Inverness Corners

Investment Highlights

INVERNESS CORNERS
• Inverness Corners is a 241,925 SF grocery center in Hoover, AL
• Center is anchored by a high performing Winn-Dixie & Kohl’s
• 93% Occupancy

STABLE TENANT HISTORY | SERVICE ORIENTED RETAIL
• Inverness Corners has a long-standing history of well performing tenants
• The center has an average tenant tenure of 12.37 Years
• Service & restaurant tenants comprise 76% of the total GLA (Excluding Winn-Dixie & Kohl’s)
• Inverness Corners offers a synergistic mix of ser vice/destination oriented & restaurant tenants

WINN DIXIE | COMMITTED TO INVERNESS
• Inverness Corners is anchored by a high performing Winn-Dixie grocery store (22.32% of Total GLA)
• Winn Dixie (Southeastern Grocers) operates 500+ Winn Dixie Locations that generated $10.5B in store revenue in 2020
• Winn Dixie has 11 y ears remaining on their lease along with six 5-year options
• Winn-Dixie recently expressed their long-term commitment to Inverness by announcing they will be renovating the interior of the store at their own cost
• Along with these renovations, they will be adding at their own cost, designated parking spaces, Freezers, and Shelving to facilitate eCommerce services now offered at the store (Grocery Pick-Up/Delivery)
• New roof completed over Winn-Dixie in December of 2018

KOHL’S | POTENTIAL UPSIDE OPPORTUNITY
• Inverness Corners 2nd anchor is a 92,641 SF Kohl’s (38.29% of GLA) which sits on its own tax parcel
• Kohl’s rent is $4.87 PSF Modif ied Gross which is signif icantly under market
• While Kohl’s is expected to renew in 2023, this presents an immense upside opportunity
      • Option #1: Negotiate lease extension with Kohl’s and spin off as a S TNL at a significant CAP Rate Arbitrage
      • Option #2: Potential redevelopment for Multi-Family (8.57 acres) or Self Storage (92K SF).
      • Option #3:“Right-Size” Kohl’s and backfill remainder of space at double digit market rent
• New roof completed over Kohl’s in March of 2019

MOST AFFLUENT & FASTEST GROWING DEMOS IN ALABAMA
• The center is situated less than 10 minutes from Hoover, Meadowbrook, Trussville, Homewood, & Chelsea, each in the top 10 of Alabama’s most affluent suburbs
• Hoover & Trussville experienced the most growth in Alabama over the last decade (Top 5)
• Inverness Corners is surrounded by affluent country club neighborhoods including Greystone, Inverness, Heatherwood, Hoover, and River Chase Country Clubs
• 5-Mile Average HHI: $152,350
• 5-Mile Population: 88,294
• 5-Mile Population Growth: 5.07%

STRATEGIC LOCATION | HIGHWAY 280 RETAIL CORRIDOR
• Inverness Corners is ideally located on Birmingham’s Highway 280 (90,161 VPD), just 10 Miles from Downtown Birmingham
• It is also located at the intercept point for Valleydale road, the only artery road connecting Meadowbrook & Hoover
• Sits at the heart of a dense retail corridor | 1.8M SF of Retail in a 1-Mile Radius
• Surrounding tenants include Walmart Supercenter, SuperTarget, Home Depot, Lowe’s, Hobby Lobby, TJ Maxx, Dick’s Sporting Goods, HomeGoods, Academy Sports, and many more
• The Inverness/Medowbrooke submarket is home to the MSA’s largest concentration of office space (8.6 million square feet) and state-of-the-art medical center (1 million square feet).

GRANDVIEW MEDICAL CENTER
• Grandview Medical Center (3-Miles from site) has acted as a major catalyst to the Highway 280 corridor
• Grandview Medical Center is a 434-bed tertiary care hospital that utilizes its 759 employees to provide healthcare services to patients in Birmingham and surrounding communities.
• Since its construction in 2015, the hospital has served as the foremost catalyst for new surrounding development
• Since its opening in 2015, this economic centerpiece has sparked various multi-family & residential housing construction within 2 miles of the medical campus
• Additional office, medical office, hospitality, and multi-family developments that have been planned are projected to create 10,000+ jobs and $400M+ in annual revenue