Ace/Cooks - Mansfield, TX

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1 , Two tenant net-leased building (Dallas/Fort Worth, TX MSA) Extremely desirable income demographics Strong Regional Credit Tenants 8.5% current cap rate (with bumps) Priced at $3,300,000 Managing Director Aaron Wimberly Investment Specialist Associate Each Office is Independently Owned and Operated Noble Crest Property Group 1301 S. Bowen Road, Suite 400 Arlington, TX (p) (f)

2 Real Estate Investment Details ANALYSIS Analysis Date: December 2011 PROPERTY Property: Property Address: Year Built: 2003 Ace/Cooks - Mansfield, TX PURCHASE INFORMATION Property Type: Retail Purchase Price: $3,300,000 Tenants: 2 Total Rentable Sq. Ft.: 27,935 Resale Valuation 8.25% (capitalization of noi) Resale Expenses: 4.5% FINANCIAL INFORMATION All Cash Discount Rate: 8.25% LOANS All Cash Debt Term Rate Payment LO Costs INCOME & EXPENSES CONTACT INFORMATION Gross Operating Income: $350,835 Monthly GOI: $29,236 Total Annual Expenses: ($70,216) Monthly Expenses: ($5,851) ken.wimberly@ncpgtexas.com Aaron Wimberly Aaron.Wimberly@ncpgtexas.com The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The information provided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of this software should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.

3 Property Overview

4 Property Description Millennium Retail Center Ace Hardware and CookChildren's Two tenant net-leased building (Dallas/Fort Worth, TX MSA) Extremely desirable income demographics 8.5% current cap rate (with bumps) Priced at $3,300,000 Noble Crest Property Group is pleased to present a two-tenant Retail building located at in the city of Mansfield, TX. The property is approximately 27,935 square feet and consists of Two (2) tenants; Ace Hardware occupies 20,215 Square Feet and Cook s Children's Medical Center occupies 7,720. Both tenants have NNN leases with rent bumps. The site has excellent demographics in a growing suburb in the Dallas/Fort Worth metro area. Learn more about Cook Children's here Learn more about Ace Hardware here

5 Maps and Aerials Millennium Retail Center Ace Hardware and CookChildren's Regional Map 1, 3 and 5 Mile Radius

6 Maps and Aerials Millennium Retail Center Ace Hardware and CookChildren's Aerial Zoom Aerial Labeled

7 Graphic Profile Prepared by Kenneth Wimberly Millenium Retail Center Latitude: Matlock Rd, Longitude: Ring: 3 miles radius Households 2010 Households by Income $100K-$150K (25.7%) $150K+ (13.9%) $75K-100K (22.5%) <$15K (2.2%) $15K-$25K (2.5%) $25K-35K (3.7%) $35K-$50K (9.5%) $50K-75K (20.1%) Population by Age 2010 Owner Occupied HUs by Value (15.8%) (8.6%) 65+ (5.5%) $ K (21.9%) $ K (7.0%) $ K (2.0%) $500K+ (1.9%) (17.8%) <5 (9.5%) <$100K (13.6%) (13.1%) 5-19 (25.0%) (4.8%) $ K (53.6%) 2010 Employed 16+ by Occupation 2010 Population by Race Construction (5.3%) Farm/Fish (0.1%) Admin Support (14.5%) Sales (12.3%) Services (13.9%) Maintenance/Repair (3.6%) Production (5.7%) Professional (21.4%) Transportation (5.0%) Mgmt/Business. (18.3%) Percent White 11.6 Black 0.8 Am. Ind. 4.3 Asn./Pac Percent Hispanic Origin: 20.7% 9.4 Other 3.4 Two+ Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

8 Graphic Profile Prepared by Kenneth Wimberly Millenium Retail Center Latitude: Matlock Rd, Longitude: Ring: 5 miles radius Households 2010 Households by Income $75K-100K (24.2%) $100K-$150K (22.6%) $150K+ (11.1%) <$15K (2.4%) $15K-$25K (2.6%) $25K-35K (3.9%) $35K-$50K (10.7%) $50K-75K (22.5%) Population by Age 2010 Owner Occupied HUs by Value (15.9%) (8.6%) 65+ (5.4%) $ K (16.5%) $ K (4.9%) $ K (1.2%) $500K+ (1.3%) (17.5%) <5 (9.3%) <$100K (18.0%) (13.5%) 5-19 (24.8%) $ K (58.1%) (5.1%) 2010 Employed 16+ by Occupation 2010 Population by Race Construction (4.8%) Farm/Fish (0.1%) Admin Support (14.9%) Sales (12.1%) Services (13.9%) Maintenance/Repair (3.8%) Production (5.9%) Professional (22.1%) Transportation (4.9%) Mgmt/Business. (17.4%) Percent White 14.5 Black Am. Ind. Asn./Pac Percent Hispanic Origin: 21.6% 9.7 Other 3.6 Two+ Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

9 Graphic Profile Prepared by Kenneth Wimberly Millenium Retail Center Latitude: Matlock Rd, Longitude: Ring: 7 miles radius Households 2010 Households by Income $100K-$150K (20.6%) $150K+ (9.5%) $75K-100K (24.1%) $50K-75K (23.6%) <$15K (3.1%) $15K-$25K (2.9%) $25K-35K (4.4%) $35K-$50K (11.9%) Population by Age 2010 Owner Occupied HUs by Value (16.0%) (9.4%) (16.5%) 65+ (5.8%) <5 (8.8%) $ K (13.2%) $ K (3.7%) $ K (1.0%) $500K+ (1.3%) <$100K (22.2%) $ K (58.7%) (14.0%) 5-19 (24.0%) (5.5%) 2010 Employed 16+ by Occupation 2010 Population by Race Construction (4.5%) Farm/Fish (0.1%) Admin Support (15.6%) Maintenance/Repair (3.8%) Production (6.1%) Transportation (4.9%) Sales (12.3%) Mgmt/Business. (17.1%) Services (13.5%) Professional (22.1%) Percent White 15.7 Black Am. Ind. Asn./Pac Percent Hispanic Origin: 22.0% 9.8 Other 3.6 Two+ Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

10 Investment Details

11 Executive Summary ACQUISITION COSTS Purchase Price, Points and Closing Costs $3,300,000 Investment - Cash $3,300,000 INVESTMENT INFORMATION Purchase Price $3,300,000 Price per Tenant $1,650,000 Price per Sq. Ft. $ INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $350,835 Total Vacancy and Credits $0 Operating Expenses ($70,216) Net Operating Income $280,619 Debt Service $0 Cash Flow Before Taxes $280,619 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 8.50% Optimal Internal Rate of Return (yr 1) 10.48% Debt Coverage Ratio N/A Capitalization Rate 8.50% Gross Income / Square Feet $12.56 Gross Expenses / Square Feet ($2.51) Operating Expense Ratio 20.01%

12 Tenant Mix Report TENANT MIXES Suite Tenants Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly 100 Westlake Ace $14,319 $14,319 $14,319 $14, Cook Children's 7720 $9,007 $9,007 $9,007 $9, ,935 $23,326 $23,326 TENANT MIX TENANT MIX SQUARE FEET Westlake Ace Hardware Cook Children's Medical Center Westlake Ace Hardware Cook Children's Medical Center TENANT MIX INCOME TENANT MIX MARKET INCOME Westlake Ace Hardware Cook Children's Medical Center Westlake Ace Hardware Cook Children's Medical Center

Lease Rent Roll Suite Tenant Start Date Expire Date RSF $/RSF Annualized Rent Tenant Improvements Commissions Renewal Term Renewal Increase Notes 100 Westlake Ace Hardware 11/10/2007 06/30/2016

13 Lease Rent Roll Suite Tenant Start Date Expire Date RSF $/RSF Annualized Rent Tenant Improvements Commissions Renewal Term Renewal Increase Notes 100 Westlake Ace Hardware 11/10/ /30/ ,215 $8.50 $171,828 $0.00 $ years $1, (3) 5yr options $10.00 psf, $11.00 psf, $12.00 psf 200 Cook Children's Medical Center 10/01/ /31/2016 7,720 $14.00 $108,080 $0.00 $ year $0.00 (1) 5yr $16.00 psf, $5 psf TI allowance

14 Cash Flow Analysis Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 GROSS SCHEDULED INCOME $350,835 $362,136 $363,216 $368,945 $370,848 $371,910 $371,910 $371,910 $371,910 $372,675 Total Operating Expenses ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) NET OPERATING INCOME $280,619 $291,920 $293,000 $298,729 $300,632 $301,694 $301,694 $301,694 $301,694 $302,459 Loan Payment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NET CASH FLOW (b/t) $280,619 $291,920 $293,000 $298,729 $300,632 $301,694 $301,694 $301,694 $301,694 $302,459 Cash On Cash Return b/t 8.50% 8.85% 8.88% 9.05% 9.11% 9.14% 9.14% 9.14% 9.14% 9.17% Footnotes: b/t = before taxes;a/t = after taxes

15 Annual Property Operating Data Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income $284,119 $295,420 $296,500 $302,229 $304,132 $305,194 $305,194 $305,194 $305,194 $305,959 Expense Reimbursements $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 GROSS SCHEDULED INCOME $350,835 $362,136 $363,216 $368,945 $370,848 $371,910 $371,910 $371,910 $371,910 $372,675 GROSS OPERATING INCOME $350,835 $362,136 $363,216 $368,945 $370,848 $371,910 $371,910 $371,910 $371,910 $372,675 Expenses Replacement Reserves ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) Building Insurance ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) Grounds Maintenance ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) Taxes - Real Estate ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) Utilities - Irrigation Meter ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) TOTAL OPERATING EXPENSES ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) NET OPERATING INCOME $280,619 $291,920 $293,000 $298,729 $300,632 $301,694 $301,694 $301,694 $301,694 $302,459

16 Investment Returns

17 Investment Return Analysis Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Cash Flow - To Date $280,619 $572,539 $865,539 $1,164,268 $1,464,900 $1,766,594 $2,068,287 $2,369,981 $2,671,674 $2,974,133 Net Resale Proceeds $3,365,107 $3,362,770 $3,414,230 $3,421,419 $3,418,856 $3,404,008 $3,389,159 $3,374,311 $3,368,326 $3,366,651 Invested Capital ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) ($3,300,000) Net Return on Investment $345,726 $635,309 $979,769 $1,285,687 $1,583,756 $1,870,601 $2,157,446 $2,444,292 $2,740,000 $3,040,785 Internal Rate of Return 10.48% 9.57% 9.78% 9.60% 9.45% 9.31% 9.21% 9.14% 9.11% 9.10% Modified IRR 10.48% 9.52% 9.66% 9.45% 9.27% 9.12% 9.01% 8.93% 8.88% 8.85% NPV (cash flow + reversion) $67,876 $78,084 $130,928 $148,584 $159,215 $162,192 $165,645 $169,485 $177,974 $188,338 PV (NOI + reversion) $3,380,886 $3,402,773 $3,465,441 $3,491,280 $3,508,646 $3,517,084 $3,524,878 $3,532,079 $3,543,073 $3,554,849 Footnotes: a/t = after taxes; Modified IRR = Modified Internal Rate of Return; PV = Present Value; NPV = Net Present Value; NOI = Net Operating Income Reversion = Amount received from the resale; Net Return on Investment = Cash Flow (a/t To Date) + Net Proceeds from Resale - Invested Capital.

18 Cash In Cash Out Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Rental Income $284,119 $295,420 $296,500 $302,229 $304,132 $305,194 $305,194 $305,194 $305,194 $305,959 Expense Reimbursements $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 $66,716 GROSS SCHEDULED INCOME $350,835 $362,136 $363,216 $368,945 $370,848 $371,910 $371,910 $371,910 $371,910 $372,675 GROSS OPERATING INCOME $350,835 $362,136 $363,216 $368,945 $370,848 $371,910 $371,910 $371,910 $371,910 $372,675 Expenses Replacement Reserves ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) ($3,500) Building Insurance ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) ($7,416) Grounds Maintenance ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) ($9,000) Taxes - Real Estate ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) ($49,000) Utilities - Irrigation Meter ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) ($1,300) TOTAL OPERATING EXPENSES ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) ($70,216) NET OPERATING INCOME $280,619 $291,920 $293,000 $298,729 $300,632 $301,694 $301,694 $301,694 $301,694 $302,459 Debt Service Loan Interest $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Principal Payments $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 NET CASH FLOW (b/t) $280,619 $291,920 $293,000 $298,729 $300,632 $301,694 $301,694 $301,694 $301,694 $302,459 Footnotes: Cash Flow IRR based upon net cash flow and principle payments

19 Cash In Cash Out Description Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Cash Flow IRR N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Projected Property Value $3,538,418 $3,551,519 $3,620,952 $3,644,027 $3,656,891 $3,656,891 $3,656,891 $3,656,891 $3,666,172 $3,679,165 Resale Expenses ($159,229) ($159,818) ($162,943) ($163,981) ($164,560) ($164,560) ($164,560) ($164,560) ($164,978) ($165,562) Proceeds b/f Debt Payoff $3,379,189 $3,391,700 $3,458,009 $3,480,046 $3,492,331 $3,492,331 $3,492,331 $3,492,331 $3,501,194 $3,513,602 Loan Principal Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Replacement Reserves $3,500 $7,000 $10,500 $14,000 $17,500 $21,000 $24,500 $28,000 $31,500 $35,000 Net Proceeds From Sale $3,382,689 $3,398,700 $3,468,509 $3,494,046 $3,509,831 $3,513,331 $3,516,831 $3,520,331 $3,532,694 $3,548,602 Net Resale IRR 11.01% 10.09% 10.27% 10.07% 9.89% 9.73% 9.62% 9.53% 9.48% 9.45% Footnotes: Cash Flow IRR based upon net cash flow and principle payments

20 Additional Information

Professional Biographies Noble Crest Property Group KEN WIMBERLY, CCIM Kenneth F.

site selection, bank REO s, and buyer/tenant representation. His clients include commercial developers, residential developers, homebuilders, banks, and private investors.

(NCC), and previously served as an agent for Ritter and Associates Real Estate, specializing in land sales.

21 Professional Biographies Noble Crest Property Group KEN WIMBERLY, CCIM Kenneth F. Wimberly serves as Managing Director for KW Commercial (Noble Crest Property Group), specializing in investment sales with a strong background in land sales, lot sales and acquisition, syndications, site selection, bank REO s, and buyer/tenant representation. His clients include commercial developers, residential developers, homebuilders, banks, and private investors. Prior to joining KW Commercial, Wimberly served as a Senior Advisor at Sperry Van Ness. He is founder and president of a real estate investment firm, Noble Crest Capital, Inc. (NCC), and previously served as an agent for Ritter and Associates Real Estate, specializing in land sales. Wimberly served his country as an aircrew member flying aboard EP-3E aircraft as a CTR (cryptologist technician Morse code) for the United States Navy, stationed in Misawa, Japan. He has also worked in the insurance/investment field and has held the Series 6, Series 7, and Series 63 investment licenses and the Group I insurance license. He received his CCIM designation in 2010 and is currently pursuing his ALC (Accredited Land Counselor) designation. Wimberly is a member of the Greater Fort Worth Association of Realtors, the Texas Association of Realtors, and the Society of Commercial Realtors. Additionally, he served as the 2008 Chairman of the Board of Directors for the Society of Commercial Realtors in Fort Worth and has previously served on the RCA/Governing Council of the Texas Association of Realtors. He is active in his community and volunteers his time as a Big in the Big Brothers/Big Sisters program. He has two children, Knox (son) and Grace (daughter). The family enjoys outdoor activities, traveling, board games, and Texas Hold em poker. AARON WIMBERLY Aaron S. Wimberly, joined KW Commercial, Noble Crest Property Group to focus on Marketing, Buyer/Tenant Representation and Investment Sales. Aaron has lived in the metroplex his entire life. He attended The University of Texas at Arlington. For the last fifteen years Aaron worked for an Engineering/Land Surveying firm, serving as Project Manager and Vice President. The knowledge he gained during his time there will serve as a great base for his commercial real estate career. He will soon begin his path to earning his CCIM designation.

22 Information About Brokerage Services Noble Crest Property Group B efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of sub agency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with the The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) Shall treat all parties honestly; (2) May not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) May not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) May not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under the Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding..

Dolex Building Investment

Dolex Building Investment For more information contact: VP of Investments John@CREfirm.com Jerad Rector President 214-281-8616 Jerad@CREfirm.com Corporate Guaranty Sale/Lease back Absolute NNN lease 5 year term with 2, 5 year options