O F F E R I N G M E M O R A N D U M

O N L I N E A U C T I O NO C T O B E R 2 7 - 2 9 , 2 0 2 0

ELM RIDGE SHOPPING CENTER3 5 3 0 - 3 8 2 0 We s t R i d g e R o a d , G re e c e , N Y

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A F F I L I AT E D B U S I N E S S D I S C LO S U R ECBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

© 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

C O N F I D E N T I A L I T Y AG R E E M E N T

D I S C L A I M E R

DISCLOSURESDisclaimer and

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T H E A U C T I O N P R O C E S S An online auction event will be conducted on RealINSIGHT Marketplace in accordance with the Sale Event Terms and Conditions (https://marketplace.realinsight.com/legal-sale-terms).

AUCTIONOffering Process and

Capital Markets | Auction Division3280 Peachtree Road, Suite 1400 Atlanta, GA 30305www.cbre.com

P H I L KAT E ST: 954-745-7468 C: 305-206-1286E: philip.kates@cbre.com

A DA M S K L AV E RT: 954-745-7467 C: 301-706-4619E: adam.sklaver@cbre.com

ADVISORSInvestment

D U E D I L I G E N C E Due diligence materials are available to qualified prospective bidders via an electronic data room hosted by RealINSIGHT Marketplace. Prospective bidders will be required to electronically execute a confidentiality agreement prior to being allowed access to the materials. All due diligence must be conducted prior to signing the purchase and sale agreement. You may contact the sales advisors with any due diligence questions.

B U Y E R Q U A L I F I C AT I O N Prospective bidders will be required to register with RealINSIGHT Marketplace to bid. Each bidder will be required to provide current contact information, submit proof of funds up to the full amount they plan to bid, and agree to the Auction Terms and Conditions. In order to participate in an auction, the Seller requires bidders to provide proof of their liquidity in an amount of at least their anticipated maximum bid for those assets they wish to bid on. Such liquidity must be in the form of cash, or cash equivalents, and must be available immediately without restriction.

Generally, recent bank statements, brokerage account statements, or bank letters are acceptable. A line of credit statement may be acceptable only if it is already closed and in place, has undrawn capacity, and may be funded immediately without bank approval. Loan pre-approval letters, term sheets, and the like, where the loan would be collateralized by the property up for auction and funded at escrow closing, are NOT acceptable. Capital call agreements, investor equity commitments, and the like, are evaluated on a case-by-case basis. The acceptance of any proof of funds documents are made at the sole and absolute discretion of RealINSIGHT Marketplace. For further information, please visit the Bidder Registration FAQ (https://marketplace.realinsight.com/faq-bid-registration).

A U C T I O N DAT E The Auction end date is set for OCTOBER 27-29 2020. R E S E R V E A U C T I O N This will be a reserve auction and the Property will have a reserve price (“Reserve Price”). The starting bid is not the Reserve Price. The seller can accept or reject any bid. All bidders agree to execute the non-negotiable purchase and sale agreement, which will be posted to the electronic data room prior to bidding commencement, should they be awarded the deal. For further information about how to bid, please visit the Bidding page (https://marketplace.realinsight.com/faq-bidding).

C LO S I N GFollowing the auction, the winning bidder will be contacted by phone and email to go over specifics of the sale, including the execution of the purchase agreement and all documentation involved in the purchase. The winning bidder must be available by telephone within two hours of the sale. More information can be found on the RealINSIGHT Marketplace website.

JAC K H O WA R DT: 212-895-0920E: jack.howard@cbre.com

A N G E LO N O L ET: 585-784-3637E: angelo.nole@cbre.com

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P R O P E R T Y A E R I A L

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OVERVIEWInvestment

E L M R I D G E S H O P P I N G C E N T E R

DARK

CBRE’s Investment Group and RealINSIGHT Marketplace are proud to offer Elm Ridge Shopping Center (the ‘Property’ or ‘Offering’), a ±468,615 SF community shopping center located at 3530-3820 West Ridge Road in Greece, NY (Rochester MSA) for purchase. Elm Ridge Shopping Center presents a unique value-add opportunity for investors to purchase a Walmart anchored retail center at an attractive basis in a dense market with significant upside via vacancy absorption and strategic leasing strategies. Positioned on an expansive ±54.197 AC site, Elm Ridge Shopping Center is well located in a highly developed and growing suburb of Rochester and is recognized as one the dominant shopping centers in its respective trade area. The Property was constructed in 1990 and

consists of six buildings along with 2,280 parking spaces (4.7 per 1,000 SF). Elm Ridge Shopping Center is ±61.07 leased (physical occupancy of ±33%) to 11 different food, lifestyle and grocery tenants. Tenants include Walmart (±114,513 SF), Firestone (Bridgestone) Retail Operation (±12,240 SF), and Taco Bell. Sam’s Wholesale Club, (±29.7% of Total SF) recently went dark providing an opportunity for a seasoned investor to re-lease, reconfigure or subdivide the existing ±131,408 SF box. The Property’s average weighted annual base rent is ±$11 PSF, providing investors with the opportunity to increase below market rents.

Elm Ridge Shopping Center offers a repositioning/redevelopment opportunity which affords the ability for a buyer to shift all tenancies to one particular area of the

N G R E E C E R DN G R E E C E R D

BRAM HALL DR

BRAM HALL DR

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±18,651 ±18,651 VPDVPD

center. Walmart’s short-term lease and willingness to consider relocating to the former Sam’s box combined with relocation clauses in the smaller shop leases provides potential to consolidate all current tenancies to the western portion of the shopping center. This will allow for a wide array of redevelopment/re-purposing of the remaining eastern portion of the shopping center. Elm Ridge Shopping Center is easily accessible and strategically located just ±7-miles from downtown Rochester in the Northwest submarket within Greece’s prime retail corridor. The Property is conveniently located on a busy 6-lane thoroughfare and offers excellent ingress/egress with two signalized intersections, dedicated turning lanes and multiple

access points. Elm Ridge Shopping Center is located along busy Route 104 and is located west of the Mall at Greece Ridge and Ridgemont Plaza. Furthermore, the center enjoys exceptional exposure with high traffic counts (±18,651 VPD) as it’s located on the same commercial corridor as Lowe’s, Target, Wegmans, Best Buy, Marshalls, Macy’s and Dick’s Sporting Goods. The population within a 5-mile radius of the Property is ±140,211 with an average household Income of ±$75,795. These factors combine to make this a unique opportunity for investors to purchase a center in a densely populated, in-fill location at an attractive basis with the opportunity to add value through additional leasing or repositioning of the Property.

± 4 6 8 , 6 1 5 S F W A L M A R T A N C H O R E D C O M M U N I T Y C E N T E R I N A H I G H LY D E V E LO P E D A N D G R O W I N G S U B U R B O F R O C H E ST E R

W I T H S I G N I F I C A N T VA LU E E N H A N C E M E N T O P P O R T U N I T I E S

N G R E E C E R DN G R E E C E R D

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HIGHL IGHTSInvestment

W A L M A R T A N C H O R E D C O M M U N I T Y C E N T E R W I T H S I G N I F I C A N T U P S I D E ; ± 2 9 . 1 % P H Y S I C A L O C C U PA N C Y W I T H S I G N I F I C A N T U P S I D E V I A VAC A N C Y A B S O R P T I O N ,

B E LO W M A R K E T R AT E S , A N D ST R AT E G I C N E G OT I AT I O N S U P O N R O L LO V E R

O P P O R T U N I T Y TO D R A M AT I C A L LY I N C R E A S E C A S H F LO W O V E R T H E C O M I N G Y E A R S V I A L E A S E - U P O R

R E P O S I T I O N I N G O F T H E DA R K S A M ’ S C LU B ( ± 1 3 1 , 4 0 8 S F, ± 2 8 % G L A ) A LO N G W I T H T H E VAC A N T I N - L I N E S PAC E S

DARK

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I N C LU D E S F O U R N AT I O N A L C R E D I T T E N A N T O U T PA R C E L S F R O N T I N G R I D G E

R OA D W I T H A U TO M OT I V E R E PA I R L E A D E R S , F I R E STO N E & M O N R O, A N D

C AT E G O R Y L E A D I N G R E STA U R A N T O P E R ATO R S TAC O B E L L A N D C H I L I ’ S

C O M P L E M E N T E D B Y A D I V E R S E M I X O F N AT I O N A L T E N A N T S R E P R E S E N T I N G

C AT E G O R I E S T H AT C A N N OT B E D I S P L AC E D B Y A N E - C O M M E R C E E X P E R I E N C E ; P R I M E V I S I B I L I T Y &

G E N E R O U S PA R K I N G F O R T E N A N T S W I T H 2 , 2 8 0 S PAC E S ( 4 . 7 4 P E R 1 , 0 0 0 S F )

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SPECIF ICSProperty

A D D R E S S 3580-3820 West Ridge Road, Rochester, NY 14626

C O U N T Y Monroe County

S U B M A R K E T Northwest Submarket

PA R C E L S Eight separate tax parcels including 073.02-1-72.1, 073.02-1-72.2, 073.02-1-71, 073.02-1-72.4, 073.02-1-74, 073.02-1-75.11, 073.02- 1-75.31, and 073.02-1-75.2

O C C U PA N C Y Total Physical Occupancy: ±33% (±154,760 SF) Total Dark: ±28% (±131,408 SF) Total Vacant: ±38.9% (182,447 SF)

I N - P L AC E N O I ±$942,788 (In-place YE as of 12/2019)

T E N A N T S Diverse tenancy including Walmart, a dark Sam’s Wholesale Club, Firestone,Chili’sGrill&Bar,MonroMuffler,TacoBell,EmpireBeauty School, Pro Nails, Sally Beauty, Supercuts, and The Barre Dance

A S S E T T Y P E Community Retail Center

B L D G S I Z E ±468,615 SF

# B U I L D I N G S Six (6) one-story buildings

LOT S I Z E ±54.197 acres

Y E A R B U I LT 1990

PA R K I N G ±2,280 surface spaces / 4.74 : 1,000 SF

ZO N I N G BG, General Business

AC C E S S Primary access to the area is provided by route Interstate 490, a major arterial that crosses the southern portion of the Rochester area in an east/west direction. Access to the Property from downtown Rochester is provided by route 390, which connects to the south with I-490 and I-90, the New York State Thruway. Local access to the Site is provided by Route 104, West Ridge Road, and by North Greece Road.

D E M A N D Major employers include the University of Rochester, the Rochester Regional Health System, Wegmans Food Markets, Paychex, and the Rochester Institute of Technology.

DETAILS

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D E S C R I P T I O N O F I M P R O V E M E N T SC U R B A P P E A L Parking area and drive lanes asphalt paving, trailer parking along loading docks concrete pavement, concrete sidewalks and ramps, concrete curbing, and pole mounted lights

ST R U C T U R A L D E TA I L SF O U N DAT I O N Concrete slab-on-grade w/ perimeter & interior footings under load bearing structures

S U P E R ST R U C T U R E Concrete masonry unit (CMU) load bearing walls; Metal deck on steel beams and joists

FAÇ A D E Painted Exterior Insulation Finishing System (EIFS), Brick masonry, Painted CMU

E X T E R I O R Combination of concrete blocks with brick and EIFS facade; Retail storefronts are plate glass set in anodized aluminum frames

R O O F Flat, ballasted, single-ply thermoset membrane; Flat, mechanically-fastened, single-ply thermoset membrane

T E N A N T S PAC E S 28

M E C H A N I C A L A N D E Q U I P M E N TH VAC Individual roof top packaged units and/or split system units with roof mounted condenser units and interior-set air handlers

P LU M B I N G Standard plumbing for retail space

W AT E R Supply piping Copper

E L E C T R I C A L Branch wiring Copper

F I R E S U P P R E S S I O N Wet-pipe sprinkler system

F I R E A L A R M Central system with local notification

U T I L I T I E SLO C AT I O N Water, gas, sewer and electric, located underground

W AT E R Monroe County Water Authority

S E W E R Monroe County Water Authority

STO R M W AT E R Town of Greece

E L E C T R I C Rochester Gas & Electric Company

G A S Rochester Gas & Electric Company

F LO O D ZO N E Zone X (unshaded); defined as minimal risk areas

DETAILSConstruction

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LARKIN CREEK LARKIN CREEK LUXURY APARTMENTSLUXURY APARTMENTS

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ESTABLISHEDESTABLISHEDRESIDENTIAL RESIDENTIAL

AREAAREA

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AERIALProperty

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B R A M H A L L D RB R A M H A L L D R

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± 1 8 , 6 5 1 V P D± 1 8 , 6 5 1 V P D

ESTABLISHEDESTABLISHEDRESIDENTIAL RESIDENTIAL

AREAAREA

LO C AT E D A LO N G A P R I M A R Y R E TA I L N O D E W I T H I R R E P L AC E A B L E F R O N TAG E O N T H E H E AV I LY T R A F F I C K E D H W Y 4 1 AT T W O

S I G N A L I Z E D I N T E R S E C T I O N S ; D I V E R S E G R O U P O F A R E A B U S I N E S S / I N D U ST R Y P R O D U C E S S I G N I F I C A N T DAY T I M E T R A F F I C

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ANCHORWalmart

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PLANSite

= O W N E D CO L L AT E R A L

12,240 SF

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BO2A Walmart ±114,513

BO1A Sam’s Wholesale Club ±131,408

OUTP Bridgestone ±12,240

OUTP Chili’s Grill & Bar ±5,693

OUTP Monro Muffler ±5,640

OUTP Taco Bell N/A

D08A Empire Beauty School ±8,920

E04A Pro Nails ±534

D11A Sally Beauty ±2,025

D09A Supercuts ±1,205

D05A The Barre Dance & Fitness ±1,750

EO6A Vacant ±1,615

E07 Vacant ±6,788

E06B Vacant ±2,239

E03A Vacant ±1,897

E02A Vacant ±23,184

E01A Vacant ±892

D17B Vacant ±3,468

D16A Vacant ±9,111

D15A Vacant ±11,100

D14A Vacant ±1,832

D13A Vacant ±10,000

D12A Vacant ±3,503

D10A Vacant ±3,138

D08B Vacant ±2,280

D07B Vacant ±2,240

D06A Vacant ±5,140

D04A Vacant ±1,500

D03A Vacant ±1,240

D02A Vacant ±4,500

D01A Vacant ±2,780

BO3A Vacant ±84,000

T E N A N T S U M M A RY

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TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 2TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 2

TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 1TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 1

MAPParcel

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TA X I D : 0 7 3 . 0 2 - 1 - 7 5 . 1 1TA X I D : 0 7 3 . 0 2 - 1 - 7 5 . 1 1

TAX ID: 073.02-1-75.31TAX ID: 073.02-1-75.31

TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 2TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 2

TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 1TA X I D : 0 7 3 . 0 2 - 1 - 7 2 . 1

E I G H T S E PA R AT E TA X PA R C E L S P O S I T I O N E D O N A N E X PA N S I V E ± 5 4 . 1 9 7 AC S I T E W I T H VA LU E A D D V I A R E P O S I T I O N I N G A N D / O R I N D I V I D U A L R E S A L E O F O U T PA R C E L S F O R S I G N I F I C A N T U P S I D E

TA X I D : 0 7 3 . 0 2 - 1 - 7 1TA X I D : 0 7 3 . 0 2 - 1 - 7 1TAX ID: 073.02-1-72.4TAX ID: 073.02-1-72.4

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VALUE ADDSignificant

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REPOSIT IONINGPotential

W I D E A R R AY O F R E D E V E LO P M E N T / R E - P U R P O S I N G O P P O RT U N I T I E S

In addition to the opportunity to relocate, expand and extend Walmart within the Center, it should be noted that the Greater Rochester Area has seen significant changes at big-box properties across the metro region.  Demand for these properties will present a unique repositioning opportunity for the large store vacancies at Elm Ridge Center. The reuse of big-box retail sites at both freestanding and mall anchor locations is having a significant impact on both the retail property sector, as well as non-retail sectors.  While many of these locations are being tenanted by new retailers, an even greater number of properties are slated for redevelopment for non-retail uses.  Drawn by their central location, abundant parking, open floor plans, and convenient access, these former retail sites are proving to be very attractive to office, flex and light industrial users.

With this particular property there is the ability for a buyer to shift all tenancies to one particular area of the center.  Walmart’s short-term lease and willingness to consider relocating to the former Sam’s box combined with relocation clauses in the smaller shop leases provides potential to consolidate all current tenancies to the western portion of the shopping center. This will allow for a wide array of redevelopment/re-purposing of the remaining eastern portion of the shopping center.

DARK

±84,000 SF VACANT IN-LINE SPACE

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The University of Rochester Medical Center (URMC) has unveiled plans to build a ±330,000 SF orthopedic center at Marketplace Mall.  The plan calls for URMC to take over the former Sears department store as well as the attached wing of the mall.  A four to six story building is proposed on the location of the current Sears building.  The ±$240 million project will be the biggest off-campus building in the University’s history and a phased opening is currently project in 2022 and 2023.

A ±134,000 SF former Sam’s Club in the Town of Henrietta, Cantel Medical Corporation will be taking over the full footprint of the Marketplace Drive location. It will act as the company’s regional distribution center to distribute products both in the U.S. and globally.

Also in Henrietta, a vacant freestanding Circuit City is in the process of being expanded to create a new ±79,000 SF climate controlled self-storage facility.

Rochester Regional Health opened a ±74,000 SF medical care facility within the former grocery anchor of a shopping center in the Town of Irondequoit.

The former Sears department store at Irondequoit Mall is undergoing a conversion to 73 apartments.  A new five-story building is proposed as part of the project, adding space for an additional 100 apartments.

GREATER ROCHESTERNotable Repositioning Efforts in

IRONDEQUOIT MALL REPOSITIONING PLANS

URMC AT MARKETPLACE MALL

CIRCUIT CITY CONVERSION TO SELF STORAGE

ELM RIDGE CENTER

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ROCHESTER , NYThe Upstate New York Region

Located on the southern shore of Lake Ontario in the western region of Upstate New York, the Greater Rochester Area is the State’s third largest metropolitan area, home to a population of 1.1 million. Situated on the 1-90 (New York State Thruway) corridor, the community is centrally located in the Northeastern United States, within 500 miles of one-third of the U.S. and Canadian populations. Rochester, New York’s third-largest metropolitan area, features a unique blend of history and innovation. Many of the homes and commercial buildings in downtown Rochester are original, dating back a century or more, while others are undergoing renovations to become modern lofts and workspaces.

Rochester enjoys close proximity to the global business centers of Toronto, New York City and Boston, while offering a lower cost of doing business and quality of life advantages not found in its larger neighbors. Rochester is the birthplace of Fortune 500 firms Eastman Kodak, Xerox Corp., and Bausch & Lomb. It is home to wine giant, Constellation Brands, whose CEO was named Man of the Year by Wine Enthusiast; as well as an upscale grocer, Wegmans Food Markets, consistently ranked among Fortune’s “Top 100 Companies to Work For.”

Some of the country’s finest educational institutions, including eleven public high schools, ranked among the Best High Schools in America, also take residence in this great city. With 19 colleges and universities adding 19,000 graduates each year, and thanks to the region’s low cost of living, companies are able to access that world- class talent at competitive rates well below the national average.

Rochester, NY is a history-rich Erie Canal boomtown complimented by sources like Kiplinger, Fortune, and CNN Money on everything from being insanely brainy to having an incomparable commute. The average commute time in the Rochester, NY Region is only 21.4 minutes and Kiplinger named Rochester the “Best City in the U.S. for Commuters.” This ranking was based on the community’s low congestion cost (a measurement of wasted time and fuel calculated by the Texas Transportation Institute) along with the average length of commute, local gas prices, yearly delays per commuter, and public transit use.

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RETAIL MARKETMetropolitan Rochester

The Metropolitan Rochester retail market consists of 22 million square feet of space with approximately 89% of the total inventory distributed evenly across four submarkets: the Northwest, Southcentral, Southeast and Northeast. Elm Ridge Center is located in the Northwest Submarket. The key towns in the Rochester retail market are Greece, Henrietta, and Victor, due to the influence of their super-regional; malls: The Mall at Greece Ridge Center, Marketplace Mall and Eastview Mall, respectively. These malls have served as catalysts for significant growth well beyond the boundaries of the properties and new retailers entering the Greater Rochester Area typically select one of these three trade area as the location for their initial store. Recent deliveries in the City of Rochester have also reestablished this as a location retailers are considering for an initial store.

Vacancy decreased slightly in 2019; however, 2018 saw a notable increase in vacancy as several big-box retailers announced closings including Sears, Kmart, Sam’s Club, Toys R Us and Tops Markets. While some of these properties will be backfilled by new retail tenants, others are likely to be adapted for alternative uses including office, industrial and residential. The conversion of these former retail properties is a trend which has already begun to reshape several large properties in the Rochester Area and is expected to continue.

G E N E R A L R O C H E ST E R R E TA I L

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The Northwest Submarket experienced the closing of a Sam’s Club in 2018 and a Sears Department Store in 2019. The former Sam’s Club will be taken over by Cantel Medical Corporation and the Sears department store will be converted into 73 apartment units. While some big-box space in the submarket has been leased by new retailers, including home At Home occupying an 86,000 square foot former Kmart on West Ridge Road and Homegoods opening a new store at Ridgemont Plaza, non-retail end-users will likely find the Northwest Submarket attractive for the same demographic and accessibility reasons that have attracted them to other area submarkets.

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DEMOGRAPHICS1, 3, 5-mile

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DRIVE T IME5, 15, 30-minute

ELM RIDGE CENTER

P O S I T I O N E D J U ST ± 7 M I L E S A N D L E S S T H A N 1 5 - M I N U T E S F R O M D O W N TO W N R O C H E ST E R

I N A D E N S E R E S I D E N T I A L A R E A W I T H FAV O R A B L E A N D D E N S E D E M O G R A P H I C S

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F O R M O R E I N F O R M A T I O N C O N T A C T

O F F E R I N G M E M O R A N D U M

ELM RIDGE SHOPPING CENTER3 5 3 0 - 3 8 2 0 We s t R i d g e R o a d , G re e c e , N Y

P H I L KAT E ST: 954-745-7468 C: 305-206-1286E: philip.kates@cbre.com

A DA M S K L AV E RT: 954-745-7467 C: 301-706-4619E: adam.sklaver@cbre.com

JAC K H O WA R DT: 212-895-0920E: jack.howard@cbre.com

A N G E LO N O L ET: 585-784-3637E: angelo.nole@cbre.com

O N L I N E A U C T I O NO C T O B E R 2 7 - 2 9 , 2 0 2 0