retail property advisory & investment sales

R E TA I L P R O P E R T Y A D V I S O R Y & I N V E S T M E N T S A L E S

At Faris Lee we never treat real estate like a commodity. Retail, in particular, is uniquely

complex. It’s decidedly tenant-driven and completely location-driven. That is why we

established a collaborative and highly creative culture — to set the industry standard in

retail investment and client service. Whether advising on a single asset or large portfolio,

Faris Lee brings top-level expertise to every aspect of the transaction, providing our clients

with strategy, execution, and results that are unmatched by any other retail-specialized

group in the nation.

One Team. One Company: Moving Markets and Maximizing Value.

R E A L E S T A T E I S N O T A C O M M O D I T Y

Many factors make retail properties a superior investment choice. There are also many factors that make them a highly complex investment that demands a skilled team of financial and transactional experts.

Faris Lee Investments’ integrated investment services platform, which incorporates comprehensive real estate investment sales expertise and capital markets intelligence, is designed to protect, enhance, and create value. Our clients benefit from our financial counsel and ability to produce customized marketing programs to achieve the best outcome, no matter the level of complexity. When we discuss the strategy for a retail portfolio or single asset, we don’t just provide an historical analysis, we dig deeper, investigating the street-level financial and operational characteristics that will change market perception and in turn, create value.

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O U R P L A T F O R M

One Team. One Company. OUR CLIENTS SAY:

“Creativity and drive to get deals done have been consistent qualities of the firm over the years. On all of our tougher deals we definitely look to Faris Lee first and they have proven themselves time and again. Ultimately, Faris Lee is a different breed of broker. They are experts who can do more than one thing. If a task or deal doesn’t fit in one box, they think out of the box to make it work. Their biggest attribute is that I don’t get put into a corporate machine and spit out the other side... we can get ahold of them, they respond, they get an-swers quickly.”

Joe Goveia

Q Advisory services Q Recapitalization Q Loan restructuring Q Discounted loan payoff Q Note sales Q Merchant banking

Debt Program Q Senior debt Q Mezzanine debt Q Bridge loansEquity Capital

Q Equity Q Preferred equity Q Rescue equity

FINANCE

Q Investment advisory Q Property valuation Q Appraisal review Q Acquisition and disposition

services Q Transaction management

and execution Q Financial analytics and

engineering Q Lease abstracts/lease audits Q Equity placement Q Financing Q 1031/1033 Exchange

planning Q Market research

PRIVATE CLIENT

Q Portfolio valuation Q Portfolio optimization Q Acquisition and disposition

strategies Q Agency execution Q Distressed asset disposition Q Restructuring and

recapitalization Q Merchant banking Q Proforma and financial analysis Q Corporate sale-leaseback Q Research and consulting Q Finance private capital Q Investment banking capital

advisors

INSTITUTIONAL SERVICES

Q Value-add redevelopment Q Reposition & re-merchandise Q Merchant banking (co-invest) Q Asset management Q Operational audits Q Construction management Q Concept & feasibility analysis Q Proforma & financial analysis Q Design & development

INVESTOR SERVICES

Q Investments Q Insurance and

annuities Q Wealth planning Q Trust services Q Estate planning Q Retirement solutions Q Research

WEALTH MANAGEMENT

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S E A M L E S S I N T E G R A T I O N O F F U N C T I O N A L E X P E R T I S E

Minds Moving Markets

We employ a collaborative problem-solving process as a company, which provides our clients better solutions, strategies and outcomes. It’s how we’ve accumulated billions of dollars and thousands of deals in transactional experience.

When you work with Faris Lee Investments, you gain from a powerful organization comprised of senior level advisors and a resource team solely dedicated to retail investment. In fact, we engineer our teams to fit the project and client, providing best-in-class service at all levels. We provide a hands-on, street-level, collaborative approach to marketing that goes beyond the expected. Our expertise lies in identifying a property’s potential and working to demonstrate the existing and future value to prospective buyers throughout the marketing process.

Structure Solves Complexity & Maximizes Value

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O N E T E A M – O N E C O M P A N Y

OUR CLIENTS SAY:

“From the underwriting, through the marketing and escrow process, Faris Lee actively managed every aspect of the transaction, which increased my confidence and resulted in a timely close of escrow.”

R. Phillip Ramming Product Leader - Retail - Sabal Financial

“Faris Lee is unique in providing a very high level of integrated financial and marketing processes.”

Chris Westfahl Managing Director - Silverpeak Real Estate Partners

Project Recommendation

Investment Advisory Committee: Q Senior level retail leaders collaborate to evaluate and

create customized strategy.

Financial Services: Q Financial control throughout the deal brings certainty of

execution. Q Team leverages financial experience and relationships

to maximize value.

Resource Team: Comprehensive marketing resource team provides financial analytics, research, and accelerated marketing strategies incorporating advertising and promotion.

Q Client benefits from access to our proprietary database.

Execution Q Billions of dollars and thousands of deals in

transactional experience Q Proactive, strategic, and focused involvement

during escrow Q Highest level of expertise in every deal

throughout the entire process Q Ability to overcome environmental, tenant,

construction, and appraisal issues Q Able to tap into every investment advisory

committee member on each deal

Client Objectives & Risk Tolerance Review

Financial & property-level Evaluation

Market Assessment Lead & Lag Indicators

Q Assemble local, regional, national team Q Bring together financial and transactional

intelligence and expertise Q Leverage capital and advisory services to the

benefit of property and client

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O U R P R O C E S S

The Best Minds, Functional Expertise, Industry Experience, and Market Knowledge

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Retail Re-Engineered

S E T T I N G T H E S T A N D A R D

We’re known for our innovative deal matching that connects buyers and sellers. We also specialize in creative solutions including: lease structuring, development advisory, breakup and pre-sale strategies, complex loan assumption scenarios, and zero cash flow transactions, among others.

Our customized integrated solutions, financial counsel, and commitment to long-term relationships gives our clients a unique advantage. Over the years, Faris Lee has been recognized for its leading-edge retail investment marketing strategies, financial insight, and distinct collaborative team culture. No matter the client’s goals and objectives, we can deliver the right balance of financial, transactional, and operational expertise to achieve superior results.

WE ARE FULLY COMMITTED TO DELIVERING ON OUR PROMISES AND PRINCIPLES.

Our Promise: Protect, Enhance, and Create Value

Business Principles Q The client’s best interest is our paramount

objective and concern. Q We are committed, responsible, and accountable

to the success of our clients, Faris Lee Investments, and each other.

Q We treat each other with integrity, dignity, and respect.

Q We share openly and completely for the benefit of our clients and each other.

Q We are committed to superior quality standards and excellence in all that we do.

Q We are committed to deliver the best of our firm to every client and each project, every time.

Protecting Value – Delivering on Commitments

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O U R F O U N D A T I O N

OUR CLIENTS SAY:

“We have worked on many projects with Faris Lee, and they are first-class advisors and brokers.”

Ed Coppola President - Macerich Company

“Faris Lee has a proven track record for strategically tapping into both institutional and private buyer pools.”

Bill Ohlsen Senior Vice President - LNR Partners, LLC

T H E T E A M

About Us

Faris Lee was founded in 1996 on the belief there was a place in the industry for a firm with a

commitment to openness, transparency, and a willingness to share ideas. At the time, these

basic tenets were different from the norm and continue to be so today.

In any market, up or down, Faris Lee has continued to rely on forward-thinking, market expertise,

collaborative teamwork and creative insight to deliver outstanding value to our clients.

Operating with a highly skilled, deeply experienced team of retail specialists, we’ve closed

thousands of deals worth billions of dollars, achieving the industry’s highest percentage closing

record. Today, Faris Lee is one of the leading retail real estate advisory firms in the nation.

In-Depth Industry Experience

RICHARD W. CHICHESTER President and Chief Executive Officer

As President and Chief Executive Officer of Faris Lee Investments, Mr. Chichester is responsible for overseeing the development and execution of the firm’s business strategies, and managing its day-to-day operations.

A 30-year real estate industry veteran, Mr. Chichester is a commercial real estate executive, successful at building corporate value and improving profitability through market expansion and development, process re-engineering, business development, cost containment, client base management, and corporate positioning. His core competencies are focused on accelerated growth and/or turnaround that emphasize stabilization and revitalization strategies, and strong financial management.

Mr. Chichester excels at maximizing market opportunities, optimizing operational performance, and increasing market and client share. Prior to joining Faris Lee Investments, Mr. Chichester served as president of Colliers International, North America where he delivered more than $1.9 billion in total revenues. During his tenure he expanded the firm’s platform into a top four “global” real estate company.

PATTY CHIN Chief Financial Officer

» 15 years of accounting, tax and finance experience » Responsible for all financial and accounting matters of the company » Extensive commercial real estate experience in 1031 trades, partnership structuring and TIC ownership » Served as senior management team of Faris Lee Investments for over 10 years

E X E C U T I V E C O M M I T T E E

TAYLOR DAVIS Vice President of Finance & Business Analytics

» 15 years of real estate experience » Directs and oversees all of the financial underwriting and analytics for Faris Lee’s 300+ annual property assignments. » Expertise within financial underwriting, asset management, accounting, structured finance, capital markets, market research, negotiations and transaction management.

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O U R T E A M

D O N A L D J . M A C L E L L A NSenior Managing Partner

» 34-year career in commercial real estate investments » Over 450 sale transactions - $5.5 Billion » Leads the firm’s major disposition assignments, including: Northglenn Marketplace, Denver CO ($48M); The District, Henderson,NV ($79.3M); SouthBay Pavilion ($50M); Hawaii $200M Portfolio; Gateway Village ($66M); AIG Portfolio ($260M); Torrance Crossroads ($133M)

» Works with retail industry leaders - REITs, pension funds, developers and equity funds - including Macerich, UBS, Fortress, Hudson Advisors, Vornado, LaSalle, Prudential, DDR and LNR

» Prior to joining Faris Lee, Mr. MacLellan spent 17 years with CBRE and HFF in Southern California

S H A U N D . R I L E YSenior Managing Director

» Began commercial real estate career in 1993 » Advisor to retail property investors since 1998 » $1.9 billion in transactions » Specializes in strip center and single tenant investment sales » Brokered the $64 million sale of Best Plaza in Cerritos, CA » Client profiles include private developers and investors, as well as gatekeepers for high net worth individuals and family trusts

R I C H A R D W. C H I C H E S T E RPresident and Chief Executive Officer

» Over 30 years of CRE leadership experience » Key strengths include: building corporate value and improving profitability through market expansion and development, process re-engineering, business development, cost containment, client base management, and corporate positioning.

» Focused on accelerated growth and/or turnaround that emphasize stabilization and revitalization strategies, and strong financial management. » Excels at maximizing market opportunities, optimizing operational performance, and increasing market and client share.

J E F F B . C O N O V E RSenior Managing Director

» 30-year career in commercial real estate » Over $7 billion in closings / over 1,100 transactions » Specializes in the advisory, acquisition & disposition of Retail STNL Investments across the US, including national portfolios & sale-leasebacks

» Noted sale transactions include: Foothill Crossing – Rancho Cucamonga, CA ($54M), Marbella Plaza, San Juan Capistrano, CA ($30M), Lowe’s – Shippensburg, PA ($24M), Walmart – La Habra, CA ($18M), CVS – San Francisco, CA ($17M), Best Buy Portfolio (WI & TX)

» Client profiles include merchant developers, private & institutional, 1031 exchange & REIT’s

N I C H O L A S C O OSenior Managing Director

» Member: International Council of Shopping Centers » Contributing Author: Shopping Center Business, Western Real Estate Business

» COLE Capital Top Broker - Wall Street Journal Recognition for Top Broker Nationally

» 40 Under Forty – Real Estate Forum Magazine – National Recognition of Top Real Estate Executives Under Forty in the United States

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O U R T E A M ( C O N T . )

T H O M A S C H I C H E S T E RManaging Director

» Supported & involved in over $1 billion in retail transactions » Extensive experience in due diligence and underwriting » Specializes in advisory services including anchored and non-anchored retail, single tenant, and portfolio transactions

» Recent record-setting transactions include: US Bank (4.06% Cap), Jack in the Box (5.0% Cap), and Kenneth Village

J O S E P H C H I C H E S T E RManaging Director

» 7-year career in commercial real estate » Extensive knowledge of the due diligence and underwriting » Supported & participated in transactions valuing over $500 million

» Specializes in advisory services, including anchored and non-anchored retail, single tenant, and portfolio transactions

S C O T T D E Y O U N GDirector

» 5th generation broker and developer in Southern California » Specializing in single tenant and credit strip center assets nationwide » Principle background in acquisitions, dispositions, investments, development and management at private family offices focusing on retail, multifamily, office, hospitality & senior living

» Client profile includes private investors, Institutions and developers, as well as gatekeepers for high net worth individuals and family trusts

» Closed over $100M in transactions

M AT T B R O O K SDirector

» Specializes in advising private clients in strip centers and single tenant assets nationwide

» Actively managing & participating in transactions valued over $400 million

» Recent transactions include a national record Starbucks - Lake Forest, CA (3.48% CAP); Rite Aid – Los Angeles, CA (4.35% CAP) with 18 months of term remaining

C H R I S D E P I E R R OManaging Director

» 23 years of commercial real estate expertise covering all facets of the industry

» Extensive experience in leasing, investment sales, development, land sales, tenant representation, and consulting

» Transaction experience in most Western US markets, with a network of major developers, retailers and restaurants

G E N E V E N T U R ASenior Managing Director

» Over 30 year career in client development, retail advisory and marketing and sales

» Successfully provided development advisory, marketing and transaction services for over $1 billion in retail and office commercial real estate

» Preferred developer for Starbucks, Best Buy, AT&T and Verizon » Has close relationships with national development companies, capital groups and private wealth investors

» Most recent development includes 100,000 SF retail center from the ground up in southeast Wisconsin

Investment Advisory Committee

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AccessManaging a proprietary database of active retail buyers, institutional investors, 1031/1033 exchange buyers, international investors, active principals, co-op brokers, and apartment owners.

IntelligenceMore than 15 staff members dedicated to providing comprehensive financial analytics, research, and marketing.

StrategyAnalysis of long-term goals and return requirements, acquisition and disposition strategies, structured debt and equity for high net worth clients.

Accelerating Market StrategiesIn addition to Marketing and Analytics Team Leaders, we have more than 30 professionals dedicated to providing comprehensive financial analytics, research, and marketing.

TAY L O R D AV I SVice President of Finance & Business Analytics

Resource Center

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C L A R E N C E W O N GSenior Financial Analyst Team Leader

K R Y S TA L G U E R R E R OMarketing Manager

L I Z N E L S E NGraphic Designer


J E R E M Y W A R R E NBusiness Analyst Team Leader

N I C H O L A S M I L L E RBusiness Analyst Team Leader

C A S E S T U D I E S

A Relationship Business

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Q 3D Investments, LLC Q A&B Properties, Inc. Q Adler Realty Investments Q American Realty Capital

(ARC) Q Archon Group, LP Q Bank of America Q BlackRock Q Brixmor Q Cadence Capital

Investments Q Cap Lease, Inc. Q Cathay Bank Q Central Pacific Bank Q Chick-fil-A Q CIM Group Q Citivest, Inc. Q Clarion Partners Q Cole Real Estate Investments Q Combined Properties Q Coventry Real Estate

Advisors Q CWCapital Q DDR Corp. Q Decron Properties

Q Del Taco, LLC Q Donahue Schriber Q DSB Properties, Inc. Q East West Bank Q Evergreen Development Q Fortress Investment Group,

LLC Q Fritz Duda Company Q G&L Realty Corp. Q GDA Real Estate Services,

LLC Q Glenborough, LLC Q Gramercy Property Trust, Inc. Q Grosvenor Group Limited Q The Herrick Company Q Heslin Holdings, Inc. Q Horowitz Group Q Inland Real Estate

Corporation Q Invesco Ltd. Q Invest West Financial Corp. Q JH Real Estate Partners Q JP Morgan Q Kimco Realty Q Krausz Companies, Inc.

Q The Kroenke Group Q Ladder Capital Q LaSalle Investment Mgmt. Q Lendlease Q Leonard Green & Partners Q LNR Partners, LLC Q Lubert-Adler Q Macerich Q Makena Great American Q Midland Realty Group Q Milan Capital Management Q National Retail Properties Q North American Realty Q O & S Holdings, LLC Q Owl Companies, Inc. Q Pacific Castle, Inc. Q Pacific Coast Capital

Partners, LLC Q Pacific Development Group Q PacTrust Realty Associates,

LP Q Paragon Real Estate

Investments Q Partners Capital Q Passco Companies, LLC

Q Peninsula Retail Partners, LLC

Q Phillips Edison Q Praedium Advisors, Inc. Q PRES Companies Q Prudential Q Red Mountain Retail Group Q Redwood-Kairos Real Estate

Partners Q Regency Centers Q Rich Development

Enterprises Q Rockwood Capital Q Royal Investors Group, LLC Q Ruby Tuesday, Inc. Q S+A Properties Q Sabal Financial Group, LP Q ScanlanKemperBard

Companies (SKB) Q Silverpeak Real Estate

Partners Q Spirit Realty Capital Q STORE Capital Q Strategic Realty Trust, Inc. Q Tooley Investment Company

Q Torchlight Investors Q Trigild Q UBS Realty Investors, LLC Q U.S. Restaurant Properties Q ValueRock Realty Partners Q Vestar Q Vintage Real Estate Q Vornado Realty Trust Q Wells Fargo Q Weingarten Realty Q Westrust Ventures, LLC Q Westwood Financial Corp. Q Whitestone REIT Q WP Glimcher

P A R T I A L C L I E N T L I S T

C L I E N T R O S T E R* 3D Investments * Blackrock * Blackstone* Brixmor * Cadence Capital* CBL & Associates * CIM Group * Citivest * Clarion Partners * Combined Properties * Coventry Advisors * DDR* Decron Properties * Donahue Schriber * DSB Properties

* Excel Trust* Fritz Duda * GDA* Glimcher REIT * Grosvenor * Hutensky Capital Partners * Inland Companies* Invesco RE * JP Morgan Chase* Kimco Realty* Krausz Companies * La Salle Advisors * Ladder Capital Finance* Lend Lease * Lewis Operating Corp

* LNR * Lubert Adler * Macerich * Midland * Milan Capital * Newmark Merrill * North American * Pacifi c Castle * Pactrust Realty * Paragon * Passco* PCCP* Phillips Edison * Praedium Advisors * PREIT

* Pres Companies * Prudential Real Estate

Investors * Realty Income

Corporation* Red Mountain Retail * Regency Centers * Rich Development * Rockwood Capital* RPAI Properties* Sabal Financial * Shamrock Fund * Silverpeak Partners * SKB* Spirit Realty

* STORE Capital

* Tooley Investments

* Torchlight Investors

* Trigild

* Vestar

* Vornado Realty

* VEREIT

* Weingarten

* Westrust

* Westwood Financial

* Whitestone REIT

* Winthrop REIT

S I G N I F I C A N T T R A N S A C T I O N SPuente Hills Mall - City of Industry, CA $170,500,000 Ruby Tuesday Portfolio - 9 States $150,000,000 Torrance Crossroads - Torrance, CA $138,000,000 Albertsons Portfolio - Nationwide $101,000,000 ITC Center - Mount Olive, NJ $85,100,000 The District - Henderson, NV $79,300,000CVS & Walgreens Portfolio $69,000,000 Gateway Village - Valencia, CA $66,415,000 Crossroads Marketplace - Chino Hills, CA $62,000,000 Cobb Place - Atlanta, GA $61,000,000 Best Plaza - Cerritos, CA $57,000,000Plaza El Paso - Rancho Santa Margarita, CA $56,639,000Foothill Crossing - Rancho Cucamonga, CA $54,000,000Kohl’s Portfolio - 5 Properties $52,700,000 Everett Mall - Everett, WA $50,200,000 Aliso Viejo Town Center - Aliso Viejo, CA $50,000,000 South Bay Pavilion - Carson, CA $50,000,000Northglenn Marketplace - Denver, CO $48,000,000Centre Point Marketplace - Santa Clarita, CA $47,200,000 Bluegrass Manor - Saint Matthews, KY $46,100,000 Marketplace Long Beach - Long Beach, CA $44,300,000 Plaza at Puente Hills - City of Industry, CA $44,000,000 Olathe Station Center - Olathe, KS $44,000,000 Wenatchee Valley Mall - East Wenatchee, WA $43,020,000 Mountaingate Plaza - Simi Valley, CA $39,600,000 Hacienda Center - Hacienda Heights, CA $39,300,000 Shops at Aliso Viejo Town Center - Aliso Viejo, CA $39,000,000 Desert Springs Marketplace - Palm Desert, CA $38,250,000 LA Fitness Portfolio - KY, TN, KY $35,901,052 Plaza De San Jose - San Jose, CA $34,000,000 The Great Indoors - Denver, CO $33,700,000 Village at Lee Branch - Birmingham, AL $33,535,000 Plaza at Puente Hills - City of Industry, CA $33,205,000 Kauai Village - Kauai, HI $33,000,000 Kenwood Pavillion Place - Cincinnati, OH $32,035,000

Lahaina Gateway - Lahaina, HI $32,000,000 Tesoro Village Shopping Center - Valencia, CA $31,000,000 Shops - Anderson, SC $30,300,000 Waianae Mall - Waianae, HI $29,762,728 Marbella Plaza - San Juan Capistrano, CA $29,400,000 Rosedale Village - Bakersfi eld, CA $29,300,000 Island at Carlsbad - Carlsbad, CA $29,000,000 Courtyards at Talega $29,000,000 Ralphs & CVS - Burbank, CA $28,750,000 Village Center - Irvine, CA $27,600,000 Euclid Plaza - Anaheim, CA $27,500,000 Crossroads Entertainment Center - Chino Hills, CA $26,700,000 Home Depot - Spokane, WA $26,515,000 Montclair East Shopping Center - Montclair, CA $25,530,000 Kahana Gateway - Maui, HI $25,500,000 Hawthorne Exchange - Hawthorne, CA $25,250,000Best Buy Portfolio - 4 Properties $25,000,000 Jeronimo Center - Mission Viejo, CA $25,000,000 Lowe’s - Shippensburg, PA $24,350,000 Crossroads Entertainment Ctr - Chino Hills, CA $24,240,000 Redondo Beach Plaza - Redondo Beach, CA $23,850,000 Hemet Village - Hemet, CA $23,378,823 Santa Fe Springs Promenade - Santa Fe Springs, CA $23,000,000 Gateway Crossroads - Los Angeles, CA $22,900,000Waikoloa Highlands Center - Waikoloa Village $22,475,000 Hawthorne Exchange - Hawthorne, CA $22,300,000 Watson Marketplace - Buckeye, AZ $22,000,000 The Great Mall Of The Great Plains - Olathe, KS $22,000,000 Lakewood Colonial Center - Lakewood, WA $22,000,000 Gooding’s Plaza - Orlando, FL $22,000,000 Bryant Ranch Shopping Center - Yorba Linda, CA $21,890,000 Coconut Grove Marketplace - Kailau Kona, HI $21,800,000Everett Village Center - Everett, WA $21,700,000 Creekside - Calabasas, CA $21,700,000 Southwood Village - Torrance, CA $21,000,000

ITC North - Mount Olive, NJ $20,800,000 Forever 21 - Montebello, CA $20,750,000 Southridge Plaza - Fontana, CA $20,675000 Yorba Canyon - Yorba Linda, CA $20,300,000 Foothill Crossing - Rancho Cucamonga, CA $19,750,000 Woodland Hills Village - Woodland Hills, CA $19,700,000 El Super & Shops - Paramount, CA $19,200,000 Waiakea Shopping Center - Hilo, HI $19,000,000 Island at Carlsbad - Carlsbad, CA $18,500,000 Sierra Del Oro Town Center - Corona, CA $18,500,000 Note Sale - Normal, IL $18,000,000 The Marketplace at Ontario Mills - Ontario, CA $18,000,000 Loma Linda Shopping Center - Nogales, AZ $17,450,000 Lake Forest Plaza - Lake Forest, CA $17,375,000 Coronado Plaza - Coronado, CA $17,350,000 Kohl’s - Redondo Beach, CA $17,250,000 Best Buy & Shops - Houston, TX $17,100,000 Fry’s Electronics - Concord, CA $16,841,600 Pad Southbay Pavillion - 24Hr Fitness - Carson, CA $16,841,000 Wal-Mart - La Habra, CA $16,500,000 Westchester Place - Los Angeles, CA $16,500,000 Winchester Square - Temecula, CA $16,250,000 Kona Crossroads - Kona, HI $16,000,000 Winchester Springs - Murrieta, CA $16,000,000 Shops To Simi Valley Town Center - Simi Valley, CA $15,900,000Net Leased Portfolio $15,725,000 LA Fitness - Irvine, CA $15,450,000 Kohl’s - Upland, CA $15,430,000 “Shops B, C, D” - Santa Clarita, CA $15,371,000 County Fair Mall - Woodland, CA $15,100,000 Eastlake Medical/Prof Bldg. - Chula Vista, CA $15,092,055 Payson Village Center - Payson, AZ $15,075,000 Wrigley Marketplace - Long Beach, CA $15,000,000

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Hawthorne, CA - Hawthorne Exchange Shopping Center - 2007 $25,250,000Best Buy Portfolio - 4 Properties $25,000,000 Mission Viejo, CA - Jeronimo Center $25,000,000 Escondido, CA - Gateway Center $24,825,000Shippensburg, PA - Lowe’s $24,350,000 Chino Hills, CA - Crossroads Enterainment Center $24,240,000 Redondo Beach, CA - Redondo Beach Plaza $23,850,000 Hemet, CA - Hemet Village $23,378,823 Santa Fe Springs, CA - Santa Fe Springs Promenade $23,000,000 Sonoma, CA - Apartment Portfolio $22,996,000 Los Angeles, CA - Gateway Crossroads $22,900,000 Waikoloa Village, HI - Waikoloa Highlands Center $22,475,000 Hawthorne, CA - Hawthorne Exchange $22,300,000 Buckeye, AZ - Watson Marketplace $22,000,000 Olathe, KS - The Great Mall of the Great Plains $22,000,000 Orlando, FL - Gooding’s Plaza $22,000,000 Lakewood, WA - Lakewood Colonial Center $22,000,000 Yorba Linda, CA - Bryant Ranch Shopping Center $21,890,000Kailua-Kona, HI - Coconut Grove Marketplace $21,800,000 Everett, WA - Everett Village Center $21,700,000 Calabasas, CA - Creekside $21,700,000 Torrance, CA - Southwood Village $21,000,000Mount Olive, NJ - ITC North $20,800,000 Montebello, CA - Forever 21 $20,750,000 Fontana, CA - Southridge Plaza $20,675,000Yorba Linda, CA - Yorba Canyon $20,300,000 Rancho Cucamonga, CA - Foothill Crossing $19,750,000 Woodland Hills, CA - Woodland Hills Village $19,700,000 Paramount, CA - El Super & Shops $19,200,000 Hilo, HI - Waiakea Shopping Center $19,000,000 Carlsbad, CA - Island at Carlsbad $18,500,000 Corona, CA - Sierra Del Oro Town Center $18,500,000 Normal, IL - Note Sale $18,000,000 Ontario, CA - The Marketplace at Ontario Mills $18,000,000 Nogales, AZ - Loma Linda Shopping Center $17,450,000 Lake Forest, CA - Lake Forest Plaza $17,375,000 Coronado, CA - Coronado Plaza $17,350,000 Redondo Beach, CA - Kohl’s $17,250,000 Houston, TX - Best Buy & Shops $17,100,000 Concord, CA - Fry’s Electronics $16,841,600 Carson, CA - Pad to SouthBay Pavillion - 24-Hour Fitness $16,841,000 San Francisco, CA - CVS Pharmacy $16,800,000La Habra, CA - Wal-Mart $16,500,000 Los Angeles, CA - Westchester Place $16,500,000 Temecula, CA - Winchester Square $16,250,000 Murrieta, CA - Winchester Springs $16,000,000 Kona, HI - Kona Crossroads $16,000,000 Simi Valley, CA - Shops to Simi Valley Town Center $15,900,000Net Leased Portfolio $15,725,000 Irvine, CA - LA Fitness $15,450,000 Irvine, CA - LA Fitness $15,450,000 Upland, CA - Kohl’s $15,430,000 Santa Clarita, CA - “Shops B, C, D” $15,371,000

City of Industry, CA - Puente Hills Mall $170,500,000 9 States - RUBY TUESDAY PORTFOLIO $150,000,000 Torrance, CA - Torrance Crossroads $138,000,000 Nationwide - Albertsons Portfolio $101,000,000 Mount Olive, NJ - ITC Center $85,100,000 Henderson, NV - The District $79,300,000CVS & Walgreens Portfolio $69,000,000 Santa Clarita, CA - Gateway Village $66,415,000 Valencia, CA - Gateway Village $66,415,000 Chino Hills, CA - Crossroads Marketplace $62,000,000 Atlanta, GA - Cobb Place $61,000,000 Cerritos, CA - Best Plaza $57,000,000 Rancho Santa Margarita, CA - Plaza El Paseo $56,639,000 Rancho Cucamonga, CA - Foothill Crossing $54,000,000Kohl’s Portfolio - 5 Properties $52,700,000 Las Vegas, NV - Lifetime Fitness $51,000,000 Everett, WA - Everett Mall $50,200,000 Aliso Viejo, CA - Aliso Viejo Town Center $50,000,000 Carson, CA - South Bay Pavilion $50,000,000 Denver, CO - Northglenn Marketplace $48,000,000Santa Clarita, CA - Centre Point Marketplace - Whole $47,200,000 Saint Matthews, KY - Bluegrass Manor Shopping Center $46,100,000 Long Beach, CA - Long Beach Marketplace $44,300,000 City of Industry, CA - Plaza at Puente Hills $44,000,000 Olathe, KS - Olathe Station Center $44,000,000 East Wenatchee, WA - Wenatchee Valley Mall $43,020,000 Simi Valley, CA - Mountaingate Plaza $39,600,000 Hacienda Heights, CA - Hacienda Center $39,300,000 Aliso Viejo, CA - Shops at Aliso Viejo Town Center $39,000,000 Palm Desert, CA - Desert Springs Marketplace $38,250,000 Wellington, Lexinton, Antioch, Louisville, KY, TN, KY - LA Fitness Portfolio $35,901,052 San Jose, CA - Plaza de San Jose $34,000,000 Denver, CO - The Great Indoors $33,700,000 Birmingham, AL - Village at Lee Branch $33,535,000 City of Industry, CA - Plaza at Puente Hills $33,205,000 Kauai, HI - Kauai Village $33,000,000 Cincinnati, OH - Kenwood Pavillion & Kenwood City Place $32,035,000 Lahaina, HI - Lahaina Gateway $32,000,000 Valencia, CA - Tesoro Village Shopping Center $31,000,000 Anderson, SC - Shops $30,300,000 Waianae, HI - Waianae Mall $29,762,728 San Juan Capistrano, CA - Marbella Plaza $29,400,000 Bakersfi eld, CA - Rosedale Village $29,300,000 Carlsbad, CA - Island at Carlsbad $29,000,000 San Clemente, CA - The Courtyards At Talega Phase I & II $29,000,000 Burbank, CA - Ralphs $28,750,000 Irvine, CA - Village Center $27,600,000 Anaheim, CA - Euclid Plaza $27,500,000 Chino Hills, CA - Crossroads Entertainment Center $26,700,000 Spokane, WA - Home Depot $26,515,000Fontana, CA - Southridge Plaza $25,675,000 Montclair, CA - Montclair East Shopping Center $25,530,000 Maui, HI - Kahana Gateway $25,500,000

Woodland, CA - County Fair Mall $15,100,000 Chula Vista, CA - Eastlake Medical/Professional Bldg. $15,092,055 Payson, AZ - Payson Village Center $15,075,000 Huntington, CA - CVS Pharmacy $15,000,000Long Beach, CA - United Pacifi c $15,000,000Long Beach, CA - Wrigley Marketplace $15,000,000 Rancho Santa Margarita, CA - Circuit City and Shops $14,900,000 Monroe, LA - Pecanland Commons $14,600,000 Kapolei, HI - Halekuai Center $14,584,000 Woodland Hills, CA - Whole Foods/Burger King $14,500,000 Mission Viejo, CA - 3 Pad Building at Trabucco $14,400,000 San Diego, CA - Rolando Plaza $14,000,000 Ontario, CA - The Gateway at Mountain Village - Bldg C $14,000,000 Rancho Santa Margarita, CA - Walgreen’s $13,900,000 Peoria, AZ - Peoria Crossings $13,700,000 Irvine, CA - Culver & Barranca $13,688,000 Phoenix, AZ - Paradise Valley Mall - 12 Individual Sales $13,611,200 Hesperia, CA - Topaz Marketplace $13,500,000 Norwalk, CA - CVS Pharmacy $13,500,000Severna Park, MD - Walgreen’s $13,200,000 Rancho Cucamonga, CA - The Monet $13,200,000 Riverside, CA - Tyler Village $13,000,000 Irvine, CA - Irvine Bristol Park Medical Bldg. $13,000,000 Monrovia, CA - Kohl’s $12,893,000 Phoenix, AZ - 24 Hour Fitness $12,750,000 Scottsdale, AZ - 24 Hour Fitness $12,750,000 Chino, CA - Smart & Final $12,750,000 Baldwin Park, CA - Baldwin Park Town Center $12,700,000 Venice, CA - Lincoln-Rose Center $12,700,000 City of Industry, CA - The Shoppes at Puente Hills Mall $12,500,000 Barstow, CA - Factory Merchants Outlets $12,500,000 Paramount, CA - CVS & Starbucks $12,500,000Santa Clarita, CA - Centre Point Marketplace $12,350,000 Orange, CA - Town & Country II $12,250,000 San Diego, CA - Dave & Busters $12,100,000 Phoenix, AZ - Thomas Center $12,000,000 Ontario, CA - Ontario Town Center $11,750,000 Las Vegas, NV - Spring Valley Town Center $11,500,000 Gilbert, AZ - Encore Plaza $11,150,000 Torrance, CA - Sports Authority $11,111,100Walgreens Portfolio 2 $11,100,000 Rancho Cucamonga, CA - Day Creek Village $11,000,000 New Orleans, LA - CVS $10,900,000 Anderson, SC - Academy Sports & Outdoors $10,900,000 Santa Ana, CA - Bristol Street Pads $10,887,500Westminster, CO - Willow Run Shopping Center $10,825,000 Los Angeles, CA - Rite Aid $10,000,000Las Vegas, NV - Lowe’s $10,765,000 Santa Rosa & Sonoma, CA - Apartment Portfolio - Equity $10,700,000 Livermore, CA - Kohl’s $10,650,000 Livermore, CA - Plaza 580 $10,600,000 Rancho Cordova, CA - Kohl’s $10,575,000 San Clemente, CA - Courtyards at Talega $10,500,000

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Temecula, CA - Mall Pad 4-Tenant $7,525,000 Tucson, AZ - Burlington Coat Factory $7,500,000 Tucson, AZ - Jiffy Lube Portfolio $7,500,000 Lake Forest, CA - Foothill Center $7,400,000 Gastonia, NC - Petco & Shops $7,400,000 Lakewood, CA - Lakewood Collections $7,400,000 Rancho Mirage, CA - Walgreens $7,325,000Palm Springs, CA - Palm Canyon $7,300,000 Rancho Cordova, CA - Kohl’s $7,283,000 Apex, NC - Kohl’s $7,265,000 Rancho Cucamonga, CA - Archicenter (Offi ce & Industrial Building) $7,265,000 Mission Viejo, CA - Henry’s Marketplace $7,200,000 Orlando, FL - Hollywood Plaza - Walgreens $7,150,000 Woodland Hills, CA - Warner Center Food Court $7,150,000 Viera, FL - Viera Shops $7,132,000 Lee’s Summit, MO - 24 Hour Fitness $7,100,000Stockton, CA - Shops at Hammer & West $7,050,000 Yorba Linda, CA - Sav-On $7,000,000 Rancho Santa Margarita, CA - Town Center Car Wash $6,995,000 Richmond Hills, GA - Food Lion $6,985,000 Palatine, IL - Shops at Deer Grove $6,935,000 Murrieta, CA - McDonalds & Shops $6,900,000 Yucaipa, CA - Rite Aid and Shops $6,875,000 Palmview, TX - Walgreens $6,840,000 Riverside, CA - Magnolia Village Plaza $6,750,000 Aliso Viejo, CA - Town Center Stadium Brewery $6,725,000 San Clemente, CA - Michaels $6,700,000 Las Vegas, NV - Gateway Plaza $6,695,000 Huntsville, TX - CVS $6,694,000 Laguna Woods, CA - Rite Aid $6,670,000 Franklin, MA - Franklin Retail Center $6,650,000 Norco, CA - Hidden Valley Village $6,650,000 Renton, WA - Rite Aid $6,645,000 Kenosha, WI - Best Buy $6,600,000 Lake Forest, CA - Shops to Home Depot $6,600,000 Claremont, CA - Claremont Plaza $6,500,000 Torrance, CA - Claim Jumper $6,450,000 Rancho Santa Margarita, CA - Banderas Plaza $6,430,000 Lake Forest, CA - Corridor Center Shops A $6,400,000 Los Angeles, CA - CVS $6,372,000 Everett, WA - Everett Village Center (TJ Maxx) $6,350,000 Las Vegas, NV - Conn’s $6,335,000 Coronado, CA - Villa Capri by the Sea $6,300,000Manhattan Beach, CA - Chase Bank $6,250,000 Chino Hills, CA - Crossroads Entertainment Center $6,250,000 Brea, CA - 375 Birch Street $6,250,000 Buena Park, CA - McComber Center $6,250,000 Coral Springs, FL - Best Buy $6,239,000 Palmdale, CA - Shops to Walmart $6,200,000 Cerritos, CA - Sam Ash $6,200,000 Hemet, CA - Rite Aid $6,150,000 Irvine, CA - Kiddy Academy $6,100,000 Lake Forest, CA - Lake Forest Shops (Home Depot) $6,100,000

Viera, FL - Total Wine & More $6,100,000 Escondido, CA - Mission Square Plaza $6,100,000 Santa Ana, CA - Northland Shopping Center $6,100,000 Van Nuys, CA - Crunch Fitness $6,100,000Avondale, LA - CVS $6,069,000 Bourbonnais, IL - Best Buy $6,034,000 Northglenn, CO - Walgreens $6,050,000Upland, CA - 24 Hour Fitness $6,000,000 Yuma, AZ - Hastings Entertainment/CVS Center $6,000,000San Juan Capistrano, CA - Capistrano Collection $6,000,000 Pasadena, CA - Starbucks Center $5,950,000 Huntington Beach, CA - Brookfi eld Promenade $5,900,000 West Monroe, LA - Hobby Lobby/Offi ce Depot $5,885,000 Laguna Beach, CA - Broadway Plaza $5,800,000 Ontario, CA - Euclid Center $5,750,000 Apple Valley, CA - Walgreens $5,744,000 Santa Clarita, CA - “Shops A” $5,703,350 Viera, FL - Shops @ Viera/Ulta Salon & Shops $5,700,000 Midland, TX - T.J. Maxx/HomeGoods $5,700,000 Lubbock, TX - Best Buy $5,700,000 The Colony, TX - Shops at the Colony $5,697,000 Temecula, CA - Tilted Kilt & Pad Shops $5,650,000 Kingston, WA - Rite Aid $5,615,000 Apple Valley, CA - Staples $5,600,000 Corona, CA - McKinley Plaza $5,560,000 Henderson, NV - Miller’s Ale House $5,530,000 Charlotte, NC - CVS $5,504,000 Tustin, CA - Heritage Plaza $5,500,000 West Hollywood, CA - Redevelopment $5,500,000 Las Vegas, NV - Casual Male $5,500,000 Santa Ana, CA - Orange County Convenience Center $5,500,000 Monrovia, CA - 24 Hour Fitness $5,492,000 Charlotte, NC - CVS $5,440,000 Grand Junction, CO - Cabela’s at Mesa Mall $5,430,000 Newport Beach, CA - DaVita Dialysis $5,400,000 Phoenix, AZ - Garden Lakes $5,400,000 Hawthorne, CA - El Segundo Center $5,400,000 San Bernardino, CA - Walgreen’s $5,400,000 Leominster, MA - Shops @ Merriam Ave $5,335,000 Central Falls, RI - Single Tenant CVS $5,300,000 Carlsbad, CA - US Bank & 7-Eleven Gas Station $5,300,000 Visalia, CA - Hobby Lobby $5,272,000 Eureka, CA - Kohl’s $5,263,000 Tucson, AZ - Mission Manor Shopping Center $5,250,000 Las Vegas, NV - Shops to Walmart $5,225,000 Stockton, CA - Walgreens $5,210,000 Murrieta, CA - Starbucks/Shops at the Orchard $5,204,000 La Habra, CA - La Habra Town Center $5,200,000 Victorville, CA - Rite Aid Center - Single Tenant $5,200,000 Summerlin, NV - Trail’s Shopping Center $5,175,000 Northglenn, CO - Walgreens Single Tenant $5,150,000 La Mirada, CA - Sav-On Drug Store $5,143,000 Inglewood, CA - Ralphs $5,100,000

Walgreens Portfolio $10,360,000 Vista, CA - Breeze Hill Commercial Center $10,234,000 San Juan Capistrano, CA - Capistrano Collection $10,175,000 Bermuda Dunes, CA - Washington Square $10,112,000 North Las Vegas, NV - Craig Promenade $10,100,000 Rancho Cucamonga, CA - 4 Retail Bldg $10,100,000 Viera, FL - T.J. Maxx $10,000,000 Henderson, NV - Kohl’s $10,000,000 Torrance, CA - Lowe’s $10,000,000 Tucson, AZ - Walgreen’s $9,951,000 Vernon, NJ - CVS $9,750,000 Baldwin Park, CA - Baldwin Park Town Center $9,750,000 Long Beach, CA - Wrigley Marketplace $9,700,000 Hemet, CA - LA Fitness $9,600,000 Stephenville, TX - Washington Square $9,600,000 Portland, CA - LA Fitness $9,600,000 Bermuda Dunes, CA - Washington Square $9,550,000 La Puente, CA - Northgate Market SC $9,400,000Oceanside, CA - Cornwell Business Center $9,200,000 Aliso Viejo, CA - Walgreens $8,850,000 Irwindale, CA - Autronics/A Curtiss-Wright Co $8,850,000 Lake Elsinore, CA - LA Fitness $8,805,000 Fresno, CA - El Super $8,750,000 Corona, CA - Linens N Things $8,700,000 Irwindale, CA - Biosense Webster $8,650,000 Kirkland, WA - Rite Aid $8,569,000 Kenosha, WI - Prairie Ridge $8,525,000 San Juan Capistrano/Escondido, CA - 2 Property Grocery / Jr. Anchor Portfolio (Ross) $8,500,000Santa Clarita, CA - Santa Clarita Center $8,500,000 Pasadena, CA - Shoppes at Fair Oaks $8,450,000 Littleton, CO - Best Buy $8,264,000 Laguna Beach, CA - The Plaza $8,225,000 Riverside, CA - CVS - Starbucks’ Downtown Riverside $8,225,000 Kauai, HI - Coconut Marketplace $8,200,000 Jacksonville, NC - Hobby Lobby $8,142,000 Aliso Viejo, CA - PetSmart $8,100,000 Rancho Cucamonga, CA - Rancho Cucamounga Town Center $8,100,000 San Clemente, CA - Courtyards at Talega Medical $8,050,000 La Mirada, CA - La Mirada Crossroads $8,009,000 Fresno, CA - Walgreens $8,000,000 Kapolei, HI - Halekuai Center $8,000,000 Paramount, CA - CVS & Starbucks $7,950,000 Oceanside, CA - Camino Village $7,950,000 Victorville, CA - CVS $7,949,560 Moreno Valley, CA - Sports Authority $7,850,000 Phoenix, AZ - Smart & Final Anchored Center $7,850,000 Fontana, CA - Shops at Sierra Lakes $7,840,000 Torrance, CA - Petco $7,700,000 Arcadia, CA - Walgreens $7,690,000 Daly City, CA - CVS $7,671,000 Lake Elsinore, CA - Rite Aid $7,612,500 Hesperia, CA - Shops at Topaz $7,600,000 Lathrop, CA - KB Home Center $7,600,000

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Temecula, CA - Mall Pad 4-Tenant $7,525,000 Tucson, AZ - Burlington Coat Factory $7,500,000 Tucson, AZ - Jiffy Lube Portfolio $7,500,000 Lake Forest, CA - Foothill Center $7,400,000 Gastonia, NC - Petco & Shops $7,400,000 Lakewood, CA - Lakewood Collections $7,400,000 Rancho Mirage, CA - Walgreens $7,325,000Palm Springs, CA - Palm Canyon $7,300,000 Rancho Cordova, CA - Kohl’s $7,283,000 Apex, NC - Kohl’s $7,265,000 Rancho Cucamonga, CA - Archicenter (Offi ce & Industrial Building) $7,265,000 Mission Viejo, CA - Henry’s Marketplace $7,200,000 Orlando, FL - Hollywood Plaza - Walgreens $7,150,000 Woodland Hills, CA - Warner Center Food Court $7,150,000 Viera, FL - Viera Shops $7,132,000 Lee’s Summit, MO - 24 Hour Fitness $7,100,000Stockton, CA - Shops at Hammer & West $7,050,000 Yorba Linda, CA - Sav-On $7,000,000 Rancho Santa Margarita, CA - Town Center Car Wash $6,995,000 Richmond Hills, GA - Food Lion $6,985,000 Palatine, IL - Shops at Deer Grove $6,935,000 Murrieta, CA - McDonalds & Shops $6,900,000 Yucaipa, CA - Rite Aid and Shops $6,875,000 Palmview, TX - Walgreens $6,840,000 Riverside, CA - Magnolia Village Plaza $6,750,000 Aliso Viejo, CA - Town Center Stadium Brewery $6,725,000 San Clemente, CA - Michaels $6,700,000 Las Vegas, NV - Gateway Plaza $6,695,000 Huntsville, TX - CVS $6,694,000 Laguna Woods, CA - Rite Aid $6,670,000 Franklin, MA - Franklin Retail Center $6,650,000 Norco, CA - Hidden Valley Village $6,650,000 Renton, WA - Rite Aid $6,645,000 Kenosha, WI - Best Buy $6,600,000 Lake Forest, CA - Shops to Home Depot $6,600,000 Claremont, CA - Claremont Plaza $6,500,000 Torrance, CA - Claim Jumper $6,450,000 Rancho Santa Margarita, CA - Banderas Plaza $6,430,000 Lake Forest, CA - Corridor Center Shops A $6,400,000 Los Angeles, CA - CVS $6,372,000 Everett, WA - Everett Village Center (TJ Maxx) $6,350,000 Las Vegas, NV - Conn’s $6,335,000 Coronado, CA - Villa Capri by the Sea $6,300,000Manhattan Beach, CA - Chase Bank $6,250,000 Chino Hills, CA - Crossroads Entertainment Center $6,250,000 Brea, CA - 375 Birch Street $6,250,000 Buena Park, CA - McComber Center $6,250,000 Coral Springs, FL - Best Buy $6,239,000 Palmdale, CA - Shops to Walmart $6,200,000 Cerritos, CA - Sam Ash $6,200,000 Hemet, CA - Rite Aid $6,150,000 Irvine, CA - Kiddy Academy $6,100,000 Lake Forest, CA - Lake Forest Shops (Home Depot) $6,100,000

Viera, FL - Total Wine & More $6,100,000 Escondido, CA - Mission Square Plaza $6,100,000 Santa Ana, CA - Northland Shopping Center $6,100,000 Van Nuys, CA - Crunch Fitness $6,100,000Avondale, LA - CVS $6,069,000 Bourbonnais, IL - Best Buy $6,034,000 Northglenn, CO - Walgreens $6,050,000Upland, CA - 24 Hour Fitness $6,000,000 Yuma, AZ - Hastings Entertainment/CVS Center $6,000,000San Juan Capistrano, CA - Capistrano Collection $6,000,000 Pasadena, CA - Starbucks Center $5,950,000 Huntington Beach, CA - Brookfi eld Promenade $5,900,000 West Monroe, LA - Hobby Lobby/Offi ce Depot $5,885,000 Laguna Beach, CA - Broadway Plaza $5,800,000 Ontario, CA - Euclid Center $5,750,000 Apple Valley, CA - Walgreens $5,744,000 Santa Clarita, CA - “Shops A” $5,703,350 Viera, FL - Shops @ Viera/Ulta Salon & Shops $5,700,000 Midland, TX - T.J. Maxx/HomeGoods $5,700,000 Lubbock, TX - Best Buy $5,700,000 The Colony, TX - Shops at the Colony $5,697,000 Temecula, CA - Tilted Kilt & Pad Shops $5,650,000 Kingston, WA - Rite Aid $5,615,000 Apple Valley, CA - Staples $5,600,000 Corona, CA - McKinley Plaza $5,560,000 Henderson, NV - Miller’s Ale House $5,530,000 Charlotte, NC - CVS $5,504,000 Tustin, CA - Heritage Plaza $5,500,000 West Hollywood, CA - Redevelopment $5,500,000 Las Vegas, NV - Casual Male $5,500,000 Santa Ana, CA - Orange County Convenience Center $5,500,000 Monrovia, CA - 24 Hour Fitness $5,492,000 Charlotte, NC - CVS $5,440,000 Grand Junction, CO - Cabela’s at Mesa Mall $5,430,000 Newport Beach, CA - DaVita Dialysis $5,400,000 Phoenix, AZ - Garden Lakes $5,400,000 Hawthorne, CA - El Segundo Center $5,400,000 San Bernardino, CA - Walgreen’s $5,400,000 Leominster, MA - Shops @ Merriam Ave $5,335,000 Central Falls, RI - Single Tenant CVS $5,300,000 Carlsbad, CA - US Bank & 7-Eleven Gas Station $5,300,000 Visalia, CA - Hobby Lobby $5,272,000 Eureka, CA - Kohl’s $5,263,000 Tucson, AZ - Mission Manor Shopping Center $5,250,000 Las Vegas, NV - Shops to Walmart $5,225,000 Stockton, CA - Walgreens $5,210,000 Murrieta, CA - Starbucks/Shops at the Orchard $5,204,000 La Habra, CA - La Habra Town Center $5,200,000 Victorville, CA - Rite Aid Center - Single Tenant $5,200,000 Summerlin, NV - Trail’s Shopping Center $5,175,000 Northglenn, CO - Walgreens Single Tenant $5,150,000 La Mirada, CA - Sav-On Drug Store $5,143,000 Inglewood, CA - Ralphs $5,100,000

Walgreens Portfolio $10,360,000 Vista, CA - Breeze Hill Commercial Center $10,234,000 San Juan Capistrano, CA - Capistrano Collection $10,175,000 Bermuda Dunes, CA - Washington Square $10,112,000 North Las Vegas, NV - Craig Promenade $10,100,000 Rancho Cucamonga, CA - 4 Retail Bldg $10,100,000 Viera, FL - T.J. Maxx $10,000,000 Henderson, NV - Kohl’s $10,000,000 Torrance, CA - Lowe’s $10,000,000 Tucson, AZ - Walgreen’s $9,951,000 Vernon, NJ - CVS $9,750,000 Baldwin Park, CA - Baldwin Park Town Center $9,750,000 Long Beach, CA - Wrigley Marketplace $9,700,000 Hemet, CA - LA Fitness $9,600,000 Stephenville, TX - Washington Square $9,600,000 Portland, CA - LA Fitness $9,600,000 Bermuda Dunes, CA - Washington Square $9,550,000 La Puente, CA - Northgate Market SC $9,400,000Oceanside, CA - Cornwell Business Center $9,200,000 Aliso Viejo, CA - Walgreens $8,850,000 Irwindale, CA - Autronics/A Curtiss-Wright Co $8,850,000 Lake Elsinore, CA - LA Fitness $8,805,000 Fresno, CA - El Super $8,750,000 Corona, CA - Linens N Things $8,700,000 Irwindale, CA - Biosense Webster $8,650,000 Kirkland, WA - Rite Aid $8,569,000 Kenosha, WI - Prairie Ridge $8,525,000 San Juan Capistrano/Escondido, CA - 2 Property Grocery / Jr. Anchor Portfolio (Ross) $8,500,000Santa Clarita, CA - Santa Clarita Center $8,500,000 Pasadena, CA - Shoppes at Fair Oaks $8,450,000 Littleton, CO - Best Buy $8,264,000 Laguna Beach, CA - The Plaza $8,225,000 Riverside, CA - CVS - Starbucks’ Downtown Riverside $8,225,000 Kauai, HI - Coconut Marketplace $8,200,000 Jacksonville, NC - Hobby Lobby $8,142,000 Aliso Viejo, CA - PetSmart $8,100,000 Rancho Cucamonga, CA - Rancho Cucamounga Town Center $8,100,000 San Clemente, CA - Courtyards at Talega Medical $8,050,000 La Mirada, CA - La Mirada Crossroads $8,009,000 Fresno, CA - Walgreens $8,000,000 Kapolei, HI - Halekuai Center $8,000,000 Paramount, CA - CVS & Starbucks $7,950,000 Oceanside, CA - Camino Village $7,950,000 Victorville, CA - CVS $7,949,560 Moreno Valley, CA - Sports Authority $7,850,000 Phoenix, AZ - Smart & Final Anchored Center $7,850,000 Fontana, CA - Shops at Sierra Lakes $7,840,000 Torrance, CA - Petco $7,700,000 Arcadia, CA - Walgreens $7,690,000 Daly City, CA - CVS $7,671,000 Lake Elsinore, CA - Rite Aid $7,612,500 Hesperia, CA - Shops at Topaz $7,600,000 Lathrop, CA - KB Home Center $7,600,000

West Hollywood, CA - FedEx Offi ce $5,100,000 Cathedral City, CA - Mission Plaza $5,100,000 Costa Mesa, CA - Citibank $5,037,000 Moreno Valley, CA - Rite Aid $5,000,000 Redlands, CA - Pep Boys $5,000,000 Long Beach, CA - Walmart $5,000,000 Paramount, CA - Shops at the Paramount Town Center $5,000,000 Rancho Cucamonga, CA - Wahoo’s Center $5,000,000 Baldwin Park, CA - Chuck E Cheese $5,000,000 Ladera Heights, CA - Chuck E Cheese $5,000,000Walgreens Portfolio $4,990,000 Fullerton, CA - Shops to St. Jude Medical $4,980,000 Summerlin, NV - Trails at Summit Centre $4,950,000 Corona, CA - CVS - Shops at Sycamore Creek $4,930,000 Murrieta, CA - 2 Tenant Investment $4,925,000 Santa Clarita, CA - Offi ce Depot at Centre Pointe Marketplace $4,922,200 La Palma, CA - Kinkos Bldg. $4,900,000 Vallejo, CA - CVS $4,882,500 Los Angeles, CA - Burger King $4,880,000 Palmdale, CA - Planet Fitness $4,850,000Tustin, CA - Kiddy Academy $4,826,500Lake Forest, CA - Baker Ranch Strip Center $4,820,000Pomona, CA - Rite Aid $4,800,000Kenosha, WI - Windsor Pointe $4,800,000 Temecula, CA - Verizon & Vitamin Shoppe - Plaza Temecula 1 $4,800,000 Cerritos, CA - Comerica Bank $4,800,000 Downey, CA - Firestone Plaza $4,800,000 Houston, TX - Baybrook Collection S/C $4,775,000 Prescott, CA - PetSmart $4,765,000 Reseda, CA - CVS $4,765,000 Baton Rouge, LA - CVS $4,750,000 Indio, CA - Heritage Court $4,750,000 Norwalk, CA - Fresh & Easy $4,750,000 City of Industry, CA - Plaza at Puente Hills - Claim Jumper $4,750,000 Nashua, NH - Pep Boys $4,734,000 San Jacinto, CA - Rite Aid $4,700,000 Palmdale, CA - BJs Restaurant and Brewey $4,700,000 Katy, TX - 3-Tenant Strip Center (Grand Crossing) $4,650,000Scottsdale, CA - Fresh & Easy $4,650,000 Victorville, CA - Kindercare $4,600,000 San Juan Capistrano, CA - Capistrano Collection $4,600,000 Glendale, AZ - Shops at Aspera $4,545,000 Los Angeles, CA - VCA & Dog Bakery $4,542,000 Phoenix, AZ - Village Shops $4,511,000 Temecula, CA - Citibank 3-Tenant Pad $4,511,000 Santa Clarita, CA - Goodwill $4,510,000 North Little Rock, AR - Chuy’s Mexican Food $4,500,000 Laguna Hills, CA - Chevron $4,500,000 Mesa, AZ - Goodwill $4,500,000 Cathedral City, CA - Burlington Coat $4,500,000 Chino Hills, CA - Chino Starbucks $4,500,000 Bloomington, CA - San Bernardino Cty-Cedar Village $4,500,000 Perris, CA - Starbucks & Jiffy Lube $4,475,000

Mission Viejo, CA - Krispy Kreme $3,850,000 Conyers, GA - Golden Corral $3,828,000 Long Beach, CA - Lakewood Landing $3,825,000 Corpus Christi, TX - CVS Drug $3,825,000 Mount Prospect, IL - Walgreens $3,820,000 Lake Forest, CA - AT&T Center $3,818,000 Killeen, TX - Golden Corral $3,810,000 Pompano Beach, FL - Golden Corral $3,800,000 Rockwell, TX - Logan’s Roadhouse $3,750,000 South Boulder, CO - Del Taco $3,750,000 Los Angeles, CA - 7 Eleven Shopping Center $3,750,000 Melbourne, FL - PetSmart $3,748,000 Wichita, KS - Golden Corral $3,710,000 Stockton, CA - Hammer & West Pad Shops $3,700,000 Aliso Viejo, CA - The Shops at Pacifi c Park $3,700,000 San Dimas, CA - California Bank and Trust $3,681,000 Temecula, CA - Men’s Wearhouse Pad/Qdoba $3,680,000 Richmond, VA - CVS $3,665,987 Holladay, UT - Shops at Canyon Slope $3,650,000 Santa Fe Springs, CA - Jack in the Box $3,650,000 Orange, CA - Valero $3,640,000 Inglewood, CA - Panda Express / T-Mobile $3,625,000 La Habra, CA - Union Bank at La Habra Town Center $3,621,000 Garden Grove, CA - Today’s Design $3,600,000Pulaski, VA - Food City $3,600,000 Chino Hills, CA - Buffalo Wild Wings $3,600,000 Tustin, CA - St. Joseph’s Hospital of Orange $3,580,000 Santa Ana, CA - Starbucks Center $3,578,000 Atlanta, GA - McDonald’s $3,575,000 Apple Valley, CA - Auto Club of SoCal - Jess Ranch Marketplace $3,565,000 El Paso, TX - Forever 21 $3,560,000 Tulsa, OK - Logan’s Roadhouse $3,554,000 Riverside, CA - Denny’s $3,535,000Moreno Valley, CA - TitleMax & Coast Dental $3,525,000Temecula, CA - Hallmark 3-Tenant $3,525,000 Gardena, CA - Dollar Tree $3,516,000 Elk Grove, CA - Chicago Fire $3,513,333 Thousand Oaks, CA - Burlington Coat Factory $3,500,000 Anthem, AZ - Tutor Time $3,500,000 San Diego, CA - Ocean View Hills Shopping Center $3,500,000 Douglasville, GA - Aspen Dental & Mattress Firm $3,488,000 Newnan, GA - Golden Corral $3,479,000 Quincy, MA - BJ’s Gas Station $3,455,000 Spartanburg, SC - Dorman Crossroads $3,407,000Duarte, CA - Starbucks $3,400,000 Temecula, CA - 3-Tenant Pad $3,398,000 Peoria, AZ - Circle K $3,383,000 Glendale, CA - Kenneth Village $3,375,000 City of Industry, CA - Plaza at Puente Hills - Mimis Café $3,368,000 Murrieta, CA - DaVita Dialysis $3,360,000 Whitehall, OH - Golden Corral $3,355,000 Helotes, TX - Slim Chicken $3,350,000Lewisville, TX - Logan’s Roadhouse $3,350,000

Fort Collins, CO - Tractor Supply Co $4,461,600 Montclair, CA - Brighton Retail Plaza $4,450,000 San Antonio, TX - Chuy’s $4,438,596 Delray Beach, FL - Regions Bank $4,400,000 Camarillo, CA - Shops @ Camarillo Town Center $4,400,000 Bothell, CA - Bank of America $4,400,000 Phoenix, AZ - Smart & Final $4,400,000 Palm Desert, CA - Country Club Shops $4,385,000 Victorville, CA - The Shops at Bear Valley $4,150,000San Antonio, TX - Logan’s Roadhouse $4,350,000 Vero Beach, FL - PetSmart $4,335,000 Mesquite, TX - Golden Corral $4,325,000 Mount Juliet, TN - Mattress Firm & Shops $4,309,000 Aurora, CO - Texas Roadhouse $4,300,000 Clifton, CO - New West Station $4,298,000 Pico Rivera, CA - Pico Crossing $4,275,000 Anaheim, CA - Concourse Bowling Center $4,275,000 Twin Falls, Watertown, Myrtle Beach, ID, NY, SC - Harbor Freight Portfolio $4,260,740 Riverside, CA - Provident Bank $4,240,000Grand Junction, CO - Best Buy $4,230,000 San Bernardino, CA - Kendall Square $4,228,000 Forth Worth, TX - Golden Corral $4,222,000 San Antonio, TX - CVS $4,200,000 Huntington Beach, CA - Warner Auto $4,200,000 Walnut, CA - Tutor Time $4,150,000 Bakersfi eld, CA - Big Lots $4,145,000 Los Angeles, CA - Chase Bank $4,140,000 Siloam Springs, AR - Community Health Services $4,100,000 Rancho Cucamonga, CA - Tutor Time $4,100,000 Lakewood, CA - Del Amo Square $4,100,000 North Richland Hills, TX - Golden Corral $4,071,000 Tampa, FL - Golden Corral $4,069,000 Tustin, CA - Newport Center $4,050,000 Simi Valley, CA - Simi Valley Town Center - Jared Jewelers $4,050,000 Rancho Cucamonga, CA - Pei Wei/Niko $4,050,000 Chicago, IL - First Midwest Bank $4,047,000Riverside, CA - Riverside Strip Center $4,025,000City of Industry, CA - Plaza at Puente Hills - Benihana $4,017,383 Houston, TX - Raising Cane’s $4,006,000 Long Beach, CA - Palm Tree Center $4,000,000 Tustin, CA - St. Joseph Heritage Medical Group $4,000,000 San Marino, CA - One West Bank $3,995,000 Seal Beach, CA - Coffee Bean Center $3,980,000 Bristol, VA - Logan’s Roadhouse $3,960,000 Eagle River, WI - Walgreens $3,950,000 Laguna Hills, CA - La Paz Retail Center $3,950,000 Santa Clarita, CA - Bouquet Canyon $3,920,000Los Angeles, CA - Norton & Olympic Strip Center $3,900,000 South Gate, CA - Starbucks Center $3,900,000 Kansas City, KS - Logan’s Roadhouse $3,892,000 Brea, CA - Brea Redevelopment $3,850,000 Beebe, AR - Shops at Center St $3,850,000 San Bernardino, CA - DaVita Dialysis $3,850,000


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Fort Myers, FL - Pep Boys $3,343,000 North Hollywood, CA - Cahuenga Plaza $3,340,000 Bakersfi eld, CA - Emergency Urgent Care $3,325,000 Hampton, VA - Applebee’s $3,312,000 Chicago (Wheaton), IL - Cozymels Mexican Grill $3,300,000 Windsor Locks, CT - Ruby Tuesday $3,300,000 Murrieta, CA - Bank of America $3,300,000 Fullerton, CA - Chapman Center $3,300,000 La Habra, CA - Big Lots $3,300,000 Charlotte, NC - University Street $3,292,000 Rancho Cucamonga, CA - Farrell’s $3,292,000 Torrance, CA - Starbucks Drive Thru Center $3,290,000Hesperia, CA - US Bank $3,280,000 Riverside, CA - O’Reilly Auto Parts $3,285,000 Rancho Mirage, CA - Monterey Marketplace $3,275,000 Apple Valley, CA - BLDG I - Jess Ranch $3,265,000 Stow, OH - Applebee’s $3,258,000 Newnan, GA - Verizon $3,250,000 Cudahy, CA - Cudahy Strip Center $3,250,000 West Covina, CA - Starbucks Center $3,240,000 Santa Fe Springs, CA - Starbucks Drive Thru Center $3,200,000 Tustin, CA - Joann Fabric $3,200,000 Anoka, MN - Walgreen’s $3,190,000 LaVale, MD - Applebee’s $3,175,133Fontana, CA - Starbucks $3,170,000 Redlands, CA - Coco’s $3,160,000 Grandville, MI - Applebee’s $3,150,000 Inglewood, CA - Crenshaw Gateway $3,150,000 Las Vegas, NV - Shops at Craig & Jones $3,140,000 Los Angeles, CA - Starbucks & T-Mobile $3,140,000 Brea, CA - Two Tenant Medical $3,130,000 Norman, OK - Aspen Dental $3,125,000 Vista, CA - US Bank $3,108,000 Dixon, TN - Logan’s Roadhouse $3,100,000 Fountain Hills, AZ - Eagle Mountain Village Marketplace $3,100,000 Scottsdale, AZ - The Shops at Gainey Ranch $3,100,000 College Station, TX - Verizon Strip Center $3,100,000 Coral Springs, FL - Ruby Tuesday $3,090,000 Roswell, NM - Burger King $3,080,000 Long Beach, CA - Starbucks Center $3,055,000 Inglewood, CA - Starbucks Center $3,020,000 Blytheville, AR - Tractor Supply $3,012,909 Melrose Park, IL - Mattress Firm $3,000,000 Wake Forest, NC - Applebee’s $3,000,000 Kenosha, WI - Williams Corner $3,000,000 Costa Mesa, CA - Harbor Blvd. Strip Center $3,000,000 Dallas, TX - Golden Corral $3,000,000 Ontario, CA - 2 Tenant NNN Investment $3,000,000 Long Beach, CA - CVS $3,000,000 Midlothian, VA - Applebee’s $2,988,373 Upland, CA - Foothill Village West $2,977,000 Bakersfi eld, CA - Valvoline $2,975,000 San Antonio, TX - Camelot Plaza $2,975,000

Cincinnati, OH - Wendy’s $2,562,000 Indianapolis, IN - Golden Corral $2,560,000 Avondale, AZ - Shops to Home Depot & Sam’s Club $2,550,000 Lake Forest, CA - Pat & Oscars $2,550,000 Oak Lawn, IL - Burger King $2,545,000 Victorville, CA - McDonald’s $2,535,000 Dallas, TX - Golden Corral $2,533,000 Brea, CA - 160 Building $2,525,000 San Clemente, CA - California National Bank $2,525,000 Palmdale, CA - Dollar Tree $2,500,000Idaho Springs, CO - Carl’s Jr. $2,500,000 Mentor, OH - Ruby Tuesday $2,500,000 Richardson, TX - Golden Corral $2,500,000 Las Vegas, NV - 7-Eleven $2,500,000 Chandler, AZ - Former Albertson’s $2,500,000 Apple Valley, CA - Oggi’s Pizza & Brewery Rest-JRM $2,500,000 Houston, TX - Pier 1 $2,490,000Lake Forest, CA - Starbucks $2,480,000The Woodlands, TX - Woodlands Place $2,478,821 Lexington, VA - Ruby Tuesday $2,467,414 Henderson, NV - El Pollo Loco $2,462,000 Mebane, NC - Ruby Tuesday $2,456,000 Palm Desert, CA - Dollar Tree / 2 Tenant $2,450,000 New Hartford, NY - Pep Boys $2,450,000 Henderson, NC - Ruby Tuesday $2,440,786 Winchester, VA - Ruby Tuesday $2,440,786 Long Beach, CA - Bixby Knolls Plaza $2,420,000 Murrieta, CA - Del Taco $2,400,000 Ridgecrest, CA - Shops to Home Depot $2,400,000 Moreno Valley, CA - AutoZone $2,391,000Pueblo West, CO - Pueblo West Retail Center $2,375,000 Lithonia, GA - Ruby Tuesday $2,371,000 San Antonio, TX - Taco Cabana $2,364,000 Brunswick, GA - Logan’s Roadhouse $2,362,000 Pfl ugerville, TX - Jack in the Box $2,360,000 Norwalk, CA - Del Taco $2,350,000 Suffolk, VA - Ruby Tuesday $2,314,984 Irving, TX - Golden Corral $2,300,000 Jacksonville, FL - Ruby Tuesday $2,300,000 Apple Valley, CA - Pomona First Federal Bank - Jess Ranch Marketplace $2,300,000 Los Angeles, CA - Whittier Blvd. Shops $2,300,000 Amsterdam, NY - Ruby Tuesday $2,292,000 Victorville, CA - Jack in the Box $2,275,000 Larned, KS - Shopko $2,270,328 Lake Forest, CA - Jack in the Box $2,250,000 Lancaster, CA - Del Taco $2,250,000 Norwalk, CA - Del Taco $2,250,000 Mason, OH - Ruby Tuesday $2,246,000 Fontana, CA - Big 5 Sporting Goods $2,235,000 Summerlin, NV - Del Taco $2,225,000 Torrance, CA - Smile Care Dental $2,221,000 Mora, NM - Family Dollar $2,210,000 Vista, CA - Carl’s Jr $2,200,000

Las Vegas, NV - Vitamin Shoppe/Pearle Vision $2,963,000 Elgin, IL - Applebee’s $2,960,000 Pueblo, CO - Best Buy $2,950,000 Greensboro, NC - Hooters $2,943,000 Moreno Valley, CA - Walgreens $2,916,000 Lake Forest, CA - Shell Gas $2,915,000 Leawood, KS - IHOP $2,900,000 FL - Family Dollar Portfolio $2,900,000 Anthem, AZ - Anthem Eastside Shops $2,900,000 Pasadena, CA - 320 South Lake Avenue $2,900,000 Costa Mesa, CA - Shakey’s Pizza Center $2,900,000 Phoenix, AZ - Goodwill Industries $2,890,000 Carson, CA - Washington Mutual $2,880,000 New Hartford, NY - Pep Boys $2,860,000 Buda, TX - CVS $2,836,000 Corona Del Mar, CA - Triplex $2,825,000 Greensboro, NC - Ruby Tuesday $2,814,000 Sonora, CA - McDonald’s $2,810,000 Warner Robins, GA - Warner Robins Shops $2,800,000 Alpine, CA - McDonalds $2,800,000 Los Angeles, CA - 1522 Hayworth $2,800,000 Orlando, FL - Ruby Tuesday $2,800,000 Cerritos, CA - TJ Maxx $2,800,000 Carson, CA - Pad to SouthBay Pavillion - Chili’s $2,800,000 Alexandria, VA - Ruby Tuesday $2,795,000 Anaheim, CA - Del Taco $2,775,000 Montclair, CA - Montclair Promenade $2,750,000 Pooler, GA - Ruby Tuesday $2,716,000 Baldwin Park, CA - O’Reilly Auto Parts $2,710,000 Marina Del Rey, CA - Latitude 33 $2,700,000 City of Industry, CA - PPH JITB/Preferred Bank $2,700,000 Comstock Park, MI - Applebee’s $2,680,000 Murrieta, CA - Goodyear Tire $2,680,000 Fort Worth, TX - Pier 1 $2,680,000 Burleson, TX - Golden Corral $2,671,000 Victorville, CA - Rite Aid Center - The Shops $2,665,000 Bethlehem, PA - Ruby Tuesday $2,661,886 Paris, TX - Applebee’s $2,660,000 Santa Fe Springs, CA - Bank of the West $2,652,750 Tucson, AZ - Carl’s Jr $2,650,000 Myrtle Beach, SC - Hooters $2,650,000 Ontario, CA - Del Taco $2,650,000 San Antonio, TX - Pep Boys $2,635,000 Tampa, FL - Pep Boys $2,630,000 Compton, CA - Fresh & Easy - Tesco $2,630,000 Hesperia, CA - Bob’s Big Boy $2,630,000 Warner Robins, GA - Logan’s Roadhouse $2,626,847Bennett, CO - Carl’s Jr. $2,600,000 Anderson, IN - CVS $2,600,000Corona, CA - Wells Fargo Bank at Sycamore $2,600,000 Cerritos, CA - Cathay Bank Building $2,600,000 Pasadena, CA - The District $2,580,000 Martinsburg, WV - Applebee’s $2,576,186


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H I G H L I G H T E D N A T I O N A L S A L E S T R A N S A C T I O N S

BELLEVUE, WATHE SHOPS AT THE BRAVERN$79,000,000

EVERETT, WAEVERETT MALL

$110,000,000

EVERETT VILLAGE$28,000,000

WESTMINSTER, COWILLOW RUN SHOPPING CENTER$10,825,000

VANCOUVER, WAPADDEN MARKET CENTER

$18,200,000

RACINE, WIREGENCY MALL

$9,600,000

HILLSBORO, ORHILLSBORO TOWN CENTER

$10,000,000

PITTSBURG, CANORTH PARK PLAZA

$21,375,000

SAN JOSE, CAPLAZA DE SAN JOSE

$34,000,000

HENDERSON, NVTHE DISTRICT AT GREEN VALLEY

RANCH$79,300,000

ATLANTA, GACOBB PLACE$61,000,000

ORLANDO, FLGOODING'S PLAZA / HOLLYWOODPLAZA$22,000,000

PHOENIX, AZWATSON MARKETPLACE

$22,000,000

HOUSTON, TXWESTGATE MARKET

$25,100,000

PAYSON, AZPAYSON VILLAGE$15,075,000

NOGALES, AZLOMA LINDA SHOPPING CENTER

$22,000,000

PUEBLO, COPUEBLO MALL

$32,000,000

LIVERMORE, CAPLAZA 580

$10,600,000

WENATCHEE, WAWENATCHEE VALLEY MALL$43,020,000

OLATHE, KSOLATHE STATION CENTER$44,000,000

NORTHBROOK, ILVILLAGE SQUARE$79,000,000

ST. MATTHEWS, KYBLUEGRASS MANOR SHOPPINGCENTER$46,100,000

MOUNT TOWNSHIP, NJITC CENTER$64,300,000

PENNSDALE, PALYCOMING MALL$28,500,000

KELLER, TXKELLER PLACE$14,300,000

MONROE, LAPECANLAND COMMONS$14,600,000

BIRMINGHAM, ALVILLAGE AT LEE BRANCH$33,535,000

ANDERSON, SCANDERSON STATION$30,300,000

ORMOND BEACH, FLTHE TRAILS$23,000,000

DENVER, CONORTHGLENN MARKETPLACE$48,000,000

THE GREAT INDOORS$33,700,000

CINCINNATI, OHSYCAMORE PLAZA AT KENWOOD$61,050,000

KENWOOD PAVILION$17,685,000

KENWOOD CITY PLACE$14,350,000

SEE SOUTHERNCALIFORNIA MAP

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A T A G L A N C E

» Rare infill Denver add redevelopment opportunity

» High profile Denver freeway location with significant traffic counts

» Strong existing tenant line-up with strong demand from anchor and shops tenants

F A R I S L E E S T R A T E G Y

» Focused on the strong fundamentals of Denver

» Showcased the limited supply of available big-box inventory

» Created a redevelopment business plan including an entertainment component in alliance with a tenant rep local leasing team

R E S U L T S

» Created over 19 highly qualified offers in initial bid due date

» Closed at contract price with significant non-refundable deposit at signing of PSA

» Exceeded seller expectations at highwater market of BOV’s

439,063 SF Big Box Community Center in Denver MSA

Northglenn Marketplace | Denver, CO $48,000,000

| 24

C A S E S T U D I E S

A T A G L A N C E

» San Francisco trophy real estate, legacy asset. Over 411,000 people within 3 miles

» CVS credit, BBB+

» New 2017 construction with new 15 year lease term


» Targeted market California 1031 exchange buyer through Faris Lee exchange database

» Targeted market Asian buyers through Faris Lee foreign buyer database

» Positioned as legacy asset, trophy real estate

R E S U L T S

» Record sale price, closed all-cash at the lowest cap rate ever over $15M for CVS, 4.0% cap rate

» Closed with 1031 exchange hotel group from the bay area

» Closed at $938 per square foot

A 17,920 SF Trophy CVS Pharmacy located in dense, infill San Fransisco

CVS | San Francisco, CA $16,800,000

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C A S E S T U D I E S ( C O N T . )

A T A G L A N C E

» Primary local mom & pop restaurant, food concepts

» Short term leasehold on portion of parking lot

» Capitalizing over $350,000 % rent


» Focused on rare opportunity to acquire irreplaceable ocean-front Hawaii retail center with rare ample parking

» Showcased highly successful restaurant and daily needs (ABC store) operators with increasing yearly sales

» Private family lessor on parking lot willing to negotiate GL extension post closing

» Branded site as the primary community gathering spot with grass courtyards & volleyball beach experience

R E S U L T S

» Attracted strong investor interest from Hawaii as well as the mainland with multiple offers

» Procured highly motivated investor with vacation home in Kona

» Exceeded seller expectations delivering strong teturn to ownership private equity fund

49,513 sf of ocean-front Hawaii lifestyle, specialty retail center

Coconut Grove | Kailua-Kona, HI $21,800,000

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DBF_City

A T A G L A N C E

» $32,000,000 low-leverage conduit loan (requiring loan assumption by buyer)

» 2 properties encumbered by one CMBS loan

» Property had been unsuccessfully marketed by another national firm prior to Faris Lee taking on the assignment


» Communicate high demand for vacant space within the subject property, to show income appreciation potential

» Utilize Faris Lee’s Trading Desk to find low-leverage investor with required liquid funds

» Create 1031 strategy for investor: sale of apartments to trigger exchange requirement

R E S U L T S

» Created a 1031 exchange need by identifying the assets to be sold, producing required equity

» Fulfilled investor’s need for a legacy / generational asset investment

» Developed a strategy to create a buyer which fit a very narrow segment of the market

Sold for $56.6 million despite $32 million encumbranceProperty had been unsuccessfully marketed by another national firm prior to Faris Lee taking on the assignment

Plaza El Paseo | Rancho Santa Margarita, CA $56,639,000

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A T A G L A N C E

» Short-term leasehold interest remaining - 41 years

» Large LA Fitness building footprint

» Lack of long-term income growth


» Strong-performing Whole Foods store / irreplaceable (A+) real estate

» Under-market rent of anchor tenant combined with potential pad development

» Nominal ground rent payment throughout the term ($12,000 annually)

» Focused on long-term redevelopment opportunity

R E S U L T S

» Garnered significant offer activity from a variety of investor profiles including pension funds, large private equity funds, REITs and private investment companies

» Closed at contract price with a nominal offset due to 20 year existing roof

» Closed at a cap rate of 6.65% for a leasehold interest with 41 years remaining

A 150,000 SF grocery-anchored centerGarnered significant offer activity from a variety of investor profiles including pension funds, large private equity funds, REITs and private investment companies

Bluegrass Manor | Saint Matthews, KY $46,100,000

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A T A G L A N C E

» Concern over specialized use and potential cost to retenant

» Capital market fluctuations during escrow put buyer funding at risk


» Focused on private investors / principals

» Utilized Faris Lee’s proprietary database

» Provided comparable lease and sales analysis for buyer and buyer’s lender

R E S U L T S

» 5.80% cap rate, largest single tenant sale in Las Vegas history, and one of the top five largest single tenant retail sales nationally in 2015

Created competitive bid process among institutional and private investorsSolved concerns over specialized use and potential cost to retenant

Lifetime Fitness | Las Vegas, NV $51,000,000

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A T A G L A N C E

» Strong tenant lineup, excellent tenant synergy

» Brand new development with above-market rents

» Near-term rollover

» Lack of national/credit tenants within the centers


» Marketed to Faris Lee’s property buying pool

» Showcased the strength of the location and trade area

» Marketed as individual or portfolio sale, to maximize pricing

R E S U L T S

» Generated multiple competing offers from various buyer profiles

» Closed with 1031 exchange buyer from Colorado

» Record breaking price PSF

Brand new building,100% occupied center, strong anchor tenant: LA FitnessStrategic outreach on this property, combined with a solid market location, created a bidding war resulting in multiple offers for the properties separately and as a portfolio

Kenwood City Place & Kenwood Pavilion | Cincinnati, OH $32,035,000

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A T A G L A N C E

» 222,000 SF community center

» Overcame investor stigma of the Bakersfield trade area

» Short-term / dark anchor leases: Save Mart & Rite Aid

» Older center with outdated architecture and store facades; deferred maintenance

» Historical negative market perception of the center


» Focused on the strong fundamentals of the Bakersfield economy

» Stressed the strength of the underlying local northwest Bakersfield market

» Showcased the limited supply of available big box inventory

» Underwrote the potential strong returns by repositioning / redeveloping the center – low existing rents compared with similar quality retail

Older center with outdated architecture and store facades; deferred maintenanceHistorical negative market perception of both trade area and the center

Rosedale Village | Bakersfield, CA $29,300,000

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A T A G L A N C E

» Short-term LA Fitness lease - 4 years

» No reported store sales

» 1,292 SF space vacated during escrow


» Targeted private event-driven buyers

» Marketed to South American and other international buyers

» Discussed store performance with tenants via interviews during escrow

R E S U L T S

» 6.78% cap rate; over $300 PSF

» International buyer closed with CMBS loan

Market-leading cap rate for non-grocery-anchored multi-tenant retail in Texas1,292 SF space vacated during escrow.

Westgate Marketplace | Houston, TX $25,100,000

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Ruby Tuesday, INC. | Nationwide $150,000,000

A T A G L A N C E

» Faris Lee named exclusive broker to market a number of properties occupied by Ruby Tuesday throughout the eastern United States

» Opportunity to achieve strong returns combined with the security of owning a hard asset attracted a diverse buyer base, many of which are first time single tenant asset buyers


» Faris Lee advised Ruby Tuesday on a strategy crafted to maximize the value by selling the assets individually to a large buyer pool of smaller investors at market rates, as opposed to the entire portfolio being sold to one institutional-type buyer who would expect discounted portfolio pricing

» Faris Lee sourced some buyers through its wealth management group, a division that has been growing within the firm as high net worth individuals increasingly turn to commercial real estate in search of secure and stable investments

» As Ruby Tuesday restaurants have a more concentrated presence on the East Coast, the firm

worked to educate the West Coast buyer on Ruby Tuesday as a brand

R E S U L T S

» All of the sales have been within 4 percent of list price, most within 2.5 Percent of list price

» Many sales to date have set cap rate records for the lowest cap rates achieved in their respective markets for a sit-down restaurant investment within the last 3 years

» Exceeded seller expectations - lowest cap rates for a sit-down restaurant

Sale-leaseback strategy employed in multi-property sale for Ruby Tuesday portfolioThe properties, occupied by Ruby Tuesday restaurants in strong locations, include new, absolute NNN 15-year lease terms and annual rent increases.

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A T A G L A N C E

» 1.2 million SF mall

» 90% occupied

» Tenants include Burlington Coat Factory, Compusa, AMC 20 screen theatres, Linens-N-Things, Old Navy, and Spectrum Sports Club

» The mall combined department stores, big-box “power center” retailers, restaurants, and entertainment venues to create high volume cross traffic


» Advised sponsor in pooling of 36 investors, the largest number ever to join a tenant-in-common transaction, raising $56 million in capital to acquire the Puente Hills Mall

» Isolated the most successful retailers in order to maximize sales PSF volume

RESULTS

» Opened up opportunities for investors seeking the benefits of 1031 tax-deferred exchanges and retail real estate investing

» Resold asset 18 months later at $29 million profit

» Resulted in the largest CMBS-structured loan for a tenant-in-common transaction in history

Nation’s largest TIC transaction for 36 investorsTook on challenge to find a creative solution that would produce a high return for the seller and a unique investment opportunity for the buyer, leveraging the firm’s relationships to go after the best buyer pool.

Puente Hills Mall | City of Industry, CA $142,000,000

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A T A G L A N C E

» Regional shopping center with grocery component

» Anchored by Sam’s Club, Home Depot, Vons, CVS Pharmacy, and Office Depot


» Advised client with acquisition, formation of unique owner’s association documents, and parcel break-up, adding greater value to the project

» Marketed each parcel by specific product size and credit level, bringing in both institutional and private capital

» Utilized aggressive marketing to create competition and maximize value for each individual sale

RESULTS

» Achieved closing within a short three-month timeframe

» Established greater opportunity for individual investors to acquire premier property

» Divided into eight separate parcels securing eight investors - one institutional and seven private - and handled lender coordination

Pioneered the nation’s largest break-up strategyFaris Lee sold the 492,000 SF center on behalf of PCCP, LLC for $138 million, 10 months after the firm acquired it for $107 million. $30 million in value was created solely through a creative marketing strategy.

Torrance Crossroads | Torrance, CA $138,000,000

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A T A G L A N C E

» Phase One contains 50 national and regional lifestyle tenants and high quality restaurants; 88 luxury condominiums (NAP); and office users

» High-profile tenants include REI, Pottery Barn, Anthropologie, Lucille’s BBQ, Elephant Bar, King’s Fish House, P.F. Chang’s, and Williams-Sonoma

» Phase one is adjacent to Green Valley Ranch Resort and Spa, a 498-room high-end hotel, casino, and resort spa

» Phase Two consists of six buildings with retail and office; totaling 171,485 SF, anchored by Whole Foods with major tenants The Cheesecake Factory and West Elm


» Positioned opportunity to own an institutional-grade, trophy asset in the Las Vegas market with upside potential

» Managed the sales process and targeted the various investor pools that would be a good match for the center, the local community, and client’s acquisition requirements

» Developed property-level operating strategy that could be modified to add value

R E S U L T S

» Attracted investor interest from institutions, REITs, and endowment funds – large high net worth investors that would otherwise redline retail in the Las Vegas area

» Significant offer activity comparable to a California investment offering

» No property-level changes made to enhance value

» Original REO sale price was $55 million. Faris Lee’s unique marketing strategy added over $20 million in value, for a final sale price of $79 million

Faris Lee closes city’s second-largest commercial transaction in three yearsExclusive broker to sell The District at Green Valley Ranch, a 384,107 SF landmark grocery / lifestyle center located in a leading master-planned community near Las Vegas.

The District | Henderson, NV $79,000,000

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A T A G L A N C E

» Portfolio made up of CVS and Walgreens corporate-leased properties with 15 or more years remaining on all locations

» Seller (a major national REIT) approached Faris Lee to find off-market buyer. Seller also requested assistance from other national firms

» Assignment required a quick close structured on an all-cash basis


» To maximize value, Faris Lee used specialized expertise to analyze the assets for accurate market value, in addition to utilizing deep-rooted relationships to identify and access potential buyers

» The unique platform allowed FLI advisors to source and execute the transaction; integrating FLI capital to identify a unique East Coast buyer

R E S U L T S

» Faris Lee was the only firm to produce an offer, demonstrating the depth of our buyer pool

» Leveraged New York-based Faris Lee capital relationships to provide a buyer – a New York real estate investment banking firm looking to be a first time property owner

$69M off-market portfolio sale of CVS and Walgreens assetsFaris Lee Investment Advisory and Faris Lee Capital Divisions teams completed $69 million sale of a 12-property national portfolio consisting of CVS and Walgreens properties

Pharmacy Portfolio Sale | Nationwide $69,000,000

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A T A G L A N C E

» Built in 1993 and renovated in 2005, 2006, and 2007

» Approximately 92 percent leased with tenants including Old Navy, Children’s Place, Big 5 Sporting Goods, Panera Bread, Anna’s Linens, Chuck E. Cheese, Foot Locker, and Tony Roma’s

» Anchored by Ikea, Target, JCPenney, and Sears


» Faris Lee advised the seller on a disposition strategy for the project and identified a logical buyer, bringing both parties together to successfully complete the off-market deal

» As part of the disposition strategy, sold off four single tenant properties at the mall to maximize value for the seller. These sales included 24 Hour Fitness, Chili’s, Washington Mutual, and T-Mobile

RESULTS

» Faris Lee assisted with loan negotiations, which was a critical component to closing the deal, noting it was imperative to work with the existing lender and their appraisers to close, resulting in a high leverage structure

» Demonstrated the strength of the new buyer and their future development plans for SouthBay Pavilion and its positive impact on the current and future value of the asset

Ranked as second-largest retail deal closed in Southern California that yearFaris Lee completed the sale of a 370,000-square-foot portion of SouthBay Pavilion: a 1.1 million SF regional mall in Carson, CA. Faris Lee assisted in the loan assumption process to successfully close the deal.

SouthBay Pavilion | Carson, CA $50,000,000

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L A T E S T T R A N S A C T I O N

» Faris Lee Investments completed the $44 million sale of a major portion of Plaza at Puente Hills. The acquired portion totals 177,933 SF on 13.65 acres and includes national credit tenants such as Office Depot, Smart & Final, Sam Ash, and Shoe City

» Property received multiple offers, closed at a 6.3% cap rate, and was 94 percent occupied at the close of escrow

» Transaction is a prime example of how a break-up strategy can be profitable even after a re-sale

» Structured original break-up strategy utilizing operating association documentation

» Seller made a strong return on its investment over a short period of time

P R I O R T R A N S A C T I O N

» First purchase was part of a master-planned eight-parcel break-up strategy of a 218,540 SF portion of Plaza at Puente Hills

» Breakup strategy crafted by Faris Lee Investments on behalf of the sellers, to maximize the value of the center

» Breakup strategy resulted in an increase in value of 15% over the original anticipated value as a

Two sales: master-planned break-up strategy increased value by 15%; eventual re-sale demonstrated profitability of strategy$44 million sale marked the second time Faris Lee brokered the property; previously sold as part of eight-parcel break-up strategy crafted by Faris Lee.

Plaza at Puente Hills | City of Industry, CA $44,000,000

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A T A G L A N C E

» 137,000 SF grocery-anchored shopping center

» Strong tenant line up: Foodland, Barnes & Noble, OfficeMax, Outback Steakhouse, and Central Pacific Bank

» Largest REO asset in Maui

» Off-market transaction


» Created a positioning strategy to provide potential buyer with a short and long-term vision for the asset

» Overcame multiple property-level issues

» Developed property-level strategies to enhance the tenant base to increase occupancy immediately upon acquisition

R E S U L T S

» Sold to an all-cash group out of Southern California

» 21-day escrow

» Transaction resulted in one of the lowest cap rate sales in Hawaii for this type of asset

» Bank was able to dispose of their largest remaining REO asset at pricing significantly higher than expectations

Faris Lee completes sale of 137,000 SF shopping center in Lahaina, HIOne of the largest retail property transactions in Hawaii in the past 5 years. Buyer was able to add a trophy retail center in one of the most desirable markets in Hawaii to their growing portfolio

Lahaina Gateway | Lahaina, HI $32,000,000

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C R E A T I N G H E A D L I N E S

SINGLE-TENANT RETAIL DEMAND RISING

A focus of Faris Lee is to expand its clients’ activities in the markets where they are currently active and to identify new clients. “We have to maintain our culture, which is completely and totally collaborative,” says Rick Chichester, president and Coo of Faris Lee Investments. “There’s no private information—everything is shared, and everyone is involved in every deal. Everybody is expected to contribute to everybody else’s success. As we add people, the Holy Grail for us is holding onto that culture.”

FARIS LEE ARRANGES $21.8M SALE OF RETAIL CENTER IN HAWAII – REBUSINESS ONLINE

The 49,513-square-foot Coconut Grove Marketplace in Kailua-Kona, Hawaii, is home to tenants including ABC Stores, Lava Java and Kona Gear. KAILUA-KONA, HAWAII — Faris Lee Investments has arranged the $21.8 million sale of Coconut Grove Marketplace, a 49,513-squarefoot retail center in Kailua-Kona. Donald MacLellan and Rick Chichester of Faris Lee represented the seller, Hudson America LP, and the buyer, J.H. Real Estate Partners. The center features an open layout with ocean views and an oceanfront volleyball court. Coconut Grove is home to tenants including ABC Stores, Humpy’s Alehouse, Lava Java, Outback Steakhouse, Kona Gear and Foster’s Kitchen.

FARIS LEE CHANGING TO SUIT NEW REALITIES OF CRE FINANCE MARKETS

“Increasingly, the investments we see demand a broader level of expertise across the entire transaction. The increased complexity has encouraged us to further broaden our transactional, financial, and operational capabilities so that we can continue to provide the financial acumen and services today’s national operators and high net worth individuals need to be successful,” said Rick Chichester, chief operating officer, Faris Lee Investments. RETAIL CENTER SELLS FOR $56.6M DESPITE

$32M ENCUMBRANCE

K&G El Paseo 1 & 2, LLC has sold Plaza El Paseo at Rancho Santa Margarita Town Center, a legacy-quality shopping center here, for $56.6 million to Plaza El Paseo Center, LLC. The center, which totals approximately 107,000 SF of building area and is occupied by a diverse mix of tenants, was sold despite a $32-million encumbrance.

Faris Lee Investments’ president and CEO Rick Chichester, along with the firm’s Nicholas Coo and Chris DePierro, created the comprehensive deal strategy on behalf of both the seller and the buyer. Chichester notes that the deal presented multiple challenges from a financing perspective. “Plaza El Paseo was encumbered by a $32-million conduit loan featuring an above market interest rate. This encumbrance had limited the buyer pool when previously marketed by a different firm and therefore demanded a more creative strategy to meet the seller’s objectives.”

FARIS LEE ARRANGES $21 MILLION SALE OF RETAIL CENTER IN SOUTHERN CALIFORNIA

Torrance, Calif. — Faris Lee Investments has arranged the $21 million sale of Southwood Village, a 66,958-square-foot shopping center in Torrance, a city in southern California. Richard Chichester and Donald MacLellan of Faris Lee arranged the transaction on behalf of the seller, BIG Shopping Center USA. Triwell Properties represented the undisclosed buyer, a South Bay-based private investor, in the 1031 exchange. At the time of sale, Southwood Village was 97 percent leased to tenants such as Dollar Tree, ACE Hardware, Goodwill and Chevron. erefore demanded a more creative strategy to meet the seller’s objectives.”

FARIS LEE PARTNERS WITH X-TEAM

Retail brokerage firm Faris Lee Investments has formed a strategic partnership with X-Team Retail Advisors, GlobeSt.com has learned exclusively. The partnership with X-Team, an organization of 36 member firms in 40 markets nationwide and with 250 members, will bolster Faris Lee’s local market knowledge and tenant representation and landlord leasing services, giving the firm a competitive edge in the evolving retail market. According to Faris Lee, the primary goal of the partnership is to provide better client services and a more strategic approach for clients.

“Bringing in comprehensive, intelligent and strategic solutions and executions to the client will give us the ability to drive value to clients and the marketplace,” Rick Chichester, president and CEO of Faris Lee Investments, tells GlobeSt.com about the impetus for the firm’s partnership with X-Team. “Within X-Team’s footprint, the strength of their local market expertise, tenant representation expertise and expertise in landlord leasing is a complementary and necessary skill to retail investment sales across the country. For us to value real estate at its highest and best use and position it to maximize value, we need local intelligence, street-level knowledge and tenant relevant information.”

HUNGRY BUYERS, SINGLE TENANTS

Buyers hungry for secure and stable investment options have driven significant demand for triple-net-leased, single-tenant retail properties this year, according to research compiled by Faris Lee Investments. Data shows that single-tenant properties with credit tenants are in the highest demand, especially those housing recession-resistant tenants such as food use, automotive, pharmaceutical, value-oriented and other necessity-based retail categories. – Rick Chichester, Faris Lee Investments

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C R E A T I N G H E A D L I N E S

DENVER-AREA RETAIL PROPERTY BACKING TROUBLED CMBS LOAN SELLS FOR $48M

Hutensky Capital Partners has paid $48 million, or just less than $110/sf, for the Northglenn Marketplace, a 439,063-square-foot retail center in the Denver suburb of Northglenn, Colo.

The Hartford, Conn., investment manager bought the property, at 10578 Melody Drive, from C-III Asset Management. The special servicer was overseeing it on behalf of Morgan Stanley Capital I Inc., 2006-HQ8, which had held a $50.9 million mortgage against it. Faris Lee Investments represented C-III in the transaction.

Hutensky bought the property on behalf of its Hutensky Capital Partners III fund, a nearly $200 million investment vehicle that it had raised three years ago.

C-III had started overseeing the loan, which had an original balance of $64.5 million, in 2011 because it was expected to default. At the time, the property was owned by the former Excelsior LaSalle Property Fund, a commingled investment vehicle that was turned into a non-traded REIT, JLL Income Property Trust, in 2011.

Excelsior had purchased the property for $91.2 million in 2005. The following year, it operated at a 96-percent occupancy rate and generated $5.6 million of net cash flow, according to servicer data compiled by Trepp LLC. That was more than half again as much as needed to fully service the loan, which required only interest payments for its first two years. After that, it started amortizing on a 32-year schedule.

The property, developed in 1999, was underwritten with the assumption that it would operate at a 99-percent occupancy level and generate $5.3 million of cash flow.

Faris Lee, which is headquartered in Irvine, Calif., had hired a leasing team from Sullivan Hayes Brokerage of Denver to help develop a strategic vision for the property and worked with the city of Northglenn to create incentives for the property’s redevelopment.

The brokerage said that given the property’s prime location, at the confluence of the 25 Freeway and 104th Avenue, it would be an ideal location for a theater or other entertainment venues. The Denver area, it noted, was the sixth fastest growing city in the country.

Northglenn Marketplace sits on a 55-acre site that until its construction housed the Northglenn Mall, an enclosed shopping center with some 850,000 sf that was developed by a venture led by Jordon Perlmutter, among the Denver area’s most prominent developers. He died two years ago at the age of 84.

The property during the 1980s suffered, mostly from newer competitors, losing anchors Sears and JCPenney - well before the two retailers were troubled. The property then was redeveloped into its current open-air guise.

While the CMBS loan had a balance of $50.9 million, a total of $616,956 was advanced against it. And those advances accrued another $552,501 of interest, bringing the loan’s total exposure to $52.2 million.

LONG BEACH OFFICE BUILDING TRADES FOR $15 MIL

A newly built, freestanding, 40.4k sf office building in Long Beach sold for $15 mil ($370/sf). The property is fully occupied by United Pacific, one of the largest independent owners and operators of gas stations and convenience stores in the Western U.S.

The asset was sold by United Pacific in a sale-leaseback transaction. The company signed a new, 10-year lease for the building. United Pacific specifically developed the property as its corporate headquarters due to the mission critical, 24/7 nature of its business, as well as to provide a state of the art, high quality, high touch, and collaborative work environment for its employees, venders and clients.

WHAT DO SINGLE-TENANT NET LEASE DEALS OFFER HIGH-NET-WORTH INVESTORS?

For more and more high-net-worth (HNW) real estate investors, dollar stores and drugstores make for a winning combination, although these assets can turn into losers if the sole tenant leaves.

Office and hotels still draw a lot of attention—and dollars—from HNW investors. But a rising number of them are betting on single-tenant net lease properties such as dollar stores, drugstores and fast-food restaurants to help round out their portfolios.

By and large, net lease properties are magnets for HNW investors because they’re viewed as safe, recession-proof assets that preserve cash flow and yield.

A single-tenant net lease investment is like “a bond wrapped in real estate. It’s the closest thing to cash that sits inside real estate,” says Rick Chichester, president and CEO of Faris Lee Investments Corp., an Irvine, Calif.-based investment advisory firm specializing in retail real estate.

Thanks to rent hikes built into many net lease deals, an investor can enjoy positive cash flow and a hedge against inflation, Chichester says. On top of that, there’s the residual value of the asset once the lease expires. But while the investment risk of a net lease property is minimized, growth of the equity investment will hit a ceiling, he says.

The movement of HNW investors into the space underscores the legitimacy of net lease as an investment alternative, Chichester says. In recent years, the single-tenant net lease market has evolved from a niche to a core investment option, he notes.

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C R E A T I N G H E A D L I N E S ( C O N T . )

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