Ground Lease NNN IREA. Actual Photo Richfield Parkway, Richfield, MN 55432

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1 tcfbank Ground Lease NNN 6501 Richfield Parkway, Richfield, MN IREA tcfbank Actual Photo

2 IREA INVESTMENT REAL ESTATE ASSOCIATES OFFICE Ventura Blvd. Suite 448 Encino, CA Phone: Fax: INVESTMENT ADVISORS Chris Thompson Senior Partner (818)

3 tcfbank Contents tcfbank Ground Lease NNN 6501 Richfield Parkway, Richfield, MN Highlights Property Summary Tenant Profile Context Maps Aerial Map Financials Demographics Actual Photo TEAM & TABLE OF CONTENTS 3

4 Overview Property Type: Single Tenant Ground Lease Address: 6501 Richfield Parkway, Richfield, MN Tenants: TCF Bank Rentable Area: 4,500 Sq Ft Land Area: 1.01 Acres Years Remaining: 9+ Years Left on Base Term w/ Options tcfbank Built: 2007 TCF Bank - IREA

5 Highlights Prime Retail Location Strategically located in Super Target & Home Depot anchored shopping center and located within two miles of Mall of America and IKEA. Also, directly adjacent to Minneapolis/St. Paul Int. Airport. Superior Bank Branch Deposits TCF Bank is a Wayzata, Minnesota-based national bank holding company. As of March 31, 2018, TCF Bank had $23.4 billion in total assets and 318 bank branches reaching as far west as Arizona. Affluent Demographics The area has a five-mile population of 322,000 and an average household income of over $101,000 within five-miles. High Traffic Location Impressive traffic counts in excess of 65,000 cars per day along Highway 77 interchange. Rental Increases & Options 10% rent escalations every five-years, next bump scheduled for Nov Four 5-year options with 10% rental bumps. Ground Lease NNN No landlord responsibilities; long term ground lease. PROPERTY HIGHLIGHTS 5

6 Ground Lease NNN With 9+ Years Remaining & 10% Rental Escalations Every 5-years + Option Periods. TCF Bank - IREA

7 The Offering This is a single tenant (ground lease NNN) TCF Bank located within the Minneapolis MSA. This TCF Bank is ideally located on a 1.01 acre (43,995 SF) lot as an out-parcel to a Super Target and Home Depot anchored shopping center, and adjacent to Minneapolis- Saint Paul Int. Airport. The lease features 10% rental escalations every five-years with the next escalation scheduled for November Additionally, there are four five-year options following base lease, which expires in October 2027 (9+ years remaining). With well above average deposits for a bank branch, this is a proven location for TCF Bank. tcfbank Located within the Cedar Point Commons Shopping Center, a 350,000 square foot retail center, the subject property sits within Minneapolis premier retail shopping hub! Constant traffic is abundant along Highway 77 (65,000 CPD) as the Mall of America is located approximately two miles south of Cedar Point Commons along Highway 77. Additionally, there is an IKEA adjacent to the Mall of America as well as many other national retailers in the immediate area. The subject property is located in a dense area with over 322,000 people living within five miles radius of the property. There are high barriers to entry in the area as the land directly across Highway 77 is used for the Minneapolis/St. Paul International Airport. TCF Bank is a publicly traded company on the New York Stock Exchange (TCB), with a market capitalization of $2 billion. TCF Bank is an investment grade rated company with a Standard & Poor s rating of BBB-. PROPERTY SUMMARY 7

8 tcfbank Ground Lease NNN Richfield, MN IREA TCF Bank - IREA

9 Tenant/ Corporate Profile Credit Ratings Last Review Standard & Poor s October 2017 TCF is a Wayzata, Minnesota-based national bank holding company. As of March 31, 2018, TCF had $23.4 billion in total assets and 318 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. TCF is a publicly traded company. The common stock of TCF Financial Corporation is listed on the New York Stock Exchange under the symbol TCF. As of December 31, 2017, TCF had approximately million shares of common stock outstanding. Last Review Moody s January 2018 Outlook Stable Outlook Stable TCF National Bank: Long-term Issuer Long-term Deposits Short-term Deposits Preferred Stock Subordinated Debt Baa2 A2 Prime-1 Ba1 Baa2 Subordinated Debt TCF Financial Corporation: Long-term Counterparty BBB- Short-term Counterparty A-3 TCF National Bank: Long-term Counterparty BBB Short-term Counterparty A-2 Preferred Stock BB- BBB- TENANT PROFILE 9

10 77 FWY 77 FWY Cedar Point Shopping Center Subject Property Location Site Plan View 65k CPD MSP International Airport Big box stores located east, just off map (down 494 FWY). Walmart Supercenter Sam s Club REI Site Aerial View Best Buy DICK S Sporting Goods 494 FWY 149k CPD Water Park of America IKEA Twin Cities Mall of America (largest mall in U.S.) TCF Bank - IREA 86k CPD

11 13 Miles/ 15 Min. Commute 15 Miles/ 20 Min. Commute Cedar Point Shopping Center Subject Property Location 494 FWY MSP International Airport CONTEXT MAPS 11

12 77 FWY Cedar Point Shopping Center Subject Property Location TCF Bank - IREA

13 MSP International Airport 77 FWY 65k CPD E 66th St 14k 14k CPD AERIAL MAP 13

14 Financials Notes Financial Indicators Purchase Price: $3,150,000 Down Payment: 100% $3,150,000 CAP Rate: 5.76% Cash on Cash Return: 5.76% Property Abstract Lease Begin: 10/16/07 Lease Expire: 10/31/27 (9+ Yrs. Remaining) Approx. Lot Size: 43,995 (1.01 Acres) Net Square Feet: 4,500 Year Built: 2007 Lease Type: Ground Lease NNN Annual Rents Cap Rate $181,500 11/1/2017 to 10/31/ % $199,650 11/1/2022 to 10/31/ % Options $219,615 11/1/2027 to 10/31/ % 1 $241,577 11/1/2032 to 10/31/ % 2 $265,734 11/1/2037 to 10/31/ % 3 $292,308 11/1/2042 to 10/31/ % 4 Notes & Highlights Property to be delivered free of debt. Four 5-year options following base lease. 10% rental escalations every 5-years. Information deemed reliable, but not guaranteed. Property Address 6501 Richfield Parkway, Richfield, MN TCF Bank - IREA

15 Highlights Investment Highlights Premier Retail Location Located in Super Target/ Home Depot Anchored Center Two Miles North of Mall of Amercia & Water Park 10% Rental Escalations Everty 5-Years Four 5-Year Options w/ 10% Rental Escalations High Traffic Count Location w/ Excellent Exposure Directly Adjacent to MSP Int. Airport Superior Bank Branch Deposits Free Standing/ Newer 2007 Construction Affluent Demographics tcfbank FINANCIALS 15

16 Affluent Demographics: Five mile population exceeding 322K and an average household income of over $101K. tcf Bank By The Numbers (5, 3, & 1 Mile Radius) Total Population Mile: 322, Mile: 105, Mile: 9, * 5 Mile: 336, Mile: 109, Mile: 9,626 Total Average Household by Income Demographic Mile: $90, Mile: $89, Mile: $83, * 5 Mile: $100, Mile: $100, Mile: $93,991 Total Median Household by Income Mile: $62, Mile: $67, Mile: $68, * 5 Mile: $69, Mile: $75, Mile: $76,343 Total Businesses & Employees Within 1 Mile Radius Within 3 Mile Radius Within 5 Mile Radius 208 & 2,684 3,795 & 64,789 13,131 & 221,484 *Projected 2022 TCF Bank - IREA

17 tcf Bank By The Numbers (5 Mile Radius/ Subject Property) KEY FACTS EDUCATION 9,267 Population % 2.7 Average Household Size Median Age $68,679 Median Household Income No High School Diploma 18% High School Graduate 34% Some College 37% Bachelor's/Grad/Prof Degree BUSINESS EMPLOYMENT 62% White Collar 18% 6.1% 208 Total Businesses 2,684 Total Employees Blue Collar Services 20% Unemployment Rate $62,520 INCOME $38,375 $110,032 Households By Income The largest group: $100,000 - $149,999 (20.4%) The smallest group: $200,000+ (4.0%) Indicator Value Difference <$15, % -3.1% $15,000 - $24,999 $25,000 - $34,999 $35,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149, % 8.1% 11.3% 19.6% 16.4% 20.4% +0.7% +0.2% -0.4% +2.9% +3.6% +3.7% $150,000 - $199, % -2.4% $200, % -5.4% Median Household Income Per Capita Income Median Net Worth Bars show deviation from Avg Household Size Median Household Income Sources: IREA; ESRI Information Services; U.S. Census Bureau of Labor Statistics; Wikipedia; Fortune/Money.CNN.com; Forbes; Business Insider;Moody's; Zillow; Trulia; City of Glendale; Los Angeles County; Los Angeles Times; REIS; California Association of Realtors; DataQuick; Curbed LA; Glendale News-Press; San Fernando Valley Business Journal; Glendale Unified School District; Glendale Community College; ThinkGlendale.com; Los Angeles Times. DEMOGRAPHICS 17 tcf Bank - IREA THE INFORMATION PROVIDED HEREIN IS FROM SOURCES WE BELIEVE ARE RELIABLE. WHILE WE DO NOT DOUBT ITS ACCURACY, WE HAVE NOT VERIFIED IT AND MAKE NO REPRESENTATIONS, GUARANTEES OR WARRANTIES ABOUT IT.

18 IREA INVESTMENT REAL ESTATE ASSOCIATES OFFICE Ventura Blvd. Suite 448 Encino, CA Phone: Fax: tcfbank INVESTMENT ADVISORS Chris Thompson Senior Partner (818) TCF Bank - IREA