Investment Opportunity

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1 Wyndham Plaza Costco Shadow Anchored 2550 E. Southlake Blvd., Southlake, TX Property Summary: This new 67,895 sf center is is located in Southlake TX, a wealthy suburban market located approximately 17 miles north east of Fort Worth and 20 miles north west of Dallas. Average household incomes exceed $109K, $123K & $133K within 1, 3, & 5 mile radius respectively. The immediately surrounding retail trade area includes some of the highest retail sales psf in the greater Dallas Ft Worth MSA. The property benefits from the robust shopping activity generated by it s strategic location and proximity to destination oriented retail. The property is is adjacent to Gateway Plaza on the east, which is is anchored by Michael s, Office Max, Kohl s, Old Navy, TJ Maxx, and Bed Bath Beyond. Lowe s is is adjacent to the west and Costco is is adjacent to the north. Costco is is reporting sales over $100 million for this location which is is 130,000 +/- sf ($770 psf). Other area retailers include Kroger, and Home Depot to the west and Albertson s, Tom Thumb, Sam s Club, Wal-Mart Supercenter and Target to the east and south. Located one mile west on Southlake Blvd is is the 475,000 sf Southlake Towne Square Life Style Center whose tenants include Crate & Barrel, Ann Taylor, Williams-Sonoma, Talbots and Pottery Barn among others. The property is is located between HWY 114 (average daily traffic count of 62,000) and Southlake Blvd (HWY 1709) with an average daily traffic count of 53,000. Wyndham Plaza is is currently finishing its lease up and is is 87% occupied. Seller will master lease remaining vacancy as of closing up to the 7% vacancy factor. Tenants included in this sale are EB Games, The Vitamin Shoppe, Einstein Bagel, UPS, Prudential Real Estate, Cold Stone Creamery, New Balance, Nextel, Red Hot & Blue and Michael Anthony s among others. Price and Cap: We offer this property at $12,834,000 which is is a 6.75% cap rate on NOI of $866,308 after 7% vacancy and 3% management. Ground Lease: This property is is located on a ground lease with a remaining term of 83 years including options. Current ground lease term expires in 2079 with 2 (5) year options.

2 Summary West Side Strip Size Percent of Total Area Annual Rent Percent of Total Rent Leased Space 29,747 93% $758,604 92% Vacant Space 2,388 7% $68,058 8% Total 32, ,662 East Side Strip Leased Space 29,450 83% $803,171 84% Vacant Space 6,234 17% $155,850 16% Sprinkler Room 76 Total 35,760 $959,021 Total In Place Rent 1,561,775 87% Total Pro-Forma 223,908 13% Grand Total 67,895 1,785,683 Vacancy at 7% (124,998) Management Expense at 3% (53,570) Ground Rent (740,875) NOI 866,308

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5 20 Minuet Drive Time

6 Tenant Size Term Options Base Rent/sf Base Rent Escalations % Rent NNN Expenses Cap on Cam Lease Commencement Lease Expiration West Side Strip 10% / 5 yrs - in base Car Toys 6, (5) yr $26.00 $156,000 and options None NNN exp only 10/23/03 10/31/13 Dark but current on rent - Negotiating with Floors Today 10% / 5 yrs - in base The Vitamin Shoppe 4, (5) yr $28.75 $115,000 and options None NNN EB 1, (5) yr $30.00 $45,000 Yrs 6-10: $33 psf None NNN 10% / 5 yrs - in base Hest Fitness 3, (5) yr $27.00 $97,200 and options None NNN 6% annually - exp only 10/28/03 10/31/13 exp only 12/12/03 1/31/09 exp only 11/18/03 11/30/13 Yrs: 1-3 $27.50 Yrs: 4-5: $28.75 Payton Hair & Nails 2, (5) yr $27.50 $77,000 options:10% / 5 yrs 6% Natural Brkpt NNN None 11/14/03 11/30/10 Einstein Bagel 2, (5) yr $26.00 Option 1: $64,740 Yrs 6-10 $28/psf None NNN 5% annually 2/23/04 2/28/09 Option 2: Yrs $30/psf Option 3: Yrs $32.50/psf The Interior Collection 2, (5) yr $28.00 $58,688 $1.50 psf in yr 4 None NNN None 12/2/04 12/31/09 Option 1: $1.50 psf in yrs 6 & 9 Option 2: $1.50 psf in yrs 11 & 14 UPS Store 1, (5) yr $28.00 $33,600 Option: Mrkt Rent None NNN None 1/8/04 1/31/09 I Fratelli Pizza 1, (5) yr $28.00 $33,600 Option: Mrkt Rent None NNN exp only 9/13/04 8/31/09 Vacant (Camille's Café) 2,388 $28.50 $68,058 Prudential Real Estate 4, (3) yr 1(5) yr $16.00 Yrs 4-5 $17.20 psf $77,776 Yrs 6-7 $22.05 psf None NNN None 6/24/04 6/30/11 Options: Mrkt Rent Tenant has the West Side Totals 32,135 $25.72 $826,662 right to terminate after yr 5 by West Side - Space Leased 29,747 $758,604 paying LL 4 months rent & NNN charges

7 Tenant Size Term Options Base Rent/sf Base Rent Escalations % Rent NNN Expenses Cap on Cam Lease Commencement Lease Expiration East Side Strip New Balance 2, (5) yr $26.00 $66,872 Yrs 6-7 $28.60 psf None NNN Option 1: Yrs 8-10 $28.60 psf Yrs $31.46 psf Option 2: Yrs $31.46 psf Yrs $34.60 psf exp only 10/1/03 9/30/10 Bath Junkie 1, (5) yr $27.00 $32,400 2 (5) yr Mrkt Rent 4% Natural Brkpt NNN exp only 4/22/04 4/30/09 Nextel 1, (5) yr $ st 5 yr Option $27.50 $36,950 psf None NNN 2nd 5 yr Option $30.25 psf 7% annually - exp only 8/19/04 8/31/09 Johnny B's 1, (5) yr $28.00 $50,680 yrs 4-5 $30.60 psf Option at Mrkt Rent 4% Natural Brkpt NNN None 1/19/04 1/31/09 10% / 5 yrs - in base Red Hot & Blue 2, (5) yr $27.50 $71,198 and options 3% Natural Brkpt NNN None Earlier of 150 days from LL's delivery or Tenant's opening (10/23/05) Cold Stone Creamery 1, (5) yr $28.00 $44,800 yrs 3-5 $29.50 psf None NNN None 2/2/05 2/28/10 Options: Yrs 6-10 $32.45 psf Yrs $35.70 Palm Beach Tan 3, (5) yr $30.00 $96,000 Options: None NNN yrs 6-10 $33.00 psf yrs $36.30 psf exp only 2/2/05 2/28/10 Fish City Grill 2, (5) yr $28.00 $67,200 yrs 6-10 $30.80 psf Options: Yrs $33.88 psf Yrs $37.27 psf 3% Natural Brkpt NNN exp only 4/4/05 4/30/15 Vacant 1,075 $25.00 $26,875

8 Tenant Size Term Options Base Rent/sf Base Rent Escalations % Rent 3% Natural Michael Anthony's 3, (5) yr $28.00 $110,656 Yrs 6-10 $30.80 Brkpt Options: Yrs $33.88 psf Yrs $37.27 psf NNN Expenses NNN Lease Commencement Lease Expiration Cap on Cam exp only 6/26/05 6/30/15 Facelogic 1, (5) yr $26.00 $43,342 Options: None NNN None 1/18/06 1/31/11 Yrs 6-10 $28.60 Yrs $31.46 Excelience Nail Salon 1, (5) yr $25.00 $32,500 Yrs 3-5 $26.00 psf None NNN None 2/1/06 1/31/11 Option: Yrs 6-10 $28.60 psf Vacant 2,879 $25.00 $71,975 Vacant 2,280 $25.00 $57,000 Sprinkler Room 76 The Southlake Tavern 5, (5) yr $26.50 $150,573 Yr 3 $27.00 psf None NNN Yrs 4-5 $27.50 psf Yrs 6-10 $ psf Options: 10% / 5 yrs exp only 8/27/04 8/31/15 Total East Side 35,760 $26.82 $959,021 East Side - Space Lesed 29,526 $27.20 $803,171 Total Project Total Space 67,895 $26.30 $1,785,683 Space Leased 59,273 $26.35 $1,561,775

9 Prudential Pad

10 The Tavern (a Bennigan s Concept)

11 Phase II retail at Wyndham Plaza

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14 Ground Rent Schedule (Not including Southlake Tavern)

15 Ground Rent Schedule For Southlake Tavern Current Rent

16 Southlake, TX 2005 Average Income By Block Groups rophy Club stlake $100,000 or more $75,000 to $100,000 $50,000 to $75,000 $30,000 to $50,000 Less than $30, Miles 3.00 Miles Southlake 1.00 Mile 114 n Grapevine Colleyville Demographics 2550 E. Southlake Boulevard Southlake, TX 2005 Estimates 1 Mile 3 Mile 5 Mile Total Population: 6,249 50, ,305 Total Households: 2,247 17,867 35,892 Avg. HH Income: $109,149 $123,194 $133,767 Med. HH Income: $96,423 $104,032 $111,984 Updates of 2000 Census Data by Claritas.