RIVER LANDING SHOPPING CENTER FAYETTEVILLE, NC

100% OCCUPIED NEIGHBORHOOD SHOPPING CENTER ANCHORED BY THREE NATIONALLY BRANDED TENANTS 2

Overview RIVER LANDING SHOPPING CENTER 3646 RAMSEY ST, FAYETTEVILLE, NC 28311 $4,425,000 PRICE 7.79% CAP LEASABLE SF 52,200 SF LAND AREA 4.86 AC OCCUPANCY 100% PRICE PER SF $84.77 YEAR RENOVATED 2011/2012 PARKING CROSS/AMPLE 100% leased to strong roster of mostly nationally-branded tenants A multi-million dollar renovation was completed in 2011/2012 Large Pylon sign, excellent visibility from Ramsey St (41,000 VPD) Out-lot pad with potential to be developed in the future Located near Fort Bragg, a major U.S. Army installation This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 3

Investment Highlights THE OFFERING provides an opportunity to acquire a stabilized retail shopping center anchored by Dollar Tree, It s Fashion Metro, and Badcock Home Furniture. All three anchor tenants are on corporate leases with significant term remaining. The property is priced well below replacement cost and features a out-lot pad that has the potential to be developed in the future, allowing for the possibility of long-term upside. THE SUBJECT PROPERTY underwent a multi-million dollar renovation that began in August 2011 and was completed in February 2012. The renovation included a complete interior demo down to the shell, re-facing of the façade, and a sub-division of the property. There was also new, front split faced block, stucco, sheetrock, electrical, plumbing, HVAC, ceilings, lighting, flooring, etc. A complete renovation of the sprinkler system with the addition of a full alarm system with pull stations, horns, strobes, backflow preventer, etc. The roof was upgraded with new gutters, downspouts, parapets and flashing. There was a complete 1-inch asphalt overlay of the entire parking lot (front, sides and rear), and upgraded with all new parking lot lighting, and landscaping. LOCATED IN A GROWING RETAIL CORRIDOR, Ramsey Street s northern stretch has seen increased residential growth, expansion at Methodist University, numerous commercial developments, and the introduction of the Outer Loop. The Outer Loop, also known as Interstate 295, will connect I-95 to Fort Bragg. In 2007, Walmart spurred the growth in the corridor when they opened a large, freestanding Supercenter to replace their old store. Contact the team DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 JOE CACCAMO jcaccamo@capitalpacific.com PH: 415.274.7394 CA BRE# 01191110 IN CONJUNCTION WITH NC LICENSED BROKER: Stuart Mullen Commercial Real State Carolina, LLC stuart@rangeds.com PH: 704.661.9800 ALL THREE ANCHORS ARE CORPORATE TENANTS WITH SIGNIFICANT TERM LEFT This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4

Aerial 401 295 210 MURCHISON RD BUS 401 RAMSEY ST BUS 401 41,000 VPD RAMSEY ST 401 Northwood Temple Academy College Lakes Christian Academy RAMSEY ST RIVER LANDING SHOPPING CENTER RALEIGH 55 MILES This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 5

Retail Aerial RIVER LANDING SHOPPING CENTER RAINBOW RESTAURANT SAM S SOUTHERN EATERY 401 RAMSEY STREET LAW ROAD This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 6

In the News FAYETTEVILLE BASEBALL STADIUM CONSTRUCTION SPURS EXCITEMENT, SALES WTVD - ABC NEWS FEBRUARY 22, 2018 BY AKILAH DAVIS The warm temperatures are giving many spring fever and that could mean it s nearly time for afternoons at the ballpark. In Fayetteville, locals are preparing for their new stadium. Construction is underway downtown for the highly anticipated baseball stadium that s soon to be home of a Houston Astros minor league affiliate. The development is on the minds of many business owners as they wait and watch patiently for it to come together. One businessman said it s sure to bring an economic boost. VIEW FULL ARTICLE RAMSEY STREET PROJECT WILL EXTEND GROWTH SPURT THE FAYETTEVILLE OBSERVER JANUARY 23, 2016 BY STEVE DEVANE Engineers are working on plans for a 252-acre development that will expand growth along Ramsey Street even further north. The project being developed by Broadwell Land Co. will include more than 300 single-family homes on land off Ramsey Street and Elliot Bridge and Elliot Farm roads. Commercial property and multi-family homes are expected to be added later, said Dohn Broadwell Jr., president of the company. Greg West, president of Westan Homes, said he expects development to continue growing to the north. VIEW FULL ARTICLE This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 7

Submarket Overview RETAILERS IN CLOSE PROXIMITY INCLUDE: Ross Dress for Less McDonalds Lowes Home Improvement Little Caesars Pizza Verizon Wireless Walmart First Citizens Bank Bank of America KFC Hobby Town Big Lots Advance Auto Parts CVS Save-A-Lot Dunkin Donuts Fayetteville YMCA The UPS Store Cato Fashions Subway GNC Wendy s Rent-A-Center Sam s Southern Eatery Jiffy Lube This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. BUSINESS SUMMARY TOTAL 1-MILE 3-MILES 5-MILES Businesses 186 2,023 3,922 Employees 1,384 21,263 44,847 Residential Population 8,738 56,929 125,199 KEY 1-MILE 3-MILES 5-MILES 8

Subject Property 9

Surrounding Retail THE SUBJECT PROPERTY IS SURROUNDED BY MANY HIGH-VOLUME RETAILERS RIVER LANDING SHOPPING CENTER RIVER LANDING SHOPPING CENTER 10

Property Renovation THE SUBJECT PROPERTY UNDERWENT A COMPLETE RENOVATION THAT BEGAN IN AUGUST 2011 AND FINISHED IN FEBRUARY 2012. THIS WAS A TOTAL RENOVATION OF THE ENTIRE PROPERTY INSIDE AND OUT. PARKING LOT AREA One inch asphalt overlay of the entire parking lot. New parking lot lighting also installed. HVAC All HVAC units in the anchor spaces were replaced in the renovation. The Jackson Hewitt HVAC system was replaced in 2013 and the Avail HVAC system was replaced in June of 2016. Boar s Head Deli replaced their own HVAC system at the end of 2015 as part of their uplift to the space. ROOFING Roof was last replaced in 2002 with a high grade EPDM white membrane roof. JDM Roofing Co. replaced all flashing, gutters, and downspouts in the 2012 renovation. PAINT Property was given a new paint job. PYLON SIGN Enhances the visibility of the center. FRONT SPLIT FACED BLOCK Gives the building an attractive contemporary design. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 11

Income & Expense Actual Price: $4,425,000 PROPOSED LOAN SCENARIO: Capitalization Rate: 7.79% Loan Amount $2,876,250 Price Per Square Foot: $84.77 Interest Rate 4.85% Down Payment 35% $1,548,750 Amortization 25 Year Loan Amount 65% $2,876,250 Term 10 Year Total Leased (SF): 100.00% 52,200 Debt Service $198,766 Total Vacant (SF): 0.00% - Monthly Debt Service $16,564 Total Rentable Area (SF): 52,200 Pre-Tax Cash Flow $145,726 INCOME PSF Debt Coverage Ratio 1.73 Scheduled Rent $7.34 $382,922 Cash on Cash 9.41% Estimated Recovery $1.36 $70,867 Principal Paydown (Year 1) $60,604 Recycling $0.05 $2,400 Total Return $206,329 EFFECTIVE GROSS INCOME $453,788 Yield 13.32% Market Vacancy Reserve (5%) ($22,689) ADJUSTED GROSS INCOME $431,099 EXPENSES (CY2016) PSF Property Taxes -$0.83 ($43,321) Insurance -$0.11 ($5,570) Common Area Lighting -$0.25 ($12,845) Fife/Life/Safety -$0.02 ($918) Drain Stoppage Removal -$0.01 ($493) Landscaping, Sweeping, Lawn Maintenance -$0.14 ($7,236) Repairs and Maintenance -$0.05 ($2,610) Property Management (3% of EGI) -$0.26 ($13,614) TOTAL OPERATING EXPENSES -$1.66 ($86,607) NET OPERATING INCOME $344,492 CASH FLOW & PROPOSED LOAN TERMS This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 12

Rent Roll Trade Name Sq. Ft. Percent of GLA Lease Start Lease Expiration Monthly Base Rent Monthly Rent/SF Annual Rent/SF Annual Base Rent TICAM/SF Annual TICAM Total Annual Rent Income It s Fashion Metro (Cato Corp.) 13,176 25.24% 2/12/2012 1/31/2024 $5,797.44 $0.44 $5.28 $69,569.28 $1.42 $18,709.92 $88,279.20 Cato exercised Option 1 in 2018. Option 2 2/1/2024 1/31/2029 $6,620.94 $0.50 $6.03 $79,451.28 Option 3 2/1/2029 1/31/2034 $7,169.94 $0.54 $6.53 $86,039.28 Dollar Tree (Dollar Tree Stores, Inc.) 10,500 20.11% 3/1/2012 2/28/2022 $9,038.75 $0.86 $10.33 $108,465.00 $1.42 $14,910.00 $123,375.00 Dollar Tree exercised on option at contractual option rent in 2017 Option 2 3/1/2022 2/28/2027 $9,476.25 $0.90 $10.83 $113,715.00 Option 3 3/1/2027 2/28/2032 $9,913.75 $0.94 $11.33 $118,965.00 Badcock Furniture & More (corp.)* 17,692 33.89% 7/1/2014 6/30/2024 $7,739.78 $0.44 $5.25 $92,877.32 $1.42 $25,122.64 $117,999.96 Increase 7/1/2019 6/30/2024 $8,477.42 $0.48 $5.75 $101,729.00 Option 1 7/1/2024 6/30/2029 $9,214.58 $0.52 $6.25 $110,575.00 Option 2 7/1/2029 6/30/2034 $9,951.75 $0.56 $6.75 $119,421.00 Rear Storage Space 2,412 4.62% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Jackson Hewitt 1,317 2.52% 11/9/2002 MTM $1,430.04 $1.09 $13.03 $17,160.51 $1.42 $1,870.14 $19,030.65 Jackson Hewitt exercised both of their 5-year optionsand are in negotiations to No Options renew again. Luxury Nails 1,400 2.68% 11/18/2012 12/31/2022 $1,534.33 $1.10 $13.15 $18,411.96 $1.42 $1,988.00 $20,399.96 No Options Avail Vapor 2,800 5.36% 3/1/2015 2/29/2020 $2,683.33 $0.96 $11.50 $32,200.00 $1.42 $3,976.00 $36,176.00 Option 1 3/1/2020 2/29/2025 $3,085.83 $1.10 $13.23 $37,030.00 Metro PCS 1,400 2.68% 4/1/2017 3/30/2020 $1,520.33 $1.09 $13.03 $18,243.96 $1.54 $2,156.00 $20,399.96 Option 1 4/1/2020 3/30/2023 $1,596.35 $1.14 $13.68 $19,156.16 NY Hero Deli 1,503 2.88% 8/1/2015 7/31/2020 $1,816.13 $1.21 $14.50 $21,793.50 $1.42 $2,134.26 $23,927.76 Option 1 8/1/2020 7/31/2025 $2,043.14 $1.36 $16.31 $24,517.69 Option 2 8/1/2025 7/31/2030 $2,298.53 $1.53 $18.35 $27,582.40 Twice The Ice Kiosk 6/1/2017 5/30/2022 $350.00 $4,200.00 Increase 6/1/2019 5/30/2021 $400.00 $4,800.00 Increase 6/1/2021 5/30/2022 $450.00 $5,400.00 Option 1 6/1/2022 5/30/2027 $550.00 $6,600.00 Option 2 6/1/2027 5/30/2032 $650.00 $7,800.00 Current Totals: 52,200 100.00% Monthly Rent $31,910.13 Annual Rent $382,921.53 TICAM $70,866.96 $449,588.49 Occupied 52,200 100.00% Vacant 0 0.00% *Badcock is a modified gross lease. Tenant pays all increases over base year expenses. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 13

Site Plan STORAGE MONUMENT SIGN 41,000 VPD Ramsey Street 401 SAM S SOUTHERN EATERY BUILDABLE PAD (estimated 4,000 sf) Law Road Luxury Nails Jackson Hewitt Avail Vapor Metro PCS NY Hero Deli Complete renovation of the center took place in 2011/2012. See PAGE 11 for details. ZONED: Limited Commercial (LC) CLICK HERE for zoning information 52,200 RENTABLE SF 4.86 ACRES CROSS/AMPLE SPACES This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 14

Tenant Mix IT S FASHION METRO It s Fashion Metro is a division of the Cato Corporation that offers the latest trendy fashions for juniors, junior plus sizes, men, boys, girls, infants, and toddlers. Cato Corporation is an American retailer of women s fashions and accessories. In 2015 the company operated 1,346 stores under the names Cato, Cato Plus, It s Fashion, It s Fashion Metro, and Versona. Cato Corporation is publicly traded on the NYSE as CATO. Today there are 115 it s Fashion Metro stores across country. DOLLAR TREE Dollar Tree, Inc. is a value-driven, variety store operating at a one dollar price-point. The company currently operates more than 14,000 stores throughout 48 U.S. states and Canada. Dollar Tree competes in the dollar store and low-end retail markets and is the largest and most successful single price-point retailer in the country. They operate from nine distribution centers, stocking each store with a variety of products including national, regional, and private-label brands. A Fortune 500 Company, Dollar Tree has served North America for more than twenty six years. This is store #472 out of 14,000 total Dollar Tree stores. BADOCK & MORE Badcock Home Furniture began in 1904 when Henry Stanhope Badcock, an immigrant from England, opened his first store in Mulberry Florida. Badcock & more offers customers easy, inhouse financing for their furniture purchases. Today, there are over 320 Badcock Home Furniture stores in eight states across the southeastern United States. Approximately one third of the stores are corporately operated and two thirds are dealer-owned stores. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 15

Tenant Overview JACKSON HEWITT Guaranteed by: Jackson Hewitt Tax Service, Inc. Founded in 1982, Jackson Hewitt Tax Service is the second largest tax preparation service in the country. They are responsible for preparing over 2.5 million computerized federal, state, and local individual income-tax returns each year. Based in Jersey City, New Jersey, Jackson Hewitt operates 6,800 franchised and companyowned locations throughout the United States, including nearly 3,000 located in Walmart stores nationwide. METRO PCS Guaranteed by: Smartalk 64, INC, a NY corporation MetroPCS is a prepaid wireless service in the United States that is part of T-Mobile US, Inc.. MetroPCS provides nationwide talk, text, and data. In October 2012, MetroPCS Communications reached an agreement to merge with T-Mobile USA, Inc., a deal that would help the competing provider become more competitive with the other National Carriers. The combined company, now known as T-Mobile US, Inc., began trading on the New York Stock Exchange as TMUS. STRONG MIX OF NATIONAL AND LOCAL TENANTS This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 16

Tenant Overview NY HERO DELI Guaranteed by: Personal Guaranteed NY Hero Deli is a local sandwich stop and food mart that acts as a daily needs bodega for the surrounding residential. Their sandwiches receive great reviews and are known to be some of the best sandwiches in Fayetteville. LUXURY NAILS & SPA Guaranteed by: Personal Guaranteed Luxury Nails is a specialty beauty salon establishment offering skin and nail care services such as manicures, pedicures, acrylic overlays, UV gel overlays, & nail art. They spa also offers eyelash extensions and waxing. Eyelash extensions have become increasingly popular and in high demand. AVAIL VAPOR Guaranteed by: Avail Vapor, LLC This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Avail Vapor is a leading premium e-liquid manufacturer and retailer originating in Richmond, Virginia. Over the last two and a half years, AVAIL has grown to over 70 retail locations within Virginia, North Carolina, Maryland, Tennessee, Kentucky, and Ohio, and also distribute internationally. AVAIL s e-liquids are developed & produced in state of the art certified ISO Class 7 clean room located at the headquarters using ingredients sourced from 100% USA suppliers. 17

Demographics POPULATION 1-MILE 3-MILES 5-MILES 2010 5,949 38,739 74,373 2017 5,979 39,099 76,460 2022 6,127 39,859 78,099 RALEIGH (66 MILES) 2017 HH INCOME 1-MILE 3-MILES 5-MILES Average $64,160 $59,064 $64,220 Median $47,423 $42,381 $44,227 CHARLOTTE (132 MILES) FAYETTEVILLE TOP EMPLOYERS EMPLOYER # OF EMPLOYEES U.S. Department of Defense 8,757 Cumberland County Board of Education 6,453 Cape Fear Valley Health System 5,900 Walmart Associates Inc. 2,860 Goodyear Tire & Rubber Co. 2,500 THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS IS OVER $64K This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 18

Location Overview FAYETTEVILLE, NORTH CAROLINA FAYETTEVILLE is a city in North Carolina best known as the home of nearby Fort Bragg and Pope Air Force Base, where several military airborne units are stationed. Subsequently the military personnel population and culture which has diffused throughout the area has made the city The World s First Sanctuary for Military Families. Eight of the top ten American defense contractors have operations located in the area, including Lockheed Martin, Boeing, Northrop Grumman, General Dynamics, and L-3 Communications. Fayetteville serves as the region s hub for shops, restaurants, services, lodging, health care, and entertainment. It boasts a low unemployment rate with a large labor pool of trained professionals. FAYETTEVILLE STATE UNIVERSITY (FSU), a public regional university with over 6,000 students, located in the heart of Fayetteville. FSU is part of the University of North Carolina System and the Thurgood Marshall College Fund. The university generates approximately $169 million in total economic impact for local and regional communities. 209,899 FAYETTEVILLE POPULATION (ESTIMATED) This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 19

Fort Bragg FORT BRAGG IS THE LARGEST MILITARY BASE IN THE WORLD FORT BRAGG is an installation of the United States Army and is the largest military base in the world (by population). Fort Bragg borders the towns of Fayetteville, Spring Lake, and Southern Pines. The base covers approximately 500 square miles, is the home to the Army s XVIII Airborne Corps, and is the headquarters of the United States Army Special Operations Command. The base provides a solid foundation that helps the area stay strong regardless of what the nation s economy does. Overall, North Carolina benefits from over $66 Billion in economic impact from the U.S. Military. Fort Bragg continues to invest to modernize and expand facilities. In 2018, the Military plans to spend $57.7 million on new facilities and improvements; including a new human performance training center, a support battalion administration facility, tactical equipment maintenance facility, and telecommunications reliability improvements. 260,000 BASE SUPPORTED POPULATION $66 BILLION STATEWIDE MILITARY ECONOMIC IMPACT 163,000 ACRES OF LAND Today Fort Bragg s population stands at just over 67,700, made up of 53,700 troops and 14,000 civilians. The base supports a population of roughly 260,000, including military families, contractors, retirees, and others. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 20

We d love to hear from you. DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 JOE CACCAMO jcaccamo@capitalpacific.com PH: 415.274.7394 CA BRE# 01191110 IN CONJUNCTION WITH NC LICENSED BROKER: Stuart Mullen Commercial Real State Carolina, LLC stuart@rangeds.com PH: 704.661.9800 CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM: ZEB RIPPLE JOHN ANDREINI ZANDY SMITH CHRIS KOSTANECKI JOE CACCAMO RICK SANNER CHRIS PETERS DAVE LUCAS JACK NAVARRA This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.