ACQUISITION CRITERIA

Tri-Land primarily focuses on underperforming grocery-anchored retail properties (or potential grocery sites), located in high density infill locations in the Midwest, Mid-Atlantic and Southeast markets of the United States. Tri-Land deploys a variety of redevelopment strategies to maximize the shopping centers including:

• Deep Value-Add. These properties can be described as older assets (typically over 30 years or older) in major markets or secondary markets with a minimum population of 250,000. Deep Value-Add shopping centers and retail properties typically have significant deferred maintenance issues that require major capital expenditures, meaningful occupancy deficiencies and may be subject to reconfiguration if the existing buildings are not sited correctly.
• Value-Add. These properties can be described as slightly younger assets (typically under 30 years) in major markets or secondary markets with a minimum population of 250,000 people. Value-Add shopping centers and retail properties typically have minor deferred maintenance issues that may require parking lot repairs, landscaping improvements, fascia and tenant signage upgrades, lease up of existing vacant space, and could include outlot development opportunities.
• Cash-Flow Stabilized. These properties can be described as assets which have a solid credit anchor tenant with an existing in place lease of 10 to 25 years located in major markets or secondary markets with a minimum population of 250,000. Typically, there are minor-to-no deferred maintenance issues, and there may be a small percentage of vacancy for lease-up. These properties are likely to provide in place cash flow to cover debt service and a 7% current return available to investors for distribution.

Property Types:
Shopping centers located in major metropolitan statistical areas (“MSAs”) and secondary markets with a minimum population of 250,000. These locations may also have the following characteristics:

• Neighborhood Center. These properties typically will range between 100,000 and 500,000 square feet in size, and will contain opportunities to create value through redevelopment, enlargement, lease up and/or realignment of the existing tenant mix. Typical tenants include food retailers, including grocery stores and restaurants, soft goods retailers, furniture retailers, discount stores, immediate health, beauty supplies and fitness retailers/service providers, financial institutions and similar retailers and service providers.
• Convenience Center. These properties typically will be less than 100,000 square feet in size, may be located at a signalized corner of 2 intersecting streets containing multiple curb cuts on both streets. Typically, the front of the buildings will be located 90 to 120 feet from the street and parking will be onsite either in the front or back of the building. Value can be created by redevelopment, enlargement, lease-up and/or realignment of the existing tenant-mix. Typical tenants include restaurants, both drive-thru and full-service, immediate health services, drug stores, specialty food stores, dry cleaners/ laundry services, financial institutions and similar retailers and service providers

Characteristics and Demographics

• Good supermarket or necessity-based retail/service anchored locations serving the immediate needs of the surrounding neighborhood.
• Neighborhood and Convenience/Strip centers primarily with solid redevelopment or expansion opportunities.
• Trade areas that are demographically favorable with median household income at, near or above the national or regional median.
• Heavy Daily Traffic for the market.
• Site is well located and benefits from two-way traffic flows.
• Easy Access which is parallel to main road with convenient accessibility.
• Great Visibility with a clear site line to tenants.
• ‘Infill’ Locations with High barriers to entry.
• Leading Grocery Anchor or ideal Grocery location.