PARK LEE SHOPPING CENTER

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Logan Blankenship
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PARK LEE SHOPPING CENTER 1615-1635 WEST CAMELBACK ROAD PHOENIX,

UP OPPORTUNITY STRONG NATIONAL TENANTS SITUATED NEAR LIGHT RAIL LISTED

1 PARK LEE SHOPPING CENTER WEST CAMELBACK ROAD PHOENIX, ARIZONA CAMELBACK ROAD: +/-39,600 VPD 85% OCCUPIED CENTER WITH LEASE UP OPPORTUNITY STRONG NATIONAL TENANTS SITUATED NEAR LIGHT RAIL LISTED BY DEREK BUESCHER O: C:

2 D I S C L A I M E R All materials and information received or derived from ORION Investment Real Estate its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither ORION Investment Real Estate its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. ORION Investment Real Estate will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. ORION Investment Real Estate makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. ORION Investment Real Estate does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by ORION Investment Real Estate in compliance with all applicable fair housing and equal opportunity laws. ORION Investment Real Estate 7328 East Stetson Drive Scottsdale, AZ

EXECUTIVE SUMMARY PROPERTY SUMMARY SALE PRICE $11,400,000 PRICE/ SF $150.88 CAP RATE 7.16% PROFORMA CAP RATE 8.27% BUILDING SIZE 75,559 SF OCCUPANCY 85% PARCEL SIZE 5.

3 EXECUTIVE SUMMARY PROPERTY SUMMARY SALE PRICE $11,400,000 PRICE/ SF $ CAP RATE 7.16% PROFORMA CAP RATE 8.27% BUILDING SIZE 75,559 SF OCCUPANCY 85% PARCEL SIZE 5.69 Acres YEAR BUILT 1985 ZONING CROSS STREETS TRAFFIC COUNT C-2, Phoenix Camelback & 17th Ave +/- 39,600 VPD (Camelback) OVERVIEW Park Lee Shopping Center is a well situated, multitenant retail shopping center located on the light rail in Phoenix, Arizona. The center is located at the signalized intersection of 16th Avenue and Camelback Road. Park Lee consists of a tenant base that s mostly ecommerce resistant and 72% of the tenant base consists of national tenants. Planet Fitness lease has 9 years remaining (27% of center) and Goodwill has 7 years remaining (40% of center). Park Lee is 85% occupied with lease up opportunity to provide a greater return. There is also the potential to develop two Pad buildings at the center. HIGHLIGHTS Strong Anchor Tenants: Goodwill & Planet Fitness Value-Add Retail Center through Lease Up Opportunity Stable Long Term Tenants - Goodwill Signed through % of Tenants are National Tenants Potential for Two Development Pad Buildings On Light Rail with Light Rail Stop Near By 1 Mile to I-17 Freeway 3

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5 AERIAL VIEW CLICK TO VIEW DRONE VIDEO

6 N CHRISTOWN SPECTRUM MALL E BILTMORE S DOWNTOWN PHOENIX W GRAND CANYON UNIVERSITY PROPOSED 330-UNIT APARTMENT DEVELOPMENT PROPOSED 330-UNIT APARTMENT DEVELOPMENT

7 LOCATION MAPS

PARCEL MAP VIEW Parcel #: Taxes (2017): 155-45-006C $89,658 CAMELBACK ROAD:

8 PARCEL MAP VIEW Parcel #: Taxes (2017): C $89,658 CAMELBACK ROAD: +/-39,600 VPD C PROPOSED 330-UNIT APARTMENT DEVELOPMENT 17TH AVENUE

9 AERIAL MAP VIEW LOCATED ALONG NEWLY EXPANDED LIGHT RAIL CENTRALLY LOCATED WITH EASY ACCESS TO MULTIPLE FREEWAYS NEAR CHRISTOWN SPECTRUM, GRAND CANYON UNIVERSITY, BILTMORE FASHION PARK, & PHOENIX SKY HARBOR AIRPORT

PHOENIX, AZ OVERVIEW CAPITAL & LARGEST CITY OF ARIZONA MOST POPULOUS CAPITAL IN THE NATION FASTEST GROWING CITY WITH OVER 1 MILLION PEOPLE Phoenix is the capital and largest city of Arizona.

10 PHOENIX, AZ OVERVIEW CAPITAL & LARGEST CITY OF ARIZONA MOST POPULOUS CAPITAL IN THE NATION FASTEST GROWING CITY WITH OVER 1 MILLION PEOPLE Phoenix is the capital and largest city of Arizona. It is home to 1,563,025 people according to the 2016 U.S. Census estimates. Phoenix is the 13th largest Metropolitan area by population in the United States with 4,400,000 residents. In addition, Phoenix is the county seat of Maricopa County, and is the sixth largest city in the United States by land area. The largest capital city in the United States, Phoenix is the only state capital with over 1,000,000 people. The evolution of Downtown Phoenix over the last 5 years has been significant with more than $4 Billion invested in office space, retail, restaurants, educational facilities, convention space, and hotels. Phoenix is the vibrant center of one of the fastest growing job markets and economies in the United States. Phoenix is home to a large number of high-tech, IT, renewable energy and bioscience industries. The city s economic base also includes a viable financial and advanced business services enterprises as well as a robust health sciences sector. The Phoenix area has a talented labor pool with the median age of its population at 33 years old, younger than the national average, and 28 percent of the total population hold a bachelor s degree. Engaged, high-quality colleges and universities are fundamental to a strong and sustainable economy and Phoenix has over 300,000 current college students. All three Arizona public universities have a presence in Phoenix, nine private academic institutions offering undergraduate and graduate degrees are located in Phoenix, and there are 17 other academic institutions. In a landscape famous for red rocks, blue skies and golden sunshine, Greater Phoenix takes great pride in being green. The Phoenix Convention Center is LEED certified, METRO Light Rail is virtually pollution free, and the City of Phoenix has created more than 80 sustainability programs in water, energy and natural-resource conservation. Phoenix s beautiful desert landscape and vast-sky sunsets aren t the only reasons people love to live and visit Phoenix. Within the beautiful desert lies urban sophistication: Resorts and spas, stadiums and arenas worthy of the world s biggest sports spectacles, restaurants with inspired cuisine and views, golf courses that beckon players the year round, and shopping centers with some of best globally recognized brands. Inc. Magazine ranked Phoenix as the best city to start and grow a company and the city ranks as the fastest growing city among cities in the United States with populations greater than one million. In Q1 of 2017 Forbes ranked Phoenix as the metro with the 8th fastest job growth rate among the 100 metro areas analyzed, and also 8th in America s 20 fastest growing cities.

11 RENT ROLL Tenant Square Footage Start Date End Date Rate per Month Rate per Year Monthly Rent Annual Rent CAM Insurance Property Taxes CAM Total Cricket Wireless 2,600 04/02/14 05/31/19 $ 1.38 $ $ 3, $ 42,900 $ 3,684 $ 412 $ 3,131 $ 7,228 $ 2.78 Vacant 2,210 $ - $ - $ - $ - $ - $ - $ - $ - $ - Vacant 4,925 $ - $ - $ - $ - $ - $ - $ - $ - $ - Maximo Natural Products 1,575 07/01/18 06/30/23 $ 0.92 $ $ 1, $ 17,325 $ 2,237 $ 252 $ 1,261 $ 3,749 $ /01/21 $ 17,845 11/01/22 $ 18, CAM/SF Rental Increase Date Increase Amount Bein Nails by Salina 1,820 03/01/08 11/30/19 $ 1.41 $ $ 2, $ 30,722 $ 2,579 $ 288 $ 2,192 $ 5,059 $ 2.78 Ming's Water Store 1,560 07/26/02 MTM $ 1.08 $ $ 1, $ 20,280 $ 2,210 $ 247 $ 1,879 $ 4,337 $ 2.78 Ming's Hair Salon 1,300 04/15/09 06/30/23 $ 1.40 $ $ 1, $ 21,780 $ 1,842 $ 206 $ 1,566 $ 3,614 $ /01/20 $ 22,660 07/01/21 $ 23,113 07/01/22 $ 23,575 Little Caesars 1,300 07/25/90 05/31/20 $ 1.43 $ $ 1, $ 22,321 $ 1,120 $ 237 $ 1,801 $ 3,157 $ Cent Store 2,210 09/28/10 MTM $ 0.49 $ 5.85 $ 1, $ 12,924 $ 3,131 $ 350 $ 2,662 $ 6,144 $ 2.78 Vacant 3,090 $ - $ - $ - $ - $ - $ - $ - $ - $ - Key Cleaners 1,500 03/23/09 02/28/22 $ 0.94 $ $ 1, $ 16,995 $ 3,025 $ 238 $ 1,807 $ 5,070 $ /01/20 $ 18,030 03/01/21 $ 18,571 Vacant 800 $ - $ - $ - $ - $ - $ - $ - $ - $ - Planet Fitness 20,750 01/01/17 01/31/27 $ 1.04 $ $ 21, $ 259,375 $ 34,188 $ 3,290 $ 24,991 $ 62,469 $ /01/23 $ 285,312 Goodwill 29,919 04/10/13 08/16/25 $ 1.13 $ $ 33, $ 403,907 $ 42,393 $ 4,743 $ 36,034 $ 83,171 $ 2.78 Totals 75,559 SF $ 0.94 $ $ 70, $ 848,528 $ 96,410 $ 10,264 $ 77,323 $ 183,997 Current Occupied Suites 64, % Vacant Suites 11, % Tenant Name January February March April May June July August September October November December Total Cricket Wireless $ 3,575 $ 3,575 $ 3,575 $ 3,575 $ 3,575 $ 3,682 $ 3,682 $ 3,682 $ 3,682 $ 3,682 $ 3,682 $ 3,682 $ 43,651 Vacant (ProForma $14/SF) $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 2,578 $ 30,940 Vacant (ProForma $14/SF) $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 5,746 $ 68,950 Maximo Natural Products $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 1,444 $ 17,325 Bein Nails by Salina $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,560 $ 2,637 $ 30,798 Ming's Water Store $ 1,690 $ 1,690 $ 1,690 $ 1,690 $ 1,690 $ 1,690 $ 1,690 $ 1,741 $ 1,741 $ 1,741 $ 1,741 $ 1,741 $ 20,534 Ming's Hair Salon $ 1,815 $ 1,815 $ 1,815 $ 1,815 $ 1,815 $ 1,815 $ 1,851 $ 1,851 $ 1,851 $ 1,851 $ 1,851 $ 1,851 $ 21,998 Little Caesars $ 1,860 $ 1,860 $ 1,860 $ 1,860 $ 1,860 $ 1,897 $ 1,897 $ 1,897 $ 1,897 $ 1,897 $ 1,897 $ 1,897 $ 22, Cent Store $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,109 $ 1,143 $ 1,143 $ 1,143 $ 13,412 Vacant (ProForma $14/SF) $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 3,605 $ 43,260 Key Cleaners $ 1,416 $ 1,416 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 1,459 $ 17,420 Vacant (ProForma $14/SF) $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 933 $ 11,200 Planet Fitness $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 21,615 $ 259,375 Goodwill $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 33,659 $ 403,907 Totals $ 83,605 $ 83,605 $ 83,648 $ 83,648 $ 83,648 $ 83,792 $ 83,828 $ 83,879 $ 83,879 $ 83,912 $ 83,912 $ 83,989 $ 1,005,347 *For Analysis Purposes, Rental Rate Increases at 3% at Expiration Current Occupied Space NOI $ 850,997.00

12 FINANCIAL ANALYSIS INCOME/EXPENSE INFORMATION Current 85% Occupancy Proforma 95% Occupancy Base Rent $ 850,997 $ 1,005,347 CAM & Insurance Reimbursement $ 201,285 (85%) $ 235,720 (100%) Total Revenue $ 1,052,282 $ 1,241,067 Less Vacancy (Actual/5%) Actual $ 62,053 Adjusted Gross Revenue $ 1,052,282 $ 1,179,014 Estimated Operating Expenses Utilities $ 15,392 $0.20 psf Janitorial $ 6,474 $0.09 psf Landscape $ 5,926 $0.08 psf Parking Lot $ 6,036 $0.08 psf Repair & Maintenance $ 57,986 $0.77 psf Management $ 42,269 $0.56 psf Insurance $ 11,933 $0.16 psf Property Taxes $ 89,658 $1.19 psf Total Operating Expenses $ 235,673 $3.12 psf $ (235,673) $ (235,673) Net Operating Income $ 816, % CAP Rate $ 943, % CAP Rate

13 SITE PLAN CAMELBACK ROAD: +/-39,600 VPD PAD NAIL SALON PROPOSED 330-UNIT APARTMENT DEVELOPMENT 17TH AVENUE CLEANERS 111 WATER STORE HAIR SALON 99 CENT STORE 113

14 ANCHOR TENANT PROFILES GOODWILL Founded in 1947, today, Goodwill of Central and Northern Arizona operates more than 80+ stores and donation centers, and no-cost Goodwill career centers across the state. Annually, they fight unemployment by providing thousands of Arizonans with job preparation resources to connect local job seekers with hiring companies. Goodwill of Central and Northern Arizona is grateful for the goodwill of our community, knowing Arizonans have a choice of where to bring their used clothing, household goods and furniture. Without their generosity, Goodwill couldn t do what they do. They re proud of the fact that their career centers provide skills training and job placement, and are available to the general public at no-cost, all thanks to people s goodwill. Goodwill of Central and Northern Arizona is deeply rooted in the local community and positively impacts Arizonans every day. Working as a catalyst for positive change, they take a neighborly approach by offering 80+ community locations where people s no-longer-needed items can be dropped off, which in turn help place thousands of Arizonans in jobs every year. Whether it s dropping off goods or shopping for them, what starts as a good deed becomes an opportunity for Goodwill of Central and Northern Arizona to be people s steward in fighting unemployment and promoting a sustainable environment. Each year, they place thousands of people in jobs with hundreds of Arizona employers. They also divert millions of pounds of material from going directly into Arizona landfills. It all adds up to empowered individuals, strengthened families, and communities built stronger. PLANET FITNESS Planet Fitness is one of the largest and fastest-growing franchisers and operators of fitness centers in the United States by number of members and locations, with a highly recognized national brand. Their mission is to enhance people s lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which is known as the Judgment Free Zone, where anyone and they mean anyone can feel they belong. Planet Fitness bright, clean locations are typically 20,000 square feet, with a large selection of high-quality, purple and yellow Planet Fitnessbranded cardio, circuit- and weight-training equipment and friendly staff trainers who offer unlimited free fitness instruction to all members in small groups through their PE@PF program. Planet Fitness offers this differentiated fitness experience at only $10 per month for the standard membership. This exceptional value proposition is designed to appeal to a broad population, including occasional gym users and the approximately 80% of the U.S. and Canadian populations over age 14 who are not gym members, particularly those who find the traditional fitness club setting intimidating and expensive. Planet Fitness and their franchisees fiercely protect Planet Fitness community atmosphere where progress toward achieving your fitness goals, big or small, is supported and applauded by staff and fellow members

DEMOGRAPHIC ANALYSIS DEMOGRAPHIC HIGHLIGHTS DAYTIME POPULATION 813,223 *5 Mile Radius AVERAGE HOUSEHOLD INCOME $58,364 *3 Mile Radius MEDIAN AGE 31.

15 DEMOGRAPHIC ANALYSIS DEMOGRAPHIC HIGHLIGHTS DAYTIME POPULATION 813,223 *5 Mile Radius AVERAGE HOUSEHOLD INCOME $58,364 *3 Mile Radius MEDIAN AGE 31.8 *1 Mile Radius 2017 SUMMARY ONE MILE THREE MILE FIVE MILE DAYTIME POPULATION 37, , ,223 POPULATION 28, , ,166 AVG HOUSE SIZE AVG HOUSEHOLD INCOME $46,504 $58,364 $56,873 MEDIAN AGE

16 PARK LEE SHOPPING CENTER WEST CAMELBACK ROAD PHOENIX, ARIZONA CAMELBACK ROAD: +/-39,600 VPD LISTED BY DEREK BUESCHER O: C:

WESTSIDE PLAZA. JARED WILLIAMS O: C: N 67TH AVENUE PHOENIX, AZ 85033

WESTSIDE PLAZA. JARED WILLIAMS O: C: N 67TH AVENUE PHOENIX, AZ 85033 WESTSIDE PLAZA JARED WILLIAMS O: 480.327.6818 C: 480.430.4205 jared.williams@orionprop.com 4002-4024 N 67TH AVENUE PHOENIX, AZ 85033 D I S C L A I M E R All materials and information received or derived