Investment Opportunity

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1 New Wachovia Ground Lease Shoppes At Midway Plantation Anchored by Target, Home Depot & Ross Dress For Less Bed Bath & Beyond, Office Max, Michaels and PetCo 1000 Shoppes at Midway Dr., Raleigh, NC Property Summary: This ground leased fee interest consists of 1.52 acres on which the tenant constructed a 4,050 sf building. This property is is a pad site to the newly developed Shoppes At Midway Plantation, a 464,000 sf shopping center anchored by Home Depot, Target, Bed Bath & Beyond, Office Max, Michaels, PetCo and Ross Dress For Less with 2,392 parking spaces. The center is is located on Knightdale Boulevard (traffic counts of approximately 56,000 vpd) near Interstate 540. Other tenants located in the center include Lane Bryant, Rack Room Shoes, Kirkland s Home, Hallmark, GNC, Payless Shoes and Subway among others. A 50,000 sf Lowes Food, Discount Tire, Zaxby s and Bank of America are located across the street in a 140,000 sf center. 600 residential units are being developed in the immediate vicinity. The subject property is is positioned between I-540 and a proposed Wal-Mart SuperCenter located immediately to the west. Adjacent to Shoppes of midway Plantation to the east, a new center containing Kohl s, Best Buy, Dick s Sporting Goods & TJ Maxx is is being developed. Population has increased 8.4% annually between 1990 and 2007 and is is expected to grow 2.3% annually from 2007 to 2012 within a 3 mile radius. Price and Cap: We offer this property at $2,000,000 which is is a 5.25% cap rate on NOI of $105,000 ($25.93 psf). In addition to the Wachovia, the Lone Star Steak, IHop, Chick-Fil-A, Chili s and Arby s are for sale at this center. Individual marketing packages can be found at Lease Summary: Term: 15 years and 6 months Rent: $105,000 ($25.92 psf) Escalations: 10% every 5 years Rent Commencement: 10/12/2006 Expiration Date: 10/31/2021 Options: 3 (5) year options with 10% escalations every 5 years Lease Type: This is is an absolute triple net ground lease. The tenant constructed and paid for the building. Upon lease expiration, ownership of the building reverts to the owner of the land. Landlord has absolutely no maintenance, repair or replacement responsibility for the building or land, such responsibility being solely that of the tenant. Tenant pays an annual charge of $2,500 directly to the owner of the shopping center for common element maintenance (roadways). If If Target or Home Depot goes dark, tenant s rent is is adjusted to 50% starting 90 days after notice to landlord and tenant can terminate or resume paying full rent 365 days thereafter.

2 Tenant: Wachovia Bank (NYSE: WB / S&P: AA) engages in capital management, the general bank, wealth management, and the corporate and investment bank businesses. The company provides various commercial and retail banking, and trust services through full-service banking offices in the United States. It offers checking, savings, check card, foreign currency, annuities, life insurance, brokerage account transfers, CAP accounts, individual retirement accounts, credit cards, home equity, mortgage, hazard and flood insurance, escrow, taxes, private mortgage insurance, education loans, online services, online banking, online bill pay, and online brokerage services. The company also provides various other financial services, including mortgage banking, investment banking, estate planning, investment advisory, asset management, credit and debit card products, trust services, charitable services, mortgage banking, asset-based lending, leasing, insurance, and international and securities brokerage services. In addition, it engages in equity and debt underwriting activities, private equity investment activities, derivative securities activities, investment and wealth management advisory businesses, and brokerage activities. As of June 1, 2006, Wachovia operated 3,159 offices in 16 states, as well as operated 40 offices internationally. It had assets of approximately $541.8 billion, as of the above date. Wachovia was founded in Subject Property

3 Also for Sale Lease Rent Rent Ann.CAM Ann.Tax Asking Asking Tenant DBA Name GLA Term Escalations Options End Date per SF per Year Escrow Escrow ROFR Cap Price Lone Star Steakhouse & Saloon Lone Star Steakhouse 7, Yr, 7 Mo 10% per 5 yrs 4-5 Yrs 1/31/2017 $16.43 $115,000 $2,500 $7,700 Yes 6.20% 1,854,839 Brinker International, Inc Chili's 5, Yr, 3 Mo 10% per 5 yrs 4-5 Yrs 11/30/2016 $17.06 $100,000 $2,500 $0 No 6.00% 1,666,667 Wakefield Knightdale LLP; Richard S. Smith as Guarantor IHOP 5, Yr, 6 Mo 10% per 5 yrs 4-5 Yrs 9/30/2027 $20.58 $105,000 $0 $8, % 1,693,548 Chick-Fil-A Inc Chick-Fil-A 4, Yr, 5 Mo 10% per 5 yrs 5-5 Yrs 11/30/2016 $16.56 $70,000 $2,500 $0 Yes 6.00% 1,166,667 Wachovia Corporation Wachovia Bank 4, Yr, 6 Mo 10% per 5 yrs 3-5 Yrs 10/31/2021 $25.93 $105,000 $2,500 $0 No 5.25% 2,000,000 Triarc Companies, Inc Arby's 3, Yr, 1 Mo 10%, 9.09%, 8.33% per 5 yrs 4-5 Yrs 12/31/2026 $20.00 $70,000 $2,500 $0 No 5.85% 1,196,581 29,738 $565,000 $12,500 $15, % 9,578,302

4 New Shopping Center Anchored By: Kohls, Best Buy, Dick s, Sporting Goods, TJMaxx Rex Healthcare 107,000 sf Shopping Center Anchored By: Lowes Foods (50,000 sf), Dollar Tree, Blockbuster, Bank Of America, Zaxby s Proposed Wal-Mart Supercenter

5 Photos Of The Shopping Center

6 Photos Of The Shopping Center

7 Traffic Counts I-540 New Shopping Center Anchored By: Kohls, Best Buy, Dick s, Sporting Goods, TJMaxx Duke Healthcare Rex Healthcare Proposed Wal-Mart Supercenter New Residential

8 HIGH DRIVE U. S. HIGHWAY 64 WIDEWATER PARKWAY VAN EXISTING MONUMENT SIGN #1 5,860 SF 5,775 SF RADIO SHACK 2,800sf JAPAN EXPRESS 1,400sf AVAIL. 1,400sf RITA'S WATER ICE 1,400sf ISLAND NAILS 1,400sf FIVE GUYS BURGERS 2,600sf SUBWAY 1,535sf RETAIL E RETAIL F RETAIL G RETAIL H RETAIL I 21,545 SF 22,941 SF 30,144 SF 20,005 SF 15,017 SF MONUMENT SIGN #2 EXISTING OUTPARCEL 4 WACHOVIA 1.49 ACRES 4,050 SF OUTPARCEL 7A 1.09 ACRES ARBY'S 3,500 SF 10/4/07 SP-14 Developer's Parcel 108,847 SF 24,000 SF LANE BRYANT 6,270sf KIRKLANDS 6,264sf RACK ROOM SHOES 6,265sf MATTRESS WAREHOUSE 4,000sf HALLMARK 4,010 sf PAYLESS SHOES 3,000sf 124,163 SF OUTPARCEL ACRES LONESTAR STEAKHOUSE OUTPARCEL 2 CHILI'S 1.54 ACRES OUTPARCEL 3 APPLEBEE'S 1.48 ACRES SHOPS K SHOPS L OUTPARCEL ACRES IHOP OUTPARCEL 6 5,101 SF 1.28 ACRES CHICK-FIL-A 4,227 SF MOE'S SOUTHWEST GRILL 2,434sf CHIROPRACTOR 2,000sf GNC 1,400sf NICOLE'S SWIMWEAR 1,750sf ATHLETE'S FOOT 1,750sf HAIR CUTTERY 1,400sf I LOVE NY PIZZA 2,500sf OUTPARCEL 7B 1.00 ACRES IT'S A GRIND 1,750 SF AVAIL. 2,352 SF SUNCOM 2,200SF GARDEN CENTER LOT AC. RETAIL D RETAIL C LOT AC. LOT AC. MONUMENT SIGN #3 MONUMENT SIGN #2 GHWAY 64 4,050 SF 1.49 ACRES WACHOVIA OUTPARCEL 4

9 30 Minute Drive Time

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11 DEMOGRAPHIC PROFILE 2000 Census, 2007 Estimates & 2012 Projections Calculated using Proportional Block Groups Lat/Lon: 35.8/ Oct mi radius 5.00 mi radius 7.00 mi radius MARITAL STATUS RACE INCOME AGE HOUSEHOLDS POPULATION & SEX 2007 Estimated Population 21,993 73, , Projected Population 24,525 83, , Census Population 17,914 56, , Census Population 9,088 32,669 88,482 Historical Annual Growth 1990 to % 7.3% 4.4% Projected Annual Growth 2007 to % 2.8% 2.4% 2007 Est. Households 8,064 27,067 57, Est. Households 8,954 30,736 64, Census Households 6,661 21,432 47, Census Households 3,506 12,839 34,598 Historical Annual Growth 1990 to % 6.5% 3.9% Projected Annual Growth 2007 to % 2.7% 2.3% 2007 Population 0 to 9 Years 16.8% 16.6% 15.7% 2007 Population 10 to 19 Years 13.5% 13.3% 13.4% 2007 Population 20 to 24 Years 5.2% 5.9% 6.7% 2007 Population 25 to 44 Years 35.0% 35.2% 33.4% 2007 Population 45 to 59 Years 18.7% 18.3% 18.7% 2007 Population 60 to 74 Years 8.4% 8.2% 8.9% 2007 Population 75 Years Plus 2.4% 2.5% 3.1% 2007 Est. Median Age Male Population 49.7% 49.5% 49.1% 2007 Female Population 50.3% 50.5% 50.9% Married Base (15yrs+) 16,665 55, ,123 Never Married 23.3% 25.7% 29.7% Now Married 60.0% 55.5% 48.8% Separated, Divorced or Widowed 16.8% 18.8% 21.5% Households with Kids 43.0% 41.4% 38.8% Average Household Size Est. HH Income $200,000 or More 2.6% 1.9% 1.8% 2007 Est. HH Income $150,000 to 199, % 4.0% 3.4% 2007 Est. HH Income $100,000 to 149, % 14.6% 12.4% 2007 Est. HH Income $75,000 to 99, % 18.8% 15.8% 2007 Est. HH Income $50,000 to 74, % 24.0% 23.2% 2007 Est. HH Income $35,000 to 49, % 14.7% 15.6% 2007 Est. HH Income $25,000 to 34, % 10.3% 11.0% 2007 Est. HH Income $15,000 to 24, % 6.1% 8.2% 2007 Est. HH Income $0 to 14, % 5.6% 8.7% 2007 Est. Average Household Income $66,309 $60,980 $56, Est. Median Household Income $69,501 $63,861 $57, Est. Per Capita Income $24,557 $22,841 $21,613 Number of Businesses 523 2,163 6,397 Total Number of Employees 4,790 25,983 81, Estimated Population 21,993 73, , Est. White Population 64.5% 56.6% 51.5% 2007 Est. Black or African American 24.7% 30.5% 36.3% 2007 Est. American Indian & Alaska Native 0.2% 0.2% 0.2% 2007 Est. Asian & Pacific Islander 3.1% 4.1% 3.6% 2007 Est. Two or more and Other Races 7.6% 8.5% 8.4%