CONWAY PARK PLAZA Market Positioning and Pricing Analysis 4010 N Conway Ave • Mission, TX 78573

NON-ENDORSEMENT AND DISCLAIMER NOTICE Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer (512) 936-3000 CONWAY PARK PLAZA Mission, TX ACT ID Y0160300

PRESENTED BY Mike Moffitt Jr First Vice President Investments Associate Member - National Retail Group Austin Office Tel: (512) 338-7846 Fax: (512) 338-7810 j.michael.moffitt@marcusmillichap.com License: TX 0599728 Ross Hendrickson Associate Austin Office Tel: (512) 338-7800 Fax: (512) 338-7810 ross.hendrickson@marcusmillichap.com License: TX 692430

THE MARCUS & MILLICHAP ADVANTAGE 05 CONWAY PARK PLAZA TABLE OF CONTENTS SECTION SECTION INVESTMENT OVERVIEW 01 Regional Map Local Map Aerial Photo FINANCIAL ANALYSIS 02 Tenant Summary Lease Expiration Chart Operating Statement Notes Pricing Detail Proposal Price MARKET COMPARABLES 03 Comparable Shopping Centers MARKET OVERVIEW 04 Market Analysis Demographic Analysis THE MARCUS & MILLICHAP ADVANTAGE 05 MARKETING TEAM 06 Organizational Chart Bio Page MARKETING PLAN 07 STRATEGIC OWNERSHIP ANALYSIS 08 Ownership Options

CONWAY PARK PLAZA INVESTMENT OVERVIEW

EXECUTIVE SUMMARY Conway Park Plaza is a 5,936 square foot neighborhood shopping center located in McAllen- Edinburg, Texas. The property is 100% leased to a complementary mix of tenants including Metro PCS, Royal nails, Muscle Shakes & Karate Tiger. Conway Park Plaza is located along N. Conway Ave. The retail corridor surrounding Conway Park Plaza consists of many national restaurant brands as including, Burger King, Pizza Hut, Applebee's, Jack in the Box, Church's Chicken to list a few. Conway Park Plaza is located in the center of all the action surrounded on both sides by the biggest national ad local retail brands including Walmart, Walgreens, H-E-B, Dollar Tree, Ross among others. Conway Park Plaza is located in McAllen which is a part of the Rio Grande Valley. This distinct southern region of Texas is comprised of four counties with an estimated population of 1,305,782 according to the 2012 U.S. Census Bureau. The warm weather of the Rio Grande Valley attracts a large number of retirees from the Northern United States and Canada (Winter Texans) during the winter months. The abundance of great shopping opportunities attracts Mexican Nationals throughout the year. Beach lovers and sports fishermen are drawn to South Padre Island, Port Isabel, and Port Mansfield on the Gulf Coast. Bird watchers can watch a wide variety of exotic birds at one of the nine World Birding Centers locations throughout the Rio Grande Valley. Overall, Conway Park Plaza benefits from a complimentary tenant mix in a dense and heavily-trafficked area of the Rio Grande Valley. With fundamentally sound positioning along N. Conway Ave, the Property offers attractive in-place cash flow, and solid traffic counts. 6

CONWAY PARK PLAZA REGIONAL MAP

CONWAY PARK PLAZA LOCAL MAP

CONWAY PARK PLAZA AERIAL PHOTO

CONWAY PARK PLAZA FINANCIAL ANALYSIS

CONWAY PARK PLAZA TENANT SUMMARY FINANCIAL ANALYSIS

CONWAY PARK PLAZA TENANT SUMMARY FINANCIAL ANALYSIS 12

CONWAY PARK PLAZA OPERATING STATEMENT FINANCIAL ANALYSIS

CONWAY PARK PLAZA NOTES FINANCIAL ANALYSIS

CONWAY PARK PLAZA PRICING DETAIL FINANCIAL ANALYSIS

CONWAY PARK PLAZA PROPOSAL PRICE FINANCIAL ANALYSIS

CONWAY PARK PLAZA MARKET COMPARABLES

COMPARABLE SHOPPING CENTERS CONWAY PARK PLAZA CONWAY PARK PLAZA (SUBJECT) 409 N Bryan Rd 1600 N Conway Ave Commercial Plaza-Mission TX #2 Alton Plaza Palmhurst Plaza 8 COMPARABLE SHOPPING CENTERS 1 2 3 4 4 5 7 8 9 10 11 12 13 14 15 16 17 18 20

AVERAGE OCCUPANCY 19 CONWAY PARK PLAZA PROPERTY NAME COMPARABLE SHOPPING CENTERS AVERAGE OCCUPANCY 19

AVERAGE RENT PER SQUARE FOOT CONWAY PARK PLAZA PROPERTY NAME COMPARABLE SHOPPING CENTERS AVERAGE RENT PER SQUARE FOOT 20

COMPARABLE SHOPPING CENTERS MARKETING TEAM CONWAY PARK PLAZA PROPERTY NAME COMPARABLE SHOPPING CENTERS MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 Total GLA Available SF Asking Rent/SF 5,879 SF 0 SF $1.28 YEAR BUILT: 2015 CONWAY PLAZA 4010 N Conway Ave, Mission, TX, 78573 OCCUPANCY: 91% | YEAR BUILT: 2005 Total GLA Available SF Asking Rent/SF 16,500 SF 1,500 SF $14.40 1 409 N BRYAN RD 409 N Bryan Rd, Mission, TX, 78572 OCCUPANCY: 85% | YEAR BUILT: 2001 Total GLA Available SF Asking Rent/SF 17,571 SF 2,713 SF $13.00 2 1600 N CONWAY AVE 1600 N Conway Ave, Mission, TX, 78572

COMPARABLE SHOPPING CENTERS MARKETING TEAM CONWAY PARK PLAZA PROPERTY NAME COMPARABLE SHOPPING CENTERS MARKETING TEAM rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 rentpropertyname1 rentpropertyaddress1 OCCUPANCY: 81% | YEAR BUILT: 2009 Total GLA Available SF Asking Rent/SF 11,990 SF 2,278 SF $12.00 3 COMMERCIAL PLAZA-MISSION TX #2 302 W Griffin Pkwy, Mission, TX, 78572 OCCUPANCY: 83% | YEAR BUILT: 2016 Total GLA Available SF Asking Rent/SF 6,750 SF 1,135 SF $24.00 4 ALTON PLAZA 301 S Alton Blvd, Alton, TX, 78573 OCCUPANCY: 100% | YEAR BUILT: 2007 Total GLA Available SF Asking Rent/SF 11,580 SF 1,400 SF $15.00 5 PALMHURST PLAZA 155 W Mile 3 Rd, Palmhurst, TX, 78573

CONWAY PARK PLAZA MARKET OVERVIEW

2017 MEDIAN HOUSEHOLD INCOME: CONWAY PARK PLAZA MCALLEN-EDINBURG-MISSION OVERVIEW The McAllen-Edinburg-Mission metro is located 250 miles south of San Antonio near the Texas-Mexico border and encompasses Hidalgo County. The metro’s proximity to Mexico makes trade and logistics important drivers of the local economy. The University of Texas, Rio Grande Valley has facilities in Edinburg, McAllen and Weslaco. The Rio Grande River also runs through the area, providing recreational opportunities for locals and visitors. METRO HIGHLIGHTS LOGISTICS INDUSTRY McAllen’s location on the Texas-Mexico border has turned the area into a trade hub. As a result, several logistics companies are located here. HEALTHCARE The metro has a strong healthcare sector, making up roughly 32 percent of total employment. HOMEOWNERSHIP The relatively affordable cost of homeownership in McAllen affords nearly 70 percent of all households to own homes. ECONOMY The metro has a diverse employment base, including sectors such as healthcare, retail and trade. The healthcare sector is a significant part of the economy as several large hospitals are located in the area, including Rio Grande Regional Hospital, McAllen Medical Center and McAllen Heart Hospital. GE Aviation and Royal Technologies Corp. have major manufacturing facilities in the metro, supplying hundreds of jobs. South Texas College is also located within McAllen. It regularly receives grants to provide equipment upgrades and manufacturing training to local residents. Texas A&M University is planning to open a satellite campus in the new master-planned community of Tres Lagos. DEMOGRAPHICS 2017 POPULATION: 2017 HOUSEHOLDS: 2017 MEDIAN AGE: 2017 MEDIAN HOUSEHOLD INCOME: 858K 242K 29.2 $35,000 Growth 2017-2022*: Growth 2017-2022*: U.S. Median: U.S. Median: 37.8 $56,300 8.8% 11.3% * Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau 1

PROPERTY NAME CONWAY PARK PLAZA DEMOGRAPHICS MARKETING TEAM Created on September 2018 DEMOGRAPHICS MARKETING TEAM POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection Total Population 4,321 77,783 202,629 2017 Estimate 4,520 72,187 185,986 2010 Census 3,821 64,609 167,486 2000 Census 3,393 46,967 121,133 Current Daytime Population 3,894 66,200 172,760 HOUSEHOLDS Total Households 1,147 21,973 58,861 1,170 19,880 52,938 Average (Mean) Household Size 3.59 3.49 979 17,633 47,332 855 12,601 33,590 Occupied Units 1,318 21,578 59,090 HOUSEHOLDS BY INCOME $150,000 or More 8.04% 5.68% 5.41% $100,000 - $149,000 10.84% 8.18% $75,000 - $99,999 9.19% 9.12% 9.29% $50,000 - $74,999 17.46% 18.68% 16.99% $35,000 - $49,999 17.51% 14.72% 15.23% Under $35,000 36.97% 43.75% 44.90% Average Household Income $72,194 $60,022 $58,502 Median Household Income $45,694 $40,593 $39,302 Per Capita Income $18,682 $16,535 $16,685 HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles Total Average Household Retail Expenditure $59,944 $54,632 $53,717 Consumer Expenditure Top 10 Categories Housing $15,545 $14,492 $14,310 Transportation $12,265 $11,451 $11,184 Shelter $8,200 $7,659 $7,569 Food $6,689 $6,163 $6,044 Personal Insurance and Pensions $4,789 $4,252 $4,147 Utilities $3,968 $3,724 $3,681 Health Care $3,960 $3,556 $3,559 Entertainment $2,160 $1,957 $1,930 Household Furnishings and Equipment $1,720 $1,578 $1,559 Cash Contributions $1,517 $1,352 $1,360 POPULATION PROFILE Population By Age 2017 Estimate Total Population 4,520 72,187 185,986 Under 20 35.44% 36.72% 35.92% 20 to 34 Years 20.33% 20.87% 20.49% 35 to 39 Years 5.94% 6.51% 6.50% 40 to 49 Years 12.13% 12.55% 12.54% 50 to 64 Years 15.63% 13.84% 13.57% Age 65+ 10.54% 9.50% 10.98% Median Age 29.94 29.05 29.91 Population 25+ by Education Level 2017 Estimate Population Age 25+ 2,549 40,007 104,789 Elementary (0-8) 13.81% 16.84% 16.98% Some High School (9-11) 14.88% 14.50% 14.12% High School Graduate (12) 21.35% 22.13% 22.98% Some College (13-15) 16.29% 17.53% 17.59% Associate Degree Only 7.28% 5.99% 5.51% Bachelors Degree Only 18.43% 14.18% 14.48% Graduate Degree 4.45% 4.58% 4.68% Source: © 2017 Experian

CONWAY PARK PLAZA PROPERTY NAME DEMOGRAPHICS MARKETING TEAM Population Race and Ethnicity In 2017, the population in your selected geography is 4,520. The population has changed by 33.22% since 2000. It is estimated that the population in your area will be 4,321.00 five years from now, which represents a change of -4.40% from the current year. The current population is 48.87% male and 51.13% female. The median age of the population in your area is 29.94, compare this to the US average which is 37.83. The population density in your area is 1,440.76 people per square mile. People of Hispanic origin make up 90.54% of the current year population in your selected area. Compare this to the US average of 17.88%. Households Housing There are currently 1,170 households in your selected geography. The number of households has changed by 36.84% since 2000. It is estimated that the number of households in your area will be 1,147 five years from now, which represents a change of -1.97% from the current year. The average household size in your area is 3.59 persons. The median housing value in your area was $104,233 in 2017, compare this to the US average of $193,953. In 2000, there were 690 owner occupied housing units in your area and there were 165 renter occupied housing units in your area. The median rent at the time was $353. Income Employment The current year per capita income in your area is $18,682, compare this to the US average, which is $30,982. The current year average household income in your area is $72,194, compare this to the US average which is $81,217. In 2017, there are 1,569 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 47.77% of employees are employed in white-collar occupations in this geography, and 49.09% are employed in blue-collar occupations. In 2017, unemployment in this area is 3.40%. In 2000, the average time traveled to work was 23.00 minutes. Source: © 2017 Experian

CONWAY PARK PLAZA 8 DEMOGRAPHICS

CONWAY PARK PLAZA STRATEGIC OWNERSHIP OPTIONS FINANCIAL ANALYSIS 12

INFORMATION ABOUT BROKERAGE SERVICES Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. 11-2-2015 TYPES OF REAL ESTATE LICENSE HOLDERS: A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): Put the interests of the client above all others, including the broker’s own interests; Inform the client of any material information about the property or transaction received by the broker; Answer the client’s questions and present any offer to or counter-offer from the client; and Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner's agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer's agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by the seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. A broker who acts as an intermediary: Must treat all parties to the transaction impartially and fairly; May, with the parties' written consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. Must not, unless specifically authorized in writing to do so by the party, disclose: that the owner will accept a price less than the written asking price; that the buyer/tenant will pay a price greater than the price submitted in a written offer; and any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: The broker’s duties and responsibilities to you, and your obligations under the representation agreement. Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records. Marcus & Millichap 9002994 tim.speck@marcusmillichap.com 972-755-5200 Licensed Broker /Broker Firm Name or Primary Assumed Business Name License No. Email Phone Tim A. Speck 432723 Designated Broker of Firm Craig R. Swanson 538612 craig.swanson@marcusmillichap.com 512-338-7800 Licensed Supervisor of Sales Agent/Associate Sales Agent/Associate’s Name Buyer/Tenant/Seller/Landlord Initials Date Regulated by the Texas Real Estate Commission Information available at www.trec.texas.gov IABS 1-0

PRESENTED BY www.MarcusMillichap.com Mike Moffitt Jr First Vice President Investments Associate Member - National Retail Group Austin Office Tel: (512) 338-7846 Fax: (512) 338-7810 j.michael.moffitt@marcusmillichap.com License: TX 0599728 Ross Hendrickson Associate Austin Office Tel: (512) 338-7800 Fax: (512) 338-7810 ross.hendrickson@marcusmillichap.com License: TX 692430 www.MarcusMillichap.com