SUBJECT PROPERTY KIRKLAND S LIBERTY, MO

LIBERTY COMMONS LIBERTY COMMONS IS LOCATED AT THE INTERSECTION OF I-35 & HWY 152 BENEFITING FROM 110,000+ VPD 2

Overview KIRKLAND S 241 N STEWART RD, LIBERTY, MO 64068 $1,632,353 PRICE 8.50% CAP LEASABLE SF 7,500 SF LEASE EXPIRATION 3/31/2027 *20 YEAR ROOF WARRANTY LEASE TYPE LL Responsible for Roof & Structure* PARKING 4.5 per 1,000 YEAR BUILT 2017 10-year corporate lease with 10% rental increases every 5 years Part of 315,000 SF Liberty Commons Shopping Center Kirkland s did $594M in revenues in 2016 - a record year Average household incomes of $93k+ within a 5-mile radius Trade area population 250,000+ 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. 3

Investment Highlights THE OFFERING provides an opportunity to acquire a newly constructed Kirkland s in the Kansas City metro area. It is located within the newly built 315,000 square foot Liberty Commons Shopping Center which is the premier power center in the trade area. Kirkland s had record revenues in 2016 of $594M across their 400+ stores. The shopping center has been re-platted so that each tenant suite has its own parcel. The property has limited landlord responsibilities as the shopping center manager handles the management and administration of the common areas, including the parking lot. Tenant is responsible for interior non- structural portions along with HVAC. Contact the team JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 THE RETAIL MARKET Additional Liberty Commons Shopping Center Tenants include: Petco, Hobby Lobby, HomeGoods, Ulta, Off Broadway, Five Below and more. LIBERTY COMMONS IN CONJUNCTION WITH MO LICENSED BROKER: Area Real Estate Advisors Adam S. Blue ablue@openarea.com 816.876.2511 2016 REVENUES OF $594 MILLION 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 35 SHOAL CREEK ELEMENTARY KANSAS CITY SHOAL CREEK GOLF COURSE 49,850 VPD HERITAGE MIDDLE SCHOOL 35 291 152 STEWART ROAD 60,000+ VPD 49,850 VPD EPIC ELEMENTARY LIBERTY HIGH SCHOOL 291 16,000+ VPD OA D LIBERTY OAKS ELEMENTARY RIDGEVIEW ELEMENTARY ST E WA RT R MANOR HILL ELEMENTARY 60,000+ VPD 35 ALEXANDER DONIPHAN ELEMENTARY DISCOVERY MIDDLE SCHOOL SOUTH VALLEY MIDDLE SCHOOL LIBERTY MIDDLE SCHOOL 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

New B&B Theatre Opening Spring of 2018 Next Door to Property NEW 12-SCREEN MOVIE THEATRE TO OPEN SPRING 2018 LIBERTY HIGH SCHOOL 12-SCREEN B&B THEATRES OPENING SPRING 2018 The Kansas City Star Auguest 16, 2017 Written by Karen Ridder B&B Theatres shut down their old Liberty location in 2015 to make way for the Liberty Commons re-development project. B&B Theatres is now currently under construction to the East of the Liberty Commons Shopping Center and is scheduled to open in Spring of 2018. The new 12 screen movie complex is designed to be the company s flagship and will eventually hold company corporate headquarters as well as the theaters. Director of Public Relations for B&B, Paul Farnsworth, says the company is excited about the new technology planned for the Liberty location....the latest digital projection technology which can be viewed in stadium seating and leather recliner seating on wall-to-wall curved screens Farnsworth says it has not been previously available anywhere in the Kansas City area. B&B Theatres is a family owned and operated theater chain. It owns several theaters in the Kansas City area. The company, which is the seventh largest theater chain in North America, it operates about 400 screens in six different states. 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. 6

Submarket Overview W. KANSAS STREET (HIGHWAY 152) RETAILERS IN CLOSE PROXIMITY INCLUDE: Aldi Best Buy Chick-fil-A CVS Pharmacy DICK s Sporting Goods Home Depot Hy-Vee Supermarket JCPenny Kohl s Lowe s Michaels PetSmart Ross Dress For Less Sam s Club Sprouts Farmers Market T.J. Maxx Target Walmart Supercenter 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 567 1,591 2,068 Employees 8,324 22,706 29,655 Residential Population 5,654 48,290 82,833 KEY 1-MILE 3-MILES 5-MILES 7

Surrounding Area Retail 8

Income & Expense SUBJECT PROPERTY PRICE $1,632,353 Price Per Square Foot: $217.65 Capitalization Rate: 8.50% Total Rentable Area (SF): 7,500 STABILIZED INCOME Scheduled Rent $138,750 Effective Gross Income $138,750 LESS Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $138,750 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

Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY TENANT NAME SQ. FT. CURRENT RENT MONTHLY RENT YEARLY RENT MONTHLY RENT/FT YEARLY RENT/FT Kirkland s* 7,500 3/1/2017 2/28/2022 $138,750 $11,563 $138,750 $1.54 $18.50 3/1/2022 3/31/2027 $12,719 $152,628 $1.70 $20.35 Option 1 4/1/2027 3/31/2032 $12,856 $154,272 $1.71 $20.57 Option 2 4/1/2032 3/31/2037 $14,000 $161,986 $1.87 $21.60 TOTALS: 7,500 $138,750 $11,563 $138,750 $1.54 $18.50 *Tenant has a one-time termination right if sales are not $1.3M during months 49-60 of the Lease and another Kirkland s location has opened within 5 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. 10

Lease Abstract PREMISE & TERM TENANT Kirkland s BUILDING SF 7,500 SF LEASE TYPE Corporate TERM 10 Years RENT COMMENCEMENT March 1, 2017 EXPIRATION March 31, 2027 OPTIONS Two 5-year Options RENT EXPENSES TAXES Tenant shall pay Tenant s pro rata share of the Taxes assessed on the Shopping Center. INSURANCE Tenant shall procure, pay for and keep in full force and effect commercial general liability insurance with per occurrence and aggregate limits of not less than $3,000,000. UTILITIES Tenant agrees to pay all charges for utilities consumed at the Premises. TENANT S OBLIGATIONS Tenant is responsible for all maintenance and repair of the nonstructural portions of the premises and HVAC. LANDLORD S OBLIGATIONS Landlord is responsible for roof and structure. BASE RENT DATE RANGE MONTHLY RENT ANNUAL RENT 3/1/2017-2/28/2022 $11,563 $138,750 3/1/2022-3/31/2027 $12,719 $152,628 OPTION RENTS DATE RANGE MONTHLY RENT ANNUAL RENT #1. 4/1/2027-3/31/2032 $12,856 $154,272 #2.4/1/2032-3/31/2037 $14,000 $161,986 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

Site Plan 152 W KANSAS STREET THE SHOPS AT LIBERTY COMMONS CONISTOR STREET STEWART ROAD 60,000+ VPD 69 STEWART ROAD UNDER CONTRACT PETCO, THE SHOPS, ALL PADS, HOBBY LOBBY, HOMEGOODS, ULTA, AND FIVE BELOW ARE ALL SOLD OR ARE UNDER CONTRACT UNDER LOI UNDER CONTRACT UNDER CONTRACT UNDER CONTRACT UNDER CONTRACT CLOSED CLOSED UNDER CLOSED CONTRACT CLOSED 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 the information and bears all risk for any inaccuracies. 12

Tenant Overview ABOUT KIRKLAND S Kirkland s Inc. is a U.S. specialty home décor retailer chain. Founded in 1966 in Jackson, TN, the company has been selling home decor, specializing in furnishings, accessories and gifts for over 50 years. Kirkland s Inc. offers a broad selection of distinctive merchandise including wall decor, textiles, lamps, furniture, artificial floral products, decorative accessories and seasonal items. This combination of everchanging merchandise, value pricing, and a stimulating online and in-store experience has led to their emergence as a leader in home décor and has enabled them to develop a strong customer base. Kirkland has 409 locations in 36 states, as well as an e-commerce enabled website, and is continuing to grow, with plans to open more stores in the upcoming year. $594M 2016 SALES REVENUES 409 LOCATIONS IN 36 STATES 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

Demographics POPULATION 1-MILE 3-MILES 5-MILES 2010 4,664 44,692 76,185 2017 5,061 48,290 82,822 LIBERTY 2022 5,305 50,713 87,120 2017 HH INCOME 1-MILE 3-MILES 5-MILES Average $91,519 $97,461 $93,858 Median $71,698 $80,688 $77,705 KANSAS CITY, MO (15 MILES) TOP EMPLOYERS EMPLOYER # OF EMPLOYEES Liberty Hospital 1,800 Liberty School District 1,480 Hallmark Cards Distribution 820 RR Donnelly 350 Clay County 350 THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS IS OVER $93K 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 LIBERTY, MISSOURI KANSAS CITY, MO LIBERTY is the county seat of Clay County, Missouri. It s located just 15 miles northeast of downtown Kansas City and directly east of KCI Airport. It lies at the crossroads of I-35 and Highways 69, 152 & 291. Liberty is less than 5 minutes from I-435, the interstate that encircles the Kansas City Metro area. New business growth in the Liberty area is among the highest in the metro area. Residential growth in the Liberty area has been at a steady pace. Liberty Hospital is a major health care provider in the Kansas City MSA. With more than 1,800 employees and 350 physicians, it is one of the largest employers in Liberty. Clay County is one of the fastest growing counties in Missouri, and in the Kansas City Metropolitan Area. Major businesses in Clay County include the Cerner Corporation world headquarters and Ford Motor Company. 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 IN CONJUNCTION WITH MO LICENSED BROKER: Area Real Estate Advisors Adam S. Blue ablue@openarea.com 816.876.2511 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.