Fairway Shops. Kaanapali Resort, Maui, Hawaii. Contact Us.

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1 Fairway Shops Kaanapali Resort, Maui, Hawaii KAPALUA KAANAPALI LAHAINA PAIA WAILUKU KAHULUI MAKAWAO Contact Us MARK D. BRATTON* (R) CCIM KIHEI WAILEA HALEAKALA HANA KIM F. SCOGGINS** (B) CCIM CHRIS MILLEN (B) CCIM COLLIERS INTERNATIONAL 220 South King Street, Suite 1800 Honolulu, HI

2 Investment Summary Asking Price $15,000,000 In-Place NOI (2016 Budget) $1,041,000 Year 1 NOI ( to ) $1,082,000 Year 1 Cash on Cash 13.5% Debt Financing New Loan available for 3.9% (current rate). I/O Years 1-3; 30 Yr. Amort Thereafter. Occupancy 94% Tenure Leasehold (61 Years with known rents) Ground Rent $331,708 per annum *Known rents through entire term (expires 2077) Year Constructed 2001 Land Area 3.15 acres Gross Leasable Area 35,491 square feet (excludes approximately 12,513 sf of basement space) Parking 213 stalls (6:1,000 sf) Zoning B-R (Resort Commercial District) Address 2580 Kekaa Drive, Kaanapali, Maui, Hawaii TMK No. (2)

3 Investment Highlights Prime West Maui Location Exceptional Visitor Demographics Vibrant Tourism Market Strong Retail Market Significant Barriers to Entry In-Place Rents Significantly Below Historical Rates/Upside Potential Known Ground Rents/Ground Rent Pass Throughs Income Enhancement Opportunities Property Description Fairway Shops is conveniently and strategically located in the world-class Kaanapali Beach Resort, along the beautiful Gold Coast in West Maui. This neighborhood shopping center offers a wide range of goods and services for both visitors and residents. Several long established local tenants of the center include Whalers General Store, Valley Isle Fitness, and CJ s Diner & Deli, Sangrita Grill & Cantina, as well as national tenants, OneMain Financial (Citigroup) and Edward Jones. The property enjoys high visibility from Honoapiilani Highway with an average of more than 39,000 cars passing daily. In addition, the Kaanapali Trolley makes hourly stops at the center. More than two million tourists visit West Maui s more than 4,400 lodging units each year.

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5 SITE PLAN Honoapiilani Highway STOP STOP STOP STOP STOP M-1/ M-2 L-2 L-1 K-2 K-1 J-3 J-2 J-1 Kekaa Drive I-1/ I-2 H-2 H-1 G-1 F-2 F-1 E-3 E-2 E-1 D-2 D-1 B-1 C-3 C-2 C-1 B-2 A-1/A-3 Suite Tenant Leasable SF A-1/A-3 Valley Isle Fitness 5,729 B-1 Island Press Coffee 611 B-2 Round Table Pizza 1,417 C-1/C-2 Sangrita Grill & Cantina 2,834 C-3 OneMain Financial 1,417 D-1 Harris Hawaii Realty 1,417 D-2 Spa Juva & FitExpress 1,417 E-1 Urgent Care West Maui 1,417 E-2 Island Attitudes 2,634 F-1 Maui Adventure Group 1,217 F-2 Skyline Eco Adventures 1,217 G-1 China Bowl Asian Cuisine 1,408 H-1 Available 1,217 H-2 Whalers Realty 1,217 I-1/I-2 CJ s Deli & Diner 2,234 J-1 Artistic Nails & Spa 1,017 J-2 Available 1,017 J-3 The Hair Hale 1,017 K-1 Edward Jones 817 K-2 Van Quaethem Chiropractic 817 L-1/M-2 Whalers General Store 2,903 LEGEND Available Drawing not to scale Property Location Located in the Kaanapali Resort on Honoapiilani Highway in the center of Maui s Gold Coast Most frequented destination on Maui for West Coast visitors Upscale resort customers Easily accessible by all lodging units in Kaanapali Resort

6 KA ANAPALI RESORT KAANAPALI BEACH CLUB KA`ANAPALI OCEAN RESORT VILLAS HONOAPIILANI HIGHWAY Maui Kaanapali Villas MAUI RESORT & SPA KA`ANAPALI KAANAPALI GOLF COURSE Maui Ocean Club Maui Resort and Spa

7 KA`ANAPALI HILLSIDE ROYAL KA`ANAPALI ESTATES Maui Visitor Industry OVERVIEW Visitor Expenditures (millions) $ $4,361.9 Hotel Occupancy Rates 72.5% 74.6% 1 Hotel ADR (Midprice) $ $ Source: State Department of Business, Economic Development and Tourism, Hospitality Advisors 1 November year-to-date Demographic Summary (2015) 1-MILE 3-MILE 5-MILE MAUI Average Annual HH Income $168,273 $101,904 $92,494 $88,298 Median Age (years) Consumer Retail Expenditures $52.1 mil $131.0 mil $269.0 mil $3.5 bil

8 Contact Us MARK D. BRATTON* (R) CCIM Investment Services Division Tel: KIM F. SCOGGINS** (B) CCIM Investment Services Division Tel: CHRIS MILLEN (B) CCIM Brokerage Services Division Tel: COLLIERS INTERNATIONAL 220 South King Street, Suite 1800 Honolulu, HI *Bratton Realty Advisers, Ltd. Exclusively contracted to Colliers International HI, LLC **Rokit, Inc. Exclusively contracted to Colliers International HI, LLC. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved.

9 Fairway Shops CONFIDENTIALITY AGREEMENT THIS CONFIDENTIALITY AGREEMENT (this "Agreement") is made as of the day of, 2016, by ("Recipient"), whose principal place of business and post office address is at, in favor of Fairway Retail LLC, a Delaware limited liability company ( Owner ), the owner of the leasehold interest in the property commonly known as Fairway Shops, located at 2580 Kekaa Drive, in the City of Lahaina, County of Maui, State of Hawaii, TMK Number (2) 4-4-8:17 and all improvements thereon, containing approximately 35,491 square feet of area, whose principal place of business and post office address is c/o Jupiter Holdings LLC, 24 Corporate Plaza, Suite 100, Newport Beach, California Background. Owner and/or Owner s broker, Colliers International ( Colliers ) may be providing and/or making available to Recipient information and/or documents relating to the Asset. The information may be presented to Recipient in various forms including, but not limited to, photocopies of documents, digital information on CD-ROM, digital information sent via electronic mail, and/or digital information accessible via the Internet (collectively Information ). 2. Confidentiality. Recipient, including, but not limited to its directors, officers, employees, managers, members and/or shareholders, agrees that it will keep all Information, including any information derived from the Information, regardless of whether the Information is marked or specifically identified as confidential or proprietary, confidential, except as to Recipient s professional consultants (disclosed to Owner in advance) who will be evaluating the feasibility of Recipient acquiring the Asset. Recipient further agrees, prior to disclosing the Information to any consultants, that it will inform such consultant that they are required to observe and maintain the confidentiality of the Information and the provisions of this Agreement. 3. Limitation on Use of Information. All Information furnished to Recipient by Owner will be used solely by Recipient for the purpose of evaluating the feasibility of purchasing the Asset and Recipient agrees not to use the Information, including any information derived from the Information, for any other purpose. 4. Limitation on Disclosure of Information. Recipient will not disclose to anyone, with exception to its disclosed consultants, the existence of or any other aspect of the Information or any information derived from the Information. 5. Prohibition Against Copying and Return of Materials. No copies of the Information shall be made or disclosed to anyone whatsoever without the prior written consent of Owner. Upon the completion of the above-described evaluation, or upon request by Owner, Recipient shall return to Owner all Information in the form that was provided to Recipient and any and all duplications thereof. 6. Damages. Recipient acknowledges and agrees that Owner has a substantial, material and proprietary interest in the Information and that if the Information or any other information protected under this Agreement is disclosed by Recipient in any respect whatsoever without Owner s prior written consent, Owner may suffer immediate and irreparable harm and may be substantially and materially damaged. 7. Remedies. In the event Recipient breaches any of the conditions set forth in this Agreement, Owner shall have the right to exercise all of its rights and remedies at law and equity, including, without limiting the generality of the foregoing, the right to obtain injunctive relief. The non-prevailing party shall pay all costs and expenses, Page 1

10 Fairway Shops including, without limitation, reasonable attorneys' fees incurred by the prevailing party in enforcing any of the covenants or conditions contained in this Agreement. 8. Agency. Owner is represented by Colliers, a licensed real estate broker in the State of Hawaii. Buyer shall be solely responsible for compensating its real estate agent and other consultants, if any. Recipient s Broker: (if not represented please write NONE ) Company: Agent: License No.: Address: City: State & Zip: Telephone: ( ) Fax: ( ) 9. No Waiver. No waiver by Owner of any breach hereunder shall be deemed a waiver of any other or subsequent breach. 10. No Oral Modifications. This Agreement may not be altered, amended, changed, waived, terminated or modified in any respect or particular unless the same shall be in writing and consented to by Owner and Recipient. 11. Successors and Assigns. This Agreement shall inure to the benefit of Owner and to its successors and assigns and be binding upon Recipient and its legal representatives, successors and assigns. 12. No Third Party Beneficiaries. This Agreement is not intended to confer any benefits upon any persons, firms, corporations or other entities except Owner and Recipient and their respective directors, officers, employees, managers, members and/or shareholders. 13. Choice of Law. This Agreement shall be construed, governed and enforced in accordance with the laws of the State of Hawaii without giving effect to principles of conflict of laws. 14. No Other Agreement. Recipient acknowledges that this Agreement is solely for the purpose of establishing the confidentiality of the Information and does not grant Recipient any exclusive or other rights in connection with the purchase of Owner s Asset. Page 2

11 Fairway Shops IN WITNESS WHEREOF, Recipient has executed this Agreement as of the day and year first hereinabove set forth. Recipient Signature Date Print Name Title Company/Organization Address City/State/Zip Telephone Facsimile Company/Organization Website Please return signed Confidentiality Agreement (preferably via in PDF format) to: COLLIERS INTERNATIONAL Attn: Mark D. Bratton* (R) CCIM Direct: Fax: S. King Street, Suite 1800 Honolulu, HI * Bratton Realty Advisers, Ltd., exclusively contracted to Colliers International Page 3