ODESSA, TEXAS

OFFERING SUMMARY

INVESTMENT OVERVIEWHFF is pleased to exclusively offer Winwood Town Center (the “Property” or the “Center”), a 365,559 square-foot dual grocery-anchored center

located in Odessa, Texas. Currently 100% leased to an impressive line-up of tenants, including anchors HEB Grocery and Target. The property features

in-place leases 20.5% below market and two development opportunities for future NOI growth. Located in the heart of Odessa’s most desired retail

corridor, Winwood Town Center is strategically positioned at the intersection of E. 42nd Street (40,000 VPD) and N. Grandview Avenue (23,000 VPD).

The Property’s strong occupancy, exceptional tenant performance and location provide the foundation for sustained long-term value appreciation.

3801-3915 EAST 42ND STREETODESSA, TX 79762

97.3% OCCUPIED(100% LEASED) 365,559 SF BUILT IN 1987-2002

MAJOR TENANTSTenant SF % GLA Tenant Retention Nearest Location Credit Rating

Target 125,400 34.3% 14 Years 17 Miles A+

HEB 93,644 25.6% 17 Years 5 Miles -

Ross 30,187 8.3% 13 Years 18 Miles A-

dd’s DISCOUNTS 25,000 6.8% - 263 Miles A-

Office Depot 19,580 5.4% 20 Years 19 Miles B1

Michaels 19,294 5.3% 19 Years 18 Miles B1

INVESTMENT HIGHLIGHTSEXCEPTIONAL TENANCY

DUAL GROCERY ANCHORED

• Winwood Town Center presents investors a unique

opportunity to acquire a dual grocery-anchored

center leased to Target and HEB.

TENANT RETENTION

• Winwood Town Center’s tenancy features an average

occupancy of approximately 15 years.

• In 2011 HEB expanded their premises, adding an

additional 19,488 square feet, as a result of the

successful sales performance of the location and

explosive growth in the trade area population.

• Over 75% of current tenants have executed a renewal

at the Property.

NATIONAL TENANCY

• Over 97% of the center’s occupancy and 93% of the

base rental income stream is attributable to national

and regional tenants.

STABLE CASH FLOW WITH UPSIDE POTENTIAL

Despite being 100% leased to a mix of national

tenants, the Property features attractive enhancement

opportunities for investors to increase the Property’s

NOI as follows:

ADDITIONAL DEVELOPMENT OPPORTUNITIES

• 5,000 square foot pad opportunity along 42nd Street

• 7,000 square foot inline space opportunity

MARK-TO-MARKET OPPORTUNITIES

• In-place rates 20.5% below market

• Multiple suites have been recently backfilled with

national credit tenants at significant leasing spreads

Leasing Spread Analysis

Tenant Profile % Increase in Rental Rate

Junior Anchors 16%

Outparcels 56%

Inline Space 20%

Recent Leases

Previous Tenant New Tenant % Increase in Rental Rate

Hastings dd's DISCOUNTS 38%

Office Depot AutoZone 61%

BBVA BBVA (renewal) 39%

Big 5 Sports Confidential National Tenant LOI 10%

East 42nd St - 40,000 VPD

Grandview Ave - 23,000 VPD

Permian High School3,400 Students

Penbrook St- 2,700 VPD

Chase Office Building122,730 SF / 95.4% Leased

University of Texas Permian Basin+4,000 Students

Chimney Rock Shopping Center285,000 SF

Music City Mall850,000 SF

DYNAMIC LOCATION

DEMOGRAPHICS

• The Midland-Odessa statistical area was the fastest growing region

in the United States for the past five years with population growth

over 33% (U.S. Census Bureau) and is expected to grow over 12% from

2017-2021 (Nielson Demographics).

• Immediate consumer base features substantial disposable income

through the combination of:

• Average household income within a 10-mile radius of the Property

is approximately $81,000.

• Odessa features a cost of living index of 90

RETAIL CENTER OF GRAVITY

• Enhancing the Property’s regional draw, Winwood Town Center is

situated with exceptional visibility and ease-of-access onto I-20 and

direct access onto Highway 191, the main thoroughfare between

Midland and Odessa.

• Located at the epicenter of Odessa’s busiest intersections, 42nd Street

and Grandview Avenue, Winwood Town Center is exposed to over

65,000 vehicles per day. Additionally, the Property is strategically

positioned within the dense 42nd Street retail corridor, which

encompasses over 38% of Odessa’s retail square footage. The two

attributes combined afford Winwood Town Center a regional draw.

$45

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$55

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Permian Basin Wattenberg Eagle Ford West Delaware Basin Bakken

BREAK EVEN POINT ($/BARREL)

LOWEST

110 BASIS POINT DECREASE50% OF ACTIVE RIGS IN TEXAS

46% OF U.S.’s $30.8B60% OF TEXAS CRUDE PRODUCTION16% OF U.S. CRUDE PRODUCTION

RANKED #3BREAK-EVEN POINT AMONG

IN UNEMPLOYMENT RATE IN LAST 3 MONTHS25% OF ACTIVE RIGS IN THE NATION

SPENT ON M&A IN U.S. EXPLORATION AND PRODUCTION SECTOR

IN JOB GROWTH (ODESSA)(2016) ALL U.S. DRILL SITES

PERMIAN BASIN OVERVIEWIn November 2016, the USGS discovered

20 billion barrels of oil in the Wolfcamp

Shale, almost 3x larger than North

Dakota’s Bakken Formation, making

the find the largest continuous oil and

gas deposit ever discovered in the

United States.

2323 Victory Avenue, Suite 1200

Dallas, TX 75219

Telephone: 214-265-0880

Facsimile: 214-265-9564

www.hfflp.com

©2017 Holliday Fenoglio Fowler, LP (“HFF”) and HFF Securities LP (“HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S.

commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and

commercial loan servicing.

Holliday Fenoglio Fowler, L.P. (“HFF”) has been engaged by the owner of the property to market it for sale. Information concerning the property described herein has been obtained from sources other than HFF and we make no representations

or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions,

or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and

rely on those results. The information contained herein is subject to change.

1425,000 SF

30,187 SF

13A

17

13B 13C

19,294 SF93,644 SF

04

050607 0908 10 11 12

1310,000 SF

125,400 SF

15

19,580 SF

16B

16A

18Proposed7,000 SF

EAST 42ND STREET - 40,000 VPD

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PENBROOK STREET

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Fuel

National Tenant LOI

19Proposed5,000 SF

Occupied Proposed Leased

Suite Tenant SF

FS1 Jack in the Box 3,000Fuel H-E-B Fuel Station -GL Chick-Fil-A 4,54902 Taco Bell 2,15903 Compass Bank 2,40004 H-E-B 93,64405 Sally Beauty Supply 1,40006 BJ Luxury Nails 1,40007 The Cash Store 1,40008 Michael’s 19,29409 Variety Gift Shop 1,64510 Pro Snips 2,01011 Leslie’s Pool Supplies 3,80012 Eyemart Express 4,00013 Big 5 (Dark) 10,000

13A Ross 30,18713B Western Beverages 2,06313C Gamestop 2,00014 dd’s DISCOUNTS 25,00015 Target 125,400

16A AutoZone 8,62816B Office Depot 19,58017 Rapid Lube 2,00018 Proposed 7,00019 Proposed 5,000

ADDITIONAL INFORMATIONIf you have any questions or require additional information, please contact any

of the individuals below.

RYAN SHORE, Managing Director, rshore@hfflp.com 469.232.1919

BARRY BROWN, Senior Managing Director, bbrown@hfflp.com 469.232.1968

JIM BATJER, Senior Managing Director, jbatjer@hfflp.com 469.232.1970

PARKER SHERRILL, Analyst, psherrill@hfflp.com 469.232.1954

PHOEBE BRENT, Analyst, pbrent@hfflp.com 214.692.4714