Buford Court Commons

OFFERING MEMORANDUM BUFORD COURT COMMONS | 8006 Buford Court Richmond, Virginia 23235 TABLE OF CONTENTS

CONFIDENTIALITY & DISCLAIMER ...... 2 OFFER PROCEDURE ...... 3 INVESTMENT SUMMARY ...... 4 PROPERTY INFORMATION ...... 5 PROPERTY PHOTOS ...... 6 SITE PLAN ...... 9 AERIAL ...... 10 TENANT PROFILES ...... 11 RENT ROLL ...... 12 LEASE ROLLOVER ...... 13 OPERATING INFORMATION ...... 14 10 YEAR CASH FLOW ...... 15 UNLEVERAGED PRESENT VALUE ...... 16 AREA OVERVIEW ...... 17 DEMOGRAPHIC SUMMARY ...... 18 SAMPLE LOI ...... 22

RISER RETAIL GROUP BUFORD COMMONS 1 CONFIDENTIALITY & DISCLAIMER

he information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Riser Retail Group and should not be made available to any other person or entity without the written consent of Riser Retail Group. This Marketing Brochure has been Tprepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Riser Retail Group has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Riser Retail Group has not verified, and will not verify, any of the information contained herein, nor has Riser Retail Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forth herein.

All property showings are by appointment only. Please consult your Riser Retail Group agent for more details.

RISER RETAIL GROUP BUFORD COMMONS 2 OFFER PROCEDURE

An Investor will be selected based on the ability and willingness of the Investor to close the transaction swiftly. Investors are required to submit offers on the Letter of Intent (LOI) template (See Exhibit A). The Investor’s ability to close the transaction will be evaluated using a number of factors including: 1. Available financial resources for the transaction. 2. Level of discretion to invest funds 3. Experience in closing similar transactions 4. Ability to source and place debt Please submit all offers to: 5. On-site visit and inspection before contract phase 6. Willingness to accept the terms detailed in the Sellers standard (LOI) JOHN F. RISER 7. Willingness to commit adequate resources necessary to close the transaction RISER RETAIL GROUP 600 East 96th Street A Letter of Intent (LOI) template (Exhibit A) is attached at the end of this package. An Suite 590 Investor may, at their discretion, draft and submit their own LOI stating the price and Indianapolis, IN 46240 terms they are proposing. Seller reserves the right at their own discretion to accept or Phone: 317.844.0700 reject any and all offers. Fax: 317.844.0701 [email protected] Offers should include, at minimum, the following transaction framework: 1. Purchase Price 2. Earnest Money Deposit 3. Name of the Ultimate Beneficial Owner(s)/Purchaser BROKER OF RECORD: 4. Respective Interests if More than One Owner/Partnership ED LAYCOX 5. Evidence Financial Ability to Complete the Transaction RISER RETAIL GROUP 6. Method of Financing Phone: 202.810.7070 7. Terms and Conditions of Closing Cell: 202.236.6868 8. Due Diligence and Closing Periods [email protected]

RISER RETAIL GROUP BUFORD COMMONS 3 INVESTMENT SUMMARY

• Food Lion Grocery Anchored Center • Recent Food Lion Remodel & Signage INVESTMENT SUMMARY • 100% Occupied • Priced Below Replacement Cost

Price: $3,600,000 • Long Term Tenancy (Food Lion since '87) • Includes Potential Outlot Pad

• Strong Increasing Sales ($316.04/sf) • Durable Brick Construction Cap Rate: 7.56% • Investment Grade Credit • Parking Lot Sealed & Striped (2017) Occupancy: 100% • Moody’s Credit Rating: Baa1 • Located Between 2 Highway Exits • Minimal Near Term Lease Rollover • 173,000+ People within 5 Miles

GLA: 42,801 Sq Ft. • Property Located in Opportunity Zone • Low Cost Per Square Foot ($86.45/sf) (Click HERE for more information) Site Area: 6.597 Acres

RISER RETAIL GROUP BUFORD COMMONS 4 PROPERTY INFORMATION

Buford Court Commons

8006 Buford Court Richmond, VA 23235

COUNTY: Henrico GLA: 42,801 Square Feet SITE AREA: 6.597 Acres OWNERSHIP: Fee Simple TAX PARCEL ID: N/A ZONING: Commercial YEAR BUILT: 1989 NUMBER OF SUITES: 11 OCCUPANCY: 100% PARKING SPACES: Ample FRAMING: Structural Steel & Masonry WINDOWS: Plate Glass in Aluminum Frames EXTERIOR: Brick Veneer with CMU FOUNDATION: Concrete Slab w/Spread Footings HVAC: Roof Mounted Units ROOF: Built-Up PARKING LOT: Asphalt (Sealed/Striped 2017)

RISER RETAIL GROUP BUFORD COMMONS 5 PROPERTY PHOTOS

Buford Court Commons

RISER RETAIL GROUP BUFORD COMMONS 6 PROPERTY PHOTOS

RISER RETAIL GROUP BUFORD COMMONS 7 PROPERTY PHOTOS

RISER RETAIL GROUP BUFORD COMMONS 8 SITE PLAN

Buford Court Commons Food Lion A 29,000 Milby's Pageant & Dance B4 1,200 China City A1 1,400 State Farm B5 1,200 GoGo Vegan A2/A3 2,800 Faith Harvest Church B6/B7 2,400

Good Day Dog Grooming B1 1,200 Full Circle Integrated Martial Arts B8 1,200

Hair on Broadway B2 1,200

Green Massage Therapy B3 1,200 Gross Leasable Space 42,800

RISER RETAIL GROUP BUFORD COMMONS 9 AERIAL

RISER RETAIL GROUP BUFORD COMMONS 10 TENANT PROFILE

Trade Name: Food Lion Food Lion LLC is a grocery store company headquartered in Salisbury, North Carolina, that operates more than 1,100 supermarkets in 10 states of the Southeastern United States HQ: Salisbury, NC under the Food Lion banner. With about 63,000 employees] Food Lion, LLC. is currently owned by Ahold Delhaize after it was acquired by the Delhaize Group in 1974. One of Web Site: www.foodlion.com the founders was philanthropist Ralph Ketner. Food Lion stores can currently be found in Delaware, Georgia, Kentucky, Maryland, North Carolina, Pennsylvania, South Carolina, Owner: Delhaize Group Tennessee, Virginia, and West Virginia.

Locations: 1,100+ The company’s private-label Food Lion brand products accounts for about 20% of sales. Founded in 1957 as Food Town, Food Lion is owned by supermarket operator Ahold Delhaize.

RISER RETAIL GROUP BUFORD COMMONS 11 RENT ROLL

Rentable Percent Lease Lease Current Current Current Rent Escalations Expense Option Square of Start Expiration Monthly Annual Annual Effective Annual Recovery Terms Suite Tenant Feet Center Date Date Rent Rent Rent/SF Date Rent/SF Information

A Food Lion 29,000 67.76% Sep-87 Jan-24 $15,950 $191,400 $6.60 Feb-29 Fixed CAM; Prorata One 5yr Taxes; Base Year Insurance (1989: $8,284)

A1 China City 1,400 3.27% Sep-03 Feb-19 $1,293 $15,516 $11.08 NNN + Management + 15% Admin

A2-A3 GoGo Vegan 2,800 6.54% Jul-18 Jul-21 $1,633 $19,600 $7.00 Dec-19 $7.35 NNN Restaurant Dec-20 $7.72

B1 Good Day Dog 1,200 2.80% Jan-11 Feb-21 $1,159 $13,911 $11.59 Mar-19 $11.94 NNN + Grooming Mar-20 $12.30 Management + 15% Admin

B2 Hair on Broadway 1,200 2.80% May-93 MTM $1,250 $15,000 $12.50 NNN (CAM Cap @ $3,014)

B3 Green Massage 1,200 2.80% Jun-17 Mar-21 $1,339 $16,068 $13.39 Jul-19 $13.79 GROSS One 3yr Therapy Jul-20 $14.21 Jul-21 $14.63 B4 Milby's Pageant & 1,200 2.80% Mar-14 May-19 $844 $10,130 $8.44 Apr-19 $8.69 NNN + One 5yr Dance Apr-20 $8.96 Management + Apr-21 $9.22 15% Admin

B5 State Farm 1,200 2.80% Jan-03 Apr-19 $1,373 $16,478 $13.73 May-19 $14.14 NNN + One 2yr May-20 $14.57 Management + May-21 15% Admin B6-B7 Faith Harvest Church 2,400 5.61% May-16 Aug-21 $1,910 $22,915 $9.55 May-18 $9.83 GROSS One 3yr May-19 $10.13 May-20 $10.43 B8 Full Circle Integrated 1,200 2.80% Sep-15 Nov-20 $1,155 $13,860 $11.55 GROSS Martial Arts Lot We Care Recycling 0 0.00% Jul-15 Aug-20 $200 $2,400 GROSS

TOTALS 42,800 $28,107 $337,278 $7.88 OCCUPIED 42,800 100% $28,107 $337,278 $7.88 100% VACANT 0 0% $0 $0 $0.00 0%

This information has been secured from sources we believe to be reliable, but we make no representations or References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

RISER RETAIL GROUP BUFORD COMMONS 12 LEASE ROLLOVER

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year Ending Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028

Tenants Expiring - China City - We Care - GoGo Vegan Food Lion - Hair on Broadway Recycling Restaurant - Milby's Pageant & - Green Massage Dance Therapy - State Farm - Faith Harvest Church - Full Circle Integrated Martial Arts Total Number of Tenants 4 1 5 0 0 1 0 0 0 0

Total Square Feet 5,000 SF 1 SF 8,800 SF 0 SF 0 SF 29,000 SF 0 SF 0 SF 0 SF 0 SF

Total Percentage 11.7% 0.0% 20.6% 0.0% 0.0% 67.8% 0.0% 0.0% 0.0% 0.0%

Cumulative Percentage 11.7% 11.7% 32.2% 32.2% 32.2% 100.0% 100.0% 100.0% 100.0% 100.0%

RISER RETAIL GROUP BUFORD COMMONS 13 OPERATING INFORMATION

2018 OPERATING INFORMATION

Price: $3,600,000 First Loan Amount: $2,700,000 Down Payment 25% $900,000 Terms: 5.00% Interest

Current CAP: 7.56% 25 yr Amortization

Pro Forma 2021 Cap Rate: 7.76% 10 yr Term Approx. Gross Square Feet: 42,800 Monthly Payment: $15,783.93 Cost per Gross Square Foot: $84.11 Site Area (Acres): 6.597

Current Operating Data Current Expenses

Current Rents Pro Forma 2021 Rents Gross Potential Rent: $337,278 $344,829 CAM Recapture: $40,747 $40,747 CAM $63,568 Tax Recapture: $24,737 $24,737 Taxes $27,862 Insurance Recapture: $5,067 $5,067 Insurance $9,483 Mgmt. Recapture: $1,883 $1,883 Management 4.0% $16,117 Scheduled Gross Income: $409,712 $417,263 Vacancy $20,486 5.00% $20,863 5.00% Effective Gross Income: $389,227 $396,399 Less Expenses: $117,030 $117,030 Net Operating Income: $272,197 7.56% $279,369 7.76% Capital Reserves: $4,280 $0.10/SF $4,280 $0.10/SF Loan Payments: $189,407 $189,407 Pre Tax Cash Flow: $78,510 8.72% $85,682 9.52% Plus Principal Reduction: $55,671 $64,661 Total Expenses: $117,030 Total Return Before Taxes: $134,181 14.91% $150,343 16.70% Per Rentable Square Foot: $2.73

RISER RETAIL GROUP BUFORD COMMONS 14 10 YEAR CASH FLOW

1 1 2 3 4 5 6 7 8 9 10 Year Ending: $/SF Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028

INCOME Base Rental Revenue $7.90 $338,088 $341,232 $343,118 $344,829 $346,453 $346,707 $349,880 $353,757 $362,213 $362,213 Absorption & Turnover Vacancy (0.13) (5,712) (246) (9,073) 0 0 (28,118) (278) (10,265) 0 0 Scheduled Base Rental Income $7.77 $332,376 $340,986 $334,046 $344,829 $346,453 $318,589 $349,602 $343,492 $362,213 $362,213

EXPENSE REIMBURSEMENT INCOME Base Stop Reimbursement $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Lease Reimbursement CAM $0.95 $40,747 $41,391 $42,050 $42,726 $43,419 $44,129 $44,857 $45,603 $46,368 $47,152 Real Estate Taxes 0.58 24,737 25,356 25,990 26,639 27,305 27,988 28,688 29,405 30,140 30,893 Insurance 0.12 5,067 5,193 5,323 5,456 5,593 5,733 5,876 6,023 6,173 6,328 Management Fee 0.04 1,883 1,930 1,978 2,028 2,078 2,130 2,184 2,238 2,294 2,351 Total Reimbursement Income $1.69 $72,434 $73,870 $75,341 $76,850 $78,395 $79,980 $81,605 $83,269 $84,976 $86,724

OTHER INCOME TBD $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TBD 0.00 0 0 0 0 0 0 0 0 0 0 Total Other Income $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

GROSS POTENTIAL INCOME $9.46 $404,810 $414,856 $409,387 $421,679 $424,848 $398,569 $431,207 $426,761 $447,189 $448,937 Vacancy & Collection Allowance (0.35) (14,814) (20,509) (11,850) (21,084) (21,242) 0 (21,296) (11,586) (22,359) (22,447)

EFFECTIVE GROSS INCOME $9.11 $389,996 $394,347 $397,537 $400,595 $403,606 $398,569 $409,911 $415,175 $424,830 $426,490

OPERATING EXPENSES CAM $1.49 $63,568 $65,157 $66,786 $68,456 $70,167 $71,921 $73,719 $75,562 $77,451 $79,388 Real Estate Taxes 0.65 27,862 28,559 29,273 30,004 30,754 31,523 32,311 33,119 33,947 34,796 Insurance 0.22 9,483 9,720 9,963 10,212 10,467 10,729 10,997 11,272 11,554 11,843 Management Fee 0.38 16,117 16,517 16,296 16,786 16,911 15,858 17,161 16,981 17,796 17,863 Owner’s Expense 0.00 0 0 0 0 0 0 0 0 0 0 TOTAL EXPENSES $2.73 $117,030 $119,953 $122,318 $125,458 $128,300 $130,032 $134,189 $136,935 $140,749 $143,890

NET OPERATING INCOME $6.38 $272,966 $274,394 $275,219 $275,137 $275,306 $268,537 $275,722 $278,240 $284,081 $282,600

RISER RETAIL GROUP BUFORD COMMONS 15 UNLEVERAGED PRESENT VALUE

Present Values at Various Discount Rates & Holding Periods - Unleveraged Cash Flows & Reversion PRESENT VALUES 1 2 3 4 5 6 7 8 9 10 Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028 6.50% $3,668,135 $3,705,852 $3,701,991 $3,728,677 $3,686,150 $3,682,262 $3,724,027 $3,765,978 $3,773,308 $3,931,815 6.75% $3,659,545 $3,689,059 $3,677,683 $3,697,058 $3,648,406 $3,638,524 $3,673,791 $3,709,463 $3,711,379 $3,861,311 7.00% $3,650,994 $3,672,382 $3,653,597 $3,665,795 $3,611,166 $3,595,457 $3,624,427 $3,654,040 $3,650,765 $3,792,442 7.25% $3,642,484 $3,655,820 $3,629,730 $3,634,883 $3,574,420 $3,553,048 $3,575,918 $3,599,685 $3,591,435 $3,725,165 7.50% $3,634,013 $3,639,373 $3,606,079 $3,604,317 $3,538,162 $3,511,286 $3,528,247 $3,546,375 $3,533,357 $3,659,439 7.75% $3,625,581 $3,623,038 $3,582,642 $3,574,093 $3,502,383 $3,470,160 $3,481,396 $3,494,086 $3,476,500 $3,595,222 Discount Rate 8.00% $3,617,189 $3,606,816 $3,559,417 $3,544,205 $3,467,076 $3,429,657 $3,435,350 $3,442,796 $3,420,836 $3,532,475 8.25% $3,608,835 $3,590,705 $3,536,401 $3,514,650 $3,432,234 $3,389,767 $3,390,092 $3,392,483 $3,366,335 $3,471,159 8.50% $3,600,520 $3,574,703 $3,513,592 $3,485,423 $3,397,849 $3,350,479 $3,345,607 $3,343,125 $3,312,971 $3,411,237

RISER RETAIL GROUP BUFORD COMMONS 16 AREA OVERVIEW

Richmond, Virginia ichmond is the capital of the Commonwealth of Virginia in the United States. It is the center of the Richmond Metropolitan Statistical Area R(MSA) and the Greater Richmond Region. Richmond was incorporated in 1742 and has been an independent city since 1871.

As of the 2010 census, the city's population was 204,214; in 2016, the population was estimated to be 223,170,making Richmond the fourth-most populous city in Virginia. The Richmond Metropolitan Area has a population of 1,260,029, the third-most populous metro in the state.

Richmond is located at the fall line of the James River, 44 miles (71 km) west of Williamsburg, 66 miles (106 km) east of Charlottesville, 100 miles (160 km) east of Lynchburg and 98 miles (158 km) south of Washington, D.C. Surrounded by Henrico and Chesterfield counties, the city is located at the intersections of Interstate 95 and Interstate 64, and encircled by Interstate 295 and Virginia State Route 288.

Richmond's economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks. Dominion Resources and WestRock, Fortune 500 companies, are headquartered in the city, with others in the metropolitan area.

RISER RETAIL GROUP BUFORD COMMONS 17 DEMOGRAPHIC SUMMARY

2 mi radius 5 mi radius 10 mi radius

2018 Estimated Population 6,329 68,820 173,040 2023 Projected Population 6,770 73,164 183,347 2010 Census Population 5,687 65,850 165,461 2000 Census Population 5,382 63,882 157,030 Projected Annual Growth 2018 to 2023 1.4% 1.3% 1.2%

POPULATION Historical Annual Growth 2000 to 2018 1.0% 0.4% 0.6% 2018 Median Age 40.2 38 38.6 2018 Estimated Households 2,774 28,241 69,084 2023 Projected Households 3,011 29,858 72,735 2010 Census Households 2,456 27,175 66,587 2000 Census Households 2,406 26,892 63,376 Projected Annual Growth 2018 to 2023 1.7% 1.1% 1.1%

HOUSEHOLDS Historical Annual Growth 2000 to 2018 0.8% 0.3% 0.5% 2018 Estimated White 57.9% 49.4% 51.4% 2018 Estimated Black or African American 28.3% 38.3% 37.1% 2018 Estimated Asian or Pacific Islander 3.1% 2.9% 2.6% 2018 Estimated American Indian or Native Alaskan 0.2% 0.4% 0.4%

ETHNICITY ETHNICITY 2018 Estimated Other Races 10.5% 8.9% 8.5% RACE AND 2018 Estimated Hispanic 15.7% 11.4% 10.4% 2018 Estimated Average Household Income $71,064 $75,232 $90,635 2018 Estimated Median Household Income $61,045 $61,670 $68,791

2018 Estimated Per Capita Income $31,348 $30,987 $36,281 INCOME

2018 Estimated Elementary (Grade Level 0 to 8) 4.8% 5.0% 4.7% 2018 Estimated Some High School (Grade Level 9 to 11) 6.4% 6.9% 7.0% 2018 Estimated High School Graduate 23.3% 25.4% 23.7% 2018 Estimated Some College 25.0% 21.2% 20.0% 2018 Estimated Associates Degree Only 5.9% 8.1% 8.1% (AGE 25+)

EDUCATION EDUCATION 2018 Estimated Bachelors Degree Only 23.7% 20.6% 21.8% 2018 Estimated Graduate Degree 10.9% 12.8% 14.7% 2018 Estimated Total Businesses 695 3,609 7,175 2018 Estimated Total Employees 10,483 43,127 87,033 2018 Estimated Employee Population per Business 15.1 11.9 12.1

BUSINESS 2018 Estimated Residential Population per Business 9.1 19.1 24.1

RISER RETAIL GROUP BUFORD COMMONS 18 DEMOGRAPHICS

Buford Court Commons

RISER RETAIL GROUP BUFORD COMMONS 19 DEMOGRAPHICS

Buford Court Commons

RISER RETAIL GROUP BUFORD COMMONS 20 TRAFFIC COUNTS

Buford Court Commons

RISER RETAIL GROUP BUFORD COMMONS 21 SAMPLE LETTER OF INTENT

Re: Offer for the purchase of BUFORD COMMONS located at 8006 Buford Court Richmond, VA 23235 & here in after referred to as the “Property”:

and/or Related Assignee(s) (“Buyer”)

For your consideration please find the following Letter of Intent for the above referenced Property. This letter set forth the general terms and conditions for the proposed acquisition of the Property, but shall remain non-binding:

1. Purchase Price: $

2. Conditions: The transaction shall be subject to Buyer’s review of the following items (“Due Diligence Items”): a. Executed leases between Tenants and the Seller; b. Title Commitment and exception documents; c. All Environmental Reports in Seller’s possession; and d. Survey.

The above referenced due diligence items shall be delivered to Buyer within seven (7) days of the execution of a Purchase and Sale Agreement (“Purchase Agreement”). There may be additional due diligence required that may be added to the Purchase Agreement.

Buyer shall have twenty-one (21) days from the later of receipt of the Due Diligence Items (“Due Diligence Period”) to review and approve the same for the Property. If Buyer notifies Seller prior to the expiration of the Due Diligence Period that it has elected to terminate the Purchase Agreement, the Purchase Agreement between Buyer and Seller shall be null and void, and Buyer and Seller shall have no further obligations there under.

Buyer shall pay all costs associated with its review of the above items, as well as any and all due diligence costs incurred by Buyer.

3. Deposits: Upon execution of the Purchase Agreement, Buyer will deposit $50,000.00 with Title company of seller’s choice as an earnest money deposit.

RISER RETAIL GROUP BUFORD COMMONS 22 SAMPLE LETTER OF INTENT

4. Closing Costs: Buyer will pay all closing costs including the base premium of the Owner’s Title Policy, any endorsements to the Owner’s Title Policy, the cost of the Mortgagee Title Policy, and the cost of any new or updated survey.

5. Loan Contingency: None (All Cash)

6. Closing Date: 30 Days after Due Diligence

7. Commission: Commission shall be per the terms of the separate Representation Agreement between Seller and Riser Retail Group.

8. 1031 Exchange: The undersigned Buyer hereby represents and warrants that the Property will be nominated by Buyer as the number one replacement property on Buyer’s 1031 starker list submitted to its accommodator. If for any reason Buyer does not nominate this Property as the number one replacement Property on said starker list, Seller may at any time under its sole discretion cancel any subsequent Purchase and Sale Agreement and keep the Deposit as damages. Buyer will submit its starker list to Seller within five (5) calendar days or this agreement shall be null and void.

Any additional terms not stated herein shall be further defined in any subsequent Purchase and Sale Agreement between Buyer and Seller.

This letter is an expression of interest in Seller’s and Buyer’s mutual intent and will constitute a non-binding agreement while Seller and Buyer make a good faith, diligent effort to complete and execute a mutually acceptable Purchase and Sale Agreement on the Property that reflects the basic terms contained in this letter.

Sincerely,

Buyer Date

Agreed and Accepted: Seller or Seller’s Authorized Agent Date

RISER RETAIL GROUP BUFORD COMMONS 23 Buford Court Commons

JOHN F. RISER SHAWN BAKKE RISER RETAIL GROUP SAVILLS STUDLEY 600 E. 96th Street, Suite 590 777 South Figueroa Street, 30th Fl Indianapolis, IN 46240 Los Angeles, CA 90017 P: 317.844.0700 F: 317.844.0701 P: 213.553.3800 C: 213.999.0998 RiserRetailGroup.com [email protected] [email protected]