Summary

Lake Vista Shopping Center is located in Lewisville, 24 miles north of downtown Dallas and 36 miles northeast of downtown Fort Worth. The property has direct frontage on the north side of the westbound service for S.H. 121 Bypass. Traffic counts along this route are 47,000 cars per day. One-half mile east is I-35 which provides access south to Dallas, Austin and San Antonio and points north out of state. At the end of 2007, the Texas Department of Transportation (TXDOT) will expand I-35 to 18 lanes. The Property is located at the main entrance to the Hilton Garden Inn Convention Center Hotel, which is scheduled to open in the first quarter of 2007. The office buildings in the immediate area are well-occupied, creating retail demand beyond nearby residential neighborhoods. The retail corridor serves an estimated population of 205,000 people in a five mile radius, as of 2004.

The current development plan includes a 21,550 sf shopping center and a 4,600 buildable sf restaurant pad. The restaurant pad will be located near the frontage street (S.H. 121 Bypass) at the southwestern end of the Property.  The shopping center portion of Lake Vista will be located at the northern portion of the Property adjacent to the parking area for the Hilton Garden Inn. The shopping center will contain approximately 6,500 SF of space suitable for inline restaurants. The balance of the space in the shopping center will be designed for retail users.

The investment strategy consists of acquiring the land and overseeing the development of a 12-month construction schedule with an additional 12 months from lease-up to stabilization.  The investment profile is expected to provide capital appreciation.