1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

PITTSTON COMMONS SHOPPING CENTER

ACTUAL PROPERTY

o f f e r i n g m e m o r a n d u m

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 1

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

Investment Overv iew

• Pittston Commons, a 177,000- Square Foot Retail Center Located in Pittston, Pennsylvania

• Shopping Center is over 95 Percent Occupied

• Tenants Include: Kmart, Dollar Tree, Planet Fitness, Rent-A-Center, Mavis Tire Supply, Northeastern Eye, Verizon, H&R Block, and More

• Three miles from Wilkes-Barre/Scranton International Airport

• In Close Proximity to CenterPoint Commerce and Trade Park | Six Million Square Feet of Industrial Space | Nearly 50 Tenants

Marcus & Millichap is pleased to present Pittston Commons, an 177,000-square foot retail center in Pittston, Pennsylvania. This 18 acre site is located between Scranton and Wilkes-Barre in Luzerne County. Pittston Commons is 95 percent occupied and features major national tenants like Kmart, Dollar Tree, Planet Fitness, Rent-A-Center, Mavis Tire Supply, and H & R Block, among others.

The subject property is well located on North Township Boulevard which sees more than 10,000 vehicles per day. The asset is minutes away from Interstate 81 and Interstate 476, with a combined traffic count of over 68,000 vehicles per day. Wilkes-Barre/Scranton International Airport is located only three miles away, and the Mohegan Sun Pocono Casino is approximately five miles away. Major tenants in the vicinity include Walmart, ALDI, Rite Aid, CVS, AutoZone, Advance Auto, McDonald’s, Subway, Wells Fargo, Burger King, M&T Bank, and many more.

Pittston Commons is in close proximity to CenterPoint Commerce & Trade Park. A Mericle-developed and owned property on the I-81 Corridor, CenterPoint is comprised of 1,800 acres and sits less than 1/2 mile from exit 175 of I-81 and exit 115 of I-476 (Northeast Extension of the Pennsylvania Turnpike). Mericle began constructing the park in October 2005 to accommodate manufacturing, distribution, and office users. Mericle has built numerous speculative facilities in CenterPoint and can accommodate companies needing anywhere from 6,000 Square Feet to more than One million Square Feet. Tenants include Benco Dental, Bimbo Bakeries, Emery Waterhouse, FedEx Ground, J.P. Boden, Kimberly-Clark, Lowe’s, Neiman Marcus, QuietFlex Manufacturing, the Home Depot, and The Men’s Wearhouse. Every building constructed in the park receives a 10-year, 100 Percent real estate tax abatement on improvements via the Local Economic Revitalization Tax Assistance (LERTA) program.

ACTUAL PROPERTY

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 2

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

Financia l Overv iew

PRICE: $12,202,000

CAP RATE: 9.52%

NOI: $1,161,733

PRICE PER SQUARE FOOT: $69.04

RENT PER SQUARE FOOT: $7.13

YEAR BUILT: 1972

LOT SIZE: +/- 18.3 Acres

GROSS LEASEABLE AREA: 176,734 Square Feet

TYPE OF OWNERSHIP: Fee Simple

Offer ing Summary Annua l i zed Operat ing Data :Income

Base Rent

Occupied Space $1,202,823

Vacant Space at Market Rents $80,000

Gross Potential Rent $1,282,823

Expense Reimbursements

Real Estate Taxes $85,000

Insurance $50,939

CAM $98,000

Sewer Income $7,800

Total Expense Reimbursements $241,739

Fireworks Tenant (Seasonal) $1,500

Gross Potential Income $1,526,062

Vacany/Collection Allowance $80,000

Effective Gross Income $1,446,062

Expenses

Real Estate Taxes $112,000

Insurance $50,939

CAM $86,500

Management Fee (% of EGI) $34,890

Total Expenses $284,329

Net Operating Income $1,161,733

Reserves/Replacements $42,539

Net Cash Flow Before Debt Service $1,119,194

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 3

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

GLA % of GLA Lease Commence

Lease Expire

Annual Rent

Rent (PSF) Options Increases

KMART 88,477 50.06% 8/1/2012 7/31/2019 $170,000 $1.92 2x2Yr None

PLANET FITNESS 19,675 11.13% 10/1/2009 9/30/2029 $265,073 $13.47 2x5Yr Every 5 Years

IMMUNO TEK BIO CENTERS 13,200 7.47% 10/1/2017 9/30/2032 $232,800 $17.64 3x5Yr Approx 5% Every 5 Years

DOLLAR TREE 12,000 6.79% 10/1/2011 9/30/2027 $108,000 $9.00 2x5Yr $12,000 Every 5 Years

THE LEARNING STATION 7,197 4.07% 6/1/2016 5/31/2025 $60,000 $8.34 2x5Yr $3,000 in 2018

ALLIED SERVICES 4,800 2.72% 1/1/2015 12/31/2018 $49,200 $10.25 None None

RENT-A-CENTER 4,800 2.72% 7/1/2013 6/30/2018 $50,400 $10.50 1x5Yr In Option

NORTHEASTERN EYE 2,500 1.41% 6/1/2011 5/31/2021 $36,250 $14.50 1x5Yr 3.5% in 2019

FIRST NATIONAL BANK 2,000 1.13% 10/1/2013 9/30/2018 $45,000 $22.50 None None

VERIZON 2,000 1.13% 1/2/2017 5/1/2020 $18,000 $9.00 1x5Yr 10% Each Option

HAPPY FAMILY CHINESE 1,950 1.10% 7/1/2011 7/31/2019 $18,000 $9.23 1x5Yr 30% in Option

H&R BLOCK 1,935 1.09% 5/1/2015 4/30/2018 $17,600 $9.10 1x3Yr 12.5% in Option

EXQUISITE NAILS 1,500 0.85% 1/1/2016 12/31/2020 $22,500 $15.00 None None

VACANT 8,000 4.53% $80,000 $10.00

MAVIS TIRE SUPPLY* 6,700 3.79% 8/1/2017 7/31/2027 $110,000 $16.42 6x5Yr 8% Every 5 Years

TOTAL VACANT 8,000 4.53% $80,000

TOTAL OCCUPIED 168,734 95.47% $1,202,823

TOTAL 176,734 100.00% $1,282,823

Rent Rol l

* Mavis Tire Supply Operating on a ground lease on an out parcel to Pittston Commons.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 4

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 5

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

Aer ia l Overv iew

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 6

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

5 MILE

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11

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590307

307

502

435

435

309

415

92

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29476

476

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Pittston

Taylor

Old Forge

MoosicDuryea

Avoca

Dupont

Suscon

Moscow

Daleville

Harding

Exeter

Wyoming

Yatesville

LaflinHilldaleSwoyersville

Forty FortPlainst Hudson

Kingston

Laurel Run

EdwardsvilleLarksville

Plymouth

ChaseTownship

of Jackson

Dallas

Shavertown

Trucksville

MisericordiaUniversity

Lehman

WestNanticoke

WestWyoming

Scranton

Wilkes-Barre

BackMountain

Area Overview & Demographics

1-Mile 3-Mile 5-Mile

P o p u l a t i o n

2000 Population 6,686 38,898 69,890

2010 Population 6,439 37,615 67,532

2016 Population 6,093 37,445 66,356

2021 Population 5,993 37,232 65,778

1-Mile 3-Mile 5-Mile

H o u s e h o l d s

2000 Households 2,818 16,331 29,169

2010 Households 2,824 16,393 29,459

2016 Households 2,675 16,319 28,963

2021 Households 2,632 16,225 28,710

1-Mile 3-Mile 5-Mile

H o u s e h o l d ( H H ) I n c o m e s

2016 Average HH Income $63,033 $62,979 $62,980

2016 Median HH Income $47,454 $45,235 $46,959

2016 Per Capita Income $27,673 $27,447 $27,489

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 7

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

Introduction to Pittston, Pennsylvania

Pittston, Pennsylvania, in Luzerne county, is 8 miles SW of Scranton, Pennsylvania (center to center) and 94 miles NW of Newark, New Jersey. The town is part of the Scranton - - Wilkes - Barre - - Hazleton metropolitan statistical area (MSA). About 5,072 people live in West Pittston.

Pittston History

Fort Jenkins, which served as the Wyoming Valley’s defense point in colonial times, was situated in present-day Pittston. The town was officially founded in 1778. Through a major part of the 19th century, the area was home to people employed in the anthracite coal industry. Following the collapse of this industry in the mid-1900s, Pittston’s economy fared better than most other similar communities. It was home to several noteworthy businesses like the Renaissance Entertainment Technologies, Pride Mobility, and Keystone Automotive. In the past, the town was also known for its production of cut glass, knit and silk goods, mine screens, and crackers. West Pittston was incorporated in 1857.

Pittston and Nearby Attractions

Steamtown National Historic Site Scranton Iron Furnaces

Pennsylvania Anthracite Heritage Museum Ross Park Zoo

Dorney Park and Wildwater Kingdom Frances Slocum State Park

Things To Do In Pittston

The Steamtown National Historic Site features exhibits that depict the history of main line steam railroading, while Scranton Iron Furnaces includes industrial remains of stone blast furnaces that were built in the mid-1800s by the Lackawanna Iron & Coal Company. Everhart Museum, and Pennsylvania Anthracite Heritage Museum are some of the museums near Pittston. The town also offers easy access to the Frances Slocum State Park, and Gouldsboro State Park which offer recreational opportunities for hiking, boating, fishing, swimming, camping, and picnicking. In addition, the community hosts the annual Cherry Blossom Festival, which features skit shows, a Miss Cherry Blossom contest, food vendors, and live musical entertainment.

Pittston Transportation

Wilkes-Barre / Scranton International Airport is nearby

Pittston Higher Education

Colleges close to West Pittston are Luzerne County Community College, King’s College, Misericordia University, and Penn State Wilkes-Barre.

Market Overview - Pittston, Pennsylvania

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 8

1874 South Township Boulevard - PITTSTON, PENNSYLVANIA 18640

PITTSTON COMMONS1874 South Township Boulevard

PITTSTON, PENNSYLVANIA 18640

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2016 Marcus & Millichap. Activity ID: Y0330225 9