Country Square - South Jordan, UT

COUNTRY SQUARE 10310 – 10384 South Redwood Road South Jordan, UT 84095

BROKER OPINION OF VALUE Prepared for:

Sean Miller

Red Tail Acquisitions

1700 Pacific Avenue, Suite 2440 Dallas TX 75201

Capital Markets | Investment Properties

TABLE OF CONTENTS

TABLE OF CONTENTS

Executive Summary..............................3 Valuation Summary Investment & Asset Highlights

Market and Asset Overview................6 Select Tenant Summaries Location Map Aerial View Demographics Rent Comparables

Financials...............................................13 Transaction History.............................22

2

COUNTRY SQUARE

EXECUTIVE SUMMARY

3

COUNTRY SQUARE

VALUATION SUMMARY Valuation Considerations

Projected Value Range

STRIVE generated a static analysis valuation to complete our Broker Opinion of Value for Red Tail Acquisitions based on the rent roll and expenses provided. Please note, loan details are based on market debt assumptions, and with the current occupancy at 94.7%, we did not factor in a vacancy reserve. Finally, as our normal course of business we will fully review the leases and other additional property documents prior to a formal marketing campaign.

Based on the scenarios above, below are our trade range expectations:

ASK PRICE

$6,550,000

Valuation Considering the current NOI of $458,611 and the in-place occupancy of 94.7%, we priced the asset at an unleveraged go-in return of 7.00%, equating to a price of $6,550,000 or $202 PSF.

MID PRICE

$6,350,000 LOW PRICE

$6,150,000

Buyer Profile We are confident Country Square interest. Considering the Property’s expect the buyer pool will consist of of our unparalleled national reach to offers which will create competition maximize pricing.

4

COUNTRY SQUARE

will generate considerable size and tenant line-up, we private investors. As a result investors we expect multiple for the asset and ultimately

GO-IN RETURN

CASH ON CASH RETURN

PRICE PER SF

7.00%

6.96%

$202

7.22%

7.84%

$196

7.46%

8.78%

$190

INVESTMENT & ASSET HIGHLIGHTS High Growth Area with Outstanding Demographics: Country Square benefits from its location within the affluent, high growth South Jordan trade area. Currently, within a five mile radius of the Property there are 288,792 residents. Additionally, the population base has average annual incomes of $120,041 within a one mile radius.

Stabilized Asset with Value-Add Opportunity: The Property is currently 94.7% occupied providing investors with a stable current cash flow while offering potential upside through the lease-up of the remaining 3,900 square feet of available former restaurant space.

Tenant Longevity: Nearly 55% of the tenants have been located in the Property for over 5 years, while 42% of the tenants have been located in the Property for over 10 years.

Tenant Line-up: The Property is currently 94.7% occupied to sixteen tenants including Sherwin Williams Paint, Metro PCS, South Valley Eye Care, Not Just Copies, Wellness Foot Spa, Creative Wigs & Hair, Soccer Post, and many more.

Area Traffic Generators: The Property has an ideal position adjacent to Smith’s grocery store. Other traffic generators in the immediate trade area include McDonald’s, Dollar Tree, AutoZone, FedEx Office, Subway, Panda Express, and more.

Access & Traffic Counts: Positioned along Redwood Road, the Property has ample access with a direct access from both Redwood Road and South Jordan Parkway. Furthermore, the Property benefits from more than 36,000 vehicles daily on S Jordan Road and in excess of 26,000 cars along Redwood Road.

5

COUNTRY SQUARE

MARKET ASSET & OVERVIEW

6

COUNTRY SQUARE

TENANT SUMMARIES

7

COUNTRY SQUARE

DBA Locations Website Ownership Credit Rating Annual Revenue Public/ Private

metroPCS 15,000+ www.metropcs.com

Line of Business

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 depending on the plan services using T-Mobile US’ GSM, HSPA, HSPA+ and 4G LTE networks.

DBA Locations Website Ownership Credit Rating Annual Revenue Public/ Private

Sherwin Williams 4,500+ www.sherwinwilliams.com TBD BBB (S&P) $15.5 billion in 2015 Public; Ticker Symbol: SHW

Line of Business

The Sherwin-Williams Company is an American Fortune 500 company in the general building materials industry. The company, which is headquartered in Cleveland, Ohio, primarily engages in the manufacture, distribution, and sale of paints, coatings, and related products to professional, industrial, commercial, and retail customers all around the world.

TBD B+ (S&P) (T-Mobile, Parent Company)

$37.2 Billion in 2016, (T-Mobile, Parent Company) Public; TMUS (T-Mobile, Parent Company)

LOCATION MAP

Country Square

8

COUNTRY SQUARE

AERIAL MAP

The Shops at South Town

SOUTH JORDAN PKWY

9

COUNTRY SQUARE

DEMOGRAPHICS Radius

1 Mile

3 Mile

5 Mile

11,229 10,527 9,153 6.67% 15.01% 473

100,113 93,630 80,097 6.92% 16.90% 8,578

308,055 288,792 250,985 6.67% 15.06% 35,904

9,917 78 27 283 68 155 0

85,980 918 548 3,077 986 2,120 33

263,558 3,180 2,477 9,429 3,041 7,106 176

3,754 3,492 2,891 7.50% 20.79% 2,910 582 $120,041 $102,982

31,202 29,043 24,118 7.43% 20.42% 22,623 6,420 $105,635 $89,914

95,857 89,603 76,561 6.98% 17.03% 67,561 22,043 $92,929 $78,878

169 407 569 536 545 390 503 373

1,834 4,341 5,199 5,276 4,223 2,973 3,044 2,153

8,650 15,873 17,899 15,342 12,814 7,335 7,035 4,656

Population: 2022 Projection 2017 Estimate 2010 Census Growth 2017-2022 Growth 2010-2017 2017 Population Hispanic Origin

2017 Population by Race:

White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:

Households:

2022 Projection 2017 Estimate 2010 Census Growth 2017 - 2022 Growth 2010 - 2017 Owner Occupied Renter Occupied 2017 Avg Household Income (National Avg - $75,558) 2017 Med Household Income (National Med - $53,889)

2017 Households by Household Inc: <$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+

10

COUNTRY SQUARE

RENT COMPARABLES Property

Yr Built/ Renovated Occupancy

Major Tenants

Available SF

Rental Rates

NNN

Country Square ï&#x201A;« 10310-10384 S Redwood Rd South Jordan, UT 84095

32,389

1992

94.7%

Fiz Drinks, Mr Lee's Cleaners, Savvy Hair, Metro PCS, South Valley Eye Care

1,715

$14.00 - $18.00

$4.22

Town Commons 1 1592-1605 W 10400 S South Jordan, UT 84095

8,000

2002

100.0%

Smith's (Shadow), Kid to Kid, China Wok, OPI Nails, Great Clips

0

$15.00

$5.00

South Jordan Plaza 2 10464 S Redwood Rd South Jordan, UT 84095

8,775

2002

46%*

South Jordan Chiropractics, Cornerstone Dental Care

4,739

$15.00 - $18.00

$3.95

Astro Retail 3 10480 - 10530 S Redwood Rd South Jordan, UT 84095

13,324

2000

100.0%

Tangles N Trinkets, Bryant Ideas, Core 7, Apna Baazar

0

$12.00 - $18.00

$4.00

3,470

Inline $14.00-$22.00

$4.80

South Jordan Marketplace 4 10600 S Redwood Rd South Jordan, UT 84095

220,362

2001

98.4%

Harmons Grocer, Menchies Fedex Office, Firehouse Subs, Panda Express, The Egg and I, Subway, Elements Massage

Towne Commons 5 1542 W South Jordan Pky South Jordan, UT 84095

4,938

2001

100.0%

Curves, Envious Nails, Doggie Doos

0

$14.00-$16.00

$7.02

Jordan Valley Shopping Center 6 9010 S Redwood Rd West Jordan, UT 84088

66,360

1979

92.5%

Smith & Edwards Co, Papa John's, Weight Watchers, Pho 9

4,978

$20.00 - $26.00

$4.02

Smith's Shadow 7 1824 - 1828 W 9000 S West Jordan, UT 84088

10,280

1996

100.0%

Smith's (Shadow), Sprint, Wing Stop, GNC, Palm Beach Tan

0

$17.00 - $20.00

$4.39

Depot Shoppes 8 1520 W 9000 S West Jordan, UT 84088

9,600

2008

100.0%

Black Sheep Bar & Grill, Jazzercise, Lake Town Bicyles

0

$20.00 - $25.00

$4.00

*Urgent Care recently Vacated

11

GLA

COUNTRY SQUARE

RENT COMPARABLES

8

7 6

Country Square 1

Town Commons

2

South Jordan Plaza

3

Astro Retail

4

South Jordan Marketplace

5

Towne Commons

6

Jordan Valley Shopping Center

7

Smithâ&#x20AC;&#x2122;s Shadow

8

Depot Shoppes

1 5 2 3

12

COUNTRY SQUARE

4

FINANCIALS

13

COUNTRY SQUARE

Country Square Shopping Center INCOME AND EXPENSES

Projected Income and Expense Analysis In-place

% of

Pro-forma Base Rent

PSF

EGR

$464,538

$14.34

81.4%

CAM Recoveries

$55,350

$1.71

9.7%

Management Fee Recoveries

$16,210

$0.50

2.8%

$2,400

$0.07

0.4%

$32,034

$0.99

5.6%

$105,994

$3.27

18.6%

Expense Reimbursements

Insurance Recoveries Real Estate Tax Recoveries Total Expense Reimbursements

$0

$0.00

0.0%

Total Other Revenue

Other Revenue #1

$0

$0.00

0.0%

Total Gross Revenue

100.0%

$570,532

$17.61

Vacancy Reserve %

$0

$0.00

0.0%

Effective Gross Revenue (EGR)

$570,532

$17.61

100.0%

$5,721

$0.18

1.0%

$80

$0.00

0.0%

Janitorial

$10,180

$0.31

1.8%

Landscape

$9,659

$0.30

1.7%

Operating Expense

$4,844

$0.15

0.8%

Parking

$5,264

$0.16

0.9%

Repairs & Maintenance

$5,821

$0.18

1.0%

$16,878

$0.52

3.0%

Total Common Area Maintenance

$58,445

$1.80

10.2%

Management Fee

$17,116

$0.53

3.0%

$2,534

$0.08

0.4%

OPERATING EXPENSES Common Area Maintenance HVAC Fire Life Safety

Utilities

Total Insurance Total Real Estate Taxes Total Recoverable Expenses Total Non-Recoverable Expenses

5.9% 19.6%

$0

$0.00

0.0%

$111,921

$3.46

19.6%

Net Operating Income

$458,611

$14.16

80.4%

Capital Reserves at $0.15 PSF Cash Flow before Debt Service Market Debt Cash Flow after Debt Service Cash-on-Cash Return

COUNTRY SQUARE

$1.04 $3.46

Total Operating Expenses Capitalization Rate

14

$33,826 $111,921

7.00% $4,858 $453,753 $344,616 $109,137 6.96%

Country Square Shopping Center RENT ROLL

Rent Roll Lease Dates

Tenant

15

Suite

GLA

%

Minimum Rent

Start

Current

End

Annual

Monthly

Recoveries PSF

Annual

PSF

Total

% of

Revenue

Rev

Fiz Tabey's

1

1,400

4.32%

12/14

-

03/20

$25,200

$2,100

$18.00

$4,838

$3.46

$30,038

5.26%

Mr Le's Cleaners

2

1,132

3.50%

02/06

-

03/19

$20,727

$1,727

$18.31

$3,912

$3.46

$24,639

4.32%

Savvy Hair

3

656

2.03%

07/05

-

07/18

$12,000

$1,000

$18.29

$2,267

$3.46

$14,267

2.50%

Metro PCS

4

840

2.59%

02/17

-

02/22

$12,180

$1,015

$14.50

$2,903

$3.46

$15,083

2.64%

$21,900

$1,825

$14.60

$5,183

$3.46

$27,083

4.75%

$0

$0

$0.00

$0

$0.00

$0

0.00%

$24,430

$2,036

$14.00

$6,030

$3.46

$30,460

5.34%

S Valley Eye Care

5

1,500

4.63%

09/06

-

09/21

Available

6

1,715

5.30%

-

-

-

Paramount Tax

7

1,745

5.39%

02/18

-

04/25

Southwest Chiropractic

8

1,800

5.56%

03/07

-

02/21

$27,900

$2,325

$15.50

$6,220

$3.46

$34,120

5.98%

5 Star Nails & Spa

9

1,328

4.10%

03/07

-

12/20

$21,972

$1,831

$16.55

$4,589

$3.46

$26,561

4.66%

KTKK 630 Radio

10

2,272

7.01%

11/06

-

12/18

$32,940

$2,745

$14.50

$7,851

$3.46

$40,791

7.15%

Expressions Salon

11

4,290

13.25%

08/10

-

07/20

$65,528

$5,461

$15.27

$14,824

$3.46

$80,352

14.08%

Wellness Foot Spa

12

1,456

4.50%

09/15

-

12/20

$22,274

$1,856

$15.30

$5,031

$3.46

$27,305

4.79%

Upper 90 Enterprises

13

1,922

5.93%

10/15

-

12/20

$27,869

$2,322

$14.50

$6,642

$3.46

$34,511

6.05%

Bad Apple

14

1,983

6.12%

03/14

-

06/19

$30,130

$2,511

$15.19

$6,852

$3.46

$36,983

6.48%

Not Just Copies

15

1,800

5.56%

07/14

-

08/18

$27,929

$2,327

$15.52

$6,220

$3.46

$34,149

5.99%

Creative Wigs & Hair

16

1,780

5.50%

07/14

-

06/19

$26,448

$2,204

$14.86

$6,151

$3.46

$32,599

5.71%

Kwal-Hollowell's Inc

17

4,770

14.73%

03/05

-

05/18

$65,111

$5,426

$13.65

$16,483

$3.46

$81,593

14.30%

$570,532

100.00%

Total Count / GLA

17

32,389

100%

Occupied

16

30,674

94.7%

Available

1

1,715

5.3%

Total Avg Rent / GLA

$15.14

30,674

100.0%

COUNTRY SQUARE

Totals

$464,538

$38,711

$105,994

Country Square Shopping Center

ESTIMATED EXPENSE REIMBURSEMENT Estimated Reimbursement Revenue CAM Tenant

Suite

%

Monthly

Management Fee PSF

Monthly

PSF

Insurance Monthly

Real Estate Taxes

PSF

Monthly

PSF

Total Recovery Monthly

PSF

Fiz Tabey's

1

1,400

4.32%

$211

$1.80

$62

$0.53

$9

$0.08

$122

$1.04

$403

$3.46

Mr Le's Cleaners

2

1,132

3.50%

$170

$1.80

$50

$0.53

$7

$0.08

$99

$1.04

$326

$3.46

Savvy Hair

3

656

2.03%

$99

$1.80

$29

$0.53

$4

$0.08

$57

$1.04

$189

$3.46

Metro PCS

4

840

2.59%

$126

$1.80

$37

$0.53

$5

$0.08

$73

$1.04

$242

$3.46

S Valley Eye Care

5

1,500

4.63%

$226

$1.80

$66

$0.53

$10

$0.08

$131

$1.04

$432

$3.46

Available

6

1,715

5.30%

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

$0

$0.00

Paramount Tax

7

1,745

5.39%

$262

$1.80

$77

$0.53

$11

$0.08

$152

$1.04

$502

$3.46

Southwest Chiropractic

8

1,800

5.56%

$271

$1.80

$79

$0.53

$12

$0.08

$157

$1.04

$518

$3.46

5 Star Nails & Spa

9

1,328

4.10%

$200

$1.80

$58

$0.53

$9

$0.08

$116

$1.04

$382

$3.46

KTKK 630 Radio

10

2,272

7.01%

$342

$1.80

$100

$0.53

$15

$0.08

$198

$1.04

$654

$3.46

Expressions Salon

11

4,290

13.25%

$645

$1.80

$189

$0.53

$28

$0.08

$373

$1.04

$1,235

$3.46

Wellness Foot Spa

12

1,456

4.50%

$219

$1.80

$64

$0.53

$9

$0.08

$127

$1.04

$419

$3.46

Upper 90 Enterprises

13

1,922

5.93%

$289

$1.80

$85

$0.53

$13

$0.08

$167

$1.04

$553

$3.46

Bad Apple

14

1,983

6.12%

$298

$1.80

$87

$0.53

$13

$0.08

$173

$1.04

$571

$3.46

Not Just Copies

15

1,800

5.56%

$271

$1.80

$79

$0.53

$12

$0.08

$157

$1.04

$518

$3.46

Creative Wigs & Hair

16

1,780

5.50%

$268

$1.80

$78

$0.53

$12

$0.08

$155

$1.04

$513

$3.46

Kwal-Hollowell's Inc

17

4,770

14.73%

$717

$1.80

$210

$0.53

$31

$0.08

$415

$1.04

$1,374

$3.46

32,389

100%

$4,613

Totals

16

GLA

COUNTRY SQUARE

$1,351

$200

$2,670

$8,833

LEASE PROVISIONS

Country Square Sho

Lease Provisions Base Rental Increases Tenant Fiz Tabey's

GLA 1,400

Date -

PSF Options -

Sales

Exclusive Uses -

Rights -

Reporting -

Mr Le's Cleaners

2

1,132

-

-

-

-

-

-

Savvy Hair

3

656

-

-

-

-

-

-

Metro PCS

4

840

-

-

-

-

-

-

S Valley Eye Care

5

1,500

-

-

-

-

-

-

Available

6

1,715

-

-

-

-

-

-

Paramount Tax

7

1,745

-

-

-

-

-

-

Southwest Chiropractic

8

1,800

-

-

-

-

-

-

5 Star Nails & Spa

9

1,328

-

-

-

-

-

-

KTKK 630 Radio

10

2,272

-

-

-

-

-

-

Expressions Salon

11

4,290

-

-

-

-

-

-

Wellness Foot Spa

12

1,456

-

-

-

-

-

-

Upper 90 Enterprises

13

1,922

-

-

-

-

-

-

Bad Apple

14

1,983

-

-

-

-

-

-

Not Just Copies

15

1,800

-

-

-

-

-

-

Creative Wigs & Hair

16

1,780

Totals

17

Suite 1

Renewal Use Restrictions & Termination

COUNTRY SQUARE

32,389

Country Square Shopping Center PRICING MATRIX Pricing Matrix Initial Acquisition

Asking Price

Selling Range [1]

Capitalization

Equity

Loan

Debt

Cash Flow

Leveraged

Coverage

after D.S.

Cash on Cash

Ratio

Price

$ /SqFt

Rate

Down @ 25%

$6,850,000

$211.49

6.70%

$1,712,500

$5,137,500

$360,400

$98,212

5.73%

1.27x

$6,750,000

$208.40

6.79%

$1,687,500

$5,062,500

$355,138

$103,473

6.13%

1.29x

$6,650,000

$205.32

6.90%

$1,662,500

$4,987,500

$349,877

$108,734

6.54%

1.31x

$6,550,000

$202.23

7.00%

$1,637,500

$4,912,500

$344,616

$113,995

6.96%

1.33x

$6,450,000

$199.14

7.11%

$1,612,500

$4,837,500

$339,355

$119,257

7.40%

1.35x

$6,350,000

$196.05

7.22%

$1,587,500

$4,762,500

$334,093

$124,518

7.84%

1.37x

$6,250,000

$192.97

7.34%

$1,562,500

$4,687,500

$328,832

$129,779

8.31%

1.39x

$6,150,000

$189.88

7.46%

$1,537,500

$4,612,500

$323,571

$135,041

8.78%

1.42x

$6,050,000

$186.79

7.58%

$1,512,500

$4,537,500

$318,309

$140,302

9.28%

1.44x

Net Operating Income [2]:

$458,611

Free Cash Flow [3]:

$453,753

Amount @ 75% Debt Service

[1] This number does not take the roof into consideration, could be a re-trade item if the roof is old.

[2] This NOI is before a structural reserve. For this analysis, the Cap Rate is based on the NOI (no structural reserve)

18

Annual

Initial

COUNTRY SQUARE

Country Square Shopping Center LOAN DETAILS

Loan Details Proposed New Loan Purchase Price

$6,550,000

Loan Amount

$4,912,500

Equity to the Note

$1,637,500

Loan to Purchase Price Interest Rate Amortization Schedule Loan Constant Call Residual Percentage

COUNTRY SQUARE

5.00% 25 Years 7.02% 10 Years 73.92%

NOI

$458,611

Annual Debt Service

$344,616

Clear Cash after DS

$113,995

Debt Service Coverage Ratio

19

75%

1.33

Cap Rate

7.00%

Cash on Cash Return

6.96%

Country Square Shopping Center PROPERTY TAX ANALYSIS

Property Tax Analysis Real Estate Tax Analysis [1] Year Built Lot Size (acres) 2017 Assessed Value Current Taxes (on tax roll)

$2,615,700 $32,856 $1.01

2016 Rate

1.26%

New Taxes

$6,550,000 $82,275

New Taxes PSF

$2.54

Tax Rate

1.26%

Increase in taxes

$49,419

Increase psf in taxes

$1.53

Average size of space

1,905

Average increase in taxes per year Average increase in taxes per month

Taxes-cannot pass to tenants Loss in value due to taxes [1] Real Estate Tax Analysis will not be shown in the Offering Memorandum

COUNTRY SQUARE

2.46 Acres

Current Taxes PSF

New Assessed Value

20

1990

$2,906.98 $242.25

$2,617 $37,373

Country Square Shopping Center

EXPIRATION SCHEDULE

Expiration Schedule Suite

Tenant

Expiration

17

Kwal-Hollowell's Inc

05/18

3

Savvy Hair

07/18

656

15

Not Just Copies

08/18

1,800

10

KTKK 630 Radio

12/18

2,272

2

Mr Le's Cleaners

03/19

1,132

14

Bad Apple

06/19

1,983

16

Creative Wigs & Hair

06/19

1,780

1

Fiz Tabey's

03/20

1,400

11

Expressions Salon

07/20

4,290

9

5 Star Nails & Spa

12/20

1,328

12

Wellness Foot Spa

12/20

1,456

13

Upper 90 Enterprises

12/20

1,922

8

Southwest Chiropractic

02/21

1,800

5

S Valley Eye Care

09/21

1,500

4

Metro PCS

02/22

7

Paramount Tax

04/25

6

Available

-

Available

MTM

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

4,770

840 1,745 1,715

Total Expiration Area

1,715

0

9,498

4,895

10,396

3,300

840

0

0

1,745

0

0

0

Percent of Total Center

5.30%

0.00%

29.32%

15.11%

32.10%

10.19%

2.59%

0.00%

0.00%

5.39%

0.00%

0.00%

0.00%

21

COUNTRY SQUARE

TRANSACTION HISTORY

22

COUNTRY SQUARE

SELECT TRANSACTION HISTORY Project Name Location

23

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Richland Centre North Richland Hills, TX

232,455

1993

LNR Partners, Inc. Zerby Interests August 2011

42.3%

Richardson Heights Richardson, TX

201,433

1958 / 2008

LNR Partners, Inc. Hartman REIT December 2010

57.6%

Northgate Plaza Waxahachie, TX

196,590

1987

CWCapital Asset Management LLC Sabal Financial March 2014

77.5%

Woodland West Arlington, TX

175,258

1968 / 2007

Glenborough Orda Corporation March 2017

72.8%

Square 67 Dallas, TX

183,491

1973 / 2000

LNR Partners Peyman Etebari July 2015

53.8%

Hulen Point Fort Worth, TX

174,783

1985 / 1998

Hulen JAWS VI, Ltd. TriMarsh Retail LLC October 2014

47.6%

Garden Park Lewisville, TX

170,739

1985

Lamar Companies CIG Retail Properties December 2013

83.4%

Parkwood Village Hurst, TX

155,012

1985

Quarter Circle Capital MDT Investments June 2012

74.5%

Towne Square Plano, TX

151,982

1985

LNR Partners, LLC David Hoppenstein Family, Ltd. October 2014

53.1%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

24

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Townsend Square DeSoto, TX

147,235

1985

EQYInvest Townsend Owner Ltd., LLP Triangle Property Management, Inc. March 2016

67.0%

Southwest Plaza Arlington, TX

147,047

1984

Cuna Mutual Insurance SWP Enterprises December 2008

75.5%

OKC Market Square Oklahoma City, OK

143,579

1983 / 1999

Hudson Advisors Orda Corporation March 2015

82.1%

OKC Market Square Oklahoma City, OK

143,579

1983 / 1999

ORIX Capital Markets Hudson Advisors June 2013

88.0%

Foch Street Retail Fort Worth, TX

136,297

1947, 1953 / 2002, 2011

Foch Street, LP LORE FTW Foch Street, LP October 2015

90.9%

Northcrest Village Carrollton, TX

136,267

1986

LNR Partners, Inc. Zerby Interests October 2012

38.0%

Ruisseau Village Plano, TX

124,567

1984 / 2014

TriMarsh Retail LLC USA Properties, Inc. June 2015

91.2%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

25

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Tulsa Retail Center Tulsa, OK

123,770

1995

CWCapital Asset Management LLC Undisclosed Buyer March 2014

100.0%

Cypress Station Houston

119,638

1984

LNR Partners, LLC Undisclosed Buyer July 2015

26.8%

Lincoln Court Arlington, TX

118,559

1984

CPP Lincoln Court, LLC Undisclosed Buyer August 2012

87.3%

Southwest Plaza Arlington, TX

104,766

1981, 1984 & 1990 / 1997

SWP Enterprises LLC RSP Investment, LLC March 2016

98.0%

Prestonwood Park Plano, TX

101,167

1999

Regency Center Hartman Prestonwood Properties August 2011

72.7%

Petroleum Place Abilene, TX

100,374

1981

Abilene Commons LLC Target Sports, Inc. June 2013

62.3%

Marketplace at Frankford Dallas, TX

94,290

1999

MAF Shopping Centers Gator Investments March 2017

99.3%

Hampton Square DeSoto, TX

89,380

1975

Equity Investment Group Califco LLC March 2013

97.8%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

26

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Shiloh Square Garland, TX

85,410

1975

Berkadia Asset Management AVG Partners December 2012

90.5%

Cloister Square Plano, TX

83,924

1978

Ashkenazy Acquisition Group MDT Investments April 2013

82.9%

Mockingbird Depot Dallas, TX

68,440

2007

Carlisle Interests South Plains Crossing August 2013

100.0%

Whispering Creek Victoria, TX

60,821

1994 / 2005

Karns Commercial Highpoint Capital Group April 2015

91.5%

Stein Mart Plaza Tyler, TX

60,447

1976 / 2011

Weingarten Realty Investors PD Capital, LLC April 2015

85.4%

Hebron Heights Carrollton, TX

59,364

2000 & 2004

Orix Capital Markets Tabani Group May 2013

87.3%

Colony Marketplace The Colony, TX

59,287

1983 / 2001

Cypress Equities Harkinson Investment Corp.

June 2014

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

27

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Galloway Crossing Mesquite, TX

58,093

1984

CWCapital Asset Management 1800 Broadway, LLC December 2011

88.6%

Roanoke Crossing Roanoke, TX

57,567

2007

Margaux Investment Partners GDA Real Estate March 2008

100.0%

Park on Fuqua Houston, TX

56,604

1984 / 1993

Baceline Investments 24 Seven Convenience Stores January 2015

95.8%

Park on Fuqua Houston, TX

56,604

1984 / 1993

Ritter Management Baceline Investments August 2008

87.0%

Greenspoint Square Houston, TX

56,335

1979

Ali Ebrahimi Blieden Forester & Co. March 2004

64.0%

Main Street Center Frisco, TX

53,207

2003 & 2014

Main FM 423 LLC Morris Capital Partners, LLC November 2015

98.8%

Southlake Cornerstone Southlake, TX

51,700

2003

C-III Asset Management BTR-8 Partners March 2011

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

28

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Market Square Irving, TX

49,979

1983

Ritter Management Prescott Interests March 2014

95.6%

Market Square Irving, TX

49,727

1984

Prescott Interests Midway Plaza, Ltd. Tri Marsh Center May 2016

92.2%

MJ Crossing Mesquite, TX

49,125

1995

Torchlight Investors Baceline Investments November 2012

100.0%

Marshall Plaza Marshall TX

45,680

1985

JNJ Texas Enterprises Gindi Capital December 2011

100.0%

Lakeview Plaza Rowlette, TX

45,527

1997

Texas Commercial Funding Walker Five LP August 2013

81.4%

The Shops at Flower Mound Flower Mound, TX

44,353

1998

CW Capital Asset Management KM Realty November 2010

73.3%

Kroger Irving, TX

43,900

1983

AMCAP Acadia Agent JCP-AG, LLC December 2011

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

29

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Children's University Arlington, TX

43,389

1945

Children's U Property STORE Capital December 2013

100.0%

Shafer Crossing Sherman, TX

41,298

2001

LNR Partners, Inc. Tabani Group April 2012

74.5%

Matlock Center Mansfield, TX

40,068

2001

C-III Asset Management P. D. Capital May 2012

69.1%

Millennium Towers Wichita Falls, TX

40,000

2000

Shining Properties, Inc. Sherwood Oaks Shopping Center, LP January 2016

100.0%

Mustang Crossing Forney, TX

39,039

2007

C-III Asset Management Tabani Group August 2011

76.3%

Shops at Eagle Point McKinney, TX

37,616

2007

EM2 Partners Regional Management Co. January 2015

89.5%

Sherman Crossroads Sherman, TX

37,088

2001

T Sherman Crossing TX, LLC Tava Property, LLC March 2016

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

30

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Forest Oaks Arlington, TX

36,000

1985

JAMRSS Expedia Property Management December 2008

91.0%

Preston Frankford Dallas, TX

35,424

1995

LNR Partners Childrens U Property, LLC June 2015

90.8%

Olympia Shopping Center Oklahoma, City

34,900

1999

Nunno Revocable Trust Dockside Threading May 2008

100.0%

FW Portfolio Fort Worth,TX

33,410

2010

LongView Equity Partners, LLC Enterprise Building Abilene, LP August 2014

100.0%

Northwest Crossing Garland, TX

33,366

1983

Sterling Organization Baceline Investments July 2015

79.4%

Cedar Springs Park Dallas, TX

33,248

2013

Carlisle Intersts Berlin Interests November 2014

100.0%

McCart Village Fort Worth, TX

32,822

2004

LNR Partners, Inc. Dr. Dezham November 2009

50.9%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

31

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Hebron Heights Carrollton, TX

31,992

2000

T Hebron TX, LLC Shopoff Advisors, LP October 2016

100.0%

Towne View Plaza Flower Mound, TX

31,939

1998

Jobeco Management CIG Retail Properties November 2011

96.7%

Coppell Crossing West Coppell, TX

31,924

2000

Mockingbird Management Co. Shayan Holdings December 2014

76.2%

Danforth Plaza Edmond, OK

30,000

2004

Murray Puderbeutel Mason-Amir Properties September 2010

76.3%

Component Capital Henry S. Miller May 2007

Occupancy

Silverlake Shopping Center Pearland, TX

29,610

2002

Coppell Crossing East Coppell, TX

29,400

1998

Kumagai Properties I, LLC Shayan Holdings December 2014

100.0%

Lebanon Ohio Center Frisco, TX

29,217

2004

LandPlan Development Shayan Holdings March 2014

90.3%

100.0%

SELECT TRANSACTION HISTORY Project Name Location

32

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

HEB Grocery Carthage, TX

27,700

2003

AMCAP Acadia Agent JCP-AG, LLC December 2011

100.0%

Mustang Creek Forney, TX

24,451

2007

Tabani Group PMC Retail Venture 3 LLC July 2013

90.9%

Lewisville Village Lewisville, TX

24,290

1986

Prescott Interests, Ltd. Sam Fino August 2016

90.4%

Hedgcoit Shopping Center Plano, TX

22,900

1999

Granite Chief Sameer Fino June 2009

82.5%

Luna Crossing Plano, TX

21,817

2003 & 2004

Ron Avneri CH Retail Acquisitions, LLC May 2015

100.0%

Kirkwood Bissonnet Houston, TX

19,042

1998

Investcorp SPB Enterprises August 2010

75.7%

Skillman Towne Crossing Dallas, TX

17,946

2002

CIG Skillman Inc Evans Properties January 2016

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

33

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

University Place Denton, TX

17,711

1974 / 2005

Evans Properties PegasusAblon October 2016

95.7%

Greenville Avenue Retail Dallas, TX

17,605

1933

Joseph T. Matassa Family Jon Duperier January 2010

48.1%

Family Dollar Ferris, TX

16,000

2006

Ferris Family Store Anthony Nowak March 2014

100.0%

Vista Ridge Lewisville, TX

15,925

1998

HKLN Properties, LLC Evans Properties January 2016

100.0%

Faith Creek Richland Hills, TX

15,096

2006

LNR Partners, Inc. Isaac Eteminan April 2008

0.0%

Josey Rosemeade Carrollton, TX

14,485

1984

M-West Holdings Raywood Hasten, LLC January 2014

100.0%

Arkansas Lane Arlington, TX

14,196

1985

James A. Ryffel Beaufort, Ltd. October 2016

77.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

34

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Kemp Crossing Wichita Falls,TX

13,018

2007

Cypress Equities Truity Capital December 2013

55.0%

Cedar Hill Medical Cedar Hill, TX

12,560

2008

Cedar Hill Village International Capital Acquisitions July 2011

100.0%

The Empire Room Dallas, TX

10,125

1949 / 2013

Carlisle Interests Berlin Interests July 2015

100.0%

Tabani Group Shipp and Orr June 2012

Occupancy

Shops at Mustang Crossing Forney, TX

10,105

2007

Hebron Heights Market Carrollton, TX

10,000

2000

Tabani Group Jet Set Commercial December 2013

100.0%

Schertz Gateway Court Schertz, TX

9,875

2016

Nassau Cay, LLC HKLN Properties, LLC March 2016

100.0%

Dollar General Mangum, OK

8,000

1999

Group III Partnership Mer-Car DG Corporation August 2016

100.0%

90.9%

SELECT TRANSACTION HISTORY Project Name Location

35

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Preston Frankford II Dallas, TX

7,955

2001

CWCapital Asset Management LLC DuWest Realty March 2014

26.0%

Capital One Dallas, TX

5,300

2007

Larsoni Management Royal Management Corp.

May 2008

100.0%

Panera Bread Dallas, TX

4,695

2007

Larsoni Management Hans Vaziri April 2011

100.0%

Mustang Market Forney, TX

4,350

2007

Tabani Group REI Advisors June 2012

100.0%

Sooner Plaza Muskogee, OK

4,250

2007

TDG MuskoGee II, Inc. Greg Coh May 2008

100.0%

Sherman Crossing Sherman, TX

4,218

2001

Tabani Group Easton Realty Partners August 2012

100.0%

McDonalds Brownsville, TX

3,500

2007

Paseo de la Resaca Pinhas Sharon December 2008

100.0%

Occupancy

SELECT TRANSACTION HISTORY Project Name Location

36

COUNTRY SQUARE

Seller Buyer Closing Date

GLA

Year Built / Renovated

Panda Express Houston, TX

2,448

2010

Investcorp CFT Developments, LLC March 2011

100.0%

Jack in the Box Humble, TX

2,274

2009

Ahmed Realty V William Guerra October 2012

100.0%

Jiffy Lube Hurst, TX

2,170

1987

Thomas R. Collins Trust Windsor Exchange Corp December 2010

100.0%

Quick Lube Plano, TX

1,936

1987

Carlisle Interests Hassan Bawab February 2015

100.0%

Starbucks Wichita Falls, TX

1,935

2003 / 2014

Truity Capital LLC James C. Hanken April 2016

100.0%

Starbucks Haltom City, TX

1,750

2008

TinaMarie Visconti Weisheke Chin October 2012

100.0%

Occupancy

37

42

43

COUNTRY SQUARE

44

COUNTRY SQUARE

45

COUNTRY SQUARE

By implementing and executing on our incomparable system, we are able to achieve the desired results on behalf of our clients. As a result of our client-centered approach, specialization and unmatched local expertise, unique platform, and our unprecedented marketing process, we have built a long standing history and reputation of consistently executing and achieving optimal results with tremendous speed and efficiency.

48

COUNTRY SQUARE

51

COUNTRY SQUARE