Offering Memorandum

C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

7 1 0 2 M i d l o t h i a n Tu r n p i k e | R i c h m o n d , VA 2 3 2 2 5

Matthews Retail Advisors

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

EXCLUSIVELY LISTED BY: D E V O N DY K S T R A SHOPPING CENTERS D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 8 2 M O B I L E + 1 . 3 1 0. 8 0 8 . 3 5 9 6

[email protected]

E L WA R N E R S V P & N AT I O N A L D I R E C TO R D I R E C T + 1 . 3 1 0. 5 7 9. 9 6 9 0 M O B I L E + 1 . 8 5 8 .7 5 2 . 3 0 7 8

E l .Wa r n e r @ m a t t h e w s . c o m

BROKER OF RECORD Andy Knight License No. 0225214094

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*

Offering Memorandum

TA B L E O F C O N T E N T S

4

EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS TENANT SUMMARY

8 PROPERTY OVERVIEW 1 2

AREA OVERVIEW

SITE DESCRIPTION

R I C H M O N D, VA

REGIONAL MAP

ECONOMIC OVERVIEW

TENANT MAP

RICHMOND MSA DEMOGRAPHICS

16

FINANCIAL OVERVIEW RENT ROLL RECENT LEASES

2 0 TENANT OVERVIEW

C A R E N A’ S JA M A I C A N G R I L L E T R O P I C A L S M O OT H I E C A F E

L E A S E E X P I R AT I O N SUMMARY TENANT PROFILE

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

EXECUTIVE SUMMARY 4

Matthews Retail Advisors

Offering Memorandum

Financial Summary Price

$1,500,000

Property Size (NRA)

4,900

Year Built

2016

Occupancy Investment Returns

100% Year 1

Year 5

Cap Rate

6.26%

6.89%

Cash on Cash

6.42%

8.23%

Debt Loan Balance (est at 65% LTV)

$975,000

Estimated Equity

$525,000

Operating Data Effective Gross Income

$110,578

$122,120

$16,722

$18,774

Net Operating Income

$93,856

$103,346

Cash Flow After Debt Service

$33,703

$43,193

Operating Expenses

Debt Assumptions Principal Loan Amount Loan To Value Interest Rate Term Amortization

$975,000 65% 3.75% 5 Years 25 Years

Monthly Debt Service - Amortized

$5,013

Annual Debt Service - Amortized

$60,153

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

IN V E ST M E N T H I G HL IG HTS •

Excellent location – Carena’s Jamaican Grille & Tropical Smoothie is located within the Spring Rock Green Shopping Center, and is situated along Midlothian Turnpike (SR 60), with over 54,000 cars per day

•

Strong co-tenants in the Spring Rock Green Center include Virginia College, Dollar Tree, Rainbow, Shoe City, Chipotle, Panera Bread and Wells Fargo Bank

•

The Spring Rock Green Shopping Center is also the first shopping center off Chippenham Parkway (59,000 cars per day) as commuters exit on the westbound Midlothian Turnpike

•

Strong hedge against inflation – embedded rental increases in both leases cause NOI to grow by 9.2% over five (5) years and 33% over ten (10) years

•

More than 76,800 people with a 3-mile radius, with average household income exceeding $61,000

•

More than 193,900 people within a 5-mile radius, with average household income exceeding $70,000

•

Other dominant tenants in this trade area include: Walgreens, Kroger, CVS , Wells Fargo, Panera Bread, Chipotle, Starbucks Coffee, Subway, Popeye’s Chicken, IHOP, Wawa, Taco Bell, Krispy Kreme, Pizza Hut, Panda Express, Firestone, Sherwin Williams, McDonalds, among others

•

Richmond is located approximately 98 miles south of Washington, D.C., and has a strong economy driven by legal services, financial services, banking, and federal, state, and local governmental agencies

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Offering Memorandum

Matthews Retail Advisors

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

PROPERTY OVERVIEW 8

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Offering Memorandum

S I T E DE S CR I P T I O N Property Name

PARCEL MAP

Spring Rock Green Center

Address

7102 Midlothian Turnpike

Location

Richmond, VA 23225

Cross Street

Chippenham Parkway

Square Footage (GLA) Land Area APN Year Built / Renovated Zoning Number of Stories Parking Spaces (Estimate) Parking Ratio

4,900 ±47,480 SF (±1.09 Acres) 765707217300000 2013 Commercial 1 approx. 30+ shared parking within Spring Rock Green Center 7.5:1,000

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

RE G I ON AL M A P

SUBJECT PROPERTY

LOCAL MAP

SITE INFORMATION

SUBJECT PROPERTY

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Offering Memorandum

T E N A N T M AP

Matthews Retail Advisors

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

R I CHMOND, VA As the capital of Virginia, Richmond is the fourth most populous city in Virginia. The city is one of America’s oldest major cities. Patrick Henry, a U.S. Founding Father, famously declared “Give me liberty or give me death” at its St. John’s Church in 1775, leading to the Revolutionary War. The White House of the Confederacy, the home of Confederate President Jefferson Davis during the Civil War, is now a museum in Court End, a neighborhood known for Federalstyle mansions. Richmond is located at the fall line of the James River, 98 miles south of Washington D.C.

ECONOMIC OVERVIEW Richmond’s economy is primarily driven by law, finance, and government, with federal, state, and local governmental agencies, as well as notable legal and banking firms, located in the downtown area. The city is home to both the United States Court of Appeals for the Fourth Circuit, one of 13 United States courts of appeals, and the Federal Reserve Bank of Richmond, one of 12 Federal Reserve Banks. Dominion Resources and MeadWestvaco, Fortune 500 companies, are headquartered in the city, with others in the metropolitan area. Since the 1960s Richmond has been a prominent hub for advertising agencies and advertising related businesses, including The Martin Agency, named 2009 U.S. Agency of the Year by AdWeek. As a result of local advertising agency support, VCU’s graduate advertising school (VCU Brandcenter) is consistently ranked the No. 1 advertising graduate program in the country.

AR E A OVE RV I E W 12

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Offering Memorandum

FORTUNE 500 HEADQUARTERS #

COMPANY

1

Altria Group Inc.

2

Dominion Resources Inc.

3

CarMax Inc.

4

Genworth Financial Inc.

5

Owens & Minor Inc.

6

MeadWestvaco

RICHMOND TOP EMPLOYERS

DEMOGRAPHICS POPULATION

1 Mile

3 Miles

5 Miles

2021 Projection

7,499

79,819

202,415

2016 Estimate

7,376

76,875

193,924

2010 Census

7,327

74,032

184,638

2000 Census

7,149

71,446

174,984

Growth 2016 - 2021

1.67%

3.83%

4.38%

Growth 2010 - 2016

0.67%

3.84%

5.03%

HOUSEHOLDS

1 Mile

3 Miles

5 Miles

2021 Projection

3,139

33,087

84,635

2016 Estimate

3,090

31,856

80,957

2010 Census

3,091

30,684

76,865

2000 Census

3,396

30,498

73,754

Growth 2016 - 2021

1.57%

3.86%

4.54%

Growth 2010 - 2016

-0.02%

3.82%

5.32%

INCOME

1 Mile

3 Miles

5 Miles

$48,877

$61,440

$70,976

2016 Est. Average Household Income

Employer

Product/Service

Employees

Fort Lee

Army logistics and culinary training

12,700

Dominion Resources

Electric utility (incl. HQ in Richmond)

5,433

Amazon.com

E-commerce fulfillment

3,800

Defense Supply Center Richmond

Deptartment of Defense logistics/ supply/contracting

3,500

United Parcel Service (UPS)

Regional distribution center (incl. additional MSA offices)

2,490

DuPont

Kevlar, Tyvek, Nomex, Teflon

2,376

General Dynamics/Vangent

Medicare call center

1,450

Southside Regional Medical Center

Healthcare

1,280

Honeywell

Chemicals, fibers, and R&D center

1,200

Hillphoenix

Refrigerated casings

1,196

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RICHMOND, VA MSA

RICHMOND 2016 ACCOLADES

The Richmond Metropolitan Statistical Area (MSA) which includes 3 other cities (Petersburg, Hopewell and Colonial Heights), and adjacent counties is home to approximately 1.25 million Virginians or 15.1% of Virginia’s population. The Richmond Region is growing at a fast rate, one of the fastest growing metro areas in the country, adding nearly 400,000 residents in the past decade or so. This has resulted in major suburban sprawl, particularly in Henrico and Chesterfield, both which have populations over 300,000. This also resulted in boosts in its economy, the building of malls, more national attention, and major sporting events and concerts coming to Richmond. Its arts and culture scene has also seen a major gain, with the building or renovations of many new arenas.

• Richmond named “Top 20 Cities to start a Business” - CNBC

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• Richmond awarded 1st Place in “Mayor’s Climate Protection” - U.S. Conference of Mayors • Richmond named “Priority City” to connect youth to the Great Outdoors - Let’s Move! Outside • Richmond named “Tree City USA” for 25th Consecutive year - Arbor Day Foundation • Richmond named third internationally in “Best Places to Travel”- Travel & Leisure • #8 in “Top 10 Best Places to Live and Work as a Moviemaker” - Movie Maker • Richmond named a ‘top destination’ for food travel - National Geographic • Richmond named the nation’s fourth hottest housing market - Zillow

Offering Memorandum

LOCAL ATTRACTIONS

DOWNTOWN RICHMOND, VA

EDGAR ALLAN POE MUSEUM

VIRGINIA MUSEUM OF FINE ARTS

Richmond’s downtown is rich in history especially from the Civil War and reconstruction period, the “Gilded Age”. A great deal of attention has been devoted to the potential tourism holds for the city, however the mainstay remains the VCU facilities and students together with the banking interests that form the backbone of the city. Industry friendly investment in infrastructure has enhanced Richmond’s reputation and attracted business through the establishment of areas such as the Virginia BioTechnology Research Park, which markets itself as a premier office park for research

Richmond’s Poe Museum boasts the world’s finest collection of Edgar Allan Poe’s manuscripts, letters, first editions, memorabilia and personal belongings. The Poe Museum provides a retreat into early nineteenth century Richmond where Poe lived and worked. The museum features the life and career of Edgar Allan Poe by documenting his accomplishments with pictures, relics, and verse, and focusing on his many years in Richmond.

The Virginia Museum of Fine Arts, or VMFA, is an art museum in Richmond, Virginia, in the United States, which opened in 1936. The museum is owned and operated by the Commonwealth of Virginia, while private donations, endowments, and funds are used for the support of specific programs and all acquisition of artwork, as well as additional general support Admission itself is free (except for special exhibits). It is one of the first museums in the American South to be operated by state funds. It is also one of the largest art museums in North America.

MAYMONT

TREDEGAR IRON WORKS

LEWIS GINTER BOTANICAL GARDEN

Maymont is a 100-acre Victorian estate and public park in Richmond, Virginia. It contains Maymont Mansion, now a historic house museum, an arboretum, formal gardens, a carriage collection, native wildlife exhibits, a nature center, and Children’s Farm.

The Tredegar Iron Works was a historic iron works in Richmond. It was opened in 1837 and by 1860 it was the third-largest iron manufacturer in the United States. During the American Civil War, the works served as the primary iron and artillery production facility of the Confederate States of America. The iron works continued production through the middle of the 20th century.

Lewis Ginter Botanical Garden is on property that was Powhatan Indian hunting ground and was once owned by Patrick Henry. Lewis Ginter, a prosperous Richmond businessman, purchased nine acres in 1895. The Lewis Ginter Botanical Garden is 50 acres of botanical gardens located on the North Side of Richmond, Virginia. Matthews Retail Advisors

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

F I NA N C I AL AN A LYS I S 16

Matthews Retail Advisors

Offering Memorandum

R ENT R O L L Unit

Tenant

Lease Start

Lease End

SF

% of GLA

Contract Rental Rate Yearly

Monthly

Rent Per SF Year

Rent Increases

Options

Month

Date

Increases $53,032 $54,613 $56,246 $57,931 $59,668

1x5 yrs

$47,036

2x5 yrs

540

Carena’s

Mar-07

Sep-22

2,534

51.7%

$51,477

$4,290

$20.34

$1.69

Sep-17 Sep-18 Sep-19 Sep-20 Sep-21

545

Tropical Smoothie

Aug-16

Jul-26

2,366

48.3%

$41,997

$3,500

$17.75

$1.48

Aug-21

Occupied Totals - In Place

4,900

100.0%

$93,474

$7,789

$19.08

$1.59

Totals

4,900

100.0%

$93,474

$7,789

$19.08

$1.59

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LEASE EXPIRATION SCHEDULE 10-YEAR ROLLOVER

Year

Ending

Sq. Ft.

Annual % of Total

Aggregate % of Total

1

Oct-17

0

0.00%

0.00%

2

Oct-18

0

0.00%

0.00%

3

Oct-19

0

0.00%

0.00%

4

Oct-20

0

0.00%

0.00%

80%

5

Oct-21

0

0.00%

0.00%

70%

6

Oct-22

2,534

52.28%

52.28%

60%

7

Oct-23

0

0.00%

52.28%

50%

8

Oct-24

0

0.00%

52.28%

40%

9

Oct-25

0

0.00%

52.28%

30%

10

Oct-26

2,366

47.72%

100.00%

20%

11

Oct-27

0

0.00%

100.00%

10%

4,900

100.00%

Total

100% 90%

0%

SUMMARY TENANT PROFILE INCOME DISTRIBUTION Tenant Name

In Place Rent

% of Income

Expiration Date

Tropical Smoothie

$41,997

44.93%

Jul-26

Carenas

$51,477

55.07%

Sep-22

Subtotal

$93,474

100.00%

Total

$93,474

100.00%

Restaurants

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Weighed Avg. Lease Term 7.56 Yrs

1

2

3

4

5

6

7

8

9

10

11

Offering Memorandum

CASH FLOW For the Years Ending Potential Gross Revenue Base Rental Revenue Scheduled Base Rental Revenue Expense Reimbursement Revenue Property Taxes Insurance Management Fees Direct Operating Expenses Total Reimbursement Revenue Total Potential Gross Revenue Effective Gross Revenue Operating Expenses Property Taxes Insurance Management Fees Direct Operating Expenses Total Operating Expenses Net Operating Income

Year 1 Dec-2017 ___________

Year 2 Dec-2018 ___________

Year 3 Dec-2019 ___________

Year 4 Dec-2020 ___________

Year 5 Dec-2021 ___________

Year 6 Dec-2022 ___________

Year 7 Dec-2023 ___________

Year 8 Dec-2024 ___________

Year 9 Dec-2025 ___________

Year 10 Dec-2026 ___________

Year 11 Dec-2027

$93,992 ___________ 93,992

$96,347 ___________ 96,347

$97,971 ___________ 97,971

$99,647 ___________ 99,647

$103,474 ___________ 103,474

$108,194 ___________ 108,194

$110,026 ___________ 110,026

$111,909 ___________ 111,909

$113,845 ___________ 113,845

$118,201 ___________ 118,201

$126,168

6,801 912 1,055 7,818 ___________ 16,586

7,005 939 1,083 8,053 ___________ 17,080

7,215 966 1,103 8,294 ___________ 17,578

7,432 996 1,124 8,543 ___________ 18,095

7,655 1,026 1,166 8,799 ___________ 18,646

7,885 1,056 1,216 9,063 ___________ 19,220

8,121 1,088 1,239 9,335 ___________ 19,783

8,365 1,121 1,262 9,614 ___________ 20,362

8,615 1,155 1,287 9,903 ___________ 20,960

8,874 1,189 1,334 10,200 ___________ 21,597

9,141 1,225 1,938 10,268

___________ 110,578 ___________ 110,578 ___________

___________ 113,427 ___________ 113,427 ___________

___________ 115,549 ___________ 115,549 ___________

___________ 117,742 ___________ 117,742 ___________

___________ 122,120 ___________ 122,120 ___________

___________ 127,414 ___________ 127,414 ___________

___________ 129,809 ___________ 129,809 ___________

___________ 132,271 ___________ 132,271 ___________

___________ 134,805 ___________ 134,805 ___________

___________ 139,798 ___________ 139,798 ___________

6,801 911 2,212 6,798 ___________ 16,722 ___________ 93,856 ___________

7,005 939 2,269 7,002 ___________ 17,215 ___________ 96,212 ___________

7,215 967 2,311 7,212 ___________ 17,705 ___________ 97,844 ___________

7,432 996 2,355 7,428 ___________ 18,211 ___________ 99,531 ___________

7,655 1,026 2,442 7,651 ___________ 18,774 ___________ 103,346 ___________

7,885 1,057 2,548 7,881 ___________ 19,371 ___________ 108,043 ___________

8,121 1,088 2,596 8,117 ___________ 19,922 ___________ 109,887 ___________

8,365 1,121 2,645 8,361 ___________ 20,492 ___________ 111,779 ___________

8,616 1,155 2,696 8,611 ___________ 21,078 ___________ 113,727 ___________

8,874 1,189 2,796 8,870 ___________ 21,729 ___________ 118,069 ___________

126,168

22,572 148,740 ___________ 148,740 9,140 1,225 2,975 9,136 22,476 126,264 ___________

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T ENANT OVERVIEW Tropical Smoothie Cafe, sometimes referred to as simply Tropical Smoothie, is a restaurant franchise in the United States. In addition to smoothies the company is a full cafe that offers sandwiches, wraps, salads, flat breads, and introduced bowls to their food line in 2016. All of the food is made to order from fresh ingredients. The real fruit and veggies give Tropical Smoothie Cafe a competitive advantage.

Tenant Ownership Headquartered Web Site Year Founded

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Matthews Retail Advisors

Tropical Smoothie Cafe Private Tallahassee, Florida http://www.tropicalsmoothie.com/ 1997

Offering Memorandum

TENANT OVERVIEW Carena’s Jamaican Grille is locally owned and operated. The owner grew up in Jamaica and wanted to bring the tastes of her childhood to Richmond. She learned all she could about the restaurant industry in Brooklyn, New York and in 1994, with the help of her mother, she made her dream of bringing the tastes of Jamaica to Richmond, a reality.

Tenant Ownership Headquartered Web Site Year Founded

Carena’s Jamaican Grille Private Richmond, VA http://www.carenasrva.com/ 1994

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C a r e n a ’s & Tr o p i c a l S m o o t h i e C a f e a t S p r i n g Ro c k G r e e n C e n t e r

TR O PI CAL S M O OT HIE CAF E L EAS E AB STRAC T Lessee

Spring Rock TSC, LLC

Guarantor

Vimal Patel/Amar Patel/Manish Gard/Kalpesh Desai/Rikesh Patel

Building Size (SF)

2,366

Date of Lease

March 24, 2016

Rent Commencement Date

September 1, 2016

Expiration Date

August 31, 2026

Lease Term

120 Months

Remaining Lease Term

117 Months

No. & Term of Options

Two 5-Year Option

Contract Rental Rate Remaining Lease Term

(12/1/2016 - 8/31/2021) (9/1/2021 - 8/31/2026)

$41,996.52 $47,036.04

1st Option (9/1/2026 - 8/31/2031)

$52,667

2nd Option (9/1/2031 - 8/31/2036)

$58,984

Escalations

None

% Rent Clause:

None

Lessee Operating Expenses

T shall pay to LL its pro rata share of the cost of the Common Area Maintenance. T shall also pay 15% admin charge applied to Common Area Maintenance costs.

Lessee Expense Exclusions

None

Property Tax Expenses Expense Cap

22

Total $/Yr.

Matthews Retail Advisors

T shall pay to LL its pro rata share of real estate property taxes. None

Offering Memorandum

CA R ENA’ S L E AS E AB ST R ACT Lessee Guarantor Building Size (SF) Date of Lease Rent Commencement Date Expiration Date

Elizabeth Arnold LLC Carena Ives 2,534 December 1, 2005 March 1, 2007 September 8, 2022

Remaining Lease Term

72 Months

No. & Term of Options

One 5-Year Option

Contract Rental Rate

Remaining Lease Term (current -2/28/2022)

Total $/Yr. Current -$51,477 9/2017 - $53,032.32 9/2018 - $54,613.44 9/2019 - $56,246.40 9/2020 - $57,931.20 9/2021 - $59,667.84 9/2022 - $61,465.32 9/2023 - $63,296.64

2nd Option (3/1/2022-2/28/2027)

9/2024 - $65,188.80 9/2025 - $67,132.80 9/2026 - $69,154.56

% Rent Clause:

Lessee Operating Expenses

Lessee Expense Exclusions Property Tax Expenses Property Insurance % Rent Clause:

None

T shall pay to LL its pro rata share of the cost of the Common Area Maintenance. T shall also pay 15% admin charge applied to Common Area Maintenance costs.

T is not required to pat management fee. T shall pay to LL its pro rata share of real estate property taxes. T shall pay to LL its insurance premiums for the insurable parcel. T shall not pay insurance premiums on a pro rata share of the shopping center. None Matthews Retail Advisors

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C O N F ID E N TIA LITY A ND DIS CLAIM E R STAT E ME NT T his Of f er ing M e m o r a n du m co n t a i n s s e l ec t i nform ati on pertai ni ng to the busi ness and affairs of Ca rena’s & Trop ica l Smoothie at 7102 Midlothian Tpke, Richmond, VA 23225 ( “ Pro p e rt y” ). It has been prepared by Matthews Retai l Advis ors . Th is Offerin g M emoran d u m may n ot b e a ll-inc lusiv e or co n t a i n a l l o f t h e i n f o r m ati on a prospec ti ve purc haser m ay desi re. The i nform at ion con t ain ed in t h is Offerin g M emoran d u m is c o nf id ent ia l a n d f u r n i s h e d s o l e l y f o r t he purpose of a revi ew by a prospec ti ve purc haser of th e Propert y. I t is n ot t o b e u s ed for an y ot h er p ur p o se o r made a v a i l a bl e t o a n y o t h e r person wi thout the wri tten c onsent of Sel l er or Matth ews Ret ail Ad vis ors . Th e mat erial is b as ed in p a r t up o n inf or m a t i o n s u p p l i e d by t h e S el l er and i n part upon fi nanc i al i nform ati on obtai ned from s ou rces it d eems reliab le. Own er, n or t h eir o f f ic er s, e mp loy e e s , o r a g e n t s m a ke s a n y representati on or warranty, express or i m pl i ed, as to t h e accu racy or complet en es s of t h is Offerin g Me mo r a nd um o r a n y o f i t s co n t e n t s a n d n o l egal l i abi l i ty i s assum ed or shal l be i m pl i ed wi th res pect t h eret o. Pros pect ive pu rch as ers s h ou ld ma ke t heir o w n p r o j e ct i o n s a n d f o r m t h e i r own c onc l usi ons wi thout rel i anc e upon the m ateri al con t ain ed h erein an d con d u ct t h eir own d u e d ilig enc e. B y a c kno w le dg i n g y o u r r e ce i p t o f t h i s O fferi ng Mem orandum for the Property, you agree: 1.

T he Of f e r i n g M e m o r a n du m a n d i t s c ontents are c onfi denti al ;

2. Yo u w il l h o l d i t a n d t r e a t i t i n t h e s tri c test of c onfi denc e; and 3. Yo u w ill n o t , di r e ct l y o r i n di r e ct l y, di sc l ose or perm i t anyone el se to di sc l ose thi s O fferi n g M emoran d u m or it s con t en t s in an y fas h ion o r ma nn e r de t r i m e n t a l t o t h e i n t e rest of the Sel l er. Ow ne r a nd Mat t h e w s Re t a i l A dv i s o r s e x pressl y reserve the ri ght, at thei r sol e di sc reti on, to reject an y an d all expres s ion s of in t eres t or o f f er s t o p ur ch a s e t h e P r o p e r t y a n d t o t erm i nate di sc ussi ons wi th any person or enti ty revi ewin g t h is Offerin g M emoran d u m or makin g an o f f er t o p ur c h a s e t h e P r o p e r t y u n l e s s a nd unti l a wri tten agreem ent for the purc hase and sal e of t h e Propert y h as b een fu lly execu t ed an d d e liv er e d . I f y o u w ish no t t o p u r s u e n e g o t i a t i o n s l e adi ng to the ac qui si ti on of the Property or i n the future you d is con t in u e s u ch n egot iat ion s , t h en you a g r ee t o p ur g e a l l m a t e r i a l s r e l a t i n g t o t hi s Property i nc l udi ng thi s O fferi ng Mem orandum . A p r o sp ec t iv e p u r ch a s e r ’s s o l e a n d e xcl usi ve ri ghts wi th respec t to thi s prospec ti ve transac ti on , t h e Propert y, or in format ion provid ed h erein o r in c o nne c t i o n w i t h t h e s a l e o f t h e P r o perty shal l be l i m i ted to those expressl y provi ded i n an execu t ed Pu rch as e Agreemen t an d s h all b e s ub je c t t o t he t e r m s t h e r e o f. In n o e v e n t shal l a prospec ti ve purc haser have any other c l ai m s again s t Seller or M at t h ews Ret ail Ad vis ors or a ny o f t heir a ff i l i a t e s o r a n y o f t h e i r r e s p ec ti ve offi c ers, Di rec tors, sharehol ders, owners, em ployees , or agen t s for an y d amages , liab ilit y, or c a us es o f a c t i o n r e l a t i n g t o t h i s s o l i ci t a t i on proc ess or the m arketi ng or sal e of the Property. T his Of f er ing M e m o r a n du m s h a l l n o t be deem ed to represent the state of affai rs of the Prope rt y or con s t it u t e an in d icat ion t h at t h ere h as b e en no c ha nge i n t h e s t a t e o f a f f a i r s o f the Property si nc e the date thi s O fferi ng Mem orandum.

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Matthews Retail Advisors

Offering Memorandum

D E VO N DY K S T R A SHOPPING CENTERS D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 8 2 M O B I L E + 1 . 3 1 0. 8 0 8 . 3 5 9 6

[email protected]

E L WA R N E R

S V P & N AT I O N A L D I R E C TO R D I R E C T + 1 . 3 1 0. 5 7 9. 9 6 9 0 M O B I L E + 1 . 8 5 8 .7 5 2 . 3 0 7 8

E l .Wa r n e r @ m a t t h e w s . c o m

BROKER OF RECORD Andy Knight License No. 0225214094

OFFERING MEMORANDUM 7 1 0 2 M i d l o t h i a n Tu r n p i k e | R i c h m o n d , VA 2 3 2 2 5 Matthews Retail Advisors

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