Opportunity to Acquire 118,170 SF of Grocery Anchored Retail in South Florida

Pembroke Pines, Florida

PEMBROKE LAKES

PINES PLAZA

Opportunity to Acquire 118,170 SF of Grocery Anchored Retail in South Florida

Pembroke Lakes and Pines Plaza are being offered as a portfolio or individually.

Holliday Fenoglio Fowler, L.P. a Florida licensed real estate broker. PORTFOLIO HIGHLIGHTS SOUTH FLORIDA RETAIL OPPORTUNITY WITH PROVEN LONG-TERM NATIONAL TENANTS Unique opportunity to acquire two established neighborhood shopping centers in one of the most sought after retail markets in the country, South Florida. The tenants at the properties have a weighted average tenure of over 9 years with proven long-term sustainability.

EXTENDED TRADE AREA FROM UNIQUE TENANCY AND GROCERY ANCHOR Diverse mix of grocery, necessity and discount retailers that draw consumers from an extended trade area. Specifically, Buy Buy Baby is one of four locations in South Florida and the next nearest HomeGoods store is over 9 miles from this location.

PROPERTY GLA (SF) OCCUPANCY KEY TENANTS YEAR 1 NOI Pembroke Lakes 50,000 100% HomeGoods, Jo-Ann $779,559 Pines Plaza 68,170 100% Buy Buy Baby, Aldi, Office Depot $746,966 Totals 118,170 100% $1,526,525

SW 114th Ave Pembroke Lakes Mall SEARS DILLARD’S AT&T MACYS JCPENNEY TACO BELL BUYBUYBABY 31,000 SF

OFFICE DEPOT 21,040 SF TARGET ALDI 16,130 SF

MICHAEL’S

SW 2nd St

BURGER JO-ANN NW 4th St KING 27,109 SF

HOMEGOODS 22,891 SF

FIRESTONE Pines Blvd (51,000 VPD) CITY FURNITURE PDQ

BB&T

N Haitus Rd (23,000 VPD)

2 Y P

75 X

S S PLANTATION 7 93 A W BROW 817 R ARD BLVD G FLORIDA 862 842 842 W Downtown A 95 27 S Fort Lauderdale 595 A1A 736

WESTON 1 9

75 RD FLAMINGO S Port Everglades S W

1 0 817 595 0 91

823 T H 441

A V

E Fort Lauderdale-Hollywood 818 GRIFFIN RD 818 International Airport 818 DAVIE SOUTHWEST DANIA A1A RANCHES A1A BEACH STIRLING RD 848 5

822 SHERIDAN ST

A1A 27 75 441 PINES BLVD PINES BLVD 9 HOLLYWOOD 820 PEMBROKE 820 PINES North Perry 1 Airport 95 3 Miles E K I P A1A

N 93 R

858 S HALLANDALE ’

A MIAMI

D S UNIVERSITY DR UNIVERSITY S MIRAMAR I

R GARDENS

O L

LAKE F LUCERNE 5 441 91 AVENTURA

MIAMI SUNNY ISLES FLORIDA 821 TOLL 860 GARDENS BEACH NORTH MIAMI E DEMOGRAPHICIK SUMMARY BEACH P N 826 27 R 826 PopulationU 3-mile 5-mile T N OKEECHOBEE RD 826 V E S

’ A A

Oleta River S 2021D Projection 157,077 431,363 I

N R State Park I O L L Opa-Locka L

2016F Estimate 146,095 402,596 O

F Executive Airport C O 75 MIAMI LAKES 2010N Census 131,905 364,332 A O 1 I OPA-LOCKA A S

N GrowthE 2016-2021 924 7.5% 7.1% T X 1A E NORTH MIAMI 5 D Household Income

A BAY HARBOR E 441 T 826

S 2016 Average ISLANDS E $73,258 $75,427 924 M Household Income W 60TH ST 1 O 95 SURFSIDE H

INFILL, SEASONED RETAIL CENTERS WITH HIGH BARRIERS TO ENTRY Both properties benefit from accessibility to over 87,000 vehicles per day and their positioning along Pines Boulevard — a premier retail corridor home to over 50 national anchor tenants. The immediate trade area lacks any meaningful developable land, insulating the properties from the future threat of new competition.

GROWING DEMOGRAPHICS WITH SIGNIFICANT BUYING POWER Dense and growing South Florida residential market with 402,596 residents living within the 5-mile trade area earning an average income of $75,427.

FORTRESS LOCATION ALONG PREMIER RETAIL CORRIDOR The properties are situated equidistant from I-75 and the Florida Turnpike at the epicenter of one of South Florida’s most dynamic retail submarkets, Pembroke Pines. Most notable, this 8-mile stretch of Pines Boulevard between I-75 and the Florida Turnpike contains 5.8 million square feet of retail that is 98.5% occupied at an average rent of $20.84 PSF.

3 PROPERTY OVERVIEW PEMBROKE LAKES HIGHLIGHTS Address 11251 Pines Blvd Pembroke Pines, FL 33026 • Regionally significant location adjacent to 1.0MM SF super regional Year Built 1995 Pembroke Lakes Mall ($600+ sales PSF) Site Size (acres) ±4.56 • Situated immediately between Target and City Furniture —creates GLA (SF) 50,000 Occupancy 100% extended trade area Existing Debt Yes • Long-term intrinsic value in below market rental rate for HomeGoods Anchor Tenants HomeGoods, JoAnn Fabrics • Strong and reliable in-place income with significant value-add Traffic Counts Pines Boulevard 51,000 VPD potential; 50% projected NOI growth over 10 years Hiatus Boulevard 23,000 VPD • Long-term, durable cash flow — Tenants have a weighted average TENANT SUMMARY Tenants Area (SF) % of GLA tenure of 11+ years with a proven history of performance and Jo-Ann 27,109 54.2% commitment to this location HomeGoods 22,891 45.8% 50,000 100.0%

PEMBROKE LAKES MALL 1.0MM Square Feet $600+ PSF Inline Sales New 9-screen AMC Theater (Coming 2017) MACY’S JCPENNEY DILLARD’S SEARS HOMEGOODS JO-ANN TARGET CITY FURNITURE

PDQ

PINES BOULEVARD (51,000 VPD)

HIATUS ROAD (23,000 VPD)

PEMBROKE LAKES

4 PROPERTY OVERVIEW PROPERTY OVERVIEW Address 11251 Pines Blvd PINES PLAZA HIGHLIGHTS Address 11330-11360 Pines Blvd Pembroke Pines, FL 33026 Pembroke Pines, FL 33026 Year Built 1995 • Regionally significant location adjacent to the 1.0MM SF super Year Built 2003 Site Size (acres) ±4.56 regional Pembroke Lakes Mall ($600+ sales PSF) Site Size (acres) ±5.34 GLA (SF) 50,000 • Grocery anchor with diverse tenant mix, extended trade area from GLA (SF) 68,170 Occupancy 100% Occupancy 100% Buy Buy Baby – one of only four locations in South Florida Existing Debt Yes Existing Debt Yes • Guaranteed revenue growth from contractual rent bumps with Anchor Tenants HomeGoods, JoAnn Fabrics Anchor Tenants Aldi, Office Depot, Buy Buy Baby Traffic Counts Pines Boulevard 51,000 VPD existing tenancy Traffic Counts Pines Boulevard 51,000 VPD Hiatus Boulevard 23,000 VPD • Below market rents — weighted average in-place rents are 32% Hiatus Boulevard 23,000 VPD below current market rents TENANT SUMMARY Tenants Area (SF) % of GLA • 100% net-leased to national tenants Buy Buy Baby 31,000 45.5% • Functional design with great frontage along Pines Boulevard Office Depot 21,040 30.9% Aldi 16,130 23.7% 68,170 100.0%

DOWNTOWN SUNLIFE STADIUM FORT LAUDERDALE

PEMBROKE LAKES MALL 1.0MM Square Feet $600+ PSF Inline Sales New 9-screen AMC Theater (Coming 2017) MACY’S JCPENNEY DILLARD’S SEARS RAINTREE EXECUTIVE SERIES HOMES HOMEGOODS ALDI $424,990 JO-ANN TARGET OFFICE DEPOT BUY BUY BABY CITY FURNITURE SHOPPES AT PEMBROKE MICHAEL’S

BEST BUY PDQ

PINES BOULEVARD (51,000 VPD) SW 114TH AVENUE

HIATUS ROAD (23,000 VPD) PINES BOULEVARD (51,000 VPD)

PINES PLAZA

5 SHOPS AT PEMBROKE GARDENS Old Navy Golf Galaxy DSW Barnes & Noble Booksellers COBBLESTONE PLAZA Whole Foods PartyCity PEMBROKE CROSSING

Trader Joe’s Petsmart Dick’s Sporting Goods HHgreg Barnes & Noble Booksellers Ulta Beauty MEMORIAL Babie’s ‘R’ Us Walmart HOSPITAL WEST El Dorado Furniture Toys R Us PEMBROKE LAKES MALL 1.0MM Square Feet Bed Bath & Beyond $600+ PSF Inline Sales Marquesa PartyCity New 9-screen AMC Theater (Coming 2017) MACY’S DILLARD’S JCP SEARS Best Buy

ALDI OFFICE DEPOT Target BUY BUY BABY HOMEGOODS JO-ANN Michael’s

HIATUS ROAD (23,000 VPD) City Furniture

BOULEVARD SQUARE PEMBROKE LAKES

Ross Dress for Less TJ Maxx Rooms to Go SQUARE PINES BOULEVARD (51,000 VPD)

Home Depot

For more information about this exclusive investment opportunity, please contact any of the individuals below. www.hfflp.com Investment Sales Debt Placement HFF Miami Danny Finkle Luis Castillo Nat Scarmazzi Brian Gaswirth 1450 Brickell Avenue Senior Managing Director Managing Director Associate Director Associate Director Suite 2950 [email protected] [email protected] [email protected] [email protected] Miami, FL 33131 Ph: 305.448.1333 Ph: 305.448.5498 Ph: 305.421.6545 Ph: 305.421.6554

Kim Flores Eric Williams Director Analyst Director Analyst [email protected] [email protected] Ph: 305.448.4778 Ph: 786.532.2346

©2016 HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. HFF has been engaged by the owner of the properties to market them for sale. Information concerning the properties described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.