1400 Bald Hill Road

INVESTMENT BACKGROUND

Acquisition Date	2012
Property Type	Retail
Size	24,505 SF
Business Plan	Value-added re-leasing of vacant building with title defect

Bald Hill Road is dominant retail corridor in Rhode Island, where retail sales remained strong even during 2008-2010 economic downturn
Low acquisition cost basis of $90/SF, well below replacement cost, in market with net rents of $12-$25/SF
Highly visible location on Bald Hill Road with ample parking and signage
Strong tenant interest in vacancy during due diligence period
Partnership's all-in cost basis projected to be $138/SF when fully leased

Resolved title defect via easement with abutter
Signed 10-year lease with Tile Shop and five-year lease with Cycle Gear to achieve 100% occupancy within eight months of acquisition
Refinanced property with $2.6 million first mortgage in November 2013, returning 45% of investor capital
Property sold in 2015 to local owner/operator for approximately $178psf