| 1Nick Kassab, a licensed real estate broker in the state of Washington (Lic. #109121), along with Holliday Fenoglio Fowler, L.P. (collectively “HFF”).

VALUE-ADD RETURNS IN AN IRREPLACEABLE, PREMIER DOWNTOWN BELLEVUE, WA

(SEATTLE) LOCATION

2 |

HFF has been exclusively retained by Ownership to present the rare opportunity to acquire The Shops at The Bravern, a destination 313,000 SF urban upscale high street and experiential retail destination with immediate value-creation potential in the heart of the affluent city of Bellevue, WA. The Shops at The Bravern encompasses almost 40 luxury, experiential and entertainment retail stores in a two level open-air format and serves as the premier high street retail location for the entire Pacific Northwest. Developed in 2009, The Shops at The Bravern is an upscale retail village and is part of a larger mixed-use project consisting of 455 luxury residences, 750,000 square feet of Class A office space 100% leased to Microsoft, the Meydenbauer Center (150,000 visitors per year), and a seven-level parking garage with over 3,100 parking stalls. With tenants that include Louis Vuitton, Hermes, Gucci, and Prada, amongst others, the Property competes on a national level with destinations like Rodeo Drive (Beverly Hills, CA), 5th Avenue (New York, NY), and Union Square (San Francisco, CA).

2 |

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Prominently located in Seattle’s wealthy “Eastside” in downtown Bellevue (known as the “Beverly Hills” of the Pacific Northwest) in the center of the main commercial corridor on the hard corner of 8th Street and 112th Avenue, The Shops at The Bravern benefits from exceptional visibility and accessibility, including three on/off ramps from the I-405 (200,000 VPD) within two blocks. Additionally, the Property is directly adjacent to the future Wilburton East Link light rail stop, a fully funded $3.7 billion project delivering in 2023, which will serve more than 50,000 passengers a day and will connect Bellevue to Downtown Seattle and the SEA-TAC airport. The Shops at The Bravern features a tenant roster of today’s dominant high end retailers including Louis Vuitton, Hermes, Prada, Gucci, Salvatore Ferragamo, Oliver Peoples, Bottega Veneta, Omega, Montcler, and Jimmy Choo along with complementary experiential food and service providers such as Sugar Factory, John Howie Steak House, Dolar Shop, Gene Juarez Spa and Salon, and Lifetime Fitness.

Importantly, at 87.9% occupancy, The Shops at The Bravern offers significant and immediate value creation upside through continued lease-up of available space and mark-to-market rent opportunities that together will help grow NOI over 145% in the next 10 years.

PREMIER HIGH STREET EXPERIENTIAL RETAIL DESTINATION WITH SUBSTANTIAL UPSIDE

PROPERTY SUMMARYPrice: Best Offer

Address: 11111 NE 8th St, Bellevue, WA (Seattle) 98004

Square Feet: 313,119

Occupancy: 87.90%

Year Built: 2009

Floors: 3

Parking*: 3,130 Stalls

*Parking is provided by a 7-story subterranean parking structure that is part of The Bravern complex and is free of charge to The Shops at The Bravern guests.

4 |

INSIDE OF MONCLER

IMMEDIATE VALUE CREATION AND UPSIDE IN AN IRREPLACEABLE URBAN LOCATIONFew properties of this caliber exist or even change hands and they rarely provide avenues for immediate value creation. The Shops at The Bravern is an exception in that it is both a generational opportunity to control the premier high street and experiential retail destination in the Pacific Northwest and it also offers tremendous upside in the hold period that can be easily achieved through mark-to-market rent opportunities and lease-up of vacant GLA.

INVESTMENT HIGHLIGHTS

$2,500,000 $4,500,000 $6,500,000 $8,500,000

$10,500,000 $12,500,000 $14,500,000 $16,500,000 $18,500,000 $20,500,000 $22,500,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

NOI UNPRECEDENTED NOI GROWTH POTENTIAL

INSIDE OF SUGAR FACTORY

10 YEAR CAGR: 9.9%

145% NOI GROWTH OVER THE NEXT 10 YRS

MARKET48% BELOWAVERAGE BASE RENTS

| 5| 5

(200,000 VPD)

MEYDENBAUER CENTER

(150,000 VISITORS PER YEAR)

6 |

90Dolar Shop 80

6065

5570

50

MicrosoftBuilding Two

10

30100

20

40

15

NE 8TH ST

NE 6TH ST

112T

H A

VE N

E

110T

H A

VE N

E

TENANT ROSTER

LOWER LEVEL

SHOPS15/115 Hermes

30 Bottega Veneta50/145 Prada

100 Neiman Marcus130 Ferragamo135 Jimmy Choo

140/240 Louis Vuitton147 Oliver Peoples150 Omega152 APM Monaco162 Wolford Boutiques170 Gucci175 Moncler180 Tods250 Holly Zhang255 Eye Society275 David Lawrence

RESTAURANTS200 Mariposa at Neiman Marcus195 Trophy Cupcakes125 John Howie Steak

90/190 Dolar Shop120 Sugar Factory

SERVICES / AMENITIES80 Bank of America255 Eye Society5 Bravern Condo Association

295 Gene Juarez Spa & Salon20 LifeTime Fitness

SIGNATURE RESIDENCES688/788 Apartment Homes & Leasing Center

Meydenbauer Center

(150,000 Visitors Per Year)

As part of the larger Bravern Complex, which includes 750,000 SF of office 100% leased to Microsoft, the

Meydenbauer Center (150,000 visitors per year), and 455 ultra-luxury Signature Residences, The Shops at The

Bravern benefits from having a built-in, connected and exceptionally affluent customer base.

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290

285

288

275

265

270

260

255200Mariposa at

NeimanMarcus

MicrosoftBuilding Two

MicrosoftBuilding One100

250

246240

237247

245

235A235B

235E 235D235C

230

NE 8TH ST

NE 6TH ST

112T

H A

VE N

E

110T

H A

VE N

E280

MicrosoftBuilding

Two

MicrosoftBuilding

One

100

190

788Apartment

HomesSignature Residences (455 Luxury Residences)

170

155152

147

145135 130

125

115

122

120

140

162

150

195192

688Apartment Homes& Leasing Center

185

180

175

NE 8TH ST

NE 6TH ST

112T

H A

VE N

E

110T

H A

VE N

E

UPPER LEVELMAIN LEVEL

Meydenbauer Center

(150,000 Visitors Per Year)

Meydenbauer Center

(150,000 Visitors Per Year)

LEGEND: VacantOccupied NAP

8 |

HIGH VOLUME DESTINATION LUXURY RETAILERSThe Shops at The Bravern includes several of the most sought after national and international luxury retailers, many of whom do not have other competing locations in the area or even in the Pacific Northwest. At The Shops at The Bravern, luxury retailers in particular have exceptional sales, a strong testament to the market demand and potential for additional high quality luxury retailers in the Pacific Northwest’s dominant high-end retail destination.

TRANSFORMATION OF THE TENANCY TO A NATIONAL AND INTERNATIONAL RETAIL DESTINATIONSince 2014, ownership has replaced or added almost 20 new tenants, transforming the merchandise mix by replacing middle tier retailers with the top global luxury brands. In addition to the premier high end retailers, ownership has added key experiential and destination retail tenants, including Lifetime Fitness, Dolar Shop Restaurant, and Gene Juarez Spa and Salon, amongst others. Over 96,000 square feet of new leases and lease expansions have been signed in the past 25 months with strong activity and interest in the remaining available spaces.

Due to the carefully curated tenancy at the Property and the numerous complementary amenities, which include concierge and translator services, valet, and fine dining options, The Shops at The Bravern is the preferred destination for international customers in the Pacific Northwest. The combination of world famous luxury retail brands with dynamic destinations such as Dolar Shop, Lifetime Fitness, and Gene Juarez Spa and Salon appeal directly to the local and regional high end retail consumers in the affluent Bellevue and Seattle area, but also to the numerous international visitors who frequent the Northeast for business and pleasure.

Year New Leases / Expansions Square Feet % of Total GLA

2017 8 85,550 27.3%

2016 6 10,999 3.5%

2015 2 4,025 1.3%

2014 3 19,727 6.3%

Totals 19 120,301 38.4%

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100% LEASED TO750,000 SF

10 |10 |

EXTREMELY HIGH BARRIERS TO ENTRY IN AN UNDERSERVED LUXURY RETAIL MARKETThere are few developable areas in downtown Bellevue, limiting the potential for future competition. This is further compounded by the fact that the top tier high-end retailers are already in occupancy at The Shops at The Bravern and have had immense success, with several tenants expanding into adjacent suites. Compared to many of the US’ strongest luxury retail markets, e.g., Los Angeles, New York, South Florida, the Bellevue/Seattle market is dramatically underserved by high-end retail.

AFFLUENT DEMOGRAPHICSDowntown Bellevue is in close proximity to several of the wealthiest areas in the nation, including Medina, Bellevue, and Redmond, which are home to the senior executives of Microsoft, Salesforce, Concur, and other prominent technology companies. In a 5-mile radius, the average household income is over $166,000, almost three times greater than the national average.

In a 10-mile radius surrounding The Shops at The Bravern, there are over 58,000 millionaires. Additionally, as noted in the demographic comparison among the markets noted below, Bellevue consistently ranks at the top of the pack in the categories representative of a luxury retail shopper.

Source: Spotlight Environics Analytics

Rank Bellevue,WA

Newport Beach, CA

Los Angeles, CA

Houston,TX

Miami,FL

AffluenceAverage Household Income #2 $154,183 $183,822 $91,471 $84,526 $62,833HHs w/ income of $250k+ #2 15.7% 24.3% 6.4% 5.7% 3.5%HHs w/ income of $500k+ #2 6.2% 12.6% 2.5% 2.2% 1.3%Average Household Net Worth #2 $865,002 $1,068,389 $606,513 $415,748 $388,658Population & GrowthTotal Population (2018) #4 138,141 90,606 3,973,025 2,385,188 447,028Total Population (2023 Projection) #4 146,948 94,777 4,108,414 2,545,486 476,719Population Annual Growth Rate (2010-2018) #2 12.9% 6.4% 4.8% 13.6% 11.9%Population Annual Growth Rate (Projected by 2023) #3 6.4% 4.6% 3.4% 6.7% 6.6%Households & GrowthTotal Households (2018) #4 57,363 40,900 1,383,718 890,860 179,978Total Households (2023 Projection) #4 60,916 42,654 1,432,776 953,943 193,037Households Annual Growth Rate (2010-2018) #3 13.8% 5.4% 5.0% 14.2% 13.8%Households Annual Growth Rate (Projected by 2023) #3 6.2% 4.3% 3.5% 7.1% 7.3%EmploymentUnemployment Rate #2 3.5% 3.2% 5.4% 4.4% 5.0%EducationPopulation by Education: College Degree+ #1 65.4% 64.5% 32.3% 30.6% 26.0%

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INSIDE OF SALVATORE FERRAGAMO

INSIDE OF HOWIE’S

12 |

RAPID POPULATION AND RESIDENTIAL GROWTHWithin a 1-mile radius, the population has increased by almost 90% since 2000 and it is projected to grow over 9% in the next five years. This population growth has led to numerous large scale residential developments and there are more than 2,100 residential units under construction in a 3-mile radius.

EXCELLENT VISIBILITY AND ACCESSIBILITY IN AN IRREPLACEABLE LOCATIONThe Property is strategically located on the hard corner of 8th Street and 112th Avenue in the center of Downtown Bellevue less than a block from the I-405 (200,000 VPD) and adjacent to the Meydenbauer Center, a convention center with 150,000 visitors per year, and City Hall. With the addition of the $3.7 billion Wilburton East Link Light rail stop directly across the street from The Bravern (delivering in 2023), which will connect Bellevue to Downtown Seattle and the SEA-TAC Airport, The Shops at The Bravern will be even more accessible from across the state.

HOME TO MAJOR INTERNATIONAL CORPORATIONS

BELLEVUE - THE BEVERLY HILLS OF THE PACIFIC NORTHWEST

13% POPULATION INCREASE SINCE 2010

1.6 MILLION VISITORS ANNUALLY

$762 MILLION IN DIRECT VISITOR SPENDING

20% INCREASE IN THE ASIAN POPULATION IN LAST 7 YEARS

66% OF POPULATION HAS EARNED A BACHELOR'S DEGREE OR HIGHER

3,600 MULTIFAMILY UNITS PLANNED OR UNDER

CONSTRUCTION

WEST BELLEVUE($148,000 AVG HH INCOME)

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DEMOGRAPHICS 1-Mile 3-Mile 5-Mile

2018 Population 21,656 95,380 235,934

2000-2018 Population Growth 88.3% 27.9% 20.2%

2018 Number of Households 12,122 42,264 100,062

2018 Average Household Income $148,509 $155,654 $166,504

DOWNTOWN SEATTLE(MSA POPULATION: 3.8 MILLION)

MOORLAND($173,000 AVG HH INCOME)

MERCER ISLAND($223,000 AVG HH INCOME)

MEDINA($289,000 AVG HH INCOME)

DOWNTOWN BELLEVUE

(210,000 DAYTIME POPULATION)

WEST BELLEVUE($148,000 AVG HH INCOME)

LAKE WASHINGTON

LAKE BELLEVUE

(200,000 VPD)

BELLEVUE CITY HALL

CITY CENTER BELLEVUE

MEYDENBAUER CENTER

(150,000 VISITORS PER YEAR)

RESIDENCES AT THE BRAVERN(455 LUXURY UNITS)

888 108TH AVENUE TOWER(157 UNITS)

CITY SQUARE BELLEVUE APARTMENTS(191 UNITS)

BRIO APARTMENTS(258 UNITS)

MARRIOTT(381 ROOMS)

THE WESTIN (337 ROOMS)

MICROSOFTMICROSOFT

EXPEDIA INC BELLEVUE TOWERS HYATT REGENCY (732 ROOMS)

SYMETRA

WILBURTON EAST LINK TERMINAL ($3.7 BILLION PROJECT CONNECTING BELLEVUE TO DOWNTOWN SEATTLE AND THE SEA-TAC AIRPORT)

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6TH S

TREE

T 8TH S

TREE

T

OVER 58,000 MILLIONAIRES IN A 10-MILE RADIUS OF DOWNTOWN BELLEVUE

This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the property. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.

SEATTLE

LAKEWOOD

GRAHAMELK PLAIN

OLYMPIA LACEY

DUPONT

MERCERISLAND

VASHONISLAND

HARSTINEISLAND

McNEILISLAND

520

522

599

302

169

167

164

509

202

203

3

16

16

18

160

405

405

5

5

5

5

5

90

90

BELLEVUE

BREMERTON

SILVERDALE

RENTON

PRESTONISSAQUAH

FEDERALWAY

TACOMA EDGEWOOD

REDMONDKIRKLAND

BOTHELLSHORELINE

NORTH GATE

BURIEN

EDMONDS

LYNWOOD

MILL CREEK

LAKEWASHINGTON

LAKESAMMAMISH

PUGETSOUND

PUGETSOUND

INVESTMENT SALES ADVISORS

DEBT ADVISOR

BRYAN LEYMANAGING DIRECTOR310.407.2120bley@hfflp.com

JOHN PELUSIEXECUTIVE MANAGING DIRECTOR412.281.2030jpelusi@hfflp.com

KIM FLORESSENIOR ASSOCIATE305.448.4778kflores@hfflp.com

JEFF HODSONANALYST503.417.5596jhodson@hfflp.com

TOM WILSONSENIOR MANAGING DIRECTOR503.224.3311twilson@hfflp.com

HFF SEATTLE1301 5TH AVENUE

SEATTLE, WA 98101206.576.0050

HFF MIAMI1450 BRICKELL AVENUE

SUITE 2950MIAMI FL, 33131

305.448.1333

HFF LOS ANGELES10250 CONSTELLATION AVE

SUITE 1000CENTURY CITY, 90067

310.407.2100

HFF PORTLAND805 –SW BROADWAY

SUITE 2460PORTLAND, OR 97205

503.224.0444

NICK KASSABSENIOR DIRECTOR503.265.5083nkassab@hfflp.comWA. LICENSE #109121

DANNY FINKLESENIOR MANAGING DIRECTOR305.448.1333dfinkle@hfflp.com

TONY ENSBURYANALYST310.407.2153tensbury@hfflp.com

hfflp.com

25 MINUTE DRIVE FROM SEA-TAC

INTERNATIONAL AIRPORT