Investment Overview

MARKET AT SUMMER OAKS • Just north of Germantown, this property is an 87,000 SF retail center located in a dense infill trade area of East Memphis • Featuring proven long-term operators with over 70% of the center operating here for 10+ years and an average tenant tenure of 13+ years • The property has frontage on Summer Ave, a major retail corridor with over 1M+ SF of retail • Average in-place rents: 20% below market (Costar) • The center ranks as the #4 out of 26 shopping centers in a 5-mile radius SEASONED TENANCY | PROVEN PERFORMANCE • Featuring credit tenants like Advanced Auto Parts, Harbor Freight, E.C Barton, and a new Valvoline outparcel • Multiple long-term operators, over 70% of the center has been operating here 10+ years • Average tenant tenure of 13+ years • Placer data shows that several national tenants in the center demonstrate strong foot traffic • E.C. Barton: #1 store in TN | top 21% nationally • Advance Auto Parts: top 28% statewide | Top 35% nationally • Harbor Freight: top 35% statewide | Top 32% nationally 90% OF GLA BELOW MARKET RENTS | OUTPARCEL SALE OPPORTUNITY • 90% of the GLA is leased below market rents, & 45% of the center is on gross leases • Average rent of below market tenants: $7.93 | almost 40% below market rents • Costar market rents for Summer Ave: $13-$14 • 23% NOI increase if under market spaces are leased at $14/SF NNN • Brand new construction corporate Valvoline ground lease (Construction to finish in May) • Opportunity to spin off Valvoline at a 5.50%-6.00% cap, lowering overall basis in investment RETAIL COMMERCIAL ARTERY | MAJOR HWY INTERSECTION SPILLOVER • Direct frontage on Summer Ave (20,000 VPD), a booming retail corridor with over 1M SF of retail • Interstate crossroads positioning | I-240 (175,000 VPD) | I-40 (124,000 VPD) | Sam Cooper Blvd (67,000 VPD) • Strategic positioning captures both local neighborhood traffic and highway spillover • Surrounded by national brands including Kroger, Lowe’s, Aldi, TJ Maxx, Ross, and more JUST NORTH OF GERMANTOWN | DENSE SUBURB • Located in a dense suburb north of Germantown with 215,000 people in a 5-mile radius • 3-mile average HHI: $95,000