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Naples Shopping Center – Naples, Florida

Existing out‐of‐date Publix realizing sales of approximately $900 per SF in 48K SF

• Publix wants to expand to accommodate volume

• Publix is the #1 grocer in the market

Construction of a new 55K SF Publix prototype with a 20 year lease; recapture and reposition Books‐A‐Million with a West Marine and an additional junior anchor; and façade improvements

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Commenced: to be completed early 2013; Create a modern, institutional grade asset with expansion of a highly productive Publix

BeforeBefore AfterAfter

Investment ProfileInvestment Profile

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Annex of Arlington ‐ Chicago, Illinois

Located in an affluent suburb of Chicago with a 5‐mile population of more than 320,000

North end of center impacted by over 80,000 SF vacancy from a former Jo‐Ann, Sports Authority and Country Sampler Craft Store

Redevelopment of shopping center with a 34K SF hhgregg, 22K SF Binny’s Beverage Depot, 12K SF Party City and a proposed 13K SF Dollar Tree, all with 10 year or greater leases

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Completed: addition of four new anchors to capitalize on property’s position in a strong trade area



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West Loop Shopping Center ‐Manhattan, Kansas

Existing out‐of‐date Dillons (Kroger) realizing sales of over $900 PSF in 47K SF

• Dillons wants to expand to accommodate volume

• Dillons is the #1 grocer in the market

Construction of a 77K SF Dillons (Kroger) prototype with a 20 year lease by demolishing existing retail space on west side of shopping center

• Dillons responsible for rent on former space for one year after opening in new space

Redevelopment of existing Dillons with two proposed junior anchors, as well as facade renovations

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Commenced: Relocate existing Dillons (Kroger) to accommodate new 77K SF prototype, enabling additional leasing opportunities



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Liberty Plaza – Baltimore, Maryland

215,000 SF Shopping center only 17% leased suffering from numerous vacancies

Construction on 170K SF Walmart Supercenter began in May 2011

• Low risk transaction ‐Walmart’s 20 year lease structured with rent based on a percentage of construction cost

• Redeveloped center will be 230,000 SF adding 15,000 SF of GLA

• Marshalls already committed agreed to extended lease term at increased rent

• Upon Walmart opening center will be over 90% leased

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Commenced: to be completed mid‐2012; Addition of a 170K SF Walmart Supercenter



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College Plaza – Long Island, New York

Located in a densely populated suburb on Long Island with a 5‐mile population of more than 250,000

Reposition underutilized shopping center to capitalize on strong location by right sizing Bob’s Stores and remerchandising its existing space with a traffic generating, market leading grocery anchor

Repositioning allows for maximization of shop space throughout the remaining center

31K SF Bob’s lease signed in March 2011 for relocation and downsize

68K SF ShopRite lease signed in August 2011

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Commenced: to be completed early 2013; Addition of ShopRite to capitalize on position in a strong trade area



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Florence Square ‐ Cincinnati, Ohio

Located in stable Cincinnati, Ohio market across from the Florence Mall

Trade area dominant asset

Strong lineup of national anchors, however, recently vacant cinema

Redevelopment of former theatre and adjacent small shop space to accommodate a 124K SF Kroger Marketplace with a 20 year lease

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Commenced: Reposition shopping center with traditional retail mix including the conversion of a former theatre and adjacent small shop space into 124K SF Kroger Marketplace



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Roosevelt Mall – Philadelphia, Pennsylvania

Located in a high‐density market of Philadelphia with a 5‐mile population of more than 570,000

Anchored by a 313K SF Macy’s, with a new Target located behind the center generating additional traffic

Opportunity to restructure eastern end of the center that has high vacancy due to poor visibility

• Eight small shop spaces with little frontage difficult to lease

Redevelopment of eastern end of shopping center with a new 32K SF Ross Dress for Less and replacement of out‐of‐date kiosks

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Completed: Further enhanced a top producing center with the addition of a new 32K SF Ross Dress for Less



michael carroll, repositioning and restructuring retail

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