WINCHESTER STATION WINCHESTER, FREDERICK COUNTY, VIRGINIA

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1 OFFERING SUMMARY WINCHESTER, FREDERICK COUNTY, VIRGINIA Best-In-Class Merchandising Mix 95% of GLA Occupied by National Tenants Significant Base Rental Rate Spreads On Recent Backfill of Former HHGregg Box Outparcels Included Attractive Trade Area with Growing Young and Affluent Population and Large Daytime Employment Base

2 OFFERING SUMMARY Cushman & Wakefield s Retail Investment Advisors is pleased to offer for sale a 100% fee simple interest in Winchester Station, a regional destination shopping center in the dominant retail node of Winchester, VA. The Property consists of 182,816 SF of owned GLA that is 97% leased. National tenants account for 95% of the total GLA. Major tenants include Ross Dress for Less, Bed Bath & Beyond, Michaels, Old Navy, Petco, ULTA Beauty, Kirkland s and Five Below. The Offering includes two separately parceled ground-leased outparcels, Olive Garden and Red Lobster. WINCHESTER, VA UNDER 60 MINUTES DRIVE TIME WASHINGTON, DC Winchester Station is located on S Pleasant Valley Rd, the primary retail corridor with excellent surrounding co-tenancy including Walmart Supercenter, TJ Maxx, The Home Depot and Apple Blossom Mall. Apple Blossom Mall is a high-performing Simon-owned mall anchored by Belk, AMC Theaters, JC Penney and Sears. There are no other enclosed malls within a 40-mile radius which generates superior drawing power to the corridor. Winchester, VA is located 70 miles west of the nation s capital in the Shenandoah Valley. The valley is bounded to the west by the eastern front of the Appalachian Mountains and to the east by the Blue Ridge Mountains. While it is common for residents to commute into Washington D.C., Winchester has an expanding employment and economic base. In 2017, Amazon announced a new e-commerce warehouse and distribution operation 10 miles north of Winchester Station that will create more than 1,000 new jobs. Additionally, Navy Federal announced a $100 million investment to expand its operations in Winchester, adding more than 1,400 employees. Over the past decade Winchester, VA has been one of the fastest-growing regions in Virginia with a forecasted 8% growth over the next five years. YEAR BUILT TOTAL PROJECT GLA (SF) RETAIL OCCUPANCY OWNED OUTPARCELS ,816 97% 2 VPD 23,000 % NATIONAL TENANTS 95% 89,187 RESIDENTS TRADE AREA DEMOGRAPHICS (20-MINUTE DRIVE TIME RADIUS) $85,224 AVG. HOUSEHOLD INCOME CUSHMAN & WAKEFIELD 2

3 SITE PLAN S PLEASANT VALLEY RD - 23,000 VPD LEGEND Occupied Available Ground Leased Landlord Room / Loading Dock SUITE TENANT SF 100A Petco (opening soon) 14, B Kirkland's (opening soon) 9, C Available 2, D Landlord Room / Loading Dock 7, Michaels 23, Bed Bath & Beyond 25,960 E TEVIS ST 115 Ross Dress for Less 30, Old Navy 18, Ulta Beauty 11, Five Below 7, Olive Garden 7, Next Day Blinds 3, Available 1,633 (OPENING SOON) (OPENING SOON) 100B 100C 214 Available 1, Regional Finance 1, Classic Tuxedos 1, A 100D Kim's Nails & Spa 1, Virginia PCS Alliance 1, The Vitamin Shoppe 3, Red Lobster 7,103 LEGGE BLVD TOTAL PROJECT GLA 182,816 CUSHMAN & WAKEFIELD 3

4 INVESTMENT HIGHLIGHTS BEST-IN-CLASS MERCHANDISING MIX Winchester Station is one of the dominant regional shopping centers serving the greater Winchester area with a high-quality and diverse anchor line-up including Michaels, Ross Dress for Less, Old Navy, ULTA, Five Below, Bed Bath & Beyond, Petco and Kirkland s REGIONAL DRAWING POWER ENHANCED BY UNIQUE-TO-MARKET TENANTS All major tenants next closest locations are located in MARTINSBURG, WV (24 mi north), LEESBURG, VA (40 mi east) and HARRISONBURG, VA (65 mi south) Additional drawing power from neighboring Apple Blossom Mall, the only enclosed mall within a 40- mile radius ATTRACTIVE AND HIGH GROWTH DEMOGRAPHICS / EXPANDING ECONOMIC BASE Winchester Station is located in one of the fastest-growing regions in Virginia Over the next five years the projected population growth within a 20-minute drive time is 8% Significant recent economic investment announcements from Amazon and Navy Federal Credit Union will create over 2,400 new jobs SEASONED TENANT ROSTER 4 of the 8 major tenants with 7+ years of tenure (56% of GLA) Ross Dress for Less, Michaels and Old Navy are original tenants of the center OUTSTANDING RETAIL FUNDAMENTALS Overall retail occupancy within a three-mile radius of 97.7% Only one other existing anchor box available within a three-mile radius: former Gander Mountain box in an inferior location OFFERING INCLUDES 2 HIGH-QUALITY OUTPARCELS CUSHMAN & WAKEFIELD 4

5 Offering Summary LOCATION HIGHLIGHTS PRIME LOCATION AVG. HOUSEHOLD INCOME 50 TOTAL POPULATION Daytime population of 49,232 County seat of Frederick County RD 37 LE Y 7.9% PROJECTED 5-YEAR POPULATION GROWTH S ,000 SF Anchors include Belk, JC Penney, Sears, AMC Only enclosed mall within a 40-mile radius 93% occupied LL 68,0 0 0 VP D RD Expanding economic base with significant corporate investments in the region including Amazon and Navy Federal Credit Union COMMERCIAL PRODUCTS HQ Manufactures food service, sanitary maintenance, and other commercial products MI ER Well-educated affluent consumer base with average household income of $85,224 within a 20-minute drive time MEDIAN AGE PL P PA Located in one of the fastest growing regions in the state of Virginia with a projected population growth of 8% over the next five years 38.3 Founded in 1875 Private liberal arts university 3,844 students T Regional connectivity with proximity to I-81, the primary north/south highway with over 68,000 VPD EXCEPTIONAL DEMOGRAPHICS 89,187 7 VA L Superior drawing power with a high concentration of national retailers including Walmart Supercenter, Target, TJ Maxx, The Home Depot, Lowe s Home Improvement, Kohl s, HomeGoods, Hobby Lobby and Apple Blossom Mall, the only enclosed mall within a 40-mile radius $85,224 3 MILES EA SA N S Pleasant Valley Rd is the regional shopping destination with over 2.1 million SF of retail on the corridor 20-MINUTE DRIVE TIME DEMOS 11 AMERICAN WOODMARK CORP HQ National kitchen and bath cabinet manufacturer Corporate operations & logistics $30M new HQ campus 430+ employees TEVIS ST EXTENSION Overpass over I-81 to begin construction in 2018 Additional connectivity to communities on east side of I WINCHESTER REGIONAL AIRPORT Regional airport serving area corporations: Newell Rubbermaid, Bank of America, American Woodmark, and more 2017 announcement of $100M expansion of current operations Doubling workforce employee count and square footage 1,400 new jobs 522 CUSHMAN & WAKEFIELD 5

6 TENANCY HIGHLIGHTS Diverse anchor line-up lead by Ross Dress for Less, Michaels, Old Navy, Bed Bath & Beyond, ULTA, Petco, Five Below and Kirkland s Seasoned anchors with 56% of the GLA having 7+ years of tenure Unique to market tenants with no duplicate tenants within a 20-mile radius Offering includes two high-quality outparcels TENANCY MAJOR TENANTS SF % OF RETAIL GLA 30, % 25, % 23, % 18, % TENANT COMPOSITIONS BASED ON GLA SOFT GOODS 28% RETAIL 28% HOME FURNISHINGS 20% PET SUPPLIES 8% RESTAURANT 8% SERVICE 5% AVAILABLE 3% (opening soon) 14, % 11, % (opening soon) 9, % 7, % TOTAL MAJOR TENANTS 141, % SHOP TENANTS NATIONAL (4)* 10, % LOCAL (2) 2, % AVAILABLE (3) 5, % TOTAL SHOP TENANTS 18, % OUTPARCEL TENANTS 7, % 7, % NATIONAL VS LOCAL BASED ON GLA NATIONAL/ REGIONAL 95% AVAILABLE 3% LOCAL 2% TOTAL OUTPARCEL TENANTS 14, % TOTAL RETAIL GLA 175, % LANDLORD ROOM / LOADING DOCK 7,663 - TOTAL LANDLORD ROOM / LOADING DOCK 7,663 - TOTAL PROJECT GLA 182,816 - *National Tenants include Next Day Blinds, The Vitamin Shoppe, Boost Mobile and Regional Finance CUSHMAN & WAKEFIELD 6

7 Founded in 1875 Private liberal arts university 3,844 students Daytime population of 49,232 County seat of Frederick County O'SULLIVAN FILMS 50 Films and artificial leather fabrication plant Headquarters with 415 employees R RLY D 3,0 00 VP D AL EA E. JUB R -2 EARLY D 68,00 PL NOLAND A WINSUPPLY COMPANY Industrial supplies PD S. ORCHARDCREST APARTMENTS 0V EA SA NT VA LL EY RD L W. JUBA 473,000 sf Anchors include Belk, JC Penney, Sears, AMC Only enclosed mall within a 45-mile radius 93% occupied 199 units 99% leased (OPENING SOON) TEVIS ST EXTENSION E TEVIS ST PAPERMILL RD (OPENING SOON) Investment Contacts: MARK GILBERT Executive Vice President Miami FL mark.gilbert@cushwake.com FAIN HICKS Senior Director Atlanta GA fain.hicks@cushwake.com ADAM FEINSTEIN Executive Director Miami FL adam.feinstein@cushwake.com LANE BREEDLOVE Associate Atlanta GA lane.breedlove@cushwake.com TYLER ANDERSON Associate Atlanta GA tyler.anderson@cushwake.com MITCHELL HALPERN Director Miami FL mitchell.halpern@cushwake.com STEPHANY PETERS Senior Financial Analyst Atlanta GA stephany.peters@cushwake.com HELENA BRETHERTON HAY Marketing Specialist Atlanta GA helena.hay@cushwake.com In-Market Expertise & Leasing: DAVID CRAWFORD Vice President Richmond VA david.crawford@thalhimer.com ERIC B. ROBISON Senior Vice President Richmond VA eric.robison@thalhimer.com Overpass over I-81 to begin construction in