OFFERING MEMORANDUM

EXECUTIVE OVERVIEW

1743-1863 PLAZA DR., OLEAN, 14760

1 EXECUTIVE OVERVIEW

EXCLUSIVELY LISTED BY: BEN SNYDER ZACK BATES BROKER OF RECORD EVP & National Director Associate Vice President JEFFREY TERWILLIGER License No. 30TE0892302 (NY) D: (216) 503-3607 D: (216) 503-3608 M: (614) 975-8822 M: (440) 708-3416 E: [email protected] E: [email protected] License No. 2018002569 (OH) License No. 2018002393 (OH) EXECUTIVE OVERVIEW

Property Description

TABLE OF CONTENTS

5 Executive Overview 8 Financial Overview 12 Asset Analysis 18 Tenant Overviews 23 Area Overview

OLEAN, NEW YORK 3 EXECUTIVE OVERVIEW

W. STATE ST ± 15,630 VPD

4 THE SHOPS AT PLAZA EXECUTIVE OVERVIEW

THE OPPORTUNITY OFFERING SUMMARY Matthews™ is pleased to exclusively offer the opportunity to acquire a 53,642 square-foot strip center located in Olean, NY, called The Shops at Walmart Plaza. The Property is 94% occupied, featuring a desirable and synergistic PRICE $8,310,000 tenant line-up comprised of mainly national tenants (87% national tenants) including Old Navy, Pet Supplies Plus, The Shoe Dept, Maurice’s, Olympia Sports, Supercuts, Spectrum, GameStop, Sally Beauty, and GNC. The Property is shadow anchored by a top performing Walmart Supercenter in the region - PRICE PSF $155 the only Walmart within a 22-mile radius.

The Property has experienced strong recent leasing momentum having executed on 22,623 square feet of leasing activity in the last 30 months, CAP 8.35% comprising more than 42% of the total GLA. Of that 22,623 square feet of leasing activity, 13,613 SF (60%) was completed via renewals of existing tenants. The remainder was completed via new leasing activity totaling 9,010 SF (40%), with the addition of Pet Supplies Plus in October 2018 on a 10-year NOI $693,596 deal, followed most recently by Spectrum who opened in August 2020.

The Shops at Walmart Plaza is situated along W State St/Rt 417 (15,630 VPD), the main east-west lateral that runs through the Olean sub-market. It’s ADDRESS 1743-1863 Plaza Dr., Olean, NY 14760 strategically located within Walmart Plaza, the dominant open-air shopping center within the Olean trade area that features a national tenant line-up of best-in-class tenants that include Walmart, BJ’s Wholesale Club, Home Depot, and AMC – Walmart, BJ’s Wholesale Club, and AMC have all executed recent GLA ±53,642 SF extensions. The Property is located across the street from St. Bonaventure University, which has an enrollment of nearly 2,500 students.

This outstanding investment opportunity is being offered free & clear of OCCUPANCY 94.3% existing financing.

OLEAN, NEW YORK 5 EXECUTIVE OVERVIEW

INVESTMENT HIGHLIGHTS

WALMART SHADOW ANCHORED STRONG RECENT LEASING MOMENTUM The Shops at Walmart Plaza is shadow anchored by Walmart Supercenter, the largest retailer The Property has experienced strong recent leasing momentum having executed on 22,623 in the World by revenue with fiscal year 2019 revenue exceeding $514 billion. In addition square feet of leasing activity in the last 30 months, comprising more than 42% of the to the daily cross traffic the center see’s from being shadow anchored by a top performing total GLA. Of that 22,623 square feet of leasing activity, 13,613 SF (60%) was completed Walmart, the center also benefits greatly from the regional draw Walmart has in Olean, as this via renewals of existing tenants that included that included The Shoe Dept., Sally Beauty, is the only Walmart within a 22-mile radius. With Walmart having just recently extended their GameStop, GNC, and Supercuts (renewed for 5-years in February 2020). The remainder lease early for an additional 10-years and serving such a widespread trade area, the Property was completed via new leasing activity totaling 9,010 SF (40%), with the addition of Pet should continue to benefit greatly from the daily needs consumer traffic Walmart provides for Supplies Plus in October 2018 on a 10-year deal, followed most recently by Spectrum who many, many years to come. opened in August 2020. All of this recent leasing has been executed with national tenants, highlighting the desire of national tenants to be here and to remain at this location long-term. NATIONAL TENANTS Furthermore, since the beginning of 2017 there has been a total of 42,862 SF of leasing The Shops at Walmart Plaza features a synergistic tenant line-up comprised of mainly activity executed on (80% of the total GLA). national tenants, as well as a few local/regional operators. 87% of the tenancy is made up W. STATE ST by national tenants, featuring household names such as Old Navy, Pet Supplies Plus, Shoe RECENT SHADOW ANCHOR RENEWALS ± 15,630 VPD Dept, Maurice’s, Olympia Sports, Supercuts, Spectrum, GameStop, Sally Beauty, and GNC. The Shops at Walmart Plaza is ideally positioned within the center and sub-market to The remainder of the tenancy is rounded out by service based regional operators, such as benefit greatly from the heavy and widespread draw that the best-in-class shadow anchors Total Tan and Tip Top Nails. provide on a daily basis. With Walmart having recently renewed for an additional 10 years, BJ’s Wholesale Club for an additional 7 years, and AMC having term until 2031, the subject HIGHLY ACCESSIBLE AND HEAVILY TRAFFICKED property and its tenants stand to see continued great benefit from its ideal location for many The Property is situated along W State St/Rt 417 (15,630 VPD), the main east-west lateral years to come. that runs through the Olean submarket. With two signalized intersections providing access into the center, along with three additional ingress/egress access points, the center’s ideal EXPANDED TRADE AREA DRAW location provides outstanding access to both a local and regional customer base. BJ’s – Nearest wholesale membership club is 50+ miles west (Sam’s Club). Walmart – Only location within 22 miles. STRATEGIC LOCATION IN COLLEGE TOWN Home Depot – Only national home improvement store within 40+ miles. The Shops at Walmart Plaza is strategically located within Walmart Plaza, the dominant AMC – Only movie theater in Olean. open-air shopping center within the Olean trade area. Walmart Plaza features a national tenant line-up of best-in-class tenants that include Walmart, BJ’s Wholesale Club, Home UNENCUMBERED ASSET Depot, and AMC, along with Old Navy and Pet Supplies Plus at the subject property. Other Offered free and clear of any existing financing allowing a new investor to take advantage of major retailers in the immediate trade area include Tops Market, JCPenney, Marshalls, Aldi, historically low interest rates. Ollie’s Bargain Outlet, Staples, and many others. The Property sits right down the road from St. Bonaventure University, which has enrollment of nearly 2,500 students. Not only does this provide additional daily traffic to the site, but it provides a recurring flow of new customers on an annual basis.

6 THE SHOPS AT WALMART PLAZA EXECUTIVE OVERVIEW

W. STATE ST ± 15,630 VPD

OLEAN, NEW YORK 7 FINANCIAL OVERVIEW

FINANCIAL OVERVIEW CASH FLOW ASSUMPTIONS

YEAR 1 TOTAL $ PSF TIMING INCOME Analysis Start 7/1/21 Rental Income $716,875 $13.36 Analysis End 6/30/31 AREA MEASURES Expense Reimbursements $221,032 $4.12 Gross Leasable Area 53,642 Effective Gross Revenue $937,907 $17.48 Inflation Market Rent Growth 3.0% EXPENSES Expense Growth 3.0%

Real Estate Taxes $117,599 $2.19 Real Estate Tax Growth 3.0% LEASING ASSUMPTIONS Insurance $12,904 $0.24 Market Rent ($ PSF Annual) $14.00 - $22.00 Renewal Probability 70% / 90% CAM $85,671 $1.60 Downtime 9 Months / 12 Months Management Fee (3% of EGR) $28,137 $0.52 Tenant Improvement Allowance ($ PSF) $20 - $30 / $0 Leasing Commissions 6% / 2% Total Operating Expenses $244,311 $4.55 Free Rent None Net Operating Income $693,596 $12.93 Rent Increases None Reimbursements Continue Prior Term 5 Years / 10 Years

8 THE SHOPS AT WALMART PLAZA FINANCIAL OVERVIEW

KEY ASSUMPTIONS

TENANT ASSUMPTIONS

- Old Navy: Tenant renews at market ($14.00 PSF) at expiration 6/30/23. - Spectrum: Tenant takes their option ($21.51 PSF) starting 9/1/25, as well as their next option ($24.73 PSF) starting 9/1/30. - The Shoe Dept: Tenant renews at market ($16.00 PSF) at expiration 7/31/23. - Gamestop: Tenant rolls to market ($22.00 PSF) at expiration 1/31/23. - Sally Beauty: Tenant rolls to market ($20.00 PSF) at expiration 11/30/23. - Supercuts: Tenant rolls to market ($20.00 PSF) at expiration 7/31/25. - Pet Supplies Plus: Tenant takes their option ($13.31 PSF) starting 11/1/28, taking them through the analysis period. - Maurices: Tenant takes their option ($17.25 PSF) starting 5/1/24, as well as their next option ($19.85 PSF) starting 5/1/29, taking them through the analysis period. - Tip-Top Nails: Tenant takes their option ($15.25 PSF) starting 5/1/26, then rolls to market ($19.00 PSF) at expiration 4/30/31. - GNC: Tenant takes their option ($22.76 PSF) starting 7/1/24, then rolls to market ($22.00 PSF) at expiration 6/30/29. - Total Tan: Tenant rolls to market ($15.00 PSF) at expiration 6/30/23. - Olympia Sports: Tenant rolls to market ($18.00 PSF) at expiration 4/30/25.

FINANCIAL ASSUMPTIONS

- CapEx: Analysis assumes an annual recurring capital reserve of $0.15 PSF. - Expenses: Expenses are based off 2020 actuals and grown at 3% for Year 1 and annually thereafter. - Management Fee: Management Fee is 3% of Effective Gross Revenue. - General Vacancy: General Vacancy set at 5% of Potential Gross Revenue excluding Old Navy and Pet Supplies Plus.

VACANCY LEASE-UP

Suite Term Start Size Annual Rental Rate Recovery Leasing Costs # (Years) Date (SF) Rent $ PSF/Yr. $ PSF/Mo. Structure TI $ PSF LC % 428-007 5 7/1/22 3,080 $55,440 $18.00 $1.50 NNN + MGT $20.00 6%

3,080 SF $55,440 $18.00 $1.50

OLEAN, NEW YORK 9 FINANCIAL OVERVIEW

CASH FLOW

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 Year 6 YEAR 7 YEAR 8 Year 9 YEAR 10 Year 11 Jun-2022 Jun-2023 Jun-2024 Jun-2025 JUN-2026 JUN-2027 JUN-2028 JUN-2029 JUN-2030 Jun-2031 Jun-2032 Effective Gross Revenue Per SF. Annual $17.48 $18.17 $19.48 $20.12 $20.97 $21.47 $21.58 $22.68 $24.25 $24.46 $25.58 Total Operating Expense Per SF. Annual ($4.55) ($4.70) ($4.86) ($5.01) ($5.17) ($5.32) ($5.46) ($5.64) ($5.83) ($5.99) ($6.18) Average Occupancy 94.26% 99.08% 97.95% 98.81% 98.20% 100.00% 97.95% 94.26% 99.17% 96.26% 99.63%

GROSS REVENUE Base Rental Revenue 772,315 773,831 847,025 871,511 914,223 921,993 933,942 1,023,003 1,052,883 1,082,187 1,108,824 Absorption/Turnover Vacancy (55,440) (11,217) (17,505) (12,585) (21,028) - (25,218) (62,982) (12,457) (49,350) (5,122) Reimbursement Revenue 221,032 239,292 244,432 253,733 260,310 272,788 274,667 272,078 296,358 295,431 315,475 Gross Rental Income 937,907 1,001,906 1,073,952 1,112,659 1,153,505 1,194,781 1,183,391 1,232,099 1,336,784 1,328,268 1,419,177 General Vacancy - 5.00% - (27,020) (29,140) (33,298) (28,431) (43,102) (25,612) (15,535) (35,809) (16,403) (46,911) Effective Gross Income 937,907 974,886 1,044,812 1,079,361 1,125,074 1,151,679 1,157,779 1,216,564 1,300,975 1,311,865 1,372,266

OPERATING EXPENSES PSF Real Estate Taxes 2.19 117,599 121,129 124,763 128,506 132,362 136,331 140,421 144,635 148,972 153,442 158,045 Insurance 0.24 12,904 13,291 13,690 14,101 14,523 14,959 15,408 15,871 16,346 16,837 17,342 CAM 1.60 85,671 88,242 90,888 93,614 96,424 99,315 102,296 105,366 108,524 111,782 115,134 Management Fee 0.52 28,137 29,247 31,344 32,381 33,752 34,550 34,733 36,497 39,029 39,356 41,168 Total Operating Expenses (4.55) (244,311) (251,909) (260,685) (268,602) (277,061) (285,155) (292,858) (302,369) (312,871) (321,417) (331,689) Per SF. Monthly ($0.38) NET OPERATING INCOME $693,596 $722,977 $784,127 $810,759 $848,013 $866,524 $864,921 $914,195 $988,104 $990,448 $1,040,577

CAPITAL EXPENDITURES Tenant Improvements - 75,684 28,008 - 43,382 - 22,066 100,653 13,590 50,291 19,409 Leasing Commissions - 23,811 60,615 - 21,754 - 10,592 46,023 7,973 25,219 9,834 Capital Reserves 8,046 8,288 8,536 8,792 9,056 9,328 9,608 9,896 10,193 10,499 10,814 Total Capital Expenditures (8,046) (107,783) (97,159) (8,792) (74,192) (9,328) (42,266) (156,572) (31,756) (86,009) (40,057)

NET CASH FLOW $685,550 $615,194 $686,968 $801,967 $773,821 $857,196 $822,655 $757,623 $956,348 $904,439 $1,000,520

10 THE SHOPS AT WALMART PLAZA EXECUTIVE OVERVIEW

OLEAN, NEW YORK 11 ASSET ANALYSIS

TAX PARCEL MAP ASSET OVERVIEW

NAME The Shops at Walmart Plaza

ADDRESS 1743-1863 Plaza Dr.

CITY, STATE Olean, NY

APN 042089 94.061-2-6

LAND AREA ±4.0 acres

YEAR BUILT 1980

PROPERTY TYPE Walmart Shadow Anchored Strip Center

GROSS LEASABLE AREA ±53,642 SF

TOTAL TENANTS 12

CURRENT OCCUPANCY 94.3%

AVERAGE REMAINING TERM ±3.1 Years

12 THE SHOPS AT WALMART PLAZA ASSET ANALYSIS

TOTAL SQFT: 53,642 SF

TIP TOP NAILS LEGEND: TENANT ROSTER SUBJECT PROPERTY SUITE TENANT SF VACANT

E V A N O I T U T I T S N O C 428-001 Old Navy 12,000 NAP 428-002 Spectrum 2,960

TOTAL TAN 428-003 The Shoe Dept 5,220 428-003A Gamestop 1,980 428-003B Sally Beauty 2,040 428-004 Supercuts 2,585 428-006 Pet Supplies Plus 6,050 428-007 Vacant 3,080 428-008 Maurices 5,293 428-008A Tip-Top Nails 2,407 428-009 GNC 1,788 428-010 Total Tan 4,400 428-011 Olympia Sports 3,839

Totals 13 Suites 53,642 SF

T S E T A T S . W

GAS

INDEPENDENCE DR OLEAN, NEW YORK 13 ASSET ANALYSIS

RENT ROLL

LEASE LEASE SQUARE % OF CONTRACT RENTAL RATE RENT $ PSF RENT INCREASES MARKET MARKET LEASING SUITE TENANT OPTIONS START END FEET GLA YEAR MONTH $ PSF/YR. DATE $ PSF/YR. RENT ASSUMPTIONS 428-001 Old Navy Jul-17 Jun-23 12,000 22.4% $156,000 $13,000 $13.00 - - - $14.00 Renew at Market

2x5 Years: 428-002 Spectrum Aug-20 Aug-25 2,960 5.5% $55,352 $4,613 $18.70 - - (1) $21.51 PSF. $19.00 Option (2) $24.73 PSF.

428-003 The Shoe Dept Aug-18 Jul-23 5,220 9.7% $78,991 $6,583 $15.13 - - - $16.00 Renew at Market Renew flat for 1 year 428-003A Gamestop Mar-07 Jan-22 1,980 3.7% $43,560 $3,630 $22.00 - - - $22.00 then RTM 428-003B Sally Beauty Dec-18 Nov-23 2,040 3.8% $29,641 $2,470 $14.53 - - - $20.00 Renew at Market

428-004 Supercuts Feb-18 Jul-25 2,585 4.8% $29,728 $2,477 $11.50 - - - $20.00 RTM

4x5 Years: (1) $13.31 PSF. 428-006 Pet Supplies Plus Oct-18 Oct-28 6,050 11.3% $66,550 $5,546 $11.00 Nov-23 $12.10 (2) $14.64 PSF. $15.00 Option (3) $16.11 PSF. (4) $17.72 PSF.

428-007 Vacant - - 3,080 5.7% - $0 $0.00 - - - $18.00 Month 13

2x5 Years: 428-008 Maurice's Apr-14 Apr-24 5,293 9.9% $79,395 $6,616 $15.00 - - (1) $17.25 PSF. $16.00 Option (2) $19.85 PSF.

1x5 Years: 428-008A Tip-Top Nails Apr-16 Apr-26 2,407 4.5% $30,689 $2,557 $12.75 May-21 $13.25 $19.00 Option (1) $15.25 PSF.

1x5 Years: 428-009 GNC Jun-04 Jun-24 1,788 3.3% $36,994 $3,083 $20.69 - - $22.00 Option (1) $22.76 PSF.

428-010 Total Tan May-17 Jun-23 4,400 8.2% $44,000 $3,667 $10.00 $15.00 RTM

428-011 Olympia Sports May-17 Apr-25 3,839 7.2% $62,729 $5,227 $16.34 May-21 $16.83 - $15.00 RTM

Occupied Totals - In Place 50,562 94.3% $713,629 $59,469 $14.11 Vacant Totals 3,080 5.7% $0 $0 $0.00 Totals 53,642 100.0% $713,629 $59,469 $13.30

14 THE SHOPS AT WALMART PLAZA ASSET ANALYSIS

OCCUPANCY

6%

SUMMARY TENANT PROFILE

LEASE IN-PLACE TENANT NAME SQUARE FEET % OF REVENUE TENANT TYPE CREDIT EXPIRATION RENT 94% Anchor Occupied Totals - In Place Old Navy 12,000 Jun-23 $156,000 21.9% Anchor National/Credit Vacant Totals Total 12,000 $156,000 21.9% TENANT BREAKDOWN Services Spectrum 2,960 Aug-25 $55,352 7.8% Services National/Credit 13% Total Tan 4,400 Jun-23 $44,000 6.2% Services Local/Regional Tip-Top Nails 2,407 Apr-26 $30,689 4.3% Services Local/Regional Supercuts 2,585 Jul-25 $29,728 4.2% Services National/Credit

Total 12,352 $159,769 22.4% 87%

National/Credit Shops Local/Regional Maurice's 5,293 Apr-24 $79,395 11.1% Shops National/Credit The Shoe Dept 5,220 Jul-23 $78,991 11.1% Shops National/Credit RENT Pet Supplies Plus 6,050 Oct-28 $66,550 9.3% Shops National/Credit BREAKDOWN Olympia Sports 3,839 Apr-25 $62,729 8.8% Shops National/Credit 22% Gamestop 1,980 Jan-22 $43,560 6.1% Shops National/Credit GNC 1,788 Jun-24 $36,994 5.2% Shops National/Credit Sally Beauty 2,040 Nov-23 $29,641 4.2% Shops National/Credit 22% 56% Total 26,210 $397,860 55.8%

Shops TOTAL 50,562 $713,629 100% Services Anchor

OLEAN, NEW YORK 15 EXECUTIVE OVERVIEW

16 THE SHOPS AT WALMART PLAZA *NAP PHOTOS EXECUTIVE OVERVIEW

OLEAN, NEW YORK 17 TENANT OVERVIEWS

1,000 1994 680 1993 LOCATIONS YEAR FOUNDED LOCATIONS YEAR FOUNDED

OLD NAVY SPECTRUM Old Navy is an American clothing and accessories retailing Charter Communications, Inc. is an American telecommunications company owned by American multinational corporation Gap Inc. and mass media company that offers its services to consumers and It has corporate operations in the Mission Bay neighborhood of businesses under the branding of Spectrum. Providing services . The largest of the Old Navy stores are its flagship to over 26 million customers in 41 states, it is the second-largest stores, located in , Seattle, Chicago, San Francisco, cable operator in the by subscribers, just behind Manila, and Mexico City. The first store opened in 1994 in San Comcast, and third-largest pay TV operator behind Comcast Francisco and has been on a roll ever since. Today, customers and AT&T. It is the fifth-largest telephone provider based upon can find fabulous fashion at affordable prices online and in their residential subscriber line count. 1,000+ stores globally.

18 THE SHOPS AT WALMART PLAZA TENANT OVERVIEWS

1,150 1960 5,830 1984 LOCATIONS YEAR FOUNDED LOCATIONS YEAR FOUNDED

THE SHOE DEPOT GAMESTOP Shoe Show, Inc. is an American footwear retailer based in GameStop Corp. (better known simply as GameStop) is an Concord, North Carolina. It operates shoe stores throughout the American video , consumer electronics, and gaming United States under the brands Shoe Show, The Shoe Dept., merchandise retailer. The company is headquartered in The Shoe Dept. Encore, Shoebilee!, Burlington Shoes, and Shoe Grapevine, Texas, United States, a suburb of , and operates Show Mega. The company was founded in 1960 by Robert B. 5,830 stores throughout the United States, , Tucker and has more than 1,150 locations. In the early 2000s, , New Zealand, and . The company’s retail stores the company began opening Shoe Dept. Encore stores, which are primarily operate under the GameStop, EB Games, ThinkGeek, larger than regular Shoe Dept. stores. and Micromania brands.

OLEAN, NEW YORK 19 TENANT OVERVIEWS

2,000 1964 2,400 1975 LOCATIONS YEAR FOUNDED LOCATIONS YEAR FOUNDED

SALLY BEAUTY SUPERCUTS Sally Beauty Holdings, Inc. (NYSE: SBH) is an American Supercuts is a hair salon franchise with more than 2,400 international specialty retailer and distributor of professional locations across the United States. The company was founded in beauty supplies with revenues of more than $ 3.9 billion annually. the San Francisco Bay Area in 1975, by Geoffrey M. Rappaport Sally Beauty Supply stores offer more than 6,000 products for and Frank E. Emmett. The company’s first location was in Albany, hair, skin, and nails through professional lines such as Clairol, . The headquarters are in Minneapolis, Minnesota. L’Oreal, Wella, and Conair, as well as an extensive selection of proprietary merchandise. Supercuts is a wholly-owned subsidiary of Regis Corporation, which also owns Regis Salons, Mia & Maxx, MasterCuts, Cost Cutters, SmartStyle, and First Choice Haircutters in the United States and Canada.

20 THE SHOPS AT WALMART PLAZA TENANT OVERVIEWS

325 1988 1,000 1931 LOCATIONS YEAR FOUNDED LOCATIONS YEAR FOUNDED

PET SUPPLIES PLUS MAURICES Pet Supplies Plus (also styled Pet Supplies “Plus”), founded in Maurices Inc., stylized as maurices, is an American women’s 1988 in Redford, Michigan in the United States, is a privately held clothing retail chain based in Duluth, Minnesota. Founded in 1931 pet supply retailing corporation with a major presence in the US. in Duluth, the chain comprises more than 1,000 stores in the As of 2005, it was the third-largest specialty pet food retailer United States and Canada, primarily located in shopping malls in the US. The company began adding franchise locations in the and smaller towns. The founding Labovitz family sold Maurices Midwest, expanding into the northeastern and southern states to the Brenninkmeijer family’s American Retail Group in 1978. during the late 1990s. In 2015, Pet Supplies Plus store locations consisted of over 325 stores in 25 states.

OLEAN, NEW YORK 21 TENANT OVERVIEWS

8,400 1935 150 1975 LOCATIONS YEAR FOUNDED LOCATIONS YEAR FOUNDED

GNC OLYMPIA SPORTS GNC Holdings Inc. (General Nutrition Centers) is a Pittsburgh, Olympia Sports is a retail sporting goods company. The company Pennsylvania-based American company selling health and was founded in 1975 in Portland, Maine. Today, it currently has nutrition-related products, including vitamins, supplements, 152 locations, mostly across New England, New York, and the minerals, herbs, sports nutrition, diet, and energy products. GNC Mid-Atlantic. It is currently headquartered in nearby Westbrook, stores typically stock a wide range of weight loss, bodybuilding, Maine and has a flagship store in Boston. At Olympia Sports, nutritional supplements, vitamins, natural remedies, and health they take pride in they’re premium athletic specialty brand and beauty products, in both its owned brands as well as third- assortment, superior customer service, and convenient locations party brands. that are staffed by local residents.

22 THE SHOPS AT WALMART PLAZA AREA OVERVIEW

OLEAN, NY Situated in Cattaraugus County, New York, Olean is the largest city in the area. The place has an BUFFALO ECONOMY energetic spirit and outstanding resources that one might expect to find. It also serves as the Buffalo is often referred to as the “City of Light” one reason is because it was financial, business, transportation and entertainment center of Cattaraugus Country. the first city in America to have electric streetlights, another is because of the Its location provides easy access to the major markets throughout the Northeast, including abundance of hydroelectric power that is supplied to the city by Niagara Falls Canada. Olean is rich in recreational opportunities for everyone. The area offers excellent outdoor about 20 miles away. The falls are both economically beneficial and a major recreational opportunities, as well as fun things to do indoors. tourist attraction. Buffalo’s two major economic sectors are health care and education. These industries continue to grow due to the Buffalo Niagara Medical Campus, as well BUFFALO, NY as the University at Buffalo and their constant expansion. The Buffalo Niagara Buffalo is rich in culture and has a lot to offer in terms of arts, nightlife, professional sports, Medical Campus consists of 27 finished and ongoing developments totaling in famous art collections, and museums. The award-winning airport in conjunction with the $1.6 billion. These projects include the $50.5 million Clinical Science Center for University of Buffalo has boosted the economy. The main economic sectors include industrial, light Roswell Park Cancer Institute which will include a cancer treatment center and manufacturing, high technology and services. The proximity to Canada gives the city’s businesses breast mammography center. The University at Buffalo is responsible for 19,715 extra support from those who come across the border on a regular basis, which many do to avoid jobs in the state of New York. higher prices in their home country.

DEMOGRAPHICS (OLEAN, NY)

5-MILE 10-MILE 15-MILE ±256,304 POPULATION

POPULATION 23,210 34,364 64,522

HOUSEHOLDS 9,671 14,372 26,770

AVG HH INCOME $67,443 $68,127 $65,353 $87,371 $63,833 MEDIAN HOME PRICE AVG. ANNUAL SALARY

OLEAN, NEW YORK 23 AREA OVERVIEW

DISTANCE TO MAJOR CITIES

BUFFALO 58 MILES

PITTSBURGH 130 MILES

CLEVELAND 170 MILES

PHILADELPHIA 220 MILES

DETROIT 235 MILES

NEW YORK 240 MILES

ST. BONAVENTURE UNIVERSITY 50+ St. Bonaventure University is a private Franciscan university in Allegany, New York. It has 2,381 undergraduate and graduate students. UNDERGRADUATE MAJORS The Franciscan Brothers established the university in 1858. AND PROGRAMS

Undergraduate and graduate programs are offered in the liberal arts and sciences, business, education, and journalism and mass communication, and three graduate degrees are offered in a 100% online format through St. Bonaventure University Online. 500+ ACRES WITH Programs are also offered by the University’s Franciscan Institute, which has produced seminal publications and hosted the world’s 31 BUILDINGS foremost Franciscan scholars. The Regina A. Quick Center for the Arts includes a world-class museum that enriches student learning experiences as well as the quality of life throughout Western New York. 1,800+ In athletics, the St. Bonaventure Bonnies play National Collegiate Athletic Association Division I sports in the Atlantic 10 Conference. UNDERGRADUATE STUDENTS Students and alumni often refer to the university as Bona’s, derived from the school’s original name, St. Bonaventure’s College.

24 THE SHOPS AT WALMART PLAZA CONFIDENTIALITY AGREEMENT & DISCLAIMER

This Offering Memorandum contains select information pertaining to the business and affairs ofThe Shops at Walmart Plaza located at 1743-1863 Plaza Dr., Olean, NY 14760 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

OLEAN, NEW YORK 25 OFFERING MEMORANDUM EXECUTIVE OVERVIEW

EXCLUSIVELY LISTED BY:

BEN SNYDER ZACK BATES BROKER OF RECORD EVP & National Director Associate Vice President JEFFREY TERWILLIGER License No. 30TE0892302 (NY) D: (216) 503-3607 D: (216) 503-3608 M: (614) 975-8822 M: (440) 708-3416 E: [email protected] E: [email protected] License No. 2018002569 (OH) License No. 2018002393 (OH)

26 THE SHOPS AT WALMART PLAZA