OFFERING MEMORANDUM · The tenant, Beauty Brands, is a salon and spa superstore offering a wide variety of brands, products and treatments. They have 3 locations in the state of Illinois

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OFFERING MEMORANDUM

Ryan Murphy, CCIM [email protected] 217.403.3379

SHOPPES AT COLLEGE HILLS INVESTMENT PORTFOLIO301 & 311-313 S. Veterans Pkwy Normal, IL 61761

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COLDWELL BANKER COMMERCIAL DEVONSHIRE REALTY | CHAMPAIGN, IL | 217.352.7712

This Confidential Investment Summary (“CIS”) is provided by Coldwell Banker Commercial Devonshire Realty (“CBCDR”), solely for yourconsideration of the opportunity to acquire the commercial property described herein (the “Property”). This CIS may be used only as statedherein and shall not be used for any other purpose, or in any other manner, without prior written authorization and consent of CBCDR.

This CIS does not constitute or pertain to an offer of a security or an offer of any investment contract. This CIS contains descriptive materials,financial information and other data compiled by CBCDR for the convenience of parties who may be interested in the Property. Suchinformation is not all inclusive and is not represented to include all information that may be material to an evaluation of the acquisition

opportunity presented. CBCDR has not independently verified any of the information contained herein and makes no representations orwarranties of any kind concerning the accuracy or completeness thereof. All summaries and discussions of documentation and/or financialinformation contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which uponrequest may be made available. An interested party must conduct its own independent investigation and verification of any information theparty deems material to consideration of the opportunity, or otherwise appropriate, without reliance upon CBCDR.

The Property may be financed or withdrawn from the market without notice, and its owner(s) reserve(s) the right to negotiate with anynumber of interested parties at any time. The Property is offered and sold by its owner(s) as is, where is, and with all faults, withoutrepresentation or warranty of any kind except for any customary warranties of title.

BY ACCEPTING THIS CIS, YOU AGREE THAT: (1) all information contained herein, and all other information you have received or mayhereafter receive from CBCDR relating to the Property, whether oral, written or in any other form (collectively, the “Information”), is strictlyconfidential; (2) you will not copy or reproduce, and claim as your own without attribution to CBCDR, all or any part of this CIS or theInformation; (3) upon request by CBCDR at any time, you will return and/or certify your complete destruction of all copies of this CIS and theInformation; (4) for yourself and all your affiliates, officers, employees, representatives, agents and principals, you hereby release and agreeto indemnify and hold harmless CBCDR all of its affiliates, officers, employees, representatives, agents and principals, from and with respectto any and all claims and liabilities arising from or related to the receipt or use of this CIS and/or any other Information concerning the

Property; (5) you will not provide this CIS or any of the Information to any other party unless you first obtain such party’s acceptance andapproval of all terms, conditions, limitations and agreements set forth herein, as being applicable to such party as well as to you; and (6)monetary damages alone will not be an adequate remedy for a violation of these terms and that CBCDR shall be entitled to equitable relief,including, but not limited to, injunctive relief and specific performance, in connection with such a violation and shall not be required to posta bond when obtaining such relief.

CONFIDENTIALITY & RESTRICTED USE AGREEMENT

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THE OFFERING

OVERVIEW

Coldwell Banker Commercial Devonshire Realty (CBCDR) is proud to

exclusively offer for sale a portfolio containing four adjacent retail buildings

(seven parcels) located in the Shoppes at College Hills in Normal, IL. These

buildings are located in the Plaza tract within the Shoppes at College Hills

providing prime frontage and visibility along Veterans Parkway.

The Shoppes at College Hills is ideally located on the corner of Veterans

Parkway (Historic U.S. 66), which is the prominent retail corridor in

Bloomington-Normal, and College Avenue, which connects the open-air

shopping center to Illinois State University (20,635 students and 3,654

faculty & staff). In addition to the properties contained in this investment

portfolio the center provides a combination of quality national and local

retailers such as Von Maur, Target, Hobby Lobby, Starbucks, Xfinity, LOFT,

Joe's Station House, Flat Top Grill and Massage Envy.

Bloomington-Normal is the home to State Farm, COUNTRY Financial, the

Central Illinois Regional Airport, Illinois State University, Illinois Wesleyan

University, Heartland Community College, Advocate BroMenn Healthcare,

OSF St. Joseph Medical Center and many other nationally-recognized

entities.

This portfolio has minimal Landlord responsibilities, stability from national

tenants and significant value-add potential. The current tenants include T-

Mobile, Panda Express, Logan's Roadhouse, Beauty Brands and Enterprise

Rent-A-Car. Excess land for an additional outlot and a new vacancy due

to Hobby Lobby’s relocation within the center provide huge upside for this

portfolio.

INVESTMENT HIGHLIGHTS

• Prominent Open-Air Shopping Center

• Corner of Veterans Pkwy & College Ave

• Minimal Landlord Responsibilities

• National Tenants

• Value-Add Upside

PORTFOLIO OVERVIEW

Price Call For Offers

Buildings 4

Gross Leasable Area 101,862 SF

Tax Parcels 7

Total Lot Size 13.57 Acres

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AERIAL

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SITE PLAN

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SITE PLAN LEGEND

Site Plan # Address Tax Parcel Lot Size (Acres) RE Taxes Building Size (SF)

1 311 S. Veterans 14-26-376-029 1.06 $24,366 7,000

2 312 S. Veterans 14-26-376-030 0.58 $13,351 3,540

3 313 S. Veterans 14-26-376-026 2.10 $35,169 7,176

4 Lot 7 14-26-376-031 1.68 $12,598 0

5 Common Drive 14-26-376-023 0.59 $2,685 0

6 301 S. Veterans 14-26-376-024 7.25 $131,871 84,146

7 Common Drive 14-26-376-027 0.31 $1,601 0

TOTAL 13.57 $221,641 101,862

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311 S. VETERANS PKWY

BUILDING OVERVIEW

311 S. Veterans Parkway is a 7,000 SF retail building constructed and leased in 2010 via a ground lease to Beauty Brands. The

property is located at the corner of Veterans Parkway and Von Maur Drive, which is the prominent entrance to the Shoppes at

College Hills.

The tenant, Beauty Brands, is a salon and spa superstore offering a wide variety of brands, products and treatments. They have 3

locations in the state of Illinois and 58 locations across the United States.

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311 S. VETERANS PKWY CONTINUED

RENT ROLL

Tenant Beauty Brands Inc.

Lease Type Ground Lease

Property Address 311 S. Veterans Pkwy, Normal, IL

Leased Premises (Lot) 46,174 SF

Building Size 7,000 SF

Lease Commencement June 1, 2010

Lease Expiration May 31, 2020

Renewal Options Two Options of Five Years

ROFR/Offer No

Exclusivity Yes

Sublet/Assignment With LL consent unless Permitted Assignee

Real Estate Taxes Tenant

Insurance Tenant

Operating Expenses Tenant

CAM Share* 2019= $4,973 (2% annual increase)

LEASE ABSTRACT

Dates Annual Base Rent

6/1/2010 - 5/31/2020 $ 175,000

Option Term Dates Annual Base Rent

6/1/2020 - 5/31/2025 $ 182,000

6/1/2025 - 5/31/2030 $ 189,000

*Paid to Landlord to maintain non-exclusive common areas of joint use and

benefit within the shopping center

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BUILDING OVERVIEW

312 S. Veterans Parkway is a 3,540 SF retail building constructed in 2011. The property is located along Veterans Parkway in

the Shoppes at College Hills. The building is a 2-tenant building leased to T-Mobile and Panda Express.

T-Mobile is a subsidiary of the German telecommunication company Deutsche Telekom AG and specializes in wireless

communication products. T-Mobile has over 44,000 employees and 2017 revenue was reported at over $40 Billion.

Panda Express is a fast casual restaurant chain with over 2,000 locations. It is the largest Asian segment restaurant chain in

the United States with approximately 39,000 employees and 2017 sales over $3 Billion.

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RENT ROLL

Tenant TCC Wireless LLC d/b/a T-Mobile

Lease Type NNN

Property Address 312 S. Veterans Pkwy, Suite 2, Normal, IL

Leased Premises 1,540 SF


Lease Commencement December 1, 2011

Lease Expiration November 30, 2021

Renewal Options None Remaining

ROFR/Offer No

Exclusivity Yes

Sublet/Assignment With LL consent

Real Estate Taxes Tenant reimbursement

Insurance Tenant reimbursement

Utilities Tenant

Sanitary/Sewer Tenant reimbursement

HVAC Tenant

Trash/Hauling Tenant

Exterior, Roof & Structure Landlord– Subject to OpEx reimbursement

Operating Expense Cap 2019= $2.46/SF (3% annual increase)

LEASE ABSTRACT


12/1/2011 - 11/30/2016 $ 43,120

12/1/2016 - 11/30/2021 $ 49,280

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RENT ROLL

Tenant Panda Express, Inc.

Lease Type NNN

Property Address 312 S. Veterans Pkwy, Suite 1, Normal, IL



Lease Commencement October 1, 2011

Lease Expiration September 30, 2021

Renewal Options Three Options of Five Years

ROFR/Offer No

Exclusivity Yes



Insurance Tenant & Landlord

Utilities Tenant

Sanitary/Sewer Tenant reimbursement

HVAC Tenant

Trash/Hauling Landlord– Subject to OpEx reimbursement

Exterior, Roof & Structure Landlord– Subject to OpEx reimbursement

Operating Expense Cap 2019= $1.96/SF (3% annual increase)

LEASE ABSTRACT


10/1/2011 - 9/30/2016 $ 56,000

10/1/2016 – 9/30/2021 $ 61,600


10/1/2021 – 9/30/2026 $ 67,760

10/1/2026 – 9/30/2031 $ 74,536

10/1/2031 – 9/30/2036 $ 81,990

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BUILDING OVERVIEW

313 S. Veterans Parkway is a 7,000 SF restaurant constructed and leased in 2006 via a ground lease to Logan's Roadhouse. The

property is located along Veterans Parkway in the Shoppes at College Hills.

The tenant, Logan's Roadhouse, is a roadhouse chain founded in 1991 and currently based in Nashville, Tennessee. They have

over 200 company operated locations (this property included) across the United States.

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1/1/2007 – 12/31/2011 $ 100,000

1/1/2012 – 12/31/2016 $ 110,000

1/1/2017 – 12/31/2021 $ 121,000


1/1/2022 – 12/31/2026 $ 133,100

1/1/2027 – 12/31/2031 $ 146,410

1/1/2032 – 12/31/2036 $ 161,051


RENT ROLL

Tenant Logan’s Roadhouse, Inc.

Lease Type Ground Lease


Leased Premises (Lot) 91,476 SF


Lease Commencement January 1, 2007

Lease Expiration December 31, 2021

Renewal Options Three Options of Five Years

ROFR/Offer 30 Days

Exclusivity Yes


Real Estate Taxes Tenant

Insurance Tenant

Operating Expenses Tenant

CAM Share* 2019= $3,958 (2% annual increase)

LEASE ABSTRACT

*Paid to Landlord to maintain non-exclusive common areas of joint use and

benefit within the shopping center

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BUILDING OVERVIEW

301 S. Veterans Parkway is a 84,146 SF retail building constructed in 1980 located in the Shoppes at College Hills. Hobby Lobby

recently relocated within the shopping center, so the building will have 79,247 SF available for lease on January 1, 2019. The

building has substantial value-add upside.

Additionally, Enterprise Rent-A-Car has leased 4,899 SF in the building since 2002. Enterprise Rent-A-Car is an American car

rental company founded in 1957 and has approximately 7,200 branches in cities, neighborhoods and airports.

Ownership will consider offers to purchase this building individually as well as part of the portfolio package.

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RENT ROLL LEASE ABSTRACT


1/1/2002 – 12/31/2006 $ 38,400

1/1/2007 – 12/31/2011 $ 44,400

1/1/2012 – 12/31/2016 $ 50,400

1/1/2017 – 12/31/2021 $ 56,400

Tenant Enterprise Rent-A-Car Midwest

Lease Type Net Net




Lease Commencement January 1, 2002

Lease Expiration December 31, 2021

Renewal Options None Remaining

ROFR/Offer No

Exclusivity Yes

Sublet/Assignment With LL consent unless affiliated entity


Insurance Tenant reimbursement

Utilities Landlord

Sanitary/Sewer Landlord

HVAC Tenant, but split costs on replacement

Trash/Hauling Landlord

Exterior, Roof & Structure Landlord

Termination Option On-going with 30 days notice

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CONTACT INFORMATION

Coldwell Banker Commercial Devonshire Realty201 W. Springfield Ave. | 11th FloorChampaign, IL 61820217.352.7712

DEVONSHIRE REALTY

Ryan Murphy, [email protected]

Documents

OFFERING MEMORANDUM · The tenant, Beauty Brands, is a salon and spa superstore offering a wide variety of brands, products and treatments. They have 3 locations in the state of Illinois