united states commercial real estate services - cbre retail...

CBRE RETA I L INVESTMENT SALES

L O C A L E X P E RT I S EG L O B A L P L AT F O R M

LOCAL EXPERTISE | NATIONAL & GLOBAL REACH

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CBRE RETAIL INVESTMENT SALES

CORPORATE OVERVIEW | THE WORLD’S LARGEST CRE SERVICE PROVIDER

a. includes countries with owned offices (50), affiliate offices (19) and GWS professionals working at client locationsb. excludes 100 affiliate offices c. excludes approximately 4,200 affiliate employeesd. excludes affiliate sales & leasing professionals; includes approximately 150 mortgage brokerage professionalse. includes 356 million sq. ft. managed by affiliate officesf. includes loan sale advisoryg. includes 292,350 residential valuation assignments in Asia Pacific

CBRE’S CAPABILITIES EXTEND BROADER AND DEEPER THAN ANY OTHER REAL ESTATE SERVICES PROVIDER, OFFERING UNPARALLELED TOOLS AND RESOURCES, LEVERAGE, CREDIBILITY, MARKET COVERAGE AND LOCAL EXPERTISE.

Countries a

Coverage

Transactions

SALES LEASING

Employees c

TOTAL TRANSACTION VALUE

ValueTransactions ValueTransactions$322.2

372+111 7 5 0 0,

5.3B SF 467,575$43.3B $144.8B $86.6B $6.6B $42.0B

23,775 $110.8B61,775$211.4B

Property & Corp Facilities

Managed e

Valuation & Advisory

Assignments g

LoanOriginations f

LoanServicing

InvestmentAssets UnderManagement

Developmentin Process

ProjectManagement

Contract Value i

7,450 Sales & Leasing Professionals d

Offices b


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CBRE Deal Flow is CBRE’s listing platform for all property and portfolio sales. This all-in-one toolset streamlines the entire disposition process, with full coverage tracking, a secure virtual deal room and reporting that provides a clear view of how perspective buyers interact with each listing.

CBRE created and maintains a global, real-time database of active investors with their respective acquisition criteria. This allows us to mass-expose the investment opportunity in a more targeted approach to get our deals in front of the right buyers, at the right time. Ultimately, yielding more offers and allowing us to find the buyer with the best terms and highest probability of close.

Benefits of CBRE Deal Flow include:

+ Access to inventory

+ Real-time market insight

+ Matching deals to capital

+ Customized investor preferences

deal flow | international buyer database

WWW.CBREDEALFLOW.COM

OVER 552,000 DISTINCT

INVESTORSREGISTERED

200,000 HAVE REQUESTED

RETAILPROJECTS

CBRE ISSPENDING OVER$600 MILLIONANNUALLY ON TECHNOLOGY


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external exposure | marketing RESOURCES

CBRE: Constant Contact Email – Over 25,000 Principals and Bro-kers working directly with Dallas Office

COSTAR: Searchable Listing Service (Subscriber)

XCELIGENT: Searchable Listing Service

LOOPNET: Premium listing and email blast to buyers and brokers asking to see asset parameters

CREXI: Searchable Listing Service

BUZZTARGET/REALNEX: 33,000 Real Estate Professionals (Princi-pals and Brokers)

PROPERTY CAMPAIGN: 180,000 Nationwide Recipients (Princi-pals and Brokers)

E PROPERTY LINE: 65,000 Real Estate Professionals(Principals and Brokers)

PROPERTY BLAST: Brokers Only (90,000 Brokers)

PROPERTY SEND: 120,000 (Brokers and Principals)

BIG BOYS BLAST: (118,000 Brokers and 10,500 Investors)


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argus | in-depth underwriting®

ARGUS® is the industry standard for financial analysis.

Most REIT’s, institutional buyers and astute investors alike prefer an ARGUS® file (run) for financial proforma submittal as apart of their criteria of their investment considerations.

Using a lease by lease approach to building cash flows and valuations, our OM property models have greater precision and clarity enabling our buyers understand the asset and ultimately move quicker to an offer and purchase.

10-Year Hold Period

SUMMARY OF FINANCIAL ASSUMPTIONS

Analysis Period Occupancy and Absorption Retention Ratio 75% Commencement Date January 1, 2017 Projected Vacant at 1/1/17 30,516 SF End Date December 31, 2026 Currently Vacant as of 1/1/17 30,516 SF Financial Terms Term 10 Years Percentage Vacant at 1/1/17 20.32% 2014 Annual Market Rent $25.20 PSF

Absorption Period 12 Month(s) Rent Adjustment 3.00% Annually Area Measures Absorption Period Start Date January 1, 2017 Lease Term 5 Years

Building Square Feet (NRSF) 78,545 SF First Absorption Occurs On January 1, 2018 Expense Reimbursement Type FSG w/ BY

Last Absorption Occurs On January 1, 2018 Growth Rates Tenanting Costs Consumer Price Index (CPI) 3.00% Financial Terms Rent Abatements Other Income Growth Rate 3.00% 2017 Annual Market Rent $25.20 PSF New 6 Month(s) Operating Expenses 3.00% Rent Adjustment 3.00% Annually Renewal 0 Month(s) Real Estate Taxes 2.00% Lease Term 5 Years Weighted Average 1.50 Month(s) Market Rent Growth Expense Reimbursement Type NNN

CY 2015 - 5.00% - $26.46 PSF Rent Abatements 6 Month(s) Tenant Improvements ($/NRSF) CY 2016 - 5.00% - $27.78 PSF Tenant Improvements ($/NRSF) $30.00 PSF New $30.00 PSF CY 2017 - 4.00% - $28.89 PSF Commissions 6.00% Renewal $10.00 PSF CY 2018 - 4.00% - $30.05 PSF Weighted Average $15.00 PSF CY 2019 - 3.00% - $30.95 PSF OPERATING EXPENSES CY 2020 - 3.00% - $31.88 PSF Commissions CY 2021 - 3.00% - $32.84 PSF Operating Expense Source CY 2014 Budget New 6.00% CY 2022 - 3.00% - $33.82 PSF Renewal 3.00% CY 2023 - 3.00% - $34.84 PSF Management Fee (% of EGR) Weighted Average 3.75%

CY 2024+ - 3.00% - $35.88 PSF Charged to Tenants 3.00% Cost to Owner 1.50% Downtime General Vacancy Loss 5.00% [1] New 12 Month(s)

Real Estate Taxes Reassessed Yes [2] Weighted Average 3 Month(s) Capital Reserves (CY 2014 Value) $0.15 PSF Millage Rate 1.031420%

Special Assessments $0

Notes: All market rent rates are stated on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. General Vacancy Loss is 10% for years 1-2, 7% for years 3-4 and 5% thereafter.

The following tenants are excluded from this loss factor for current lease terms only: Tenant 10. [2] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.031420% with no special assessments.

This page is part of a package and is subject to the disclaimer on the Executive Summary.CBRE Financial Consulting Group

1/17/2014 8:07 PM3

Office Investment Building

GLOBAL VACANT SPACE LEASING SECOND GENERATION LEASING

10-Year Hold Period

EXECUTIVE SUMMARY

Property Type Retail Size of Improvements 150,171 SF Property Owner ABC Company Currently Vacant as of 1/1/17 30,516 SF Property Address 123 Main Street Current Occupancy as of 1/1/17 79.68%

Anytown, CA Projected Occupancy as of 1/1/17 79.68%

MARKET LOAN

Purchase Price as of January 1, 2017 $287 PSF $43,155,000 Initial Loan Funding (as of Jan-14) $30,208,280 Loan-To-Value Ratio (Initial Funding) 70.00%

Year 1 Year 2 Year 3 Funding Date Jan-17 Capitalization Rate 7.00% 7.76% 8.97% Maturity Date Dec-26 Cash Return 6.95% 4.81% 8.81% Remaining Loan Term During Analysis 10.0 Years Leveraged Cash Return 7.52% 0.55% 13.59% Amortization Period 30 Years

Interest Rate 5.25% Interest Rate Quote 10-Yr T + 225bp Market Index (As of Date) 1/1/2017 Market Index (Rate) 3.00%

3-Year 5-Year 7-Year Spread (Basis Points) 225 bp Average Capitalization Rate 7.91% 8.42% 8.37% Average Cash Return 6.85% 7.49% 6.71% Origination Fee on Initial Loan Funding 1.00% Average Leveraged Cash Return 7.22% 9.30% 6.73% Exit Fee on Initial Loan Funding 0.00%

Loan Constant Debt Service Coverage Ratio (NOI) Debt Service Coverage Ratio (CF)

6.63% 1.51x 1.50x

Net Residual Value as of December 31, 2023 $61,575,000 Purchase Price as of January 1, 2014 $43,154,686 Net Residual Per Square Foot $410 Total Initial Loan Principal (30,208,280) Residual Capitalization Rate 7.75% Total Initial Loan Fees 302,083 Residual Cost of Sale 1.00% Holdbacks and Escrows 0

Initial Equity $13,248,489

ALL CASH IRR

10.11%

LEVERAGED IRR

16.85%

[1] Leveraged analysis is based on financing that a particular investor may or may not be able to obtain.

[1]

CBRE Financial Consulting Group

1/17/2014 8:07 PM2

© 2014 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you

depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. This is an opinion of value or comparative market analysis and should not be considered an appraisal. In making any

decisions that rely upon this analysis, it should be noted that we have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of The Appraisal Foundation.

ACQUISITION AND RESIDUAL SUMMARY


PROPERTY DESCRIPTION

LEVERAGE SUMMARY


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argus | in-depth underwriting®

10-Year Hold Period

CASH FLOW PROJECTIONS

Calendar Year 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Physical Occupancy 79.68% 99.43% 99.65% 99.22% 96.55% 100.00% 79.58% 99.65% 100.00% 95.77% 100.00%

Overall Economic Occupancy [1] 84.69% 89.42% 96.90% 97.04% 95.48% 97.12% 75.05% 94.87% 95.00% 93.40% 95.00%

Weighted Average Market Rent $25.20 $26.46 $27.78 $28.89 $30.05 $30.95 $31.88 $32.84 $33.82 $34.84 $35.88

Weighted Average In Place Rent [2] $27.27 $24.82 $28.28 $29.11 $28.13 $29.57 $26.41 $32.22 $33.25 $33.45 $35.23

Total Operating Expenses PSF Per Year $8.20 $8.59 $8.86 $9.10 $9.30 $9.59 $9.55 $10.11 $10.39 $10.63 $10.97

[3] REVENUES

Scheduled Base Rent Gross Potential Rent Absorption & Turnover Vacancy Base Rent Abatements [4]

Total Scheduled Base Rent

Expense Reimbursements Parking Revenue

TOTAL GROSS REVENUE General Vacancy Loss EFFECTIVE GROSS REVENUE

OPERATING EXPENSES Cleaning/Janitorial Buildings & Grounds HVAC Maintenance Elevator Maintenance Electrical Maintenance Utilities Security/Life Safety Insurance Administration Management Fee Real Estate Taxes TOTAL OPERATING EXPENSES NET OPERATING INCOME CAPITAL COSTS Tenant Improvements Leasing Commissions Capital Reserves TOTAL CAPITAL COSTS OPERATING CASH FLOW ACQUISITION & RESIDUAL SALE

Acquisition Cost ($43,154,686) 0 0 0 0 0 0 0 0 0 0 All Cash Net Residual Value [5] 0 0 0 0 0 0 0 0 0 0 61,574,564 IRR

CASH FLOW BEFORE DEBT ($43,154,686) $2,998,302 $2,074,581 $3,801,566 $3,992,060 $3,305,306 $4,115,257 ($30,697) $4,237,036 $4,469,446 $65,420,384 10.11%

MARKET LOAN [6] Loan Funding / Payoff 30,208,280 0 0 0 0 0 0 0 0 0 (24,755,166) Loan Fees (302,083) 0 0 0 0 0 0 0 0 0 0 Leveraged Annual Debt Service 0 (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) (2,001,735) IRR

CASH FLOW AFTER DEBT ($13,248,489) $996,567 $72,846 $1,799,831 $1,990,325 $1,303,571 $2,113,522 ($2,032,432) $2,235,301 $2,467,711 $38,663,483 16.85%

NOI Return 7.00% 7.76% 8.97% 9.31% 9.06% 9.60% 6.90% 10.00% 10.42% 10.54% UNLEVERAGED Cash Return 6.95% 4.81% 8.81% 9.25% 7.66% 9.54% -0.07% 9.82% 10.36% 8.91% LEVERAGED Cash Return 7.52% 0.55% 13.59% 15.02% 9.84% 15.95% -15.34% 16.87% 18.63% 13.92% Debt Service Coverage Ratio (NOI) 1.51x 1.67x 1.93x 2.01x 1.95x 2.07x 1.49x 2.16x 2.25x 2.27x Debt Service Coverage Ratio (CF) 1.50x 1.04x 1.90x 1.99x 1.65x 2.06x -0.02x 2.12x 2.23x 1.92x Rolling - All Cash IRR 6.11% 12.79% 12.37% 10.68% 11.00% 6.02% 9.79% 10.00% 9.90% 10.11% Rolling - Leveraged IRR 5.73% 27.23% 25.04% 20.12% 20.46% 7.37% 17.09% 17.21% 16.71% 16.85% [1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. [2] This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the weighted-average physical occupancy during each fiscal year. [3] Based on 150,171 square feet. [4] All Rent Abatement that is to occur in Year 1 of the analysis has been excluded and will be credited to seller upon close of escrow. [5] Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 7.75% and applying a 1.00% Cost of Sale. [6] Market Debt based on 70% Loan-to-Value, 5.25% Interest Rate, 30-Year Amortization, and 1.00% Loan Fee.


1/17/2014 8:07 PM4


CY 2017 $/SF/YR $26.85 (5.12) 0.00

$4,031,988 $4,144,222 $4,253,568 $4,371,109 $4,329,440 $4,440,432 $4,622,116 $4,847,437 $4,992,783 $5,142,567 $5,290,204 (769,003) (22,723) (14,537) (33,879) (155,750) 0 (977,572) (17,182) 0 (221,402) 0

0 (415,088) (7,269) 0 (95,492) 0 (488,787) (8,591) 0 (110,701) 0

21.73 3,262,985 3,706,411 4,231,762 4,337,230 4,078,198 4,440,432 3,155,757 4,821,664 4,992,783 4,810,464 5,290,204

0.02 3,290 29,043 67,901 99,055 120,370 163,965 77,791 90,711 135,498 147,460 192,258 6.57 986,000 1,015,580 1,046,047 1,077,429 1,109,752 1,143,044 1,177,336 1,212,656 1,249,035 1,286,506 1,325,102

28.32 4,252,275 4,751,034 5,345,710 5,513,714 5,308,320 5,747,441 4,410,884 6,125,031 6,377,316 6,244,430 6,807,564 0.00 0 (111,400) (144,446) (130,210) (43) (165,310) 0 (289,929) (318,866) (101,890) (340,378)

28.32 4,252,275 4,639,634 5,201,264 5,383,504 5,308,277 5,582,131 4,410,884 5,835,102 6,058,450 6,142,540 6,467,186

(0.72) (108,866) (133,287) (137,533) (141,167) (142,276) (150,706) (129,870) (159,438) (164,680) (163,878) (174,709) (0.34) (50,599) (52,117) (53,680) (55,291) (56,950) (58,658) (60,418) (62,230) (64,097) (66,020) (68,001) (0.71) (106,662) (109,862) (113,158) (116,552) (120,049) (123,650) (127,360) (131,181) (135,116) (139,170) (143,345) (0.14) (21,587) (22,235) (22,902) (23,589) (24,296) (25,025) (25,776) (26,549) (27,346) (28,166) (29,011) (0.05) (7,544) (7,770) (8,003) (8,244) (8,491) (8,746) (9,008) (9,278) (9,557) (9,843) (10,139) (1.66) (250,000) (257,500) (265,225) (273,182) (281,377) (289,819) (298,513) (307,468) (316,693) (326,193) (335,979) (0.22) (32,952) (33,941) (34,959) (36,008) (37,088) (38,200) (39,346) (40,527) (41,743) (42,995) (44,285) (0.62) (92,611) (95,389) (98,251) (101,199) (104,234) (107,362) (110,582) (113,900) (117,317) (120,836) (124,461) (0.83) (124,639) (128,378) (132,230) (136,196) (140,282) (144,491) (148,825) (153,290) (157,889) (162,626) (167,504) (0.42) (63,784) (69,595) (78,019) (80,753) (79,624) (83,732) (66,163) (87,527) (90,877) (92,138) (97,008) (2.48) (372,203) (379,537) (387,019) (394,649) (402,433) (410,372) (418,470) (426,729) (435,154) (443,748) (452,513)

(8.20) (1,231,447) (1,289,611) (1,330,979) (1,366,830) (1,397,100) (1,440,761) (1,434,331) (1,518,117) (1,560,469) (1,595,613) (1,646,955)

20.12 3,020,828 3,350,023 3,870,285 4,016,674 3,911,177 4,141,370 2,976,553 4,316,985 4,497,981 4,546,927 4,820,231

0.00 0 (996,015) (33,307) 0 (429,191) 0 (2,196,865) (38,612) 0 (497,549) 0 0.00 0 (256,226) (11,515) 0 (151,327) 0 (783,488) (13,633) 0 (174,167) 0 (0.15) (22,526) (23,201) (23,897) (24,614) (25,353) (26,113) (26,897) (27,704) (28,535) (29,391) (30,273)

(0.15) (22,526) (1,275,442) (68,719) (24,614) (605,871) (26,113) (3,007,250) (79,949) (28,535) (701,107) (30,273)

$19.97 $2,998,302 $2,074,581 $3,801,566 $3,992,060 $3,305,306 $4,115,257 ($30,697) $4,237,036 $4,469,446 $3,845,820 $4,789,958

10-Year Hold Period

EXISTING LEASE EXPIRATIONS

[1] Calendar

Year Ending

Number

of Suites

Net Rentable Square Feet

Expiring

Percentage Square Feet

Expiring

Cumulative Square Feet

Expiring

Weighted. Average Contract Rent

At Expiration

Projected Market Rent

At Expiration

$

Variance

%

Variance

Currently Vacant 2 30,516 20.32% 2017 1 3,435 2.29% 2.29% $33.12 $26.46 $6.66 25.17% 2018 1 2,093 1.39% 3.68% $33.10 $27.78 $5.32 19.14% 2019 2 18,143 12.08% 15.76% $35.12 $28.89 $6.23 21.55% 2020 1 7,279 4.85% 20.61% $40.55 $30.05 $10.50 34.94% 2021 1 6,205 4.13% 24.74% $42.27 $30.95 $11.32 36.57% 2022 4 82,500 54.94% 79.68% $28.39 $31.88 ($3.49) -10.94%

100.00%

90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

Market Rent At Expiration vs. Weighted Average Contract Rent At Expiration [1]

Currently Vacant 2017 2018 2019 2020 2021 2022

% of Building Expiring Proj. Market Rent at Expiration Wtd. Avg. Expiring Contract Rent

$45.00

$40.00

$35.00

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00

[1] The years in which no existing tenants expire are not reflected on this graph.

This page is part of a package and is subject to the disclaimer on the Executive Summary.

CBRE Financial Consulting Group1/17/2014 8:07 PM

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Perc

ent E

xpir

ing

Min

imum

Ren

t Per

Sq

uare

Foo

t

10-Year Hold Period

EXISTING VERSUS MARKET COMPARISON

Percentage

Square Lease Lease Existing Rent Market Rent Above/(Below) Suite Tenant at January 1, 2017 Feet Start End as of Jan 1, 2014 as of Jan 1, 2017 Market Rent [1]

Existing Tenants

100 Tenant 1 7,279 Mar-08 Feb-18 $36.03 PSF FSG $25.20 PSF FSG 42.98% 150 Tenant 2 6,205 Jan-10 Dec-19 $36.46 PSF FSG $25.20 PSF FSG 44.68% 175 Tenant 3 2,500 Aug-10 Jul-20 $24.00 PSF FSG $25.20 PSF FSG -4.76% 200 Tenant 4 14,070 Dec-09 Nov-17 $32.14 PSF FSG $25.20 PSF FSG 27.54% 210 Tenant 5 4,073 Jun-10 Dec-17 $31.20 PSF FSG $25.20 PSF FSG 23.81% 225 Tenant 6 2,093 Feb-10 Jan-16 $31.20 PSF FSG $25.20 PSF FSG 23.81% 250 Tenant 7 3,435 Feb-07 Jan-15 $32.16 PSF FSG $25.20 PSF FSG 27.62% 400 Tenant 8 26,875 Aug-10 Jul-20 $24.00 PSF FSG $25.20 PSF FSG -4.76% 500 Tenant 9 26,888 Aug-10 Jul-20 $24.00 PSF FSG $25.20 PSF FSG -4.76% 600 Tenant 10 26,237 Aug-10 Jul-20 $24.00 PSF FSG $25.20 PSF FSG -4.76%

Total Existing Square Feet 119,655 $26.94 $25.20 6.91%

[1] The calculation of total "Percentage Above/(Below) Market Rent" only includes existing tenants as noted in this schedule.


1/17/2014 8:07 PM8



7


Housing Market Intelligence

Under Construction(73 locations, 21,288 lots)

Future Developments (52 locations, 15,385 lots)

Built Out (108 locations, 19,290 lots)

HOUSING MARKET INTELLIGENCE

unparalelled research


8


EXCLUSIVE REPRESENTATION - 50 RETAIL BROKERS - OVER 300 TENANTS


9


leasing activity


10


MARKETING TIMELINE

Discovery &PreliminaryMarketing

14 DAYS

- Kickoff meeting

- Thorough property due diligence

- Detailed underwriting & evaluation

- Announcement letter & email

- Set up weekly conference calls & marketing updates with client

MarketingProcess

30 DAYS

- Distribute Offering Memorandums

- Mass exposure to national & international investors

- Manage buyer/broker communication

- Conduct property tours

Initial OffersBest & Final

10-14 DAYS

- Team confidentiality

- Collect initial offers

- Evaluate offers

- Distribution of due diligence materials

- Buyer interviews

- Select buyer

Contract

5 DAYS

- Team confidentiality

- Collect initial offers

- Evaluate offers

- Distribution of due diligence materials

- Buyer interviews

- Select buyer

Buyer DueDiligence

21-30 DAYS

- Overall property review including Title & Survey, Zoning & City Compliance, Environmental and Structural

ClosingProcess

15-30 DAYS

- Coordinate transfer of funds & prorations

- Close of escrow

REDUCES BUYER’S DUE DILIGENCE & POTENTIAL

FOR RETRADE

CREATES COMPETITIVE ENVIRONMENT/LIMITS

BUYER CONTINGENCIESMAXIMIZES VALUE

OWNERSHIP CONTROLS TERMS OF THE

TRANSACTIONS

MINIMIZES OWNERSHIP’S FINANCIAL RISK

SUCCESSFUL TRANSITION TO NEW OWNERSHIP

14 DAYS 30 DAYS 10-14 DAYS 5 DAYS 21-30 DAYS 15-30 DAYS


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benefits of aligning with the brand | largest, most respected brand

CBRE VISION

CBRE RISE VALUES

Be the preeminent, vertically integrated global commercial real estate servicesand investment firm serving our clients with market-leading collaboration.

RESPECTTreat everyone with dignity; value their contributions and help one another succeed.

INTEGRITYUphold the highest ethical standards in our business practices.

SERVICEDedicate ourselves to making a meaningful impact on our clients and in our communities.

EXCELLENCEAspire to be the best in everything we do and strive for continuous improvement.


12


Team structure

JARED AUBREY | MICHAEL AUSTRY | BRAD BENJAMIN

• Client Contact• Analytic Consultation• Pricing Strategy• Services Relationships• Strategy Development

• Local Market Expertise• Marketing Oversight• Buyer Contact/Property Tours• Buyer Selection Consultation• Contract Closing Negotiations

BROKERAGE | TRANSACTION TEAM

• Client Reporting• Website Production &

Maintenance• Marketing• External Email

Marketing

SARAH CLARKKATHRINE BRODY

MARKETING CENTER

MAPPING ANALYTICS

• Custom Mapping and Aerials

• Housing Studies• Radius Rings• Custom Trade Area• Demographic Reports

and Traffic Counts

NADINE GROSSEMYKEL RODRIGUEZERIN LOWRANCE

DEBT & STRUCTURE FINANCE

• Provide Aggressive Loan Quotes• Leverage Lender Relationships• Assure Smooth Financing Process• Due Diligence

SHAWN GIVENSWILLIAM GIVENS

JON FAULKENBERG

FINANCIAL ANALYSIS

• Value Underwriting• Transaction Structuring• Financial Analysis• Analytic Consultation• Marketing Due Diligence• Facilitating Buyer Due

Diligence

MATTHEW CUTTERBASEL BATAINEH

ADAM HEDGPETH


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team bios

Jared Aubrey joined CBRE in January 2017 as a Senior Vice President. With more than ten years of commercial real estate experience, Jared has developed a reputation as a relentless marketer and believes in a proactive sales approach, which has resulted in market-beating|record prices for his clients as well as successful closings on some of the most challenging deals in the marketplace.

He believes in a client-centric approach to ensure every action aligns with his client’s short and long-term objectives. He has achieved success exclusively representing private investors, developers, and institutions in the acquisition and disposition of retail properties. Jared has also worked alongside oper-ators and franchisees on sale-leaseback transactions to unlock capital tied in real estate ownership to propel growth, fund capital improvements and improve their balance sheets.

Jared specializes in the following areas:• Texas-wide Multi-Tenant Retail Centers (Neighborhoods, Power Cen-

ter, Grocery-Anchored)• National Single-Tenant Net Leased Investment Sales• National Sale-Leaseback Transactions & Portfolio Dispositions

PROFESSIONAL AFFILIATIONS & ACCREDITATIONS• International Council of Shopping Centers• D CEO Magazine - 2017 & 2016 Power Broker Award

EDUCATION• Bachelors of Business Administration in Business Management and a second major in Entrepreneurship and Venture Management - University of Oklahoma; Norman, OK

JARED AUBREY MICHAEL AUSTRYMichael Austry is Vice President of CBRE’s Private Capital Group and specializes exclusively on retail investment sales, including both single-tenant and multi-tenant properties throughout Texas and the Southwest. Michael has proven himself to be a market-leading, investment sales professional as evidenced by his production history and repeated successful outcomes for his clients. Leveraging his extensive sales experience and understanding of property values enables Michael to present disposition and acquisition op-portunites that bring buyers and sellers to common ground. Michael be-lieves in a client-centric approach to ensure every action aligns with his client’s short and long-term objectives.

Before joining CBRE, Michael began his real estate career with Marcus & Millichap. He was part of a team that has closed more than 200 trans-actions, valued at over 500 million dollars. Prior to Marcus & Millichap, Michael was founder and president of MJA Media, a national Advertising Sales Rep firm selling Print, Digital, Mobile and Event Programs for media brands: Runner’s World, Bicycling, Backpacker, Mountain Bike, Scuba Div-ing, Yachting, Motor Boating and more. Michael also sold advertising for Sports Illustrated, Entertainment Weekly and Reader’s Digest.

Michael is a graduate of Miami University, in Oxford Ohio, with a Bachelor of Science. He resides in Dallas, with his wife and two children. He played hockey at Miami University, qualified for and ran in the 2012 Boston Mara-thon and is a two-time Ironman finisher.

PROFESSIONAL AFFILIATIONS & ACCREDITATIONS• International Council of Shopping Centers• North Texas Commercial Association of Realtors (NTCAR)

EDUCATION• Bachelors of Science Degree - Miami University, Oxford, OH


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BRAD BENJAMINSince joining CBRE in 2014, Brad Benjamin has been a part of the NetLease Property Group (NLPG), a select team of CBRE Capital Markets professionals that specialize in the sale, purchase and recapitalization of single tenant net leased properties throughout the country. Brad focuses on selling single-tenant net leased properties and structuring sale-lease-back transactions for individual properties and porfolios. Like all NLPG members, Brad is committed to providing institutional quality service to his clients with flexibility and speed through collective team experience and relationships while sharing proprietary real-time market information and technology.

Located in Dallas, Texas, Brad works to provide real estate developers, institutions and private clients with the highest level of service. By access-ing and utilizing the CBRE platform, which includes brokers, research and market intelligence, the team provides clients with unparalleled speed to market and exposure for assets, resulting in the highest pricing and surety of close

PROFESSIONAL AFFILIATIONS & ACCREDITATIONS• The Real Estate Council (TREC) Young Guns• International Council of Shopping Centers (ICSC)• North Texas Commercial Association of Realtors (NTCAR)

EDUCATION• Bachelor of Business Administration (BBA) Marketing & Management-

Oklahoma State University; Stillwater, OK

team bios

SARAH CLARKSarah provides administrative support for brokers specializing in tenant representation, property representation, property acquisition and disposition. In addition to administrative support, she also is responsible for information database administration; and graphic design of team marketing materials, including flyers, external email marketing, proposals, OM packages and team/property websites.

Prior to joining CBRE in 2015, Sarah served as an Executive Assistant to the Senior Vice President, eCommerce and the Vice President of Finance at Neiman Marcus Direct. Previously, she gained knowledge of the real estate industry working for RSW Group, Ltd. and serving as an Administrative Assistant to the President of Development Services for The Woodmont Company.

EDUCATION• Bachelor’s of Science Degree in Business Management – University of

Phoenix


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Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can as-sist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to repre-sent the buyer, usually through a written buyer representation agreement. A buy-er’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written con-sent of each party to the transaction to act as an intermediary.

Approved by the Texas Real Estate Commission for Voluntary UseTexas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:

(1) shall treat all parties honestly;

(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;

(3) may not disclose that the buyer will pay a price greater than the price sub-mitted in a written offer unless authorized in writing to do so by the buyer; and

(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.

With the parties’ consent, a broker acting as an intermediary between the par-ties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out in-structions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.

If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

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