Investment Overview. Overview. Financial. Summary. Lease. Overview. Tenant GLENN CROSSING SEVENTEEN TENANTS SYRACUSE, NEW YORK

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1 O S W E G O R O A D S Y R A C U S E, N E W Y O R K GLENN CROSSING SYRACUSE, NEW YORK SEVENTEEN TENANTS

2 INVESTMENT OVERVIEW SEVENTEEN TENANTS Marcus & Millichap is pleased to present Glen Crossing Plaza in Liverpool, New York; seven miles northwest of Syracuse. This asset is 89 percent leased, operating on double-net (NN) leases for all tenants with the average lease term remaining over three years. This center is anchored by corporate credit from tenants such as Dollar Tree, a publically traded company on the NASDAQ, and ALDI which serves as an international grocer. Five Star Urgent Care serves is an out-parcel with strong franchisee credit operating more than 28 units. Additionally, the Pizza Hut located at Glen Crossing is the second largest operator of Pizza Huts operating more than 95 units. The subject asset is ideally located along Oswego Road, a high traffic thoroughfare seeing more than 22,000 vehicles per day (VPD). Oswego Road connects to Interstate 90 and several other major trade routes, with more than 70,000 vehicles per day within a mile of the asset. Additionally, this asset benefits from a dense retail corridor, with more than 2.5 million square feet of retail within five miles of the subject asset. Glen Crossing is ideally situated in a major economic hub of central New York, with the Syracuse/Liverpool area serving as the economic and educational hub of central New York. Less than 10 miles northwest of the city of Syracuse, home to both Syracuse and Lemoyne College, serving as the home to more than 18,000 students. Also, this asset sits seven miles east of Syracuse Hancock International Airport; labeled as a primary commercial service airport by the National Plan of Integrated Airport Systems. Additional national retailers in the vicinity include: Dunkin Donuts, McDonald s, Starbucks, Moe s Southwest Grill, Lord & Taylor, Taco Bell, Panera Bread, Macy s, AT&T, Old Navy, Wendy s, and many more. 2

3 INVESTMENT HIGHLIGHTS Glen Crossing Plaza in Liverpool, New York Seven Miles Northwest of Syracuse Double-Net with Average Term Remaining More Than Three Years 89 Percent d Asset Corporate Credit 22 Percent of Asset Backed by Corporate Guarantees NASDAQ: DLTR Aldi Operates 10,000 Stores in 20 Countries Situated Along Oswego Road High Traffic Thoroughfare with More Than 22,000 Vehicles Per Day (VPD) More Than 70,000 Vehicles Per Day Within a Mile of Subject Asset Dense Retail Corridor More Than 2.5 Million Square Feet of Retail Within Five Miles of Subject Property Ideally Located in the Economic and Educational Hub of Central New York Within 10 Miles of Two Major Universities in Syracuse University and LeMoyne College More Than 18,000 Students Enrolled Between Both Campuses Nearby Hancock International Airport Major Travel Center for Central New York Serving More Than One Million Passengers in 2017

4 FINANCIAL OVERVIEW 7421 OSWEGO ROAD LIVERPOOL, NEW YORK PRICE: $11,034,503 CAP RATE: 7.97% NOI: $878,985 PRICE PER SQUARE FOOT: $105 RENT PER SQUARE FOOT: $9.36 YEAR BUILT: APPROXIMATE LOT SIZE: 1960/ 1982/ Acres GROSS LEASEABLE AREA: 105,142 4 TYPE OF OWNERSHIP: Fee Simple

5 5 SEVENTEEN (17) TENANT SUMMARY TENANT GUARANTOR GLA LEASE COMMENCEMENT LEASE EXPIRATION TERM REMAINING ANNUAL RENT RENT (PSF) INCREASES Dollar Tree Dollar Tree Stores, Inc. 10,000 5/1/2003 4/30/ Years $85,000 $8.50 None NN None Aldi Aldi, Inc. 14,136 1/18/ /30/ Years $93,298 $ % in Options NN 3, 5-Year Barame Barame, LLC 3,158 4/1/2018 2/28/ Years $33,159 $ % in Option NN 1, 5-Year Kawther Bastoni Personal Guaranty 3,200 10/1/2018 9/30/ Years $30,016 $ % in Option NN 1, 5-Year KUI IM HWANG Personal Guaranty 2,210 4/1/2016 7/31/ Years $35,360 $ % Every 5 NN 1, 10-Year Deb Sweet Treats Personal Guaranty 1,811 6/1/2018 5/31/ Years $19,921 $11.00 None NN None Utopia Personal Guaranty 2,450 11/1/ /30/ Months $31,850 $ NN - Five Star Urgent Care (Out Parcel) ASP UC Support, LLC 5,931 4/1/2016 3/31/ Years $106,758 $ % in 2021 NN 2, 5-Year Harry L. Cook, Inc. Harry L. Cook, Inc. 1,394 7/1/2018 6/30/ YEARS $21,607 $ NN - Herb Philipson's Herb Philipson's Army and Navy Stores, Inc. 34,951 9/1/2007 6/30/ YEARS $268,968 $7.70 In Options NN 2, 5-Year HC Fitness HC Fitness, LLC 3,465 12/1/2014 8/31/ YEAR $34,650 $ % in Option NN 1, 5-Year China 88 Lobsang Namkha 2,450 7/18/ /31/ YEARS $20,213 $ NN - Joy Carpet Personal Guaranty 4,350 3/1/ /31/ YEARS $48,600 $ % in 2019 NN - Monarch Jewelers Personal Guaranty 2,000 7/1/2009 6/30/2019 >1 YEAR $18,000 $9.00 In Option NN 1, 5-Year Pascale Liquors Inc. Neal Pascale 9,450 7/1/2003 6/30/ YEARS $87,885 $ % in Option NN 1, 5-Year Pizza Hut GC Pizza Hut, LLC 2,200 12/1/ /30/ YEARS $27,499 $ NN - Painting with a Twist Z-Cap, Inc. 1,986 9/1/2014 8/30/ YEARS $20,853 $ NN 1, 5-Year TOTAL 105,142 $983,636 *Offering includes HSBC land lease, expiring in The leasehold estate is occupied by Solvay Bank who contributes to Common Area Maintenance and Insurance. LEASE TYPE OPTIONS

6 6 P&L STATEMENT Total GLA 32,704 Base Rent $983,636 Expense Reimbursements Rent Incentives -$12,979 Real Estate Taxes $127,036 Insurance $30,706 CAM $211,725 Miscellaneous Income $8,870 Total Expense Reimbursements $365,358 Effective Gross Income $1,348,994 Expenses Real Estate Taxes $137,350 Insurance $29,505 R&M Administration $45,996 Building Maintenance $19,860 HVAC $279 HVAC - Preventative $127 Plumbing $326 Electrical $4,541 Lawn Care $8,909 Parking Lot $8,034 Roof $605 Snow Removal $42,154 Management Fees $65,324 Utilities Electric $13,009 Elec-PAL $940 Utilities - Water $117 Total Operating Expenses $377,076 Total Non Operating Expenses $92,933 Total Expenses $470,009 Net Operating Income $878,985

7 MAJOR TENANT OVERVIEW ALDI For nearly 40 years, ALDI US has stuck to the same guiding principle: Great quality shouldn t come at a high price; rather, great quality should come with everyday low prices. Founded by Albrecht family, the first ALDI store opened in 1961 in Germany, making ALDI the first discounter in the world. Headquartered in Batavia, Illinois, ALDI now has more than 1,500 stores across 32 states, employs over 22,000 people and has been steadily growing since opening its first US store in Iowa in And with more demand comes more stores, over the past decade, They have nearly doubled in size and by 2018 ALDI will bring its total number of US stores to nearly 2,000 opening 650 new locations. TENANT PROFILE TENANT TRADE NAME ALDI OWNERSHIP Private TENANT ALDI LEASE GUARANTOR Aldi Inc. (New York) NUMBER OF LOCATIONS 1,800+ DOLLAR TREE 7 Dollar Tree, Incorporated (Inc.) is the world s leading operator of $1 price-point variety stores. Headquartered in Chesapeake, Virginia, this Fortune 500 Company operates more than 14,300 stores across 48 states and five Canadian provinces, supported by coast-to-coast logistics network and more than 176,000 associates. In July 2015, Dollar Tree completed its acquisition of Family Dollar stores, which diversified their business and provides them the opportunity to reach more customers with a complementary banner adding 8,000 stores under the Family Dollar banner, which provides customers with a broad selection of competitively priced merchandise in convenient neighborhood store locations, Each Dollar Tree stocks a variety of products including national, regional, and private-label brands. Departments found in a Dollar Store include health and beauty, food and snacks, party, seasonal décor, housewares, glassware, dinnerware, household cleaning supplies, candy, toys, gifts, and much more. TENANT PROFILE TENANT TRADE NAME Dollar Tree, Inc. OWNERSHIP Public TENANT Dollar Tree LEASE GUARANTOR Dollar Tree Stores, Inc. NUMBER OF LOCATIONS 14,300+ SALES VOLUME $20.7 Billion

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9 MAJOR TENANT OVERVIEW HERB PHILIPSON S 9 Locally owned and operated since 1951, Herb Philipson s has 9 Central New York Locations that offer over 300,000 square feet of camping, marine, military surplus, fishing and hunting gear. The stores also offer apparel, a wide selection of baseball equipment and other sporting goods, as well as fashion/work apparel and athletic/casual footwear. In March 2018, a longtime employee of Herb Philipson s has purchased the nine-store Central New York retail chain. The Rome, NY-based retailer announced Wednesday that Guy Viti, president of merchandising and operations for the company, has acquired the chain. FIVE STAR URGENT CARE Five Star Urgent Care was founded in Big Flats, New York in 2012 by Dr. John Radford, a former hospital emergency room doctor. In 2014, Five Star Urgent Care expanded to six locations. That same year the company began offering patients the unique ability to view, in real-time, wait times for all of its six facilities on its website. In 2016, Five Star Urgent Care opened another location in Liverpool, New York. The Liverpool location differs from Five Star s other locations because it offers specialized pediatric urgent care in addition to the normal urgent care services. In 2017, Five Star Urgent Care opened seven more locations, with an additional 16 planned for delivery in Five Star Urgent Care knows how valuable quick, convenient and reliable medical care is. They treat non-lifethreatening ailments and injuries, from bronchitis to lacerations and everything in between. The friendly and professional staff at their conveniently located walk-in clinics in Jamestown and throughout Central New York will have you in and out in less than an hour, and you never need an appointment. Five Star Urgent Care has clean and comfortable waiting areas, which include a computer to access the internet and arcade games. TVs in every patient room to make your short wait time feel even shorter. TENANT PROFILE Herb Philipson s TENANT TRADE NAME OWNERSHIP TENANT LEASE GUARANTOR NUMBER OF LOCATIONS 9 Private Herb Philipson s Herb Philipson s Army and Navy Stores, Incorporated (Inc.) TENANT PROFILE Five Star Urgent Care TENANT TRADE NAME OWNERSHIP TENANT LEASE GUARANTOR NUMBER OF LOCATIONS Private Five Star Urgent Care ASP UC Support, Limited Liability Company (LLC) 14 Units (15 Under Development)

10 ABOUT LIVERPOOL & SYRACUSE LIVERPOOL Liverpool is a lakeside village in Onondaga County, New York, in the western part of the town of Salina and is northwest of Syracuse, which it is a suburb of. Liverpool is home to one of the most dense public school districts in central New York. Serving 14 total schools and more than 7,000 students. Liverpool is preserved by a preponderance of small owner-operated businesses serving visitors and the community. SYRACUSE Syracuse is a city in and the county seat of Onondaga County, New York, and serves as the fifth most populous city in the state of New York. Known as the economic and educational hub of Central New York, a region with over one million inhabitants. Strategically located at the crossroads of New York State puts Syracuse within only five hours of nearly every major eastern metropolitan area including New York City, Boston, Toronto, Washington D.C. and Philadelphia. Syracuse is home to Syracuse University, a major research university, as well as Le Moyne College, a nationally recognized liberal arts college. Syracuse s top employers are in higher education, research, health care, and high-tech manufacturing. Employment opportunities are abundant as Syracuse enjoys an employment rate that is growing faster than any other city in Upstate New York. 10

11 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 2010 Population 10,335 45, , Households 4,363 19,397 46, Population 10,260 45, , Households 4,331 19,501 46, Population 10,193 45, , Households 4,301 19,415 45, Average HH Income 2018 Median HH Income 2018 Per Capita Income $69,080 $76,190 $75,520 $56,012 $64,731 $62,108 $29,160 $32,462 $31,351

12 MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS: The information contained in this ing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This ing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this ing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this ing Brochure you agree to release Marcus & Millichap Real Estate Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

13 O S W E G O R O A D S Y R A C U S E, N E W Y O R K GLENN CROSSING SYRACUSE, NEW YORK SEVENTEEN TENANTS