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OFFERING SUMMARY

PAGE FIELD COMMONS FORT MYERS, FLORIDA

Rare Offering of Best-In-Class Retail Power Center

HOME SUMMARY LOCATION TENANCY FINANCIAL

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Offering Summary

Cushman & Wakefield is pleased to offer for sale Page Field Commons, a high-quality, 319,359 sf multi-anchor big-box retail center located in Fort Myers, Lee County, Florida. The center is situated at the high traffic intersection of US Highway 41 and Fowler Street with a daily traffic count of 97.5K. US Highway 41 is Ft. Myers’ primary commercial artery and main retail corridor. The center serves an expansive trade area covering a 5-mile radius with a growing population of +140K and significant nearby daytime employment. The anchor lineup features a diverse mix of best-in-class big-box retailers that includes Dick’s Sporting Goods, Toys R’ Us, Marshalls, Old Navy, Petsmart, Best Buy, Party City and Five Below. The center’s nine improved outparcels and one undeveloped pad are included in the sale. This offering represents the unique opportunity to acquire a dominant, institutional quality big-box retail center that provides a highly secure and growing income stream.

CUSHMAN & WAKEFIELD

PROPERTY SUMMARY

Address 4977 S. Cleveland Avenue, Fort Myers, FL 33907

Site Area 45.376 acres

Year Built 1999-2001

GLA 319,359 sf

Major Tenants

Occupancy 95%

3

� Unique retail investment opportunity

� Fort Myers’ dominant multi-anchor big-box retail center

� Best-In-Class lineup of big-box retailers with seasoning that is unmatched in the marketplace

� Over 2,400 feet of frontage and 97.5K vehicles per day along Ft. Myers’ main retail corridor

� The center’s physical condition, appearance, design and layout are consistent with that of an institutional quality, “Class A” community shopping center

� Two signalized entrances facilitate access

� Densely populated trade area with +140K residents in a 5-mile radius projected to increase 6.3% by 2021

� Daytime employment of 57K in a 3-mile radius drives customer traffic

� High percentage of income attributable to anchors and outparcels

� Nine improved outparcels, plus one undeveloped pad

� Limited co-tenancy clause risk

� CAGR of 3.45% over ten years

Investment Highlights

PAGE FIELD CoMMONS FORT MYERS, FL


AERIAL CONTACT

Offering Summary

CUSHMAN & WAKEFIELD


PRIME LOCATION

STRONG CO-TENANCYStrong nearby retail co-tenancy with the +1.0 msf Edison Mall (Macy’s, Sears, Dillards, JC Penney) located to the immediate north and Sam’s Club across the street

ATTRACTIVE DEMOS Over 140,000 residents within a 5-mile radius with an average household income of ±$66,250

Projected population growth of 6.3% over the next five years

High daytime employment totaling 57,318 in a 3-mile radius

Healthy local economy with 3.7% unemployment rate

Local housing values up 60% over the past 5 years

97,500 VEHICLES PER DAYSituated at the high-traffic, signalized intersection of US Highway 41 (Cleveland Ave/Tamiami Trail) and Fowler Street

TREMENDOUS VISIBILITY 2,400’ of frontage along Ft. Myers’ main commercial artery and retail corridor – US Highway 41

Multiple points of ingress/egress from two sides, including two signalized entrances

Located along Lee County’s main commercial artery – US Highway 41 – just south of the region’s busiest east/west roadway – Colonial Boulevard – with direct links to I-75 and Cape Coral


AERIAL CONTACT

Offering Summary

TENANCY

MAJOR TENANTS SF % OF GLA

50,000 15.7%

48,248 15.1%

45,683 14.3%

26,010 8.1%

24,305 7.6%

15,006 4.7%

10,957 3.4%

8,500 2.7%

SUBTOTAL 228,709 71.6%

OTHER TENANTS

Outparcel (11) 63,340 19.8%

Inline (2) 12,063 3.8%

Vacant (1) 15,247 4.8%

SUBTOTAL 90,650 28.4%

TOTAL GLA 319,359

CUSHMAN & WAKEFIELDCUSHMAN & WAKEFIELD

� Best-in-class anchor lineup includes Dick’s, Toys R’ Us, Marshalls, Old Navy, Petsmart, Best Buy, Party City and Five Below

� Anchors comprise 71.6% of GLA

� National tenants account for 100% of occupied GLA

� Strong performing anchors drive customer traffic

� Seasoned tenant roster with 58% of the occupied GLA covered by tenants with tenure exceeding ten years

� 11 of the 20 tenants have extended their leases beyond original expiration dates

� Offering includes nine developed outparcels and one undeveloped pad for future development, plus the right to add 4,400 sf of inline space adjacent to Dick’s

Tenancy Highlights


GLA SPACE BREAKDOWN

ANCHOR

71.6%OUTPARCEL

19.8%

INLINE

3.8%

VACANT

4.8%


AERIAL CONTACT

Offering Summary

CUSHMAN & WAKEFIELD

� Credit tenants represent 84.2% of overall revenue

� Diverse income stream with 11 outparcel tenants and 7 top tier anchor tenants

� Toys R’ Us occupies its premises under a ground lease with a low single digit rental rate

� Nine outparcels account for 32% of revenue, enhancing the credit profile of the offering

� Future development opportunities with one undeveloped outparcel and the right to add 4,400 sf of inline space adjacent to Dick’s

� Limited risk due to benign anchor co-tenancy clauses

� 91% of the occupied GLA covered by leases with scheduled rental rate increases

� Growing income stream with a CAGR of 3.45% over 10-year hold

� Offered on a free and clear basis, allowing investors to take advantage of today’s favorable lending environment

Financial Highlights


$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

3.45% CAGR

CREDIT VSNONCREDIT BASED ON REVENUE

CREDIT

84.2%

NON-CREDIT

15.8%


AERIAL CONTACT

Offering Summary

AERIAL



AERIAL CONTACT

Offering SummaryPAGE FIELD CoMMONS FORT MYERS, FL

CONTACT

MARK GILBERTExecutive Managing Director(305) [email protected]

ADAM FEINSTEINExecutive Director(305) [email protected]

MITCHELL HALPERNAssociate (305) [email protected]

SPENCER KINSELLAFinancial Analyst(305) 351 [email protected]

For more information, please contact:

The depiction in the included photograph of any person, entity, sign, logo or property, other than Cushman & Wakefield’s (C&W) client and the property offered by C&W, is incidental only, and is not intended to connote any affiliation, connection, association, sponsorship or approval by or between that which is incidentally depicted and C&W or its client. This listing shall not be deemed an offer to lease, sublease or sell such property; and, in the event of any transaction for such property, no commission shall be earned by or payable to any cooperating broker except if otherwise provided pursuant to the express terms, rates and conditions of C&W’s agreement with its principal, if, as and when such commission (if any) is actually received from such principal. (A copy of the rates and conditions referred to above with respect to this property is available upon request.)

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