OFFERING MEMORANDUM MILLER ROAD MARKETPLACE NEW CONSTRUCTION FLINT TWP, MI

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1 OFFERING MEMORANDUM MILLER ROAD MARKETPLACE NEW CONSTRUCTION FLINT TWP, MI Daniel H. Kukes Kevin J. Baker (248) (248) LANDMARK COMMERCIAL REAL ESTATE SERVICES, INC HALSTED RD SUITE 150 FARMINGTON HILLS, MI (248)

2 Prepared by: Daniel H. Kukes (248) Kevin J. Baker (248) Halsted, Suite 150 Farmington Hills, MI Confidentiality Agreement 3 Executive Summary 4-5 Investment Highlights 6 Site Plan 7 Survey 8 Floor Plan 9 Elevations 10 Property Description 11 Construction Photos 12 Aerial 13 Location Map 14 Rent Roll 15 Income Statement 16 Tenant Profiles 17 Market Overview 18 Top Employers 19 Demographic Report 20 Team Bios 21 LANDMARK COMMERCIAL REAL ESTATE SERVICES, INC HALSTED RD SUITE 150 FARMINGTON HILLS, MI (248) The information contained herein was obtained from sources believed reliable; however, Landmark Commercial Real Estate Services, Inc. makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.

3 This Confidential Memorandum has been prepared by Landmark Commercial Real Estate Services, Inc. ( LANDMARK ) and is being furnished to you solely for the purpose of your review of the commercial property located at 4140 Miller Road, Flint Twp, MI, further described as Miller Road Marketplace (the Property ). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Landmark Commercial Real Estate Services, Inc. ( Broker ). By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the Materials ), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to LANDMARK as soon as practicable together with all other materials relating to the Property which you may have received from LANDMARK; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of LANDMARK. This Confidential Memorandum has been prepared by LANDMARK, based upon certain information pertaining to the Property and any information obtained from LANDMARK to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an as-is, where-is basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by LANDMARK to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon LANDMARK, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither LANDMARK, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred. LANDMARK, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice. This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release LANDMARK and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. LANDMARK reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time. LANDMARK COMMERCIAL REAL ESTATE SERVICES, INC HALSTED RD SUITE 150 FARMINGTON HILLS, MI (248) The information contained herein was obtained from sources believed reliable; however, Landmark Commercial Real Estate Services, Inc. makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.

4 Landmark Commercial Real Estate Services, Inc., on behalf of Ownership, is pleased to present the Miller Road Marketplace located at 4140 Miller Rd, Flint Twp, MI (the Property ). The Property was developed in conjunction with a freestanding Texas Roadhouse restaurant in the middle of the Miller Road retail corridor. Miller Road Marketplace features three national tenants. Users include Potbelly Sandwich Works, Five Guys Burgers & Fries, and T-Mobile. The Property is located in the heart of the Miller Road retail corridor and is located across the street from national box retailers Old Navy, Bed Bath & Beyond, ULTA, Five Below, And That!, and DSW. Miller Road Marketplace s excellent location in the region s foremost retail marketplace provides its tenants with substantial synergy with other major big box retailers as well as the Genesee Valley Mall. The property is 100% leased which allows for new buyer to take advantage of a stabilized income stream in a trade area of new anchor tenants and other national retailers that have been in the area for over 20 years.

5 Offering Summary Multi-Tenant Shopping Center Address: Type: Size: Multi-tenant retail 7,273 SF Occupancy: 100% Land Area: 2.48 acres Tax Parcels: Year Built: 2015 Zoning: Access: Debt: General Business Easy ingress/egress from Miller Road None Free & Clear Underwritten Net Operating Income $208,631 Pricing $3,090,829 (6.75% cap)

6 HIGHLIGHTS Great Location / Credit Tenancy The surrounding national retailers greatly contribute to Miller Road Marketplace s tenant retention. Miller Road Marketplace benefits from a line-up of tenants consisting of a strong national/regional credit tenant mix. Excellent Access & Visibility Prominently located along Miller Road, Miller Road Marketplace has excellent visibility, as well as accessibility, to the surrounding communities that dine and shop at the corridor s multitude of national retailers and dining establishments. Over 21,200 cars pass by Miller Road Marketplace on a daily basis. Secure Cash Flow Miller Road Marketplace s stable and predictable cash flow, combined with the Property s 100% occupancy, offers new ownership an exceptional investment opportunity. All the leases feature attractive fixed renewal options with increases, which promote long term tenancy, and further increase yield and security of this investment.

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11 IMPROVEMENT DESCRIPTION & CONSTRUCTION Year Built 2015 Signage A monument with tenant signage is constructed on Miller Road Structural Steel & masonry Roof 10 year warranty HVAC Central roof mounted units, new in year warranty on parts 5 year warranty on compressor GENERAL Parking Surface parking is provided surrounding parking fields with a total of 92 parking spaces. The parking ratio is approximately per 1,000 SF. All parking and parking access areas are lighted and the concrete is paved. Parking lot is in new condition as it was constructed in Loading Facilities Designated delivery is available at the rear of the building. Lighting Pedestrian walkway lighting is a combination of building mounted and pole fixtures with metal halide lamps.

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15 Miller Road Marketplace Flint, MI Tenant Name Reimbursements Pro-Rata Share Sq. Ft. Annual Rent Monthly Rent Rent PSF Type CAM TAX INS Admin Fee Total Income Potbelly Sandwich Works 33.10% 2,423 $ 72,000 $ 6, $ NNN $ 4, $ 6, $ $ $ 82, /1/ /30/2025 Five Guys Burgers & Fries 33.10% 2,400 $ 62,400 $ 5, $ NNN $ 4, $ 7, $ $ $ 75, /1/2016 4/1/2026 T-Mobile Central, LLC dba 33.79% 2,450 $ 83,300 $ 6, $ NNN $ 4, $ 8, $ $ $ 96, /15/2016 2/14/2026 $ 217, $ 18, $ $ 13, $ 22, $ 1, $ 1, $ 254, Totals % 7,250 Vacant SF - - Occupancy % Anticipated Rent Commencment Expiration Increases Notes 5% increase in rent year 6; 4.76% increase for lease years 11-15; 6% increase for years A. Flat for years 1-10; 3.8% increase in every 5yrs thereafter B. 6.76% Increase Year 6, 10% increase every 5 years thereafter C. Income PSF Notes: Base Rental Income $ 217,700 $30.03 A. Potbelly Sandwich Works - Tenant taxes are capped at $2.50psf, CAM capped at $2.00psf & Insurance capped at $.20psf plus 5% Admin Fee RE Tax Recoveries $ 22,005 $3.04 B. Five Guys- Tenant pays admin fee equal to 10% of CAM. CAM Recoveries $ 13,413 $1.85 C. T-Mobile - Tenant may terminate any time after the 84th lease month, given six (12) months advance notice plus the unamortized INS Recoveries $ 1,450 $0.20 TI allowance and un-amortized brokerage fess. Tenant pays admin fee equal to 15% of CAM. Admin Recoveries $ 1,346

16 Income PSF Base Rental Income $ 217,700 $30.03 RE Tax Recoveries $ 22,005 $3.04 CAM Recoveries $ 13,413 $1.85 INS Recoveries $ 1,450 $0.20 Admin Recoveries $ 1,346 Total Gross Income $ 255,913 $ Recoverable Expenses CAM Expense $ 13, $ 1.85 PSF Subtotal CAM Recoverable: $ 13, $1.85 Real Estate Taxes $ 23,925 $3.30 Insurance $ 1,450 $0.20 Total Recoverable Expenses $ 38, $5.35 Nonrecoverable Exp Management Fee 3% $ 7,677 $1.06 CAPEX Reserve for Replacements ($0.15/SF) $ 0.15 $ 1,088 $0.15 Total Non-recoverable $ 8,765 $1.21 PSF Total Expenses $ 47,552 $6.56 Underwritten Net Operating Income $ 208,361 $28.74

17 The T-Mobile brand is present in United States, Puerto Rico, and the U.S. Virgin Islands,12 European countries Austria, Croatia (as Hrvatski telekom), Czech Republic, Germany (as Telekom), Hungary, Republic of Macedonia, Montenegro, the Netherlands, Poland, Romania, Slovakia, and the United Kingdom, as well as the. Globally, T-Mobile International subsidiaries have a combined total of approximately 230 million subscribers. T-Mobile International is the world's fifteenth-largest mobile-phone service provider by subscribers and the fourth-largest multinational after the UK's Vodafone, India's Airtel, and Spain's Telefónica. T-Mobile US, Inc. is the Bellevue, Washington, United States-based subsidiary of T-Mobile International AG. It provides wireless voice, messaging, and data services in the United States, Puerto Rico and the U.S. Virgin Islands under the T- Mobile, MetroPCS, and GoSmart Mobile brands. The company operates the third wireless network in the U.S. market with 58.9 million customers and annual revenues of $21.35 billion. Its nationwide network reaches 96 percent of Americans. As of 2011, J. D. Power and Associates, a global marketing-information-services firm, ranked the company highest among major wireless carriers for retail-store satisfaction four years consecutively and highest for wireless customer care two years consecutively. Stock Symbol: Market Cap: Sales: NASDAQ:PBPB $351.60M $326.97M Potbelly Sandwich Shop was founded in 1977 by Peter Hastings. The original store is located at 2264 North Lincoln Avenue in Chicago, in a retail space that was previously an antique store called Hindsight, also owned by Hastings. Many of the items that decorated the restaurant were taken from the former antique store. In 1996, Bryant Keil purchased the original store. Keil quickly expanded the store. The second store was opened in 1997 and he expanded Potbelly to over 300 stores in several states and the District of Columbia, investors include Maveron and American Securities. Potbelly's menu features a variety of sandwiches that are all served hot on regular or multigrain wheat bread. All sandwiches can be ordered "thin-cut" style, in which one third of the bread is cut out. Potbelly began offering salads in February The menu also includes soup, shakes, malts, smoothies, and cookies. Most restaurants feature live music from local musicians during the lunch hours. BAC FLINT, LLC is 40 + store franchisee of Five Guys Burgers and Fries in MI and IL. The lease is personally guaranteed by Michael Abrams, Brian Adelman, and David Pittaway for the first twenty-four (24) months of the lease, and the unamortized portion of the Tenant Improvement Allowance (amortized over the initial sixty (60) months of the Term. Five Guys is a fast casual restaurant chain focused on hamburgers, hot dogs, and French fries, with its headquarters in the Lorton community in unincorporated Fairfax County, Virginia. The first Five Guys restaurant opened in 1986 in Arlington County, Virginia, and between 1986 and 2001, the chain expanded to five locations scattered through the Washington, D.C. metro area. In early 2003, the chain began franchising, opening the doors to rapid expansion. In a year and a half, permits had been sold for over 300 franchised locations. As of 2012, Five Guys has over 1,000 locations open throughout the United States and Canada and over 1,500 locations under development. As of 2012 the company was the fastest-growing fast food chain in the United States, with a 32.8% sales increase from 2010 to 2011.

18 Flint is the birthplace of General Motors, and the United Auto Workers, men such as David Buick, Louis Chevrolet, Albert Champion, Billy Durant, C.S. Mott, Walter Chrysler, Charles Nash and Alfred Sloan lived and worked in Flint. Today Flint remains at the center of the auto industry but has developed into a college town with Kettering University, the University of Michigan-Flint, Mott Community College, Baker College and more, and a center in the health field with Hurley Medical Center, McLaren Regional Medical Center, Genesys Regional Medical Center and Diplomat Pharmacy. Flint Metropolitan Area is the 4th largest SMSA in Michigan with a population of 425,790 people (2010 U.S. Census). Flint is the largest city and county seat of Genesee County in the State of Michigan. It is located along the Flint River, 66 miles (106 km) northwest of Detroit. According to the 2010 census, Flint has a population of 102,434, making it the seventh largest city in Michigan. There are over 297,000 people in 10 miles with average household incomes of over $54,000. As factories reopen and new investment is made, the unemployment rate in Flint has dropped from a high of 15.8% in June 2009 to its present rate of 11.8%. Overall, the retail trade zone is extremely healthy and serves a very large trade area (Genesee Valley being the only regional mall in 25 miles). Flint is the largest city and county seat of Genesee County in the State of Michigan. It is located along the Flint River, 66 miles (106 km) northwest of Detroit. According to the 2010 census, Flint has a population of 102,434, making it the seventh largest city in Michigan. The Miller Road regional trade area pulls Grand Blanc Township from the south. Grand Blanc has a median household income of $61,548, and the median income for a family was $68,220. The township is home to Warwick Hills Golf and Country Club, the former site of the Buick Open golf tournament; the world headquarters of General Motors Customer Care and Aftersales. Grand Blanc is also home to the award winning Genesys Regional Medical Center.

19 Company Number of Employees General Motors 7,000 Genesys Health System 3,000 Hurley Medical Center 2,500 McLaren Regional Medical Center 1,500 US Post Office 800 Charles Stewart Mott College 750 University of Michigan Flint 750 Meijer 700 Children s Protective Services 619 Citizens Bank 600 Since 2011, GM has announced investments topping $1.8 billion for the Flint Assembly Plant. This includes $600 million for plant upgrades and a new standalone paint shop that is under construction and slated to open in Work on the 883,000-squarefoot body shop is expected to begin in the first half of 2016, with completion slated for GM is investing $877 million to build a new body shop for the assembly plant, locating it closer to the Flint Metal Center, which supplies sheet metal and other parts used in the Chevrolet and GMC full-size pickups produced in the assembly plant. Most recently GM was awarded a 50% tax abatement and is investing an additional $161M into its Flint Truck building facility. In the last several years, GM s investments in the city of Flint have topped $2.5 billion, creating hundreds of construction jobs and an economic boost for the community, said Flint Mayor Dayne Walling. This investment not only strengthens the ties between GM and the city, it demonstrates that Flint continues to play an important role in the resurgence of manufacturing in Michigan and the rest of the United States.

20 DESCRIPTION 1 MILE 3 MILE 5 MILE POPULATION HOUSEHOLDS RACE INCOME BUSIN ESS 2015 Estimated Population 1,421 35, , Projected Population 1,392 35, , Census Population 1,469 36, , Census Population 1,518 38, ,542 Projected Annual Growth 2015 to % -0.2% - Historical Annual Growth 2000 to % -0.5% -0.5% 2015 Estimated Households ,181 49, Projected Households ,303 50, Census Households ,536 47, Census Households ,743 50,840 Projected Annual Growth 2015 to % 0.2% 0.3% Historical Annual Growth 2000 to % -0.2% -0.1% 2015 Est. White 82.8% 72.7% 61.1% 2015 Est. Black 12.0% 21.3% 33.2% 2015 Est. Asian or Pacific Islander 1.0% 1.3% 1.1% 2015 Est. American Indian or Alaska Native 0.4% 0.5% 0.5% 2015 Est. Other Races 3.8% 4.3% 4.2% 2015 Est. Average Household Income $48,592 $47,074 $46, Est. Median Household Income $38,759 $38,421 $37, Est. Per Capita Income $22,420 $21,350 $20, Est. Total Businesses 589 2,680 5, Est. Total Employees 8,054 37,380 73,541

21 Daniel Kukes is a Principal and Co-Founder of Landmark Investment Sales. Daniel specializes in the sale of retail shopping centers, medical office, and single tenant net lease investment properties across all property types. He currently represents some of the nation s largest institutional real estate funds, private equity group, and high net worth investors in acquiring and listing investment properties all over the country. Since 2010, Daniel has closed deals totaling over 4,400,000 SF valued at over $400,000,000. Daniel joined Landmark in 2009 as an Associate Broker. He began his real estate career at NAI Farbman where he focused on shopping center leasing and retail tenant representation. After five years at NAI Farbman, DESCRIPTION 5 MILE 10 MILE 15 MILE Daniel joined DAP Investments as a partner responsible for retail development, acquisitions and leasing. While there, he developed several single tenant and shopping center projects in Michigan and Illinois. Daniel is a graduate of Michigan State University with a Bachelor of Arts degree in Pre-Law & Society. dkukes@landmarkcres.com Kevin Baker is a Principal and Co-Founder of Landmark Investment Sales. Kevin specializes in the sale of retail shopping centers and single tenant net lease investment properties across all property types. He currently represents some of the nation s largest institutional funds, private equity funds, and high net worth investors in listing investment properties all over the country. Since 2010, Kevin has closed deals totaling over 4,400,000 SF valued at over $400,000,000. Prior to 2010, Kevin worked extensively at Landmark as a broker specializing in tenant representation and landlord representation completing in excess of 100 lease & sale transactions. Kevin joined Landmark in 2005 as a Sales Associate. Prior to Landmark, Kevin attended Michigan State University and University of Michigan-Dearborn where he studied finance. Kevin began his real estate career in 2001 when he founded Baker Real Estate Holdings, specializing in acquisition and management of a student housing portfolio at Michigan State University. kbaker@landmarkcres.com LANDMARK COMMERCIAL REAL ESTATE SERVICES, INC HALSTED RD SUITE 150 FARMINGTON HILLS, MI (248) The information contained herein was obtained from sources believed reliable; however, Landmark Commercial Real Estate Services, Inc. makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease, or withdrawal without notice.