FREDERIK S COURT 485 ALISAL RD., SOLVANG, CA 93463

FREDERIK S COURT 485 ALISAL RD., SOLVANG, CA 93463 OFFERING MEMORANDUM R E T A I L A D V I S O R S

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Frederik s Court located at 485 Alisal Rd, Solvang, CA 93463 ( Property ). It has been prepared by Matthews Retail Advisors. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Matthews Retail Advisors

Table of Contents PRICING & FINANCIAL ANALYSIS Executive Summary... 6 Investments Highlights... 6 Assumptions...7 Schedule of Prospective Cash Flow... 8 Rent Roll... 9 PROPERTY DESCRIPTION Physical Description...16 Floor Plans... 17 Bird s Eye...19 Regional Map...20 Aerial View...20 DEMOGRAPHICS City Overview...24 Santa Barbara County Overview...24 Tourism/Major Attractions...25 Demographics... 27 EXCLUSIVELY LISTED BY: Patrick Toomey Managing Partner DIRECT +1.310.919.5765 MOBILE +1.310.403.4984 patrick.toomey@matthews.com License No. 00881133 Local Market Expert: Steven R. Battaglia MOBILE +1.805.680.6431 EMAIL steve@battagliare.com License No. 01318215

Matthews Retail Advisors PRICING & FINANCIAL ANALYSIS

Matthews Retail Advisors

Executive Summary FREDERIK S COURT 485 ALISAL RD SOLVANG, CA 93463 List Price... $3,950,000 Price PSF...$163 CAP Rate - In Place...6.54% Cap Rate - Stabilized...7.80% Net Operating Income (In Place)...$258,404 Net Operating Income (Year 3, stab.)... $313,056 Investments Highlights Average Household Income of $106,788 within a 3-mile radius Average Household Income of $110,358 within a 5-mile radius 87% leased on gross leases - opportunity to improve NOI through lease up of vacant units and convert existing leases to NNN Trophy mixed use center in prestigious resort/retirement Community Iconic Danish architecture synonymous with Solvang Frederik s Court is located at the main signalized intersection of downtown Solvang, Alisal and Mission Roads, with 19,000 cars per day on Mission Road Low price per square foot - below replacement cost Located in the heart of the tourist district of the resort community of Solvang Average Household Income of $107,219 within a 1-mile radius P. 6 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Assumptions Property Timing Start of Analysis January 2016 End of Analysis December 2025 Analysis Period 10 Years Property Operating Parameters Growth Rates: Market Rents 3% Operating Expenses 3% Real Estate Taxes 2% Capital Reserves 3% CPI 3% Capital Expense (Year 1): Capital Reserves $0.15/SF General Vacancy: Vacancy 5% MARKET LEASING ASSUMPTIONS Exterior Interior Ground Floor Interior Upstairs Renewal Probability 90% 85% 75% Market Rent (SF/YR) $30 $18 $15 Downtime 3 Months 3 Months 6 Months Tenant Improvements Leasing Commissions $10/SF new $2/SF renew 6% new 2% renew $10/SF new $2/SF renew 6% new 2% renew $5/SF new $2/SF renew 6% new 2% renew Rent Escalation CPI CPI CPI Lease Term 5 Years 5 Years 5 Years Lease Type Gross Gross Gross Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 7

Schedule of Prospective Cash Flow EFFECTIVE GROSS REVENUE Year 1 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 $ / SF Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Base Rental Revenue $20.38 $493,914 $499,894 $504,710 $532,580 $552,723 $567,928 $582,902 $608,959 $627,537 $645,187 $663,330 Absorption & Turnover Vacancy ($2.54) (61,535) (43,528) (1,225) (1,000) 0 (3,562) (16,720) (5,190) 0 (1,194) (3,309) Base Rent Abatements ($0.74) (17,993) 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue $17.10 414,386 456,366 503,485 531,580 552,723 564,366 566,182 603,769 627,537 643,993 660,021 Expense Reimbursement Revenue $0.00 0 0 0 0 0 0 0 0 0 0 0 Old Mill Associates $0.20 4,896 4,896 4,896 4,896 4,896 4,896 4,896 4,896 4,896 4,896 4,896 Total Potential Gross Revenue $17.30 419,282 461,262 508,381 536,476 557,619 569,262 571,078 608,665 632,433 648,889 664,917 General Vacancy $0.00 0 0 (24,194) (25,824) (27,881) (24,901) (11,834) (25,243) (31,622) (31,250) (29,937) TOTAL EFFECTIVE GROSS REVENUE $17.30 419,282 461,262 484,187 510,652 529,738 544,361 559,244 583,422 600,811 617,639 634,980 OPERATING EXPENSES Real Estate Taxes $1.86 45,000 45,900 46,818 47,754 48,709 49,684 50,677 51,691 52,725 53,779 74,496 Insurance $0.60 14,450 14,884 15,330 15,790 16,264 16,752 17,254 17,772 18,305 18,854 19,420 Janitorial $1.62 39,266 40,444 41,657 42,907 44,194 45,520 46,886 48,292 49,741 51,233 52,770 Repairs & Maintenance $0.81 19,678 20,268 20,876 21,503 22,148 22,812 23,497 24,201 24,928 25,675 26,446 Utilities $1.15 27,809 28,643 29,503 30,388 31,299 32,238 33,205 34,202 35,228 36,284 37,373 Management $0.61 14,675 16,144 16,947 17,873 18,541 19,053 19,574 20,420 21,028 21,617 22,224 TOTAL OPERATING EXPENSES $6.64 160,878 166,283 171,131 176,215 181,155 186,059 191,093 196,578 201,955 207,442 232,729 NET OPERATING INCOME $10.66 $258,404 $294,979 $313,056 $334,437 $348,583 $358,302 $368,151 $386,844 $398,856 $410,197 $402,251 LEASING & CAPITAL COSTS Tenant Improvements $0.10 2,440 39,906 11,149 7,796 2,574 10,901 31,628 24,001 9,037 2,983 8,997 Leasing Commissions $0.10 2,332 37,445 10,586 10,643 2,103 13,324 29,696 21,477 12,339 2,438 12,283 Capital Reserves $0.15 3,635 3,744 3,856 3,972 4,091 4,213 4,340 4,470 4,604 4,742 4,884 TOTAL LEASING & CAPITAL COSTS $0.35 8,407 81,095 25,591 22,411 8,768 28,438 65,664 49,948 25,980 10,163 26,164 CASH FLOW $10.32 $249,997 $213,884 $287,465 $312,026 $339,815 $329,864 $302,487 $336,896 $372,876 $400,034 $376,087 P. 8 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Rent Roll Tenant Name Suite Start End SF Date $/SF Rent/Yr Recovery Method Contract Rent -------------UPON EXPIRATION----------- Market Rent % of Market Expiration Assumption Kemel Turkkan 105 12/1/15 11/30/18 2,391 1/1/16 $30.10 $71,976 None $31.82 $31.83 99.97% Option Exterior Space 12/1/16 12/1/17 $31.82 Kemel Turkkan-Option 12/1/18 11/30/21 12/1/18 $32.78 None $34.78 $34.78 100.00% Market Exterior Space 12/1/19 $33.76 12/1/20 $34.78 Kaylin's Gift Boutique 120 4/1/13 3/31/16 1,657 1/1/16 $18.83 $31,200 None $18.83 $30.00 62.77% Option Exterior Space Kaylin's Gift Boutique-Option 4/1/16 3/31/19 4/1/16 $19.39 None $20.57 $32.78 62.75% Market Exterior Space 4/1/17 $19.97 4/1/18 $20.57 Tervis 125 11/1/13 10/31/16 891 1/1/16 $28.81 $25,668 None $28.82 $30.00 96.07% Option Exterior Space Tervis-Option 11/1/16 10/31/19 11/1/16 $28.81 None $28.82 $32.78 87.92% Market Eco Wine Furniture 137 3/1/13 2/28/17 990 1/1/16 $23.64 $23,400 None $23.64 $30.90 76.50% Market Exterior Space American Pacific Mortgage Corp 141 6/1/12 2/28/17 289 1/1/16 $28.44 $8,220 None $28.44 $30.90 92.04% Market Exterior Space Vacant 144 6/1/17 5/31/22 540 6/1/17 $30.91 None $34.78 $35.82 97.10% Market Exterior Space 6/1/18 $31.82 6/1/19 $32.78 6/1/20 $33.78 6/1/21 $34.78 True Addiction 152 8/1/07 11/30/18 1,032 1/1/16 $25,800 None $27.31 $31.83 85.80% Market Exterior Space 8/1/16 $25.76 8/1/17 8/1/18 $27.31 MLA P. 9 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Tenant Name Suite Start End SF Date $/SF Rent/Yr Recovery Method Contract Rent -------------UPON EXPIRATION----------- Market Rent % of Market Expiration Assumption Valley Coins 161 4/1/12 12/31/17 400 1/1/16 $8,916 None $22.26 $18.54 120.06% Option Int. Grd. Flr. Valley Coins-Option 1/1/18 12/31/19 1/1/18 None $22.26 $19.67 113.17% Market La Bodega de Espana 163 2/1/14 5/31/20 1,149 1/1/16 $14.57 $16,740 None $14.38 $18.54 77.56% Option Int. Grd. Flr. 6/1/17 $15.01 6/1/18 $15.46 6/1/19 $15.92 La Bodega de Espana-Option 6/1/20 5/34/24 6/1/20 $16.39 None $14.38 $22.14 64.95% Market La Bodega de Espana-Option 6/1/24 5/31/29 FMV 6/1/21 $16.88 6/1/22 $17.39 6/1/23 $17.91 Solvang Indian Shop 170 10/1/15 10/31/17 701 1/1/16 $16.18 $11,340 None $16.18 $18.54 87.27% Market Int. Grd. Flr. Jeff LeMay 175 7/1/14 2/28/17 874 1/1/16 $14.00 $12,240 None $14.00 $18.54 75.51% Market Int. Grd. Flr. Secret Gardens Salon 185 6/1/07 5/31/17 700 1/1/16 $37.08 $25,956 None $37.08 $18.54 200.00% Market Int. Grd. Flr. Berrylicious Juice & Boba 198 5/1/15 7/31/18 1,984 1/1/16 $21.17 $42,000 None $21.17 $19.10 110.84% Market Int. Grd. Flr. Vacant 202 12/1/16 11/30/21 488 12/1/16 $15.00 None $16.87 $17.39 97.01% Market Interior Upstairs 12/1/17 $15.44 12/1/18 $15.91 12/1/19 $16.40 12/1/20 $16.87 MLA Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 10

Tenant Name Suite Start End SF Date $/SF Rent/Yr Recovery Method Contract Rent -------------UPON EXPIRATION----------- Market Rent % of Market Expiration Assumption Vacant 205 6/1/17 5/31/22 751 6/1/17 $15.45 None $17.38 $17.91 97.04% Market Interior Upstairs 6/1/18 $15.91 6/1/19 $16.39 6/1/20 $16.89 6/1/21 $17.38 Jules Allen 209 2/1/15 3/31/17 625 1/1/16 $13.44 $8,400 None $13.44 $15.45 86.99% Market Interior Upstairs Vacant 212 12/1/17 540 12/1/17 $15.44 None $17.38 $17.91 97.04% Market Interior Upstairs 12/1/18 $15.93 12/1/19 $16.40 12/1/20 $16.87 12/1/21 $17.38 Richard Wideman 232 9/1/15 8/31/17 985 1/1/16 $14.01 $13,800 None $14.01 $15.45 90.68% Option Interior Upstairs Richard Wideman-Option 9/1/17 8/31/19 9/1/17 $14.01 None $14.01 $16.39 85.48% Option Richard Wideman-Option 9/1/19 8/31/21 9/1/19 $14.01 None $14.01 $17.39 80.56% Market Vacant 236 12/1/17 884 12/1/17 $15.45 None $17.39 $17.91 97.10% Market Interior Upstairs 12/1/18 $15.92 12/1/19 $16.40 12/1/20 $16.89 12/1/21 $17.39 By Faith Massage 241 8/1/14 2/28/17 285 1/1/16 $15.16 $4,320 None $15.16 $15.45 98.12% Market Interior Upstairs Solvang Chamber of Commerce 245 5/1/13 4/30/18 514 1/1/16 $12.61 $6,480 None $12.61 $15.91 79.26% Option Interior Upstairs Solvang Chamber of Commerce- Option 5/1/18 4/30/23 5/1/18 $12.61 None $12.61 $18.45 68.35% Market Katherine & John Krska 257 5/1/13 4/30/16 462 1/1/16 $13.38 $6,180 None $13.38 $15.00 89.20% Option Interior Upstairs Katherine & John Krska-Option 5/1/16 4/30/18 5/1/16 $13.38 None $13.38 $15.91 84.10% Market MLA P. 11 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Tenant Name Suite Start End SF Date $/SF Rent/Yr Recovery Method Contract Rent -------------UPON EXPIRATION----------- Market Rent % of Market Expiration Assumption Song in My Heart Studio 260 9/1/06 1/31/17 453 1/1/16 $19.10 $8,652 None $19.10 $15.45 123.62% Market Interior Upstairs Vacant 263 6/1/17 5/31/22 400 6/1/17 $15.45 None $17.40 $17.91 97.15% Market Interior Upstairs 6/1/18 $15.90 6/1/19 $16.38 6/1/20 $16.89 6/1/21 $17.40 Tervis Tumbler Co. 268 11/1/13 10/31/16 366 1/1/16 $15.08 $5,520 None $15.08 $15.00 100.53% Option Interior Upstairs Tervis Tumbler Co.-Option 11/1/16 10/31/19 11/1/16 $15.08 None $15.08 $16.39 92.01% Market Stas Picture Hanging Systems/S 272 9/1/13 1/31/17 560 1/1/16 $14.89 $8,340 None $14.89 $15.45 96.38% Market Interior Upstairs Kabuki Japanese Restaurant & S 9/1/12 8/31/17 1,692 1/1/16 $23.15 $39,168 None $23.16 $15.45 149.90% Option Interior Upstairs Kabuki-Option 9/1/17 8/31/22 9/1/17 $23.15 None $23.16 $17.91 129.31% Option Kabuki-Option 9/1/22 8/31/27 9/1/22 $23.15 None Market SYV Jazz Studio 289 9/1/13 2/28/17 295 1/1/16 $19.65 $5,796 None $19.65 $15.45 127.18% Market Interior Upstairs Kathryn Imani 292 9/1/06 2/28/17 836 1/1/16 $11.18 $9,348 None $11.51 $15.45 74.50% Market Interior Upstairs 9/1/16 $11.51 Tom Sola 316 1/1/10 2/28/17 440 1/1/16 $11,700 None $26.59 $15.45 172.10% Market Interior Upstairs TOTAL OCCUPIED 20,971 87% $429,588 TOTAL VACANT 3,203 13% GRAND TOTAL 24,174 MLA Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 12

PROPERTY DESCRIPTION P. 13 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

P. 15 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Physical Description THE OFFERING Property Name... Frederik s Court Property Address...485 Alisal Rd Solvang, CA 93463 Assessor s Parcel Number... 139-182-024, 139-182-027 SITE DESCRIPTION Number of Stories...Two Year Built/Renovated... 1961/2007 Gross Leasable Area (GLA)... 24,230 SF Lot Size... 0.66 Acres (28,749 SF) Type of Ownership...Fee Simple Parking... 14 On site, plus easement to public parking Landscaping...Professional Topography... Generally Level CONSTRUCTION Foundation...Concrete Slab Framing...Wood Exterior... Painted Stucco Parking Surface... Pavers Roof...Pitched Metal Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 16

Floor Plan - First Floor 125 120 105 198 137 141 Available 144 185 152 161 163 170 175 Available First Floor Not to scale P. 17 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Floor Plan - Second Floor Available 232 Available (120) 212 209 205 202 292 236 289 241 286 245 285 257 260 263 268 272 Second Floor Not to scale Exhibit A Available The information contained Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 18

Bird s Eye P. 19 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Regional Map Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 20

Aerial View P. 21 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

DEMOGRAPHICS P. Matthews 22 Matthews Retail Advisors Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

City Overview Santa Barbara County Overview Solvang, which means Sunny field in Danish, is a town located in Santa Ynez County originally founded in 1911 by Danish immigrants who traveled West to establish a Danish-style colony far from the cold mid-western winters. The city has a population of approximately 5,500 and is set on almost 9,000 acres. The city is home to a number of bakeries, restaurants, and merchants offering a taste of Denmark in California. The architecture of many of the facades and buildings reflects traditional Danish style. There is a copy of the famous Little Mermaid statue from Copenhagen, as well as one featuring the bust of famed Danish fable writer Hans Christian Andersen. A replica of Copenhagen s Round Tower or Rundetårn in the scale 1:3 was finished in 1991 and can be seen in the town center. Solvang has become a major California tourist attraction, with over one million visitors per year. Tourists were initially attracted to Solvang by the visit of Denmark s Prince Frederik in 1939. But it was in 1947, following a feature article in thesaturday Evening Post, that they began to flock to the town. In particular, today s visitors appreciate the Danish windmills, the statues of Hans Christian Andersen and the Little Mermaid, the halftimbered houses, the Danish rural church, the Round Tower as well as Danish music and folk dancing. Partly as a result of the 2004 film Sideways, which was set in the surrounding Santa Ynez Valley, the number of winerelated businesses in Solvang has increased appreciably, attracting oenophiles to the downtown area. Since 1936, Solvang has celebrated Danish folk traditions at its annual Danish Days event, usually held during the third weekend in September. Led by a Danish Maid, the program consists of æbleskiver eating competitions, music, dancing, and processions through the downtown area with floats, marching groups, marching bands, folk dancers and singers. Santa Barbara is the county seat of Santa Barbara County, California, United States. Situated on an east west trending section of coastline, the longest such section on the West Coast of the United States, the city lies between the steeply rising Santa Ynez Mountains and the Pacific Ocean. Santa Barbara s climate is often described as Mediterranean, and the city is known as the American Riviera. As of the census of 2010, the city had a population of 88,410, a loss of 1,190 from the previous census, making it the second largest city in the county after Santa Maria while the contiguous urban area, which includes the cities of Goleta and Carpinteria, along with the unincorporated regions of Isla Vista, Montecito, Mission Canyon, Hope Ranch, Summerland, Solvang, Santa Ynez, and others, has an approximate population of 220,000. The population of the entire county in 2010 was 423,895. In addition to being a popular tourist and resort destination, the city economy includes a large service sector, education, technology, health care, finance, agriculture, manufacturing, and local government. In 2004, the service sector accounted for fully 35% of local employment. Education in particular is well represented, with five institutions of higher learning on the south coast (the University of California, Santa Barbara, Santa Barbara City College, Westmont College, Antioch University, and the Brooks Institute of Photography). The Santa Barbara Airport serves the city, as does Amtrak. U.S. Highway 101 connects the Santa Barbara area with Los Angelesto the southeast and San Francisco to the northwest. Behind the city, in and beyond the Santa Ynez Mountains, is the Los Padres National Forest, which contains several remote wilderness areas. P. 24 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Tourism/Major Attractions Solvang Windmill Downtown Solvang Santa Barbara Wine Country Wineries Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 25

P. 26 Matthews Retail Advisors OFFERING MEMORANDUM Windsor Village Shopping Center

Demographics Report Population 1-Mile 3-Mile 5-Mile 2020 Projection 9,568 18,662 21,196 2015 Estimate 9,423 18,173 20,673 2010 Census 9,370 17,875 20,364 2000 Census 9,528 17,352 19,944 Growth 2015-2020 1.53% 2.69% 2.53% Growth 2010-2015 0.57% 1.67% 1.52% Growth 2000-2010 -1.66% 3.01% 2.11% Households 2020 Projection 3,805 7,169 8,133 2015 Estimate 3,755 7,016 7,961 2010 Census 3,742 6,934 7,868 2000 Census 3,659 6,567 7,535 Growth 2015-2020 1.33% 2.19% 2.16% Growth 2010-2015 0.34% 1.18% 1.18% Growth 2000-2010 2.26% 5.59% 4.42% Income $0 - $15,000 9.35% 7.94% 7.75% $15,000 - $24,999 7.32% 8.17% 8.45% $25,000 - $34,999 8.20% 7.55% 7.51% $35,000 - $49,999 7.35% 7.81% 8.10% $50,000 - $74,999 21.57% 19.01% 18.48% $75,000 - $99,999 9.51% 10.26% 10.33% $100,000 - $124,999 7.83% 9.75% 9.46% $125,000 - $149,999 8.44% 8.71% 8.48% $150,000 - $199,999 9.16% 9.64% 9.32% $200,000 - $249,999 3.73% 3.82% 3.79% $250,000 - $499,999 5.78% 5.46% 5.88% $500,000+ 1.73% 1.87% 2.46% 2015 Est. Average Household Income $102,345 $104,654 $107,772 2015 Est. Median Household Income $70,584 $74,355 $74,617 Windsor Village Shopping Center OFFERING MEMORANDUM Matthews Retail Advisors P. 27

FREDERIK S COURT 485 Alisal Rd Solvang, CA 93463 OFFERING MEMORANDUM Patrick Toomey Managing Partner DIRECT +1.310.919.5765 MOBILE +1.310.403.4984 patrick.toomey@matthews.com License No. 00881133 Local Market Expert: Steven R. Battaglia MOBILE +1.805.680.6431 EMAIL steve@battagliare.com License No. 01318215 Matthews Retail Advisors 841 Apollo Street, Suite 150 El Segundo, CA 90245 www.matthews.com