TARA PLAZA 84TH STREET & HOGAN DRIVE Omaha, NE

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1 OFFERING MEMORANDUM 84TH STREET & HOGAN DRIVE Omaha, NE MARK SEGER Executive Vice President JEREMY FINK First Vice President Value-Add Retail Center

TABLE OF CONTENTS 03 PROPERTY DESCRIPTION 09 PRICING AND FINANCIAL ANALYSIS 12 LOCATION OVERVIEW 15 RECENT SALES 17 DEMOGRAPHIC ANALYSIS CONTACT US MARK SEGER Executive Vice President +1 402 697 5852

The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc.

2 TABLE OF CONTENTS 03 PROPERTY DESCRIPTION 09 PRICING AND FINANCIAL ANALYSIS 12 LOCATION OVERVIEW 15 RECENT SALES 17 DEMOGRAPHIC ANALYSIS CONTACT US MARK SEGER Executive Vice President JEREMY FINK First Vice President CBRE MEGA, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

3 PROPERTY DESCRIPTION CBRE MEGA AND BEAR PROPERTIES ARE PLEASED TO PRESENT THE RETAIL AND COMMERCIAL PROPERTY FOR SALE IN THE OMAHA MARKET. PROPERTY OVERVIEW HIGHLIGHTS % occupied retail center (occupancy calculations without storage buildings) + + Located on signalized intersection across from Super Target + + Excellent traffic counts; over 45,000 vehicles per day + + Anchored by St Vincent De Paul Thrift Store and La Mesa + + Terrific upside on rent increases and occupancy improvement + + Includes four out parcel buildings, two storage buildings in the rear and a 35,475 SF strip center DESCRIPTION The subject property is a 54,883 square foot mostly retail building comprised of the primary 35,475 SF strip center; a 2,183 SF freestanding restaurant building on the northern most out parcel; a 2,574 SF two-level office building (that historically housed the original developers real estate office); a 3,849 SF three-bay retail building on the out parcel just south of the office building; a 6,720 SF two-level office/flex building on the southeast corner of the site; and 4,082 SF of two metal storage buildings with approximately 13 sidewall height. An existing two-level office building on the southwest corner of the site has been vacated and is scheduled to be razed in connection with the future development of a new Bucky s convenience store. Tara Plaza is well located on South 84th Street, the main North/ South thoroughfare connecting Ralston and La Vista to Papillion, with convenient south access to Highway 370. The property is across the street from a Super Target, Home Depot and a newer Genesis Health Club facility. Additionally, Tara Plaza a neighbor to Papillion-La Vista High School, Tara Hills Golf Course, and Halleck Park that houses Papillion s popular aqua-center. Tara Plaza is on the northern edge of Papillion, one of Omaha s fastest growing suburbs. In fact, Papillion is located in Sarpy County, ranked in the top 100 counties nationwide for percentage growth of housing units from 2010 to It s No. 14 national ranking among nearly 2,500 US counties with at least 5,000 dwellings puts Sarpy County in the top 3% nationally on ranking housing growth. Papillion/Sarpy are popular areas of the Omaha Metro. City-wide retail vacancy is currently 8.2% (1st Quarter 2017). Average retail rent for neighborhood centers is $9.57 and $14.54 per square foot for the Sarpy West and South Central submarket, respectively. This is in comparison to the Average Retail Rents at Tara Plaza, which is currently averaging $7.51 per square foot. Tara Plaza obviously presents an outstanding opportunity to raise rental rates and improve occupancy with professional management. METROPOLITAN STATISTICAL AREA (MSA) INFORMATION Figures are for the MSA unless otherwise noted ,051 Population of nine-county metropolitan area + + $63,818 Adjusted median household income compared to $53,133 for the U.S % Below the national average for housing costs % Residents who have bachelor s degrees or higher in the nine-county area, compared to 27.9% for the U.S. Source: Greater Omaha Chamber of Commerce/Omaha Convention and Visitor s Bureau 3

4 PROPERTY DESCRIPTION PROPERTY PHOTOS 4

5 PROPERTY DESCRIPTION PROPERTY PHOTOS 5

6 PROPERTY DESCRIPTION PROPERTY PHOTOS 6

7 PROPERTY DESCRIPTION SITE PLAN 7

8 PROPERTY DESCRIPTION SITE AERIAL 8

PRICING AND FINANCIAL ANALYSIS OFFERING SUMMARY LOCATION INCOME/EXPENSE

Reimbursements: $64,975 + + GROSS POTENTIAL INCOME: $484,948 $7.65 $1.

84 EXPENSES CURRENT PER SF + + Vacancy/Collection Allowance: 9% /

80 + + Real Estate Taxes: $53,036 $ (% of Rent & Expense

9 PRICING AND FINANCIAL ANALYSIS OFFERING SUMMARY LOCATION INCOME/EXPENSE SUMMARY CURRENT PER SF + + Sale Price: $3,825, Price per Square Foot (GLA): $ Gross Leaseable Area (GLA): 54,883 SF + + Year Built: , 2003 (phases) + + Lot Size: 8.56 Acres + + OCCUPIED SPACE BASE RENT: $419, Expense Reimbursements: $64, GROSS POTENTIAL INCOME: $484,948 $7.65 $1.18 $8.84 EXPENSES CURRENT PER SF + + Vacancy/Collection Allowance: 9% / $43,645 $ Real Estate Taxes: $53,036 $ (% of Rent & Expense Reimbursements) + + Insurance: $25, Utilities: $26,000 $ $ + + EFFECTIVE GROSS INCOME: $441,303 $ CAM: $25,200 $ + + Total Expenses: $165,535 $ Parking Lot/R&M: $19, Management Fee: $16,799 $ $ NET OPERATING INCOME: $275,768 $5.02 TOTAL EXPENSES $165,535 $3.02 TOTAL RETURN 7.21% / $275,768 9

PRICING AND FINANCIAL ANALYSIS INCOME & EXPENSE INCOME 2015 2016 RENT $344,672 $341,985 CAM INCOME $52,691 $80,659 TOTAL INCOME

MAINTENANCE & REPLACEMENT $43,846 $44,723 SNOW, LANDSCAPING & GROUNDS $20,019 $20,575 MANAGEMENT, LEGAL & ACCOUNTING $20,014

10 PRICING AND FINANCIAL ANALYSIS INCOME & EXPENSE INCOME RENT $344,672 $341,985 CAM INCOME $52,691 $80,659 TOTAL INCOME $387,363 $422,644 EXPENSES TAXES $51,535 $52,887 INSURANCE $24,769 $24,769 UTILITIES $20,500 $21,052 REPAIRS, MAINTENANCE & REPLACEMENT $43,846 $44,723 SNOW, LANDSCAPING & GROUNDS $20,019 $20,575 MANAGEMENT, LEGAL & ACCOUNTING $20,014 $24,384 TOTAL EXPENSES* $162,683 $188,390 NET OPERATING INCOME $224,680 $234,254 *Expenses exclusive of exterior maintenance & commissions 10

11 PRICING AND FINANCIAL ANALYSIS RENT ROLL SHOPPING CENTER ANALYSIS Rent mo. Base annual Rent psf ins/mo annual psf tax/mo annual psf 703 Allure Dental To be Removed To be Removed 704 Vacant To be Removed ACS 6,084 $ 3, $ 45, $ 7.46 $ $ 3, $ 0.51 $ $ 6, $ Vacant 636 assumes remains vacant Storage Bldgs 4,082 $ 2, $ 24, $ St. Vincent De Paul Thrift 9,335 $ 1, $ 18, $ 2.00 $ $ 4, $ 0.48 $ $ 8, $ Cornerstone Restoration 1,283 $ 1, $ 13, $ $ $ $ $ $ $ 811 Absolutely Her, Inc. 6,000 $ 3, $ 36, $ 6.00 $ $ 2, $ 0.46 $ $ 5, $ Sophear Natil Salon 1,283 $ 1, $ 14, $ $ $ $ 0.46 $ $ 1, $ Vacant 1,283 $ 1, $ 14, $ $ $ 1, Inspried Bride Inc. 1,500 $ $ 9, $ 6.00 $ $ $ 0.46 $ $ 1, $ Head Lines 1,280 $ $ 11, $ 9.00 $ $ $ 0.46 $ $ 1, $ Vacant 2,574 $ 2, $ 28, $ $ 1, $ 2, Partners in Learning 2,800 $ 1, $ 19, $ 6.95 $ $ 1, $ 0.46 $ $ 2, $ Vacant 2,800 $ 1, $ 23, $ 8.50 $ 1, $ 2, Diane's Delsignore 1,400 $ $ 10, $ 7.41 $ $ $ 0.46 $ $ 1, $ Ming and Ming 2,183 $ 3, $ 38, $ $ $ 1, $ 0.46 $ $ 1, $ La Mesa 4,480 $ 4, $ 57, $ $ $ 2, $ 0.46 $ $ 4, $ Get Glamorous 1,120 $ 1, $ 12, $ $ $ $ 0.46 $ $ 1, $ Lindquist Health 560 $ $ 7, $ $ $ $ 0.46 $ $ $ Grecian Gyros 1,400 $ $ 10, $ 7.76 $ $ $ 0.46 $ $ 1, $ Vacant 2,800 $ 1, $ 23, $ 8.50 $ 1, $ 2, Totals: 54,883 $ 419, $ 21, $ 43, Vacancy allowance 9% 4,939 Gross Scheduled Income: $ 484, Total Area: 54,883 vacancy at 9% $ 43, % Vacant: 9.00% Effective Gross Income: $ 441, Operating Expenses: Real Estate Taxes: $ 53, Insurance: $ 25, management $ 16, utilities $ 26, CAM $ 25, Repairs and Maintenance $ 19, Total expenses: $ 165, Net Operating Income: $ 275,767.92

LOCATION OVERVIEW MARKET OVERVIEW OMAHA Located in east-central Nebraska, along the Missouri River, the Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area (MSA) is made up of five counties in

12 LOCATION OVERVIEW MARKET OVERVIEW OMAHA Located in east-central Nebraska, along the Missouri River, the Omaha-Council Bluffs, NE-IA Metropolitan Statistical Area (MSA) is made up of five counties in Nebraska and three in Iowa, covering nearly 5,000 square miles. Included in the MSA are the cities of Omaha, Bellevue, La Vista and Papillion, NE and Council Bluffs, IA. With a metropolitan population of approximately 931,600, Greater Omaha has the largest and fastest growing population in the state of Nebraska. The active labor force of nearly 500,000 is the largest in the state. The metro area s population is projected to surpass 1,000,000 by This is an increase of approximately 1.2% annually, outperforming the national average of 0.69%. ECONOMIC SNAPSHOT Over 40,000 businesses currently operate in the Omaha metro area. The area enjoys a diverse employment base resulting in steady growth over the long term. Nebraska has the nation s lowest unemployment rate of 3.2% (February 2017) with the Omaha metro at a close 3.4%. According to the U.S. Department of Commerce, the Omaha-Council Bluffs Gross Metropolitan Product measured nearly $59.1 billion in 2015, which was an increase of approximately 24% since This ranks the area 52nd among regional economies in the United States. Omaha is home to a large base of international firms and business leaders including the headquarters of four Fortune 500 companies Berkshire Hathaway, Union Pacific, Peter Kiewit Sons and Mutual of Omaha Insurance and five Fortune 1000 companies TD Ameritrade, Green Plains, Valmont Industries, West Corporation and Werner Enterprises. It is also home to international architectural firms Leo Daly and Associates, HDR, Inc. and DLR Group. Omaha enjoys one of the most advanced communications infrastructures in the world and is a top destination for cultivating information technology companies. Six of the nation s largest fiber optic lines run through the region to data and call centers supporting many of the nation s top techdriven firms, including Google, Facebook, Yahoo, PayPal, First Data and LinkedIn. Additionally, there are several large-scale call/service centers located in Omaha including Hyatt Hotels, Omaha Steaks, Convergys, Sitel Corporation, West Corporation, Alorica, CSG Systems and Marriott Hotels. GREATER OMAHA MAJOR EMPLOYERS OFFICE USERS BY NUMBER OF EMPLOYEES 12

LOCATION OVERVIEW GREATER OMAHA AREA Greater Omaha maintains a higher concentration of high wage jobs, financial institutions, education, healthcare, professional and business service sectors

Additionally, another five Omaha area companies are in Fortune 1000 - Great Plains Renewable Energy, Valmont, TD Ameritrade, West Corporation and Werner Enterprises.

13 LOCATION OVERVIEW GREATER OMAHA AREA Greater Omaha maintains a higher concentration of high wage jobs, financial institutions, education, healthcare, professional and business service sectors compared to the nation. Greater Omaha is the home of four Fortune 500 headquarters: Berkshire Hathaway, Mutual of Omaha, Peter Kiewit Sons, Inc. and Union Pacific Railroad. Additionally, another five Omaha area companies are in Fortune Great Plains Renewable Energy, Valmont, TD Ameritrade, West Corporation and Werner Enterprises. RANKINGS AND RECOGNITION GREATER OMAHA Source: Greater Omaha Chamber of Commerce/Omaha Convention and Visitor s Bureau + + #6 - The 12 Metro Areas with the Least-Stressed Commuters (LawnStarter - Oct 2016) + + #11 - Top Tech Cities in the Midwest (ComputeMidwest.com - Sep 2016) + + # s Best Cities to Start a Career (WalletHub - May 2016) + + #6 - The Top 10 Cities for First-Time Homebuyers (SmartAsset - Mar 2016) + + #3 - The Best Cities to Find a Job in 2016 (ZipRecruiter - Jan 2016) + + #1 - The Top 10 Best American Cities to Work in Tech in 2015 (SmartAsset - Sep 2015) + + #2 - Best Places to Live 2015 (Papillion) (Time.com/money - Aug 2015) + + # s Best City for Recreation (WalletHub - Jul 2015) + + #1 - The U.S. Healthcare Affordability Index (35 U.S. Metropolitan Areas) (Castlight Health - Jun 2015) + + #5 - Best Cities to Work for a Small Business (WalletHub - May 2015) #8 - The Top 10 Cities for New College Grads (SmartAsset - Apr 2015) Source: Greater Omaha Chamber of Commerce/Omaha Convention and Visitor s Bureau

PROPERTY LOCATION MILES DRIVE TIME LINCOLN, NE 55 1 HOUR KANSAS

14 LOCATION OVERVIEW LOCATION REGIONAL AND CITY DISTANCE - TO MAJOR LOCATIONS CITY OF OMAHA - METROPOLITAN AREA THE PROPERTY THE PROPERTY LOCATION MILES DRIVE TIME LINCOLN, NE 55 1 HOUR KANSAS CITY, MO HOURS DES MOINES, IA HOURS MINNEAPOLIS, MN HOURS 14

RECENT SALES PROPERTY: 48TH & VINE, LINCOLN, NE CLOSE OF ESCROW: 3/31/2015 TOTAL RENTABLE SF: 55,321 YEAR BUILT: 1967 LEASE TYPE: DOUBLE-NET; MULTI-TENANT SALE

93% DESCRIPTION: Neighborhood Center anchored by Goodwill and Ace Hardware; sale handled by CBRE MEGA PROPERTY: ELK RIDGE PLAZA 20275 HONEYSUCKLE DRIVE,

15 RECENT SALES PROPERTY: 48TH & VINE, LINCOLN, NE CLOSE OF ESCROW: 3/31/2015 TOTAL RENTABLE SF: 55,321 YEAR BUILT: 1967 LEASE TYPE: DOUBLE-NET; MULTI-TENANT SALE PRICE: $4,851,000 PRICE/SF: $87.69 CAP RATE: 8.93% DESCRIPTION: Neighborhood Center anchored by Goodwill and Ace Hardware; sale handled by CBRE MEGA PROPERTY: ELK RIDGE PLAZA HONEYSUCKLE DRIVE, ELKHORN, NE CLOSE OF ESCROW: 10/7/2016 TOTAL RENTABLE SF: 20,353 YEAR BUILT: 2010 LEASE TYPE: NNN; MULTI-TENANT SALE PRICE: $2,165,000 PRICE/SF: $ CAP RATE: 6.6% without hair salon, 7.67% with hair salon DESCRIPTION: 92% leased center on 2.57 acres; sale handled by CBRE MEGA 15

RECENT SALES PROPERTY: HAINES STATION 2255 HAINES AVE, RAPID CITY, SD CLOSE OF ESCROW: 4/30/2015 TOTAL RENTABLE SF: 43,076 YEAR BUILT: 1980 LEASE TYPE: NNN;

1% DESCRIPTION: 100% leased shopping center anchored by Hancock Fabrics, close to Rushmore Mall off I-90; sale handled by CBRE MEGA PROPERTY: 76 CASS COURT 7609

16 RECENT SALES PROPERTY: HAINES STATION 2255 HAINES AVE, RAPID CITY, SD CLOSE OF ESCROW: 4/30/2015 TOTAL RENTABLE SF: 43,076 YEAR BUILT: 1980 LEASE TYPE: NNN; MULTI-TENANT SALE PRICE: $3,240,160 PRICE/SF: $75.22 CAP RATE: 9.1% DESCRIPTION: 100% leased shopping center anchored by Hancock Fabrics, close to Rushmore Mall off I-90; sale handled by CBRE MEGA PROPERTY: 76 CASS COURT 7609 CASS STREET, CLOSE OF ESCROW: 1/26/2015 TOTAL RENTABLE SF: 35,206 YEAR BUILT: 1986 LEASE TYPE: NNN; MULTI-TENANT SALE PRICE: $3,400,000 PRICE/SF: $96.57 CAP RATE: 8.50% DESCRIPTION: 91% occupied center, un-anchored strip, cap rate based on trailing 12 month NOI 16

17 DEMOGRAPHIC ANALYSIS AREA DEMOGRAPHICS PLACE OF WORK 1 MILE 3 MILES 5 MILES EDUCATION 1 MILE 3 MILES 5 MILES 2016 Businesses 485 2,241 6, Employees 7,851 39, ,546 POPULATION 2016 Population - Current Year Estimate 9,071 71, , Population - Five Year Projection 9,638 77, , Population - Census 8,720 64, , Population - Census 8,367 52, , Annual Population Growth Rate 0.63% 1.60% 1.23% Annual Population Growth Rate 1.22% 1.72% 1.35% AGE 2016 Population 9, , ,900 Age % 5, % 10, % Age % 5, % 10, % Age % 5, % 10, % Age % 4, % 9, % Age % 4, % 10, % Age % 5, % 12, % Age % 5, % 11, % Age % 4, % 10, % Age % 4, % 9, % Age % 4, % 9, % Age % 4, % 10, % Age % 4, % 9, % Age % 3, % 8, % Age % 2, % 6, % Age % 1, % 4, % Age % 1, % 3, % Age % % 2, % Age 85 and Older % % 2, % 2016 Median Age RACE AND ETHNICITY 2016 Population 9, , ,900 White 8, % 61, % 126, % Black or African American % 2, % 5, % Asian % 2, % 4, % American Indian or Alaska Native % % % Pacific Islander 3 0.0% % % Other Race % 2, % 10, % Two or More Races % 2, % 4, % 2016 Population 25 and Over 6, , ,530 Less than 9th Grade % 1, % 4, % 9-12th Grade - No Diploma % 1, % 5, % High School Diploma 1, % 9, % 20, % GED or Alternative Credential % 1, % 3, % Some College - No Degree 1, % 11, % 23, % Associate`s Degree % 4, % 9, % Bachelor`s Degree 1, % 12, % 23, % Graduate or Professional Degree % 5, % 10, % GENDER 2016 Population 9, , ,900 Males 4, % 35, % 75, % Females 4, % 36, % 77, % MARITAL STATUS 2016 Population 15+ 7, , ,657 Never Married 2, % 16, % 37, % Married 4, % 30, % 63, % Widowed % 2, % 6, % Divorced % 5, % 13, % EMPLOYMENT STATUS 2016 Civilian Population 16+ in Labor Force 5, ,794 85, Employed Civilian Population 16+ 5, % 39, % 82, % 2016 Unemployed Population % 1, % 3, % CLASS OF WORKER 2016 Employed Civilian Population 16+ 5, ,574 82,248 White Collar 3, % 27, % 51, % Services % 5, % 13, % Blue Collar % 6, % 16, % DAYTIME POPULATION 2016 Daytime Population 10,297 63, ,098 Daytime Workers 6, % 31, % 86, % Daytime Residents 4, % 32, % 70, % Hispanic % 6, % 21, % White Non-Hispanic 7, % 58, % 117, % 2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri Page 2 ProjectID:

DEMOGRAPHIC ANALYSIS AREA DEMOGRAPHICS HOUSEHOLDS 1 MILE 3 MILES 5 MILES 2016 Households - Current Year Estimate 3,462 27,463 59,670 2021 Households - Five Year Projection 3,711 29,891 63,845 2010

18 DEMOGRAPHIC ANALYSIS AREA DEMOGRAPHICS HOUSEHOLDS 1 MILE 3 MILES 5 MILES 2016 Households - Current Year Estimate 3,462 27,463 59, Households - Five Year Projection 3,711 29,891 63, Households - Census 3,257 24,877 55, Households - Census 2,863 19,561 47, Annual Household Growth Rate 0.98% 1.59% 1.25% Annual Household Growth Rate 1.40% 1.71% 1.36% 2016 Average Household Size HOUSEHOLD INCOME 2016 Households 3, ,463 59,670 Under $15, % 1, % 3, % $15,000-$24, % 1, % 4, % $25,000-$34, % 2, % 6, % $35,000-$49, % 3, % 9, % $50,000-$74, % 5, % 12, % $75,000-$99, % 4, % 8, % $100,000-$149, % 5, % 9, % $150,000-$199, % 1, % 3, % $200,000 and Over % 1, % 1, % 2016 Average Household Income $101,639 $83,129 $74, Average Household Income $111,412 $91,878 $82, Median Household Income $88,567 $66,938 $58, Median Household Income $101,027 $79,224 $68, Per Capita Income $37,248 $32,170 $29, Per Capita Income $41,025 $35,527 $32,378 HOUSING VALUE 2016 Owner Occupied Housing Units 2, ,990 37,349 Under $50, % % 1, % $50,000-$99, % % 3, % $100,000-$149, % 4, % 12, % $150,000-$199, % 4, % 8, % $200,000-$249, % 3, % 5, % $250,000-$299, % 1, % 2, % $300,000-$399, % 1, % 2, % $400,000-$499, % % % $500,000-$749, % % % $750,000-$999, % % % $1,000,000 and Over 0 0.0% % % 2016 Median Value of Owner Occ. Housing Units $208,524 $187,477 $157, Average Value of Owner Occ. Housing Units $211,483 $205,069 $182,903 NAME LATITUDE LONGITUDE CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri ProjectID:

INVESTMENT OFFERING MEMORANDUM 5325 S FORT APACHE RD, LAS VEGAS, NV SPANISH HILLS PLAZA

702.787.0123 1333 N Buffalo Dr, Ste 120 Las Vegas, NV 89128 www.virtusco.com INVESTMENT OFFERING MEMORANDUM 5325 S FORT APACHE RD, LAS VEGAS, NV 89148 SPANISH HILLS PLAZA Exclusive AdvisorS ROB HATRAK