OFFERING MEMORANDUM EAST TOWNE PLAZA | 2901 Williamsburg Rd. Richmond, VA 23231 TABLE OF CONTENTS

CONFIDENTIALITY & DISCLAIMER ...... 2 OFFER PROCEDURE ...... 3 INVESTMENT SUMMARY ...... 4 PROPERTY INFORMATION ...... 5 PROPERTY PHOTOS ...... 6 AERIAL ...... 11 SITE PLAN ...... 12 MAP ...... 13 MAP ...... 14 RENT ROLL ...... 15 LEASE ROLLOVER ...... 16 OPERATING INFORMATION ...... 17 10 YEAR CASH FLOW ...... 18 UNLEVERAGED PRESENT VALUE ...... 19 AREA OVERVIEW ...... 20 DEMOGRAPHICS ...... 21 SAMPLE LOI ...... 25

RISER RETAIL GROUP East Towne Plaza 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 East Towne Plaza 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 Please submit all offers to: 3. Experience in closing similar transactions JOHN F. RISER 4. Ability to source and place debt RISER RETAIL GROUP 5. On-site visit and inspection before contract phase 600 East 96th Street 6. Willingness to accept the terms detailed in the Sellers standard (LOI) Suite 590 7. Willingness to commit adequate resources necessary to close the transaction Indianapolis, IN 46240 Phone: 317.844.0700 A Letter of Intent (LOI) template (Exhibit A) is attached at the end of this package. An Fax: 317.844.0701 [email protected] Investor may, at their discretion, draft and submit their own LOI stating the price and terms they are proposing. Seller reserves the right at their own discretion to accept or SHAWN L. BAKKE reject any and all offers. SAVILLS STUDLEY 777 South Figueroa Street 30th Floor Offers should include, at minimum, the following transaction framework: Los Angeles, CA 90017 1. Purchase Price Phone: 213.553.3819 2. Earnest Money Deposit [email protected] 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 East Towne Plaza 3 INVESTMENT SUMMARY

INVESTMENT SUMMARY Price: $6,050,000 Cap Rate: 7.64% Occupancy: 97% GLA: 64,774 SF Cost Per Sq. Foot: $93.40 Site Area: 8.687 Acres

Assumable: Existing Non-Recourse Debt with Wells Fargo matures 11/6/2027 and is Interest Only until 12/2019.

• Grocery Anchored Center • Close proximity to three major interstates, an international airport and downtown Richmond • Food Lion sales over $10,000,000 annually • Stabilized (97% Occupied) • Located in an advantageous Enterprise Zone • Food Lion revenue alone covers the debt service • New Food Lion Roof in 2016 (Under Warranty) • New Parking Lot Sealcoat & Restripe in 2018

RISER RETAIL GROUP East Towne Plaza 4 PROPERTY INFORMATION

2901 Williamsburg Rd. Richmond, VA 23231

COUNTY: Henrico GLA: 64,774 Square Feet SITE AREA: 8.687 Acres OWNERSHIP: Fee Simple TAX PARCEL ID: 808-713-9182 ZONING: B-3 YEAR BUILT: 1990 NUMBER OF SUITES: 13 OCCUPANCY: 97% PARKING SPACES: Ample FRAMING: Structural Steel & Masonry WINDOWS: Plate Glass in Aluminum Frames EXTERIOR: EIFS & Brick Veneer FOUNDATION: Concrete Slab w/Spread Footings HVAC: Roof Mounted Units (Several New) ROOF: New Food Lion Roof (Under Warranty) PARKING LOT: New Sealcoat & Restripe in 2018

RISER RETAIL GROUP East Towne Plaza 5 PROPERTY PHOTOS

RISER RETAIL GROUP East Towne Plaza 6 PROPERTY PHOTOS

RISER RETAIL GROUP East Towne Plaza 7 PROPERTY PHOTOS

RISER RETAIL GROUP East Towne Plaza 8 PROPERTY PHOTOS

RISER RETAIL GROUP East Towne Plaza 9 PROPERTY PHOTOS

RISER RETAIL GROUP East Towne Plaza 10 AERIAL

RISER RETAIL GROUP East Towne Plaza 11 SITE PLAN

EAST TOWNE PLAZA SITE PLAN 2901-2949 Williamsburg Road, Richmond, Virginia 23231, Henrico County

100 Intrepid Ln., Ste. 1A Syracuse, NY 13205 CH Phone: 315.476.2935 AR LE S CI TY R OAD

3 4 5 6 7/8

11 1 2 13 1 4 15 /16

17

OUTPARCEL 1.104 AC Advance Auto Parts (Not Included) (Not Included)

WILLIAMSBURG ROAD

Tenant Unit Sq. Ft. Tenant Unit Sq. Ft. Food Lion 1 35,864 Lady Nails 12 840 K-Beauty Supply 3 4,200 AVAILABLE 13 1,920 Jackson Hewitt 4 1,400 Hong Kong Kitchen 14 1,200 Effex Management Solution 5 1,400 Primo Pizza 15/16 2,410 KT Mobile 6 1,400 Tax Shop Varina 17 714 County of Henrico School Board 7/8 6,736 Buddy's Home Furnishings 18 5,250 Custom Braid Gallery 11 1,440 Total Leaseable Space = 64,774

RISER RETAIL GROUP East Towne Plaza 12 MAP LOCATION MAP

Page 4

RISER RETAIL GROUP East Towne Plaza 13 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 Delhaize after it was acquired by the 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 .

RISER RETAIL GROUP East Towne Plaza 14 RENT ROLL

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

1 Food Lion 35,864 55.37% Oct-91 May-26 $18,440 $221,283 $6.17 May-26 $6.45 Fixed CAM ($0.30/sf); Six 5yr May-31 $6.73 Prorata Taxes & Snow; May-36 $7.01 Base Year Ins. ($0.09/sf) 3 K-Beauty Supply 4,200 6.48% Dec-17 Apr-22 $2,975 $35,700 $8.50 NNN + Management + 15% Admin

4 Jackson Hewitt 1,400 2.16% May-01 Apr-23 $1,576 $18,909 $13.51 NNN + Management + 15% Admin

5 Effex Management Solutions 1,400 2.16% Nov-12 Jan-20 $1,225 $14,700 $10.50 Feb-19 $10.66 NNN + Management + 15% Admin

6 KT Mobile 1,400 2.16% Jul-14 Aug-20 $1,575 $18,905 $13.50 Sep-19 $13.91 NNN + Management + One 3 yr 15% Admin

7 County of Henrico School Board 6,736 10.40% Mar-12 Jul-23 $4,028 $48,341 $7.18 Aug-21 $7.32 NNN + Management + Ten 1 yr Aug-22 $7.47 15% Admin

11 Custom Braid Gallery 1,440 2.22% Feb-12 Mar-19 $1,023 $12,271 $8.52 NNN + Management + 15% Admin

12 Lady Nails 840 1.30% Nov-05 Nov-21 $1,337 $16,050 $19.11 NNN + Management + 15% Admin

13 Vacant 1,920 2.96% $1,920 $23,040 $12.00

14 Hong Kong Kitchen 1,200 1.85% May-05 Apr-25 $1,502 $18,027 $15.02 May-19 $15.47 NNN + Management + May-20 $15.94 15% Admin May-21 $16.42

15 Primo Pizza 2,410 3.72% Jan-15 Mar-20 $2,260 $27,125 $11.26 Apr-20 $11.59 NNN + Management + One 5 yr Apr-25 15% Admin

17 Tax Shop Varina 714 1.10% Feb-94 Sep-20 $943 $11,318 $15.85 May-19 $16.33 NNN + Management + May-20 $16.82 15% Admin

18 Aaron's 5,250 8.11% Jan-09 Jul-19 $4,813 $57,750 $11.00 Jul-19 $11.99 NNN + Management + One 5 yr 15% Admin

Totals 64,774 $43,618 $523,418 $8.08

Occupied 62,854 97% $41,698 $500,378 $7.96 96% Vacant 1,920 3% $1,920 $23,040 $12.00 4%

RISER RETAIL GROUP East Towne Plaza 15 LEASE ROLLOVER

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

Tentants Expiring Custom Braid Gallery Effex Mgmt Solutions Lady Nails K-Beauty County of Hong Food Lion Vacant KT Mobile Supply Henrico Kong Aaron's Primo Pizza School Kitchen Tax Shop Varina Board Jackson Hewitt

Total Number of Tenants 3 4 1 1 2 0 1 1 0 0

Total Square Feet 8,610 SF 5,924 SF 840 SF 4,200 SF 8,136 SF 0 SF 1,200 SF 35,864 SF 0 SF 0 SF Total Percentage 13.3% 9.1% 1.3% 6.5% 12.6% 0.0% 1.9% 55.4% 0.0% 0.0%

Cumulative Percentage 13.3% 22.4% 23.7% 30.2% 42.8% 42.8% 44.6% 100.0% 100.0% 100.0%

100% 4.5

90% 4

80% 3.5

70% 3

60% 55.4% 2.5

50%

2

40% Number of Tenants

1.5 30% Percentage of Total Project Square Footage 1 20% 13.3% 12.6% 9.1% 0.5 10% 6.5%

1.3% 1.9% 0.0% 0.0% 0.0% 0% 0

Percentage of Square Footage Expiring Cumulative % of Square Footage Expired Number of Tenants Expiring

RISER RETAIL GROUP East Towne Plaza 16 OPERATING INFORMATION

Price: $6,050,000 First Loan Amount: $3,975,000 Down Payment 34.30% $2,075,000 Terms: 5.04% Interest

Current CAP: 7.64% 30 yr Amortization

Cash on Hand: 9.42% 10 yr Term Approx. Gross Square Feet: 64,774 Monthly Payment: $21,435.94 Cost per Gross Square Foot: $93.40 Existing Financing with Wells Fargo Matures 1/5/2026 (Interest Only until 1/2019) Site Area (Acres): 8.687 Acres

Current Operating Data Current Expenses

Current Rents Pro Forma 2020 Rents Gross Potential Rent: $523,418 $526,878 CAM Recapture: $38,047 $39,736 Tax Recapture: $45,639 $47,033 CAM $56,948 Insurance Recapture: $7,608 $7,937 Taxes $47,033 Mgmt. Recapture: $11,629 $11,629 Insurance $11,090 Percentage Rent: $7,000 $7,000 Management 4.0% $24,269 Scheduled Gross Income: $633,341 $640,213 Vacancy $31,667 5.00% $32,011 5.00% Effective Gross Income: $601,674 $608,202 Less Expenses: $139,341 $139,341 Net Operating Income: $462,333 7.64% $468,861 7.75% Capital Reserves: $9,716 $0.15/SF $9,716 $0.15/SF Loan Payments: $257,231 $257,231

Pre Tax Cash Flow: $195,386 9.42% $201,914 9.73% Total Expenses: $139,341 Plus Principal Reduction: $58,224 $61,227 Per Rentable Square Foot: $2.15

Total Return Before Taxes: $253,610 12.22% $263,141 12.68%

RISER RETAIL GROUP East Towne Plaza 17 10 YEAR CASH FLOW

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

INCOME Base Rental Revenue $8.10 $524,829 $526,878 $527,814 $531,204 $534,574 $545,565 $556,740 $569,745 $576,466 $581,072 Absorption & Turnover Vacancy (0.20) (12,802) (7,385) 0 (3,844) (5,336) (14,484) (10,446) (26,304) (4,350) (6,037) Scheduled Base Rental Income $7.90 $512,027 $519,493 $527,814 $527,359 $529,238 $531,081 $546,294 $543,442 $572,116 $575,034

EXPENSE REIMBURSEMENT INCOME Base Stop Reimbursement $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Lease Reimbursement CAM $0.61 $39,736 $40,460 $41,202 $41,964 $42,744 $43,543 $44,363 $45,203 $46,064 $46,947 Real Estate Taxes 0.73 47,033 48,209 49,414 50,649 51,916 53,214 54,544 55,907 57,305 58,738 Insurance 0.12 7,937 8,135 8,338 8,547 8,761 8,980 9,204 9,434 9,670 9,912 Management Fee 0.18 11,629 11,920 12,218 12,523 12,837 13,157 13,486 13,824 14,169 14,523 Total Reimbursement Income $1.64 $106,334 $108,724 $111,173 $113,683 $116,257 $118,893 $121,597 $124,369 $127,208 $130,119

OTHER INCOME Percentage Rent $0.11 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 TBD 0.00 0 0 0 0 0 0 0 0 0 0 Total Other Income $0.11 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000

GROSS POTENTIAL INCOME $9.65 $625,361 $635,217 $645,987 $648,042 $652,495 $656,974 $674,891 $674,811 $706,324 $712,153 Vacancy & Collection Allowance (0.29) (19,106) (24,745) (32,299) (28,750) (27,556) (19,089) (23,821) (8,752) (31,184) (29,872)

EFFECTIVE GROSS INCOME $9.36 $606,255 $610,472 $613,688 $619,292 $624,939 $637,885 $651,070 $666,059 $675,140 $682,281

OPERATING EXPENSES CAM $0.88 $56,948 $58,372 $59,831 $61,327 $62,860 $64,432 $66,042 $67,693 $69,386 $71,120 Real Estate Taxes 0.73 47,033 48,209 49,414 50,649 51,916 53,214 54,544 55,907 57,305 58,738 Insurance 0.17 11,090 11,368 11,652 11,943 12,242 12,548 12,861 13,183 13,513 13,850 Management Fee 0.37 24,269 24,652 25,071 25,141 25,306 25,473 26,176 26,159 27,406 27,625 Owner’s Expense 0.00 0 0 0 0 0 0 0 0 0 0 TOTAL EXPENSES $2.15 $139,341 $142,600 $145,968 $149,060 $152,323 $155,666 $159,624 $162,943 $167,609 $171,334

NET OPERATING INCOME $7.21 $466,914 $467,872 $467,720 $470,232 $472,616 $482,219 $491,446 $503,116 $507,531 $510,947

RISER RETAIL GROUP East Towne Plaza 18 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 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 7.00% $5,850,431 $5,868,525 $5,933,544 $5,980,561 $6,082,495 $6,157,788 $6,257,492 $6,238,876 $6,280,032 $6,368,658 7.25% $5,836,793 $5,842,092 $5,894,810 $5,930,284 $6,020,627 $6,084,971 $6,173,650 $6,146,398 $6,178,250 $6,256,903 7.50% $5,823,219 $5,815,841 $5,856,427 $5,880,568 $5,959,579 $6,013,266 $6,091,254 $6,055,689 $6,078,608 $6,147,704 7.75% $5,809,708 $5,789,771 $5,818,391 $5,831,408 $5,899,337 $5,942,652 $6,010,274 $5,966,711 $5,981,055 $6,040,995 8.00% $5,796,260 $5,763,880 $5,780,698 $5,782,794 $5,839,889 $5,873,109 $5,930,683 $5,879,426 $5,885,539 $5,936,710 8.25% $5,782,874 $5,738,166 $5,743,345 $5,734,720 $5,781,222 $5,804,620 $5,852,452 $5,793,795 $5,792,012 $5,834,787 Discount Rate 8.50% $5,769,549 $5,712,627 $5,706,328 $5,687,178 $5,723,325 $5,737,164 $5,775,554 $5,709,784 $5,700,426 $5,735,164 8.75% $5,756,286 $5,687,262 $5,669,642 $5,640,162 $5,666,185 $5,670,724 $5,699,964 $5,627,357 $5,610,736 $5,637,781 9.00% $5,743,083 $5,662,070 $5,633,284 $5,593,663 $5,609,791 $5,605,282 $5,625,654 $5,546,478 $5,522,895 $5,542,582

RISER RETAIL GROUP East Towne Plaza 19 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 East Towne Plaza 20 DEMOGRAPHIC SUMMARY

1 mi radius 3 mi radius 5 mi radius

2018 Estimated Population 7,448 62,838 166,629 2023 Projected Population 7,610 65,922 175,720 2010 Census Population 7,120 55,600 145,471 2000 Census Population 6,414 49,480 130,233 Projected Annual Growth 2018 to 2023 0.4% 1.0% 1.1%

POPULATION Historical Annual Growth 2000 to 2018 0.9% 1.5% 1.6% 2018 Median Age 34.6 35.3 34.3 2018 Estimated Households 3,103 26,458 66,718 2023 Projected Households 3,248 27,870 70,322 2010 Census Households 2,950 23,199 57,328 2000 Census Households 2,657 19,974 50,280 Projected Annual Growth 2018 to 2023 0.9% 1.1% 1.1%

HOUSEHOLDS Historical Annual Growth 2000 to 2018 0.9% 1.8% 1.8% 2018 Estimated White 28.7% 23.6% 28.2% 2018 Estimated Black or African American 65.7% 71.0% 65.0% 2018 Estimated Asian or Pacific Islander 1.4% 1.4% 2.5% 2018 Estimated American Indian or Native Alaskan 0.4% 0.3% 0.3%

ETHNICITY ETHNICITY 2018 Estimated Other Races 3.7% 3.7% 3.9% RACE AND 2018 Estimated Hispanic 3.3% 3.0% 3.4% 2018 Estimated Average Household Income $52,242 $55,382 $55,520 2018 Estimated Median Household Income $47,012 $45,442 $43,848

INCOME 2018 Estimated Per Capita Income $21,777 $23,367 $22,587

2018 Estimated Elementary (Grade Level 0 to 8) 3.9% 4.2% 4.6% 2018 Estimated Some High School (Grade Level 9 to 11) 11.0% 12.5% 11.4% 2018 Estimated High School Graduate 38.8% 29.6% 28.5% 2018 Estimated Some College 23.7% 19.9% 21.7% 2018 Estimated Associates Degree Only 7.0% 7.1% 6.8% (AGE 25+)

EDUCATION 2018 Estimated Bachelors Degree Only 10.1% 17.4% 17.6% 2018 Estimated Graduate Degree 5.4% 9.3% 9.4% 2018 Estimated Total Businesses 1,547 7,681 10,915 2018 Estimated Total Employees 17,551 89,558 127,908 2018 Estimated Employee Population per Business 11.3 11.7 11.7

BUSINESS 2018 Estimated Residential Population per Business 5.4 10.3 13.1

RISER RETAIL GROUP East Towne Plaza 21 DEMOGRAPHICS

RISER RETAIL GROUP East Towne Plaza 22 DEMOGRAPHICS

RISER RETAIL GROUP East Towne Plaza 23 DEMOGRAPHICS

RISER RETAIL GROUP East Towne Plaza 24 SAMPLE LETTER OF INTENT

Re: Offer for the purchase of East Towne Plaza Shopping Center located at 2901 Williamsburg Rd. Richmond, VA 23231

& 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 East Towne Plaza 25 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 East Towne Plaza 26 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]