MILLERVILLE GREENS BATON ROUGE, LOUISIANA

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1 OFFERING MEMORANDUM MILLERVILLE GREENS BATON ROUGE, LOUISIANA $2,840, % CAP RATE» New, 100% Leased Multi-Tenant Retail Center - Strong Brand Recognition» Aspen Dental Operates Over 500 Locations in 33 States» 10% Rental Increases Every 5 Years» Excellent Location Off Interstate 12 (115,259 AADT)» Located in Dense Retail and Educational Corridor with New Developments» Close Proximity to Mall of Louisiana and Lousiana State University» Tenants in the Immediate Area include Super Target, Best Buy, and Lowe s» Prime Location in 52-Acre Retail, Commercial, and Residential Development» Densely-Populated Area in Baton Rouge - Second Largest City in Louisiana» Over 153,276 Residents Within a Five-Mile Radius» New 2017 Construction ACTUAL SITE Cushman and Wakefield Inc. LIC. # This property is listed in conjunction with Louisiana-licensed real estate broker Beau Box Commercial Real Estate.

2 TABLE OF CONTENTS DISCLAIMER INVESTMENT OVERVIEW RENT ROLL AERIALS SITE PLAN TENANT SUMMARIES PROPERTY OVERVIEW AREA SUMMARY LOCATION MAP Cushman & Wakefield ( Broker ) has been retained on an exclusive basis to market the property described herein ( Property ). Broker has been authorized by the Seller of the Property ( Seller ) to prepare and distribute the enclosed information ( Material ) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be allinclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. VINCENT AICALE Executive Director vince.aicale@cushwake.com CA RE License # RYAN FORSYTH Executive Director ryan.forsyth@cushwake.com CA RE License # MICHAEL T. YURAS, CCIM Executive Managing Director michael.yuras@cushwake.com CA RE License #

3 INVESTMENT SUMMARY ADDRESS Interstate 12 and Millerville Road, Baton Rouge, LA PRICE $2,840,000 CAP RATE 6.50% return NOI $184,625 OCCUPANCY 100% YEAR BUILT 2017 BUILDING SF 5,600 SF PARCEL SIZE 0.91 acres (39,640 SF) TENANTS Aspen Dental and Verizon Wireless ACTUAL SITE BRAND NEW, 100% LEASED MULTI-TENANT RETAIL CENTER» New 2017 high-quality construction, limiting near term deferred maintenance or capital costs» 10% rental increases every five years HIGH-TRAFFIC LOCATION IN DENSE RETAIL CORRIDOR» Located off of Millerville Road, with excellent access and visibility to 24,870 vehicles per day» Prime location near an Interstate on/off ramp, which sees a traffic count of 115,259 vehicles per day, providing easy access and great visibility» Located near the Mall of Louisiana, the largest mall in Louisiana, which houses major national tenants, including Apple, Dillard s, Sears, and Macy s» Well-known retailers surrounding the site include Super Target, Best Buy, Lowe s, Golden Corral, Zaxby s, and Mattress Firm PRIME BATON ROUGE LOCATION NEAR MAJOR EMPLOYERS, EDUCATIONAL INSTITUTIONS, AND NATIONAL TENANTS» Baton Rouge is the second largest city in Louisiana, with a population of 228,590» 31,527 students attend Louisiana State University, located less than 10 miles away» Prime location in the Greens at Millerville, a 52-acre mixed-use development» 153,276 people live within a five-mile radius of the site

4 RENT ROLL TENANT NAME Aspen Dental Verizon Wireless (authorized retailer) SQUARE FEET % OF PROPERTY LEASE TERM CURRENT RENTAL RATES FUTURE RENTAL RATES START TERM START MONTHLY PSF ANNUAL PSF DATE MONTHLY PSF ANNUAL PSF 3, % Aug Years Current $10,135 $2.90 $121,625 $34.75 Aug-22 $11,150 $3.19 $133,805 $38.23 Options - 3 Options at 5 Years Aug-27 $12,265 $3.50 $147,175 $42.05 Aug-32 $13,493 $3.86 $161,910 $46.26 Aug-37 $14,843 $4.24 $178,115 $ , % Aug-17 5 Years Current $5,250 $2.50 $63,000 $30.00 Options - 2 Options at 5 Years Aug-22 $5,775 $2.75 $69,300 $33.00 Aug-27 $6,353 $3.03 $76,230 $36.30 RECOVERY TYPE NNN + 5% Administrative Fee NNN + 5% Administrative Fee TOTALS/AVERAGES 5,600 $15,385 $2.75 $184,625 $32.97 Occupied SF 5, % Available 0 0.0% Total SF 5, % *CAM Charges, excluding utilities and snow removal, for Aspen Dental and Verizon Wireless (authorized retailer) may not increase more than 5% over the previous year.

5 eens r G e rvill Mille ulevard Bo Mill ervi lle R oad (24, 870 UNDER CONSTRUCTION AAD T) ) Greens at Millerville (52-acre retail, commercial, and residential development) 115 9,25 te / In te a rst ( 12 A T AD

6 DOWNTOWN BATON ROUGE (9.5 miles) 4,000+ Employees Florline Commons Hammond Aire Plaza 31,527 Students 4,213 Employees Cortana Mall rst te / In 2( e1 at Greens at Millerville (52-acre retail, commercial, and residential development) UNDER CONSTRUCTION ) DT AA 59,2 115 Millerville Road (24,870 AADT) Millerville Greens Boulevard

7 Mall of Louisiana Siegen Lane Marketplace Siegen Plaza T) D AA 259, (1 vard 1 e t ule Greens at Millerville sta r o e B (52-acre retail, commercial, and t / In ns e e residential development) Gr e l l i erv UNDER CONSTRUCTION ll Mi Mil lerv ille Roa d (2 4,8 70 A AD T) 4

8 SITE PLAN ONLY ONLY 2,100 SF MILLERVILLE GREENS BOULEVARD PYLON SIGN 3,500 SF

9 TENANT SUMMARIES Aspen Dental is a corporation offering complete dental care solutions, providing general and cosmetic dentistry and denture care for families and seniors in more than 500 practices in 33 states. Aspen Dental practices are the fastest growing network of independently owned dental practices in the country; currently, a new Aspen Dental practice opens every week. The dentists at independently owned and operated Aspen Dental practices believe that patients deserve both choice and access when it comes to choosing a dental care provider. They re focused on removing barriers to care because they believe that everyone has the right to quality, affordable oral health care close to home. In 2015 alone, Aspen Dental-branded practices recorded nearly 3.7 million patient visits and welcomed nearly 785,000 new patients. Verizon Wireless is an American multi-national telecommunications conglomerate, subsidiary of Verizon Communications, Inc. ($126B in consolidated revenues in 2016), one of the world s leading providers of communications, information, and entertainment products. Verizon Wireless is the largest telecommunications provider in the U.S., with 146 million subscribers as of April 2017 and 160,900 employees as of December The company powers the nation s largest and most reliable 4G LTE network, which currently covers about 98% of the population in the U.S. Verizon Wireless services include broadband data and video, corporate networking solutions, data center and cloud services, security and managed network services, and local and long-distance voice services. The company s wireless services are offered to customers in the U.S. on a postpaid and prepaid basis. The company also owns and operates one of the most expansive end-to-end Global Internet Protocol (IP) networks. In order to continuously meet customer demands for mobility, reliable network connectivity, security, and control, Verizon Wireless has announced that they are developing a 5G, or fifth generation, network. Due to the network s excellence, it has continuously ranked at the top of RootMetrics U.S. National RootScore report for wireless carriers in overall reliability, data, and call performance for six straight reports, and has ranked at the top in speed for five straight reports. OWNERSHIP Private LOCATIONS 500+ HEADQUARTERS Syracuse, New York WEBSITE TICKER NYSE: VZ LOCATIONS 2,300+ REVENUE $89.2B HEADQUARTERS Basking Ridge, New Jersey WEBSITE

10 PROPERTY OVERVIEW LOCATION The property is located off of Millerville Road, which experiences a high traffic count of 24,870 vehicles per day in front of the site. The site benefits from immediate access to Interstate 12, which boasts a traffic count of 115,259 vehicles per day and connects with Interstate 10 to cross through Mississippi into Louisiana. Downtown Baton Rouge is less than 10 miles to the west of the property. Also located near the property are Louisiana State University, which has an enrollment of 31,527 students; Bone Carre Technology Center, located approximately nine miles from the site, with over 4,000 employees; and an ExxonMobil refinery, located a little over 10 miles west, with 4,213 employees. 153,276 people live within five miles of the busy, Louisiana location. Numerous national tenants surround the property, adding to the site s appeal. Major retailers include Super Target, Best Buy, Mattress Firm, Lowe s, Zaxby s, Cracker Barrel, and Golden Corral, among others. The site also benefits from its close proximity to new developments in an up-and-coming area of Baton Rouge. The site enjoys a prime location at the entrance to the of the Greens at Millerville, a 52-acre mixed-use development that is currently under construction. A Zoe s Kitchen, Pacific Dental, and GNC, are also currently under construction on the other side of Millerville Road, directly across from the site. ACCESS Access from Millerville Greens Boulevard TRAFFIC COUNTS Interstate 12: 115,259 AADT Millerville Road: 24,870 AADT PARKING 45 parkings stalls, including two (2) handicap stalls ACTUAL SITE BUILDING SF 5,600 SF YEAR BUILT 2017 NEAREST AIRPORT Baton Rouge Metropolitan Airport (BTR) 45 PARKING STALLS 2017 YEAR BUILT 115K TRAFFIC COUNT (AADT) NEAREST AIRPORT BATON ROUGE METROPOLITAN AIRPORT

11 AREA OVERVIEW Located on the eastern bank of the Mississippi River, Baton Rouge is the capital of Louisiana and the seat of East Baton Rouge Parish, the most populous parish in the state. Baton Rouge is the political hub for Louisiana, and is the second largest city in the state, with an estimated population of 228,590 in The metropolitan area surrounding the city, known as Greater Baton Rouge, is also the second largest in Louisiana, with a population of 830,480 people as of The urban area has around 594,309 inhabitants. Baton Rouge is a major industrial, petrochemical, medical, research, motion picture, and growing technology center of the South. The Port of Greater Baton Rouge is the tenth largest in the United States in terms of tonnage shipped, and is the farthest upstream Mississippi River port capable of handling Panamax ships. Baton Rouge s largest industry is petrochemical production and manufacturing. ExxonMobil s Baton Rouge Refinery complex is the fourth largest oil refinery in the country; it is the world s tenth largest. Baton Rouge also has rail, highway, pipeline, and deep water access. As well as being the state capital and parish seat, the city is the home of Louisiana State University and Southern University and A&M College. One of the largest single employers in Baton Rouge is the state government, which recently consolidated all branches of state government downtown at the Capitol Park complex.» Located ten minutes north of downtown, the Baton Rouge Metropolitan Airport connects the area with the four major airline hubs serving the southern United States. Commercial carriers include American Eagle, United Airlines, and Delta Air Lines. Nonstop service is available to Atlanta, Dallas-Ft. Worth, Houston, Memphis, and Charlotte.» LSU is the flagship institution of the Louisiana State University System, and the largest institution of higher education in Louisiana in terms of student enrollment. In 2015, the university enrolled over 26,000 undergraduate and over 5,000 graduate students in 14 schools and colleges.» Southern University and A&M College is the flagship institution of the Southern University System. The university enrolls approximately 3,400 students.» The film industry in Louisiana has increased dramatically in the last decade, in response to generous tax incentives adopted by the state in In September 2013, the Baton Rouge Film Commission reported that the industry had brought more than $90 million into the local economy in MAJOR EMPLOYERS IN THE BATON ROUGE MSA # OF EMPLOYEES STATE OF LOUISIANA 22,120 TURNER INDUSTRIES 9,671 EAST BATON ROUGE PARISH PUBLIC SCHOOLS 6,250 CITY OF BATON ROUGE - PARISH OF EAST BATON ROUGE 5,600 LOUISIANA STATE UNIVERSITY 4,612 EXXONMOBIL CHEMICAL - BATON ROUGE REFINERY 4,213 CB&I 4,009 OUR LADY OF THE LAKE REGIONAL MEDICAL CENTER 3,500 PERFORMANCE CONTRACTORS 3,000 BATON ROUGE GENERAL MEDICAL CENTER 2,000

12 DEMOGRAPHIC PROFILE 2016 SUMMARY 1 Mile 3 Miles 5 Miles Population 11,121 73, ,276 Households 4,634 29,354 61,537 Families 2,791 18,416 39,118 Average Household Size Owner Occupied Housing Units 2,607 15,657 36,320 Renter Occupied Housing Units 2,027 13,697 25,217 Median Age Average Household Income $74,327 $70,300 $76, ESTIMATE 1 Mile 3 Miles 5 Miles Population 11,482 74, ,840 Households 4,789 29,730 62,901 Families 2,851 18,461 39,651 Average Household Size Owner Occupied Housing Units 2,625 15,749 37,068 Renter Occupied Housing Units 2,164 13,981 25,833 Median Age Average Household Income $81,465 $76,142 $83,075 POPULATION OF 153,276 WITHIN FIVE MILES

13 VINCENT AICALE Executive Director CA RE License # RYAN FORSYTH Executive Director CA RE License # MICHAEL T. YURAS, CCIM Executive Managing Director CA RE License # Cushman and Wakefield Inc. LIC. #