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SHOPPING CENTER SALE PROFILEShopping Center:Convenience/Strip CenterIRR Event ID (85429)

Creekside Plaza

2344-2400 SE Green Oaks BlvdArlington, TX 76018

Sale Date: 04/26/06

Property Identification

County: TarrantMSA: DallasSubmarket: Arlington

Latitude: 32.6602Longitude: -97.0665

Sale Information

Sale Price: $15,515,483Effective R.E. Sale Price: $15,515,483Grantor / Seller: InvestcorpGrantee / Buyer: Equity One

Sale Date: 04/26/06Conveyance Document Type: Portfolio AllocationPercent of Interest Conveyed: 0.80Sale Status: Closed

Operating Data and Key Indicators

Vacancy Rate: 5.00

Tenants / Credit / Chain

Building Tenant: Kroger Food Stores

Improvement Data

GBA (SF): 110,964NRA (SF): 110,964Year Built: 1996Multi-Tenant: Yes

Site Data

Gross Land Area (Acres): 0.00Gross Land Area (SF): 0Usable Land Area (SF): 0

V2006-07-18


Green Oaks

5701 W Pleasant Ridge RdArlington, TX 76016

Sale Date: 04/26/06




Sale Information




Vacancy Rate: 45.00



Improvement Data

GBA (SF): 65,091NRA (SF): 65,091Year Built: 1983Most Recent Renovation: 1991Multi-Tenant: Yes

Site Data


V2006-07-18


Melbourne Plaza

900 Melbourne RdHurst, TX 76053

Sale Date: 04/26/06


County: TarrantMSA: DallasSubmarket: Hurst-Euless-Bedford


Sale Information




Vacancy Rate: 7.00


Building Tenant: Family Christian Stores,Inc.

Improvement Data


Site Data


V2006-07-18


Southlake Village

2100-2140 E Southlake BlvdSouthlake, TX 76092

Sale Date: 04/26/06


County: TarrantMSA: DallasSubmarket: Grapevine-Southlake-Colleyville


Sale Information




Vacancy Rate: 11.00



Improvement Data


Site Data


V2006-07-18


Village by the Park

4115 S Cooper StArlington, TX 76015

Sale Date: 04/26/06




Sale Information




Building Tenant: Toys R Us

Improvement Data


Site Data


V2006-07-18


Richland Centre

8525 Airport FwyNorth Richland Hills, TX 76180

Sale Date: 03/16/06

Effective Price/SF Rentable: $103.69


County: TarrantMSA: DallasSubmarket: Far NE Fort Worth


Sale Information

Sale Price: $24,000,000Effective R.E. Sale Price: $24,000,000Grantor / Seller: Richland Centre

Associates LPGrantee / Buyer: Richland Pointe LLCConfirmed By: Russell PatrickConfirmation Date: 04/25/08Confirmation Source Name /Phone: Mart Martindale w/ TM

Realty Group 972-528-1108Confirmation Source Type: Confirmed-Seller Broker

Sale Date: 03/16/06Conveyance Document Type: DeedConveyance Document Recording: D206077065Sale Status: Closed


Potential Gross Income: $3,725,941Vacancy Rate: 19.00Effective Gross Income: $3,018,012Net Operating Income: $1,938,000

GRM Actual: 6.44EGIM Actual: 7.95OAR (Cap rate) Actual: 8.08


Building Tenant: Barnes & Noble

Improvement Data


Parking Ratio (1000SF GBA): 4.61Parking Ratio (/Unit): 0.00

Site Data


V2006-07-18

SHOPPING CENTER SALE PROFILEShopping CenterIRR Event ID (87643)

WalgreensWalgreens

705 Boyd RdAzle, TX 76020

Sale Date: 02/28/06

Effective Price/SF GBA: $380.12



Legal/Tax/Parcel ID: 41018915County: TarrantMSA: DallasSubmarket: NW DFW Periphery


Sale Information

Sale Price: $5,633,333Effective R.E. Sale Price: $5,633,333Grantor / Seller: Omni-Azle 03, LPGrantee / Buyer: VDN Azle, LPConfirmation Source Name /Phone: VDN Azle (Mr. Ward Mabie)Confirmation Source Type: Buyer

Sale Date: 02/28/06Conveyance Document Type: DeedConveyance Document Recording: D206057965Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Building Tenant: Walgreens

Improvement Data

GBA (SF): 14,820NRA (SF): 14,820Year Built: 2005Multi-Tenant: No

Building Class: CM&S Classification and Class: CImprovements Condition: Average

Site Data

Gross Land Area (Acres): 1.67Gross Land Area (SF): 72,832Usable Land Area (SF): 72,832

V2006-07-18

SHOPPING CENTER SALE PROFILEShopping Center:Power CenterIRR Event ID (90266)

Market Street Village

1451 W Pipeline RdHurst, TX 76053

Sale Date: 01/04/06




Sale Information

Sale Price: $29,000,000Effective R.E. Sale Price: $29,000,000Grantor / Seller: Kite Realty Group TrustGrantee / Buyer: Burk Collins & Co

Sale Date: 01/04/06Conveyance Document Type: DeedSale Status: Closed


Building Tenant: Circuit City

Improvement Data


Site Data


V2006-07-18


Pipeline Pointe Shopping Ctr

1497 W Pipeline RdHurst, TX 76053

Sale Date: 11/17/05




Sale Information

Sale Price: $4,625,000Effective R.E. Sale Price: $4,625,000



OAR (Cap rate) Actual: 7.18


Building Tenant: Vitamin Shoppe

Improvement Data


Site Data


V2006-07-18


Cooper Street Mkt

3610 S Cooper StArlington, TX 76015

Sale Date: 10/18/05




Sale Information




Vacancy Rate: 50.00 OAR (Cap rate) Actual: 7.00


Building Tenant: Movie Xchange

Improvement Data


Site Data


V2006-07-18


2101 N Collins St

2101 N Collins StArlington, TX 76011

Sale Date: 09/15/05




Sale Information

Sale Price: $15,500,000Effective R.E. Sale Price: $15,500,000Grantor / Seller: Thackeray PartnersGrantee / Buyer: Moritz Interests LTD


Improvement Data


Site Data


V2006-07-18


High Park Ctr

2520 E Arkansas LnArlington, TX 76014

Sale Date: 09/12/05




Sale Information




Vacancy Rate: 4.00


Building Tenant: H & R Block

Improvement Data


Site Data


V2006-07-18


Woodmont Plaza

6401 McCart AveFort Worth, TX 76133

Sale Date: 08/30/05




County: TarrantSubmarket: Far SW Fort Worth


Sale Information

Sale Price: $6,465,288Effective R.E. Sale Price: $6,465,288Grantor / Seller: MAS ManagementGrantee / Buyer: Woodmont CosConfirmation Source Type: Secondary Verification

Sale Date: 08/30/05Conveyance Document Type: DeedConveyance Document Recording: D205260755Property Rights Conveyed: Leased FeeSale Status: ClosedTerms of Sale: Cash to seller


Vacancy Rate: 10.00 OAR (Cap Rate) Reported: 6.00


Building Tenant: Petco

Improvement Data


Site Data

Gross Land Area (Acres): 10.35Gross Land Area (SF): 450,846Usable Land Area (SF): 0

Building Land Ratio (FAR): 0.14

Comments

100% occupied at time of sale. Tenants include CVS Pharmacy, Firestone, Hollywood Video, Pizza Hut, Petco AnimalSupplies, State Farm Insurance. Broker reported the property sold on a 6% cap rate based on income at time of sale.

V2006-07-18


Cooper Street Annex

1520-1540 W InterstateArlington, TX 76017

Sale Date: 08/15/05




Sale Information

Sale Price: $10,150,000Effective R.E. Sale Price: $10,150,000Grantor / Seller: Carini CoGrantee / Buyer: Frigger Associates Ltd





Building Tenant: Ashley Furniture

Improvement Data


Site Data


V2006-07-18


Country Club Square

1071 Country Club DrMansfield, TX 76063

Sale Date: 07/22/05


County: TarrantMSA: DallasSubmarket: Mansfield


Sale Information





Improvement Data


Site Data


V2006-07-18


2891 Matlock Rd

2891 Matlock RdMansfield, TX 76063

Sale Date: 06/07/05


County: TarrantMSA: DallasSubmarket: Mansfield


Sale Information

Sale Price: $4,300,000Effective R.E. Sale Price: $4,300,000Grantor / Seller: Sue Yamaguchi



Building Tenant: Blockbuster Video

Improvement Data


Site Data


V2006-07-18


Grapevine Crossing

1515 W HwyGrapevine, TX 76051

Sale Date: 04/20/05


County: TarrantMSA: DallasSubmarket: Grapevine-Southlake-Colleyville


Sale Information

Sale Price: $23,300,000Effective R.E. Sale Price: $23,300,000Grantor / Seller: Inland Real Estate GroupGrantee / Buyer: Ainbinder Co.

Sale Date: 04/20/05Conveyance Document Type: Portfolio AllocationSale Status: Closed




Building Tenant: Mattress Firm

Improvement Data


Site Data


V2006-07-18

SHOPPING CENTER SALE PROFILEShopping Center:Super Regional Center/MallIRR Event ID (103757)

Ridgmar Mall

1888 Green Oaks RdFort Worth, TX 76116

Sale Date: 04/13/05


County: TarrantMSA: DallasSubmarket: West Fort Worth


Sale Information

Sale Price: $71,100,000Effective R.E. Sale Price: $71,100,000Grantor / Seller: MacerichGrantee / Buyer: Lehman Brothers



Vacancy Rate: 10.00 OAR (Cap rate) Actual: 8.40


Building Tenant: Neiman Marcus

Improvement Data


Site Data


Comments

Buyer Joint Venture with: Walton Street Capital / Seller Joint Venture with: Shopco Advisory Group

V2006-07-18


Overland Stage

4201 W Green Oaks BlvdArlington, TX 76016

Sale Date: 03/31/05




Sale Information

Sale Price: $7,100,000Effective R.E. Sale Price: $7,100,000Grantor / Seller: Retail PlazasGrantee / Buyer: Trademark Properties



Vacancy Rate: 15.00


Building Tenant: Quizno's Subs

Improvement Data


Site Data


V2006-07-18


CVS

1301 N SaginawSaginaw, TX 76179

Sale Date: 03/29/05


County: TarrantMSA: DallasSubmarket: Far NW Fort Worth


Sale Information

Sale Price: $4,350,000Effective R.E. Sale Price: $4,350,000Grantor / Seller: Inland Real Estate Group




Improvement Data


Site Data


V2006-07-18

SHOPPING CENTER SALE PROFILEShopping Center:Super Regional Center/MallIRR Event ID (105455)

Mervyns

7550 Grapevine HwyNorth Richland Hills, TX 76180

Sale Date: 03/09/05




Sale Information

Sale Price: $11,500,000Effective R.E. Sale Price: $11,500,000Grantor / Seller: Goldrich & KentGrantee / Buyer: Lubert-Adler


Improvement Data


Site Data


V2006-07-18


Hollandale Shopping Ctr

2540 E Abram StArlington, TX 76010

Sale Date: 02/26/05




Sale Information

Sale Price: $5,000,000Effective R.E. Sale Price: $5,000,000Grantor / Seller: S.F. Waranch Co



Vacancy Rate: 100.00

Sale Analysis

Proposed Use Description: occupancy

Improvement Data


Site Data


V2006-07-18


FKA May Co. Dept Store

7600 Grapevine HwyNorth Richland Hills, TX 76180

Sale Date: 01/28/05




Sale Information

Sale Price: $7,400,000Effective R.E. Sale Price: $7,400,000Grantor / Seller: Goldrich & KentGrantee / Buyer: May Company Department

Store



Vacancy Rate: 100.00

Improvement Data


Site Data


V2006-07-18


Starbucks Strip CenterStarbucks Strip Center

8536 Davis Blvd.North Richland Hills, TX 76180

Sale Date: 12/05/05



Effective Price/Unit: $658,350 Tenants


Property Location: East side of Davis Blvd, just south of Precinct Line RoadLegal/Tax/Parcel ID: 07918925County: Tarrant

MSA:DALLAS-FORT WORTH-ARLINGTON, TX METROPOLITANSTATISTICAL AREA

Submarket: Far NE Fort Worth


Sale Information

Sale Price: $1,975,050Effective R.E. Sale Price: $1,975,050Listing Price: $2,165,000Grantor / Seller: United Farris Realty Inc.Grantee / Buyer: N3 Dev LTDConfirmation Source Name /Phone: Bryan Cornelius, Venture

Commercial 214-378-1212Confirmation Source Type: Seller Broker

Sale Date: 12/05/05Conveyance Document Type: DeedConveyance Document Recording: D206005894Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller, new 1st

mortgage of $1,485,000.


Potential Gross Income: $152,400Vacancy Rate: 0.00Effective Gross Income: $152,400Net Operating Income: $152,400Reserves Included: NoOperating Data: In-Place Income

GRM Actual: 12.96EGIM Actual: 12.96OAR (Cap rate) Actual: 7.72Expense Ratio: 0.00Management Included: No

OAR (Cap Rate) Reported: 7.72

Sale Analysis

Proposed Use Change: No Did Sale Price Include Value of FF&E: NoEntitlement @ T.O.S.: No

Improvement Data

No. of Units: 3Unit Type: TenantsGBA (SF): 5,114NRA (SF): 5,114Year Built: 2006Multi-Tenant: Yes

Building Class: AM&S Classification and Class: DImprovements Condition: ExcellentParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00

V2006-07-18

Site Data



Comments

All three tenants were leased for 10 years (primary term) on a triple net basis. Property was marketed based on a7.0% cap rate, with no deductions for vacancy, management, reserves etc. Gross rent was $152,400, which based onthe final sale price would be equivalent to a 7.72% cap rate. Property was 100% occupied on sale date.

V2006-07-18


Mansfield Center

2880 N. Hwy. 157Mansfield, TX 76063

Sale Date: 02/14/06

Effective Price/SF GBA:



Legal/Tax/Parcel ID: 40732568County: TarrantMSA: Fort Worth-Arlington

Sale Information

Sale Price: $3,150,000Effective R.E. Sale Price: $3,150,000Grantor / Seller: Alden Properties, LLCGrantee / Buyer: Sunnyfield, LPConfirmed By: Lawrence (Randy) PettitConfirmation Date: 12/21/06Confirmation Source Type: Secondary Verify

Sale Date: 02/14/06Conveyance Document Type: DeedConveyance Document Recording: Doc#200657731Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Effective Gross Income: $285,900Net Operating Income: $232,960Reserves Included: NoOperating Data: In-Place Income

EGIM Actual: 11.02OAR (Cap rate) Actual: 7.40Management Included: Yes

Sale Analysis


Improvement Data

NRA (SF): 15,450Year Built: 2005Multi-Tenant: Yes

Construction Description: Steel-frame, Stone/EIFSM&S Classification and Class: CImprovements Condition: Excellent

Site Data


Comments

Strip center located along the east side of N. Hwy. 157, just south of Turner Warnell Rd., with two bays vacant at thetime of sale.

V2006-07-18

SHOPPING CENTER SALE PROFILEShopping Center:Neighborhood CenterIRR Event ID (173890)

Watauga Towne Center

8428 Denton HighwayWatauga, TX 76180

Sale Date: 05/25/06




County: TarrantSubmarket: Far NE Fort Worth

Sale Information

Sale Price: $15,320,000Effective R.E. Sale Price: $15,320,000Grantor / Seller: Weingarten Realty

InvestorsGrantee / Buyer: SCI Watauga Towne Center

Fund LLCConfirmed By: Jeff EakinsConfirmation Date: 02/01/07Confirmation Source Type: Seller Broker



Net Operating Income: $1,078,530Reserves Included: NoOperating Data: Pro-forma Buyer

OAR (Cap rate) Actual: 7.04Management Included: Yes


Sale Analysis


Improvement Data

NRA (SF): 114,572

Site Data


Comments

Sale of an Albertsons-anchored community center located along the Hwy 377 retail corridor in Watauga.

V2006-07-18


Pleasant Ridge Plaza

4004 Little Rd.Arlington, TX 76001

Sale Date: 02/20/07




Legal/Tax/Parcel ID: 4347420County: Tarrant


Sale Information

Sale Price: $1,225,000Effective R.E. Sale Price: $1,225,000Grantor / Seller: 20 & Little Rd Partners LP.Grantee / Buyer: Harnam and Amarjit SinghConfirmed By: Jeff EakinsConfirmation Date: 02/23/07Confirmation Source Type: Seller

Sale Date: 02/20/07Conveyance Document Type: DeedConveyance Document Recording: Doc No. 207067592Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Potential Gross Income: $169,573Vacancy Rate: 10.00Effective Gross Income: $152,615Net Operating Income: $100,269Reserves Included: NoOperating Data: Stabilized

GRM Actual: 7.22EGIM Actual: 8.03OAR (Cap rate) Actual: 8.19Management Included: Yes

Sale Analysis


Improvement Data


Construction Description: Steel-frameParking Ratio (1000SF GBA): 0.00

Site Data



Comments

Center was 100% occupied at the time of sale with an average lease rate of $12.29/SF.

V2006-07-18

V2006-07-18


The Southlake Center @ Kimball

2301-2315 E. Southlake Blvd.Southlake, TX 76092

Sale Date: 03/29/07




Legal/Tax/Parcel ID: 07011350County: Tarrant


Submarket: Grapevine-Southlake-Colleyville

Sale Information

Effective R.E. Sale Price: $3,738,000Grantor / Seller: Southlake Kimball Venture

LtdGrantee / Buyer: Entin Family Living TrustConfirmation Source Type: Secondary Verify

Sale Date: 03/29/07Conveyance Document Type: DeedConveyance Document Recording: D207116433Percent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Down payment of $0.00


Potential Gross Income: $380,651Net Operating Income: $280,247

GRM Actual: 9.82OAR (Cap rate) Actual: 7.50

Improvement Data


Parking Ratio (1000SF GBA): 0.00

Site Data



Comments

Tenants at the time of sale: A Cleaners Alterations; Armends Pizza & Pasta; Chick-fil-A; Hi-Tech Enterprises, Inc;Leslie's Swimming Pool Supplies; Quiznos Sub; Southlake Signs Llc

V2006-07-18


Mansfield Center

1730 Hwy. 157Mansfield, TX 76063

Sale Date: 02/14/07





Sale Information

Sale Price: $1,865,000Effective R.E. Sale Price: $1,865,000Grantor / Seller: Mansfield 157 JVGrantee / Buyer: Kfspe-II Associates-

MansfieldConfirmed By: Jeff EakinsConfirmation Date: 01/17/07Confirmation Source Type: Buyer

Sale Date: 02/14/07Conveyance Document Type: DeedConveyance Document Recording: Doc# 207058379Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Potential Gross Income: $199,345Vacancy Rate: 8.00Effective Gross Income: $183,397Net Operating Income: $116,505Reserves Included: NoOperating Data: Stabilized


Sale Analysis


Improvement Data


Construction Description: Steel-frame, brick/CMUImprovements Condition: AverageParking Ratio (1000SF GBA): 4.85Parking Ratio (/Unit): 0.00

Site Data



Comments

V2006-07-18

Strip center acquired by owner of Mansfield Town Center East (Kossman Co.), purchased to "unify" ownership of thethe surrounding retail development. Kossman plans to eventually renovate the property exterior match that of thenewer Town Center East retail buildings. It is highly likely that the buyer was motivated to purchase the property.

V2006-07-18


Harwood Oaks

3225 Harwood Rd.Bedford, TX 76021

Sale Date: 04/09/07





Sale Information

Sale Price: $950,000Effective R.E. Sale Price: $950,000Grantor / Seller: James S. Lo & Siu F. ChoiGrantee / Buyer: KWV PartnersConfirmed By: Lawrence (Randy) PettitConfirmation Date: 06/18/07Confirmation Source Name /Phone: T.K. Eng & AssociatesConfirmation Source Type: Seller Broker

Sale Date: 04/09/07Conveyance Document Type: DeedConveyance Document Recording: Doc# 207143714Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Net Operating Income: $78,375Operating Data: In-Place Income


Sale Analysis


Improvement Data


Construction Description: Steel-frame, brick veneerImprovements Condition: AverageParking Ratio (1000SF GBA): 0.00

Site Data



Comments

Strip center located along the north side of Harwood Rd., between Martin Dr. and Crystal Springs (west of SH-121).Tenants include Hair Wizard, Mid Cities Florist, Nails By Lauren, and Subway.

V2006-07-18


Cherry Hill Plaza

1598 S. Cherry Ln.Fort Worth, TX 76108

Sale Date: 05/16/06




Legal/Tax/Parcel ID: Legal Description: Western Hill Park Addition, Blk 17, Lot 1R; Account ID: 06426107County: Tarrant


Submarket: White Settlement

Sale Information

Effective R.E. Sale Price: $2,500,000Grantor / Seller: Bell Capital Group, LLCGrantee / Buyer: Gilles SensenbrennerConfirmed By: Patrick NessenthalerConfirmation Date: 12/18/07Confirmation Source Name /Phone: Michael Zimmerman,

Marcus & Millichap, (972)755-5225

Confirmation Source Type: Seller Broker

Sale Date: 05/16/06Conveyance Document Type: Deed

Conveyance Document Recording: D206151977 of TarrantCounty Appraisal District

Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Cash To Seller


Potential Gross Income: $417,013Vacancy Rate: 25.00Effective Gross Income: $312,760Net Operating Income: $148,109Operating Data: IRR Projection


Sale Analysis

Current Use: Retail Strip CenterProposed Use Change: No

Improvement Data


Site Data


Comments

V2006-07-18

Property was 63.6% leased at the time of sale; 8 tenants occupied the property including: Aaron's; Aaron's Sales &Lease Ownership; Advance America Cash Advance; Procuts; Radio Shack; RadioShack; Rent-Way Inc.; Subway.Income & Expense represent actual income at the time of sale. According to Michael Zimmerman, broker for thetransaction, the effective sale price provided by CoStar is correct. However, the low cap rate reflects the less-thanstabilized occupancy at the property.

V2006-07-18


Trail Lake Plaza

5016 Trail Lake Dr.Fort Worth, TX 76133

Sale Date: 09/21/07




Legal/Tax/Parcel ID: Legal Description: Wedgwood Addition, Blk 19 Lot Ar3; Tax ID: 07697708County: Tarrant


Submarket: Far SW Fort Worth

Sale Information

Effective R.E. Sale Price: $2,200,000Grantor / Seller: Kathryn Baker Acola Trust

(LBM Management)Grantee / Buyer: Flowcash Trail Lake LPConfirmed By: Patrick NessenthalerConfirmation Date: 12/18/07Confirmation Source Type: Secondary Verify

Sale Date: 09/21/07Conveyance Document Type: DeedConveyance Document Recording: Document No: D207359771Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: RecordedTerms of Sale: Cash To Seller

Sale Analysis

Current Use: Retail Strip CenterProposed Use Change: No

Improvement Data


Site Data


Comments

Transaction verified per Tarrant County Appraisal District. CoStar records contain both the Special Warranty Deed andDeed of Trust identifying a $1,537,000 note. Down payment for the property is stated at $663,000. Transactionidentified as a 1031 Exchange.

V2006-07-18


The Southlake Center at Kimball

2301-2315 E. Southlake Blvd.Southlake, TX 76092

Sale Date: 03/29/07



Effective Price/Unit: $534,000


County: Tarrant



Sale Information

Sale Price: $3,739,000Effective R.E. Sale Price: $3,738,000Grantor / Seller: Southlake Kimball Venture

Ltd.Grantee / Buyer: Entin Family Living TrustConfirmed By: Wesley WelderConfirmation Date: 01/04/08Confirmation Source Name /Phone: Joseph BlatnerConfirmation Source Type: Seller Broker

Sale Date: 03/29/07Conveyance Document Type: DeedProperty Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Exposure Time (Months on Market): 2Sale Status: ClosedTerms of Sale: Cash to Seller


Potential Gross Income: $380,651Net Operating Income: $280,247Reserves Included: NoOperating Data: Pro-forma Buyer

GRM Actual: 9.82OAR (Cap rate) Actual: 7.50Management Included: Yes

Improvement Data

No. of Units: 7GBA (SF): 14,172NRA (SF): 14,172Year Built: 1997Multi-Tenant: Yes

M&S Classification and Class: CImprovements Condition: GoodParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00

Site Data



V2006-07-18


The Village at Mansfield

1219 E. Debbie Ln.Mansfield, TX 76063

Sale Date: 04/13/07




County: Tarrant


Submarket: Mansfield

Sale Information

Sale Price: $2,950,000Effective R.E. Sale Price: $2,950,000Listing Price: $3,005,500Grantor / Seller: TVM Development LtdGrantee / Buyer: Debbie Investments LLCConfirmed By: Wesley WelderConfirmation Source Type: Not Verified

Sale Date: 04/13/07Conveyance Document Type: DeedConveyance Document Recording: D207132662Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller


Potential Gross Income: $287,528Vacancy Rate: 0.00Effective Gross Income: $287,528Net Operating Income: $210,738Reserves Included: No


Improvement Data


M&S Classification and Class: CImprovements Condition: ExcellentParking Ratio (1000SF GBA): 0.00

Site Data



V2006-07-18

SHOPPING CENTER SALE PROFILEShopping Center:Community CenterIRR Event ID (235283)

Matlock & Bardin Center

4645 Matlock Rd.Arlington, TX 76018

Sale Date: 07/31/06




County: Tarrant


Submarket: Arlington

Sale Information

Effective R.E. Sale Price: $2,359,285Grantor / Seller: N3 Development, Ltd.Grantee / Buyer: Matlock Honu, LLC &

Waimalu Matlock, LLCConfirmed By: Colt JonesConfirmation Date: 01/28/08Confirmation Source Name /Phone: Reed Hudson -

512-338-7821Confirmation Source Type: Confirmed-Buyer Broker

Sale Date: 07/31/06Conveyance Document Type: DeedConveyance Document Recording: D206238737Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller

Improvement Data


M&S Classification and Class: CImprovements Condition: Good

Site Data

Gross Land Area (Acres): 0.92Gross Land Area (SF): 40,075

Comments

Broker reported that the property was 100% leased at the time of sale. Starbucks was paying $36/SF NNN, while theremaining tenants were paying $28-29/SF NNN.

V2006-07-18


Colleyville Strip

8300 Precinct Line Rd.Colleyville, TX 76034

Sale Date: 07/25/06




County: Tarrant



Sale Information

Effective R.E. Sale Price: $5,100,000Grantor / Seller: RCP Via ColleyvilleGrantee / Buyer: Mario S. & L. DixonConfirmed By: Russell PatrickConfirmation Date: 01/23/08Confirmation Source Type: Confirmed-Seller Broker


Improvement Data


Improvements Condition: Good

Site Data



Comments

Broker reported that the property was 75% leased at the time of the sale and rents averaged in the low $20/SF NNN.

V2006-07-18


Mansfield Center

2880 N. Highway 157Mansfield, TX 76063

Sale Date: 02/14/06




Legal/Tax/Parcel ID: Legal Description: Cooper Square - Mansfield Blk 1 Lot 2; Tax ID: 40732568 per Tarrant Central AppraisalDistrict

County: Tarrant



Sale Information

Effective R.E. Sale Price: $3,150,000Grantor / Seller: Alden PropertiesGrantee / Buyer: Sunnyfield, LPConfirmed By: Mark NewmanConfirmation Source Name /Phone: Sam HerskovitsConfirmation Source Type: Confirmed-Seller Broker


Improvement Data



Site Data


Comments

Broker reported occupancy was 100% at the time of the sale and average rental rates were $17/SF NNN.

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The Village at Mansfield

1219 E. Debbie Ln.Mansfield, TX 76063

Sale Date: 04/17/07




County: Tarrant



Sale Information

Effective R.E. Sale Price: $2,950,000Grantor / Seller: TVM Development Ltd.Grantee / Buyer: Debbie Investment LLCConfirmed By: Colt JonesConfirmation Date: 02/04/08Confirmation Source Name /Phone: Dean Copans- (650)

391-1752Confirmation Source Type: Confirmed-Buyer Broker


Improvement Data



Site Data


Comments

Broker stated average rents were approximately $20/SF and average expenses were $5.11/SF at the time of sale.

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Lincoln Court

4700 Little Rd.Arlington, TX 76017

Sale Date: 10/31/07




County: TarrantMSA: Fort Worth-Arlington MSA

Sale Information

Sale Price: $15,500,000Effective R.E. Sale Price: $15,500,000Grantor / Seller: Lincoln Court Ltd.Grantee / Buyer: CPP Lincoln Court, LLCConfirmed By: Lawrence (Randy) PettitConfirmation Date: 10/01/07Confirmation Source Type: Confirmed-Buyer

Sale Date: 10/31/07Conveyance Document Type: DeedConveyance Document Recording: Doc #207391127Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Potential Gross Income: $1,992,155Vacancy Rate: 7.50Effective Gross Income: $1,842,743Net Operating Income: $1,253,302Reserves Included: NoOperating Data: IRR Projection


Improvement Data

NRA (SF): 118,559Year Built: 1984

Construction Description: Steel-fram, brick veneer

Site Data



Comments

At the time of sale, the property contained approximately 150,298 SF, which included a vacant theater building(31,739 SF). However, the buyer intended to demolish the theater and redevelop that portion of the site into twoground lease pads. Therefore, the NOI projected is based on a building area of 118,559 SF, with ground rent projectedfor two ground leases.

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Community Center

2400 E. Pioneer Pky.Arlington, TX 76010

Sale Date: 05/12/06




County: TarrantMSA: Fort Worth-Arlington MSASubmarket: Arlington

Sale Information

Sale Price: $7,200,000Effective R.E. Sale Price: $7,200,000Grantor / Seller: Arlington 360 Associates

LPGrantee / Buyer: 2540 Pioneer, LLCConfirmed By: Russell PatrickConfirmation Date: 02/13/08Confirmation Source Name /Phone: Gavin Kam 972-980-4800Confirmation Source Type: Confirmed-Seller Broker

Sale Date: 05/12/06Conveyance Document Type: DeedConveyance Document Recording: Doc #206147497Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Net Operating Income: $558,000 OAR (Cap rate) Actual: 7.75

Improvement Data

NRA (SF): 112,995Year Built: 1993Most Recent Renovation: 2005

Construction Description: Steel-frame/CMU/EIFS

Site Data


Comments

Former Kmart store re-demised into two tenant spaces: Floor Decor, and Dollar Tree; broker reported a 7.75% caprate.

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Former Retail Strip

945-957 W. Pipeline Rd.Hurst, TX 76053

Sale Date: 07/25/07




County: Tarrant

Sale Information

Sale Price: $1,650,000Effective R.E. Sale Price: $1,650,000Grantor / Seller: Cavender Investment

Property LtdGrantee / Buyer: City of Hurst TexasConfirmed By: Russell PatrickConfirmation Source Name /Phone: Michael Wilson / Broker

972-893-3330Confirmation Source Type: Confirmed-Seller Broker

Sale Date: 07/25/07Conveyance Document Type: DeedConveyance Document Recording: D207275608Property Rights Conveyed: Fee SimplePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to Seller

Improvement Data

NRA (SF): 60,000Year Built: 1980

Improvements Condition: Average

Site Data



Comments

City of Hurst purchased shopping center to convert into a senior citizens center.

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Diamond Oaks Center

4105 Denton Hwy.Haltom City, TX 76117

Sale Date: 02/28/07




County: Tarrant


Submarket: Alliance

Sale Information

Sale Price: $2,725,000Effective R.E. Sale Price: $2,725,000Grantor / Seller: TSCA-NB 1997 LPGrantee / Buyer: Sweet Talking LLCConfirmed By: Jacquelyn SaundersConfirmation Date: 03/28/08Confirmation Source Name /Phone: Howard Fuerst, Marcus &

Millichap, 972-980-4800Confirmation Source Type: Confirmed-Seller Broker

Sale Date: 02/28/07Contract Date: 02/28/07Conveyance Document Type: DeedConveyance Document Recording: 200773181Property Rights Conveyed: Leased FeePercent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller


Potential Gross Income: $357,305Vacancy Rate: 2.00Effective Gross Income: $340,600Net Operating Income: $231,808Reserves Included: NoOperating Data: In-Place Income



Improvement Data


Building Class: CM&S Classification and Class: CImprovements Condition: Average

Site Data


Comments

Surface rights only. Minerals retained by the seller.

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Pioneer Plaza

2208 S. Fielder Rd.Arlington, TX 76013

Sale Date: 10/03/07




Legal/Tax/Parcel ID: Legal: Lot 3R, Blk 1, Barry W J Add Tax ID: 06907881County: Tarrant



Sale Information

Sale Price: $9,500,000Effective R.E. Sale Price: $9,500,000Grantor / Seller: Grand Prairie Associates,

LLCGrantee / Buyer: 2210 South Fielder

Associates, LLCConfirmation Date: 04/02/08Confirmation Source Type: Confirmed-Seller Broker

Sale Date: 10/03/07Conveyance Document Type: DeedConveyance Document Recording: D207357195Percent of Interest Conveyed: 100.00Sale Status: ClosedTerms of Sale: Cash to seller.


Vacancy Rate: 2.80Net Operating Income: $697,300Reserves Included: YesOperating Data: In-Place Income


Improvement Data

GBA (SF): 105,767NRA (SF): 105,767Year Built: 1975

Improvements Condition: AverageParking Ratio (1000SF GBA): 0.00Parking Ratio (/Unit): 0.00

Site Data



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Courtyard at Forest Park

2441-2485 Forest Park Blvd.Fort Worth, TX 76112

Sale Date: 02/28/06




County: Tarrant

Sale Information

Effective R.E. Sale Price: $3,120,000Grantor / Seller: MEME Partners, Ltd.Grantee / Buyer: Courtyard at Forest Park,

Ltd.Confirmation Source Name /Phone: Obtained from DatacompConfirmation Source Type: Secondary Verification



Potential Gross Income: $357,444Vacancy Rate: 10.00Effective Gross Income: $323,844Net Operating Income: $293,403Operating Data: Stabilized


Improvement Data


M&S Classification and Class: CImprovements Condition: Average

Site Data


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St. Michael's of Bedford

2900 State Highway 121Bedford, TX 76021

Sale Date: 09/28/06




County: Tarrant


Submarket: Hurst-Euless-Bedford

Sale Information

Sale Price: $3,167,000Effective R.E. Sale Price: $3,100,000Grantor / Seller: St. Michael of Bedford, LP

(Texas ProeprtiesPartnership)

Grantee / Buyer: FGW Enterprises, Ltd.Confirmed By: Colt JonesConfirmation Date: 05/20/08Confirmation Source Name /Phone: Gloria Cheng - (814)

234-3557Confirmation Source Type: Confirmed-Buyer



Potential Gross Income: $413,881Net Operating Income: $223,200Operating Data: IRR Projection

GRM Actual: 7.49OAR (Cap rate) Actual: 7.20

Improvement Data



Site Data


Comments

According to the buyer the effective sale price was $3,100,000 at the time of sale, becase a space was leased outduring the contractual period, thus incurring $67,000 in tenant improvements and lease out costs. Therefore thesecosts were included in the purchase price of the property. The buyer could not recall any operating data, althoughaverage cap rates at that time according to Korpacz were 7.2%. The average rental rate is $13/SF and tenants at thetime of sale included: Bull's BBQ, My Jeweler, Town and Country Cleaners, and Papa G's Sports Bar and Grill.

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Bedford Meadows

2816-2828 Central Dr.Bedford, TX 76021

Sale Date: 10/02/07




County: Tarrant


Submarket: Hurst-Euless-Bedford

Sale Information

Effective R.E. Sale Price: $5,105,000Grantor / Seller: Central Meadows

Partnership, Ltd.Grantee / Buyer: Tae Young, LPConfirmed By: Russell PatrickConfirmation Date: 05/07/08Confirmation Source Name /Phone: Michael Uhm -

214-507-2222Confirmation Source Type: Confirmed-Buyer Broker



Vacancy Rate: 7.00Net Operating Income: $408,400Operating Data: Pro-forma Broker

OAR (Cap rate) Actual: 8.00Expense Ratio: 29.00

Improvement Data



Site Data


Comments

According to the broker the occupancy at the time of the sale was 83% and tenants included were: 7-Eleven, DynamicSports Construction, Edward Jones, Get Fit, La Friends Salon, Mrs. Bairds, Nutri-Sport, Palm Beach Tan, Steak Deluxe,and Planned Parenthood. The property sold on an 8% cap rate and the property had an expense ratio of approximately29%.

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St. Michaels

1001 NE. Green Oaks Blvd.Arlington, TX 76006

Sale Date: 03/01/06




County: Tarrant



Sale Information

Effective R.E. Sale Price: $4,300,000Grantor / Seller: Texas Properties

PartnershipGrantee / Buyer: Green Oak Group, Ltd.Confirmed By: Colt JonesConfirmation Date: 05/20/08Confirmation Source Name /Phone: Green Oak Group (Liliana) -

817-460-8088Confirmation Source Type: Confirmed-Buyer



Net Operating Income: $316,480Operating Data: IRR Projection


Improvement Data



Site Data


Comments

The buyer could not recall any operating data from the time of the sale, although according to survey data fromKorpacz, cap rates at the time averaged 7.36% for neighborhood shopping centers. According to the buyer the centerwas 90% occupied at the time of the sale and average rents were $12/SF.

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Bowie West Center

8309 Camp Bowie Blvd. W.Fort Worth, TX 76116

Sale Date: 02/17/08




County: Tarrant

Sale Information

Sale Price: $1,800,000Effective R.E. Sale Price: $1,800,000Grantor / Seller: Vertex Asset Partners, LP

(Michael Mallick)Grantee / Buyer: Flowcash Bowie WestConfirmation Source Type: Confirmed-Seller Broker



Net Operating Income: $162,000 OAR (Cap rate) Actual: 9.00 OAR (Cap Rate) Reported: 9.00

Improvement Data


Site Data


Comments

Property was 94% occupied at time of sale. In-place leases averaged $8.00 PSF, NNN. The largest tenant, the Stateof Texas, leased at $12.00 PSF, gross, and had substantial tenant improvement allowance. Property was reported tobe in "okay" condition. About 1/3 of roof had been repaired and the remainder was in need of repair. Broker reporteda 9% cap rate based on income at time of sale.

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