WEST VILLAGE COMMONS

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Florence McGee
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1 5360 EHRLICH ROAD - TAMPA, FL Affluent & Prestigious Carrollwood Village Main Entrance Location Extraordinary Opportunistic Investment Over 20% IRR! For Sale PRIMARY CONTACT John F. Bell Managing Director D: M: John.Bell@transwestern.com

2 Location Tampa, Florida EXECUTIVE SUMMARY 2

3 The Opportunity West Village Commons West Village Commons offers impressive and immediate opportunistic returns with lease up of a single anchor space. REO Sale West Village Commons is a 104,149 SF neighborhood shopping center that enjoys a prime location along the neighborhood s main east/west corridor Ehrlich Road as well as frontage along the heavily traveled Turner Boulevard and West Village Drive. Tenants are attracted to the center by its strategic location at the Gateway to the affluent and prestigious Carrollwood Village residential community retail demand base. The center is 42.4% occupied with the majority of vacancy associated with a highly marketable 48,393 SF vacant anchor space. This short term REO asset has not received focus or investment towards leasing the attractive vacant anchor space, presenting a tremendous opportunity for a new owner committed to the asset to significantly increase its value within a rapid time frame by leasing the anchor space in a very strong retail market -- potentially doubling value overnight. With the addition of a replacement anchor the center is anticipated to instantly thrive once again. The current tenancy is highly loyal to the center despite the anchor vacancy, and are attracted by the strategic location at the northern entrance to the affluent Carrollwood Village residential community. Major Tenant USPS 12,540 SF Address 5360 Ehrlich Road. City, State Tampa, FL Year Built 1985 Rentable Area 104,149 SF Total Land Area Acres Occupancy 42.4% Stories 1 Story Vacant Anchor 48,393 SF Classification Neighborhood Center In-Place NOI $344,056 Proforma NOI Year 1 $542,461 Proforma NOI Year 2 $1,182,773 Stabilized NOI Year 3 $1,214,865 Financing Free and clear of debt EXECUTIVE SUMMARY 3

4 Carrollwood Village Gateway to Carrollwood Village 4 Gateway to Carrollwood Village $84,419 AHHI

High Return Opportunity KEY VALUE DRIVERS SCARCITY Scarcity of Anchor Space - Strong Demand Aggressively target anchor tenant, Landlord's Market favors rapid lease up.

View Facing East REBRAND Target Carrollwood Village Boost Rents Distinguish center with new anchor and cater to affluent demos.

5 High Return Opportunity KEY VALUE DRIVERS SCARCITY Scarcity of Anchor Space - Strong Demand Aggressively target anchor tenant, Landlord's Market favors rapid lease up. New anchor dramatically changes center dynamic & rents will spike upward. View Facing East REBRAND Target Carrollwood Village Boost Rents Distinguish center with new anchor and cater to affluent demos. Reestablish location benefits as the main Gateway to prestigious Carrollwood Village. RENT SPIKES View Facing West Invest in Cosmetic Upgrades to Fascia In conjunction with a new anchor, easily implemented repairs will immediately impact leasing and rents. Existing loyal tenancy will be solidified by a committed new owner investing in the center, and will attract new tenants and their brokers.

6 Veteran s Parkway SR 589 Expressway to Downtown and Airport Vacant Anchor Carrollwood Village Affluent Residential

Investment Highlights Gateway to Carrollwood Village The Property enjoys a prime location at the main

middle class households, abundance of parks, tropical landscapes, and quality schools.

to rise to $94,000 by 2021, serving as a strong demand base.

roadways, provides convenient customer access.

seeking to expand into the area frustrated at the scarcity of anchor space in the tight Northwest Tampa

A prudent investor can expect a rapid lease up of this prime vacancy as the market continues to improve.

7 Investment Highlights Gateway to Carrollwood Village The Property enjoys a prime location at the main northern entrance to the prosperous Carrollwood Village residential community, known for its upper middle class households, abundance of parks, tropical landscapes, and quality schools. Affluent trade area Household Income in 2016 was over $84,000 within a one mile radius and is projected to rise to $94,000 by 2021, serving as a strong demand base. Access is a strength The high profile stop light intersection, with frontage along three well traveled roadways, provides convenient customer access. Meaningful cash flow upside The 48,393 SF vacant anchor space is highly attractive to large retailers seeking to expand into the area frustrated at the scarcity of anchor space in the tight Northwest Tampa market. A prudent investor can expect a rapid lease up of this prime vacancy as the market continues to improve. View Facing North Below Market Rents Value Upside Some leases are $3/SF to $4/SF below market. Upon procurement of an anchor, and stable ownership, rents can expect immediate spikes to market rates. Small Tenant Loyalty In line tenants remain at center despite dark anchor, a key indicator of the location s long term potential.

8 High Profile Location Location Benefits: Gateway location to affluent Carrollwood Village community. Tenant Appeal: Prominent location at the well travelled main entrance to the wealthy residents of Carrollwood Village. The high profile intersection is a strong attraction for small and large tenants looking to tap into the community s long established residential demand for goods and services. West Village Commons is located at the Gateway to the prestigious Carrollwood Village residential community and golf club. Stop Light intersection, three road access. The Property fronts Ehrlich Road, which is the main east/west arterial linking Carrollwood Village to SR 589/Veteran s Expressway. An established residential location with numerous surrounding schools and diversified economic demographics. Significant traffic counts. The Circle K / Shell gas station fronting Ehrlich Road is not a part of the Property, and the wooded area is reportedly a nature preserve. 8

9 Virtual Tour CLICK HERE FOR VIRTUAL TOUR

10 Dale Mabry Hwy Carrollwood Village Affluent Residential Ben Hill Middle School W Village Drive Entrance to Carrollwood Village EXECUTIVE SUMMARY Carrollwood Village

Demographics 3 Mile Residents 3 Mile AHHI 80,399 $84,319 Exceptional density of customers in immediate trade area. Affluent surrounding area, highly attractive to retailers.

11 Demographics 3 Mile Residents 3 Mile AHHI 80,399 $84,319 Exceptional density of customers in immediate trade area. Affluent surrounding area, highly attractive to retailers. Population Area f ann. growth 1-mi Radius 10,412 10,674 11, % 3-mi Radius 76,059 80,399 85, % 5-mi Radius 174, , , % Carrollwood Village 16,203 16,843 17, % Florida 18,801,310 20,108,440 21,436, % United S tates 308,745, ,580, ,326, % West Village Commons Enjoys Location at Gateway to Wealth. West Village Commons High Incomes Carrollwood Village Average Household Income Area 2016 % over $100k 2021f % over $100k ann. growth 1-mi Radius $84, % $94, % 2.30% 3-mi Radius $84, % $93, % 1.99% 5-mi Radius $80, % $88, % 1.90% Carrollwood Village $90, % $99, % 2.01% Florida $69, % $76, % 1.95% United S tates $77, % $84, % 1.76% 11

12 East Side of Center Facing South 12

13 Retail Market Strong Fundamentals NW Tampa The Property INVENTORY AVG RENT 6.8% 57.6% VACANCY 11,050,437 SF NW Tampa Market Stable Inventory $14.94/SF NNN NW Tampa Market Room for Rent Growth UPSIDE Landlord s Market OPPORTUNITY NW Tampa Submarket: Serves the prosperous Carrollwood Village planned community. Expanded surrounding areas are blue collar. Diversified demand base attracts wide array of quality retailers and restaurants. Scarcity of available anchor spaces: Anchor tenant demand is strong with few options, and rapid lease up the Property s vacancy anticipated. Definitive material value spike after leasing anchor. Rent Growth Upside: Over $3/SF of rent upside to reach the market s peak rent of $17.80/SF. Real, substantiated rent growth. Stable Vacancy: Market vacancy has consistently remained low, within a narrow range of 3.8% to 7.9%, with the Property s vacancy an aberration. Property has below market rents: Leasing the vacant anchor space will allow immediate in-line tenant rent increases of $1/SF to $4/SF, conservatively, depending on the anchor tenant procured. Market History Demonstrates proven success thresholds for rents and occupancy. Historical peak and low submarket stats SUBMARKET NET RENT Current Low Low Date Peak Peak Date Upside $14.69 $ Q 2014 $ Q % SUBMARKET VACANCY SHOPPING CENTER RETAIL Current Low Low Date Peak Peak Date Upside 6.8% 3.8% 2Q % 3Q % ACHIEVED BEFORE, CAN BE ACHIEVED AGAIN 13

Opportunity The vacant space is largely comprised of the attractive anchor space, which has not been actively marketed due to

Capital Needs: An estimated $675,500 of capital infusion is required to repair a major portion of the roof, cosmetic repairs to the

Tremendous & Immediate Value Upside Scarcity of anchor space in high demand market supports a rapid lease up.

Gateway location to affluent Carrollwood Village a strong demand driver for credit anchor tenants.

15 Opportunity The vacant space is largely comprised of the attractive anchor space, which has not been actively marketed due to current REO ownership not committing to center upgrades or leasing costs to secure a prime tenant in this high profile space. Capital Needs: An estimated $675,500 of capital infusion is required to repair a major portion of the roof, cosmetic repairs to the façade, and curb repairs throughout the center. Vacant Anchor. Tremendous & Immediate Value Upside Scarcity of anchor space in high demand market supports a rapid lease up. Opportunity: Meaningful Value Upside Anchor Space is highly marketable, few available anchor spaces in NW Tampa market. Gateway location to affluent Carrollwood Village a strong demand driver for credit anchor tenants. Procure anchor, can immediately raise in-line rents with rapid lease up of remaining vacancy. Existing tenants have largely remained despite no anchor, demonstrating loyalty to the location. Center will thrive with the right anchor. EXECUTIVE SUMMARY Tenant Name Suite Tenant Size % 5374W Vacant VACANT ANCHOR 5320E 41, % VACANT ANCHOR 5320E 6, % VACANT 5374W 2, % VACANT 5380W 4, % 5364W Vacant VACANT , % VACANT % 5380W Vacant 15 VACANT % VACANT 5364E 1, % Total 59, %

16 Vacant Anchor Opportunity Double Value Overnight Anchor History: The main anchor space is 41,893 SF. The previous anchor was Sweetbay Supermarkets that took over a vacant Kash N Karry space in approximately 2006, apparently as a subtenant. In early 2013, thirty three Sweetbay Supermarkets closed in Florida, including at the Property. Although the space has been dark, the tenant Kash N Karry paid rent until lease expiration in January The anchor space has remained vacant since Sweetbay vacated. In September of 2015, the previous undercapitalized owner transferred the Property to the Special Servicer for Maturity Default who strategically and deliberately left the anchor lease up costs and significant value upside to a new owner. The adjacent 6,500 SF can either be part of the main anchor space or leased to a tenant just occupying the smaller 6,500 SF space. The retail market is extremely strong, with high demand for anchor space, and few options for major retailers looking to enter this key market. A quick lease up is projected for a new owner. 16

17 Veteran s Highway SR 589 Express access to Downtown & Airport Carrollwood Village Gateway Entrance 17 West View

Tenants Committed to Center Loyal Existing Tenancy Demonstrated staying power of existing tenancy despite no anchor, a strong indicator of future success for the center.

18 Tenants Committed to Center Loyal Existing Tenancy Demonstrated staying power of existing tenancy despite no anchor, a strong indicator of future success for the center. Positive Indicators Existing Tenant Momentum Gator Fred s had rent payment issues, yet continues to occupy. Alex s Barbecue's has rent payment issues, MTM. USPS looking to potentially expand by 6,500 SF. Terra Sur Café is renewing. Riba Corp- renewed. Village Family Clinic renewed. PGT American Kitchens preliminary renewal discussions. Extreme loyalty to the center by existing tenants despite lack of an anchor for years. 18

Investment Contact INVESTMENT SALE CONTACT John F. Bell Managing Director D: 305.808.7820 M: 305.798.7438 John.Bell@transwestern.

19 Investment Contact INVESTMENT SALE CONTACT John F. Bell Managing Director D: M: SE 2 nd Street Suite 3100 Miami, Florida, Disclaimer: The information contained in this offering has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guaranty, warranty or representation about it. It is the responsibility of each prospective purchaser to independently verify its accuracy and completeness. Any projections, opinions, assumptions or estimatesused are for example purposes only and do not represent the current or future performance of the property. Each prospective purchaser is to rely upon itsown investigation, evaluation and judgment as to the value and condition of the property, the information contained in the offering and advisability of purchasing the property. This offering may be rescinded or altered and the property may be sold, leased or withdrawn from the market without notice. Brokers are not authorized to make any representations or agreements on behalf of the property owner or bind the property owner to any agreement for sale of the property. Summit Consistently Commands Superior Market Share. St Johns River 19

THE SUMMIT OFFERING MEMORANDA AT * SOUTHPOINT. Extraordinary Investment Opportunity! Jacksonville, Florida EXECUTIVE SUMMARY THE SUMMIT AT SOUTHPOINT

THE SUMMIT OFFERING MEMORANDA AT * SOUTHPOINT. Extraordinary Investment Opportunity! Jacksonville, Florida EXECUTIVE SUMMARY THE SUMMIT AT SOUTHPOINT THE SUMMIT AT * SOUTHPOINT Extraordinary Investment Opportunity! OFFERING MEMORANDA Jacksonville, Florida Represented Exclusively by: 1 The Opportunity Project Name Asking Price Major Tenants Address Summit