proposal for management and leasing services...buy name brands and trendy clothes online. average...

North Point MarketCenterProposal for Management and Leasing Services

January 26, 2017

Trust our retailntelligence.

we’retailntelligencexperts

• Executive Summary

• Market Overview

• Property Initiatives and Services

• Transition Plan

• Your Team

• Experience and Best Practices

• Proposed Fees

• Why JLL?

• Appendix A: Bios

3

TABLE OF CONTENTS

JLL is pleased to present our retail management and leasing capabilities for North Point MarketCenter, a primary shopping destination for consumers in Alpharetta, GA. Based on our understanding of your objectives, our retail team will help you successfully provide innovative, impactful, cost-efficient and effective property management and leasing services for North Point MarketCenter. Our fast-growing retail broker presence in major markets and strong relationships enable us to develop effective strategies to secure tenants and successfully create a profitable impact on the center. With access to a national network of resources, we stay on the forefront of trends and innovation, thereby serving as invaluable resources for property owners, tenants and retailers.

Property initiatives for North Point MarketCenter will be a collaborative effort between CBREGlobal Investors and JLL’s leasing, management, marketing, specialty leasing andaccounting team. Our team’s collective knowledge of North Point MarketCenter, the market,and local, regional and national retailers will help enhance NOI and maximize value. Ourproperty management team will enhance synergy between tenants and consumers, andcreate operational and management efficiencies to maximize revenue and strengthen theproperty’s position in the marketplace. JLL’s leasing team will leverage their extensive retailerrelationships, expertise and market knowledge to create strategic and profitable leasingprograms.As part of our role, JLL will ensure constant communication and collaboration with CBREGlobal Investors, and is ready to partner with you to achieve your objectives.

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EXECUTIVE SUMMARY

Market Overview

MARKET OVERVIEW

Demographic Profile

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3-mile 5-mile 7-milePopulation 80,279 198,119 342,433

Total Households 30,087 75,437 127,263

Median HH Income $77,897 $84,683 $91,437

Average HH Income $107,441 $115,640 $91,437

Per Capita Income $40,401 $43,807 $46,379

Business Population 6,143 11,482 18,487

Median Age 35.1 37.4 38.2

Alpharetta is a growing market featuring a strong economy with significant population and job growth. Retail is reaping the benefits of this growth spurt with a high concentration of shopping centers in Alpharetta.

Situated in the heart of Alpharetta, North Point MarketCenter is a dominant power center attracting high income families and professionals to shop, dine and entertain. Within a 3-mile radius, the center boasts an average HH income of $107,441 far exceeding the U.S national average of $77,008.

7

MARKET OVERVIEW


Lifestyle Segmentation and CharacteristicsBelow are the key lifestyle segments that represent the core of the North Point MarketCenter trade area along with key consumer characteristics. This information is beneficial in understanding the market and consumer characteristics to effectively lease and market the property. In summary, these are well-educated, family-oriented consumers who are tech savvy and lead active lifestyles.

Median household income one and a half times that of the US Over half hold a bachelor’s degree or higher. Early adopters of new technology in hopes of

impressing peers with new gadgets. Enjoy talking about and giving advice on technology. Half have smartphones and use them for news,

accessing search engines, and maps. Work long hours in front of a computer Strive to stay youthful and healthy, eat organic and

natural foods, run and do yoga Buy name brands and trendy clothes online.

Average Household Size: 2.46Median Age: 34.8

Median Household Income: $77,000

Professional Pride consumers are highly qualified in the science, technology, law, or finance fields; they’ve worked hard to build their professional reputation or their start-up businesses These consumers are willing to risk their

accumulated wealth in the stock market They have a preferred financial institution,

regularly read financial news, and use the Internet for banking transactions These residents are goal oriented and strive for

lifelong earning and learning. Life here is well organized; routine is a key

ingredient to daily life.Average Household Size: 3.11

Median Age: 40.5Median Household Income: $127,000

Education completed: 36% with some college or an associate’s degree, 30% with a bachelor’s degree or higher Education in progress is 10% (Index 127) Unemployment rate is lower at 7.1%, and labor

force participation rate of 73% is higher than the US rate These consumers are up on the latest technology They get most of their information from the Internet Concern about the environment, impacts their

purchasing decisions.Average Household Size: 2.40

Median Age: 32.2Median Household Income: $50,000

Enterprising Professionals Professional Pride Bright Young Professionals

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MARKET AERIAL


Property Initiatives and Services

10

Ground lease the outparcel


JLL’s retail leasing team will provide the laser-focus and local market insight to achieve high leasing performance. Our proposed leasing team is intimately familiar with the Alpharetta market and resulting market dynamics in addition to having relationships with most local and national retailers. Additionally, as a result of our brokers’ experience with tenant representation, the team is able to better understand tenants' needs and thus position and lease properties for landlords more effectively.

Partnering with CBRE Global Investors, JLL will create a strategic leasing plan and pro forma to maximize the value of the center. Our team will implement local and national leasing initiatives to attract retailers, strengthen the merchandise mix, negotiate the best deals, retain appropriate tenants, and work closely with management and asset management to increase sales and enhance NOI.

Outparcel strategiesJLL leasing will immediately address the existing vacancy, primarily in the 14,000 square foot retail building located at 6110 North Point Pkwy and exploring how to best maximize long term value. This building was formerly occupied by Party City and Vitamin Shoppe and is subdivided into two spaces containing 3,000 SF and 11,000 SF. The chart to the right outlines our proposed leasing scenarios which include adding new tenants to the market and negotiating relocations within the market. Details of the scenarios are on the following pages.

LEASING

Value enhancement

Lease the building as is in its current configuration

Subdivide existing structure

Redevelop into a new specialty retail building

1

2

3

4

Scenario 1: Ground leaseGround leasing to a single tenant user is the most cost effective strategy and would allow the tenant to either modify the existing structure or build a new structure for their purpose. However, due to the size of the parcel, this strategy limits the pool of potential tenants to restaurants and larger single tenant retail which would include categories such as fast casual restaurants, financial institutions, specialty retail and service providers.

Potential tenants: Carrabba’s Italian Grill, Season’s 52, Smartcare Urgent Care, Bonefish Grill, Yard House, Huey Luey’s.

Scenario 2: Lease existing building ‘as is’This scenario, while cost effective, is more limiting than the first one. The tenant mix would most likely exclude larger restaurant tenants due to limitations of the existing structure. Categorically, potential retail users include men’s apparel, furniture, cellular and fitness.

Potential tenants: Smartcare Urgent Care, Destination XL, Octane Coffee, Core Power Yoga, Bevery The Ultimate Beverage Source

11Trust our retailntelligence.

OUTPARCEL STRATEGIES

Scenario 3: Subdivide existing structureThis scenario requires investment in the existing structure. The strategy is to subdivide into smaller units ranging in size from 1,500 SF to 4,000 SF. By subdividing, we would be taking advantage of a greater pool of tenants and have flexibility to meet their various space requirement demands. This would increase the pool of tenants based on space requirements and expand the tenant mix to feature more regional and local tenants such as spa, medical and dental users. However, the existing building footprint may be limiting due to its dimensions.

Potential tenants: Tropical Smoothie, Schlotzky’s Deli, Burger Fi, Cyclebar, Copper Coin and Cowboy Chicken

Scenario 4: Redevelop into a new specialty retail buildingThis scenario requires the highest investment, but also offers the highest return. Additionally, this scenario maximizes the pool of tenants and allows for the creation of a new and vibrant retail experience by creating a mix of retail and restaurant that does not currently exist at the asset. With this option, there is also the flexibility to create outdoor dining space along with improved visibility and parking, which are critical to tenants. This strategy can be executed by various methods by either self-developing or bringing in a development partner on a fee development basis.

Potential tenants: RAK outfitters, Bartaco, Marlow’s Tavern, Barberito’s, Adidas, Jinya, Road Runner Sports and Newk’s Eatery.


OUTPARCEL STRATEGIES

North Point MarketCenter has a first tier tenant mix and is well positioned in the market. Long term leasing strategies include securing desired tenants to longer term leases and being opportunistic in replacing less desired tenants that are expiring. In addition, JLL will closely examine each tenant’s credit quality, square footage, sales and usage in an effort to maximize the overall strength and success of the asset.

This strategy is based on a five-year time horizon of analyzing existing lease expirations. Our leasing team will market to tenants who are currently not in the market or are candidates for relocation within the market. For relocation opportunities, we will focus on existing tenants that are over/under sized or out positioned by their competition. Due to North Point MarketCenter’s strong market position, tenant mix, accessibility, visibility and parking make the center a highly attractive opportunity for tenants who are wanting to relocate. JLL has deep tenant relationships on both the agency leasing and tenant representation teams, which gives our clients the greatest opportunity for success.

Immediate Needs


IN-LINE STRATEGIES

Tenant SquareFeet

LeaseExpiration

Action Items Tenants/Categories

Kirkland’s 6,000 1/31/17 Renew for 5 year term Market rents of $18 - $20 psf

Super Wok 2,524 3/31/17 Renew for 1 year term and market space Currently paying market rent at $35 - $40 psf Market rent $35 - $40 psf

Kale Me Crazy, Pizzafire, Johnny’s NY Pizza

Ken Stanton 9,000 7/31/17 Renew for 5 year term at market $20 - $25 psf or renew short term at $15 - $18 psf and market space

Motherhood Maternity, Bridal, Big Blue Swim School, Financial Services

Bevery – 10,000 – 20,000 SF high end wine/spirits store

Old Navy 20,000 1/31/18 Renew to a 5 year term Rent at $16 - $18 psf

T.J.Maxx (relocation), Bassett Furniture, HomeGoods(relocation), Cost Plus World Market, Planet Fitness

Family Christian 6,000 2/28/18 Market space, asking rent of $22 - $25 psf Motherhood Maternity, Tadpoles, OshKosh B’gosh, Five Below, Adidas, RAK Outfitters, Snap Fitness, Roadrunner Sports

Babies “R” Us 50,275 1/31/19 This lease was just extended Explore combining with Toys “R” Us in a superstore Explore releasing options

Cost Plus World Market, L.L.Bean, Sierra Trading Post, T.J. Maxx/ HomeGoods (relocation), Michaels (relocation), Bassett Furniture, Planet Fitness, Saks Off 5th, At Home

Marketing and public relations

Marketing for Leasing: Support JLL leasing efforts through demographics, marketanalysis, customized retailer collateral, targeted eblasts, promotion at industryconferences, and additional marketing for leasing programs to attract retailers

Marketing for Sales: Provide a comprehensive collateral package and programming tosupport the current retail mix, where appropriate

Digital Marketing: Provide a custom microsite, social media presence and monitoring,where appropriate

Public Relations: Proactive public relations services are available to promote the overallimage of a property, promote specific retailers, property program or announcements;assist in PR crisis management situations

Specialty leasing/sponsorships

Source national temporary deals to attract seasonal tenants and generate additionalincome to the property

Source national ancillary income deals, such as sponsorships, sampling, traffic-generating events and advertising


MARKETING & SPECIALTY LEASING

• Research • 3D video• GIS mapping • Dronevideo• Custom streetmaps • Animatedvideo• eBlasts • Google video tours• PointDrive • Blackbird• FlipBook (digital magazine) • Fact sheets

• Comparativeanalysis • Websites

• Industry conferencerepresentation • Retail facingevents

• Retailer rendering • Industry listings

• Retailer-specific marketingpiece • JLLwebsite

• Video brochures

MARK

ETIN

G TO

OLS

GIS (Geographic Information Systems)Our GIS research team has industry leading tools for strategic location analysis and mapping. These tools, in combination with advanced data tracking systems and deep market knowledge, are your strategic advantage to making informed timely decisions about your property.

Market trade area and site overview Tapestry segmentation Demographic mapping Consumer spending Location amenity reports Drive-time area analysis Traffic count reports

Thought leadership and retail trendsOur dedicated retail research team provides thought leadership on the retail industry, developing and communicating timely and pertinent intelligence in the form of reports, white papers and briefings. This research data helps client service teams to develop strategies that maximize our clients’ investments. Our researchers stay on the forefront of trends and innovation, thereby, serving as invaluable resources for clients. Sample market research and thought leadership reports are as follows:

Quarterly CoStar Reports – CoStar is commercial real estate's leading provider of information and analytic services

Retail Market Briefing - an overview of economic indicators, particularly those that affect retail; their implications for the industry; and emerging consumer and retailer trends

Retail Shop Topic – an overview of recent industry trends and its impact on consumers, retailers and shopping center owners

Retail Outlook – an overarching quarterly report covering economic data, capital markets, leasing and conditions of local markets

Thought Leadership Papers – in-depth analysis of key trends within the industry


RESEARCH

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2


PROPERTY MANAGEMENT

Cost savings

3

4

Management overview

Our property management team will initially conduct a strategy meeting with CBRE Global Investors to gain a better understanding of your objectives, and will work in your best interests to create effective solutions and deliver high-quality retail services. Our management process includes the following:

Identify key ownership goals for the center Financial Tenancy Maintenance Improvements

Develop a plan to achieve ownership goals In the case of North Point MarketCenter, a multi-

year plan may be necessary for improvements due to the REA with Target and CAM caps in the anchor tenant leases.

Track our progress toward meeting objectives Variances from the annual budget Establishing employee goals through the IPMP

process Regional Manager review

Conduct periodic meetings with the owner to discuss the strategic direction of the center

Immediate impact initiatives

Our management team visited the property and identified several items that would have an immediate impact on the appearance of the property and signal that new ownership was in place.


PROPERTY MANAGEMENT

1. Soft façade improvements

The existing blue awnings could be repainted to a more modern/ current color at a minimal cost to ownership.

In the 90’s, blue and green awnings were very common with shopping centers.

Currently, the shopping centers that are new or being built use a more subtle color scheme.

Changing the color scheme can create a new and more modern look.

Paint the rear of the center


PROPERTY MANAGEMENT

Power wash building, use different graphics on the windows that fits in with the branding of the property or would allow for revenue generating advertising.

Repair parking lot signage, stripe parking lot. Clean up / re-purpose of sign at south end of property – install Dave & Buster’s coming soon on marquee.

3. Signage – There are numerous opportunities to upgrade the signage of the property.

2. Outparcel – The former Party City outparcel is in poor shape which reflects poorly on the property since it is at the entrance near Party City.


PROPERTY MANAGEMENT

Purchase and install new seasonal banners. Consolidate code of conduct and parking signage near Panera Bread into more visually appealing signage.

Improve wayfinding - Install directional signage at entrances (similar to signage on mall ring road entrances).

“Re-fresh” of monument signs on North Point Parkway.

3. Signage – There are numerous opportunities to upgrade the signage of the property.


PROPERTY MANAGEMENT

Upgrade entrances – improve plant material, more annual flowers.

Limb up trees to improve visibility from North Point Parkway.

4. Landscaping – Overall, the landscaping appears dated and tired. There are several areas where the landscaping needs to be brought up to Class A standards and there are numerous opportunities to improve the landscaping of the property.

Add ground cover and / or mulch to area at the north end of the parking lot (near Target) to improve appearance and prevent this area from washing into the lot during heavy rains.

Explore different shrub options in beds close to the stores. Replace / install new plant material in the areas where existing shrubs are dying, damaged or missing.

Replace path worn through the landscaping near Panera Bread with stairs / sidewalk.


PROPERTY MANAGEMENT

5. Parking Lot – While the parking lot is in good condition overall, the condition is inconsistent. There are a few areas that need to be addressed.

Sealing of cracks in the parking lot / sealcoating of parking lot, patching of lot in a few areas.

Re-stripe entire lot (including rear) for a consistent look across the property.


PROPERTY MANAGEMENT

The following outlines the proposed scope of management services for North Point MarketCenter.

Management and operations Identify key client goals for property management performance as they may change

from time to time Employ or select all property personnel, if any Create annual business plans, including operating budgets Create annual capital improvement budgets which will incorporate approved projects Manage the contract and vendor services procedures including the review and

approval of service contracts and the following: Maintain scopes of service and specifications for contracted services Maintain a summary for each contract Periodically meet with key vendor and contractor representatives Maintain quality and performance standards for products/services Maintain building operating systems and procedures Conduct strategy meetings with the owner to discuss the strategic direction of the

property Continue to implement our standard property operating manuals that pertain to the

property, such as the emergency preparedness plan Maintain complete insurance certificates for all merchants and contractors Meet all ownership reporting needs, both formal and informal Maintain effective liability claims reporting procedures and safety programs to

minimize incidents Prepare annual business plan Manage tenant relations program


ACCOUNTING

Our 300-member accounting team has significant experience in retail accounting and ensures that financial reports are accurate, timely and customized to meet your specific reporting needs. Provide accounting services and monthly financial reports using the owner’s preferred method of accounting.

Implement YARDI accounting and reporting systems for client-specific information needs Prepare income, expense and capital budgets Produce and distribute monthly property financial reports Prepare bank reconciliations Process accounts receivable and payable Prepare annual reconciliations for recoverable income items Support real estate tax appeal process

– Balance Sheet– Income Statement– Variance Explanations– Trial Balance– General Ledger

– Bank Statements & Reconciliations– Aged Receivables– Cash Receipts Report – Check Register– Management Fee Calculation

– Straight-line Rent (if applicable)– Security Deposit Listing– Support for Balance Sheet Items (by request)– Rent Roll– Sales Report – Prior Month

Transition Plan


TRANSITION PLAN

You will experience a seamless transition with JLL’s Transition Team and our detailed process for transitioning new assignments. We have developed a proprietary Transition Management Program that has received consistent complimentary feedback from the client. The program includes a proprietary transition checklist that details all tasks that must be completed and identifies responsibilities, quality standards and timing of each task.Once an assignment is awarded to JLL, the Transition Team will immediately assemble a Transition Taskforce. This team is directed by Gina Raley, Transition Manager and supported by the client service team, property teams and a representative from tenant coordination.The successful start-up of any project requires a comprehensive and well-executed start-up plan as well as effective property communication. The transition process immediately focuses in on ownership objectives, employee relations/human resources, IT, property operations and management. The non-disruptive assumption of responsibility by JLL is based on our wealth of experience, developed through numerous other transitions, start-ups and takeovers.We can assume management responsibility within 24 hours notice. However, our most effective transitions to JLL practices and procedures typically require 7-30 days before the actual commencement date of the management contract.

JLL has a dedicated transition team to initiate and execute a transition management process that includes a proprietary checklist that details all tasks to be completed and identifies responsibilities, quality standards and timing of each task.

1,000+Retail employeesonboarded since

2010

235Retail employees

onboarded in 2015

100+Recorded trainingcourses available

30+Live training

sessions offered each year

50+Peer to peer

mentor program participants since

2014

Transition Team Metrics

114MSquare feet of retail

properties transitioned since

2014


TRANSITION TIMELINE

Coordinating with the current management team in advance of the takeover date will lead to a smooth transition. A significant amount of the transition work can be completed before JLL assumes management responsibilities. The following table outlines the tasks completed 30 days prior to commencement date.

-3 to -4 weeks -2 weeks -1 weekCommencement date/

week 1-3 to -4 weeks -2 weeks -1 week

Commencement date/ week 1

Review owner objectives and priorities Conduct kick-off meeting with client to

review transition process and introduce team members

Start hiring process (payroll, benefits, training, technology) and implement training program, if applicable

Request list of necessary operational and accounting data from client

Discuss banking, accounting/budgeting, monthly financial reporting and accounts payable requirements

Confirm additional insured information Begin due diligence (review lease

abstracts, existing vendor contracts, etc.)

Client reviews and approves standard documents provided by JLL

Provide JLL team org chart to client JLL client service team to conduct

property visits Complete a contract assessment/

discuss opportunities for cost efficiencies

Create leasing fact sheet Review protected deal sheet with

client

Request JLL be added as anadditional insured to property insurance policies

Request claims point of contact Identify signature block for contracts,

review signatory procedures Send client press release for

approval announcing JLL as manager, if applicable

Per the management agreement, JLL requests the certificate of insurance adding the property to themaster policy and sends to the client

Complete a contract assessment/discuss opportunities for cost efficiencies

Distribute letters to tenant corporate offices highlighting key information

Distribute letter to on-site tenant managers providing property management contact info and emergency hotline

Review existing emergency procedures

Your JLL Team

John BemisRetail Market LeadSoutheast

Brett EarpRegional Manager

Roma WilliamsGroup Manager

28

Heather LevesqueRegional Marketing Manager


MEET YOUR TEAM

Bob StasiowskiRetail Leasing

Nathan BalmesAssistant Controller

Felicia SirenoBrokerage Coordinator Retail

Human Resources

Technology

Risk Management

Transition and Training

Crisis Management/Public Relations

Legal

Engineering and Operations

Research

Your JLL team will be comprised of a highly experienced hands-on professional retail team. Team leadership will consist of John Bemis, Brett Earp and Heather Levesque who will provide guidance and oversight to the property team. The team biographies are included in the Appendix.

JLL will provide a collaborative, strategic approach to meet your objectives by delivering expertise in management, leasing, accounting, marketing, specialty leasing and project management to achieve maximum results. The regional team will have frequent communication with the client to discuss ongoing progress.

If awarded the management and leasing of North Point MarketCenter, our team’s first initiative will be to develop a strategic plan for the center, that upon your approval, will increase NOI, reduce costs and provide an atmosphere that will enhance the experience for the customers at the center.

We put our clients first in everything we do. As your real estate partner, our JLL team will ensure that your business and financial goals are met for North Point MarketCenter.

Experience and Best Practices


ATLANTA/SOUTHEAST RETAIL

JLL has more than three decades of retail experience providing real estate services for diverse property types including power and neighborhood centers, mixed-use developments, lifestyle centers, regional malls, specialty/entertainment centers, and community centers. With two regional offices based in Atlanta and Alpharetta, including one serving as Retail’s headquarters, JLL’s 200 employees throughout Atlanta have developed and maintain a wide network of relationships with hundreds of retailers and the brokerage community. These extraordinary relationships would enable us to leverage our resources to better provide management and leasing services for North Point MarketCenter.

JLL offers a full array of real estate services to meet the evolving needs of investors, owners and retailersRetail investor services include: Agency leasing Development services Accounting & financial reporting Property management Property marketing Specialty leasing & ancillary income Capital markets (investment sales & financing) Debt restructuring

Atlanta/Southeast United States

5Offices

114Employees

128Properties

10.6MMSF (GLA)

40Offices

800Employees

1,220Properties

122.8MMSF (GLA)


REPRESENTATIVE EXPERIENCE

Town Center Plaza Kennesaw, GASize: 226,963 s.f.Property Type: Power CenterServicesManagement and LeasingFeatured TenantsMarshalls, T.J.Maxx, Off Broadway, HomeGoods

Providence SquareMarietta, GASize: 206,800 s.f.Property Type: Power CenterServices: ManagementFeatured TenantsSprouts, The Home Depot, TJMaxx/HomeGoods

District at Howell MillAtlanta, GASize: 306,100 s.f.Property Type: Power CenterServices: ManagementFeatured TenantsSuper-Walmart, TJ Maxx, Ross, Office Depot, PetSmart and ULTA

Providence MarketplaceMt. Juliet, TNSize: 630,640 s.f. Property Type: Lifestyle CenterServicesManagement and LeasingFeatured TenantsBelk, Best Buy, Kroger, Target, Ross Dress for Less, Regal Cinemas, Dick’s Sporting Goods, T.J.Maxx, Staples

RiverGateCharlotte, NCSize: 236,579 s.f. Property Type: Power CenterServices: Management Featured TenantsSuper Target, Best Buy, Marshalls, The Home Depot, PetSmart

Pinnacle at Tutwiler Farm Trussville, ALSize: 440,000 s.f.Property Type: Lifestyle centerServices: Management and LeasingFeatured TenantsBelk, Best Buy, JCPenney

Shops around LenoxAtlanta, GASize: 125,330 s.f.Property Type: Specialty CenterServices: Management Featured TenantsCrate & Barrel, Fabrik, Blo Blow Dry Bar, lululemon athletica,


RETAILER RELATIONSHIPSJLL works with more than 600 retailers across the country.


REPRESENTATIVE INVESTOR CLIENTS

JLL works with more than 560 investor clients including institutional clients, private clients, developers, lenders and financial institutions.


BEST PRACTICES


WHY JLL?

Collaborative cultureOur JLL culture is real and differentiates us from our competition. We live it, we share it, we embrace it, and our clients feel it every day.

Client satisfactionWe put clients first in everything we do. That’s why we have earned the confidence of the world’s leading corporations, institutions and investors.

Strong retailer relationshipsJLL provides you with access to a vast network of resources locally, nationally and regionally. The combined knowledge and retailer relationships of our leasing team will benefit you by helping to successfully explore potential uses and implement value-add opportunities at North Point MarketCenter.

Cohesive team approachOur JLL team serves under one retail platform encompassing leasing, marketing , and property management focused on achieving the right results for North Point MarketCenter. JLL will provide a collaborative, strategic approach to achieve your objectives.

Retail best practicesWith a portfolio of more than 93M s.f., JLL is able to leverage our vendor and retailer relationships across the country for the benefits of our clients. Our property teams work with regional teams to implement best practices that maximize rents, enhance property value, exceed clients’ expectations and improve service offerings.

Proven resultsWith more than three decades of retail expertise providing real estate services for diverse retail properties, our team is well-positioned to help you identify and implement a profitable solution for the center.

Proposed Fees


Service Fee

Management 3% of gross rents

ConstructionManagement

8% of the first $100,000, 6% of the next $150,000 and 4% of all additional amounts expended thereafter

Leasing Commissions

New Lease - Direct 4% of minimum rent for years 1-10Expansion – Direct 4% of minimum rent for years 1-10Renewal - Direct 2% of minimum rent for years 1-10

Transactions with Cooperating Broker

Cooperating broker commissions will be negotiated separately in conjunction with the lease terms to be approved by owner

Reimbursable Expenses

All out-of-pocket expenses, if any, directly related to negotiating leases, including design and development, production and distribution costs for leasing brochures, other elements of leasing packages, property signage and other forms of advertising of space.

Ground Leases and Pad Site Sales

6% of the gross rent or 6% of the gross sale price

Early Termination Either party may terminate on 60 days’ written notice; however, the client agrees to guarantee payment to JLL for the management fee for 12 months

PROPOSED FEES

As outlined in the proposal, JLL proposes to provide management, operations, leasing, marketing, research, accounting and financial reporting, and construction management services.

Appendix A: Bios


TEAM BIOS

John BemisExecutive Vice PresidentRegional Manager

Current ResponsibilitiesBased in Atlanta, John is the Retail Market Lead for the Atlanta/Southeast Market. He is responsible for the oversight of all operational functions and collaborates with clients and client service teams to develop and implement strategies, which maximize asset value. Additional responsibilities include serving as the Agency Leasing Lead, where he is responsible for the administration and management of retail brokers and provides strategic planning and evaluation of remerchandising and redevelopment of properties. Mr. Bemis also plays an instrumental role in business development and relationship management for investor and occupier clients seeking retail services in the Southeast.

ExperienceJohn has more than 30 years of real estate experience. Previously, John served as National Director of Leasing at JLL. Prior to rejoining JLL he served as Senior Vice President of the Shopping Center Group at Aronov Realty Management, Inc. where he was responsible for the direction of leasing, management, marketing, specialty leasing, redevelopment, legal and financial activity for a 64-center portfolio comprised of regional malls, lifestyle centers, power centers and neighborhood centers totaling 15 million s.f. Prior to Aronov Realty Management, Inc., John served as Regional Leasing Manager at JLL where he oversaw leasing activity for 17 centers and secured new business assignments representing $7 million in annual income. During his tenure at JLL, John was General Manager of Northland Mall in Detroit, with overall responsibility for management, marketing, operations and leasing.

His additional experience includes working at Schostak Brothers & Company, Inc. as a Regional Leasing Manager for the Midwest region. Also, Mr. Bemis held senior leasing and management positions with Equity Properties and Development Company and Homart Development. Mr. Bemis’ extensive shopping center experience includes anchor and specialty store relations, redevelopment planning and specialty leasing.

Education and AffiliationsJohn earned a bachelor of science degree in business administration from Central Michigan University. He is an active member of the International Council of Shopping Centers (ICSC). Mr. Bemis currently serves on the Norcross Development Authority Board of Directors, previously served on the Board of Directors for Goodwill Industries and the Southfield Development Authority in the metropolitan Detroit area.

Brett EarpSenior Vice PresidentRegional Manager

Current ResponsibilitiesBrett is Senior Vice President, Regional Manager for a portfolio of retail properties for theFlorida and Atlanta markets. He has overall responsibility for relationship management ofexisting and prospective clients seeking retail services. His primary focus is to providesuperior client service and work directly with the clients to ensure an understanding ofinvestment objectives and development of property-specific strategic plans and operatingand capital budgets.

ExperienceBrett brings 20 years of real estate industry experience including asset management andproperty management with a concentration in office and retail properties. Prior to joiningJLL, Brett served as Vice President of Property Management for Colliers International. Hisresponsibilities included the oversight of property management activities across SouthCarolina. He also oversaw a staff of over 60 property managers, administrative andmaintenance personnel.Earlier in his career, Brett spent over 10 years at a privately held REIT as a PropertyManager and Asset Manager. He has also worked over five years in supervisory roles atnational real estate firms in both property management and asset management positions.As an asset manager, Brett has completed over $100 million of lease transactions,including the purchase and sale of dozens of commercial properties across the southeast.

Education and AffiliationsBrett holds a bachelor of science degree in business administration and finance from theUniversity of South Carolina. He earned the CCIM designation and is a member of theHomeWorks Advisory Board. Brett is also a member of the International Council ofShopping Centers (ICSC).


Roma WilliamsGroup ManagerRetail

Current Responsibilities

Based in Atlanta, Roma is a Group Manager for JLL Retail. She oversees the management, operations and marketing functions of retail centers throughout Georgia. Her responsibilities are to ensure that financial performance objectives and reporting goals are met and that value creation opportunities are maximized. Additionally, Roma collaborates with leasing to assist in meeting leasing objectives.

Experience

Previously, Roma served as General Manager at Atlantic Station, a 138-acre mixed-use development in Atlanta, GA which opened in November 2005. She was instrumental in the pre-opening and grand opening activities for this center where she started as an Assistant General Manager and promoted shortly thereafter to General Manager. Her responsibilities included budgeting, writing institutional monthly and quarterly reports, capital planning, personnel management, accounting, collections, marketing, specialty leasing, community relations, operations, public relations and tenant coordination. Roma brings 22 years experience in the retail real estate industry with extensive knowledge of property management, operations, finance and accounting for various types of retail portfolios including mixed-use projects, lifestyle centers, power/strip centers and regional shopping malls.

Prior to joining JLL, Roma served as Property Management Director of Retail at Dewberry Capital Corp. where she managed a retail portfolio of one million s.f. and established property management systems and reporting structure, including sales collection, CAM reconciliations and annual budgets.

Additionally, Roma began her career at The Rouse Company as an Assistant General Manager of Underground Atlanta and thereafter, continued to extend her management experience at The Rouse Company and Cousins Properties, where she served as General Manager of various lifestyle centers including North Point MarketCenter, Mansel Crossings I, Greenbrier MarketCenter (in Virginia) and The Avenue at West Cobb in Marietta, GA.

Education and Affiliations

Roma is an active member of the International Council of Shopping Centers (ICSC). She holds a real estate license in the states of Georgia and South Carolina.

Current ResponsibilitiesHeather is a Senior Vice President and Regional Marketing Manager for JLL Retail andoversees the retail marketing for the markets in the East Coast. Her responsibilitiesinclude the development and execution of marketing strategies to maximize sales andcollaborating with leasing to enhance properties’ merchandise mix. Heather isresponsible for the leadership and oversight of the marketing staff and oversees theexecution of the consumer marketing programs at participating properties. As the Retailmarketing lead for the East, Heather drives the strategy and develops the marketing planfor the retail market and provides marketing support for the market’s new businessdevelopment, brokerage/transaction team, overseeing the public relations andadvertising initiatives, digital content management strategy for the market as well as themarket’s presence at local and regional industry events.

ExperienceHeather brings more than 15 years experience in the real estate industry with anextensive background in retail marketing. Prior to joining JLL, Heather worked asRegional Director of Marketing and Public Relations at Simon Property Group. She wasresponsible for managing the marketing efforts at 38 properties in the Southeast whichconsisted of a diverse portfolio of super-regional centers, middle-market centers, outletsand a lifestyle center. Additionally, Heather assisted in planning and implementing grandopenings and grand re-openings for eight shopping centers.Her accomplishments include developing strategic partnerships with communityorganizations such as the American Cancer Society, Salvation Army, Atlanta Food Bank,and Children’s Restoration Network and developing programs that could be scaled tomultiple properties in various markets; developing a new retailer security awarenessprogram for the Simon portfolio; identifying opportunities for cost savings throughefficiencies and securing additional revenue opportunities through sponsorships.

Education and AffiliationsHeather received a bachelor of arts in business administration from the University ofTexas in Austin, Texas. Heather is an active member of the International Council ofShopping Centers (ICSC).

Heather LevesqueRegional Marketing ManagerRetail

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Bob StasiowskiSenior BrokerRetail Brokerage

Current ResponsibilitiesBob Stasiowski is the Senior Broker for JLL Retail in the Atlanta market. With over 19 years of retail experience Bob has been involved with all aspects of the industry including development, leasing, tenant representation, strategic management and site selection. A retail specialist, Bob has worked with national, regional and local companies planning and executing real estate strategies throughout the United States. His responsibilities include landlord representation, tenant representation, acquisitions, dispositions and business development. ExperiencePrior to joining JLL, Bob was the principal of RJS Realty Advisors, a retail development, brokerage and consulting company based in Atlanta, GA. During his 12 years at RJS, he developed specialty retail centers, negotiated leases for landlords and tenants and provided site selection and development services. Prior to RJS, Bob was Vice President of Development and Finance for JDN Realty Corporation, a publicly traded REIT. His responsibilities included the management and execution of site selection, development and leasing of 28 retail power centers. In addition, he led the companies’ joint development program, successfully expanding the companies’ geographic presence.

Bob has provided services for tenants such as Walmart, Lowe’s, Target, Kroger, Home Depot, Kohl’s, Walgreen’s, Waffle House, Wachovia Bank, McDonald’s, as well as many other national, regional and local tenants.

Education and Affiliations• Kennesaw State University – Master of Business Administration: Finance• Saint Anselm’s College – Bachelor of Arts: Business • Georgia Brokerage License• Member, ICSC• Member, Development Review Committee for SPI-9, City of Atlanta• Member, Development Review Committee for SPI-15, City of Atlanta• Executive Committee for NPU-B, City of Atlanta

TEAM BIOSNathan BalmesAssistant ControllerRetail

Current ResponsibilitiesAs an Assistant Controller, Nathan oversees the accounting personnel for client portfolios,and ensures the monthly financial reports, budgets and forecasts, and year-endreconciliations are of the highest quality. Nathan also serves as the accounting point ofcontact for assigned clients to ensure that client accounting needs are met.

ExperienceNathan brings more than 14 years’ experience in the real estate and financial managementindustry. Prior to being promoted to Assistant Controller, Nathan worked as an AccountingManager where he oversaw financial reporting and accounting services for a portfolio of retailcenters. His previous experience includes working at Industrial Development International(IDI) in various senior accounting roles where he was responsible for portfolio financialreporting, corporate accounting, and the training and supervision of property accountants.Additionally, Nathan has held positions with Georgia Press Association as AccountingManager and the Valuation Advisory Group as a Financial Analyst.

Education and AffiliationsNathan earned a bachelor of business administration in finance from the University ofGeorgia and is a CPA in the state of Georgia.


Felicia SirenoBrokerage CoordinatorRetail

Current ResponsibilitiesAs part of JLL Retail’s Atlanta Markets team, Felicia supports the brokerage team in theirefforts to secure new business and help maintain relationships with existing clients. Herresponsibilities include overseeing the transitioning of new properties into the portfolio,reviewing lease deals, lease assumptions, tracking brokerage commissions, creatingproperty marketing collateral, conducting market research and coordinating events to assistthe local market team and portfolio.

ExperienceFelicia has over 11 years experience in retail development and leasing. Prior to joining JLLRetail, Felicia worked in retail leasing and specialty leasing for Cousins Properties Inc. Herresponsibilities included procuring, executing, managing and renewing leases with regionaland national retailers, negotiating contracts and interacting with representatives of allproperties in the portfolio.Felicia also brings extensive experience with large-scale national trade shows, havingmanaged corporate activities at the International Council of Shopping Centers (ICSC)conferences for 10 years as well as other retail events including PGA Tour Championship,The Masters, other golf tournaments and retail industry events.

Education and AffiliationsFelicia earned a bachelor of arts degree in business administration and management fromKennesaw State University in Kennesaw, Georgia. She is a member of the InternationalCouncil of Shopping Center(ICSC).

TEAM BIOS

jllretail.com© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.


John BemisExecutive Vice PresidentRetail Market Lead, Atlanta/Southeast+1 404 995 [email protected]

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