Influencers in Retail

AVISON YOUNG’S MALING TEAM Established retail investment sales experts, brothers Christopher Maling and David Maling have worked together since 1997. With more than 30 and 20 years of experience, respectively, Christopher and David previously served as brokers at Colliers International, where they each received distinctions as top producers and top investment specialists. Obtaining extensive experience with 1031 tax-deferred exchanges, receiverships, foreclosures and Chapter 7 and Chapter 11 bankruptcies, the retail property brokerage specialists have closed a combined $3 billion in sales nationally. Continuing their success in business as principals at Avison Young, the trusted advisors cater to each client’s specific goal and objective. Joining the firm in January of 2019, the two develop and employ a data- and market-driven, customized approach to hands-on marketing and property disposition. As advisors, the team works with private clients, such as merchant developers, high-net-worth individuals, family offices and trusts, as well as institutional clients, such as financial institutions, pension fund advisors, private equity firms, and private and public REITS. Repeatedly exceeding client expectations, the team has achieved many transactional accomplishments. In a recent example, the team assisted a client, which was being urged to sell its Las Vegas shopping center for $25 million. Upon dissecting and understanding the property’s issues, the team advised the client to hold off on the sale and formulated a strategy to lease up the property with minimal cost. Eighteen months later, the team sold the property on behalf of the client for $40 million. Separately active in many of Avison Young’s affinity groups, the team collaborates on best practices to further the brand and to offer  their perspective on market trends, conditions and valuations.

CBRE URBAN RETAIL Consisting of six retail and restaurant leasing professionals, the CBRE urban retail team has become a dominant force of brokerage in the Boston area. Formed less than three years ago, the team leads the regional market in number and quality of investor listings, occupier clients and completed transactions. It represents more than 30 national and regional occupier clients, including Apple, Allbirds, Bluestone Lane, Eataly, Parachute Home, Rothy’s, Sweetgreen, Tacombi, Urbanspace, Veronica Beard and Warby Parker. CBRE SVP and former in-house real estate manager at Apple, Matt Curtain co-leads the team alongside SVP Paul Grossman.

The two offer a unique perspective on the transaction process and are involved in all aspects of design, development, deal making and operations. One of the team’s greatest accomplishments is the repositioning of Harvard Square. In 2018, the team sold Harvard Square properties to Asana Partners for $108 million, before representing the firm in leasing the project. Changing the site’s perspective as a viable market for retailers, the team studied online sales to execute a mix of target tenants, specific to residents’ demographics and psychographics. The site is now 100% leased to market-shifting retailers, such as Patagonia, Everlane, Marine Layer and Ray Ban. In another significant project, the team again partnered with Asana Partners to lead the retail leasing for a 28-building portfolio on the underserved Newbury Street. The team has worked tirelessly to fill vacancies and has successfully completed leases with Free People, Frame Denim, Brideside, and Madewell.

COLLIERS INTERNATIONAL TAMPA BAY, CENTRAL & SOUTHWEST FLORIDA – JIM KOVACS TEAM Through its comprehensive understanding of demographics, shopping patterns, real estate inventory and retail absorption, Colliers International Tampa Bay, Central and Southwest Florida team is recognized as one of the most knowledgeable and successful retail tenant representation teams in the state. Throughout the team’s 32 years, it has worked with an abundance of top retailers, restaurants and retail servicers, with clients ranging from small business owners and big-box users to quick-service and fine dining restaurants. Led by executive managing director Jim Kovacs, the team includes four brokers, two marketing and research staff and an in-house

GIS professional. Responsible for directing and advising national retailers on their expansion efforts throughout the state, the team’s deals range from 700 square feet to more than 300,000 square feet for both single-users and full brand rollouts. Within the past three years, the team has collectively completed 153 transactions, totaling more than 1 million square feet and more than $237 million in value. As trusted partners and value-add advisors to clients, the team addresses physical space needs and greater business goals through its broad range of strategic and creative solutions. Positioning each tenant for long-term success, the team continuously researches trends and embraces innovative technology, using predictive analytics and alternative processes as tools for success. Continually curating lists of retailers, the team additionally assists in developing and revitalizing retail trade areas. While bringing in and placing first-to-market retailers, the group has been recognized within the company as a top producing team. Each of its highly-motivated members have additionally been individually recognized for their efforts.

COX, CASTLE & NICHOLSON LLP’S RETAIL GROUP Having one of the largest concentrations of attorneys devoted primarily to retail development and leasing in California, Cox, Castle & Nicholson LLP’s retail group has completed countless transactions with national and regional tenants. Formed in 1987, by then-associate and now chair of the group Gary Glick, the group rapidly claimed relevance while representing major clients. Focusing 90% of its practice on developer representation and 10% on retailer representation, the group has formed a deep understanding of the sector, with experience in acquiring, developing, constructing, leasing, financing and disposing all types of retail products, such as regional malls, entertainment/lifestyle centers, community shopping centers, power centers, neighborhood centers and mixed-use projects. As retail continues to evolve, the group’s 12 attorneys are helping clients to remain nimble, adapting services for both on-site and online shoppers.

Arming its clients with best-in-class legal counsel and innovative business models, the group enables them to meet consumer demands of omnichannel and experiential retail and enriched in-store customer service, while limiting liability and reducing risks. Developing leasing strategies to combat closures, the group facilitates the integration of non-traditional tenants and additionally assists in converting shopping centers and diversifying revenue sources with the addition of mixed-uses, such as multifamily, office or hospitality components. As experts in sales, design, engineering and construction contracts, reciprocal easement agreements, management agreements, listing agreements and leasing, the group is uniquely positioned to advise both experienced and first-time retail developers on legal matters. Instilling ease for clients, the group maintains extensive experience in negotiating and documenting all types of complex and routine retail leases and agreements.

CUSHMAN & WAKEFIELD’S O’NEILL, GREENSTONE & REYNOLDS TEAM Expert in transforming the retail landscape of New York City and other major markets, Cushman & Wakefield’s team consists of executive managing director Michael O’Neill, managing director Jason Greenstone and senior associate Taylor Reynolds. Using comprehensive data and taking an analytical approach, the team works with a wide range of international, recognizable retailers as well as digitally-native brands that are interested in exploring traditional brick and mortar stores. Specifically, the team secured UNTUCKit’s first brick-and-mortar store in New York in 2015 and continued to expand the brand with more than 30 new stores throughout the US. Extending its reach, the team successfully secured leases for the brand’s first two stores in London last year. On the tenant representation side of its business, the team has assisted in the development and execution of brands, such as Alexander McQueen, Estee Lauder, Muji, Lacoste, Chase Bank, while also assisting mature brands in repositioning existing store portfolios. As landlord representatives, the team develops marketing and leasing strategies for high-street retail properties. For example, the team assisted with Ulta Beauty Cosmetics’ first New York City lease, American Girl’s flagship store relocation to Rockefeller Plaza and Puma’s flagship store on Fifth Avenue. While involved in 144 transactions in the past three years, the team’s professionals have each received prominent industry distinctions and have each actively served on industry boards.

EQUITY MARKET STRATEGY TEAM Pioneering the convergence of healthcare delivery within a retail setting, Equity’s market strategy team partners with best-in-class healthcare tenants to lead rollouts and optimize portfolios. As a tenant-only advocate, the team handles front-end analysis through site selection, lease negotiation and portfolio management. The team currently oversees more than 700 locations and more than 2.1 million square feet of location-based healthcare on behalf of its clients. The team, led by SVPs Patrick Wathen and Matt Lasky, has served as Equity’s top producing team nationally for the past five years. In 2019, the team successfully completed 79 transactions that ranged from high-end street retail in Philadelphia and Washington DC, to

unanchored projects in Long Beach and San Jose. The team has expanded its transactional involvement throughout 94% of the country’s top MSA’s within the past three years, completing more than $250 million in deals. Overall, the team has completed transactions for more than 12 different healthcare use types within retail settings across 44 states. Landlords often reach out to seek the team’s advice on healthcare tenants’ desires and how to incorporate medical uses into their projects. The team has been recognized with numerous awards, including top production and largest transactions, both internally and in the community. As team leaders, Wathen and Lasky additionally serve as the two youngest SVPs in the company’s 32 year history. Collectively, the team regularly donates time and money to various charitable causes through philanthropic involvement.

MARCUS & MILLICHAP’S RETAIL DIVISION Comprised of more than 450 retail investment specialists, Marcus & Millichap’s retail division holds decades of experience in every retail format, from neighborhood strip centers to big-box community centers and enclosed regional malls. The division’s professionals provide investment, advisory and transaction services for all types of real estate, including single-tenant net-lease properties, ground-lease properties, sale-leaseback structured finance and open-air shopping centers of all sizes. The company’s dominant retail business successfully closed 3,677 transactions in 2018, totaling more than $11.1 billion in volume. Through the third quarter of 2019, the division had closed 2,670 transactions, valued at more than $8.4 billion. The firm’s institutional property advisors (IPA) retail division offers strategic services in sourcing, portfolio and property analyses, market research, capital market transaction services and property sales. Marcus and Millichap SVP and national director of its retail division and net lease property group, Scott M. Holmes, leads the division with more than 25 years of commercial real estate investment business experience on the client side. He has closed more than $6 billion in transactions across retail, multifamily, office and industrial sectors throughout his career. Leading the vast group of professionals in transactions, executive managing director of investments, Glen Kunofsky has advised on and completed the two largest retail sales leasebacks within the space. He has totaled more than $1 billion in franchisee and regional operator sale-leaseback throughout 23 states, and has additionally represented more than $1.2 billion in exclusive exchange buyer proceeds.

MARX REALTY PROPERTY MANAGEMENT TEAM Co-owned and managed by Marx Realty, Cross County Shopping Center’s property management team works to strategically remerchandise and elevate the retailer and guest experience throughout the Westchester County, NY property. The team, led by senior manager of property management Carl Calabro, senior manager of marketing Liz Pollack, operations manager Jamie Cekai and senior director of leasing, Mark Utreras, works to drive experience, sustainability and convenience at the center, which celebrated its 65th anniversary last year as one of the nation’s original outdoor shopping destinations. Implementing a multi-year strategic plan to drive revenue and occupancy through activated common areas, the team maintains a robust schedule of traffic-driving events, family-friendly amenities and digital attractions to ensure success. Delivering unique spaces and immersive experiences, including a pop-up ice-skating rink and a food truck market, the team continues to differentiate the destination during the ever-evolving retail landscape. Working to diligently

maximize income through rent opportunities, business development revenues, reduced expenses and increased operational efficiencies, the team’s efforts have resulted in a 10% net operating income increase since 2016. While managing retailer relationships, the team accommodates the center’s nearly 11 million annual visitors by finding ways to increase gross leasable areas, such as back of house and lower-level space. The leasing team also works to de-lease where possible while adding fresh in-demand retail options. The team additionally converted more than 300 parking lot light-pole fixtures and 40 truck tunnel lights to LED fixtures, resulting in $193,000 in cost savings. Increasing sales, attracting attendees, growing social media impressions and generating sponsorship income through the creation and execution of various programs and advertising campaigns, the team has received a number of prestigious awards for its efforts with the center.

PENN-FLORIDA COMPANIES RETAIL TEAM Creating and executing strategic plans for Penn-Florida Companies’ retail division, SVP of retail properties Luanne Lenberg leads the retail leasing efforts for all mixed-use projects in the company’s pipeline. Equipped with extensive skill sets, the company’s retail team has cultivated strong retail partnerships in order to deliver exceptional customer service. Lenberg has utilized her creativity to respond to industry changes and better serve customers throughout her career, which spans marketing, development, leasing and asset management roles across project types ranging from urban mixed-use, lifestyle properties, historic sites and regional malls. She previously set an industry benchmark by implementing the tourism programming for the world’s largest outlet mall, Sawgrass Mills, which fostered 40 million annual visitors and an annual retail sales growth from $500 million to more than $1.7 billion. Leveraging the team’s knowledge of ground-up, mixed-use development and retail expertise, the team is currently overseeing the retail leasing for the $1 billion, 2-million-square-foot, urban resort, Via Mizner in Boca Raton, the company’s largest development to date.

QUANTUM REAL ESTATE ADVISORS’ HILGENDORF AND WASZAK Through creative and analytical thinking, Zack Hilgendorf and Dan Waszak pride themselves on understanding the mind of a retailer. As SVPs at Quantum Real Estate Advisors, the duo has helped grow the business from a boutique, Midwest firm to a national platform over the course of their eight-year career with the company. Having previously worked in corporate finance and accounting, providing vital insights into 1031 exchanges, cost-segregation strategies and more, CPA Waszak employs a pragmatic approach to deal making. All told, he has closed more than $700 million in sales while at the company. With an acute sense for each deal’s nuances, Hilgendorf is valued for his industry expertise and ability to quickly and successfully close deals, achieving more than $300 million in sales within the past three years. With impressive individual track records and complementary skill sets, the two teamed up in 2018 to better achieve optimal value for clients. Advising on the disposition and acquisition of high-quality assets, the team has a tireless work ethic and a relentless commitment to clients. Through their client-focused approach to brokerage, they have earned an extensive list of repeat clients, ranging from REITs and private equity groups to individual investors. The pair has closed more than $300 million in deals within the past 18 months, totaling more than $1 billion in transactions throughout their careers. In addition to setting record cap rates, the team has achieved notable sales within recent years, including $26 million for a Walgreens portfolio, $11 million for a 30,000-square-foot shopping center, and $70 million for a Wal-Mart and Home Depot portfolio.

ORGANIZATIONS

HANLEY INVESTMENT GROUP REAL ESTATE ADVISORS Achieving some of the lowest cap rates and highest prices in the retail industry, Hanley Investment Group Real Estate Advisors has earned clients’ trust with a transaction track-record of more than $6 billion nationwide. Working closely with individual investors, lending institutions, developers and institutional property owners, the firm ensures that value is achieved throughout every facet of a transaction. The company operates from a single office in California and is led by president Ed B. Hanley, becoming a leading retail investment sales brokerage firm in multiple cities throughout the US. In 2019, the firm completed 158 transactions across 30 states, and closed out the year with more than $752 million in total sales volume. Specializing in bringing aggressive California capital out-of-state,

Hanley Investment Group has completed $400 million in Midwest transaction volume within the past 36 months. The company has also set national sales records for multi-tenant price per square foot and lowest cap rates for numerous tenants, including Starbucks, Chipotle and 7-Eleven. As one of the most active brokerage firms for coffee tenants and convenience stores, Hanley has additionally proven instrumental in exposing net-lease car washes as a viable product. Prior to 2018, the entire asset category boasted less than five STNL sales to private investors, and in 2019 alone, the company unlocked substantial value by arranging the sale of 25 STNL car washes, valuing nearly $100 million. Further valued for its impressive break-up strategy, the company helps clients purchase or redevelop entire shopping centers, skillfully providing realistic exit assumptions for each component of the assets. Promoting company wide collaboration, the firm gives each client personal attention while delivering real-time market information, anticipating challenges and creating win-win situations. Additionally, since 2011 the company has raised nearly $243,000 for the Movember Foundation.

MAVEN COMMERCIAL REAL ESTATE Impacting San Francisco’s retail landscape since 2010, Maven Commercial Real Estate works to curate and enhance entire streets or neighborhoods, rather than focusing on individual spaces. While battling the city’s challenging retail environment of zoning restrictions and high costs, the company’s locally-based brokerage team is able to expertly navigate local needs. By building relationships with owners and neighboring tenants and working with the surrounding community, Maven Commercial Real Estate has rejuvenated challenging areas by replacing vacant, run down space with well-loved, local businesses. In addition to serving as one of San Francisco’s most successful restaurant brokers, the company is responsible for opening the first or second location, or first US location, for businesses such as Credo Beauty, Shinola, Design Within Reach, Lululemon, Tesla and Diptyique. Its collaborative efforts between brokers have brought numerous emerging brands to the area within recent years, including national brands such as Goop, Allbirds and Supreme, and international brands such as Acne and Bruno Cucinelli. Able to seamlessly transact with start-up entrepreneurs, non-profit organizations and large corporate clients, the company has arranged more than 250 lease transactions with local, regional, national and international organizations. As it improves the integrity of the area, the company has also created a diverse workforce. It additionally benefits the city by assisting countless non-profit organizations,  recently leasing 40,000 square feet of space to serve the homeless. Its principals remain active in local real estate and civic affairs, and often advise elected officials and policy makers on industry matters.

NADEL ARCHITECTS Shaping design trends within retail developments for nearly 50 years, Nadel Architects has secured a reputation as a proven thought-leader in the space. The firm delivers projects that bring heavy foot traffic, repeat visits and longer stays. Seeking authenticity, the firm explores each development’s local community and assesses the demographics and psychographics of each stakeholder’s desired consumer, creating an environment that speaks to residents. Its experts deeply understand the ever-evolving complexity of retail and its essential role to delivering an enjoyable destination for people to spend time. Nadel Architects has completed more than $700 million in work to date while partnering with major national developers. The firm served as an early leader in delivering mixed-use communal space, and was one of the first implementers of urban infill mixed-use retail architecture in the West. The  firm has also served as the design team and architect on countless ground-up and adaptive reuse and retail center projects, delivering walkable gathering spaces among diverse entertainment options in an effort to elevate neighborhoods. Through its developer- and client-centric approach, the firm offers in-depth industry knowledge from initial design concept through construction administration. The firm is additionally committed to integrating energy-saving strategies and sustainability into its plans. The firm has helped shape the culture of thousands of communities through functional designs and innovative architectural contributions, while reinforcing a sense of belonging.

PACIFIC RETAIL CAPITAL PARTNERS At the forefront of innovation within the sector, retail operating group Pacific Retail Capital Partners leads the industry by implementing thoughtful and detailed marketing strategies. Based in Southern California, the premier operator of retail led-properties currently manages more than 10 million square feet of regional, open-air lifestyle and mixed-use centers, with more than $1.5 billion in assets under management. Offering end-to-end sourcing, assessment, underwriting, valuing, development, marketing and asset management for consumer real estate, the company repositions retail properties through master-planning and adaptive re-use, crafting unique and compelling visions for each asset in its portfolio. Its work spans successful programming, community competitions and interactive online integrations. The company established a visual public presence at its East San Jose’s retail center with The Eastridge Mural Project. It engages the community, solidifying the center as a cultural hub with its commission of the country’s first large-scale mall mural project. The company has received recognitions from the city for making a lasting impact on the area. The company also implemented the now trademarked concept, Taste for the Space, at two of its retail centers; generating a leasing pipeline of local culinary professionals to compete for free rent and an investment in a sold-out event. Gaining industry traction due to the success of its programming, Pacific Retail Capital Partners has spurred similar aspects at retail centers across the nation, as many REITs and developers incorporate the mix of art, events and community into their plans.

TRICERA CAPITAL Upon its founding in 2017, Tricera Capital rapidly emerged as a market leader through its innovative investment and development approaches coupled with a start-up mentality. Within three years, the Miami-based company has accumulated a substantial portfolio of retail assets in emerging urban markets across the US, while partnering with major residential developers, such as Property Markets Group and Related Group, on the ground-floor retail of large-scale projects. Focusing on value-add opportunities, Tricera Capital curates street retail space through acquisitions, ground-up developments and adaptive re-use, while using a hyper-local, comprehensive placemaking method to ensure optimal tenant performance and neighborhood impact. While sourcing off-market opportunities, the company’s experts invest valuable time with local business owners and officials to pinpoint peak potential. Company founders Scott Sherman and Ben Mandell originally teamed up to tackle sector inefficiencies and have since recruited an experienced team of eight leasing

experts, analysts and associates. With a collective $200 million in assets under management, the company has acquired more than 25 retail and mixed-use assets, totaling more than 1.7 million square feet of space. This year, the company additionally launched a $25 million investment fund to deploy in new, off-market investment opportunities. Just three months after launching, the company secured a ground-floor retail contract at PMG’s X Miami, a 38-story multifamily project. Noting the asset’s underappreciated location, the company formulated a strategy to fully-lease the space prior to closing, while achieving triple-net rents as much as 30% higher than projected. The company has since replicated the same retail model at various developments as it identifies untapped potential in underperforming assets.