreen’s $9,951,000 Apex, NC - Kohl’s $7,265,000 San Juan Capistrano, CA - Capistrano Collection $6,000,000 Vernon, NJ - CVS $9,750,000 Rancho Cucamonga, CA - Archicenter (Offi ce & Industrial Building) $7,265,000 Pasadena, CA - Starbucks Center $5,950,000 Baldwin Park, CA - Baldwin Park Town Center $9,750,000 Mission Viejo, CA - Henry’s Marketplace $7,200,000 Huntington Beach, CA - Brookfi eld Promenade $5,900,000 Long Beach, CA - Wrigley Marketplace $9,700,000 Orlando, FL - Hollywood Plaza - Walgreens $7,150,000 West Monroe, LA - Hobby Lobby/Offi ce Depot $5,885,000 Hemet, CA - LA Fitness $9,600,000 Woodland Hills, CA - Warner Center Food Court $7,150,000 Laguna Beach, CA - Broadway Plaza $5,800,000 Stephenville, TX - Washington Square $9,600,000 Viera, FL - Viera Shops $7,132,000 Ontario, CA - Euclid Center $5,750,000 Portland, CA - LA Fitness $9,600,000 Lee’s Summit, MO - 24 Hour Fitness $7,100,000 Apple Valley, CA - Walgreens $5,744,000 Bermuda Dunes, CA - Washington Square $9,550,000 Stockton, CA - Shops at Hammer & West $7,050,000 Santa Clarita, CA - “Shops A” $5,703,350 La Puente, CA - Northgate Market SC $9,400,000 Yorba Linda, CA - Sav-On $7,000,000 Viera, FL - Shops @ Viera/Ulta Salon & Shops $5,700,000 Oceanside, CA - Cornwell Business Center $9,200,000 Rancho Santa Margarita, CA - Town Center Car Wash $6,995,000 Midland, TX - T.J. Maxx/HomeGoods $5,700,000 Aliso Viejo, CA - Walgreens $8,850,000 Richmond Hills, GA - Food Lion $6,985,000 Lubbock, TX - Best Buy $5,700,000 Irwindale, CA - Autronics/A Curtiss-Wright Co $8,850,000 Palatine, IL - Shops at Deer Grove $6,935,000 The Colony, TX - Shops at the Colony $5,697,000 Lake Elsinore, CA - LA Fitness $8,805,000 Murrieta, CA - McDonalds & Shops $6,900,000 Temecula, CA - Tilted Kilt & Pad Shops $5,650,000 Fresno, CA - El Super $8,750,000 Yucaipa, CA - Rite Aid and Shops $6,875,000 Kingston, WA - Rite Aid $5,615,000 Corona, CA - Linens N Things $8,700,000 Palmview, TX - Walgreens $6,840,000 Apple Valley, CA - Staples $5,600,000 Irwindale, CA - Biosense Webster $8,650,000 Riverside, CA - Magnolia Village Plaza $6,750,000 Corona, CA - McKinley Plaza $5,560,000 Kirkland, WA - Rite Aid $8,569,000 Aliso Viejo, CA - Town Center Stadium Brewery $6,725,000 Henderson, NV - Miller’s Ale House $5,530,000 Kenosha, WI - Prairie Ridge $8,525,000 San Clemente, CA - Michaels $6,700,000 Charlotte, NC - CVS $5,504,000 San Juan Capistrano/Escondido, CA - 2 Property Grocery / Jr. Anchor Portfolio (Ross) $8,500,000 Las Vegas, NV - Gateway Plaza $6,695,000 Tustin, CA - Heritage Plaza $5,500,000 Santa Clarita, CA - Santa Clarita Center $8,500,000 Huntsville, TX - CVS $6,694,000 West Hollywood, CA - Redevelopment $5,500,000 Pasadena, CA - Shoppes at Fair Oaks $8,450,000 Laguna Woods, CA - Rite Aid $6,670,000 Las Vegas, NV - Casual Male $5,500,000 Littleton, CO - Best Buy $8,264,000 Franklin, MA - Franklin Retail Center $6,650,000 Santa Ana, CA - Orange County Convenience Center $5,500,000 Laguna Beach, CA - The Plaza $8,225,000 Norco, CA - Hidden Valley Village $6,650,000 Monrovia, CA - 24 Hour Fitness $5,492,000 Riverside, CA - CVS - Starbucks’ Downtown Riverside $8,225,000 Renton, WA - Rite Aid $6,645,000 Charlotte, NC - CVS $5,440,000 Kauai, HI - Coconut Marketplace $8,200,000 Kenosha, WI - Best Buy $6,600,000 Grand Junction, CO - Cabela’s at Mesa Mall $5,430,000 Jacksonville, NC - Hobby Lobby $8,142,000 Lake Forest, CA - Shops to Home Depot $6,600,000 Newport Beach, CA - DaVita Dialysis $5,400,000 Aliso Viejo, CA - PetSmart $8,100,000 Claremont, CA - Claremont Plaza $6,500,000 Phoenix, AZ - Garden Lakes $5,400,000 Rancho Cucamonga, CA - Rancho Cucamounga Town Center $8,100,000 Torrance, CA - Claim Jumper $6,450,000 Hawthorne, CA - El Segundo Center $5,400,000 San Clemente, CA - Courtyards at Talega Medical $8,050,000 Rancho Santa Margarita, CA - Banderas Plaza $6,430,000 San Bernardino, CA - Walgreen’s $5,400,000 La Mirada, CA - La Mirada Crossroads $8,009,000 Lake Forest, CA - Corridor Center Shops A $6,400,000 Leominster, MA - Shops @ Merriam Ave $5,335,000 Fresno, CA - Walgreens $8,000,000 Los Angeles, CA - CVS $6,372,000 Central Falls, RI - Single Tenant CVS $5,300,000 Kapolei, HI - Halekuai Center $8,000,000 Everett, WA - Everett Village Center (TJ Maxx) $6,350,000 Carlsbad, CA - US Bank & 7-Eleven Gas Station $5,300,000 Paramount, CA - CVS & Starbucks $7,950,000 Las Vegas, NV - Conn’s $6,335,000 Visalia, CA - Hobby Lobby $5,272,000 Oceanside, CA - Camino Village $7,950,000 Coronado, CA - Villa Capri by the Sea $6,300,000 Eureka, CA - Kohl’s $5,263,000 Victorville, CA - CVS $7,949,560 Manhattan Beach, CA - Chase Bank $6,250,000 Tucson, AZ - Mission Manor Shopping Center $5,250,000 Moreno Valley, CA - Sports Authority $7,850,000 Chino Hills, CA - Crossroads Entertainment Center $6,250,000 Las Vegas, NV - Shops to Walmart $5,225,000 Phoenix, AZ - Smart & Final Anchored Center $7,850,000 Brea, CA - 375 Birch Street $6,250,000 Stockton, CA - Walgreens $5,210,000 Fontana, CA - Shops at Sierra Lakes $7,840,000 Buena Park, CA - McComber Center $6,250,000 Murrieta, CA - Starbucks/Shops at the Orchard $5,204,000 Torrance, CA - Petco $7,700,000 Coral Springs, FL - Best Buy $6,239,000 La Habra, CA - La Habra Town Center $5,200,000 Arcadia, CA - Walgreens $7,690,000 Palmdale, CA - Shops to Walmart $6,200,000 Victorville, CA - Rite Aid Center - Single Tenant $5,200,000 Daly City, CA - CVS $7,671,000 Cerritos, CA - Sam Ash $6,200,000 Summerlin, NV - Trail’s Shopping Center $5,175,000 Lake Elsinore, CA - Rite Aid $7,612,500 Hemet, CA - Rite Aid $6,150,000 Northglenn, CO - Walgreens Single Tenant $5,150,000 Hesperia, CA - Shops at Topaz $7,600,000 Irvine, CA - Kiddy Academy $6,100,000 La Mirada, CA - Sav-On Drug Store $5,143,000 Lathrop, CA - KB Home Center $7,600,000 Lake Forest, CA - Lake Forest Shops (Home Depot) $6,100,000 Inglewood, CA - Ralphs $5,100,000

| 18 FARIS LEE NATIONWIDE TRANSACTIONS (PARTIAL LIST, CONT.)

Walgreens Portfolio $10,360,000 Temecula, CA - Mall Pad 4-Tenant $7,525,000 Viera, FL - Total Wine & More $6,100,000 West Hollywood, CA - FedEx Offi ce $5,100,000 Fort Collins, CO - Tractor Supply Co $4,461,600 Mission Viejo, CA - Krispy Kreme $3,850,000 Vista, CA - Breeze Hill Commercial Center $10,234,000 Tucson, AZ - Burlington Coat Factory $7,500,000 Escondido, CA - Mission Square Plaza $6,100,000 Cathedral City, CA - Mission Plaza $5,100,000 Montclair, CA - Brighton Retail Plaza $4,450,000 Conyers, GA - Golden Corral $3,828,000 San Juan Capistrano, CA - Capistrano Collection $10,175,000 Tucson, AZ - Jiffy Lube Portfolio $7,500,000 Santa Ana, CA - Northland Shopping Center $6,100,000 Costa Mesa, CA - Citibank $5,037,000 San Antonio, TX - Chuy’s $4,438,596 Long Beach, CA - Lakewood Landing $3,825,000 Bermuda Dunes, CA - Washington Square $10,112,000 Lake Forest, CA - Foothill Center $7,400,000 Van Nuys, CA - Crunch Fitness $6,100,000 Moreno Valley, CA - Rite Aid $5,000,000 Delray Beach, FL - Regions Bank $4,400,000 Corpus Christi, TX - CVS Drug $3,825,000 North Las Vegas, NV - Craig Promenade $10,100,000 Gastonia, NC - Petco & Shops $7,400,000 Avondale, LA - CVS $6,069,000 Redlands, CA - Pep Boys $5,000,000 Camarillo, CA - Shops @ Camarillo Town Center $4,400,000 Mount Prospect, IL - Walgreens $3,820,000 Rancho Cucamonga, CA - 4 Retail Bldg $10,100,000 Lakewood, CA - Lakewood Collections $7,400,000 Bourbonnais, IL - Best Buy $6,034,000 Long Beach, CA - Walmart $5,000,000 Bothell, CA - Bank of America $4,400,000 Lake Forest, CA - AT&T Center $3,818,000 Viera, FL - T.J. Maxx $10,000,000 Rancho Mirage, CA - Walgreens $7,325,000 Northglenn, CO - Walgreens $6,050,000 Paramount, CA - Shops at the Paramount Town Center $5,000,000 Phoenix, AZ - Smart & Final $4,400,000 Killeen, TX - Golden Corral $3,810,000 Henderson, NV - Kohl’s $10,000,000 Palm Springs, CA - Palm Canyon $7,300,000 Upland, CA - 24 Hour Fitness $6,000,000 Rancho Cucamonga, CA - Wahoo’s Center $5,000,000 Palm Desert, CA - Country Club Shops $4,385,000 Pompano Beach, FL - Golden Corral $3,800,000 Torrance, CA - Lowe’s $10,000,000 Rancho Cordova, CA - Kohl’s $7,283,000 Yuma, AZ - Hastings Entertainment/CVS Center $6,000,000 Baldwin Park, CA - Chuck E Cheese $5,000,000 Victorville, CA - The Shops at Bear Valley $4,150,000 Rockwell, TX - Logan’s Roadhouse $3,750,000 Tucson, AZ - Walgreen’s $9,951,000 Apex, NC - Kohl’s $7,265,000 San Juan Capistrano, CA - Capistrano Collection $6,000,000 Ladera Heights, CA - Chuck E Cheese $5,000,000 San Antonio, TX - Logan’s Roadhouse $4,350,000 South Boulder, CO - Del Taco $3,750,000 Vernon, NJ - CVS $9,750,000 Rancho Cucamonga, CA - Archicenter (Offi ce & Industrial Building) $7,265,000 Pasadena, CA - Starbucks Center $5,950,000 Walgreens Portfolio $4,990,000 Vero Beach, FL - PetSmart $4,335,000 Los Angeles, CA - 7 Eleven Shopping Center $3,750,000 Baldwin Park, CA - Baldwin Park Town Center $9,750,000 Mission Viejo, CA - Henry’s Marketplace $7,200,000 Huntington Beach, CA - Brookfi eld Promenade $5,900,000 Fullerton, CA - Shops to St. Jude Medical $4,980,000 Mesquite, TX - Golden Corral $4,325,000 Melbourne, FL - PetSmart $3,748,000 Long Beach, CA - Wrigley Marketplace $9,700,000 Orlando, FL - Hollywood Plaza - Walgreens $7,150,000 West Monroe, LA - Hobby Lobby/Offi ce Depot $5,885,000 Summerlin, NV - Trails at Summit Centre $4,950,000 Mount Juliet, TN - Mattress Firm & Shops $4,309,000 Wichita, KS - Golden Corral $3,710,000 Hemet, CA - LA Fitness $9,600,000 Woodland Hills, CA - Warner Center Food Court $7,150,000 Laguna Beach, CA - Broadway Plaza $5,800,000 Corona, CA - CVS - Shops at Sycamore Creek $4,930,000 Aurora, CO - Texas Roadhouse $4,300,000 Stockton, CA - Hammer & West Pad Shops $3,700,000 Stephenville, TX - Washington Square $9,600,000 Viera, FL - Viera Shops $7,132,000 Ontario, CA - Euclid Center $5,750,000 Murrieta, CA - 2 Tenant Investment $4,925,000 Clifton, CO - New West Station $4,298,000 Aliso Viejo, CA - The Shops at Pacifi c Park $3,700,000 Portland, CA - LA Fitness $9,600,000 Lee’s Summit, MO - 24 Hour Fitness $7,100,000 Apple Valley, CA - Walgreens $5,744,000 Santa Clarita, CA - Offi ce Depot at Centre Pointe Marketplace $4,922,200 Pico Rivera, CA - Pico Crossing $4,275,000 San Dimas, CA - California Bank and Trust $3,681,000 Bermuda Dunes, CA - Washington Square $9,550,000 Stockton, CA - Shops at Hammer & West $7,050,000 Santa Clarita, CA - “Shops A” $5,703,350 La Palma, CA - Kinkos Bldg. $4,900,000 Anaheim, CA - Concourse Bowling Center $4,275,000 Temecula, CA - Men’s Wearhouse Pad/Qdoba $3,680,000 La Puente, CA - Northgate Market SC $9,400,000 Yorba Linda, CA - Sav-On $7,000,000 Viera, FL - Shops @ Viera/Ulta Salon & Shops $5,700,000 Vallejo, CA - CVS $4,882,500 Twin Falls, Watertown, Myrtle Beach, ID, NY, SC - Harbor Freight Portfolio $4,260,740 Richmond, VA - CVS $3,665,987 Oceanside, CA - Cornwell Business Center $9,200,000 Rancho Santa Margarita, CA - Town Center Car Wash $6,995,000 Midland, TX - T.J. Maxx/HomeGoods $5,700,000 Los Angeles, CA - Burger King $4,880,000 Riverside, CA - Provident Bank $4,240,000 Holladay, UT - Shops at Canyon Slope $3,650,000 Aliso Viejo, CA - Walgreens $8,850,000 Richmond Hills, GA - Food Lion $6,985,000 Lubbock, TX - Best Buy $5,700,000 Palmdale, CA - Planet Fitness $4,850,000 Grand Junction, CO - Best Buy $4,230,000 Santa Fe Springs, CA - Jack in the Box $3,650,000 Irwindale, CA - Autronics/A Curtiss-Wright Co $8,850,000 Palatine, IL - Shops at Deer Grove $6,935,000 The Colony, TX - Shops at the Colony $5,697,000 Tustin, CA - Kiddy Academy $4,826,500 San Bernardino, CA - Kendall Square $4,228,000 Orange, CA - Valero $3,640,000 Lake Elsinore, CA - LA Fitness $8,805,000 Murrieta, CA - McDonalds & Shops $6,900,000 Temecula, CA - Tilted Kilt & Pad Shops $5,650,000 Lake Forest, CA - Baker Ranch Strip Center $4,820,000 Forth Worth, TX - Golden Corral $4,222,000 Inglewood, CA - Panda Express / T-Mobile $3,625,000 Fresno, CA - El Super $8,750,000 Yucaipa, CA - Rite Aid and Shops $6,875,000 Kingston, WA - Rite Aid $5,615,000 Pomona, CA - Rite Aid $4,800,000 San Antonio, TX - CVS $4,200,000 La Habra, CA - Union Bank at La Habra Town Center $3,621,000 Corona, CA - Linens N Things $8,700,000 Palmview, TX - Walgreens $6,840,000 Apple Valley, CA - Staples $5,600,000 Kenosha, WI - Windsor Pointe $4,800,000 Huntington Beach, CA - Warner Auto $4,200,000 Garden Grove, CA - Today’s Design $3,600,000 Irwindale, CA - Biosense Webster $8,650,000 Riverside, CA - Magnolia Village Plaza $6,750,000 Corona, CA - McKinley Plaza $5,560,000 Temecula, CA - Verizon & Vitamin Shoppe - Plaza Temecula 1 $4,800,000 Walnut, CA - Tutor Time $4,150,000 Pulaski, VA - Food City $3,600,000 Kirkland, WA - Rite Aid $8,569,000 Aliso Viejo, CA - Town Center Stadium Brewery $6,725,000 Henderson, NV - Miller’s Ale House $5,530,000 Cerritos, CA - Comerica Bank $4,800,000 Bakersfi eld, CA - Big Lots $4,145,000 Chino Hills, CA - Buffalo Wild Wings $3,600,000 Kenosha, WI - Prairie Ridge $8,525,000 San Clemente, CA - Michaels $6,700,000 Charlotte, NC - CVS $5,504,000 Downey, CA - Firestone Plaza $4,800,000 Los Angeles, CA - Chase Bank $4,140,000 Tustin, CA - St. Joseph’s Hospital of Orange $3,580,000 San Juan Capistrano/Escondido, CA - 2 Property Grocery / Jr. Anchor Portfolio (Ross) $8,500,000 Las Vegas, NV - Gateway Plaza $6,695,000 Tustin, CA - Heritage Plaza $5,500,000 Houston, TX - Baybrook Collection S/C $4,775,000 Siloam Springs, AR - Community Health Services $4,100,000 Santa Ana, CA - Starbucks Center $3,578,000 Santa Clarita, CA - Santa Clarita Center $8,500,000 Huntsville, TX - CVS $6,694,000 West Hollywood, CA - Redevelopment $5,500,000 Prescott, CA - PetSmart $4,765,000 Rancho Cucamonga, CA - Tutor Time $4,100,000 Atlanta, GA - McDonald’s $3,575,000 Pasadena, CA - Shoppes at Fair Oaks $8,450,000 Laguna Woods, CA - Rite Aid $6,670,000 Las Vegas, NV - Casual Male $5,500,000 Reseda, CA - CVS $4,765,000 Lakewood, CA - Del Amo Square $4,100,000 Apple Valley, CA - Auto Club of SoCal - Jess Ranch Marketplace $3,565,000 Littleton, CO - Best Buy $8,264,000 Franklin, MA - Franklin Retail Center $6,650,000 Santa Ana, CA - Orange County Convenience Center $5,500,000 Baton Rouge, LA - CVS $4,750,000 North Richland Hills, TX - Golden Corral $4,071,000 El Paso, TX - Forever 21 $3,560,000 Laguna Beach, CA - The Plaza $8,225,000 Norco, CA - Hidden Valley Village $6,650,000 Monrovia, CA - 24 Hour Fitness $5,492,000 Indio, CA - Heritage Court $4,750,000 Tampa, FL - Golden Corral $4,069,000 Tulsa, OK - Logan’s Roadhouse $3,554,000 Riverside, CA - CVS - Starbucks’ Downtown Riverside $8,225,000 Renton, WA - Rite Aid $6,645,000 Charlotte, NC - CVS $5,440,000 Norwalk, CA - Fresh & Easy $4,750,000 Tustin, CA - Newport Center $4,050,000 Riverside, CA - Denny’s $3,535,000 Kauai, HI - Coconut Marketplace $8,200,000 Kenosha, WI - Best Buy $6,600,000 Grand Junction, CO - Cabela’s at Mesa Mall $5,430,000 City of Industry, CA - Plaza at Puente Hills - Claim Jumper $4,750,000 Simi Valley, CA - Simi Valley Town Center - Jared Jewelers $4,050,000 Moreno Valley, CA - TitleMax & Coast Dental $3,525,000 Jacksonville, NC - Hobby Lobby $8,142,000 Lake Forest, CA - Shops to Home Depot $6,600,000 Newport Beach, CA - DaVita Dialysis $5,400,000 Nashua, NH - Pep Boys $4,734,000 Rancho Cucamonga, CA - Pei Wei/Niko $4,050,000 Temecula, CA - Hallmark 3-Tenant $3,525,000 Aliso Viejo, CA - PetSmart $8,100,000 Claremont, CA - Claremont Plaza $6,500,000 Phoenix, AZ - Garden Lakes $5,400,000 San Jacinto, CA - Rite Aid $4,700,000 Chicago, IL - First Midwest Bank $4,047,000 Gardena, CA - Dollar Tree $3,516,000 Rancho Cucamonga, CA - Rancho Cucamounga Town Center $8,100,000 Torrance, CA - Claim Jumper $6,450,000 Hawthorne, CA - El Segundo Center $5,400,000 Palmdale, CA - BJs Restaurant and Brewey $4,700,000 Riverside, CA - Riverside Strip Center $4,025,000 Elk Grove, CA - Chicago Fire $3,513,333 San Clemente, CA - Courtyards at Talega Medical $8,050,000 Rancho Santa Margarita, CA - Banderas Plaza $6,430,000 San Bernardino, CA - Walgreen’s $5,400,000 Katy, TX - 3-Tenant Strip Center (Grand Crossing) $4,650,000 City of Industry, CA - Plaza at Puente Hills - Benihana $4,017,383 Thousand Oaks, CA - Burlington Coat Factory $3,500,000 La Mirada, CA - La Mirada Crossroads $8,009,000 Lake Forest, CA - Corridor Center Shops A $6,400,000 Leominster, MA - Shops @ Merriam Ave $5,335,000 Scottsdale, CA - Fresh & Easy $4,650,000 Houston, TX - Raising Cane’s $4,006,000 Anthem, AZ - Tutor Time $3,500,000 Fresno, CA - Walgreens $8,000,000 Los Angeles, CA - CVS $6,372,000 Central Falls, RI - Single Tenant CVS $5,300,000 Victorville, CA - Kindercare $4,600,000 Long Beach, CA - Palm Tree Center $4,000,000 San Diego, CA - Ocean View Hills Shopping Center $3,500,000 Kapolei, HI - Halekuai Center $8,000,000 Everett, WA - Everett Village Center (TJ Maxx) $6,350,000 Carlsbad, CA - US Bank & 7-Eleven Gas Station $5,300,000 San Juan Capistrano, CA - Capistrano Collection $4,600,000 Tustin, CA - St. Joseph Heritage Medical Group $4,000,000 Douglasville, GA - Aspen Dental & Mattress Firm $3,488,000 Paramount, CA - CVS & Starbucks $7,950,000 Las Vegas, NV - Conn’s $6,335,000 Visalia, CA - Hobby Lobby $5,272,000 Glendale, AZ - Shops at Aspera $4,545,000 San Marino, CA - One West Bank $3,995,000 Newnan, GA - Golden Corral $3,479,000 Oceanside, CA - Camino Village $7,950,000 Coronado, CA - Villa Capri by the Sea $6,300,000 Eureka, CA - Kohl’s $5,263,000 Los Angeles, CA - VCA & Dog Bakery $4,542,000 Seal Beach, CA - Coffee Bean Center $3,980,000 Quincy, MA - BJ’s Gas Station $3,455,000 Victorville, CA - CVS $7,949,560 Manhattan Beach, CA - Chase Bank $6,250,000 Tucson, AZ - Mission Manor Shopping Center $5,250,000 Phoenix, AZ - Village Shops $4,511,000 Bristol, VA - Logan’s Roadhouse $3,960,000 Spartanburg, SC - Dorman Crossroads $3,407,000 Moreno Valley, CA - Sports Authority $7,850,000 Chino Hills, CA - Crossroads Entertainment Center $6,250,000 Las Vegas, NV - Shops to Walmart $5,225,000 Temecula, CA - Citibank 3-Tenant Pad $4,511,000 Eagle River, WI - Walgreens $3,950,000 Duarte, CA - Starbucks $3,400,000 Phoenix, AZ - Smart & Final Anchored Center $7,850,000 Brea, CA - 375 Birch Street $6,250,000 Stockton, CA - Walgreens $5,210,000 Santa Clarita, CA - Goodwill $4,510,000 Laguna Hills, CA - La Paz Retail Center $3,950,000 Temecula, CA - 3-Tenant Pad $3,398,000 Fontana, CA - Shops at Sierra Lakes $7,840,000 Buena Park, CA - McComber Center $6,250,000 Murrieta, CA - Starbucks/Shops at the Orchard $5,204,000 North Little Rock, AR - Chuy’s Mexican Food $4,500,000 Santa Clarita, CA - Bouquet Canyon $3,920,000 Peoria, AZ - Circle K $3,383,000 Torrance, CA - Petco $7,700,000 Coral Springs, FL - Best Buy $6,239,000 La Habra, CA - La Habra Town Center $5,200,000 Laguna Hills, CA - Chevron $4,500,000 Los Angeles, CA - Norton & Olympic Strip Center $3,900,000 Glendale, CA - Kenneth Village $3,375,000 Arcadia, CA - Walgreens $7,690,000 Palmdale, CA - Shops to Walmart $6,200,000 Victorville, CA - Rite Aid Center - Single Tenant $5,200,000 Mesa, AZ - Goodwill $4,500,000 South Gate, CA - Starbucks Center $3,900,000 City of Industry, CA - Plaza at Puente Hills - Mimis Café $3,368,000 Daly City, CA - CVS $7,671,000 Cerritos, CA - Sam Ash $6,200,000 Summerlin, NV - Trail’s Shopping Center $5,175,000 Cathedral City, CA - Burlington Coat $4,500,000 Kansas City, KS - Logan’s Roadhouse $3,892,000 Murrieta, CA - DaVita Dialysis $3,360,000 Lake Elsinore, CA - Rite Aid $7,612,500 Hemet, CA - Rite Aid $6,150,000 Northglenn, CO - Walgreens Single Tenant $5,150,000 Chino Hills, CA - Chino Starbucks $4,500,000 Brea, CA - Brea Redevelopment $3,850,000 Whitehall, OH - Golden Corral $3,355,000 Hesperia, CA - Shops at Topaz $7,600,000 Irvine, CA - Kiddy Academy $6,100,000 La Mirada, CA - Sav-On Drug Store $5,143,000 Bloomington, CA - San Bernardino Cty-Cedar Village $4,500,000 Beebe, AR - Shops at Center St $3,850,000 Helotes, TX - Slim Chicken $3,350,000 Lathrop, CA - KB Home Center $7,600,000 Lake Forest, CA - Lake Forest Shops (Home Depot) $6,100,000 Inglewood, CA - Ralphs $5,100,000 Perris, CA - Starbucks & Jiffy Lube $4,475,000 San Bernardino, CA - DaVita Dialysis $3,850,000 Lewisville, TX - Logan’s Roadhouse $3,350,000

| 19 FARIS LEE NATIONWIDE TRANSACTIONS (PARTIAL LIST, CONT.)

Fort Myers, FL - Pep Boys $3,343,000 Las Vegas, NV - Vitamin Shoppe/Pearle Vision $2,963,000 Cincinnati, OH - Wendy’s $2,562,000 North Hollywood, CA - Cahuenga Plaza $3,340,000 Elgin, IL - Applebee’s $2,960,000 Indianapolis, IN - Golden Corral $2,560,000 Bakersfi eld, CA - Emergency Urgent Care $3,325,000 Pueblo, CO - Best Buy $2,950,000 Avondale, AZ - Shops to Home Depot & Sam’s Club $2,550,000 Hampton, VA - Applebee’s $3,312,000 Greensboro, NC - Hooters $2,943,000 Lake Forest, CA - Pat & Oscars $2,550,000 Chicago (Wheaton), IL - Cozymels Mexican Grill $3,300,000 Moreno Valley, CA - Walgreens $2,916,000 Oak Lawn, IL - Burger King $2,545,000 Windsor Locks, CT - Ruby Tuesday $3,300,000 Lake Forest, CA - Shell Gas $2,915,000 Victorville, CA - McDonald’s $2,535,000 Murrieta, CA - Bank of America $3,300,000 Leawood, KS - IHOP $2,900,000 Dallas, TX - Golden Corral $2,533,000 Fullerton, CA - Chapman Center $3,300,000 FL - Family Dollar Portfolio $2,900,000 Brea, CA - 160 Building $2,525,000 La Habra, CA - Big Lots $3,300,000 Anthem, AZ - Anthem Eastside Shops $2,900,000 San Clemente, CA - California National Bank $2,525,000 Charlotte, NC - University Street $3,292,000 Pasadena, CA - 320 South Lake Avenue $2,900,000 Palmdale, CA - Dollar Tree $2,500,000 Rancho Cucamonga, CA - Farrell’s $3,292,000 Costa Mesa, CA - Shakey’s Pizza Center $2,900,000 Idaho Springs, CO - Carl’s Jr. $2,500,000 Torrance, CA - Starbucks Drive Thru Center $3,290,000 Phoenix, AZ - Goodwill Industries $2,890,000 Mentor, OH - Ruby Tuesday $2,500,000 Hesperia, CA - US Bank $3,280,000 Carson, CA - Washington Mutual $2,880,000 Richardson, TX - Golden Corral $2,500,000 Riverside, CA - O’Reilly Auto Parts $3,285,000 New Hartford, NY - Pep Boys $2,860,000 Las Vegas, NV - 7-Eleven $2,500,000 Rancho Mirage, CA - Monterey Marketplace $3,275,000 Buda, TX - CVS $2,836,000 Chandler, AZ - Former Albertson’s $2,500,000 Apple Valley, CA - BLDG I - Jess Ranch $3,265,000 Corona Del Mar, CA - Triplex $2,825,000 Apple Valley, CA - Oggi’s Pizza & Brewery Rest-JRM $2,500,000 Stow, OH - Applebee’s $3,258,000 Greensboro, NC - Ruby Tuesday $2,814,000 Houston, TX - Pier 1 $2,490,000 Newnan, GA - Verizon $3,250,000 Sonora, CA - McDonald’s $2,810,000 Lake Forest, CA - Starbucks $2,480,000 Cudahy, CA - Cudahy Strip Center $3,250,000 Warner Robins, GA - Warner Robins Shops $2,800,000 The Woodlands, TX - Woodlands Place $2,478,821 West Covina, CA - Starbucks Center $3,240,000 Alpine, CA - McDonalds $2,800,000 Lexington, VA - Ruby Tuesday $2,467,414 Santa Fe Springs, CA - Starbucks Drive Thru Center $3,200,000 Los Angeles, CA - 1522 Hayworth $2,800,000 Henderson, NV - El Pollo Loco $2,462,000 Tustin, CA - Joann Fabric $3,200,000 Orlando, FL - Ruby Tuesday $2,800,000 Mebane, NC - Ruby Tuesday $2,456,000 Anoka, MN - Walgreen’s $3,190,000 Cerritos, CA - TJ Maxx $2,800,000 Palm Desert, CA - Dollar Tree / 2 Tenant $2,450,000 LaVale, MD - Applebee’s $3,175,133 Carson, CA - Pad to SouthBay Pavillion - Chili’s $2,800,000 New Hartford, NY - Pep Boys $2,450,000 Fontana, CA - Starbucks $3,170,000 Alexandria, VA - Ruby Tuesday $2,795,000 Henderson, NC - Ruby Tuesday $2,440,786 Redlands, CA - Coco’s $3,160,000 Anaheim, CA - Del Taco $2,775,000 Winchester, VA - Ruby Tuesday $2,440,786 Grandville, MI - Applebee’s $3,150,000 Montclair, CA - Montclair Promenade $2,750,000 Long Beach, CA - Bixby Knolls Plaza $2,420,000 Inglewood, CA - Crenshaw Gateway $3,150,000 Pooler, GA - Ruby Tuesday $2,716,000 Murrieta, CA - Del Taco $2,400,000 Las Vegas, NV - Shops at Craig & Jones $3,140,000 Baldwin Park, CA - O’Reilly Auto Parts $2,710,000 Ridgecrest, CA - Shops to Home Depot $2,400,000 Los Angeles, CA - Starbucks & T-Mobile $3,140,000 Marina Del Rey, CA - Latitude 33 $2,700,000 Moreno Valley, CA - AutoZone $2,391,000 Brea, CA - Two Tenant Medical $3,130,000 City of Industry, CA - PPH JITB/Preferred Bank $2,700,000 Pueblo West, CO - Pueblo West Retail Center $2,375,000 Norman, OK - Aspen Dental $3,125,000 Comstock Park, MI - Applebee’s $2,680,000 Lithonia, GA - Ruby Tuesday $2,371,000 Vista, CA - US Bank $3,108,000 Murrieta, CA - Goodyear Tire $2,680,000 San Antonio, TX - Taco Cabana $2,364,000 Dixon, TN - Logan’s Roadhouse $3,100,000 Fort Worth, TX - Pier 1 $2,680,000 Brunswick, GA - Logan’s Roadhouse $2,362,000 Fountain Hills, AZ - Eagle Mountain Village Marketplace $3,100,000 Burleson, TX - Golden Corral $2,671,000 Pfl ugerville, TX - Jack in the Box $2,360,000 Scottsdale, AZ - The Shops at Gainey Ranch $3,100,000 Victorville, CA - Rite Aid Center - The Shops $2,665,000 Norwalk, CA - Del Taco $2,350,000 College Station, TX - Verizon Strip Center $3,100,000 Bethlehem, PA - Ruby Tuesday $2,661,886 Suffolk, VA - Ruby Tuesday $2,314,984 Coral Springs, FL - Ruby Tuesday $3,090,000 Paris, TX - Applebee’s $2,660,000 Irving, TX - Golden Corral $2,300,000 Roswell, NM - Burger King $3,080,000 Santa Fe Springs, CA - Bank of the West $2,652,750 Jacksonville, FL - Ruby Tuesday $2,300,000 Long Beach, CA - Starbucks Center $3,055,000 Tucson, AZ - Carl’s Jr $2,650,000 Apple Valley, CA - Pomona First Federal Bank - Jess Ranch Marketplace $2,300,000 Inglewood, CA - Starbucks Center $3,020,000 Myrtle Beach, SC - Hooters $2,650,000 Los Angeles, CA - Whittier Blvd. Shops $2,300,000 Blytheville, AR - Tractor Supply $3,012,909 Ontario, CA - Del Taco $2,650,000 Amsterdam, NY - Ruby Tuesday $2,292,000 Melrose Park, IL - Mattress Firm $3,000,000 San Antonio, TX - Pep Boys $2,635,000 Victorville, CA - Jack in the Box $2,275,000 Wake Forest, NC - Applebee’s $3,000,000 Tampa, FL - Pep Boys $2,630,000 Larned, KS - Shopko $2,270,328 Kenosha, WI - Williams Corner $3,000,000 Compton, CA - Fresh & Easy - Tesco $2,630,000 Lake Forest, CA - Jack in the Box $2,250,000 Costa Mesa, CA - Harbor Blvd. Strip Center $3,000,000 Hesperia, CA - Bob’s Big Boy $2,630,000 Lancaster, CA - Del Taco $2,250,000 Dallas, TX - Golden Corral $3,000,000 Warner Robins, GA - Logan’s Roadhouse $2,626,847 Norwalk, CA - Del Taco $2,250,000 Ontario, CA - 2 Tenant NNN Investment $3,000,000 Bennett, CO - Carl’s Jr. $2,600,000 Mason, OH - Ruby Tuesday $2,246,000 Long Beach, CA - CVS $3,000,000 Anderson, IN - CVS $2,600,000 Fontana, CA - Big 5 Sporting Goods $2,235,000 Midlothian, VA - Applebee’s $2,988,373 Corona, CA - Wells Fargo Bank at Sycamore $2,600,000 Summerlin, NV - Del Taco $2,225,000 Upland, CA - Foothill Village West $2,977,000 Cerritos, CA - Cathay Bank Building $2,600,000 Torrance, CA - Smile Care Dental $2,221,000 Bakersfi eld, CA - Valvoline $2,975,000 Pasadena, CA - The District $2,580,000 Mora, NM - Family Dollar $2,210,000 San Antonio, TX - Camelot Plaza $2,975,000 Martinsburg, WV - Applebee’s $2,576,186 Vista, CA - Carl’s Jr $2,200,000

| 20 HIGHLIGHTED NATIONAL SALES TRANSACTIONS

WESTMINSTER, CO NORTHBROOK, IL WILLOW RUN SHOPPING CENTER VILLAGE SQUARE EVERETT, WA $10,825,000 $79,000,000 EVERETT MALL BELLEVUE, WA THE SHOPS AT THE BRAVERN $110,000,000 OLATHE, KS ST. MATTHEWS, KY $79,000,000 OLATHE STATION CENTER EVERETT VILLAGE BLUEGRASS MANOR SHOPPING MOUNT TOWNSHIP, NJ $44,000,000 CENTER ITC CENTER $28,000,000 DENVER, CO WENATCHEE, WA $46,100,000 NORTHGLENN MARKETPLACE $64,300,000 WENATCHEE VALLEY MALL $48,000,000 VANCOUVER, WA $43,020,000 RACINE, WI CINCINNATI, OH PADDEN MARKET CENTER THE GREAT INDOORS REGENCY MALL SYCAMORE PLAZA AT KENWOOD PENNSDALE, PA $18,200,000 $33,700,000 $9,600,000 $61,050,000 LYCOMING MALL KENWOOD PAVILION $28,500,000 $17,685,000 KENWOOD CITY PLACE HILLSBORO, OR HILLSBORO TOWN CENTER $14,350,000 $10,000,000

LIVERMORE, CA PLAZA 580 $10,600,000

ANDERSON, SC ANDERSON STATION $30,300,000 PITTSBURG, CA NORTH PARK PLAZA $21,375,000

SAN JOSE, CA SEE SOUTHERN PLAZA DE SAN JOSE CALIFORNIA MAP ORMOND BEACH, FL $34,000,000 THE TRAILS $23,000,000 HENDERSON, NV THE DISTRICT AT GREEN VALLEY RANCH $79,300,000

PHOENIX, AZ PAYSON, AZ WATSON MARKETPLACE PAYSON VILLAGE $22,000,000 ATLANTA, GA $15,075,000 COBB PLACE $61,000,000 NOGALES, AZ LOMA LINDA SHOPPING CENTER ORLANDO, FL $22,000,000 BIRMINGHAM, AL HOUSTON, TX VILLAGE AT LEE BRANCH GOODING'S PLAZA/HOLLYWOOD WESTGATE MARKET PLAZA $33,535,000 PUEBLO, CO $25,100,000 $22,000,000 PUEBLO MALL $32,000,000 KELLER, TX MONROE, LA KELLER PLACE PECANLAND COMMONS $14,300,000 $14,600,000

| 21 HIGHLIGHTED SO CAL / HAWAII SALES TRANSACTIONS

5 6

2 4 1 13 12

10 11

18 9 19 17 7 8 15 16

25 14 26

22 20

21 24

23 HIGHLIGHTED SOCAL SALES TRANSACTIONS

3. SIMI VALLEY | Mountaingate Plaza | $39,600,000 18. CHINO HILLS | Crossroads Marketplace | $62,000,000

4. CALABASAS | Creekside | $21,700,000 19. CORONA | Sierra Del Oro Town Center | $18,500,000

5a. VALENCIA | Tesoro Village Shopping Center | $31,000,000 20. COSTA MESA | Costa Mesa Square | $19,935,000

8. TORRANCE | Torrance Crossroads|$138,000,000 24. MURRIETA | Winchester Springs|$16,000,000

9. GARDENA | Gardena Marketplace | $19,100,000 25. HEMET|Hemet Village | $23,380,000

10a. CITY OF INDUSTRY | Puente Hills Mall|$170,500,000 26. PALM DESERT|Desert Springs Marketplace | $28,250,000

| 22 HIGHLIGHTED HAWAII SALES TRANSACTIONS

3 6

4 5

7 8

9 HIGHLIGHTED HAWAII SALES TRANSACTIONS

6. KAILUA | Windward Town & Country | $29,600,000 12. HILO|Waiakea Shopping Center | $19,000,000

7. KIHEI (MAUI) | Pilani Village | $27,000,000

| 23 CASE STUDIES

Northglenn Marketplace | Denver, CO $48,000,000 439,063 SF Big Box Community Center in Denver MSA

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Rare infill Denver add redevelopment opportunity »» Focused on the strong fundamentals of Denver »» Created over 19 highly qualified offers in initial bid due date »» High profile Denver freeway location with significant »» Showcased the limited supply of available big-box traffic counts inventory »» Closed at contract price with significant non- refundable deposit at signing of PSA »» Strong existing tenant line-up with strong demand »» Created a redevelopment business plan including from anchor and shops tenants an entertainment component in alliance with a »» Exceeded seller expectations at highwater market tenant rep local leasing team of BOV’s

| 24 CASE STUDIES (CONT.)

CVS | San Francisco, CA $16,800,000 A 17,920 SF Trophy CVS Pharmacy located in dense, infill San Fransisco

AT A GLANCE FARIS LEE STRATEGY RESULTS »» San Francisco trophy real estate, legacy asset. Over »» Targeted market California 1031 exchange buyer »» Record sale price, closed all-cash at the lowest cap 411,000 people within 3 miles through Faris Lee exchange database rate ever over $15M for CVS, 4.0% cap rate »» CVS credit, BBB+ »» Targeted market Asian buyers through Faris Lee »» Closed with 1031 exchange hotel group from the foreign buyer database bay area »» New 2017 construction with new 15 year lease term »» Positioned as legacy asset, trophy real estate »» Closed at $938 per square foot

| 25 CASE STUDIES (CONT.) Coconut Grove | Kailua-Kona, HI $21,800,000 49,513 sf of ocean-front Hawaii lifestyle, specialty retail center

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Primary local mom & pop restaurant, food concepts »» Focused on rare opportunity to acquire »» Attracted strong investor interest from Hawaii as irreplaceable ocean-front Hawaii retail center with well as the mainland with multiple offers »» Short term leasehold on portion of parking lot rare ample parking »» Procured highly motivated investor with vacation »» Capitalizing over $350,000 % rent »» Showcased highly successful restaurant and daily home in Kona needs (ABC store) operators with increasing yearly »» Exceeded seller expectations delivering strong sales teturn to ownership private equity fund »» Private family lessor on parking lot willing to negotiate GL extension post closing »» Branded site as the primary community gathering spot with grass courtyards & volleyball beach experience

| 26 CASE STUDIES (CONT.)

Plaza El Paseo | Rancho Santa Margarita, CA $56,639,000 Sold for $56.6 million despite $32 million encumbrance Property had been unsuccessfully marketed by another national firm prior to Faris Lee taking on the assignment

AT A GLANCE FARIS LEE STRATEGY RESULTS »» $32,000,000 low-leverage conduit loan (requiring »» Communicate high demand for vacant space within »» Created a 1031 exchange need by identifying the loan assumption by buyer) the subject property, to show income appreciation assets to be sold, producing required equity potential »» 2 properties encumbered by one CMBS loan »» Fulfilled investor’s need for a legacy / generational »» Utilize Faris Lee’s Trading Desk to find low-leverage asset investment »» Property had been unsuccessfully marketed by investor with required liquid funds another national firm prior to Faris Lee taking on »» Developed a strategy to create a buyer which fit a the assignment »» Create 1031 strategy for investor: sale of very narrow segment of the market apartments to trigger exchange requirement

| 27 CASE STUDIES (CONT.)

Bluegrass Manor | Saint Matthews, KY $46,100,000 A 150,000 SF grocery-anchored center Garnered significant offer activity from a variety of investor profiles including pension funds, large private equity funds, REITs and private investment companies

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Short-term leasehold interest remaining - 41 years »» Strong-performing Whole Foods store / »» Garnered significant offer activity from a variety irreplaceable (A+) real estate of investor profiles including pension funds, large »» Large LA Fitness building footprint private equity funds, REITs and private investment »» Under-market rent of anchor tenant combined with »» Lack of long-term income growth companies potential pad development »» Closed at contract price with a nominal offset due »» Nominal ground rent payment throughout the term to 20 year existing roof ($12,000 annually) »» Closed at a cap rate of 6.65% for a leasehold »» Focused on long-term redevelopment opportunity interest with 41 years remaining

| 28 CASE STUDIES (CONT.)

Lifetime Fitness | Las Vegas, NV $51,000,000 Created competitive bid process among institutional and private investors Solved concerns over specialized use and potential cost to retenant

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Concern over specialized use and potential cost to »» Focused on private investors / principals »» 5.80% cap rate, largest single tenant sale in Las retenant Vegas history, and one of the top five largest single »» Utilized Faris Lee’s proprietary database tenant retail sales nationally in 2015 »» Capital market fluctuations during escrow put buyer »» Provided comparable lease and sales analysis for funding buyer and buyer’s lender at risk

| 29 CASE STUDIES (CONT.)

Kenwood City Place & Kenwood Pavilion | Cincinnati, OH $32,035,000 Brand new building,100% occupied center, strong anchor tenant: LA Fitness Strategic outreach on this property, combined with a solid market location, created a bidding war resulting in multiple offers for the properties separately and as a portfolio

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Strong tenant lineup, excellent tenant synergy »» Marketed to Faris Lee’s property buying pool »» Generated multiple competing offers from various buyer profiles »» Brand new development with above-market rents »» Showcased the strength of the location and trade area »» Closed with 1031 exchange buyer from Colorado »» Near-term rollover »» Marketed as individual or portfolio sale, to »» Record breaking price PSF »» Lack of national/credit tenants within the centers maximize pricing

| 30 CASE STUDIES (CONT.)

Rosedale Village | Bakersfield, CA $29,300,000 Older center with outdated architecture and store facades; deferred maintenance Historical negative market perception of both trade area and the center

AT A GLANCE FARIS LEE STRATEGY »» 222,000 SF community center »» Focused on the strong fundamentals of the Bakersfield economy »» Overcame investor stigma of the Bakersfield trade area »» Stressed the strength of the underlying local northwest Bakersfield market »» Short-term / dark anchor leases: Save Mart & Rite Aid »» Showcased the limited supply of available big box inventory »» Older center with outdated architecture and store facades; deferred maintenance »» Underwrote the potential strong returns by repositioning / redeveloping the center – low »» Historical negative market perception of the center existing rents compared with similar quality retail

| 31 CASE STUDIES (CONT.)

Westgate Marketplace | Houston, TX $25,100,000 Market-leading cap rate for non-grocery-anchored multi-tenant retail in Texas 1,292 SF space vacated during escrow.

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Short-term LA Fitness lease - 4 years »» Targeted private event-driven buyers »» 6.78% cap rate; over $300 PSF »» No reported store sales »» Marketed to South American and other »» International buyer closed with CMBS loan international buyers »» 1,292 SF space vacated during escrow »» Discussed store performance with tenants via interviews during escrow

| 32 CASE STUDIES (CONT.)

Ruby Tuesday, INC. | Nationwide $150,000,000 Sale-leaseback strategy employed in multi-property sale for Ruby Tuesday portfolio The properties, occupied by Ruby Tuesday restaurants in strong locations, include new, absolute NNN 15-year lease terms and annual rent increases. AT A GLANCE FARIS LEE STRATEGY worked to educate the West Coast buyer on Ruby Tuesday as a brand »» Faris Lee named exclusive broker to market a »» Faris Lee advised Ruby Tuesday on a strategy number of properties occupied by Ruby Tuesday crafted to maximize the value by selling the assets throughout the eastern United States individually to a large buyer pool of smaller investors RESULTS at market rates, as opposed to the entire portfolio »» All of the sales have been within 4 percent of list »» Opportunity to achieve strong returns combined with being sold to one institutional-type buyer who price, most within 2.5 Percent of list price the security of owning a hard asset attracted a diverse would expect discounted portfolio pricing buyer base, many of which are first time single tenant »» Many sales to date have set cap rate records for the asset buyers »» Faris Lee sourced some buyers through its wealth lowest cap rates achieved in their respective markets management group, a division that has been for a sit-down restaurant investment within the last growing within the firm as high net worth individuals 3 years increasingly turn to commercial real estate in search » of secure and stable investments » Exceeded seller expectations - lowest cap rates for a sit-down restaurant »» As Ruby Tuesday restaurants have a more concentrated presence on the East Coast, the firm

| 33 CASE STUDIES (CONT.)

Puente Hills Mall | City of Industry, CA $142,000,000 Nation’s largest TIC transaction for 36 investors Took on challenge to find a creative solution that would produce a high return for the seller and a unique investment opportunity for the buyer, leveraging the firm’s relationships to go after the best buyer pool.

AT A GLANCE FARIS LEE STRATEGY RESULTS »» 1.2 million SF mall »» Advised sponsor in pooling of 36 investors, the »» Opened up opportunities for investors seeking the largest number ever to join a tenant-in-common benefits of 1031 tax-deferred exchanges and retail »» 90% occupied transaction, raising $56 million in capital to acquire real estate investing »» Tenants include Burlington Coat Factory, Compusa, the Puente Hills Mall »» Resold asset 18 months later at $29 million profit AMC 20 screen theatres, Linens-N-Things, Old »» Isolated the most successful retailers in order to Navy, and Spectrum Sports Club »» Resulted in the largest CMBS-structured loan for a maximize sales PSF volume tenant-in-common transaction in history »» The mall combined department stores, big- box “power center” retailers, restaurants, and entertainment venues to create high volume cross traffic

| 34 CASE STUDIES (CONT.)

Torrance Crossroads | Torrance, CA $138,000,000 Pioneered the nation’s largest break-up strategy Faris Lee sold the 492,000 SF center on behalf of PCCP, LLC for $138 million, 10 months after the firm acquired it for $107 million. $30 million in value was created solely through a creative marketing strategy.

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Regional shopping center with grocery component »» Advised client with acquisition, formation of unique »» Achieved closing within a short three-month owner’s association documents, and parcel break- timeframe »» Anchored by Sam’s Club, Home Depot, Vons, CVS up, adding greater value to the project Pharmacy, and Office Depot »» Established greater opportunity for individual »» Marketed each parcel by specific product size and investors to acquire premier property credit level, bringing in both institutional and private »» Divided into eight separate parcels securing eight capital investors - one institutional and seven private - and »» Utilized aggressive marketing to create competition handled lender coordination and maximize value for each individual sale

| 35 CASE STUDIES (CONT.)

The District | Henderson, NV $79,000,000 Faris Lee closes city’s second-largest commercial transaction in three years Exclusive broker to sell The District at Green Valley Ranch, a 384,107 SF landmark grocery / lifestyle center located in a leading master-planned community near Las Vegas. AT A GLANCE FARIS LEE STRATEGY RESULTS »» Phase One contains 50 national and regional »» Positioned opportunity to own an institutional- »» Attracted investor interest from institutions, REITs, lifestyle tenants and high quality restaurants; 88 grade, trophy asset in the Las Vegas market with and endowment funds – large high net worth luxury condominiums (NAP); and office users upside potential investors that would otherwise redline retail in the Las Vegas area »» High-profile tenants include REI, Pottery Barn, »» Managed the sales process and targeted the Anthropologie, Lucille’s BBQ, Elephant Bar, King’s various investor pools that would be a good match »» Significant offer activity comparable to a California Fish House, P.F. Chang’s, and Williams-Sonoma for the center, the local community, and client’s investment offering acquisition requirements »» Phase one is adjacent to Green Valley Ranch Resort »» No property-level changes made to enhance value and Spa, a 498-room high-end hotel, casino, and »» Developed property-level operating strategy that »» Original REO sale price was $55 million. Faris Lee’s resort spa could be modified to add value unique marketing strategy added over $20 million »» Phase Two consists of six buildings with retail and in value, for a final sale price of $79 million office; totaling 171,485 SF, anchored by Whole Foods with major tenants The Cheesecake Factory and West Elm

| 36 CASE STUDIES (CONT.)

Pharmacy Portfolio Sale | Nationwide $69,000,000 $69M off-market portfolio sale of CVS and Walgreens assets Faris Lee Investment Advisory and Faris Lee Capital Divisions teams completed $69 million sale of a 12-property national portfolio consisting of CVS and Walgreens properties

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Portfolio made up of CVS and Walgreens corporate- »» To maximize value, Faris Lee used specialized »» Faris Lee was the only firm to produce an offer, leased properties with 15 or more years remaining expertise to analyze the assets for accurate demonstrating the depth of our buyer pool on all locations market value, in addition to utilizing deep-rooted »» Leveraged New York-based Faris Lee capital relationships to identify and access potential buyers »» Seller (a major national REIT) approached Faris relationships to provide a buyer – a New York real Lee to find off-market buyer. Seller also requested »» The unique platform allowed FLI advisors to source estate investment banking firm looking to be a first assistance from other national firms and execute the transaction; integrating FLI capital time property owner to identify a unique East Coast buyer »» Assignment required a quick close structured on an all-cash basis

| 37 CASE STUDIES (CONT.)

SouthBay Pavilion | Carson, CA $50,000,000 Ranked as second-largest retail deal closed in Southern California that year Faris Lee completed the sale of a 370,000-square-foot portion of SouthBay Pavilion: a 1.1 million SF regional mall in Carson, CA. Faris Lee assisted in the loan assumption process to successfully close the deal.

AT A GLANCE FARIS LEE STRATEGY RESULTS »» Built in 1993 and renovated in 2005, 2006, and »» Faris Lee advised the seller on a disposition »» Faris Lee assisted with loan negotiations, which was 2007 strategy for the project and identified a logical a critical component to closing the deal, noting it buyer, bringing both parties together to successfully was imperative to work with the existing lender and »» Approximately 92 percent leased with tenants complete the off-market deal their appraisers to close, resulting in a high leverage including Old Navy, Children’s Place, Big 5 Sporting structure Goods, Panera Bread, Anna’s Linens, Chuck E. »» As part of the disposition strategy, sold off four Cheese, Foot Locker, and Tony Roma’s single tenant properties at the mall to maximize »» Demonstrated the strength of the new buyer and their value for the seller. These sales included 24 Hour future development plans for SouthBay Pavilion and its »» Anchored by Ikea, Target, JCPenney, and Sears Fitness, Chili’s, Washington Mutual, and T-Mobile positive impact on the current and future value of the asset

| 38 CASE STUDIES (CONT.)

Plaza at Puente Hills | City of Industry, CA $44,000,000 Two sales: master-planned break-up strategy increased value by 15%; eventual re-sale demonstrated profitability of strategy $44 million sale marked the second time Faris Lee brokered the property; previously sold as part of eight-parcel break-up strategy crafted by Faris Lee. LATEST TRANSACTION PRIOR TRANSACTION »» Faris Lee Investments completed the $44 million »» Transaction is a prime example of how a break-up »» First purchase was part of a master-planned eight- sale of a major portion of Plaza at Puente Hills. The strategy can be profitable even after a re-sale parcel break-up strategy of a 218,540 SF portion of acquired portion totals 177,933 SF on 13.65 acres Plaza at Puente Hills »» Structured original break-up strategy utilizing and includes national credit tenants such as Office operating association documentation »» Breakup strategy crafted by Faris Lee Investments Depot, Smart & Final, Sam Ash, and Shoe City on behalf of the sellers, to maximize the value of »» Seller made a strong return on its investment over a »» Property received multiple offers, closed at a 6.3% the center short period of time cap rate, and was 94 percent occupied at the close »» Breakup strategy resulted in an increase in value of of escrow 15% over the original anticipated value as a

| 39 CASE STUDIES (CONT.)

Lahaina Gateway | Lahaina, HI $32,000,000 Faris Lee completes sale of 137,000 SF shopping center in Lahaina, HI One of the largest retail property transactions in Hawaii in the past 5 years. Buyer was able to add a trophy retail center in one of the most desirable markets in Hawaii to their growing portfolio

AT A GLANCE FARIS LEE STRATEGY RESULTS »» 137,000 SF grocery-anchored shopping center »» Created a positioning strategy to provide potential »» Sold to an all-cash group out of Southern California buyer with a short and long-term vision for the asset »» Strong tenant line up: Foodland, Barnes & Noble, »» 21-day escrow OfficeMax, Outback Steakhouse, and Central Pacific »» Overcame multiple property-level issues »» Transaction resulted in one of the lowest cap rate Bank »» Developed property-level strategies to enhance sales in Hawaii for this type of asset »» Largest REO asset in Maui the tenant base to increase occupancy immediately »» Bank was able to dispose of their largest remaining upon acquisition »» Off-market transaction REO asset at pricing significantly higher than expectations

| 40 CREATING HEADLINES CREATING HEADLINES

FARIS LEE PARTNERS WITH X-TEAM SINGLE-TENANT RETAIL DEMAND RISING

Retail brokerage firm Faris Lee Investments has formed a strategic partnership with A focus of Faris Lee is to expand its clients’ activities in the markets where they are X-Team Retail Advisors, GlobeSt.com has learned exclusively. The partnership with currently active and to identify new clients. “We have to maintain our culture, which X-Team, an organization of 36 member firms in 40 markets nationwide and with 250 is completely and totally collaborative,” says Rick Chichester, president and Coo members, will bolster Faris Lee’s local market knowledge and tenant representation of Faris Lee Investments. “There’s no private information—everything is shared, and and landlord leasing services, giving the firm a competitive edge in the evolving retail everyone is involved in every deal. Everybody is expected to contribute to everybody market. According to Faris Lee, the primary goal of the partnership is to provide better else’s success. As we add people, the Holy Grail for us is holding onto that culture.” client services and a more strategic approach for clients. “Bringing in comprehensive, intelligent and strategic solutions and executions to the client will give us the ability to drive value to clients and the marketplace,” Rick FARIS LEE ARRANGES $21.8M SALE OF Chichester, president and CEO of Faris Lee Investments, tells GlobeSt.com about RETAIL CENTER IN HAWAII – REBUSINESS the impetus for the firm’s partnership with X-Team. “Within X-Team’s footprint, the ONLINE strength of their local market expertise, tenant representation expertise and expertise in landlord leasing is a complementary and necessary skill to retail investment sales The 49,513-square-foot Coconut Grove Marketplace in Kailua-Kona, Hawaii, is home across the country. For us to value real estate at its highest and best use and position to tenants including ABC Stores, Lava Java and Kona Gear. KAILUA-KONA, HAWAII it to maximize value, we need local intelligence, street-level knowledge and tenant — Faris Lee Investments has arranged the $21.8 million sale of Coconut Grove relevant information.” Marketplace, a 49,513-squarefoot retail center in Kailua-Kona. Donald MacLellan and Rick Chichester of Faris Lee represented the seller, Hudson America LP, and the buyer, FARIS LEE ARRANGES $21 MILLION SALE OF J.H. Real Estate Partners. The center features an open layout with ocean views and an RETAIL CENTER IN SOUTHERN CALIFORNIA oceanfront volleyball court. Coconut Grove is home to tenants including ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse, Kona Gear and Foster’s Kitchen. Torrance, Calif. — Faris Lee Investments has arranged the $21 million sale of Southwood Village, a 66,958-square-foot shopping center in Torrance, a city in southern California. Richard Chichester and Donald MacLellan of Faris Lee arranged FARIS LEE CHANGING TO SUIT NEW the transaction on behalf of the seller, BIG Shopping Center USA. Triwell Properties REALITIES OF CRE FINANCE MARKETS represented the undisclosed buyer, a South Bay-based private investor, in the 1031 exchange. At the time of sale, Southwood Village was 97 percent leased to tenants “Increasingly, the investments we see demand a broader level of expertise across the such as Dollar Tree, ACE Hardware, Goodwill and Chevron. erefore demanded a more entire transaction. The increased complexity has encouraged us to further broaden creative strategy to meet the seller’s objectives.” our transactional, financial, and operational capabilities so that we can continue to provide the financial acumen and services today’s national operators and high net worth individuals need to be successful,” said Rick Chichester, chief operating officer, Faris RETAIL CENTER SELLS FOR $56.6M DESPITE Lee Investments. $32M ENCUMBRANCE

K&G El Paseo 1 & 2, LLC has sold Plaza El Paseo at Rancho Santa Margarita Town Center, a legacy-quality shopping center here, for $56.6 million to Plaza El Paseo Center, LLC. The center, which totals approximately 107,000 SF of building area and is occupied by a diverse mix of tenants, was sold despite a $32-million encumbrance. HUNGRY BUYERS, SINGLE TENANTS

Faris Lee Investments’ president and CEO Rick Chichester, along with the firm’s Buyers hungry for secure and stable investment options have driven significant Nicholas Coo and Chris DePierro, created the comprehensive deal strategy on demand for triple-net-leased, single-tenant retail properties this year, according to behalf of both the seller and the buyer. Chichester notes that the deal presented research compiled by Faris Lee Investments. Data shows that single-tenant properties multiple challenges from a financing perspective. “Plaza El Paseo was encumbered by with credit tenants are in the highest demand, especially those housing recession- a $32-million conduit loan featuring an above market interest rate. This encumbrance resistant tenants such as food use, automotive, pharmaceutical, value-oriented and had limited the buyer pool when previously marketed by a different firm and therefore other necessity-based retail categories. – Rick Chichester, Faris Lee Investments demanded a more creative strategy to meet the seller’s objectives.”

| 42 CREATING HEADLINES (CONT.)

DENVER-AREA RETAIL PROPERTY BACKING LONG BEACH OFFICE BUILDING TRADES FOR $15 TROUBLED CMBS LOAN SELLS FOR $48M MIL

Hutensky Capital Partners has paid $48 million, or just less than $110/sf, for the A newly built, freestanding, 40.4k sf office building in Long Beach sold for $15 Northglenn Marketplace, a 439,063-square-foot retail center in the Denver suburb of mil ($370/sf). The property is fully occupied by United Pacific, one of the largest Northglenn, Colo. independent owners and operators of gas stations and convenience stores in the Western U.S. The Hartford, Conn., investment manager bought the property, at 10578 Melody Drive, from C-III Asset Management. The special servicer was overseeing it on behalf The asset was sold by United Pacific in a sale-leaseback transaction. The company of Morgan Stanley Capital I Inc., 2006-HQ8, which had held a $50.9 million mortgage signed a new, 10-year lease for the building. United Pacific specifically developed against it. Faris Lee Investments represented C-III in the transaction. the property as its corporate headquarters due to the mission critical, 24/7 nature of its business, as well as to provide a state of the art, high quality, high touch, and Hutensky bought the property on behalf of its Hutensky Capital Partners III fund, a collaborative work environment for its employees, venders and clients. nearly $200 million investment vehicle that it had raised three years ago. C-III had started overseeing the loan, which had an original balance of $64.5 million, in 2011 because it was expected to default. At the time, the property was owned by the former Excelsior LaSalle Property Fund, a commingled investment vehicle that was WHAT DO SINGLE-TENANT NET LEASE DEALS OFFER turned into a non-traded REIT, JLL Income Property Trust, in 2011. HIGH-NET-WORTH INVESTORS? Excelsior had purchased the property for $91.2 million in 2005. The following year, it operated at a 96-percent occupancy rate and generated $5.6 million of net cash flow, For more and more high-net-worth (HNW) real estate investors, dollar according to servicer data compiled by Trepp LLC. That was more than half again as stores and drugstores make for a winning combination, although these assets can turn much as needed to fully service the loan, which required only interest payments for its into losers if the sole tenant leaves. first two years. After that, it started amortizing on a 32-year schedule. Office and hotels still draw a lot of attention—and dollars—from HNW investors. But a The property, developed in 1999, was underwritten with the assumption that it would rising number of them are betting on single-tenant net lease properties such as dollar operate at a 99-percent occupancy level and generate $5.3 million of cash flow. stores, drugstores and fast-food restaurants to help round out their portfolios. Faris Lee, which is headquartered in Irvine, Calif., had hired a leasing team from By and large, net lease properties are magnets for HNW investors because they’re Sullivan Hayes Brokerage of Denver to help develop a strategic vision for the property viewed as safe, recession-proof assets that preserve cash flow and yield. and worked with the city of Northglenn to create incentives for the property’s A single-tenant net lease investment is like “a bond wrapped in real estate. It’s the redevelopment. closest thing to cash that sits inside real estate,” says Rick Chichester, president and The brokerage said that given the property’s prime location, at the confluence of the CEO of Faris Lee Investments Corp., an Irvine, Calif.-based investment advisory firm 25 Freeway and 104th Avenue, it would be an ideal location for a theater or other specializing in retail real estate. entertainment venues. The Denver area, it noted, was the sixth fastest growing city in Thanks to rent hikes built into many net lease deals, an investor can enjoy positive the country. cash flow and a hedge against inflation, Chichester says. On top of that, there’s the Northglenn Marketplace sits on a 55-acre site that until its construction housed residual value of the asset once the lease expires. But while the investment risk of a the Northglenn Mall, an enclosed shopping center with some 850,000 sf that was net lease property is minimized, growth of the equity investment will hit a ceiling, he developed by a venture led by Jordon Perlmutter, among the Denver area’s most says. prominent developers. He died two years ago at the age of 84. The movement of HNW investors into the space underscores the legitimacy of net The property during the 1980s suffered, mostly from newer competitors, losing lease as an investment alternative, Chichester says. In recent years, the single-tenant anchors Sears and JCPenney - well before the two retailers were troubled. The net lease market has evolved from a niche to a core investment option, he notes. property then was redeveloped into its current open-air guise. While the CMBS loan had a balance of $50.9 million, a total of $616,956 was advanced against it. And those advances accrued another $552,501 of interest, bringing the loan’s total exposure to $52.2 million.

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