Sarofim

Core Retail

Sarofim Realty Advisors seeks core retail acquisitions nationwide. Following is an overview of our acquisition criteria:

Type
Lifestyle, neighborhood, and grocery-anchored shopping centers of at least 85,000 square feet; Power centers across from #1 mall; street retail

Trade Area
Proven infill location with the following demographics:

Population	Density	Avg. Household Income
1-mile	8K	> $50,000
3-mile	50K	> $50,000
5-mile	150K	> $50,000

Acquisition Strategy
- Safe, predictable, secure cash flow over the investment period
- Locations within markets with above-average growth characteristics
     (job and population growth)
- High quality demographics in the trade area
- Proven, infill location with significant barriers to entry
- Successful existing tenant base (particularly the anchors)
- Outstanding physical characteristics (access, parking,
     configuration, visibility, etc.)

Deal Structure
Flexible. Will purchase for cash but can assume debt.

Return Criteria
Unleveraged IRR of at least 7.25% based on a
seven- to ten-year hold.

Minimum Deal Size
$15M