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OFFERING MEMORANDUM

WINDSTREAM COMMINCATIONS5150 NORTH SHORE LANE, NORTH LITTLE ROCK, AR 72118

ED BRESLIN, MANAGING DIRECTOR Broker License: 01338414Office 310.774.3790 | Mobile 310.254.4177 | ebreslin@kentwoodcapital.com

PAUL TRUPIA III, MANAGING DIRECTOROffice 646.791.0818 | Mobile 914.774.5218 | paul@kentwoodcapital.com

In Conjunction With AR Licensed Broker: Clinton Bennett AR License #AB00058021, CBRE, Inc.

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CONFIDENTIAL DISCLAIMERThis Confidential Memorandum has been prepared by Kentwood Capital Advisors (“KCA”) and is being furnished to you solely for the purpose of your review of the commercial property located at 5150 North Shore Lane, North Little Rock, AR 72118 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Kentwood Capital Advisors (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to KCA as soon as practicable together with all other materials relating to the Property which you may have received from KCA; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of KCA.

This Confidential Memorandum has been prepared by KCA, based upon certain information pertaining to the Property and any information obtained from KCA to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by KCA to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon KCA, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither KCA, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred.

KCA, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice.

This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release KCA and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. KCA reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.

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WINDSTREAM COMMINCATIONS5150 NORTH SHORE LANENORTH LITTLE ROCK, AR 72118

PURCHASE PRICE: $1,950,000CAP RATE: 7.77%

Kentwood Capital Advisors is pleased to offer for sale to qualified investors a Windstream office warehouse build-to-suit property with a long-term lease, located at 5150 N. Shore Lane, North Little Rock, Arkansas 72118. The property was completed in 2016 and the rent commenced on July 22, 2016. The property is offered under an existing Ten (10) Year Lease Term that has approximately Nine and a Half (9.5) years remaining. There is One (1), Five (5) Year Renewal Options with 2.25% annual rental escalations throughout the base terms and renewal option.

North Little Rock has been a town of many names. Located on the north shore of the Arkansas River, North Little Rock has a growing number of down-by-the-river attractions including the Arkansas Inland Maritime Museum, the Arkansas Sports Hall of Fame, Dickey-Stephens baseball park, the North Shore River Walk and the METRO Streetcar. Nearby Verizon Arena hosts concerts by major entertainers and other special events. Little Rock’s region is the capital and most populous area in Arkansas. The region is a major cultural, economic, government and transportation center within Arkansas and the South. Little Rock’s region is the headquarters of Dillard’s, Windstream communications, Acxiom, Stephens Inc., University of Arkansas for Medical Sciences, Heifer International and the Clinton Foundation. The sustained strength of the Little Rock region’s nationally recognized economy through economic downturns is based around seven major industries: Advanced Manufacturing, aerospace, Innovation, Banking & Finance, Medical, Military and Non-Profit.

INVESTMENT HIGHLIGHTS• Tenant is Windstream (Nasdaq: WIN), a

FORTUNE 500 and S&P 500 company, a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide.

• Nine and Half years remaining on a 10 year lease with a mix of 1.75% and 2.25% annual rental increases

• Strategic location located on the north side of the Arkansas River very close to downtown Little Rock and easy access to the freeways/transportation and all the city has to offer.

• The property is located in the North Shore Business Park, a growing 250 Acre Industrial and Office Park.

• New construction in 2016, upgraded build to suit facility for the tenant.

• Tenant is headquartered in Little Rock, AR approximately 4 miles from the Subject Property.

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Property Address:5150 N. Shore LaneNorth Little Rock, AR 72118

Offering Price: $1,950,000

Cap Rate: 7.77%

Property Type: Industrial Warehouse

Tenant Name: Windstream Communications, LLC

Building Size: 12,415 SF +/-

Land Area: 1.21 Acres +/-

Annual Rent: $151,587

Lease Commencement: 11/23/15

RentCommencement: 7/22/16

Lease Expiration: 7/31/26

Base Lease Term: Ten (10) Years

Remaining Term: Approximately 9 Years

Renewal Options: One (1), Five (5) Year Option

Lease Type: Modified NNN with Landlord responsible for roof, structure and parking lot.

LEASE YEAR ANNUAL BASE RENT

Year 1 $148,980

Year 2 $151,587

Year 3 $154,240

Year 4 $156,939

Year 5 $163,278

Year 6 $166,952

Year 7 $166,952

Year 8 $170,709

Year 9 $174,550

Year 10 $178,477

Year 11 - 15 (Option 1) Same rental increases 2.25% each year

The information contained herein was obtained from sources believed reliable, however, KW Commercial makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notice.

LEASE ABSTRACT RENT SCHEDULE

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Windstream Holdings, Inc. provides communications and technology solutions in the United States. It offers managed services and cloud computing services to businesses, as well as broadband, voice, and video services to consumers primarily in rural markets. The company’s primary business service offerings include integrated voice and data services, multi-site networking, data center services, managed services, high-speed Internet, and voice services. The company also sells and leases communications equipment systems tailored to customers’ needs, as well as offers maintenance plans to support these systems. In addition, it provides consumer broadband services consisting of high-speed Internet access, Internet security services, and online backup services; and consumer voice services consisting of basic local telephone services, long-distance services, and features, including call waiting, caller identification, call forwarding, and others.

Further, the company offers consumer video services; owns and operates cable television franchises; and provides switched access services to long-distance companies and other local exchange carriers for access to network. Additionally, it sells equipment to support high-speed Internet and voice offerings, including broadband modems, home networking gateways, and personal computers, as well as home phones to support voice services; and provides carrier services. As of December 31, 2014, the company operated a network of approximately 121,000 miles of fiber optic plant in fiber backbone and local service areas, as well as 27 data centers. Windstream Holdings, Inc. is based in Little Rock, Arkansas.

TENANT OVERVIEW

WINDSTREAM HOLDINGS, INC.

Stock Symbol: WIN (Nasdaq)

Sector: Technology

Industry: Telecom Services - Domestic

Total Revenue: $5.83 Billion

Market Cap: $616.33 Million

Headquarters: Little Rock, Arkansas

Full time Employees: 12,626

Website: www.windstream.com

*All information sourced from Yahoo Finance February 2015

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LOCATION OVERVIEWNorth Little Rock has been a town of many names. According to Ernie Deane’s Arkansas Place Names, the town has been referred to in the past as DeCantillon, Hunterville, Barling Cross and Argenta but in 1917, the community officially adopted its current name.

Located on the north shore of the Arkansas River, North Little Rock has a growing number of down-by-the-river attractions including the Arkansas Inland Maritime Museum, the Arkansas Sports Hall of Fame, Dickey-Stephens baseball park, the North Shore River Walk and the METRO Streetcar. Nearby Verizon Arena hosts concerts by major entertainers and other special events.

The downtown Argenta Historic District is also booming with restaurants and shops. New developments are

offering both housing and entertainment options downtown. Don’t miss the Argenta Drug Company on Main Street. Built in 1887, it is the oldest continuously operating pharmacy west of the Mississippi.

Little Rock’s region is the capital and most populous area in Arkansas. The region is a major cultural, economic, government and transportation center within Arkansas and the South. Little Rock’s region is the headquarters of Dillard’s, Windstream communications, Acxiom, Stephens Inc., University of Arkansas for Medical Sciences, Heifer International and the Clinton Foundation. The sustained strength of the Little Rock region’s nationally recognized economy through economic downturns is based around seven major industries: Advanced Manufacturing, aerospace, Innovation, Banking & Finance, Medical, Military and Non-Profit.

NORTHSHORE BUSINESS PARK:NorthShore Business Park is a quality development assured by a Bill of Assurance in North Little Rock, Arkansas. Located at the major intersection of I-430 and Crystal Hill Road, and adjacent to the Arkansas River, with easy access to the River Tail and Big Dam Bridge. Lots for hotel, restaurant, gas and convenience, and office and office-warehouse properties are available for sale.

• Easy freeway access • Easy to find and reach from all of Central

Arkansas• Quality development assured by thorough

Bill of Assurance • Impressive surroundings—coordinated

signage and common area landscaping • Sites as small as 1 acre and up to 10+

acres • Flat, ready-to-build lots with street/

utilities in place (low site development cost for buyers)

• Reasonable, affordable land cost • Recreational opportunities unmatched by

any other business location (AR River Trail, Golf Driving Range, Big Dam Bridge, Burns Park, more)

• Great mix of businesses and services in the park

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AREA MAP

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REGIONAL MAP

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SURVEY

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DEMOGRAPHICS

5150 N. SHORE LANE, NORTH LITTLE ROCK, AR 72118 3 miles % 5 miles % 10 miles %

Population

2022 Projection 27,175 121,930 317,340

2017 Estimate 26,801 120,515 312,871

2010 Census 25,883 117,704 301,667

Growth 2017 - 2022 1.40% 1.17% 1.43%

Growth 2010 - 2017 3.55% 2.39% 3.71%

Households

2022 Projection 13,240 55,110 133,752

2017 Estimate 13,049 54,462 131,896

2010 Census 12,581 53,258 127,539

Growth 2017 - 2022 1.46% 1.19% 1.41%

Growth 2010 - 2017 3.72% 2.26% 3.42%

2016 Population by Hispanic Origin 762 5,648 18,537

White 21,527 80.32% 75,416 62.58% 181,803 58.11%

Black or African American 4,167 15.55% 39,226 32.55% 115,642 36.96%

American Indian and Alaska Native 96 0.36% 523 0.43% 1,579 0.50%

Asian 561 2.09% 3,100 2.57% 7,748 2.48%

Native Hawaiian & Other Pacific Islander 5 0.02% 28 0.02% 169 0.05%

Some Other Race Alone 445 1.66% 2,221 1.84% 5,930 1.90%

2017 Households by HH Income 13,049 54,459 131,897

2017 Average Household Income $97,731 $72,844 $71,583

New York | Florida | California

Ed Breslin, Managing Directorebreslin@kentwoodcapital.com

D: (310) 774-3790M: (310) 254-4177F: (310) 943-0437

Broker License: 01338414

Paul Trupia III, Managing Directorpaul@kentwoodcapital.com

D: (646) 791-0818M: (914) 774-5218

In Conjunction With AR Licensed Broker: Clinton Bennett

AR License #AB00058021, CBRE, Inc.