Pine Tree Identity Book

40 Skokie Blvd, Suite 610, Northbrook, IL 60062

847.735.0600 • www.pinetreecommercial.com

Providing expertise in retail real estate since 1995.

Who We ArePine Tree Commercial Realty, LLC is a leader in the acquisition, development, leasing, and management of necessity-based retail properties throughout the United States. Pine Tree's team is both seasoned and flexible, bringing decades of experience to projects across the risk spectrum, including existing properties and new development opportunities.

Dynamic and innovative, Pine Tree embraces an ever-changing retail landscape by focusing efforts toward omni-channel retailing, sustainability, social media, and joint venture projects. Founded in 1995, the Chicago-based company has since developed and acquired nearly 70 shopping centers totaling over six million square feet and featuring an aggregate value of over $600 million.

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Table of Contents

TENANT RELATIONSHIPSHundreds of retail relationships around the country.7

THE FUTURE OF RETAILHow Pine Tree looks to

omni-channel and beyond. 16INVESTOR RELATIONSHIPS

Managing relationships begins with communication and trust.

8CURRENT PORTFOLIO

Nearly 70 properties acquired and developed since 1995.

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SUSTAINABILITYCommitted to understanding the environmental and social impacts of our projects.

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OUR TEAMThe core of Pine Tree and what sets us apart from the rest.

NEWS & PRESSCovered for nearly 20 years in leading CRE industry media.17

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FEATURED PROPERTIESA few of our current properties that reflect our range.

GUIDING PRINCIPLESMore than a mission

statement, these beliefs define us.

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Our TeamAt Pine Tree, it's all about the team. With a history of excellence in retail property

acquisition, development, management, and leasing, we continue to focus on collaboration,

investing decades of combined experience in each project we approach. Our diverse

professional backgrounds and expertise have allowed Pine Tree to evolve as an adaptable

and truly full-service retail real estate company with a vision for tomorrow's retail.

Leasing Accounting/Reporting

Construction Property Management

Acquisitions Development Legal Social Media/ Omni-Channel

Marketing

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BRUCE BORUSZAKExecutive Vice

President & General Counsel

PETER BORZAK

Principal/Co-Founder

RYAN MONTES

Property Manager/Asset Management

Coordinator

LEE PEARSON

Executive Vice President, Design &

Construction

JENNIFER COSTA

Senior Property Manager

PATRICIA DERRINGEROffice Manager

TIMOTHY ROE

Executive Vice President,

Senior Director Leasing

ERIN BREMEN

Vice President, Acquisitions & Due

Diligence

GRAHAM GROCHOCINSKI

Creative/Omni-Channel Marketing

Director

PHIL SPITZExecutive Vice

President, Property

Management & Accounting

Read more about the Pine Tree team at www.pinetreecommercial.com

RANAE HANSEN

Vice President, Operations

BARRY HERRINGCo-Founder

KATHY INMAN

Director of Accounting

DAMIAN LANDWEHROperations Manager

KIMBERLEY LEVY

Property Accountant

JONATHAN SPITZ

Senior Property Manager

JULIE ZAMUDIO

Vice President, Design &

Construction

TODD ZINSMASTERExecutive Vice

President, Acquisitions & Development

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Back Row (Left to Right)

Not Pictured

Front Row (Left to Right)

DAVID WAGNEROffice Assistant

Institutional Investor RelationshipsWe take pride in our long-term partnerships and relationships with public and private

investors. Pine Tree works directly with some of the largest and most sophisticated

institutional investors in the country, including public pension funds (e.g. Utah

Retirement Systems), public REITs (e.g. Inland Real Estate Corporation), large family

offices (e.g. Pacolet Milliken Enterprises, Inc.), and private investors (e.g. Wanxiang

America, Inc.).

To increase transparency and maximize value, Pine Tree investors receive best-in-class

asset management and reporting on a monthly, quarterly, and annual basis, carefully

analyzed and prepared by the Pine Tree team.

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Tenant RelationshipsPine Tree's team has decades of experience leasing retail space to tenants around

the country. From the largest national big box retail chains to the smallest local

boutique shops, Pine Tree has developed hundreds of relationships with retailers to

deliver long-lasting value to our properties.

Portfolio OverviewWith nearly 70 shopping centers acquired and developed, Pine Tree's portfolio spans the country with a value of

more than $600 million. Each of our properties are unique in their value to the communities in which they serve.

Severance Town Center Cleveland Heights, OH 615,573 SFHazel Dell Town Center Vancouver, WA 270,691 SF

Shops at Walnut Creek Westminster, CO 216,263 SF

Southridge Square Des Moines, IA 144,528 SFGateway Center San Ramon, CA 110,440 SF

Alton Corners Alton, IL (St. Louis, MO) 50,053 SFOnalaska Marketplace Onalaska, WI 25,961 SF

Loch Leven Landing Mt. Dora, FL 71,590 SFHamilton Place Auburn, AL 79,515 SF

Times Square Mall Mt. Vernon, IL 269,328 SF

Rainbow Foods Bloomington, MN 64,130 SF

Sparks Galleria Sparks, NV 213,900 SF

Shoppes at Shoal Creek Kansas City, MO 81,485 SF

PROPERTY NAME LOCATION GLA

Riverwalk Center Montrose, CO 28 acres

Evergreen Promenade Evergreen Park, IL 7 acres

Long Beach Development Long Beach, CA 7 acres

Loch Leven Landing - Tract 10 Mt. Dora, FL 1 acre

Times Square Mall Mt. Vernon, IL 27 acres

Southshore Marketplace Boise, ID 7 acres

Palomar Station Development San Marcos, CA 4 acres

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Current Portfolio

3,173,574 SF

DEVELOPMENT NAME LOCATION AREA

TOTAL1

$60,200,000$61,051,000

$50,814,000

$12,795,000$36,000,000

$11,900,000$2,650,000

$14,445,000$12,060,000

$16,066,000

$8,695,000

$26,200,000

$17,589,000

SALE PRICE

1. Including some third party management properties not shown in this list.

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Featured PropertiesOur experience includes projects across the risk spectrum. The following properties are

recent examples of Pine Tree's capabilities.

LOCH LEVEN LANDINGCore

GATEWAY CENTRE

Core plus

EVERGREEN PROMENADENew development

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GALLERIAValue-add

TIMES SQUARE MALL

Redevelopment

THE SHOPS AT WALNUT CREEK

Opportunistic

In partnership with Pacolet Milliken Enterprises, Inc., Pine Tree acquired this Publix-anchored shopping center on US-441

in Mt. Dora, FL on an off-market basis. The nearly 72,000 SF center also includes CVS (separately owned), Great Clips, Five

Guys, and GNC.

72,000 SF Publix, Five Guys, Sprint, Great Clips

Loch Leven LandingOrlando (Mt. Dora), FL

CORE

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CORE PLUS

In partnership with state pension fund Utah Retirement Systems advised by London-based Henderson Global Investors,

Pine Tree acquired this Lucky- and Walgreens-anchored shopping center in the East Bay area of San Francisco. Gateway

Centre is located on San Ramon Valley Boulevard in proximity to Interstate 680, and sits in the midst of an affluent, dense

market.

110,440 SF Lucky Supermarket, Walgreens, McDonald's

Gateway CentreSan Ramon, CA

In partnership with Wanxiang America, Inc., Pine Tree acquired this shopping center located in the Spanish

Springs master-planned community in Sparks, NV. The Costco and Home Depot shadow-anchored property

was acquired for 30% of replacement costs and includes over 15 acres of developable land. Pine Tree

secured tenants for 45,000 SF of vacant space prior to closing.

213,900 SF Costco, Home Depot, Fitness Connection, Office Depot

Sparks GalleriaSparks, NV

VALUE-ADD

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In partnership with Buchanan Street Partners, Pine Tree acquired this Super Target shadow-anchored

shopping center within the Westminster/Broomfield market. After acquisition, Pine Tree added two new

anchor tenants, a new 15,000 SF small shop building, and upgraded the overall merchandising mix by adding

additional national credit retailers. Pine Tree also successfully adjusted the investment basis of the property

by procuring the acquisition note at a 25% discount. Location benefits include a nearby AMC 24-Plex, Dave &

Busters, and numerous community-focused events at the center itself, including annual 5k running races.

216,363 SF Super Target

The Shops at Walnut CreekWestminster, CO

OPPORTUNISTIC

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In partnership with Wanxiang America, Inc. and the Sansone Group, Pine Tree acquired this JC Penney-anchored

shopping mall in Mt. Vernon, IL at the intersection of Broadway Street and 42nd Street. Pine Tree and Sansone have

executed new leases with Hobby Lobby, Ross Dress for Less, and Big Lots, in addition to a rejuvenated interior mall,

upgraded facade, and a new small shop building.

269,328 SF JCPenney, Hobby Lobby, Ross, Big Lots, Peebles, Dunham's Sports

Times Square MallMt. Vernon, IL

REDEVELOPMENT

In partnership with Inland Real Estate Corporation and IBT, Pine Tree is developing this Mariano's Fresh Market-anchored

shopping center in the Village of Evergreen Park, IL, a well-established urban community surrounded by the City of

Chicago to the north, south, and east. Evergreen Promenade will be constructed on a seven-acre vacant land parcel

located near Western Avenue and 95th Street, a major retail corridor. IBT Group originated and will spearhead the

development of the project.

92,512 SF Mariano's Fresh Market, PetSmart

Evergreen PromenadeEvergreen Park, IL

NEW DEVELOPMENT

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The Future of Retail

While many consumers still prefer to begin and end their shopping experiences

in a brick-and-mortar store, social media, mobile technologies, and changing

consumer expectations continue to blur the lines between online and offline

retail. It has become routine for consumers to make purchasing decisions

across channels. Harmonizing those digital and physical channels into one

seamless omni-channel customer experience is a priority for many brick-and-

mortar retailers seeking to maximize the value of their retail space, while some

traditionally digital-focused companies realize the benefits in opening a brick-

and-mortar store to enhance the consumer's overall shopping experience.

Pine Tree is dedicated to working alongside all retailers looking to maximize

store space efficiency, develop e-commerce practices, and blend their physical

and digital storefronts into one interactive experience.

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80% of store shoppers check prices online.

Source: Beyond the Checkout Cart, MIT Technology Review Business Report

INDOOR POSITIONINGBorrowing from digital marketing concepts, stores are now beginning to utilize technology (wi-fi triangulation, radio beacons, and sensor tracking) to track shoppers' mobile devices in-store in an effort to analyze consumer buying habits, deliver targeted advertisements, and offer timely coupons.

SOCIAL MEDIAOnce seen as simply a public relations channel, more retailers now realize the real value different social networks like Facebook, Twitter, Pinterest, and Google+ can provide with seamless integration into the store's overall marketing and brand strategy.

IN-STORE/DIGITAL EXPERIENCEBlending together their websites and brick-and-mortar stores, some retailers are taking advantage of the "showrooming" effect by focusing on in-store experience, allowing consumers to browse, test, and even purchase products via in-store interactive kiosks.

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News & Press

In addition to countless local news articles, Pine Tree has been featured in some of the leading

print and digital commercial real estate news publications around the country.

Read more Pine Tree news at pinetreecommercial.com/news

"The recent activity brings Pine Tree’s current portfolio to 3.2 million square feet in 24 separate properties...These new properties represent $101 million in investments..."

JANUARY 30, 2014"The team weathered the downturn thanks to strong asset management and transparent communication with partners..."

JANUARY 23, 2014

"Sparks Galleria Shopping Center, a 213,900-square-foot commercial center, has sold to Pine Tree Commercial Realty, LLC, for $26.2 million."

FEBRUARY 12, 2014

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Guiding Principles

INTEGRITY

We will never compromise our efforts to gain the trust of others, honor the commitments we make, and uphold the highest ethical and professional standards.

SENSIBILITY

In every circumstance and negotiation, we strive to be reasonable. We will not be arbitrary, obstinate, or unreasonable.

COLLABORATION

With our unique and diverse team, Pine Tree continues to seek optimal solutions through coordinated effort and collaboration.

We are committed to the cultivation of an enduring, ethical, and adaptable business. These guiding

principles are not simply a competitive advantage for Pine Tree, they define us.

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ADAPTABILITY

The progress and growth Pine Tree has fostered since 1995 enhances our ability to respond and adapt to property challenges across the risk spectrum, in addition to a changing retail landscape. Our commitment to innovation continues to be a driving factor in Pine Tree's focus on the future.

Green Initiatives and Sustainability

SMART LIGHTING

Utilization of office-wide smart lighting systems reduce energy consumption and increase bulb life.

WATER PRESERVATION

Installation of drip irrigation systems to reduce water consumption at Pine Tree properties and developments.

RECYCLING PROGRAMS

Mandatory participation in paper, cardboard, aluminum, steel and plastic recycling throughout Pine Tree offices.

Sustainable initiatives are critical to Pine Tree, our partners, tenants, and communities. Our

commitment to sustainability and social responsibility extends to all phases of development,

leasing, property management, and marketing. We begin and end each process

continuously seeking ways to refine and reduce environmental impact while increasing

value, efficiency, and leaving as few traces behind as possible.

LEED SPECIFICATIONS

Dedication to implementing sustainable and eco-friendly technology in future designs and development opportunities.

HABITAT PROTECTION

Recognition of native species and determination to protect their habitats and avoid conflict.

Bald Eagles nest in a towering tree

adjacent to Loch Leven Landing, a

Pine Tree property in Mt. Dora, FL.

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Pine Tree Commercial Realty, LLC40 Skokie Boulevard, Suite 610 Northbrook, IL 60062

[email protected]

PT 050714