THE ALLEY SHOPS PORTFOLIO SALE

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1 THE & REISTERSTOWN ROAD, PIKESVILLE, MD Gilbert R. Trout

2 Table Of Contents Conidentiality & Disclaimer All materials and information received or derived from Trout Daniel & Associates its directors, oicers, agents, advisors, ailiates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, inancial performance of the property, projected inancial performance of the property for any party s intended use or any and all other matters. Neither Trout Daniel & Associates its directors, oicers, agents, advisors, or ailiates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of signiicance to such party. Trout Daniel & Associates will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. Contents INVESTMENT OVERVIEW 3 MARKET OVERVIEW 9 ABOUT TROUT DANIEL & ASSOCIATES 18 EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All inancial data should be veriied by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Trout Daniel& Associates makes no warranties and/or representations regarding the veracity, completeness, or relevance of any inancial data or assumptions. Trout Daniel & Associates does not serve as a inancial advisor to any party regarding any proposed transaction. All data and assumptions regarding inancial performance, including that used for inancial modeling purposes, may difer from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certiied public accountant or tax attorney. Title questions should be discussed by the party with a title oicer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Trout Daniel & Associates in compliance with all applicable fair housing and equal opportunity laws. Please note that there is no cooperating broker commission paid on this transaction by the Owner. While buyer-brokers are welcome, they should receive their fee from the Buyer. 2

3 INVESTMENT OVERVIEW BUILDING LAYOUT & PHOTOS EXECUTIVE SUMMARY PROPERTY DETAILS Gilbert R. Trout

4 INVESTMENT OVERVIEW Executive Summary PROPERTY OVERVIEW Withitsblendofcharm,centrallocationandeaseofaccess,theAlleyShopshavebeenaPikesvillestaple for years. The Alley Shops ofers an investor an opportunity to acquire a 5-building, 26,421 square foot retail and oice complex 100% leased, free and clear of debt, just inside the Baltimore Beltway (I-695), in theheartofoneofbaltimorecounty'smainretailcorridors. TheAlleyShopsareashortwalkfrommany restaurants, retailers, banks, post oice, medical oices, the Pikesville Library & Senior Center and the historic State Police Headquarters. PROPERTY SUMMARY In-place NOI: $227,448 % Leased: 100% GLA: 26,421 SF Lot Size: 1.73 Acres No. Of Buildings: 5 Zoning: BL CT Sub Market: Pikesville Access is easy and parking is ample: Entry is available via Reisterstown Road, Church Lane, Bedford Avenue and McHenry Avenue. Parking is abundant, and tenants beneit from the 112 spaces, a 4.24/ 1,000 SF ratio. The Alley Shops is situated by three signalized intersections and is exposed to approximately 30,000 cars per day. The property has been well-maintained by the same ownership and in-house property management since HISTORY OF LEASING SUCCESS Currently 100% leased, with consistently strong occupancy and low roll-over during current ownership. Many of the tenants have been at the Alley Shops for decades. Blend of stable local retail, oice and service-oriented tenants. UPSIDE-READY With an average base rent of approximately $13 PSF, modiied gross, there exists an opportunity to build-leases to higher market rates, with NNN reimbursements. INCENTIVE READY Located in a Commercial Revitalization District, Baltimore County ofers incentives such as tax credits, grant, interest-free loans and free architectural services. Visit: Traic Count: 30,000 4

5 INVESTMENT OVERVIEW Building Layout: Bird's Eye 5

6 PROPERTY INFORMATION Building Photos Reisterstown Rd Reisterstown Rd B Reisterstown Rd R Reisterstown Rd R Reisterstown Rd. (rear view) Reisterstown Rd. 6

7 INVESTMENT OVERVIEW Property Details COUNTY & ZONING: Baltimore County. BL-CT Zoning. TAX ID NUMBERS: 1326 Reisterstown: Church Lane (lot): Reisterstown: Reisterstown: ACCESS & SIGNALS: TRAFFIC COUNT: LOT SIZE: GROSS LEASABLE AREA: BUILDING BREAKDOWN: PARKING SPACES & RATIO: TENANTS: LEASE TYPE: Access Via Reisterstown Road, Church Lane & Bedford Avenue. Signal at Reisterstown Rd and Church Ln, Walker Ave & McHenry Ave. 30,000 average cars per day Four parcels, consisting of 1.73 Acres Five buildings, consisting of 26,421 SF Reisterstown Rd: improved with a single 8,641 SF building Reisterstown Rd: improved with three buildings: one semi-detached and two detached, consisting of 13,280 SF Reisterstown Rd: improved with a single 4,500 SF building (101 Spaces at Reisterstown Rd. 11 Spaces at Reisterstown Rd.). Parking ratio of 4.24/1,000 SF. Currently there are 21 tenants and one suite vacant. Additionally there is a 30-space parking lot lease to Hunt Valley Motor Coach. Modiied gross leases. Tenants pay own utilities. Owner pays CAM, taxes & insurance, except for Advance Medical's $150/m CAM charge. UTILITIES, WATER & SEWER: Units metered individually for gas and electric. Tenants responsible for service of HVAC systems. Water and sewer are metered together. ROOF & HVAC: ROOF HISTORY: Roofs are rubber membrane and shingle. HVAC is gas-ired, forced hot air. There is central air condition in all units Reisterstown Rd: Flat Rubber Floating Roof (original, with repairs as-needed) 1330 Reisterstown Rd: New Flat Rubber Roof on 5/2009 (15 Year Warranty) 1330 A Reisterstown Rd: New Shingle Roof on 11/ B Reisterstown Rd: New Shingle Roof on 1/ Reisterstown Rd: New Flat Rubber Roof on 10/2000 (20 Year Warranty) HVAC HISTORY: 1326 Reisterstown Rd (Tre'vino): New Indoor Unit on 5/ Reisterstown Rd (Daryl Kemp): New Indoor & Outdoor Unit on 8/ Reisterstown Rd (Restaurant): Complete Replacement on 12/ A Reisterstown Rd (Hector's Tailoring): New Indoor & Outdoor Units on 1/ B Reisterstown Rd (Super Kids): New Indoor & Outdoor Units on 7/ R Reisterstown Rd (vacant): New Outdoor Unit on 6/2015 7

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9 MARKET OVERVIEW PIKESVILLE HIGHLIGHTS DEMOGRAPHIC OVERVIEW LOCATION MAPS & AERIAL RETAILER MAP Gilbert R. Trout

10 MARKET OVERVIEW Highlights of Pikesville 10

11 MARKET OVERVIEW Highlights of Pikesville Reisterstown Road Retail Reisterstown Road Retail Pikesville Farmers Market Pikesville Retail Quarry Lake 11

12 MARKET OVERVIEW Demographic Overview POPULATION 1 MILE 3 MILES 5 MILES TOTAL POPULATION 11, , ,801 MEDIAN AGE MEDIAN AGE (MALE) MEDIAN AGE (FEMALE) HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES TOTAL HOUSEHOLDS 5,498 44, ,295 # OF PERSONS PER HH AVERAGE HH INCOME $61,729 $74,328 $74,703 AVERAGE HOUSE VALUE $260,262 $301,284 $301,953 PIKESVILLE, MARYLAND A mixture of independent stores, boutiques, national retailers and restaurants are all located on the Reisterstown Road corridor. Pikesville has quick access to Baltimore's major employers while retaining its small-town feel. Baltimore's northwestern suburb has a thriving business community, parks and nationally-recognized public and private schools. Bus and train access and bicycle paths abound. The median home value in Pikesville is $260,000, considerably higher than the County's median home value of $209,500 and the national median home value of $177,414. Approximately 62.6% of Pikesville homes are owner-occupied. 12

13 MARKET OVERVIEW Location Maps 13

14 MARKET OVERVIEW Market Aerial 14

15 MARKET OVERVIEW Property AerialProperty Aerial 15

16 MARKET OVERVIEW Retailer Map 16

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18 ABOUT TROUT DANIEL & ASSOCIATES Gilbert R. Trout