WEST POINTE SHOPPING CENTER

OFFERING MEMORANDUM WEST POINTE SHOPPING CENTER 2900 W. Kingshighway Paragould, AR 72450 Click the Icon or Visit https://vimeo.com/268641198/a987b6725c to View Exclusive Video Presentation Broker of Record: Anne Williams

C O N F I D E N T I A L I T Y & D I S C L A M E R THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â 2018 Marcus & Millichap. All rights reserved. N O N - E N D O R S E M E N T N O T I C E Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. NET- L E A S E D D I S C L A I M E R The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

TABLE OF CONTENTS 01 INVESTMENT OVERVIEW 02 PRICING & FINANCIAL ANALYSIS 03 DEMOGRAPHICS & MARKET OVERVIEW

01 INVESTMENT OVERVIEW

WEST POINTE SHOPPING CENTER INVESTMENT HIGHLIGHTS Walmart Shadow Anchored Shopping Center Positioned Along US-412 with Over 22,000 Vehicles per Day Major Tenants Include Goodwill, PetSmart & Hibbett Sports Recently Replaced Roof & Resurfaced Parking Lots Strong Historical Occupancy 90 Percent Credit Income 24 Percent Population Growth since 2000 within Seven Miles The Dumes Falk Group of Marcus & Millichap is pleased to bring to market West Pointe Shopping Center, two Walmart shadow anchored buildings comprised of 55,200 square feet in Paragould, Arkansas. Located in the county seat of Greene County and the 19th-largest city in the state, the subject property is located 90 miles north of Memphis, TN. There are two buildings totaling 7.6 acres included in this offering, a twotenant building with PetSmart and AT&T and a shopping center anchored by Goodwill. The two-tenant outlot building is positioned at the front entrance of Walmart along US-412 while the shopping center is situated adjacent to the Walmart Supercenter. The outlot was built in 2007 on approximately 1.2 acres and is comprised of 9,500 square feet, with 7,500 square feet being leased to PetSmart through 2023 and AT&T occupying the remaining 2,000 square feet through 2021. The shopping center was built in 1997 on roughly 6.4 acres and is comprised of 45,700 square feet and anchored by Goodwill, occupying 17,700 or 39% of the GLA and leased through 2022. Other notable tenants within the shopping center include Hibbett Sports, GNC, GameStop, Cato and Sally Beauty. The roof on the shopping center was recently replaced in 2015, a fresh parking lot overlay and exterior painting was completed for both building in 2016. The center has been meticulously maintained and comes free of any significant deferred maintenance issues. West Pointe Shopping Center is situated in Paragould s most dominant retail corridor along US-412, a four-lane commuter highway that sees over 22,000 vehicles per day with a center turn lane and multiple points of ingress and egress. Notable retailors surrounding the subject property include Aldi, Zaxby s, Wendy s, Belk, Chilis, KFC, Taco Bell, Lowe s, Cash Saver, Dollar Tree, Rent-A-Center, ACE Hardware, Cinema, Kum & Go and First National Bank. Located on the other side of Lowes is the Kirk Field PGR municipal airport. While there is just over 36,000 residents within seven miles of West Pointe Shopping Center, the population has grown by more than 24 percent in three miles and 23 percent in seven miles since 2000. There are nearly 36,000 employees within five miles and 40,000 within seven miles of the subject property. Located south of town is a newly constructed Walmart Neighborhood center that was just completed along with the announcement of a remodel to the Walmart Supercenter that neighbors the subject property. This announcement solidifies the fact that the Walmart Supercenter has no intention of vacating or relocating and that the Paragould s economy is growing and that it can sustain two of the same big box stores within the same market. Retail tomorrow may look different than retail today, but in the end, we positioned centers surrounded by dominant anchors with a strong tenant mix should continue to lease, as represented by West Pointe Shopping Center. 5

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Walmart Not Included 8

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Wendy s (NAP) 210 Carroll Road 100 120 110 125 140 135 145 155 160 (NAP) Wal-Mart Supercenter 165 Shopping Center Palm Beach Tan (NAP) 200 Aldi (NAP) Dixie Cafe (NAP) W. Kingshighway 10

18,000 VPD American Railcar Industries Walgreens Paragould Jr. High & High School Kirk Field - PGR Paragould Primary School 14,361 Residents 17,122 Employees $60,789 Average Household Income

Tenneco 1100+ Employees Reynolds Park Greene County Tech Intermediate School Greene County Fair Harmon Park Kir Field - PGR Paragould Junior High & High School Arkansas Methodist Medical Center 700+ Employees 36,396 Residents 39,205 Employees $53,303 Average Household Income Paragould Country Club Arkansas State Community College Enrollment: 2,000 Paragould High School Enrollment: 825 Paragould Jr. High School Enrollment: 475 Tenneco Inc. American Railcar Industries Anchor Industries Arkansas Methodist Medical Utility Trailer Manufacturing

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02 PRICING & FINANCIAL ANALYSIS

WEST POINTE SHOPPING CENTER PRICING DETAIL & OPERATING DATA DEMOGRAPHICS 3-Mile 5-Miles 7-Miles 2017 Estimate Population 14,361 31,992 36,396 2017 Estimate Households 5,650 12,495 14,157 Daytime Population 17,122 35,934 39,205 Average Household Income $60,789 $53,101 $53,303 MAJOR EMPLOYERS Click Here to View Exclusive Video Presentation https://vimeo.com/268641198/a987b6725c THE OFFERING Property West Pointe Shopping Center Address 2900 W. Kingshighway Paragould, AR 72450 SITE DESCRIPTION Built Renovated 1997 2007 2015 Gross Leasable Area (GLA) 55,200 SF Current Occupancy 95.65% EMPLOYER TENANT GLA MAJOR TENANTS LEASE EXPIRATION # OF EMPLOYEES Tenneco Inc. 1,300 American Railcar Industries 1,100 Anchor Industries 1,100 Arkansas Methodist Medical Center 900 Utility Trailer Manufacturing 700 Greene County Tech School District 700 LEASE TYPE Goodwill 17,700 09/30/2022 NNN PetSmart 7,500 03/31/2023 NNN Lot Size Ownership +/- 7.6 Acres Fee Simple 15

WEST POINTE SHOPPING CENTER RENT ROLL AND TENANT LEASE SUMMARY Tenant Name Square Feet Total % of GLA Lease Dates Comm. Exp. Annual Rent Per Sq. Ft. Rent Per Month Rent Per Year Changes On Changes To Lease Type Renewal Options PetSmart 7,500 78.95% 04/01/2013 03/31/2023 $15.25 $9,531 $114,375 04/01/2023 $121,875 NNN Three, Five-Year AT&T 2,000 21.05% 03/01/2013 02/28/2021 $15.00 $2,500 $30,000 03/01/2021 $31,000 NNN One, Three-Year 2708 W. Kingshighway Totals 9,500 100.00% $12,031 $144,375 CATO* 4,000 8.75% 07/08/1997 01/31/2023 $11.25 $3,750 $45,000 None None NNN Two, Five-Year GameStop 2,000 4.38% 09/01/2007 08/31/2019 $13.00 $2,167 $26,000 09/01/2019 $27,000 NNN One, Two-Year GNC 1,600 3.50% 11/25/2014 11/30/2019 $12.00 $1,600 $19,200 12/01/2019 $22,080 NNN Two, Five-Year Goodwill 17,700 38.73% 10/01/2012 09/30/2022 $6.25 $9,219 $110,625 10/01/2022 $119,475 NNN Two, Five-Year Hibbett Sports** 5,000 10.94% 07/15/1997 12/31/2019 $11.31 $4,713 $56,550 01/01/2020 $59,400 NNN One, Five-Year New Wave Wireless 2 2,000 4.38% 10/01/2017 11/30/2020 $12.00 $2,000 $24,000 10/01/2018 $25,000 Gross None Sally Beauty 2,000 4.38% 08/04/2014 08/31/2019 $10.00 $1,667 $20,000 09/01/2019 $25,880 NNN Two, Five-Year Fancy Nails 4,000 8.75% 08/01/2016 07/31/2023 $8.25 $2,750 $33,000 08/01/2023 $36,300 NNN One, Five-Year Larry s Pizza 5,000 10.94% 08/05/2016 08/31/2021 $7.05 $2,937 $35,244 09/01/2019 $37,894 NNN Five, Two-Years Vacant 2,400 5.25% 2900 W. Kingshighway Totals 43,300 94.75% Total Occupied 52,800 95.65% $42,833 $513,994 Total Vacant 2,400 4.35% Total 55,200 100.00% $42,833 $513,994 *CATO also pays 6% of base sales over $750,000 **Hibbett also pays 3% of base sales over $1,142,050. 16

TENANT OVERVIEW ABOUT GOODWILL Goodwill Industries International Inc. is an American nonprofit 501 organization that provides job training, employment placement services, and other community-based programs for people who have barriers preventing them from otherwise obtaining a job. Goodwill is funded by a massive network of retail thrift stores which operate as nonprofits as well. Goodwill operates as a network of independent, communitybased organizations in South Korea, Venezuela, Brazil, Mexico, Panama, Uruguay, the United States, Canada, and 8 other countries, with 163 local Goodwills in the United States and Canada. It slowly expanded from its founding in 1902 and was first called Goodwill in 1915. In 2014, Goodwill organizations generated a total of $5.59 billion in revenue, 83 percent of which was spent directly on programs. In 2015, the group served more than 37 million people, with more than 312,000 people placed into employment. LEASE SUMMARY Lease Type Triple-Net (NNN) Tenant Goodwill Industries International Inc. Rent Increases (Opt.1) $119,475 10/01/2022 Guarantor Corporate Ticker N/A Rent Commencement October 1, 2012 Lease Expiration September 30, 2022 Lease Term Remaining Over Four Years Original Lease Term Ten Years Renewal Options* Two, Five-Year C.A.M. Tenant pays pro-rata share of CAM expenses Real Estate Tax Tenant pays pro-rata share of Real Estate Taxes Insurance Tenant pays pro-rata share of Insurance Management Tenant pay 15% of CAM for Admin Fees RENT SCHEDULE YEAR ANNUAL RENT MONTHLY RENT RENT/SF 10/01/2012 09/30/2017 $101,775 $8,481 $5.75 10/01/2017 09/30/2022 $110,625 $9,219 $6.25 OPTION SCHEDULE YEAR ANNUAL RENT MONTHLY RENT RENT/SF 10/01/2022 09/30/2027 $119,475 $9,956 $6.75 10/01/2027 09/30/2032 $128,325 $10,694 $7.25 Ranked #1 Brand Doing the Most Good in the World for Two Years Check Website here: http://enso.co/worldvalue/ 179+ LOCATIONS HEADQUARTERED IN Rockville, MD FOUNDED 1902 MORE THAN 313,000 EMPLOYEES 17

TENANT OVERVIEW ABOUT PETSMART PetSmart Inc. is an American retail chain operating in the United States, Canada, and Puerto Rico that is engaged in the sale of pet animal products and services such as dog grooming and dog training, cat and dog boarding facilities, and daycare. PetSmart also offers a variety of small animals for sale and adoption, such as birds, fish, amphibians, reptiles, and several different small animals, like guinea pigs, chinchillas, gerbils (except in California), many different species of hamster, and mice. LEASE SUMMARY Lease Type Triple-Net (NNN) Tenant PetSmart Rent Increases (Opt.1) $121,875 04/01/2023 Guarantor Corporate Ticker Private Rent Commencement April 1, 2013 Lease Expiration March 31, 2023 Lease Term Remaining Nearly Five Years Original Lease Term Ten Years Renewal Options Three, Five-Years C.A.M. Tenant pays pro-rata share of CAM expenses Real Estate Tax Tenant pays pro-rata share of Real Estate Taxes Insurance Tenant pays pro-rata share of Insurance Management Tenant does not pay pro-rata of Management expenses RENT SCHEDULE YEAR ANNUAL RENT MONTHLY RENT RENT/SF 04/01/2013 03/31/2018 $110,625 $9,219 $14.75 04/01/2018 03/31/2023 $114,375 $9,531 $15.25 OPTION SCHEDULE YEAR ANNUAL RENT MONTHLY RENT RENT/SF 04/01/2023 03/31/2028 $121,875 $10,156 $16.25 04/01/2028 03/31/2033 $129,375 $10,781 $17.25 04/01/2033 03/31/2038 $136,875 $11,406 $18.25 As of 2016, Over 7,000,000 Pets Have Been Adopted through PetSmart! Visit Their Website - www.petsmart.com 1,500+ LOCATIONS HEADQUARTERED IN Phoenix, AZ FOUNDED 1986 53,000+ EMPLOYEES 18

Common Area Maintenance WEST POINTE SHOPPING CENTER PRICING DETAIL & OPERATING DATA Property: West Pointe Shopping Center Address: 2900 W. Kingshighway Paragould, AR 72450 List Price $6,000,000 CAP Rate 8.05% Price/SF $108.70 Net Operating Income $483,060 Gross Leasable Area (GLA) 55,200 SF Built Renovated 1997 2007 2015 Lot Size Ownership +/- 7.6 Acres Fee Simple CURRENT OPERATING DATA Scheduled Base Rental Income $513,994 Expense Reimbursement Income CAM $32,670 Insurance $11,101 Real Estate Taxes $49,132 Management Fees $3,544 Total Reimbursement Income $96,447 Effective Gross Revenue $610,441 Less: Operating Expenses ($127,382) Net Operating Income $483,060 Debt Service ($315,679) Net Cash Flow After Debt Service 11.16% $167,381 Principal Reduction $92,786 Total Return 17.34% $260,167 LOAN INFORMATION Loan Type Proposed New Down Payment 25% $1,500,000 Loan Amount 75% $4,500,000 Interest Rate Amortization 5.00% 25 Years Debt Coverage Ratio 1.53 Operating Expenses Current Per/SF Utilities $7,149 $0.13 Snow Removal $820 $0.01 Landscaping $9,300 $0.17 Lot Sweeping $12,600 $0.23 General R&M $3,300 $0.06 Fire Protection $1,253 $0.02 Pest Control $943 $0.02 Total CAM Expenses $35,365 $0.64 2017 Insurance Premiums $12,063 $0.22 2017 Real Estate Taxes $53,387 $0.97 Management Fee (3.50% of EGR) $21,241 $0.38 Reserves $5,325 $0.10 Total Expenses $127,382 $2.31 19

03 DEMOGRAPHIC & MARKET OVERVIEW

7 Miles 5 Miles 3 Mile WEST POINTE SHOPPING CENTER 21

WEST POINTE SHOPPING CENTER DEMOGRAPHIC & MARKET OVERVIEW POPULATION 3 Miles 5 Miles 7 Miles 2022 Projection Total Population 14,969 33,215 37,865 2017 Estimate Total Population 14,361 31,992 36,396 2010 Census Total Population 13,369 30,025 34,185 2000 Census Total Population 11,549 26,015 29,584 Current Daytime Population 2017 Estimate 17,122 35,934 39,205 HOUSEHOLDS 3 Miles 5 Miles 7 Miles 2022 Projection Total Households 5,983 13,123 14,902 2017 Estimate Total Households 5,650 12,495 14,157 Average (Mean) Household Size 2.42 2.48 2.50 2010 Census Total Households 5,233 11,702 13,271 2000 Census Total Households 4,459 10,370 11,708 Occupied Units 2022 Projection 5,983 13,123 14,902 2017 Estimate 5,864 13,286 15,094 HOUSEHOLDS BY INCOME 3 Miles 5 Miles 7 Miles 2017 Estimate $150,000 or More 2.80% 2.29% 2.35% $100,000 - $149,000 10.10% 7.14% 6.99% $75,000 - $99,999 14.28% 11.95% 12.04% $50,000 - $74,999 22.67% 20.30% 20.80% $35,000 - $49,999 19.80% 19.20% 19.07% Under $35,000 30.34% 39.12% 38.74% Average Household Income $60,789 $53,101 $53,303 Median Household Income $49,897 $43,976 $44,280 Per Capita Income $24,134 $20,887 $20,871 HOUSEHOLDS BY EXPENDITURE 3 Miles 5 Miles 7 Miles Total Average Household Retail Expenditure $60,633 $54,767 $55,152 Consumer Expenditure Top 10 Categories Housing $15,785 $14,300 $14,374 Transportation $10,934 $9,897 $9,973 Shelter $8,567 $7,766 $7,797 Food $6,249 $5,676 $5,718 Personal Insurance and Pensions $5,055 $4,282 $4,320 Health Care $4,262 $3,797 $3,832 Utilities $3,743 $3,473 $3,498 Entertainment $2,544 $2,268 $2,286 Cash Contributions $1,955 $1,697 $1,711 Household Furnishings and Equipment $1,749 $1,535 $1,545 POPULATION PROFILE 3 Miles 5 Miles 7 Miles Population By Age 2017 Estimate Total Population 14,361 31,992 36,396 Under 20 25.71% 27.55% 27.42% 20 to 34 Years 20.39% 20.24% 19.88% 35 to 39 Years 6.11% 6.32% 6.39% 40 to 49 Years 12.76% 13.10% 13.29% 50 to 64 Years 18.08% 17.74% 18.04% Age 65+ 16.94% 15.06% 14.99% Median Age 38.20 36.75 37.13 Population 25+ by Education Level 2017 Estimate Population Age 25+ 9,693 21,063 24,033 Elementary (0-8) 4.03% 4.63% 4.53% Some High School (9-11) 8.49% 10.63% 10.59% High School Graduate (12) 37.68% 41.37% 41.82% Some College (13-15) 24.46% 22.84% 22.82% Associate Degree Only 5.83% 5.01% 4.90% Bachelors Degree Only 13.36% 10.12% 9.96% Graduate Degree 5.38% 4.40% 4.42% Created on May 2018 Source: 2017 Experian 22

WEST POINTE SHOPPING CENTER DEMOGRAPHIC & MARKET OVERVIEW Population In 2017, the population in your selected geography is 36,396. The population has changed by 23.03% since 2000. It is estimated that the population in your area will be 37,865 five years from now, which represents a change of 4.04% from the current year. The current population is 48.80% male and 51.20% female. The median age of the population in your area is 37.13, compare this to the US average which is 37.83. The population density in your area is 236.29 people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 94.43% White, 1.45% Black, 0.03% Native American and 0.38% Asian/Pacific Islander. Compare these to US averages which are: 70.42% White, 12.85% Black, 0.19% Native American and 5.53% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 3.36% of the current year population in your selected area. Compare this to the US average of 17.88%. Households There are currently 14,157 households in your selected geography. The number of households has changed by 20.92% since 2000. It is estimated that the number of households in your area will be 14,902 five years from now, which represents a change of 5.26% from the current year. The average household size in your area is 2.50 persons. Housing The median housing value in your area was $115,008 in 2017, compare this to the US average of $193,953. In 2000, there were 8,061 owner occupied housing units in your area and there were 3,647 renter occupied housing units in your area. The median rent at the time was $347. Income In 2017, the median household income for your selected geography is $44,280, compare this to the US average which is currently $56,286. The median household income for your area has changed by 42.15% since 2000. It is estimated that the median household income in your area will be $51,570 five years from now, which represents a change of 16.46% from the current year. Employment In 2017, there are 39,205 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 47.47% of employees are employed in white-collar occupations in this geography, and 52.41% are employed in blue-collar occupations. In 2017, unemployment in this area is 5.27%. In 2000, the average time traveled to work was 21.00 minutes. The current year per capita income in your area is $20,871, compare this to the US average, which is $30,982. The current year average household income in your area is $53,303, compare this to the US average which is $81,217. Source: 2017 Experian 23

WEST POINTE SHOPPING CENTER www.dumesfalk.com EXCLUSIVELY LISTED BY: RYAN K. ROEDERSHEIMER Associate Director - National Retail Group Cincinnati Office Tel: (513) 878-7796 Fax: (513) 878-7710 ryan.roedersheimer@marcusmillichap.com Licenses: OH SAL.2015004880 JOEL M. DUMES Senior Vice President Investments Senior Director - National Retail Group Cincinnati Office Tel: (513) 878-7720 Fax: (513) 878-7710 joel.dumes@marcusmillichap.com Licenses: OH SAL.2003013045, KY 63818 STANTON R. FALK First Vice President Investments Senior Director - National Retail Group Cincinnati Office Tel: (513) 878-7721 Fax: (513) 878-7710 stanton.falk@marcusmillichap.com Licenses: OH SAL.2012001364 Broker of Record: Anne Williams