AFFILIATED BUSINESS DISCLOSURENewmark Knight Frank (the “Agent”) has been engaged as the exclusive sales representative for the sale of Fry's Shops at Ellsworth, 17439 S Ellsworth Rd, Mesa– (the ”Property”)by ‘Ownership’ (the “Seller”).This Memorandum does not constitute a representation that the business or affairs of the Property or Seller since the date of preparation (2/27/2020) of this Memorandum haveremained the same. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser.Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller andAgent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with anyparty at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shallhave no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller,and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder.This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature.By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclosethis Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposaland from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any ofthe contents in any fashion or manner detrimental to the interest of Seller or Agent.


THE OFFERINGNewmark Knight Frank (NKF) Capital Markets, as exclusive advisor, is pleased to present the opportunity to acquire Fry's Shops at Ellsworth,a grocery shadow-anchored real estate investment in Mesa (Phoenix), Arizona.Fry's Shops at Ellsworth is a simple, stable, retail center consisting of four tenants at 100% occupied. It is shadow-anchored by a recentlyremodeled Fry's Marketplace grocery store (Kroger).The building was extensively retrofitted following the expansion of Fry's and to make way for new shop tenants. The property is the hometo Subway, Little Caesars, Pink Nails and Lotus Garden Restaurant.All conversations with tenants need to be arranged through the broker. Tenants are not to be disturbed.Broker can arrange direct contact or through the property manager.

PROPERTY SUMMARY OFFERING SUMMARY FRY'S SHOPS AT ELLSWORTH OFFERING PRICE $2,450,000 439 South Ellsworth Road Mesa, AZ 85308 PRICE PER SF $420.53 CAP RATE 6.45% 5,823 SF OCCUPANCY 100% Total Building Area 2001 / 2020 Year Built / Year Remodeled 1.01 Acres R BROADWAY RD Lot Size 220-70-001T D. Parcel Number HR RT WO LS EL C-S Maricopa County Zoning 61 Spaces Parking $158,020 NOI6 F RY'S SH OP S AT E LLS WO RTH


INVESTMENT HIGHLIGHTS GROCERY SHADOW-ANCHORED 100% LEASED LONG TERM UPSIDE Adjacent to recently remodeled Fry’s Four experienced businesses, Upside in Rent on Suite 104 (currently Marketplace grocery store including national brands of Subway $19.41 where last 3 leases signed were (Smith's/Kroger owns the real estate) and Little Caesar’s Pizza $26, $27 and $33) STABLE LEASES SMART, SIMPLE DESIGN REMODELED BUILDING Fresh 60-month lease term on Small suite sizes for easy Professional remodel with contractor all leases with annual increases re-letting at turnover and subcontractor warranties, including new monument sign R DR AY DW OA BR ELLSWORTH RD.

PROPERTY OVERVIEWFry's Shops at Ellsworth is a 4-unit multi-tenant retail center in Mesa (Phoenix), Arizona. The building is immediately adjacent to a Fry's Marketplacegrocery store (Kroger). At 100% occupancy, the investment provides stable cash flow from four tenants on NNN leases. Each lease has annual increases.The addition of a new monument sign, adds both additional income to the landlord and street visibility for the tenants.History: Formerly owned by Weingarten, Fry's/Kroger purchased the building to make way for a significant expansion of their existing store. Theyexpanded their store south, absorbing a few suites of the retail center. Fry's also expanded north, in total making their store upwards of 90,000 sqft. The remainder of the retail center was sold to Evergreen Devco, who took the mostly-vacant building, remodeled and leased it to full occupancy.Subway was an original tenant, but Little Caesars, Lotus Garden and Pink Nails are all new leases from late 2019/early 2020. R BR OA DW AY RD HRD. S WORT ELL

Main Street 27,140 VPD 30 ,1 5 4V PD Broadway Road VPD 344 Ellsworth Road 116, Crismon Road 38,585 VPD 202 Skyline High School Southern Avenue PD 1V 21,602 VPD ,98 25 US US US 89 189 6013 F RY' S SH OP S AT E L L S WO RTH
PRICING INCOME & ANALYSIS SUMMARY ACTUAL ANNUALIZED OPERATING DATA ACTUAL PSF GROSS REVENUE List Price: $2,450,000 Base Rental Revenue $155,109 $26.62 Down Payment (example): 35% $857,500 Reimbursem*nt Revenue $33,424 $5.74 Current CAP Rate: 6.45% Signage Rent $2,700 $0.46 Rentable Square Feet: 5,826 Total Gross Revenue $191,232 $32.82 Price per Square Foot: $420.53 EXPENSES (2019 ACTUAL ADJ.) Occupancy: 100% Utilities $1,320 $0.23 Repairs & Maintenance $2,162 $0.37 Sanitation (Trash, Power Wash) $4,920 $0.84 FINANCING - EXAMPLE NEW LOAN Fire & Safety $676 $0.12 Loan Amount $1,592,500 Property Management Fees + Admin 3.60% $6,900 $1.18 Loan to Value 65% Association Dues (Fry's) $3,858 $0.66 Interest Rate 3.85% Real Estate Taxes $11,512 $1.98 Amortization 25 Insurance $1,864 $0.32 Term 10 Years (Notes: HVAC maint by tenant. Landscape, sweeping, porter done by Fry's thru Assoc.) Total Operating Expenses ($33,212) ($5.70) Monthly P & I Payments $8,274 Net Operating Income $158,020 $27.12 Loan Constant 6.24% Debt Service (example): $(99,294) Debt Yield 9.92% Pre Tax Cash Flow 6.85% $58,726 DCR 1.59 Plus Principal Reduction: $38,660 Total Return: 11.36% $97,38615 F RY'S SH OP S AT E L L S WO RTH
RENT ROLL - ACTUAL TYPE EST. EST. ANNUAL MONTHLY % OF MONTHLY ANNUAL RENT OF MONTHLY ANNUAL NNN LEASE LEASE INCREASE INCREASE SIGNAGE COMMENTS / SUITE TENANT NAME SF SPACE RENT RENT PER SF LEASE NNN NNN PSF BEGIN END DATES AMOUNTS RENT ADMIN FEES 15% admin on CAM, 104 Subway Real Estate, LLC 1,428 24.5% $2,310.00 $27,720 $19.41 NNN $620.89 $7,451 $5.22 10/5/10 2/28/2026 none none $0 Tax, Ins, but excludes Assoc Fee and mgmt. Little Caesar's Mgmt fee plus 15% 105 (Keller Restaurants, LLC) 1,306 22.4% $2,829.67 $33,956 $26.00 NNN $645.87 $7,750 $5.93 8/27/19 8/27/2024 4/14/2021 3% $75 admin fee on CAMs with 2 Personal Guarantees only. Anh Nguyen / Mgmt fee plus 5% 106 1,500 25.7% $4,125.00 $49,500 $33.00 NNN $736.68 $8,840 $5.89 12/11/19 6/30/2025 6/4/2021 2.5% $75 Ken's Nails admin fee on all NNN. Zhao & Chen / Mgmt fee plus 5% 107 1,592 27.3% $3,582.00 $42,984 $27.00 NNN $781.86 $9,382 $5.89 8/26/19 8/26/2024 7/1/2021 3% $75 Lotus Garden admin fee on all NNN. TOTAL 5,826 100.0% $12,847 $154,160* $26.35 $2,785 $33,424 $5.73 OCCUPIED 5,826 100.0% AVAILABLE 0 0.0% *Above Annual Rent Total does not include monthly signage rent. Can be found on page 15. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.16 F RY'S SH OP S AT E L L S WO RTH
12 MONTH RENT PROJECTION TENANT NAME SEP-20 OCT-20 NOV-20 DEC-20 JAN-21 FEB-21 MAR-21 APR-21 MAY-21 JUN-21 JUL-21 AUG-21 TOTAL Subway $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $2,310.00 $27,720.00 Little Caesar's $2,829.67 $2,829.67 $2,829.67 $2,829.67 $2,829.67 $2,829.67 $2,829.67 $2,914.56 $2,914.56 $2,914.56 $2,914.56 $2,914.56 $34,380.49 Ken's Nails $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,125.00 $4,228.13 $4,228.13 $4,228.13 $49,809.38 Lotus Garden $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,582.00 $3,689.46 $3,689.46 $43,198.92 $155,108.79* *Above Rent Roll does not include monthly signage rent. Can be found on page 15 & 16. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.17 F RY' S SH OP S AT E LL S WO RTH
TENANT OVERVIEW LITTLE CAESARS SUBWAY Website: Website: Corporate Name: Little Caesars Enterprises, Inc Corporate Name: Subway This Location Franchisee: Keller Restaurants, LLC This Location Franchisee: Subway Real Estate, LLC Little Caesars began in 1959 in Garden City, Michigan. 3 years later the Subway is a privately held franchise restaurant. It began in Connecticut first franchise opened nearby and has become the fastest growing pizza as Pete’s Super Submarines in 1965 and has grown into one of the fastest chain in the US and an internationally known brand. Today there are stores growing franchises in the world. As of October 2019 there were 41,512 in all 50 states and 18 other countries. As of 2017 there were 5,763 stores locations in more than 100 countries. This location opened in 2010. worldwide. The Little Caesars at Broadway and Ellsworth has been in operation for nearly one year. KENS NAILS LOTUS GARDEN CHINESE CUISINE KENS NAILS (PINK NAIL BAR) Website: Offering a wide selection of salon services including manicures, pedicures, Corporate Name: Lotus Garden Chinese Cuisine and waxing, Ken's Nails provides an unforgettable pampering experience. The owner currently owns and operates several large salons in the Phoenix Lotus Garden Chinese Cuisine has one other location in the Phoenix Metro Metro area under the brand names Ken's Nails, Biltmore Nail Bar, and area. It was doing so well that they decided to open a second location Milano Nail Bar. under te same ownership. This establishment offers large lunch and dinner menus with a dine-in option and also offers food delivery option through Door Dash.18 F RY'S SH OP S AT E L L S WO RTH
AREA OVERVIEWLocated at the heart of the breakout expansion of the Southeast Valley, the intersection of Broadway and Ellsworth Roads issurrounded by rapidly multiplying housing divisions and the associated amenities. With a density of nearly 200,000 residentswithin a 5-mile radius, the area has experienced a 16.9% increase in population since 2010 and is forecasted to add another 7.8%by 2024. Squarely middle-class with an average household income of $73,287, employment is heavily concentrated in several ofPhoenix’s fastest growing sectors even through the COVID-19 crisis, specifically advanced manufacturing and healthcare. With3,600 employees, The Boeing Company is the largest single-site employer in the local trade area and is complimented by MDHelicopters, TRW Vehicle Safety Systems, Able Engineering, Nammo Defense Systems and Fujifilm. Spreading 3,960 employeesacross several campuses, Banner Health barely edges out Boeing for the number one employer in the submarket.Born out of the legacy of Motorola, Boeing, Honeywell and General Dynamics in Greater Phoenix, though largely concentratedin the Southeast Valley, the advanced manufacturing industry in the area is primed for continued expansion due to the recentdevelopment of the SkyBridge at Phoenix-Mesa Gateway Airport. The only program of its kind in the United States, SkyBridgeallows expedited freight transportation across the U.S.-Mexico Border. As aerospace and defense aircraft and parts are thenumber one export from Arizona to Mexico, the state’s largest trade partner, for partial assembly, the industry can expect toconcentrate more high-wage, advanced manufacturing jobs in the area. Recently, Northrop Grumman expanded into a 47-acrecampus with 2,500 employees in nearby Chandler, AZ.
Demographic and Income Comparison Profile 9230 E Broadway Rd, Mesa, Arizona, 85208 Prepared by Esri Rings: 1, 3, 5 mile radii Latitude: 33.40850 Longitude: -111.63207 DEMOGRAPHICS 1 mile 3 miles 5 miles Census 2010 Summary Population 14,212 91,411 193,179 Households 6,023 36,611 78,131 Families 3,601 24,429 51,674 Average Household Size 2.36 2.49 2.46 Owner Occupied Housing Units 4,598 28,256 59,338 Renter Occupied Housing Units 1,425 8,355 18,793 Median Age 44.3 41.2 42.2 2019 Summary Population 15,912 103,283 225,768 Households 6,767 41,030 90,148 Families 3,960 26,953 59,024 Average Household Size 2.35 2.51 2.49 Owner Occupied Housing Units 5,150 31,388 68,249 Renter Occupied Housing Units 1,618 9,642 21,899 Median Age 46.9 43.5 44.3 Median Household Income $42,175 $56,195 $56,729 Average Household Income $55,325 $73,287 $75,623 2024 Summary Population 17,023 111,171 243,335 Households 7,230 43,940 96,656 Families 4,207 28,771 63,154 Average Household Size 2.35 2.52 2.50 Owner Occupied Housing Units 5,593 34,213 74,484 Renter Occupied Housing Units 1,637 9,728 22,172 Median Age 48.1 43.8 44.3 Median Household Income $50,235 $64,151 $64,888 Average Household Income $65,115 $85,925 $88,364 Trends: 2019-2024 Annual Rate Population 1.36% 1.48% 1.51% Households 1.33% 1.38% 1.40% Families 1.22% 1.31% 1.36% Owner Households 1.66% 1.74% 1.76% Median Household Income 3.56% 2.68% 2.72%21 F RY'S SH OP S AT E L L S WO RTH
METRO PHOENIX OVERVIEWThe Greater Phoenix Metropolitan area covers a total land area of 14,599 square miles and has a populationof 5.02 million people. Located at a strategic geographical position between California, Mexico andTexas, has long made it a regional economic and distribution center. Additionally, Phoenix’s affordability,climate, large skilled workforce and pro-business environment continue to attract a nation-leading influxof corporate and resident migration.The Metro Phoenix’s robust economic growth has continued into 2020. Since 2015, Phoenix’s employmentgrowth has averaged an annual growth of 3.2%, almost twice the national rate of 1.7% over the sameperiod. This growth trend continued from a population perspective as well, increasing at an averageannual rate of 2.0% and totaling 480,300 new residents when measured over the past five years. Moody’sAnalytics forecasted that this trajectory will continue with an additional 490,030 residents, or a 9.8%increase, added to the Phoenix metro for a total population over 5.51 million by 2024.Phoenix’s high quality of life at an affordable price point and explosive growth in gainful employmentopportunities continued to attract a torrential inflow of out-of-state residents to the Metro Phoenix area,with overall net migration accounting for 72.7% of total population growth in 2019. Of those moving toPhoenix, a majority have been young professionals, advancing Phoenix’s reputation as one of the topcities for millennials across the nation. This trend has helped maintain Phoenix’s flourishing housing andapartment markets, which benefit from ample and cheap land surrounding major employment centers forcontinuing expansion while maintaining a low cost of living.Metro Phoenix continues to experience rapid diversification of its employment composition. This cyclehas seen a redistribution of economic activity to higher paying and more recession-proof employmentled by healthcare, advanced manufacturing, and professional and business services. Prior to the financialcrisis of 2007-2008, employment was highly concentrated in the cyclical industries of retail, hospitality,construction and real estate. Office-using employment in Phoenix reached almost 2.2 million jobs in thethird-quarter, a 13.1% increase over the 2007 peak.Major corporate relocations and expansions have been lead by blue chip companies such as USAA,Intel, American Express, Deloitte, Nationwide Insurance, Allstate Insurance, Voya Financial and NorthropGrumman making hard commitments to build or significantly expand their footprints by hundreds ofthousands of square feet and thousands of personnel. These companies have been followed by anincreasing technology-related footprint including substantial leases by Amazon, DoorDash, Opendoor,Nikola Motor Company, Zillow, Carvana and Silicon Valley Bank, in addition to $1 billion+ commitmentsfrom Google, Microsoft and Apple to construct technology and data centers across the metro.Phoenix was ranked 2nd nationally on the CNBC list of States Winning Workforce Talent and 3rd nationallyon the Business Facilities list of Cities with the Highest Economic Growth Potential, which is based onfactors such as population growth, tech opportunities and pro-business investments and policies.
EXCLUSIVELY LISTED BY STEVE JULIUS Senior Managing Director 602.952.3845 JESSE GOLDSMITH Senior Managing Director 602.952.3846 CHASE DORSETT Associate 602.952.3844
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