MARKETING STUDY, EXECUIVE SUMMARY Apartments at Riverview West, Retail Assets

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1 MARKETING STUDY, EXECUIVE SUMMARY Apartments at Riverview West, Retail Assets Demographic Analysis: The City of Warrenville IL was founded in 1833 and has existed as a Chicago suburb since then. It is well connected to major economic hubs such as Chicago and Naperville by rail line and the I-88 expressway. The population is mainly spread out with 28.7% under the age of 18, 7.8% from 18 to 24 and 36.1% from 25 to 44 and 21.5% from 45 to 64. The median age is 34 years old. The city of Warrenville IL has seen much office construction off of the I-88 corridor in the last decade. The city has given many tax incentives to companies willing to relocate there. However, in the last 5 years, the city has seen a large share of office vacancy. The retail sector has thrived and there is a demand there for more retail off of major thoroughfares. The total population of Warrenville is 13,140 people. The population of residents living in the new development will be approximately 850 by the time its completed. The population density is 2,430 people per square mile. The average household income is $62,430 per year and the average home value in Warrenville is $163,314. The proposed site of development sees 19,600 vehicles per day. The large daytime population and large number of people working in the area during the week day create a solid demand for daytime type retail stores, average between 1,200 and 2,000 SF in size. Examples of these brands are listed below. First Western Properties proposes that the best way forward with regard to the retail is to build 5 structures in this order going from west to east on the site plan located off of Ferry Road: one (1) 2,100 SF commercial single tenant building, three (3) 10,350 SF multi-tenant commercial buildings and one (1) 2,500 SF single tenant, commercial building. First Western believes that these spaces should be brought to market with a price of $25/SF NNN per year.

2 Our analysis has shown us that with the large working daytime population, large number of vehicular traffic on Ferry Road and 400 to 450 new residences coming to the site, there will be a large demand to support Retail users. First Western Properties retail market analysis indicates that The Riverview West apartment complex can support and will have demand for total new retail ranging between 25,000 SF to 40,000 SF and we believe that with the right marketing, we can attract individual tenants ranging in size from 1,200 SF to 3,000 SF. The retailers that will be successful at this location will be those who serve day time working residents. Examples of these brands are restaurant and hospitality, dry cleaning and laundromat, general merchandising and light medical. Apartments at Riverview West Commercial Retail Space 1. 10,350 SF, 10,350 SF, 10,350 SF, 2,000 SF and 2,500 SF Retail Stand Alone Buildings, Potential Tenants Aarons rentals Advance Auto Repair Americas Best Eyeglasses Aspen Dental Att&t Game Stop Great Clips Jaso Jersey Mikes Jimmy Johns Jos A Bank Clothiers Labriola Pizzeria The Learning Experience Lens Crafters Miracle Ear Panda Express Protein Bar Red Mango Starbucks Shoe Carnival Sport Clips Subway

3 T-Mobile Verizon Culvers CD One Price Cleaners Dunkin Donuts Pizza Hut Steak N Shake Panera Bread Sprint AutoZone Burger King McDonalds Comparable Analysis: 1. Cantera Commons, Diehl Road. 1,160 to 5,988 SF Available. $30/SF NNN inline, $35/SF end cap. $8.50/SF Nets. Zoup, Potbelly, Starbucks, T Mobile. 2. Cantera Out lot Pads Available. NWC Diehl & Winfield Road Restaurant Pad 5,000 and 7,000 SF Building Area. Land Lease for $150,000 per year. 3. Cantera Commons, Diehl Road. 1 space 4,881 SF. Asking $28/SF NNN. $12/SF Nets. Close to a signed LOI Diehl Road. 1 space 1,252 SF. Asking $25/SF NNN.

4 MARKETING PLAN- While experience and knowledge of a market create value in the representation of a client, the quality of exposure to the marketplace determines the final outcome. First Western Properties, creating the broadest buyer interest and maximizing value for our clients. Our marketing program is designed to accomplish the following objectives: Ensuring that the offering is presented to the market within 48 hours of receipt of listing agreement Property will be listed on 14 multiple listing services Marketing campaigns will be created including flyers, blast campaigns that will be sent to several internally developed databases of brokers and buyers. The 14 multiple listing services that the subject property will be advertised on will include: LoopNet, CoStar, MLS, Craigslist, Rofo, Building Search, LandNet, CIMLS, SpaceForLease, Property Line, RealUP, CommercialIQ, Vera, and CommericalSource. At our weekly office leasing meetings, the property will be promoted to our sales team through a detailed presentation. Brokers will be instructed on how to reinforce the We contact all brokers who possess the expertise and qualifications to contribute to a leasing of similar types of properties within the past 24 months and brokers who represent clients qualified to acquire such properties. Directly reach out to prospective tenants utilizing our extensive customer database, external databases, and tenants of similar properties acquired within the last 24 months near the subject property. Contact prospects through affiliation networks with our contacts at numerous realtor organizations, such as: Chicago Real Estate Board, CCIM, ICSC, and other appropriate organizations.

5 First Western Properties, Inc. continuously participates in key real estate industry events. Our commitment to industry events and our presence at key gatherings of investors result in additional exposure of owner user and investment properties to potential investors. Provide a clear and thorough presentation on the merits of the property to each interested party; while minimizing the potential of lease price renegotiations. Work personally with prospects to assess how the property will meet their needs, conduct direct follow-up, and ascertain interest or lack thereof, and report same to client.

6 OUR TEAM PROFESSIONAL PROFILE: Paul Tsakiris, MBA President, Managing Broker First Western Properties, Inc W. Adams, Suite 101 Chicago, IL T x 80 F paul@1stwesternproperties.com He has appeared as an expert guest on Stock Market Observer, Chicago Real Estate Council and is frequently quoted in such publications as the Chicago Tribune, Chicago Sun Times, and Crain's Chicago Business. Mr. Tsakiris has also written articles for Chicago Realtor Magazine. Mr. Tsakiris founded First Western Properties, Inc. in His extensive real estate background includes: Development of Retail and Medical facilities both locally and abroad Acquisition and Turn Around of under-performing retail properties Acquisition and Rehab of over 1,000 decimated apartment units resulting in 4 Good Neighbor Awards; an award given to projects that have the greatest positive impact on a community. Receivership and REO Advisory to a wide range of debt investors from local community banks to large, institutional clients. Prior to founding First Western Properties, Mr. Tsakiris worked as a Sales Associate with Hallmark and Johnson. He graduated with a International Business (U.S. News #1 ranked international business school). He holds undergraduate degrees in Economics and International Business. Mr. Tsakiris belongs to a number of real estate and community organizations including: Board member of -Athens Committee, Commercial Forum, ICSC, Chicago Real Estate Council, Chicago Association of Realtors and the Chicago Restaurant Brokers Association.

7 AWARDS & HONORS: Chicago Association of Realtors; Commercial Forum - Top Producer: Commercial Sales Volume - Top Producer in Retail Leasing: Gold Square Footage Costar Power Broker Chicago Association of Realtors; Commercial Forum - Top Producer in Retail Leasing: Silver Lease Volume - Top Producer in Retail Leasing: Silver Lease Square Footage Chicago Association of Realtors; Commercial Forum - Gold award for top Retail Leasing 2006 Chicago Association of Realtors; Commercial Forum - Gold award for top Multi-Family Sales

8 PROFESSIONAL PROFILE: Fahim Lakhani works on a wide range of commercial transactions including retail and multi-family sales, tenant representation for retail leasing, and landlord representation for retail leasing. In 2010, Mr. Lakhani was awarded two Top Producer awards from the Commercial Forum for retail leasing. In 2008, he was awarded the silver award for Rookie of the Year by the Chicago Association of Realtors and recognized in the Wall Street Journal. Fahim Lakhani, CFA VP Acquisitions and Retail Leasing First Western Properties, Inc W. Adams, Suite 101 Chicago, IL T x 36 F fahim@1stwesternproperties.com Mr. Lakhani's exceptional analytical skills and work ethic allow him to consistently close deals and ensure that his clients receive excellent results. In 2010, he received his charter from the CFA Institute. Prior to joining First Western in December 2006, Mr. Lakhani worked as an Investment Analyst in fixed income investments at Prudential Capital Group. Prior to Prudential, Mr. Lakhani worked as a Global Operations Intern at Citadel Investment Group LLC. He first joined First Western Properties in 2003, as a Finance Intern, while attending the University of Illinois at Urbana-Champaign. Mr. Lakhani graduated from the University of Illinois with a BS degree in Finance and a BS degree in Accountancy. AWARDS & HONORS: 2010 Chicago Association of Realtors; Commercial Forum - Top Producer in Retail Leasing: Silver Lease Volume - Top Producer in Retail Leasing: Silver Lease Square Footage Received CFA designation in Chicago Association of Realtors; Commercial Forum - Rookie of the Year; Silver Award

9 PROFESSIONAL PROFILE: Kellen Duggan is First Western Properties Vice President of Investment Sales & Retail and Office Leasing. Kellen has significant experience in tenant representation as a commercial real estate broker in downtown Chicago. Kellen possesses a wealth of knowledge and contacts in the commercial office and downtown retail world. Kellen has worked with an array of different companies including law firms, insurance companies, medical services, and marketing/pr firms. Kellen Duggan, MBA Vice President of Investment Sales & Retail and Office Leasing First Western Properties, Inc W. Adams, Suite 101 Chicago, IL Before working in commercial real estate, Kellen was the sales and marketing manager at a 192-home development in Chicago from 2006 to He has extensive experience working with tenants, landlords, buyers and sellers of commercial real estate. Kellen has an undergraduate degree in Business from Michigan State University and holds an MBA in finance from the University of Illinois Chicago. In four years with First Western, Kellen has closed on over 140 sales and leases totaling over $60 million dollars. He is at the continues to add value to every transaction that he is a part of. O: (773) x89 F: (773) kellen@1stwesternproperties.com AWARDS AND HONORS Chicago Association of Realtors TOP PRODUCER AWARD, 2014, 2015, 2016 Commercial Forum Top Producer Leasing Silver Award 2015 Commercial Forum Top Producer Sales Silver Award 2016

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