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CONFIDENTIAL OFFERING MEMORANDUM

WASHINGTON SQUARE MALL10202 E. Washington St.Indianapolis, IN 46229

O F F E R I N G S U M M A R Y

C-III Realty Services LLC is pleased to exclusively offer the opportunity to purchase approximately 439,887 square feet of the Washington Square Mall located in Indianapolis, Indiana (the “Property” or “Mall”). The Property is located approximately 12 miles (20 minutes) from downtown Indianapolis and 3 miles (7 minutes) from the I-465 loop in the heart of the East Counties submarket of Indianapolis. The total population located within a 10-mile radius of the Property is nearly 550,000 people, which is projected to increase by approximately 4.5% over the next five years. In addition, the areas immediately surrounding the Property have experienced an influx of higher income residents in recent years, which have been attracted by new residential development in the region.

Washington Square Mall is a +/-959,439 square foot single-level enclosed regional mall (“Washington Square Mall”), of which approximately 439,887 square feet is owned in fee and included in this offering (the aforementioned “Property” or “Mall”). Washington Square Mall was originally constructed in 1974 and is anchored by Target (123,400 square feet), Burlington Coat Factory (80,000 square feet), Dick’s Sporting Goods (50,000 square feet) and an AMC movie theatre (45,700 square feet), and includes approximately 309,887 square feet of in-line premises, which are approximately 30% leased to permanent tenants, or approximately 78% leased including temporary tenants. The Burlington Coat

Factory and Dick’s Sporting Goods premises are owned in fee and are included in this offering.

In addition the mall also includes several non-owned anchors, outparcels, and corresponding parking fields. Non-owned anchors include Both Target and the AMC Theater. Washington Square Mall also has two vacant anchor spaces: the former Sears and the former Macy’s (more recently Indy Home Furniture) spaces. In addition to these anchors, there are two non-owned outparcels to the south: Denny’s and Longhorn Steakhouse. With the exception of the AMC Theater, all the above non-owned premises include respective parking fields which are not part of the offering, but share parking with the Property.

E X E C U T I V E Summar y

P R O P E R T Y S U M M A R Y

Address: 10202 E. Washington St. Indianapolis, IN 46229Gross Building Area: 959,439 Total Owned and Non-Owned SF 429,887 Total Owned SFSite: 70.55 Acres (Owned)Year Built/Renovated: 1974/1999Zoning: C-4 (Community Regional Commercial District)In-Place NOI: $432,611Occupancy: 30% (Permanent Tenants Only) 78% (with Specialty Tenants)Parking: 6,189 parking stalls (6.45/1,000 SF on Total Mall GLA)Parcel Numbers: 7034116; 7034117; 7034624Owned Anchors: Burlington Coat Factory (80,000 SF) Dick’s Sporting Goods (50,000 SF)Owned Outparcel: Ultimate Touch Auto (Temporary, 18,125 SF)Non-Owned Anchors: Target (123,400 SF); AMC Theater (45,700 SF); Sears (Dark, 194,679 SF); Indy Wholesale Furniture (Dark, 155,773 SF) Non-Owned Outparcels: Longhorn Steakhouse; Denny’s

Washington Square Mall represents an opportunity to acquire a significant asset in the well-established eastern suburban region of Indianapolis. Given the Mall’s current operating fundamentals and local market conditions, the Property represents an appealing redevelopment opportunity with sufficient scale to support a variety of uses including retail, office, hotel, multifamily, medical, or mixed-use/town center formats. One option for a redevelopment of the Property is for an open-air mixed use development designed to capitalize on the region’s growing affluence and growth in multifamily development.

> Excellent Location Situated on 70.5 acres at the intersection of N Mitthoeffer Road and E Washington Street, the Property is located within east Indianapolis’ primary retail corridor. New residential developments to the north and east have increased both population density and household income in the area and additional growth is projected over the next five years which will help to support a redevelopment of the site. The total population located within a 10-mile radius of the Property is nearly 550,000 people and is projected to increase by approximately 4.5% over the next five years. In addition, the areas immediately surrounding the Property have experienced an influx of higher income residents in recent years, which have been attracted by new residential development in the region. The average household income located within a 1-mile radius of the Property is approximately $63,500, which is 22% higher than the $52,000 average household income located within a 5-mile radius of the Property.

> Legacy Tenants All of Washington Square Mall’s anchor tenants are able to function in both enclosed mall and open-air retail formats should an investor choose to reposition the Property in the future. Target, Burlington Coat Factory, AMC, Dicks and Buffalo Wild Wings are more typically found in open-air retail centers and would likely welcome the opportunity to remain a part of a redeveloped Property provided site plan, logistical and financial planning permit.

> Existing Entertainment Component The existing AMC Theater provides a critical entertainment component that will be highly complementary to a redevelopment of the Property. Restaurant, entertainment and other “attractions” that complement and extend the time consumers spend at a property have become extremely important when “reinventing” retail and town center style assets. These types of developments are designed to function as a place for a neighborhood to congregate for entertainment, food, retail and other functions as part of a community and in this instance a new owner will not be required to invest the significant amount of capital required to construct a new theatre.

> Short Term Tenancy As leases reach maturity, the Owner has executed short term renewals which will allow a new owner to commence a redevelopment of the Property in comparatively short order without incurring lease termination/buyout related expenses.

I N V E S T M E N T H I G H L I G H T S

INVESTMENT HIGHLIGHTS (cont.)

Attractive Repositioning/Redevelopment FundamentalsWashington Square Mall is an attractive repositioning/redevelopment opportunity given the region’s favorable economic conditions, pro-development local government and current real estate market fundamentals. Indianapolis is the capital and largest city in Indiana with a population of approximately 820,000, making it the 13th largest city in the US. Furthermore, Indianapolis is located in Marion County, IN which has a total population approaching 1 million, which has grown by approximately 5% over the past five years, which growth is projected to continue throughout the rest of this decade. Highlights of the repositioning/redevelopment opportunity include:

Regional Economic HighlightsThe viability of the Indianapolis region’s strong business climate in evidenced by numerous new and expansion projects announced in the past year that are scheduled to add more than 15,000 jobs and nearly $1.5 billion in capital investment to the region over the next few years. The region’s major economic drivers currently include: Life Sciences; Motorsports; Transportation, Distribution and Logistics; Advanced Manufacturing; Information Technology; and Renewable Energy.

The Indianapolis region has received numerous accolades over the past five years including:

R E G I O N A L H I G H L I G H T S & A C C O L A D E S

> In 2015 CNBC ranked Indiana #1 in lowest cost of doing business in the U.S.

> 2nd lowest worker comp rates in U.S.

> 5th lowest property tax ranking in U.S.

> 8th best overall tax climate in U.S.

> Lowest 25% of electricity cost in U.S.

> No inventory or franchise taxes

> No tax on most business services

> Indiana is a Right To Work State

> #1 state employment from foreign investment – IBM Global Business Service, 2009

> #2 region in concentration of pharmaceutical industry employment – Battelle Institute, 2010

> #1 business climate in the Midwest and 6th best in U.S. – Chief Executive Magazine, 2014

> #2 per capita employment in pharmaceuticals – Battelle Memorial Institute, 2010

> #4 growth in college degrees in U.S. from 2000-2008 – Brookings Institution, May 2010

> 21 colleges & universities and 18 community college campuses within 70 miles

Sources: CNBC, State of Indiana, Tax Foundation, US Dept. of Energy

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*SITE BOUNDARIES ARE APPROXIMATE

Vacant (Formerly Macy’s) NOT INCLUDED

Ultimate Auto Detail (Formerly Firestone)

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E X E C U T I V E S U M M A R Y | P R O P E R T Y O V E R V I E W | L O C A T I O N / E C O N O M I C O

200 ft

Washington Square Mall10202 E. Washington St.Indianapolis, IN 46229

> regional enclosed mall> 439,887 rentable square feet

E. WASHINGTON STREET

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E X E C U T I V E S U M M A R Y | P R O P E R T Y O V E R V I E W | L O C A T I O N / E C O N O M I C O V

Washington Square Mall10202 E. Washington St.Indianapolis, IN 46229

> regional enclosed mall> 439,887 rentable square feet

Washington Square Mall

L O C AT I O N

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Indianapolis International Airport

Indianapolis Metropolitan Airport

Indianapolis, IN

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Washington Square Mall10202 E. Washington St. Indianapolis, IN 46229

E X E C U T I V E S U M M A R Y | P R O P E R T Y O V E R V I E W | L O C A T I O N / E C O N O M I C O V E R V I E W |

2 miles

FINANCIAL INFORMATION 38

Disclaimer: Information included or referred to herein is furnished by

third parties and is not guaranteed as to its accuracy or completeness.

You understand that all information included or referred to herein

is confidential and furnished solely for the purpose of your review

in connection with a potential purchase of the subject property.

Independent estimates of pro forma income and expenses should be

developed by you before any decision is made on whether to make

any purchase. Summaries of any documents are not intended to be

comprehensive or all-inclusive, but rather only outline some of the

provisions contained therein and are qualified in their entirety by the

actual documents to which they relate. The property owner, their

representatives and/or brokers, including but not limited to C-III Realty

Services LLC and their respective agents, representatives, affiliates and

employees, (i) make no representations or warranties of any kind, express

or implied, as to any information or projections relating to the property,

and hereby disclaim any and all such warranties or representations, and

(ii) shall have no liability whatsoever arising from any errors, omissions or

discrepancies in the information. Any solicitation for offers to purchase

the subject property is subject to prior placement and withdrawal,

cancellation or modification without notice.

C O N F I D E N T I A L O F F E R I N G M E M O R A N D U M

For additional information please contact:

Arthur Milston Managing Director C-III Realty Services LLC 212-705-5158 Office amilston@c3cp.com

Charles Lee Senior Analyst C-III Realty Services LLC 972-868-5655 Office clee@c3cp.com

Jeff Harris NAI Meridian

Peter Gleason Senior Associate C-III Realty Services LLC 972-868-5686 Office pgleason@c3cp.com