Investment Opportunity

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1 NN Lowe s Home Improvement Warehouse 299 Grant Avenue, Auburn, NY Property Summary: Auburn is is located in the Finger Lakes region of New York State, approximately 35 minutes west-southwest of Syracuse. Over 24 million tourists annually visit the Finger Lakes region. Auburn is is the home of Cayuga Community College, which has an enrollment of approximately 2,700 students. This Lowe's Home Improvement Store is is located at the epicenter of the area's main retail corridor. This Lowe s shares a parking lot and a traffic signal with Super Wal-Mart. The Store is is located within 1/2 mile from other major retailers including: Bed, Bath & Beyond, Marshall's, Super Dollar Tree, Pet Depot, Staples, BJ s Wholesale Club, Eckerd, and Walgreens. The Store is is also located 2.5 to 3 miles from Fingerlakes Mall, a 406,000 square foot enclosed regional mall anchored by Sears, JC Penney, Steve & Barry's, JoAnn Fabrics and Bass Pro Shops. This Bass Pro Shops Sportsman's Center is is the first store in the chain in New York State. It It is is a major shopping and tourist attraction. Please note that this Lowe s can be purchased with the Vestal and/or Queensbury Lowe s. Price: We offer this property at $14,512,470 which is is a 6.6% cap rate on NOI of $957,823. Size: 130,316 sf plus a garden center Acreage: acres +/- Expires: 10/2018 Rent: $977,370 Reserve ($.15 psf) ($19,547) NOI: $957,823 Options: Option 1 Option 2: Option 3: Option 4: Option 5: Option 6: 1 (1) year (already exercised above) 4 (5) year 1 (6) year $977,370 (current) $1,075,107 ($8.25 psf) $1,182,618 ($9.07 psf) $1,300,879 ($9.98 psf) $1,430,967 ($10.98 psf) $1,574,064 ($12.07 psf) Lease Type: Landlord is is responsible for roof and structure. Landlord is is also responsible for parking lot resurfacing during Years 1-10 and during the 10 year period following resurfacing by Tenant.

2 Tenant: Lowe s Home Centers, Inc., a North Carolina Corporation (S&P: A+): Lowe's Companies, Inc. (Lowe's) is a home improvement retailer, with specific emphasis on retail do-it-yourself (DIY) customers, do-it-for-me (DIFM) customers who utilize its installation services, and commercial business customers. The Company offers a complete line of products and services for home decorating, maintenance, repair, remodeling and maintenance of commercial buildings. Its stores feature a home fashion and interior design center; a lawn and garden center; an appliance center; an outdoor power equipment center; an outdoor grill and patio furniture specialty shop; a hardware store; an air conditioning, heating, plumbing and electrical supply center; a lumber yard, and building materials center. With fiscal year 2005 sales of $43.2 billion, Lowe s Companies, Inc. is a FORTUNE 50 company that serves approximately 12 million customers a week at more than 1,250 home improvement stores in 49 states. Based in Mooresville, N.C., the 60-year old company is the second-largest home improvement retailer in the world. Not Subject Property

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4 Grant Avenue Plaza SITE Auburn Plaza

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7 Auburn, NY 2005 Average Income By Block Groups 7.00 Miles Jordan uma $75,000 or more $60,000 to $75,000 $45,000 to $60,000 $30,000 to $45,000 Less than $30,000 Port Byron Weedsport 5.00 Miles 3.00 Miles 5 Elbridge Skaneateles Falls n Mottville Skaneateles Auburn Melrose Park 38A Demographics 6985 Grant Avenue Auburn, NY 2005 Estimates 3 Mile 5 Mile 7 Mile Total Population: 25,659 39,457 50,327 Total Households: 10,250 15,641 19,879 Avg. HH Income: $46,548 $49,545 $52,874 Med. HH Income: $38,311 $40,578 $43,292 Updates of 2000 Census Data by Claritas.