ROSS & MARSHALLS TWO-TENANT ASSET BELTON, MO

TWO NATIONAL, CORPORATE TENANTS ON 10-YEAR LEASE TERMS 2

Overview ROSS & MARSHALLS MARKEY PARKWAY & HIGHWAY Y, BELTON, MO 64012 $4,930,000 PRICE 7.00% CAP LEASABLE SF 44,500 SF PPSF $110.79 LAND AREA 2.5 AC est. OCCUPANCY 100% YEAR BUILT 2018 100% leased to Ross & Marshalls Both tenants are on corporate ten-year leases Newly constructed center with attractive features Just off Interstate 49 with 67,000+ ADT Average household incomes of $70k+ within a 5-mile radius Off-price retailers are internet resistant 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 the opportunity to acquire a two-tenant asset that is fully leased to Ross and Marshalls. This portion of phase two of the Belton Gateway project is considered to be the power portion and will be a significant pull for traffic into the center. The first phase of the project included the opening of Academy Sports, Hobby Lobby and two multiple-tenant strip retail buildings. Phase one also has potential for construction of a 20,000-square-foot hotel. BELTON GATEWAY is quickly becoming Cass County s premier retail destination, due to its location near I-49 and Y Highway. The retailers in Belton Gateway benefit from great visibility and convenient highway access due to the new interchange. KANSAS CITY MSA is the second largest metropolitan area with a total population 2,104,509, with its core in Missouri. The Kansas City MSA economy is matching the U.S. economy stride for stride, growing at almost precisely the same rate, and will add 18,000 to 20,000 jobs per year over the next two years. Contact the team JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 IN CONJUNCTION WITH MO LICENSED BROKER: Ferdinand Niemann IV BELTON IS AN AFFLUENT KANSAS CITY SUBURB 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

In The News: Off-Price Retailers THE OFF-PRICE RETAIL BOOM: LESSONS FOR ALL RETAILERS Retail TouchPrints Tuesday August 15, 2017 Written by Klaudia Tirico The thrill of the in-store hunt is still going strong within the retail industry, as off-price retailers such as T.J. Maxx, Marshalls and Burlington Coat Factory continue to build momentum and outperform traditional department stores. Off-price retail success relies heavily on customers shopping in stores to hunt for treasures within the constantly-changing influx of inventory. Some of the success of off-price-only retailers so far is due to their conscious efforts to target a different customer demographic, Off-price retail as a segment has expanded significantly within the last several years, with almost every major department store introducing its own off-price brand, including Nordstrom Rack, Saks Off Fifth and Macy s Backstage. As more traditional retailers introduce off-price brands, the off-price-only retailers are now faced with some heavy competition. But according to Deborah Weinswig, Managing Director at Fung Global Retail & Technology, consumers are more drawn to off-price-only retailers. It s safe to say off-price retail isn t going anywhere and has the potential to grow and expand into different markets. While omnichannel is still important, the physical store will stay at the forefront of off-price strategies to cater to the demands of their customers. 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. AMAZON CAN T COMPETE WITH OFF-PRICE RETAILERS, JP- MORGAN SAYS CNBC Monday September 25, 2017 Written by Lauren Thomas Off-price retailers T.J. Maxx owner TJX, Ross Stores and Burlington are expected to see incremental sales growth of $18 billion to $19 billion by 2021, according to JPMorgan. And that boost will primarily stem from the demise of department store chains, analyst Matthew Boss wrote in a Monday note to clients. We expect off-price will be the primary beneficiary of this brick & mortar sales volume up for grabs and benefit from the plethora of close-out merchandise for several years, Here s the argument for off-price retail: Amazon s encroachment into the apparel industry more closely resembles a full-price department store, instead of a Ross or T.J. Maxx model, JPMorgan s Boss said. He cited the internet giant s Prime Wardrobe pricing structure as an example, saying the fashion focus at Amazon instead looks to mirror companies like Macy s and J.C. Penney. An important point to also be made is just how difficult the off-price model offering a treasure-hunt type experience would be for Amazon to copy online, Boss emphasized in his report. He cites high barriers to entry to tapping into the concept successfully. At a time when many retailers are shuttering stores to get back to a healthy footprint, off-price companies have plans to open more doors in the years ahead. TJX even recently rolled out an entirely new nameplate, Homesense, in the United States. VIEW FULL ARTICLE 5

Aerial GRAND SUMMIT GOLF COURSE 49 KANSAS CITY 67,001 VPD 20 MILES CREEKMOOR GOLF COURSE CREEKMOOR ELEMENTARY CITY OF BELTON E 163RD STREET KENTUCKY TRAIL ELEMENTARY GLADDEN ELEMENTARY MAR KEY E NORTH AVENUE HILLCREST STEM ACADEMY 58 BELTON REGIONAL MEDICAL CENTER 58 SCOTT ELEMENTARY W FOXWOOD DRIVE EAGLE GLEN ELEMENTARY BELTON MIDDLE SCHOOL S MULLEN ROAD CAMBRIDGE ELEMENTARY RAYMORE ELEMENTARY 49 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

Submarket Overview RETAILERS IN CLOSE PROXIMITY INCLUDE: Academy Sports Hobby Lobby Target The Home Depot Lowe s Kohl s Price Chopper Hy-Vee ALDI Dollar Tree Sam s Club Tractor Supply Co. Planet Fitness Walgreens PetSmart JOANN Fabrics CVS 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 332 925 1,792 Employees 3,982 13,950 28,644 Residential Population 6,109 37,676 70,641 KEY 1-MILE 3-MILES 5-MILES 7

Income & Expense 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. 8

Rent Roll 1 2 Ross co-tenancy: If Academy, Hobby Lobby, Marshalls or TJ Maxx & Petco close for a period of 12 months tenant shall pay substitute rent of 2% of gross sales. Marshalls co-tenancy: If Hobby Lobby and Ross or their qualified replacement stores are not in business for 180 days tenant shall pay an alternate rent of 2% of gross sales. If closed for a period of 545 days tenant may terminate this lease 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. 9

Ross Lease Abstract PREMISE & TERM TENANT BUILDING SF LEASE TYPE TERM GRAND OPENING RENT COMMENCEMENT EXPIRATION OPTIONS RENT BASE RENT DATE RANGE MONTHLY RENT ANNUAL RENT 05/31/18-01/31/29 $14,667 $176,000 OPTION RENTS Ross Dress For Less 22,000 SF NN 10 Years May 31, 2018 (Estimated) May 31, 2018 (Estimated) January 31, 2029 (Estimated) Four (4) Five-Year Options DATE RANGE MONTHLY RENT ANNUAL RENT #1. 02/01/29-01/31/34 $15,583 $187,000 #2. 02/01/34-01/31/39 $16,500 $198,000 #3. 02/01/39-01/31/44 $17,417 $209,000 #4. 02/01/44-01/31/49 $18,333 $220,000 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. CAM CHARGES Costs included in CAM charges are: Maintaining and repairing parking areas, sidewalks and loading zones; shopping center security; cleaning, sweeping and janitorial; pest control; refuse; maintenance of landscaping; directional signs and other markers; electricity to light common areas; repair of lighting fixtures, maintenance of other Utility systems; premiums of Landlord s liability insurance for common areas; trash removal; and an admin fee. Costs Excluded are capital expenditures, any costs that result from deferred maintenance, reserves, legal fees, internal accounting expenses, salaries of executives of Landlord, advertising and promotional expenditures, management or supervision costs, costs of seasonal decorations, costs for maintenance of any pylon sign. COMMON AREA CHARGE ADMINISTRATIVE FEE: 10% of total CAM charges excluding insurance premiums, taxes, utility costs, security costs and management fees. TAXES Tenant is responsible to reimburse Landlord for their pro rata share of all tax expenses. Tenant shall not be responsible for any increase in taxes caused by a change of ownership. INSURANCE Tenant shall reimburse landlord all insurance costs. MAINTENANCE BY TENANT Tenant shall maintain interior of the store. That includes: doors, windows, interior plumbing, gas and electrical lines, fire system, and non-structural components of storefront. Tenant is responsible for all maintenance and servicing of HVAC. MAINTENANCE BY LANDLORD Landlord is responsible for foundation, floor slab, flooring, roof and structural components of the store. REQUIRED CO-TENANCY Co-tenants are as followed: Academy Sports (57,000 SF), Hobby Lobby (53,000 SF), Marshalls or T.J. Maxx (22,000 SF), Petco (12,000 SF). Any of the Required Co-Tenants may be replaced by one nationally recognized Anchor Tenant for a minimum lease term of 3 years. If a reduced occupancy period continues for 12 consecutive months tenant shall be obligated to pay a Substitute rent of 2% of gross sales (not to exceed minimum 10 rent). Tenant will still be responsible for reimbursements.

Marshalls Lease Abstract PREMISE & TERM TENANT Marshalls BUILDING SF 22,500 SF LEASE TYPE NN TERM 10 Years GRAND OPENING March 8, 2018 RENT COMMENCEMENT March 8, 2018 EXPIRATION March 31, 2028 OPTIONS Four (4) Five-Year Options RENT BASE RENT DATE RANGE MONTHLY RENT ANNUAL RENT 03/08/18-03/07/23 $15,000 $180,000 03/08/23-03/31/28 $16,875 $202,500 OPTION RENTS DATE RANGE MONTHLY RENT ANNUAL RENT #1. 04/01/28-3/31/33 $17,812 $213,750 #2. 04/01/33-3/31/38 $18,750 $225,000 #3. 04/01/38-3/31/43 $19,687 $236,250 #4. 04/01/43-3/31/48 $20,625 $247,500 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. CAM CHARGES Landlord shall keep and maintain all Common areas, subject to reimbursement by tenant for their pro rata share. In no event shall CAM costs and Insurance costs include: any repairs for common areas prior to first anniversary of commencement, any amounts for management or administrative costs, capital expenditures. CAM CAP: CAM cap for the first year is $1.00/SF. Thereafter tenant s CAM cap shall increase by no more than 103% of Tenant s actual payments of CAM costs for preceding year exclusive of insurance costs, common are utilities, and snow removal. TAXES Tenant is responsible to reimburse Landlord for their pro rata share of all tax expenses. Tenant shall not be responsible for any increase in taxes caused by a change of ownership. The provisions of the immediately preceding sentence shall not be applicable to the first change in ownership during the term and thereafter to the first change in ownership in any successive five year period. INSURANCE Tenant shall reimburse landlord all insurance costs. TENANT REPAIRS Tenant is responsible to maintain interior of Premises including: glass, HVAC, windows, doors, storefront signage, and utilities conduits. LANDLORD REPAIRS Landlord is responsible for foundation, roof, exterior walls, roof drainage, interior ceilings, interior floors and structural parts of the Premises. ASSIGNMENT AND SUBLETTING Tenant shall remain primarily liable for performance of lease. CO-TENANCY Marshalls co-tenancy: If Hobby Lobby and Ross or their qualified replacement stores are not in business for 180 days, tenant shall pay an alternate rent of 2% of gross sales. In no event shall the alternate rent exceed the minimum rent. If the condition continues for a period of 545 days, then tenant may terminate this lease. 11

Site Plan ALSO AVAILABLE SEE AGENT FOR DETAILS 14,690 VPD MISSOURI HIGHWAY Y MARKEY PARKWAY NOT A PART This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify This site the plan information is a rendering and bears that has all risk been for created any inaccuracies. based on sources we believe to be reliable. 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

Tenant Overview ROSS DRESS FOR LESS Lease signed by: Ross Dress For Less, Inc., a Virginia corporation Ross is an American chain of off-price department stores headquartered in Dublin, California, officially operating under the brand name, Ross Dress for Less. It is the second-largest off-price retailer in the USA, behind TJX Companies. Currently Ross has approximately 1,412 locations across the country, the District of Columbia, and Guam. Since 1982, the company s focus has been on bringing their customers a constant stream of high quality department and specialty store brands at extraordinary savings. A- S&P CREDIT RATING 1,412 LOCATIONS IN 37 STATES, COLUMBIA, AND GUAM MARSHALLS Lease signed by: Marshalls Of MA, Inc., a Massachusetts corporation Marshalls is a chain of discounted department stores that sell offpriced, band name apparel items. Marshalls has over 1,000 American stores, including larger stores named Marshalls Mega Store, covering 42 states and Puerto Rico, and 61 stores in Canada. Marshalls first expanded into Canada in March 2011. Marshalls is the U.S. s second largest off-price family apparel and home fashion retailer, behind its sister company, T.J. Maxx. Marshalls is owned by TJX Companies, which is a publicly traded company listed on the NYSE as TJX and has an S&P credit rating of A+. 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. 1,000+ LOCATIONS IN 42 STATES, PUERTO RICO, AND CANADA 13

Demographics POPULATION 1-MILE 3-MILES 5-MILES 2010 5,692 34,828 67,332 2017 5,837 36,941 71,174 2022 5,954 38,359 73,808 KANSAS CITY (27 MINS 20 MILES) 2017 HH INCOME 1-MILE 3-MILES 5-MILES Average $56,380 $64,910 $70,490 Median $46,363 $53,879 $56,948 BELTON KANSAS CITY MSA TOP EMPLOYERS EMPLOYER # OF EMPLOYEES Federal Government 18,621 Center Corp. 11,823 HCA Midwest Health System 9,310 Saint Luke s Health System 7,769 Ford Motor Co. 7,700 THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS IS OVER $70K 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

Location Overview BELTON, MISSOURI KANSAS CITY BELTON, a city in Cass County, Missouri, is part of the Kansas City metropolitan area. The city is located less than 20 miles south of Downtown Kansas City, offering easy access to a major city. Belton has numerous historic buildings, quaint restaurants and boutique shops throughout the town that allow residents and visitors plenty of options for food, shopping and entertainment. The city s many flourishing industries include manufacturing, bioscience, energy and health science services while the local government offers many incentives for businesses to move to the community. With it s central location, thriving economy, highly regarded education system, and easy access to Kansas City via I-49, Belton is a great place to live, visit and work. KANSAS CITY METRO KANSAS CITY is home to the headquarters of dozens of national companies including American Century Investments, Applebee s, Hallmark Cards, and H&R Block. Many universities and colleges are located in the Kansas City MSA, including the University of Missouri-Kansas City, Rockhurst University, and Kansas City Art Institute. More than 100,000 college graduates enter the KC workforce each year. 2.1 MILLION KANSAS CITY METRO 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. 15

We d love to hear from you. JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 IN CONJUNCTION WITH MO LICENSED BROKER: Ferdinand Niemann IV ferd@christiedev.com PH: 913.649.4500 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.