BENSALEM SQUARE2506 KNIGHTS ROAD | BENSALEM, PA 19020

GROCERY-ANCHORED SHOPPING CENTER

A B O U T T H E C E N T E R

Bensalem Square is grocery-anchored retail center having 70,378 square feet of Gross Leasable Area. The Property is positioned within the highly populated Bucks County market, which boasts a very dense population of 18,000+ within one-mile radius and 100,000+ within a three-mile radius. The Lower Bucks County retail submarket has an impressive low vacancy rate of 6.4% in a submarket with over 26M square feet of retail inventory. The center is located at the intersection of Knights Road and Dunksferry road; and is the only retail center on Knights Road between high street and Franklin Mills mall. The center features three entrance driveways and two traffic light intersections. The center enjoys 35 years of goodwill among the community; and features Redner's Supermarket and Outpatient facilities of St Mary's Hospital. This particular Redner's store is the most trending store of all, drawing its customer base even from nearby Philadelphia County because of Redner's lower price offerings. St Mary's Hospital - with its maternity center, adult care and pediatric care facilities - pull its customers from all far away areas.

PROPERTY OVERVIEW

Address 2506 Knights RoadBensalem, PA 19020

70,378

Redner's

12.25 Acres

1983

Gross Leasable Area

Anchor Tenant

Land Area

Year Built

Parking 572 spaces (8.12/1,000 SF)

EXECUTIVE SUMMARY

KNIGHT ROAD

DUNKS FERRY ROAD

CENTER HIGHLIGHTS- A busy shopping center anchored by Redner's Groceries Supermarket and St Mary's Hospital - Only retail center on Knights Road that is located between Street Road and Franklin Mills mall- Located along Knights Road a busy 4-lane primary corridor of Bensalem- It is the only retail center located between Street Road and Franklin Mills mall- Three entrance driveways and Two traffic light intersections - Dense demographics, surrounded by apartments and residences, of above average household incomes -Enjoys 35 years of goodwill in the community

STRONG POSITIONING WITHIN PRIMARY RETAIL CORRIDOR The Property’s location along Knights Road, just 0.25 miles from the intersection of Street Road, positions it within a major regional retail corridor, which has attracted many of the nation’s top retailers due to the market’s wide trade radius and growth profile. Simon Property Group’s Philadelphia Mills is located 0.5 miles from the property along Knights Road.

$12.42 B $12.16 B $258 MBucks County Retail Demand

Bucks County Retail Supply

Opportunity / Surplus

NORTHEASTPHILADELPHIA

AIRPORT

BucksPhiladelphia

§̈¦95

§̈¦276

95

276

velt B

lvd

Grant Ave

Academy Rd

Knig

hts

Rd

Bensal

Bristol Rd

Rd

Coope

Old Lin

coln

Hwy

Trevose Rd

Street Rd

Trev

ose

Rd

Byberry Rd

UV543

UV63

1

Delaware River

BENEFITS FROM CLOSE PROXIMITY TO PHILADELPHIA COUNTY LINEGiven its proximity to Philadelphia County and the recent implementation fo the Philadelphia Soda Tax, Bensalem Square is primed to attract city resident consumers. This is a real phenomenon and has hit all Philadelphia County grocers. Being this close to the Philadelphia border allows for optimum consumer aggregation. In addition to denseresidential areas, there are seven apartment complexes within 2 miles, adding over 3,200 units to the immediate trade area.

LOCATION HIGHLIGHTS

PHILADELPHIA MILLSOUTLET SHOPPING MALLWITH 200+ STORES

PARX CASINO

KNIGHTSBRIDGE APARTMENTS BUCKS

MEADOWS

CREEKSIDEAPARTMENTS

HILL BROOK APARTMENTS

BENSALEM COUNTRY CLUB

BENSALEM PLAZAAC MOORE

BENSALEMHIGH SCHOOL

FRANKLINCOMMONS

NESHAMINY INTERPLEX

SUEZ WATERTECHNOLOGIES

RITA’S WATER ICE HQ

REGENCYAPARTMENTS

JEFFERSON TORRESDALE HOSPITAL

STREET RD PLAZAGOODWILL , DOLLAR TREE

PEPSI BOTTLING CO

NORTHBROOK APARTMENTS

ROTHMAN ORTHOPAEDICHOSPITAL

NORTHEASTPLASTIC SUPPLY

PEIRCE-PHELPSDISTRIBUTION

BROOKWOOD PLAZAPLANET FITNESS

GIANT

NESHAMINY MALLSHOPPING MALL

NESHAMINY MARKETPLACETARGET, HOME DEPOT

THE HUB PROPOSED 32 ACRE MIXED-USE DEVELOPMENT

WITH ~400,000 SF OF RETAIL/OFFICE & 165 RESIDENTIAL UNITS

ALDI

ADI GLOBAL DISTRIBUTION

BENSALEM SQUARE

PHILADELPHIA

PRINCETON

KING OF PRUSSIA

JOINT BASE MCGUIRE-DIX-LAKEHURST

§̈¦276276

95

295

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195

76

476

1

202

30

1

295

295

95

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206

202

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10 MILES

5 MILES

DEMOGRAPHICS1 MILE 3 MILES 5 MILES BUCKS CO.

Population 18,467 109,288 299,999 628,341

Households (#) 7,111 37,980 117,710 250,646

Median Age 38.4 40.8 42.0 43.5

Average HH Income $75,957 $79,840 $79,201 $101,384

Median HH Income $59,085 $62,742 $61,833 $82,031

STRONG DEMOGRAPHICS WITH ACCESS TO MAJOR EMPLOYMENT HUBSPart of the Greater Philadelphia MSA, Bucks County has a population which garners some of the highest incomes in the state, ranking third highest among all counties in Pennsylvania based on per capita income. Within three miles of the Property, average household income is $79,840, over 45% more than the state average of $55,000. Philadelphia has one of the strongest “Eds and Meds” economies in the Country with a high concentration of health resources including 120 hospitals, 200 pharmaceutical and biotech firms with 132 medical manufacturers, while the Lehigh Valley is one of Pennsylvania’s fastest growing economies, with over 22,000 net new jobs added over the last five years and a $35 billion annual GDP.

BENSALEM SQUARE

EXECUTIVE SUMMARY

Doral Garden Drive

Dunks Ferry Road

Knights Road

EXTRA SPACE

STORAGE(NOT OFFERED)

1

2A23456-7812A

PYLONSIGN

TENANT SF

1 47,638 2A

Redner's CHINA CAFE 1,200

2 DENTAL PRACTICE 1,120 3 Yashoda's Indian Kitchen 1,600 4 Final Score Sports Bar & Grill 3,200 5 2,000 6-7 St. Mary Medical* 2,240 8 D's Laundromat 1,480 12A St. Mary Medical* 9,900

Totals 70,378

St. Mary’s Medical expanded its operations to two non-contigous spaces

SITE PL AN &TENANT ROSTER

BENSALEM SQUARE

ABOUT ANCHOR TENANTS

ST. MARY MEDICAL CENTERSt. Mary Medical Center is a primary healthcare provider for children through seniors. St. Mary has a 371-bed hospital in Bucks County and provides care through numerous office locations throughout nearby communities. A member of Trinity Health, St. Mary operates on a Christian based philosophy and has operated in Bucks County since 1973. St. Mary Medical offers numerous services at Bensalem Square including: Mother Bachmann Maternity Center, St. Mary Children’s Health Center, St. Mary Adult Health Center and St. Mary Family Resource Center.

ST. MARY MEDICAL CENTER COMPANY PROFILENo. of Beds 371No. of Physicians 700No. of Employees 3,200Website stmaryhealthcare.org

TRINITY HEALTH COMPANY PROFILE No. of Hospitals 94No. of Outpatient Facilitates 109No. of Physicians 7,800No. of Employees 133,0002018 Revenue $18.3 Billion2018 Operating Income $408.3 MillionWebsite trinity-health.org

REDNER’S WAREHOUSE MARKETSFounded in 1970, Redner’s Warehouse Markets is an employee-owned American supermarket chain that currently operates 42 Redner’s Markets and 21 Redner’s Quick Shoppe convenience stores located throughout Pennsylvania, Delaware and Maryland. The Company’s grocery stores average 45,000 – 50,000 square feet and are typically found in smaller rural towns or the outskirts of urban areas. As part of the Company’s business plan, they implement minimal marketing expenses in an attempt to manage controllable operating costs. Redner’s has its headquarters in Reading, PA, its main distribution warehouse is located in Maidencreek, PA, and employs over 4,000 people. The Company is 100% employee owned, which gives it a competitive advantage in customer service and store performance.

42

RENDER’S MARKET COMPANY PROFILE No. of SupermarketsNo. of C-StoresTrailing Sales (2017)HeadquartersStore LocationsWebsite

21 $870M

Reading, PAPA, MD, DE

www.rednersmarkets.com

PROPERTY OVERVIEW 13

Retai l Market Over view POSITIONED WITHIN BUCKS COUNTY’S PRIMARY RETAIL NODEBensalem Square’s location along Knights Road, just 0.25 miles from the intersection of Street Road, positions it within a major regional retail corridor, which has attracted many of the nation’s top retailers due to the market’s wide trade radius and growth profile. Simon Property Group’s Philadelphia Mills is located 0.5 miles from the property along Knights Rd. Kohl’s and Ross are located at the intersection of Street Road and Knights Road (0.25 miles away). Other notable retailers in the immediate area are Giant (0.9 miles), A.C. Moore (1.2 Miles) and Dick’s (1.25 Miles).

BUCKS COUNTY RETAIL TRENDS & STATISTICS The Lower Bucks County retail market, made up of approximately 26 million SF in 2018, experienced a 70 basis point decrease in vacancy since 2013. Over the last ten years, the submarket has experienced net absorption of over 1.1 million square feet of retail despite delivering nearly 1.3 million square feet of retail over this same time period. Of the 26 million square feet of retail within Lower Bucks County, more than 15.7 million square feet are located within shopping centers. The average vacancy rate for shopping centers within the submarket is 7.3%, an improvement of 120 basis points from the ten year high in 2013.

RETAIL MARKET SNAPSHOTTotal Retail Inventory 2018 26,427,757

Occupancy as of Q3 2018 93.70%

2018 Net Absorption 118,974

RETAIL CENTERS SNAPSHOT Total Retail Inventory 2018 15,716,061

Occupancy as of Q3 2018 92.70%

2018 Net Absorption -115,043

5.60%

7.10%

5.90%

5.10%

6.30%

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2011 2012 2013 2014 2015 2016 2017 2018

Net Absorption Vacancy

7.10%

8.60%

7.40%

6.10%

7.30%

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2011 2012 2013 2014 2015 2016 2017 2018Net Absorption Vacancy

7.10%

8.60%

7.40%

6.10%

7.30%

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2011 2012 2013 2014 2015 2016 2017 2018Net Absorption Vacancy

MARKET OVERVIEW

Bucks County Over view Bensalem Square is situated in Bucks County, the third wealthiest county in the state of Pennsylvania and part of the demographically institutional marketplace of the Philadelphia MSA. Located approximately 15 miles north of Center City Philadelphia, encompassing 608 square miles, and home to more than 628,000 residents with a work force population greater than 325,000 it is strategically located in the Northeastern Corridor. The County is supported by a mature, multi modal transportation system, catering to the expanding population and developing economy. Bucks County is known for its growing biotechnology industry, robust tourism sector, and strong consumer demographics, with a county-wide median household income of over $82,000, approximately 36% higher than the median household income nationally at $60,300.

ADVANTAGEOUSLY POSITIONED Benefitting from its central location between Philadelphia (15 miles) and New York City (82 miles), Bucks County has become the 4th fastest growing county in Pennsylvania and the third wealthiest county in Pennsylvania. Bucks County’s transportation network has had an enormous impact on its economic, cultural, and social characteristics. The network consists of an assortment of transportation modes with direct and multiple access points to both the Pennsylvania Turnpike (I-76) and I -95, access to the major north south route of America’s rail system, a deep water port combined with international and regional air access (Philadelphia Airport 25 miles), Bucks County enjoys a competitive advantage with ready access to markets of both producers and consumers, resources that are increasingly vital to companies competing in a global economy.

BENSALEM TOWNSHIP OVERVIEW The Township is an emerging leader in environmental, technological, and economic practices. Located in Bucks County, Pennsylvania, Bensalem Township is a vibrant community consisting of approximately 60,000 residents and more than 900 commercial businesses. Accessibility to nearly all major forms of transportation including the Pennsylvania Turnpike, I-95, and major regional bus and train corridors provide easy access to employment hubs and have enabled the area to flourish.

NEW YORK

PHILADELPHIA

WILMINGTON

PRINCETON

ATLANTIC CITY

LEHIGHVALLEY

KING OFPRUSSIA

ELIZABETH

CHERRYHILL

BENSALEM

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§̈¦95

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§̈¦495

95

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276476

1

76

76

206

130

4030

295

78

202

30

422

Long

BENSALEM SQUARE

MARKET OVERVIEW

NOTABLE BUCKS COUNTY TOP EMPLOYERSCompany Industry

Parx Casino Tourism & Leisure

Comcast Telecommunications & Cable

Doylestown Hospital Healthcare

Saint Mary Medical Center Healthcare

Grand View Health Healthcare

Pennsbury School District Education

Council Rock School District Education

Sesame Place Tourism & Leisure

Excel Home Care Healthcare

Bucks County Government

MAJOR TOURISM ECONOMY Tourism is a main driver of the Bucks County economy, combining to produce an economic impact of nearly $1 billion in 2015. The tourism industry supports 12,000 jobs and grosses more than $126 million in federal, state, and local taxes. Sesame Place, a family theme park with 25 rides based on the Sesame Street television series attracts thousands of families per year. Lower Bucks County is also home to Parx Casino and Race Course, a 260,000 square foot gaming and entertainment destination in Bensalem Township. The complex features an expansive casino, live horse racing, and a synergistic mix of dining and nightlife options Parx Casino and Race Course is the second highest grossing casino in the state, and is a major economic driver for the county, bringing in more than $603 million dollars in 2018.

BURGEONING BIO SCIENCE INDUSTRYBucks County along with neighboring Montgomery County have helped the Philadelphia MSA achieve the #6 ranking on Genetic Engineering and Biotechnology News annual list of Top Biopharma Clusters in the country. The County is home to the Pennsylvania Biotechnology Center of Bucks County, which hosts 38 companies and approximately 12 research organizations and generates an economic impact of $1.8 billion state wide. Additionally, According to the Milliken Institute, it is projected that by 2020, one out of four people in Bucks County will work in biotechnology. As Bucks County experiences rapid growth in biotechnology, they also continue to be an industrialized focal point with large scale employers including U.S. Steel in Falls Township, and the Vulcanized Rubber & Plastics and Robertson Tile companies in Morrisville.

Peddler’s Village Covered Bridge Road

Parx Casino

Sesame Place

BENSALEM SQUARE

SUPERIOR QUALITY OF LIFE AND ACCESS TO PREMIER ACADEMIC INSTITUTIONS Situated within close proximity to Philadelphia, New Jersey and New York, the County is strategically positioned, enabling residents to easily commute to major employment hubs while enjoying the amenities and space offered by the suburbs. Home to 5 colleges, 15 public school districts and 8 private schools, Bucks County offers residents an abundance of high-quality educational options. Time Magazine recently ranked 5 Bucks County public high schools within the top 500 in the country for 2016, further increasing its appeal. The County also offers plentiful outdoor activities with 16 county and state parks totaling 7,500 acres allowing hikers to enjoy the 475 miles of trails. Further enhancing the quality of life residents and tourists enjoy, the rolling hills, deep well-drained soils, and moderate climate combine to make Bucks County one of the premier grape growing regions of the East Coast and is home to the Bucks County Wine Trail, comprised of 9 wineries. Bucks County has a distinguished history and natural beauty that create an ideal setting in which to live, work, and play. Collectively, historic, natural, and scenic resources contribute to the county’s unique identity and sense of place.

BUCKS COUNTY DEMOGRAPHICSRadius 1 MILE 3 MILES 5 MILES BUCKS COUNTY

Population 18,467 109,288 299,999 628,341

Households (#) 7,111 37,980 117,710 250,646

Median Age 38.4 40.8 42.0 43.5

Average HH Income $75,957 $79,840 $79,201 $101,384

Median HH Income $59,085 $62,742 $61,833 $82,031

Mercer Mansion

Bucks County Playhouse

Bucks County Winery Washington’s Crossing

MARKET OVERVIEW