OXFORD COMMONS TALLAHASSEE, FLORIDA OFFERING MEMORANDUM ACTUAL SITE

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1 OXFORD COMMONS TALLAHASSEE, FLORIDA OFFERING MEMORANDUM $3,943, % CAP RATE» 100% Leased Multi-Tenant Retail Shopping Center» 10 Year Leases with Fixed Rental Increases» Mattress 1 One (200+ Units) and Heartland Dental (750+ Units) - Corporate Leases» High-Traffic Location with Excellent Access and Visibility» Thomasville Road - 46,443 AADT» Prime Location in Retail Corridor Adjacent to Killearn Estates» Killearn Estates is a 4,000-Acre Housing Development with 3,800 Homes» Affluent Area with Robust Demographics» Average Household Income Over $118,000» Tallahassee is Home to Florida State University (40,000+ Students) and Florida A&M University (10,000 Students)» Q Construction ACTUAL SITE Cushman and Wakefield Inc. LIC. # This property is listed in conjunction with Florida-licensed real estate broker Cushman & Wakefield, Inc.

2 TABLE OF CONTENTS DISCLAIMER INVESTMENT OVERVIEW AERIALS SITE PLAN TENANT SUMMARY PROPERTY OVERVIEW AREA OVERVIEW DEMOGRAPHIC PROFILE RENT ROLL 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. MICHAEL T. YURAS, CCIM Executive Managing Director michael.yuras@cushwake.com CA RE License # SCOTT CROWLE Senior Director scott.crowle@cushwake.com CA RE License #

3 INVESTMENT SUMMARY ADDRESS PRICE $3,943,500 CAP RATE 5442 Thomasville Road, Tallahassee, Florida 6.00% return NOI $236,610 OCCUPANCY 100% YEAR BUILT Q BUILDING SF PARCEL SIZE TENANTS 8,197 SF 1.56 acres (67,954 SF) Mattress 1 One, Heartland Dental, and Willie Jewell s Old School Bar-B-Q 100% LEASED MULTI-TENANT SHOPPING CENTER» 100% leased to strong national and regional tenants» Scheduled rental increases, providing a hedge against inflation» Multi-tenant shopping center offers investment diversification HIGH-TRAFFIC LOCATION NEAR MAJOR RETAILERS» Excellent visibility and access to 46,443 vehicles per day on Thomasville Road» Close proximity to national retailers, including Walmart Supercenter, Starbucks, Target, CVS, Publix, Stein Mart, T.J. Maxx, Trader Joe s, and many others» Thomasville Road is a central route through northern Tallahassee and provides convenient access to downtown Tallahassee AFFLUENT TALLAHASSEE LOCATION WITH ROBUST DEMOGRAPHICS» Affluent area, with average household income over $118,000» Near major housing development with award-winning golf course» Less than eight miles from downtown Tallahassee CLOSE PROXIMITY TO MAJOR UNIVERSITIES» Just over eight miles from Florida State University (41,867 students) and Florida A&M University (10,000 students)» Florida State and Florida A&M are two of the largest employers in Tallahassee HIGH QUALITY 2016 CONSTRUCTION» High quality construction completed in Q3 2016» Brand new building, limiting near-term deferred maintenance or capital costs ACTUAL SITE

4 Killearn Shopping Center DOWNTOWN TALLAHASSEE (8 miles) Tho le R svil ma Carriage Gate Village Commons oad,433 (46 Tallahassee Alzheimer Special Care Center T) AAD (66-unit memory-care facility) Northampton Shopping Center (11,011 AADT) ay kw ar P st re Fo ry Ker Future Retail Red Hills Village (188-bed retirement community) Single Family Homes

5 Village Square Bannerman Crossings Lawton Chiles High School (3,194 students) Northampton Shopping Center Future Retail Thomasville Road (46,43 3 AADT) Kerry Forest Parkway (11,011 AADT)

6 Killearn Estates (4,000-acre, 3,800-home residential community) Future Retail For est Par kw a y( 11, 0 11 AA DT ) Northampton Shopping Center ry r Ke Thomasville Road (46,433 AADT)

7 Single Family Homes Red Hills Village (188-bed retirement community) Tallahassee Alzheimer Special Care Center (66-unit memory-care facility) Kerry Forest Thomasville Road (46,433 AADT) Future Retail ay (11,011 AADT) Parkw

8 SITE PLAN 2,700 SF 3,000 SF 2,497 SF THOMASVILLE ROAD (STATE ROAD 61)

9 TENANT SUMMARY SOS Furniture Company d/b/a Mattress 1 One is a privately owned, family run company with more than 200 locations in Florida and the Southeast. It is the second largest mattress retailer in the Southeast and has distribution facilities in both Orlando and Miami. As a quality mattress retailer, the company s inventory features top name brands such as TempurPedic, Serta, Sealy, and icomfort, among others. Their employees are highly knowledgeable about their products and are able to inform customers as to which mattresses would best fit their needs. Customers leave Mattress 1 One stores knowing they have made the right decision and are on their way to a better night s sleep. TENANT NAME Mattress 1 One LESSEE SOS Furniture Company, Inc. OWNERSHIP SOS Furniture Company, Inc. LOCATIONS 200+ REVENUE $701M WEBSITE Heartland Dental, LLC is the largest dental support organization in the United States, with more than 750 supported dental offices located in 34 states. Founded in 1997, Heartland Dental currently supports over 1,200 dentists and over 10,000 team members nationwide. Based in Effingham, Illinois, Heartland Dental offers supported dentists and team members continuing professional education and leadership training, along with a variety of non-clinical administrative services, including staffing, human relations, procurement, administration, marketing, and information technology. Heartland Dental was recently included in the 2016 Inc. 5000, which lists the fastest-growing private companies in the U.S.; this marks the company s sixth appearance in the Inc TENANT NAME Heartland Dental LESSEE Heartland Dental, LLC OWNERSHIP Private LOCATIONS 750+ REVENUE $843M WEBSITE Willie Jewell s Old School Bar-B-Q is a fast casual southern barbecue restaurant that offers delicious, soulful food in a down-home atmosphere. Willie Jewell s is a spinoff of Bono s Pit Bar-B-Q, which currently has about 20 locations nationwide. Named after a former longtime employee of Bono s founders in Jacksonville, Willie Jewell s credo is smoked for hours, served in minutes. Its menu boasts an array of barbecue staples such as platters and sandwiches with pulled pork, smoked sausage, smoked turkey, and beef brisket; snacks and sides including fried okra and pickles, country corn fritters, collard greens, and mac n cheese; salads; homemade desserts; and a children s menu. The restaurant offers four signature sauces at its heated sauce station. A growing concept, Willie Jewell s has eight locations in Florida, Georgia, New Hampshire, and South Carolina. The company is expected to double in size within the next year. TENANT NAME Willie Jewell s Old School Bar-B-Q OWNERSHIP Private LOCATIONS 8 HEADQUARTERS Jacksonville, FL WEBSITE

10 PROPERTY OVERVIEW LOCATION The property is located on Thomasville Road, just south of the signalized intersection of Thomasville Road and Kerry Forest Parkway, with excellent visibility and access to 46,443 vehicles per day. Thomasville Road is a major thoroughfare through northern Tallahassee. The road intersects with Interstate 10 approximately six miles south of the property and provides access to downtown Tallahassee. The property is located in a thriving retail cluster, with a number of notable nation tenants near the site. Walmart Supercenter is within walking distance of the property, while CVS, Starbucks, and ABC Fine Wine & Spirits are directly adjacent to the site. The Northampton Shopping Center, located around the corner from the property, features a mix of local, regional, and national retailers, including Pizza Hut, Sherwin-Williams Paint Store, and The UPS Store. Other major tenants in the surrounding area include Target, Publix, Walgreens, Ace Hardware, Stein Mart, HomeGoods, Hobby Lobby, T.J. Maxx, and Trader Joe s. The property benefits from its prime location in an affluent area of Tallahassee. The property is located next to Killearn Estates, a 4,000-acre housing development featuring approximately 3,800 homes and abundant amenities, including Killearn Country Club, which has been recognized as one of the finest private clubs in Leon County. Average household incomes in the area exceed $100,000 in one-, three-, and five-mile radii. ACCESS Access from Thomasville Road TRAFFIC COUNTS Thomasville Road: Kerry Forest Parkway: 46,443 AADT 11,011 AADT PARKING 48 parking spaces, including two (2) handicap spaces BUILDING SF 8,197 SF YEAR BUILT Q Q PARKING STALLS YEAR BUILT ACTUAL SITE 46K TRAFFIC COUNT (AADT)

11 AREA OVERVIEW Tallahassee is the capital of Florida and is the county seat of Leon County. Tallahassee is the largest city in the Northwest Florida region; the Tallahassee metropolitan area has a population of 375,751 as of Tallahassee is a center for trade and agriculture in the Big Bend region and Southwest Georgia and is served by Tallahassee International Airport and Interstate 10. As a capital city, Tallahassee is home to the Florida State Capitol, Supreme Court of Florida, Florida Governor's Mansion, and nearly 30 state agency headquarters. The city is also known for its large number of law firms, lobbying organizations, trade associations, and professional associations, including the Florida Bar and the Florida Chamber of Commerce. It is also a recognized regional center for scientific research and is home to the National High Magnetic Field Laboratory. Tallahassee is home to Florida State University, ranked the nation's 38th best public university by U.S. News & World Report. It is also home to Florida A&M University, one of the country's largest historically black universities (HBCUs) by total enrollment. Tallahassee qualifies as a significant college town, with a student population exceeding 70,000.» Florida State University has plans to become a top 25 public research university with at least one-third of its PhD programs ranked in the top 15 nationally.» In 2017, U.S. New and World Report ranked Florida A&M University #1 among public HBCUs and #7 among all HBCUs.» The population of Leon County is the most highly educated population in Florida, with 49.9% of the residents with either a bachelor's, master's, professional, or doctorate degree. The Florida average is 22.4% and the national average is 24.4%.» Tallahassee s population has grown by over 17% since 2000.» The city is home to the National High Magnetic Field Laboratory, which is the world s largest magnet laboratory and also the highest powered. The equipment in the laboratory is capable of generating a magnetic field that is one million times stronger than the magnetic field of the earth.» Tallahassee hosts one of the largest, most attended festivals in the South, Springtime Tallahassee, which has been running annually since 1967.» Future job growth in Tallahassee over the next ten years is predicted to be 39.6%, according to Sperling s Best Places. MAJOR EMPLOYERS IN TALLAHASSEE # OF EMPLOYEES STATE OF FLORIDA 22,612 FLORIDA STATE UNIVERSITY 12,512 LEON COUNTY SCHOOLS 4,550 PUBLIX SUPERMARKET 3,439 TALLAHASSEE MEMORIAL HEALTHCARE 3,190 CITY OF TALLAHASSEE 2,736 WALMART 2,117 LEON COUNTY 1,919 FLORIDA A&M UNIVERSITY 1,759 TALLAHASSEE COMMUNITY COLLEGE 1,631

12 DEMOGRAPHIC PROFILE 2016 SUMMARY 1 Mile 3 Miles 5 Miles Population 5,003 33,730 63,430 Households 2,018 13,162 25,033 Families 1,501 9,601 17,794 Average Household Size Owner Occupied Housing Units 1,685 10,035 18,566 Renter Occupied Housing Units 334 3,126 6,467 Median Age Average Household Income $118,986 $112,679 $109, ESTIMATE 1 Mile 3 Miles 5 Miles Population 5,223 34,719 65,154 Households 2,092 13,475 25,583 Families 1,556 9,810 18,141 Average Household Size Owner Occupied Housing Units 1,740 10,210 18,917 Renter Occupied Housing Units 352 3,266 6,666 Median Age Average Household Income $129,660 $121,790 $118,615 AVERAGE HOUSEHOLD INCOME OF $118,986 WITHIN ONE MILE

13 RENT ROLL TENANT NAME SQUARE FEET % OF PROPERTY LEASE TERM CURRENT RENTAL RATES FUTURE RENTAL RATES START TERM START MONTHLY PSF ANNUAL PSF DATE MONTHLY PSF ANNUAL PSF RECOVERY TYPE Mattress 1 One 3, % Mar Years Current $6,500 $2.17 $78,000 $26.00 Apr-22 $7,150 $2.38 $85,800 $28.60 Options - 2 Options at 5 Years Apr-27 $7,865 $2.62 $94,380 $31.46 Apr-32 $8,653 $2.88 $103,830 $34.61 NNN Heartland Dental 2, % Nov Years Current $6,975 $2.58 $83,700 $31.00 Dec-22 $7,560 $2.80 $90,720 $33.60 Willie Jewell's Old School Bar-B-Q Options - 4 Options at 5 Years Dec-27 $8,316 $3.08 $99,792 $36.96 Dec-32 $9,149 $3.39 $109,782 $40.66 Dec-37 $10,062 $3.73 $120,744 $44.72 Dec-42 $11,068 $4.10 $132,813 $ , % Apr Years Current $6,243 $2.50 $74,910 $30.00 Apr-22 $6,867 $2.75 $82,401 $33.00 Options - 4 Options at 5 Years Apr-27 $7,553 $3.03 $90,641 $36.30 Apr-32 $8,309 $3.33 $99,705 $39.93 Apr-37 $9,139 $3.66 $109,668 $43.92 Apr-42 $10,055 $4.03 $120,655 $48.32 NNN NNN TOTALS/AVERAGES 8,197 $19,718 $2.41 $236,610 $28.87 Occupied SF 8, % Available 0 0.0% Total SF 8, %

14 MICHAEL T. YURAS, CCIM Executive Managing Director CA RE License # SCOTT CROWLE Senior Director CA RE License # Cushman and Wakefield Inc. LIC. #