1. 2013 APPRAISAL INSTITUTE YEAR IN REVIEW WISCONSIN RETAIL MARKET OVERVIEW WESTON J. ROBERTSON

2. DRIVERS OF RETAIL DEMAND Employment Housing/Population Shopping/Dining Office/Industrial Apartment/Single FamilyRetail Markets MarketsMarket

3. RECENT TRENDS Milwaukee Metro Area Madison Metro Area

4. MOSTLY STAGNANT? Overall Retail Vacancy Rate Average Retail Rent Rate

5. HOW ABOUT THE INVESTMENT MARKET? Band of Investment – Typical Multi-tenant Retail Surveys

6. HOW ABOUT THE NET LEASE MARKET?

7. THE CONSTELLATION - MADISON Opened August 2013 $39 million cost 32,500 SF Commercial/Retail 220 apartments Google office, Star Bar, Cargo Café, Andersen Dental, and others

8. VARSITY QUARTERS - MADISON Scheduled Open Fall 2014 Located near UW Campus Project cost not disclosed 162 bed – student housing 7,500 SF retail

9. 309 W JOHNSON ST - MADISON Scheduled Summer 2015 600,000 SF Over 250 apartments with over 300 bedrooms Retail on 1 st and 2 nd floors

10. 800 BLOCK OF E. WASHINGTON - MADISON Proposed project $65 million cost 4.5 acres Phase 1 50,000 SF grocer 175-240 apartments 350 parking stalls Phase 2 22 owner-occupied homes 65,000 SF retail/office 173 parking stalls

11. THE MAYFAIR COLLECTION - WAUWATOSA Dicks, Nordstrom Rack, Saks off 5 th, ULTA, Old Navy Phase I - 266,000 SF $49 million cost Expected opening Spring 2014 Future phases to include Restaurants, a Hotel, and Mixed Use Office/Retail

12. DREXEL TOWN SQUARE – OAK CREEK Mixed use development 600+ apartments City hall, public library, farmers market Meijer anchored, 191,000 SF grocery store $175 million $20 million TIF financing

13. WOODMANS GROCERY STORE – WAUKESHA Opened July 2013 $7 million, $3.5 TIF financing 243,753 square feet Approximately 40% liquor store NORDSTROM MAYFAIR – WAUWATOSA Opening Fall 2015 138,000 SF Three stories Addition to existing Mayfair Mall

14. NEW MILWAUKEE RESTAURANTS Black Sheep 216 S 2 nd Street Self-Serve Wines, Tapas, Haute Dogs Bel Air Cantina - Wauwatosa 6817 North Avenue, Wauwatosa Margaritas, 25 Kinds of Tacos Carsons 1141 North Old World Third Street Steaks, BBQ

15. NEW MILWAUKEE RESTAURANTS Anodyne Coffee Roasting 224 West Bruce Street Sandwiches, Pastries, Free Trade Coffee Wolf Peach 1818 North Hubbard Street European Fine Dining Pizza Man 2597 North Downer Avenue Italian and Specialty Pizzas

16. WHERE DO WE GO FROM HERE? Concern over increasing interest rates Source projects a 50 bp interest rate increase Continued low cap rates in the NNN market Slow, gradual new development as space is absorbed Minimal, if any, increase in market rents

17. 2013 APPRAISAL INSTITUTE YEAR IN REVIEW WISCONSIN RETAIL MARKET OVERVIEW WESTON J. ROBERTSON