Burger King ™ 649 E State Street | Georgetown, OH Burger King, Georgetown, OH | 1 ™

OFFERING MEMORANDUM

™ 2 | Offering Memorandum contents 04 Investment Highlights

06 financial OVERVIEW

10 tenant overview

14 area OVERVIEW exclusively listed by

Gary chou FVP & Senior Director

[email protected] DIR (310) 919-5827 MOB (714) 928-8016 LIC # 01911222 (CA)

kevin chang Associate

[email protected] DIR (310) 919-5828 MOB (951) 616-8918 LIC # 01976724 (CA)

Larry Bergman BROKER OF RECORD LIC # 348029

Burger King, Georgetown, OH | 3 Investment Highlights

LONG-TERM, WORRY-FREE INVESTMENT

• Recently Remodeled – This store was recently remodeled in 2016 to match the latest Burger King prototype! • Long Term Lease – There are 10 years remaining on the lease with Two (2), 5-year options remaining • Absolute NNN Lease – Tenant takes care of all landlord responsibilities including tax, insurance, maintenance, roof and structure • Growing Cash Flow – There are 8% increases every 5 years – Excellent hedge against inflation!

SEASONED OPERATOR OF AND EXCELLENT BRAND

• Experienced Operator - Carrols Corporation is the largest Burger King franchisee in the world, operating over 800 restaurants under the Burger King brand for over 50 years. Carrols Corporation is a publicly traded company ("TAST") with revenues in excess of $850 million • Iconic Brand - Burger King has over 15,000 units worldwide and has been one of the most successful burger chains in the world since 1954

STRATEGICALLY PICKED SITE

• Located on Main Thoroughfare – Burger King is located on E State St which is the main street running through Georgetown – Burger King captures all the traffic passing through town • Ideal Household Incomes – Average household incomes are $46,733, $51,715 and $54,737 in a 1, 3 and 5-mile radius

4 | Offering Memorandum Burger King, Georgetown, OH | 5 financial overview6 | Offering Memorandum Burger King 649 E State Street Georgetown, OH 45121 List Price �� $957,000 CAP Rate - Current �� 6.15% Gross Leasable Area �� ± 2,860 SF Lot Size �� ± 1.9 Acres Year Built ��1998

Annualized Operating Data Monthly Rent Annual Rent Increases Current $4,905.00 $58,860 6.15% Option 1 $5,297.40 $63,569 6.64% Option 2 $5,721.19 $68,654 7.17% Option 3 $6,178.89 $74,147 7.74% Option 4 $6,673.20 $80,078 8.36%

Tenant Summary

Tenant Trade Name Burger King Type of Ownership Fee Simple Lease Guarantor Carrols Corporation Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 10 Years Lease Commencement Date 3/1/2017 Rent Commencement Date 3/1/2017 Lease Expiration Date 2/28/2027 Term Remaining on Lease ± 9.5 Years Increases 8% Increases in Options Options Four, 5-Year Options

Burger King, Georgetown, OH | 7 tenant overview8 | Offering Memorandum Property Name Burger King Parent Company Trade Name Restaurant Brands International, Inc. (NYSE: QSR) Ownership Public Credit Rating (Standard & Poor’s) B+ Revenue $1.15 B Net Income $233.70 M No. of Locations ± 15,000 No. of Employees ± 34,248 Headquartered Miami, FL Website www.bk.com Year Founded 1953

TENANT OVERVIEW

Burger King Worldwide operates the world’s #3 hamburger chain by sales with almost 15,000 restaurants in the US and more than 100 other countries. In addition to its popular Whopper sandwich, the chain offers a selection of burgers, chicken sandwiches, salads, and breakfast items, along with beverages, desserts, and sides. Many of the eateries are stand-alone locations offering dine-in seating and drive-through services; the chain also includes units in high-traffic locations such as airports and shopping malls. Burger King Worldwide is owned and operated by Restaurant Brands International.

GEOGRAPHIC OUTREACH

Burger King has restaurant locations throughout the US and more than 100 other countries. The US and Canada are responsible for about 65% of revenues. Like most other giants of the fast-food industry, Burger King has expanded its nationwide and international presence primarily through franchising. But the company has reduced its domestic expansion efforts recently. Burger King has used joint ventures to expand in countries like China, Mexico, Russia, and Singapore.

CARROLS CORPORATION

Carrols Corporation, founded in 1960, is a multi-concept company headquartered in Syracuse, New York. Operating over 800 locations, Carrols Corporation is the largest global franchisee of Burger King Restaurants. Carrols Corporation strives for further growth by selective acquisition of Burger King Restaurants, developing new restaurants, and continued expansion through leveraged operating productivity.

Burger King, Georgetown, OH | 9 the offering

Property Name Burger King 649 E State Street Property Address Georgetown, OH 45121 Assessor’s ParcelOceanside Number Blvd ± 31,792 33-060896-00-00 Site Description Number of Stories One Year Built/Renovated 1998/2016 Gross Leasable Area (GLA) ± 2,860 SF Type of Ownership NNN

Landscaping 40,116 ± Blvd College Professional Topography Generally Level

10 | Offering Memorandum Parcel Map

Burger King, Georgetown, OH | 11 Georgetown

Subject Property

12 | Offering Memorandum Subject Property

Burger King, Georgetown, OH | 13 Georgetown, OH

Georgetown, OH is a village in Brown County, an hour outside of Cincinnati. It was founded in 1819, and named after Georgetown, Kentucky. It is the home to Ulysses S. Grant, where he grew up and went to grade school. Today, the area is known as a developing area with a lot of potential. The community supports local businesses and are working to bring in larger corporations.

One of the newest developments in the area is Kathryn Hanlon Park. It is 40 acres of recreational area that is utilized by the whole community. It has many different outdoor activities including walking trials, playgrounds, basketball courts, soccer fields, and volleyball courts.

Georgetown demographics

POPULATION 1 Mile 3 Mile 5 Mile HOUSEHOLDS 1 Mile 3 Mile 5 Mile 2022 Projection 20,957 153,679 338,974 2022 Projection 6,017 52,423 117,010 2017 Estimate 20,103 146,145 321,523 2017 Estimate 5,768 49,771 111,008 2010 Census 19,122 136,844 299,008 Growth 2017 - 2021 4.32% 5.33% 5.41% 2000 Census 19,689 130,553 283,537 INCOME 1 Mile 3 Mile 5 Mile 2017 Est. Average Growth 2017 - 2021 4.25% 5.16% 5.43% $74,747 $81,682 $84,015 Household Income

14 | Offering Memorandum Cincinnati, OH

Cincinnati is the third largest city in Ohio. The city experienced a population boom throughout the 19th century, and has stayed steady since. It is a mix of city and residential areas. Cincinnati was ranked among one of the top places for the best quality of life. The city offers great public and private school systems, as well as, a low cost of living and unemployment rate.

The downtown area is recognized for its amazing architecture and culture. Several notable buildings include the Carew Tower, the Scripps Center, and the Cincinnati Museum Center at Union Terminal. The Cincinnati Skywalk, is a mile-long indoor walkway that gives you the best views of Cincinnati.

Burger King, Georgetown, OH | 15 16 | Offering Memorandum New Developments

Recently, the city has been undergoing new developments to help renovate the city to become more modern and innovative. The Banks project is planned to finish in the next couple years and will create a riverfront area between the Paul Brown Stadium and Great America Ball Park, along the Ohio River. This will include new apartments, retail, restaurants, and offices.

The first phase is complete and every vacant space is already occupied. The next area that is going under renovation is Smale Riverfront Park, Cincinnati’s newest park. A new streetcar system recently opened throughout the city, as well.

Economy Cincinnati has the fastest growing economy in the Midwest. With the low cost of living and unemployment rate, many people have moved to the area and it has become a hot spot for many corporations. Some Fortune 500 companies that are headquartered in the city are Procter&Gamble, The Kroger Company, and Macy’s. General Electric has also moved their headquarters to the city for GE Aviation and Global Operations. The Kroger Company is the largest employer for the city.

Burger King, Georgetown, OH | 17 CONFIDENTIALITY & DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of Burger King located at 649 E State Street, Georgetown, OH 45121 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. BROKER OF RECORD

exclusively listed by

Gary chou FVP & Senior Director

[email protected] DIR (310) 919-5827 MOB (714) 928-8016 LIC # 01911222 (CA)

kevin chang Associate

[email protected] DIR (310) 919-5828 MOB (951) 616-8918 LIC # 01976724 (CA)

Larry Bergman BROKER OF RECORD LIC # 348029

Burger King ™ 649 E State Street | Georgetown, OH Burger King, Georgetown, OH | 19