Press Release

L3 Capital Secures Commitment of up to $300 Million from Almanac Realty Investors

July 9, 2019, Chicago, IL -L3 Capital LLC ("L3 Capital”) announced today that it has entered into an agreement with a fund managed by Almanac Realty Investors, LLC ("Almanac") to provide up to $300 million of growth capital to L3 Capital to continue its value-add investment strategy seeking urban street retail and mixed-use opportunities in Tier 1 "gateway” markets throughout the United States.

Based in Chicago, L3 Capital is a vertically integrated retail-focused real estate company led by Domenic Lanni, Tim Phair, Michael Schreiber, and Matthew Schreiber, all of whom have an average of 20+ years of real estate experience. L3 Capital pursues a value-add investment strategy involving acquisitions, asset management, leasing, repositioning, and development with the goal of constructing a diversified, institutional-quality portfolio of urban retail properties in prime submarkets across the following markets: Boston, Chicago, Los Angeles, Miami, New York City, San Francisco, and Washington DC.

"We are excited to establish this relationship with Almanac and take tremendous pride in our firm partnering with such an accomplished investor”, said Tim Phair, Principal of L3 Capital. "In particular we look forwardto partnering with intelligent capital that will allow us to strategically grow the business.”

"L3 Capital is a highly successful and experienced real estate investment firm with a data-driven growth strategy and a demonstrated ability in creating value in thriving urban retail and mixed-use experiential assets,” said Andrew Silberstein, a Partner at Almanac. "We are pleased to partner with L3 Capital's bestin-class management team and support its next phase of growth.”

About L3 Capital LLC

Founded in 2009 by Timothy Phair and Domenic Lanni, L3 Capital is characterized as an entrepreneurial, innovative and high-energy real estate investment firm that is grounded in impressive experience and expertise. With diverse institutional backgrounds in investment and development, the principals of L3 Capital possess complementary skills that include acquisitions, asset management, and capital markets, giving them a unique blend of agility and fluency. The combination of an operating capability with investment acumen gives L3 Capital its competitive edge, allowing the principals to identify inconsistencies, dislocations, and value opportunities in order to realize superior risk-adjusted investment returns.

About Almanac Realty Investors

Almanac Realty Investors, LLC is a leading provider of growth capital to private and public real estate companies. From the time of its founding in 1981, originally under the name Rothschild Realty, the group has raised over $6.5 billion related to a wide array of real estate opportunities. Since 1996, Almanac's primary investment activity has consisted of making private placements of capital into public and private real estate operating companies. Almanac managed funds have committed over $5.2 billion to 43 such companies in North America. For more information, visit