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PIKE STREET :: PARKERSBURG, WEST VIRGINIA

SHOPPES AT STONERIDGE COMMONS

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:: OFFERING MEMORANDUM

STONERIDGE COMMONSAffiliated Business Disclosure and Confidentiality Agreement

© 2013 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently

confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by

your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information

pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, SFages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy mor completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum

or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

Private Capital Group: : Eric Greenfield Vice President

+1 412 394 9804 | Pittsburgh, PA [email protected]

: : Robert Gold CCIM Vice President


: : Michael Pascavis Senior Financial Analyst


: : Mary Bresnahan Senior Associate

+1 614 430 5505 | Columbus, OH [email protected]

: : CBRE 600 Grant Street Suite 4800 Pittsburgh, PA 15219 +1 412 471 9500

: : CBRE280 N. High Street Seventheenth Floor Columbus, OH 43215 +1 614 224 1492

Debt & Equity Finance:: Jamie Shafer

Vice President +1 412 904 9506| Pittsburgh, PA [email protected]

:: Tony RossiVice President +1 412 904 9503| Pittsburgh, PA [email protected]


CBRE EXCLUSIVE AGENTS

SHOPS AT STONERIDGE COMMONS

Please visit our website at

http://pcg.cbre.com/pcg-invite/8768

01 Executive Summary The Offering Investment Highlights Site Description

Site Plans Aerials Regional Map

02 Financials Financials Assumptions Cash Flow Projections Rent Rolls Lease Abstracts

03 Market Overview Market Summary Demographics Competition Study

04 Tenancy Profiles

TABLE OF CONTENTS

Shops At Stoneridge Commons Table of Contents 5

EXECUTIVE SUMMARYShops At Stoneridge CommonsQualified investors are extended the opportunity to acquire a 100% fee

interest in an approximately 45,779 SF neighborhood strip center portfolio in

Parkersburg, West Virginia. The property is located on Pike Street (Route 14), a

major thorough fare in Parkersburg.

Investment Highlights• Martin Plaza: The tenants in this 12,603 SF plaza include RadioShack,

GNC, Great Clips, Mattress Warehouse, H&R Block and Sweet Frog.

• Mary Walter Plaza: 17,189 SF plaza with GameStop, Camden Clark

Hospital, Fiesta Salon, Rent-A-Center and N’Telos.

• Clinton Plaza: This plaza is currently occupied by a 4,974 SF MedExpress

urgent care facility and recently added a 2,967 SF tenant (In Home

Medical).

• East View Plaza: Strip includes Verizon Wireless, TQ Nails, CITI Financial

and First Settlement Physical Therapy in 8,046 SF.

These centers are shadow anchored by Walmart, Kohl’s, Lowe’s Home

Improvement.

Shops At Stoneridge CommonsPike Street

Parkersburg, W.V.

Asking Price: $4,850,000

NOI: $458,097

Cap Rate: 9.4%

Total GLA: 45,779 SF

Current Occupancy: 100%

Year Built: 2002-2006

GeographyParkersburg, West Virginia is the state’s third largest city, located on the Ohio

River and the Little Kanawha River. It is the county seat for Wood County and

is the largest city in the Parkersburg, Vienna and Marietta, Ohio Metropolitan

Area.

With over 90,000 people in a 10 mile area, this site serves the greater

Parkersburg, West Virginia and outlying towns such as Mineral Wells, West

Virginia to Marietta, Ohio.

Land uses within the area consist primarily of a complementary mixture of retail,

industrial and residential development. Pike Street, or Route 14, are the main

commercial corridors in the neighborhood and serve as the locale for various

commercial businesses.

Both single and multi-family residential surround these centers. The median

single family income within one mile is $43,617.00 and within three is

$46,500.00.

Shoppes At Stoneridge Commons Executive Summary6

Site Description

Location: 2900 Pike StreetParkersburg, West Virginia 26101 The property is located on Route 14 in Parkersburg, West Virginia

Site: The site encompasses +/- 45,779 SF of retail space

Parking & Tenants: Martin Plaza 50 Spaces Tenants include: RadioShack, GNC, Great Clips, Mattress Warehouse, H&R Block, Sweet Frog

Mary Walter Plaza 83 Spaces Tenants include: GameStop, Camden Clark Hospital, Regis Hair Salon, Rent-A-Center, N’Telos

Clinton Plaza 58 Spaces Tenants include: MedExpress & New Tenant (In Home Medical)

East View Plaza 63 spaces Tenants include: Verizon Wireless, TQ Nails, CITI Financial, First Settlement Physical Therapy

Utilities: Electric Mon Power

Gas Dominion Hope

Phone Frontier Communications

Water Parkersburg Utility Board

Sewer Mineral Wells Public Service District

Shoppes At Stoneridge Commons Executive Summary 7Shoppes At Stoneridge Commons Executive Summary

SITE PLAN: SHOPPES AT STONE RIDGE COMMONS

MART IN PLAZA

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SITE PLAN: MARTIN PLAZA


SITE PLAN: MARY WALTER PLAZA


SITE PLAN: CLINTON PLAZA

NEW TENANT

In Home Medical

IN HOME MEDICAL


SITE PLAN: EAST VIEW PLAZA


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Price $4,850,000Current Occupancy 100%Year 1 In-Place NOI $458,097

Global

Analysis Period Commencement Date November 1, 2013 End Date October 31, 2023 Term 10 Years

Area Measures Portfolio (NRSF) 45,779 SF – Martin Plaza 12,603 SF

– Mary Walter Plaza 17,189 SF – Clinton Plaza 7,941 SF – East View Plaza 8,046 SF

Growth Rates Inflation 2.00% Market Rent Growth 2.00%

Management Fee $.75/SF

General Vacancy 5.00%

Strip Tenant

Retention Ratio 75%Financial Terms Market Rent $12.00 PSF Lease Term 5 years Expense Recovery Type NNN

Tenanting Costs Tenant Improvements ($/SF) New $15.00 Renew Commissions New 6.00% Renewal 0.00% Downtime 6 months

NOTES: – Clinton Plaza: Options exercised: MedExpress, In Home Medical– Martin Plaza: Options exercised: Radio Shack, H&R Block, Great Clips– Mary Walter Plaza: Options exercised: GameStop, Camden Clark Hospital

FINANCIALS ASSUMPTIONS

Shoppes At Stoneridge Commons Financials16

10 YEAR CASH FLOW: SHOPPES AT STONERIDGE COMMONS

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023Gross Revenue Potential Rental Revenue $529,847 $527,628 $530,292 $544,487 $575,673 $575,563 $576,315 $580,946 $594,137 $613,412 Absorption & Turnover Vacancy (4,240) (3,264) (15,226) (12,724) (12,201) (7,991) (7,843) (13,915) (23,562) (9,888)

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ Scheduled Base Rental Revenue 525,607 524,364 515,066 531,763 563,472 567,572 568,472 567,031 570,575 603,524 Expense Reimbursement Revenue 138,019 140,732 154,818 172,292 180,702 190,763 195,562 197,458 198,355 208,209

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Total Gross Revenue 663,626 665,096 669,884 704,055 744,174 758,335 764,034 764,489 768,930 811,733 General Vacancy (29,153) (30,154) (21,563) (23,462) (25,617) (30,326) (30,751) (25,005) (17,651) (31,193)

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Effective Gross Revenue 634,473 634,942 648,321 680,593 718,557 728,009 733,283 739,484 751,279 780,540

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Operating Expenses Reimbursable Expenses 176,376 179,903 183,500 187,172 190,915 194,734 198,627 202,599 206,652 210,786

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Total Operating Expenses 176,376 179,903 183,500 187,172 190,915 194,734 198,627 202,599 206,652 210,786

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________

Net Operating Income 458,097 455,039 464,821 493,421 527,642 533,275 534,656 536,885 544,627 569,754 ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________

Leasing & Capital Costs Tenant Improvements 7,950 6,120 23,632 28,871 16,793 21,190 14,705 26,091 44,178 18,540 Leasing Commissions 1,908 1,469 5,671 6,929 4,030 5,086 3,529 6,262 10,603 4,450

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Total Leasing & Capital Costs 9,858 7,589 29,303 35,800 20,823 26,276 18,234 32,353 54,781 22,990

____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________ ____________Cash Flow Before Debt Service & Taxes $448,239 $447,450 $435,518 $457,621 $506,819 $506,999 $516,422 $504,532 $489,846 $546,764

Shoppes At Stoneridge Commons Financials 17Shoppes At Stoneridge Commons Financials

10 YEAR CASH FLOW: MARTIN PLAZA

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023Potential Gross Revenue Base Rental Revenue $151,282 $153,784 $161,809 $171,265 $175,189 $170,905 $171,574 $175,069 $176,937 $178,729 Absorption & Turnover Vacancy (2,570) (9,832) (3,160) (1,288) (1,314) (2,838) (10,855) (10,050) Scheduled Base Rental Revenue 151,282 151,214 151,977 168,105 173,901 169,591 168,736 164,214 166,887 178,729

Expense Reimbursement Revenue Repair & Maintenance 7,542 7,451 10,163 13,360 13,932 15,570 15,739 15,302 15,704 16,986 Utilities 4,558 4,502 6,142 8,073 8,417 9,409 9,510 9,248 9,490 10,264 Management Fee 5,016 4,955 6,760 8,886 9,266 10,356 10,467 10,177 10,445 11,297 Real Estate Taxes 9,906 9,787 13,351 17,551 18,299 20,453 20,672 20,101 20,629 22,312 Insurance 2,567 2,536 3,459 4,546 4,740 5,299 5,354 5,206 5,344 5,780 Total Reimbursement Revenue 29,589 29,231 39,875 52,416 54,654 61,087 61,742 60,034 61,612 66,639

Total Potential Gross Revenue 180,871 180,445 191,852 220,521 228,555 230,678 230,478 224,248 228,499 245,368 General Vacancy (9,044) (6,581) (252) (8,024) (10,204) (10,286) (8,828) (900) (1,877) (12,268)Effective Gross Revenue 171,827 173,864 191,600 212,497 218,351 220,392 221,650 223,348 226,622 233,100

Operating Expenses Repair & Maintenance 14,212 14,496 14,786 15,082 15,384 15,691 16,005 16,325 16,652 16,985 Utilities 8,588 8,760 8,935 9,114 9,296 9,482 9,671 9,865 10,062 10,263 Management Fee 9,452 9,641 9,834 10,031 10,231 10,436 10,645 10,858 11,075 11,296 Real Estate Taxes 18,668 19,041 19,422 19,811 20,207 20,611 21,023 21,444 21,873 22,310 Insurance 4,836 4,933 5,031 5,132 5,235 5,339 5,446 5,555 5,666 5,779Total Operating Expenses 55,756 56,871 58,008 59,170 60,353 61,559 62,790 64,047 65,328 66,633

Net Operating Income 116,071 116,993 133,592 153,327 157,998 158,833 158,860 159,301 161,294 166,467

Leasing & Capital Costs Tenant Improvements 4,820 18,435 5,926 4,927 5,321 20,353 18,844 Leasing Commissions 1,157 4,424 1,422 1,182 1,277 4,885 4,523Total Leasing & Capital Costs 5,977 22,859 7,348 6,109 6,598 25,238 23,367

Cash Flow Before Debt Service &Taxes $116,071 $111,016 $110,733 $145,979 $157,998 $152,724 $152,262 $134,063 $137,927 $166,467


10 YEAR CASH FLOW: MARY WALTER PLAZA

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023Potential Gross Revenue Base Rental Revenue $182,438 $182,370 $183,154 $184,556 $208,118 $209,442 $209,684 $208,910 $212,850 $223,799 Absorption & Turnover Vacancy (4,240) (2,547) (8,956) (4,681) (4,239) (2,812) (9,888)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Scheduled Base Rental Revenue 178,198 182,370 183,154 182,009 199,162 204,761 205,445 208,910 210,038 213,911

Expense Reimbursement Revenue Repair & Maintenance 12,429 12,945 13,205 13,311 13,196 13,723 14,031 14,579 14,695 14,557 Utilities 6,867 7,152 7,296 7,356 7,291 7,582 7,752 8,054 8,120 8,042 Management Fee 7,213 7,629 7,781 8,576 11,878 12,384 13,596 14,811 14,932 14,789 Real Estate Taxes 14,871 15,487 15,799 15,926 15,787 16,418 16,788 17,443 17,584 17,418 Insurance 4,831 5,030 5,132 5,174 5,129 5,334 5,453 5,667 5,713 5,658

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Total Reimbursement Revenue 46,211 48,243 49,213 50,343 53,281 55,441 57,620 60,554 61,044 60,464

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Potential Gross Revenue 224,409 230,613 232,367 232,352 252,443 260,202 263,065 269,464 271,082 274,375 General Vacancy (7,192) (11,531) (11,618) (9,198) (4,114) (8,563) (9,126) (13,473) (10,883) (4,325)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Effective Gross Revenue 217,217 219,082 220,749 223,154 248,329 251,639 253,939 255,991 260,199 270,050

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Operating Expenses Repair & Maintenance 12,689 12,943 13,202 13,466 13,735 14,010 14,290 14,576 14,867 15,165 Utilities 7,011 7,151 7,294 7,440 7,589 7,741 7,896 8,053 8,215 8,379 Management Fee 12,892 13,150 13,413 13,681 13,954 14,234 14,518 14,809 15,105 15,407 Real Estate Taxes 15,182 15,486 15,795 16,111 16,433 16,762 17,097 17,439 17,788 18,144 Insurance 4,932 5,031 5,131 5,234 5,339 5,445 5,554 5,665 5,779 5,894

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Operating Expenses 52,706 53,761 54,835 55,932 57,050 58,192 59,355 60,542 61,754 62,989

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Net Operating Income 164,511 165,321 165,914 167,222 191,279 193,447 194,584 195,449 198,445 207,061 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Leasing & Capital Costs Tenant Improvements 7,950 4,775 16,793 8,777 7,948 5,272 18,540 Leasing Commissions 1,908 1,146 4,030 2,107 1,907 1,265 4,450

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Leasing & Capital Costs 9,858 5,921 20,823 10,884 9,855 6,537 22,990

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Cash Flow Before Debt Service & Taxes $154,653 $165,321 $165,914 $161,301 $170,456 $182,563 $184,729 $195,449 $191,908 $184,071


10 YEAR CASH FLOW: CLINTON PLAZA

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023Potential Gross Revenue Base Rental Revenue $87,112 $87,112 $87,112 $88,355 $91,584 $92,325 $92,325 $93,067 $95,799 $99,778 Absorption & Turnover Vacancy Scheduled Base Rental Revenue 87,112 87,112 87,112 88,355 91,584 92,325 92,325 93,067 95,799 99,778

Expense Reimbursement Revenue Repair & Maintenance 14,828 15,124 15,427 15,735 16,050 16,371 16,698 17,032 17,373 17,721 Utilities 5,174 5,278 5,383 5,491 5,601 5,712 5,827 5,944 6,062 6,183 Management Fee 5,956 6,075 6,196 6,321 6,446 6,576 6,707 6,841 6,978 7,119 Real Estate Taxes 3,725 3,800 3,876 3,953 4,033 4,113 4,195 4,279 4,365 4,452 Insurance 4,074 4,156 4,239 4,323 4,410 4,499 4,588 4,679 4,774 4,869 Total Reimbursement Revenue 33,757 34,433 35,121 35,823 36,540 37,271 38,015 38,775 39,552 40,344

Total Potential Gross Revenue 120,869 121,545 122,233 124,178 128,124 129,596 130,340 131,842 135,351 140,122 General Vacancy (6,043) (6,077) (6,112) (6,209) (6,406) (6,480) (6,517) (6,592) (6,768) (7,006)Effective Gross Revenue 114,826 115,468 116,121 117,969 121,718 123,116 123,823 125,250 128,583 133,116

Operating Expenses Repair & Maintenance 14,827 15,124 15,426 15,735 16,049 16,370 16,698 17,032 17,372 17,720 Utilities 5,174 5,277 5,383 5,491 5,601 5,713 5,827 5,943 6,062 6,183 Management Fee 5,956 6,075 6,196 6,320 6,447 6,576 6,707 6,841 6,978 7,118 Real Estate Taxes 3,725 3,800 3,875 3,953 4,032 4,113 4,195 4,279 4,364 4,452 Insurance 4,074 4,155 4,239 4,323 4,410 4,498 4,588 4,680 4,773 4,869Total Operating Expenses 33,756 34,431 35,119 35,822 36,539 37,270 38,015 38,775 39,549 40,342

Net Operating Income 81,070 81,037 81,002 82,147 85,179 85,846 85,808 86,475 89,034 92,774

Leasing & Capital Costs Tenant Improvements Leasing CommissionsTotal Leasing & Capital Costs 0 0 0 0 0 0 0 0 0 0

Cash Flow Before Debt Service & Taxes $81,070 $81,037 $81,002 $82,147 $85,179 $85,846 $85,808 $86,475 $89,034 $92,774


10 YEAR CASH FLOW: EAST VIEW PLAZA

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023Potential Gross Revenue Base Rental Revenue $109,015 $106,008 $100,517 $99,688 $100,159 $102,268 $102,778 $104,883 $107,863 $110,419 Absorption & Turnover Vacancy (3,264) (2,772) (7,017) (1,957) (1,996) (3,604) (3,060) (7,747)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Scheduled Base Rental Revenue 109,015 102,744 97,745 92,671 98,202 100,272 99,174 101,823 100,116 110,419

Expense Reimbursement Revenue Repair & Maintenance 9,038 8,850 10,027 10,705 11,503 11,738 11,792 12,097 11,817 12,944 Utilities 6,651 6,513 7,378 7,877 8,466 8,638 8,677 8,902 8,697 9,525 Management Fee 5,036 4,931 5,588 5,964 6,409 6,540 6,569 6,740 6,585 7,212 Real Estate Taxes 4,510 4,417 5,002 5,340 5,740 5,858 5,885 6,036 5,897 6,458 Insurance 3,264 3,196 3,620 3,864 4,154 4,239 4,257 4,367 4,266 4,673

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Total Reimbursement Revenue 28,499 27,907 31,615 33,750 36,272 37,013 37,180 38,142 37,262 40,812

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Potential Gross Revenue 137,514 130,651 129,360 126,421 134,474 137,285 136,354 139,965 137,378 151,231 General Vacancy (6,876) (3,432) (3,835) (4,865) (4,968) (3,394) (4,091) (7,562)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Effective Gross Revenue 130,638 127,219 125,525 126,421 129,609 132,317 132,960 135,874 137,378 143,669

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Operating Expenses Repair & Maintenance 10,830 11,047 11,268 11,493 11,723 11,957 12,196 12,440 12,689 12,943 Utilities 7,970 8,129 8,292 8,458 8,627 8,800 8,976 9,155 9,338 9,525 Management Fee 6,035 6,155 6,278 6,404 6,532 6,663 6,796 6,932 7,070 7,212 Real Estate Taxes 5,404 5,512 5,622 5,735 5,849 5,966 6,086 6,207 6,332 6,458 Insurance 3,910 3,988 4,068 4,149 4,232 4,317 4,403 4,491 4,581 4,673

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Operating Expenses 34,149 34,831 35,528 36,239 36,963 37,703 38,457 39,225 40,010 40,811

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Net Operating Income 96,489 92,388 89,997 90,182 92,646 94,614 94,503 96,649 97,368 102,858 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Leasing & Capital Costs Tenant Improvements 6,120 5,197 13,156 7,486 6,757 5,738 14,526 Leasing Commissions 1,469 1,247 3,158 1,797 1,622 1,377 3,486

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Leasing & Capital Costs 7,589 6,444 16,314 9,283 8,379 7,115 18,012

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Cash Flow Before Debt Service & Taxes $96,489 $84,799 $83,553 $73,868 $92,646 $85,331 $86,124 $89,534 $79,356 $102,858


RENT ROLL: MARTIN PLAZA

Mary Walter Plaza

$/SF $/MONTH $/YEAR

1 Game Stop 12/4/2003 3/20/2015 1,882 $13.50 $2,117.25 $25,407 $4,360 $0 Triple Net2 Famous Hair (Regis) 11/24/2003 12/31/2016 1,200 $13.95 $1,395.00 $16,740 $2,800 $0 Triple Net3 Rent A Center 9/8/2004 10/31/2017 4,137 $8.50 $2,930.42 $35,165 $9,556 $0 Triple Net4 N'Telos 12/8/2008 2/28/2014 2,120 $13.65 $2,411.50 $28,938 $4,909 $0 Triple Net5 Camden Clark Hospital 7/1/2012 6/30/2022 7,852 $10.00 $6,541.67 $78,500 $18,183 $0 Triple Net

Total Size 17,191Occupied 17,191 100.0%

Vacant 0 0.0% Annual Totals $184,750 $39,808 $0

Clinton Plaza

$/SF $/MONTH $/YEAR

1 Med Express 7/18/2012 7/31/2022 4,974 $11.25 $4,663.13 $55,958 $19,380 $0 Triple Net2 In Home Medical Neg 5/1/2018 2,967 $10.50 $2,596.00 $31,152 $10,500 $0 Triple Net



Martin Plaza

$/SF $/MONTH $/YEAR

1 Radio Shack 4/1/2001 1/31/2017 2,800 $14.85 $3,465.00 $41,580 $5,201 $5,046 Taxes/Insurance2 Mattress Warehouse 2/1/2002 3/31/2016 4,725 $10.00 $3,937.50 $47,250 $17,290 Taxes/Insurance3 H&R Block 11/15/2001 4/30/2014 1,489 $8.45 $1,048.78 $12,585 $5,450 $0 Triple Net4 Sweet Frog 8/22/2013 8/31/2016 1,260 $10.00 $1,050.00 $12,600 $4,842 $0 Triple Net5 GNC includes Electric 6/13/2003 6/1/2023 1,190 $17.20 $1,705.67 $20,468 $0 $6,153 Gross6 Great Clips 7/1/2012 9/1/2017 1,139 $14.00 $1,328.83 $15,946 $4,556 $0 Triple Net


Vacant 0 0.0% Annual Totals $150,429 $20,049 $28,489

East View Plaza

$/SF $/MONTH $/YEAR

1 First Settlement Physical T 5/1/2007 3/31/2017 3,306 $12.50 $3,443.75 $41,325 $11,535 $0 Triple Net2 One Main Financial 7/12/2008 9/30/2018 1,808 $13.20 $1,988.80 $23,866 $6,309 $0 Triple Net3 TQ Nails 5/1/2010 4/30/2016 1,332 $14.41 $1,600.00 $19,200 $0 $4,647 Triple Net4 Alltell Com., LLC 1/31/2007 5/31/2015 1,600 $16.75 $2,233.33 $26,800 $5,623 $0 Triple Net



Last Updated 11/23/13

Two Five (5) Year Renewal Options

Two Five (5) Year Renewal OptionsOne Three (3) Year Renewal OptionTwo Five (5) Year Renewal OptionsOne Three (3) Year Renewal Option

TENANT LEASE START LEASE END


Landlord CAM

Landlord CAM

Landlord CAM

No Options


One Five (5) Year Renewal Option

CURRENT RENT

SUITE

RENT INCREASES / OPTIONS REIMBURSEMENT

One Five (5) Year Renewal OptionNegotiate Options

No OptionsTwo Three (3) Year Renewal Options

SUITE

Tenant CAM

REIMBURSEMENT

SIZE (RSF) Tenant CAM

SUITE TENANT LEASE START LEASE END SIZE (RSF)


Two Three (3) Year Renewal Options

SIZE (RSF)CURRENT RENT

Tenant CAM Landlord CAM RENT INCREASES / OPTIONS

CURRENT RENT RENT INCREASES / OPTIONS

CURRENT RENTREIMBURSEMENT

One Three (3) Year Renewal OptionTwo Five (5) Year Renewal Options

Negotiate options

RENT INCREASES / OPTIONS Tenant CAM

REIMBURSEMENT

SIZE (RSF)SUITE TENANT LEASE START LEASE END


RENT ROLL: MARY WALTER PLAZA

Mary Walter Plaza

$/SF $/MONTH $/YEAR




Clinton Plaza

$/SF $/MONTH $/YEAR




Martin Plaza

$/SF $/MONTH $/YEAR




East View Plaza

$/SF $/MONTH $/YEAR









Landlord CAM

Landlord CAM

Landlord CAM

No Options



CURRENT RENT

SUITE




SUITE

Tenant CAM

REIMBURSEMENT










Negotiate options


REIMBURSEMENT



RENT ROLL: CLINTON PLAZA

Mary Walter Plaza

$/SF $/MONTH $/YEAR




Clinton Plaza

$/SF $/MONTH $/YEAR




Martin Plaza

$/SF $/MONTH $/YEAR




East View Plaza

$/SF $/MONTH $/YEAR









Landlord CAM

Landlord CAM

Landlord CAM

No Options



CURRENT RENT

SUITE




SUITE

Tenant CAM

REIMBURSEMENT










Negotiate options


REIMBURSEMENT



RENT ROLL: EAST VIEW PLAZA

Mary Walter Plaza

$/SF $/MONTH $/YEAR




Clinton Plaza

$/SF $/MONTH $/YEAR




Martin Plaza

$/SF $/MONTH $/YEAR




East View Plaza

$/SF $/MONTH $/YEAR









Landlord CAM

Landlord CAM

Landlord CAM

No Options



CURRENT RENT

SUITE




SUITE

Tenant CAM

REIMBURSEMENT










Negotiate options


REIMBURSEMENT



LEASE ABSTRACTS: MARTIN PLAZAGNCSIZE (SF): 1,190LEASE INCEPTION: 6/13/2003LEASE EXPIRATION: 9/30/2018BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

Current - 9/30/2018 17.20$ 1,706$ 20,468$ OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:KICKOUT CLAUSE:

KEY TENANCY:

DEFAULT BY TENANT: Should Tenant fail to cure any default asserted by Landlord, including abandonment of Premises, within the time provided herein, Landlord shall notify GNC in writing of its intention to terminate the Lease prior to landlord exercising said right to terminate pursuant to the default provisions set forth herein. GNC shall have the right but not the obligation, within thirty (30) days after receipt of such notice, to accept all of Tenant's right, title and interest in and to the Lease and assume and agree to perform all of Tenant's corresponding obligations.

Tenant shall have the right to terminate this Lease upon sixty (60) days notice to Landlord if gross annual sales do not exceed the amount and in the Lease Year set forth in Article I-I provided the following conditions are satisfied: (1) Tenant shall not be in default under any of the terms, conditions or provisions of this lease and; (2) Tenant shall have delivered its notice of termination together with proof reasonably satisfactory to Landlord of Tenant's Gross Sales for the applicable Lease Year.

None RemainNone this is a GROSS LEASE

Landlord acknowledges that the openings and continued operation of the anchor tenants (Wal-Mart) has served as a material inducement for Tenant to execute this Lease. The failure of any anchor tenant to remain open and operating during the term of this Lease shall constitute a material breach of Lease. In the event that any of the anchor tenants permanently close, Tenant may pay in lieu of fixed minimum rent and additional charges the lessor of: (i) fixed minimum rent; or (ii) 5% of its gross receipts for each month.

9.44% of Martin Plaza which is 12,603 SF


LEASE ABSTRACTS: MARTIN PLAZA CONT.GREAT CLIPSSIZE (SF): 1,139LEASE INCEPTION: 7/1/2012LEASE EXPIRATION: 6/30/2017BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

7/1/2012 - 6/30/2017 14.00$ 1,329$ 15,946$ Renewal Option 1: 7/1/2017 - 6/30/2022 16.00$ 1,519$ 18,224$ Renewal Option 2: 7/1/2022 - 6/30/2027 18.00$ 1,709$ 20,502$

OPTIONS: Two additional options of five (5) years eachOPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE:EXCLUSIVE:

Pro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

9.03% of Martin Plaza which is 12,603 SFLandlord shall not permit any other party to operate a hair cutting salon, including barber shops and beauty or cosmetology schools, in the shopping center where the Leased Premises is located, namely, Martin Plaza. In addition, and except as provided herein, Landlord shall not permit any other party to operate a hair cutting salon, including barber shops and beauty or cosmetology schools, in the three (3) nearby shopping centers owned by Landlord and known as of the date of this Lease as Clinton Plaza, East View Plaza, and Mary Walters Plaza. Landlord and Tenant acknowledge that there is currently a full service hair salon located in the Mary Walters Plaza. Tenant's Exclusive shall not apply to such hair salon, and in the event such hair salon shall vacate its premises and not relocate into other space in any of the three (3) nearby shopping centers, Landlord shall have the right to replace such hair salon with another hair cutting salon, including barber shops and beauty or cosmetology schools, provided that there is never more that one (1) hair cutting salon located in the three (3) nearby shopping centers.

Shoppes At Stoneridge Commons Financials 27

H&R BLOCKSIZE (SF): 1,489LEASE INCEPTION: 5/1/2009LEASE EXPIRATION: 4/30/2014BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

6/1/2001 - 4/30/2014 8.45$ 1,049$ 12,585$ Renewal Option 1: 5/1/2014 - 4/30/17 9.60$ 1,192$ 14,302$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:TERMINATION RIGHT: If at any time during the term of this Lease any law, ordinance, rule or regulation is enacted or adopted, or any judicial or administrative decision is made or rendered, which prevents Tenant

from operating its business in the Premises at a profit, Tenant shall have the right, at its option, to terminate this Lease by giving sixty (60) days written notice to Landlord, and all obligations of Tenant to Landlord shall cease as of the effective date of termination specified in such notice.

One option of three (3) yearsPro-rata share of Real Estate Taxes, Insurance, Common Area Expenses


LEASE ABSTRACTS: MARTIN PLAZA CONT.


SWEET FROGSIZE (SF): 1,260LEASE INCEPTION: 8/22/2013LEASE EXPIRATION: 8/31/2016BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

8/22/2013 - 8/31/2016 10.00$ 1,050$ 12,600$ OPTIONS: Two options of three (3) years eachOPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and Structure

PRO-RATA SHARE: 10.00% of Martin Plaza which is 12,603




MATTRESS WAREHOUSESIZE (SF): 4,725LEASE INCEPTION: 10/1/2010LEASE EXPIRATION: 3/31/2016BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

Current - 3/31/2016 10.00$ 3,938$ 47,250$ OPTIONS:OPERATING EXPENSES:

LANDLORD RESPONSIBILITIES: All ExpensesPRO-RATA SHARE:TERMINATION RIGHT:

None RemainThis is a GROSS LEASE in which Lessor agrees to pay all expenses associated with ownership of the property. Beginning in 2011, Lessee agrees to pay a prorated percentage of all the real estate tax increases above the taxes for the calendar year of 2010.

37.49% of Martin Plaza which is 12,603 SFIf the Tenant desires to terminate this Lease or buy out of the terms thereof, the following conditions must be met: (1) The Tenant shall be responsible for payment of a minimum of twenty-four (24) months rental as set forth in Paragraph 3 above as well as an additional six (6) months rental and the Tenant shall give ninety (90) days notice that they intend to exercise this buy-out privilege. Therefore, in the event the Tenant exercises this right, the Tenant shall be responsible for paying One Hundred Thirty ($130,000.00) Dollars to the Landlord representing two years of rental at Fifty Two Thousand ($52,000.00) Dollars each plus the additional six months rental being one-half of the Fifty Two Thousand ($52,000.00) Dollar rental or Twenty Six Thousand ($26,000.00) Dollars. It is understood between the parties hereto that the amount set forth herein relates to when the Tenant moves out and not when the Tenant gives notice. (2) In the event that the buy out privilege of this lease is exercised at any time prior to the expiration of the seven (7) year lease period, Tenant agrees to reimburse Landlord the construction costs of Eighteen Thousand ($18,000.00) Dollars.



RADIO SHACKSIZE (SF): 2,800LEASE INCEPTION: 4/11/2001LEASE EXPIRATION: 1/31/2017BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

2/1/2012 - 1/31/2017 14.85$ 3,465$ 41,580$ Renewal Option 1: 2/1/2017 - 1/31/22 15.55$ 3,628$ 43,540$

OPTIONS:

OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE:EXCLUSIVE USE:

TERMINATION RIGHT: Once the Gross Leaseable Area of the Shopping Center is 100% occupied, an Excessive Vacancy shall be defined as follows: (i) the Gross Leasable Area of the Shopping Center, is less than 70% actively occupied by other retail tenants; or (ii) at any time after the 5th Fiscal Year, Wal-Mart discontinues operations. If Excessive Vacancy occurs, Tenant shall hate the right to (i) terminate the Lease and all rights and obligations of both parties upon sixty (60) days prior written notice to Landlord; or (ii) pay Landlord three percent (3%) of Gross Sales monthly, in arrears, within twenty (20) days after the end of each calendar month, in lieu of Tenant's obligation to pay Fixed Minimum Rent and all additional charges under the Lease for a period not to exceed 24 months or until Excessive Vacancy is curred.

(B) If Landlord fails to comply with provisions of this section, Tenant may; (i) pay three percent (3%) of Gross Sales monthly, in arrears within twenty (20) days after the end of each calendar month, in lieu of Fixed Minimum Rent and all additional charges under the Lease until the violation is cured; (ii) terminate the Lease if the violation is not cured within thirty (30) days after Landlord's receipt of notice of the violation; (iii) pursue any and all legal or equitable remedies available to Tenant.

(C ) These provisions shall not apply to (i) the retail sale or display of televisions, VCRs, office equipment, or related equipment and accessories, provided such merchandise is displayed in not more than 100 square feet of display area; or (ii) any existing tenant which is permitted to sell and display the Protected merchandise as of the date of this Agreement.


One option of five (5) years Pro-rata share of Real Estate Taxes & Insurance

(A) No space within in the Shopping Center shall be used for (i) the retail sale or display of electronic equipment and components, including, but not limited to, all types of telecommunication and transmitting equipment, computers and related accessories, and audio/video equipment and accessories; or (ii) the connection, installation, sale, display or promotion of off-premises access services, access devices or related goods, services, equipment, or accessories which enable or utilize connection to what is commonly known today as the "Internet" or any enhancement thereof or successor thereto.



LEASE ABSTRACTS: MARY WALTER PLAZACAMDEN CLARK HOSPITALSIZE (SF): 7,850LEASE INCEPTION: 7/1/2012LEASE EXPIRATION: 6/30/2022BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

7/1/2012 - 6/30/2017 10.00$ 6,542$ 78,500$ 7/1/2017 - 6/30/2022 11.00$ 7,196$ 86,350$ Renewal Option 1: (7/1/2022 - 6/30/2027) 12.10$ 7,915$ 94,985$ Renewal Option 2: (7/1/2027 - 6/30/2032) 13.31$ 8,707$ 104,484$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and Structure

PRO-RATA SHARE:

Two additional options of five (5) years eachPro-rata share of Real Estate Taxes, Insurance, Common Area Expenses



LEASE ABSTRACTS: MARY WALTER PLAZA CONT.FIESTA SALON (REGIS)SIZE (SF): 1,200LEASE INCEPTION: 11/24/2003LEASE EXPIRATION: 12/31/2016BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

1/1/2009 - 12/31/2016 13.95$ 1,395$ 16,740$ OPTIONS:

OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE:EXCLUSIVE USE:

RIGHT TO TERMINATE: Tenant shall have the right and option to terminate this Lease and all amendments thereto, thereby rleasing and relieving each party of any and all rights and obligations thereunder, upon ninety (90) days written notice upon the occurance of any of the following events: (a) space in the shopping center within two (2) storefronts on either side of the Leased Premises is leased by Landlord for any of the following uses: Adult Entertainment, Massage Parlor, Game Room, Bar or Lounge, Restaurant, Pizza Delivery Outlet.

6.98% of Mary Walter Plaza which is 17,189 SF

One five year option to renew the leasePro-rata share of CAM, Real Estate Taxes & Insurance

With respect to Mary Walter Plaza Landlord covenants that it will not permit the use of any space in Mary Walter Plaza or any retail space built on Parcels A&B for the use of the following: (i) A business that operates as a hair salon, including a barber shop, providing services, including, but not limited to, cutting, styling, coloring, and/or perming a person's hair. (ii) A tanning salon or a business that includes tanning as any part of such business.


LEASE ABSTRACTS: MARY WALTER PLAZA CONT.GAME STOPSIZE (SF): 1,882LEASE INCEPTION: 12/4/2003LEASE EXPIRATION: 3/20/2015BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

3/21/2012 - 3/20/2015 13.50$ 2,117$ 25,407$ Renewal Option: (3/21/2015 - 3/20/2018) 14.50$ 2,274$ 27,289$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:CO-TENANCY:

EXCLUSIVE:

RIGHT TO GO DARK:

Lessor shall not lease, rent, occupy or permit to be occupied or used, any space in the Shopping Center (including any expansion thereof) for the sale, resale, trading-in and renting of any one or more of the following items: (a) video games, (b) hand-held and phone entertainment software, (c) personal computer games, (d) hardware, accessories and other products related to categories (a)-(c), and (e) any substitutes, new formats or technological evolutions thereof.

Lessee shall have the right to "Go Dark" (i.e. Lessee shall not be obligated to maintain the Demised Premises open for business to the public or otherwise operate Lessee's business in the Demised Premises), which right shall be exercised by lessee giving Lessor written notice stating the date of the actual or intended discontinuance of use or operation. Thereafter Lessor shall have the right to terminate the Lease by giving written notice to Lessee, which termination shall become effective thirty (30) days after Lessee's reciept of the Termination Notice. In the event of a termination hereunder, the parties hereto shall be released from all further liability or obligations under the Lease. Lessee is obligated to pay rent during this "Go Dark" period.

One option of three (3) years Pro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

10.94% of Mary Walter Plaza which is 17,191 SFIn the event that 50% or more in the Shopping Center vacates its premises or is not conducting fully active business operations for any reason, the Lessee's obligation to pay Base Annual Rent shall immediately cease. Lessee shall only be required to pay one-half (1/2) of the Base Annual Rent scheduled in the Lease, until such time as 50% or more of the Shopping Center is again leased and conducting fully active operations. If 50% or more of the Shopping Center has not commenced fully active opertations within six (6) months or is not conducting fully active operations, the Lessee shall have the option, at any time thereafter, to terminate the Lease upon sixty (60) days written noticeto the Lessor. Upon such termination, neither party shall have any further obligation to the other. Tenant cannot continue 1/2 rent any longer than 6 months, lease must be renegotiated after 6 months of 1/2 rent.


LEASE ABSTRACTS: MARY WALTER PLAZA CONT.RENT-A-CENTERSIZE (SF): 4,137LEASE INCEPTION: 3/19/2012LEASE EXPIRATION: 10/31/2017BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

11/1/2012 - 10/31/2017 8.50$ 2,930$ 35,165$ OPTIONS: One options of five (5) years OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and Structure

PRO-RATA SHARE: 24% of Mary Walter Plaza which is 17,243 SF



LEASE ABSTRACTS: MARY WALTER PLAZA CONT.nTELOSSIZE (SF): 2,120LEASE INCEPTION: 6/1/2001LEASE EXPIRATION: 4/30/2014BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

6/1/2001 - 4/30/2014 5.94$ 1,049$ 12,585$ Renewal Option 1: (5/1/2014 - 4/30/17) 6.75$ 1,192$ 14,302$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:TERMINATION RIGHT: If at any time during the term of this Lease any law, ordinance, rule or regulation is enacted or adopted, or any judicial or administrative decision is made or rendered, which prevents Tenant

from operating its business in the Premises at a profit, Tenant shall have the right, at its option, to terminate this Lease by giving sixty (60) days written notice to Landlord, and all obligations of Tenant to Landlord shall cease as of the effective date of termination specified in such notice.

One option of three (3) yearsPro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

12.29% of Mary Walter Plaza which is 17,243 SF


LEASE ABSTRACTS: CLINTON PLAZAMEDEXPRESSSIZE (SF): 4,974LEASE INCEPTION: 7/1/2012LEASE EXPIRATION: 6/30/2022BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

7/1/2012 - 6/30/2017 11.25$ 4,663$ 55,958$ 7/1/2017 - 6/30/2022 12.00$ 4,974$ 59,688$ Renewal Option 1: 7/1/2022 - 6/30/2027 13.20$ 5,471$ 65,657$ Renewal Option 2: 7/1/2027 - 6/30/2032 14.50$ 6,010$ 72,123$

OPTIONS:

OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE:EARLY TERMINATION RIGHT:

62.63% of Clinton Plaza which is 7,941 SF

Two options of five (5) years eachPro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

Tenant shall have the right to terminate this Lease after the start of the sixty-first (61st) month. Tenant will have the entirety of said month to notify Landlord of the exercise of such right.


LEASE ABSTRACTS: CLINTON PLAZA CONT.INHOME MEDICAL INC.SIZE (SF): 2,967LEASE INCEPTION: 10/1/2013LEASE EXPIRATION: 4/30/2018BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

10/1/2013 -4/30/2018 10.50$ 2,596$ 31,154$ Renewal Option 1: 5/1/2018 - 4/30/2021 11.00$ 2,720$ 32,637$ Renewal Option 2: 5/1/2021 - 4/30/2024 11.50$ 2,843$ 34,121$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE:EARLY TERMINATION RIGHT:

EXCLUSIVE USE:

Two options of three (3) years eachPro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

37.36% of Clinton Plaza which is 7,941 SFAssuming that Tenant is current in all of its lease obligations, Tenant shall have the right to terminate the primary term of this Lease at any time after three (3) years following the Rent Commencement Date upon giving to Landlord no less than six (6) month's written notice prior to termination and upon paying to Landlord all unamotized lease improvements expenses and upon reimbursing to Landlord all brokerage commissions paid by Landlord for any period of time when Tenant will no be occuping and paying rent on the Leased Premises.

Landlord shall not permit any other party to operate a home health business in the Building where the Leased Premises is located or upon any immediately adjacent property owned or controlled by Landlord.


LEASE ABSTRACTS: EAST VIEW PLAZACITIFINANCIALSIZE (SF): 1,808LEASE INCEPTION: 7/12/2008LEASE EXPIRATION: 9/30/2018BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

7/12/2008 - 9/30/2013 12.00$ 1,808$ 21,696$ 10/1/2013 - 9/30/2018 13.20$ 1,989$ 23,866$ Renewal Option 1: 10/1/2018 - 9/30/2023 14.50$ 2,185$ 26,216$

OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:TERMINATION RIGHT:

EXCLUSIVE USE: Landlord warrents and representss to Tenant that no person or entity has the right to use any portion of the Center for the operation of a business similar to or competitive with Tenant's business. Further, Landlord covenants and agrees that it shall not during the Lease Term sell, lease, permit or consent to the use of any portion of the Center for the operation of a business similar to or competitive with Tenant's business without Tenant's prior written consent. Such businesses shall include businesses engaged in sales finance, consumer loans, banking, personal loans, sale of insurance, mortgage lending, commercial lending, sale of securities, or other activities normally engaged in by a lending or financial institution.

Tenant may terminate this Lease at any time after the thirty-sixth (36th) month of the Lease Ter, by providing at least one hundred eighty (180) days prior written notice to Landlord. In the event of such early termination by Tenant, Tenant shall pay to Landlord, on or before the termination date specified in the Termination notice, a lease termination fee equal to the sum of eight (8) months rent.

One option of five (5) years Pro-rata share of Real Estate Taxes, Insurance, Common Area Expenses

22.43% of East View Plaza which is 8,058 SF


LEASE ABSTRACTS: EAST VIEW PLAZA CONT.FIRST SETTLEMENT PHYSICAL THERAPYSIZE (SF): 3,306LEASE INCEPTION: 5/1/2007LEASE EXPIRATION: 3/31/2017BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

4/1/2012 - 3/31/2017 11.23$ 3,094$ 37,125$ OPTIONS:

OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof & StructurePRO-RATA SHARE: 41.02% of East View Plaza which is 8,058 SF

None RemainPro-rata share of Real Estate Taxes & Insurance capped at $2.90 per sq. ft.


LEASE ABSTRACTS: EAST VIEW PLAZA CONT.TQ NAILSSIZE (SF): 1,332LEASE INCEPTION: 5/1/2010LEASE EXPIRATION: 4/30/2016BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

5/1/2010 - 4/30/2016 14.41$ 1,600$ 19,200$ OPTIONS:OPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and StructurePRO-RATA SHARE:

Two options of five (5) years eachNone this is a GROSS Lease

16.55% of East View Plaza which is 8,046 SF


LEASE ABSTRACTS: EAST VIEW PLAZA CONT.VERIZON WIRELESSSIZE (SF): 1,600LEASE INCEPTION: 1/31/2007LEASE EXPIRATION: 5/31/2015BASE RENT SCHEDULE: Term Rent per SF Monthly Rent Annual Rent

12/1/2011 - 5/31/2015 16.75$ 2,233$ 26,800$ OPTIONS: None RemainOPERATING EXPENSES:LANDLORD RESPONSIBILITIES: Roof and Structure

PRO-RATA SHARE: 19.86% of East View Plaza which is 8,058 SF



MARKET SUMMARYParkersburg, WV OverviewParkersburg, located at the confluence of the Ohio and Little Kanawha

Rivers, is the third largest city in the State of West Virginia. It is the

county seat of Wood County and the largest city in the Parkersburg-

Marietta-Vienna Metropolitan Statistical Area. It is about 14 miles south

of Marietta, Ohio.

The Bureau of the Public Debt, an agency of the U.S. Treasury

Department, was relocated from the Washington, DC metropolitan area

and is headquartered in Parkersburg.

Economic Development/Employment

Parkersburg ranked in the top 100 “Best Small Places for Business and Careers”

in 2008 by Forbes magazine for its low cost of living and doing business.

Major employers include:

• Camden-Clark Memorial Hospital

• DuPont

• Wood County Board of Education

• U.S. Treasury Department’s Bureau of Public Debt

Riverfront Project: The improvements to Point Park is a joint effort between

the U.S. Army Corps of Engineers, the State of West Virginia and the City of

Parkersburg. Planning began on the park in 1992. The final cost of the park was

approximately $11 million. The improvements to the park was expanded hiking

and biking trail, an amphitheater, restrooms, new and expanding landing for

boats and additional lighting and parking.

The City received a Neighborhood Stabilization Grant from the West Virginia

Development Office in the amount of $1 million. This grant is being used to

construct new homes in the City’s targeted neighborhood. The Neighborhood

Revitalization Project is a strategy in which the City focuses resources on a

relatively small area in an effort to stabilize and increase owner-occupancy and

strengthen property values

River Port Project: Establishing an inland port on the Little Kanawha River either

by the City of Parkersburg or some other entity. This site has great potential

because of its access to Corridor D (Route 50), Interstate 77, the CSX Railroad

and the river. It is a viable site for warehousing and industrial development

which would revitalize this area for business growth and job creation. Recently,

the Naik Group purchased some existing warehouse space in this area.

Shoppes At Stoneridge Commons Market Overview 43

DEMOGRAPHICS

3 mile radius

5 mile radius

7 mile radius

POPULATION

2013 Estimated Population 17,426 53,654 70,901

2018 Projected Population 17,293 53,816 71,189

2010 Census Population 17,500 53,503 70,648

2000 Census Population 18,005 54,711 71,836

Growth 2010-2013 -0.42% 0.28% 0.36%

Growth 2013-2018 -0.76% 0.30% 0.41%

2013 Estimated Median Age 42.01 41.94 42.49

2013 Estimated Average Age 41.40 41.21 41.53

HOUSEHOLDS

2018 Projected Households 7,301 23,321 30,839

2010 Census Households 7,363 22,988 30,350

2000 Census Households 7,496 23,258 30,319

Growth 2010-2013 -0.31% 0.69% 0.76%

Growth 2013-2018 -0.54% 0.75% 0.85%

2013 Est. Average Household Size 2.34 2.29 2.29

3 mile radius

5 mile radius

7 mile radius

INCOME

2013 Est. Median Household Income $36,058 $37,021 $38,557

2018 Prj. Median Household Income $38,042 $39,144 $40,746

2000 Cen. Median Household Income $29,260 $29,953 $31,510

2013 Est. Average Household Income $45,880 $47,945 $50,221

2013 Estimated Per Capita Income $19,325 $20,684 $21,661

HOUSING

2013 Estimated Housing Units 8,066 25,718 33,712

2013 Estimated Occupied Units 7,340 23,147 30,580

2013 Estimated Vacant Units 726 2,571 3,132

2013 Est. Owner Occupied Units 4,857 15,174 20,578

2013 Est. Renter Occupied Units 2,483 7,973 10,002

2013 Est. Median Housing Value $87,065 $95,632 $99,353

2013 Est. Average Housing Value $120,883 $128,479 $136,128

Shoppes At Stoneridge Commons Market Overview44

COMPETITION STUDY

S I TE

Map # Project Name & LocationYear Built/

Renov. Major TenantsRental Rates

In-Line Total SF GLA

Available In-Line

Anchor SF VacancyShoppes at Stoneridge Commons $10 - $14 45,779 3,006 6.6%Pike Street, Parkersburg, WV 0

Southgate Regional Shopping Center 1962/1994 $10 - $14 120,000 0 0.0%1805 Broadway Ave, Parkersburg, WV 0

Gihon Village 1974/1988 $8 - $14 103,000 22,073 47.7%260 Gihon Village, Parkersburg, WV 27,100

223,000 22,073 9.90% Total In-Line Vacancy Competing Centers

1 Big Lots, Rite Aid, Anytime Fitness

2004 - 2006

Foodland, Ollie's Bargain Outlet, Dollar Tree2

MedExpress, Rent-A-Center, Camden Clark Hospital

Shoppes At Stoneridge Commons Market Overview 45Shoppes At Stoneridge Commons Market Overview

TENANCY PROFILESTenant Locations Description Website Corporate Sales Credit Rating

Camden Clark Medical Center Physicians Group

1 Camden Clark Medical Centers provides the mid-Ohio Valley with the finest medical care.

www.camdenclark.org

N/A

Privately-Held

Rent-A-Center

3,111 Rent-A-Center is the largest rent to own operator in the United States with an approximate 32% market share based on store count as of March 31, 2013. Their stores generally offer high quality durable products such as major consumer electronics, appliances, computers, and furniture and accessories under flexible rental purchase agreements.

www.rentacenter.com

Rent-A-Center $2.882 Billion YE Dec 2012

Rent-A-Center NASDAQ: RCII S&P: BB+

GNC

7,300+ Founded in 1935, General Nutrition Centers is a specialty retailer of nutritional supplements, which include vitamins, minerals and herbal supplements, sports nutrition products, diet products and other wellness products.

www.gnc.com

GNC Holdings, Inc. $2.430 Billion YE Dec 2012

GNC Holdings, Inc. NYSE: GNC S&P: BB-

Fiesta Salons

150+ Fiesta Salons is owned and operated by the Regis Corporation. It specializes in the latest hair styles, color, perms, highlights and more. Regis Corporation owns or franchises more than 12,000 hair salons across North America, Europe, and Asia. Regis operates salons under trade names Regis Salons, MasterCuts, Famous Hair, SmartStyle, Cost Cutters, and Supercuts. Regis also owns Hair Club for Men and Women.

www.fiestasalons.com www.regiscorp.com

Regis Corporation $2.228 Billion YE Dec 2012

Regis Corporation NYSE: RGS S&P: N/A

GameStop

6,627 GameStop is the world’s largest retailer of video game products and PC entertainment software. The company sells new and used video game hardware, video game software and accessories, as well as PC entertainment software, related accessories and other merchandise.

www.gamestop.com

GameStop Corporation $8.887 Billion YE Dec 2012

Game Stop Corporation NYSE: GME S&P: N/A

Shoppes At Stoneridge Commons Tenancy46

PROFILES continued

Tenant Locations Description Website Corporate Sales Credit Rating

nTelos

85+ nTelos Wireless is a leading provider of wireless communications services to consumers and businesses primarily in Virginia, West Virginia and portions of Maryland, North Carolina, Pennsylvania, Ohio and Kentucky.

www.ntelos.com

nTelos $453.99 Million YE Dec 2012

nTelos NASDAQ: NTLS S&P: BB-

MedExpress Urgent Care

115+ MedExpress Urgent Care is a privately owned company dedicated to providing the best medical care and best health care experience for their patients.

www.medexpress.com

MedExpress Urgent Care N/A

Privately-Held

Radio Shack

7,150+ RadioShack Corporation engages in the retail sale of consumer electronic goods and services through its RadioShack store chain and non-RadioShack branded kiosk operations. The company operates stores throughout the United States, Puerto Rico, and the U.S. Virgin Islands.

www.radioshack.com

RadioShack Corp. $4.258 Billion YE Dec 2012

RadioShack Corp. NYSE: RSH S&P: CCC+

Mattress Warehouse

120+ Mattress Warehouse is a leading provider of mattresses, linens, pillows and bedding accessories in Indiana, Ohio, West Virginia, Kentucky and Tennessee.

www.mattresswarehouse.com

N/A Privately-Held

H&R Block

10,950+ Founded in 1955, H&R Block provides various financial products and services to its customers. The Tax Services division served about 25.6 million clients in Fiscal Year 2012.

www.hrblock.com

H&R Block Inc. $2.706 Billion YE Dec 2012

H&R Block Inc. NYSE: HRB S&P: BBB

215 Founded in 2009, Sweet Frog is a frozen yogurt store where customers create

their own soft-serve frozen yogurt treats with numerous flavors and toppings from which to choose. Sweet Frog has over 215 stores in 25 states in the U.S., with more stores located internationally in the Dominican Republic, the United Kingdom and South Korea.

www.sweetforogyogurt.com

N/A

Privately-Held

Shoppes At Stoneridge Commons Tenancy 47Shoppes At Stoneridge Commons Tenancy

PROFILES continued

Tenant Locations Description Website Corporate Sales Credit Rating

Great Clips

3,000+ Great Clips is a hair salon franchise in the United States and Canada. www.greatclips.com

N/A Privately-Held

TQ Nails

1 Hot Nails is a local nail salon. N/A N/A Privately-Held

First Settlement Physical Therapy

8 First Settlement Physical Therapy is a family owned private practice with 8 locations in Ohio and West Virginia.

N/A

N/A

Privately-Held

CitiFinancial

100+ CitiFinancial is a consumer loan company that specializes in providing personalized loan solutions and one-on-one, local service.

www.onemainfinancial.com www.citigroup.com

Citigroup, Inc. 71.26 Billion YE Dec 2012

Citigroup, Inc. NYSE: C S&P: A-

Verizon Wireless

2,330+ Verizon Wireless is the largest mobile network operator in the United States, providing wireless services to over 15 million subscribers.

www.verizonwireless.com

Verizon Communications, Inc. 117.02 Billion YE Dec 2012

Verizon Communications, Inc. NYSE: VZ S&P: A-

Shoppes At Stoneridge Commons Tenancy48

S I TE

Private Capital Group: : Eric Greenfield Vice President


: : Robert Gold CCIM Vice President


: : Michael Pascavis Senior Financial Analyst


: : Mary Bresnahan Senior Associate

+1 614 430 5505 | Columbus, OH [email protected]


: : CBRE280 N. High Street Seventheenth Floor Columbus, OH 43215 +1 614 224 1492

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: : INVESTMENT OPPORTUNITY

:: OFFERING MEMORANDUM

Shoppes At Stoneridge Commons Tenancy

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