North & Harlem Plaza Multi-Tenant Retail Building

Confidential Offering Memorandum

North & Harlem PlazaMulti-Tenant Retail Building7101-7123 West North Avenue, Oak Park, IL

Actual Photo Actual Photo

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CONFIDENTIAL OFFERING MEMORANDUM

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PRESENTED BY:

CHAD M. FIRSELPresidentQuantum Real Estate Advisors, Inc.79 W. Monroe StreetSuite 801Chicago, IL 60603p. 312 269 0220c. 312 343 [email protected]

7101-7123 West North Avenue, Oak Park, IL

North & Harlem PlazaMulti-Tenant Retail Building

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Confidentiality Agreement

QUANTUM REAL ESTATE ADVISORS, INC. (“QUANTUM”) has been retained as the exclusive broker by the Owner of Record (“the Owner”) for the multi- tenant retail building, located at 7101-7123 West North Avenue, Oak Park, IL, in connection with the sale of certain properties (“the Property”) as described in this Offering Memorandum.

This Offering Memorandum has been prepared by Quantum for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the physical or economic aspects of the Property or any of the documents related thereto, nor does it purport to be all inclusive or to contain all of the information which prospective investors may need or desire further, the Offering Memorandum is limited to the matters set forth therein. All budgets or projections have been developed by Quantum and Owner, and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Quantum and therefore are subject to variation. Each of Quantum and Owner makes no representation as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Quantum and its employees, and Owner, and its trustees, officers, and employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or omissions from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property Owner as of the date of preparation of the Offering Memorandum.

Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.

Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the property, and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner and the Board of Trustees of Owner and a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner’s obligations hereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you acknowledge that you have executed, and have agreed to be bound by, the Confidentiality Agreement with Quantum and Owner.

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Table of Contents

Section I Executive Summary 5

Offering Summary

Executive Summary

Section II Property Overview 8

Property Photos

Site Aerial

Tenant Overviews

Section III Market Overview 17

Regional Map

City Overview

Section IV Demographics 20

Summary Demographics

Section V Financial Analysis 22

Rent Roll

Cash Flow

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EXECUTIVE SUMMARY

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EXECUTIVESUMMARY

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EXECUTIVE SUMMARY

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Offering Summary

Quantum Real Estate Advisors, Inc. (“QREA”) has been retained to exclusively offer for sale a 23,186 square foot multi-tenant retail building located at 7101-7123 West North Avenue, Oak Park, IL. The building is 87% leased to a mix of national and local tenants including: American Mattress, Dunkin’ Donuts, The UPS Store, Batteries Plus Bulbs, Pizza Hut, Check ‘N Go and more. The retail building is strategically located on the southeast corner of one of the busiest intersections in Chicago, North Avenue and Harlem Avenue. This signalized intersection sees traffic counts exceeding 70,000 vehicles per day. The property features outstanding visibility and ample surface parking.

Value-Add Opportunity

The subject property will afford the buyer the opportunity to add value in two different ways; 1. Raising under market rents 2. Leasing the vacant space. Roughly 40% of center is leased to tenants that are paying below market rents. As these leases turn over, rents can be raised to right-size the rents. The center also has roughly 13% vacancy. Using pro-forma rents we project an opportunity increase NOI by roughly 17% just by leasing the vacant space.

Highlights • 87% occupied by national and local tenants including: Dunkin’ Donuts, Pizza Hut, The UPS Store• Excellent visibility at the intersection of North Ave & Harlem Ave • Average household income within 1-mile radius exceeds $100,000

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EXECUTIVE SUMMARY

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Financial Information

Contact Information

This multi-tenant retail center located at 7101-7123 West North Avenue, Oak Park, IL, is being exclusively marketed by Quantum Real Estate Advisors, Inc. If you have further questions please contact Quantum Real Estate Advisors, Inc.:

Purchase Price:

Building SF:

$6,790,000

23,186

CHAD M. FIRSELPresident Quantum Real Estate Advisors, Inc.79 W. Monroe StreetSuite 801Chicago, IL 60603p. 312 269 0220c. 312 343 4141e. [email protected]

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PROPERTY OVERVIEWE

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PROPERTYOVERVIEW

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Property Photos

PROPERTY OVERVIEW

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PROPERTY OVERVIEWPROPERTY OVERVIEWPROPERTY OVERVIEW

Site Aerial

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Site Aerial

Harlem Ave 30,000 VPD

North Ave 41,000 VPD

Site

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Market Aerial

Rush Oak Park Hospital290

North Ave 41,000 VPDHarlem Ave 30,000 VPD

Site

200,000 VPD

Madison St 22,000 VPD

Randolph St 10,000 VPD

Lake St 19,000 VPD

Oak Park Ave 17,000 VPD

Austin Blvd 20,000 VPD

Chicago Ave 16,000 VPD

Oak Park and River Forest High School

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PROPERTY OVERVIEWE

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Tenancy

American Mattress

Website: www.americanmattress.comNumber of Locations: 98

Business Summary

American Mattress is a specialty retailer of mattresses, and related products and accessories. American Mattress currently operates 98 locations across Illinois and Indiana. American Mattress offers conventional mattresses; specialty mattresses, such as Tempur-Pedic and viscoelastic foam mattresses; and furniture and accessories, including bed frames, mattress pads, and pillows. The company offers customers an option for same day delivery and a comfort guarantee.

First Peek Ultrasound

Website: www.firstpeekultrasound.comNumber of Locations: 2

Business Summary

First Peek Ultrasound opened in 2008 and offers 3D, 4D and HD live ultrasound services to see the baby in stunning realistic detail. Ultrasounds are offered in various level pacakges. All of First Peek’s ultrasound technicians are certified and ARDMS-registered. In addition First Peek offers massage therapy and other pregnancy services.

Orangetheory

Website: www.orangetheoryfitness.comNumber of Locations: 300+

Business Summary

Orangetheory is a workout facility with training designed to keep heart rate in the “Orange Zone”. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orangetheory Fitness is a 60-minute workout broken into intervals of cardiovascular and strength training. Orangetheory Fitness is a franchise of the Ultimate Fitness Group, LLC. In its first three years, Orangetheory Fitness awarded more than 100 franchise locations in the US, Canada and UK. As of Q1 2014, more than 300 franchises have been awarded worldwide.

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Tenancy

Dunkin’ Donuts

Website: www.dunkindonuts.comNumber of Locations: 11,000

Business Summary

Dunkin’ Donuts is an American global doughnut company and coffeehouse chain based in Canton, Massachusetts. It was founded in 1950 by William Rosenberg in Quincy, Massachusetts. Since its founding, the company has grown to become one of the largest coffee and baked goods chains in the world, with 11,000 restaurants in 33 different countries. The chain has grown to include over 1,000 items on its menu, including doughnuts, bagels, other baked goods, and a wide variety of hot and iced beverages. As of 2014, Dunkin’ Donuts is owned by Dunkin’ Brands Inc., which also owns Baskin-Robbins and previously owned the Togo’s chain.

The UPS Store

Website: www.theupsstore.com Number of Locations: 4,300

Business Summary

The UPS Store network is the world’s largest franchisor of retail shipping, postal, printing and business service centers. Today, there are nearly 4,300 independently owned The UPS Store locations in the U.S., Puerto Rico and Canada. The UPS Store, Inc., franchiser of The UPS Store brand, is a wholly owned subsidiary of United Parcel Service, Inc. (UPS). The UPS Store has been named the No. 1 postal and business services franchise for 22 consecutive years by Entrepreneur Magazine in their annual “Franchise 500.” USA Today and G.I. Jobs named The UPS Store franchise opportunity in the 50 Top Franchises for Military Veterans. The UPS Store franchise network was named American Brand Excellence Award Winner in the Retail category by City Business Journals.

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Tenancy

Batteries Plus Bulbs

Website: www.batteriesplus.comNumber of Locations: 600

Business Summary

Batteries Plus, now Batteries Plus Bulbs, was the first organization to respond to the evolving needs of the replacement battery market. The first store opened in 1988 in Green Bay, Wisconsin. They began franchising in 1992 and opened the first franchise-owned store in Fort Wayne, IN. Batteries Plus has over 600 locations in 47 states and Puerto Rico. Their battery products cover every application, from laptops, cell phones and cars, to military equipment, heavy duty construction equipment and other business-to-business applications. The light bulb products include everything from the common, such as those for table lamps and light fixtures, to the unique, such as lamps for cars, healthcare equipment, aquariums, projectors and much more.

1 Hour Val Cleaners

Number of Locations: 1

Business Summary

1 Hour Val Cleaners offers dry cleaning and laundry services. 1 Hour Val Cleaners, as the name states, guarantes laundry will be done in one hour. They are a full service dry cleaners and can even clean leather, silk and rugs. They often have dry cleaning coupons available for laundered shirts and slacks, suits and cocktail dress dry cleaning.

Modern Nails

Number of Locations: 1

Business Summary

Modern Nails is a nail salon offering services ranging from manicures, pedicures, waxing and facials.Featured services at Modern Nails include the European Facial, Deep Cleansing Facial, and French Pedicure.

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Tenancy

Pizza Hut

Website: www.pizzahut.comNumber of Locations: 11,000+

Business Summary

Pizza Hut is an American restaurant chain and international franchise, known for pizza and side dishes. It is now corporately known as Pizza Hut, Inc. and is a subsidiary of Yum! Brands, Inc., the world’s largest restaurant company. Pizza Hut is split into several different restaurant formats; the original family-style dine-in locations; store front delivery and carry-out locations; and hybrid locations that offer carry-out, delivery, and dine-in options. Pizza Hut was founded in 1958 by two Wichita State University students, Frank and Dan Carney, as a single location in Wichita, Kansas. In 2012, the company had more than 6,000 Pizza Hut restaurants in the United States, and had more than 5,139 store locations in 94 other countries and territories around the world.

Check ‘N Go

Website: www.checkngo.comNumber of Locations: 1,000+

Business Summary

Check ‘n Go is a direct payday loan lender. Check ‘n Go was founded with one purpose in mind: provide financialsolutions to the problems ignored by “traditional” lenders, such as banks. As a payday loan company and lender,we’ve been in operation for almost 20 years. We opened our doors in 1994 and we still receive a majority ofour business from payday loans, installment loans, and check cashing services. In addition, a growing numberof customers are utilizing the convenience of Check `n Go online 24 hours-a-day, 7 days-a-week. Check `n Gooperates more than 1,000 locations in 30 states.

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MARKET OVERVIEWE

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MARKET OVERVIEWMARKET OVERVIEWMARKET OVERVIEW

Regional Map

7101-7123 W North AveOak Park, IL

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City Overview

Oak Park, IL

Oak Park is a village immediately west of the city of Chicago (7 miles west of the “Loop”). The boundary between the two municipalities is Austin Boulevard on the east side of Oak Park and North Avenue/Illinois Route 64 on the village’s north side. Oak Park also borders Cicero along its southern border, Roosevelt Road/Illinois Route 38, from Austin to Lombard; and Berwyn from Lombard to Harlem Avenue. Harlem/Illinois Route 43 also serves as its western

border, where between Roosevelt and South Boulevard, it borders Forest Park and between North Boulevard and North Avenue to the west it borders River Forest.

The entire village of Oak Park lies on the shore of ancient Lake Chicago, which covered most of the city of Chicago during the last Ice Age, and was the forerunner to today’s Lake Michigan. Ridgeland Avenue in eastern Oak Park marks the shoreline of the lake, and was once an actual ridge. Just like the geographical setup of the Chicago river which connects to the present day Lake Michigan just North of the cities Loop, the ancient Des Planes river once emptied into glacial Lake Chicago making

prehistoric Oak Park a “Plains river Delta” system.

Oak Park is accessible from Chicago by both Chicago Transit Authority Green and Blue line trains at five different stations throughout the village as well as Metra UP-West Line trains at Oak Park station downtown. The Eisenhower Expressway (Interstate-290)—formerly the Congress Expressway—is the primary highway between Chicago and Oak Park.

History

In 1837, Joseph Kettlestrings purchased 172 acres of land just west of Chicago. By 1850, the Galena and Chicago Union Railroad was constructed as far as Elgin, Illinois, and passed through what would later become Oak Park. In the 1850s the land on which Oak Park sits was part of the new Chicago suburb of Cicero. The population of the area boomed during the 1870s, with Chicago residents resettling in Cicero following the Great Chicago Fire of 1871. The Village of Oak Park was formally established in 1902, disengaging from Cicero following a referendum.

Oak Park attracts architecture buffs and others to view the many Frank Lloyd Wright designed homes found in the village. The largest collection of Wright-designed residential properties in the world is in Oak Park. Other attractions include Ernest Hemingway’s birthplace home and his boyhood home, the Ernest Hemingway Museum, the three Oak Park homes of writer and Tarzan creator Edgar Rice Burroughs, Wright’s Unity Temple, Pleasant Home, the Oak Park-River Forest Historical Society, and the Seward Gunderson Historic District.

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DEMOGRAPHICS

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VALUATIONVALUATIONDEMOGRAPHICS

Demographics

PopulationHouseholdsFamiliesAverage Household SizeOwner Occupied Housing UnitsRenter Occupied Housing UnitsMedian Age

Median Household IncomeAverage Household Income

Households by Income Number Percent Number Percent Number Percent< $25,000 1,726 16.4% 28,181 25.8% 74,395 27.2%$25,000 - $50,000 1,827 17.4% 27,178 24.9% 72,224 26.4%$50,000 - $75,000 1,457 13.9% 18,254 16.7% 47,732 17.4%$75,000- $100,000 1,276 12.1% 12,682 11.6% 32,080 11.7%$100,000 - $125,000 1,072 10.2% 8,229 7.5% 19,685 7.2%$125,000 - $150,000 596 5.7% 4,357 4.0% 10,505 3.8%$150,000 - $200,000 982 9.3% 4,854 4.5% 9,516 3.5%$200,000+ 1,583 15.1% 5,356 4.9% 7,552 2.8%

Race and Ethnicity Number Percent Number Percent Number Percent

White 23,389 81.0% 209,741 67.6% 577,719 70.9%

Black 3,625 12.6% 82,541 26.6% 190,796 23.4%

American Indian 152 0.5% 3,009 1.0% 9,223 1.1%Asian 1,101 3.8% 9,083 2.9% 22,557 2.8%Pacific Islander 21 0.1% 367 0.1% 1,093 0.1%Other 580 2.0% 5,326 1.7% 13,415 1.7%

Hispanic Origin (Any Race) 5,343 18.5% 99,072 32.0% 640,318 41.8%

$79,888 $49,194 $46,242$110,316 $70,354 $62,587

37.0 36.2

2.60 2.80 2.90151,98862,4008,509

2,009 46,692 121,70139.3

10,519 109,092 273,6895,723 45,656 116,182

Demographic and Income Profile 2014One Mile Three Mile Five Mile

28,867 310,067 814,803

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FINANCIAL ANALYSIS

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FINANCIALANALYSIS

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VALUATIONVALUATIONFINANCIAL ANALYSIS

Rent Roll

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSF

American Mattress 4,740 20.44% September 10, 2015 September 30, 2025 CAM: 9,716 2.05 Suite 7123 Taxes: 41,175 8.69

Current B September 10, 2015 September 30, 2020 38.00 180,120 15,010 Ins: 1,256 0.26 October 1, 2020 September 30, 2025 41.80 198,132 16,511 Admin: - -

Mgmt : 6,198 1.31 Option 1 October 1, 2025 September 30, 2030 45.98 217,945 18,162 TOTAL 58,345 12.31

Option 2 October 1, 2030 September 30, 2035 50.58 239,749 19,979

First Peek Ultrasound 3,318 14.31% November 19, 2012 November 30, 2017 CAM: 6,801 2.05 Suite 7121A Taxes: 28,823 8.69

December 1, 2014 November 30, 2015 15.41 51,130 4,261 Ins: 879 0.26 Current December 1, 2015 November 30, 2016 15.89 52,723 4,394 AdminA: 1,803 0.54

December 1, 2016 November 30, 2017 16.38 54,349 4,529 Mgmt: 4,339 1.31 TOTAL 42,644 12.85

Option 1 December 1, 2017 November 30, 2018 16.87 55,975 4,665 Option 1 December 1, 2018 November 30, 2019 17.37 57,634 4,803 Option 1 December 1, 2019 November 30, 2020 17.89 59,359 4,947 Option 1 December 1, 2020 November 30, 2021 18.42 61,118 5,093 Option 1 December 1, 2021 November 30, 2022 18.97 62,942 5,245


A. Tenant to pay an Administrative Fee equal to 15% of the total Common Area Maintenance, Management Fee and Insurance

Orange Theory 4,077 17.58% March 28, 2015 March 31, 2022 CAM: 8,357 2.05 Suite 7121 Taxes: 35,416 8.69

Current March 28, 2015 March 31, 2017 14.25 58,097 4,841 Ins: 1,080 0.26 April 1, 2017 March 31, 2018 14.68 59,840 4,987 AdminA: 5,018 1.23 April 1, 2018 March 31, 2019 15.12 61,635 5,136 Mgmt: 5,331 1.31 April 1, 2019 March 31, 2020 15.57 63,484 5,290 TOTAL 55,203 13.54 April 1, 2020 March 31, 2021 16.04 65,389 5,449 April 1, 2021 March 31, 2022 16.52 67,351 5,613

Option 1 April 1, 2022 March 31, 2023 17.02 69,371 5,781 Option 1 April 1, 2023 March 31, 2024 17.53 71,452 5,954 Option 1 April 1, 2024 March 31, 2025 18.05 73,596 6,133 Option 1 April 1, 2025 March 31, 2026 18.59 75,804 6,317 Option 1 April 1, 2026 March 31, 2027 19.15 78,078 6,506


A. Tenant to pay an Administrative Fee equal to 10% of the total Common Area Maintenance, Taxes, Management Fee and Insurance

LEASE TERM RENT Annual Expense Reimbursements

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Rent Roll

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSFLEASE TERM RENT Annual Expense Reimbursements

Vacant 3,047 13.14% CAM: - - Suite 7119 Taxes: - -

Ins: - - Admin: - - Mgmt: - -

TOTAL - -

Dunkin' Donuts 1,000 4.31% October 1, 2007 September 30, 2017 CAMA: 1,899 1.90 Suite 7117 Taxes: 8,687 8.69

Current A October 1, 2012 September 30, 2017 33.00 33,000 2,750 Ins: 265 0.26 AdminB: 433 0.43

Option 1 October 1, 2017 September 30, 2022 36.30 36,300 3,025 Mgmt: 1,308 1.31 Option 1 October 1, 2022 September 30, 2027 39.93 39,930 3,328 TOTAL 12,591 12.59

Option 2 October 1, 2027 September 30, 2032 43.92 43,920 3,660 Option 2 October 1, 2032 September 30, 2037 48.32 48,320 4,027

A. Tenant does not reimburse for Rubbish RemovalB. Tenant pays an Administrative Fee equal to 20% of Common Area Maintenance and Insurance charges

The UPS Store 1,200 5.18% August 1, 2012 July 31, 2018 CAM: 2,460 2.05 Suite 7115 Taxes: 10,424 8.69

August 1, 2014 July 31, 2015 18.91 22,692 1,891 Ins: 318 0.26 Current August 1, 2015 July 31, 2016 19.38 23,256 1,938 AdminA: 652 0.54

August 1, 2016 July 31, 2017 19.86 23,832 1,986 MgmtB: 1,569 1.31 August 1, 2017 July 31, 2018 20.35 24,420 2,035 TOTAL 15,423 12.85

Option 1 August 1, 2018 July 31, 2023

A. Tenant to pay an Administrative Fee equal to 15% of the total Common Area Maintenance, Management Fee and InsuranceB. Fair Market Rent as defined in the lease: "...shall be the minimum rent at which the Leased Premises would be expected to be leased, for a one-year term commencing on the first day of the Option Period in its then-exisiting condition in an arms-length transaction…"

Batteries Plus 1,600 6.90% June 14, 2013 June 30, 2018 CAMA: 3,280 2.05 Suite 7111-7113 Taxes: 13,899 8.69

Current June 14, 2013 June 30, 2018 20.00 32,000 2,667 Ins: 424 0.26 AdminB: 869 0.54

Option 1 July 1, 2018 June 30, 2023 22.00 35,200 2,933 Mgmt: 2,092 1.31 TOTAL 20,564 12.85

Option 2 July 1, 2023 June 30, 2028 24.20 38,720 3,227

A. Increase in CAM is capped at 104% of prior year CAM, excluding costs for snow removal, insurance, utilities and other uncontrollable costsB. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceC. Tenant is required, within sixty (60) days after the end of each calendar year, to deliver to Landlord an annual statement of Gross Sales for said year, signed off by an officer of the Tenant

Reset to "Fair Market Rent" B

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Rent Roll

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSFLEASE TERM RENT Annual Expense Reimbursements

One Hour Cleaners 1,413 6.09% October 1, 1993 September 30, 2017 CAM: 2,896 2.05 Suite 7107 Taxes: 12,274 8.69

Current October 1, 2012 September 30, 2017 24.41 34,491 2,874 Ins: 374 0.26 AdminA: 2,609 1.85

Option 1 October 1, 2017 September 30, 2022 28.07 39,663 3,305 Mgmt: 1,848 1.31 TOTAL 20,002 14.16

A. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Taxes, Management Fee and Insurance

Modern Nails 800 3.45% June 1, 2001 May 31, 2016 CAM: 1,640 2.05 Suite 7105 Taxes: 6,949 8.69

CurrentA June 1, 2015 May 31, 2016 31.57 25,258 2,105 Ins: 212 0.26 AdminB: 435 0.54 MgmtC: 1,046 1.31

TOTAL 10,282 12.85

A. Seller to provide a credit at closing between current rent ($24,286.26 per annum) and June 1st 2015 rent ($25,257.71). Additonally, Tenant is in final Option PeriodB. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceC. Landlord may request no more than one time per lease year Tenant's most recent financial statements

Pizza Hut 1,000 4.31% November 1, 2014 October 31, 2019 CAM: 2,050 2.05 Suite 7103 Taxes: 8,687 8.69

Current November 1, 2014 October 31, 2019 28.00 28,000 2,333 Ins: 265 0.26 AdminA: 543 0.54

Option 1 November 1, 2019 October 31, 2024 30.80 30,800 2,567 Mgmt: 1,308 1.31 TOTAL 12,852 12.85

Option 2 November 1, 2024 October 31, 2029

A. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceB. The “Fair Market Rent” for the second option period, if exercised, shall be reasonably determined by Landlord by averaging the fixed rent for similar premises located in similar shopping centers in the general geographic area of the Shopping Center

Check N GoA 991 4.27% April 21, 1998 May 31, 2018 CAM: 2,031 2.05 Suite 7101 Taxes: 8,609 8.69

CurrentA June 1, 2015 May 31, 2018 28.00 27,748 2,312 Ins: 263 0.26 AdminB: 538 0.54

Mgmt: 1,296 1.31 TOTAL 12,737 12.85

A. Landlord and tenant are currently negotiating a three year extension at $28/ftB. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and Insurance

Occupied SF 20,139 86.86% Total 494,693 41,224 CAM: 41,129 2.04 Vacant SF 3,047 13.14% Taxes: 174,942 8.69

Ins: 5,336 0.26 Total SF 23,186 100.00% Admin: 12,901 0.64

Mgmt: 26,335 1.31 TOTAL 260,643 12.94


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FINANCIAL ANALYSIS

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NOI 467,155 Purchase Price 6,790,000 Purchase Price/ SF 292.85

Summary Analysis

Total %Leased SF 20,139 86.86%Vacant SF 3,047 13.14%

Total 23,186 100.00%

Subtotal Total PSFScheduled Rental Income 494,693 21.34 Admin Fee 12,901 0.56 Expense Reimbursements

CAM 41,129 1.77 Taxes 174,942 7.55 Insurance 5,336 0.23 Property Management 26,335 1.14

Subtotal 247,742 10.68

Potential Gross Income 755,336 32.58

Vacancy (13.14% Actual) - -

Effective Gross Income 755,336 32.58

Recoverable Operating ExpensesCAM 47,526 2.05 Taxes 201,410 8.69 Insurance 6,143 0.26 Property Management (4% of PGI) 30,320 1.31

Sub-Total 285,399 12.31

Non-Recoverable Operating ExpensesStructural Reserve ($.12/SF) 2,782 0.12

Total Expenses 288,181 12.43

Net Operating Income 467,155 20.15

Property Summary

Operating Income

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Rent Roll Proforma

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSF

American Mattress 4,740 20.44% September 10, 2015 September 30, 2025 CAM: 9,716 2.05 Suite 7123 Taxes: 41,175 8.69

Current September 10, 2015 September 30, 2020 38.00 180,120 15,010 Ins: 1,256 0.26 October 1, 2020 September 30, 2025 41.80 198,132 16,511 Admin: - -

Mgmt : 7,245 1.53 Option 1 October 1, 2025 September 30, 2030 45.98 217,945 18,162 TOTAL 59,392 12.53

Option 2 October 1, 2030 September 30, 2035 50.58 239,749 19,979

First Peek Ultrasound 3,318 14.31% November 19, 2012 November 30, 2017 CAM: 6,801 2.05 Suite 7121A Taxes: 28,823 8.69

December 1, 2014 November 30, 2015 15.41 51,130 4,261 Ins: 879 0.26 Current December 1, 2015 November 30, 2016 15.89 52,723 4,394 AdminA: 1,913 0.58

December 1, 2016 November 30, 2017 16.38 54,349 4,529 Mgmt: 5,072 1.53 TOTAL 43,487 13.11



A. Tenant to pay an Administrative Fee equal to 15% of the total Common Area Maintenance, Management Fee and Insurance

Orange Theory 4,077 17.58% March 28, 2015 March 31, 2022 CAM: 8,357 2.05 Suite 7121 Taxes: 35,416 8.69

Current March 28, 2015 March 31, 2017 14.25 58,097 4,841 Ins: 1,080 0.26 April 1, 2017 March 31, 2018 14.68 59,840 4,987 AdminA: 5,108 1.25 April 1, 2018 March 31, 2019 15.12 61,635 5,136 Mgmt: 6,232 1.53 April 1, 2019 March 31, 2020 15.57 63,484 5,290 TOTAL 56,193 13.78 April 1, 2020 March 31, 2021 16.04 65,389 5,449 April 1, 2021 March 31, 2022 16.52 67,351 5,613



A. Tenant to pay an Administrative Fee equal to 10% of the total Common Area Maintenance, Taxes, Management Fee and Insurance

Annual Expense ReimbursementsRENTLEASE TERM

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Rent Roll ProformaRent Roll ProForma

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSFAnnual Expense ReimbursementsRENTLEASE TERM

New Tenant 3,047 13.14% CAM: 6,246 2.05 Suite 7119 Taxes: 26,468 8.69

Current A June 1, 2015 May 31, 2025 20.00 60,940 5,078 Ins: 807 0.26 Admin: - - Mgmt: 4,657 1.53

TOTAL 38,179 12.53

Dunkin' Donuts 1,000 4.31% October 1, 2007 September 30, 2017 CAMA: 1,899 1.90 Suite 7117 Taxes: 8,687 8.69

Current A October 1, 2012 September 30, 2017 33.00 33,000 2,750 Ins: 265 0.26 AdminB: 433 0.43

Option 1 October 1, 2017 September 30, 2022 36.30 36,300 3,025 Mgmt: 1,529 1.53 Option 1 October 1, 2022 September 30, 2027 39.93 39,930 3,328 TOTAL 12,812 12.81

Option 2 October 1, 2027 September 30, 2032 43.92 43,920 3,660 Option 2 October 1, 2032 September 30, 2037 48.32 48,320 4,027

A. Tenant does not reimburse for Rubbish RemovalB. Tenant pays an Administrative Fee equal to 20% of Common Area Maintenance and Insurance charges

The UPS Store 1,200 5.18% August 1, 2012 July 31, 2018 CAM: 2,460 2.05 Suite 7115 Taxes: 10,424 8.69

August 1, 2014 July 31, 2015 18.91 22,692 1,891 Ins: 318 0.26 Current August 1, 2015 July 31, 2016 19.38 23,256 1,938 AdminA: 692 0.58

August 1, 2016 July 31, 2017 19.86 23,832 1,986 MgmtB: 1,834 1.53 August 1, 2017 July 31, 2018 20.35 24,420 2,035 TOTAL 15,728 13.11

Option 1 August 1, 2018 July 31, 2023

A. Tenant to pay an Administrative Fee equal to 15% of the total Common Area Maintenance, Management Fee and InsuranceB. Fair Market Rent as defined in the lease: "...shall be the minimum rent at which the Leased Premises would be expected to be leased, for a one-year term commencing on the first day of the Option Period in its then-exisiting condition in an arms-length transaction…"

Batteries Plus 1,600 6.90% June 14, 2013 June 30, 2018 CAMA: 3,280 2.05 Suite 7111-7113 Taxes: 13,899 8.69

Current June 14, 2013 June 30, 2018 20.00 32,000 2,667 Ins: 424 0.26 AdminB: 922 0.58

Option 1 July 1, 2018 June 30, 2023 22.00 35,200 2,933 Mgmt: 2,446 1.53 TOTAL 20,970 13.11

Option 2 July 1, 2023 June 30, 2028 24.20 38,720 3,227

A. Increase in CAM is capped at 104% of prior year CAM, excluding costs for snow removal, insurance, utilities and other uncontrollable costsB. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceC. Tenant is required, within sixty (60) days after the end of each calendar year, to deliver to Landlord an annual statement of Gross Sales for said year, signed off by an officer of the Tenant


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Rent Roll Proforma

TENANT NAME Square Feet % Share Begins Ends PSF Annual Monthly Annual PSFAnnual Expense ReimbursementsRENTLEASE TERM

One Hour Cleaners 1,413 6.09% October 1, 1993 September 30, 2017 CAM: 2,896 2.05 Suite 7107 Taxes: 12,274 8.69

Current October 1, 2012 September 30, 2017 24.41 34,491 2,874 Ins: 374 0.26 AdminA: 2,656 1.88

Option 1 October 1, 2017 September 30, 2022 28.07 39,663 3,305 Mgmt: 2,160 1.53 TOTAL 20,361 14.41

A. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Taxes, Management Fee and Insurance

Modern Nails 800 3.45% June 1, 2001 May 31, 2016 CAM: 1,640 2.05 Suite 7105 Taxes: 6,949 8.69

CurrentA June 1, 2015 May 31, 2016 31.57 25,258 2,105 Ins: 212 0.26 AdminB: 461 0.58 MgmtC: 1,223 1.53

TOTAL 10,485 13.11

A. Seller to provide a credit at closing between current rent ($24,286.26 per annum) and June 1st 2015 rent ($25,257.71). Additonally, Tenant is in final Option PeriodB. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceC. Landlord may request no more than one time per lease year Tenant's most recent financial statements

Pizza Hut 1,000 4.31% November 1, 2014 October 31, 2019 CAM: 2,050 2.05 Suite 7103 Taxes: 8,687 8.69

Current November 1, 2014 October 31, 2019 28.00 28,000 2,333 Ins: 265 0.26 AdminA: 576 0.58

Option 1 November 1, 2019 October 31, 2024 30.80 30,800 2,567 Mgmt: 1,529 1.53 TOTAL 13,106 13.11

Option 2 November 1, 2024 October 31, 2029

A. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and InsuranceB. The “Fair Market Rent” for the second option period, if exercised, shall be reasonably determined by Landlord by averaging the fixed rent for similar premises located in similar shopping centers in the general geographic area of the Shopping Center

Check N Go 991 4.27% April 21, 1998 May 31, 2018 CAM: 2,031 2.05 Suite 7101 Taxes: 8,609 8.69

Current June 1, 2015 May 31, 2016 26.64 26,400 2,200 Ins: 263 0.26 June 1, 2016 May 31, 2017 29.24 28,980 2,415 AdminB: 571 0.58 June 1, 2017 May 31, 2018 30.70 30,420 2,535 Mgmt: 1,515 1.53

TOTAL 12,988 13.11

B. Tenant to pay an Administrative Fee equal to 15% of the Common Area Maintenance, Management Fee and Insurance

Occupied SF 23,186 100.00% Total 554,285 46,190 CAM: 47,375 2.04 Vacant SF 0 0.00% Taxes: 201,410 8.69

Ins: 6,143 0.26 Total SF 23,186 100.00% Admin: 13,333 0.58

Mgmt: 35,440 1.53 TOTAL 303,701 13.10


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FINANCIAL ANALYSIS

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Cash Flow Proforma

Total %Leased SF 23,186 100.00%Vacant SF - 0.00%

Total 23,186 100.00%

Subtotal Total PSFScheduled Rental Income 554,285 23.91 Admin Fee 13,333 0.58 Expense Reimbursements

CAM 47,375 2.04 Taxes 201,410 8.69 Insurance 6,143 0.26 Property Management 35,440 1.53

Subtotal 290,368 12.52

Potential Gross Income 857,986 37.00

Vacancy (2.5%) (21,450) (0.93)

Effective Gross Income 836,537 36.08

Recoverable Operating ExpensesCAM 47,526 2.05 Taxes (2013) 201,410 8.69 Insurance 6,143 0.26 Property Management (4% of PGI) 35,440 1.53

Sub-Total 290,519 12.53

Non-Recoverable Operating ExpensesStructural Reserve ($.12/SF) 2,782 0.12

Total Expenses 293,301 12.65

Net Operating Income 543,235 23.43

Property Summary

Operating Income

QuantumQuantum


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FOR MORE INFORMATIONPLEASE CONTACT:

CHAD M. FIRSELPresidentQuantum Real Estate Advisors, Inc.79 W. Monroe StreetSuite 801Chicago, IL 60603p. 312 269 0220c. 312 343 4141e. [email protected]

North & Harlem Plaza Multi-Tenant Retail Building

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