Truman's Marketplace-Grandview, MO OM (3) [Read...

27995 Halsted Road, Suite 150Farmington Hills, MI 48331

Phone: (248) 488-2620

landmarkinvestmentsales.com

OFFERING MEMORANDUM

CONTACT US

DANIEL H. KUKES

[email protected]

(248) 488-2620

CHARLES V. VAN CAMP

[email protected]

(248) 488-2620

KEVIN J. BAKER

[email protected]

(248) 488-2620

JASON M. GREENSPAN

[email protected]

(248) 488-2620

2

CONFIDENTIALITY DISCLAIMER

Truman’s Marketplace • Grandview, MO

Landmark Commercial Real Estate Services, Inc. d/b/a Landmark Investment Sales (“BROKER”) has been retained by the Owner to sell the 100% fee simple title of thisasset. The Broker is the exclusive agent for the sale of this asset. The Broker has prepared the Property Information with information provided by the Owner, fromsources deemed to be reliable. The Potential Purchaser will conduct its own due diligence of The Property, independently and without reliance upon BROKER of theOwner. Information furnished herein, the Offering Memorandum (the “OM”) is intended solely for the Potential Purchaser and its affiliates (“Recipients”) for its reviewof the acquisition of Truman's Marketplace in Grandview, Missouri (“Property”).

All information in the OM (“Confidential Information”) shall be deemed confidential. Confidential Information shall not include any information which is generallyavailable to the public or which becomes available to the Recipients on a non-confidential basis from a source that is or was under no obligation not to disclose suchinformation.

In consideration of Broker and disclosure of the confidential information, the recipient shall not at any time, attempt in any manner to deal directly in any manner orcircumvent Broker.

Unless otherwise agreed in writing or required by law, the Recipients will not use, disclose, or reveal any Confidential Information for any purpose other than inconnection with the proposed transaction to any persons or entities other than those employees, officers, directors, bankers, advisors, representatives, or agents(collectively, “Representatives”) who clearly need such access to perform their employment, fiduciary or contractual duties to the Recipient and to actively and directlyparticipate in the evaluation of the Confidential Information. Additionally, Recipients shall not directly contact anyone directly associated with the Property withoutthe express written consent of the Owner or Broker.

Recipients agree not to contact or initiate contact with the Tenants, at any time, either directly or indirectly. Unless such approval is specifically granted in writtenfrom the Owner or Broker.

This agreement shall be governed by the laws of the Michigan, and in any action brought to enforce the terms hereof, Recipients hereby irrevocably consents tojurisdiction and venue in the Circuit Court for the County of Oakland, State of Michigan, or the United States District Court, whichever the Owner may elect. Theinvalidity or unenforceability of any provision of this agreement as applied to a particular occurrence or circumstance shall not affect the validity of or enforceability ofany of the other provisions of this agreement or the applicability of such provisions as the case may be. This agreement shall inure to the benefit of and may beenforced by the Owner and its successors and assigns and shall be binding on the Recipients, its officers, directors, partners, agents, members, representatives andsuccessors in interest. If any portion of this agreement becomes the subject of litigation or arbitration, the prevailing party in such suit or proceeding shall be entitledto reimbursement for its reasonable costs, expenses and attorney’s fees incurred, including those incurred in connection with any appeals. A copy of this agreementdelivered by facsimile transmission shall be binder on both parties.

Cooperating Broker PolicyUnless otherwise agreed in writing, neither Owner nor BROKER will pay a brokerage fee to, or share a brokerage commission with Recipient (the “PotentialPurchaser”), or a related and/or affiliated party to such Recipient, attempting to act as a cooperating broker. In addition, neither the Owner nor BROKER will pay abrokerage fee to, or share a brokerage commission with, a cooperating broker representing the Recipient. The Recipient may elect to be have a cooperating brokerrepresent them in the transaction at their own expense, unless otherwise agreed in writing by BROKER.

DANIEL H. KUKESPrincipal

[email protected](248) 488-2620

KEVIN J. BAKERPrincipal


JASON M. GREENSPANAssociate


CHARLES V. VAN CAMPAnalyst


TABLE OF CONTENTSCredit Tenant Line-Up 4

New 10 Year Leases 5

Investment Overview 6

Executive Summary 7

Financial Summary 8

10 Year Cash Flow 9

Argus Assumptions 10

Site Plan 11

85% Leased to National Tenants 12

Rent Roll 13 - 17

Lease Language Summary 18 - 20

Sales Termination Metrics 21

Market Overview 22

Kansas City, MO 23

Trade Area Map 24

Southern Kansas City MSA 25

Retail Competition 26

Inventory of Competitive Properties 27

Grocery Competition Map 28

Jackson County Top Employers 29

Major Employers 30 - 32

Property Condition 33

Property Condition Summary 34

Real Estate Taxes 35

Roof Plan/ Roof Age Detail 36

Tenancy Summary 37

Tenant Credit Summary 38

Ball Foods – Price Chopper 39

Tenant Sales 40

Tenant Profiles 41 - 57

National Historic Site- President Truman’s Farm Home 58

Our Team 59

In cooperation with Missouri licensed broker: FOCUS REAL ESTATE

License Number: 2009026807

CREDIT TENANT LINE-UP

NEW 10 YEAR LEASES

6

INVESTMENT OVERVIEW


3 MILE 5 MILE 7 MILE

Population 47,292 103,916 228,195

Households 18,829 42,742 94,261

Avg HH Income $53,459 $68,360 $90,138

7

EXECUTIVE SUMMARY


SUMMARY OF PRIMARY TENANTS

TENANT EXPIRATION BASE RENT SF PSF

Price Chopper 8/31/2031 $414,712 65,309 $6.35

Burlington 2/28/2026 $540,000 64,930 $8.32

Ross 1/31/2027 $206,250 25,000 $8.25

TJ Maxx 8/31/2026 $106,050 21,186 $5.01

Dollar Tree 9/30/2020 $119,700 12,600 $9.50

Petco 1/31/2027 $142,500 12,500 $11.40

Advance Auto 7/31/2026 $112,088 10,675 $10.50

Five Below 1/31/2026 $148,500 9,000 $16.50

Address: 12400 15th Street, Grandview, MO

Total GLA: 337,025 SF

Occupancy: 93.54%

Available Space: 21,778 SF

Expansion Area: 40,000 SF

Land Area: 38.65 Acres

Year Built: 1958, 1970, 2016 (Major Redevelopment)

Zoning: C-2 (General Commercial)

INVESTMENT HIGHLIGHTS

STRONG GROCERY ANCHOR - SOLID HISTORICAL SALES

Price Chopper has successfully operated at Truman’s Marketplace for the past 30

years. As a testament to their commitment to this location, they executed a new 20

year lease (exp. 8/31/2031) and they made a multi-million dollar investment into their

brand new 65,309 SF store. Price Chopper's sales have steadily trended up since the

completion of the construction including over 12% increase in the last 12 months (TTM

$24,903,776 - $381 PSF).

NATIONAL TENANTS, LOW RENT PSF, LONG TERM LEASES

Over 85% of the Rent Roll is leased to National Tenants at low rental rates. These

tenants include some of the most dominant names in apparel & grocery (TJ Maxx,

Ross Dress For Less, Burlington and Price Chopper). Additionally, over 66% of the

Rent Roll expires in 2026 or later. This allows for a multitude of attractive financing

options at historically low interest rates.

VALUE ADD OPPORTUNITY - STRONG TENANT INTEREST

Since the announcement of Truman's Marketplace redevelopment, there has been

significant tenant interest in this location. The center has 21,778 SF of existing space

available for lease and an additional 40,000 SF buildable pad adjacent to Burlington.

Also, Ross Dress For Less has an automatic $2.00 PSF rental increase when the

adjacent former Sam's Club (Currently owned by Wal-Mart), is leased or occupied.

PRICING

Truman's Marketplace is being offered "free and clear" of any existing debt allowing

for buyers to capitalize on the attractive lending options. Truman's Marketplace is

UNPRICED and will be sold on a "Best Offer" basis.

2018 NOI: $3,120,671

Stabilized NOI: $3,272,847

FINANCIAL SUMMARY

9

10 YEAR CASH FLOW


Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10For the Years Ending 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027Rental RevenuePotential Base Rent 3,448,186$ 3,586,120$ 3,616,166$ 3,631,299$ 3,698,332$ 3,759,935$ 3,770,584$ 3,794,430$ 3,887,639$ 4,020,503$ Absorption & Turnover Vacancy (144,527) (138,584) (178,965) (36,479) (7,599) (27,504) (5,258) (4,061) (25,000) (26,949)

Total Rental Revenue 3,303,659$ 3,447,536$ 3,437,201$ 3,594,820$ 3,690,733$ 3,732,431$ 3,765,326$ 3,790,369$ 3,862,639$ 3,993,554$

Other Tenant RevenueTotal Expense Recoveries 1,097,534$ 1,174,481$ 1,186,632$ 1,282,416$ 1,307,626$ 1,361,229$ 1,390,582$ 1,450,835$ 1,475,640$ 1,531,503$

Total Other Tenant Revenue 1,097,534$ 1,174,481$ 1,186,632$ 1,282,416$ 1,307,626$ 1,361,229$ 1,390,582$ 1,450,835$ 1,475,640$ 1,531,503$

Potential Gross Revenue 4,401,193$ 4,622,017$ 4,623,833$ 4,877,236$ 4,998,359$ 5,093,660$ 5,155,908$ 5,241,204$ 5,338,279$ 5,525,057$

Vacancy & Credit LossVacancy Allowance (90,527)$ (105,271)$ (68,561)$ (118,279)$ (113,894)$ (98,044)$ (121,747)$ (125,348)$ (131,212)$ (107,667)$

Total Vacancy & Credit Loss (90,527)$ (105,271)$ (68,561)$ (118,279)$ (113,894)$ (98,044)$ (121,747)$ (125,348)$ (131,212)$ (107,667)$

Effective Gross Revenue 4,310,666$ 4,516,746$ 4,555,272$ 4,758,957$ 4,884,465$ 4,995,616$ 5,034,161$ 5,115,856$ 5,207,067$ 5,417,390$

Operating ExpensesEmployee Expenses 45,315$ 46,675$ 48,075$ 49,517$ 51,003$ 52,533$ 54,109$ 55,732$ 57,404$ 59,126$ RET‐Main Center 535,132 567,240 567,240 601,274 601,274 637,351 637,351 675,592 675,592 716,127 RET‐54th Street 22,228 22,895 22,895 23,582 23,582 24,289 24,289 25,018 25,018 25,768 Insurance 90,772 93,495 96,300 99,189 102,165 105,229 108,386 111,638 114,987 118,437 Utilities 48,483 49,938 51,436 52,979 54,568 56,205 57,891 59,628 61,417 63,259 Repairs & Maintenance 77,770 80,103 82,507 84,982 87,531 90,157 92,862 95,648 98,517 101,473 Landscaping 39,455 40,639 41,858 43,113 44,407 45,739 47,111 48,525 49,980 51,480 Snow Removal 99,725 102,716 105,798 108,972 112,241 115,608 119,076 122,649 126,328 130,118 Security 87,507 90,132 92,836 95,622 98,490 101,445 104,488 107,623 110,852 114,177 Property Operating Expenses 4,138 4,262 4,389 4,521 4,657 4,797 4,940 5,089 5,241 5,399 Management Fee 129,320 135,502 136,658 142,769 146,534 149,868 151,025 153,476 156,212 162,522 Advertising & Promotions 10,150 10,302 10,457 10,614 10,773 10,934 11,098 11,265 11,434 11,605

Total Operating Expenses 1,189,995$ 1,243,899$ 1,260,449$ 1,317,134$ 1,337,225$ 1,394,155$ 1,412,626$ 1,471,883$ 1,492,982$ 1,559,491$

Net Operating Income 3,120,671$ 3,272,847$ 3,294,823$ 3,441,823$ 3,547,240$ 3,601,461$ 3,621,535$ 3,643,973$ 3,714,085$ 3,857,899$

10

ARGUS ASSUMPTIONS


Shop $18 Jr $14 Shop $22 Anchor Shop $16 OP8 Shop $25 Shop $20 Topsy's Shop $14 Dollar Tree PaylessRenewal Probability 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 50% 75%Market Rate / sf $18.00 $14.00 $22.00 $7.00 $16.00 $30.25 $25.00 $20.00 $18.00 $14.00 $14.00 $16.00Months Vacant 6 6 6 9 6 9 6 6 3 6 6 9Leasing Commissions $8 /sf $6 /sf $8 /sf $4 /sf $8 /sf 6% $8 /sf $8 /sf $8 /sf $6 /sf $6 /sf $8 /sfTenant Improvements $30 /sf $20 /sf $30 /sf $10 /sf $30 /sf $20 /sf $30 /sf $30 /sf $20 /sf $20 /sf $20 /sf $30 /sf

Analysis PeriodCommencement Date 1/1/2018Term 10 YearsYear 1 Occupancy 93.54%

Growth RatesGeneral 1.50%Operating Expenses 1.50%Real Estate Taxes (every other year)

Main Center 6.00%54th Street 1.50%

Operating ExpensesEstimated Year 1 3,120,671$ Management Fee 3% of EGRGeneral Vacancy Loss (excludes credit tenants) 5.00%

Tenant Lease Up

SuiteSquare Footage

Commencement Date Term

Rental Rate Amount

Year 1B8 3,200 4/1/2018 5 Years 16.00$ 51,200$ B9b 1,519 3/1/2018 5 Years 22.00 33,418 C2A 5,606 2/1/2018 10 Years 12.00 67,272 C2B 1,500 2/1/2018 7 Years 13.00 19,500 C3 5,457 2/1/2018 10 Years 13.00 70,941 C7 4,496 2/1/2018 10 Years 16.35 73,510

11Truman’s Marketplace • Grandview, MO

40,000 SFBUILDABLE PAD

85% LEASED TO NATIONAL TENANTS

13

RENT ROLL


Minimum Rent

Tenant Name

Pro‐Rata Share

Square Footage Start Date

Expiration Date Monthly Annual psf Recovery Type Renewal Options Option Rent

Burlington 19.27% 64,930 10/2/2015 2/28/2026 45,000$ 540,000$ 8.32$ ‐ Fixed CAM‐ NNN Taxes‐ NNN Insurance

4 Five Year OptionsOption 1 ‐ 3/1/26Option 2 ‐ 3/1/31Option 3 ‐ 3/1/36Option 4 ‐ 3/1/41

$10.00/sf$10.50/sf$11.00/sf$11.50/sf

Rue 21 2.08% 7,000 8/18/2016 1/31/2027 8,333 100,000 14.29 ‐ Gross 1 Five Year OptionOption 1 ‐ 2/1/27

$19.08/sf

Ross 7.42% 25,000 8/19/2016 1/31/2027 17,188 206,250 8.25 ‐ NNN CAM‐ NNN Taxes‐ NNN Insurance


$11.25/sf$11.75/sf$12.25/sf$12.75/sf

Five Below 2.67% 9,000 5/28/2016 1/31/2026 12,375 148,500 16.50 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Taxes‐ NNN Insurance

2 Five Year OptionsOption 1 ‐ 2/1/26Option 2 ‐ 2/1/31

$20.00/sf$22.00/sf

Shoe Carnival 2.39% 8,060 5/15/2016 1/31/2027 9,403 112,840 14.00 ‐ Fixed CAM‐ NNN Taxes‐ NNN Insurance

3 Five Year OptionsOption 1 ‐ 2/1/27Option 2 ‐ 2/1/32Option 3 ‐ 2/1/37

$16.00/sf$17.00/sf$18.00/sf

TJ Maxx 6.29% 21,186 8/14/2016 8/31/2026 8,838 106,050 5.01 ‐ NNN CAM‐ NNN Taxes‐ NNN Insurance


$8.50/sf$9.00/sf$9.50/sf$10.00/sf

Price Chopper 19.38% 65,309 8/31/2016 8/31/2031 34,559 414,712 6.35 ‐ $0.25/sf CAM Cap‐ NNN Taxes


$8.00/sf$9.00/sf$10.00/sf

14

RENT ROLL


Minimum Rent

Tenant Name

Pro‐Rata Share



Sally Beauty 0.55% 1,855 4/29/2015 12/31/2026 2,760 33,117 17.85 ‐ Fixed CAM‐ Fixed Marketing‐ NNN Snow Removal‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

GNC 0.51% 1,725 9/1/2016 8/31/2019 2,300 27,600 16.00 ‐ NNN CAM‐ NNN Taxes‐ NNN Insurance

1 Two Year OptionOption 1 ‐ 9/1/19

$17.00/sf

Platinum Men's 0.86% 2,909 2/27/2017 12/31/2020 1,501 18,007 6.19 ‐ Fixed CAM‐ Fixed Marketing‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

2 One Year OptionsOption 1 ‐ 1/1/21Option 2 ‐ 1/1/22

$6.19/sf$6.19/sf

Cricket Wireless 0.44% 1,498 6/22/2017 12/31/2020 2,622 31,458 21.00 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

1 Two Year OptionOption 1 ‐ 1/1/21

$21.00/sf

Lutfi's 0.45% 1,500 12/12/2016 12/31/2026 2,500 30,000 20.00 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

15

RENT ROLL


Minimum Rent

Tenant Name

Pro‐Rata Share



Anna's Nails 0.51% 1,725 10/1/2016 12/31/2021 2,875 34,500 20.00 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

1 Five Year OptionOption 1 ‐ 1/1/22

$22.00/sf

Threadz 0.47% 1,595 10/29/2016 12/31/2021 2,625 31,501 19.75 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

Topsy's 0.30% 1,021 4/29/2016 12/31/2021 1,750 21,000 20.57 ‐ Fixed Marketing‐ NNN Taxes‐ NNN Insurance

Petco 3.71% 12,500 6/19/2016 1/31/2027 11,875 142,500 11.40 ‐ Fixed CAM‐ Snow Removal @ $60,658‐ NNN Taxes‐ NNN Insurance


$12.90/sf$13.90/sf$14.90/sf

Rainbow 2.23% 7,500 1/9/2017 1/31/2022 7,813 93,750 12.50 ‐ NNN CAM‐ NNN Taxes‐ NNN Insurance


$13.75/sf$15.12/sf$16.64/sf

Vintage Stock 1.78% 6,000 12/2/2016 12/31/2021 3,750 45,000 7.50 ‐ NNN CAM‐ NNN Taxes‐ NNN Insurance


$8.50/sf$9.50/sf

Aaron's 1.78% 6,000 9/26/2016 12/31/2021 5,000 60,000 10.00 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance


$10.70/sf$11.45/sf

Aaron's ‐ Additional Premises 0.22% 728 3/27/2017 12/31/2021 500 6,000 8.24 Dollar Tree 3.74% 12,600 9/30/2000 9/30/2020 9,975 119,700 9.50 ‐ NNN CAM (excluding

Snow/Utilities)‐ NNN Taxes‐ NNN Insurance

Citi Trends 3.58% 12,076 7/29/2015 7/31/2020 12,000 144,000 11.92 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance


$13.25/sf$14.75/sf

Advance Auto 3.17% 10,675 7/5/2016 7/31/2026 9,341 112,088 10.50 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance


$12.50/sf$13.50/sf

54th Street Bar & Grill (Ground Lease) 0.00% ‐ 4/29/2015 4/30/2020 10,000 120,000 ‐ ‐ Fixed CAM‐ NNN Taxes‐ NNN Insurance


$130,000/year$140,000/year$150,000/year

16

RENT ROLL


Minimum Rent

Tenant Name

Pro‐Rata Share



17

RENT ROLL


Minimum Rent

Tenant Name

Pro‐Rata Share



Humana 2.37% 8,000 3/1/2018 2/29/2028 19,333 232,000 29.00 ‐ Fixed CAM‐ NNN Snow Removal‐ NNN Security‐ NNN Utilities‐ NNN Taxes‐ NNN Insurance

2 Three Year OptionsOption 1 ‐ 3/1/28Option 2 ‐ 3/1/31

$32.96/sf$33.95/sf

Storage 7.37% 24,855 1/1/2018 12/31/2020 12,500 150,000 6.04 NoneVacant 0.95% 3,200 ‐ ‐ ‐ Vacant 1.33% 4,496 ‐ ‐ ‐ Vacant 0.45% 1,519 ‐ ‐ ‐ Vacant 0.45% 1,500 ‐ ‐ ‐ Vacant 1.62% 5,457 ‐ ‐ ‐ Vacant 1.66% 5,606 ‐ ‐ ‐

Total Square Footage 100.00% 337,025 256,714$ 3,080,573$ 9.14$ Total Vacant Square Footage 6.46% 21,778

Total Occupied Square Footage 93.54% 315,247

Total Retail Square Footage 92.63% 312,170 Total Storage Square Footage 7.37% 24,855

LEASE LANGUAGE SUMMARYTENANT CO-TENANCY TERMINATION

TJ Maxx

If 70% of the Gross Leasable Area of the shopping center, excluding Advance Auto andthe out lots, is not currently leased, then TJ Maxx may vacate the shopping center.

I If, five years from the day TJ Maxx opened for business, theyear 4 sales are below $5 million, TJ Maxx shall have the onetime right to terminate its lease and also pay $212,100 as atermination payment.

Advance Auto None None

Rainbow USA, Inc. If either Price Chopper or Burlington (or Burlington’s suitable replacement) is not openfor 60 days, Tenant shall pay Landlord five percent (5%) of its Gross Sales. If thiscondition exists for 150 days or more, then tenant may terminate this lease on 30 dayswritten notice.

If Tenant’s Gross Sales do not exceed $1,050,000 to becounted from the first day of the 11th month followingRainbow’s opening date through the last day of the 22ndmonth from Rainbow’s opening date, then Tenant mayterminate the lease and pay a termination fee of $15,000.

Ross Dress For Less, Inc.

The Leasable Floor Area of the shopping center must be at least 70% occupied. TheRequired Co-Tenants include: (a) Price Chopper, (b) Burlington (or Gordman's), (c)Marshall's (or TJ Maxx or Home Goods or Michaels), (d) Shoe Carnival or Rack RoomShoes (or another shoe retailer operating in the Shopping Center in not less than EightThousand (8,000) square feet of Leasable Floor Area. If any of these tenants cease tooperate or vacate, the Landlord may replace these tenants with other suitable tenants.If there is a Reduced Occupancy Period, Tenant's sole obligation for minimum rentshall be replaced by Substitute Rent, plus the payment of Reimbursements. If theReduced Occupancy Period continues for a continuous 12 months, Tenant shall havethe ongoing right to terminate the lease with 30 days' notice to Landlord. Substituterent shall equal the lesser of (a) Minimum Rent, or (b) two percent (2%) of Tenant'sGross Sales during the preceding month.

None

Price Chopper If less than 60% of the other tenants in the shopping center are not operating, andcontinue to not operate for 18 consecutive months, Tenant shall pay 1.5% of Tenant’sGross Sales (but in no event in excess of 100% of minimum rent). Tenant shall continueto pay the full amount of the additional rent. Tenant shall have the right for a period oftwenty (20) days after the end of the Consecutive Reduced Rent Period to give writtennotice to Landlord electing either: (i) to return to payment of full Minimum Rent andAdditional Rent (as of the end of the Consecutive Reduced Rent Period); or (ii) vacateof the Premises within thirty (30) days after the Co-Tenancy Election Written noticeand terminate this Lease.

None

Truman’s Marketplace • Grandview, MO 18


Dollar Tree If Price Chopper (its successor, its assigns, or another similar grocery store) ceases tooperate in 50,000 square feet, Tenant shall only play fifty percent (50%) of the baserent plus one hundred percent (100%) of the Additional rent until co-tenancy failure iscured. If this failure continues for a 9 month period, tenant shall have the one timeright to cancel this lease within 30 days’ notice to Landlord following the expiration ofthat 9 month period. If Tenant does not exercise its right to terminate this Lease withinthe thirty (30) day period, then the original terms and conditions of the Lease shallresume at the end of the thirty (30) day period.

None

Burlington If Price Chopper or its comparable replacement is not open and operating in at least80% of the store, or less than 70% of the aggregate of leasable square feet of tenantspace, then Tenant shall pay an “alternate rent” in the amount of 2% of Tenant’s salesin Lieu of all minimum rent and percentage rent, but will still be responsible for theFixed Operating Costs, and Tenant’s pro rata share of Insurance Costs and Taxes untilthe triggering condition no longer exists. If this co-tenancy failure lasts for more than12 months and is not cured, either Landlord or Tenant may terminate within 30 days’notice to Landlord at the end of this 12 month period, otherwise, this termination rightshall be waived, and tenant shall return to paying the full minimum right.

None

Five Below, Inc. If at any point during the term of the lease, less than 70% of the leasable shoppingcenter is open for business for 120 days, Tenant’s shall pay 50% of the amount equalto the fixed rent. Shall this co-tenancy condition exist for 12 consecutive months, thenTenant shall have the right to terminate the lease by 60 days’ notice given to Landlord.If Tenant decides to waive this termination right, Tenant shall resume paying the baseminimum rent per the terms of the lease.

If, from the 49th month through the 60th month of theTenant’s term, the Tenant has not achieved Gross Sales of atleast $1.7 million, Tenant shall have the one time right toterminate the lease, and pay a termination fee of $50,000.

Petco

If (a) less than 2 of Ross, Michaels, TJ Maxx (or any affiliate of TJ Maxx), or (B) less than70% of the shopping center excluding Burlington and Price Chopper, and the outlotsnot owned by Landlord are not operating for business, and the condition exists for morethan 90 consecutive days, tenant shall have the right to pay an alternate rent consistingof 50% of the base rent for the duration of the co-tenancy condition, but will beresponsible for Additional Rent during this time. If within 12 months the co-tenancyconditions have not been cured, the Tenant shall have the right to terminate the lease.If Tenant does not terminate the lease, Tenant shall commence the payment of full baserent.

None



Shoe Carnival If Ross Dress for Less is not in operation, and at least 70% of the shoppingcenter is not occupied, Tenant shall pay an alternate rent for 18 consecutivemonths after this co-tenancy condition has been triggered. “Alternate Rent”shall equal, Common Area Maintenance Charges, Tenant's pro rata share ofInsurance Charges, and Tenant's pro rata share of Taxes accruing under theLease, and an alternate rental amount equal to four percent (4%) of GrossReceipts, not to exceed fifty percent (50%) of the Base Rent which wouldotherwise be due. If after these 18 months, the co-tenancy conditions have notbeen cured, tenant may terminate the lease delivering notice to Landlordwithin 30 days at the expiration of the 18 month anniversary. If the Tenant doesnot terminate, it may commence payment of full rent following the 18 monthperiod.

After the fourth year of the lease, it Tenant’s Gross Sales do notexceed $220 per square feet of the premises, Tenant may terminatethis lease with 6 months after the fourth year anniversary of the lease,and pay a termination fee of $50,000. The termination date shall beeffective the last day of the fifth lease year.

Rue21 If at any time during the term of the lease less than 70% of the total floor areaof the shopping is not tenant occupied and operating, tenant shall have theright to pay, in lieu of minimum rent, 50% of the minimum rent and othercharges payable to Landlord. If from 12 months from this co-tenancy failure thecondition has not been cured, tenant shall have the right to terminate this leaseby giving Landlord not less than 60 days written notice. If this termination righthas been waived, then tenant will commence the payment of full minimum rent.

If the Tenant does not achieve Gross Sales of at least $1,170,000during the period from 2/1/2019 through 1/31/2020, then tenant mayunconditionally terminate the lease upon 60 days written notice toLandlord.

GNC If Price Chopper permanently closes and is not replaced by another majortenant within 1 year of such permanent closing, Tenant shall have the option,by giving 90 days written notice to Landlord, to terminate the Lease.

None

The following tenants do not have co-tenancy or termination:

Sally BeautyPlatinum Men’sCricket WirelessLutfi’sAnna’s NailsThreadzTopsy’sVintage StockAaron’sCiti Trends54th Street Grill


21

SALES TERMINATION METRICS


Scheduled Base Rent2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Burlington 540,000 540,000 540,000 565,000 570,000 570,000 570,000 570,000 595,000$ 600,000$ Price Chopper 414,712 414,712 414,712 420,155 431,039 431,039 431,039 431,039 437,570 450,632 Ross 206,250 256,250 256,250 267,708 268,750 268,750 268,750 268,750 268,750 280,209 Five Below 148,500 148,500 148,500 156,375 162,000 162,000 162,000 162,000 178,500 180,000 Citi Trends 144,000 144,000 150,250 159,000 159,000 159,000 159,000 166,500 177,000 177,000 Petco 142,500 142,500 142,500 146,146 148,750 148,750 148,750 148,750 148,750 160,209 54th Street Bar & Grill 120,000 120,000 125,833 130,000 130,000 130,000 130,000 135,834 140,000 140,000 Dollar Tree 119,700 119,700 89,775 175,623 175,623 175,623 175,623 175,623 175,623 175,623 Shoe Carnival 112,840 112,840 112,840 116,870 120,900 120,900 120,900 120,900 120,900 128,288 Advance Auto 112,088 112,088 112,088 116,535 122,763 122,763 122,763 122,763 127,210 133,438 TJ Maxx 106,050 106,050 106,050 106,050 106,050 106,050 106,050 106,050 127,933 171,700 Rue 21 100,000 100,000 100,000 110,871 114,940 118,428 121,928 125,621 129,395 133,239 Rainbow 93,750 93,750 93,750 93,750 102,344 103,125 103,125 103,125 103,125 112,544 Aaron's 60,000 60,000 60,000 60,000 64,200 64,200 64,200 64,200 64,200 68,700 Vintage Stock 45,000 45,000 45,000 45,000 60,000 60,000 60,000 60,000 60,000 66,000 Anna's Nails 34,500 34,500 34,500 34,500 37,950 37,950 37,950 37,950 37,950 34,367 Sally Beauty 33,112 33,112 33,112 33,112 33,112 33,112 33,112 33,112 33,112 29,565 Threadz 31,501 31,501 31,501 31,501 29,497 35,396 35,396 35,396 35,396 31,321 Cricket Wireless 31,458 31,458 31,459 31,458 31,458 27,167 33,742 33,742 33,742 33,742 Lutfi's 30,000 30,000 31,500 31,500 36,000 36,000 36,000 36,000 36,000 29,884 GNC 27,600 23,281 29,287 29,287 29,287 29,287 24,406 32,024 32,024 32,024 Topsy's 21,000 21,000 21,000 21,000 18,693 20,392 20,392 20,392 20,392 20,006 Platinum Men's 18,007 18,007 18,007 29,090 29,090 38,223 45,868 45,868 45,868 45,868 Aaron's ‐ Additional Premises 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Total 2,698,568$ 2,744,249$ 2,733,914$ 2,916,531$ 2,987,446$ 3,004,155$ 3,016,994$ 3,041,639$ 3,134,440$ 3,240,359$

Notes:(1) Orange shading indicates the "Sales Measuring Period" for the said tenant.(2) Red shading indicates the remainder of base term following the expiration of the "Sales Measuring Period"(3)

(4)

(5)

(6)

Shoe Carnival: After the fourth year of the lease, it Tenant’s Gross Sales do not exceed $220 per square feet of the premises, Tenant may terminate this lease with 6 months after the fourth year anniversary of the lease, and pay a termination fee of $50,000.

TJ Maxx: If, five years from the day TJ Maxx opened for business, the year 4 sales are below $5 million, TJ Maxx may terminate its lease and also pay $212,100 as a termination payment.

Rainbow: If Tenant’s Gross Sales do not exceed $1,050,000 to be counted from the first day of the 11th month following Rainbow’s opening date through the last day of the 22nd month from Rainbow’s opening date, then Tenant may terminate the lease and pay a termination fee of $15,000.

Rue21: If the Tenant does not achieve Gross Sales of at least $1,170,000 during the period from 2/1/2019 through 1/31/2020, then tenant may unconditionally terminate the lease upon 60 days written notice to Landlord

22

MARKET OVERVIEW


3 MILE 5 MILE 7 MILE

Population 47,292 103,916 228,195

Households 18,829 42,742 94,261

Avg HH Income $53,459 $68,360 $90,138

23

KANSAS CITY, MO


GROWTH MARKETThe Kansas City, MO MSA currently ranks as the 30th largest metropolitanstatistical area in the country. The 14-county metro population stands atapproximately 2,100,000 residents an increase of 90,000 people from 2010.

LOW UNEMPLOYMENTAs of May, 2017, Kansas City’s unemployment stood at only 3.9% of the total

civilian labor force compared to the national average of 4.3%.

APARTMENT CONSTRUCTIONApartment construction in metropolitan Kansas City is hitting record levels, withmore than 5,000 units expected to be completed by the end of this year (a 22%increase than the 4,141 units built in 2016). Developers remain optimistic, sayingthe continued strong occupancy rates as well as growing rents signal the marketcan absorb even more units as college educated millennials continue to settle inthe MSA.

COLLEGES AND UNIVERSITIESSeveral colleges and Universities are located within the Kansas City MSA includingUniversity of Missouri – Kansas City (16,944 students), Park University (11,013students) and Rockhurst University (3,000 students). Other community collegessurround more regional trade areas.

Kansas City, MO

University of Missouri – Kansas City Campus

24

TRADE AREA MAP


Truman’s Marketplace

10 Min Drive Time to Truman’s Marketplace

Johnson County

JOHNSON COUNTY TRADE AREA DEMOGRAPHICSTrade Area

Population: 593,585

Households: 235,293

Avg. HH Income: $106,816

Median HH Income: $91,368

Median Age: 37.8

Number of Businesses: 26,416

Number of Employees: 366,793

TRADE AREA DEMOGRAPHICSTrade Area 5-Mile

Population: 181,701 103,916

Households: 73,756 42,742

Avg. HH Income: $62,531 $68,360

Median HH Income: $55,684 $58,753

Median Age: 36.2 36.6

Number of Businesses: 5,354 3284

Number of Employees: 74,607 49,808

15 Min Drive Time to Truman’s Marketplace

25

SOUTHERN KANSAS CITY MSA


STRONG ECONOMIC DEVELOPMENTAccording to the Kansas City Economic Development Corporation, the 2017 fiscal year shows continued growth in Kansas City. With 59 announced projects, over $1 billion in investment, 5,314 new jobs created, and 2,076 jobs retained, the Kansas City MSA has been primed for sustainable growth for years to come.

GRANDVIEW, MOGrandview, MO is one of the largest cities in Jackson County, MO with a population of 25,190. Grandview has continuously grown over the last decade as multi-national corporations, developers, and the local government have heavily invested in Grandview and its surrounding communities.

HOUSINGGrandview home values have gone up 15.7% over the past year and projections show an increase in value of 3.8% within the next year. New housing developments include the Sunrise Farms Residential Project (700 homes), and Creekwood Residential Development immediately east of the International House of Prayer (215 homes), as well as Savanna Woods Subdivision (215 homes).

SCHOOLSThe Grandview C-4 school district serves a student population of more than 4,200 students and 601 staff members. Enrollment in the district has increased 11% over the last five years; the district has an operating budget of approximately $50,000,000.

Grandview, MO Parks & Recreation Facility

Kansas City - A cultural, and economic center

26

RETAIL COMPETITION


WARD PARKWAY CENTER8600 Ward Pkwy,

Kansas City, MO 64114

SUMMITWOODS CROSSING1640 NW Chipman Rd,

Lee’s Summit, MO 64081

STATELINE STATION1130 W 136th St,

Kansas City, MO 64145

ANCHORS: TJ Maxx, Trader Joe’s, Petsmart, Ross, rue21, Old Navy

TOTAL SF: 610,430 SF

ASKING RENT: $10‐25 NNN

ANCHORS: TJ Maxx, Kohl’s, Ulta, Petco, Best Buy, Michaels, Bed Bath, Old Navy, Target, Lowes


ASKING RENT: N/A

ANCHORS: Super Target, Michaels, Petco, Marshalls, Cost Plus, Big Lots, Shoe Carnival


ASKING RENT: $8‐15 NNN

WARD PARKWAY8.7 MILES FROM SITE

SUMMITWOODS CROSSING9.2 MILES FROM SITE

STATELINE STATION8.6 MILES FROM SITE

TRUMAN’S MARKETPLACE

27

INVENTORY OF COMPETITIVE PROPERTIES


Address Year BuiltTotal GLA

Land Size (Acres)

Vacant SF

Vacant %

Asking Rent Anchor/Tenants

Ward Parkway Center8600 Ward Pkwy, Kansas City, MO 64114

1959/2004 610,430 47 40,592 0% $10‐25 NNN TJ Maxx, Trader Joes, Petsmart, Ross, rue21, Old Navy

SummitWoods Crossing 1640 NW Chipman Rd, Lee's Summit, MO 64081

2001 545,330 87 541,990 1% NA TJ Maxx, Kohl's Ulta, Petco, Best Buy,Michaels, Bed Bath, Old Navy, Target, Lowes

Stateline Station1130 W 136th St, Kansas City, MO 64145

2005 454,132 41 97,602 21% $8‐15 NNN Super Target, Michaels, Petco, Marshalls, Cost Plus, Big Lots, Shoe Carnival

28

GROCERY COMPETITION MAP


SITE

3 MILE

5 MILE

10 MILE

TRUMAN’S MARKETPLACE STATS

Nearest Price Chopper is 4.5 Miles Away from Truman’s Marketplace

Nearest Grocery Store (Save‐A‐Lot) is 1.3 Miles Away from Truman’s Marketplace

JACKSON COUNTY TOP EMPLOYERS

29

COMPANY # OF EMPLOYEES

Federal Government 18,621

Cerner Corp 11,823

HCA Midwest Health System 9,310

Saint Luke’s Health System 7,769

Ford Motor Co., Kansas City Assembly Plant 7,700

The University of Kansas Hospital 6,807

Children’s Mercy Hospital 6,696

State of Missouri 6,189

Sprint Corp 6,000

State of Kansas 5,195



CERNER INNOVATIONS CAMPUS (5.1 MILES FROM TRUMAN)

On March 9, 2017, The Cerner Corporation—a global leader in health care technology—opened its 290 acre Innovations Campus in Grandview, MO. The campus will house approximately 3,000 Cerner software engineers and support staff. The project will eventually grow into a $4.45 Billion, 16 building campus which will house a total of 16,000 Cerner employees by 2025.

“This project is a tangible reflection of Cerner’s growth and the next generation of health care innovations. The campus name and design features symbolize our commitment to develop solutions and services that will advance and improve the ever-changing health care industry. The work performed in these buildings will continue shaping the future of health care for both providers and patients,” said Cerner Chief Operating Officer Mike Nill.

Cerner, along with JE Dunn Construction and Grand Construction, teamed up with design and planning firm Gould Evans to emphasize Cerner’s position at the intersection of health care and technology, a description Cerner commonly uses to describe its work and the company’s vision.

“We’ve approached the site as a representation of the multi-layered, personal journey everyone takes through the health care landscape,” said Gould Evans Principal Anthony Rohr, AIA. “This new campus takes its name from the connections that occur when human ingenuity is in dialogue with nature. This concept is expressed in the way the campus buildings touch the land and integrate with the rambling landscape.”

Cerner’s Innovation Campus, 5.1 miles from Truman’s Marketplace

MAJOR EMPLOYERS

Cerner’s Innovation Campus, completed Phase I and II

31

MAJOR EMPLOYERS


HONEYWELL FEDERAL MANUFACTURING – NATIONAL NUCLEAR SECURITY ADMINISTRATION (4.3 MILES FROM TRUMAN)Employing over 2,700 people, the plant produces non-nuclear mechanical, electronic, and engineered material components for U.S. U.S. national defense systems such as high-energy laser ignition systems, microwave hybrid microcircuit production, and miniature electromechanical devices. The facility currently employs more than 2,800 scientists, engineers, and technicians, earning an average annual salary of $95,000.

Honeywell Federal Manufacturing, National Security Administration

KANSAS CITY NATIONAL SECURITY CAMPUSIn 2014, the Kansas City Plant moved to the renamed Kansas City National Security Campus, a state-of-art facility including manufacturing, laboratory, office, and warehouse space. The move saves the government about $100 million annually in operating costs and cut energy consumption by more than 50 percent.

The smaller, more efficient facility maintains the capability to assure the reliability, safety, and security of the nation’s nuclear deterrent while enabling NNSA to recruit and retain the next generation of scientists and engineers.

Established by Congress in 2000, NNSA is a semi-autonomous agency within the U.S. Department of Energy responsible for enhancing national security through the military application of nuclear science. NNSA maintains and enhances the safety, security, and effectiveness of the U.S. nuclear weapons stockpile without nuclear explosive testing.


FORD MOTORS - KANSAS CITY ASSEMBLY PLANTBeginning operation in 1951, the Ford Motor Company’s Kansas City Assembly Plant has been an industrial anchor in the Kansas City MSA for many years. Employing over 7,300 workers and occupying over 1,269 acres, the Kansas City Plant currently assembles the Ford F-150, America’s best-selling truck for the past 40 years. As the largest car manufacturing plant in the United States in terms of units produced, the plant has generated thousands of jobs, millions of tax dollars for the state of MO, and will continue to play a central role in the city’s economic development for several years.

Ford Motor Co. Kansas City Assembly Plant

FEDERAL GOVERNMENT EMPLOYMENTThe Federal Government is the largest employer in Kansas City. In the wider Kansas City MSA, the federal government, either directly or through contracts, employs 41,500 people. The combined annual payroll of these jobs is more than $3 billion. Department of Defense (15,294 employees), Department of Veteran Affairs (2,740 employees), and the Department of Treasury (2,707 employees), constitute the largest employer sectors in the region.

More than 146 federal agencies maintain a presence in the MSA. Kansas City is one of ten regional office cities for the US government. The Internal Revenue Service maintains a large service center in Kansas City that occupies nearly 1,400,000 square feet. It is one of only two sites to process paper returns. The IRS has approximately 2,700 full-time employees in Kansas City, growing to 4,000 during tax season.

MAJOR EMPLOYERS

33

PROPERTY CONDITION2016 MAJOR REDEVELOPMENT


34

PROPERTY CONDITION SUMMARY


Name: Truman's Marketplace

Year Built: 1958, 1970, 2016 (Major Redevelopment)

Acreage: 38.65 Acres

Zoning: C-2 (General Commercial)

Tax Parcels: 64-500-04-94-00-0-00-000

64-500-04-93-00-0-00-000

64-500-04-88-00-0-00-000

64-500-04-91-00-0-00-000

Roof Detail: See Roof Detail Report & Plan

HVAC: HVAC unit detail available upon request

HISTORY Subject property was rural in character through the mid 1950's, when initial development of the shopping center began. Different building construction and improvements took place during the 1960's and 1970's. The early 2000's saw additional development of the shopping center. Early 2016, the shopping center was torn to the studs, and reconstructed to its current state.

PHASE I ENVIRONMENTAL SITE ASSESSMENTOn June 20, 2013, a Phase I Environmental Site Assessment was performed on the subject property. A former Oils Plus automotive filling station was identified as having potential contamination, but was subsequently granted a "closed" status.

PHASE II ENVIRONMENTALOn September19, 2013 a Phase II Environmental Site Assessment was performed on the subject property specifically to further examine the Oils Plus automotive filling station (not part of subject Shopping Center). This report provided sufficient information to confirm the presence of hazardous substances or petroleum products under conditions that indicate disposal or release and exceed applicable or relevant and appropriate requirements. Oils Plus automotive is not a part of the collateral.

35

REAL ESTATE TAXES


91

88 94

2016Estimated

2017Parcel Total Total

64‐500‐04‐94 138,413$ 146,829$ 64‐500‐04‐93 363,121 388,303 64‐500‐04‐88 1,615 2,110 64‐500‐04‐91 20,701 22,228 Total 523,850$ 559,470$

Note:(1) Parcel 64‐500‐04‐88 is assocaited with Humana and not included in 10 Year Operating Projection because it is assumed to be a direct pass through.

93

36

ROOF PLAN/ROOF AGE DETAIL


Roof Roof Type Manufacturer WarrantyLength of Warranty Install Date Expiration Date Age

Burlington Roofing/Sheet Metal Carlisle SynTec Systems Yes 15 Years 9/9/2015 9/13/2030 2 Years Building A ‐ Ross Dress Roofing/Sheet Metal Carlisle SynTec Systems Yes 15 Years 6/20/2016 8/31/2031 1 Year Building B ‐ TJ Maxx Roofing/Sheet Metal Carlisle SynTec Systems Yes 15 Years 5/11/2016 8/31/2031 1 Year Price Chopper Sheet Metal Firestone Building Products Yes 20 Years 9/26/2016 9/25/2036 1 Year

37

TENANCY SUMMARY


38

TENANT CREDIT SUMMARY


Tenant Name Base RentPercentage of Base Rental Revenue Expiration Date Industry

Credit Rating

Credit Rating Agency

Annual Sales

Burlington 540,000$ 20.01% 2/28/2026 Apparel Ba2/BB‐ Moody's/S & P $4.46BPrice Chopper 414,712 15.37% 8/31/2031 Grocery Private Private N/ARoss 206,250 7.64% 1/31/2027 Apparel A3/A‐ Moody's/S & P $12.9BFive Below 148,500 5.50% 1/31/2026 Discount Store NR NR $1BCiti Trends 144,000 5.34% 7/31/2020 Apparel NR NR $695MPetco 142,500 5.28% 1/31/2027 Specialty ‐ Pet Supply B2/B Moody's/S & P $2.17BDollar Tree 119,700 4.44% 9/30/2020 Discount ‐ Dollar Store Ba2/BB+ Moody's/S &P $20.7BShoe Carnival 112,840 4.18% 1/31/2027 Apparel NR NR $1BAdvance Auto 112,088 4.15% 7/31/2026 Auto ‐ Parts and Service Baa2/BBB‐ Moody's/S & P $9.57BTJ Maxx 106,050 3.93% 8/31/2026 Apparel A2/A+ Moody's/S & P $33.18BRue 21 100,000 3.71% 1/31/2027 Apparel NR NR $1.14BRainbow 93,750 3.47% 1/31/2022 Apparel NR NR N/AAaron's 66,000 2.45% 12/31/2021 Specialty ‐ Rent to Own NR NR N/ASally Beauty 33,117 1.23% 12/31/2026 Specialty ‐ Women's Products Ba2/BB+ Moody's/S & P $3.8BCricket Wireless 31,458 1.17% 12/31/2020 Electronics ‐ Cellular Service NR NR N/AGNC 27,600 1.02% 8/31/2019 Specialty ‐ Health Products B1 Moody's $2.54B

2,398,565$ 88.88%

39

BALL FOODS – PRICE CHOPPER


The Price Chopper at Truman’s Marketplace has been at its current location for over 30 years. After Ball Foods invested in a multi-million dollar interior renovation 2 years ago, the store now offers new food displays, bright LED lighting, and several conveniences for the modern day shopper.

With 29 grocery store locations across the Kansas City MSA, Ball Foods has become one of the dominant grocers in the market. Operating through Price Chopper, Hen House, and Sun Fresh Markets, Ball foods has had a presence in the marketplace since 1923 after the first grocery store was built in Kansas City, Kansas.

Throughout the company’s history, management has implemented different programs and initiatives to not only compete with other grocers in the area, but position itself to be a market leader. Their Buy Fresh, Buy Local program and CSA (Community Supported Agriculture) insures the grocery stores have the freshest produce to offer through local area farmers. To help the customer fully utilize the benefits of fresh produce, Ball Foods offer nutritional services and cooking classes as well.

Technology will continue to play a very important role in the future of retailing. Most importantly, management expects continued demand for products and services that save time for shoppers, particularly value added prepared foods. He knows the continued competition from giant supercenters demand a heightened focus on service.

“We have to do something better than what the supercenters are doing,” David Ball, a third generation owner/operator says. “We have to offer friendliness and better-trained and educated teammates with product knowledge.”

Price Chopper, Hot, Ready to Eat Meals

40

TENANT SALES


UNDER REVIEW

Dollar Tree Topsy's Anna's Nails Burlington Citi Trends Price Chopper Rue21 Sally Beauty 54th Street Advance Auto Five Below2016January 106,553$ ‐$ ‐$ 431,824$ 82,065$ 1,596,112$ 48,926$ 24,827$ 305,639$ 55,217$ ‐$ February 133,505 ‐ ‐ 655,373 166,234 1,660,392 84,379 27,129 305,639 55,217 ‐ March 192,416 ‐ ‐ 811,594 184,937 1,634,190 113,230 28,885 305,639 55,217 ‐ April 133,998 8,786 ‐ 566,210 125,648 1,290,085 84,429 30,692 305,639 55,217 ‐ May 148,416 17,722 ‐ 625,400 125,443 1,377,177 ‐ 28,729 305,639 55,217 176,988 June 166,081 17,537 ‐ 795,431 165,199 1,470,204 ‐ 27,101 305,639 55,217 168,837 July 124,058 18,061 ‐ 540,972 124,103 1,865,458 ‐ 27,364 305,639 55,217 137,302 August 148,859 17,931 ‐ 627,657 167,184 1,649,340 ‐ 28,853 305,639 55,217 143,956 September 191,911 16,978 ‐ 651,046 138,546 2,610,339 ‐ 28,036 305,639 55,217 118,218 October 160,148 19,064 29,719 634,590 127,357 2,047,464 ‐ 27,824 305,639 55,217 97,257 November 175,252 32,912 25,328 663,621 136,256 2,204,274 ‐ 27,600 305,639 55,217 127,909 December 267,271 181,887 33,392 1,163,159 231,074 2,745,712 ‐ 32,888 305,639 55,217 398,257 Total 1,948,468$ 330,878$ 88,439$ 8,166,877$ 1,774,046$ 22,150,747$ 330,964$ 339,928$ 3,667,668$ 662,604$ 1,368,724$ Total PSF 154.64 N/A N/A 125.78 146.91 339.17 N/A 183.25 788.07 62.07 N/A

Trailing Twelve as of 4/30/17 N/A N/A N/A 7,917,173$ 1,699,464$ 24,903,766$ N/A 352,382$ N/A N/A N/ATrailing Twelve PSF N/A N/A N/A 121.93 140.73 381.32 N/A 189.96 N/A N/A N/A

Tenant BurlingtonSquare Feet 64,930 SFLease Commencement Date 10/2/2015Lease Expiration Date 2/28/2026Term Ten (10) yearsOption Periods Four (4) five (5) year optionGuaranty Burlington Coat Factory Warehouse Corporation

RentYears 1-5 $9.00/SF $540,000.00 * Based on 60,000 SFYears 6-10 $9.50/SF $570,000.00 * Based on 60,000 SF

CAM/Operating Expenses Tenant pays Fixed Operating Cost, first year $1.55/SF based on 60,000 SF, increase every January by 103%

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee NonePercentage Rent 2% of Gross Sales; Break Point Year 1 - 5 $27,000,000.00/year; Year 6 - 10 $28,500,000.00/yearCo-Tenancy Yes, see lease language summary page, or lease abstract provided by brokerTermination None

41

TENANT PROFILE


Tenant Price Chopper – Ball Foods Rentable Square Feet 65,309 SFLease Commencement Date 8/31/2016Lease Expiration Date 8/31/2031Term Fifteen (15) yearsOption Periods Three (3) five (5) year optionGuaranty Associated Wholesale Grocers, Inc. (AWG)

RentYears 1-5 $6.35/SF $414,712.15Years 6-10 $6.60/SF $431,039.40Years 11-15 $6.90/SF $450,632.10

CAM/Operating Expenses Tenant pays prorata share. Subject to cap of $0.25/sf during Years 1-5Real Estate Taxes Tenant pays prorata shareInsurance Included in Operating Costs Administrative Fee 5% of Operating Costs

Percentage Rent 1% of Gross Sales in excess of $41,471,215 for Lease Years 1-5, $43,103,940 for Lease Years 6-10, $45,063,210 for Lease Years 11-15

Co-Tenancy Yes, see lease language summary page, or lease abstract provided by broker

Termination None

42

TENANT PROFILE


Tenant TJ Maxx Rentable Square Feet 21,186 SFLease Commencement Date 8/14/2016Lease Expiration Date 8/31/2026Term Ten (10) yearsOption Periods Four (4) five (5) year optionGuaranty NoneRent Years 1-10 $5.01/SF $106,050.00

CAM/Operating Expenses Tenant pays prorata share. Subject to cap of $1.75/SF based on 20,200 SF for initial year and thereafter 103% of the CAM Cap for the preceding year

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee NoneCo-Tenancy Yes, see lease language summary page, or lease abstract provided by brokerTermination Yes, see lease language summary page, or lease abstract provided by broker

43

TENANT PROFILE


44

TENANT PROFILE


Tenant Ross Dress for Less Rentable Square Feet 25,000 SFLease Commencement Date 8/19/2016Lease Expiration Date 1/31/2027Term Ten (10) yearsOption Periods Four (4) five (5) year optionGuaranty Ross Stores, Inc.

RentYears 1-5 $8.25/SF $206,250.00 *Subject to Temporary Rent Reduction. See Lease AbstractYears 6-10 $10.75/SF $268,749.96

CAM/Operating Expenses Tenant pays prorata shareReal Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee 10% of Common Area Charges(excluding Insurance)Expansion Option Right to expand the size of the Store by up to 3,000 square feet of Leasable Floor Area. See Lease AbstractCo-Tenancy Yes, see lease language summary page, or lease abstract provided by brokerTermination None

Tenant Shoe Carnival Rentable Square Feet 8,060 SFLease Commencement Date 7/1/2016Lease Expiration Date 1/31/2027Term Ten (10) yearsOption Periods Three (3) five (5) year optionGuaranty None

RentYears 1-5 $14.00/SF $112,839.96Years 6-10 $15.00/SF $120,900.00

CAM/Operating Expenses Tenant pays Fixed Operating Cost, during 2016 calendar year $2/SF, increase every January by 103%Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee NoneCo-Tenancy Yes, see lease language summary page, or lease abstract provided by broker

Termination Yes, see lease language summary page, or lease abstract provided by broker

45

TENANT PROFILE


Tenant PetcoRentable Square Feet 12,500 SFLease Commencement Date 6/19/2016Lease Expiration Date 1/31/2027Term Ten (10) yearsOption Periods Three (3) five (5) year optionGuaranty None


CAM/Operating Expenses Tenant pays Fixed Operating Cost, first year $1.50/SF, increase every January 1st of each alternate calendar year by 3%

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee NoneCo-Tenancy Yes, see lease language summary page, or lease abstract provided by brokerTermination None

46

TENANT PROFILE


47

TENANT PROFILE


Tenant Advance AutoRentable Square Feet 10,675 SFLease Commencement Date 8/1/2016Lease Expiration Date 7/31/2026Term Ten (10) years

Option Periods Two (2) five (5) year option

Guaranty N/A

RentYears 1 - 5 $10.50/SF $112,087.50Years 6 – 10 $11.50/SF $122,762.50

CAM/Operating Expenses Tenant pays Fixed Operating Cost, first year $1.65/SF, increase every January by 103% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee Included in CAM chargesPercentage Rent 5% of Gross Sales; Break Point Year 1 - 5 $3,500,000.00/year; Year 6 - 10 $4,000,000.00/yearCo-Tenancy NoneTermination None

Tenant Dollar Tree Rentable Square Feet 12,600 SFLease Commencement Date 8/1/2015Lease Expiration Date 9/30/2020Term Five (5) yearsOption Periods NoneGuaranty N/ARent Years 1-5 $9.50/SF $119,700.00

CAM/Operating Expenses Tenant pays prorata share subject to cap of 5%on a non-cumulative basis for the previous year(excluding utilities, snow and ice removal and insurance)

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee 12% of CAM chargesCo-Tenancy Yes, see lease language summary page, or lease abstract provided by brokerTermination None

48

TENANT PROFILE


Tenant Five BelowRentable Square Feet 9,000 SFLease Commencement Date 5/28/2016Lease Expiration Date 1/31/2026Term Ten (10) yearsOption Periods Two (2) five (5) year optionGuaranty None


CAM/Operating Expenses Tenant pays Fixed Operating Cost, first year $1.55/SF, increase every January by 103% and PRS of Snow Removal Cost

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee Included in Common Area CostsCo-Tenancy Yes, see lease language summary page, or lease abstract provided by broker

Termination None

49

TENANT PROFILE


50

TENANT PROFILE


Tenant Citi Trends Square Feet 12,076 SFStart Date 7/29/2015Expiration Date 7/31/2020Term Five (5) years

Option Periods Two (2) five (5) year option

Guaranty N/A

Rent Years 1-5 $11.92/SF $144,000.00

CAM/Operating Expenses

Tenant pays Fixed Operating Cost, first year $1.65/SF, increase every January by 103% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareCo-Tenancy NoneTermination None

Tenant Aaron’sSquare Feet 6,728 SF (728 SF is additional space from their lease)Start Date 9/26/2016Expiration Date 12/31/2021Term Five (5) yearsOption Periods Two (2) five (5) year optionGuaranty N/A

RentYear 1 – 5 $10.00/SF $60,000.00Year 2 - 5 $8.24/SF $6,000.00 *Addl. PremisesYear 2 - 5 $9.90/SF $66,000.00


T pays Fixed Operating Cost, first year $1.60/SF,increase every January by 5% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareCo-Tenancy NoneTermination None

Tenant Vintage Stock

Square Feet 6,000 SF

Start Date 12/2/2016

Expiration Date 12/31/2021

Term Five (5) years

Option Periods Two (2) five (5) year optionGuaranty Vintage Stock, Inc.

RentYears 1-5 $7.50/SF $45,000.00 * No Rent for first 90 days

CAM/Operating Expenses Tenant pays prorata share

Real Estate Taxes Tenant pays prorata share

Insurance Tenant pays prorata share

Administrative Fee 15% of Tenants PRS of Operating Costs, Insurance and Taxes

Co-Tenancy NoneTermination None

51

TENANT PROFILE


Tenant Rainbow Shops Square Feet 7,500 SFStart Date 2/12/2017Expiration Date 1/31/2022Term Five (5) yearsOption Periods Three (3) five (5) year optionGuaranty NoneRent Years 1-5 $12.50/SF $93,750.00


Tenant pays prorata share. Subject to cap of first Lease Year, $12,000.00 thereafter 5% on a non-cumulative basis (except snow removal)

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata sharePercentage Rent 5% of Gross Sales in excess of Natural Breakpoint



52

TENANT PROFILE


Tenant Anna NailsSquare Feet 1,725 SFStart Date 10/1/2016Expiration Date 12/31/2021Term Five (5) yearsOption Periods One (1) five (5) year optionGuaranty None

RentYears 1-5 $20.00/SF $34,500.00 *Rent abated 50% for 90 days


Tenant pays Fixed Operating Cost, during first calendar year $1.55/SF, increase every January by 105% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata share

Administrative Fee 15% of Uncontrollable Costs, Insurance and Taxes

Percentage Rent 5% of all Gross Sale in excess of Natural Breakpoints


Tenant Lutfi’s Fried FishSquare Feet 1,500 SFStart Date 12/12/2016Expiration Date 12/31/2026Term Ten (10) yearsOption Periods NoneGuaranty None

RentYears 1-3 $20.00/SF $30,000.00Years 4-5 $21.00/SF $31,500.00Years 6-10 $24.00/SF $36,000.00



Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee 15% included of Insurance and Real Estate TaxesPercentage Rent 5% of all Gross Sales in excess of $750,000.00Co-Tenancy NoneTermination None

53

TENANT PROFILE


Tenant Cricket WirelessSquare Feet 1,498 SFStart Date 6/22/2017Expiration Date 12/31/2020Term Three (3) yearsOption Periods One (1) Three (3) year optionGuaranty N/ARent Years 1 - 3 $21.00/SF $31,458.00



Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata share

Administrative Fee 10% of the total of Uncontrollable Costs, RE Taxes and Insurance


Tenant Sally Beauty SupplySquare Feet 1,855 SFStart Date 4/29/2015Expiration Date 12/31/2026Term Eleven (11) yearsGuaranty Sally Holdings, LLC

RentYears 1 $13.00/SF $22,659.96 *1,743 SFYears 2-11 $19.00/SF $33,117.96


Fixed Operating Cost, on 2015 calendar year $2/SF, increase every January by 105% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee NoneMarketing Charge Lease Year 1, $1.00/SF and increasing by 5%.

Percentage Rent 3.5% of all Gross Sales in excess of Natural Breakpoints


Termination None

54

TENANT PROFILE


Tenant rue21Square Feet 7,000 SFStart Date 8/18/2016Expiration Date 1/31/2027Term Ten (10) yearsOption Periods One (1) five (5) year optionRent Per Amend. Years 1 - 4 $100,000 $14.29/SF (Gross)

Year 5 $111,860 $15.98/SFYear 6 $115,220 $16.46/SFYear 7 $118,720 $16.96/SFYear 8 $122,220 $17.46/SFYear 9 $125,930 $17.99/SFYear 10 $129,710 $18.53/SF

Real Estate Taxes None – Gross Lease

Percentage Rent 6% of all Gross Sales in excess of NaturalBreakpoints



Tenant Easy Street, Inc. d/b/a Topsy'sRentable Square Feet 1,021 SFPro Rata Share See Lease AbstractLease Commencement Date 4/29/2016Lease Expiration Date 12/31/2021Term Five (5) yearsOption Periods NoneGuaranty Frank Buchhorn and Gail Buchhorn

RentYears 1-5$ 20.57/SF $21,000.00*Based on 600 SF

CAM/Operating Expenses NoneReal Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareMarketing Fund $200.00 per yearCo-Tenancy NoneTermination None

55

TENANT PROFILE


Tenant Octavia Wright d/b/a Threadz ClothingSquare Feet 1,595 SFPro Rata Share Prorata share of NNN charges is based on 600 SFStart Date 10/29/2016Expiration Date 12/31/2021Term Five (5) yearsOption Periods NoneGuaranty Octavia Wright and Tarron AkinsRent Years 1-5 $19.75/SF $31,501.25 CAM/Operating Expenses

First calendar year $2.05/SF, increase by 105% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee 15% of Uncontrollable Costs, Insurance and Taxes

Percentage Rent 5% of all Gross Sales in excess of Natural Breakpoints

Co-Tenancy None

Termination None

Tenant Kellan Restaurant Management, Corp. d/b/a 54th Street Grill & Bar

Location Lot 5Square Feet 4,954 SF

Pro Rata Share Snow Removal – 100% and Insurance See LeaseAbstraction

Start Date 4/29/2015

Expiration Date 4/30/2020Term Five (5) yearsOption Periods Three (3) five (5) year optionGuaranty Thomas Norsworthy

Rent Years 1-5 $120,000/Year Ground Lease


Tenant pays Fixed Operating Cost, first year $2.5/SF, increase every January by 105% and 100% of Snow Removal Cost

Real Estate Taxes Tenant pays directlyInsurance Tenant pays prorata shareCo-Tenancy NoneTermination None

56

TENANT PROFILE


Tenant L.C. Bar B Que, LLC d/b/a LC's BBQLocation C-8Square Feet 4,496 SFPro Rata Share See Lease AbstractionStart Date 9/1/2017Expiration Date 12/31/2027Term Ten (10) yearsOption Periods NoneGuaranty L.C. Richardson

RentYears 1 $11.60/SF $52,153.60Years 2 – 6 $16.35/SF $73,509.60Years 7 – 10 $17.90/SF $80,478.40


First year $1.50/SF, increase every January by 105% and PRS of Uncontrollable Costs

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareAdministrative Fee 15% of Uncontrollable Costs, RE Taxes and Insurance

Percentage Rent 5% of all Gross Sales,. Break Point - Years 1 – 5: $1,700,000.00/year; Years 6 – 10:$2,000,000.00/year

Marketing Charge first year $1.50/SF, increase every January 1st by 5% Co-Tenancy NoneTermination None

Tenant Platinum Men’sSquare Feet 2,909Start Date 2/27/2017Expiration Date 12/31/2020Term 3 YearsOption Periods 2 (1) year Guaranty Marvin JacksonRent Years 1-3 $6.19/SF $18,006.71CAM/Operating Expenses

First calendar year $1.60/SF, increase by 5% of Tenant’s operating costs

Real Estate Taxes Tenant pays prorate shareInsurance Tenant pays prorate share

Administrative Fee 15% of Uncontrollable Costs, Insurance and Taxes

Percentage Rent None

Co-Tenancy None

Termination None

Tenant Partners in Primary Care d/b/a Humana Health Rentable Square Feet 8,000 SFLease Commencement Date TBD (in lease negotiation)Lease Expiration Date TBD (in lease negotiation)Term Ten (10) yearsOption Periods Two (2) three (3) year optionsGuaranty None


CAM/Operating Expenses Tenant shall pay $1.60/SF not to exceed 103.5% of Tenant’s operating costs for the proceeding year; tenant responsible for prorata share of common areas “Uncontrollable Costs”

Real Estate Taxes Tenant pays prorata shareInsurance Tenant pays prorata shareConstruction Allowance $20.00/SFAdministrative Fee 15% of Tenant’s Operating Costs Distribution Landlord Responsibilities Roof and Structure

Right of First Offer In the event Landlord desires to sell the premises, Landlord shall notify tenant of Landlord’s asking price,


57

TENANT PROFILE


58

NATIONAL HISTORIC SITE – PRESIDENT TRUMAN’S FARM HOME


HISTORY AND RENOVATIONUpon becoming President, the family home in Grandview became the focus of much attention, asthe American people had a deep desire to know more about their new president. In the summerof 1945 the family’s home was the focus of a beautification project, which included painting it abeautiful white. From 1945 to 1953, while Harry Truman served as President of the United States,he and his family would often return to the “Summer White House” in Grandview.

Starting in July, 2017, a special project will begin to repair and replace compromised wood withevery effort to save as much historic fabric as possible. The project is expected to last into themiddle of September. When finished, 219 North Delaware Street will shine like it did in thesummer of 1945, when Harry Truman made his first visit home as President of the United States.

ECONOMIC IMPACTA new National Park Service (NPS) report shows that over 34,616 tourists visited the Harry S Truman National Historic Site in 2016 and spent over $3,000,000 in communities near the park.

President Truman’s Farm Home

President Truman dedicates current site of Truman’s Marketplace

OUR TEAM

59

CHARLES V. VAN CAMPANALYSTCharlie Van Camp graduated from Central Michigan University in 2011 with a Bachelor of Science degree in Finance. For the last three years, Charlie worked atBedrock Detroit underwriting over 30 commercial acquisitions and financings valued at over $150 million in financing. This experience helped him gain extensiveknowledge in underwriting and managing a pipeline of complex mixed-use investment transactions. Now at Landmark, Charlie underwrites investment propertiesacross all property types and provides pricing guidance and valuations for the Investment Sales [email protected]

DANIEL H. KUKESPRINCIPALDaniel Kukes is a Principal and Co-Founder of Landmark Investment Sales. Daniel specializes in the sale of retail shopping centers, medical office, and single tenantnet lease investment properties across all property types. He currently represents some of the nation’s largest institutional real estate funds, private equity group,and high net worth investors in acquiring and listing investment properties all over the country. Since 2010, Daniel has closed deals totaling over 6,500,000 SF valuedat over $750,000,000. Daniel joined Landmark in 2009 as an Associate Broker. He began his real estate career at NAI Farbman where he focused on shopping centerleasing and retail tenant representation. After five years at NAI Farbman, Daniel joined DAP Investments as a partner responsible for retail development, acquisitionsand leasing. While there, he developed several single tenant and shopping center projects in Michigan and Illinois. Daniel is a graduate of Michigan State Universitywith a Bachelor of Arts degree in Pre-Law & [email protected]

KEVIN J. BAKERPRINCIPALKevin Baker is a Principal and Co-Founder of Landmark Investment Sales. Kevin specializes in the sale of retail shopping centers and single tenant net lease investmentproperties across all property types. He currently represents some of the nation’s largest institutional funds, private equity funds, and high net worth investors inlisting investment properties all over the country. Since 2010, Kevin has closed deals totaling over 6,500,000 SF valued at over $750,000,000. Prior to 2010, Kevinworked extensively at Landmark as a broker specializing in tenant representation and landlord representation completing in excess of 100 lease & sale transactions.Kevin joined Landmark in 2005 as a Sales Associate. Prior to Landmark, Kevin attended Michigan State University and University of Michigan-Dearborn where hestudied finance. Kevin began his real estate career in 2001 when he founded Baker Real Estate Holdings, specializing in acquisition and management of a studenthousing portfolio at Michigan State [email protected]

JASON M. GREENSPANASSOCIATEJason Greenspan graduated from The University of Michigan in 2012 with a Bachelor of Arts degree in Political Science and Sociology. Jason also received a JurisDoctor in 2015 from Michigan State University College of Law where he concentrated in business and corporations. He passed the Michigan Bar Examination in July2015. Starting in 2011, and while in law school, Jason interned at Landmark Investment Sales identifying, sourcing, and underwriting investment grade properties. Asan intern, Jason has successfully participated in the closing of over $40,000,000 in single tenant and power center closings all across the country. With law schoolbehind him and four years of experience in real estate investments sales, Jason has earned a full time Associate salesman position in Landmark’s growing Investmentdivision. Jason specializes in the representation of buyers and sellers of institutional grade single tenant properties, high profile unanchored retail centers, groceryanchored centers, and power [email protected]


Truman's Marketplace-Grandview, MO OM (3) [Read...

Documents

Transcript of Truman's Marketplace-Grandview, MO OM (3) [Read...