The Village JUPITER (PALM BEACH COUNTY), FLORIDA. Core South Florida The Fresh Market-Anchored Investment Opportunity

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1 The Village JUPITER (PALM BEACH COUNTY), FLORIDA Core South Florida The Fresh Market-Anchored Investment Opportunity

2 The Village Holliday Fenoglio Fowler, L.P. ( HFF ) is pleased to exclusively offer for sale The Fresh Market Village ( the Property ), a highly successful 55,046 square feet The Fresh Market anchored neighborhood shopping center located in the affluent northern Palm Beach County community of Jupiter, FL. Originally completed in 1989, the Property was substantially redeveloped in 2014, including the addition of Starbucks and a new 20,864 square foot The Fresh Market. The Fresh Market Village s unique combination of a strong performing specialty grocer, prime infill location, and ideal demographics coupled with an attractive revenue growth profile represents a truly rare investment opportunity within South Florida. 2 PROPERTY SUMMARY Address: Site Size (Acres): ± E Indiantown Road Jupiter, FL Year Built: 1989; redeveloped in 2014 Area: 55,046 SF Occupancy: 98.4% Major Tenants: Tenant GLA % of Total Parking: The Fresh Market 20,864 SF 37.9% Casa Mia 4,392 SF 8.0% Mattress Firm 4,200 SF 7.6% Boston Market 2,963 SF 5.4% Starbucks 1,778 SF 3.2% 296 spaces (5.38 per 1,000 SF) Traffic Counts: Indiantown Road 31,000 vpd

3 55,046 ± % 61% ±30% 99,623 $109,390 SQUARE FEET ACRES OCCUPIED NATIONALS 10-YEAR NOI GROWTH RESIDENTS* AVG. HH INCOME* *5-MILE RADIUS *5-MILE RADIUS Opportunity to remerchandise legacy tenants and leverage The Fresh Market Effect OCCUPIED AVAILABLE Long-term lease with dominant specialty grocer Beres Design Group Optical Oasis 2 Vinez Pineapple, Palms Too Strong leasing momentum with recent addition of national retailers Boston Market INTRACOASTAL POINTE DRIVE Breathe Salt & Yoga C. Orrico Gretchen Scott The Mixed Bag Edward Johns Available Modern Juice Co. Starbucks The Fresh Market 20,864 SF Casa Mia Trattoria & Pizzerria Massage Envy Mattress Firm FISHERMAN S WHARF DRIVE INDIANTOWN ROAD (SR 706) (31,000 VPD) 3

4 The Village TOWN OF JUPITER INLET Home sales range from $1M to $7.2M HARBOURSIDE PLACE WHITE HOUSE BLACK MARKET TOMMY BAHAMA CHICO S FRANCESCA S COLLECTIONS JUPITER DUNES GOLF COURSE ATLANTIC OCEAN SHOPPES OF JUPITER CINEPOLIS BEALLS DEPARTMENT STORE STAPLES GOLD S GYM JUPITER SQUARE PUBLIX OCEAN WALK Home sales range from $700K to $1M CARLIN PARK LOXAHATCHEE RIVER JUPITER YACHT CLUB Federal Highway (26,500 VPD) CASA MIA MASSAGE ENVY MATTRESS FIRM Indiantown Road (31,000 VPD) LAKE WORTH CREEK WATERWAY PARK PUBLIC DEVELOPMENT 3 boat ramps, fishing pier, and an overlook FRESH MARKET EDWARD JONES STARBUCKS JONATHAN S LANDING GOLF CLUB Home sales range from $660K to $2.1M BOSTON MARKET 4 SEAGRAPE SQUARE VALLEY NATIONAL BANK DUFFY S SPORTS GRILL

5 INVESTMENT HIGHLIGHTS GOURMET GROCERY ANCHOR The Fresh Market opened at the Property in May 2014, providing a critical grocery component that is ideally tailored to cater to the affluent customer base residing within the surrounding communities. The Fresh Market s location at the Property is the dominant specialty grocer serving the Jupiter area and draws from an extended trade area with the nearest specialty grocer located over 6 miles to the south. REMERCHANDISING LEGACY TENANCY WITH SIGNIFICANT MARK-TO-MARKET POTENTIAL Rental rates within the center have increased substantially since The Fresh Market s opening in May Rental rates for existing shop tenants renewing post The Fresh Market opening have increased on average by ±45% (or ±$9.00 per square foot) with limited concessions. Recent new shop tenant leases executed at the Property average ±$36.00 per square foot compared with an average in-place shop rents for legacy tenants of ±$27.00 per square foot, representing a substantial tenant remerchandising and mark-to-market opportunity to leverage The Fresh Market s anchor tenancy. TREMENDOUS NOI GROWTH CORE WITH MORE Nearly all of the tenant leases, including the anchor tenant, contain meaningful contractual rental rate escalations. The combination of contractual rental rate increases and significant mark-to-market potential provide The Fresh Market Village with an attractive income growth profile. Net operating income at the Property is projected to grow over 30% over the next ten years (±3.0% CAGR). 5

6 PRIME INFILL LOCATION Located along Indiantown Road, one of northern Palm Beach County s busiest roadways, just west of Federal Highway and the Atlantic Ocean, the Property benefits from an infill coastal location with high barriers to entry for new large-scale commercial development. Jensen Beach Port Salerno Atlantic Ocean 6 PROVEN RETAIL CORRIDOR WITH OUTSTANDING MARKET FUNDAMENTALS AND STRONG CO-TENANCY Indiantown Road is Jupiter s primary east-west thoroughfare and retail corridor. Retail occupancy along Indiantown Road is currently 97.4%. The Indiantown Road corridor has experienced four years of consecutive rental rate growth, increasing over 25% since The Fresh Market Village benefits from strong national retailer co-tenancy within immediate proximity, including TJ Maxx, Ross Dress for Less, Shoe Carnival, Petco, Publix, CVS, Walgreens, Cinépolis, Bealls Department Store, White House Black Market, Chico s, Francesca s, and Tommy Bahama to name a few. EXCEPTIONAL DEMOGRAPHIC PROFILE The Fresh Market Village s trade area offers the optimal profile of population density, growth and affluence. The Property is located at the epicenter of the upscale communities of Jupiter, Tequesta, Jupiter Inlet Colony, and Juno Beach. The average household income within a three-mile radius is an impressive $106,736, which substantially exceeds state ($67,858) and county ($80,473) averages. DEMOGRAPHIC SUMMARY 1-Mile 3-Mile 5-Mile 2016 Population 7,991 56,729 99, Projection 8,566 60, ,785 Growth % 7.07% 7.19% 2016 Est. Average Household Income $110,685 $106,736 $109,390 % of Population with Bachelor s Degree or Higher 41.50% 43.66% 45.70% 2016 Est. Median Home Value $374,447 $342,362 $359,113 Average Age (years) Source: Claritas Bee Line Highway Loxahatchee 710 Cypress Creek Natural Area Indiantown Road Northlake Boulevard Royal Palm Beach PGA Boulevard Palm Beach Gardens Okeechobee Blvd. 809 Jupiter Island 811 PALM BEACH INTERNATIONAL AIRPORT JUPITER 1 Juno Beach N. Palm Beach WEST PALM BEACH Lake Worth

7 DIVERSE TENANT ROSTER WITH LIMITED ROLLOVER The Fresh Market Village has attracted a prominent roster of national tenants which comprise 61% of the Property s GLA and account for 63% of the Property s revenue. The Property s tenant line-up features a synergistic mix of grocery, service, dining, and general retail uses that is ideally suited for a neighborhood center. The Property offers outstanding cash flow stability with an average lease term remaining of ±8 years and less than 7% of the GLA set to expire within the first three years of the projection. LIMITED CAPITAL OUTLAY A new owner s capital expenditures will be limited over the intermediate term as a result of the substantial redevelopment that was completed in 2014, allowing a new owner to focus on remerchandising and curating the tenant mix. 7

8 PRESENTED BY INVESTMENT SALES DANNY FINKLE Senior Managing Director LUIS CASTILLO Managing Director NAT SCARMAZZI Associate Director ERIC WILLIAMS Director Analyst KIM FLORES Director Analyst MEGAN FITZPATRICK Analyst DEBT PLACEMENT CHRIS DREW Managing Director BRIAN GASWIRTH Associate Director Holliday Fenoglio Fowler, L.P. a Florida licensed real estate broker. HFF has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit or follow HFF on Twitter at