1. INVESTMENT PRESENTATION
Conversion of a former K-Mart Retail Facility
3784-3800 West Broad Street, Columbus, Ohio 43228
Class A Climate Controlled
Self-Storage Retail Conversion
Redevelopment and Adaptive Reuse Business Plan
PRESENTED BY
DAVID FRANK
(818) 887-9797
dfrank@dealpointmerrill.com
STERLING McGREGOR
(949) 246-9399
smcgregor@dealpointmerrill.com
©2012 Dealpoint Merrill. The information contained herein is confidential and remains the property of Dealpoint Merrill, LLC, and may not be reproduced or distributed without
the express written consent of Dealpoint Merrill, LLC. DealPoint Merrill, LLC obtained the information contained herein from the applicant and from other sources, and makes no
warranties or representations as to the correctness thereof. As a condition of the use of these materials, any prospective lender or investor agrees to conduct negotiations
directly through Dealpoint Merrill, LLC and to perform its own due diligence.

2. Investment Presentation, Columbus, Ohio
Enclosed please find our investment presentation for the acquisition and redevelopment of the above
referenced property into a Class A climate controlled self-storage property.
Our niche is the acquisition and redevelopment of retail shopping centers into climate controlled “super
centers” complete with service amenities. We believe this strategy is more conservative than new development,
eliminates entitlement risk and provides prompt cash flow in proven locations with existing high visibility and
traffic at acquisition prices substantially below new construction. Below is a brief description of the property and
investment terms.
Property Description: National Road Plaza is a retail community center built in 1997. The property consists of
109,000 ft.² with 87,000 SF of vacant in-line shops. The property is located on 15 acres
with 460 surface parking spaces printing a ratio of 6.01 per 1,000 square feet. The
property has a dedicated turn lane, pylon sign, and signalized intersection. A new $400
million casino and hotel will be built across the street. We believe the new casino will be
parking constrained.
Business Plan: We may have two alternative uses for the property. 1) Option 1: We intend to venture
the parking field with the casino since we know the casino is under parked. The RV park
will provide additional casino overflow parking for longer term RV users consisting of
both patrons and employees. The back building may be used for self-storage. 2) Option 2:
convert the “dark big box” into Class “A” quality climate controlled “super center” self-
storage with onsite profit centers such as: rv/boat storage, commercial and retail self-
storage, business center and overnight shipping, truck rentals and moving supply sales
housed within a storm proof facility. We anticipate ground leasing or selling one or more
retail fast food restaurant tenants on the street frontage.
Loan Type: Interest only construction and improvement loan with a mini-perm feature. The loan will
be used for redevelopment of the property, onsite upgrades as enumerated in our
construction budget. Sponsor will self-perform on construction.
Holding Period: Two to Five Years
Exhibits: Company Brochure and Business Plan
Investment Snapshot:
Sincerely,
DEALPOINT MERRILL, LLC
Total Project Costs 100% 4,414,300$
Improvement Loan 62% 2,750,000$
Cash Investment 38% 1,664,300$
Total Estimated Project Profits [net sales proceeds + cash flow - 5 year holding period] 6,448,250$
Total Annual Returns 97.49%
Average Annual Project Cash on Cash Returns 30.95%
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3. Investment Presentation, Columbus, Ohio
Conversion of a former K-Mart Retail Facility
3784-3800 West Broad Street, Columbus, Ohio 43228
PROFORMA RETURNS
TARGETED RETURN: 20% to 30% leveraged annual returns.
TARGETED CASH FLOW: 6.0% to 10.0% per year
TARGET HOLDING PERIOD: Five years, but may range from four (4) to seven (7) years based on market.
EXIT STRATEGY: Refinancing, sale and or rollup into public offering.
INVESTOR REPORTING: Quarterly. Annual K-1’s. Audited financials
DISTRIBUTIONS: Return of capital, 8.0% preferred return; thereafter, investor waterfall
OBJECTIVES: Refinance when feasible (est. year 3) and return 100% of investor capital
PROFORMA ANNUAL RETURNS: 98%+ forecasted total annual returns
PROFORMA CASH FLOW: Average 30%+ per year. Paid monthly based on available cash flow
PREFERRED RETURN: 8.0% preferred return with investor waterfall per separate letter agreement
TAX SHELTERED CASH FLOW: Estimated at 75%+ of investment capital
THIS INVESTMENT PRESENTATION TERM SHEET MUST BE READ IN CONJUNCTION WITH THE BUSINESS PLAN,
PROFORMA UNDERWRITING, RISK DISCLOSURE AND DUE DILIGENCE MATERIALS IN ORDER TO UNDERSTAND
FULLY ALL OF THE IMPLICATIONS AND RISKS OF THIS INVESTMENT. FOR ACCREDITED INVESTORS ONLY.
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4. Investment Presentation, Columbus, Ohio
INVESTMENT SUMMARY
Columbus, the state capital and largest city in the state of Ohio is a fast-growing, major American city with a
population of 780,000, making it the fourth most populous state capital in the country. The Greater metropolitan
area population is 1,836,000. The city has a strong economy that is not dependent on any one industry. Its
leading employers include government agencies and manufacturers of transportation equipment, textiles, metals
and consumer goods. Columbus is home to the world's largest private research and development foundation, the
Battelle Memorial Institute; Chemical Abstracts Service, the world's largest clearinghouse of chemical
information; Net Jets, the world's largest fractional ownership jet aircraft fleet; and The Ohio State University, the
nation's largest campus. In 2012, Columbus was ranked in Business Week's 50 best cities in America.
fDi Magazine ranked the city no. 3 in the U.S. for cities of the future.
National Road Plaza is a former K–Mart retail community center built in 1997. The property consists of 109,000
ft.² with 87,000 SF of vacant in-line shops. The property is located on 15 acres with 460 surface parking spaces
printing a ratio of 6.01 per 1,000 square feet. The property has a dedicated turn lane, pylon sign, and signalized
intersection. A new $400 million casino and hotel will be built across the street and the property is adjacent to a
regional mall. We believe the new casino will be parking constrained based on lot size.
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5. Investment Presentation, Columbus, Ohio
BUSINESS PLAN
This property may have two viable alternative business plans:
Option 1: We propose to venture the parking field with the casino since we know the casino is under parked. The
RV park will provide additional casino overflow parking for longer term RV users consisting of both patrons and
employees. The back building may be used for Class A self-storage. While the property can support higher
density, we believe about 500 stalls is practical for the site. Anticipated rents are about $25 per day; generating
$4.5 million at full capacity; practically, we would assume a 50% overall occupancy generating about half this
amount. NO RV PARK RENTS ARE FORECASTED IN OUR PROJECTIONS.
Option 2: The business plan is to convert the “dark big box” into Class “A” quality climate controlled “super
center” self-storage property with onsite profit centers such as: rv/boat storage, commercial and retail self-
storage, store front retail, office/warehouse incubator space, business center and overnight shipping, utility
payments [UPS store concept with private mail boxes], truck rentals and moving supply sales housed within a
storm proof facility.
If feasible, we will redevelop the parking fields and street frontage by adding non-climate storage, a high volume
retail pad (i.e. fast food, specialty retail, car wash, gas station and/or mini-mart), as well as, increasing traffic
visibility by designing well-conceived directional and marquee street signage. Monetization of excess land is
generally completed in the second phase of our redevelopment plan.
As a means of risk management, we intend to synchronize the redevelopment in two phases. Our model provides
for a 50% build out of self-storage upon acquisition which can be completed in 90 to 120 days; thereafter, we
season the asset during a 12 month lease up allowance; then complete the final build out of self-storage based
on market demand. Typically, our final phase can be completed at the same price point as our initial construction
costs. Pad tenant are acquired during phase one.
The forecasted returns are significantly higher because we intend to ground lease the pad space to national retail
tenants who will build their own buildings. Additionally, this strategy lowers the terminal cap rate; increasing the
value of the property because the capitalized value of credit leases is more valuable than shop leases.
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6. Investment Presentation, Columbus, Ohio
INVESTMENT HIGHLIGHTS
We believe the subject property represents a significant investment opportunity for a number of compelling
reasons, some of which are highlighted in more detail below:
 Up to 2 additional pad buildings. Additional pads can be built along the retail frontage
 Strategically located. The property the property is strategically located across the street from a soon to
be built $400 million casino and hotel which is parking constrained. There are $8 million in new road
improvements to support the casino and another $80 million for interstate 270 improvements.
 Strong Traffic. The casino anticipates 10,000 patrons per day plus another 2,000 employees.
 Market Demand and Market Positioning. We believe that there is significant market demand for quality
self-storage facilities. There is virtually no climate-controlled storage in the subject’s market area. Pricing
climate-controlled storage at rates comparable to non-climate-controlled storage will enable the subject
property to be the market leader in terms of occupancy and rents.
 Strong Market Area and Demand Drivers. The property located in an area with strong fundamental
demographics, both in terms of population and average/median income. In addition, the economic
fundamentals within the region are stable, with a favorable outlook. We are located west of I-470 with
over 140,000 in our trade area.
 Prominent Retail Signage and Traffic Visibility. The property is located in a strong retail corridor with
strong traffic patterns and street visibility.
 Low Price per Square Foot Purchase Price to replacement cost. Our price PSF represents an acquisition
cost that is exponentially lower than replacement cost in addition to the excess land.
 Value Added Redevelopment. The business plan is to convert the subject property into a Class A self-
storage climate controlled property. In addition, the property will feature RV, boat, and other climate and
non-climate storage options. There will also be complementary retail uses at the subject property as well.
 Addition of an RV Park. The addition of a 500 unit RV park is alternative option which we have which
may augment our forecasted cash flows.
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7. Investment Presentation, Columbus, Ohio
Proposed redevelopment plat for the casino and adjoining mall.
Casino and Westland Mall freeway location adjacent to the subject property
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8. Investment Presentation, Columbus, Ohio
SOURCES AND USES
PROFORMA OPERATIONS AND INVESTMENT RETURNS
3784-3800 West Broad Street, Columbus, Ohio 43228
Executive Financial Summary One Pad
Property Features:
Total gross square feet 109,180
Net rentable square feet [includes outside storage] 122,828
Number of units 1,017
Average unit size 121 SF
Holding Period 5 Years
Average Proforma Rents 0.72$ Average Climate Controlled 10x10 Rent --> $0.90
Capital Structure: Sources and Uses PSF
Imputed Equity with capital and operating reserves 38% 1,664,300 $15.24
Pad Sales/Excess Land 0% 0 $0.00
Construction/Permanent Loan 62% 2,750,000 $25.19
Total Sources 100% 4,414,300 $40.43
Price 44% 1,957,750 $17.93
Construction Costs 56% 2,456,551 $22.50
Total Uses 100% 4,414,301 $40.43
Going in Cap Rate [stabilization] 16.50%
Columbus Casino Super Center (ADAPTIVE REUSE)
Proforma Operations Year 1 Year 2 Year 3 Year 4 Year 5
Revenues 470,169 967,338 992,805 1,021,780 1,051,623
Less: Operating Expenses 177,995 282,433 287,566 293,423 299,410
Equals: Net Operating Income 292,174 684,905 705,239 728,356 752,212
Less: Debt Service - - 187,370 187,370 187,370
Debt Service Coverage Ratio - - 3.76 3.89 4.01
Equals: Net Cash Flow 287,174 679,905 512,769 535,784 559,536
Annual Investor/Project Cash Flow 287,174 679,905 512,769 535,784 559,536
Annual Cash on Cash Distributions as a % 17.3% 40.9% 30.8% 32.2% 466.3%
Proforma Returns
Average Annual Cash on Cash Returns (1) 30.95%
Total Annual Returns 97.49%
In Place Market Value 3,895,647 9,312,061 9,583,187 9,891,416 10,209,500
Two years of debt service is included in the construction costs Approximate Tax Shelter ---> 76.91%
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9. Investment Presentation, Columbus, Ohio
ASSUMPTIONS AND UNDERWRITING
FINANCIAL ANALYSIS
Financial Analysis
Year 1 2 3 4 5
Break Even Occupancy Formula --> DS + EXP/EGI 29.20% 47.84% 47.05% 46.29%
Debt Service Coverage Ratio Formula --> NOI/DS 0.00% 0.00% 376.39% 388.73% 401.46%
Loan Constant --> 10.62% 24.91% 26.00% 27.23% 28.54%
Loan to Total Cost --> 62.30% 62.30% 61.46% 60.60% 59.71%
Forecasted Loan Interest Rate 5.50% 5.50% 5.50% 5.50% 5.50%
Developer Cap Rate --> Formula --> NOI/Total Cost 6.62% 15.52% 15.98% 16.50% 17.04%
Loan Amount --> 2,750,000 2,750,000 2,712,955 2,674,903 2,635,951
Market Value ---> Formula --> NOI/Cap Rate 3,895,647 9,132,061 9,403,187 9,711,416 10,029,500
7.50% <-- Cap Rate
Loan to Market Value --> 30.11% 28.85% 27.54% 26.28%
Operating Assumptions: Year 1 Year 2 Year 3 Year 4 Year 5
Annual Occupancy 42% 84% 85% 85% 85%
Rent growth 5 yr. Avg ---> 1.50% 0.00% 0.00% 1.50% 3.00% 3.00%
Expense growth 0.00% 0.00% 2.00% 2.00% 2.00%
Operating Expenses as a % of EGI 38% 29% 29% 29% 28%
Capital Structure Ratios: Year 1 Year 2 Year 3 Year 4 Year 5
Break even occupancy 29.20% 47.84% 47.05% 46.29%
Debt service coverage ratios 0.00% 0.00% 376.39% 388.73% 401.46%
Loan Underwriting: Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Net Operating Income - Pad 0 27,000 27,000 27,000 27,000 27,000
Capitalized Value Cap Rate --> 5.00% 0 540,000 540,000 540,000 540,000 540,000
Net Operating Income - Storage 292,174 657,905 678,239 701,356 725,212 749,831
"In Place" Market Value: 3,895,647 8,772,061 9,043,187 9,351,416 9,669,500 9,997,745
Total Market Value Cap Rate --> 7.50% 3,895,647 9,312,061 9,583,187 9,891,416 10,209,500 10,537,745
Loan to Value: 0.00% 31.35% 30.41% 29.41% 28.44% 27.51%
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10. Investment Presentation, Columbus, Ohio
PROFORMA ELEVATION RENDERINGS and SITE PLAN
DEALPOINT MERRILL: About Us
Based in Los Angeles since 1985, The Merrill Group of Companies, has established an enviable track record of
success with a scope of operations encompassing development and construction for its own account, third party
asset and property management, as well as, court appointment receivership and commercial loan workout
strategies and negotiation services to solve complex issues for property owners and investors.
DealPoint Merrill, a subsidiary of The Merrill Group of Companies, is an owner and operator of “value added”
retail conversions and build to suit properties, student housing, self-storage and non-performing notes, as well
as, a sponsor of real estate investment offerings.
We invite you to learn more about us. Please visit our website at: www.dealpointmerrill.com.
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