Net Lease Investment Offering

ATI Physical Therapy 221 W Day Road Mishawaka, IN 46545 ATI Physical Therapy | Mishawaka, IN Table of Contents

TABLE OF CONTENTS

Offering Summary Executive Summary ...... 1 Investment Highlights ...... 2 Property Overview ...... 3

Location Overview Photographs ...... 4 Location Aerial ...... 5 Site Plan ...... 6 Location Map ...... 7

Market Overview Demographics ...... 8 Market Overview ...... 9

Tenant Summary Tenant Profile ...... 10

www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Executive Summary

EXECUTIVE SUMMARY

The Boulder Group is pleased to exclusively market for sale a single tenant net leased ATI Physical Therapy property located in Mishawaka, Indiana. The ATI Physical Therapy lease has over 3 years remaining on the primary term with two 5-year renewal options. ATI has successfully operated at this store since 2014 demonstrating their commitment to the location. The current rent ($33.79 PSF) is below the median market rent ($38.42 PSF). The property also features a drive-thru window for future uses of the building.

The 2,563 square foot building benefits from its location along West Day Road (13,744 VPD), which is a primary east-west thoroughfare. The property is well positioned in a primary retail corridor with tenants such as Lowe’s, Home Depot, Whole Foods, Kohl’s, Sam’s Club, Walmart Supercenter, Target, Best Buy, and DICK’S Sporting Goods. Food retailers within the area include Buffalo Wild Wings, Carrabba’s, Panera Bread, Dunkin’, Outback Steakhouse, and ALDI. There are multiple new properties being constructed along North Main Street such as Portillo’s, Raising Cane’s, and Qdoba. The ATI property is in close proximity to Interstate 80 (26,000+ VPD). There are 168,369 people living within 5 miles of the property with an average annual income of $71,013. ATI is less than 10 miles from the University of Notre Dame (8,600+ Students). The Property is 1 mile southwest of St. Joseph Regional Medical Center Hospital, a 254-bed acute-care medical center. The former Mattress Firm on the parcel to the west is now being converted to secondary practice location for St. Joseph Physician Network.

The ATI Physical Therapy lease expires on September 30, 2024 and features two 5-year renewal options with 2% annual rental escalations. ATI Physical Therapy is the largest physical therapy company under one brand name in the United States with 823 locations and is rapidly growing. ATI Physical Therapy is an outpatient orthopedic private practice that focuses on providing high-quality rehabilitation services. ATI Physical Therapy was named the “Best Physical Therapy Practice” in the nation by Advance Magazine for performing exceptionally strong in all areas of assessment including patient care and growth, employee training and retention, services, community presence, facilities, and company expansion.

| 1 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Investment Highlights

INVESTMENT HIGHLIGHTS

■ 2.0% annual rental escalations in primary term & options

■ ATI Physical Therapy is the largest physical therapy company under one brand name in the United States with 823 locations

■ Current rent ($33.78 PSF) is below the median market rent ($38.42 PSF)

■ E-commerce resistant and service-oriented tenant which insulates a future buyer from current changes in the retail sector

■ Well positioned in an abundant retail corridor with tenants such as Lowe’s, Home Depot, Whole Foods, Kohl’s, Sam’s Club, Walmart Supercenter, Target, Best Buy, and DICK’S Sporting Goods

■ Food retailers within the area include Buffalo Wild Wings, Carrabba’s, Panera Bread, Dunkin’, Outback Steakhouse, and ALDI

■ Multiple new properties being constructed along North Main Street such as Portillo’s, Raising Cane’s, and Qdoba

■ The ATI property is in close proximity to Interstate 80 (26,000+ VPD)

■ 168,369 people living within 5 miles of the property with an average annual income of $71,013

■ Less than 10 miles from the University of Notre Dame (8,600+ Students)

■ 1 mile southwest of St. Joseph Regional Medical Center Hospital, a 254-bed acute-care medical center

| 2 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Property Overview

PROPERTY OVERVIEW

Price: $1,211,241

Cap Rate: 7.15%

Lease Commencement Date: 9/16/2014

Lease Expiration Date: 9/30/2024

NOI: $86,603.761

Renewal Options: Two 5-year

Rental Escalations: 2.0% annual in primary & options

Lease Type: NN2

Tenant: ATI Physical Therapy

Year Built/Renovated: 2007/2014

Building Size: 2,563 SF

Land Size: 0.84 AC

1) Landlord is responsible for administering CAM; however, Tenant is responsible for the cost associated with CAM. Landlord can collect an ‘Administrative Fee’ equal to 10% of Operating Costs, which is not currently included in the NOI. 2) Roof, Structure, Parking Lot Lighting, Mechanical Systems, Etc.

| 3 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Photographs

| 4 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Location Aerial

| 5 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Site Plan

| 6 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Location Map

8,600+ Students

| 7 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Demographics

DEMOGRAPHICS Population Income

1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile

Total Population: 9,939 73,595 168,369 Median Household Income: $34,986 $48,070 $51,556

Total Households: 5,093 29,706 65,940 Average Household Income: $50,431 $65,724 $71,013

| 8 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Market Overview

City of Mishawaka, Indiana

Mishawaka is a city on the St. Joseph River, in Penn Township, St. Joseph County, in the U.S. state of Indiana. Its nickname is “the Princess City”. Mishawaka is a principal city of the South Bend–Mishawaka, IN-MI, Metropolitan Statistical Area.

Old-fashioned neighborhoods are found across the city. Many of the newer residential subdivisions that have been developed within the city in recent years have adopted design guidelines to produce the “hometown” neighborhood feel and encourage community spirit.

The city continually upgrades and develops new neighborhood park and recreation facilities. A total of 29 parks allow Mishawaka residents to golf, play ball, fish and exercise. In 1968, the city opened an outdoor Olympic-size swimming pool and an adjacent ice-skating rink at Merrifield Park. On the south side, Mishawaka’s George Wilson Park is home to the city’s most popular winter toboggan spot, as well as an 18-hole frisbee golf course. Some of the city’s Italian immigrants and their descendants still play traditional games such as bocce, and a few ethnic Belgians continue to raise and race homing pigeons. The city also hosted the nation’s oldest and largest wiffleball tournament, the World Wiffle Ball Championship, from 1980 to 2012 and again in 2020.

| 9 | www.bouldergroup.com | Confidential Offering Memorandum ATI Physical Therapy | Mishawaka, IN Tenant Overview

ATI Physical Therapy

ATI Physical Therapy is an outpatient orthopedic private practice that focuses on providing high-quality rehabilitation services. ATI distinguishes itself in the rehabilitation industry by taking a comprehensive, whole body approach with emphasis on hands-on, one-to-one care. ATI Physical Therapy was named the “Best Physical Therapy Practice” in the nation by Advance Magazine for performing exceptionally strong in all areas of assessment including patient care and growth, employee training and retention, services, community presence, facilities, and company expansion.

Founded in 1996, ATI Physical Therapy began with one clinic in Willowbrook, Illinois. Today, ATI is the largest physical therapy company under one brand name in the United States. ATI has 823 clinic locations. ATI offers patient-centered care and evidence-based services in physical therapy, aquatic therapy, hand therapy, sports medicine, work conditioning/hardening, industrial health services, and women’s health.

Website: www.atipt.com Founded: 1996 Number of Locations: 823 Corporate Headquarters: Bolingbrook, Illinois

| 10 | www.bouldergroup.com | Confidential Offering Memorandum CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

EXLUSIVELY LISTED BY: Randy Blankstein Jimmy Goodman The Boulder Group President Partner 3520 Lake Avenue, Suite 203 847-562-0003 847-562-8500 Wilmette, Illinois 60091 [email protected] [email protected] www.bouldergroup.com