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08/1/2013

Site #4

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Quakerbridge MallRte 1

Lawrenceville, NJ

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Decision Logic

Quakerbridge Mall is the areas most desirable retail destination for the affluent people who live and work in Lawrenceville, Hamilton, West Windsor, and Princeton communities. It is a productive regional mall and is in the process of an upscale renovation and expansion that will add another 600,000 sq ft including a Nordstroms scheduled for 2014,2015.In addition, the Mall with the expansion will be adding another 100 stores. Recent additions have been Cheesecake, Apple, H & M, Forever 21, and Brio .

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Area Map Quakerbridge Mall

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Trade Area / Site Summary

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Population / Demographics Trade Area Generators

1-Mi 2-Mi Mall Visitors (MM) Name Daypart Dist (miles) / DirectionPopulation: 2693 48,241 4DepartmentStores In MallDaytime Pop: 3652 50,975 8 Hotels Within two miles# Households 1349 17,641 Princeton University 5000 Within 5 milesHBA (US): Rider University 4700 Within 4 milesMedian Age 35.7 37.2 TCNJ 6000 Within 6 milesMedian Income 98,066 104,901 (US $) 110 stores in Mall In Mall

Traffic (Auto) (Pedestrian) 12 Restaurants In/around MallPrimary St. 29 million /yr /yr 9,250,000sqft office space Within5milesSecondary St. 14million /yr /yr

Site Characteristics Competitors

Asset Type: Kiosk Name Sales Dist (miles) / DirectionSquare Footage: 200 Frontage: 20 Depth: 10 Coldstone 400,000 1/4 mileBldg Visibility: 150 Feet Twist 550,000 4 miles

Signage Type: Kiosk Square Ft: 10 Height: 2ftSignage Visibility: 150 FeetSeats: Interior: 0 Exterior: BenchesParking: Dedicated: Common: xCo-tenants at site: Macy's,Nordstroms,Apple, H&M, Target, JCPenney,Urban Outfitters

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Center Layout (Outdoor)

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• Label Co-Tenants and Competitors• Directional arrows for Main Entrance• Sales Volumes

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Mall Layout

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• Label Co-Tenants and Competitors• Directional arrows for Main Entrance• Sales Volumes

Pinkberry site

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Site Layout

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• Layout “Proposed” (or “Approved”) by Landlord, Pinkberry Design

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Pictures

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Center Layout (Outdoor)

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Area Overview

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Quaker Bridge Mall

Mercer Mall

Sams Club

Babies R US

Dick’s Sporting Goods

Michael’s

Target

Wegman’sKohl’s

Wal-MartBest Buy

Home Goods

Princeton Market Fair

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Exterior / Interior Signage• Layout “Proposed” (or “Approved”) by

Landlord, Pinkberry Design

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Sales Forecast

Year 1 Year 2 Year 3

Rolling 12-Month Sales 700,000 750,000 800,000

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Performa Income Statement - $700,000

Sales $700,000 100.0%

Cost of Sales 175,000 25.00%

Gross Margin 525,000 75.00%

Operating Expenses

Labor Expense 190,400 27.20%

Other 29,961 4.00%

Total Operating Expense 219,961 31.00%

Fixed Costs

Rent Related Expense 98,000 14.00%

Royalties 42,000 6.00%

Marketing Fund 28,000 4.00%

Total Fixed Costs 168,000 24.00%

EBITDA 137,039 20.00%

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Summary of Lease Terms

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• Basic Rent Terms– 200 Square Feet, $550 psf, at rent schedule below– Term: 10 Years, at 3% increases every 1 year– Percentage Rent – 8% over 1.2million breakpoint– CAMs capped at 4% per year– 4% promo & media– Exclusive Use for Frozen Dessert– No Radius Restriction

Lease Year Annually Monthly1-2 $110,000.00 $9,167.003-4 $116,699.00 $9,725.005-6 $123,806.00 $10,317.007-8 $131,345.00 $10,945.009-10 $135,285.00 $11,274.00

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Timeline Estimates:• Date of Lease execution:

– Approximately August 15, 2013• Date of Landlord Delivery:

– Approximately October 1, 2013• Date plans complete/submit for Permits:

– Target plan completion date: August 20, 2013– No Zoning Issues identified– Building permit and signage process is expected to take 30 days– Permit submission target: August 20, 2013

• Date receive permits– September 20, 2013

• Date construction commences– October 1, 2013

• Date construction completed– October 15, 2013

• Date store opens– October 25, 2013

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Summary Remarks

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Pros

1. High Population2. High HBA in TA

Cons

1. Nordstrom’s will not be opening until 2015 in the most recent estimate.Trade Area

Site Specifics 1. High Visibility2. Good Access

1. Co-Tenants close at 9:30pm

Potential Issues: This is one of the top Trade Areas that we identified in our Market Plan. Our location is in the center of activity in this mall which is being upgraded with many stores that our primary demographic interacts with. We are locating here as a long-term strategy and understand the short-term challenge of this location during the mall’s upscale transition.

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LegendR VIEW TO:

NORTH EAST

SOUTH WEST

B SALES ($US) COMPETITION SALES ($US) COMPETITION SALES ($US)1 Cold Stone $400,000 2 Twist $550,000 3

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O LOCATION1 Pink Berry Bryn Mawr Bryn Mawr, Pa. N/A2

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Y1 2 34 5 67 8 9

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Rolling 12 Month Sales ($US)

TCNJ - The College of NJ Rider University 110 stores in the mall12 resturaunts 9,250,000 sq feet of office space

4 Department Stores in Mall 8 Hotels Princeton UniversityTRADE AREA GENERATORS / CO-TENANTS

N/A

Proposed Site - Quakerbridge Mall Kiosk

COMPETITION

EXISTING / NEAREST STORES Previous Full Year Sales ($US)