O F F E R I N G M E M O R A N D U MEDISON PARK • 535-615 W. Edison Rd. Mishawaka, IN 46545

EDISON PARK

EDISON PARK 1

TABLE OF CONTENTS

CONFIDENTIALITY & DISCLAIMER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

OFFER PROCEDURE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

INVESTMENT SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

PROPERTY INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

PROPERTY PHOTOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

AERIAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

RENT ROLL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

LEASE ROLLOVER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

OPERATING INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

10 YEAR CASH FLOW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

UNLEVERAGED PRESENT VALUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

AREA OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

SAMPLE LOI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

EDISON PARK 2

CONFIDENTIALITY & DISCLAIMER

T he information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Riser Retail Group and should not be made available to any other person or entity without the written consent of Riser Retail Group. This Marketing Brochure has been

prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Riser Retail Group has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Riser Retail Group has not verified, and will not verify, any of the information contained herein, nor has Riser Retail Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forth herein.

All property showings are by appointment only.Please consult your Riser Retail Group agent for more details.

EDISON PARK 3

OFFER PROCEDURE

An Investor will be selected based on the ability and willingness of the Investor to close the transaction swiftly. Investors are required to submit offers on the Letter of Intent (LOI) template (See Exhibit A). The Investor’s ability to close the transaction will be evaluated using a number of factors including:

1. Available financial resources for the transaction. 2. Level of discretion to invest funds 3. Experience in closing similar transactions 4. Ability to source and place debt 5. On-site visit and inspection before contract phase 6. Willingness to accept the terms detailed in the Sellers standard (LOI) 7. Willingness to commit adequate resources necessary to close the transaction

A Letter of Intent (LOI) template (Exhibit A) is attached at the end of this package. An Investor may, at their discretion, draft and submit their own LOI stating the price and terms they are proposing. Seller reserves the right at their own discretion to accept or reject any and all offers.

Offers should include, at minimum, the following transaction framework: 1. Purchase Price 2. Earnest Money Deposit 3. Name of the Ultimate Beneficial Owner(s)/Purchaser 4. Respective Interests if More than One Owner/Partnership 5. Evidence Financial Ability to Complete the Transaction 6. Method of Financing 7. Terms and Conditions of Closing 8. Due Diligence and Closing Periods

Please submit all offers to:

DENNIS CALLISONXPLOR COMMERCIAL REAL ESTATE9601 Coldwater RoadFort Wayne, IN 46825P: 260.438.6251dcallison@xplorcommercial.com

EDISON PARK

INVESTMENT SUMMARY

Price: $3,400,000

Cap Rate: 8.00%

Pro Forma Cap: 9.54%

GLA: 70,959 SF

Site Area: 8.17 Acres

4

INVESTMENT SUMMARY

• Value Add Opportunity - 14% Economic Vacancy

- Below Market Rents

- Scheduled Rent Increases

- Convert to NNN Leases

• Priced Below Replacement Cost - Only $47 per Square Foot

• Adjacent to Bonefish Grill

• 173,000+ People within 5 Miles• Strong Traffic Counts• Located Near Many Strong Retailers - Mercedes; Audi; Lexus

- Whole Foods; Dick's; Kohl's

- Lowe's; Meijer; Burlington Coat Factory

• Near University of Notre Dame (1.5 Miles)• Multiple Large Pylon Signs Along Edison Rd.

EDISON PARK 5

PROPERTY INFORMATION

535-615 W. Edison Rd. Mishawaka, IN 46545

COUNTY: St. Joseph GLA: 87,644 Square FeetSITE AREA: 8.17 Acres TAX PARCEL ID: 71-09-04-126-002.000-022 71-09-04-126-003.000-022 71-09-04-126-004.000-022 71-09-04-126-005.000-022ZONING: CommercialNUMBER OF BLDG: 8OCCUPANCY: 92%PARKING SPACES: AmpleFRAMING: Structural Steel WINDOWS: Plate Glass in Aluminum FramesEXTERIOR: Stone & AluminumFOUNDATION: Concrete Slab w/Spread FootingsHVAC: Roof Mounted UnitsROOF: Rubber Membrane

EDISON PARK

EDISON PARK 6

PROPERTY PHOTOS

EDISON PARK 7

PROPERTY PHOTOS

EDISON PARK 8

PROPERTY PHOTOS

EDISON PARK 9

PROPERTY PHOTOS

EDISON PARK 10

AERIAL

EDISON PARK 11

MAP

EDISON PARK

EDISON PARK535-615 W. Edison Rd. Mishawaka, IN 46545

EDISON PARK 12

RENT ROLL

Rentable Percent Lease Lease Current Current Current Rent Escalations Expense Option

Square of Start Expiration Monthly Annual Annual Effective Annual Recovery Terms

Suite Tenant Feet Center Date Date Rent Rent Rent/SF Date Rent/SF Information

1 Andy's Furniture/Futon Factory

3,922 5.53% Aug-14 Jul-19 $1,314 $15,770 $4.02 Gross

2 King Gyros 2,400 3.38% Jan-04 Dec-21 $2,500 $30,000 $12.50 Gross One 3 yr

3 Frick's Driver Education

2,700 3.81% Feb-04 Jun-20 $1,800 $21,600 $8.00 Gross

5 Legacy Dance Studio 2,500 3.52% Sep-17 Dec-20 $1,250 $15,000 $6.00 Jan-19Jan-20

$6.25$6.50

NNN

6 Lincare 2,800 3.95% Sep-06 Aug-18 $2,310 Gross

7 Andy's Furniture/Futon Factory

11,000 15.50% Aug-14 Jul-19 $3,686 $44,230 $4.02 Gross

10 Crossfit 574 8,000 11.27% Feb-13 Mar-21 $2,334 $28,008 $3.50 Apr-21Apr-24

$3.83 Gross One 3 yr

13 Terminix 4,000 5.64% Aug-05 Jul-20 $2,000 $24,000 $6.00 Aug-25 Taxes Only (based upon 2,400 sf)

One 5 yr

17 Foundations Child Care Center

6,000 8.46% Apr-15 Aug-22 $3,625 $43,500 $7.25 Sep-19 $7.50 Gross Three 5 yr

20 Serenity Salon & Day Spa

2,900 4.09% Feb-12 May-22 $2,090 $25,080 $8.65 Gross

22 Help at Home 2,648 3.73% Aug-14 Nov-20 $1,942 $23,302 $8.80 Dec-23Dec-26

$9.68 Gross Two 3 yr

24 Mirage Oriental Mas-sage

1,200 1.69% Nov-12 Nov-21 $1,025 $12,300 $10.25 Gross

26 Signius Communications

1,900 2.68% Apr-09 Mar-20 $1,769 $21,227 $11.17 Apr-20Apr-23

$11.51 Taxes Only One 3 yr

28 The Bunker 1,600 2.25% Dec-13 Jun-21 $950 $11,400 $7.13 Gross30 Vacant 2,242 3.16% $2,242 $26,904 $12.0032 Michiana Wellness &

Longevity1,072 1.51% Dec-04 Aug-20 $1,147 $13,760 $12.84 NNN

34 Interim Healthcare of South Bend

4,300 6.06% Sep-05 Aug-23 $3,404 $40,850 $9.50 Taxes Only

36 Affirmded Prospect (LOI) 6,439 9.07% Sep-18 Aug-23 $2,683 $32,195 $5.00 NNN One 5 yr38 Vacant 900 1.27% $900 $10,800 $12.0040 Vacant 2,436 3.43% $2,436 $29,232 $12.00

Totals 70,959 $39,097 $469,159 $6.61

Occupied 65,381 92% $33,519 $402,223 $6.15 86%

Vacant 5,578 8% $5,578 $66,936 $12.00 14%

EDISON PARK 13

LEASE ROLLOVER

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Year Ending Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028

Tenants Expiring - Andy's Furniture- Vacant- Vacant- Vacant

- Frick's Driver Edu- Terminix- Signius Comm-Michiana Wellness

-Legacy Dance Studio- Crossfit 574- Help at Home- The Bunker

- King Gyros- Foundation Child Care - Serenity Salon- Mirage Massage

- Interim Healthcare- Prospect

Total Number of Tenants 5 4 4 4 2 0 0 0 0 0

Total Square Feet 20,500 SF 9,672 SF 14,748 SF 12,500 SF 10,739 SF 0 SF 0 SF 0 SF 0 SF 0 SF

Total Percentage 28.9% 13.6% 20.8% 17.6% 15.1% 0.0% 0.0% 0.0% 0.0% 0.0%

Cumulative Percentage 28.9% 42.5% 63.3% 80.9% 96.1% 96.1% 96.1% 96.1% 96.1% 96.1%

EDISON PARK 14

OPERATING INFORMATION

Price: $3,400,000 First Loan Amount: $2,550,000

Down Payment: 25% $850,000 Terms: 5.50% Interest

Current Cap: 8.00% 25 yr Amortization

Pro Forma Cap: 9.54% 10 yr Term

Approx. Gross Square Foot: 70,959 Monthly Payment: $15,659.23

Cost per Gross Square Foot: $44.74

Site Area: 8.17 Acres

CURRENT OPERATING DATA CURRENT EXPENSES

Current Rents Pro Forma Rents

Gross Potential Rent: $469,159 $469,159

CAM Recapture: $8,517 $13,090 CAM $58,186

Tax Recapture: $18,755 $23,931 Taxes $65,846

Insurance Recapture: $2,335 $3,636 Insurance $16,552

Mgmt. Recapture: $701 $701 Management 4.0% $19,902

Scheduled Gross Income: $499,467 $510,518

Vacancy: $66,936 14.27% $25,526 5.00%

Effective Gross Income: $432,531 $484,992

Less Expenses: $160,486 $160,486

Net Operating Income: $272,044 8.00% $324,506 9.54%

Capital Reserves: $7,096 $0.10/SF $7,096 $0.10/SF

Loan Payments: $187,911 $187,911

Pre Tax Cash Flow: $77,038 9.06% $129,499 15.24% Total Expenses: $160,486

Plus Principal Reduction: $48,881 $48,881 Per Rentable Square Foot: $2.26

Total Return Before Taxes: $125,918 14.81% $178,380 20.99%

2018 OPERATING INFORMATIONEDISON PARK 535-615 W. Edison Rd. Mishawaka, IN 46545EDISON PARK

EDISON PARK 15

10 YEAR CASH FLOW

1 1 2 3 4 5 6 7 8 9 10

Year Ending: $/SF Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028

INCOME

Base Rental Revenue $6.62 $469,576 $472,059 $474,642 $479,208 $482,816 $499,485 $511,664 $526,742 $535,264 $548,911

Absorption & Turnover Vacancy (0.18) (12,694) (8,260) (8,164) (11,941) (8,063) (14,362) (9,346) (9,237) (13,510) (9,122)

Scheduled Base Rental Income $6.44 $456,882 $463,798 $466,478 $467,268 $474,753 $485,123 $502,318 $517,505 $521,755 $539,788

EXPENSE REIMBURSEMENT INCOME

Base Stop Reimbursement $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Lease Reimbursement

CAM $0.18 $13,090 $13,418 $13,753 $14,097 $14,449 $14,811 $15,181 $15,560 $15,949 $16,348

Real Estate Taxes 0.34 23,931 24,529 25,142 25,771 26,415 27,075 27,752 28,446 29,157 29,886

Insurance 0.05 3,636 3,727 3,820 3,916 4,014 4,114 4,217 4,322 4,430 4,541

Management Fee 0.01 701 719 737 755 774 793 813 833 854 876

Total Reimbursement Income $0.58 $41,358 $42,393 $43,453 $44,539 $45,652 $46,793 $47,963 $49,162 $50,391 $51,652

OTHER INCOME

TBD $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

TBD 0.00 0 0 0 0 0 0 0 0 0 0

Total Other Income $0.00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

GROSS POTENTIAL INCOME $7.02 $498,240 $506,191 $509,931 $511,807 $520,405 $531,916 $550,281 $566,667 $572,146 $591,440

Vacancy & Collection Allowance (0.90) (63,946) (68,907) (17,740) (14,247) (18,361) (12,952) (18,636) (19,558) (15,773) (20,906)

EFFECTIVE GROSS INCOME $6.12 $434,294 $437,284 $492,191 $497,560 $502,044 $518,964 $531,645 $547,109 $556,373 $570,534

OPERATING EXPENSES

CAM $0.82 $58,186 $59,641 $61,132 $62,660 $64,227 $65,833 $67,478 $69,165 $70,894 $72,667

Real Estate Taxes 0.93 65,846 67,492 69,179 70,909 72,681 74,498 76,361 78,270 80,227 82,232

Insurance 0.23 16,552 16,966 17,390 17,825 18,270 18,727 19,195 19,675 20,167 20,671

Management Fee 0.28 19,902 20,219 20,368 20,442 20,785 21,245 21,979 22,633 22,852 23,623

Owner’s Expense 0.00 0 0 0 0 0 0 0 0 0 0

TOTAL EXPENSES $2.26 $160,486 $164,318 $168,069 $171,836 $175,964 $180,303 $185,014 $189,743 $194,140 $199,193

NET OPERATING INCOME $3.86 $273,808 $272,966 $324,122 $325,724 $326,080 $338,661 $346,631 $357,366 $362,233 $371,341

EDISON PARK 16

UNLEVERAGED PRESENT VALUE

Present Values at Various Discount Rates & Holding Periods -Unleveraged Cash Flows & Reversion

PRESENT VALUES1 2 3 4 5 6 7 8 9 10

Aug-2019 Aug-2020 Aug-2021 Aug-2022 Aug-2023 Aug-2024 Aug-2025 Aug-2026 Aug-2027 Aug-2028

Dis

coun

t Rat

e

7.00% $3,375,804 $3,926,454 $3,930,636 $3,921,186 $4,028,418 $4,067,396 $4,147,551 $4,172,464 $4,223,599 $4,306,664

7.25% $3,367,935 $3,908,605 $3,904,547 $3,887,492 $3,986,299 $4,017,780 $4,090,001 $4,108,074 $4,152,116 $4,227,502

7.50% $3,360,103 $3,890,879 $3,878,697 $3,854,177 $3,944,743 $3,968,930 $4,033,454 $4,044,931 $4,082,156 $4,150,177

7.75% $3,352,307 $3,873,276 $3,853,081 $3,821,237 $3,903,741 $3,920,831 $3,977,890 $3,983,010 $4,013,682 $4,074,640

8.00% $3,344,547 $3,855,793 $3,827,698 $3,788,666 $3,863,284 $3,873,469 $3,923,290 $3,922,282 $3,946,659 $4,000,845

8.25% $3,336,823 $3,838,431 $3,802,545 $3,756,459 $3,823,364 $3,826,832 $3,869,633 $3,862,721 $3,881,050 $3,928,745

8.50% $3,329,134 $3,821,188 $3,777,619 $3,724,612 $3,783,973 $3,780,906 $3,816,902 $3,804,302 $3,816,822 $3,858,297

8.75% $3,321,481 $3,804,062 $3,752,918 $3,693,119 $3,745,101 $3,735,678 $3,765,078 $3,746,999 $3,753,941 $3,789,457

9.00% $3,313,863 $3,787,053 $3,728,439 $3,661,975 $3,706,742 $3,691,137 $3,714,143 $3,690,788 $3,692,376 $3,722,184

0%

2%

4%

6%

8%

10%

12%

14%

16%

0%

2%

4%

6%

8%

10%

12%

1 2 3 4 5 6 7 8 9 10

IRR

NO

I & C

ash-

on-C

ash

Ret

urns

NOI Return Cash-on-Cash Return IRR

$3,000,000

$3,200,000

$3,400,000

$3,600,000

$3,800,000

$4,000,000

$4,200,000

1 2 3 4 5 6 7 8 9 10

Pres

ent V

alue

s

8.00% Discount Rate

EDISON PARK 17

AREA OVERVIEW

Mishawaka, Indiana, is a growing commercial city in Northern Indiana, located next to South

Bend. Mishawaka, the Princess City, lies nestled along the meandering path of the St. Joseph River. Population growth, business expansion and record-breaking new construction tell us that people want to live, work, raise their families and retire in Mishawaka. Community pride is an essential part of life in the Princess City. The quality of life that generates this community pride comes from many sources. 2010 Census results reported the official population of Mishawaka at 48,252. This ranks Mishawaka as the 17th largest city in the state of Indiana surpassing the cities of Kokomo and Columbus. Unlike many communities, Mishawaka has consistently grown in population, capital investment and assessed value for several years. But, construction and growth are not all that make a city great. Mishawaka is home to Bethel College, AM General's Hummer Plant, a beautiful system of parks and myriad cultural opportunities.

EDISON PARKRISER RETAIL GROUP 1

TABLE OF CONTENTS

EDISON PARKRISER RETAIL 18

1 mi radius 3 mi radius 5 mi radius

POPU

LATI

ON

2017 Estimated Population 11,548 78,944 173,008

2022 Projected Population 11,672 79,636 178,366

2010 Census Population 11,589 76,387 169,276

2000 Census Population 11,104 79,920 175,564

Projected Annual Growth 2017 to 2022 0.2% 0.2% 0.6%

Historical Annual Growth 2000 to 2017 0.2% -0.1% -0.1%

2017 Median Age 34 34.5 35.3

HO

USE

HO

LDS 2017 Estimated Households 5,877 32,760 69,622

2022 Projected Households 5,966 33,163 71,878

2010 Census Households 5,698 30,815 66,054

2000 Census Households 5,402 31,168 66,832

Projected Annual Growth 2017 to 2022 0.3% 0.2% 0.6%

Historical Annual Growth 2000 to 2017 0.5% 0.3% 0.2%

RA

CE

AN

D

ETH

NIC

ITY

2017 Estimated White 67.5% 78.6% 74.9%

2017 Estimated Black or African American 19.4% 11.2% 14.6%

2017 Estimated Asian or Pacific Islander 4.7% 3.9% 3.2%

2017 Estimated American Indian or Native Alaskan 0.4% 0.4% 0.4%

2017 Estimated Other Races 7.9% 6.0% 6.9%

2017 Estimated Hispanic 8.8% 6.9% 8.0%

INC

OM

E 2017 Estimated Average Household Income $44,464 $57,148 $65,982

2017 Estimated Median Household Income $37,306 $47,114 $52,260

2017 Estimated Per Capita Income $22,638 $24,094 $26,906

EDU

CAT

ION

(A

GE

25+)

2017 Estimated Elementary (Grade Level 0 to 8) 2.8% 2.7% 3.5%

2017 Estimated Some High School (Grade Level 9 to 11) 10.8% 8.9% 8.8%

2017 Estimated High School Graduate 31.7% 27.7% 28.8%

2017 Estimated Some College 23.9% 20.8% 20.1%

2017 Estimated Associates Degree Only 7.1% 7.1% 7.4%

2017 Estimated Bachelors Degree Only 15.4% 19.4% 18.5%

2017 Estimated Graduate Degree 8.3% 13.5% 13.0%

BU

SIN

ESS 2017 Estimated Total Businesses 816 4,128 7,483

2017 Estimated Total Employees 11,297 56,142 99,901

2017 Estimated Employee Population per Business 13.8 13.6 13.3

2017 Estimated Residential Population per Business 14.2 19.1 23.1

DEMOGRAPHICS

EDISON PARK 18

SAMPLE LETTER OF INTENT

Re: Offer for the purchase of EDISON PARK located at 535-615 W. Edison Rd. Mishawaka, IN 46545 & here in after referred to as the “Property”:

and/or Related Assignee(s) (“Buyer”)

For your consideration please find the following Letter of Intent for the above referenced Property. This letter set forth the general terms and conditions for the proposed acquisition of the Property, but shall remain non-binding:

1. Purchase Price: $

2. Conditions: The transaction shall be subject to Buyer’s review of the following items (“Due Diligence Items”):

a. Executed leases between Tenants and the Seller;

b. Title Commitment and exception documents;

c. All Environmental Reports in Seller’s possession; and

d. Survey.

The above referenced due diligence items shall be delivered to Buyer within seven (7) days of the execution of a Purchase and Sale Agreement (“Purchase Agreement”). There may be additional due diligence required that may be added to the Purchase Agreement.

Buyer shall have twenty-one (21) days from the later of receipt of the Due Diligence Items (“Due Diligence Period”) to review and approve the same for the Property. If Buyer notifies Seller prior to the expiration of the Due Diligence Period that it has elected to terminate the Purchase Agreement, the Purchase Agreement between Buyer and Seller shall be null and void, and Buyer and Seller shall have no further obligations there under.

Buyer shall pay all costs associated with its review of the above items, as well as any and all due diligence costs incurred by Buyer.

3. Deposits: Upon execution of the Purchase Agreement, Buyer will deposit $50,000.00 with Title company of seller’s choice as an earnest money deposit.

EDISON PARK 19

SAMPLE LETTER OF INTENT

4. Closing Costs: Buyer will pay all closing costs including the base premium of the Owner’s Title Policy, any endorsements to the Owner’s Title Policy, the cost of the Mortgagee Title Policy, and the cost of any new or updated survey.

5. Loan Contingency: None (All Cash)

6. Closing Date: 30 Days after Due Diligence

7. Commission: Commission shall be per the terms of the separate Representation Agreement between Seller and Riser Retail Group.

8. 1031 Exchange: The undersigned Buyer hereby represents and warrants that the Property will be nominated by Buyer as the number one replacement property on Buyer’s 1031 starker list submitted to its accommodator. If for any reason Buyer does not nominate this Property as the number one replacement Property on said starker list, Seller may at any time under its sole discretion cancel any subsequent Purchase and Sale Agreement and keep the Deposit as damages. Buyer will submit its starker list to Seller within five (5) calendar days or this agreement shall be null and void.

Any additional terms not stated herein shall be further defined in any subsequent Purchase and Sale Agreement between Buyer and Seller.

This letter is an expression of interest in Seller’s and Buyer’s mutual intent and will constitute a non-binding agreement while Seller and Buyer make a good faith, diligent effort to complete and execute a mutually acceptable Purchase and Sale Agreement on the Property that reflects the basic terms contained in this letter.

Sincerely,

Buyer Date

Agreed and Accepted: Seller or Seller’s Authorized Agent Date

JOHN F. RISERRISER RETAIL GROUP600 E. 96th Street, Suite 590 Indianapolis, IN 46240P: 317.844.0700 F: 317.844.0701jriser@riserretailgroup.com

EDISON PARK

DENNIS CALLISONXPLOR COMMERCIAL REAL ESTATE

9601 Coldwater RoadFort Wayne, IN 46825

P: 260.438.6251dcallison@xplorcommercial.com