JLLCAPITALMARKETS- JONESLANGLASALLEAMERICAS,INC 1

CLOVISS H O P P I N G C E N T E R

2009-2023 N. PRINCE ST., CLOVIS, NM 88101

2009-2023 N. PRINCE Street, CLOVIS, NM 88101

CLOVISS H O P P I N G C E N T E R

JASON GRIBINVice President

T +1 213 239 6130

C +1 310 867 9311

Jason.gribin@am.jll.com

JORDAN UTTALVice President

T +1 213 239 6222

C +1 818 231 4670

jordan.uttal@am.jll.com

JOHN WOODCOCKAssociate

T +1 503 853 6108

C +1 310 867 9311

John.wooscock@am.jll.com

JLL, as exclusive agent, is pleased to offer for sale the fee-simple interest

in 2009-2023 N Prince St., located in Clovis, New Mexico (“Property”). The

offering consists of 15,580 square feet of gross rentable retail

improvements. The center is 100% occupied by five tenants including

Dollar General which occupies over 50% of the GLA. Other tenants include

Sprint, Regional Finance, Muleshoe Donuts, and Snappy Tomato Pizza.

The Property is ideally situated along E 21st Street (Airport HWY) and

Prince Street, which see’s more than 35K cars per day. The offering sits

within Clovis shopping center an Albertsons, Hobby Lobby, & Harbor Freight

Tools anchored center.

INVESTMENT HIGHLIGHTS• Centrally located along the main retail corridor of Clovis with strong

daily traffic counts exceeding 35K cars per day.

• Stable cash flow with long term historical occupancy. 80% of the GLA

has occupied for nearly 20 years.

• Synergistic blend of boutique operator and national credit tenants at

below market rents providing cash flow security with upside potential.

• Located within Clovis Shopping Center the dominant grocery

anchored shopping center and near North Plains Mall, which includes

Dillard's, JC Penney and Sears

• Limited competition with easy access to storefronts and parking lot.

CLOVIS SHOPPING CENTER3

EXECUTIVE OVERVIEW

$1,514,000List Price

$97.18Price PSF

$143,823NOI

9.50%Cap Rate

15,580 SFTotal Sq. Ft

1973/2004Year Built/Renov

CLOVIS SHOPPING CENTER 5

RENT ROLL

Unit Tenant RSF GLA (%)

Annual

Rent

Rent/

SF

Market

Rent

Market

Rent/SF

Lease

Type

Lease

From

Lease

To Options

2209 Dollar General 8,125 52.15% $51,443.00 $6.33 $65,000.00 $8.00 NN 7/1/2004 12/31/2023 1 x 5 Year

2013 Sprint 1,500 9.63% $18,750.00 $12.50 $21,000.00 $14.00 NNN 5/25/2004 6/30/2019 None

2017 Regional Finance Company 1,500 9.63% $18,000.00 $12.00 $21,000.00 $14.00 NNN 3/15/2014 5/31/2019 2 x 3 Year

2025 Muleshoe Donuts 1,860 11.94% $22,320.00 $12.00 $26,040.00 $14.00 NNN 12/1/2016 11/30/2021 1 x 5 Year

2023 Snappy Tomato Pizza 2,595 16.66% $24,110.00 $9.29 $36,330.00 $14.00 NNN 10/1/2004 2/29/2020 2 x 5 Year

ATM CU Anytime, LLC $5,940.00 $6,000.00 Gross 7/1/2010 6/30/2020 2 x 5 Year

Allsup's Convenience Store $6,000.00 $6,000.00 Gross 7/1/2010 1/31/2022 4 x 5 Year

OCCUPIED 15,580 100.00%

VACANT - 0.00%

TOTAL 15,580 100.00%

Lease Notes: 1) Sprint and State Farm pay C,T & I quarterly

2) Dollar General pays fixed $14,400 for taxes

OPERATING STATEMENT

CLOVIS SHOPPING CENTER 6

Current Pro Forma

Rental Income $146,563 $181,370

Vacany Factor (5%): ($7,328) ($9,069)

Effective Gross Revenue: $139,235 $172,302

Expense Reimbursement: $22,541 $28,236

Gross Operating Income: $161,775 $200,538

Operating Expenses: ($17,952) ($28,916)

Net Operating Income: $143,823 $171,622

Expenses (Est Annual): psf psf

Property Taxes: $9,429 $0.61 $13,500 $0.87

Insurance: $3,069 $0.20 $3,069 $0.20

CAM: $5,453 $0.35 $5,453 $0.35

Mgmt Fee (4%): $0 $0.00 $6,892 $0.44

Totals: $17,952 $1.15 $28,916 $1.86

CLOVIS SHOPPING CENTER 7

©2018 Jones Lang LaSalle IP, Inc. All rights reserved.

Clovis, NM Overview

Clovis is a city in eastern New Mexico with a population of approximately

38,000 residents.

Clovis is home to Cannon Air Force Base which is approximately 7 miles

southwest of downtown. The history of the base began in the late 1920s and

has supported a number of military aircrafts over the years. The base has

had a positive impact of the local economy, with over 5,800 military and

civilian personnel currently working at Cannon.

The Clovis area has also seen rapidly declining and low vacancy rates over

the past couple of years for retail assets, going from 2.9% in Q1 2016 to just

0.6% in Q1 2018, demonstrating the strong demand for retail in the area.

Clovis’ surrounding area plays host to significant agriculture and ranching

activities. There are several processing plants for peanut and cotton

farming as well as cattle ranching used for both meat and dairy production.

The Southwest Cheese Company has operated a plant in Clovis since

2004, employs over 200 people, and is one of the largest plants of its kind in

the world. Music has also contributed to the culture and economy of Clovis

since the city originated.

Retail Market Snapshot as of 3Q2018

As of 3Q2018 (20 mile radius)

Total Inventory (SF) 2,787,251

Total Vacancy 0.6%

12-Month Net Absorption (SF) 22,249

NNN Rental Rate $15.43

Demographic Information

Clovis Shopping Center

1-mile radius 3-miles radius 5-mile radius

POPULATION

2023 Projection 5,294 38,551 45,915

2018 Estimate 5,278 37,654 44,667

2018 Number of Households 2,176 14,070 16,453

ESTIMATED HH INCOME

Less than $35,000 33.5% 42.8% 44.1%

$35,000 - $49,999 12.0% 12.6% 12.7%

$50,000 - $74,999 23.0% 17.4% 16.9%

$75,000 - $99,999 38.1% 12.2% 11.8%

More than $100,000 5.4% 4.9% 5.4%

Average HH Income $62,786 $57,270 $55,739

Median HH Income $53,253 $42,413 $40,812

Downtown Clovis

8

CLOVIS SHOPPINGCENTER9

DOLLAR GENERAL OVERVIEW

Dollar General commands the field

of discount general merchandise.

The fast-growing retailer boasts

some 15,000 discount stores in

some 45 US states, mostly in the

South, East, the Midwest, and the

Southwest. It generates about 75%

of its sales from consumables

(including refrigerated, shelf-

stable, and perishable foods) and

more than 10% from seasonal items.

The stores also offer household

products (cleaning supplies and

health and beauty aids) and

apparel. Dollar General targets low-

, middle-, and fixed-income

shoppers pricing items at $10 or

less. The no-frills stores typically

measure about 7,400 sq. ft. and are

located in small towns that are off

the radar of giant discounters.

OPERATIONSDollar General's massive stores net-

work is supported by nearly 15

distri- bution centers that are

strategically located throughout its

geographic footprint. Dollar

General owns several trademarks,

including Dollar General, Dollar

General Market, Clover Valley, DG,

DG Deals, Smart & Simple, trueliv-

ing, Forever Pals, I*Magine, OT

Sport, and Sweet Smiles. It also

boasts a few licenses, such as

Bobbie Brooks for clothing and

Rexall for health and beauty aids.

GEOGRAPHIC REACHDollar General operates some 15,000

stores in about 45 US states. Texas

is home to nearly 10% of store

locations with Georgia, North

Carolina, and Ala- bama its next

largest markets. The company has

distribution centers in 15 states; its

largest are located in Ardmore,

Oklahoma; Zanesville, Ohio; Fulton,

Missouri; Marion, Indiana;

Bessemer, Alabama; Jonesville,

South Carolina; South Boston,

Virginia; and Bethel, Pennsylvania.

#123 IN FORTUNE 500 &1000Source:Hoovers

FiscalYear-End January

2018 Sales(Actual) $23.47B

1-Year SalesGrowth 6.75%

2018 Net Income $1.54B

1-Year Net IncomeGrowth 23.01%

TotalAssets $12.52B

MarketValue $26.39B

NetProfit $1.54B

NetWorth $6.13B

PrescreenScore Low Risk

26 WINSTON PLACESHOPPING CENTER

2009-2023 N. PRINCE ST., CLOVIS, NM 88101

CLOVISS H O P P I N G C E N T E R

JASON GRIBINVice President

T +1 213 239 6130

C +1 310 867 9311

Jason.gribin@am.jll.com

JORDAN UTTALVice President

T +1 213 239 6222

C +1 818 231 4670

jordan.uttal@am.jll.com

JOHN WOODCOCKAssociate

T +1 503 853 6108

C +1 310 867 9311

John.wooscock@am.jll.com