JACKSONVILLE REGIONALJacksonville, FL

JACKSONVILLE REGIONAL

TABLE OF CONTENTS

This Offering Memorandum (the “Memorandum”) has been prepared by the Owner (the “Seller”) for information purposes only and does not purport to contain all the information necessary to reach a purchase decision. The information contained herein has been secured from sources considered to be reliable, however, while we do not doubt its accuracy, the information has not been verified and, the Owner, nor any of their respective employees or agents make any warranty or representation, expressed or implied, as to the accuracy, completeness or adequacy of any of this information. This Memorandum is subject to errors, omissions, prior sale, withdrawal, change and/or modification without notice. Nothing contained herein should be relied upon as a promise, recommendation, or representation as to the past or future. Each prospective purchaser is to rely upon its own investigations, projections and conclusions as to the advisability of the transaction described herein. It is recommended that each prospective purchaser should retain the legal services of a qualified attorney for real estate, tax and other advice relative hereto, and retain such qualified experts for advice on such matters as to, but not limited to, compliance with the Americans With Disabilities Act (“ADA”) and inspection of the property for hazardous (toxic) materials, ground soil contamination and other environmental issues. This Memorandum is the property of the Owner and may be used only by the parties to whom the Owner has delivered the Memorandum or to whom the Owner has approved such delivery. By accepting delivery of the Memorandum, the prospective purchaser acknowledges having reviewed and executed the confidentiality agreement, whose terms and conditions apply to this information being supplied by the the Owner. By accepting a copy of this Memorandum, the recipient agrees that neither he/she nor any of his/her employees shall use the information for any purpose other than evaluating the specific transaction described herein, or divulge such information to any other party, and shall return the Memorandum to the Owner immediately upon request. This Memorandum, in whole or in part, may not be photocopied, reproduced, or distributed to others without the prior written consent of Agent. Brokers, finders and/or any other party shall not be entitled to any commission or other payment whatsoever in connection with the sale of the property described in this Memorandum without a specific written agreement to which the the Owner is a party.

OFFERING OVERVIEW 3

INVESTMENT HIGHLIGHTS 5

SITE PLAN 6

SITE DESCRIPTION 7

AERIAL VIEWS 8

MAPS 12

FINANCIALS 13

RENT ROLL 14

ANCHOR TENANT PROFILES 16

ANCHOR TENANT LEASE ABSTRACTS 18

LEASE PROVISIONS 20

COMPETITIVE PROPERTY SURVEY 25

MARKET OVERVIEW 26

DEMOGRAPHICS 28

PICTURES 29

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JACKSONVILLE REGIONAL

OFFERING OVERVIEW Jacksonville Regional Shopping Center is a 219,735 SF community shopping center is anchored by a 47,084 SF Winn Dixie and a 78,823 SF JC Penney. The center is currently 95.5% occupied, representing significant upside potential to the investor through the lease up of currently vacant space. The Property was built in 1988 and is situated at the southwest quadrant of the intersection of Dunn Avenue and Lem Turner Road on Jacksonville’s north side. Dunn Avenue has historically been north Jacksonville’s dominant retail corridor and is easily accessible via Interstate 295 to the west and Interstate 95 to the east. The Property is located in a very dense residential area.

Address 3000 Dunn Avenue, Jacksonville, Florida 32218Square Feet 219,735 SFOccupancy 95.5%Anchors: Winn Dixie / JCPenneyAnchor Sales Winn Dixie - $16,033,200 ($341/SF)

JC Penney - $7,774,000 ($99/SF)Summary A community shopping center located at the intersection of

Dunn Avenue and Lem Turner Road on Jacksonville’s north side. The Property has significant upside potential through the leasing of available space. Winn Dixie and JC Penney anchor the center and account for 57% of the GLA at the Property and 40% of the in-place potential gross income.

Existing Financing None

Property Summary

Price $18, 00,000Cap Rate 8%Total Gross Income $1,797,438Total Expenses $350,591Net Operating Income $1,446,847

Financial Summary

ASKING PRICE$18, 00,000

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JACKSONVILLE REGIONAL

OFFERING OVERVIEW (Continued) Leasable Area and Tenancy Square

Feet% of GLA

Total Gross Income

% of Gross Income

Anchor Tenants 125,907 57.3% 721,950 40.2%National & Regional Tenants [1] 44,055 20.0% 591,920 32.9%Total Anchor, National & Regional 169,962 77.3% 1,313,870 73.1%Local Tenants 39,873 18.1% 483,568 26.9%Total Leased 209,835 95.5% 1,797,438 100%Available Space 9,900 4.5%Total Owned 219,735 100.0% $1,797,438Separately Owned Parcels 0 0.0%

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[1]National & Regional Tenants include: Payless, Cato, Hibbett Sporting Goods, Work Out Anytime, Rent A Center, GNC, Hair Cuttery, H&R Block, It’s Fashion Metro, Advance America and Acceptable Insurance.

JACKSONVILLE REGIONAL

INVESTMENT HIGHLIGHTS The Property is anchored by Winn Dixie and JC Penney, both of which have long occupancy history at the center. Winn Dixie has term through 2019 and had sales of $341/SF in 2013 (9% above company-wide average). JCPenney’s sales were $99/SF in 2013 has term through 2017

The Property has upside through the lease up of currently vacant space. The 9,900 SF available is comprised of mostly small shop inline space.

86% of the currently leased tenancy at the Property has been in occupancy at the center for at least ten years.

Jacksonville Regional Shopping Center is located along Dunn Avenue, the dominant east-west corridor on Jacksonville’s north side. Daily traffic counts near the center exceed 16,000.

The Property has multiple points of ingress and egress making access simple from any direction.

The trade area has seen tremendous growth in the last decade. Cumulative population growth within three miles of Jacksonville Regional was 20%.

Winn Dixie and JC Penney account for 57% of the GLA at the Property and 40% of the in-place potential gross income.

Due to the configuration of the existing vacancy at the Property, Jacksonville Regional offers a unique opportunity to combine currently vacant bays into a larger space that would be attractive to numerous junior anchors seeking space in the trade area.

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JACKSONVILLE REGIONAL

INVESTMENT HIGHLIGHTS Unit Tenant SF4 Payless Shoesource 3,000 6 Cato 6,300 8 Ebony Fasions 3,500 12 Spotlight Fashions 2,833 14 Marco Polo Mongolian 3,040 16 Hibbet's Sporting Goods 4,960 20 Work Out Anytime 7,580 24 JCPenney 78,823 28 Rent A Center East 3,950 30 Shear Finesse 1,250 34 GNC 1,500 36 Top 10 Nails 900 38 Vacant 1,500 40 Looks Fashion 1,200 42 Dr Bhara Shah 1,400 44 Hair Cuttery 1,400 46 Vacant 1,400 48 Linen Depot 7,200 50 Mikal Jewlery & Pawn 1,400 52 H&R Block 1,400 54 Beauty Max USA 5,600 56 Shoe Time 2,800 58 Internet Café 2,800 62 Winn Dixie 47,084 66 Fashion Metro 11,165 70 Soap Bubble 1,400 72 Chicken Wing Restaurant 1,400 74 Vacant 2,800 76 French Novelty 3,150 78 Adv. American Cash Center 1,400 80 Vacant 1,400 82 Acceptance Insurance 1,400 86 Vacant 2,800 LOT Sunrise Trading LOT2 Better World Books TR Serv. Consultants not inc Vacant not inc Beall's Outlet not inc Citi Trends not inc Simply Fasions not inc McDonald's Total SF 219,735

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JACKSONVILLE REGIONAL

SITE DESCRIPTION Approximate Total Area ± 30.81 acresYear Built 1988Frontage Lem Turner Road (+ 570 linear feet)

Dunn Avenue (+ 770 linear feet indirect frontage)Traffic Count 16,400 AADT – Dunn Avenue, 100’ west of Lem Turner RoadTotal Parking Spaces on Included Parcel(s) 1081 including 28 handicap access spacesParking Ratio 4.92 per 1,000 SFZoning CCG-1 – Commercial Community GeneralFlood Zone(s) Zone X – Outside of the 100-yr flood zone

Zone AO – Within the 100-yr flood zone

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Traffic count information from FDOT Florida Traffic Online http://www2.dot.state.fl.us/FloridaTrafficOnline.viewer.htmlData obtained from ALTA/ACSM Land Title Survey dated January 1, 2003

JACKSONVILLE REGIONAL

AERIAL VIEWS

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JACKSONVILLE REGIONAL

AERIAL VIEWS (Continued)

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JACKSONVILLE REGIONAL

AERIAL VIEW (Continued)

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JACKSONVILLE REGIONAL

AERIAL VIEW (Continued)

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JACKSONVILLE REGIONAL

MAPS

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