Sprouts- Virtual Tour- Fort Myers- College Parkway & Winkler Road (College Plaza)- 2.24.2021 DRAFT #2

VIRTUAL TOUR

FORT MYERS FL

COLLEGE PARKWAY & WINKLER ROAD (COLLEGE PLAZA)
CAPE CORAL-FORT MYERS MSA, FLORIDA

ADVISORY & TRANSACTION SERVICES | RETAIL

FLORIDA OVERVIEW

SITE

2 | 9TH STREET N & 34TH AVENUE N

TOUR OVERVIEW

SITE

3 | 9TH STREET N & 34TH AVENUE N

SITE SUMMARY

SITE SUMMARY – Fort Myers, FL-College & Winkler

IRR 31.2%
Sales Forecast $267K/$343K
Target Customer Count 31,663
Curb Appeal (quality of center, parking lot and landscaping) Good
Store Visibility/Quality of Signage Good/Good
Parking Good
Ease of Ingress/Egress
Co-Tenancy Good
Size
Standard / Not Standard Layout Small Shops and Out
Rent Parcels
Operations Approval
25,000SF
Standard
$19.50 NBTS

Truck Route/Size Some Challenges Needs Discussion

Meets or Exceeds

4 | 9TH STREET N & 34TH AVENUE N

TARGET CUSTOMER

SITE

5 | 9TH STREET N & 34TH AVENUE N

INCOME MAP SITE

6 | 9TH STREET N & 34TH AVENUE N

FORT MYERS | COLLEGE PARKWAY & WINKLER ROAD (COLLEGE PLAZA), FORT MYERS, FL

Veterans Parkway EDISON MALL

3-MILE RADIUS Colonial Boulevard

$27.3M

Santa Barbara Boulevard SOUTH PLAZA
Del Prado Boulevard
PAGE FIELD COMMONS

$10.4M

$50.2M S Cleveland Avenue

Cape Coral Parkway $27.5M Winkler Road CYPRESS CHASE BELL TOWER

$21.0M College Parkway $25.2M
$20.8M
SITE Cypress Lake Drive $13.3M
CORAL WALK $23.4M
CYPRESS LAKE PLAZA
Daniels Parkway

r Boulevard $25.2M
McGrego
MARKET SQUARE

$27.3M

$44.2M

$35.1M

$36.9M
$21.0M

7 | 9TH STREET N & 34TH AVENUE N

FORT MYERS | COLLEGE PARKWAY & WINKLER ROAD (COLLEGE PLAZA), FORT MYERS, FL

Winkler Road

$27.5M 14,500 VPD
$20.1M
MULTIFAMILY 54,000 VPD Signage 37,500 VPD F r on ta ge Roa d
400 UNITS Fu ll Ac cess
Full Access
College Parkway

12,000 VPD

Full Access SITE
Signage

S Pointe Boulevard

14,500 VPD

8 | 9TH STREET N & 34TH AVENUE N

FORT MYERS | COLLEGE PARKWAY & WINKLER ROAD (COLLEGE PLAZA), FORT MYERS, FL

F r onta ge Roa d
Full Ac cess

Shopping Center
Premises
Outparcels
Parking Spaces
Loading Dock & Compactor
Pylon/Monument Signs

Full Access
9 | 9TH STREET N & 34TH AVENUE N



Market Comp Worksheet- College Plaza, Fort Myers, FL

Proposed deal: Size BTS/TA Cost PSF Cap Rate Term Min. Rent Net of TA NNN Gross rent Comments
SPROUTS 20,000 BTS $ 150.00 7.50% 15 $ 19.50 $ 8.25 $4.90 $ 24.40

Comps: Size BTS/TA Cost PSF Cape Rate Term Min. Rent Net of TA NNN Gross rent Comments
Burlington Coat 42,000 As-Is $ - 7.50% 10 $ 13.00 $ 13.00 $4.90 $ 17.90 Former The Sports Authority in subject center
20,000 As-Is $ - 7.50% 15 $ 11.00 $ 11.00 $5.00 $ 16.00 Former Circuit City across the street from subject center
ALDI 28,000 GL $ - 7.50% 15 $ 10.00 $ 10.00 $- $ 10.00 Lucky/Kroger backfill at Santa Barbara & Veterans in central Cape Coral
ALDI 30,000 TA $ 30.00 7.50% 15 $ 14.75 $ 12.50 $4.75 $ 19.50 Coralwood Mall- 5 miles south
ALDI $ 12.50 $5.45 $ 17.95 Cypress Trace Shopping Center, Fort Myers
Winn Dixie 27,000 As-Is $ - 7.50% 15 $ 12.50

REC SUMMARY OUTPUT

PRELIMINARY SUMMARY PAGE

t ye s lle e y in le

Capital and Opening Costs $ Amount Per Gross SF Average Weekly Sales (Year 1 to Year 5) ($ in 000s)

A&E $0 $0.0

GC Contract $0 $0.0

DB - Sprouts Supplied $26,000 $1.1

LL Reimbursement $0 $0.0 $400
FF&E (ex IT) $1,400,000 $58.3
$343
$350 $334
Store IT $315,000 $13.1 $300
$250
Cap NSD Costs $250,000 $10.4 $317

$299

Inventory, Net of A/P $475,000 $19.8

Pre-Opening Expenses $375,121 $15.6 $267
Total Net Estimated Cost $2,841,121
$247
Gross Square Feet 24,000
EBIT
Base Rent / GSF $20.67 $200 Breakeven

CAM / GSF 2.12

Other Occupancy / GSF 3.18 $150
$25.97
Total Occupancy / GSF Year 1 Year 2 Year 3 Year 4 Year 5
$21.73 12.0% 6.0% 5.5% 2.5%
Lease Term 15 years FASB Rent Comp Growth

Earnings ($ in 000s) Returns
EBITDA
$2,100 EBIT Pay Back Period 4. Years
$1,600 1,538 1,538 1,275 1,275
$1,100
10 Year IRR 28.5%
15 Year IRR 31.2%

$600 NPV (10 Year IRR) $3,724,379
NPV (15 Year IRR) $6,356,568

$100

(8Y5e)a(r815) Year 5 Yea(3r 419) Year 5
7.2% 6.5%
-$400 -0.6% 2.4% 8.7% 8.5% -2.5% -0.1%
(349)
earnings
w/ effect of cann.

14 | 9TH STREET N & 34TH AVENUE N

REC SENSITIVITY TABLE

PRELIMINARY SUMMARY PAGE
Sensitivity Tables

As of: 02/18/21

IRR Model Sensitivity Analysis

IRR%
Sales Growth Rate - as increment on annual sales growth rate

Year 1 Sales -1.00% -0.50% 0.00% 0.50% 1.00%
31.2% #NUM! -20.6% -11.3% -6.7% -2.6%
15.3% 16.8% 18.4% 19.8% 21.3%
$167,000 62.5% 19.9% 21.5% 22.7% 24.2% 25.7%
24.4% 25.6% 27.1% 28.4% 29.5%
$226,950 85% 28.7% 29.8% 31.2% 32.3% 33.7%
32.5% 33.7% 34.9% 36.1% 37.3%
$240,300 90% 36.6% 37.8% 38.8% 40.3% 41.4%
40.6% 41.8% 43.0% 44.1% 45.2%
$253,650 95% 44.9% 46.0% 47.2% 48.3% 49.5%

$267,000 100%

$280,350 105%

$293,700 110%

$307,050 115%

$320,400 120%

IRR%
Margins - as increment on EBITDA Margin

Year 1 Sales -1.0% -0.5% 0.0% 0.5% 1.0%
31.2% -34.4% -17.5% -11.3% -7.2% -4.0%
14.4% 16.4% 18.4% 20.4% 22.4%
$167,000 62.5% 18.6% 20.7% 22.7% 24.8% 26.8%
22.8% 25.0% 27.1% 29.2% 31.3%
$226,950 85% 26.8% 29.0% 31.2% 33.3% 35.5%
30.4% 32.6% 34.9% 37.2% 39.5%
$240,300 90% 34.1% 36.5% 38.8% 41.2% 43.7%
38.0% 40.5% 43.0% 45.5% 48.1%
$253,650 95% 42.0% 44.6% 47.2% 49.9% 52.6%

$267,000 100%

$280,350 105%

$293,700 110%

$307,050 115%

$320,400 120%

15 | 9TH STREET N & 34TH AVENUE N

















CBSA Cape Coral-Fort Myers, FL Naples-Immokalee- North Port-Sarasota- Tampa-St. Petersburg- Tampa-St. Petersburg- Tampa-St. Petersburg- Miami-Fort Lauderdale-
State FL FL FL FL FL FL FL
Vintage 2017 2019 2018 2017 2019
2019

5 minute REC Site Fort Myers (Winkler) Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Average
Population 615 614 623 613 610 620
7 minute Density 25,466 21,445
Target Customer 3,588 Naples - Logan S. Sarasota Riverview Valrico S. Tampa (Dale Mabry) Wellington 2,660
10 minute Pop to TC Ratio 6,043
Specialty Grocer Ct 10,614 14,471 14,053 31,744 21,676 30,319 16,404 0.28
Trade Area Median HH Income 0.42 1,187 2,317 2,450 2,661 4,742 2,603 1
Education (Bachelor +) 1 4,758 5,902 6,091 4,102 3,872
Financials 0.33 0.42 0.19 0.19 11,533 0.24 $81,025
Population $53,161 - - - 1 0.38 2 45.3%
Density 35.0% 3
Target Customer $84,506 $62,393 $74,038 $89,006 $91,920 48,411
Pop to TC Ratio 45,907 46.2% 45.0% 33.7% 42.5% $84,289 45.8% 2,741
Specialty Grocer Ct 3,605 58.8%
Median HH Income 35,471 30,139 60,270 52,047 43,385 14,052
Education (Bachelor +) 18,846 1,410 2,395 2,402 2,745 69,156 2,683 0.29
0.41 4,815 1
Population 1 11,480 12,017 11,754 10,283 11,815
Density 0.32 0.40 0.20 0.20 26,962 0.27 $76,349
Target Customer $51,818 - - - 1 0.39 3 42.3%
Pop to TC Ratio 33.3% 3
Specialty Grocer Ct $80,694 $62,368 $72,639 $77,882 $86,048 101,261
Median HH Income 85,598 44.2% 43.2% 32.2% 36.9% $78,461 42.8% 2,487
Education (Bachelor +) 2,985 54.3%
68,905 60,085 113,775 112,567 119,325 30,934
Population 33,493 997 2,216 1,999 2,760 132,905 2,427 0.31
Density 0.39 4,523 2
Target Customer 3 23,157 22,252 23,358 26,403 37,301
Pop to TC Ratio 0.34 0.37 0.21 0.23 53,135 0.31 $69,737
Specialty Grocer Ct $53,411 1 1 - 1 0.40 3 39.1%
Median HH Income 33.2% 3
Education (Bachelor +) $80,333 $65,202 $69,556 $67,616 $68,782 91,636
80,911 44.4% 43.9% 30.0% 34.4% $66,934 35.4% 2,567
2020 LTM 3,218 46.2%
2020 LTM Capture Rate 68,014 63,089 136,475 86,394 102,501 25,819
EBITDA 31,662 911 2,065 2,040 2,377 93,344 2,457 0.28
EBITDA % 0.39 5,551 1
Actual (Adj) YR 1 AWS 2 22,747 22,813 29,245 15,952 28,100
0.33 0.36 0.21 0.18 36,057 0.27 $76,938
$53,468 - - - 1 0.39 3 42.0%
32.9% 2
$82,273 $64,944 $69,894 $82,787 $84,595 $5,121,951
$4,448,224 46.4% 42.8% 30.0% 40.9% $77,137 40.2%
51.6% $267,152
267,466 $3,908,796 $3,511,381 $7,342,344 $4,718,432 $6,108,032 5.2%
6.0% $5,142,720
$293,814 $264,523 $231,526 $240,075 $207,609 $600,937
7.5% 7.5% 3.2% 5.1% $365,367 3.4% 3.6%
7.1%
$736,503 $1,040,711 $168,319 $806,401 -$760,174 $303,055
4.8% 7.5% 1.5% 6.2% $1,613,860 -7.0%
N/A N/A 8.4% N/A
$306,276 $283,770
$319,120