STEPHEN M. COFFEY

Denton, Texas

September 2017 - Present

Grey Hawk Advisors is a real estate consulting firm focusing on retail asset management, leasing strategy, merchandising strategy and retail leasing.

Houston, Texas

August 2011 - August 2017

Lionstone is a privately owned real estate investment firm that specializes in conceptualizing, researching, and executing national investment strategies on behalf of institutional investors and high net worth individuals.

Lionstone bases its investment strategies on proprietary data and ideas centered around the ownership of real estate that serves the most productive segments of the US economy. Lionstone is not a Po

Director - Retail Asset Management, Retail Leasing & Investment

Provided retail expertise to all areas of the firm and the firm's investors. Responsible for asset management, leasing and retail strategy and merchandising for the retail portfolio including mixed-use, lifestyle centers, open-air big box and community centers across the country. Working with the Investments team in evaluating and analyzing potential new retail acquisitions. Working directly with our JV partners, retail brokers, and third-party leasing, marketing, management and development teams. Managing and providing retail leasing expertise to the JV partners throughout the deal for all retail leasing, including deal structure & economics and all business lease provisions. Working within the department to review and finalize retail budgets, property valuations, leasing forecasts, annual business plans, and strategic planning. Accomplishments include:

• •

Successful acquisition of the Investment Advisory assignment for Potomac Yard Shopping Center. Asset

Manager, leasing lead, choosing and oversight of the Master Developer to solidify 6 million square feet of entitlements and the design/approval of the 1.3 million square foot phase one mixed use development.

Responsible for creating over $100m in value for the investor over 6 years.

• •

Identification, underwriting, asset management, leasing oversight and disposition of the Plano Market

Street Center and achievement of the proforma in 18 months. The investment produced just under a

40% gross leveraged IRR, a 31% Net IRR and an equity multiple of 1.7x

• •

Repositioned the Shoppes at City Centre (North Palm Beach, FL) by leasing the anchor vacancy to a specialty grocer (Doris Italian Market). Prior to acquiring Doris, the center was 45% leased. The center was sold at 91% occupancy and achieved proforma returns.

• •

Anchor tenant leases include: Target, Shoppers Warehouse (Supervalu), Sports Authority, Michaels, Homegoods, Whole Foods, HEB, Old Navy and Doris Italian Market.

Houston, Texas

August 2008 - April 2011

Brixmor is a multi-national retail property specialist with a focus on the ownership and management of community and neighborhood shopping centers, malls and lifestyle centers in the US. Its collective portfolio of 588 properties of approximately 96 million square feet of GLA and is strategically located across 39 states.

Vice President, Director of Leasing - Southwest Region

Responsibility and oversight of the Leasing Department which includes over 11 million square feet in 89 regional, community and neighborhood shopping centers in four states (Texas, Oklahoma, Louisiana and Mississippi).

Specific accomplishments:

• Effectively managed and motivated the Regions Leasing Department including 8 Leasing Agents and four support staff.
• Prioritized workflow for Legal, Construction and Collections to maximize efficiency, AMR and NOI.
• Coordinated, reviewed, approved and executed over 2.5 million square feet of lease renewals and new lease transactions leading the country in total square footage, renewal increases and lease production.
• Responsible for oversight, sourcing, negotiating and executing 7 big box/anchor/Jr anchor tenant deals totaling almost 200,000 square feet of retail space in less than 30 months. Including TJX, Ashley Furniture, Tuesday Morning, Its Fashions, Kroger, Anna's Linens, Jo-Ann Fabric and Big Lots.
• Increased occupancy from 89% to 91% on the entire portfolio from late 2008 to 2011.
• Initiated, coordinated and held national portfolio reviews with such retailers as GameStop, Sally Beauty, Tuesday Morning, Sport Clips, Aldi, CATO Stores, Charming Charlie, etc resulting in more than 20 new deals across the national portfolio.
• Produced a market driven Annual Minimum Rent Budget on an annual basis and quarterly updates to reforecast earnings for the quarterly filings and supplemental.

Irving, Texas

February 2007 - August 2008

Cottonwood Financial is a privately-owned Consumer Finance Company based in Irving, Texas. Cottonwood

Financial owns and operates 300 Cash Store and Cash ASAP locations.

Vice President of Real Estate and Construction

Responsibility for real estate, lease administration and construction. Specific accomplishments:

• Recruited Real Estate Managers, Lease Administrators and a Construction Manager from industry leading retailers
• Restructured the real estate department strategy, policies and procedures and vendor relationships concerning Site Selection, Real Estate Strategy, Lease Administration, Construction and Brokerage/Representation
• Coordinated the Company's first and second booth at the ICSC RECon in Las Vegas
• Utilized long term industry relationship to introduce The Cash Store to every major REIT, developer and brokerage firm to extend the reach of the brand in the states under expansion
• Identified and projected openings of over 100 locations from 2007 through 2008 effectively increasing the size of the company by 50% and increasing top line revenue by more than $20 million.

Irving, Texas

September 2003 - February 2007

Zale Corporation is the largest and most diversified specialty retailer of fine jewelry in North America. The Company operates specialty retail jewelry stores, kiosks and carts located mainly in shopping malls throughout the United

States of America, Canada and Puerto Rico.

Director - Real Estate Leasing

Responsibility for the coordination and oversight of the rollout, location, relocation, acquisition, development and construction of all Zale Corporation locations outside malls in North America. Responsible for the expansion, renewal, remodel and close of all traditional Zale's Outlet locations. Specific accomplishments include:

• Coordinated 34 new diverse mall and off mall locations including the management and oversight of the site selection, financial proforma preparation, construction budgets, lease negotiation, construction and store opening.
• Identified, cultivated and developed broker relationships in the major markets to quickly identify and develop potential locations.
• Developed and executed the national rollout strategies for Bailey, Banks & Biddle freestanding concept and Zale's Fine Jewelry Outlet brand.
• •

Developed relationships with major landlords such as General Growth, Simon, Westfield, The Mills, PREIT, DDR, Inland, Kimco, New Plan, Vestar, Chelsea, Prime, Tanger, etc.

• •

Speaker at Regional and National ICSC Deal Makings, Idea Exchanges and Conferences to promote the extension of the Zale Corporation's brands, rollout strategies and initiatives.

• •

Development of psychographic/demographic modeling (both PRIZM & MOSIAC platforms) for Zale's

Outlet and Bailey Banks & Biddle Off Mall Concept.

Denton, Texas

September 2002 - August 2003

Sally Beauty Holdings currently owns and operates Sally Beauty Supply stores worldwide, including stores in 48 states, Puerto Rico, Japan, Germany, the United Kingdom, and Mexico.

Senior Real Estate Manager

Responsibility for the coordination and oversight of the location, relocation, acquisition and development of Sally

Beauty Supply stores in North Texas, New Mexico, Colorado and Arizona. Specific accomplishments include:

• Identified, presented and negotiated 35 locations for new store development. Developers included: Hunt

Development, Orix Partners, Kimco, Diversified Developers, Regency Centers, The Barclay Group, The

Pederson Group, Arizona Partners, New Plan and Vestar.

• Identified, cultivated and developed broker relationships in the major markets to quickly identify and develop potential locations.

Denton, Texas

February 1999 - September 2002

Financial Strategies, Ltd. is a consulting firm specializing in real estate consulting, finance, investment analysis and real estate brokerage.

Managing Director

Accomplishments included:

• Administration and oversight of all phases and aspects of the acquisition of an oil refinery and oil/gas distributor (including the refinery property, headquarters and all gas station locations) generating annual revenues more than $80 million dollars, including all transaction negotiation, due diligence, legal/documentation, financing and transaction structure.
• Directed all aspects of the development of an outpatient surgery center including location identification, deal negotiation, financing and construction.
• Directed the negotiations, acquisition and arranged the financing for a chain of retirement facilities.
• Negotiated the purchase and financing for the acquisition of a commercial office building.
• Negotiated and finalized the lease for a new corporate headquarters for a web-enabled business, expanding inventory space by five times while only increasing occupancy costs by two times. Arranged and negotiated new bank financing, expanded existing banking relationship, and raised additional equity financing for strategic expansion.

Cincinnati, Ohio

November 1991 - February 1999

Glaser Capital is a fully integrated investment-banking/securities brokerage firm.

COO/Financial & Operations Principal/Head of Compliance/Broker

Responsible for management and oversight of all operational, compliance, accounting, regulatory and reporting requirements. Financial and Operations Principal, responsible for Compliance with SEC Rule 15c3-1 and all NASD and SEC reporting and approval. Oversight of the Firm's annual financial, NASD and SEC Audits.

Accomplishments included:

• Managed the day-to-day operations of the firm including the Human Resources, Investment Banking, Accounting and Research Departments.
• Created and administered the firm's Policies and Procedures Manual and Written Supervisory Procedures.
• Researched, investigated and implemented multiple accounting, securities trading and money management platforms for implementation firm wide.
• Oversight and management of all legal and professional relationships.
• Negotiations and relationship management with multiple top tier securities clearance firms such as Bankers

Negotiated, acquired and developed new corporate owned locations in Milwaukee and Madison, Wisconsin markets.

• Analyzed and evaluated all existing units in the Chicago and Rockford, Illinois markets. Conducted impact and feasibility studies for new units.

Hardee's Food Systems, Inc., Indianapolis, IN

• Evaluated the buyout and conversion of all Roy Roger's locations in Ohio and Indiana.
• Identified, negotiated and acquired company and franchise locations in the Cincinnati, Ohio metropolitan area.

Cincinnati, Ohio

February 1989 - May 1990

Macy's, Inc. operates Macy's department stores and furniture galleries in 45 states, the District of Columbia, Guam and Puerto Rico, as well as macys.com. The Bloomingdale's brand includes department stores and home stores, bloomingdales.com, seven Bloomingdale's Outlet stores and a licensed store in Dubai. Prior to June 1, 2007, Macy's,

Inc. was known as Federated Department Stores, Inc. and is headquartered in Cincinnati, Ohio.

Realty Manager

Managed and planned all real estate functions for the former Rich's (Atlanta) and Goldsmith's (Tennessee) department store divisions, including new store planning and development, negotiation of financial terms and lease/purchase documents, sale-leaseback of existing facilities and management of all properties for the two divisions.

Specific accomplishments include:

• Managed and leased the corporate headquarters in downtown Cincinnati, Ohio increasing occupancy to

90%.

• Negotiated with the Federated Department Stores, Inc. group to dissolve the Federated/JMB Realty

Partnership in conjunction with an eight department store transaction.

• Developed expansion plans in concert with the Divisions to retain a competitive edge in a dynamic market.
• Identified and negotiated two new Rich's/Goldsmith's division locations.
• Negotiated the consolidation and disposition of the historic downtown Memphis Goldsmith's location.

Cincinnati, Ohio

January 1988 - January 1989

Taco Bell is a subsidiary of Yum! Brands, Inc., based in Louisville, Ky., is the world's largest restaurant company in terms of system restaurants with nearly 37,000 restaurants in over 120 countries.

Senior Real Estate Manager

Responsibility for the coordination and oversight of the location, relocation, acquisition and development of Taco

Bell restaurants in Ohio, Indiana and Kentucky. Specific accomplishments include:

• Opened five diverse locations in eight months.
• Analyzed, defined and prioritized markets and trade areas and formulated a three year development plan for Ohio, Indiana and Kentucky.

Responsibility for the locations, lease/purchase negotiation, acquisition and development of company and franchise units in Indiana, Michigan, Pennsylvania, Ohio and Tennessee. Accomplishments include:

• Developed a real estate package adopted by the company as the standard format for all site packages.
• Negotiated, packaged and submitted over 30 locations in 18 months to open 18 units.
• Coordinated permitting and review board approvals with local and regional governmental authorities.