Chicken Express Fort Worth, TX CONFIDENTIALITY and DISCLAIMER

Offering Memorandum Chicken Express Fort Worth, TX CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. exclusivelyExclusively listed by: Investment Sales: listed Philip Levy Blake Davis First Vice President Investments Associate FORT WORTH OFFICE Tel: (817) 932-6120 Tel: (817) 932-6123 Fax: (817) 380-1153 Fax: (817) 380-1153 [email protected] [email protected] OFFICES NATIONWIDE License: TX 522087 www.marcusmillichap.com Chicken Express

Table of Contents

EXECUTIVE SUMMARY Executive Summary ...... 2 Investment Overview ...... 3 PROPERTY DESCRIPTION Property Details ...... 5 Regional Map ...... 6 Local Map ...... 7 Aerial Photo ...... 8 FINANCIAL ANALYSIS Financial Overview ...... 10 Tenant Overview ...... 11 MARKET OVERVIEW Demographic Summary ...... 13 summaryEXECUTIVE SUMMARY EXECUTIVE SUMMARY Chicken Express

CHICKEN EXPRESS 6765 Lake Worth Boulevard Fort Worth, TX 76135 SUMMARY EXECUTIVE

OFFERING SUMMARY Offering Price $2,300,000 Cap Rate 6.00% Rentable Square Feet 3,290 SF Year Built 2009 Lot Size 0.95 Acres

PROPERTY

DESCRIPTION LEASE SUMMARY Lease Type Absolute Net Roof and Structure Tenant Responsible Lease Guarantor Franchisee Guarantee Original Lease Term 10 Years Rent Commencement Date At Closing Lease Expiration Date 10 Years Remaining Lease Term 10 Years Options 4, 5-Year Options ANALYSIS FINANCIAL Increases 10% Every 5 Years

MARKET OVERVIEW

The subject property is a 3,290-square foot freestanding Chicken Express in Investment Highlights

Fort Worth, Texas. This is a sale/leaseback opportunity; the tenant will execute ■■ Sale/Leaseback Opportunity

a new 10-year, absolute net lease at closing. The lease will have a franchisee ■■ Tenant will Execute a New 10-Year, Absolute Net Lease at Closing | Zero Landlord Responsibilities guarantee from the operator of six locations, with a seventh location currently

under construction. Ten percent rent escalations are scheduled every five years, ■■ Franchisee Guarantee | Operator Has 6 Locations With an Additional DESCRIPTION

Location Currently Under Construction PROPERTY including four, five-year options for renewal. The building was constructed in

■■ Lease Includes 10% Rent Escalations Scheduled Every Five Years, Including 2009, includes a drive-thru, and sits on 0.95 acres of land. Four, Five-Year Options for Renewal The subject property is located on Lake Worth Boulevard (Jacksboro Highway) ■■ Signalized Hard Corner Location on Lake Worth Boulevard (Jacksboro at the signalized hard corner of Merrett Drive and is in close proximity to Lake Highway) at Merrett Drive

Worth. Traffic counts are approximately 44,000-vehicles per day on Lake Worth ■■ Traffic Counts are Approximately 44,000-Vehicles Per Day FINANCIAL

Boulevard. The property is adjacent to NA Howry Middle School and near Effe ANALYSIS ■■ Dense Retail Trade Area | Close to Brookeshire’s, Tractor Supply Company, Morris Elementary School. Numerous national and regional retailers are in the Dollar General, Taco Cabana, Chili’s, Ulta, Ross Dress for Less, Hobby Lobby, Walmart Supercenter, Lowe’s Home Improvement, Gander area, including Spring Creek Barbeque, Farmers Insurance, Starbucks, Jimmy Mountain, and More John’s, Christian Brothers Automotive, Dollar General, AutoZone, Brookshire’s ■■ Five Mile Population Exceeds 134,550 Residents with an Average Household grocery store, Tractor Supply Co., CVS Pharmacy, Wells Fargo, Chick-fil-a, Income of $61,844

Taco Cabana, Chili’s Grill & Bar, Pizza Hut, Payless ShoeSource, Pep Boys,

■■ OVERVIEW For Sale Individually or as Part of a Portfolio | Five Other Locations in the MARKET Ulta Beauty, Maurices, Five Below, Ross Dress for Less, Hobby Lobby, Walmart DFW Area Available

Supercenter, and many more. The five mile population exceeds 134,550 with an

average household income of $61,844.

THE OFFERING SUMMARY

EXECUTIVE Property Chicken Express Property Address 6765 Lake Worth Boulevard Fort Worth, TX 76135

SITE DESCRIPTION Year Built 2009 Rentable Square Feet 3,290 SF Lot Size 0.95 Acres Type of Ownership Fee Simple PROPERTY DESCRIPTION ANALYSIS FINANCIAL MARKET OVERVIEW

EXISTING FINANCING Loan Type Free and Clear SUMMARY EXECUTIVE OFFERING SUMMARY ANNUALIZED OPERATING DATA Price $2,300,000 Rent Increases Annual Rent Monthly Rent Down Payment 100% / $2,300,000 Years 1 - 5 $138,000.00 $11,500.00 Rentable Square Feet 3,290 SF Years 6 - 10 $151,800.00 $12,650.00 Option 1: Years 11 - 15 $166,980.00 $13,915.00 Price/SF $699.09 Option 2: Years 16 - 20 $183,678.00 $15,306.50 CAP Rate 6.00% Option 3: Years 21 - 25 $202,045.80 $16,837.15 Year Built 2009 Option 4: Years 26 - 30 $222,250.38 $18,520.87 Lot Size 0.95 Acres Base Rent ($41.95/SF) $138,000 Net Operating Income $138,000 Type of Ownership Fee Simple Total Return 6.00% / $138,000 PROPERTY DESCRIPTION

TENANT SUMMARY Tenant Trade Name Chicken Express Ownership Private Tenant Franchisee Lease Guarantor Franchisee Guarantee Lease Type Absolute Net Roof and Structure Tenant Responsible

ANALYSIS Original Lease Term 10 Years FINANCIAL Lease Commencement Date TBD Rent Commencement Date At Closing Lease Expiration Date 10 Years Remaining Lease Term 10 Years Increases 10% Every 5 Years Options 4, 5-Year Options

MARKET OVERVIEW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are 10 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID T0000000 EXECUTIVE PROPERTY FINANCIAL MARKET SUMMARY DESCRIPTION ANALYSIS OVERVIEW 11 ACT ID T0000000 ACT Chicken Express Chicken Marcus & Millichap & Millichap Marcus 2014 Express. Residing in Mineral Wells the Stuart’s expanded the Chicken the Chicken expanded the Stuart’s Wells in Mineral Residing Express. the very of first being one by originally product and name Express very was business delivery The delivery businesses. foodfast chicken 1994 all so in 1990 until product, and the word spreading successful for concept. “delivery” utilizednew drive-thru, or the franchises dine-in, Since opened in 1990. was store franchise Express Chicken first The thesouthwest across up opened have locations 200 than thenmore in stores also we have but in Texas, are locations Most States. United Louisiana. and Georgia, Oklahoma Arkansas, After almost a decade of experience under another franchise, the Stuart’s Stuart’s the franchise, another of experience a decade under almost After TX Benbrook, in 1988 March in name Express the Chicken launched Chicken TX–the base for home in October Wells, in Mineral 1988 and 7 No No No Private 3,290 SF Franchisee Chicken Express Chicken Express Chicken 4, 5-Year Options 4, 5-Year www.chickene.com Franchisee Guarantee Franchisee Fort Worth, TX 76135 Worth, Fort 6765 Lake Worth Boulevard 6765 Lake Worth Net Leased Restaurant Fast Food Fast Leased Restaurant Net This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are are age or footage to square References to accuracyas the of information. the or implied, expressed or warranties, representations no make we but reliable, to we be believe has been sources secured from information This or the current represent do not purposes and only example for are used herein estimates or assumptions opinions, projections, inaccuracies. Any any bears all for risk and verify the information must Buyer approximate. Services, © Inc. Investment Real Services Estate & Millichap a service is Marcus of Investment Real mark Estate & Millichap Marcus the property. of performance future Options to Purchase to Options Refusal of Right First Options to Renew to Options Terminate to Options Lease Guarantor Locations of No. Site Web Ownership Tenant Tenant Trade Name Trade Tenant Rentable Square Feet Square Rentable Property Address Property Type Property Property Name FINANCIAL ANALYSIS FINANCIAL Tenant Overview Tenant overviewMARKET OVERVIEW MARKET OVERVIEW Chicken Express

Demographic Summary

POPULATION 1-MILE 3-MILES 5-MILES INCOME 1-MILE 3-MILES 5-MILES SUMMARY EXECUTIVE 2000 Population 4,599 20,751 93,376 $0 - $ 14,999 11.9% 12.8% 12.6% 2010 Population 4,756 30,567 126,554 $15,000 - $24,999 8.5% 10.8% 12.2% 2014 Population 4,946 32,478 134,554 $25,000 - $34,999 15.7% 12.1% 12.0% 2019 Population 4,995 36,187 147,790 $35,000 - $49,999 21.6% 17.6% 16.5% $50,000 - $74,999 22.8% 20.3% 20.2%

HOUSEHOLDS 1-MILE 3-MILES 5-MILES $75,000 - $99,999 11.6% 12.9% 12.0% 2000 Households 1,689 7,379 31,913 $100,000 - $124,999 3.0% 5.6% 6.5% 2010 Households 1,728 10,435 42,429 $125,000 - $149,999 1.7% 3.5% 3.2%

PROPERTY 2014 Households 1,803 11,157 45,332 $150,000 - $200,000 1.6% 2.6% 2.8% DESCRIPTION 2019 Households 1,839 12,518 50,011 $200,000 to $249,999 0.6% 0.7% 0.7% 2014 Average HH Size 2.67 2.77 2.90 $250,000 + 1.0% 1.1% 1.3% 2014 Daytime Population 2,611 11,495 33,514 2014 Median HH Income $42,975 $46,766 $46,504 2014 Per Capita Income $21,094 $21,814 $21,084 2000 Owner Occupied Housing Units 74.41% 60.14% 61.65% 2014 Average HH Income $56,682 $61,225 $61,844 2000 Renter Occupied Housing Units 20.18% 32.72% 32.12% 2000 Vacant 5.41% 7.14% 6.22% 2014 Owner Occupied Housing Units 74.79% 64.31% 65.36% ANALYSIS FINANCIAL 2014 Renter Occupied Housing Units 25.21% 35.69% 34.64% 2014 Vacant 3.78% 4.32% 3.97% 2019 Owner Occupied Housing Units 74.36% 64.33% 65.47% 2019 Renter Occupied Housing Units 25.64% 35.67% 34.53% 2019 Vacant 3.56% 3.74% 3.60% MARKET OVERVIEW

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are are age or footage to square References to accuracyas the of information. the or implied, expressed or warranties, representations no make we but reliable, to we be believe has been sources secured from information This or the current represent do not purposes and only example for are used herein estimates or assumptions opinions, projections, inaccuracies. Any any bears all for risk and verify the information must Buyer approximate. Services, © Inc. Investment Real Services Estate & Millichap a service is Marcus of Investment Real mark Estate & Millichap Marcus the property. of performance future

current year. year. current to the this is $21,083, compare area your in income year per capita The current income household average year $28,599. The whichcurrent is US average, Entire $74,533. which is US average the Entire this to $61,844, compare is area in your Income is selected geography your for income household the2014, median In $51,972. currently which is average US the Entire this to $46,504, compare by 28.30% since changed has area your for income household median The will be area in your income household the median that estimated is 2000. It the 15.77% of from change a represents which now, years from five $53,837 number of households has changed by 42.05% since 2000. It is estimated estimated is 2000. It 42.05% since by changed has households of number years from will be area 50,011 five in your households of the number that The year. the current from 10.32% of a change which represents now, 2.90 persons. is area size in your household average and 51.16% female. The median age of the population in your area is 32.3, area your in of the population age median The 51.16% female. and density 37.3. The which is population US average the Entire this to compare mile. per people 1,713.39 is square area in your Households The geography. selectedyour in households 45,332 currently are There Population 134,553. The is population selected geography in your 2014, the population In in the population that estimated is It 2000. 44.09% since by changed has change a represents which now, years from will be area five 147,789 your maleis 48.83% population The current year. thecurrent 9.83% from of eography: 5 Miles eography: G Demographic Summary Demographic Demographic data © 2015 by Experian/Applied Geographic Solutions. Geographic Experian/Applied © 2015 by data Demographic MARKET OVERVIEW MARKET exclusivelyExclusively listed by: Investment Sales: listed Philip Levy Blake Davis First Vice President Investments Associate Tel: (817) 932-6123 Tel: (817) 932-6120 Fax: (817) 380-1153 Fax: (817) 380-1153 [email protected] [email protected]

OFFICES NATIONWIDE www.marcusmillichap.com