Investment Overview

CARTER’S CROSSING | 40,617 SF | PETSMART-ANCHORED TARGET SHADOW RETAIL CENTER | FREDERICKSBURG, VA • Institutional-quality 40,617 SF destination retail center shadow-anchored by a recently renovated Super Target (Target owns its parcel) with direct visibility along I-95 • Premier I-95 interchange location delivering massive exposure, dual pylon signage to 167,000+ VPD and dominant positioning on one of America’s busiest interstate corridors • Delivering strong in-place cash flow with durable national/destination tenancy and significant embedded upside through below-market rolls NATIONAL TENANT ANCHOR | SYNERGISTIC TENANT MIX • Anchored by PetSmart with significant grooming/training/services revenue stream – whispered to be one of the strongest volume stores in the mid-Atlantic region • Premier tenant lineup of e-commerce-resistant, destination-driven operators: Anytime Fitness (high-membership location), Polaris Dance Studio, Valley Dental – all seasoned performers with proven track records and zero dark periods • 100% occupied with a blend of local, franchisee, investment-grade, and national credit providing immediate stability and lender comfort • PetSmart has verbally indicated in the past that they would never leave – simply to control this market and keep competitors like Petco out SIGNIFICANT MARK-TO-MARKET UPSIDE | 38% OF GLA ROLLS IN NEXT 5 YEARS – ZERO REMAINING OPTIONS • 38% of current GLA expires within the next 5 years with no remaining tenant options – delivering immediate rent reset opportunity to current market levels • Overall in-place rents ~18–22% below current market asking • Limited new retail supply + explosive submarket demand + 2.3% vacancy = substantial embedded NOI growth through renewals and re-leasing at today’s rates • Proforma NOI increases 28%+ over hold period through contractual bumps and mark-to-market execution UNMATCHED I-95 VISIBILITY & ACCESS MIDWAY BETWEEN D.C. & RICHMOND • Dominant signalized corner at South Gateway Drive & Route 17 with superior ingress/egress, massive parking field, and institutional curb appeal – the #1 retail node in the entire Fredericksburg market • Positioned in the heart of the I-95 growth corridor benefiting from Northern Virginia spillover, data center boom, Quantico Marine Base expansion, and ongoing interstate widening/improvements • Direct frontage and signage to the heaviest-trafficked retail corridor between D.C. and Richmond – irreplaceable real estate with zero competing shadow centers AFFLUENT, EXPLOSIVE GROWTH SUBMARKET NORTHERN VIRGINIA EXTENSION • $138,057 average household income in the primary trade area | 20%+ income growth in past 5 years | 58% population growth since 2000 • One of Virginia’s fastest-growing markets with retail vacancy at just 2.3% (Cushman & Wakefield Q3 2025 Report) – virtually no new supply and insatiable tenant demand from national credits • Immediate proximity to Celebrate Virginia South, Central Park power center, and Spotsylvania Towne Centre – the dominant retail confluence for the entire I-95 corridor south of D.C.