Former Sears Department Store9501 Arlington ExpresswayJACKSONVILLE, FLORIDA

Exclusive Listing

CONFIDENTIAL MEMORANDUM AND DISCLAIMER9501 Arlington Expressway, Jacksonville, Florida (“Property”) is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Cushman & Wakefield of Florida, LLC, as a “Registered Potential Investor”. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum.

The enclosed materials were prepared on September 1, 2016 and are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.

Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserve the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price, or other terms prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.

Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation, and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property have been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations there-under have been satisfied or waived.

By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Cushman & Wakefield of Florida, LLC.

REAL ESTATE BROKER’S DISCLOSUREAll parties to real estate transactions should be aware of the health liability and economic impact of environmental factors on real estate. Cushman & Wakefield of Florida, LLC. does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualified environmental

professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs and other contaminant or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of the building or may be present as a result of the previous activities at the Property. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/ or building inspection.

Various federal, state and local authorities have enacted laws and regulations dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. If hazardous or toxic substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.

Cushman & Wakefield of Florida, LLC makes no representation and assumes no obligation regarding the presence or absence of toxic or hazardous waste or substances or other undesirable materials on or about any property ultimately sold. It is solely the responsibility of the potential investor to conduct investigations to determine the presence of such materials.

Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities may present health risks to persons who are exposed to it over time. Additional information regarding radon and radon testing may be obtained from your county public health unit.

The Americans with Disabilities Act is intended to make many business establishments equally accessible to persons with a variety of disabilities; modifications to real property may be required. State and local laws also may mandate changes. Cushman & Wakefield of Florida, LLC is not qualified to advise you as to what, if any, changes may be required now, or in the future. Any Registered Potential Investor should consult the attorneys and qualified design professionals of their choice for information regarding these matters.

If you have no interest in the Property at this time, please return this Offering Memorandum immediately to:

JULIE BOHN HOWARD, DirectorCushman & Wakefield of Florida, LLCjulie.bohn@cushwake.com+1 904 380 8332

DISCLAIMER

INVESTMENT SUMMARY

Address 9501 Arlington Expressway Jacksonville, Florida

Price $4,500,000

Building Size (SF) ±200,000

Price/SF Building = $22.50 Land = $5.74

Site Size (SF/AC) 784,080 / 18.00

PIN 123028-0300

Taxes 2017 (Inc. STMW) $80,823

Assessed Value 2017 $3,641,187

Type of Ownership Fee Simple

BUILDING SUMMARY

Year Built 1981

Stories Two

Building Height (Ft) 36

Floor Height (Ft) 18

Column Spacing (Ft) 25

Exterior-Structural/Roof Brick-Concrete-Steel Frame/TPO

Interior/Floor Drywall/ Tile and Carpet

Electrical/Mechanical Functional

Rollup Delivery Doors Dock-high= 7; Grade/Drive-in= 2

Main Entrance Points Three (North, West, South of property)

SITE SUMMARY

Zoning CCG-1

Parking Paved and Striped

Infrastructure In place from previous use

Previous Use Retail Department StorePotential Uses Big Box Retailer, Office, Mixed-Use, Retail/Flex,

Showroom/Flex, Institutional, Ecommerce, Call Center, Data Center, Self-Storage, Technical School, Church

Investment Overview

As exclusive broker, Cushman and Wakefield of Florida,LLC is pleased to present for sale the Sears site, a 200,000+/- square foot department store in the Regency CenterMall in Jacksonville, Florida. The property benefits from an18-acre site plan with ample paved parking situated inclose proximity to Home Depot, Lowes, Target and theAMC Theaters.

Situated just 10 miles from Atlantic Beach and 5 miles fromDowntown Jacksonville, the property is strategicallypositioned with excellent access and exposure to AtlanticBoulevard, Southside Boulevard Connector, ArlingtonExpressway and Interstate 295.

14,500 AADT

28,0

00

AA

DT

Area Map

Cushman & Wakefield | Sears

18 Acres

Dillard's

JC Penney

Mon

umen

t Roa

d-24

,500

AAD

T

Regency Square Boulevard-10,000 AADT

Regency Square Mall Site Plan

Subject200,000 SF

Listed: $4.5M$22.50/SF

Recent activity in the Regency Square Mall includes: • Previous Belk’s department store consisting of 191,000 square feet sold to

Impact Church for $7M, or $37/SF in August 2016. The Impact Center willbecome the international headquarters for the entity which has a total of 11locations. Build-out has begun.

Former Montgomery

Ward115,000 SFListed: $8M

$70/SF

• Former Montgomery Ward store consisting of 115,000 square feetcurrently listed for $8,000,000, or $80/SF, and for lease at $8.75/SF.

• Dillard’s and JC Penny are open and operational. The east wing of themall has standard retail tenants as shown above. The west wing of themall is generally vacant.

Former Belk/

Impact ChurchCenter

191,000 SFSold: $7M

$37/SF

Auntie Anne’s

Victoria Secrets

Kids Foot LockerGame

Stop

Food Court

Kay Jewelers

AMC Regency

24

Lens Crafters

Cushman & Wakefield | Sears

Sears Site Plan

Cushman & Wakefield | Sears

Sears Aerial Site Plan

Cushman & Wakefield | Sears

Floor Plan - First Floor

Cushman & Wakefield | Sears

Floor Plan - Second Floor

Property Photos

Market Location Map

Cushman & Wakefield | Sears

Arlington Submarket Retail Office Industrial Multi Family2018 2018 2018 2018

# Buildings 437 209 86 112

Total RBA (SF/ Units) 7,978,000 1,537,000 1,019,000 19,045

Vacancy % 4.2% 10.1% 1.6% 7.7%

Under Construction Inventory (SF) 16,000 11,000 8,000 -

Quoted Rates (SF/ Units) $11.68 $16.35 $7.85 $931.00

*Costar Stats

Submarket Overview

• Regency Plaza consisting of 205,700 BSF including 18.4 acres sold for $10.8M or $52.50/BSF in May-2018. The center was built in 1973 consisting of anchor tenants, OfficeMax and Burlington Stores Inc. (0.6 miles to subject)

• Harry Pepper Office Building consisting of 36,000 BSF including 2.44 acres sold for $2.7M or $75/BSF in May-2018. Main tenant is an engineering firm. (0.5 miles)

• CB Square Shopping Center added new tenants Aldi grocery and Ashley Home store in 2018. Aldi will occupy 26,000 BSF with a build-out investment of $1M. Ashley Furniture will occupy 35,520 BSF with $343,000 estimated in investment. (0.7 miles)

• MF Developer Rich Properties LLC buys 28.25 acre site with 378-units planned for $3.5M or $9,250 per unit in Dec-2017. Apartment complex to be called Ibis Pointe Apartments located at 9150 Lone Star Road. (2.0 miles)

• Regency Court Shopping Center consisting of 220,000 BSF including 17 acres sold for $5M or $23/BSF in Nov-2017. The 11 building were built from 1973 to 1985, which the owner intends to invest $12.6M in renovations. Existing tenants include Rooms to Go, Lumber Liquidators, and Longhorn. New tenant, Family Fun Zone, will occupy 30,000 BSF in 2018. (0.1 Miles)

• DR Horton and Lennar building 336 single family homes in Mill Creek West and Mill Creek North, respectively. (1.1 miles)

REGENCY SUBMARKET OVERVIEW

Cushman & Wakefield | Sears

Jacksonville Market Overview

9thHottest City for Tech JobsZipRecruiter, June 2017

#7Best City For Job Seekers

Money, May 2017

#5Fastest Growing City in

America Forbes, Feb 2017

1,504,980total population

with an average household income of $74,718

21,096jobs added

in 2017

#2 Most Up-and-Coming City in

America - Time, Oct 2017

Top 50Best Places to Live in

the USA- US News and World

Report, Feb 2017

Jacksonville MSA Employment Growth12-month change May 2018

21,096 Jobs Added2.7% Job Increase / 3.2% Unemployment713,500 (rounded) Total Non-Farm Jobs

Jacksonville Population Growth8.4% Population Increase (5 Year 2017-2022)

1,504,980 Total Population

*Sources C&W Research, U.S. Bureau Labor Stats, Moody's, Alteryx,Florida Department of Economic Opportunity (FDEO)

Cushman & Wakefield | Sears

2017A 1 MILE 3 MILE 5 MILE

Employees 7,760 33,419 106,050

Total Population 6,302 79,672 207,657

Total Households 2,732 31,172 80,484

HOUSING UNITS

Total Housing Units 3,143 34,978 89,564

Occupied Housing Units 86.9% 89.1% 89.9%

Vacant Housing Units 13.1% 10.9% 10.1%

HOUSEHOLD INCOME

Average Household Income $48,129 $56,771 $65,034

Median Household Income $36,338 $43,201 $47,687

Per Capita Income $21,049 $22,302 $25,508

POPULATION TREND

2000 6,287 74,815 173,942,

2010 5,881 74,980 194,953

Change 2000 to 2010 -6.5% 0.2% 12.1%

2017A 6,302 79,672 207,657

2022 6,045 83,284 220,260

Change 2017A to 2022 -4.1% 4.5% 6.1%

9501 Arlington Expy Jacksonville, FL

1 mile

3 miles

5 miles

Demographics

CUSHMAN & WAKEFIELD of FLORIDA, LLC121 West Forsyth Street, Suite 900Jacksonville, Florida 32202+1 904 731 9500

JULIE BOHN HOWARDDirectorCushman & Wakefield julie.bohn@cushwake.com+1 904 380 8332Mobile +1 904 859 2911

cushmanwakefield.com

©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE.