RAINIER VIEW. Puyallup, WA FOR SALE : INSTITUTIONAL QUALITY RETAIL INVESTMENT OPPORTUNITY OFFERING MEMORANDUM

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1 Puyallup, WA : OFFERING MEMORANDUM

2 RAINIER VIEW The offering provides the opportunity to acquire an institutional quality ±74,617 square foot retail center with 100% national tenants. The center is anchored by Ross, Ulta, and Big 5 and shadow-anchored by Kohls. The project is in the final phase of lease-up with 12,000 SF of remaining leasing upside and two undeveloped land pads. This upside will be realized in the near term as there is strong leasing momentum and current tenant interest. The strength and stability of the in-place income, quality of development, success of the existing tenants at this location, draw from Kohl s, and remaining upside provides a rare opportunity for the investor.

3 SUNRISE MASTER PLANNED COMMUNITY OVER 4,700 HOMES - RECENTLY BROKE GROUND ON 49 NEW LUXURY HOMES 157 FUTURE HOMES 88 FUTURE HOMES 47 FUTURE HOMES 339 FUTURE HOMES SILVER CREEK MASTER PLANNED COMMUNITY OVER 1,800 HOMES MULTI-FAMILY UNITS CUR- RENTLY PLANNED PIERCE COUNTY AIRPORT - THUN FIELD 161 Meridian Ave E RAINIER VIEW SUPERCENTER

4 INVESTMENT HIGHLIGHTS» NEAR TERM CONTRACTED RENTAL INCREASES - The cap rate increases approximately 30 basis points in the first two years due to the upcoming rental increases. The contracted rental increases provide strong immediate and future NOI growth.» ALL NATIONAL TENANTS - 100% of income stream from strong, well respected national tenants including Ross, Ulta, Big 5, Red Robin, T-Mobile, Sports Clips, Pacific Dental, and Sleep Number.» KOHL S SHADOW ANCHOR The center is shadow anchored by a successful Kohl s. Kohl s owns their own store and real estate at this location and although not part of the offering, Kohl s provides tremendous draw and stability to the center.» SUCCESSFUL TENANTS - All tenants have indicated Rainier View Marketplace is a successful location. The continued growth in the trade area and South Puyallup neighborhoods will contribute to continued success for the foreseeable future.» LEASING UPSIDE MOMENTUM The 12,000 square feet of remaining shop space vacancy provides future leasing upside. The center has strong leasing momentum and current tenant interest, proving up the leasing upside and rents.» PAD DEVELOPMENT UPSIDE - The two undeveloped pads provide significant development upside to the investor.» RED ROBIN EXPANSION AND RENEWAL Red Robin recently renewed their lease and expanded their space revealing their success and commitment to this location.» HIGH QUALITY DEVELOPMENT Recently built in 2012, the center benefits from high quality construction, curb appeal, access and visibility.» EXCELLENT LOCATION Rainier View Marketplace sits in a prime retail location on Hwy 161, between Wal-Mart and Fred Meyer, with neighboring retailers including Winco, Target, LA Fitness, Petsmart and others.» RESIDENTIAL GROWTH The South Hill Puyallup area is a captive market with strong current and future residential growth. The number of households in South Hill has increased by almost 1,000 over the past five years and is projected to grow by over 6,000 households by Between 2003 and 2016 land used for residential purposes increased by almost 800 acres.» HIGH INCOME TRADE AREA South Hill is a high-income trade area with average household incomes in excess of $85,000. High household earnings and comparatively low cost of living provide Puyallup residents, on average, more disposable income leading to strong retail sales volumes.

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6 FINANCIALS Asking Price...$19,444,000 RAINIER VIEW As-Is Year 1 Net Operating Income...$1,166,639 As-Is Year 1 Cap Rate % (Curent Occupancy 84%) Fully Stabilized Cap Rate % (Includes Leasing Development Costs) 40,000+ VPD Financing...Offered Free Clear 161 Address Meridian Avenue E Puyallup, WA Meridian Ave E Building SF...74,617 SF Land Area Acres

7 100% NATIONAL TENANTS - ROSS, ULTA, BIG 5, RED ROBIN, T-MOBILE, PACIFIC DENTAL, SPORTS CLIPS KOHL S SHADOW ANCHOR NEAR TERM CONTRACTED RENTAL INCREASES SUCCESSFUL TENANTS RECENT LEASING UPSIDE MOMENTUM DEVELOPMENT UPSIDE - TWO UNDEVELOPED PADS RED ROBIN RECENT EXPANSION AND RENEWAL HIGH QUALITY CONSTRUCTION EXCELLENT LOCATION WITH OVER 40,000 VPD RESIDENTIAL GROWTH - 6,000+ NEW HOMES HIGH INCOME TRADE AREA - AVERAGE HH INCOMES OF $85,000 FUTURE PHASE II DEVELOPMENT DRAW

8 SITE PLAN (NAP) SUITE TENANT SF SUITE TENANT SF C103 Available 4,080 D101 Big 5 Sporting Goods 10,000 E Ross 25,250 F Ulta 9,940 G101 T-Mobile 1,751 G104 Red Robin 5,806 J101 Available 1,261 J102 Available 1,228 J104 My Kid s Dentist 1,226 J107 Puyallup Smiles 3,197 K101 Available 2,706 K105 Sports Clips 1,200 K109 Available 2,772 Pad L Sleep Number (Negotiating Lease) 4,200 Pad H Future Development Opportunity Pad M Future Development Opportunity TOTAL 74,617 PAD M K101 AVAILABLE C103 AVAILABLE K109 AVAILABLE PAD H J101 J102 AVAILABLE (NAP) (NAP) PAD L 168TH ST NEGOTIATING LEASE 161

9 SUPERCENTER SUPERCENTER LA FITNESS RAINIER VIEW

10 DEMOGRAPHICS Population 3 miles 5 miles 2010 Population 69, , Population 76, , Population 82, ,800 Income 3 miles 5 miles 2016 Median HH Income $76,871 $73, Median HH Income $84,048 $81, Average HH Income $88,636 $85, Average HH Income $97,114 $94, Per Capita Income $29,514 $29, Per Capita Income $32,202 $32,537 RAINIER VIEW 3-MILE RADIUS 5-MILE RADIUS