CoStar Retail Statistics. Y e a r - E n d Milwaukee Retail Market

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1 CoStar Retail Statistics Y e a r - E n d

2 Year-End 2016 Milwaukee Table of Contents Table of Contents A Methodology B Terms & Definitions C Market Highlights & Overview CoStar Markets & Submarkets Inventory & Development Analysis Inventory & Development Analysis Select Top Deliveries Select Top Under Construction Properties Figures at a Glance Figures at a Glance by Building Type & Market Figures at a Glance by Building Type & Submarket Historical Figures at a Glance Leasing Activity Analysis Select Top Lease Transactions Sales Activity Analysis Sales Activity Analysis Select Top Sales Transactions Analysis of Individual CoStar Submarket Clusters Dodge County Market Downtown Market Fond du Lac County Market Milwaukee County Market Ozaukee County Market Racine County Market Sheboygan County Market Walworth County Market Washington County Market Waukesha County Market 2017 CoStar Group, Inc. CoStar Retail Statistics A

3 Milwaukee Year-End 2016 Methodology The CoStar Retail Statistics calculates Retail statistics using CoStar Group's base of existing, under construction and under renovation Retail buildings in each given metropolitan area. All Retail building types are included, including Community Center, Freestanding Retail, Neighborhood Center, Power Center, Regional Mall, Specialty Center and Unanchored Strip Center, in both single-tenant and multi-tenant buildings, including owner-occupied buildings. CoStar Group's global database includes approximately 95.6 billion square feet of coverage in 4.4 million properties. All rental rates reported in CoStar Retail Statistics are calculated using Triple Net (NNN) rental rates. For information on subscribing to CoStar s other products and services, please contact us at COSTAR, or visit our web site at Copyright 2017 CoStar Group, Inc. All Rights Reserved. Although CoStar makes efforts to ensure the accuracy and reliability of the information contained herein, CoStar makes no guarantee, representation or warranty regarding the quality, accuracy, timeliness or completeness of the information. The publication is provided as is and CoStar expressly disclaims any guarantees, representations or warranties of any kind, including those of MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. CoStar Group, Inc L ST NW Washington, DC (800) NASDAQ: CSGP B CoStar Retail Statistics 2017 CoStar Group, Inc.

4 Year-End 2016 Milwaukee Terms & Definitions Anchor Tenant: A large national or regional retailer that serves as a primary draw for a shopping center; a store strategically located in a retail property in order to enhance, bring attention to, or increase traffic at the property. Sometimes called a destination tenant, usually these tenants lease at least 25,000 SF. Availability Rate: The ratio of available space to total rentable space, calculated by dividing the total available square feet by the total rentable square feet. Available Space: The total amount of space that is currently being marketed as available for lease in a given time period. It includes any space that is available, regardless of whether the space is vacant, occupied, available for sublease, or available at a future date. Buyer: The individual, group, company, or entity that has purchased a commercial real estate asset. Cap Rate: Short for capitalization rate. The Cap Rate is a calculation that reflects the relationship between one year s net operating income and the current market value of a particular property. The Cap Rate is calculated by dividing the annual net operating income by the sales price (or asking sales price). Community Center: A shopping center development that has a total square footage between 100, ,000 SF. Generally will have 2-3 large anchored tenants, but not department store anchors. Community Center typically offers a wider range of apparel and other soft goods than the Neighborhood Center. Among the more common anchors are supermarkets and super drugstores. Community Center tenants sometime contain retailers selling such items as apparel, home improvement/furnishings, toys, electronics or sporting goods. The center is usually configured as a strip, in a straight line, or an L or U shape. Construction Starts: Buildings that began construction during a specific period of time. (See also: Deliveries) Deliveries: Buildings that complete construction during a specified period of time. In order for space to be considered delivered, a certificate of occupancy must have been issued for the property. Delivery Date: The date a building completes construction and receives a certificate of occupancy. Developer: The company, entity or individual that transforms raw land to improved property by use of labor, capital and entrepreneurial efforts. Direct Space: Space that is being offered for lease directly from the landlord or owner of a building, as opposed to space being offered in a building by another tenant (or broker of a tenant) trying to sublet a space that has already been leased. : The square footage of buildings that have received a certificate of occupancy and are able to be occupied by tenants. It does not include space in buildings that are either planned, under construction or under renovation. Freestanding Retail: Single tenant building with a retail tenant. Examples include video stores, fast food restaurant, etc. Full Service Rental Rate: Rental rates that include all operating expenses such as utilities, electricity, janitorial services, taxes and insurance. General Retail: Typically are single tenant freestanding generalpurpose commercial buildings with parking. Many single retail buildings fall into this use code, especially when they don t meet any of the more detailed use code descriptions. Growth in Inventory: The change in size of the existing square footage in a given area over a given period of time, generally due to the construction of new buildings. Landlord Rep: (Landlord Representative) In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the owner/landlord is referred to as the Landlord Rep. Leased Space: All the space that has a financial lease obligation. It includes all leased space, regardless of whether the space is currently occupied by a tenant. Leased space also includes space being offered for sublease. Leasing Activity: The volume of square footage that is committed to and signed under a lease obligation for a specific building or market in a given period of time. It includes direct leases, subleases and renewals of existing leases. It also includes any pre-leasing activity in planned, under construction, or under renovation buildings. Lifestyle Center: An upscale, specialty retail, main street concept shopping center. An open center, usually without anchors, about 300,000 SF GLA or larger, located near affluent neighborhoods, includes upscale retail, trendy restaurants and entertainment retail. Nicely landscaped with convenient parking located close to the stores. Mall: The combined retail center types of Lifestyle Center, Regional Mall and Super Regional Mall. Market: Geographic boundaries that serve to delineate core areas that are competitive with each other and constitute a generally accepted primary competitive set of areas. Markets are building-type specific, and are non-overlapping contiguous geographic designations having a cumulative sum that matches the boundaries of the entire Region (See also: Region). Markets can be further subdivided into Submarkets. (See also: Submarkets) Multi-Tenant: Buildings that house more than one tenant at a given time. Usually, multi-tenant buildings were designed and built to accommodate many different floor plans and designs for different tenant needs. (See also: Tenancy). Neighborhood Center: Provides for the sales of convenience goods (food, drugs, etc.) and personal services (laundry, dry cleaning, etc.) for day-to-day living needs of the immediate neighborhood with a supermarket being the principal tenant. In theory, the typical GLA is 50,000 square feet. In practice, the GLA may range from 30,000 to 100,000 square feet. Net Absorption: The net change in occupied space over a given period of time. Unless otherwise noted Net Absorption includes direct and sublease space. New Space: Sometimes called first generation space, refers to space that has never been occupied and/or leased by a tenant. Occupied Space: Space that is physically occupied by a tenant. It does not include leased space that is not currently occupied by a tenant. Outlet Center: Usually located in a rural or occasionally in a tourist location, an Outlet Center consists of manufacturer s outlet stores selling their own brands at a discount. 50, ,000 SF. An Outlet Center does not have to be anchored. A strip configuration is most common, although some are enclosed malls and others can be arranged in a village cluster. Owner: The company, entity, or individual that holds title on a given building or property. Planned/Proposed: The status of a building that has been announced for future development but not yet started construction. Power Center: The center typically consists of several freestanding (unconnected) anchors and only a minimum amount of small specialty tenants. 250, ,000 SF. A Power Center is dominated by several large anchors, including discount department stores, offprice stores, warehouse clubs, or "category killers," i.e., stores that offer tremendous selection in a particular merchandise category at low prices. Preleased Space: The amount of space in a building that has been leased prior to its construction completion date, or certificate 2017 CoStar Group, Inc. CoStar Retail Statistics C

5 Milwaukee Year-End 2016 of occupancy date. Price/SF: Calculated by dividing the price of a building (either sales price or asking sales price) by the Rentable Building Area (RBA). Quoted Rental Rate: The asking rate per square foot for a particular building or unit of space by a broker or property owner. Quoted rental rates may differ from the actual rates paid by tenants following the negotiation of all terms and conditions in a specific lease. RBA: Abbreviation for Rentable Building Area. (See also: Rentable Building Area) Region: Core areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Regions are further divided into market areas, called Markets. (See also: Markets) Regional Mall: Provides shopping goods, general merchandise, apparel, and furniture, and home furnishings in full depth and variety. It is built around the full-line department store with a minimum GLA of 100,000 square feet, as the major drawing power. For even greater comparative shopping, two, three, or more department stores may be included. In theory a regional center has a GLA of 400,000 square feet, and may range from 300,000 to more than 1,000,000 square feet. Regional centers in excess of 750,000 square feet GLA with three or more department stores are considered Super Regional. (See also: Super Regional Mall). Relet Space: Sometimes called second generation or direct space, refers to existing space that has previously been occupied by another tenant. Rentable Building Area: (RBA) The total square footage of a building that can be occupied by, or assigned to a tenant for the purpose of determining a tenant s rental obligation. Generally RBA includes a percentage of common areas including all hallways, main lobbies, bathrooms, and telephone closets. Rental Rates: The annual costs of occupancy for a particular space quoted on a per square foot basis. Sales Price: The total dollar amount paid for a particular property at a particular point in time. Sales Volume: The sum of sales prices for a given group of buildings in a given time period. Seller: The individual, group, company, or entity that sells a particular commercial real estate asset. SF: Abbreviation for Square Feet. Shopping Center: The combined retail center types of Community Center, Neighborhood Center and Strip Center. Single-Tenant: Buildings that are occupied, or intended to be occupied by a single tenant. (See also: Build-to-suit and Tenancy) Specialty Center: The combined retail center types of Airport Retail, Outlet Center and Theme/Festival Center. Sports & Entertainment: A facility suited for recreational activities, including: Amusement Facility, Aquatic Facility/Swimming Pool, Bowling Alley, Casino/Gaming Facility, Equestrian Center/Stable, Fitness, Court and Spa Facility, Golf Related, Racetrack, Skating Rink, Ski Resort, Sports Arena/Stadium, and Theatre/Performing Art Facility. Strip Center: A strip center is an attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linking the stores. A strip center may be configured in a straight line, or have an "L" or "U" shape. Sublease Space: Space that has been leased by a tenant and is being offered for lease back to the market by the tenant with the lease obligation. Sublease space is sometimes referred to as sublet space. Submarkets: Specific geographic boundaries that serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted primary competitive set, or peer group. Submarkets are building type specific (office, industrial, retail, etc.), with distinct boundaries dependent on different factors relevant to each building type. Submarkets are non-overlapping, contiguous geographic designations having a cumulative sum that matches the boundaries of the Market they are located within (See also: Market). Super Regional Mall: Similar to a regional mall, but because of its larger size, a super regional mall has more anchors, a deeper selection of merchandise, and draws from a larger population base. As with regional malls, the typical configuration is as an enclosed mall, frequently with multiple levels (See also: Regional Mall). Tenancy: A term used to indicate whether or not a building is occupied by multiple tenants (See also: Multi-tenant) or a single tenant. (See also: Single-tenant) Tenant Rep: Tenant Rep stands for Tenant Representative. In a typical lease transaction between an owner/landlord and tenant, the broker that represents the interests of the tenant is referred to as a Tenant Rep. Theme/Festival Center: These centers typically employ a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. Sometimes the biggest appeal of these centers is to tourists; they can be anchored by restaurants and entertainment facilities. These centers, generally located in urban areas, tend to be adapted from older, sometimes historic, buildings, and can be part of mixed-use projects. 80, ,000 SF. Under Construction: Buildings in a state of construction, up until they receive their certificate of occupancy. In order for CoStar to consider a building under construction, the site must have a concrete foundation in place. Abbreviated UC. Rate: A measurement expressed as a percentage of the total amount of physically vacant space divided by the total amount of existing inventory. Under construction space generally is not included in vacancy calculations. Vacant Space: Space that is not currently occupied by a tenant, regardless of any lease obligation that may be on the space. Vacant space could be space that is either available or not available. For example, sublease space that is currently being paid for by a tenant but not occupied by that tenant, would be considered vacant space. Likewise, space that has been leased but not yet occupied because of finish work being done, would also be considered vacant space. Weighted Average Rental Rate: Rental rates that are calculated by factoring in, or weighting, the square footage associated with each particular rental rate. This has the effect of causing rental rates on larger spaces to affect the average more than that of smaller spaces. The weighted average rental rate is calculated by taking the ratio of the square footage associated with the rental rate on each individual available space to the square footage associated with rental rates on all available spaces, multiplying the rental rate by that ratio, and then adding together all the resulting numbers. Unless specifically specified otherwise, rental rate averages include both Direct and Sublet available spaces. Year Built: The year in which a building completed construction and was issued a certificate of occupancy. YTD: Abbreviation for Year-to-Date. Describes statistics that are cumulative from the beginning of a calendar year through whatever time period is being studied. D CoStar Retail Statistics 2017 CoStar Group, Inc.

6 Overview Year-End 2016 Milwaukee Milwaukee s Increases to 6.2% Net Absorption Positive 119,357 SF in the Quarter The Milwaukee retail market did not experience much change in market conditions in the fourth quarter The vacancy rate went from 6.1% in the previous quarter to 6.2% in the current quarter. Net absorption was positive 119,357 square feet, and vacant sublease space decreased by 62,289 square feet. Quoted rental rates decreased from third quarter 2016 levels, ending at $10.71 per square foot per year. A total of 17 retail buildings with 297,615 square feet of retail space were delivered to the market in the quarter, with 1,497,489 square feet still under construction at the end of the quarter. Net Absorption Retail net absorption was slightly positive in Milwaukee fourth quarter 2016, with positive 119,357 square feet absorbed in the quarter. In third quarter 2016, net absorption was positive 755,591 square feet, while in second quarter 2016, absorption came in at positive 516,959 square feet. In first quarter 2016, negative 275,672 square feet was absorbed in the market. Tenants moving out of large blocks of space in 2016 include: Target moving out of 116,177 square feet at Northridge Plaza W Brown Deer Rd; and Pick N Save moving out of 111,250 square feet at Clarke Square Shopping Center W National Ave. Tenants moving into large blocks of space in 2016 include: Meijer moving into 206,200 square feet at E Sunset Dr.; At Home moving into 120,000 square feet at 4595 S 27th St; and Metro Market moving into 90,320 square feet at 4075 N Oakland Ave. Milwaukee s retail vacancy rate increased in the fourth quarter 2016, ending the quarter at 6.2%. Over the past four quarters, the market has seen an overall decrease in the vacancy rate, with the rate going from 6.6% in the first quarter 2016, to 6.5% at the end of the second quarter 2016, 6.1% at the end of the third quarter 2016, to 6.2% in the current quarter. The amount of vacant sublease space in the Milwaukee market has trended down over the past four quarters. At the end of the first quarter 2016, there were 381,373 square feet of vacant sublease space. Currently, there are 325,689 square feet vacant in the market. Largest Lease Signings The largest lease signings occurring in 2016 included: the 58,000 square-foot lease signed by Steinhafels at 8580 Sura Ln; the 32,714 square-foot deal signed by Fresh Thyme Market at Appleton Ave; and the 30,810 square-foot lease signed by Bob s Discount Furniture at Marketplace of Brown Deer Green Bay Ave. Rental Rates Average quoted asking rental rates in the Milwaukee retail market are down over previous quarter levels, and down from their levels four quarters ago. Quoted rents ended the fourth quarter 2016 at $10.71 per square foot per year. That compares to $10.90 per square foot in the third quarter 2016, and $10.95 per square foot at the end of the first quarter This represents a 1.7% decrease in rental rates in the current quarter, and a 2.24% decrease from four quarters ago. Inventory & Construction During the fourth quarter 2016, 17 buildings totaling Rates by Building Type Power Center Specialty Center General Retail Shopping Center Mall Total Market 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% q q q q q q q q q q q 2017 CoStar Group, Inc. CoStar Retail Statistics 1

7 Milwaukee Year-End 2016 Overview 297,615 square feet were completed in the Milwaukee retail market. Over the past four quarters, a total of 1,279,415 square feet of retail space has been built in Milwaukee. In addition to the current quarter, seven buildings with 314,793 square feet were completed in third quarter 2016, 16 buildings totaling 399,273 square feet completed in second quarter 2016, and 267,734 square feet in 12 buildings completed in first quarter There were 1,497,489 square feet of retail space under construction at the end of the fourth quarter Some of the notable 2016 deliveries include: the 206,200- square-foot Meijer that delivered in third quarter 2016, and the 191,350-square-foot Meijer at N51W24953 Lisbon Rd. that delivered in second quarter Total retail inventory in the Milwaukee market area amounted to 142,476,464 square feet in 13,435 buildings and 724 centers as of the end of the fourth quarter Shopping Center The Shopping Center market in Milwaukee currently consists of 696 projects with 35,778,751 square feet of retail space in 1,175 buildings. In this report the Shopping Center market is comprised of all Community Center, Neighborhood Center, and Strip Centers. After absorbing 100,091 square feet and delivering no new space in the current quarter, the Shopping Center sector saw the vacancy rate go from 10.0% at the end of the third quarter 2016 to 10.3% this quarter. Over the past four quarters, the Shopping Center vacancy rate has gone from 11.0% at the end of the first quarter 2016, to 11.1% at the end of the second quarter 2016, to 10.0% at the end of the third quarter 2016, and finally to 10.3% at the end of the current quarter. Rental rates ended the fourth quarter 2016 at $10.66 per square foot, down from the $10.79 they were at the end of third quarter Rental rates have trended down over the past year, going from $11.09 per square foot a year ago to their current levels. Net absorption in the Shopping Center sector has totaled 311,577 square feet over the past four quarters. In addition to the negative 100,091 square feet absorbed this quarter, positive 391,624 square feet was absorbed in the third quarter 2016, positive 9,194 square feet was absorbed in the second quarter 2016, and positive 10,850 square feet was absorbed in the first quarter Power Centers The Power Center average vacancy rate was 12.9% in the fourth quarter With negative 28,596 square feet of net absorption and 16,400 square feet in new deliveries, the vacancy rate went from 12.0% at the end of last quarter to 12.9% at the end of the fourth quarter. In the third quarter 2016, Power Centers absorbed positive 39,586 square feet, delivered 71,875 square feet, and the vacancy rate went from 11.4% to 12.0% over the course of the quarter. Rental started the quarter at $9.95 per square foot and ended the quarter at $9.53 per square foot. A year ago, in fourth quarter 2015, the vacancy rate was 4.0%. Over the past four quarters, Power Centers have absorbed a cumulative 313,120 square feet of space and delivered cumulative 88,275 square feet of space. Vacant sublease space has gone from no reported space to 1,620 square feet over that time period, and rental rates have gone from $4.80 to $8.58. At the end of the fourth quarter 2016, there was no space under construction in the Milwaukee market. The total stock of Power Center space in Milwaukee currently sits at 4,439,921 square feet in 12 centers comprised of 96 buildings. No space was under construction at the end of the fourth quarter & Rent Past 10 Quarters Average Rental Rate Rate $11 $11 Price in Dollars per Unit $11 $11 $11 $11 $11 $10 $10 $10 $ q q q q q 6.7% 6.6% 6.5% 6.4% 6.3% 6.2% 6.1% 6.0% 5.9% 5.8% Rate Percentage General Retail Properties The General Retail sector of the market, which includes all freestanding retail buildings, except those contained within a center, reported a vacancy rate of 3.4% at the end of fourth quarter There was a total of 3,098,360 square feet vacant at that time. The General Retail sector in Milwaukee currently has average rental rates of $11.54 per square foot per year. There are 1,093,049 square feet of space under construction in this sector, with 239,825 square feet having been completed in the fourth quarter. In all, there are a total of 12,060 buildings with 92,071,286 square feet of General Retail space in Milwaukee. Specialty Centers There are currently 3 Specialty Centers in the Milwaukee market, making up 438,127 square feet of retail space. In this report the Specialty Center market is comprised of Outlet 2 CoStar Retail Statistics 2017 CoStar Group, Inc.

8 Overview Year-End 2016 Milwaukee Center, Airport Retail and Theme/Festival Centers. Specialty Centers in the Milwaukee market have experienced negative 8,837 square feet of net absorption in The vacancy rate currently stands at 4.7%, and rental rates average $15.79 per square foot. Malls Malls recorded net absorption of positive 16,566 square feet in the fourth quarter This net absorption number, combined with the 41,390 square feet that was built in the quarter, caused the vacancy rate to go from 15.1% a quarter ago to 15.2% at the end of the fourth quarter Rental rates went from $9.42 per square foot to $9.47 per square foot during that time. In this report the Mall market is comprised of 13 Lifestyle Center, Regional Mall and Super Regional Malls. Sales Activity Tallying retail building sales of 15,000 square feet or larger, Milwaukee retail sales figures rose during the third quarter 2016 in terms of dollar volume compared to the second quarter of In the third quarter, 20 retail transactions closed with a total volume of $97,038,748. The 20 buildings totaled 905,022 square feet and the average price per square foot equated to $ per square foot. That compares to 20 transactions totaling $68,442,500 in the second quarter The total square footage in the second quarter was 806,535 square feet for an average price per square foot of $ Total retail center sales activity in 2016 was up compared to In the first nine months of 2016, the market saw 60 retail sales transactions with a total volume of $233,153,773. The price per square foot averaged $ In the same first nine months of 2015, the market posted 35 transactions with Absorption & Deliveries Past 10 Quarters Millions SF (0.2) (0.4) (0.04) Net Absorption (0.28) a total volume of $114,204,778. The price per square foot averaged $ Cap rates have been lower in 2016, averaging 8.03% compared to the same period in 2015 when they averaged 8.22%. One of the largest transactions that has occurred within the last four quarters in the Milwaukee market is the sale of Brookfield Fashion Center in Brookfield. This 217,346 square foot retail center sold for $43,000,000, or $ per square foot. The property sold on 11/18/2016. Report compiled by Research Manager, Dariana De La Rosa, and the Wisconsin Research Team Deliveries q q q q q CoStar Group, Inc. CoStar Retail Statistics 3

9 Milwaukee Year-End 2016 Markets CoStar Submarket Clusters & Submarkets In analyzing metropolitan areas, CoStar has developed geographic designations to help group properties together, called Markets, Submarket Clusters and Submarkets. Markets are the equivalent of metropolitan areas, or areas containing a large population nucleus, that together with adjacent communities have a high degree of economic and social integration. Markets are then divided into Submarket Clusters, which are core areas within a metropolitan area that are known to be competitive with each other in terms of attracting and keeping tenants. Markets are then further subdivided into smaller units called Submarkets, which serve to delineate a core group of buildings that are competitive with each other and constitute a generally accepted competitive set, or peer group. Submarket Clusters Submarkets Dodge County Dodge East Dodge West Downtown Downtown East Downtown West Third Ward/Walkers Pt Fond du Lac County Fond du Lac Milwaukee County Mayfair/Wauwatosa Milwaukee East Milwaukee Near SW Milwaukee NW Milwaukee SE Milwaukee West North Shore SW Outlying Milwaukee West Allis Ozaukee County North Ozaukee SE Ozaukee/I-43 Corr SW Ozaukee Racine County Racine East Racine West Sheboygan County Outlying Sheboygan Sheboygan Walworth County Walworth East Walworth West Washington County North Washington Washington East Washington West Waukesha County Brookfield/New Berlin Central Waukesha NE/Delafield NE/Menomonee Falls North/Sussex SE/Muskego SW/Mukwonago 4 CoStar Retail Statistics 2017 CoStar Group, Inc.

10 Inventory & development Year-End 2016 Milwaukee Historical Deliveries Millions of SF Deliveries Average Delivered SF * Future deliveries based on current under construction buildings. Construction Activity Markets Ranked by Under Construction Square Footage Under Construction Inventory Average Bldg Size Market # Bldgs Total GLA Preleased SF Preleased % All Existing U/C Waukesha County , , % 14,929 59,205 Milwaukee County , , % 9,261 39,888 Washington County 2 195, , % 12,855 97,970 Downtown 2 51,900 42, % 14,676 25,950 Sheboygan County 5 45,541 45, % 12,510 9,108 Racine County 3 30,100 30, % 9,079 10,033 Fond du Lac County 1 11,220 11, % 11,102 11,220 Walworth County 1 9,100 9, % 8,335 9,100 Ozaukee County 1 3,212 3, % 11,937 3,212 Dodge County % 9,878 0 Totals 39 1,497,489 1,372, % 10,605 38,397 Recent Deliveries Leased & Un-Leased SF in Deliveries Since 2012 Future Deliveries Preleased & Un-Leased SF in Properties Scheduled to Deliver 1.6 Leased Un-Leased 700 Preleased Un-Leased Millions of SF Thousands of SF T q q 2017 CoStar Group, Inc. CoStar Retail Statistics 5

11 Milwaukee Year-End 2016 Inventory & development Historical Construction Starts & Deliveries Square Footage Per Quarter Starting and Completing Construction 0.8 Construction Starts Deliveries Millions of SF q q q q q q q q q q q q q q q q Recent Deliveries by Project Size of Year-to-Date Development Building Size # Bldgs GLA SF Leased % Leased Avg Rate Single-Tenant Multi-Tenant < 50,000 SF , , % $ , ,324 50,000 SF - 99,999 SF 4 300, , % $ , , ,000 SF - 249,999 SF 3 503, , % $ , ,000 SF - 499,999 SF % $ >= 500,000 SF % $ Recent Development by Tenancy Based on GLA Developed for Single & Multi Tenant Use 2016 Deliveries Currently Under Construction Comparison Based on Total GLA General Retail 22% 24% Shopping Center Mall 78% 76% Power Center Specialty Center Multi Single Multi Single Millions of SF CoStar Retail Statistics 2017 CoStar Group, Inc.

12 Inventory & development Year-End 2016 Milwaukee 2017 CoStar Group, Inc. CoStar Retail Statistics 7

13 Milwaukee Year-End 2016 Inventory & development 8 CoStar Retail Statistics 2017 CoStar Group, Inc.

14 Figures at a Glance Year-End 2016 Milwaukee General Retail Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County 371 3,019,666 89,071 89, % 63,967 7,100 0 $6.64 Downtown 360 4,939, , , % (20,486) 7,200 51,900 $18.17 Fond du Lac County 445 3,781, , , % 68,483 16,818 11,220 $9.37 Milwaukee County 5,804 37,568,714 1,265,138 1,265, % 179, , ,430 $10.73 Ozaukee County 389 3,193, , , % 25,828 53,260 3,212 $10.86 Racine County 1,510 9,720, , , % 95,633 59,853 30,100 $9.99 Sheboygan County 507 4,453,661 87,376 87, % 20, ,541 $10.26 Walworth County 676 4,212,406 67,580 67, % 64,308 14,554 9,100 $13.63 Washington County 475 4,567,743 88,462 88, % 31, ,940 $12.46 Waukesha County 1,523 16,613, , , % 607, , ,606 $13.59 Totals 12,060 92,071,286 3,095,260 3,098, % 1,136, ,421 1,093,049 $11.54 Mall Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County % $0.00 Downtown 1 293,596 31,998 31, % 4, $0.00 Fond du Lac County 1 430, , , % (5,421) 7,038 0 $18.30 Milwaukee County 6 5,480,128 1,080,974 1,080, % 30,517 60,588 0 $9.21 Ozaukee County % $0.00 Racine County 1 1,217, , , % (927) 0 0 $0.00 Sheboygan County 1 367,147 60,014 60, % $0.00 Walworth County % $0.00 Washington County % $0.00 Waukesha County 3 1,960,256 54,966 54, % (38,076) 0 404,440 $18.50 Totals 13 9,748,379 1,486,394 1,486, % (9,819) 67, ,440 $9.47 Power Center Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County % $0.00 Downtown % $0.00 Fond du Lac County % $0.00 Milwaukee County 5 1,733, , , % (344,754) 0 0 $7.97 Ozaukee County 1 405, % $0.00 Racine County 1 308,060 22,312 22, % $0.00 Sheboygan County 1 438,554 2,267 2, % $0.00 Walworth County 1 525,917 3,646 3, % (1,300) 0 0 $16.92 Washington County 1 352,895 8,179 8, % 1, $0.00 Waukesha County 2 675,485 60,375 60, % 31,714 88,275 0 $20.66 Totals 12 4,439, , , % (313,120) 88,275 0 $ CoStar Group, Inc. CoStar Retail Statistics 9

15 Milwaukee Year-End 2016 Figures at a Glance Shopping Center Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County ,898 94,637 94, % 1, $5.71 Downtown 3 123, % 1, $0.00 Fond du Lac County 24 1,261,699 75, , % 67, $7.12 Milwaukee County ,437,134 1,211,376 1,389, % (28,187) 106,100 0 $11.28 Ozaukee County 42 1,950, , , % 3,630 22,298 0 $11.51 Racine County 48 3,535, , , % 36,834 4,877 0 $8.98 Sheboygan County 28 1,871, , , % 98, $7.85 Walworth County 27 1,346,244 94,337 94, % (7,504) 0 0 $9.47 Washington County 58 2,573, , , % 50, $10.42 Waukesha County 173 8,922, , , % 88,054 71,818 0 $12.16 Totals ,778,751 3,370,008 3,690, % 311, ,093 0 $10.66 Specialty Center Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County 1 75,929 12,170 12, % (6,637) 0 0 $15.00 Downtown % $0.00 Fond du Lac County % $0.00 Milwaukee County 1 301,549 6,269 6, % $17.22 Ozaukee County 1 60,649 2,200 2, % (2,200) 0 0 $12.38 Racine County % $0.00 Sheboygan County % $0.00 Walworth County % $0.00 Washington County % $0.00 Waukesha County % $0.00 Totals 3 438,127 20,639 20, % (8,837) 0 0 $15.79 Total Retail Market Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Dodge County 390 3,852, , , % 58,330 7,100 0 $6.63 Downtown 365 5,356, , , % (15,300) 7,200 51,900 $18.17 Fond du Lac County 493 5,473, , , % 130,956 23,856 11,220 $9.17 Milwaukee County 6,319 58,520,783 4,039,556 4,219, % (163,002) 412, ,430 $10.35 Ozaukee County 470 5,610, , , % 27,258 75,558 3,212 $11.22 Racine County 1,628 14,781, , , % 131,540 64,730 30,100 $9.33 Sheboygan County 570 7,130, , , % 118, ,541 $8.35 Walworth County 730 6,084, , , % 55,504 14,554 9,100 $11.88 Washington County 583 7,494, , , % 82, ,940 $10.80 Waukesha County 1,887 28,171,860 1,419,203 1,468, % 689, , ,046 $12.65 Totals 13, ,476,464 8,544,879 8,870, % 1,116,235 1,279,415 1,497,489 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

16 Figures at a Glance Year-End 2016 Milwaukee General Retail Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli ,972, , , % 57,801 66, ,850 $0.00 Central Waukesha 524 6,834, , , % 245, ,280 6,447 $0.00 Dodge East ,459 7,820 7, % 19, $0.00 Dodge West 279 2,512,207 81,251 81, % 44,379 7,100 0 $0.00 Downtown East 93 2,123,031 50,097 50, % (6,151) 0 0 $0.00 Downtown West ,292 17,814 17, % (2,832) 0 0 $0.00 Fond du Lac 445 3,781, , , % 68,483 16,818 11,220 $0.00 Mayfair/Wauwatosa 280 2,378,410 51,952 51, % (40,408) 0 32,100 $0.00 Milwaukee East 698 4,394, , , % 113,798 90,320 33,700 $13.17 Milwaukee Near SW 1,262 6,407, , , % 107,286 58,000 5,000 $0.00 Milwaukee NW 914 6,562, , , % (92,014) 80,000 22,550 $0.00 Milwaukee SE 848 5,056, , , % 50,793 10,784 76,300 $0.00 Milwaukee West 868 5,025,332 82,986 82, % 39, $0.00 NE/Delafield 282 2,434,249 39,954 39, % 44, $0.00 NE/Menomonee Falls 162 1,655,814 36,695 36, % 15,796 7,800 59,314 $0.00 North Ozaukee 285 2,282, , , % 24,465 53,260 0 $0.00 North Shore ,812 31,033 31, % (3,935) 7,172 0 $0.00 North Washington 232 1,959,197 48,982 48, % 7, ,940 $0.00 North/Sussex ,574 29,039 29, % 197, ,394 0 $0.00 Outlying Sheboygan 185 1,403,107 33,050 33, % 5, ,192 $0.00 Racine East 1,083 7,122, , , % 75,390 42,913 30,100 $0.00 Racine West 427 2,598,078 68,773 68, % 20,243 16,940 0 $0.00 SE Ozaukee/I-43 Corr ,721 12,857 12, % 5, $0.00 SE/Muskego 120 1,305,534 15,047 15, % 10,351 5,732 11,995 $0.00 Sheboygan 322 3,050,554 54,326 54, % 14, ,349 $0.00 SW Outlying Milwauke ,068, , , % (1,253) 0 388,780 $0.00 SW Ozaukee ,407 22,958 22, % (3,898) 0 3,212 $0.00 SW/Mukwonago ,327 11,500 11, % 36,071 28,790 0 $0.00 Third Ward/Walkers P ,091, , , % (11,503) 7,200 51,900 $0.00 Walworth East 266 1,900,853 23,938 23, % 21,439 7,642 9,100 $0.00 Walworth West 410 2,311,553 43,642 43, % 42,869 6,912 0 $0.00 Washington East 126 1,521,640 16,312 16, % 2, $0.00 Washington West 117 1,086,906 23,168 23, % 21, $0.00 West Allis 568 3,742, , , % 5, $0.00 Totals 12,060 92,071,286 3,095,260 3,098, % 1,136, ,421 1,093,049 $ CoStar Group, Inc. CoStar Retail Statistics 11

17 Milwaukee Year-End 2016 Figures at a Glance Mall Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli. 2 1,598,610 14,886 14, % 2, ,440 $0.00 Central Waukesha % $0.00 Dodge East % $0.00 Dodge West % $0.00 Downtown East % $0.00 Downtown West 1 293,596 31,998 31, % 4, $0.00 Fond du Lac 1 430, , , % (5,421) 7,038 0 $0.00 Mayfair/Wauwatosa 1 1,465,160 8,000 8, % (8,000) 0 0 $0.00 Milwaukee East % $0.00 Milwaukee Near SW % $0.00 Milwaukee NW 1 1,137, , , % 2, $0.00 Milwaukee SE 1 254,706 34,352 34, % 26,236 60,588 0 $0.00 Milwaukee West % $0.00 NE/Delafield 1 361,646 40,080 40, % (40,080) 0 0 $0.00 NE/Menomonee Falls % $0.00 North Ozaukee % $0.00 North Shore 1 802,903 33,800 33, % $0.00 North Washington % $0.00 North/Sussex % $0.00 Outlying Sheboygan % $0.00 Racine East 1 1,217, , , % (927) 0 0 $0.00 Racine West % $0.00 SE Ozaukee/I-43 Corr % $0.00 SE/Muskego % $0.00 Sheboygan 1 367,147 60,014 60, % $0.00 SW Outlying Milwauke. 2 1,819,812 32,278 32, % 9, $0.00 SW Ozaukee % $0.00 SW/Mukwonago % $0.00 Third Ward/Walkers P % $0.00 Walworth East % $0.00 Walworth West % $0.00 Washington East % $0.00 Washington West % $0.00 West Allis % $0.00 Totals 13 9,748,379 1,486,394 1,486, % (9,819) 67, ,440 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

18 Figures at a Glance Year-End 2016 Milwaukee Power Center Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli % $0.00 Central Waukesha 1 417,735 58,775 58, % 29,500 88,275 0 $0.00 Dodge East % $0.00 Dodge West % $0.00 Downtown East % $0.00 Downtown West % $0.00 Fond du Lac % $0.00 Mayfair/Wauwatosa 1 252, % 33, $0.00 Milwaukee East % $0.00 Milwaukee Near SW % $0.00 Milwaukee NW 3 1,279, , , % (377,902) 0 0 $0.00 Milwaukee SE 1 201, % $0.00 Milwaukee West % $0.00 NE/Delafield % $0.00 NE/Menomonee Falls % $0.00 North Ozaukee 1 405, % $0.00 North Shore % $0.00 North Washington 1 352,895 8,179 8, % 1, $0.00 North/Sussex % $0.00 Outlying Sheboygan % $0.00 Racine East 1 308,060 22,312 22, % $0.00 Racine West % $0.00 SE Ozaukee/I-43 Corr % $0.00 SE/Muskego 1 257,750 1,600 1, % 2, $0.00 Sheboygan 1 438,554 2,267 2, % $0.00 SW Outlying Milwauke % $0.00 SW Ozaukee % $0.00 SW/Mukwonago % $0.00 Third Ward/Walkers P % $0.00 Walworth East % $0.00 Walworth West 1 525,917 3,646 3, % (1,300) 0 0 $0.00 Washington East % $0.00 Washington West % $0.00 West Allis % $0.00 Totals 12 4,439, , , % (313,120) 88,275 0 $ CoStar Group, Inc. CoStar Retail Statistics 13

19 Milwaukee Year-End 2016 Figures at a Glance Shopping Center Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli. 53 3,436, , , % 51,363 11,100 0 $0.00 Central Waukesha 43 1,744, , , % (575) 0 0 $0.00 Dodge East 3 110, % $0.00 Dodge West 9 646,164 94,637 94, % 1, $0.00 Downtown East 2 109, % 1, $0.00 Downtown West % $0.00 Fond du Lac 24 1,261,699 75, , % 67, $0.00 Mayfair/Wauwatosa 19 1,003,595 39,896 39, % 68, ,100 0 $0.00 Milwaukee East ,630 33,650 33, % $0.00 Milwaukee Near SW 34 1,825, , , % (118,529) 0 0 $16.00 Milwaukee NW 57 1,984, , , % 12, $0.00 Milwaukee SE 45 2,964, , , % (15,577) 0 0 $0.00 Milwaukee West 8 383, , , % 6, $0.00 NE/Delafield 26 1,151,435 66,596 66, % 29, $0.00 NE/Menomonee Falls 20 1,532,646 74, , % (22,495) 9,700 0 $8.00 North Ozaukee 26 1,242, , , % (20,836) 0 0 $0.00 North Shore ,998 10,934 10, % 2, $0.00 North Washington 26 1,205,101 71,110 71, % 32, $0.00 North/Sussex 7 398,782 45,957 45, % 18,893 37,000 0 $0.00 Outlying Sheboygan 7 379,828 88,479 88, % 11, $0.00 Racine East 40 2,775, , , % 35,834 4,877 0 $0.00 Racine West 8 759, , , % 1, $0.00 SE Ozaukee/I-43 Corr 8 439,971 13,210 13, % 6, $12.00 SE/Muskego ,713 21,999 21, % 11,018 14,018 0 $0.00 Sheboygan 21 1,491, , , % 86, $0.00 SW Outlying Milwauke. 43 2,080, , , % (15,467) 0 0 $7.00 SW Ozaukee 8 267,772 12,650 12, % 17,522 22,298 0 $0.00 SW/Mukwonago ,612 43,201 43, % $0.00 Third Ward/Walkers P. 1 13, % $0.00 Walworth East ,464 15,136 15, % (175) 0 0 $0.00 Walworth West ,780 79,201 79, % (7,329) 0 0 $0.00 Washington East ,472 72,563 72, % 7, $0.00 Washington West ,361 66,069 66, % 10, $0.00 West Allis 48 2,286,682 71, , % 31, $0.00 Totals ,778,751 3,370,008 3,690, % 311, ,093 0 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

20 Figures at a Glance Year-End 2016 Milwaukee Specialty Center Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Ctrs Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli % $0.00 Central Waukesha % $0.00 Dodge East % $0.00 Dodge West 1 75,929 12,170 12, % (6,637) 0 0 $0.00 Downtown East % $0.00 Downtown West % $0.00 Fond du Lac % $0.00 Mayfair/Wauwatosa % $0.00 Milwaukee East % $0.00 Milwaukee Near SW % $0.00 Milwaukee NW 1 301,549 6,269 6, % $0.00 Milwaukee SE % $0.00 Milwaukee West % $0.00 NE/Delafield % $0.00 NE/Menomonee Falls % $0.00 North Ozaukee 1 60,649 2,200 2, % (2,200) 0 0 $0.00 North Shore % $0.00 North Washington % $0.00 North/Sussex % $0.00 Outlying Sheboygan % $0.00 Racine East % $0.00 Racine West % $0.00 SE Ozaukee/I-43 Corr % $0.00 SE/Muskego % $0.00 Sheboygan % $0.00 SW Outlying Milwauke % $0.00 SW Ozaukee % $0.00 SW/Mukwonago % $0.00 Third Ward/Walkers P % $0.00 Walworth East % $0.00 Walworth West % $0.00 Washington East % $0.00 Washington West % $0.00 West Allis % $0.00 Totals 3 438,127 20,639 20, % (8,837) 0 0 $ CoStar Group, Inc. CoStar Retail Statistics 15

21 Milwaukee Year-End 2016 Figures at a Glance Total Retail Submarket Statistics Year-End 2016 YTD Net YTD Under Quoted Market # Blds Total GLA Direct SF Total SF Vac % Absorption Deliveries Const SF Rates Brookfield/New Berli ,007, , , % 111,168 77, ,290 $0.00 Central Waukesha 619 8,996, , , % 274, ,555 6,447 $0.00 Dodge East ,193 7,820 7, % 19, $0.00 Dodge West 295 3,234, , , % 38,742 7,100 0 $0.00 Downtown East 96 2,232,819 50,097 50, % (5,053) 0 0 $0.00 Downtown West 56 1,018,888 49,812 49, % 1, $0.00 Fond du Lac 493 5,473, , , % 130,956 23,856 11,220 $0.00 Mayfair/Wauwatosa 320 5,099,414 99,848 99, % 53, ,100 32,100 $0.00 Milwaukee East 714 4,807, , , % 114,240 90,320 33,700 $13.17 Milwaukee Near SW 1,319 8,232, , , % (11,243) 58,000 5,000 $16.00 Milwaukee NW 1,029 11,266,593 2,169,644 2,171, % (455,119) 80,000 22,550 $0.00 Milwaukee SE 940 8,476, , , % 61,452 71,372 76,300 $0.00 Milwaukee West 876 5,408, , , % 46, $0.00 NE/Delafield 340 3,947, , , % 34, $0.00 NE/Menomonee Falls 199 3,188, , , % (6,699) 17,500 59,314 $8.00 North Ozaukee 338 3,991, , , % 1,429 53,260 0 $0.00 North Shore 124 2,230,713 75,767 75, % (1,820) 7,172 0 $0.00 North Washington 276 3,517, , , % 40, ,940 $0.00 North/Sussex ,356 74,996 74, % 216, ,394 0 $0.00 Outlying Sheboygan 193 1,782, , , % 17, ,192 $0.00 Racine East 1,189 11,423, , , % 110,297 47,790 30,100 $0.00 Racine West 439 3,358, , , % 21,243 16,940 0 $0.00 SE Ozaukee/I-43 Corr ,692 26,067 26, % 12, $12.00 SE/Muskego 140 1,946,997 38,646 38, % 23,583 19,750 11,995 $0.00 Sheboygan 377 5,347, , , % 101, ,349 $0.00 SW Outlying Milwauke ,969, , , % (6,739) 0 388,780 $7.00 SW Ozaukee ,179 35,608 35, % 13,624 22,298 3,212 $0.00 SW/Mukwonago 122 1,172,939 54,701 54, % 36,071 28,790 0 $0.00 Third Ward/Walkers P ,104, , , % (11,503) 7,200 51,900 $0.00 Walworth East 289 2,572,317 39,074 39, % 21,264 7,642 9,100 $0.00 Walworth West 441 3,512, , , % 34,240 6,912 0 $0.00 Washington East 165 2,347,112 88,875 88, % 10, $0.00 Washington West 142 1,630,267 89,237 89, % 32, $0.00 West Allis 645 6,029, , , % 36, $0.00 Totals 13, ,476,464 8,544,879 8,870, % 1,116,235 1,279,415 1,497,489 $ CoStar Retail Statistics 2017 CoStar Group, Inc.

22 Figures at a Glance Year-End 2016 Milwaukee 2017 CoStar Group, Inc. CoStar Retail Statistics 17

23 Milwaukee Year-End 2016 Figures at a Glance 18 CoStar Retail Statistics 2017 CoStar Group, Inc.

24 Leasing Activity Year-End 2016 Milwaukee Historical Rental Rates Based on NNN Rental Rates Power Center Specialty Center General Retail Shopping Center Mall Total Market $22.00 $20.00 $18.00 Dollars/SF/Year $16.00 $14.00 $12.00 $10.00 $8.00 $6.00 $ q q q q q q q q q q q by Available Space Type Percent of All Vacant Space in Direct vs. Sublet by Building Type Percent of All Vacant Space by Building Type 4% Shopping Center General Retail Mall Power Center 96% Specialty Center Direct Sublet 0% 10% 20% 30% 40% 50% GLA By Building Type Ratio of Total GLA by Building Type Future Space Available Space Scheduled to be Available for Occupancy* General Retail Shopping Center Mall Power Center Millions Specialty Center Millions of SF q q * Includes Under Construction Spaces 2017 CoStar Group, Inc. CoStar Retail Statistics 19

25 Milwaukee Year-End 2016 Leasing Activity Select Top Retail Leases Based on Leased Square Footage For Deals Signed in 2016 Building Submarket SF Qtr Tenant Name Tenant Rep Company Landlord Rep Company 1 Steinhafels SW Outlying Milwaukee 58,000 4th Steinhafels N/A Mid-America Real Estate 2 Fresh Thyme Expansion NE/Menomonee Falls 32,714 4th Fresh Thyme Market N/A Somerstone Commercial Real Estate 3 Marketplace of Brown Deer Milwaukee NW 30,810 3rd Bob s Discount Furniture N/A DDR Corp. 4 Elmwood Plaza Shopping Center Racine East 30,538 4th Save-A-Lot Cushman & Wakeeld Boerke Edgemark Commercial Real Estate 5 84 South - Phase I SW Outlying Milwaukee 28,500 2nd Fresh Thyme N/A Mid-America Real Estate 6 84 South - Phase I SW Outlying Milwaukee 25,000 4th Ross Dress for Less CBRE Mid-America Real Estate 7 84 South - Phase II SW Outlying Milwaukee 25,000 4th Total Wine & More N/A Mid-America Real Estate 8 Westwood Shopping Center North Washington 24,500 1st Kettlebrook Church N/A The Threshold, Inc South - Phase I SW Outlying Milwaukee 21,000 4th Marshall s N/A Mid-America Real Estate Kohler Memorial Dr Sheboygan 15,333 4th Harbor Freight Tools N/A Van Horn Auto Group 11 Market Square Shopping Center* West Allis 15,036 1st American Council Of The Blind Direct Deal NDC Realty N Calhoun Rd Brookeld/New Berlin 15,000 2nd Medical College of Wisconsin N/A Irgens Partners 13 Plymouth Commons* Outlying Sheboygan 15,000 3rd Neat Repeats N/A RCG Ventures, LLC 14 American TV Central Waukesha 15,000 3rd Point Burger Direct Deal Commercial Property Associates Inc. 15 Pete s Fruit Market Milwaukee East 13,700 2nd Pete s Fruit Market N/A N/A 16 PetSmart & Mattress Firm Milwaukee SE 12,160 1st Petsmart N/A N/A N Janacek Rd* Brookeld/New Berlin 12,000 1st Pump It Up Direct Deal Direct Deal 18 Village Court; Bldg 1 Brookeld/New Berlin 10,822 2nd N/A N/A Marek Realty W Oklahoma Ave West Allis 10,051 1st Chinatown Market N/A Colliers International South - Phase I SW Outlying Milwaukee 10,000 4th ULTA Beauty N/A Mid-America Real Estate W Greeneld Ave West Allis 9,586 4th Five Below N/A Ramco-Gershenson Properties Trust Wisconsin Ave North Ozaukee 9,374 2nd Dollar Tree N/A The Lerner Company Walworth St - Dollar General Walworth East 9,100 4th Dollar General N/A N/A Lathrop Ave Racine East 9,000 3rd N/A N/A Ramzey Shawar 25 Portillo s SW Outlying Milwaukee 9,000 4th Portillo s N/A Mid-America Real Estate 26 Marketplace of Brown Deer Milwaukee NW 8,500 4th Rainbow N/A DDR Corp. 27 Fresh2Go SW Outlying Milwaukee 8,500 4th Fresh2Go N/A N/A South - Phase I SW Outlying Milwaukee 8,500 4th Five Below N/A Mid-America Real Estate Wisconsin Ave* North Ozaukee 8,300 3rd Verlo Mattress Factory Stores N/A Baltus Group AdviCoach South - Phase I SW Outlying Milwaukee 8,000 4th Kirkland s N/A Mid-America Real Estate W Wisconsin Ave Milwaukee West 7,549 2nd Weigel Carlson Blau & Clemens Direct Deal Megal Development Corp. 32 Butter Building Milwaukee Near SW 7,520 3rd Family Dollar N/A Anderson Commercial Group LLC N Business Park Dr Outlying Sheboygan 7,500 4th Blackhawk Shooting Sports N/A N/A E North Ave Milwaukee East 7,060 1st Nine Below N/A Beans & Barley Market & Cafe 35 Advanced Auto Parts Walworth West 6,912 2nd Advance Auto Parts N/A Dave Sturm Builders, Inc South - Phase I SW Outlying Milwaukee 6,900 4th Oshkosh B Gosh N/A Mid-America Real Estate W North Ave Mayfair/Wauwatosa 6,806 3rd N/A N/A SVN/The Hintze Group S 2nd St Third Ward/Walkers Pt 6,744 3rd N/A N/A Horner Sod Farms Partnership LLP 39 President s Plz Sunset Central Waukesha 6,725 3rd N/A N/A Somerstone Commercial Real Estate * Renewal 20 CoStar Retail Statistics 2017 CoStar Group, Inc.

26 Sales Activity Year-End 2016 Milwaukee The Optimist Sales Index Average of Two Highest Price/SF's and Two Lowest Cap Rates 10.0% Cap Rate Price/SF $ % $350 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% 4.0% $300 $250 $200 Dollars/SF 3.0% $ % q q q $100 Source: CoStar COMPS Sales Volume & Price Sales Analysis by Building Size Based on Retail Building Sales of 15,000 SF and Larger Based on Retail Building Sales From Oct Sept $120 Sales Volume Price/SF $120 Bldg Size # RBA $ Volume Price/SF Cap Rate Millions of Sales Volume Dollars $100 $80 $60 $40 $20 $100 $80 $60 $40 $20 Price/SF < 25,000 SF 203 1,588,574 $277,658,121 $ % 25K-99K SF 100K-249K SF 33 1,562,549 $148,143,141 $ % 8 1,106,005 $110,311,307 $ % $0 $0 >250K SF - 0 $0 $ q q q q Source: CoStar COMPS Source: CoStar COMPS U.S. Price/SF Comparison Based on Retail Building Sales of 15,000 SF and Larger U.S. Cap Rate Comparison Based on Retail Building Sales of 15,000 SF and Larger $210 Milwaukee US 10.0% Milwaukee US $ % Dollars per SF $170 $150 $130 $110 $90 $70 Cap Rate Percentage 8.0% 7.0% 6.0% 5.0% $50 4.0% $30 3.0% q q q q q q q q q q q q Source: CoStar COMPS Source: CoStar COMPS 2017 CoStar Group, Inc. CoStar Retail Statistics 21

27 22 CoStar Retail Statistics 2017 CoStar Group, Inc. Milwaukee Year-End 2016 Sales Activity