New Market Land.Indd

FREDERICK COUNTY MARYLAND N

BOYERS MILL

Spring Ridge/Bartonsville ROAD 3,909 Homes Lake Linganore PUD 6,364 Homes FREDERICK

70 GREEN VALLEY ROAD 40 144 75 Greenview PUD 450 Homes

OLD NATIONAL PIKE New Market EXIT 59 Center SITE (unanchored) NEW MARKET Holly Hills 18-Hole Golf Community 438 Homes 144 ROAD 70 40 BALTIMORE

MUSSETTER EXIT 62

IJAMSVILLE

NEW MARKET SHOPPING CENTER SITE NEW MARKET, FREDERICK COUNTY, MARYLAND 12.2 ACRES ZONED GENERAL COMMERCIAL

An Exclusive Investment Offering Presented By Transwestern www.transwestern.net FREDERICK COUNTY MARYLAND N

BOYERS MILL

Spring Ridge/Bartonsville ROAD 3,909 Homes Lake Linganore PUD 6,364 Homes FREDERICK

70 GREEN VALLEY ROAD 40 144 75 Greenview PUD 450 Homes

OLD NATIONAL PIKE New Market EXIT 59 Center SITE (unanchored) NEW MARKET Holly Hills 18-Hole Golf Community 438 Homes 144 ROAD 70 40 BALTIMORE

MUSSETTER EXIT 62

IJAMSVILLE

NEW MARKET SHOPPING CENTER SITE NEW MARKET, FREDERICK COUNTY, MARYLAND 12.2 ACRES ZONED GENERAL COMMERCIAL 2

Confidentiality & Conditions

This Investment Memorandum (“Memorandum”) is furnished to prospective purchasers solely to facilitate the purchaser’s consideration of the land parcel known as the New Market Shopping Center Site consisting of 12.2 acres (“Property”) located in New Market, Maryland. New Market SC, LLC is the selling entity (“Owner”). The Memorandum contains proprietary information and was prepared by Transwestern Carey Winston, LLC (“TW”) using information compiled from sources we consider to be reliable. By receipt of this Memorandum, you agree that: (a) the Memorandum and its contents are of a confi dential nature and that you will hold and treat it in strictest confi dence in full compliance with the separate confi dentiality agreement you have executed, if same was required; (b) you will not reproduce, transmit or disseminate the information contained in the Memorandum through any means, or disclose this Memorandum or any of its contents to any other entity without the prior Presented By: written authorization of TW nor will you use this Memorandum or any of its contents in any fashion or manner detrimental to the interests of TW or seller; and (c) upon Howard W. Mersky 301.896.9017 - offi ce request you will return the Memorandum without retaining any copy or extract of any Senior Vice President 301.807.3800 - mobile portion thereof. 301.896.9172 - fax [email protected] This Memorandum does not purport to be all-inclusive or to contain all the information which prospective purchasers may desire and is a summary upon which prospective purchasers are not entitled to rely. Certain documents and materials are described herein in summary form. The summaries are not complete descriptions of the documents and materials. Interested parties are expected to review all such documents and materials independently. Market fi nancial projections are provided for reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond the control of TW and are, therefore subject to material variation. Additional information and an opportunity to inspect the Property will be made available to qualifi ed prospective purchasers 6700 Rockledge Drive upon request. Each purchase offer is to be based strictly and entirely upon the Suite 400-A purchaser’s independent investigation, analysis, appraisal and evaluation of facts Bethesda, Maryland 20817 and circumstances deemed relevant by the purchaser. Neither Owner, TW, nor any P: 301.517.0900 | F: 301.571.0901 of their respective directors, offi cers or affi liates have made any representation or www.transwestern.net warranty, express or implied as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of this Memorandum or its contents.

This offering is submitted and received with the understanding that all negotiations for the acquisition of the herein described property will be conducted through TW. The sellers and TW expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or terminate discussions with any entity at any time with or without notice.

NEW MARKET SHOPPING CENTER SITE 3

NEW MARKET SHOPPING CENTER SITE NEW MARKET, FREDERICK COUNTY, MARYLAND 12.2 ACRES ZONED GENERAL COMMERCIAL

4 10 EXECUTIVE SUMMARY PROPERTY OVERVIEW

• Offering Highlights • Property Overview • Offering Summary & Procedure • Site Plan • Directions to the Property • Architectural Rendering

18 25 LOCATION OVERVIEW RETAIL MARKET OVERVIEW

• Frederick County Overview • Retail Submarket - New Market, MD - Economy - Housing/Development - Road Systems/Transportation - Quality of Life 4 EXCLUSIVE INVESTMENT OFFERING

Greenview PUD 450 Homes N

ROAD SITE 144 MUSSETTER

Executive Summary OLD NATIONAL PIKE 144 Holly Hills 18-Hole Golf Community 70 438 Homes 40

NEW MARKET SHOPPING CENTER SITE 5

The Offering

New Market SC, LLC (“Owner”) has retained Transwestern (“Broker”) as The offering represents a rare opportunity to purchase the exclusive representative in the offering of the fee simple interest in the the only available shopping center ground, at a signalized approximately 12.2 acre parcel at the northeast corner of the intersection of Mussetter Road and Old National Pike (formally Maryland Route 144), New intersection, on an existing well traveled arterial road, Market, Frederick County, MD, 21774. Zoned GC (General Commercial), allowing in the established residential area of New Market, MD. for general retail, small-scale ofﬁ ce, business/personal service uses, and highway services, a supermarket anchored neighborhood shopping center development approaching 110,000 SF was in the early stages of planning.

Offering Highlights

• The Property is 12.2 acres, located 6 miles east of downtown Frederick, Maryland and less than 1 mile west of the historic downtown of New Market, Maryland. It is located at the entrance to the 450+ residential development and neighborhoods comprising the Greenview PUD, where Ryan Homes is 95% sold in its current 160+ DU phase, with a ﬁ nal 150+ DU phase, to-be- built. The Holly Hills Golf and Country Club community located immediately south of the Property, along Mussetter Road, has 374 existing dwellings, with 64 additional dwellings in its pipeline, for a total 438 homes. Historic Main Street in New Market, Maryland

• All utilities (water, gas, electric, sewer and telephone) are either on site or adjacent to the Property. A storm water management facility, consisting of two (2) ponds, was built a few years ago to serve the shopping center • Average household income in the trade area is $124,000 and the median development and adjoining property. The water and sewer category for age is 35. Population is estimated at approximately 20,000, living in 6,495 the site is W-3/S-3, which will allow connections to the systems for a current households, within 3 miles of the Property, having grown 30% from 2000- development. 2009. Almost 10% growth is anticipated into 2014.

• The Property is served by two (2) main roads. Old National Pike (MD • The immediate neighborhoods are underserved with convenience retail and Route 144) is an arterial road running east/west through several counties in a place to gather. The Property is equidistant between a Weis Market and Maryland and serves as a useful local route that complements I-70 and US a Food Lion and there is a limited amount of small shop space, which is 40, with highway interchange access 2 miles east of the Property. Mussetter currently 100% leased. There is a need for groceries, convenience retail and Road runs in a generally north/south direction, originating in the Greenview restaurants, in a contemporary environment. PUD just north of the Property and connecting residential communities in a southerly direction through to I-270 at Urbana. • The April 8, 2010 newly adopted Frederick Countywide Comprehensive Plan, identiﬁ es New Market as a Municipal Growth Area, recognizing the • A total of four (4) curb cuts provide excellent ingress and egress for the presently existing and future planned infrastructure available for residential Property. Three (3) “full-access” curb cuts exist on Mussetter Road and one development and accessibility to transportation. Eight (8) schools currently (1) “right-enter only” curb cut exists on Old National Pike. An existing trafﬁ c exist in the New Market Planning Region and there are three (3) designated signal controls the 4-way intersection of Mussetter Road and Old National elementary school sites and two (2) middle school sites. Pike.

SUMMARY PROPERTY LOCATION MARKET BOYER S MILL Spring Ridge/Bartonsville 3,909 Homes ROAD Lake Linganore PUD 6,364 Homes ROAD FREDERICK Y

70 40 N VALLE EE

144 75 Greenview PUD 450 Homes OLD NATIONA EXIT 59 New Market L PIKE Center SITE (unanchored) NEW MARKET Holly Hills 18-Hole Golf Community 438 Homes 144 ROAD 70 40 BALTIMORE

MUSSETTER EXIT 62

IJAMSVILLE 7

Offering Summary & Offering Procedure

Offering Sale of the 100% fee simple interest in the Property.

Offering Price $4,400,000, “all cash”

Market Tours Market tours and a property inspection can be scheduled by appointment. All buyers are encouraged to visit the Property.

Please contact:

Howard W. Mersky [email protected] 301.896.9017 - ofﬁ ce 301.807.3800 - mobile

Offers All offers to purchase should be addressed to:

New Market SC, LLC c/o Howard W. Mersky Transwestern 6700 Rockledge Drive – Suite 400A Bethesda, MD 20817

Frederick County Wine Festival

SUMMARY PROPERTY LOCATION MARKET 8

Directions to the Property

From Baltimore (BWI Airport) From Center of Frederick, MD

Approximate Driving Distance: Approximate Driving Distance: 44 miles | 47 minutes 7 miles | 12 minutes

1. Take I-195 West to I-95 North. 1. Start out going West on E Patrick St/MD-144 W toward S 2. Take Exit 49B for I-695 West toward Towson. Market St/MD-355 N. 3. Merge onto I-695 North. 2. Turn right on N Market St/MD-355 N. 4. Take Exit 16A to merge onto I-70 West toward Frederick. 3. Turn right onto E Church St. 5. Take Exit 62 for MD-75 toward Libertytown/Hyattstown. 4. Turn right onto N East St. 6. Turn right at Green Valley Road/MD-75 North. 5. Turn left onto E Patrick St/MD-144 and continue to follow MD-144 E. 7. Take the 1st left onto Old National Pike (MD-144) 6. Turn left onto Old National Pike (MD-144) 8. Arrive at New Market Shopping Center Site (Old National Pike & Mussetter Road). 7. Arrive at New Market Shopping Center Site (Old National Pike & Mussetter Road).

From Washington, D.C. (Reagan National Airport) Frederick County N Approximate Driving Distance: Frederick 48 miles | 58 minutes SITE

New Market 1. Take George Washington Memorial Parkway entering Virginia.

. d

R 2. Take I-495 North toward Maryland. r

s 3. Bear left on I-270 North toward Frederick. s u M 4. Take Exit 26 for on Fingerboard Road/MD-80. 5. At the trafﬁ c circle, take the 2nd exit and stay on Fingerboard Rd/MD-80 East. 6. Turn left on Ijamsville Road. 7. Take a slight right at Mussetter Road. 8. Arrive at New Market Shopping Center Site (Old National Pike & Mussetter Road). Germantown

Gaithersburg

Rockville

NEW MARKET SHOPPING CENTER SITE 9

NEW MARKET SHOPPING CENTER SITE FREDERICK Frederick County New Market N Mount Airy

. Skyesville d

R Randallstown

Urbana t

e s s u M Point of Damascus Rocks Clarksburg BALTIMORE Catonsville Ellicot City

Columbia Olney

Germantown Baltimore Washington Montgomery County International Airport

Gaithersburg INTERCOUNTY MARYLAND CONNECTOR Leesburg

Rockville

Fairfax County

VIRGINIA Bethesda College Park

Reston

Dulles International Airport WASHINGTON D.C. Reagan National Airport

SUMMARY PROPERTY LOCATION MARKET 10 EXCLUSIVE INVESTMENT OFFERING

Greenview PUD 450 Homes N

ROAD SITE 144 MUSSETTER

Property Overview OLD NATIONAL PIKE

144 Holly Hills 18-Hole Golf Community 70 438 Homes 40

NEW MARKET SHOPPING CENTER SITE Lake Linganore PUD 6,364 Homes

BOYERS MILL

ROAD ROAD GREEN VALLEY ROAD

75 Greenview PUD 450 Homes

New Market Center FREDERICKFREDERICKFREDERICK SITE (unanchored) NEW MARKET OLD NATIONAL PIKE Holly Hills 18-Hole Golf Community 438 Homes 144 ROAD 70 40 BALTIMORE

MUSSETTER EXIT 62 12

Property Overview

Property

The Property offered for sale is the only available zoned shopping center The Property’s prime location offers development parcel on Old National Pike (MD Route 144), in the growth area of New Market, Frederick County, MD, that has all necessary utilities and is ready high visibility and easy vehicular access to go. It occupies 12.2 acres at the northeast quadrant of Mussetter Road and Old National Pike (formally MD Route 144), at a 4-way intersection controlled by from all directions along Old National a trafﬁ c signal. Pike (MD-144) and from Mussetter Road. Recent Planned Grocery Anchored Development

In CY 2005, the Owner obtained an option to purchase 8.5 contiguous acres to the east of the Property, which could have increased the site to 20.6 acres. With a national supermarket anchor prepared to anchor a neighborhood shopping center Street Address development, the Owner commenced the entitlement process for a 136,000 SF shopping center. Street addresses were reserved by Frederick County for the planned shopping center and ranged from 5601-5685 Mussetter Road, New Market, Frederick Within a 2 year period, virtually all approvals were in place to commence County, MD 21774. development and architectural shell building plans, civil engineering, storm water management, traffi c study, Phase 1 environmental assessment, geotechnical engineering and construction budgets had been substantially completed. Prime Location Additionally, all necessary easements have been, if not recorded by the county, executed by the necessary outside third parties beyond the Owner. The Property’s prime location offers high visibility and easy vehicular access from all directions along Old National Pike and from Mussetter Road. Specifi cally, the Owner received water and sewer approval, site plan approval and developed civil improvement plans and preliminary shell drawings for its an The site is within easy walking distance for the residents of the Greenview PUD original proposed 20+ acre, 136,000 SF shopping center. Water and sewer was along Mussetter Road, which is the main road cutting through the community. reclassifi ed from a long term project (W-5/S-5) to a short term project (W-3/S-3) Mussetter Road also serves the Holly Hills community centered around an on March 10, 2008. Site plan approval was received from The Frederick County 18-hole golf course and country club and carries vehicular traffi c connecting Board of Supervisors on June 13, 2007. Civil improvement plans are currently other residential communities to the south toward Urbana and I-270. under review by Frederick County. Preliminary shell building plans, including the grocery anchor, have received conditional approval, pending civil improvement Within a short drive from the Property is Frederick (6 miles), New Market plan approval. historical district (1 mile), and Mount Airy (7 miles). Two (2) interchanges from I-70 along Old National Pike (Route 144) provide easy access to the All of the forgoing studies, reports and approvals will be made available to the Property from Exit-59 and Exit-62, located 1.5 and 2 miles from the Property, Purchaser. respectively.

NEW MARKET SHOPPING CENTER SITE 13

Legal Description Access

Liber 5025, Folio 503, Frederick County, Maryland. P.B. 78, P.153. Real estate tax Excellent access to and from the site is provided by four (4) existing curb cuts. property number 09-310576. Currently, three (3) “full-access” curb cuts exist along Mussetter Road, but the potential exists for the curb cut closest to the traffi c signal to be limited to “right- Zoning in/right-out” to accommodate stacking. An additional curb cut for “right-enter only” exists on Old National Pike. GC (General Commercial), allowing for general retail, small-scale offi ce, business/ personal service uses, and highway services. The signalized intersection at the corner of the Property controls the 4-way traffi c along Old National Pike and Mussetter Road. Land Area The importance of Mussetter Road in the future growth and development in the 12.2 Acres (approximately 532,047 SF) area is highlighted by its consideration in a County Capital Improvement Project to examine the feasibility of a future bypass around New Market’s historical district Topography involving the extension of Mussetter Road northerly to connect with Boyers Mill Road. Known as the “New Market Bypass”, construction would be considered as PROPERTY The overall topography is fl at and its shape is somewhat rectangular in appearance. part of future municipal annexations for residential developments in the path of The Property sits at grade with the adjoining roads and with the contiguous the new road. residential community on the Property’s western boundary.

Stormwater Management Ponds

The Property is served by two (2) existing stormwater management ponds. One (1) exists at the rear of the Property on land within the Greenview PUD and controls run-off from the back portion of the site. The second pond was built several years ago, on contiguous property to the east, for ﬂ ow from the front portion of the site. The stormwater plan was sized to handle the 136,000 SF planned development.

Available Utilities Provider Location Water/Sewer: Frederick County At the rear property line Electricity Alleghany Power Mussetter Road Gas: Frederick Gas Mussetter Road (under Washington Gas) Comcast/Verizon Old National Pike Telephone/Fiber Optics: New Housing in the New Market Region

SUMMARY PROPERTY LOCATION MARKET 14

Demographics assessment, trafﬁ c study, geotechnical engineering and construction budgets 1 Mile 3 Miles 5 Miles had been substantially completed. Additionally, all necessary easements were executed by the necessary outside third parties beyond the Owner. Population (2009 estimated) 2,639 19,782 38,860 (2014 projection) 2,920 21,788 43,227 Water and sewer was reclassiﬁ ed from a long term project (W-5/S-5) to a short Households (2009 estimated) 794 6,495 13,132 term project (W-3/S-3) on March 10, 2008. Site plan approval for the original proposed 20+ acre, 136,000 SF shopping center was received from The (2014 projection) 878 7,169 14,701 Frederick County Board of Supervisors on June 13, 2007. Civil improvement Average HH Income (2009 estimated) $133,050 $123,615 $116,910 plans are currently under review by Frederick County. Preliminary shell Median Age (2009 estimated) 33 35 37 building plans, including the grocery anchor, have received conditional (2014 projection) 31 33 35 approval, pending civil improvement plan approval.

Approximately 2 years ago, as the national economy took a downturn, the History of Site and Planned Shopping Center Development anchor supermarket informed the Owner that it would not proceed with a new store. The Owner preliminarily started working on a smaller development for The Property does not appear to have been used for any purpose other than the 12.2 acre Property, but has now determined not to proceed. farming and it is believed that the only improvements erected on the Property were miscellaneous farm related structures, which were removed within the past Environmental Assessment - Phase 1 20 years. In October 2004, EMG (www.emgcorp.com) completed a Phase 1 In the 1990’s, the development of the Greenview PUD commenced and the Environmental Assessment of the Property and contiguous land that the Property, located at the entrance to the PUD, was zoned GC for the intended Owner planned to purchase for its then contemplated 136,000 SF shopping purpose of becoming the neighborhood shopping center for the community and center development. surrounding neighborhoods. In December 2004, the then existing 10.3 acre site was purchased by the Owner and 6 month later, in June 2005, approximately 1.9 The Property at the time of the environmental assessment was vacant, acres was purchased from the contiguous property owner, which together became unimproved land. There was no evidence of underground storage tanks the subject 12.2 acre Property being offer for sale. (USTs) or pipelines, above or below ground. EMG did not identify any current adjacent property uses that would appear to have a negative impact on the The acquisition of the 1.9 acres provided a curb cut to Old National Pike and, in environmental integrity of the Property. The ﬁ ndings and conclusions, in the process, the Owner obtained an option to purchase 8.5 contiguous addition summary, stated that no further action or investigation was recommended acres to yield a 20+ acre total shopping center site. The option to purchase the or warranted. 8.5 additional acres was not exercised. Owner and Agent make no representation and assume no obligation regarding Shortly after the Owner’s purchase of the Property, the Owner commenced the presence or absence of toxic or hazardous waste or substances or other the entitlement process for a 136,000 SF neighborhood shopping center to be undesirable materials on or about the Property. It is solely the responsibility of anchored by a national supermarket chain. Within a 2 1/5 year period, virtually the potential purchaser to conduct investigations to determine the presence all approvals were in place to commence development and architectural shell of such materials or the absence thereof to purchaser’s sole satisfaction. building plans, civil engineering, storm water management, Phase 1 environmental

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influencial employment center. !. While efforts have been made to ensure the accuracy of this map, Frederick County accepts

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Greater! New Market Comprehensive Plan Map no liability or responsibility for errors, omissions, or positional inaccuracies in the !. !.

!. content of this map. Reliance on this map is at the risk of the user. This map is for illustration Tuscarora DELLA!. RD DICKERSON RD !. purposes only and should not be used for surveying, engineering, or site-specific analysis. !. The Countywide Comprehensive Land Use Plan Map reflects the 8 different adopted Region !. CHICK RD Plans. These individual Region Plans were adopted from 1998 to 2008. For more information please consult The Frederick County Division of Planning, 2nd Floor Winchester Hall, 12 East Church Street Frederick, MD 21701. 301-600-1138 Prepared by Frederick County Division of Planning A full copy of the Frederick Countywide Comprehensive Plan can be viewed on the Frederick County website at: April 29, 2010

http://www.frederickcountymd.gov/index.aspx?NID=170

If you have problems accessing this link the ﬁ le can be accessed at www.co.frederick.md.us under “Departments” on the home page; to “Permits & Development”; then to “Planning” on the drop-down menu; and then to “2010 County Comprehensive Plan” at the top of the drop-down menu.

SUMMARY PROPERTY LOCATION MARKET 16

Site Plan

GAS 4,800 SF 9,230 SF SHOPS DAYCARE

3,301 SF 55,255 SF PAD GROCERY 22,400 SF SHOPS

NEW MARKET SHOPPING CENTER SITE Architectural Rendering

Germantown MARC Station

Kingsview Village Shopping Center

Germantown Retail 18 EXCLUSIVE INVESTMENT OFFERING

Greenview PUD 450 Homes N

ROAD SITE 144 MUSSETTER

Location Overview OLD NATIONAL PIKE 144 Holly Hills 18-Hole Golf Community 70 438 Homes 40

NEW MARKET SHOPPING CENTER SITE 19

Frederick County Overview

Frederick County, Maryland, the state’s largest county, is strategically located Historic and Projected Population within 45 minutes of two metropolitan areas, Washington, D.C. and Baltimore. Frederick County 1900 to 2030 Anchoring the I-270 North corridor, Frederick completes the region’s “Golden 350,000 Triangle” of economic activity. The county is projected to grow 35% by 2030 325,600 and has the 6th highest number of new jobs (5,700) created in Maryland over 300,000 328,700 the past ﬁ ve years. The county continues to beneﬁ t from explosive growth 282,100 as employers and residents seek more cost effective options than southern 250,000

Montgomery County. Further, the county’s diverse economic base and vibrant 200,000 195,277 business community are complimented by a culturally rich heritage, thriving arts community and picturesque countryside. Frederick’s enviable quality of life 150,000 earned the area the ranking of 2nd among Washington Business Journal for 2009 100,000 according to Forbes.com. 50,000 51,920

0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2030 TENANT Source: US Census and Maryland Department of Planning

A unique antiques shopping experience in beautifully renovated 19th century buildings.

Frederick’s enviable quality of life earned the area the ranking of 2nd among America’s Most Livable Cities for 2009 according to Forbes.com.

SUMMARY PROPERTY LOCATION MARKET 20

Economy

Frederick County’s exceptional location has afforded it a strong and diverse economy that is supported by a highly skilled workforce, concentration of federal research and FREDERICK COUNTY’S MAJOR EMPLOYERS development facilities and biotechnology incubation. Currently employing over 8,000 Company Industry Employees workers, Fort Detrick is a signifi cant economic Fort Detrick Campus Army, National Cancer Institute and engine for county growth. As a result of the Base 8,460 Realignment and Closures act (BRAC), there are (Army, National Cancer Institute and other tenants) tenants nearly $3 billion in construction projects planned Frederick County Board of Education Public Education 5,384 over the next three years on the base which will bring a total of 2,200 new jobs to the region by Frederick County Government County Government 2,521 2018. In addition to this signifi cant expansion, the Frederick Memorial Healthcare System Comprehensive Health Care 2,281 county’s business base has increased 17% (894 Headquarters - Global Engineering, businesses) over the past fi ve years. In 2009 alone, Bechtel Corporation 2,203 SAIC, Banner Life Insurance and Life Technologies Construction & Telecommunications were among new capital investment that created SAIC-Frederick Medical Research 1,670 579 net new jobs. Wells Fargo Home Mortgage Mortgage Loans & Service Center 1,500 CitiMortgage Operations Center 900 Frederick Community College Two-Year College 899

Frederick City Government Municipal Government 852

United Health Care Insurance 832 State Farm Insurance Co. Regional Headquarters 793 Wal-Mart Consumer Goods 700 National Emergency Training Center Federal Government 577 (US Fire Academy, FEMA, and other tenants) Chase Card Services Operations Center 575 Mount Saint Mary's University Four-Year College 511

NEW MARKET SHOPPING CENTER SITE 21 TENANT

Historic Main Street in New Market, Maryland SUMMARY PROPERTY LOCATION MARKET 22

Housing/Development

Demand for quality housing remains strong in Frederick County, as corporate in Washington, D.C. ($399,990). Major residential builders including Ryan Homes investment is on the rise and the inﬂ ux of new residents seek lower price points as and D.R. Horton have found success in several developing PUDs in the greater New compared to Montgomery County and Washingon, D.C. Median home prices in Market area, as summarized below: 2008 for Frederick County ($270,000) were $130,000 less than average home sold

MAJOR NEW MARKET PLANNING DISTRICT PUDS

Future Existing Total Projected Description Potential Dwellings Dwellings Population Dwellings Linganore This community is focused around Lake Linganore, the largest growth area in 2,795 3,569 6,364 19,729 the New Market region, with several “villages” and a Town Center planned for a variety of residential densities, commercial areas and new road networks. Created in the 1970’s, this 210-acre lake remains the largest privately owned lake in the state.

Spring Ridge/Bartonsville/ Spring Ridge, a fully developed 1,500-unit PUD, along with the community of 2,750 1,294 4,044 12,117 Winding Ridge Bartonsville, are the predominant features of this growth area. Spring Ridge/ Bartonsville/Winding Ridge also has a healthy commercial district, along with Pinecliff Park, Overlook Park and the County's Public Safety Training Facility are also located here.

New Market The historic town of New Market is the focal point of the greater New Market 725 150 875 4,732* Community Growth Area. The area features a combination of several large housing subdivisions including Brinkley Manor, Royal Oaks and the Orchard at New Market, in addition to a large concentration of employment development and unique antique shops along its historic main street.

Greenview The Greenview community includes an active adult community for residents “55 300 150 450 * or better.” The community offers a wide range of housing options priced from the high $300,000’s. Onsite amenities include a state-of-the-art ﬁ tness center, community pool, classes and social clubs.

Holly Hills This community is centered around Holly Hills Golf and Country Club, an 374 64 438 1,358 exclusive, private club and 18-hole golf course that was originally established in 1977. The surrounding community is characterized by low density residential development.

SUBTOTAL 6,944 5,227 12,171 37,936

* Includes both New Market and Greenview projected population

NEW MARKET SHOPPING CENTER SITE 23

3,500 existing homes (growing to over 7,250 homes) in the adjacent communities of Greenview, Holly Hills and Lake Linganore are waiting to be served by the neighborhood shopping center.

MAJOR NEW MARKET PLANNING DISTRICT PUDS

Future Existing Total Projected Description Potential BOYER Dwellings Dwellings Population Dwellings S MILL Linganore This community is focused around Lake Linganore, the largest growth area in 2,795 3,569 6,364 19,729 Spring Ridge/Bartonsville ROAD the New Market region, with several “villages” and a Town Center planned 3,909 Homes Lake Linganore PUD for a variety of residential densities, commercial areas and new road networks. 6,364 Homes ROAD Created in the 1970’s, this 210-acre lake remains the largest privately owned lake FREDERICK Y in the state. 70 TENANT 40 N VALLE Spring Ridge/Bartonsville/ Spring Ridge, a fully developed 1,500-unit PUD, along with the community of 2,750 1,294 4,044 12,117 EE

Winding Ridge Bartonsville, are the predominant features of this growth area. Spring Ridge/ GR Bartonsville/Winding Ridge also has a healthy commercial district, along with Pinecliff Park, Overlook Park and the County's Public Safety Training Facility are 144 also located here. 75 Greenview PUD 450 Homes New Market The historic town of New Market is the focal point of the greater New Market 725 150 875 4,732* Community Growth Area. The area features a combination of several large OLD NATIONA housing subdivisions including Brinkley Manor, Royal Oaks and the Orchard at EXIT 59 New Market L PIKE Center New Market, in addition to a large concentration of employment development SITE (unanchored) and unique antique shops along its historic main street. NEW MARKET Greenview The Greenview community includes an active adult community for residents “55 300 150 450 * Holly Hills or better.” The community offers a wide range of housing options priced from 18-Hole Golf Community the high $300,000’s. Onsite amenities include a state-of-the-art ﬁ tness center, 438 Homes 144 community pool, classes and social clubs. ROAD 70 40 BALTIMORE

Holly Hills This community is centered around Holly Hills Golf and Country Club, an 374 64 438 1,358 MUSSETTER EXIT 62 exclusive, private club and 18-hole golf course that was originally established in 1977. The surrounding community is characterized by low density residential development.

Captured communities to be served by a new grocery anchored neighborhood shopping center at the SITE. SUBTOTAL 6,944 5,227 12,171 37,936

SUMMARY IJAMSVILLEPROPERTY LOCATION MARKET 24

Road Systems / Transportation

Frederick County is intersected by fi ve interstate and national highways providing exceptional access to regional economic hubs. Most signifi cant is I-270, the primary FREDERICK COUNTY MAP north-south interstate linking Frederick to Washington, D.C. and I-70, Routes 144 and 40, all stretching eastward to Baltimore. The subject Property is set directly along Old National Pike (MD-144) at Mussetter Road with a combined daily traffi c county of 11,220. Mussetter Road, a convenient north-south connector that is slated for a future extension, will enhance easy access to the Property as residential development resumes in the northwest quadrant of New Market. A County CIP (Capital Improvement Project) is examining the feasibility for the potential to reduce traffi c on Main Street in New Market by constructing a bypass that will connect Boyers FREDERICK Mill Road and MD 75 and Mussetter Road, as part of future New Market municipal COUNTY annexations for residential development.

In addition to an exceptional regional highway system, Frederick County offers substantial mass transit bus service through its TransIT system which connects to Montgomery County’s Ride-On service, as well as to the City of Frederick’s MARC FREDERICK commuter rail service to Washington, D.C. Residents also have access to three regional airports: Baltimore/Washington International Thurgood Airport (BWI), Reagan Washington National and Dulles International.

Quality of Life

Frederick County offers an NEW MARKET extraordinary quality of life, featuring a perfect balance of urban lifestyle in a scenic country setting. Outside of its thriving business enterprises, the county boasts an abundance frederick county - of national and state parks as well as vibrant historic districts lining its "A masterpiece in Maryland, the picturesque main streets. Known as Lake Linganore the Antiques Capital of Maryland, classic American story of home, New Market’s historic downtown church, school and work..." district is lined with unique boutiques and rare merchandise. With numerous tourist attractions, the county brings in over two million visitors annually. Beneﬁ tting from its – The New York Times small town charm, the county’s low crime rate and state-of-the-art healthcare facilities make it a safe, healthy place to live. Further its top-tier public school system has the 3rd highest graduation rate (95%) in the state.

NEW MARKET SHOPPING CENTER SITE EXCLUSIVE INVESTMENT OFFERING 25

Greenview PUD 450 Homes N

ROAD SITE 144 MUSSETTER Retail Market OLD NATIONALOverview PIKE

144 Holly Hills 18-Hole Golf Community 70 438 Homes 40 26

Retail Submarket - New Market, MD

The New Market submarket has only two (2) grocery stores. Weis Markets anchors Spring Ridge Center, a small center with nine (9) shops and an Exxon gas station, located 3 miles west of the Property. A stand-alone Food Lion (built in the 1990’s), a High’s Dairy Store and a McDonald’s are located 2.3 miles east of the Property. Near the Food Lion is the unanchored 31,870 SF New Market Center (built in the 1980’s), with11 shop spaces and a gas station. A new CVS pharmacy is planned across from Food Lion. The entire retail inventory in the submarket focuses primarily on personal services, convenience retail and restaurants, plus antique shops in the historic core of New Market. In the submarket, no vacancies were observed and the properties are currently 100% leased.

In the Property’s trade area, no new centers are under construction or actively being planned. Several commercially zoned parcels exist, but none of the sites have the ability to be developed for a grocery anchored center at the present time.

The Comprehensive Land Use Plan adopted April 8, 2010, shows several GC (General Commercial) zoned sites, noted as follows:

1. Opposite the Property, on the northwest corner of Old National Pike and Mussetter Road, there is a 3.07 acre site being offered for sale for $2,200,000.

2. On Old National Pike, on the front edge of the Linganore PUD, there is an area designated as the Linganore Town Center for a proposed mixed-use development of employment, residential and commercial. However, no development is currently being planned and the new Comprehensive Plan added a planned elementary school site to the site. Linganore also has several small commercial sites located within the PUD, without visibility or immediate access to Old National Pike.

3. Located south of I-70 and Route 144, on Route 75, in the southwest and southeast quadrants, are two (2) GC zoned sites, but currently there is no known development activity as reported by the Frederick County Planning Department. Saul Centers owns a 25 acre site, however, water and sewer are not readily available for a development and signiﬁ cant off-site road improvements to Route 75 are necessary.

Food Lion A second site of approximately 10 acres, with less than 5 acres usable, is privately owned and suitable only for pad development.

4. Near the northeast quadrant of I-70 and Route 144, several small commercial pad sites exist.

NEW MARKET SHOPPING CENTER SITE 27

A retail development in the New Market region will be successful even through now supported by limited older retail and some portion of the residents in economic downturns, if the center is: these communities would be potential customers attracted to a new shopping center providing grocery, convenience retail, personal services, restaurants and a • Located at or near residential communities in an underserved submarket with contemporary environment built on the Property. Trafﬁ c volume on Route 144 and solid supply/demand fundamentals; Mussetter Road, combined, is approximately 11,220 vehicles per day.

• Close to or directly adjacent to arterial roads with high visibility and good The April 8, 2010 newly adopted Frederick Countywide Comprehensive Plan, access; which identiﬁ ed New Market as a Municipal Growth Area, projects that the land use development potential, in the PUDs referenced above, has the capacity to add • Focused on everyday necessities and amenities, such as groceries, personal an additional 5,475 homes at full build out. The total dwellings, all within a radius services and restaurants. of 3 miles from the Property, would total 12,300 homes and a projected population of 38,000. Future annexation of 4 large tracts adjacent to the Greenview PUD and The subject Property directly and almost exclusively serves the Greenview PUD along Boyers Mill Road are not included in this projection, but could signiﬁ cantly and the Holly Hills PUD. With approximately 675 homes currently existing between add to the number of homes and the population to be served by a development them and an additional 215 homes in the pipeline, the Property will serve a total on the Property. The “New Market Bypass”, previously mentioned, which would of 890 homes in its’ immediate vicinity. The trade area also has 6,275 additional extend Mussetter Road to Boyers Mill Road, would most likely be considered as existing homes in the surrounding communities comprising the Linganore PUD part of an annexation and the residential development of at least 2 of these large MARKET (2,800 existing homes), the Spring Ridge PUD and in Winding Ridge (2,750 existing tracts in the path of the new road, enhancing direct access to the Property. homes), and approximately 725 homes in New Market. All of these homes are

Spring Ridge Center, anchored by Weis Market

SUMMARY PROPERTY LOCATION MARKET HOWARD W. MERSKY Senior Vice President 301.896.9017 - ofﬁ ce 301.807.3800 - mobile 301.896.9172 - fax [email protected]

TRANSWESTERN 6700 Rockledge Drive Suite 400-A Bethesda, Maryland 20817 p: 301.571.0900 f: 301.571.9035 transwestern.net HOWARD W. MERSKY Senior Vice President 301.896.9017 - ofﬁ ce 301.807.3800 - mobile 301.896.9172 - fax [email protected]

TRANSWESTERN 6700 Rockledge Drive Suite 400-A Bethesda, Maryland 20817 p: 301.571.0900 f: 301.571.9035 www.transwestern.net