MARKET LEADING RETAIL ADVISORY & BROKERAGE SERVICES

Market Leading Retail Advisory & Brokerage Services

REAL ESTATE IS NOT A COMMODITY

At Faris Lee we never treat real estate like a commodity. Retail, in particular, is uniquely complex. It’s decidedly tenant-driven and completely location-driven. That is why we established a collaborative and highly creative culture — to set the industry standard in retail investment and client service. Whether advising on a single asset or large portfolio, Faris Lee brings top-level expertise to every aspect of the transaction, providing our clients with strategy, execution, and results that are unmatched by any other retail-specialized group in the nation.

One Team – One Company, moving markets and maximizing value.

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Value MaxiMizing StrategieS and SolutionS at each Stage of the tranSaction

Faris Lee Investments’ integrated investment services platform, which incorporates comprehensive real estate investment sales expertise, investment banking, and capital markets intelligence, is designed to protect, enhance, and create value. Our clients benefit from our financial counsel and ability to produce customized marketing programs to achieve the best outcome, no matter the level of complexity. When we discuss the strategy for a retail portfolio or single asset, we don’t just provide an historical analysis, we dig deeper, investigating the street-level financial and operational characteristics that will change market perception and in turn, create value.

Many factors make retail properties a superior investment choice. There are also many factors that make them a highly complex investment that demands a skilled team of financial and transactional experts.

OUR PLATFORMOne Team – One Company

InstitutionalServices

InvestorFaris Lee is unique in providing a very high level of integrated financial and marketing processes.

Adam MillerManaging Principal - Lubert-Adler

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» Advisory Services

» Recapitalization

» Loan Restructuring

» Discounted Loan Payoff

» Note Sales

» Merchant Banking

Debt Program » Senior Debt

» Mezzanine Debt

» Bridge Loans

Equity Capital » Equity

» Preferred Equity

» Rescue Equity

FINANCE

» Investment Advisory

» Property Valuation

» Appraisal Review

» Acquisition and Disposition Services

» Transaction Management and Execution

» Financial Analytics and Engineering

» Lease Abstracts/Lease Audits

» Equity Placement

» Financing

» 1031/1033 Exchange Planning

» Market Research

PRIVATE CLIENT

» Portfolio Valuation

» Portfolio Optimization

» Acquisition and Disposition Strategies

» Agency Execution

» Distressed Asset Disposition

» Restructuring and Recapitalization

» Merchant Banking

» Proforma and Financial Analysis

» Corporate Sale Leaseback

» Research and Consulting

» Finance Private Capital

» Investment Banking Capital Advisors

INSTITUTIONAL SERVICES

SEAMLESS INTEGRATION OF FUNCTIONAL EXPERTISEMinds Moving Markets

» Value Add Redevelopment

» Reposition & Re-Merchandise

» Merchant Banking (Co-Invest)

» Asset Management

» Operational Audits

» Construction Management

» Concept & Feasibility Analysis

» Proforma & Financial Analysis

» Design & Development

INVESTOR SERVICES

» Investments

» Insurance and Annuities

» Wealth Planning

» Trust Services

» Estate Planning

» Retirement Solutions

» Research

WEALTH MANAGEMENT

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When you work with Faris Lee Investments, you gain from a powerful organization comprised of senior level advisors and a resource team solely dedicated to retail investment. In fact, we engineer our teams to fit the project and client, providing best in class service at all levels. We provide a hands-on, street-level, collaborative approach to marketing that goes beyond the expected to researching, analyzing, and targeting the best investors. Our expertise lies in identifying the property’s potential, working to demonstrate the existing and future value to prospective buyers throughout the marketing process.

ONE TEAM – ONE COMPANY

We employ a collaborative problem-solving process as a company, versus individually, which provides our clients better solutions, conclusions, and recommendations. It’s how we’ve accumulated billions of dollars and thousands of deals in transactional experience and the industry’s highest percentage closing record.

CLIENT OBJECTIVES & RISK TOLERANCE REVIEW

FINANCIAL & PROPERTY LEVEL EVALUATION

MARKET ASSESSMENTLEAD & LAG INDICATORS

» Assemble local, regional, national team

» Bring together financial and transactional intelligence and expertise

» Leverage investment banking, capital, and advisory services to the benefit of property and client

Structure Solves Complexity & Maximizes Value

“From the underwriting, through the marketing and escrow process, Faris Lee actively managed every aspect of the transaction, which increased my confidence and resulted in a timely close of escrow.”

Ron SonntagPortfolio Leader - Sabal Financial

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Integrating the Best Minds, Functional Expertise, Industry Experience, and Market Knowledge

Investment Advisory Committee: » Senior level retail leaders

collaborate to evaluate and create customized strategy.

Financial Services: » Financial control throughout the

deal brings certainty of execution.

» Team leverages financial experience and relationships to maximize value.

Resource Team: » Comprehensive and integrated

marketing resource team provides financial analytics, research, and accelerated marketing strategies incorporating advertising and promotion. Client benefits from access to our proprietary database.

» Billions of Dollars and Thousands of Deals in Transactional Experience

» Highest Percentage Closing Record in the Industry

» Proactive, Strategic, and Focused Involvement During Escrow

» Highest Level of Expertise in Every Deal Throughout the Entire Process

» Ability to Overcome Environmental, Tenant, Construction, and Appraisal Issues

» Able to Tap into Every Investment Advisory Committee Member On Each Deal

PROPERTY PROFIT

FINANCE PROFIT

MARKETING PROFIT

POWERFULRESULTS

VALUEMAXIMIZED

WE PROTECT, ENHANCE, AND CREATE VALUE

PROJECTRECOMMENDATION EXECUTION

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In working with Faris Lee Investments, we were able to view the market through their eyes and see all the possibilities. Their approach allowed PCCP to maximize value in the execution.

Faris Lee has provided a fully comprehensive and strategic advisory to our firm over the years.

Michael WrightExecutive Vice President - A&B Properties, Inc.

Our customized integrated solutions, financial counsel, and commitment to long-term relationships gives our clients a unique advantage. Over the years, Faris Lee has been recognized for its leading-edge retail investment marketing strategies, financial insight, and distinct collaborative team culture. No matter the client’s goals and objectives, we can deliver the right balance of financial, transactional, and operational expertise to achieve superior results.

SETTING THE STANDARD

We’re known for our innovative deal matching that connects buyers and sellers. We also specialize in creative solutions including: lease structuring, development advisory, break up and pre-sale strategies, among others.

Nick ColonnaPartner - PCCP, LLC

Retail Re-Engineered

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We have worked on many projects with Faris Lee, and they are first-class advisors and brokers.

Ed CoppolaPresident - Macerich

Our Offer: Protect, Enhance, and Create Value

Business Principles » The client’s best interest is our paramount objective and concern.

» We are committed, responsible, and accountable to the success of our clients, Faris Lee Investments, and each other.

» We treat each other with integrity, dignity, and respect.

» We share openly and completely for the benefit of our clients and each other.

» We are committed to superior quality standards and excellence in all that we do.

» We are committed to deliver the best of our firm to every client and each project, every time.

OUR FOUNDATION

We’ve built a highly collaborative organization and culture of excellence fully committed to delivering on our promises and principles.

Bill OhlsenSenior Vice President - LNR Partners, LLC

Faris Lee has a proven track record for strategically tapping into both institutional and private buyer pools.

Protecting Value – Delivering on Commitments

THE TEAM

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RICHARD W. CHICHESTERPresident and Chief Executive Officer

As President and Chief Executive Officer of Faris Lee Investments, Mr. Chichester is responsible for overseeing the development and execution of the firm’s business strategies, and managing its day-to-day operations.

A 30-year real estate industry veteran, Mr. Chichester is a commercial real estate executive, successful at building corporate value and improving profitability through market expansion and development, process re-engineering, business development, cost containment, client base management, and corporate positioning. His core competencies are focused on accelerated growth and/or turnaround that emphasize stabilization and revitalization strategies, and strong financial management.

Mr. Chichester excels at maximizing market opportunities, optimizing operational performance, and increasing market and client share. Prior to joining Faris Lee Investments, Mr. Chichester served as president of Colliers International, North America where he delivered more than $1.9 billion in total revenues. During his tenure he expanded the firm’s platform into a top four “global” real estate company.

OUR TEAMIn-depth Industry Experience

PATTY CHINChief Financial Officer » 15 years of accounting, tax and finance experience

» Responsible for all financial and accounting matters of the company

» Extensive commercial real estate experience in 1031 trades, partnership structuring and TIC ownership

» Served as senior management team of Faris Lee Investments for over 10 years

EXECUTIVE COMMITTEECHAD OWENSVice President of Operations » 15 year career in commercial real estate » Responsible to plan, manage, execute, and finalize all projects

» Liaise with Business Lines, Senior Management, and the client to ensure all activities are aligned for seamless execution

» Extensive background in capital markets

SARAH SPATAROVice President of Marketing and Communications » 17 years as a marketing professional » Responsible for the planning and execution of strategic marketing initiatives for the company

» Extensive experience marketing services in the B2B sector

» Strategic branding and positioning experience in the software, investment banking, medical and franchising industries

ABOUT USWe’ve Always Been Different

Faris Lee was founded in 1996 on the belief there was a place in the industry for a firm with a commitment to openness, transparency, and a willingness to share ideas. At the time, these basic tenets were different from the norm and continue to be so today.

In any market, up or down, Faris Lee has continued to rely on forward-thinking, market expertise, collaborative teamwork and creative insight to deliver outstanding value to our clients.

Operating with a highly skilled, deeply experienced team of retail specialists, we’ve closed thousands of deals worth billions of dollars, achieving the industry’s highest percentage closing record. Today, Faris Lee is one of the leading retail real estate advisory firms in the nation.

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» 21 years of commercial real estate expertise covering all facets of the industry

» Extensive experience in leasing, investment sales, development, land sales, tenant representation, and consulting

» Transaction experience in most Western US markets, with a network of major developers, retailers and restaurants

» 17 year career in commercial real estate » Former principal of Burnham Real Estate NV, LLC and RL Moore & Associates

» Expertise includes single tenant, multi-tenant, anchored, lifestyle and core assets, as well as, buyer representation

» Directly responsible for over 500 commercial transactions

» 12 year Career in Commercial Real Estate » $1 billion in transactions » Specializes in Investment Advisory Services including Anchored Retail Shopping Centers, Mixed-Use Projects, Single Tenant Investments, and Portfolio Sales

» Recent and Noteworthy closings include: The District Henderson, NV $79.3M; Forever 21 Montebello, CA $20.7M; Aliso Viejo Town Center – Aliso Viejo, CA $6.7M

» Involved in over $500 million in transactions since 2005 » Acquisition, disposition, and advisory services » Expertise in single tenant, non-anchored and anchored retail centers, sale leasebacks, and portfolio sales

» Noteworthy assignments include: $150M Ruby Tuesday, Inc. Portfolio, Kohl’s Net Leased Portfolio for $52M, and the Lahaina Gateway Center Sale for $32M

» 30 plus year career in brokerage, development, and financing » Third generation Las Vegas native » Former principal of RL Moore & Associates, and chairman of the board of Frontier Savings

» Noteworthy assignments include: The District, Henderson, NV - $79.3 million; Desert / Cedar Portfolio Sale, Las Vegas, NV - $43 million

» 25 year career in commercial real estate » Over $7 billion in closings/sales volume » Specializes in the advisory & disposition of Retail STNL Investments, National Portfolios, Sale Leasebacks, and Multi-Tenant Shopping Centers

» Recent record-setting transactions include: Marbella Plaza, San Juan Capistrano, CA ($30 million / 5.5% Cap), and Home Depot, Bakersfield, CA - 5.0% Cap

» Began commercial real estate career in 1993 » Advisor to retail property investors since 1998 » $1.9 billion in transactions » Specializes in strip center and single tenant investment sales » Brokered the $64 million sale of Best Plaza in Cerritos, CA » Client profiles include private developers and investors, as well as gatekeepers for high net worth individuals and family trusts

INVESTMENT ADVISORY COMMITTEE

» 29 year career in commercial real estate investments » Over 300 sale transactions - $3.5 Billion » Directs the firm’s major disposition assignments, including: The District, Henderson; NV - $79.3M, SouthBay Pavilion - $50M; Gateway Village - $66M, AIG Portfolio - $200M, Torrance Crossroads - $133M

» Works with REITs, Pension Funds, Developers, Equity Funds, and Investment Companies

» Founding member of Faris Lee Investments » Recently recognized as a 2012 “40 Under 40” selection by National Real Estate Investor

» 16 year career in commercial real estate » Successful completion of over $1.8 billion in dispositions, acquisitions, and advisory assignment use related properties

» Individual and portfolio disposition, acquisition, and advisory

DONALD J. MACLELLANSenior Managing Partner

MATTHEW MOUSAVISenior Managing Director

LISA M. BRADYManaging Director

CHRISTOPHER W. TRAMONTANOManaging Director

SHAUN D. RILEYSenior Managing Director

ROBERT L. MOORESenior Managing Director

NICHOLAS COOSenior Managing Director

JEFF B. CONOVERSenior Managing Director

CHRIS DEPIERROManaging Director

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» Specializes in the sale of single tenant NNN leased investments, and the advisory and execution of sale leaseback transactions on behalf of merchant developers, institutional and private investors, and franchisees and corporate operators

» 8 Years transactional brokerage experience » Completed individual & portfolio sales in over 20 states » Licensed in California, Arizona, and Nevada

» 16 year career in commercial real estate » Background in acquisitions, dispositions, development, investment sales, and advisory services

» Specializes in investment sales of existing and redevelopment opportunities for multi-tenant retail and mixed-use properties

INVESTMENT ADVISORY COMMITTEE

» 10 years of real estate experience » Participated in over 1,000 escrow closings » Background includes loan origination, wholesale banking, multi-family, and retail investment advisory

» Specializes in Retail Single Tenant NNN, Multi-Tenant, and portfolio investment sales

TRADING DESK

» 7 years of commercial real estate experience » Involved in over $315MM worth of transactions » Principal background in acquisitions/dispositions and asset management at both institutional and private offices

» Specializing in investment advisory on anchored/non-anchored centers, mixed-use product, strip centers, and single tenant assets

JOSEPH CHICHESTERAssociate Investment Advisor » 4 year career in commercial real estate » Extensive knowledge of the due diligence and underwriting » Supported & participated in transactions valuing over $500 million » Specializes in advisory services including anchored and non-anchored retail, single tenant, and portfolio transactions

» Supported & involved in over $1 Billion in retail transactions » Extensive experience in due diligence and underwriting » Specializes in advisory services including anchored and non-anchored retail, single tenant, and portfolio transactions

» Recent record-setting transactions include: US Bank (4.06% Cap), Jack in the Box (5.0% Cap), and Kenneth Village

THOMAS CHICHESTERDirector

RYAN TOMKINSManaging Director

JOHN REDFIELDDirector

PATRICK LUTHERManaging Director

MIKE WARDManaging Director

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RESOURCE TEAM

ACCESSManaging a proprietary database of active retail buyers, institutional investors, 1031/1033 exchange buyers, international investors, active principals, co-op brokers, and apartment owners.

WILLIAM TRINHBusiness Analyst Team Leader

INTELLIGENCEMore than 30 staff members dedicated to providing comprehensive financial analytics, research, and marketing.

STRATEGYAnalysis of long-term goals and return requirements, acquisition and disposition strategies, structured debt and equity for high net worth clients.

Accelerating Market Strategies

In addition to Marketing and Analytics Team Leaders, we have more than 30 professionals dedicated to providing comprehensive financial analytics, research, and marketing.

SCOTT DEYOUNGBusiness Analyst Team Leader

CYNTHIA KNIGHTONGraphic Design Team Leader

ERIN STIEBERFinancial Services Team Leader

BRYCE FENNELLBusiness Analyst Team Leader

PUA SZE YUENMarketing Coordinator

SARAH SPATAROVice President of Marketing and Communications

MANI DILMAGANYVice President of Finance & Business Analytics

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City of Industry, CA; Puente Hills Mall $170,500,000 9 States, RUBY TUESDAY PORTFOLIO $150,000,000 Torrance, CA; Torrance Crossroads $138,000,000 Nationwide, Albertsons Portfolio $101,000,000 Mount Olive, NJ; ITC Center $85,100,000 Henderson, NV; The District $79,300,000 CVS & Walgreens Portfolio $69,000,000 Santa Clarita, CA; Gateway Village $66,415,000 Valencia, CA; Gateway Village $66,415,000 Chino Hills, CA; Crossroads Marketplace $62,000,000 Atlanta, GA; Cobb Place $61,000,000 Cerritos, CA; Best Plaza $57,000,000 Rancho Cucamonga, CA; Foothill Crossing $54,000,000 Kohl’s Portfolio - 5 Properties $52,700,000 Everett, WA; Everett Mall $50,200,000 Aliso Viejo, CA; Aliso Viejo Town Center $50,000,000 Carson, CA; South Bay Pavilion $50,000,000 Santa Clarita, CA; Centre Point Marketplace - Whole $47,200,000 Long Beach, CA; Long Beach Marketplace $44,300,000 City of Industry, CA; Plaza at Puente Hills $44,000,000 Olathe, KS; Olathe Station Center $44,000,000 East Wenatchee, WA; Wenatchee Valley Mall $43,020,000 Simi Valley, CA; Mountaingate Plaza $39,600,000 Hacienda Heights, CA; Hacienda Center $39,300,000 Aliso Viejo, CA; Shops at Aliso Viejo Town Center $39,000,000 Palm Desert, CA; Desert Springs Marketplace $38,250,000 Wellington/Antioch, TN; Lexington/Louisville, KY; LA Fitness Portfolio $35,901,052 San Jose, CA; Plaza de San Jose $34,000,000 Denver, CO; The Great Indoors $33,700,000 Birmingham, AL; Village at Lee Branch $33,535,000 City of Industry, CA; Plaza at Puente Hills $33,205,000 Kauai, HI; Kauai Village $33,000,000 Cincinnati, OH; Kenwood Pavillion & Kenwood City Place $32,035,000 Lahaina, HI; Lahaina Gateway $32,000,000 Valencia, CA; Tesoro Village Shopping Center $31,000,000

Anderson, SC; Shops $30,300,000 Waianae, HI; Waianae Mall $29,762,728 San Juan Capistrano, CA; Marbella Plaza $29,400,000 Carlsbad, CA; Island at Carlsbad $29,000,000 San Clemente, CA; The Courtyards At Talega Phase I & II $29,000,000 Burbank, CA; Ralphs $28,750,000 Irvine, CA; Village Center $27,600,000 Anaheim, CA; Euclid Plaza $27,500,000 Chino Hills, CA; Crossroads Entertainment Center $26,700,000 Montclair, CA; Montclair East Shopping Center $25,530,000 Maui, HI; Kahana Gateway $25,500,000 Hawthorne, CA; Hawthorne Exchange Shopping Center - 2007 $25,250,000 Best Buy Portfolio - 4 Properties $25,000,000 Mission Viejo, CA; Jeronimo Center $25,000,000 Chino Hills, CA; Crossroads Enterainment Center $24,240,000 Redondo Beach, CA; Redondo Beach Plaza $23,850,000 Hemet, CA; Hemet Village $23,378,823 Santa Fe Springs, CA; Santa Fe Springs Promenade $23,000,000 Sonoma, CA; Apartment Portfolio $22,996,000 Los Angeles, CA; Gateway Crossroads $22,900,000 Hawthorne, CA; Hawthorne Exchange $22,300,000 Buckeye, AZ; Watson Marketplace $22,000,000 Olathe, KS; The Great Mall of the Great Plains $22,000,000 Orlando, FL; Gooding’s Plaza $22,000,000 Lakewood, WA; Lakewood Colonial Center $22,000,000 Yorba Linda, CA; Bryant Ranch Shopping Center $21,890,000 Everett, WA; Everett Village Center $21,700,000 Calabasas, CA; Creekside $21,700,000 Mount Olive, NJ; ITC North $20,800,000 Montebello, CA; Forever 21 $20,750,000 Yorba Linda, CA; Yorba Canyon $20,300,000 Rancho Cucamonga, CA; Foothill Crossing $19,750,000 Woodland Hills, CA; Woodland Hills Village $19,700,000 Paramount, CA; El Super & Shops $19,200,000 Hilo, HI; Waiakea Shopping Center $19,000,000

FARIS LEE NATIONAL RETAIL TRANSACTIONS

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Pa rt i a l l i s t (c o n t i n u e d)

Las Vegas, NV; Lowe’s $10,765,000 Santa Rosa & Sonoma, CA; Apartment Portfolio - Equity $10,700,000 Livermore, CA; Kohl’s $10,650,000 Livermore, CA; Plaza 580 $10,600,000 Rancho Cordova, CA; Kohl’s $10,575,000 San Clemente, CA; Courtyards at Talega $10,500,000 Walgreens Portfolio $10,360,000 San Juan Capistrano, CA; Capistrano Collection $10,175,000 Bermuda Dunes, CA; Washington Square $10,112,000 North Las Vegas, NV; Craig Promenade $10,100,000 Rancho Cucamonga, CA; 4 Retail Bldg $10,100,000 Viera, FL; T.J. Maxx $10,000,000 Henderson, NV; Kohl’s $10,000,000 Torrance, CA; Lowe’s $10,000,000 Baldwin Park, CA; Baldwin Park Town Center $9,750,000 Long Beach, CA; Wrigley Marketplace $9,700,000 Hemet, CA; LA Fitness $9,600,000 Stephenville, TX; Washington Square $9,600,000 Portland, CA; LA Fitness $9,600,000 Bermuda Dunes, CA; Washington Square $9,550,000 La Puente, CA; Northgate Market SC $9,400,000 Aliso Viejo, CA; Walgreens $8,850,000 Irwindale, CA; Autronics/A Curtiss-Wright Co $8,850,000 Lake Elsinore, CA; LA Fitness $8,805,000 Fresno, CA; El Super $8,750,000 Corona, CA; Linens N Things $8,700,000 Irwindale, CA; Biosense Webster $8,650,000 Kirkland, WA; Rite Aid $8,569,000 Kenosha, WI; Prairie Ridge $8,525,000 Santa Clarita, CA; Santa Clarita Center $8,500,000 Pasadena, CA; Shoppes at Fair Oaks $8,450,000 Littleton, CO; Best Buy $8,264,000 Laguna Beach, CA; The Plaza $8,225,000 Riverside, CA; CVS - Starbucks’ Downtown Riverside $8,225,000 Kauai, HI; Coconut Marketplace $8,200,000 Aliso Viejo, CA; PetSmart $8,100,000 Rancho Cucamonga, CA; Rancho Cucamounga Town Center $8,100,000 San Clemente, CA; Courtyards at Talega Medical $8,050,000 La Mirada, CA; La Mirada Crossroads $8,009,000 Fresno, CA; Walgreens $8,000,000 Kapolei, HI; Halekuai Center $8,000,000 Paramount, CA; CVS & Starbucks $7,950,000 Oceanside, CA; Camino Village $7,950,000 Victorville, CA; CVS $7,949,560 Moreno Valley, CA; Sports Authority $7,850,000 Phoenix, AZ; Smart & Final Anchored Center $7,850,000 Fontana, CA; Shops at Sierra Lakes $7,840,000 Torrance, CA; Petco $7,700,000 Arcadia, CA; Walgreens $7,690,000 Lake Elsinore, CA; Rite Aid $7,612,500 Hesperia, CA; Shops at Topaz $7,600,000 Lathrop, CA; KB Home Center $7,600,000 Temecula, CA; Mall Pad 4-Tenant $7,525,000

Tucson, AZ; Jiffy Lube Portfolio $7,500,000 Lake Forest, CA; Foothill Center; $7,400,000 Gastonia, NC; Petco & Shops $7,400,000 Lakewood, CA; Lakewood Collections $7,400,000 Rancho Mirage, CA; Walgreens $7,325,000 Rancho Cordova, CA; Kohl’s $7,283,000 Apex, NC; Kohl’s $7,265,000 Rancho Cucamonga, CA; Archicenter (Office & Industrial Building) $7,265,000 Mission Viejo, CA; Henry’s Marketplace $7,200,000 Orlando, FL; Hollywood Plaza - Walgreens $7,150,000 Woodland Hills, CA; Warner Center Food Court $7,150,000 Lee’s Summit, MO; 24 Hour Fitness $7,100,000 Yorba Linda, CA; Sav-On $7,000,000 Richmond Hills, GA; Food Lion $6,985,000 Murrieta, CA; McDonalds & Shops $6,900,000 Yucaipa, CA; Rite Aid and Shops $6,875,000 Palmview , TX; Walgreens $6,840,000 Riverside, CA; Magnolia Village Plaza $6,750,000 Aliso Viejo, CA; Town Center Stadium Brewery $6,725,000 San Clemente, CA; Michaels $6,700,000 Las Vegas, NV; Gateway Plaza $6,695,000 Norco, CA; Hidden Valley Village $6,650,000 Renton, WA; Rite Aid $6,645,000 Kenosha, WI; Best Buy $6,600,000 Lake Forest, CA; Shops to Home Depot $6,600,000 Claremont, CA; Claremont Plaza $6,500,000 Torrance, CA; Claim Jumper $6,450,000 Rancho Santa Margarita, CA; Banderas Plaza $6,430,000 Lake Forest, CA; Corridor Center Shops A $6,400,000 Los Angeles, CA; CVS $6,372,000 Everett, WA; Everett Village Center (TJ Maxx) $6,350,000 Manhattan Beach, CA; Chase Bank $6,250,000 Chino Hills, CA; Crossroads Entertainment Center $6,250,000 Brea, CA; 375 Birch Street $6,250,000 Buena Park, CA; McComber Center $6,250,000 Coral Springs, FL; Best Buy $6,239,000 Palmdale, CA; Shops to Walmart $6,200,000 Cerritos, CA; Sam Ash $6,200,000 Hemet, CA; Rite Aid $6,150,000 Lake Forest, CA; Lake Forest Shops (Home Depot) $6,100,000 Viera, FL; Total Wine & More $6,100,000 Escondido, CA; Mission Square Plaza $6,100,000 Santa Ana, CA; Northland Shopping Center $6,100,000 Bourbonnais, IL; Best Buy $6,034,000 Yuma, AZ; Hastings Entertainment/CVS Center $6,000,000 Pasadena, CA; Starbucks Center $5,950,000 Huntington Beach, CA; Brookfield Promenade $5,900,000 Laguna Beach, CA; Broadway Plaza $5,800,000 Ontario, CA; Euclid Center $5,750,000 Apple Valley, CA; Walgreens $5,744,000 Santa Clarita, CA; “Shops A” $5,703,350 Viera, FL; Ulta Salon & Shops $5,700,000 Midland, TX; T.J. Maxx/HomeGoods $5,700,000

Carlsbad, CA; Island at Carlsbad $18,500,000 Corona, CA; Sierra Del Oro Town Center $18,500,000 Normal, IL; Note Sale $18,000,000 Ontario, CA; The Marketplace at Ontario Mills $18,000,000 Nogales, AZ; Loma Linda Shopping Center $17,450,000 Lake Forest, CA; Lake Forest Plaza $17,375,000 Coronado, CA; Coronado Plaza $17,350,000 Redondo Beach, CA; Kohl’s $17,250,000 Houston, TX; Best Buy & Shops $17,100,000 Concord, CA; Fry’s Electronics $16,841,600 Carson, CA; Pad to SouthBay Pavillion - 24-Hour Fitness $16,841,000 La Habra, CA; Wal-Mart $16,500,000 Los Angeles, CA; Westchester Place $16,500,000 Temecula, CA; Winchester Square $16,250,000 Murrieta, CA; Winchester Springs $16,000,000 Kona, HI; Kona Crossroads $16,000,000 Simi Valley, CA; Shops to Simi Valley Town Center $15,900,000 Net Leased Portfolio $15,725,000 Irvine, CA; LA Fitness $15,450,000 Irvine, CA; LA Fitness $15,450,000 Upland, CA; Kohl’s $15,430,000 Santa Clarita, CA; “Shops B, C, D” $15,371,000 Woodland, CA; County Fair Mall $15,100,000 Chula Vista, CA; Eastlake Medical/Professional Bldg. $15,092,055 Long Beach, CA; Wrigley Marketplace $15,000,000 Rancho Santa Margarita, CA; Circuit City and Shops $14,900,000 Monroe, LA; Pecanland Commons $14,600,000 Woodland Hills, CA; Whole Foods/Burger King $14,500,000 Mission Viejo, CA; 3 Pad Building at Trabucco $14,400,000 San Diego, CA; Rolando Plaza $14,000,000 Ontario, CA; The Gateway at Mountain Village - Bldg C $14,000,000 Peoria, AZ; Peoria Crossings $13,700,000 Phoenix, AZ; Paradise Valley Mall - 12 Individual Sales $13,611,200 Hesperia, CA; Topaz Marketplace $13,500,000 Rancho Cucamonga, CA; The Monet $13,200,000 Irvine, CA; Irvine Bristol Park Medical Bldg. $13,000,000 Monrovia, CA; Kohl’s $12,893,000 Phoenix, AZ; 24 Hour Fitness $12,750,000 Scottsdale, AZ; 24 Hour Fitness $12,750,000 Chino, CA; Smart & Final $12,750,000 Venice, CA; Lincoln-Rose Center $12,700,000 City of Industry, CA; The Shoppes at Puente Hills Mall $12,500,000 Barstow, CA; Factory Merchants Outlets $12,500,000 Santa Clarita, CA; Centre Point Marketplace $12,350,000 Orange, CA; Town & Country II $12,250,000 Phoenix, AZ; Thomas Center $12,000,000 Ontario, CA; Ontario Town Center $11,750,000 Las Vegas, NV; Spring Valley Town Center $11,500,000 Gilbert, AZ; Encore Plaza $11,150,000 Torrance, CA; Sports Authority $11,111,100 Walgreens Portfolio 2 $11,100,000 Rancho Cucamonga, CA; Day Creek Village $11,000,000 Westminster, CO; Willow Run Shopping Center $10,825,000

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Lubbock, TX; Best Buy $5,700,000 Temecula, CA; Tilted Kilt & Pad Shops $5,650,000 Kingston, WA; Rite Aid $5,615,000 Apple Valley, CA; Staples $5,600,000 Corona, CA; McKinley Plaza $5,560,000 Charlotte, NC; CVS $5,504,000 Tustin, CA; Heritage Plaza $5,500,000 West Hollywood, CA; Redevelopment $5,500,000 Las Vegas, NV; Casual Male $5,500,000 Santa Ana, CA; Orange County Convenience Center $5,500,000 Charlotte, NC; CVS $5,440,000 Grand Junction, CO; Cabela’s at Mesa Mall $5,430,000 Newport Beach, CA; DaVita Dialysis $5,400,000 Phoenix, AZ; Garden Lakes $5,400,000 Hawthorne, CA; El Segundo Center $5,400,000 Central Falls, RI; Single Tenant CVS $5,300,000 Carlsbad, CA; US Bank & 7-Eleven Gas Station $5,300,000 Visalia, CA; Hobby Lobby $5,272,000 Eureka, CA; Kohl’s $5,263,000 Tucson, AZ; Mission Manor Shopping Center $5,250,000 Las Vegas, NV; Shops to Walmart $5,225,000 Stockton, CA; Walgreens $5,210,000 Murrieta, CA; Starbucks/Shops at the Orchard $5,204,000 La Habra, CA; La Habra Town Center $5,200,000 Victorville, CA; Rite Aid Center - Single Tenant $5,200,000 Summerlin, NV; Trail’s Shopping Center $5,175,000 Northglenn , CO; Walgreens Single Tenant $5,150,000 La Mirada, CA; Sav-On Drug Store $5,143,000 Inglewood, CA; Ralphs $5,100,000 West Hollywood, CA; FedEx Office $5,100,000 Cathedral City, CA; Mission Plaza $5,100,000 Redlands, CA; Pep Boys $5,000,000 Paramount, CA; Shops at the Paramount Town Center $5,000,000 Long Beach, CA; Walmart $5,000,000 Rancho Cucamonga, CA; Wahoo’s Center $5,000,000 Baldwin Park, CA; Chuck E Cheese $5,000,000 Ladera Heights, CA; Chuck E Cheese $5,000,000 Walgreens Portfolio $4,990,000 Fullerton, CA; Shops to St. Jude Medical $4,980,000 Summerlin, NV; Trails at Summit Centre $4,950,000 Corona, CA; CVS - Shops at Sycamore Creek $4,930,000 Murrieta, CA; 2 Tenant Investment $4,925,000 Santa Clarita, CA; Office Depot at Centre Pointe Marketplace $4,922,200 La Palma, CA; Kinkos Bldg. $4,900,000 Los Angeles, CA; Burger King $4,880,000 Temecula, CA; Verizon & Vitamin Shoppe - Plaza Temecula 1 $4,800,000 Cerritos, CA; Comerica Bank $4,800,000 Downey, CA; Firestone Plaza $4,800,000 Houston, TX; Baybrook Collection S/C $4,775,000 Prescott, CA; PetSmart $4,765,000 Reseda, CA; CVS $4,765,000 Baton Rouge, LA; CVS $4,750,000 Indio, CA; Heritage Court $4,750,000

Pompano Beach, FL; Golden Corral $3,800,000 Rockwell, TX; Logan’s Roadhouse $3,750,000 South Boulder, CO; Del Taco $3,750,000 Los Angeles, CA; 7 Eleven Shopping Center $3,750,000 Stockton, CA; Hammer & West Pad Shops $3,700,000 Aliso Viejo, CA; The Shops at Pacific Park $3,700,000 San Dimas, CA; California Bank and Trust $3,681,000 Temecula, CA; Men’s Wearhouse Pad/Qdoba $3,680,000 Inglewood, CA; Panda Express / T-Mobile $3,625,000 La Habra, CA; Union Bank at La Habra Town Center $3,621,000 Pulaski, VA; Food City $3,600,000 Chino Hills, CA; Buffalo Wild Wings $3,600,000 Tustin, CA; St. Joseph’s Hospital of Orange $3,580,000 Santa Ana, CA; Starbucks Center $3,578,000 Atlanta, GA; McDonald’s $3,575,000 Apple Valley, CA; Auto Club of SoCal - Jess Ranch Marketplace $3,565,000 El Paso, TX; Forever 21 $3,560,000 Tulsa, OK; Logan’s Roadhouse $3,554,000 Temecula, CA; Hallmark 3-Tenant $3,525,000 Thousand Oaks, CA;Burlington Coat Factory $3,500,000 Anthem, AZ; Tutor Time $3,500,000 San Diego, CA; Ocean View Hills Shopping Center $3,500,000 Douglasville, GA;Aspen Dental & Mattress Firm $3,488,000 Newnan, GA; Golden Corral $3,479,000 Spartanburg, SC; Dorman Crossroads $3,407,000 Temecula, CA; 3-Tenant Pad $3,398,000 Peoria, AZ; Circle K $3,383,000 Glendale, CA; Kenneth Village $3,375,000 City of Industry, CA; Plaza at Puente Hills - Mimis Café $3,368,000 Murrieta, CA; DaVita Dialysis $3,360,000 Lewisville, TX; Logan’s Roadhouse $3,350,000 Fort Myers, FL; Pep Boys $3,343,000 North Hollywood, CA; Cahuenga Plaza $3,340,000 Hampton, VA; Applebee’s $3,312,000 Windsor Locks, CT; Ruby Tuesday $3,300,000 Murrieta, CA; Bank of America $3,300,000 Fullerton, CA; Chapman Center $3,300,000 La Habra, CA; Big Lots $3,300,000 Rancho Cucamonga, CA; Farrell’s $3,292,000 Torrance, CA; Starbucks Drive Thru Center $3,290,000 Riverside, CA; O’Reilly Auto Parts $3,285,000 Rancho Mirage, CA; Monterey Marketplace $3,275,000 Apple Valley, CA; BLDG I - Jess Ranch $3,265,000 Stow, OH; Applebee’s $3,258,000 Newnan, GA; Verizon $3,250,000 Cudahy, CA; Cudahy Strip Center $3,250,000 West Covina, CA; Starbucks Center $3,240,000 Santa Fe Springs, CA; Starbucks Drive Thru Center $3,200,000 Tustin, CA; Joann Fabric $3,200,000 LaVale, MD; Applebee’s $3,175,133 Redlands, CA; Coco’s $3,160,000 Grandville, MI; Applebee’s $3,150,000 Inglewood, CA; Crenshaw Gateway $3,150,000

Norwalk, CA; Fresh & Easy $4,750,000 City of Industry, CA; Plaza at Puente Hills - Claim Jumper $4,750,000 Nashua, NH; Pep Boys $4,734,000 San Jacinto, CA; Rite Aid $4,700,000 Palmdale, CA; BJs Restaurant and Brewey $4,700,000 Scottsdale, CA; Fresh & Easy $4,650,000 San Juan Capistrano, CA; Capistrano Collection $4,600,000 Phoenix, AZ; Village Shops $4,511,000 Temecula, CA; Citibank 3-Tenant Pad $4,511,000 Santa Clarita, CA; Goodwill $4,510,000 Mesa, AZ; Goodwill $4,500,000 Cathedral City, CA; Burlington Coat $4,500,000 Chino Hills, CA; Chino Starbucks $4,500,000 Bloomington, CA; San Bernardino Cty-Cedar Village $4,500,000 Perris, CA; Starbucks & Jiffy Lube $4,475,000 Montclair, CA; Brighton Retail Plaza $4,450,000 Bothell, CA; Bank of America $4,400,000 Phoenix, AZ; Smart & Final $4,400,000 Palm Desert, CA; Country Club Shops $4,385,000 Vero Beach, FL; PetSmart $4,335,000 Pico Rivera, CA; Pico Crossing $4,275,000 Anaheim, CA; Concourse Bowling Center $4,275,000 Twin Falls, ID; Watertown, NY; Myrtle Beach, SC; Harbor Freight Portfolio $4,260,740 Grand Junction, CO; Best Buy $4,230,000 San Bernardino, CA; Kendall Square $4,228,000 San Antonio, TX; CVS $4,200,000 Huntington Beach, CA; Warner Auto $4,200,000 Walnut, CA; Tutor Time $4,150,000 Los Angeles, CA; Chase Bank $4,140,000 Rancho Cucamonga, CA; Tutor Time $4,100,000 Lakewood, CA; Del Amo Square $4,100,000 North Richland Hills, TX; Golden Corral $4,071,000 Tampa, FL; Golden Corral $4,069,000 Tustin, CA; Newport Center $4,050,000 Simi Valley, CA; Simi Valley Town Center - Jared Jewelers $4,050,000 Rancho Cucamonga, CA; Pei Wei/Niko $4,050,000 City of Industry, CA; Plaza at Puente Hills - Benihana $4,017,383 Tustin, CA; St. Joseph Heritage Medical Group $4,000,000 San Marino, CA; One West Bank $3,995,000 Seal Beach, CA; Coffee Bean Center $3,980,000 Bristol, VA; Logan’s Roadhouse $3,960,000 Eagle River, WI; Walgreens $3,950,000 Laguna Hills, CA; La Paz Retail Center $3,950,000 Santa Clarita, CA; Bouquet Canyon $3,920,000 South Gate, CA; Starbucks Center $3,900,000 San Bernardino, CA; DaVita Dialysis $3,850,000 Mission Viejo, CA; Krispy Kreme $3,850,000 Conyers, GA; Golden Corral $3,828,000 Long Beach, CA; Lakewood Landing $3,825,000 Corpus Christi, TX; CVS Drug $3,825,000 Mount Prospect, IL; Walgreens $3,820,000 Lake Forest, CA; AT&T Center $3,818,000 Killeen, TX; Golden Corral $3,810,000

Pa rt i a l l i s t (c o n t i n u e d)

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Pa rt i a l l i s t (c o n t i n u e d)

Las Vegas, NV; Shops at Craig & Jones $3,140,000 Los Angeles, CA; Starbucks & T-Mobile $3,140,000 Vista, CA; US Bank $3,108,000 Dixon, TN; Logan’s Roadhouse $3,100,000 Fountain Hills, AZ; Eagle Mountain Village Marketplace $3,100,000 Scottsdale, AZ; The Shops at Gainey Ranch $3,100,000 College Station, TX; Verizon Strip Center $3,100,000 Long Beach, CA; Starbucks Center $3,055,000 Inglewood, CA; Starbucks Center $3,020,000 Kenosha, WI; Williams Corner $3,000,000 Wake Forest, NC; Applebee’s $3,000,000 Costa Mesa, CA; Harbor Blvd. Strip Center $3,000,000 Dallas, TX; Golden Corral $3,000,000 Ontario, CA; 2 Tenant NNN Investment $3,000,000 Long Beach, CA; CVS $3,000,000 Midlothian, VA; Applebee’s $2,988,373 Upland, CA; Foothill Village West $2,977,000 San Antonio, TX; Camelot Plaza $2,975,000 Elgin, Il; Applebee’s $2,960,000 Greensboro, NC; Hooters $2,943,000 Moreno Valley, CA; Walgreens $2,916,000 Lake Forest, CA; Shell Gas $2,915,000 Leawood, KS; IHOP $2,900,000 FL; Family Dollar Portfolio $2,900,000 Anthem , AZ; Anthem Eastside Shops $2,900,000 Pasadena, CA; 320 South Lake Avenue $2,900,000 Costa Mesa, CA; Shakey’s Pizza Center $2,900,000 Phoenix, AZ; Goodwill Industries $2,890,000 Carson, CA; Washington Mutual $2,880,000 New Hartford, NY; Pep Boys $2,860,000 Greensboro, NC; Ruby Tuesday $2,814,000 Sonora, CA; McDonald’s $2,810,000 Alpine, CA; McDonalds $2,800,000 Los Angeles, CA; 1522 Hayworth $2,800,000 Orlando, FL; Ruby Tuesday $2,800,000 Cerritos, CA; TJ Maxx $2,800,000 Carson, CA; Pad to SouthBay Pavillion - Chili’s $2,800,000 Alexandria, VA; Ruby Tuesday $2,795,000 Anaheim, CA; Del Taco $2,775,000 Montclair, CA; Montclair Promenade $2,750,000 Pooler, GA; Ruby Tuesday $2,716,000 Marina Del Rey, CA; Latitude 33 $2,700,000 City of Industry, CA; PPH JITB/Preferred Bank $2,700,000 Comstock Park, MI; Applebee’s $2,680,000 Murrieta, CA; Goodyear Tire $2,680,000 Fort Worth, TX; Pier 1 $2,680,000 Burleson, TX; Golden Corral $2,671,000 Victorville, CA; Rite Aid Center - The Shops $2,665,000 Bethlehem, PA; Ruby Tuesday $2,661,886 Paris, TX Applebee’s $2,660,000 Myrtle Beach, SC; Hooters $2,650,000 Ontario, CA; Del Taco $2,650,000 San Antonio, TX; Pep Boys $2,635,000

Ontario, CA; Starbucks $2,192,000 Rock Hill, SC; Ruby Tuesday $2,189,000 Buena Park, CA; El Pollo Loco/Fosters Freeze $2,185,000 Tampa, FL; Pep Boys $2,184,000 Moreno Valley, CA; Del Taco $2,170,000 Moreno Valley, CA; Del Taco $2,170,000 San Clemente, CA; Courtyards at Talega Bldg D $2,165,000 Santa Ana, CA; Golden Circle Plaza $2,165,000 McKinney, TX; Golden Corral $2,164,000 Vista, CA; 7-Eleven $2,160,000 Escondido, CA; 7-Eleven $2,159,000 McDonough, GA; Hardees $2,158,000 Rialto, CA; Wells Fargo $2,150,000 Corona, CA; Vons Fuel Station - Shops at Sycamore Creek $2,130,000 McKinney, TX; Del Taco $2,125,000 Beaumont, CA; Stater Brothers $2,125,000 Clairmont, FL; Buffalo Wild Wings $2,122,000 Yorktown, VA; Ruby Tuesday $2,120,000 Rehoboth Beach, DE; Ruby Tuesday $2,118,000 Racine, WI; Buffalo Wild Wings $2,115,000 Wytheville, VA; Ruby Tuesday $2,106,000 Mesa, AZ; Jack in the Box $2,100,000 Ukiah, CA; Carl’s Jr. $2,100,000 Milford, DE; Ruby Tuesday $2,100,000 Highland, CA; Stoney Creek $2,100,000 Santa Clarita, CA; Time Warner Cable $2,100,000 Henderson, NV; Del Taco $2,100,000 Ontario, CA; Grove Land $2,100,000 Billings, MT; Pad to Costco & Shopko $2,090,000 Riverside/Orange Crest, CA; Coco’s $2,090,000 McComb, MS; Ruby Tuesday $2,075,666 Riverside, CA; Jack in the Box $2,055,000 Paradise Valley, AZ; M&I Bank $2,050,000 City of Industry, CA; Plaza at Puente Hills - Frisco’s $2,039,000 Rancho Cucamonga, CA; Starbucks/Subway $2,030,000 Santa Fe, NM; Dollar General $2,025,000 Sacramento-Truxel, CA; Del Taco $2,020,000 Loganville, GA; Hardees $2,016,000 North Charleston, SC; Ruby Tuesday $2,015,000 Newhall, CA; Carl’s Jr. $2,015,000 Sanford, NC; Ruby Tuesday $2,004,186 Three Rivers, MI; Applebee’s $2,000,000 Simi Valley, CA; McDonalds $2,000,000 Ventura, CA; TREK Bicycles $2,000,000 Pueblo West, CO; Carl’s Jr. $2,000,000 Bullhead City, AZ; Bullhead Plaza $2,000,000 Greenville, SC; Ruby Tuesday $1,997,000 Keller, TX; Freddy’s Frozen Custard $1,991,000 Fontana, CA Autozone $1,985,000 Los Angeles, CA; Radio Shack/Jamba Juice $1,985,000 Visalia, CA; McDonalds $1,984,000 Lynchburg, VA; Ruby Tuesday $1,977,000 Waynesboro, VA; Ruby Tuesday $1,976,373

Compton , CA; Fresh & Easy - Tesco $2,630,000 Hesperia, CA; Bob’s Big Boy $2,630,000 Warner Robins, GA; Logan’s Roadhouse $2,626,847 Corona, CA; Wells Fargo Bank at Sycamore $2,600,000 Cerritos, CA; Cathay Bank Building $2,600,000 Martinsburg, WV; Applebee’s $2,576,186 Avondale, AZ; Shops to Home Depot & Sam’s Club $2,550,000 Lake Forest, CA; Pat & Oscars $2,550,000 Dallas, TX; Golden Corral $2,533,000 Brea, CA; 160 Building $2,525,000 San Clemente, CA; California National Bank $2,525,000 Idaho Springs, CO; Carl’s Jr. $2,500,000 Mentor, OH; Ruby Tuesday $2,500,000 Richardson, TX; Golden Corral $2,500,000 Las Vegas, NV; 7-Eleven $2,500,000 Chandler, AZ; Former Albertson’s $2,500,000 Apple Valley, CA; Oggi’s Pizza & Brewery Rest-JRM $2,500,000 Houston, TX; Pier 1 $2,490,000 Lexington, VA; Ruby Tuesday $2,467,414 Henderson, NV; El Pollo Loco $2,462,000 Mebane, NC; Ruby Tuesday $2,456,000 Palm Desert, CA; Dollar Tree / 2 Tenant $2,450,000 New Hartford, NY; Pep Boys $2,450,000 Henderson, NC; Ruby Tuesday $2,440,786 Winchester, VA; Ruby Tuesday $2,440,786 Long Beach, CA; Bixby Knolls Plaza $2,420,000 Murrieta, CA; Del Taco $2,400,000 Ridgecrest, CA; Shops to Home Depot $2,400,000 Moreno Valley, CA; AutoZone $2,391,000 Lithonia, GA; Ruby Tuesday $2,371,000 San Antonio, TX; Taco Cabana $2,364,000 Brunswick, GA; Logan’s Roadhouse $2,362,000 Pflugerville, TX; Jack in the Box $2,360,000 Norwalk, CA; Del Taco $2,350,000 Suffolk, VA; Ruby Tuesday $2,314,984 Irving, TX; Golden Corral $2,300,000 Jacksonville, FL; Ruby Tuesday $2,300,000 Los Angeles, CA; Whittier Blvd. Shops $2,300,000 Apple Valley, CA; Pomona First Federal Bank - Jess Ranch Marketplace $2,300,000 Amsterdam, NY; Ruby Tuesday $2,292,000 Larned, KS; Shopko $2,270,328 Lake Forest, CA; Jack in the Box $2,250,000 Lancaster, CA; Del Taco $2,250,000 Norwalk, CA; Del Taco $2,250,000 Mason, OH; Ruby Tuesday $2,246,000 Fontana, CA; Big 5 Sporting Goods $2,235,000 Summerlin, NV; Del Taco $2,225,000 Mora, NM; Family Dollar $2,210,000 Vista, CA; Carl’s Jr $2,200,000 Casa Grande, AZ; Granada Farms $2,200,000 Roseville, CA; Rite Aid $2,200,000 Apple Valley, CA; Applebee’s Restaurant - Jess Ranch Marketplace $2,200,000 Murrieta, CA; Fazoli’s $2,200,000

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Pa rt i a l l i s t (c o n t i n u e d)

La Verne, CA; My Big Fat Greek Restaurant $1,975,000 Santa Clarita, CA; Bank of America $1,972,280 Fitchburg, MA; Dollar Tree $1,950,000 Mission Hills, CA; Del Taco $1,950,000 Rancho Mirage, CA; Building B $1,950,000 Littlerock, CA; US Post Office $1,950,000 Littlerock , CA; Post Office $1,950,000 Florence, SC; Ruby Tuesday $1,942,000 Colton, CA; Starbucks Drive Thru $1,940,000 Mechanicsville, VA; Ruby Tuesday $1,939,000 Cary, NC; Ruby Tuesday $1,930,000 Chino, CA; Carl’s Jr. $1,925,000 Viera, FL; McDonald’s $1,920,000 Savannah, GA; Ruby Tuesday $1,919,974 Greenville, AL; Ruby Tuesday $1,918,000 Beaufort, SC; Ruby Tuesday $1,914,286 Westminster, MA; Dollar General $1,900,000 Palm Spring, CA; Del Taco $1,900,000 Larned, KS; Pamida $1,900,000 Durham, NC; Ruby Tuesday $1,892,000 Harrisonburg, VA; Ruby Tuesday $1,892,000 San Bernardino, CA; Starbucks 2 Tenant $1,890,000 Fontana, CA; Chase Bank $1,888,888 Moreno Valley, CA; Buffalo Wild Wings $1,880,000 Garner, NC; Ruby Tuesday $1,857,062 Carson, CA; Pad to SouthBay Pavillion - T-Mobile $1,850,000 Pueblo, CO; Carl’s Jr $1,850,000 Bristol, VA; Ruby Tuesday $1,841,043 Las Vegas, NV; Jack in the Box $1,835,000 Lewisville, TX; Del Taco $1,830,000 Rialto, CA; Big O Tires $1,800,000 Myrtle Beach , SC; Harbor Freight Tools $1,795,000 San Diego, CA; Chevron $1,783,000 Hanford, CA; Fallas Discount Stores $1,762,000 Ionia, MI; Applebee’s $1,760,000 Montebello, CA; Chevron $1,757,000 Pantego, TX; Del Taco $1,714,000 Lancaster, CA; McDonalds $1,711,889 South Bend, IN; Texas Roadhouse $1,700,000 Reedley, CA; Dollar General $1,692,000 Anaheim, CA; Domino’s Pizza & Fred Loya Ins $1,690,000 Temecula, CA; My Big Fat Greek Restaurant $1,675,000 Folsom, CA; Del Taco $1,675,000 Pearland, TX; CVS $1,660,000 Temple City, CA; Jack in the Box $1,660,000 Glen Carbon, IL; Hardees $1,654,000 Paradise Valley, AZ; Wells Fargo Bank $1,650,000 Twentynine Palms, CA; Del Taco $1,650,000 Ontario, CA; O’Reilly Auto Parts $1,646,000 Bakersfield, CA; Bank of Sierra $1,640,000 Phoenix, AZ; Pizza Hut $1,629,000 San Jacinto, CA; Jack in the Box $1,625,000 MT; Starbucks & Shops $1,600,000

Apple Valley, CA; Panda Express $1,600,000 Coachella, CA; McDonalds $1,588,785 Paradise Valley, AZ; Coco’s $1,585,000 Moreno Valley, CA; Carl’s Jr. $1,565,000 Stockton, CA; El Pollo Loco $1,557,000 Leominster, MA; Dollar Tree $1,550,000 MI; 2 Family Dollar Portfolio $1,550,000 Taft, CA; Post Office $1,550,000 Paradise Valley, AZ; Bank of America $1,540,000 Firestone, CO; Carl’s Jr. $1,525,000 Los Angeles, CA; Panda Express Corp. $1,509,000 Los Angeles, CA; Panda Express $1,509,000 Pojoaque, NM; Family Dollar $1,505,000 Dallas, TX; Jack in the Box $1,500,000 Simi Valley, CA; Target Anchored Center $1,500,000 Yuma, AZ; Del Taco $1,500,000 Paradise Valley, AZ; Jared Jewlry $1,500,000 Azusa, CA; Arby’s $1,500,000 Vancouver, WA; Carl’s Jr $1,500,000 Lakewood, CA; 7-Eleven Center $1,495,000 Ocala, FL; Family Dollar $1,490,000 Blythe, CA; AutoZone, Blimpie $1,475,000 San Marcos, CA; Three Acres $1,470,000 Lake Forest, CA; EZ Lube $1,470,000 Paradise , CA; Autozone $1,465,000 Lake City, GA; Family Dollar $1,455,000 Victorville, CA; Jack in the Box $1,450,000 Stalling, NC; Wells Fargo $1,440,000 Colton, CA; KFC/Taco Bell $1,425,000 Wasco, CA; Fresh & Easy $1,418,000 Las Vegas, NV; Arby’s $1,417,000 Victorville, CA; Burger King $1,410,000 Montgomery, AL; Dollar General $1,401,931 Carson, CA; Wendy’s - Leased Fee $1,400,000 Hickory, NC; Dollar General $1,390,745 Lake Havasu, AZ; Valvoline $1,375,000 Rancho Mirage, CA; Red Robin $1,360,000 Paradise Valley, AZ; Chili’s Bar & Grill $1,350,000 Beaumont, CA; Jack in the Box $1,350,000 Temecula, CA; Del Taco $1,325,000 Reno, NV; Del Taco $1,317,000 Pueblo, CO; Carl’s Jr. $1,316,000 Charlotte, NC; Einstein Bros Bagel $1,300,000 Wasco, CA; Carl’s Jr. $1,285,000 Stockton, CA; Delta Blood Bank $1,265,000 Desert Hot Springs, CA; Wienerschnitzel $1,257,000 Lake Havasu, AZ; Castrol Oil $1,250,000 Slidell, LA; McDonald’s $1,235,000 Bakersfield, CA; Castrol Oil $1,235,000 Avondale, AZ; Jiffy Lube $1,230,000 Tucson, AZ; Texas Roadhouse $1,210,000 Colorado Springs, CO; Chipotle $1,210,000 Rancho Mirage, CA; Wendy’s $1,209,000

Evensville, IN; Popeyes $1,200,000 MN; McDonald’s $1,200,000 Palm Coast, FL; Denny’s $1,200,000 Highland, CA; Jack in the Box $1,200,000 Ravenel, SC; Family Dollar $1,190,000 Yuma, AZ; Del Taco $1,175,000 Hemet, CA; FedEx Office $1,170,000 Shepherdsville, KY; Autozone $1,152,000 Ludowici, GA; Family Dollar $1,151,000 San Luis, AZ; Aarons Rents $1,150,000 San Bernardino, CA; Zendejas Mexican Grill & Sports Bar $1,140,000 Independence, LA; O’Reilly Auto Parts $1,135,000 Nocona, TX; Family Dollar $1,118,000 Mesa, AZ; Pizza Hut $1,118,000 Clearwater, FL; Just Brakes $1,098,000 Paradise Valley, AZ; Arby’s/Wendy’s $1,080,000 Garden Grove, CA; IHOP Restaurant $1,079,000 Mansfield, OH; Family Dollar $1,055,000 Indianapolis, IN; Starbucks $1,055,000 Kenosha, WI; Starbucks / EZ Money Payday Loans $1,050,000 Hemet, CA; Wendy’s $1,050,000 Stockton, CA; Shops at Hammer Crossing $1,045,000 Moreno Valley, CA; KFC $1,045,000 Geretna, VA; Family Dollar $1,015,000

CASE STUDIES

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At a Glance » Phase One contains 50 national and regional lifestyle tenants

and high quality restaurants; 88 luxury condominiums (NAP); and office users

» High-profile tenants include REI, Pottery Barn, Anthropologie, Lucille’s BBQ, Elephant Bar, King’s Fish House, P.F. Chang’s, and Williams-Sonoma

» Phase One is adjacent to Green Valley Ranch Resort and Spa, a 498-room high end hotel, casino, and resort spa

» Phase Two consists of six buildings with retail and office; totaling 171,485 square feet, anchored by Whole Foods with major tenants The Cheesecake Factory and West Elm

Faris Lee Strategy » Positioned opportunity to own an institutional-grade, trophy

asset in the Las Vegas market with upside potential

» Managed the sales process and targeted the various investor pools that would be a good match for the center, the local community, and client’s acquisition requirements

» Developed property-level operating strategy that could be modified to add value

Results » Attract investor interest from institutions, REITs, and

endowment funds - large high net worth investors that would otherwise redline retail in the Las Vegas area

» Significant offer activity comparable to California investment offering

» No property level changes made to enhance value

» Original REO Sale Price was $55 Million. Faris Lee’s unique marketing strategy added over $20 million in value, for a final sale price of $79 million

fariS lee cloSeS city’S Second largeSt coMMercial tranSaction in three yearSExclusive broker to sell The District at Green Valley Ranch, a 384,107 square foot landmark grocery/lifestyle center located in a leading master planned community near Las Vegas.

THE DISTRICT … Henderson, NV » $79,000,000

[ 22 ]

At a Glance » 137,000 SF Grocery Anchored Shopping Center

» Strong Tenant Line Up: Foodland, Barnes & Noble, OfficeMax, Outback Steakhouse, and Central Pacific Bank

» REO Asset in Maui – Largest REO

» Off Market Transaction

Faris Lee Strategy » Created a Positioning Strategy to Provide Potential Buyer with a

Short and Long-Term Vision for the Asset

» Overcame Multiple Property Level Issues

» Developed property level strategies to enhance the tenant base to increase occupancy immediately upon acquisition

Results » Sold to an All Cash Group out of Southern California

» 21 Day Escrow

» Transaction resulted in one of the lowest cap rate sales in Hawaii for this type of asset

» Bank was able to dispose of their largest remaining REO asset at pricing significantly higher than expectations

fariS lee coMpleteS Sale of 137,000 Sf Shopping center in lahaina, hiOne of the Largest Retail Property Transactions in Hawaii in the Past 5 Years Buyer was able to add a Trophy Retail Center in One of the Most Desirable Markets in Hawaii to their Growing Portfolio

LAHAINA GATEWAY … Lahaina, HI » $32,000,000

[ 22 ] [ 23 ]

RUBY TUESDAY, INC. … Nationwide » $150,000,000

At a Glance » Faris Lee named exclusive broker to market a number of

properties occupied by Ruby Tuesday throughout the Eastern United States

» Opportunity to achieve strong returns combined with the security of owning a hard asset attracted a diverse buyer base, many of which are first time single tenant asset buyers

Faris Lee Strategy » Faris Lee advised Ruby Tuesday on a strategy crafted to

maximize the value by selling the assets individually to a large buyer pool of smaller investors at market rates, as opposed to the entire portfolio being sold to one institutional-type buyer who would expect discounted portfolio pricing

» Faris Lee sourced some buyers through its Wealth Management group, a division that has been growing within the firm as high net worth individuals increasingly turn to commercial real estate in search of secure and stable investments

» As Ruby Tuesday restaurants have a more concentrated presence on the East Coast, the firm worked to educate the West Coast buyer on Ruby Tuesday as a brand

Results » All of the sales have been within 4 percent of list price, most

within 2.5 percent of list price

» Many sales to date have set cap rate records for the lowest cap rates achieved in their respective markets for a sit-down restaurant investment within the last 3 years

» Exceeded Seller Expectations - Lowest Cap Rates for sit-down restaurant

Sale leaSeback Strategy eMployed in Multi-property Sale for ruby tueSday portfolioThe properties, occupied by Ruby Tuesday restaurants in strong locations, include new, absolute NNN 15-year lease terms and annual rent increases. Many already sold at record-breaking cap rates.

[ 24 ]

At a Glance » Portfolio made up of CVS and Walgreens corporate leased

properties with 15 or more years remaining on all of the locations

» Seller (a major national Real Estate Investment Trust) approached Faris Lee to find off-market buyer. Seller also requested assistance from other national firms

» Assignment required a quick close structured on an all-cash basis

Faris Lee Strategy » To maximize value, Faris Lee used specialized expertise to

analyze the assets for accurate market value in addition to utilizing deep rooted relationships to identify and access potential buyers

» The unique platform allowed FL Advisors to source and execute the transaction; integrating FL Capital to identify a unique east coast buyer

Results » Faris Lee was the only firm to produce an offer, demonstrating

the depth of our buyer pool

» Leveraged New York-based Faris Lee Capital relationships to provide a buyer – a New York real estate investment banking firm looking to be a first time property owner

$69M off-Market portfolio Sale of cVS and WalgreenS aSSetSFaris Lee Investment Advisory and Faris Lee Capital divisions team to complete $69 million sale of a 12-property portfolio consisting of CVS and Walgreens properties across the nation.

PHARMACY PORTFOLIO SALE … Nationwide » $69,000,000

[ 24 ] [ 25 ]

At a Glance » Fee simple interest in a 170,300 SF regional shopping center,

situated on over 15 acres

» Strong tenant base includes Longs Drugs (CVS), City Mill, Starbucks, American Savings Bank, Aaron’s Rents, Burger King, and more

» Above market conduit loan in place that needed to be assumed

» Multiple property level issues including deferred maintenance, tenant issues and loan assumption

Faris Lee Strategy » Market the highlighted dominance in trade area

» Promoted significant upside through repositioning and lease up of the remaining vacant space

» Highly managed transaction process to ensure certainty of close

Results » Multiple competing offers generated

» Buyer profiles included private individuals, funds, and other public companies

» Conduit Loan was assumed - Process Managed by Faris Lee

» Purchased by Hawaii-based operator with an excellent track record and platform

» Pricing significantly higher than market expectations

fariS lee coMpleteS Sale of Waianae toWn center in oahu, hiClosed for $30,100,000

» $30,100,000WAIANAE TOWN CENTER … Oahu, HI

[ 26 ]

At a Glance » 1.2 million square foot mall

» 90 percent occupied

» Tenants include Burlington Coat Factory, CompUSA, AMC 20 Screen Theatres, Linens-n-Things, Old Navy, and Spectrum Sports Club

» The Mall combined department stores, big-box “power center” retailers, restaurants, and entertainment venues to create high volume cross traffic

Faris Lee Strategy » Advised sponsor in pooling of 36 investors, the largest number

ever to join a tenant-in-common transaction, raising $56 million in capital to acquire the Puente Hills Mall

» Isolated the most successful retailers in order to maximize sales per square foot volume

Results » Opened up opportunities for investors seeking the benefits of

1031 tax-deferred exchanges and retail real estate investing

» Resold asset 18 months later at $29 million profit

» Resulted in the largest CMBS structured loan for a tenant-in-common transaction in history

nation’S largeSt tic tranSaction for 36 inVeStorSTook on challenge to find a creative solution that would produce a high return for the seller and a unique investment opportunity for the buyer, leveraging the firm’s relationships to go after the best buyer pool.

PUENTE HILLS MALL … City of Industry, CA » $142,000,000

[ 26 ] [ 27 ]

Latest transaction » Faris Lee Investments completed the $44 million sale of a major

portion of Plaza at Puente Hills. The acquired portion totals 177,933 square feet on 13.65 acres and includes national credit tenants such as Office Depot, Smart & Final, Sam Ash, and Shoe City

» Property received multiple offers, closed at a 6.3 percent cap rate, and was 94 percent occupied at the close of escrow

» Transaction is a prime example of how a break-up strategy can be profitable even after a re-sale

» Structured original break-up strategy utilizing operating association documentation

» Seller made a strong return on its investment over a short period of time

Prior Transaction » First purchase part of a master-planned eight-parcel break-up

strategy of a 218,540-square-foot portion of Plaza at Puente Hills, crafted by Faris Lee Investments on behalf of the sellers to maximize the value of the center

» Break-up strategy resulted in an increase in value of 15 percent over the original anticipated value as a single asset

tWo SaleS: MaSter-planned break-up Strategy increaSed Value by 15%; eVentual re-Sale deMonStrated profitability of Strategy$44 million sale marked the second time Faris Lee brokered the property; Plaza at Puente Hills previously sold as part of eight-parcel break-up strategy crafted by Faris Lee.

PLAZA AT PUENTE HILLS … City of Industry, CA » $44,000,000

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At a Glance » Regional shopping center with grocery component

» Anchored by Sam’s Club, Home Depot, Vons, CVS/pharmacy, and Office Depot

Faris Lee Strategy » Advised client in the acquisition, formation of unique owners’

association documents, and parcel break-up, adding greater value to the project

» Marketed each parcel by specific product size and credit level, bringing in both institutional and private capital

» Utilized aggressive marketing to create competition and maximize value for each individual sale

Results » Achieved closing within a short three-month timeframe

» Established greater opportunity for individual investors to acquire premier property

» Divided into eight separate parcels securing eight investors - one institutional and seven private - and handled lender coordination

pioneered the nation’S largeSt break-up StrategyFaris Lee sold the 492,000 square foot center on behalf of PCCP, LLC for $138 million, 10 months after the firm acquired it for $107 million. $30 million in value was created solely through a creative marketing strategy.

TORRANCE CROSSROADS … Torrance, CA » $138,000,000

[ 28 ] [ 29 ]

At a Glance » Built in 1993 and renovated in 2005, 2006, and 2007

» Approximately 92 percent leased with tenants including Old Navy, Children’s Place, Big 5 Sporting Goods, Panera Bread, Anna’s Linens, Chuck E. Cheese, Foot Locker, and Tony Roma’s

» Anchored by IKEA, Target, JCPenney, and Sears

Faris Lee Strategy » Faris Lee advised the seller on a disposition strategy for the

project and identified a logical buyer, bringing both parties together to successfully complete the off-market deal

» As part of the disposition strategy, sold off four single tenant properties at the mall to maximize value for the seller. These sales included 24 Hour Fitness, Chili’s, Washington Mutual, and T-Mobile

Results » Faris Lee assisted with loan negotiations, which was a critical

component to closing the deal, noting it was imperative to work with the existing lender and their appraisers to close, resulting in a high leverage structure

» Demonstrated the strength of the new buyer and their future development plans for SouthBay Pavilion and its positive impact on the current and future value of the asset

ranked aS Second largeSt retail deal cloSed in Southern california that yearFaris Lee completed the sale of an approximately 370,000-square-foot portion of SouthBay Pavilion, a 1.1 million square foot regional mall in Carson, CA. Faris Lee also assisted in the loan assumption process to successfully close the deal.

SOUTHBAY PAVILION … Carson, CA » $50,000,000

[ 30 ]

At a Glance » Sale of five single tenant properties occupied by Kohl’s

Department Stores, owned by one of the largest operators and developers of regional shopping centers

» Properties located throughout California and Nevada

» All properties featured new long-term NNN leases that expired in 2028

» Marketing during uncertain capital markets cycle created financing challenges

Faris Lee Strategy » Ownership wanted closing prior to tenant opening

» Focused on long-term success and credit of Kohl’s to procure all cash buyers

» Utilized High Net Worth Investors through FLI Wealth Management Group

Results » Uncovered high net worth investor pool through FLI Wealth

Management Group

» Structured seller credit for rent prior to rent commencement

» Achieved seller’s desired timing – Closed all escrows within 3 months prior to opening and rent commencement

cloSed kohl’S portfolio With Multiple inVeStor typeS - including unique penSion fund requireMentFaris Lee identified and secured four diverse buyers in all-cash transactions, confirming strong interest for single tenant opportunities with long-term intrinsic value.

KOHL’S PORTFOLIO … Western United States » $52,000,000

[ 30 ] [ 31 ]

At a Glance » Brand New Large Format - No Sales History

» Lack of Tenant Financials

» Part of Existing Regional Mall - Excellent Location

» New Long-Term Absolute NNN Lease

Faris Lee Strategy » Focused on Tenant’s Success as Highest Stores Sales in Industry

» Utilized CFO to Share Success Story and Internal Financials – Little to No Corporate Debt

» Showcased Strong Grand Opening Sales and Recession Proof Success

Results » Multiple Offers Generated

» Procured Upfront Lenders with Approved Debt Structure

» Closed with all cash Institutional Investor

fariS lee cloSeS record breaking Sale at the ShopS of MontebelloHighest Price / Lowest Cap Rate Forever 21 Sold in the Country

FOREVER 21 … Montebello, CA » $20,750,000

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At a Glance » Owned by a large Midwest developer

» Anchor tenants include Schnucks Grocery and a 14-screen Starplex Cinemas

» 70 percent occupied and has 12 outparcels available for future sale, lease, or development

Faris Lee Strategy » Team also represented an investor in a joint venture to acquire

the note on the property

» Faris Lee Capital negotiated the discounted loan pay-off, procured the new debt, and structured the joint venture

Results » $18 million recapitalization on behalf of the owner

» The investor acquired the developed 200,000 square foot portion of the center with the joint venture and the Midwest developer was established as owner of the 12 unfinished outparcels

recapitalization of a 200,000 Square foot retail centerThe recapitalization allowed the developer to extinguish the recourse associated with the original loan while maintaining project leasing and back-end participation. The transaction provides substantial upside to both the new equity partner and the developer.

CONSTITUTION TRAIL CENTRE … Chicago, IL » $18,000,000

[ 32 ]

MAKING NEWS – CREATING HEADLINES

RETAIL LEASING ACTIVITY, ABSORPTION UP

Nicholas Coo, senior managing director of Faris Lee Investments, tells GlobeSt.com that overall, sustainability relative to tenant sales will dictate where rents will go. “There has been a leveling out of sorts in the rental market, which has exposed the overheating of several trade regions that should have never achieved shop-space rental rates at or above the $3-per-month mark.”

From an investment perspective, some experts say cap rates are rising as the market rebounds, while others say they are continuing to decline but the pace of decline is greater for properties occupied by A+ national credit tenants with long-term leases. “We are seeing continued demand for quality with pricing for several core retail projects hitting cap rates that exceed 2007 levels,” says Coo. “Financing is available at pricing below pre-recession levels, although much more conservatively underwritten on a loan-to-value and NOI basis. We are now seeing 4% cap rates as a regular occurrence in the high-quality single-tenant arena.”

HUNGRY BUYERS, SINGLE TENANTS

Buyers hungry for secure and stable investment options have driven significant demand for triple-net-leased, single-tenant retail properties this year, according to research compiled by Faris Lee Investments. Data shows that single-tenant properties with credit tenants are in the highest demand, especially those housing recession-resistant tenants such as food use, automotive, pharmaceutical, value-oriented and other necessity-based retail categories. – Rick Chichester, Faris Lee Investments

CORE ASSETS SELL, MIDDLE MARKET PROPERTIES LINGER, INVESTMENT SALES BROKERS SAY

“This property offered the buyer a new 15-year absolute triple-net corporate lease in a sale-leaseback opportunity,” said Matt Mousavi of Faris Lee. “We are executing these sales at record-breaking cap rates and buyer interest continues to be strong from all parts of the country, and from the various buyer profiles.”

$79M SALE PROVES VEGAS RETAIL REAL ESTATE IS HOT

According to Faris Lee’s Don MacLellan: “The District offered a rare ownership opportunity in the Las Vegas market with a great deal of upside potential as the buyer was able to acquire the property at a significant discount to replacement cost. The Vestar venture now has possession of a trophy retail center located in one of the premier master planned communities in Nevada. This property is one of the finest sites acquired so far this year in the Western US.”

SINGLE-TENANT RETAIL DEMAND RISING

A focus of Faris Lee is to expand its clients’ activities in the markets where they are currently active and to identify new clients. “We have to maintain our culture, which is completely and totally collaborative,” says Rick Chichester, president and COO of Faris Lee Investments. “There’s no private information—everything is shared, and everyone is involved in every deal. Everybody is expected to contribute to everybody else’s success. As we add people, the Holy Grail for us is holding onto that culture.”

FARIS LEE EXPANDS PRESENCE IN LAS VEGAS

Las Vegas is a unique market when it comes to retail property, said Lisa Brady, managing director of Faris Lee.

“Although I would be cautious using the word ‘recovery’ as we bounce along the bottom, we can emphatically state that the fear is gone and the activity continues to increase,” she said. “National tenants are back in the market looking at new locations at realistic rent levels. Capital is in abundance and investors are beginning to look at opportunities other than distressed REO (real estate-owned).”

TNP STRATEGIC RETAIL TRUST CLOSES ON LEASEHOLD INTEREST IN MAUI’S LAHAINA GATEWAY

Jeff Conover noted that Faris Lee focused on Asian buyers within California in marketing the property. “With the devaluation of the US dollar and US property values still recovering, the buyer, a Chinese private capital real estate holding firm, seized the opportunity to own a secure and stable investment that offered favorable intrinsic value with a fully leased and well-located property.”

FARIS LEE CHANGING TO SUIT NEW REALITIES OF CRE FINANCE MARKETS

“Increasingly, the investments we see demand a broader level of expertise across the entire transaction. The increased complexity has encouraged us to further broaden our transactional, financial, and operational capabilities so that we can continue to provide the financial acumen and services today’s national operators and high net worth individuals need to be successful,” said Rick Chichester, chief operating officer, Faris Lee Investments.

THE MORPHING BROKERAGE: COMPANIES REINVENT THEMSELVES AS THEY BATTLE FOR CLIENTS

When a distressed portfolio of 13 former Mervyn’s stores came to market in California and Arizona recently, several of the nation’s biggest brokerages competed for the deal, valued at more than $100 million. But to the surprise of its rivals, the company picked by court-appointed receiver Trigild Corp. was Irvine, California-based Faris Lee Investments.

“Providing financing to the buyer lessens the chance that a deal will fall through, and can cut down the time it takes to close a deal. It’s not unusual for a buyer to approach Faris Lee to ask for advice or help in structuring the financing,” says Richard Chichester. “We are very deeply resourced and skilled at the financial level.”

FARIS LEE COMPLETES SALES OF THREE PIZZA HUT PROPERTIES IN ARIZONA IN SALE-LEASEBACK ADVISORY

Dennis Vaccaro and Matthew Mousavi of Faris Lee were responsible for advisory and marketing the properties on behalf of a Pizza Hut franchisee who operates a total of 46 Pizza Hut restaurants in Arizona and Texas. The properties were all sold to individual all-cash buyers out of California and Arizona. “The Pizza Hut franchisee looked to Faris Lee to advise on a sale-leaseback scenario for several of its Arizona properties,” said Vaccaro. “Our advisement originated previous to placing the properties on the market and was carefully planned to determine the best asking prices and lease structures. We also crafted a targeted marketing campaign to maximize the private buyer pool and ultimately the final sale price.”

RETAIL RECORD

Are values coming back? Read this before you answer: At 20k SF, the Shoppes at Puente Hills Mall may not be the biggest property, but it bagged $619/SF—the highest price per SF for a multi-tenant retail property above $5M in SoCal since ’08.

Yesterday we chatted with Faris Lee Investments senior managing director Shaun Riley, who repped seller Krausz Puente LLC on the City of Industry mall sale. Their marketing campaign, targeting local property owners, attracted eight offers from Asian investors—all initially written with financing contingencies. Shaun tells us rents at the center are $1/SF above market, and they were concerned the property would get caught up in the current “erratic appraisal process” for real estate. Faris Lee qualified the buyers and picked one with the highest liquid funds to show it could buy at all-cash and worked with the lender’s appraiser to justify the property’s rents and valuation.

KRAUSZ SELLS SOUTHERN CALIFORNIA RETAIL CENTER

The Krausz Companies has sold the Shoppes at Puente Hills Mall in City of Industry, Calif., for $12.5 million or $619.60 per square foot, marking the highest price per square foot for a multi-tenant retail asset of more than $5 million in Southern California since 2008. Navus, an Asian investor, acquired the property. Faris Lee Investments, a retail advisory firm, was the broker. The cap rate was 6.86%.

The center is 87% occupied by creditworthy tenants such as Chipotle and Jamba Juice and the rental rates were also about a dollar per square foot higher than other retail centers in the area. Although Faris Lee fielded eight offers from locally-based Asian investors, none was a straight up play. “Every component contained a financing contingency, as the asset was larger than individual investors would historically purchase on an all-cash basis,” said Shaun Riley, senior managing director at Faris Lee.

DEAL-WRAP - $5.65 MILLION SALE OF RESTAURANT - OCCUPIED PROPERTY

Jeff Conover noted that Faris Lee focused on Asian buyers within California in marketing the property. “With the devaluation of the US dollar and US property values still recovering, the buyer, a Chinese private capital real estate holding firm, seized the opportunity to own a secure and stable investment that offered favorable intrinsic value with a fully leased and well-located property.”

LEADERSHIP THROUGH ADVISORY – AN INVESTMENT BROKER’S ROLE IN AN UNCERTAIN MARKET

Working within the dynamics and complexities of the retail environment filled with headlines exposing new risks, retail investment brokers face new challenges each day. With this changing environment we will continue to see a shift in the advisory and leadership attributes and skills retail brokers are required to provide to their clients. Those who choose to evolve will shape the landscape of the retail investment environment going forward and will be prepared to thrive within the dysfunction the market hands us. – Nicholas Coo, Faris Lee Investments

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