300 Lycoming Mall Cir Pennsdale, PA 17756 PRESENTED BY: Matthews Retail Advisors Colliers International-Pittsburgh Kyle B. Matthews, CCIM Gregg Broujos Chairman & CEO Managing Director & Founding 310 919 5757 412 321 4200 | Ext. 206 [email protected] [email protected] License No. 01469842 Patrick Toomey Justin Kline Managing Partner Associate | Pittsburgh 310 919 5765 412 321 4200 | Ext. 203 [email protected] [email protected] License No. 00881133 CAPITAL MARKETS BRIAN KREBS Barrington Capital 818 606 9476 [email protected] The Lycoming Mall is a 96% leased 806,788 square foot enclosed mall anchored by Macy’s, Sears, JC Penney, the Bon Ton, Dick’s Sporting Goods, and Burlington Coat Factory. The property, situated on a 156.48 acre parcel in Pennsdale, PA (Lycoming County) is North Central Pennsylva- nia’s largest enclosed mall, with over 85 retailers including its anchors plus nationally recognized retailers such as American Eagle Outfitters, Hollister, PacSun, Victoria’s Secret, Planet Fitness, among others. The Lycoming Mall draws nearly 6 million visitors per year, being located in North-Central Pennsylvania’s retail hub, approx- imately 12 miles east of Williamsport, the county seat and focal point of Lycoming County. The mall benefits from over 26,000 college and high school students within 35 miles of the prop- erty. The annual Little League World Series is held in near- by Williamsport, and draws over 100,000 spectators each August during the two-week event. Nearby Williamsport ranked sixth in the nation in “Best Performing Small Cities” list due to explosive job growth and boasts an unemployment rate of 6.1%, which is below the national average. Further- more, Williamsport’s job growth is projected to be 41.10%, which is 5% higher than the national average. TABLE OF CONTENTS EXECUTIVE SUMMARY Investment Highlights........................................................................8 Summary Operating Information / Pricing Matrix .......................9 PROPERTY INFORMATION Property Information ......................................................................10 Physical Description ........................................................................11 Aerial Photos .....................................................................................12 Site Plan .............................................................................................14 Parcel Map .........................................................................................15 Local Map ..........................................................................................16 Regional Map ....................................................................................17 Competition Map .............................................................................18 DEMOGRAPHICS AND AREA OVERVIEW City and County Overview .............................................................20 Local Attractions ..............................................................................22 Demographics ...................................................................................25 FINANCIAL ANALYSIS Operating Overview .........................................................................28 Assumptions ......................................................................................30 Market Leasing Assumptions ..........................................................32 Projected Cash Flow .........................................................................36 Historical Operating Information ..................................................37 Rent Roll ............................................................................................38 Significant Lease Terms ...................................................................46 Lease Expiration Schedule ..............................................................48 Lease Expiration Graph ...................................................................52 Tenant Sales Map and History ........................................................53 Tenant Sales History .........................................................................54 Tenant Health Ratios ........................................................................56 TENANT OVERVIEW Individual Tenant Overviews ..........................................................59 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of The Lycoming Mall (“Property”). It has been prepared by Colliers International. 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 Colliers International. 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 Colliers International 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 Colliers International 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. INFORMATION PRICING AND FINANCIAL ANALYSIS AND FINANCIAL PRICING The Twisted Steel Arch is the work of internationally renowned sculp- tor Israel Hadany. The arch is one of the tallest roadside sculptures in the USA, and serves as a gateway to the Lycoming Mall. Made of steel, the sculpture appears to change shapes as one drives by into the mall. Page 6 Offering Memorandum | Lycoming Mall EXECUTIVE SUMMARY Lycoming Mall 300 Lycoming Mall Cir Pennsdale, PA 17756 List Price ................................................................................................... Best Offer NOI (In Place).........................................................................................$5,298,004 NOI (Stabilized, Yr. 3)* ..........................................................................$6,435,853 Gross Leasable Area (total) ...................................................................806,788 SF Gross Leasable Area (owned) ...............................................................687,050 SF Occupancy (over owned GLA) ........................................................................ 96% Land Area .............................................................................................156.48 Acres Year Built/ Expanded/ Renovated ................................... 1978/1985&1990/2006 The Matthews Retail Group and Colliers International-Pittsburgh are pleased to offer for sale to qualified investors The Lycoming Mall, a 96% leased 806,788 SF (total GLA owned and non-owned) enclosed mall situated on a 156.48 acre parcel off the I-180 in Pennsdale, PA (Lycoming County). The mall is anchored by Macy’s (non-owned), Sears, JC Penney, the Bon-Ton, Burlington Coat Factory, and Dick’s Sporting Goods. The Lycoming Mall is North Central Pennsylvania’s largest enclosed mall, with over 85 retailers including its anchors plus nationally recognized retailers such as Best Buy, Big Lots!, Old Navy, Aeropostale, American