dexter crossing shopping center• 2.3 acre outlot also available for an additional $895,000 the...

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: : 7 0 6 1 D e x t e r - A n n A r b o r r o A D

V i l l A g e o f D e x t e r , M i c h i g A n

Dexter Crossing Shopping Center

: : i n v e s t M e n t O P P O r t u n i t y

For more information, please contact:

D e x t e r S h o p p i n g C e n t e r | Af f i l i a t ed Bus ine s s D i s c l o su re and Con f i den t i a l i t y Ag reemen t

CB richard ellis, inc. Operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. at times different Affiliates may represent various clients with competing interests in the same transaction. for example, this Memorandum may be received by our Affiliates, including CB Richard ellis investors, inc. or trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. you hereby acknowledge that possibility and agree that neither CB richard Ellis, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. in all instances, however, CB richard ellis, inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

this Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CB richard Ellis, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. all references to acreages, square footages, and other measurements are approximations. additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. these summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

neither the Owner or CB richard ellis, inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal

commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

the Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. the Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confident nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CB richard ellis, inc. you also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CB richard ellis, inc.

if after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CB richard ellis, inc.

© 2011 CB Richard Ellis, Inc. The information contained in this document has been obtained from sources believed reliable. While CB Richard Ellis, Inc. does not doubt its accuracy, CB Richard Ellis, Inc. has

not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates

used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax,

financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CB richard ellis, inc. Operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. at times different Affiliates may represent various clients with competing interests in the same transaction. for example, this Memorandum may be received by our Affiliates, including CB Richard ellis investors, inc. or trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. you hereby acknowledge that possibility and agree that neither CB richard Ellis, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. in all instances, however, CB richard ellis, inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

this Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CB richard Ellis, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. all references to acreages, square footages, and other measurements are approximations. additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. these summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

neither the Owner or CB richard ellis, inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal

commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

the Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. the Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confident nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CB richard ellis, inc. you also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CB richard ellis, inc.

if after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CB richard ellis, inc.

ta b l e o F C o n t e n t S

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02 03 04

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executive summary investment Highlights the Offering investment summary financial Overview Property description site Plan area Maps aerial Maps

area Overview Location Overview Demographic Profile

rent Comparables rent Comparable analysis rent Comparables rent Comparable Map

sale Comparables sale Comparable analysis sales Comparables sale Comparable Map

financials financial Overview financial assumptions year One nOi Calculation rent roll

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01 01 executive summary investment Highlights the Offering investment summary financial Overview Property details site Plan area Maps aerial Maps

e x e C U t i V e S U M M a r Y

Investment Highlights

• Currently 40 Percent Occupied, Significant Opportunity to Create value

• Zero Lease-Up Has Been Applied to Year One nOi

• shadow anchored by Country Market Grocery Store (Not Part of the Offering)

• Priced at a Low Price per square foot: $44 per square foot

• Traffic Counts: 13,000 Vehicles Per Day along dexter ann arbor road

• Great Access to I-94 and M-14

• Close to downtown ann arbor, Home of the university of Michigan with a Current Enrollment of 41,000 Students

• 2.3 Acre Outlot Also Available For an Additional $895,000

the offering

CB richard ellis has been retained by current ownership as the exclusive marketing advisor for the disposition of the dexter Crossing shopping Center consisting of 68,185 square feet located at 7007 dexter ann arbor road dexter, Michigan.

the Summary

the dexter Crossing shopping Center consists of 68,185 square feet and is currently 40 percent occupied by 11 tenants. The property is shadow anchored by the Country Market grocery store (not included in the offering) that is owned by the grocer and on a separate parcel. The majority of the tenants in the dexter Crossing shopping Center are on double net (NN) leases in which they are responsible for reimbursing the landlord for all operating expenses including real estate taxes, insurance and common area maintenance (CAM). Additionally, the majority of the tenants pay an administrative fee on top of CaM, insurance and some even on real estate tax expenses. in order to review a copy of the rent roll, please sign and return the confidentiality agreement that is located at the end of the financial section. the property is in an excellent location, close to the university of Michigan, which has a student body of 26,000 undergraduate students and 15,000 graduate students. the dexter shopping Center also has great access to I-94 and M-14. the dexter shopping Center currently sits on a 23.54 acre parcel that will be split prior to the sale. The parcel includes 9.9 acres of residential condo land, 4.6 acres of office land and a 2.3 acre retail outlot. the retail out lot is currently available for an additional $895,000 and the remaining portions are available by contacting the listing agent. This is a true value-add opportunity, which would benefit from an experienced, knowledgeable investor who can find the right tenant mix to fit the submarket. this neighborhood center has an excellent location in an area with solid average household incomes (over $103,600 within a three-mile radius) and population (over 26,000 people in five miles), along with a population growth of 22 percent within the three mile radius.

Executive Summary 3Dexter Crossing Shopping Center

FINANCIAL OVERVIEW

Asking Sales Price $3,000,000

Down Payment-Proposed

$35% / $1,050,000

Price per Square Foot

$44.00

Financing Offered Free and Clear of Existing Financing

BuILDINg INFORmAtION

Property

Dexter Shopping Center7007-7077 Dexter Ann Arbor Road Dexter, Michigan 48130

Building Square Feet (RBA)

68,185 Square Feet

Property Type Retail Shopping Center

Year Built 2000

Parcel Size (Acres) 6.373 acres

Type of Ownership Fee Simple

Current Occupancy 40%

Executive Summary 4Dexter Crossing Shopping Center

gENERAL PROPERty INFORmAt ION

Property Address dexter shopping Center 7007-7077 Dexter Ann Arbor Road Dexter, Michigan 48130

Township scio township

County WashtenawYear Constructed 2000Parcel Number HD-08-08-200-019 (Portion)Building Size (Gross Building Area) 68,185 SFBuilding Size (Rentable Building Area) 68,185 SfParcel Size 6.373 acres gross, 6.171 net acres Zoning C-1, General Business DistrictNumber of Stories One

Access two access points via dexter ann arbor road and dan Hoey Road (aka Ryan Drive)

BuILDINg DEtAILSExterior Walls Brick veneerRoof rubber MembraneStructural structural steel ColumnsFoundation Poured ConcreteParking Surface asphalt PavedElevator to CodeFire Protection to CodeHVAC roof Mounted unitsUtilities all to sitePlumbing to Code

p r o p e r t Y D e ta i l S

Property Description 5Dexter Crossing Shopping Center

S i t e p l a n

property Description 6Dexter Crossing Shopping Center

S i t e p l a n


a r e a M a p S


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02 area Overview Location Overview Demographic Profile

a r e a o V e r V i e w

Location Overview

The subject property is located on the southwest corner of dexter ann arbor road dan Hoey road in the village of dexter. dexter borders ann arbor to the east and is approximately eight miles from downtown ann arbor and 30 minutes from Detroit. Other nearby communities include Barton Hills, Chelsea, Pinckney, Whitmore Lake, saline, Brighton and Manchester.

The subject property is located in the Washtenaw / West of US-23 Retail Submarket which currently consists of 850 retail buildings totaling 10.38 million square feet of retail space with a current occupancy of 94 percent. The current asking rental rates range from $7.00 to $40.00 per square foot with an average rate of $19.65 per square foot on a nn basis

dexter is located within Washtenaw County which covers an area of 720 square miles. Its 27 cities, villages and townships are home to about 325,000 citizens in urban, suburban, and rural settings. Washtenaw County is situated in southeastern Michigan approximately 30 miles west of

detroit: ann arbor is the County seat. this mix of different settings provides many opportunities for education, recreation, business, agricultural, and home life. the two largest cities are ann arbor and ypsilanti, homes to two large universities - the University of Michigan in ann arbor and eastern Michigan university in ypsilanti.

ann arbor is home to the university of Michigan. as the dominant institution of higher learning in the city and one of the top public universities in the world the university provides ann arbor with a distinct atmosphere. the university shapes ann arbor’s economy significantly as it employs about 30,000 workers, including about 7,500 in the medical center. the city’s economy is also centered on high-technology, with several companies drawn to the area by the university’s research and development money, and by its graduates. Other employers are drawn to the area by the high tech, health services and biotechnology are other major components of the city’s economy; numerous medical offices, laboratories, and associated companies that are located in the city. ann arbor is also home to the headquarters of google’s adWords program—the company’s primary revenue stream. avfuel, the nation’s leading independent supplier of aviation fuels and services, is headquartered in ann arbor.

Washtenaw County top

employers:

university of Michigan

univ. of Michigan Medical

Center

trinity Health

ann arbor Public schools

aCH salline

easter Michigan university

thomasreuters

Area Overview 12Dexter Crossing Shopping Center

7007 Dexter Ann Arbor Rd

1 mile radius


3 mile radius


5 mile radius

2010 Estimated Population 2,925 12,249 26,840

2015 Projected Population 3,142 13,073 28,611

2000 Census Population 2,332 10,118 22,310

1990 Census Population 1,473 6,829 16,011

Growth 2000-2010 25.41% 21.07% 20.31%

Growth 2010-2015 7.41% 6.73% 6.60%

2010 Estimated Median Age 38.46 39.34 39.78

2010 Estimated Average Age 37.09 37.40 37.96

2010 Estimated Households 1,202 4,807 10,159

2015 Projected Households 1,304 5,153 10,846

2000 Census Households 936 3,918 8,372

1990 Census Households 560 2,557 5,712

Growth 2000-2010 28.37% 22.69% 21.35%

Growth 2010-2015 8.48% 7.20% 6.77%

2010 Est. Average Household Size 2.46 2.60 2.63

2010 Est. Median Household Income $76,270 $83,893 $88,434

2015 Prj. Median Household Income $80,353 $88,263 $92,706

2000 Cen. Median Household Income $61,989 $71,066 $75,346

1990 Cen. Median Household Income $42,657 $49,254 $52,270

2010 Est. Average Household Income $96,138 $103,678 $114,054

2010 Estimated Per Capita Income $39,067 $40,010 $43,342

2010 Estimated Housing Units 1,318 5,135 10,766

2010 Estimated Occupied Units 1,202 4,807 10,159

2010 Estimated Vacant Units 116 328 607

2010 Est. Owner Occupied Units 914 4,118 8,564

2010 Est. Renter Occupied Units 288 689 1,595

2010 Est. Median Housing Value $202,789 $233,174 $249,902

2010 Est. Average Housing Value $226,763 $245,619 $272,818

© 2010 CB Richard Ellis, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Anyprojections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Sources: Claritas.

Prepared On: 11/8/2010 3:38:47 PM Page 1 of 11

Demographic Report

D e M o g r a p h i C p r o F i l e



1 mile radius


3 mile radius


5 mile radius

2010 Estimated Households 1,202 4,807 10,159

- Income Less than $15,000 32 (2.7%) 116 (2.4%) 270 (2.7%)

- Income $15,000 to $24,999 65 (5.4%) 209 (4.3%) 423 (4.2%)

- Income $25,000 to $34,999 93 (7.7%) 343 (7.1%) 666 (6.6%)

- Income $35,000 to $49,999 164 (13.6%) 482 (10.0%) 963 (9.5%)

- Income $50,000 to $74,999 235 (19.6%) 948 (19.7%) 1,827 (18.0%)

- Income $75,000 to $99,999 206 (17.1%) 811 (16.9%) 1,670 (16.4%)

- Income $100,000 to $149,999 240 (20.0%) 1,126 (23.4%) 2,374 (23.4%)

- Income $150,000 to $199,999 81 (6.7%) 398 (8.3%) 847 (8.3%)

- Income $200,000 to $499,999 72 (6.0%) 321 (6.7%) 893 (8.8%)

- Income $500,000 and over 13 (1.1%) 53 (1.1%) 223 (2.2%)

2010 Est. Average Household Income $96,138 $103,678 $114,054

2015 Prj. Average Household Income $102,743 $109,991 $120,313

2000 Cen. Avg. Household Income $82,391 $87,778 $93,943

1990 Cen. Avg. Household Income $55,567 $61,256 $61,774

2010 Estimated Households by Household Size

1,202 4,807 10,159

- 1 Person Household 305 (25.4%) 1,025 (21.3%) 2,053 (20.2%)

- 2 Person Household 426 (35.4%) 1,688 (35.1%) 3,604 (35.5%)

- 3 Person Household 206 (17.1%) 839 (17.5%) 1,822 (17.9%)

- 4 Person Household 177 (14.7%) 843 (17.5%) 1,772 (17.4%)

- 5 Person Household 70 (5.8%) 313 (6.5%) 659 (6.5%)

- 6 Person Household 12 (1.0%) 68 (1.4%) 179 (1.8%)

- 7 or More Person Household 8 (.7%) 32 (.7%) 70 (.7%)

2010 Est. Average Household Size 2.46 2.60 2.63

2010 Estimated Households by Number of Vehicles

1,202 4,807 10,159

- Households with No Vehicles 30 (2.5%) 72 (1.5%) 138 (1.4%)

- Households with 1 Vehicle 348 (29.0%) 1,257 (26.1%) 2,489 (24.5%)

- Households with 2 Vehicles 638 (53.1%) 2,431 (50.6%) 5,089 (50.1%)

- Households with 3 Vehicles 135 (11.2%) 762 (15.9%) 1,758 (17.3%)

- Households with 4 Vehicles 45 (3.7%) 177 (3.7%) 435 (4.3%)

- Households with 5+ Vehicles 7 (.6%) 107 (2.2%) 250 (2.5%)

2010 Est. Average Number of Vehicles

1.86 2.02 2.08



Demographic Report

D e M o g r a p h i C p r o F i l eD e M o g r a p h i C p r o F i l e



1 mile radius


3 mile radius


5 mile radius

2010 Estimated Population by Race and Origin

2,925 12,249 26,840

- White Population 2,788 (95.3%) 11,621 (94.9%) 24,228 (90.3%)

- Black Population 10 (.3%) 138 (1.1%) 933 (3.5%)

- Asian Population 60 (2.1%) 243 (2.0%) 1,011 (3.8%)

- Pacific Islander Population 1 (.0%) 3 (.0%) 8 (.0%)

- American Indian and Alaska Native 5 (.2%) 28 (.2%) 61 (.2%)

- Other Race Population 11 (.4%) 26 (.2%) 107 (.4%)

- Two or More Races Population 50 (1.7%) 191 (1.6%) 492 (1.8%)

- Hispanic Population 38 (1.3%) 163 (1.3%) 504 (1.9%)

- White Non-Hispanic Population 2,810 (96.1%) 11,671 (95.3%) 24,253 (90.4%)

2010 Estimated Population by Age 2,925 12,249 26,840

- Aged 0 to 4 Years 205 (7.0%) 830 (6.8%) 1,736 (6.5%)

- Aged 5 to 9 Years 212 (7.2%) 868 (7.1%) 1,797 (6.7%)

- Aged 10 to 14 Years 207 (7.1%) 863 (7.0%) 1,786 (6.7%)

- Aged 15 to 17 Years 147 (5.0%) 667 (5.4%) 1,388 (5.2%)

- Aged 18 to 20 Years 100 (3.4%) 449 (3.7%) 949 (3.5%)

- Aged 21 to 24 Years 178 (6.1%) 703 (5.7%) 1,566 (5.8%)

- Aged 25 to 34 Years 264 (9.0%) 1,112 (9.1%) 2,703 (10.1%)

- Aged 35 to 44 Years 473 (16.2%) 1,605 (13.1%) 3,377 (12.6%)

- Aged 45 to 54 Years 447 (15.3%) 2,177 (17.8%) 4,748 (17.7%)

- Aged 55 to 64 Years 372 (12.7%) 1,673 (13.7%) 3,837 (14.3%)

- Aged 65 to 74 Years 197 (6.7%) 811 (6.6%) 1,829 (6.8%)

- Aged 75 to 84 Years 92 (3.1%) 376 (3.1%) 874 (3.3%)

- Aged 85 Years and Older 31 (1.1%) 115 (.9%) 248 (.9%)

2010 Estimated Median Age 38.46 39.34 39.78

2010 Estimated Average Age 37.09 37.40 37.96

2010 Estimated Population Over 25 by Educational Attainment

1,876 7,869 17,617

- Less than 9th Grade 13 (.7%) 57 (.7%) 123 (.7%)

- High School - No Diploma 75 (4.0%) 230 (2.9%) 482 (2.7%)

- High School Diploma 365 (19.5%) 1,277 (16.2%) 2,540 (14.4%)

- Some College 390 (20.8%) 1,554 (19.7%) 3,292 (18.7%)

- Associate Degree 126 (6.7%) 612 (7.8%) 1,167 (6.6%)

- Bachelor's Degree 520 (27.7%) 2,226 (28.3%) 4,911 (27.9%)

- Master's Degree 281 (15.0%) 1,272 (16.2%) 3,239 (18.4%)

- Professional Degree 48 (2.6%) 315 (4.0%) 968 (5.5%)

- Doctoral Degree 57 (3.0%) 326 (4.1%) 894 (5.1%)



Demographic ReportD e M o g r a p h i C p r o F i l eD e M o g r a p h i C p r o F i l e



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3 mile radius


5 mile radius

2010 Estimated Owner Occupied Units by Housing Value

914 4,118 8,564

- Valued Less than $20,000 0 46 (1.1%) 72 (.8%)

- Valued $20,000-$39,999 14 (1.5%) 298 (7.2%) 459 (5.4%)

- Valued $40,000-$59,999 11 (1.2%) 175 (4.2%) 270 (3.2%)

- Valued $60,000-$79,999 8 (.9%) 132 (3.2%) 209 (2.4%)

- Valued $80,000-$99,999 18 (2.0%) 57 (1.4%) 102 (1.2%)

- Valued $100,000-$149,999 185 (20.2%) 421 (10.2%) 681 (8.0%)

- Valued $150,000-$199,999 211 (23.1%) 544 (13.2%) 1,211 (14.1%)

- Valued $200,000-$299,999 280 (30.6%) 1,124 (27.3%) 2,454 (28.7%)

- Valued $300,000-$399,999 112 (12.3%) 735 (17.8%) 1,606 (18.8%)

- Valued $400,000-$499,999 51 (5.6%) 373 (9.1%) 858 (10.0%)

- Valued $500,000-$749,999 23 (2.5%) 170 (4.1%) 443 (5.2%)

- Valued $750,000-$999,999 1 (.1%) 33 (.8%) 129 (1.5%)

- Valued More than $1,000,000 0 10 (.2%) 70 (.8%)

2010 Est. Median Housing Value $202,789 $233,174 $249,902

2010 Est. Average Housing Value $226,763 $245,619 $272,818

2010 Estimated Housing Units by Housing Type

1,318 5,135 10,766

- 1 Unit Detached 927 (70.3%) 3,693 (71.9%) 8,009 (74.4%)

- 1 Unit Attached 65 (4.9%) 131 (2.6%) 251 (2.3%)

- 2 Units 51 (3.9%) 132 (2.6%) 161 (1.5%)

- 3-19 Units 268 (20.3%) 480 (9.3%) 1,176 (10.9%)

- 20-49 Units 2 (.2%) 29 (.6%) 63 (.6%)

- 50+ Units 3 (.2%) 9 (.2%) 72 (.7%)

- Mobile Home 2 (.2%) 660 (12.9%) 1,034 (9.6%)

- Boat, RV, Van or Other 0 0 0

2010 Estimated Housing Units by Year Structure Built

1,318 5,135 10,766

- Structure Built 2000 or Later 349 (26.5%) 1,142 (22.2%) 2,264 (21.0%)

- Structure Built 1990 to 1999 378 (28.7%) 1,346 (26.2%) 2,775 (25.8%)

- Structure Built 1980 to 1989 122 (9.3%) 859 (16.7%) 1,744 (16.2%)

- Structure Built 1970 to 1979 82 (6.2%) 476 (9.3%) 1,180 (11.0%)

- Structure Built 1960 to 1969 80 (6.1%) 307 (6.0%) 926 (8.6%)



- Structure Built Before 1939 157 (11.9%) 516 (10.0%) 879 (8.2%)

2010 Est. Median Year Structure Built 1992 1989 1988



Demographic Report

D e M o g r a p h i C p r o F i l eD e M o g r a p h i C p r o F i l e



1 mile radius


3 mile radius


5 mile radius

2010 Estimated Population by Sex 2,925 12,249 26,840

- Male 1,455 (49.7%) 6,091 (49.7%) 13,332 (49.7%)

- Female 1,470 (50.3%) 6,158 (50.3%) 13,508 (50.3%)

2010 Estimated Population over 15 by Marital Status

2,301 9,688 21,520

- Males Never Married 357 (15.5%) 1,281 (13.2%) 2,911 (13.5%)

- Males Married 658 (28.6%) 3,009 (31.1%) 6,734 (31.3%)

- Males Widowed 13 (.6%) 98 (1.0%) 219 (1.0%)

- Males Divorced 96 (4.2%) 381 (3.9%) 719 (3.3%)

- Females Never Married 201 (8.7%) 980 (10.1%) 2,571 (11.9%)

- Females Married 729 (31.7%) 3,146 (32.5%) 6,814 (31.7%)

- Females Widowed 93 (4.0%) 279 (2.9%) 558 (2.6%)

- Females Divorced 154 (6.7%) 513 (5.3%) 996 (4.6%)

2010 Estimated Population in Group Quarters

8 18 55

- Institutional Group Quarters 0 0 9 (16.4%)

- Non-Institutional Group Quarters 8 (100%) 18 (100%) 46 (83.6%)

2010 Estimated Occupied Housing Units by Year Occ. Moved In

1,202 4,807 10,159

- Moved In 2000 or Later 964 (80.2%) 2,520 (52.4%) 5,317 (52.3%)

- Moved In 1990-1999 131 (10.9%) 1,394 (29.0%) 2,617 (25.8%)

- Moved In 1980-1989 47 (3.9%) 450 (9.4%) 1,131 (11.1%)

- Moved In 1970-1979 26 (2.2%) 251 (5.2%) 663 (6.5%)

- Moved In 1969 or Earlier 34 (2.8%) 193 (4.0%) 431 (4.2%)



Demographic Report

D e M o g r a p h i C p r o F i l e



1 mile radius


3 mile radius


5 mile radius

2010 Estimated Employed Population by Occupation

1,712 7,024 15,428

- Management 214 (12.5%) 1,000 (14.2%) 2,183 (14.1%)

- Business and Financial Operations 88 (5.1%) 314 (4.5%) 709 (4.6%)

- Professional and Related 394 (23.0%) 1,770 (25.2%) 4,115 (26.7%)

- Sales 177 (10.3%) 770 (11.0%) 1,637 (10.6%)

- Office Support 197 (11.5%) 813 (11.6%) 1,651 (10.7%)

- Service 235 (13.7%) 805 (11.5%) 1,574 (10.2%)

- Health Care Support 158 (9.2%) 747 (10.6%) 1,954 (12.7%)

- Farming, Fishing, and Forestry 5 (.3%) 9 (.1%) 14 (.1%)

- Construction, Extraction, and Maintenance

108 (6.3%) 319 (4.5%) 616 (4.0%)

- Production, Transportation, and Material Moving

136 (7.9%) 477 (6.8%) 975 (6.3%)

2010 Estimated Employed Population Over 16 by Primary Transportation to Work

1,694 6,964 15,267

- Car, Truck, Van or Motorcycle to Work

1,353 (79.9%) 5,585 (80.2%) 12,463 (81.6%)

- Carpooled 124 (7.3%) 553 (7.9%) 1,346 (8.8%)

- Public Transportation to Work 9 (.5%) 41 (.6%) 86 (.6%)

- Other Transportation to Work 56 (3.3%) 161 (2.3%) 256 (1.7%)

- Work at Home 152 (9.0%) 624 (9.0%) 1,116 (7.3%)

2010 Estimated Employed Population Over 16 by Travel Time to Work

1,694 6,964 15,267

- Travel Time Less than 15 Min 406 (24.0%) 1,357 (19.5%) 3,308 (21.7%)

- Travel Time 15-29 Min 711 (42.0%) 3,065 (44.0%) 6,908 (45.2%)

- Travel Time 30-44 Min 309 (18.2%) 1,365 (19.6%) 2,751 (18.0%)

- Travel Time 45-59 Min 82 (4.8%) 386 (5.5%) 786 (5.1%)

- Travel Time 60+ Min 88 (5.2%) 384 (5.5%) 791 (5.2%)

- 2010 Est. Average Travel Time 26.20 27.01 25.97

Estimated Population Over 16Years Old by Employment Status

2,244 9,445 21,029

- Civilian Males 866 (38.6%) 3,458 (36.6%) 7,546 (35.9%)

- Civilian Females 723 (32.2%) 3,007 (31.8%) 6,597 (31.4%)

- Armed Forces Male 0 0 5 (.0%)

- Armed Forces Female 0 0 0

- Unemployed Males 22 (1.0%) 135 (1.4%) 330 (1.6%)

- Unemployed Females 9 (.4%) 75 (.8%) 223 (1.1%)

- Not in the Labor Force Male 208 (9.3%) 1,047 (11.1%) 2,448 (11.6%)

- Not in the Labor Force Female 416 (18.5%) 1,723 (18.2%) 3,880 (18.5%)



Demographic ReportD e M o g r a p h i C p r o F i l eD e M o g r a p h i C p r o F i l eD e M o g r a p h i C p r o F i l e


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03 rent Comparables rent Comparable analysis rent Comparables rent Comparable Map

r e n t C o M pa r a b l e S a n a lY S i S

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

$11.00

$12.00

$13.00

$14.00

$15.00

$16.00

$17.00

$18.00

1 2 3 4 5 6 7

$18.00

$13.00

$14.71

$11.00

$10.00 $10.00

$8.00

Average Rental Rates

SubjectAverage Rate

$10.23/SF

Local SpaceMarket Average

$12.10/SF

With a current average rental rate of $10.23 per square foot with the majority of the tenants reimbursing for

all operating expenses (CAM, real estate taxes and insurance plus admin fees), the subject property is currently

operating at a rental rate that is in line with the average asking market rental rate of $12.10 per square foot NN.

Rent Comparables 20Dexter Crossing Shopping Center

PhotoBuilding Name

AddressLease Dates

Building Size (SF)

Year BuiltCurrent

Occupancy

Available SF /

Signed Lease

Rental RateExpense Recovery

TypeComments

Dexter Crossings 7007-7093 Dexter Ann Arbor Road Dexter, MI

7/2000 - 6/2020

68,185 2000 40% 0 $10.23 NNNDexter Crossings is currently 40 percent occupied by 11 tenants.

1Dexter Plaza7080 Dexter Ann Arbor Rd Dexter, MI

On Market / Asking Rate

65,135 2006 91% 6,001 $18.00 NN

The property is located across from the subject property. Tenants include Busch's Market , Stucchi's Ice Cream, Great Clips, Best Video, Arizona Sun Tan and nail salon. Four prime units remain; 1,431 SF, 1,452 SF, 1,464 SF and 1,664 SF (endcap).

2Dan Hoey Shopping Center 7200 Dan Hoey Dexter, MI


15,000 2003 83% 2,600 $13.00 NN

On Market / Asking Rents: Great location for office or retail along Dan Hoey between Dexter Ann Arbor and Baker Roads. Other tenants include dry cleaner, jets pizza, Curves, Orthodontics and dance studio.

3Former Cottage Inn 7890 Ann Arbor Road Dexter, MI


2,856 1983 0% 2,856 $14.71 NN

On Market / Asking Rents: Former Cottage Inn restaurant space at the intersection of Ann Arbor Rd and Baker Road. Highly visible, great location in quaint downtown Dexter.

4Retail Center 25 Jackson Industrial DriveAnn Arbor, MI


8,133 2000 69% 2,500 $11.00 NN*

On Market / Asking Rents: The property has good visibility along Jackson Boulevard near Zeeb less than one mile from I-94 AND M-14. Other tenants include Subway, Domino's. *The asking rate is $14.00 per SF gross plus utilities so we reduced the rate by $3.00 per SF for expenses to show on a NN basis.

5Retail Center 5301 Jackson RoadAnn Arbor, MI


19,860 1970 50% 9,930 $10.00 NN

On Market / Asking Rents: The property has a good location with Jackson Boulevard frontage between Zeeb and Wagner Roads. Property is within a five-mile radius from the subject property.

6Independence Plaza 5060 Jackson BoulevardAnn Arbor, MI


28,089 N/A 74% 7,350 $10.00 NN

Current tenants include Giardino's Resaurant - Huron PET Supply - J. La Von Salon - Main Dish Kitchen - Ann Arbor Cooks & Arthur Murry Dance Studio.

7Retail Center 5245 Jackson Road Ann Arbor, MI


15,720 2004 93% 4,788 $8.00 NN

On Market/Asking Rent: The property is a good retail space on Jackson Road, wide open space, two storage rooms, bathroom. Window at front and rear.

66% $12.10Average Rental Rate All Comparables

r e n t C o M pa r a b l e S

Rent Comparables 21Dexter Crossing Shopping Center

r e n t C o M pa r a b l e S M a p

rent Comparables 22Dexter Crossing Shopping Center

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04 sale Comparables sale Comparable analysis sales Comparables sale Comparable Map

S a l e C o M pa r a b l e a n a lY S i S

$0

$10

$20

$30

$40

$50

$60

1 2 3 4 5 6 7 8 9 10

$37.83

$12.38

$47.79

$14.53

$33.13

$37.27

$43.10

$57.44

$47.87

$50.86

Average Price per Square Foot

All Comps Average

$38.22/SF

SUBJECT Price

$44.00/SF

With an average price per square foot of $38.22 for comparable multi tenant retail centers, the subject property,

priced at $44.00 per square foot is priced in line with the market.

Sale Comparables 24Dexter Crossing Shopping Center

Building Name Address

Year Built

Building Size (SF)

Sale Date Sales Price Price/SFOccupancy

at SaleComments

Dexter Crossings 7007-7093 Dexter Ann Arbor Road Dexter, MI

2000 68,185 $3,000,000 $44.00 40%Dexter Crossings is currently 40 percent occupied by 11 tenants.

1Roseland Shopping Center 46569-46915 Hayes Road Shelby Township, MI

2000 92,515 8/1/2010 $3,500,000 $37.83 65%

According to the broker, the property was 65% occupied at the time of the sale and the year one NOI was under $200,000. The center is anchored by Crank’s Catering Company with the remaining space occupied by local and regional tenants.

2Waterford Town Square 2523-2529 Elizabeth Lake Road Waterford, Mi

1989 82,363 7/30/2010 $1,020,000 $12.38 50%

The property was 50 percent occupied at the time of the sale. The sale included a free standing Applebee's with 2 years remaining on their current lease, a free standing ABC Warehouse with five years remaining and a strip center with a Family Dollar through November, 2011. This was a distress sale with an estiamted NOI of $65,086 at the time of the sale.

3North Gratiot Crossings 47025-47181 North Gratiot Avenue Chesterfield Township, MI

2004 52,310 5/11/2010 $2,500,000 $47.79 50%The property was originally on the market for $2,900,000 and was 50% occupied a the time of the sale.

4Sterling Heights Shopping Center 39200 van Dyke Avenue Sterling Heights, MI

1966 154,835 3/25/2010 $2,250,000 $14.53 60%

The center is currently 60% occupied by four tenants. Zero value was placed on the vacant space and the cap rate shown is based on actual/in place income only.

5Grandland Shopping Center 18600 Fenkell Street Detroit, MI

1959 / 1996

51,320 12/1/2009 $1,700,000 $33.13 62%

The subject was formerly anchored by a Rite Aid Pharmacy, who vacated in October 2007. Prior to the departure of Rite Aid, the subject property was 100% occupied. Subsequent to the sale the buyer of the property leased this space to Dollar General on a 10 year deal. Additionally, the buyer leased 3,300 square feet to a pharmacy on a three year deal. Based upon the in place income for the property at the time of sale with no deductions the sale indicates a capitalization rate of 20.96%.

S a l e C o M pa r a b l e S


Building Name Address

Year Built

Building Size (SF)

Sale Date Sales Price Price/SFOccupancy

at SaleComments

6Lenox Square Shopping Center 66751-66901 Gratiot Avenue Richmond, MI

1978 93,904 8/11/2009 $3,500,000 $37.27 75%

Occupancy at the Property is approximately 75% with current tenants including Dollar General, Woolley’s Family Restaurant, UFC of Richmond, Fraser Optical Clinic, Jet’s Pizza, Fusion Communications, Prestige Portraits, Art in Motion Richmond Dance, and the center’s largest and primary tenant Family Farm & Home.

7Genesis Plaza 6251-6363 Haggerty Road West Bloomfield, MI

2001 58,000 6/30/2009 $2,500,000 $43.10 56%The property was approximately 56 percent occupied at the time of the sale.

8Plymouth Place Plaza 34706-34730 Plymouth Road Livonia, MI

1959 17,408 5/1/2009 $1,000,000 $57.44 68%According to CoStar, this was a Short sale and the cap rate was 10.65 percent at the time of the sale.

9Peachtree Shopping Center 37273-37303 Groesbeck Highway Clinton Township, MI

1987 12,095 4/30/2009 $579,000 $47.87 50%The property sold on a land contract. The center was reportedly 50 percent occupied at the time of the sale.

10Wyoming Mall 1216-1286 28th Street SW Wyoming, MI

1962 157,293 7/1/2008 $8,000,000 $50.86 81%

The rent roll consists of 12 triple net leases and 8 gross leases. Triple net rents range from $5.91 (Save-A-Lot) to $16.00 (Check-N-Go) PSF. Gross rents range from $3.31 (Jo-Ann Fabrics) to $14.00 PSF (Sally Beauty). Occupancy was reported at 81%. The center was purchased for $8,000,000. Based on a pro forma NOI of $688,427, the indicated cap rate is 8.61%.

$38.22 62%Comparable Averages

S a l e C o M pa r a b l e S


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05 financials financial Overview summary of financial assumptions detailed expense estimations

F i n a n C i a l o V e r V i e w

FINANCIAL OVERVIEW

Sales Price $3,000,000

Down Payment 35% $1,050,000

Price Per Square Foot

$44.00

Financing Offered Free & Clear of Existing Financing

BuILDINg INFORmAtION

Address7007 Dexter Ann Arbor Road Dexter, MI 48130

Building Square Feet

68,185 SF

Property Type Multi-Tenant Retail

Year Built 2000

Parcel Size 6.171 Acres

Type of Ownership Fee Simple

Current Occupancy 40% / 27,455 SF

Current Vacancy 60% / 40,730 SF

PROPOSED FINANCINg tERmS

Loan to Value 65%

Interest Rate 7.0%

Amortization Schedule

25 Years

Loan Term 5 Years

Recourse Requirement

Recourse

Net Worth Requirement

Three times the loan amount

Liquidity Requirement

Six months to two years of debt service

OCCuPANCy AND ABSORPtION

Current Vacant - Year 1 40,730 Square Feet

Percentage Vacant - Year 1

65%

Absorption Begins Month 13 / Year Two

2011 Market Rent $12.00 per SF

Rental Increases Annual CPI

Lease Term 5 Years

Expense Recovery TypeNN ( Pro Rata Share of CAM, taxes, INS)

Tenant Improvements-New

$10.00 per SF

Tenant Improvements-Renewal

$5.00 per SF

Leasing Commissions-New

6.00%

Leasing Commissions-Renewal

3.00%

~Remaining Assumptions Shown on Following

Pages~

RENt ROLL

In order to obtain a rent roll and detailed financial information, please review the

confidentiality agreement at the end of the financial section and return to bill.oconnor@cbre.

com or fax to 248-351-2034

Financials 29Dexter Crossing Shopping Center

a n a lY S i S a S S U M p t i o n S

ANALySIS ASSumPtIONS

Analysis Dates - Year One October 1, 2011 - September 30, 2012

Entire Analysis Period 10 Years

Growth Rates

Global Assumptions 2%

Rental Growth Years 1-2 0%

Rental Growth Years 8-10 2%

Current Tenants

The analysis assumes that all tenants from the rent roll will remain in the property through their respective lease expiration dates. The analysis assumes that any tenants with leases expiring within the first year of the analysis will remain in the center for the full analysis year (10/2011 - 9/2012) at their current rental rate. Therefore, there is not any absorption applied in the first year of the as is analysis.

Vacant Space The vacant space (27,455 square feet / 40% of the property) is assumed to remain vacant for the first year of the as is analysis. There is not any lease up applied until year two / month 13.

Expense Recovery Type

The majority of the tenants are responsible for reimbursing the landlord for their pro rata share of real estate taxes, insurance and common areas. Additionally, some tenants also pay an administrative fee on top of some CAM items. Please refer to the rent roll on the following pages for expense reimbursement details.

Renewal Probability A renewal probability of 60% has been applied to all current tenants

Downtime 6 months

Market Rental Rate $12.00 per square foot

Tenant Improvements $10.00 per square foot for new and $5.00 per square foot for renewals

Leasing Commissions 6.0% for new leases and 3.0% for renewals

Rent Abatements Tenant to receive one month of free rent

Lease Term Five

Expense Recovery Type Double Net, Tenant to reimburse their pro rata share of CAM, taxes and insurance

Vacancy FactorA vacancy factor has not been applied in the analysis due to the current occupancy issues.

RENt ROLL

In order to obtain a rent roll and detailed financial information, please review the confidentiality agreement at the end of the financial section and return via email to [email protected] or fax to

248-351-2034


e x p e n S e e S t i M at e S

EXPENSE EStImAtES - 10/2011 - 2/2012

Property Insurance Estimated at $14,000 / $0.21/SF, based on the 2011 budget

Common Area Maintenance Expenses Estimated based on the 2011 Budget

Snow Removal & Salting Estimated at $35,000 per year / $0.51 per SF

General Maintenance Estimated at $4,000 per year / $0.06 per SF

Landscape Supplies Estimated at $300 per year / $0.01 per SF

Lawn Maintenance Estimated at $1,300 per year / $0.02 per SF

Parking Lot Repairs Estimated at $800 per year / $0.01 per SF

Parking Lot Sweeping Estimated at $4,000 per year / $0.06 per SF

Security Monitoring Estimated at $550 per year / $0.01 per SF

Utilities Estimated at $35,000 or $0.51 per SF, based on the 2011 Budget

Common Area Electricity Estimated at $6,500 or $0.10 per SF

Water, Sewer, and Refusal Disposal Estimated at $28,500 or $0.42 per SF

Real Estate Taxes

The 2011 SEV of $2,585,600 (same as 2011 taxable value) and 2010 non-homestead millage rate of 49.0095, generating a total tax expense of $126,718 for the entire parcel. However, due to the fact that the shopping center is on a 23.54 acre parcel and a parcel split is necessary prior to the sale, we have estimated that the shopping center is approximately 79.8% of the entire parcel. Taxes have been estimated based on the 2011 budget of $140,836 or $2.07 per square foot.

Management Fees 5% of EGR

Vacancy Factor10% However, a vacancy factor has not been applied in the first year of the analysis due to the current occupancy of 40%

Capital Reserves (Included in Operating Expenses)

$0.20 per Square Foot


C o n F i D e n t i a l i t Y a g r e e M e n t

CONFIDENTIALITY AGREEMENT Dexter Crossing Shopping Center

This Confidentiality Agreement is to be signed by the parties hereto prior to the release of property information. The property information is intended solely for the limited use by the parties hereto in considering whether to pursue an offer to acquire the Dexter Crossings Shopping Center (the “Property”) located in Dexter, Michigan. The Property information contains brief, selected information pertaining to the business and affairs of the Property. It does not, however, purport to be all-inclusive or to contain all of the information, which a prospective purchaser may desire or require. Neither ownership, nor any of its officers, employees or agents (hereinafter collectively referred to as “Owner”) make any representation or warranty, express or implied, as to the accuracy or completeness of this information, and no liability of any kind whatsoever is assumed by Owner with respect thereto. By acknowledgement of receipt of the Property information, Principal agrees that the Property information is confidential, proprietary and the exclusive possession of Owner and further that you will hold and treat it in the strictest of confidence, that you will not directly or indirectly disclose, or permit anyone else to disclose, the Property information to any other person, firm or entity, without prior written authorization of Owner. Principal further agrees that they will not duplicate, photocopy or otherwise reproduce the Property information in whole or in part or otherwise use or permit it to be used in any fashion or manner detrimental to the Property or the interest of Owner. Principal agrees to indemnify Owner from any loss or damage which Owner may suffer as a result of the undersigned’s breach of the terms and conditions of this Confidentiality Agreement. Owner expressly reserves the right at Owner’s sole, singular, exclusive and arbitrary discretion to reject any or all proposals or expressions of interest in this Property and to terminate discussions in connection therewith with any party at any time without notice. The Property information 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 business or affairs of the Property since the date of preparation of this information. The information provided has been gathered from sources that are deemed reliable, but the Owner does not warrant or represent that the information is true or correct. You are advised to verify information independently. The Owner reserves the right to make any change, to add, delete, or modify the information or to withdraw the Property from consideration at any time, without notice. The Property information is not to be construed as an offer, an expression of intent, an obligation, or as part of any contract or commitment, to sell the Property. Furthermore, the inclusion or exclusion of information relating to asbestos or any other hazardous, toxic or dangerous chemical item, waste or substance (thereinafter collectively referred to as “Waste”) relating to the Property shall in no way be construed as creating any warranties or representations, expressed or implied by the Owner or its agents as to the existence or nonexistence or nature of waste in, under or on the Property, or to create legal and/or economic obligations upon the Owner,


C o n F i D e n t i a l i t Y a g r e e M e n t

lessee and/or other holders of interest in the Property or a part thereof. Please acknowledge your consent and agreement to the foregoing by signing and returning the duplicate copy at which time the same shall constitute a binding Agreement between the parties. Please fax or email the Confidentiality Agreement to Bill O’Connor at 248.351.2034 or [email protected]. ACKNOWLEDGED, AGREED AND ACCEPTED:

Broker: Registered Potential Purchaser:

Hereby agreed and accepted, the undersigned: Hereby agreed and accepted, the undersigned:

Date: Date:

Name: Name:

Title: Title:

Company Name: Company Name:

Address: Address:

City, State, Zip: City, State, Zip:

Phone: Phone:

Fax: Fax:

E-mail: E-mail:

Broker Signature: Principal Signature:

Dexter Crossing Shopping Center

Fax to: Bill O’Connor 248.351.2034


: : o F F e r i n g M e M o r a n D U M

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For more information on the Dexter Crossings Shopping Center, please contact:

: : bill o’Connor Senior Vice president

248.351.2045 [email protected]

© 2011 CB Richard Ellis, Inc. The information contained in this document has been obtained from sources believed reliable. While CB Richard Ellis, Inc. does not doubt its accuracy, CB Richard Ellis, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

dexter crossing shopping center• 2.3 acre outlot also available for an additional $895,000 the...

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