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