Loan Restructure Proposal

Transcription

LOAN RESTRUCTURE PROPOSAL
Community Shopping Center
Metropolis, Maryland
Retail Leasing
I
Management
I
Development
TABLE OF CONTENTS
Loan Restructure Proposal Example
1. Loan Restructure Proposal
2. Property Valuation Analysis
3. Loan Exit Analysis & Strategy
Sample Exhibits
A. Property Valuation
B. Five-Year Proforma & Cash Requirements
C. Management & Development Summary
D. Market & Leasing Summary
E. Sponsor
Section One
LOAN RESTRUCTURE SUMMARY
Loan Restructure Proposal
Based on our current operations and feedback from the brokerage community, the
projected current “As Is” valuation of the project is approximately $11.7MM based on a
$1.1MM NOI and a 10% capitalization rate. The ownership Joint Venture (“JV”) is
proposing a structure that will facilitate a greater repayment of the existing debt and also
provide the opportunity to recover the additional equity required to stabilize the asset and
a portion of the original equity. The framework for the equity infusion involves a
restructure of the debt based on the current valuation and supportable debt load. The
following are the key components of the proposal:
1. Reset debt principal to $16,000,000 (“Senior Debt”). Notwithstanding that
the value is 11.7MM; the JV is prepared to accept the higher principal
indebtedness. The balance of the current debt of $9,540,000 (“B Note”) will
be paid in accordance with the modification waterfall.
2. Loan extension of 36 months from existing maturity in 2011.
3. JV to provide Special Servicer with $1.2MM. Funds will be held in reserve
with the lender and will be used to cover tenant improvements and leasing
commissions projected to stabilize the project during the hold period (“New
Equity”).
4. Lender will hold the interest rate at 6.75% and the loan will remain interest
only for extended term.
5. Forgiveness of default interest.
6. Any cash flow after operations and debt service to be held by Lender and will
be used to cover loan restructure costs including appraisal and reasonable
legal fees. Remaining cash reserves will be paid out in accordance with the
modification waterfall.
7. Sales proceeds split 70% to JV and 30% to Lender after repayment of Senior
Debt and New Equity.
8. No Pre-payment fee.
Based on these new loan terms, the JV will provide the Lender with $1,200,000 of new
capital and a much larger recovery of principal. The goal of the JV is to lease up the
project to 95% occupancy by year 4 and then place the asset for sale.
The excess cash flow accumulated during the hold period will be split 80% to a reserve
account and 20% to cover excess tenant improvement, leasing commissions, and
necessary capital improvements that are in excess of the Lender held reserves (including
the $1.2MM New Equity infusion). The 80% portion of the operating cash flow will be
applied upon sale first to the repayment of the $1.2MM New Equity infused by the JV
and then second to the Lender’s B Note only in the event that the Senior Debt amount of
$16MM is paid in full through the sale proceeds. The remaining excess cash flow will
then be split 70% to the JV and $30% to the Lender.
With the restructure of the debt and the cash reserves to cover necessary capital costs to
secure tenancy, the JV will have the opportunity that many other shopping center owners
do not have in this climate. This proposal is advantageous to all parties and will
maximize the recovery for all involved. The $1.2MM in new capital will support the releasing costs required to re-stabilize the asset and, based on our projections for leasing
and operations, will place the asset in a position to sell in 2014. The following pages
detail the loan restructure and the exit strategy which is outlined above. In addition, the
attached highlights the impact of cap rates on the recovery percentage for the Lender.
Section Two
PROPERTY VALUATION ANALYSIS
Shopping Center
Loan Restructure
Loan Analysis
In Place NOI (Per Attached Analysis)
Interest Rate
Debt Service Coverage Ratio
Supportable Debt Service @ 1.10 DSCR (Rounded)
$1,177,831
6.75%
1.10
Current Debt
Unsupportable Debt (B Note)
New Annual Debt Service - Senior Debt
New Debt Yield - Senior Debt (NOI / Supportable Debt)
New Loan To Value (Based on a NOI at 10% Cap Rate)
P:\Departments\Marketing\ICSC\2010 Speaches\Distressed Asset Conference\Financial Files\Loan Restructure - Example
$16,000,000
$25,540,000
$9,540,000
$1,095,000
7.36%
135.84%
3/17/2010 4:33 PM
Shopping Center
Property Valuation Analysis
Net Operating Income
12/31/09 Adjusted
"As Is"
REVENUE
Base Rental Revenge
Percentage Rent
Common Area Maintenance & Insurance
Real Estate Taxes
Water
Advertising & Promotion - Tenant Contributions
Other Income
TOTAL POTENTIAL GROSS REVENUE
1,474,089
88,815
263,714
168,880
28,782
15,553
8,980
2,048,813
OPERATING EXPENSES
Common Area Maintenance
Real Estate Taxes
Insurance
General and Administration
TOTAL OPERATING EXPENSES
(1)
(1)
(1)
(1)
315,944 (2)
307,796
22,985
224,258
870,982
2009 NET OPERATING INCOME
1,177,831
VALUATION
Low
1,177,831
10.25%
11,491,034
Capitalization Rates
Valuation
NOTES
(1) Income Adjustments
Tenant A
Tenant B
Tenant C
Tenant D
Tenant E
Tenant F
Tenant G
Total Income Adjustments
Min Rnt
Cam
(10,245)
(11,369)
(10,881)
(7,748)
(8,740)
(100,576)
97,500
(52,059)
(2,087)
(4,183)
(1,928)
(1,385)
(1,105)
(27,261)
28,114
(9,833)
Medium
1,177,831
10.00%
11,778,310
Taxes
(963)
(1,859)
(821)
(745)
(501)
(14,717)
34,559
14,952
High
1,177,831
9.75%
12,080,318
Water/Other
(1,691)
(825)
(541)
(1,524)
(465)
(2,939)
0
(7,983)
Total
(14,986)
(18,236)
(14,170)
(11,401)
(10,811)
(145,492)
160,173
(54,923)
(2) Common Area Maintenance Expense
CAM Expense Per Operating Statement - Cash Basis
Accounts Payable
Non Operating Accounts Payable
Total Adjusted CAM
201,416
186,867
(72,339)
315,944
P:\Departments\Marketing\ICSC\2010 Speaches\Distressed Asset Conference\Financial Files\Shopping Center Valuation - Example
3/17/2010 4:37 PM
Section Three
Loan Exit Analysis
Exit Analysis and Strategy
The JV is proposing to use the additional time and proceeds to manage and lease the
project to a stabilized level and then to sell the asset at a time when the capital markets
and macro economy have returned to a more rational level. The plan is to lease up the
material vacancies by targeting complementary tenants that will drive traffic and then
seek to replace/upgrade vulnerable tenants to ensure the property operations can support
the full repayment of the restructured debt and return a portion of the B Note while
returning the JV’s new equity and a portion of the original equity.
In anticipation of tenant collection issues and failures at the property brought on by the
recession, The Rappaport Companies (“TRC”) was proactive in its efforts to bring in
replacement tenants to fill some of this vacancy. TRC also pursued additional value add
strategies including reviewing all expansion/addition opportunities and potential new
ingress/egress opportunities.
TRC viewed the vacancy as an opportunity to reenergize the center by attracting national
credit tenants and encouraging some of the stronger tenants at the center to expand. The
new/expanded tenancy provides an opportunity to attract complimentary users that will
not only drive traffic to the center but will also redefine /distinguish the center in the
submarket. The following is a brief summary of the material leases that were addressed
by TRC:

Discount Fashion Store: With HouseWears store vacating 30,000 square feet
through bankruptcy, there was an opportunity to upgrade the tenant mix and
strengthen the revenue stream. HouseWears was paying an extremely low Gross
rental rate and TRC was able to get Discount Fashion Store to take 50% of the
space at a rate that covered 100% of the rents of the prior tenant with minimal
landlord work. The Discount Fashion Store lease was executed in the summer of
2009 and they opened shortly thereafter. The balance of the Discount Fashion
Store space presents an excellent opportunity to attract a national credit tenant as
a complementary user. We are currently negotiating with two complementary
businesses for the balance of the space.




National American Restaurant: This space was previously occupied by a
nightclub that attracted a problem crowd. Ultimately, they went out of business.
TRC negotiated with a National American Restaurant Franchisee for a period of
24 months and finally got them to commit to the center. TRC used its experience
and relationship to get the tenant to execute a lease that will involve the tenant
committing over a million dollars of its own capital to renovate and enhance the
building. The material capital investment by the tenant helps the JV save valuable
capital reserves for use with other key vacancies. In addition, a tenant such as
National American Restaurant will be a tremendous draw for the shopping center.
Wireless Retailer: We signed a lease in 2009 for 1,500 square feet at $25.00 per
square foot NNN. Although Wireless Retailer is a fairly new player in the
wireless business, they will generate strong traffic and compete soundly in the
market with their growing brand recognition.
Gaming Store: We signed a lease in 2009 for 2,0005 square feet at $25.00 per
square foot NNN. This is a strong national tenant and, as with Wireless Retailer,
will be a positive impact to the overall traffic counts as well as the overall image
of the center.
Regional Gym: We are currently negotiating with large health club at a strong
rent with no capital contribution by the Landlord. This deal will hopefully be
completed in the next thirty days and will add significant vibrancy to the tenant
mix. This deal will continue the leasing velocity at the center as well as
contribute significantly to the value of the center.
With these new tenants and the exposure of the national brands, TRC will continue to
aggressively pursue national, local and “mom & pop” tenants through its extensive
relationships in the industry (via critical ICSC involvement and relationships, strong
tenant representation work and massive existing portfolio of tenants).
TRC is in current discussions with multiple national and local tenants which have strong
probabilities of making it to lease execution. We are capitalizing on the current leasing
momentum while drawing from our re-merchandising plan to fill the remaining 15,000 sf
of the HouseWears space with a complementary tenant to Discount Fashion Store.
The following page is an analysis of a projected sale and demonstrates the proposed
waterfall structure.
Shopping Center
Exit Analysis
Projected Sale
Pro Forma NOI 2014
Exit Cap Rate
Exit Valuation/Projected Gross Sales Proceeds
Less
Cost of Sale
Other Costs
Total Cost of Sale
$1,929,041
9%
$21,433,793
2.00%
$428,676
$0
$428,676
Net Proceeds from Sale
$21,005,117
Senior Debt Repayment
$16,000,000
New Equity Repayment
$1,200,000
Balance of Sales Proceeds to be Distributed
$3,805,117
Lender Analysis
Senior Debt Repayment
BN
Note
t ($9,540,000)
($9 540 000) Repayment
R
t
Excess Cash Flow 2010 thru 2014 (80%)
30% of Sales Proceeds
Total B Note Repayment
$3,238,690
33.9%
$2,097,154
$1,141,535
Total Debt Repayment
$19,238,690
Recovery Percentage on Total Debt
Recovery Sensitivity Analysis
CAP Rate
Reovery Percentage on Original Debt
$16,000,000
Recovery
Percentage
100.0%
75.33%
8%
78.41%
10%
72.86%
11%
70.86%
Borrower / JV Analysis
70% of Sales Proceeds
Recovery Percentage on Initial Equity (Not including new 1.2MM)
(Assumes Initial Equity Investment of $6,660,000)
P:\Departments\Marketing\ICSC\2010 Speaches\Distressed Asset Conference\Financial Files\ Loan Restructure - Example
$2,663,582
39.98%
3/25/2010 7:27 AM
Sample Exhibits
Sample Exhibits
The following are sample exhibits used in a Loan Restructure Proposal book for
presentation to the lender. The information included is not consistent with the shopping
center case study featured in the proposal (Sections 1 to 3) and actually includes
information from several different shopping centers. In the actual book, all the
information would be relative to the distressed asset.
Sample Exhibit A
PROPERTY VALUATION
Shopping Center
Property Valuation Analysis
12/31/09 Adjusted
"As Is"
REVENUE
Base Rental Revenge
Percentage Rent
Common Area Maintenance & Insurance
Real Estate Taxes
Water
Advertising & Promotion - Tenant Contributions
Other Income
TOTAL POTENTIAL GROSS REVENUE
1,474,089
88,815
263,714
168,880
28,782
15,553
8,980
2,048,813
OPERATING EXPENSES
Real Estate Taxes
Insurance
General and Administration
(1)
(1)
(1)
(1)
315,944 (2)
307,796
22,985
224,258
870,982
2009 NET OPERATING INCOME
1,177,831
VALUATION
Low
1,177,831
10.25%
11,491,034
Capitalization Rates
Valuation
NOTES
(1) Income Adjustments
Tenant A
Tenant B
Tenant C
Tenant D
Tenant E
Tenant F
Tenant G
Total Income Adjustments
Min Rnt
(10,245)
(11,369)
(10,881)
(7,748)
(8,740)
(100,576)
97,500
(52,059)
Cam
(2,087)
(4,183)
(1,928)
(1,385)
(1,105)
(27,261)
28,114
(9,833)
Medium
1,177,831
10.00%
11,778,310
Taxes
(963)
(1,859)
(821)
(745)
(501)
(14,717)
34,559
14,952
High
1,177,831
9.75%
12,080,318
Water/Other
(1,691)
(825)
(541)
(1,524)
(465)
(2,939)
0
(7,983)
Total
(14,986)
(18,236)
(14,170)
(11,401)
(10,811)
(145,492)
160,173
(54,923)
(2) Common Area Maintenance Expense
CAM Expense Per Operating Statement
Accounts Payable
Non Operating Accounts Payable
Total Adjusted CAM
201,416
186,867
(72,339)
315,944
P:\Departments\Marketing\ICSC\2010 Speaches\Distressed Asset Conference\Excel Files\Shopping Center Valuation - Example
3/11/2010 8:39 AM
Supporting Financial Statement
In this portion of the book, you should include a supporting financial statement for 2009 that
ties to the Property Valuation Analysis you’re presenting.
Accounts Payable Report
Here, you should include a current Accounts Payable report, preferably ages, to tie to the
Property Valuation Analysis you’re presenting.
Sample Exhibit B
Five-Year Proforma & Cash Requirements
SAMPLE SHOPPING CENTER (DISTRESSED)
Washington DC
Schedule of Prospective Cash Flow - 5 Year Analysis
For the period ending
REVENUE
Base Rental Revenue
Absorption & Turnover Vacancy
Rent Abatement
Percentage Rent
Real Estate Taxes
Insurance
Management Fees
Water
Advertising & Promotions
Interest Income
TOTAL REVENUE
Collection Loss / Additional Vacancy
EFFECTIVE GROSS REVENUE
LESS: OPERATING EXPENSES
Real Estate Taxes
Insurance
Management Fees
G&A - Water
G&A - Electricity
Advertising & Promotions
Legal & Accounting
General & Administrative
Partnership Supervisory Fee
NET INCOME BEFORE DEBT SERVICE
December
2010
5.00%
4.00%
1.00%
1,500,791
(3,120)
(24,047)
86,586
246,977
183,464
12,860
29,338
45,674
20,527
0
2,099,048
(104,952)
1,994,096
349,019
291,166
25,712
79,763
45,794
4,017
20,527
17,374
7,110
19,941
860,424
1,133,672
December
2011
1,720,347
(9,843)
(21,125)
86,586
286,272
216,652
15,822
47,477
47,042
21,143
0
2,410,373
(120,519)
2,289,854
338,111
299,900
26,482
91,594
47,167
4,137
21,143
17,895
7,322
22,898
876,650
1,413,204
December
2012
1,981,269
(65,057)
0
86,586
359,553
271,385
18,604
69,988
48,455
21,777
0
2,792,561
(139,628)
2,652,933
348,258
308,897
27,277
106,117
48,584
4,262
21,777
18,431
7,545
26,529
917,677
1,735,256
December
2013
2,080,426
(11,844)
0
86,586
398,984
298,335
20,462
85,760
49,910
22,430
0
3,031,049
(151,553)
2,879,495
358,703
318,165
28,096
115,180
50,039
4,390
22,430
18,985
7,768
28,794
952,550
1,926,945
December
2014
2,104,689
(33,642)
0
86,586
408,476
305,496
20,926
93,212
51,405
23,103
0
3,060,250
(153,012)
2,907,238
369,465
327,709
28,938
116,290
51,542
4,521
23,103
19,553
8,004
29,073
978,197
1,929,041
DEBT SERVICE (1)
Interest Payments
6.750%
Principal Payments (Interest Only)
TOTAL DEBT SERVICE
CASH FLOW AFTER DEBT SERVICE
(1,095,000)
0
(1,095,000)
38,672
(1,095,000)
0
(1,095,000)
318,204
(1,098,000)
0
(1,098,000)
637,256
(1,095,000)
0
(1,095,000)
831,945
(1,095,000)
0
(1,095,000)
834,041
CAPITAL EXPENSES
Capital Improvements
Leasing Commissions
Legal Leasing
Tenant Improvements
TOTAL CAPITAL EXPENSES
CASH FLOW AFTER CAPITAL EXPENSES
0
(174,896)
(20,085)
(246,123)
(441,103)
(402,431)
0
(104,655)
(20,688)
(382,824)
(508,166)
(189,962)
0
(84,367)
(21,309)
(131,177)
(236,853)
400,403
0
(16,037)
(21,947)
0
(37,985)
793,960
0
(35,761)
(22,605)
0
(58,366)
775,675
68.6%
77.0%
89.1%
93.9%
93.4%
AVERAGE OCCUPANCY PERCENTAGE
(1) Based on restructured loan of $16,000,000.
P:\Departments\Development\RMC\Financial Analysis\Templates\PROFORMA - 5 Year Sample Center (Distressed)
8:57 AM3/11/2010
Washington DC
Tenant Improvement
Tenant
Retail Tenant
Unit
1
Dec-2010
Dec-2011
Dec-2012
Dec-2013
Dec-2014
TOTAL
0
0
0
0
0
0
AVAILABLE RETAIL
02a
0
238,310
119,191
0
0
357,500
Retail Tenant
02b
0
0
0
0
0
0
Retail Tenant
3
0
0
0
0
0
0
Retail Tenant
4
0
0
0
0
0
0
Retail Tenant
5
0
0
0
0
0
0
Retail Tenant
6
0
0
0
0
0
0
AVAILABLE RETAIL
6
0
0
0
0
0
0
Retail Tenant
7
0
0
0
0
0
0
35,100
AVAILABLE RETAIL
7
0
35,100
0
0
0
Retail Tenant
8
0
0
0
0
0
0
AVAILABLE RETAIL
9
0
50,050
0
0
0
50,050
Retail Tenant
10
0
0
0
0
0
0
Retail Tenant
11
0
0
0
0
0
0
Retail Tenant
11
0
0
0
0
0
0
Retail Tenant
11
0
0
0
0
0
0
Retail Tenant
12
0
0
0
0
0
0
AVAILABLE RETAIL
13
0
0
0
0
0
0
Retail Tenant
14
0
0
0
0
0
0
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
17
0
0
0
0
0
0
AVAILABLE RETAIL
17
0
0
0
0
0
0
Retail Tenant
18
0
0
0
0
0
0
Retail Tenant
19
0
0
0
0
0
0
Retail Tenant
20
0
0
0
0
0
0
Retail Tenant
21
0
0
0
0
0
0
AVAILABLE RETAIL
21
5,850
0
0
0
0
5,850
Retail Tenant
22
0
0
0
0
0
0
Retail Tenant
22
0
0
0
0
0
0
Retail Tenant
23
0
0
0
0
0
0
Retail Tenant
24
0
0
0
0
0
0
Retail Tenant
25
0
0
0
0
0
0
Retail Tenant
26
0
0
0
0
0
0
AVAILABLE RETAIL
27
0
0
0
0
0
0
Retail Tenant
28
0
0
0
0
0
0
AVAILABLE RETAIL
28
7,638
0
0
0
0
7,638
Retail Tenant
29
0
0
0
0
0
0
Retail Tenant
29
0
0
0
0
0
0
Retail Tenant
30
0
0
0
0
0
0
Retail Tenant
31
0
0
0
0
0
0
AVAILABLE RETAIL
31
0
11,440
0
0
0
11,440
Retail Tenant
32
0
0
0
0
0
0
Retail Tenant
33
0
0
0
0
0
0
Retail Tenant
34
0
0
0
0
0
0
Retail Tenant
34
0
0
0
0
0
0
AVAILABLE RETAIL
35
0
24,408
0
0
0
24,408
3/11/20108:57 AM
Washington DC
Tenant Improvement
Tenant
Dec-2010
Dec-2011
Dec-2012
Dec-2013
Dec-2014
Retail Tenant
Unit
36
0
0
0
0
0
TOTAL
0
Retail Tenant
37
0
0
0
0
0
0
11,460
AVAILABLE RETAIL
37
0
11,460
0
0
0
Retail Tenant
38
0
0
0
0
0
0
AVAILABLE RETAIL
38
0
12,058
0
0
0
12,058
Retail Tenant
39
0
0
0
0
0
0
AVAILABLE RETAIL
39
0
0
11,986
0
0
11,986
Retail Tenant
40
0
0
0
0
0
0
AVAILABLE RETAIL
41
0
0
0
0
0
0
Retail Tenant
42
0
0
0
0
0
0
Retail Tenant
42
0
0
0
0
0
0
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
44
0
0
0
0
0
0
Retail Tenant
44
0
0
0
0
0
0
AVAILABLE RETAIL
45
121,713
0
0
0
0
121,713
Retail Tenant
46
0
0
0
0
0
0
Retail Tenant
46
0
0
0
0
0
0
Retail Tenant
47
0
0
0
0
0
0
Retail Tenant
47
0
0
0
0
0
0
Retail Tenant
48
110,923
0
0
0
0
110,923
246,123
382,824
131,177
0
0
760,123
TOTAL
KEY
Tenants with Tenant Improvements & Tenant Allowances during Analysis Period
Tenants without Tenant Improvements & Tenant Allowances during Analysis Period
3/11/20108:57 AM
Washington DC
Leasing Commissions
Tenant
Retail Tenant
Unit
1
Dec-2010
Dec-2011
Dec-2012
Dec-2013
Dec-2014
TOTAL
0
0
0
0
0
0
41,438
AVAILABLE RETAIL
02a
0
20,719
20,719
0
0
Retail Tenant
02b
0
0
0
0
0
0
Retail Tenant
3
0
7,225
0
0
0
7,225
Retail Tenant
4
0
0
0
5,382
0
5,382
Retail Tenant
5
0
0
0
4,899
0
4,899
Retail Tenant
6
0
0
0
0
0
0
AVAILABLE RETAIL
6
50,700
0
0
0
0
50,700
Retail Tenant
7
0
0
0
0
0
0
AVAILABLE RETAIL
7
5,591
5,591
0
0
0
11,181
Retail Tenant
8
0
9,220
0
0
0
9,220
AVAILABLE RETAIL
9
0
18,335
0
0
0
18,335
Retail Tenant
10
0
0
10,094
0
0
10,094
Retail Tenant
11
0
0
0
0
0
0
Retail Tenant
11
0
0
0
0
4,495
4,495
Retail Tenant
11
0
0
0
0
0
0
Retail Tenant
12
1,238
0
1,856
0
1,912
5,006
AVAILABLE RETAIL
13
0
0
0
0
0
0
Retail Tenant
14
1,076
0
1,615
0
1,663
4,354
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
16
0
0
0
0
0
0
Retail Tenant
17
0
0
0
0
0
0
AVAILABLE RETAIL
17
0
0
0
0
0
0
Retail Tenant
18
0
0
24,021
0
0
24,021
Retail Tenant
19
0
0
13,433
0
0
13,433
Retail Tenant
20
2,922
0
0
0
0
2,922
Retail Tenant
21
0
0
0
0
0
0
AVAILABLE RETAIL
21
4,659
0
0
0
0
4,659
Retail Tenant
22
0
0
0
0
0
0
Retail Tenant
22
0
0
0
3,835
0
3,835
Retail Tenant
23
0
0
0
0
5,891
5,891
Retail Tenant
24
0
0
0
0
0
0
Retail Tenant
25
0
0
3,628
0
0
3,628
Retail Tenant
26
0
0
0
0
3,320
3,320
AVAILABLE RETAIL
27
0
0
0
0
0
0
Retail Tenant
28
0
0
0
0
0
0
AVAILABLE RETAIL
28
5,717
0
0
0
0
5,717
Retail Tenant
29
0
0
0
0
0
0
Retail Tenant
29
0
1,866
0
0
0
1,866
Retail Tenant
30
0
0
0
0
5,282
5,282
Retail Tenant
31
0
0
0
0
0
0
AVAILABLE RETAIL
31
0
2,187
0
0
0
2,187
Retail Tenant
32
3,636
0
0
0
0
3,636
Retail Tenant
33
0
0
0
0
2,397
2,397
Retail Tenant
34
0
0
0
0
0
0
Retail Tenant
34
0
0
0
0
0
0
AVAILABLE RETAIL
35
0
17,883
0
0
0
17,883
3/11/20108:57 AM
Washington DC
Leasing Commissions
Tenant
Dec-2010
Dec-2011
Dec-2012
Dec-2013
Dec-2014
Retail Tenant
Unit
36
1,893
0
0
1,921
0
TOTAL
3,814
Retail Tenant
37
0
0
0
0
0
0
AVAILABLE RETAIL
37
4,563
4,563
0
0
0
9,126
Retail Tenant
38
0
0
0
0
0
0
AVAILABLE RETAIL
38
0
8,067
0
0
0
8,067
Retail Tenant
39
0
0
0
0
0
0
AVAILABLE RETAIL
39
0
4,200
4,200
0
0
8,400
Retail Tenant
40
0
0
0
0
4,966
4,966
AVAILABLE RETAIL
41
0
4,801
4,802
0
0
9,602
Retail Tenant
42
0
0
0
0
0
0
Retail Tenant
42
0
0
0
0
2,350
2,350
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
43
0
0
0
0
0
0
Retail Tenant
44
0
0
0
0
0
0
Retail Tenant
44
0
0
0
0
3,485
3,485
AVAILABLE RETAIL
45
49,293
0
0
0
0
49,293
Retail Tenant
46
0
0
0
0
0
0
Retail Tenant
46
10,075
0
0
0
0
10,075
Retail Tenant
47
0
0
0
0
0
0
Retail Tenant
47
0
0
0
0
0
0
Retail Tenant
48
33,532
0
0
0
0
33,532
174,896
104,655
84,367
16,037
35,761
415,716
TOTAL
KEY
Tenants with Leasing Commissions during Analysis Period
Tenants without Leasing Commissions
3/11/20108:57 AM
Sample Exhibit C
Management & Development Summary
Management & Development Summary
Pointer Ridge Plaza is a 71,586-square-foot neighborhood shopping center located on highly
traveled Route 301/Crain Highway in Bowie, Maryland. The Rappaport Companies (TRC)
purchased the center in 2007, and as expected, anchor Giant Food negotiated a lease
termination with the JV shortly after the purchase, leaving the center with a vacant 34,334square-foot space. With the availability of the anchor space and an upcoming renovation
planned for the center, our leasing team was poised to begin aggressively re-merchandising
the center. This would prove to be an incredible opportunity to improve the overall tenant mix
and increase traffic to the center.
The renovation program was initiated in 2008, and the final phase will be completed in 2010,
despite challenging economic times. The renovation includes a complete façade renovation,
replacement of sidewalks, upgrade of the under canopy and parking lot lighting, parking lot
surface repairs, replacement of major portions of the roof, landscape enhancement and new
signage. Many deferred maintenance issues from the previous owner have also been
addressed.
In 2008, the center’s vacancy rate was at 57%. Upon completion of the major portion of the
renovation in 2009, our leasing team was able to lease the anchor space to a martial arts
academy and to attract national retailers like Subway and Edible Arrangements. Existing
tenants like the hair and nail salons expanded, bringing the center to 93% leased status.
The strong location, renovation and re-tenanting of the center have positioned the center for
significant and sustainable value and growth.
Pointer Ridge Plaza
Facade Renovation
Before
Before
After
After
Pointer Ridge Plaza
Capital Improvements
Before
Before
After
After
Pointer Ridge Plaza
Parking Lot Resurfacing
Before Before
After
After
Sample Exhibit D
Market & Leasing Summary
Market Summary
Pointer Ridge Plaza
1334 Northwest Crain Hwy - Pointer Ridge Plaza
Location:
Pointer Ridge Plaza
AKA 1300 Crain Hwy
E Prince George's County Cluster
Bowie Submarket
Prince George's County
Bowie, MD 20716
Building Type: Retail/(Neighborhood Center)
Bldg Status: Built 1966
Developer: Management: The Rappaport Companies
Recorded Owner: PRSC, LLC
Parcel Number: 07-0797563
Building Size:
Typical Floor Size:
Stories:
Land Area:
69,214 SF
69,214 SF
1
7.26 AC
Total Avail:
% Leased:
Total Spaces Avail:
Smallest Space:
Bldg Vacant:
4,022 SF
94.2%
3
1,237 SF
39665
Amenities: Signalized Intersection
Parking: 220 free Surface Spaces are available
Floor
P 1st / Suite 18
P 1st / Suite 16
P 1st / Suite 11
SF Avail
Floor Contig
1,548
1,237
1,237
1,548
1,237
1,237
Bldg Contig
1,548
1,237
1,237
Rent/SF/Yr + Svs
Negotiable
Negotiable
Negotiable
Occupancy
Vacant
Vacant
Vacant
This copyrighted report contains research licensed to The Rappaport Companies - 295276.
Term
Negotiable
Negotiable
Negotiable
Type
Direct
Direct
Direct
3/9/2010
Page 1
Aerial / Map Report
Pointer Ridge Plaza
1334 Northwest Crain Hwy - Bowie, MD 20716
3/9/2010
Page 3
Traffic Count Report
Pointer Ridge Plaza
1334 Northwest Crain Hwy, Bowie, MD 20716
Building Type:
Secondary:
GLA:
Year Built:
Total Available:
% Leased:
Rent/SF/Yr:
Retail
69,214 SF
1966
4,022 SF
94.19%
Negotiable
Street
Cross Street
Cross Str Dist
1
Crain Hwy
Crossover
0.05 N
Count
Year
2003
2
Pittsfield Ln
Mitchellville Rd
0.02 N
2003
4,050
AADT
.46
3
Central Ave
Crain Hwy
0.34 E
2003
23,850
AADT
.68
4
Hall Rd
Pointer Ridge Dr
0.07 NW
2003
2,075
AADT
.85
5
Central Ave
Sturbridge Ln
0.13 W
2003
11,150
AADT
.93
Avg Daily
Volume
52,825
Volume
Miles from
Type Subject Prop
AADT
.32
3/9/2010
Page 8
Demographic Market Comparison Report
1 mile radius
Pointer Ridge Plaza
1 Mile
Type: Retail/(Neighborhood Ctr)
County: Prince George's
Population Growth
2009 Med Household Inc
County
Household Growth
2009 Households by Household Income
2009 Median Age
2009 Population by Race
2009 Renter vs. Owner
2009 Blue vs. White Collar
3/9/2010
Page 9
Demographic Market Comparison Report
1 mile radius
Pointer Ridge Plaza
County: Prince George's
1 Mile
County
Growth 2000 - 2009
-2.40%
5.50%
Growth 2009 - 2014
-1.70%
0.80%
Population
2009 Blue Collar
2009 White Collar
2009 Population By Race
290
12.79%
62,773
17.91%
1,978
87.21%
287,757
82.09%
4,793
845,360
White
2,273
47.42%
188,311
22.28%
Black Afr Am
2,128
44.40%
548,664
64.90%
11
0.23%
2,694
0.32%
131
2.73%
39,236
4.64%
3
0.06%
536
0.06%
Other Race
63
1.31%
39,195
4.64%
Two or More
184
3.84%
26,724
3.16%
Am Indian Alaskan
Asian
Hawaiian Pacif Isldr
Households
Growth 2000 - 2009
-1.80%
5.00%
Growth 2009 - 2014
-1.40%
0.90%
Renter Occupied
295
16.74%
117,208
38.94%
Owner Occupied
1,467
83.26%
183,825
61.06%
2009 Households by HH Income
Income < $35,000
Income $35,000 - $74,999
Income $75,000 - $149,999
Income $150,000 - $249,999
Income $250,000+
2009 Median Household Income
2009 Median Age
1,763
301,033
86
4.88%
56,056
18.62%
427
24.22%
108,271
35.97%
1,011
57.35%
109,989
36.54%
206
11.68%
22,900
7.61%
33
1.87%
3,817
1.27%
$93,854
$68,814
38.60
34.90
3/9/2010
Page 10
Demographic Summary Report
Pointer Ridge Plaza
Building Type:
Secondary:
GLA:
Year Built:
Retail
69,214 SF
1966
Total Available: 4,022 SF
% Leased: 94.19%
Rent/SF/Yr: Negotiable
Radius
Population
2014 Projection
2009 Estimate
2000 Census
Growth 2009 - 2014
Growth 2000 - 2009
2009 Population by Hispanic Origin
2009 Population By Race
White
Black or African American
American Indian and Alaska Native
Asian
Native Hawaiian and Pacific Islander
Other Race
Two or More Races
Households
2014 Projection
2009 Estimate
2000 Census
Growth 2009 - 2014
Growth 2000 - 2009
Owner Occupied
Renter Occupied
2009 Households by HH Income
Income Less Than $15,000
Income: $15,000 - $24,999
Income: $25,000 - $34,999
Income: $35,000 - $49,999
Income: $50,000 - $74,999
Income: $75,000 - $99,999
Income: $100,000 - $149,999
Income: $150,000 - $249,999
Income: $250,000 - $499,999
Income: $500,000 or more
2009 Avg Household Income
2009 Med Household Income
2009 Per Capita Income
1 Mile
4,715
4,795
4,915
-1.70%
-2.40%
200
4,795
2,273
2,128
11
131
3
63
184
1,739
1,762
1,794
-1.40%
-1.80%
1,467
295
1,763
12
32
42
91
336
452
559
206
30
3
$105,874
$93,854
$38,856
3 Mile
47.40%
44.38%
0.23%
2.73%
0.06%
1.31%
3.84%
83.26%
16.74%
0.68%
1.82%
2.38%
5.16%
19.06%
25.64%
31.71%
11.68%
1.70%
0.17%
5 Mile
30,411
29,152
25,060
4.30%
16.30%
1,195
29,152
10,474 35.93%
16,333 56.03%
103 0.35%
1,005 3.45%
22 0.08%
347 1.19%
870 2.98%
11,066
10,600
9,114
4.40%
16.30%
8,006
2,594
10,602
228
162
232
873
1,729
2,235
2,859
1,907
346
31
$114,657
$97,609
$41,751
75.53%
24.47%
2.15%
1.53%
2.19%
8.23%
16.31%
21.08%
26.97%
17.99%
3.26%
0.29%
81,228
76,606
63,845
6.00%
20.00%
2,737
76,606
28,239
42,719
224
2,454
35
887
2,048
28,299
26,705
22,387
6.00%
19.30%
22,219
4,486
26,706
620
497
592
1,753
4,305
5,568
7,127
5,110
988
146
$119,011
$100,084
$41,674
36.86%
55.76%
0.29%
3.20%
0.05%
1.16%
2.67%
83.20%
16.80%
2.32%
1.86%
2.22%
6.56%
16.12%
20.85%
26.69%
19.13%
3.70%
0.55%
3/9/2010
Page 11
Daytime Employment Report
1 Mile Radius
Pointer Ridge Plaza
Building Type:
Secondary:
GLA:
Year Built:
Retail
69,214 SF
1966
Total Available: 4,022 SF
% Leased: 94.19%
Rent/SF/Yr: Negotiable
Business Employment by Type
Total Businesses
Total Retail
Home Improvement Stores
General Merchandise Stores
Food Stores
Auto Dealers and Gas Stations
Apparel and Accessory Stores
Furniture and Home Furnishings
Eating and Drinking Places
Miscellaneous Retail Stores
Finance-Insurance-Real Estate
Banks, Saving and Lending Inst.
Security Brokers and Investments
Insurance Carriers and Agencies
Real Estate-Trust-Holding Co.
Services
Hotels and Lodging
Motion Picture and Amusement
Health Services
Legal Services
Educational Services
Auto Services
Other Services
Agriculture/Mining
Construction
Manufacturing
Transportation, Comm./Pub Util.
Wholesale Trade
Government
Daytime Population
Daytime Population/Business
Residential Population
Residential Population/Business
# of Businesses
# Employees
#Emp/Bus
142
1,566
11
26
2
0
2
10
0
3
4
5
14
3
1
3
7
65
0
2
0
0
5
5
53
6
14
3
3
7
4
1,566
11
4,795
34
345
46
15
10
190
1
1
45
37
215
123
5
11
76
345
2
33
0
0
98
16
196
212
106
34
88
173
48
13
23
0
5
19
0
0
11
7
15
41
5
4
11
5
0
17
0
0
20
3
4
35
8
11
29
25
12
3/9/2010
Page 12
Consumer Spending Report
Pointer Ridge Plaza
Building Type:
Secondary:
GLA:
Year Built:
Total Available:
% Leased:
Rent/SF/Yr:
Retail
69,214 SF
1966
4,022 SF
94.19%
Negotiable
2009 Annual Spending
(in Thousands)
Total Specified Consumer Spending
Total Apparel
Women's Apparel
Men's Apparel
Girl's Apparel
Boy's Apparel
Infant Apparel
Footwear (excl. Infants)
Other Apparel Prod/Services
Total Entertainment
Sports and Recreation
TV, Radio and Sound Equipment
Reading Materials
Travel
Photographic Equipment
Total Food At Home
Cereal Products
Bread & Bakery Products
Seafood
Meat/Poultry/Fish/Eggs
Dairy Products
Fruits and Vegetables
Total Food Away From Home
Breakfast and Brunch
Dinner
Lunch
Snacks and Non Alcoholic Bev
Catered Affairs
1 Mile
3 Mile
5 Mile
$99,284
$3,490
1,436
842
333
249
232
525
399
$9,245
417
3,034
426
5,240
127
$7,789
479
1,034
421
2,625
1,262
1,969
$8,055
748
3,766
2,627
592
322
$652,965
$23,135
9,331
5,588
2,163
1,676
1,608
3,527
2,769
$59,385
2,723
20,226
2,687
32,907
841
$50,748
3,156
6,685
2,697
17,214
8,228
12,768
$53,456
4,928
24,949
17,715
4,018
1,846
$1,689,077
$59,769
24,630
14,482
5,584
4,169
3,899
8,973
7,005
$157,693
7,050
51,817
7,310
89,356
2,161
$132,447
8,134
17,566
7,167
44,643
21,412
33,525
$137,168
12,774
64,126
44,693
10,093
5,482
3/9/2010
Page 13
Consumer Spending Report
Pointer Ridge Plaza
Annual Spending (in Thousands)
Total Alcoholic Beverages
Alcoholic Bev. at Home
Alcoholic Bev. away from Home
Total Furniture/Appliances
Bedroom Furniture
Living Room Furniture
Other Living & Family Room
Furniture
Other Furniture
Major Appliances
Small Appliances
Misc Household Equipment
Total Transportation/Maint.
New Autos/Trucks/Vans
Used Vehicles
Purchase of RVs or Boats
Gasoline
Diesel Fuel
Automotive Maintenance/Repair
Transportation
Total Health Care
Medical Services
Prescription Drugs
Medical Supplies
Total Education/Day Care
Education
Room and Board
Tuition/School Supplies
Day Care, Nursery & Preschool
1 Mile
$1,475
858
617
$9,946
561
871
246
3 Mile
$10,021
5,726
4,295
$64,724
3,808
5,730
1,609
5 Mile
$25,500
14,744
10,756
$168,748
9,566
14,789
4,194
101
816
2,066
5,284
$48,356
7,161
4,972
712
6,513
114
2,397
26,487
$4,025
2,410
1,235
381
$8,184
3,586
356
3,235
1,007
637
5,132
13,462
34,346
$320,783
46,321
34,710
4,512
43,582
748
15,597
175,314
$25,617
15,298
7,904
2,415
$52,708
22,925
2,285
20,609
6,889
1,704
13,723
35,082
89,691
$820,944
121,190
84,719
12,231
110,493
1,928
40,783
449,601
$68,717
40,950
21,251
6,516
$140,729
61,862
6,243
55,903
16,720
3/9/2010
Page 14
Pointer Ridge Plaza- 3 Mile Radius
Vacancy & Rental Rates
3/9/2010
Pointer Ridge Plaza- 3 Mile Radius
Absorp, Deliveries & Vacancy
occupancy
Existing Bldgs:
59 of 59
# Spaces:
9
Existing RBA:
1,801,711
Vacant:
<43,266>
2%
Occupied:
1,758,445
98%
Leased:
1,764,248
98%
Vacant Avail:
41,956
2%
Total Avail:
46,554
3%
Direct Avail:
42,061
2%
Sublet Avail:
4,493
0%
availability
Average Time:
23.2 Months
leasing activity
Leasing YTD:
1,310
0%
Net Absorp YTD:
28,345
2%
direct gross rent
Retail range:
$12.10-$31.16/yr
Retail Avg:
$16.93/yr
3/9/2010
Pointer Ridge Plaza 3 Mile Radius
City
Center
Center Type
1
Pointer Ridge Plaza
Bowie
Neighborhood Center
2
Bowie Town Center
Bowie
3
Mill Branch Shopping Center
4
Property Size
Space Avail
Rent/SF/Yr
72,952 SF
4,022 SF
Negotiable
Lifestyle Center
935,693 SF
0 SF
Negotiable
Bowie
Community Center
800,000 SF
0 SF
Negotiable
Bowie Gateway Center
Bowie
Power Center
544,151 SF
15,051 SF
$24.48
5
Crain Hwy @ collington road
Bowie
Neighborhood Center
154,184 SF
148,104 SF
Negotiable
6
Collington Plaza
Bowie
Community Center
117,851 SF
17,000 SF
$14.16
7
The Shoppes at Bowie Town
Bowie
Strip Center
92,286 SF
0 SF
Negotiable
8
Hall Station
Bowie
Community Center
16,070 SF
16,070 SF
Negotiable
9
15700-15712 Mt Oak Rd
Bowie
Strip Center
8,888 SF
0 SF
Negotiable
Only properties with valid lat/lon display on map
3/9/2010
Page 1
1
1334 Northwest Crain Hwy - Pointer Ridge Plaza
Location:
Pointer Ridge Plaza
AKA 1300 Crain Hwy
Bowie Submarket
Bowie, MD 20716
Building Type: Retail/(Neighborhood Center)
Developer: Management: The Rappaport Companies
Recorded Owner: PRSC, LLC
Parcel Number: 07-0797563
Building Size:
Typical Floor Size:
Stories:
Land Area:
69,214 SF
69,214 SF
1
7.26 AC
Total Avail:
% Leased:
Total Spaces Avail:
Smallest Space:
Bldg Vacant:
4,022 SF
94.2%
3
1,237 SF
39665
Amenities: Signalized Intersection
Parking: 220 free Surface Spaces are available
Floor
P 1st / Suite 18
P 1st / Suite 16
P 1st / Suite 11
SF Avail
Floor Contig
1,548
1,237
1,237
1,548
1,237
1,237
Bldg Contig
1,548
1,237
1,237
Rent/SF/Yr + Svs
Negotiable
Negotiable
Negotiable
Occupancy
Vacant
Vacant
Vacant
Term
Negotiable
Negotiable
Negotiable
Type
Direct
Direct
Direct
3/9/2010
Page 1
2
15606 Emerald Way - Bowie Town Center
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Bowie Town Center
Bowie Submarket
Bowie, MD 20716
Simon Property Group, Inc.
Bowie Mall Company Llc
Center Type: Lifestyle Center
Total GLA:
# of Bldgs:
Levels:
Land Area:
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
935,693 SF
17
1-2
145.43 AC
100%
-
Anchor Tenant: Barnes & Noble, Bed Bath & Beyond, Famous Footwear, Macy's, Old Navy, Safeway, Sears
Features: Dedicated Turn Lane, Food Court, Pylon Sign, Signalized Intersection, Center Enclosed
Street Frontage: West Dr 1,126'Town Center Blvd 1,054'Northview Dr 1,312'Excelsior Dr 1,668'Evergreen Pky 2,803'Emerald Way 1,584'East
Dr 538'Collington Rd 2,049
Parking: 7847 Surface Spaces
3/9/2010
Page 3
3
US 301 & Mill Branch - Mill Branch Shopping Center
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Mill Branch Shopping Center
Bowie Submarket
Bowie, MD 20716
Gibraltar Management Co.
Gibraltar Management Co.
Center Type: Community Center
Bldg Status: Proposed
Total GLA:
# of Bldgs:
Levels:
Land Area:
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
800,000 SF
1
1
72 AC
100%
-
3/9/2010
Page 4
4
4410-4600 Mitchellville Rd - Bowie Gateway Center
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Anchor Tenant:
Features:
Street Frontage:
Parking:
Floor
E E1
E E1
Bowie Gateway Center
Bowie Submarket
Bowie, MD 20716
Center Type: Power Center
Total GLA:
# of Bldgs:
Levels:
Land Area:
Pete Pappas & Sons Inc.
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
544,151 SF
9
1
24.67 AC
15,051 SF
98.1%
10,453 SF
4,598 SF
10,453 SF
Kohl's, Kohl's, PetSmart, Staples, Target
Balconies, Banking, Dedicated Turn Lane, Restaurant, Signalized Intersection
Mitchellville Rd 1,194'Harbour Way 449'Crain Hwy 439
1135 Surface Spaces
SF Avail
Floor Contig
10,453
4,598
10,453
4,598
Bldg Contig
10,453
4,598
Rent/SF/Yr + Svs
$24.50/nnn
Negotiable
Occupancy
Vacant
Negotiable
Term
5-10 yrs
10 yrs
Type
Direct
Direct
3/9/2010
Page 5
5
Crain Hwy @ collington road
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Floor
P
P
P
P
P
P
P
P
P
P
P1
P1
P1
P1
P1
P1
P1
P1
P1
P1
/ Suite 25
/ Suite 6
/ Suite 8
/ Suite 9
/ Suite 26
/ Suite 27
/ Suite 28
/ Suite 7
/ Suite 23
Bowie Submarket
Bowie, MD 20715
Center Type: Neighborhood Center
The Rappaport Companies
Rwsc Llc
-
SF Avail
Floor Contig
4,000
20,000
30,000
9,000
4,104
6,000
6,000
38,000
6,000
1,400 - 25,000
4,000
20,000
30,000
9,000
4,104
6,000
6,000
38,000
6,000
25,000
Bldg Contig
4,000
20,000
30,000
9,000
4,104
6,000
6,000
38,000
6,000
25,000
Total GLA:
# of Bldgs:
Levels:
Land Area:
154,184 SF
1
1
9.52 AC
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
148,104 SF
3.9%
38,000 SF
4,000 SF
-
Rent/SF/Yr + Svs
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Occupancy
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
TBD
Term
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Negotiable
Type
New
New
New
New
Direct
New
New
New
New
New
3/9/2010
Page 6
6
3300-3560 Crain Hwy - Collington Plaza
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Anchor Tenant:
Features:
Street Frontage:
Parking:
Floor
P P 1 / Suite 3480
P P1
Collington Plaza
Bowie Submarket
Bowie, MD 20716
Total GLA:
# of Bldgs:
Levels:
Land Area:
M. Leo Storch Management Corporation
Next Realty Mid-Atlantic, LLC
Wal-Mart Real Est Bus Trs
-
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
117,851 SF
1
1
12.80 AC
17,000 SF
85.6%
15,000 SF
2,000 SF
17,000 SF
Giant Food, Walmart
Pylon Sign, Signalized Intersection
Excalibur RdCrain Hw
1500 Surface Spaces
SF Avail
Floor Contig
15,000
2,000
15,000
2,000
Bldg Contig
15,000
2,000
Rent/SF/Yr + Svs
$12.00/nnn
$30.00/nnn
Occupancy
Vacant
Vacant
Term
5-10 yrs
5-10 yrs
Type
Direct
Direct
3/9/2010
Page 7
7
3800-3900 Evergreen Pky - The Shoppes at Bowie Town Center
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Anchor Tenant:
Features:
Street Frontage:
Parking:
The Shoppes at Bowie Town Center
AKA 12700 Emerald Walk
Bowie Submarket
Bowie, MD 20716
MLS Properties, LLC
MLS Properties, LLC
-
Center Type: Strip Center
Total GLA:
# of Bldgs:
Levels:
Land Area:
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
92,286 SF
1
1
35 AC
100%
-
A.C. Moore Arts & Crafts
Pylon Sign
Town Center Blvd 150'Evergreen Pky 811
250 Surface Spaces
3/9/2010
Page 8
8
Rt 301 @ Central Avenue - Hall Station
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Floor
Hall Station
Bowie Submarket
Bowie, MD 20715
SF Avail
Floor Contig
Bldg Contig
Total GLA:
# of Bldgs:
Levels:
Land Area:
16,070 SF
2
1-2
30.55 AC
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
16,070 SF
0%
14,800 SF
1,270 SF
-
Rent/SF/Yr + Svs
Occupancy
P P1
E E1
1,270
7,400
1,270
7,400
1,270
14,800
Negotiable
Negotiable
TBD
01/2011
E E2
7,400
7,400
14,800
Negotiable
01/2011
Term
Negotiable
To Be
Determined
To Be
Determined
Type
New
New
New
3/9/2010
Page 9
9
15700-15712 Mt Oak Rd
Location:
Developer:
Management:
Recorded Owner:
True Owner:
Bowie Submarket
Bowie, MD 20716
-
Center Type: Strip Center
Bldg Status: Existing
Total GLA: 8,888 SF
# of Bldgs: 1
Levels: 1
Total Avail:
% Leased:
Max Contig:
Smallest Space:
Bldg Vacant:
100%
-
Street Frontage: Mt Oak Rd 174'Mitchellville Rd 181
Parking: 45 Surface Spaces
3/9/2010
Page 10
Leasing Summary
Leasing Summary
The property has experienced a great deal of leasing activity since the major portion of the
renovation was completed in 2009. Despite vast community support and hundreds of
signatures on a petition to bring Bloom to the center, the grocery store passed on the site.
Instead, we were able to secure a lease with Royal Martial Arts for the former Giant Food
space. We expect this business will increase foot traffic to the center and attract more families
and health-minded customers
CVS/pharmacy also anchors the center and holds a lease through the end of 2014. In 2007,
the tenant was rumored to be looking for a site to build a free-standing building with a drivethru window, but given the economy and lack of appropriate sites in Bowie, the tenant elected
to sign a new lease for 12,055 square feet at Pointer Ridge Plaza.
At 93% leased, there is still some concern about the financial stability of some of the “mom
and pop” businesses located at Pointer Ridge Plaza. We continue to pursue national and local
tenants through our extensive relationships in the industry and through old-fashioned “coldcalling” in the market. We have found particular success with small owner-operated personal
services businesses such as barber shops and nail salons and believe the long-term outlook for
the center is quite good.
POINTER RIDGE PLAZA
Northwest Crain Highway
Bowie, Maryland 20716-1802
Lead Broker: Will Collins
Revised 03/09/10
Space #
1
2
3
Sq. Ft.
Tenant Name
Rent
Expiration
Option
$10.76 04/23/10 5yr due 10/26/09 LOR @ $27 psf
1x10 yr.
$12.50 10 yrs.
2,975 Pizza Hut
34,334 Royal Martial Arts
$28.84 11/30/13 5yr due 4/1/13
1,788 Edible Arrangements
4
750 Barber Shop
$25.60 12/31/10
5
765 Lash Moi Salon and Spa
$17.00 12/31/10
6
1,210 Star Nails
$21.00 11/30/19
7
8
1,129 Pointer Ridge Florist
1,591 MPS Studio
$21.00 11/30/12 3 yr due 11/30/11
$16.00 08/31/12
9
1,350 Beijing Restaurant #2
$23.11 10/31/11
10
1,310 Vacant (Storage)
11
1,810 Pointer Ridge Liquor
12
14
Comments
Expansion of nail salon @ $21 psf
$6.30
$21.00 6 yrs.
1x5 yr option
$25.00 12/31/14 5yr due 5/1/14
$15.00 03/31/14 5yr due 10/1/13
12,055 CVS
2,240 National Beauty
Percentage Rent for 2008 had sales of $5,825,036.75, Percentage
rent is 4%, breakpoint is $1,808,250.00 paid $13.33 psf in
percentage rent
15
1,250 Sashelvis Hair Salon #1
$22.00 07/31/12 3yr due 1/1/12
T is currently in 1250 sf; expanding into old space #16 which will
then total 2408 sf; Expansion of Sashelvis Salon @ $22 psf; pricing
out work
$20.47 03/31/08
Expansion of Sashelvis Salon @ $22 psf; pricing out work
16
17
18
19
20
1,237 Vacant (old Fresh Blue Waters)
Vacant (old Pointer Ridge
1,252 Liquor)
1,278 Subway
1,012 Vacant
750 CVS Property (Storage)
1,500 Modern Laundry
old
#16
new
#15
Total SF
Occupied SF
% Occupied
KEY
Vacant
Month to Month
Spotlighted
Termination Right
2009 Expiration
2010 Expiration
2011 Expiration
Barber Shop LOR @ $25 psf
$18.00 12/31/10
2x5 yr options
$24.00 5 yrs.
$15.53 03/31/10
$26.75 10/31/13 5yr due 5/5/13
71,586
66,775
93.28%
Abbreviations
LX
Lease Executed
LOR Lease out for Review
LOS Lease out for Signature
LOI
Letter of Intent
HOLD Holding
PROS Prospect
Marketing space
Lease terminated effective 3/31/10
Pointer Ridge Plaza
Expires 10/31/11
no option
20
10
2
3
19
CVS
4 5 6 7 8 9 11
12
14
15
18
16
Expires 12/31/10
no option
Expires 3/31/10
no option
17
Expires 12/31/10
no option
Key
Vacant
Month to Month
Expires 4/23/10
5 yr due 10/26/09
1
Spotlighted
2009 Expiration
2010 Expiration
2011 Expiration
Updated Mar. 9, 2010
Sample Exhibit E
SPONSOR
Retail Leasing
I
Tenant Representation
I
Property Management
I
Development
Retail Real Estate Experts
For more than 25 years, The Rappaport Companies has provided the Washington, D.C. area with
professional real estate services centered exclusively on the retail segment. Founded in 1984 by
Gary D. Rappaport, The Rappaport Companies owns and develops shopping centers and provides
retail leasing, tenant representation, property management, receivership, bankruptcy trustee
management and construction management services for retail space in shopping center and
mixed-use properties throughout the Washington, D.C./Baltimore area. The Rappaport portfolio
totals more than 12 million square feet of retail space in urban and suburban locations.
Providing all Facets of Retail Leasing
A division of The Rappaport Companies, Rappaport Retail Brokerage provides all facets of retail
leasing, including both Landlord and Tenant representation services for some of the Washington,
D.C. area’s most prominent developers and retailers. Led by Executive Vice President Henry Fonvielle,
the Rappaport Retail Brokerage team includes the region’s top experts with demonstrated success in
all types of transactions across all retail property types, including mixed-use, lifestyle, neighborhood,
big box as well as development and redevelopment projects.
The Rappaport Team Advantage
Rappaport Retail Brokerage offers clients our unique collaborative approach, which means clients
have direct access to a group of senior leasing agents, not just one individual. Clients benefit from
the combined experience of all team members and the relationships we have built with our base
of 900 existing tenants and our multiple listings with the top real estate developers and landlords
in the Washington, D.C. market.
Strategies to Maximize Asset Value
Experience as tenant representatives and as shopping center developers and owners ourselves,
gives us the perspective to be able to understand what the retailer wants and what the landlord
needs. This expertise is particularly helpful in the early stages of development when we are called
upon to consult on floor plans and design issues and to offer leasing strategies and merchandizing
plans to maximize asset value, fill unmet needs and create synergy between retailers. Clients like
ING Real Estate, Archstone, Tishman Speyer, Greenvest, PN Hoffman and Rockrose Development
appreciate our client-centered approach.
Our select group of tenant representation clients includes regional and national tenants looking
for sites in the Washington, D.C./Baltimore market. Our clients include banking and financial
institutions, restaurants, fashion retailers and cellular phone companies, among others.
Services Landlord Representation Clients
We provide landlord representation services for space in a variety of formats, including neighborhood,
community and regional shopping centers, as well as urban and mixed use developments. Our landlord
representation clients include:
Services Tenant Representation Clients
We represent a select group of regional and national retail tenants that include banking and
financial institutions, restaurants, fashion retailers and cellular phone companies. Some of our tenant
representation clients include:
Services Restaurant Leasing Experience
American Café
Au Bon Pain
Austin Grill
Bailey’s Pub and Grill
Blimpie’s Subs & Salads
Café Deluxe
Camille’s Sidewalk Café
Caribou Coffee (multiple locations)
Charlie Chiang’s
Chili’s
Chipotle
Chop’t
Corner Bakery
Cosi (multiple locations)
Five Guys Burgers & Fries (multiple locations)
Hops
Il Mulino
Jaleo
King Street Blues
Kobe Japanese Steakhouse
Legal Seafood
Local 16
Manhattan Bagel
Matsutake Sushi & Steakhouse
McCormick & Schmick’s
McDonalds
Morton’s of Chicago
Mr. Day’s Sports Bar
Neramitra Thai Cuisine
Oceanaire Seafood Room
Oya Restaurant
Perfect Pita
Pizza Wings ‘N Things
Qdoba
Quizno Subs (multiple locations)
Rosa Mexicano
RT’s Seafoood Kitchen
Ruth’s Chris Steakhouse (multiple locations)
San Antonio Grill (multiple locations)
Sichuan Pavilion
Starbucks (multiple locations)
Subway (multiple locations)
Ted’s Montana Grill
The Capital Grille
Tony’s New York Pizza
Wendy’s
Wagamamma
Success Stories Crystal City Redevelopment
Alexandria, Virginia
Service: Landlord Representation
Success Stories PNC Bank
Service: Tenant Representation
Success Stories AT&T
Success Stories Ruth’s Chris Steak House
Success Stories McCormick & Schmick’s
Success Stories Zola Wine Kitchen
A Pro-Active Management Style
The Rappaport Companies’ property management services are designed to maintain and enhance
the property, foster positive relationships between the landlord and tenants and monitor the current
performance of the real estate asset. Our property managers work closely with owners and our leasing and development departments to look for ways to improve and to add value to the retail centers
we manage.
Our management style is very pro-active. Rappaport’s property managers take a long-term
approach to maintenance issues, so that repairs and upgrades are done propertly and cost effectively for future years. Periodic property inspections and night lighting inspections ensure that our
centers are maintained at the highest possible level while operating within budget parameters. We
believe that even the smallest detail is important to the overall appearance, which is a prime ingredient for success in today’s competitive market.
The positive relationships we develop with our tenants are another important part of our management service. We understand that the success of the shopping center relies on creating a successful
environment for our merchants to do business. We work closely with all of our tenants to understand their goals and specific needs and to communicate the vision the landlord has for the center
to the merchants. This dialog helps both to understand the challenges each faces and to work
together for the success of the center.
Marketing Programs Connect Merchants to Community
The Rappaport Companies believes that a strong marketing program is vital to the success of our
shopping centers, and we believe it is an important element of the property management service we
provide. The goals of our shopping center marketing programs are to create an identity for the
center, increase traffic and sales and demonstrate our commitment to our tenants and to the community.
Our marketing activities reflect the individual character of the centers we manage and are founded
on a “good neighbor” approach. These activities include forming partnerships with local schools,
providing space for non-profit events, sponsoring local youth sports, donating thousands of dollars
each year to area schools and supporting law enforcement and local fire departments. Our marketing programs can also include group advertising opportunities for our merchants, informative workshops, direct mail campaigns, on-site events, promotions, internet ads and cable and radio advertising.
In addition to shopping center marketing programs, the marketing department supports our leasing
efforts by providing “space available” broadcast emails, direct mail, flyers, signs, banners and advertisements in publications such as The Washington Post, Washington Business Journal and The Dealmakers. Our website includes listings of retail space at all the properties we manage and lease. This
information is also available on the costar.com and loopnet.com websites.
Experts in Retail Development
The Rappaport Companies has built a reputation for developing and renovating shopping centers with an
extreme level of detail and a high level of quality. With a philosophy of long-term ownership, our shopping
centers are designed to be aesthetically pleasing, affordable to maintain and environmentally friendly.
Our experience in construction includes planning and designing new shopping centers, as well as constructing
new buildings and expansions within existing retail centers that will add value to the property. Working in
cooperation with local government authorities and communities, we strive to develop properties that will
fit within the theme of the local neighborhood and provide a safe and enjoyable shopping environment.
We provide development, construction management and tenant build-out services for properties owned
by affiliates of The Rappaport Companies, by private partnerships, institutional investors and by individuals.
We also provide these services in partnership with government agencies and for residential and commercial
developers where an expertise in retail development is desired. Our project managers work closely with
leasing to ensure projects and individual spaces we build are viable for retailers.
Experienced Teamwork
The Rappaport Companies believes that the key to a project’s success is to select an experienced
development team and to involve the general contractor from the beginning. Doing so allows us
to receive detailed cost estimates throughout the design phase, providing valuable information that
allows us to remain within budget and to value-engineer our projects through the use of alternate
materials or construction methods.
We are also committed to utilizing environmentally sustainable building tools, strategies and
materials. Our staff is involved in training from the U.S. Green Building Council in LEED Certification
to guarantee our buildings and construction methods are environmentally friendly. The Rappaport
Companies development projects represent a determination of the best techniques of production
and construction.
Current Development Projects
Project
Location
SQ FT
Services Provided
Amber Ridge SC
Bowie, MD
150,000
Development
Brambleton TC (Phase IIB)
Ashburn, VA
250,000
Development
Construction Mgmt.
Bristow Center (Phase II)
Bristow, VA
93,371
Expansion
Cedarville Center
Front Royal, VA
770,000
Development
Hall Station
Bowie, MD
35,066 Retail
110 Townhomes
43,000 Library
Development
New Market SC
New Market, MD
90,000
Development
Osborne SC
Upper Marlboro, MD
66,220
Renovation
Penn Mar SC
Forestville, MD
14,200
Disaster Recovery
Pointer Ridge
Bowie, MD
69,214
Renovation
Potomac Festival
Woodbridge, VA
338,369
Renovation
Skyland TC
Washington, DC
800,000
Development
Completed Development Projects
Project
Baby Superstore Plaza
Brambleton Town Center
Brockbridge Shopping Center
Central Park TC
Frederick Shopping Center
Fredericksburg Park & Shop
H Street Connection
Mount Airy Shopping Center
Muddy Branch Square
Olney Village Mart
Penn Mar Shopping Center
Location
Laurel, MD
Brambleton, VA
Laurel, MD
Fredericksburg, VA
Frederick, MD
Fredericksburg, VA
Washington, DC
Mount Airy, MD
Gaithersburg, MD
Olney, MD
Forestville, MD
Penn Station SC
Potomac Festival
Smoketown Plaza
Springfield Plaza
Stoneymill Square
Sully Station
Towers Shopping Center
Vienna Shopping Center
Warrenton Shopping Center
District Heights, MD
Woodbridge, VA
Woodbridge, VA
Springfield, VA
Wheaton, MD
Centreville, VA
Roanoke, VA
Vienna, VA
Warrenton, VA
Services Provided
Renovation
Construction Management
Renovation
Renovation
Renovation
Renovation
Development
Renovation, Expansion
Renovation
Renovation, Expansion,
Tenant Build-out
Renovation
Renovation
Renovation
Renovation
Renovation
Development
Renovation
Construction Management,
Development Success Stories Bristow Center
Bristow, Virginia
Services: Development, Expansion
Development Success Stories Towers Shopping Center
Roanoke, Virginia
Services: Renovations, Expansion
Development Success Stories Penn Mar Shopping Center
Forestville, Maryland
Services: Re-Development, Renovation, Expansion
Development Success Stories Central Park Town Center
Fredericksburg, Virginia
Service: Renovation
Development Success Stories Bank of America
Fredericksburg, Virginia
Service: Tenant Build-Out
Development Success Stories Skyland Town Center
Washington, DC
Service: Mixed-Use Development
Notes:
1. Calculations are preliminary in nature and may change with final design and engineering.
2. Numbers shown in individual retail spaces represent net square footage. Net square footage
calculations for retail were determined by making deductions for lobbies, stairs, trash rooms, and
egress corridors. An additional 5% reduction was made for other elements such as meter rooms,
fire control rooms, and potential minor modifications as the plans are finalized.
2,580 sf
(60'x35'D)
EL. 284.5'
1,440 sf
(48'x35'D)
EL. 281.25'
Block 3
Block 4
2,145 sf
(72'x35'D)
EL. 282.0'
2,195 sf
(64'x40'D)
EL. 265'
3,330 sf
(78'x45'D)
EL. 266.5'
Skyland Retail Area
Block
Gross SF
Net SF
1
159,860
148,530
2
91,190
75,540
3
39,420
32,400
4
28,790
23,210
Total
319,260
279,680
2,310 sf 2,310 sf
2,310 sf
(54'x45'D) (54'x45'D) (54'x45'D)
EL. 266.5' EL. 265.5' EL. 264.5'
4,240 sf
(45'D)
EL. 262'
4,200 sf
(68'x64'D)
EL. 277.5'
Block 2
3,490 sf
(83'D)
EL. 259'
102'
46
'
88'
13,310 sf
(95' D)
EL. 262'
165'
5,350 sf
(95'D)
EL. 267'
54'
60'
2,110 sf
(40'D)
EL. 269'
6,100 sf
(90'D)
EL. 278.75'
5,900 sf
(46'D)
EL. 276.5'
4,815 sf
(132'x40'D)
EL. 276'
36'
47'
56'
2,200 sf
(37'x64'D)
EL. 276.5'
3,890 sf
2,890 sf
(64'x47'D) (97'x47'D)
EL. 271' EL. 272.5'
3,120 sf
(73'x45'D)
EL. 262'
2,545 sf
(53'x50'D)
EL. 260.5'
72'
34'
2,090 sf
(50'x48'D)
EL. 275'
4,540 sf
(101'x47'D)
EL. 269'
2,545 sf
(53'x50'D)
EL. 262'
5,720 sf
(74'D)
EL. 280.7'
1,690 sf
44' (47'x40'D)
EL. 275'
880 sf
(30'D)
EL. 272.5'
'
48
53'
85
'
2,290 sf
(36'X74'D)
EL. 267.5'
4,885 sf
5,740 sf
(84'x74'D) (72'X74'D)
EL. 276.5' EL. 278.5'
80'
96'
33'
129,200 sf
(465'x330'D)
EL.264.5'
9,890 sf
(74'D)
EL. 273'
98
'
1,710 sf
(60'x30'D)
EL. 264.5'
Block 1
7,135 sf
(74'D)
EL. 272'
74'
88'
5,080 sf
4,865 sf
(85'X63'D) (72'X74'D)
EL. 266.5'
EL. 265'
81'
3,840 sf
(60'x69'D)
EL. 274'
4,800 sf
(53'D)
EL. 280.5'
Development Success Stories Brambleton Town Center
Brambleton, Virginia
Service: Construction Management
Gary D. Rappaport, SCSM/SCMD/SCLS/CDP
President and Chief Executive Officer
Gary D. Rappaport is President and Chief Executive Officer of The Rappaport Companies, a retail real
estate company he founded in 1984. The Rappaport Companies provides leasing, tenant representation, management and development services for approximately 12 million square feet, 1.5 million of
which is planned development within the next two years.
The Rappaport Companies’ portfolio includes more than 45 shopping centers and ground floor retail in
some 100 mixed-use properties, both residential and office, located primarily throughout the midAtlantic region. Mr. Rappaport is Principal Partner for approximately 5 million square feet of the shopping centers managed by The Rappaport Companies.
Mr. Rappaport began his career in real estate as President of Par Construction Corporation, a homebuilding company responsible for the construction of several hundred single-family homes and town
houses. Later, he was President and Chief Operating Officer of Combined Properties, a shopping
center development, management and leasing company headquartered in Washington, D.C.
A former Chairman of the International Council of Shopping Centers, Mr. Rappaport is the only Chairman to date to hold all four ICSC designations, SCSM, SCMD, SCLS and CDP. He is a member of the
ICSC Board of Trustees and serves on ICSC’s Audit, Nominating, Government Relations, Long Range
Planning and PAC committees. He is a former member of ICSC’s Executive Committee.
Named in the “Power 50” of The Most Influential People in Washington Commercial Real Estate in
2008 by the Bisnow on Business Real Estate newsletter, Mr. Rappaport currently serves on the Washington, D.C. Economic Partnership Board. He is a prior Dean and a current Instructor at the University
of Shopping Centers and a past Entrepreneur in Residence at the Wharton School of the University of
Pennsylvania. Mr. Rappaport continues to lobby at the state and federal government levels on many
issues important to the Shopping Center industry.
Stephen R. Pugh, CPA, CITP
Chief Operating Officer
As Chief Operating Officer, Stephen R. Pugh oversees the operations of Office/Personnel Management,
Development and Construction, Property Management, Marketing, IT and Leasing departments for The
Rappaport Companies. In addition to company operations, Stephen also works closely with the financing team to oversee loan procurement, capital strategies and investor relations. Most recently, he has
overseen the real estate receivership and lender REO management activities for The Rappaport Companies, including working with courts, owners and lenders to oversee the development of short-term
tactical plans and long-term strategic plans to maximize asset values.
Prior to joining The Rappaport Companies, Stephen served as Vice President and Chief Operating
Officer for the National Automobile Dealers Association, where he ran the Official Used Car Guide
Company. His background includes 10 years of experience in real estate, where he held positions in
finance with Charles E. Smith Realty and The Buchanan Companies. He also has extensive operations
experience and business consulting experience with technology and eCommerce firms in the automotive and other industries. Stephen was a Controller at The Rappaport Companies from 1993 to 1998,
and re-joined the company in 2006 as Chief Operating Officer.
He holds a B.B.A. degree in Accounting & Finance from Radford University in Virginia and is a Certified
Public Accountant and Certified Information Technology Professional. Stephen is a member of the
American Institute of Certified Public Accountants and the Virginia Society of Certified Public Accountants. He is also an Associate Member of the International Council of Shopping Centers (ICSC).
Frank M. Pieruccini, CPA
Chief Financial Officer
As Chief Financial Officer, Frank oversees all finance, accounting and lease administration functions for
The Rappaport Companies. He directs the overall financial operations and accounting practices of the
organization and all associated properties, partnerships and subsidiaries, including treasury, accounting,
budget, tax and audit activities. In addition, Frank provides strategic financial direction and assists in
the development of tactical business growth plans for The Rappaport Companies.
Prior to joining The Rappaport Companies, Frank was Senior Vice President of Accounting Services for
Republic Property Trust, a publicly traded commercial real estate investment company and Chief Financial Officer of Republic Properties Corporation, a commercial office development company. At Republic
Property Trust, he was responsible for the financial and accounting aspects of the trust’s public offering, which raised $250 million.
Frank has almost 20 years experience in the Washington, D.C. real estate market, working for management and development companies such as Kaempfer Management Services, Cassidy & Pinkard, Ronald
Cohen Investments and Hazel/Peterson Companies. He is a Certified Public Accountant and holds a
Masters of Science degree in Taxation from George Mason University and a Master of Business Administration from George Washington University. Frank earned his undergraduate degree in Accounting
from Virginia Polytechnic University (VirginiaTech).
Henry Fonvielle
Executive Vice President
Henry Fonvielle is Executive Vice President of The Rappaport Companies. He oversees leasing of all
shopping centers in the Rappaport portfolio and third-party brokerage, which includes Landlord and
Tenant representation. He is also involved with design and construction of new shopping centers,
expansions and renovations of existing centers, as well as the planning of mixed-use projects.
Henry has 20 years experience in commercial real estate. At Charles E. Smith Commercial Realty he
served as Senior Vice President and as the Department Head for the Retail Division. He has vast experience with many different retail types, including urban, mixed-use, neighborhood, lifestyle and power
centers. Projects completed include: 1140 Connecticut Avenue,1666 K Street, Crystal City Redevelopment, Fairfax Square Luxury Retail, Bristow Center and the largest power center inside the Capital
Beltway - Potomac Yard Center.
He holds a Certified Commercial Investment Member (CCIM) designation and is active in the International Council of Shopping Centers, serving on the Mid-Atlantic Idea Exchange Program Committee.
Henry is a member of the Urban Land Institute and serves on the Board of Directors for the Foundation Board of Children’s National Medical Center, the Washington Tennis and Education Foundation
and the Washington, D.C. Economic Partnership.
Larry M. Spott, CDP
Executive Vice President of Development
Larry M. Spott joined The Rappaport Companies in 1990 and holds a Bachelor of Science degree in
Finance and Accounting from the University of Maryland. As Executive Vice President of Development,
Larry works closely with Gary D. Rappaport in all aspects of shopping center development, renovation
and expansion. He is involved in land acquisition, re-zoning and permitting and oversees all construction projects. Larry is also involved in the financial side of shopping center acquisition and development
and oversees the preparation of detailed pro formas and financial projections using ARGUS real estate
accounting software. His department also handles landlord construction and tenant build-out projects.
In addition, Larry is the Managing Partner for Sunrise Shopping Center, a 75,000-square-foot center in
Oxon Hill, Maryland he purchased in 2002. The center was 30 percent vacant and suffered from
significant deferred maintenance. Through an aggressive redevelopment plan, Larry renovated the
center a year later, attracting national tenants such as Subway and Jackson Hewitt. Within 24 months,
Larry was able to refinance the center with a 10-year permanent loan and to return 65 percent of the
equity contribution to the equity partners.
Larry is an Associate Member of the International Council of Shopping Centers (ICSC) and holds a
Construction Development Professional (CDP) designation. He is ICSC’s MD/DC/VA State Director and
has served as the State Operations Chair and on the Mid-Atlantic Idea Exchange Planning Committee.
WASHINGTON/BALTIMORE
FREDERICK
27
1
695
795
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2
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83
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70
49
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5
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Additional Locations
41
42 8
FREDERICKSBURG
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Old Country Plaza
Cedarville Center
Blackwell Park
Warrenton Village
Warrenton Center
Huntfield
Huntfield Pad
Warrenton Twn. Centre
301
Roanoke, Va
Roanoke, Va
Front royal, Va
Warrenton, Va
Warrenton, Va
Warrenton, Va
Huntfield, WV
Huntfield, WV
Warrenton, Va
Locations
1) New Market
2) Mount Airy
3) Milford Mill
4) The Rotunda
5) Rockville Town Center
6) Vilge. Ctr. Belmont Grn.
7) Muddy Branch
8) Central Park
9) Quarles Center
10) Viers Mill Village
11) Stoneymill Square
12) Brockbridge
13) Penn Station
14) Penn Mar
15) Pointer Ridge
16) Amber Ridge
17) Hall Station
18) Osborne S/C
19) Dunkirk Gateway
20) Cameron Chase
21) Brambletown T/C
22) Worldgate Centre
23) Franklin Farm
24) Vienna S.C.
25) Liberia Props
26) Oak Grove
27) Dulles Pky. Rests.
28) Westchest @ Pavilions
29) Metropolitan Park I
30) Centrewood Plaza
31) Colonnade @ Union Mill
32) Bull Run Plaza
33) Manassas S.C.
34) Davis Ford Crossing
35) Bristow Center
36) Springfield Plaza
37) Telegraph Village
38) Festival at Old Bridge
39) Smoketown Plaza
40) Potomac Festival
41) Central Park Mktplce.
42) Waverly
43) Kingstowne
44) 7645 Fordson Rd.
45) Skyland
46) Tackett’s Mill
47) ChevyChase Pavillion
48) Fox Chapel
49) Edgewater Bank Pad
Clarendon
DC
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Army
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13
14
15
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244
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Braddock Heights
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17
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22
25
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495
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495
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Locations
1) Williamsburg Shops
2) 4300 Wilson Blvd
3) Lincoln Towers
4) Ballston Place
5) Gallery at Va Square
6) 2201 Wilson Blvd
7) Arl. Courthouse Plaza
8) Arlington Courthouse Pl.
9) Arlington Plaza
10) Gallery At Rosslyn
11) Parc Vista
12) National Gateway
13) Crystal Towers
14) Crystal Houses
15) Crystal Plaza
16) The Buchanan
17) 1199 N. Fairfax Street
18) Braddock Place
19) Atrium Building
20) 1701 Duke Street
21) King Street Station IV
22) 1775 Duke Street
23) Carlyle Place
24) King Street Station I
25) Landmark Gateway
26) Cameron Station
27) 1655 N. Ft. Myer Dr.
28) 7645 Fordson Rd.
28
19
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25) 1101 Vermont Ave
26) The Alta
27) 700 14th Street
28) 1250 Eye Street
29) Homer Building
30) 1201 F Street
ve
Ma
3
395
31) 1010 Massachusetts Ave
32) 901 K Street
33) 901 E Street
34) Terrell Place
35) Lansburgh Building
36) 455 Massachusetts Ave
36
K Street
50
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Q Street
R Street
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35
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19) 1730 Penn Ave
20) 1717 Penn Ave
21) 1620 Eye Street
22) 1156 15th Street
23) 1100 15th Street
24) 1025 Vermont Ave
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14) 1875 Eye St
15) 1825 Eye Street
16) 1000 Connecticut Ave
17) 1775 Penn Ave
18) 1747 Penn Ave
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8) 2021 K Street
9) 2025 M Street
10) 1300 Connecticut Ave
11) 1919 Pennsylvania Ave
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41) 1217 22nd Street
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201 Florida Avenue
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1255 23rd Street
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DOWNTOWN WASHINGTON, D.C.
2nd Street
14th Street
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DEVELOPMENT PORTFOLIO
Property Name
Location
Planned GLA
Amber Ridge*
Cedarville Center*
Hall Station*
(plus 109 residential units)
New Market*
Skyland Town Center*
(plus 468 residential units)
Bowie, MD
Front Royal, VA
Prince George’s County, MD
150,000
770,000
49,500
New Market, MD
Washington, DC
90,000
325,000
LEASING & MANAGEMENT PORTFOLIO
Property Name
Location
GLA
Principal Tenants
Brockbridge Shopping Center*
Laurel, MD
70,466
Gold’s Gym, Rugged Wearhouse,
Aaron Rents
Bristow Center*
Bull Run Plaza
Bristow, VA
Manassas, VA
200,000
413,874
Cameron Chase Village Center* Ashburn, VA
Central Park*
Fredericksburg, VA
40,868
678,000
Central Park Marketplace
Fredericksburg, VA
215,500
Centrewood Plaza
The Colonnade at Union Mill
Centreville, VA
Clifton, VA
98,877
122,693
Davis Ford Crossing*
Manassas, VA
155,890
Harris Teeter, CVS/pharmacy
Dick's Sporting Goods,
Shoppers Food & Pharmacy,
Office Depot, PetsMart,
Dollar Tree, Chili's
Anita’s, Let's Dish, Quizno Subs
Ann Taylor Loft, Kohl’s,
Borders, Chico's, Dress Barn,
Wal-Mart, Jos. A. Banks, Kirklands,
Office Depot, Old Navy,
Sport & Health, Talbot’s, Lowe’s
Carrabba's, AC Moore, Home Gallery
Ulta Cosmetics
Giant Food, Starbucks Coffee
Giant Food, Panera Bread,
Outback Steakhouse, Starbucks Coffee
Super Q Mart, Staples, CVS/pharmacy
Dunkirk Gateway
Dunkirk, MD
230,000
Giant Food, Wal-Mart, Starbucks
Fair Lakes Promenade
Fairfax, VA
145,000
Fox Chapel
Franklin Farm Village Center
Germantown, MD
Herndon, VA
115,230
137,464
Festival at Old Bridge
Fair Lakes Promenade
Lake Ridge, VA
Fairfax, VA
235,020
145,000
Old Navy, Barnes & Noble,
Men’s Wearhouse, TGI Friday’s
Super Q Mart, Chevy Chase Bank
Giant Food, Sears Appliance & Hardware,
Starbucks Coffee
Bloom, Gold's Gym
Old Navy, Barnes & Noble, Macaroni Grill
*Centers owned by affiliates of The Rappaport Companies.
LEASING & MANAGEMENT PORTFOLIO
Property Name
Location
GLA
Principal Tenants
H Street Connection*
Hastings Marketplace
Hungarybrook Shopping Center
Manassas Shopping Center
Washington, DC
Manassas, VA
Richmond, VA
Manassas, VA
37,991
95,000
87,000
185,032
Milford Mill Shopping Center*
Mount Airy Shopping Center*
Muddy Branch Square
Baltimore, MD
Mt. Airy, MD
Gaithersburg, MD
41,644
190,432
110,734
Rite Aid Drug, Sports Zone
Harris Teeter, Nebauer Dental
Food Lion, Dollar Tree
Peebles Department Store,
Advance Auto Parts, J&K Grocery
ALKO Clothing & Shoe Outlet
Wal-Mart, Safeway, Rite Aid Drug
Giant Food, Starbucks Cofffee
Osborne Shopping Center*
Penn Mar Shopping Center*
Upper Marlboro, MD
Forestville, MD
30,476
387,028
Penn Station*
District Heights, MD
244,959
Pointer Ridge*
Potomac Festival*
Bowie, MD
Woodbridge, VA
72,192
338,369
Smoketown Plaza*
Woodbridge, VA
290,674
Springfield Plaza
Springfield, VA
260,974
Stoneymill Square
(9,600-sq.-ft. expansion planned)
Tackett’s Mill
Towers Shopping Center*
Wheaton, MD
95,228
Lake Ridge, VA
Roanoke, VA
157,831
294,571
Vienna Shopping Center
Vienna, VA
Waverly*
Worldgate Centre*
Fredericksburg, VA
Herndon, VA
*Centers owned by affiliates of The Rappaport Companies.
72,820
40,301
229,326
Safeway, CVS/pharmacy, Subway
Shoppers Food & Pharmacy,
Burlington Coat Factory, Starbucks,
Marshalls, PETCO, Staples
Save-A-Lot, Casual Male,
Dollar Tree
CVS/pharmacy
Staples, David's Bridal
Outback Steakhouse
Lowes, Popeye’s, Arby’s,
Aldi, Dunkin’ Donuts
Giant Food, CVS/pharmacy, Trader Joe's,
buybuy Baby, David’s Bridal
CVS/pharmacy
Safeway, Dunkin’ Donuts,Quiznos Sub
Kroger, The Fresh Market,
Planet Fitness, Awful Arthur’s
Magruder’s, Vienna Drug,
Tuesday Morning, Hamilton Sofa Gallery
FedEx Office, La-Z-Boy, Fitness Resource
Worldgate Sport & Health, T.G.I. Fridays,
Phoenix Worldgate 9 Theatres,
American Cafe, Starbucks Coffee
LEASING ONLY PORTFOLIO
Property Name
Location
14th & W Streets, NW
201 Florida Avenue
455 Massachusetts Avenue
300 Half Street
300 New Jersey Avenue, NW
601 Pennsylvania Avenue
700 14th Street
901 K Street
975 F Street
1000 Connecticut Avenue
1025 Vermont Avenue
1100 15th Street
1101 15th Street
1110 Vermont Avenue
1156 15th Street
1199 N. Fairfax Drive
1200 New Hampshire Avenue
1201 F Street
1255 23rd Street
1300 Connecticut Avenue
1600 Wisconsin Avenue
1620 Eye Street, NW
1701 Duke Street
1775 Duke Street
1825 14th Street
1841 Columbia Road
2021 K Street
2025 M Street
2201 Wilson Boulevard
2550 M Street
4814 MacArthur Boulevard
4900 Fairmont Avenue
7645 Fordson Road
The Alta
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Alexandria, VA
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Alexandria, VA
Washington, DC
Washington, DC
Washington, DC
Alexandria, VA
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Arlington, VA
Washington, DC
Washington, DC
Bethesda, MD
Alexandria, VA
Washington, DC
GLA
20,000
10,177
12,500
1,920
20,000
5,000
3,250
9,766
5,565
4,852
20,000
8,735
3,000
4,564
2,334
5,121
3,800
1,721
5,000
11,639
31,675
15,367
3,116
6,500
14,700
4,207
15,187
9,988
11,652
9,246
4,500
2,800
27,335
10,000
17,862
2,647
2,041
3,650
630
10,000
5,300
Property Name
Location
Arlington Courthouse Place
Arlington Courthouse Plaza
Atrium Building
Ballston Place
The Bennington
Broad Run Village
The Buchanan
Cameron Station
Canal Center
Capitol Gateway Marketplace
Carlyle Center
Catoctin Corner
Chevy Chase Pavilion
Crystal Houses
Crystal Plaza
Crystal Towers
Dulles Parkway Center
Edgewater Bank Pad
Gallery at Rosslyn
Gallery at Virginia Square
Georgetown Plaza
Harbourside
The Homer Building
Huntfield
International Square
King Street Station I
King Street Station IV
Kingstowne Towne Center
Landmark Gateway
The Lansburgh
Lincoln Towers
Metro Tech Center
Metropolitan Park
National Gateway
Oak Grove Shopping Center
One Noma Station
Parc Vista
Plank Plaza
Presidential Plaza
The Rotunda
Seven Springs Village
Shops at Crystal Drive
Arlington, VA
Arlington, VA
Alexandria, VA
Arlington, VA
Arlington, VA
Dulles, VA
Arlington, VA
Alexandria, VA
Alexandria, VA
Washington, DC
Alexandria, VA
Purcellville, VA
Washington, DC
Arlington, VA
Arlington, VA
Arlington, VA
Ashburn, VA
Edgewater, MD
Arlington, VA
Arlington, VA
Washington, DC
Washington, DC
Washington, DC
Dulles, VA
Washington, DC
Alexandria, VA
Alexandria, VA
Alexandria, VA
Alexandria, VA
Washington, DC
Arlington, VA
Alexandria, VA
Crystal City, VA
Arlington, VA
Sterling, VA
Washington, DC
Arlington, VA
Fredericksburg, VA
Washington, DC
Baltimore, MD
College Park, MD
Crystal City, VA
GLA
2,400
17,419
12,159
4,800
4,692
80,000
77,105
20,000
6,550
88,000
5,020
70,000
150,000
8,580
2,650
5,463
5,500
4,100
3,835
6,949
21,016
10,000
30,000
200,000
55,944
9,576
8,000
2,242,994
30,000
5,800
12,215
2,500
100,000
20,000
15,000
4,000
430
26,000
8,770
20,000
3,000
41,773
Property Name
Location
GLA
The Shops at Park Village
Siena Park
Solea
Terrell Place
Tyson’s International Plaza
Union Row
Warrenton Towne Center
Westchester at the Pavilions
Washington, DC
Arlington, VA
Washington, DC
Washington, DC
Washington, DC
Washington, DC
Warrenton, VA
Waldorf, MD
2,456
32,000
9,426
41,391
29,559
26,000
123,205
15,590
MANAGEMENT ONLY PORTFOLIO
Property Name
Location
GLA
Principal Tenants
1217 22nd Street
Washington, DC
12,982
Walgreens, Starbucks
Brambleton, VA
500,000
Blackwell Park
Central Park
Warrenton, VA
Fredericksburg, VA
Dominion Valley Market Square
Liberia Properties
Old Country Plaza
South Riding Market Square
Haymarket, VA
Manassas, VA
Roanoke, VA
Chantilly, VA
175,000
137,041
83,230
335,000
Telegraph Village
Viers Mill Village
Village Center at Belmont
Greene
Warrenton Center
Shopping Center
Alexandria, VA
Wheaton, MD
Ashburn, VA
37,045
47,512
268,017
Regal Fox Cinemas,Harris Teeter,
Chevy Chase Bank,
Caribou Coffee, California Tortilla
CVS/pharmacy, Ruby Tuesday
Best Buy, Circuit City, Kohl’s, Lowe’s,
PetsMart, Shoppers Food Warehouse,
Sports Authority, Target,
Wal-Mart Supercenter
Giant, SunTrust Bank, Tropical Smoothie
7-Eleven, Ted Britt Ford
Food Lion, Wild Wings
Giant, Home Depot, Ruby Tuesdays,
Panera Bread
Domino’s Pizza
Rite Aid Drug
CVS/pharmacy, McDonald’s, Wachovia
Warrenton, VA
218,650
Warrenton, VA
114,789
Warrenton Village
Shopping Center
35,127
1,506,500
Peebles Department Store,
Staples, Petco, Borders,
Jo-Ann Fabric & Crafts, Rite Aid Drug
Safeway, Fashion Bug
CONSTRUCTION MANAGEMENT PORTFOLIO
Property Name
Location
Hastings Marketplace
Quarles Center
Village on the Parkway
Brambleton, VA
Manassas, VA
Haymarket, VA
Woodbridge, VA
Leasing & Management Portfolio:
Development Portfolio:
Leasing Only Portfolio:
Management Only Portfolio:
Construction Management Portfolio:
Portfolio Total:
GLA
Principal Tenants
500,000
95,000
37,412
14,820
Regal Fox Cinemas
Harris Teeter, Nebauer Dental
CVS/pharmacy, Fauquier Bank
Walgreens
6,024,740
1,380,596
1,993,584
3,433,791
647,232
Sq. Ft.
Sq. Ft.
Sq. Ft.
Sq. Ft.
Sq. Ft.
12,832,711 Sq. Ft.*
*Construction Management Portfolio not included in portfolio total
1/8/10

Loan Restructure Proposal

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