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OFFERING MEMORANDUM

TOWN CENTER COMMONSKENNESAW (NORTH METRO ATLANTA), GEORGIA

TABLE OF CONTENTS3 EXECUTIVE SUMMARY

• Introduction• Investment Highlights• Transaction Guidelines

9 LOCATION OVERVIEW• Location Map• Atlanta Metro Economic Overview• Kennesaw Submarket• Retail Trade Area• Demographics

17 PROPERTY DESCRIPTION• Site Plan• Site Description• Improvement Features

22 FINANCIAL SUMMARY• Introduction• Rent Roll• Cash Flow Projections• Projection Assumptions• Base Rental Revenue• Tenant Expense Reimbursement• Reimbursement Methodologies• Lease Expiration Schedule• Field & Steam Lease Abstract• Salient Lease Provisions

36 TENANCY INFORMATION• Field & Stream Profile• Tenant Profiles

Neal PringleDirector of Investment Sales

P 770.955.2434C 678.230.7188

[email protected]

Adam BirnbreyInvestment Sales Associate

P 770.955.2434C 404.934.5558

[email protected]

PRESENTED BY

EXECUTIVE SUMMARY

4

P R O P E R T Y D E S C R I P T I O N

TOWN CENTER COMMONS – THESHOPPINGCENTERGROUP.COM

HEALTH AND STYLEINSTITUTE

ERNEST WEST BARRETT PARKWAY NORTHWEST (AADT 58,600)

COBB PLACE PARKWAY

LOOKING WEST

TOWN CENTERCOMMONS

BOWLERO KENNESAW

LARRY MCDONALD MEMORIAL HIGHWAY (AADT 136,000)


E X E C U T I V E S U M M A R Y

5

The Shopping Center Group, LLC (“TSCG”), as an exclusive agent on behalf of the Owner, is pleased to present Town Center Commons (the “Property”) located at 725 Ernest West Barrett Parkway in the city of Kennesaw (Metro Atlanta), Georgia. The Property is situated in the expansive 6.2 million sf Kennesaw/Northwest Cobb submarket and is ¼ mile west of Town Center Mall (1,269,000 sf) and an Interstate 75 diamond interchange.

INTRODUCTION

Town Center Commons is a 72,168 sf retail center, 100% occupied, anchored by a new 42,728 sf Field & Stream (Grand opening August 11, 2017), a 7,800 sf LifeWay Christian Resources Resources Resources and a 7,800 sf Five Below. The Property has additional local, regional and national shop tenants with a history of low turnover. The center is shadow anchored by an 80,000 sf Dick’s Sporting Goods, a 7,650 sf Shane Company within Town Center Commons, and an adjacent 147,132 sf Costco.

Town Center Commons is ideally positioned on Ernest West Barrett Parkway, with traffic counts of 58,600 cars per day. The retail corridor is anchored by Town Center Mall (1,269,000 sf), Barrett Pavilion (583,740 sf), Cobb Place (334,883 sf), and Barrett Place (218,818).

Street Address 725 Ernest W Barrett Pkwy NWKennesaw, GA

General

Owned Land Area 8.113 Acres

Age 1998

Total GLA 159,818 SF

Owned GLA 72,168 SF

Occupancy

Total Occupancy 100.0%

Owned Occupancy 100.0%

Key Tenants:

Key Tenants Field & Stream, Original Mattress Factory,Five Below, LifeWay Christian Resources

Shadow Anchor Within Property Dick’s Sporting Goods, Shane Company

Shadow Anchor Adjacent to Property Costco

The new Field & Stream’s grand opening is August 11, 2017.Shadow anchoring Town Center Commons, directly across Cobb Place Boulevard, adjacent to the subject Property, is a 147,132 sf Costco.



6

INVESTMENT HIGHLIGHTS

Town Center Commons is located in the city of Kennesaw (North Metro Atlanta), Georgia, in the third most populous county (Cobb County) in the state of Georgia (10.6 million people). The Property is situated in the busy retail hub surrounding Ernest West Barrett Parkway (58,600 AADT) at the intersection with Interstate 75 (154,000 AADT). Kennesaw has experienced recent rapid growth increasing nearly 50% since 2000 to a population of over 32,000 residents. The Kennesaw/Northwest Cobb County submarket accounts for 7.5% of the Metro Area’s total inventory of neighborhood and community shopping center space. Town Center Commons is approximately 20 miles north of Downtown Atlanta and sits in a densely populated, high income demographic region. Within a 15 mile radius from the Property, there is a current population of 1.2 million people with an Average Household Income of $97,171. Employment of 120,065, within a 5-mile radius of the Property, greatly enhances the overall economic dynamic of this retail node.

STRONG LINE–UP OF NATIONAL TENANTS & SHADOW ANCHORThe section of Town Center Commons we are marketing is 72,168 SF in the larger 159,818 SF development anchored by Field & Stream, Five Below and LifeWay Christian Resources. The shadow anchors separately owned in the center include an 80,000 SF Dick’s Sporting Goods and a 7,650 SF Shane Company. A 147,132 sf Costco shadow anchors Town Center Commons, immediately adjacent to the center.

FIELD & STREAM GRAND OPENING: AUGUST 11, 2017The grand opening of the new 42,728 sf Field & Stream is August 11, 2017. This will be one of the first locations of the combo Field & Stream/Dick’s in the country, as well as the first Field & Stream in the state of Georgia. This new concept, with Field & Stream contiguous to Dick’s Sporting Goods, will be the company’s approach moving forward, for all new store locations. There are two interconnected access points within Field & Stream and Dick’s Sporting Goods (as shown in the photo below), giving consumers access to both stores internally.

DICK’S SPORTING GOODS LEASE EXTENSIONShadow anchor Dick’s Sporting Goods has recently signed a new lease extension (15 years) for their premises co–terminus with the Field & Stream lease.

KENNESAW STATE UNIVERSITYOf major significance to the retail node surrounding Town Center Mall is the 581–acre campus of Kennesaw State University, located 2 miles north of Ernest Barrett Parkway on Interstate 75. Kennesaw State is the 3rd largest university in the state of Georgia and one of the fifty largest public universities in the country with 36,428 undergraduate and graduate students, 745 professors and a staff of 1,400. The University offers more than 150 undergraduate and graduate degrees, in an array of fields including; STEM (science, technology, engineering and mathematics), architecture, construction, nursing, business, education, and the arts.

Opening in 1963 with 5,200 students, Kennesaw State has experienced the most rapid growth of any university in the State of Georgia. Research funding at Kennesaw State has grown from $4 million in 2006 to $54 million over the past 5 years. The University has a tremendous $1.3 billion economic impact on the local and regional economy.

Shared access points for Field & Stream and Dick’s Sporting Goods.



7

INVESTMENT HIGHLIGHTS (cont.)

ESTABLISHED RETAIL NODEThe Property is situated in an expansive retail node, of over 2.7 million sf of retail, anchored by the following major retail centers:

• Town Center Mall (1,269,000 sf), located ¾ mile east of Town Center Commons, at Interstate 75, is anchored by Belk, JC Penney, Macy’s, Macy’s Furniture & Men’s Store, Macy’s Backstage and Sears.

• Barrett Pavilion (583,740 sf) is immediately across Ernest Barrett Parkway, with key anchors such as Target, Ulta Beauty, REI, Jo–Ann, Buy Buy Baby, Old Navy, AMC Theatres and Shoe Carnival. Fast food and restaurant options include Chick–fil–A, Chili’s, Golden Corral, Ted’s Montana Grill and The Melting Pot.

• Cobb Place Shopping Center (334,000 sf), cater–corner from Town Center Commons, at the intersection of Cobb Place Pkwy and Ernest Barrett Pkwy, is anchored by Bed Bath & Beyond, Ashley Furniture HomeStore, Bassett, DSW, Thomasville, Cost Plus World Market and American Signature Furniture.

• Barrett Place (218,818 sf), situated center corner from the Property at the intersection of Cobb Place Blvd and Ernest Barrett Pkwy, is anchored by national credit tenants such as PetSmart, Best Buy, Office Max and Michaels.

FINANCIAL SUMMARY

For the Years Ending Year 1 Dec–2018

Year 2 Dec–2019

Year 7 Dec–2024

Year 10 Dec–2027

Effective Gross Revenue 1,401,462 1,443,938 1,593,719 $1,684,416

Total Operating Expenses $285,102 $293,669 $338,046 $367,668

Net Operating Income $1,116,360 $1,150,269 $1,255,673 $1,316,748

IMPACT OF SOUTH BARRETT RELIEVERThe South Barrett Reliever is a four phase project to ultimately provide access around one of the busiest roads in the Town Center area, Ernest Barrett Parkway (56,800 AADT). Phase one of the project (completed in 2010) consisted of the realignment of Greers Chapel Rd at its intersection with Barrett Lakes Blvd, the widening of the roadway to four lanes and a 20–foot raised median from Cobb Parkway to Ernest Barrett Parkway. The realignment and 20–foot median have given the community convenient access to three signalized intersections along Ernest Barrett Parkway and Shiloh Valley Dr, south access points to both Town Center Commons and Costco.

The second phase of the South Barrett Reliever project will provide critical safety improvements to make the area more pedestrian–friendly. Scheduled for completion in 2018, phase II will include the realignment of Barrett Lakes Blvd at Shiloh Valley Dr, with a two–lane roundabout at its intersection, mitigating the congestion through this area. The new roundabout will provide improved access to Town Center Commons from Barrett Lakes Boulevard. Further improvements of the second phase include crosswalks, a 5 ft sidewalk and enhanced lighting and landscaping to be established around the roundabout.



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TRANSACTION GUIDELINES

In addition to the limitations outlined herein, the Owner reserves the right to accept or reject any offer at any time and to extend the date for submissions of offers for any reason at its sole discretion.

Due DiligenceYour acceptance of the Confidentiality Agreement provides you access to the online document center which contains Broker prepared materials and an organized virtual deal room (“VDR”) containing all due diligence materials provided by Owner including leases, financial statements and third party reports. A detailed due diligence catalog will be posted for your convenience. If you have difficulty accessing this information, please contact Neal Pringle at [email protected] or Adam Birnbrey at [email protected].

Call For OffersA call for offers date will be established during the marketing period. Investors will be notified in advance by email.

Inspection No Investor shall enter onto the premises or into the Property, or contact any tenant of the Property, without the authorization of the Seller or Seller’s broker (“Broker”). Please contact TSCG to arrange a formal site inspection.

Contact Information

Neal PringleDirector of Investment SalesP 770.955.2434C [email protected]

Adam BirnbreyInvestment Sales AssociateP 770.955.2434C [email protected]

LOCATION OVERVIEW

LOOKING NORTHWEST

ROUNDABOUT UNDER

CONSTRUCTION

HEALTH AND STYLEINSTITUTE

TOWN CENTER AT COBB

BARRETT PLACE

BARRETT PAVILION

BOWLERO KENNESAW

BARRETT COMMONSSHOPPING CENTER

BARRETT WALKAPARTMENTS

HO

ME

CEN

TER

DR

IV

E

ERNEST WEST BARRETT PARKWAY NORTHWEST (A

ADT 58,600)

LARRY MCDONALD MEMORIAL HIGHWAY (AADT 136,000)

TOWN CENTERPLAZA

BARRETT LAKES BOULEVARD

SHILOH VALLEY DRIVE NORTHWEST

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L O C AT I O N O V E R V I E W


ATLANTA METRO ECONOMIC OVERVIEW KENNESAW SUBMARKET

Population growth in the Atlanta Metropolitan Statistical Area (MSA) in 2016 was approximately 91,000 residents (1.6%), well above the 1.1% national rate for the year. A gain of about 116,000 persons (2.1%) is projected for the Atlanta area for 2017. The current population base of the Atlanta MSA is nearly 5.8 million residents.

According to the U.S. Bureau of Labor Statistics (BLS) preliminary data, total non–farm Metro Atlanta employment as of 2017 was up 87,200 jobs (3.3%) over the preceding twelve–month span. This was the second largest increase in the nation behind Dallas, which increased nearly 105,000 jobs over the past year.

While mixed–use development will remain a key factor in the Atlanta area retail real estate market, strong demand and the healthy local economy lend support to the development of conventional community and neighborhood centers. Demand is not expected to disappoint: 654,000 square feet of retail is projected to be delivered to the metro by the end of 2017. Analysts are predicting a total delivery of 648,000 square feet of observed construction activity during 2018 and 2019. Between now and year–end 2017, asking rents are expected to boost 1.5% to an average level of $18.73, while effective rental rates will increase by 1.6% to $16.43.

The dynamic growth of the Atlanta area economy includes strength across a broad base, including housing, construction, corporate relocations and expansions, and the inflow of Millennials to the urban core. It would seem that only a downturn at the national level will significantly hinder Atlanta’s growth.

The Kennesaw/Northwest Cobb County submarket is one of the twelve distinct geographic concentrations within Atlanta containing 6.2 million square feet of retail, or 7.5% of the metro’s total inventory of neighborhood and community shopping center space. Town Center Commons is ideally situated in an expansive retail corridor consisting of nearly half (2.7 million square feet) of the total retail in the Kennesaw/Northwest Cobb County submarket. In the ten–year period beginning with Q2 2007, new additions to the submarket totaled 70,000 square feet, amounting to an annualized inventory growth rate of 0.1%. Over the same period, the metro growth rate has been 0.4%.

Since the beginning of Q2 2007, the metro Atlanta retail market recorded an average annual absorption rate of 78,400 square feet. During the first quarter, metro absorption totaled 62,000 square feet, of which the Kennesaw/Northwest Cobb County submarket captured 4,000 square feet. This is the second consecutive quarter during which this submarket recorded positive absorption, amounting to 36,000 square feet since year–end 2016. Over the last four quarters, submarket absorption totaled 70,000 square feet, sharply higher than the average annual absorption rate of 10,600 square feet recorded since the beginning of Q2 2007. The submarket’s average vacancy rate drifted downward 10 basis points during the first quarter to 8.5%, which is 3 percentage points lower than the long–term average, and 2.5 percentage points lower than the current metro average.

13



14



SUBJECT PROPERTY FACTS

Town Center Commons725 Ernest W Barrett Pkwy NWKennesaw, GA

Gross Leasable Area:Vacancy Rate:Asking Shop Rent:

72,168 sf0.00%

$21.50/sf

1Barrett Crossing1200 Earnest Barrett PkwyKennesaw, GA


176,663 sf3.20%

$22.50/sf

2Cobb Place840 Barrett PkwyKennesaw, GA


334,833 SF3.80%

$16–$28/sf

3Barrett Pavilion/Commons740 Earnest W Barrett PkwyKennesaw, GA


583,740 sf12.90%*

$18–$25/sf

4Barrett Place850 Cobb Place BlvdKennesaw, GA


218,818 sf16.50%*

$18–$25/sf

5Towne Center Plaza425 Earnest W Barrett PkwyKennesaw, GA


226,963 sf3.90%

$23.50/sf

6Towne Center Plaza425 Earnest W Barrett PkwyKennesaw, GA


326,683 sf3.50%

$22–$28/sf

* Large Bay Vacancy

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DEMOGRAPHICS – DRIVE TIME

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DEMOGRAPHICS – RADII

17



PROPERTY DESCRIPTION

19



SITE PLAN

LEGEND

Tract Line

Not Included

Leased

SHIL

OH

VA

LLEY

DRI

VE N

W

SUITE 1

SUITE 2

SUIT

E 7

SUIT

E 8

SUIT

E 9

SUIT

E 10

SUIT

E 12

SUITE TENANT

1 LifeWay Christian Resources

2 Original Mattress Factory

4 Field & Stream

5 Five Below

7 ATL Vape Distro

8 Town Center Nails

9 K–Town Vapor Lounge

10 Automation Personnel Services

12 Pinch of Spice

U13 Dick’s Sporting Goods

U14 Shane Company

20



Signage

There is one large Pylon sign along Ernest Barrett Pkwy, located at the right in, right out access point. It contains all tenants within Town Center Commons with large emphasis on the anchor and national tenants.

Zoning The Property is zoned CRC, Community Retail Commercial, by the city of Kennesaw, GA.

ParkingThere is a total of 396 parking spaces designated on the Property, or 5.49 spaces per 1,000 for the 72,168 sf of gross leasable area in the center.

Landscaping The entire site is attractively landscaped with grassed area and mature shrubbery and trees.

EnvironmentalThe most recent environmental report dated June 10, 2013 prepared by AEI Consultants is provided by the Seller and is available in the Virtual Deal Room.

Location 725 Ernest W Barrett Pkwy NWKennesaw, GA 30144

Area 8.113 Acres

Visibility

The Property has 375 feet of frontage along Ernest Barrett Pkwy situated directly behind a Bahama Breeze, positioned on a contiguous outparcel. The main entrance to Town Center Commons contains a right in, right out access point. Traffic counts at this entrance total 58,600 AADT on Ernest Barrett Pkwy.

There are two other convenient access points to Town Center Commons (east and south boundaries) which are connected by three signalized intersections: Ernest Barrett Pkwy & Barrett Lakes Blvd, Ernest Barrett Pkwy & Cobb Place Pkwy and Ernest Barrett Pkwy & Cobb Place Blvd. All three of these access points to the Property are full right and left turn access.

The Property has excellent visibility from Cobb Place Blvd, situated 0.1 miles to the west of Interstate 75. Town Center Commons and Costco have cross access to Cobb Place Blvd.

SITE DESCRIPTION

21



Gross Area 159,818 sf

Owned Leasable Area

72,606 Gross sf/ 72,168 Net Leasable sf in three separate buildings:• Field & Stream/ shops building – 55,494 Gross SF (Grand Opening Aug. 11, 2017)• Five Below Building: 7,853 Gross SF• Retail Shops Building: 9,259 Gross Sf

Age 1998

Layout

The Owned Center is configured in three building pods. The 55,494 sf Field & Stream/shops building is situated contiguous to the east side of the existing 80,000 sf Dick’s Sporting Goods , on the southeast corner of the Property. Contiguous to the west side of Dick’s is the 7,853 sf Five Below building on the southwest corner of the Property. Adjacent to the Five Below building, along the west boundary of the Property is the 9,258 sf multi–tenant Retail Shops building.

Construction Slab on grade foundation, concrete block construction with steel framing.

Exterior

Painted Concrete Masonry Unit (CMU) block with stucco foam molding, brick and stone veneers. Shop tenants have a variety of architectural metal, painted wood and canvas awnings over their exterior windows.

RoofRoofs are classified as low slope or flat finished with a built–up roof with gravel surfacing. Roofs are supported by a corrugated metal decking.

Windows / Doors

Full height glazing in aluminum frames including doors at entrances. Glass is clear with double glazing. Auxiliary and emergency exit doors are constructed of metal in metal frames.

Loading All tenants are served by rear metal door loading access.

HVAC

The tenant spaces are heated and cooled by a total of 21 rooftop package units. The majority of the package units were manufactured by Carrier and have a minimum input capacity generally ranging between 5 and 12 tons.

IMPROVEMENT FEATURES

Interior Finish

• Floors: Comprised of sheet vinyl, carpet, ceramic tile and polished concrete

• Walls: Painted sheetrock wallboard and painted CMU on metal studs.

• Ceiling: Acoustical drop tile with lay in fluorescent or incandescent lighting fixtures.

Electric

Primary electrical service is fed from a pad–mounted step–down transformer units throughout the Property at each building. Reportedly the utility company owns and maintains each transformer. The electric system to the Property appears to consist of 1,200–ampere, 120/208 volt, three phase, three wire alternating current (AC). Electric consumption is centrally metered and each tenant is equipped with 150 to 600 amp service. The central meter is mounted to the exterior of each building. Individual branch circuit overload protection is provided by Siemens circuit breaker panels.

Plumbing

The plumbing systems include the incoming water service, the cold water piping system, hot water piping system, natural gas supply, and the sanitary sewer and vent system. Domestic water via a central main enters the facility underground to each building. A single meter serves the entire facility. The water meter is located in vaults adjacent to the public streets. Sanitary drainage and vent piping are PVC through out the building. Domestic water piping risers and horizontal distribution are copper. Natural gas enters the facility underground to a mains located at the rear of the building where it is distributed to each tenant for HVAC, domestic water heaters and kitchen/ cooking use. Natural gas is individually metered with meters located at the mains. All gas piping was observed to best standard, black–steel piping.

Life SafetyAll spaces are equipped with fully automatic sprinklers, Class 4A fire extinguishers and Exit Signs with Twin Emergency heads and batteries.

FINANCIAL SUMMARY

24

F I N A N C I A L S U M M A R Y


The Financial Summary Section contains the following:

• Rent Roll

• Cash Flow Projections (10 year)

• Projection Assumptions (Used in the Cash Flow Projections)

• Base Rental Revenue

• Tenant Expense Reimbursement

• Reimbursement Methodologies

• Lease Expiration Schedule

• Field & Stream Lease Abstract

• Salient Lease Provisions

INTRODUCTION

25



RENT ROLL

Unit Tenants SFPRS

Lease Term Option(s) Base Rent RatesOption Rent

Expense Recovery Method

Assumption Upon ExpirationStart End (# / Yrs.) As Of

1–1–18 PSF Annual

1 LifeWay Christian Resources of The Southern Baptist Convention

7,800 9/29/98 9/30/18 None Jan–18 $18.62 $145,236 N/A NNN + 15% ex. Mgmt Fee

Roll to Market

d/b/a LifeWay Christian Resources 4.88%

10.81%

2 DRMF, Inc. 4,600 4/10/98 12/31/19 None Jan–18 $23.50 $108,100 N/A NNN + 15% Roll to Market

d/b/a Original Mattress Factory 2.88% Jan–19 $24.00 $110,400

6.37%

4 Dick's Sporting Goods, Inc. 42,728 8/11/17 1/31/33 Four / 5–Yrs. Jan–18 $14.00 $598,192 Option 1: $15.50/sf NNN + 15% Exercise Option

d/b/a Field & Stream 26.74% Feb–23 $14.50 $619,556 Option 2: $16.00/sf

59.21% Feb–28 $15.00 $640,920 Option 3: $16.50/sf

Option 4: $17.00/sf

5 Five Below, Inc. 7,800 6/1/12 5/31/22 Two / 5–Yrs. Jan–18 $13.75 $107,250 Option 1: $15.13/sf NNN + 15% Exercise Option

d/b/a Five Below 4.88% Option 2: $16.64/sf

10.81%

7 ATL Vape Distro, LLC 1,040 2/15/16 3/31/21 None Jan–18 $21.63 $22,495 N/A NNN + 15% Roll to Market

d/b/a ATL Vape Distro 0.65% Mar–18 $22.28 $23,171

1.44% Mar–19 $22.95 $23,868

Mar–20 $23.64 $24,586

8 Chung V. Pham 1,040 3/5/99 3/31/19 None Jan–18 $22.95 $23,868 N/A NNN + 15% Roll to Market

d/b/a Town Center Nails 0.65% Apr–18 $23.65 $24,596

1.44%

9 Patricia Arford 1,330 1/15/16 2/28/21 None Jan–18 $21.63 $28,768 N/A NNN + 15% Roll to Market

d/b/a K–Town Vapor Lounge 0.83% Feb–18 $22.28 $29,632

1.84% Feb–19 $22.95 $30,524

Feb–20 $23.64 $31,441

10 Automation Personnel Services, Inc. 2,830 11/5/13 1/31/19 One / 5–Yrs. Jan–18 $21.66 $61,298 + 3% annually NNN + 3% Base Rent

Exercise Option

d/b/a Automation Personnel Services 1.77%

3.92%

12 Ash Vik Enterprises, LLC 3,000 2/22/15 2/29/20 None Jan–18 $19.36 $58,080 N/A NNN + 15% Roll to Market

d/b/a Pinch of Spice 1.88% Feb–18 $19.94 $20,738

4.16% Feb–19 $20.54 $21,362

1. CAM/Insurance PRS is based on total square footage (159,818) of Town Center Commons. 2. RET PRS is based on owned sf (72,168) of Town Center Commons.

26



RENT ROLL (cont.)

Owned GLA SF Percent % of GLA

Leased 72,168 100.00%

Vacant 0 0.00%

TOTAL 72,168 100.00%

Unit Shadow Anchor Tenants SFPRS

Lease Term Option(s) Base Rent RatesOption Rent

Expense Recovery Method

Assumption Upon ExpirationStart End (# / Yrs.) As Of

1–1–18 PSF Annual

U13 Dick's Sporting Goods, Inc. 80,000 4/1/99 *12/31/2095 None **REA N/A

d/b/a Dick's Sporting Goods 50.06%

U14 T. Michael & Associates LTD. 7,650 4/1/99 *12/31/2095 None **REA N/A

d/b/a Shane Company 4.79%

1. * Length of time the REA is effective2. ** Contributes to CAM & Insurance

Rent Roll Summary

Estimated for FYE 2015 SF Percent % of GLA

Field & Stream 42,728 26.7%

Dick's Sporting Goods (Not Owned) 80,000 50.1%

Shane Company (Not Owned) 7,650 4.8%

Five Below 7,800 4.9%

LifeWay Christian Resources 7,800 4.9%

Total Leased Major Spaces 145,978 91.3%

Local and Regional Spaces 13,840 8.7%

Available Spaces 0 0.0%

Total Shopping Center 159,818 100.0%

Owned GLA 72,168 45.2%

27



CASH FLOW PROJECTIONS

Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year 10 Year 11

For the Years Ending Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028

RENTAL REVENUE

Potential Base Rent 1,163,553 1,191,502 1,205,816 1,220,755 1,242,111 1,281,437 1,307,251 1,323,452 1,339,994 1,364,618 1,407,109

Absorption & Turnover Vacancy –28,789 –3,954 –24,088 –9,558 0 –16,687 –34,243 –34,498 –11,081 0 0

Scheduled Base Rent 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109

Total Rental Revenue 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109

OTHER TENANT REVENUE

Total Expense Recoveries 264,859 277,909 282,969 293,042 304,180 311,902 318,850 328,002 340,596 352,513 363,316

Total Other Tenant Revenue 264,859 277,909 282,969 293,042 304,180 311,902 318,850 328,002 340,596 352,513 363,316

APS 3% Base Rent 1,839 1,890 1,946 2,005 2,065 2,127 1,861 2,295 2,364 2,435 2,508

Total Tenant Revenue 1,401,462 1,467,347 1,466,643 1,506,244 1,548,356 1,578,779 1,593,719 1,619,250 1,671,874 1,719,566 1,772,933

Potential Gross Revenue 1,401,462 1,467,347 1,466,643 1,506,244 1,548,356 1,578,779 1,593,719 1,619,250 1,671,874 1,719,566 1,772,933

VACANCY & CREDIT LOSS

Vacancy Allowance 0 –23,409 –2,938 –19,134 –30,090 –13,360 0 0 –22,438 –35,150 –36,205

Total Vacancy & Credit Loss 0 –23,409 –2,938 –19,134 –30,090 –13,360 0 0 –22,438 –35,150 –36,205

Effective Gross Revenue 1,401,462 1,443,938 1,463,705 1,487,110 1,518,266 1,565,419 1,593,719 1,619,250 1,649,436 1,684,416 1,736,728

OPERATING EXPENSES

Electricity 27,316 28,136 28,980 29,849 30,745 31,667 32,617 33,595 34,603 35,641 36,711

Contract Services 20,953 21,581 22,229 22,896 23,583 24,290 25,019 25,769 26,542 27,339 28,159

Repairs & Maintenance 9,812 10,107 10,410 10,722 11,044 11,375 11,717 12,068 12,430 12,803 13,187

Water & Sewer 20,284 20,893 21,520 22,165 22,830 23,515 24,220 24,947 25,695 26,466 27,260

Mgmt Fee 41,989 43,261 43,853 44,553 45,486 46,899 47,756 48,509 49,412 50,459 52,027

Real Estate Taxes 139,439 143,622 147,931 152,369 156,940 161,648 166,498 171,493 176,638 181,937 187,395

Insurance 25,309 26,068 26,850 27,656 28,486 29,340 30,220 31,127 32,061 33,023 34,013

Total Operating Expenses 285,102 293,669 301,772 310,210 319,113 328,734 338,046 347,508 357,381 367,668 378,751

Net Operating Income 1,116,360 1,150,269 1,161,933 1,176,900 1,199,153 1,236,685 1,255,673 1,271,742 1,292,055 1,316,748 1,357,977

LEASING COSTS

Tenant Improvements 10,043 1,379 10,381 3,334 0 0 17,941 12,034 3,865 0 0

Leasing Commissions 15,064 2,069 15,571 5,001 0 0 26,911 18,051 5,798 0 0

Total Leasing Costs 25,106 3,448 25,952 8,336 0 0 44,852 30,086 9,663 0 0

CAPITAL EXPENDITURES

Capital Reserve 11,150 11,484 11,829 12,184 12,549 12,926 13,314 13,713 14,124 14,548 14,985

Total Capital Expenditures 11,150 11,484 11,829 12,184 12,549 12,926 13,314 13,713 14,124 14,548 14,985

Total Leasing & Capital Costs 36,256 14,932 37,781 20,520 12,549 12,926 58,166 43,799 23,788 14,548 14,985

Cash Flow Before Debt Service 1,080,104 1,135,337 1,124,152 1,156,380 1,186,604 1,223,759 1,197,507 1,227,943 1,268,267 1,302,200 1,342,992

Cash Flow Available for Distribution 1,080,104 1,135,337 1,124,152 1,156,380 1,186,604 1,223,759 1,197,507 1,227,943 1,268,267 1,302,200 1,342,992

28



GENERAL ASSUMPTIONSProjection Start Date: 1–Jan–18

Property sf: 72,168

Occupancy at Start Date: 100%

Annual Inflation: 3%

General Vacancy (% of PGR): 5%

Management Fee (% of EGR): 3%

Capital Reserves PSF: $0.15

Shadow Anchor Tenants Excluded: Dicks Sporting Goods, Shane Company

MARKET RENT ASSUMPTIONS

Shops Anchor

Renewal Probability 75% 75%

Market Rent $21.50 $14.00

Downtime (# mos) 6 12

Rent Changes 3% annually 10% Yr 6

TI (New) $5.00 $10.00

TI (Renewal) $0.00 $0.00

LC (New) $3.00 $4.50

LC (Renewal) $1.50 $1.50

Reimbursements NNN + 15% NNN + 5%

Term (# Years) 5 10

PROJECTION ASSUMPTIONS

Notes:1. General Vacancy assumes 5% of PGR, except for the following credit tenants: Five Below and Field & Stream.2. 2018 expenses are based on 2016 year end actual expenses inflated 3%, then 3% annual increases thereafter.

29



BASE RENTAL REVENUE

For the Years Ending Occupied Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

Tenant Suite Area Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028

LifeWay Christian Resources 1 7800 123,321 173,163 178,358 183,708 189,220 178,209 189,062 211,922 218,279 224,828 231,573

Original Mattress Factory 2 4600 108,044 110,344 90,059 110,772 114,096 117,519 121,044 103,795 127,789 131,623 135,572

Field & Stream 4 42728 598,192 598,192 598,192 598,192 598,192 617,140 619,556 619,556 619,556 619,556 638,526

Five Below 5 7800 107,250 107,250 107,250 107,250 44,688 0 0 0 0 0 0

Five Below (Option 1) 5 7800 0 0 0 0 68,819 117,975 117,975 117,975 117,975 49,156 0

Five Below (Option 2) 5 7800 0 0 0 0 0 0 0 0 0 75,701 129,773

ATL Vape Distro 7 1040 23,087 23,781 24,497 20,827 25,607 26,375 27,166 27,981 23,958 29,539 30,426

Town Center Nails 8 1040 24,406 19,987 24,137 24,861 25,607 26,375 22,583 27,844 28,679 29,539 30,426

K-Town Vapor Lounge 9 1330 29,600 30,490 31,407 26,696 32,828 33,812 34,827 35,872 30,729 37,870 39,006

Automation Personnel Services 10 2830 61,298 5,108 0 0 0 0 0 0 0 0 0

Automation Personnel Services (Option 1) 10 2830 0 57,876 64,875 66,823 68,828 70,889 62,046 76,515 78,811 81,175 83,610

Pinch of Spice 12 3000 59,566 61,358 62,954 72,067 74,229 76,456 78,749 67,494 83,137 85,631 88,200

Total Scheduled Base Rent 1,134,764 1,187,548 1,181,728 1,211,197 1,242,111 1,264,750 1,273,008 1,288,953 1,328,914 1,364,618 1,407,109

30



TENANT EXPENSE REIMBURSEMENT

For the Years Ending Occupied Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

Tenant Suite Area Dec–2018 Dec–2019 Dec–2020 Dec–2021 Dec–2022 Dec–2023 Dec–2024 Dec–2025 Dec–2026 Dec–2027 Dec–2028

LifeWay Christian Resources 1 7800 17,450 23,754 24,427 25,125 25,856 24,415 25,119 28,186 29,001 29,847 30,745

Original Mattress Factory 2 4600 13,709 14,121 12,004 14,817 15,248 15,707 16,160 13,852 17,103 17,602 18,132

Field & Stream 4 42728 122,473 126,151 129,737 133,457 137,347 141,481 145,571 149,747 154,085 158,585 163,358

Five Below 5 7800 21,436 21,926 22,429 22,948 9,785 0 0 0 0 0 0

Five Below (Option 1) 5 7800 0 0 0 0 15,083 26,406 26,974 27,558 28,159 11,991 0

Five Below (Option 2) 5 7800 0 0 0 0 0 0 0 0 0 17,411 30,485

ATL Vape Distro 7 1040 3,075 3,167 3,257 2,792 3,447 3,551 3,654 3,758 3,222 3,980 4,099

Town Center Nails 8 1040 3,075 2,639 3,257 3,350 3,447 3,551 3,045 3,758 3,867 3,980 4,099

K–Town Vapor Lounge 9 1330 3,932 4,050 4,165 3,570 4,409 4,541 4,672 4,806 4,121 5,089 5,242

Automation Personnel Services 10 2830 8,047 691 0 0 0 0 0 0 0 0 0

Automation Personnel Services (Option 1) 10 2830 0 7,598 8,525 8,770 9,026 9,298 8,254 10,227 10,522 10,829 11,155

Pinch of Spice 12 3000 8,870 9,136 8,585 9,663 9,945 10,244 10,539 9,034 11,154 11,479 11,825

Dick's Sporting Goods (Shadow) U13 80000 55,819 57,494 59,218 60,995 62,825 64,710 66,651 68,650 70,710 72,831 75,016

Shane Company U14 7650 6,972 7,182 7,364 7,555 7,763 7,998 8,212 8,425 8,652 8,890 9,160

Total Tenant Expense Reimbursement 264,859 277,909 282,969 293,043 304,180 311,902 318,850 328,002 340,596 352,513 363,316

31



REIMBURSEMENT METHODOLOGIES

Operating ExpensesArgus Year 1

NNN + 15%LifeWay Christian Resources

Original Mattress Factory

Field & Stream Five Below* ATL Vape

DistroTown Center

Nails

K–Town Vapor Lounge

Automation Personnel Services**

Pinch of Spice

Dick’s Sporting Goods

Shane CompanyPSF Dec–2018

Common Area Expenses

Electricity $0.38 $27,316 PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS

Contract Services $0.29 $20,953 PRS + 15% PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS

Repairs & Maintenance $0.14 $9,812 PRS + 15% PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS

Water & Sewer $0.28 $20,284 PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS + 10% PRS

Management Fee $0.58 $41,989 PRS + 15% PRS + 15% PRS + 5% PRS + 15% PRS + 15% PRS + 15% PRS + 15% PRS PRS + 15% PRS

Total Common Area Expenses $1.67 $120,354

Total Insurance Expenses $0.35 $25,309 PRS PRS PRS + 15% PRS PRS PRS PRS PRS PRS PRS PRS PRS

Real Estate Taxes $1.93 $139,439 PRO PRO PRO PRO PRO PRO PRO PRO PRO PRO

Total Operating Expenses $3.95 $285,102

* 1st calender year, capped at $0.55 psf with 7% cumulative cap

** Admin fee includes 3% of Tenant’s base rental revenue

RENT ROLL NOTES• Common Area Maintenance (“CAM”): Reimbursable CAM expenses are based on the 2016 year end operating expenses. • Insurance (“INS”): Reimbursable INS expenses are based on the 2016 year end operating expenses.• Real Estate Taxes (“RET”): Reimbursable RET expenses are based on the 2016 year end expenses.• Pro–Rata Share (“PRS”): Tenant’s SF over the total GLA of the shopping center. • Pro–Rata Share (“PRO”): Tenant’s SF over the owned GLA of the shopping center, which excludes Dick’s and Shane Company.

32



LEASE EXPIRATION SCHEDULE

Lease Lease Expiration Expiring Building Base Base Market

Tenants Suite Period Status Date Area Share % Rent Rent/SF Rent/SF

2018 Expirations

1. LifeWay Christian Resources 1 Base Contract 9/30/2018 7,800.00 10.81% 145,236.00 18.62 22.15

Total 2018 Expirations 7,800.00 10.81% 145,236.00 18.62 22.15

2019 Expirations

2. Original Mattress Factory 2 Base Contract 12/31/2019 4,600.00 6.37% 110,344.35 23.99 22.81

12. Town Center Nails 8 Base Contract 3/31/2019 1,040.00 1.44% 24,587.91 23.64 22.81

14. Automation Personnel Services 10 Base Contract 1/31/2019 2,830.00 3.92% 61,297.80 21.66 22.81


2020 Expirations

16. Pinch of Spice 12 Base Contract 2/28/2020 3,000.00 4.16% 61,620.00 20.54 23.49


2021 Expirations

11. ATL Vape Distro 7 Base Contract 3/31/2021 1,040.00 1.44% 24,585.60 23.64 24.20

13. K–Town Vapor Lounge 9 Base Contract 2/28/2021 1,330.00 1.84% 31,441.20 23.64 24.20


2022 Expirations

8. Five Below 5 Base Contract 5/31/2022 7,800.00 10.81% 107,250.00 13.75 24.92


2023 Expirations

1. LifeWay Christian Resources 1 Market Speculative 11/30/2023 7,800.00 10.81% 172,731.00 22.15 25.67


2024 Expirations

12. Town Center Nails 8 Market Speculative 5/31/2024 1,040.00 1.44% 23,721.72 22.81 26.44

15. Automation Personnel Services (Option 1) 10 Option Option 1/31/2024 2,830.00 3.92% 71,061.36 25.11 26.44


33



Lease Lease Expiration Expiring Building Base Base Market

Tenants Suite Period Status Date Area Share % Rent Rent/SF Rent/SF

2025 Expirations

2. Original Mattress Factory 2 Market Speculative 2/28/2025 4,600.00 6.37% 108,070.70 23.49 27.24

16. Pinch of Spice 12 Market Speculative 3/31/2025 3,000.00 4.16% 70,480.89 23.49 27.24


2026 Expirations

11. ATL Vape Distro 7 Market Speculative 5/31/2026 1,040.00 1.44% 25,166.38 24.20 28.05

13. K–Town Vapor Lounge 9 Market Speculative 4/30/2026 1,330.00 1.84% 32,183.92 24.20 28.05


2027 Expirations

9. Five Below (Option 1) 5 Option Option 5/31/2027 7,800.00 10.81% 117,975.00 15.13 28.89


Final Totals 58,880.00 81.59% 1,187,753.84 20.17 25.30

LEASE EXPIRATION SCHEDULE (cont.)

34



FIELD & STREAM LEASE ABSTRACT

Tenant Name Dick's Sporting Goodsd/b/a Field & Stream

Suite Number 4

Demised Premises 42,728 sf – Total GLA

Lease Term Tenant’s term from August 11, 2017 to January 31, 2033

Renewal Options Four, 5–year renewal options

Renewal Option Notice Two hundred seventy (270) days prior to expiration of the current term or extension period.

Annual Base Rent PSF Annual

8/11/2017 to 1/31/2023

2/1/2023 to 1/31/2028

2/1/2028 to 1/31/2033

$14.00

$14.50

$15.00

$598,192.00

$619,556.00

$640,920.00

Option PSF Annual

Option 1

Option 2

Option 3

Option 4

$15.50

$16.00

$16.50

$17.00

$662,284.00

$683,648.00

$705,012.00

$726,376.00

Percentage Rent None

CAM Reimbursements

Tenant pays its natural pro rata share (total building sf – 159,818) of all reasonable costs and expenses paid or incurred by Landlord in the operation, maintenance repair, and security of all of the Common Areas of the Shopping Center. Landlord permitted to charge an admin fee on CAM of 5%.

Insurance ReimbursementsTenant pays its natural pro rata share (total building GLA – 159,818 sf) of all insurance maintained by Landlord

Real Estate Tax Reimbursement Tenant pays pro rata share (owned GLA – 72,168 sf) of all real estate taxes.

Estoppel Requirement Required but no deadline

Assignment & SublettingTenant entiled to assign this Lease or sublet all or any part of the Demised Premises without Landlord's consent.

Parking Landlord must provide at least 5 parking spaces per 1,000 sf of shopping center GLA

FinancialsLandlord may audit Tenant's gross sales within thirty (30) days of written request; no more than one (1) time in any lease year.

35



SALIENT LEASE PROVISIONS

Unit Tenant Exclusive Use Co–Tenancy Sales Reporting/Percentage Rent Select Lease Provisions

1LifeWay Christian Resources of The Southern Baptist Conventiond/b/a LifeWay Christian Resources

For the retail sale of religious merchandise and for no other purpose.

None

• Report sales monthly; on or before the 20th day of each calendar month

• 3% percentage rent

1. Guarantor(s): None2. Estoppel Requirement: Ten (10) days3. Relocation: LL may relocate4. Radius Restriction: Three (3) miles5. Promotion Fund: None

2 DRMF, Inc.d/b/a Original Mattress Factory

For the retail sale of mattresses, and less that 20% of sales area will be used for the retail sale of bedding accessories.

None

• Report sales monthly; within fifteen (15) days after the end of each calendar month.

1. Guarantor(s): None2. Estoppel Requirement: Ten (10) days3. Relocation: LL may relocate4. Radius Restriction: None5. Promotion Fund: Tenant becomes member if formed

4 Dick’s Sporting Goods, Inc.d/b/a Field & Stream See Lease Abstract provided herein.

5 Five Below, Inc.d/b/a Five Below

The retail display and sale of teen and pre–teen oriented variety and general merchandise.

Dick’s Sporting Goods (or its successors, assigns or replacements) shall be open and operating at the shopping center.

• Report sales monthly; no date specification.

1. Guarantor(s): None2. Estoppel Requirement: Required, but no deadline3. Relocation: None4. Radius Restriction: None5. Promotion Fund: None

7 ATL Vape Distro, LLCd/b/a ATL Vape Distro

For the retail sale and distribution of electronic cigarettes and nothing else.

None

• 10 days after receipt of a written request from LL, Tenant shall furnish to LL Tenant’s current financial statement.

1. Guarantor(s): Michael Dupree Jr, Patricia Arford and Justin Kicklighter

2. Estoppel Requirement: Ten (10) days3. Relocation: LL may relocate4. Radius Restriction: None5. Promotion Fund: None

8 Chung V. Phamd/b/a Town Center Nails

Only for the retail operation of a full service hair salon. None

• Report sales monthly; within fifteen (15) days after the end of each calendar month.

• 5% percentage rent

1. Guarantor(s): None2. Estoppel Requirement: Ten (10) days3. Relocation: LL may relocate4. Radius Restriction: Five (5) miles5. Promotion Fund: Tenant shall become member if formed

9 Patricia Arfordd/b/a K–Town Vapor Lounge

For the retail sale of electronic cigarettes and for no other purpose.

None


1. Guarantor(s): Dennis Arford2. Estoppel Requirement: Ten (10) days3. Relocation: LL may relocate4. Radius Restriction: Five (5) miles5. Promotion Fund: Tenant shall become member if formed

10 Automation Personnel Services, Inc.d/b/a Automation Personnel Services

Operation of a temporary staffing agency for the light industrial service industry.

None None

1. Guarantor(s): None2. Estoppel Requirement: Required but no deadline3. Relocation: None4. Radius Restriction: None5. Promotion Fund: Tenant shall become member if formed

12 Ash Vik Enterprises, LLCd/b/a Pinch of Spice

For the operation of a restaurant serving indian stile food. Tenant allowed to sell alcohol for on site comsumption only.

None


1. Guarantor(s): Vikram & Archana Balasubramani2. Estoppel Requirement: Ten (10) days3. Relocation: None4. Radius Restriction: None5. Promotion Fund: None”

TENANCY INFORMATION

38

T E N A N C Y I N F O R M AT I O N


Field & Stream is a subsidiary of Dick’s Sporting Goods that specializes in the sale of hunting, fishing, camping and related outdoor recreation products. The company opened its doors in August of 2013 in Cranberry Township, Pennsylvania. Since its debut, Field & Stream has opened 29 stores throughout the nation.

Dick’s Sporting Goods, parent company and lease signator to Field & Stream, is a publicly traded company that was founded in 1948 by Dick Stack in the city of Binghamton, New York. The company started out as a bait–and–tackle shop; it wasn’t until the late 1950s that Dick’s Sporting Goods began expanding the product line to include much of the retail sold in stores today. Official records describing the company’s history and growth are few. It wasn’t until the early 1990s that Dick’s began chain operations, opening additional stores across upstate New York. In 1994, the company moved its headquarters from Binghamton, New York to Pittsburgh, Pennsylvania.

Dick’s Sporting Goods has integrated fully into the market since its beginnings, now operating over 675 stores in 47 states (primarily Eastern United States). Dick’s is a leading sporting goods retailer offering extensive assortments of sports equipment, apparel, footwear and accessories. The company currently trades on the New York Stock Exchange (S&P 400) with the ticker symbol DKS.

In 2004, Dick’s Sporting Goods acquired the entirety of Galyan’s, an Indiana based sporting chain. By the time of the acquisition, Galyan’s had 47 stores in 21 states throughout the nation. Many of the stores featured rock climbing walls, archery and gold simulators.

In 2007, the company acquired all of the stores for two separate entities, Golf Galaxy and Chick’s Sporting Goods.

In August of 2013, Dick’s purchased Affinity Sports, a sports management technology company based in San Diego.

On July 21, 2016 Dick’s completed the acquisition of now–defunct Sports Authority’s intellectual property in an auction. Sports Authority operated as a direct competitor to Dick’s. At the time of its bankruptcy, Sports Authority had over 450 store locations.

FIELD & STREAM PROFILE

Dick’s Sporting Goods, Inc. Credit Rating: B1 Credit Rating, according to CreditnTell, which is equivalent to an A bond rating on the S&P.

39



TENANT PROFILES

ORIGINAL MATTRESS FACTORYOriginal Mattress Factory is a top producer of mattresses and box springs that operates in a unique way, eliminating the middle man. The idea of selling mattresses directly to consumers was conceived by Ron Trzcinski – a former employee at The Ohio Mattress Company. Original Mattress Factory opened its doors in Cleveland, Ohio in 1990 with a group of just 5 employees. Since its debut, Original Mattress Factory has grown to over 400 employees, 100 showrooms and 11 factories.

LIFEWAY CHRISTIAN RESOURCESLifeWay Christian Resources is a Nashville based religious Nonprofit organization. The company began in 1891 and has since grown to over 4,000 employees with more than 170 stores across the nation. LifeWay is recognized as one of the largest providers of religious and Christian resources on a global scale. The income the company generates is reinvested in mission work and other ministries around the world.

FIVE BELOWFive Below is an American publicly held chain of discount stores that trades on the NASDAQ, using the ticker symbol FIVE. The retailer primarily aims at teens and pre–teens selling products that cost up to $5. The company was founded in 2002 in Wayne, Pennsylvania and has since sprouted to nearly 550 stores in 32 states. Five Below has expanded rapidly in the past decade and intends to open 100 more stores nationwide by 2017 years end.

ATL VAPE DISTROATL Vape Distro offers the sale and distribution of electronic cigarettes to consumers. The consumption of tobacco has become a critical issue globally due to health complications from first hand and second hand smoke. This, in turn, has led to the evolution of the e–cigarette and vaporizer market, which has grown rapidly throughout the nation and world. The health risks associated with vaporizers has been proven less harmful than smoking health complications. Town Center Commons is ATL Vape Distro’s only location. The company opened for business in early 2016.

TOWN CENTER NAILSTown Center Nails is a full service nail salon that opened in 1999. The company’s reputation has evolved due to its price affordability, convenience and breathtaking spa experience. Town Center Nails allows all walk–ins during normal business hours and provides anything from French manicures to colored pedicures.

K–TOWN VAPOR LOUNGE K–Town Vapor Lounge is a top–of–the–line vape shop that differentiates itself from its competitors by its environment and affordability. The vast selection of devices, accessories and E Liquids is extremely unique. The E Liquid collection has over 400 flavors to choose from at a variety of outstanding price points!

40



TENANT PROFILES (cont.)

AUTOMATION PERSONNEL SERVICESAutomation Personnel Services is a top staffing agency that began in 1990 in Birmingham, Alabama. Since then, the company has grown to numerous offices operating throughout the southeast. APS specializes in providing light industrial employees (warehousing, plastics manufacturing, electronics manufacturing, distribution centers, etc.) to their clients. They far exceed other companies in this field and have been awarded prestigious recognitions such as “2017 Top 10 Most Recommended Staffing Services Providers” and “Best of Staffing – Client Satisfaction, Inavero” (with multiple other awards in previous years).

PINCH OF SPICEPinch of Spice is an Indian–style restaurant that opened in 2015. Its philosophy originated with the idea that the taste of food should be synonymous with the dining experience. It is highly desirable due to the atmosphere and customer service based platform. This is currently the only location.

This Offering Memorandum has been prepared by The Shopping Center Group LLC (“TSCG”) for use by a limited number of parties to evaluate the potential acquisition of Town Center Commons in Kennesaw, Georgia (the “Property”). All projections have been developed by TSCG, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of TSCG and Owner, and therefore are subject to variation. No representation is made by TSCG or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein has been obtained from sources deemed to be reliable and believed to be correct, TSCG, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, TSCG, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the property will be made available to interested and qualified prospective investors upon written request. Owner and TSCG each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or TSCG and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or TSCG. If you have no interest in the property, please return the Offering Memorandum to TSCG.

DISCLAIMER

Neal PringleDirector of Investment Sales

P 770.955.2434C 678.230.7188

[email protected]

Adam BirnbreyInvestment Sales Associate

P 770.955.2434C 404.934.5558

[email protected]

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