4824 Berewick Town Center Drive | Charlotte, NC 28278 OFFERING MEMORANDUM LISTED BY

Calvin Short SVP & Senior Director Mobile +1 310 567 3525 Direct +1 949 432 4506 [email protected] License No. 01927216 (CA)

BROKER OF RECORD Kyle Matthews License No. C27092 (NC) TABLE OF CONTENTS

4 EXECUTIVE OVERVIEW 6 FINANCIAL OVERVIEW

8 TENANT OVERVIEW 13 AREA OVERVIEW

4824 Berewick Town Center Drive | Charlotte, NC 28278 OFFERING MEMORANDUM EXECUTIVE OVERVIEW

INVESTMENT HIGHLIGHTS • ±9 years remaining on an absolute triple-net lease – zero landlord responsibilities

• Attractive 10% rental increase in year 6 of the initial term and in each of the two 5-year options

• Emerging brand in Fuzzy’s which has over 180 locations nationwide and plans to continue the expansion in key growth markets

• Full-term personally guaranty from the principal operator who is a seasoned multi-brand operator – see broker for details

• 2018 construction and one of many attractive pieces to a best-in-class shopping center anchored by Harris Teeter – Berewick Town Center

• Walking distance to the Charlotte Premium Outlets which has over 100 successful retailers such as Nike, Under Armour and J Crew

• Fuzzy’s is situated at the main entrance to Berewick Town Center which is a state of the art master planned community with 2,000+ townhomes and single family homes,

500+ apartments, a 130 room hotel and a 16,000 square foot medical office

• Massive population growth of over 50% since 2000 and expected population growth of over 15% over the next 5 years in the 1, 3 and 5-mile

• Strong access and visibility to over 33,000 cars per day on Steel Creek Road and over 17,000 cars per day on Shopton Road

• ±8 miles from Charlotte Douglas Airport which has over 700 daily flights

• ±9 miles from downtown Charlotte which is the 17th largest city in the country, the largest city in the state of and the 2nd largest banking center in the U.S.

• Highly affluent surrounding neighborhoods, with average household income of over $100,000 in the 1, 3 and 5-mile

• Close proximity to the proposed River District Development: a ±1,400 acres, mixed-use, master-planned community that will feature 5MM SF of retail, 8MM SF of office space,

2,300 homes, 2,350 multifamily units, 1,000 hotel rooms, 200 assisted living units, and 75 acres worth of civic uses

• Click here for more details

4 | OFFERING MEMORANDUM SITE PLAN

PARCEL MAP

STEELE CREEK RD ± 33,000 VPD

FUZZY’S TACO SHOP | 5 FINANCIAL OVERVIEW

$2,330,699 $143,338 6.15% LIST PRICE NOI CAP RATE

BUILDING INFO

4824 Berewick Town Center Drive Address Charlotte, NC 28278 APN 199-237-16 Year Built 2018 GLA of Building ± 3,874 SF Lot Size ±0.81 Acres (±35,284SF)

6 | DISPOSITIONOFFERING MEMORANDUM PROPOSAL TENANT SUMMARY

Trade Name Fuzzy’s Taco Shop Ownership Type Fee Simple ANNUALIZED OPERATING DATA Franchisee Lease Guarantor (SD Restaurant Group) Date Monthly Rent Annual Rent Cap Rate Current - 9/30/23 $11,944.83 $143,338.00 6.15% Lease Type NNN 10/1/23 - 9/30/28 $13,139.32 $157,671.80 6.77% Original Lease Term (Years) 10 Years Option 1 $14,453.25 $173,438.98 7.44% Lease Commencement Date 10/1/18 Option 2 $15,898.57 $190,782.88 8.19% Lease Expiration Date 9/30/28 Option 3 $17,488.43 $209,861.17 9.01% Term Remaining ± 9 Years Increases 10% Every Five Years Options Three, 5-Year Options *Parking Spaces 10+ spaces / 1,000 SF Roof & Structure Tenant Responsible

*Cross/Shared Parking with the Starbucks & MOD Pizza/ McAlister's parcels; total of 133 parking spaces across 12,386 SF

FUZZY’S TACO SHOP | 7 TENANT OVERVIEW

The Offering PROPERTY NAME Fuzzy’s Taco Shop Tenant Overview Property 4824 Berewick Town Center Drive Address Charlotte, NC 28278 »» Company Name »» Year Founded »» Headquarters Fuzzy’s Taco Shop 2001 Fort Worth, TX SITE DESCRIPTION »» Ownership »» Industry »» No. of Employees Number of Stories One Public Restaurant ±150 Year Built 2018 Fuzzy’s Taco Shop is an American fast casual restaurant chain specializing in Baja-style Mexican cuisine. Serving Lot Size ±35,284 SF (± 0.81 AC) breakfast, lunch and dinner, Fuzzy’s operates more than 180 locations in 17 states. Fuzzy’s is known for being a dog-friendly causal restaurant where the drinks are refreshing and the tacos are memorable. Fuzzy’s surpassed 150 Type of Ownership Fee Simple locations in early 2019, and now operates restaurants in Texas, Oklahoma, Louisiana, Arkansas, Colorado, Florida, Georgia, Iowa, Kansas, Mississippi, Missouri, Nebraska, North Carolina, Ohio and Virginia. The company has announced plans to surpass 200 locations by 2021.

8 | OFFERING MEMORANDUM MALL TENANT MAP

CHARLOTTE PREMIUM OUTLETS

485

± 108,000 VPD

FUZZY’S TACO SHOP | 9 NW TENANT MAP

CATAWBA RIVER CHARLOTTE PREMIUM OUTLETS NW

2 MILES CHARLOTTE YACHT CLUB RIVER DISTRICT 1,400 ACRE MIXED USE ± 1,711 STUDENTS MASTER PLANNED COMMUNITY BY: LINCOLN HARRIS, CRESCENT COMMUNITIES 2 MILES CLICK HERE FOR MORE INFORMATION

6TH BUSIEST AIRPORT IN THE WORLD ± 700 DEPARTURES/LANDINGS A DAY

DIXIE RIVER RD ± 60,750 VPD

STEELE CREEK RD ± 33,000 VPD

SHOPTON RD ± 17,000 VPD

10 | OFFERING MEMORANDUM SOUTHBOUND TENANT MAP

RIVERGATE SHOPPING CENTER S

STEELE CREEK RD SHOPTON RD ± 33,000 VPD ± 17,000 VPD

DIXIE RIVER RD ± 60,750 VPD

FUZZY’S TACO SHOP | 11 GREENSBORO

DURHAM

±154 MILES

±103 MILES

±141 MILES

FAYETTEVILLE

12 | OFFERING MEMORANDUM AREA OVERVIEW

CHARLOTTE, NC OVERVIEW Charlotte is the largest city in North Carolina in the tremendous growth of the city and DEMOGRAPHICS and the second largest Banking Center in the surrounding rural acreage. An undisputed country. It is known for being a world-class hub for entertainment and culture, the city POPULATION 1-MILE 3-MILE 5-MILE city through a variety of art, science, and draws regional audiences to performances Growth 2019-2024 9.41% 9.21% 9.48% historical attractions, all while retaining its and events at the North Carolina Blumenthal Growth 2010-2019 56.19% 34.04% 29.43% small-town charm. Referred to as the Queen Performing Arts Center and other venues. 2024 Projection: 6,487 41,378 98,449 City, Charlotte is the home of NASCAR and 2019 Population: 5,929 37,887 89,927 Recreational opportunities are abundant from the Charlotte Motor Speedway. 90 percent 2010 Census: 3,796 28,265 69,479 Atlantic Ocean water and whitewater rafting of the NASCAR Sprint Cup Series teams are at the U.S. National Whitewater Center to headquartered within 50 miles of Charlotte. HOUSEHOLDS 1-MILE 3-MILE 5-MILE roller coasters at and hiking in one Growth 2019-2024 9.43% 9.00% 9.29% The quality of life enjoyed by residents of of the many surrounding national parks and Growth 2010-2019 56.09% 33.59% 28.97% Metropolitan Charlotte is an important factor reserves. 2024 Projection: 2,287 15,739 36,988 2019 Population: 2,090 14,439 33,844 ECONOMY 2010 Census: 1,339 10,808 26,241 Charlotte has become a major U.S. financial Charlotte has six Fortune 500 companies in center with the third most banking assets its metropolitan area. Listed in order of their after New York City and San Francisco. The rank, they are Bank of America, Lowe’s in INCOME 1-MILE 3-MILE 5-MILE nation’s second largest financial institution by suburban Mooresville, Duke Energy, Nucor 2019 Avg Household $108,524 $93,657 $86,761 total assets, Bank of America, calls the city (steel producer), Sonic Automotive and Sealed Income home. Charlotte has become the regional Air Corp. The Charlotte area includes a 2019 Med Household $96,976 $79,894 $70,763 headquarters for East Coast operations of diverse range of businesses, such as Chiquita Income Wells Fargo, which is headquartered in San Brands International, Harris Teeter, Snyder’s- Francisco, California. Charlotte also serves Lance, Carolina Foods Inc, Bojangles’, Food as the headquarters for Wells Fargo’s capital Lion, Compass Group USA, and Coca-Cola markets activities including sales and trading, Bottling Co. Consolidated (Charlotte being equity research, and investment banking. the nation’s second-largest Coca-Cola Bank of America’s headquarters, along with bottler); motor and transportation companies other regional banking and financial services such as RSC Brands, Continental Tire the companies, are located primarily in the Americas, LLC., Meineke Car Care Centers, Uptown central business district. Microsoft’s Carlisle Companies (along with several other East Coast headquarters are in Charlotte as services), along with a wide array of other well. businesses. FUZZY’S TACO SHOP | 13 THE RIVER DISTRICT Just west of a thriving metropolis and situated amid natural stillness, The River District will be a 1,400-acre master-planned community connecting city life with natural splendor. Combining lush green with urban landscapes, The River District offers a unique location that brings together the beauty of the Catawba River with convenient proximity to vibrant . A diverse community with a full spectrum of residential and commercial offerings, this is where trails, riverways and innovative thinking converge, making life at The River District truly boundless.

The River District vision is built on principles lasting long after our involvement has ended — with respect for the environment, the creation of sustainable community relationships and a commitment to the well-being of all residents that leads to the enjoyment of life for generations to come. At Crescent Communities, the desire is not only to provide shelter but also to build community and change lives for the better. Their stewardship reflects their appreciation for the beauty of nature, the cherished company of friends and neighbors, the gift of health and happiness, and their determination to cultivate and preserve the values that ultimately give back to the community. A place that promotes and protects the unique beauty of the land and the freedom of each individual adding to its radiance, The River District is a vision for the we share.

Click here to learn more

MULTIFAMILY RESIDENTIAL OPEN SPACE RETAIL AREA 2,350 500 500,000 1,377 UNITS ACRES SQFT ACRES

14 | OFFERING MEMORANDUM PNC MUSIC PAVILION PNC Music Pavilion is a fantastic outdoor music venue in Charlotte, North Carolina. Formerly known as Verizon Wireless Amphitheatre and originally called Blockbuster Pavilion, it is famous around Charlotte and the state for its outstanding live music. The venue originally opened in July 4, 1991 and has a large capacity of 18,768 making it the perfect place for summertime . Found on Pavilion Boulevard located in the University City neighborhood, the amphitheatre is in a prime location for live concerts featuring artists and bands in many different music genres, as well as tours such as The Vans and .

CHARLOTTE MOTOR SPEEDWAY Charlotte Motor Speedway is a motorsports complex located in Concord, North Carolina 13 mi from Charlotte. The complex features a 1.5 mi quad oval track that hosts NASCAR racing including the prestigious Coca-Cola 600 on Memorial Day weekend, the NASCAR All-Star Race, and the Bank of America 500. The speedway was built in 1959 by Bruton Smith and is considered the home track for NASCAR with many race teams located in the Charlotte area. The facility is considered one of the busiest sports venues in the country, typically with over 380 events a year. Along with many races, the speedway also hosts the Charlotte Auto Fair twice a year, one of the nation’s largest car shows.

UNIVERSITY OF NORTH CAROLINA AT CHARLOTTE The University of North Carolina at Charlotte, also known as UNC Charlotte, is a public research university located in Charlotte, North Carolina and with more than 29,000 students, UNC Charlotte is the third largest university in the state system. The University offers 23 doctoral, 64 master’s, and 140 bachelor’s degree programs through nine colleges: the College of Arts + Architecture, the College of Liberal Arts & Sciences, the Belk College of Business, the College of Computing and Informatics, the Cato College of Education, the William States Lee College of Engineering, the College of Health and Human Services, the Honors College, and the University College. UNC Charlotte is the largest institution of higher education in the Charlotte region and has experienced rapid enrollment growth of 33.4% over the past 10 years, making it the fastest-growing institution in the UNC System, and contributing to more than 50% of the system’s growth since 2009. FUZZY’S TACO SHOP | 15 CONFIDENTIALITY AGREEMENT & DISCLAIMER

This Offering Memorandum contains select information pertaining to the business and affairs ofFuzzy’s Taco Shop located at 4824 Berewick Town Center Drive, Charlotte, NC 28278 (“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.

16 | OFFERING MEMORANDUM 4824 Berewick Town Center Drive | Charlotte, NC 28278 OFFERING MEMORANDUM

LISTED BY

Calvin Short SVP & Senior Director Mobile +1 310 567 3525 Direct +1 949 432 4506 [email protected] License No. 01927216 (CA)

BROKER OF RECORD Kyle Matthews License No. C27092 (NC)