Sarah TeelBrokerc: 210.323.6999

o: 210.524.8190

sarah@mslinvestments.com

Westover Town Center

MSL Investments, LLC

2211 NW Military Highway Suite 220

San Antonio, Texas 78213

Offering

Memorandum

The information in this package has been derived from sources believed to

be accurate and reliable. MSL Investments makes no guarantees,

representations, or warranties as to the accuracy of the information

contained herein. Any assumptions, opinions, or projections regarding these

properties do not necessarily represent the current or future performance of

these properties.

Property Details

Westover Town Center Offering

Memorandum

Property: The Westover Town Center

Address: 10010 Rogers Crossing (Xing), San Antonio, Texas

Year Built: December 2014

Size (approx.): 45,000 square feet

Current NOI: $937,767

Operating Expenses:

All Leases are Triple Net. 2020 NNN expenses: $11.91 psf

Occupancy: 96.31%

The property is three story tilt wall construction with both a passenger elevator and a gurney elevator to accommodate the medical occupants of the building. Full compliment, multi use men’s and women’s restrooms are located on each floor. Centrally located Mechanical and IT demarcation points on each floor. Tenant spaces have dedicated HVAC rooftop units controlled by and maintained by each tenant. MEDCOM has a drive thru Pharmacy. The Property has no use restrictions allowing tenants the ability to provide extended services. The property has 24/7 access .

Property Dashboard

Westover Town Center Offering

Memorandum

Financial Data

Year 1 NOI (6/20 start) $937,767

Purchase Price $13,500,000

Weighted Average of In Place Rates:

$21.75

Percent Below Market 10%

Weighted Average of Existing Term:

4.6 years

Latest Expiration Tenet, BHS: 2027

84%

16%

Tenant Composition

Credit Tenants Local Tenants

0102030405060

Expiration Date by Percentage

Offering

Memorandum

Market and Area Highlights

Area Overview:

The site has easy access to multiple health carefacilities, including Christus Santa Rosa, BaptistMedical Center, the Baptist Emergency Hospital anda new Methodist Hospital facility now in theplanning stages.

Westover is considered the newest medical node inSan Antonio’s continued focus to medical care,research and education.

Major employers within 3-miles include - MaximIntegrated Circuits, Capital Group, Kohl’s RegionalAdministration, Nationwide Region Headquarters,Frost Bank Regional Headquarters, J.P. MorganChase Bank, Aetna, and the New Microsoft DataComplex.

Westover Hills is also home to Sea World of Texas,and the Hyatt Hill Country Resort.

Strong Demographics & Daytime Population:

The site is encircled by many of San Antonio’smore prominent residential communities toinclude San Antonio’s Del Webb development.

The property is in the fastest growing housingsector in San Antonio with all major SanAntonio home builders committed in the area.

There are 12,467 employees recorded within 1mile of the property. Daytime employeeswithin 3 miles is over 37,000 with over 75,000in a five mile radius.

San Antonio Economic Advantage:

The City of San Antonio is the 7th largest City in the U.S. and third largest in Texas. San Antonio provides a business friendly environment, stable economy, energetic job and population growth, as well as low cost of living.

Westover Town Center

Offering

MemorandumWestover Town Center

Rent RollWESTOVER TOWN CENTER MOBJun-20

SUITE OCCUPANT RENT USABLE GLA MONTHLY ANNUAL MONTHLY FUTURE RENT INCREASES RENEWAL OPTIONS

ID NAME START EXPIRATION SQ FT SQ FT BASE RENT RATE PSF EXPENSE RECOVERY CAT DATE MONTHLY PSF CAT DATE MONTHLY PSF

CORE FACTOR TENANTS - 10.08 psf

17.53% MEDCOM - 11.00 psf

100 MEDCOM 5/11/2016 5/31/2021 13,418 15,770 35% 25,481.98$ 19.39$ 14,455.99$ RNT 6/1/2021 25,863.09$ 19.68$

RNT 6/1/2022 26,257.34$ 19.98$

RNT 6/1/2023 26,651.60$ 20.28$

RNT 6/1/2024 27,992.06$ 21.30$

200 Vacancy 1,188 1,396 2%

210 TITAN HEALTH SERVICES 9/1/2015 8/31/2020 1,347 1,583 4% 3,141.19$ 23.81$ 1,329.83$ OPT 1 - RENT 9/1/2021 FMV

OPT 2 - RENT 9/1/2026 FMV

215 ALAMO ORTHOPEDIC 4/1/2018 2/28/2023 1,254 1,474 3% 3,223.99$ 26.25$ 1,238.01$ RNT 4/1/2021 3,321.41$ 27.04$ OPT 1 - RENT 4/1/2023 FMV

RNT 4/1/2022 3,422.14$ 27.85$ OPT 2 - RENT 4/1/2028 FMV

230 ADVANCED SPINE & PAIN 10/1/2016 1/31/2024 3,326 3,825 8% 6,087.97$ 19.10$ 3,212.92$ RNT 3/1/2021 6,209.25$ 19.48$ OPT 1 - RENT 2/1/2024 FMV

* tenant pays on 15% core factor RNT 3/1/2022 6,333.56$ 19.87$ OPT 2 - RENT 2/1/2029 FMV

RNT 3/1/2023 6,461.06$ 20.27$

245 MEDCOM 5/11/2016 5/31/2021 5,136 6,036 13% 9,753.72$ 19.39$ 5,533.31$ RNT 6/1/2021 9,903.42$ 19.68$

PHYSICAL THERAPY RNT 6/1/2022 10,051.97$ 19.98$

RNT 6/1/2023 10,202.75$ 20.28$

RNT 6/1/2024 10,355.79$ 21.30$

300 BAPTIST HEALTH SYSTEM 6/1/2017 5/31/2027 7,291 8,569 19% 16,224.19$ 22.72$ 7,198.05$ RNT 6/1/2021 16,402.49$ 22.97$ OPT 1 - RENT 6/1/2027 FMV

RNT 6/1/2022 16,521.02$ 23.22$ OPT 2 - RENT 6/1/1932 FMV

RNT 6/1/2023 16,759.54$ 23.47$ OPT 3 - RENT 6/1/1937 FMV

RNT 6/1/2024 16,938.06$ 23.72$

RNT 6/1/2025 17,116.58$ 23.97$

RNT 6/1/2026 17,295.10$ 24.22$

345 ALAMO ORTHOPEDIC 4/1/2018 2/28/2023 5,176 6,083 14% 13,307.33$ 26.25$ 5,110.02$ RNT 4/1/2021 13,707.03$ 27.04$ OPT 1 - RENT 4/1/2023 FMV

RNT 4/1/2022 14,122.70$ 27.85$ OPT 2 - RENT 4/1/2028 FMV

OCCUPIED SQ FT: 96.31% 7 Units 43,341 77,220.37$ 38,078.14$

LEASED/UNOCCUPIED SQ FT: 1 Units 1,396 FMV Fair Market Value

STRUCTURAL - BOMA: 1 Units 263

TOTAL SQ FT: 8 Units 45,000 77,220.37$ 38,078.14$

LOI with Pathway Therapy Group

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MemorandumWestover Town Center

Site Plan

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Memorandum

Floor Plans

Westover Town Center

2

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MemorandumWestover Town Center

Locator

Area Map Source: Valcore

Employers

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MemorandumWestover Town Center

Main Tenants

Baptist Health System is a major healthcare provider in San Antonio and South Texas, the fourth largest civilian employer in San Antonio; and fully accredited by the Joint Commission on the Accreditation of Healthcare Organizations (JCAHO). It is owned by Tenet Healthcare and affiliated with the Baptist General Convention of Texas.

The U.S. Army Medical Command (MEDCOM) is a direct reporting unit of the U.S. Army that provides command and control of the Army's fixed-facility medical, treatment facilities, providing preventive care, medical rehabilitation. MEDCOM is commanded by the Army Surgeon General. A multi-modality clinic as well as a full Physical Therapy facility are located on site.

Advanced Spine and Pain Center was founded by Dr. Ellen Lin for the practice of multidisciplinary treatment of acute, chronic and cancer pain. The practice strives to bring patients the highest quality of care using the latest medical technology.

Alamo Orthopedics is a comprehensive orthopedic sub specialty practice that offers a full range of services addressing a variety of musculoskeletal conditions. Alamo Orthopedics physician group is one of the fastest growing multi-specialty physician and surgical practice groups in South Texas.

Offering

MemorandumWestover Town Center

DEMOGRAPHICS 1 Mile 3 Mile 5 mile

Population: 2021 Projection 12,199 124,659 306,377 2016 Estimate 8,121 114,762 281,882 2010 Census 3,468 102,705 251,308 Growth 2016-2021 13.46% 8.62% 8.69% Growth 2010-2016 55.57% 11.74% 12.17% 2016 Population Hispanic Origin 2,317 70,387 176,543

2016 Population by Race: White 4,168 94,460 236,183 Black 676 11,349 25,060 Am. Indian & Alaskan 49 1,322 3,319 Asian 318 3,837 8,595 Hawaiian & Pacific Island 23 314 746 Other 161 3,481 7,980 U.S. Armed Forces: 120 1,410 3,087

Households: 2021 Projection 2,723 42,319 103,445 2016 Estimate 2,394 38,931 95,131 2010 Census 1,502 34,690 84,586 Growth 2016 - 2021 13.74% 8.70% 8.74% Growth 2010 - 2016 59.39% 12.23% 12.47% Owner Occupied 968 25,687 64,522 Renter Occupied 1,426 13,244 30,610 2016 Avg Household Income $87,760 $77,530 $73,291

2016 Households by Household Inc:<$25,000 242 5,034 15,207 $25,000 - $50,000 399 8,715 21,415 $50,000 - $75,000 483 8,545 20,844 $75,000 - $100,000 633 6,565 15,467 $100,000 - $125,000 252 4,482 10,004 $125,000 - $150,000 152 2,637 5,628 $150,000 - $200,000 117 2,024 4,691 $200,000+ 120 931 1,875

Offering

MemorandumWestover Town Center

Confidentiality Agreement- Westover Town Center

This Agreement is made between the undersigned individually and for the referenced business entity, its officer, directors, partners, employees, agents and advisors (Prospect), their agent and MSL Investments (Broker) acting on behalf of Owner.

Whereas: Prospect has requested certain information regarding the building located at 10010 Rogers Crossing ( xing)., San Antonio, Texas. for purposes of performing an investigation and/or constructing financing for real estate offered for sale by Owner acting through Broker, Sarah Teel, MSL Investments.

Now therefore, in order to induce Owner to provide such information, Prospect agrees as follows:

1. Prospect will not disclose any information obtained hereunder, or in the course of its investigation process, to any person or organization not herein authorized or made known to other, by disclosure or confirmation, any information relating to the data provided to Prospect.

2. WITHOUT SPECIFIC PRIOR WRITTEN APPROVAL OF OWNER, Prospect shall not reveal this information to any intermediary, prospective equity partner, syndication member, or other financing source, or any other agency or entity until under contract for the purchase of the property. In the event disclosure to such parties is deemed desirable, Owner may require the execution of a document similar to this Agreement.

3. This Agreement applies to all information received by Prospect from Broker now and in the course of future investigations, which is not available to the general public. All information that is provided pursuant to this Agreement should be deemed confidential and valuable. Without specific written agreement to the contrary, it shall be deemed proprietary. Unauthorized disclosure of said information, even without intent to harm, could cause substantial and irreparable damages to Owner.

4. All information provided shall be used for the sole purpose of completing the Prospects investigation and/or arranging financing for this real estate purchase, and shall not at any time, or in any manner, be utilized for any other purpose.

5. It is understood the Prospect is not represented by a Broker. If prospect is represented by a Broker it is understood that the Owners will not be responsible for fees or obligations of the prospects agent or broker.

Acknowledged and Signed:

Prospect:___________________________________ ___________________________________Signature Print

By: ____________________________________ Date: ___________________________

Email: _________________________________ Phone: ___________________________

Prospect’s Broker Contact Information: ____________________________________________________________________________________________________