OFFERING MEMORANDUM TRADE NET LEASE WITH CONFIDENCE

KEYBANK RETAIL; BANK | STAMFORD, CT

NEW YORK | CHICAGO | ATLANTA | TAMPA | DENVER | SAN FRANCISCO BENETLEASE.COM DISCLOSURE

All materials and information received or derived from B financial advisor to any party regarding any proposed Plus E LLC, its directors, officers, agents, advisors, affiliates, transaction. All data and assumptions regarding financial and/or any third-party sources are provided without performance, including that used for financial modeling representation or warranty as to completeness, veracity, purposes, may differ from actual data or performance. Any or accuracy; condition of the property; compliance or lack estimates of market rents and/or projected rents that may of compliance with applicable governmental requirements; be provided to a party do not necessarily mean that rents developability or suitability; financial performance of the can be established at or increased to that level. Parties must property; or projected financial performance of the property evaluate any applicable contractual and governmental for any party’s intended use or any and all other matters. limitations as well as market conditions, vacancy factors, and other issues in order to determine rents from or for the Neither B Plus E LLC, its directors, officers, agents, advisors, property. nor affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any Legal questions should be discussed by the party with an materials or information provided, derived, or received. attorney. Tax questions should be discussed by the party Materials and information from any source, whether with a certified public accountant or tax attorney. Title written or verbal, that may be furnished for review are questions should be discussed by the party with a title not a substitute for a party’s active conduct of its own officer or attorney. Questions regarding the condition of due diligence to determine these and other matters of the property and whether the property complies with significance to such party. B Plus E LLC will not investigate applicable governmental requirements should be discussed or verify any such matters or conduct due diligence for a by the party with appropriate engineers, architects, party unless otherwise agreed in writing. contractors, other consultants, and governmental agencies. All properties and services are marketed by B Plus E LLC EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT in compliance with all applicable fair housing and equal INVESTIGATION AND DUE DILIGENCE. opportunity laws.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third-party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. B Plus E LLC makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. B Plus E LLC does not serve as a ABOUT US

OUR STORY

B+E is a modern investment brokerage firm, specializing in net lease real estate and 1031 exchanges. We help clients buy and sell single tenant real estate. Founded by deeply experienced brokers, B+E redefines trading through an intuitive end-to-end transaction platform comprising of user-friendly dashboards and an AI-driven exchange — all leveraging the largest data set in the net lease industry.

Complementing senior talent with exceptional technology, B+E’s proprietary process affords greater speed, unrivaled transaction efficiencies, and stronger asset value. With offices in New York, Chicago, Tampa, Atlanta, Denver, and San Francisco, our brokers trade property for our clients across the US. B+E allows virtually anyone to confidently trade net lease real estate.

3 KEYBANK | STAMFORD, CT BENETLEASE.COM TABLE OF CONTENTS

EXECUTIVE SUMMARY...... 05

INVESTMENT HIGHLIGHTS...... 06

LEASE ANALYSIS ...... 07

PROPERTY SURVEY ...... 08

TENANT OVERVIEW...... 09

LOCATION OVERVIEW...... 10

SURROUNDING TENANT MAP...... 13

SURROUNDING DEVELOPMENTS MAP... 14

DEVELOPER OVERVIEW...... 15

SPENCER HENDERSON CAMILLE RENSHAW DEMOGRAPHICS ...... 16 Director CEO & Co-Founder 415.315.9287 646.701.4536 HOW B+E WORKS [email protected] [email protected] INNOVATIVE BUYER TOOLS ...... 18 SCOTT SCURICH President & Co-Founder 415.302.6498 [email protected]

4 KEYBANK | STAMFORD, CT BENETLEASE.COM EXECUTIVE SUMMARY

OFFERING PRICE $7,500,000 CAP RATE 5.00%

EXECUTIVE SUMMARY

TENANT NAME KeyBank

ADDRESS 721 Canal St., Stamford, CT 06902

CREDIT RATING A- (S&P)

OFFERING PRICE $7,500,000

OFFERING CAP 5.00%

IN-PLACE NOI $375,000

2022 NOI $400,000

LEASE TYPE NNN

RENT INCREASES 6.67% on 01/01/2022

REMAINING LEASE TERM +/- 5.75 Years

BUILDING SIZE +/- 3,224 SF

LAND AC +/- 0.18 AC

PARKING 16 Spaces

PROPERTY TYPE Retail | Bank

YEAR BUILT 2011

5 KEYBANK | STAMFORD, CT BENETLEASE.COM INVESTMENT HIGHLIGHTS

HIGHLIGHTS

INVESTMENT GRADE TENANT | 29TH LARGEST BANK IN THE U.S. This investment is secured by KeyBank, the 29th largest bank in the United States with +/- 1,197 branches and +/- $7.33 billion in 2020 revenue. KeyBank currently holds an investment grade rating of A- by the S&P. OUTFITTED WITH A DOUBLE DRIVE-THRU The COVID-19 pandemic has increased the value of investment assets with drive-thrus as they provide a contactless sales method. This asset features a double drive-thru, which positions the asset to handle a larger volume of customers and reduce wait times as the market switches to an increased number of contactless sales and services. PRIME LOCATION This asset is located in Harbor Point, which is an affluent redevelopment district located in the South End section of Stamford, . Harbor Point is currently one of the largest redevelopment projects in the nation. Harbor Point includes more than 4,000 new apartments, with office space, restaurants, shops, marinas, a waterfront boardwalk, and several public parks. DENSE SURROUNDING MULTIFAMILY | BUILT-IN CUSTOMER BASE This asset is surrounded by several notable apartment complexes such as 121 Towne Apartments (+/- 329 units), Vault Apartments (+/- 252 units), The Key at Yale and Towne (+/- 107 units), 111 Harbor Point (+/- 228 units), Allure (+/- 435 units), Escape (+/- 435 units), and many more which act as a built-in customer base to this location. IMMENSE STAMFORD DEVELOPMENT | $6 BILLION IN ONGOING DEVELOPMENT This asset is in Stamford, Connecticut, which has seen an immense surge in economic development. Some current developments are ITV America HQ (130,000 SF Commercial), Charter Communications World HQ (900,000 SF Commercial), Opus (+/- 180 units), Harbor Point Block P6 (+/- 180 units),Atlantic Station Phase 2 (325 units and 12,100 SF retail), The Smyth (414 units and 18,333 SF retail), and Escape (435-unit luxury residential building). STRONG SURROUNDING DEMOGRAPHICS This bank location has strong surrounding demographics with a population of +/- 169,696 with a median household income of +/- $102,168 within a 5-mile radius of this site. EXCELLENT VISIBILITY | HARD CORNER LOCATION This asset is positioned on the hard corner of Henry and Canal Sts., which experiences +/- 11,800 VPD.

LOCATED IN OPPORTUNITY ZONE Investors have the unique opportunity to take advantage of the tax incentives associated with owning a property in an Opportunity Zone.

6 KEYBANK | STAMFORD, CT BENETLEASE.COM LEASE ANALYSIS

KEYBANK

IN-PLACE NOI $375,000

2022 NOI $400,000

LEASE COMMENCEMENT 07/01/2011

RENT COMMENCEMENT 01/01/2012

LEASE EXPIRATION 12/31/2026

ORIGINAL LEASE TERM 15 Years

REMAINING LEASE TERM +/- 5.75 Years

RENT INCREASES 6.67% on 01/01/2022

RENEWAL OPTIONS 10; 5-Year

LEASE TYPE NNN

LANDLORD RESPONSIBILITIES None*

*Controllable expenses above the 5% expense cap

MASTER UNIT Y10 PARKING LOT

NUMBER OF SPACES 16

LEASE COMMENCEMENT 04/05/2011

ORIGINAL LEASE TERM +/- 66 Years

LEASE EXPIRATION 04/05/2077

REMAINING LEASE TERM +/- 56 Years

LANDLORD RESPONSIBILITIES None*

* Landlord is responsible for proportionate share of OPEX, which is allocated to Tenant

7 KEYBANK | STAMFORD, CT BENETLEASE.COM PROPERTY SURVEY

8 KEYBANK | STAMFORD, CT BENETLEASE.COM TENANT OVERVIEW

KEYBANK is one of the largest bank-based financial services companies in the nation with current total assets of approximately $170.5B and growing. The company, which is headquartered in Cleveland, Ohio, is ranked in the Fortune 500 list with revenues totaling $7.33B in 2020. KeyBank provides a wide range of retail and commercial banking, commercial leasing, consumer finance, and special servicing among many other services through two major business segments: Consumer Bank and Commercial Bank. Those services are provided across the country through KeyBank’s 1,197 full service retail banking branches and a network of 1,572 ATMs across 15 states. The company also offers additional offices, online and mobile banking capabilities, as well as a telephone banking call center. Since its inception in 1894, KeyBank has been committed to helping clients and communities thrive through making meaningful investments in the places where their 15 40,000+ $170.5B $7.33B customers live and work. STATES ATMS ASSETS REVENUE KeyBank has been ranked as the 29th largest bank in the nation. KeyBank reported record fourth-quarter 2020 net income of $549M. Average deposits through KeyBank are reported up 21% from Q4 2019.

9 KEYBANK | STAMFORD, CT BENETLEASE.COM LOCATION OVERVIEW

STAMFORD, CONNECTICUT is the most populous city in Fairfield County and the third-largest city in Connecticut with a population of +/- 129,775 residents. Located approximately 38 miles from both Manhattan, NY and New Haven, CT, Stamford serves as an ideal location for residents who commute in and out of the cities. In addition, Stamford is home to eight Fortune 1000 companies, three of which are Fortune 500, and helps support some of Connecticut’s most prestigious businesses. Along with many regional branches, the headquarters of many nationally recognized companies such as Synchrony Financial, Vineyard Vines, and Charter Communications call Stamford home. Stamford boasts an impressive list of finance, insurance, management, real estate, digital media, health, and consumer goods companies. Stamford is also an economically growing city with its most notable development of Harbor Point, located in the south end, which is one of the largest private-sector STAMFORD, CT development projects in the nation. By fostering some of the top Image Source: John9474 - Own work, CC BY-SA 4.0 businesses in the country, Stamford has created an atmosphere of success and competition that drives the best to do even better.

TOP 10 EMPLOYERS

FORTUNE 1000 COMPANIES RANK COMPANY EMPLOYEES COMPANIES RANK 1 STAMFORD HEALTH 3,600

CHARTER COMMUNICATIONS 70 2 CITY OF STAMFORD & BOE 3,300 SYNCHRONY FINANCIAL 173 3 CHARTER COMMUNICATIONS 2,000 UNITED RENTALS 379 4 INDEED.COM 1,700 SILGAN HOLDINGS 581 5 GARTNER 1,650 GARTNER 631 6 STAMFORD TOWN CENTER 1,500 659 7 DELOITTE 1,150 CRANE CO. 706 8 NBC SPORTS GROUP & NBC UNIVERSAL 1,075 HEXCEL 932 9 PWC 900 Source: www.stamfordct.gov 10 UBS AG 800

10 KEYBANK | STAMFORD, CT BENETLEASE.COM LOCATION OVERVIEW | CONTINUED

STAMFORD BY THE NUMBERS TOP 5 FASTEST GROWING CITIES IN CT (2010-2019) Source: U.S. Census Bureau 6.50% 5.71% 37 MEDIAN AGE 5.50%

4.50% 129,775 POPULATION 4.14% 3.89% 3.67% 3.50%

$101,000 MEDIAN POPULATION GROWTH RATE (%) 2.87% HOUSEHOLD INCOME 2.50% Stamford Danbury Shelton Milford Norwalk AAA S&P AND FITCH BOND RATING STAMFORD IS $6 BILLION IN THE ‘CROWN DEVELOPMENT 4,900 APARTMENTS IN JEWEL’ OF CT STAMFORD, CT DEVELOPMENT CLICK TO VIEW ARTICLE CLICK TO VIEW ARTICLE

CURRENT DEVELOPMENTS

CHARTER COMMUNICATIONS ATLANTIC STATION PHASE 2 ITV AMERICA HEADQUARTERS THE SMYTH ESCAPE WORLD HQ 421 ATLANTIC STREET 860 CANAL STREET 885 WASHINGTON BLVD. HARBOR POINT

900,000 SF Commercial 325 Units & 12,100 SF Retail 130,000 SF Commercial 414 Units & 18,333 SF Retail 435 Units; 564,000 SF Under Construction Estimated Completion: 02/2021 Estimated Completion: 2021 Estimated Completion: 03/2021 Estimated Completion: 2021

11 KEYBANK | STAMFORD, CT BENETLEASE.COM LOCATION OVERVIEW | HARBOR POINT

HARBOR POINT is Building and Land Technology’s (BLT) premier master-planned development in Stamford. BLT has been at the forefront of redeveloping the from an industrial neighborhood to a transit-oriented master-planned community spanning over 8 million square feet of Class A real estate. BLT’s creation of this premier live/work/ play environment has successfully attracted world class businesses and brands from a diverse array of industries to the area. Signature restaurants and retail destinations include CVS, Bareburger, Fortina, Mexicue, Design Within Reach, mActivity, Skinceuticals, and Rhone, all of which have attracted many new residents to move to the area. The high-quality office space has attracted several noteworthy office tenants such as Charter Communications, Castleton Commodities, Marriott, and Sema4. The area also features several marinas, a waterfront boardwalk, bike paths, bike share docks, more than 20 acres of public parks, and a water taxi system that connects Harbor Landing to Harbor Point.

More than 4,400 Apartment Units Planned Over 150,000 New Retail SF with 30 National Brands +/- 2.3 Million SF Office Space

12 KEYBANK | STAMFORD, CT BENETLEASE.COM SURROUNDING TENANT MAP

NAETYPE WESTOVER AGNET ELEENTARY SCHOOL TOTAL S DELIVERY DATE EIT O STORES APARTENTS OICES SHOPPING CENTER ALL USINESS PAR CALLOUT 12 A UCONN STAORD UNDER STAORD HOSPITAL ROGERS INTERNATIONAL SCHOOL ENNETTDEVELOPENT EDICAL CENTER VAULT APARTENTS NOTALE TENANTS I APP. UNITS

ETRO NORTH ATRA

HAROR POINT

UNITS

THE EY AT YALE TOWNE UNITS

PAR PLACE TOWNE APARTENTS

UNITS UNITS NEIGHORHOOD AREA CALLOUT NV HAROR POINT THE LOTS AT YALE TOWNE EDIAN INCOE PEOPLE UNITS UNITS

ALLURE AT HAROR POINT UNITS

RAIL LINE NAE HALLOWEEN ASIN

ODY EACON HAROR POINT CORNELL UNIVERSITY VETERINARY SPECIALISTS O UNITS HOSPITAL CALL OUT WATER POSTAR HAROR POINT HOSPITAL INORATION

UNITS AREADESTINATION

ESCAPE AT HAROR POINT UNITS TRANSPORTATION NAE WATERSIDE SCHOOLSCHOOL CALLOUT SCHOOL NAE SEA RIDERSHIP REUENCY STUDENTS ACULTY CUINGS PAR EACH

RIVER NAE ININITY HAROR POINT VINEYARD VINES UNITS LEGEND WESTCOTT COVE TRANSPORTATION LINE SCHOOL/UNIVERSITIES N POPULATION WEST EACH RAIL TRANSPORT HOSPITAL/MEDICAL 2 MILES 87,483

5 MILES 169,696

NEIGHBORHOOD POINT OF INTEREST GREENWICH 10 MILES 388,221

~5MI

UNDER DEVELOPMENT

13 KEYBANK | STAMFORD, CT BENETLEASE.COM SURROUNDING DEVELOPMENT MAP

E. AINNAETYPE STREET

TOTAL S DELIVERY DATE CANALSHOPPING STREET CENTER ALLITV AERICA H EIT Approved O STORES Development; APARTENTS 85 OICES 12 A URY STAORD PHASE Units; 2,150 SF Retail USINESS PAR CALLOUT 860 Canal Street; Approved Development; Stamford Media Village; 57 Greylock Place; Under 173 Units; 1,602 SF Retail Construction; 186 Units; Estimated 130,000 SF Office Completion 2022 UNDER DEVELOPENT ATLANTIC STATION PHASE

NOTALE421 Atlantic TENANTS Street; Estimated I APP. Completion Q2 2021; 325 Units; VETERANS PAR HOTEL 14,000 SF Retail PENINSULA AT HAROR POINT

160 Atlantic Street; Proposed 14-Acre Waterfront Development Development; 100 Hotel Rooms Opportunity; Planned Development ATLANTIC STREET HAROR POINT LOC P

SUER STREET Major Mixed-Use Development 180 Units Under Construction; 376 Units ETRO TOWER NEIGHORHOOD GARDEN HOESAREA CALLOUT Approved Development; EDIAN INCOE PEOPLE 385,000 SF Office

1315 Washington Blvd.; OPUS Under Construction; 187 Units Under Construction; CHARTER SPECTRURAIL LINE WORLD NAE H 180 units

ODY O Under Construction; 900,000 SF Office TRUE NORTH HOSPITAL CALL OUT WATER ESCAPE

HOSPITAL INORATION

AREADESTINATION

245 Atlantic Street; Under RS Under Construction; Construction; 212 Units; THE SYTH WASHINGTON 435 units 8,000 SF Retail 885 Washington Blvd.; TRANSPORTATION NAE Clinton Ave. & SCHOOLDivision St.; CALLOUT Approved SCHOOL NAE Proposed Development; 506 Under Construction; 414 RIDERSHIP REUENCY Development; 456 UnitsSTUDENTS ACULTY Units & Ground Floor Retail WOODLAND PACIIC PROECT RIVER NAE Units; 19,333 SF Retail 714 Units LEGEND

TRANSPORTATION LINE SCHOOL/UNIVERSITIES

RAIL TRANSPORT HOSPITAL/MEDICAL N VIEW ON GOOGLE

NEIGHBORHOOD POINT OF INTEREST

UNDER DEVELOPMENT

14 KEYBANK | STAMFORD, CT BENETLEASE.COM DEVELOPER OVERVIEW

BUILDING AND LAND TECHNOLOGY, headquartered in Stamford, CT, is a privately held real estate private equity, development, and property management firm. Founded in 1982, BLT is vertically integrated and has invested in, developed, owned, and managed over 25 million square feet of commercial space and over 10,000 residential units. BLT’s core holdings include Class A office properties, large scale mixed-use developments, hotels, rental apartment and condominium complexes, and adaptive reuse projects. BLT is the developer of numerous residential, commercial, and mixed-use projects, including Harbor Point, a transformative mixed-use development in Stamford, CT. In Stamford, BLT owns 14 properties spanning 3.8 million SF, which are home to some of the city’s most prominent office tenants such as Deloitte, Henkel, Marriott International, Charter Communications, General Reinsurance, Sema4, and Castleton Commodities International. In Norwalk, CT, BLT owns and manages over 1.1 million SF of office space with prominent tenants including FactSet, and GE Capital, and has developed 825 multifamily units with another 300 units currently under construction. BLT recently submitted approvals for a master-planned community in Norwalk that would add another 1,300 units to its thriving Glover Avenue portfolio. Elsewhere, BLT has recently developed 470 units in Danbury, CT and successfully completed the historic renovation of the Jersey City Medical Center into The Beacon, a 1,155-multifamily-unit community. BLT’s holdings include more than 100 active real estate companies, a majority interest in William Pill Sotheby’s residential brokerage firm with 28 offices and 1,000 agents, as well as numerous private equity investments.

PROVEN TRACK RECORD: Successfully Developed 25+ Million Commercial and Residential SF Over 38 Year History 8.0 MILLION SF: National Office Portfolio BLT BETS ON A RENOVATION OF 500,000 SF GROWING STAMFORD STAMFORD OFFICE BUILDING CLICK TO VIEW ARTICLE CLICK TO VIEW ARTICLE

15 KEYBANK | STAMFORD, CT BENETLEASE.COM DEMOGRAPHICS

POPULATION

2 MILES 5 MILES 10 MILES

2021 TOTAL POPULATION 87,483 169,696 388,221 2026 POPULATION 88,272 170,078 388,079 POP GROWTH 2021-2026 0.20% 0.00% 0.00% AVERAGE AGE 37.80 39.40 40.20

LES HOUSEHOLDS MI 10 2 MILES 5 MILES 10 MILES ILES M 2021 TOTAL HH 34,685 64,116 142,565 5

MEDIAN HH INCOME $74,185 $102,168 $106,250 ILES M AVG HOUSEHOLD SIZE 2.50 2.60 2.60 2 2021 AVG HH VEHICLES 1.00 2.00 2.00

HOUSING

2 MILES 5 MILES 10 MILES

MEDIAN HOME VALUE $421,608 $690,036 $685,250 MEDIAN YEAR BUILT 1969 1962 1960

16 KEYBANK | STAMFORD, CT BENETLEASE.COM HOW B+E WORKS INNOVATIVE BUYER TOOLS

BRINGING THE NATIONAL MARKET TO TIME-SENSITIVE BUYERS. B+E’s brokers use new technologies like artificial intelligence to track all active net lease listings on the U.S. market in real- time. Currently, there are roughly 3,000 to 4,000 NNN listings on the market. The B+E platform enables buyers to review the entire net lease market in real-time and compare properties, deal terms, and overall value of a trade. B+E’s seasoned brokers help high net-worth individuals, families, and institutions to build portfolios that satisfy their acquisition criteria and long- term investment objectives.

“This is the first brokerage platform designed to help buyers sweep the national NNN market and match properties to their specific criteria,” said B+E’s CEO Camille Renshaw. “Using collaborative dashboards and AI-driven tools, a seasoned broker personally assists every buyer from search to close.”

18 KEYBANK | STAMFORD, CT BENETLEASE.COM Only Platform Customized to Track Your Transactions End - To - End Buy and Sell NNN Properties Store All Documents in One Place

THE NET LEASE TRADING PLATFORM

Place Offers Instantly Analyze Properties Calculate Expenses Manage Tasks For Your Team

19 KEYBANK | STAMFORD, CT BENETLEASE.COM TRADE NET LEASE WITH CONFIDENCE

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646.770.0659 | [email protected]