Old Saybrook Center 15-19 Main St, Old Saybrook, CT 06475

Exclusive Offering www.DoughertyTeam.com TABLE OF CONTENTS Investment Analysis...... 04 Tenant Overviews...... 12 Location Overview...... 20

Lead Investment Advisors Derrick Dougherty First Vice President Investments National Retail Group License: PA RS305854 Ph: (215) 531-7026

Mark Krantz Senior Associate National Retail Group License: NJ 1863254 License: PA RS336064 Ph: (215) 531-7056

Scott Woodard Steve Garthwaite Senior Associate Senior Associate National Retail Group National Retail Group License: PA RS329242 License: PA RS332182

Nick Geaneotes Pavan Koneru Associate Associate National Retail Group National Retail Group License: PA RS350646 License: PA RS350910

Colin Reder Associate National Retail Group

Broker of Record: Sean Beuche License: PA RM424190

2 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Elm Street Shopping Center

Old Saybrook Shopping Center

Units: 186 Unit Mix: 1 & 2 Beds STATION Avg. Rental Rate: $2,470

BURGER KING

SUBJECT PROPERTY 15 Main St, Old Saybrook, CT Boston Post Rd (11,795 VPD)

N Main St (12,592 VPD)

3 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Boston Post Rd (11,795 VPD)

N Main St (12,592 VPD)

01 INVESTMENT ANALYSIS

4 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT OVERVIEW

$ OFFERING PRICE: $3,171,730 Old Saybrook Center CAP RATE: 6.00% 15-19 Main St, % Old Saybrook, CT 06475 $ NET OPERATING INCOME: $190,304 OFFERING SUMMARY Gross Leasable Area (GLA) 7,302sf Price / SF $434.36 Lot Size 0.47 Acres Year Built / Renovated 1940 / 2016 Occupancy 100% Parking 24 Spaces + Street Parking

VITAL RETURNS (RECOURSE) Current Net Operating Income $190,304 Annual Debt Service ($114,325) Cash Flow After Debt Service (5.99%) $75,979 Principal Reduction $48,491 Total Return (9.81%) $124,470

PROPOSED NEW FINANCING - PARTIAL/FULL RECOURSE MAJOR TENANTS Equity (40%) $1,268,692 Tenant GLA Lease Start Lease Expire Locations Loan to Value (60%) $1,903,038 Berkshire Hathaway 2,470 May-17 June-22 1,400± Interest Rate 3.50% Ben & Jerry's 1,982 January-17 December-26 615± Amortization 25 Years Starbucks 1,500 February-06 February-26 31,256± Term 10 Years Debt Service Coverage Ratio 1.66 LOCAL EMPLOYERS *Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative. Rank Employer Name Industry DEMOGRAPHIC SUMMARY 1 Gladeview Health Care & Rehabilitation Healthcare 3-Mile 5-Miles 10-Miles 2 Old Saybrook Chamber of Commerce Business/Professional Services 2020 Population 14,738 26,708 77,876 3 Charles Schwab Financial & Mortgage Services 2020 Households 6,313 11,487 32,052 4 Old Saybrook Historical Society Attractions/Tourism Average Household Income $109,609 $117,344 $113,940 5 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM RENT ROLL

Start End Current Increase Increase Tenant Name SF GLA % Annual $ $/SF Options Lease Type Date Date $/SF Date Amount Original Building

Starbucks 1,500 20.54% Feb-06 Feb-26 $72,000 $48.00 Mar-21 $77,760 $51.84 Four, (5) Year Options NNN

Ben & Jerry's 1,982 27.14% Jan-17 Dec-26 $33,694 $17.00 May-21 $39,640 $20.00 Two, (5) Year Options NNN

May-21 $8,541 $17.72 Tina Perma-Beauty Spa 482 6.60% May-19 Apr-24 $8,315 $17.25 May-22 $8,772 $18.20 One, (5) Year Option NNN May-23 $9,004 $18.68

Berkshire Hathaway 2,470 33.83% May-17 Jun-22 $59,848 $24.23 Jun-21 $61,344 $24.84 One, (5) Year Option NNN

Antenna

Verizon Cell Tower - - Feb-16 Dec-25 $24,000 - - - - Three, (5) Year Options -

Part of Sale

Chamber of Commerce 868 11.89% Nov-04 Nov-2104 $1 - - - - - Ground Lease

Totals: 7,302 100% $197,857 *Entirety of Tenant Roster remained up-to-date on Rent Payments during COVID Pandemic 7,302sf Fully Occupied 100% Triple Net TOTAL LEASABLE AREA TOTAL OCCUPIED TRIPLE NET LEASES

6 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INCOME AND EXPENSES

INCOME PSF Underwriting Notes: Base Rent (1) $207,646 $28.44 (1) Base Rent: Is Reflective of 2021 Scheduled Income inclusive of rental increases Reimbursement Rent (2) (2) Reimbursement Rent: Analysis is Reflective of 100% NNN Reimbursements Real Estate Taxes $28,427 Insurance $8,351 (3) Vacancy Factor: Analysis uses an Underwriting Standard of 5% of Base Rent CAM $26,721 (4) Operating Expenses: Analysis is Reflective of 2019 Profit & Loss Statement Total Reimbursement $63,499 (5) Real Estate Taxes Expense: Analysis is Reflective of 2020 taxes per Public Records Gross Income $271,145 (6) Management Fee: Analysis uses an Underwriting Standard of 3% of Base Rent Vacancy Factor (5% of Base Rent)(3) ($10,382) (7) Reserves: Analysis uses an Underwriting Standard of $0.10 per Square Foot Effective Gross Income $260,762 EXPENSES (4) Reimbursable Expenses Real Estate Taxes (5) $28,427 $3.89 Property Insurance $8,351 $1.14 Common Area Maintenance Grounds Maintenance Garbage & Refuse $8,751 Site Repairs $2,504 Repairs & Maintenance Landscaping & Snow Removal $11,206 Utilities Electric $690 Water/Septic $3,570 Total CAM $26,721 $3.66 Total Reimbursable Expenses $63,499 $8.70 Non Reimbursable Expenses Management Fee (3% of Base Rent)(6) $6,229 Reserves (10 Cents Per Square Foot)(7) $730 Non - Reimbursable Expenses $6,960 $0.95 Total Expenses $70,459 $9.65 Net Operating Income $190,304

7 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT HIGHLIGHTS

Trophy Location Downtown Retail Coastline Community Old Saybrook’s Main Street Vintage Charm Wealthy Submarket

Real Estate Fundamentals Highlights: Four Tenant Retail Center in the Heart of Historic & Charming Old Saybrook, CT • Opportunity to acquire 7,302 square foot, 100% occupied retail center featuring the likes of Starbucks, Ben & Jerry’s, Berkshire Hathaway, and a local Beauty Spa. Highly Sought - After Walkable Downtown Retail Opportunity • The property is ideally located in the heart of Old Saybrook’s main street, which is well-known for its culture, dining, and its one off shoppes with unique boutiques. Coastal Market with Irreplaceable Positioning & Multiple Access Points • The subject property is strategically located adjacent to the signalized intersection of N. Main Street (12.5K VPD) & Boston Post Road (11.7K VPD) Staggered Lease Expirations & Predictable Cash- Flows. • Approximately 62% of the GLA is under lease through 2024 and beyond with long term existing tenancy and proven track record of performance. Tenant Mix: Well Maintained & Diverse Tenant Mix with Small Bays • The site features four service-based retailers and a Verizon cell tower with small unit sizes ranging from 482 square feet to 2,470 square feet. • Tenant Fit-Out Costs: Starbucks renovated interior 4 years ago; Ben & Jerry’s spent about $300K; Berkshire – Spent about $200K, Verizon – built own towner Starbucks – Baa1(Moody’s) – 32K Plus Locations • Starbucks is under lease through Feb. 2026 with a track record of performance with whispers of $1.5M in sales at this location. • According to Placer.Ai this is the #4 most visited Starbucks in a 30-mile radius with over 165K visitors annually. Berkshire Hathaway – AA(S&P) – 1,400 Locations • This tenant caters to the local submarket with over 30 agents selling luxury homes and only 2 hours from New York City. • Desirable place to sell real estate to buyers looking for a second home in a town recognized for unspoiled beauty and vintage charm along 17 miles of coastline. Ben & Jerry’s – National Presence - 615 Locations • Perfect family friendly use in a coastal summer town with fantastic Google reviews. • In 2001 Ben & Jerry’s was bought by ‘Unlever’ a London Based Consumer Goods Company traded on NYSTE. Tina Perm – Beauty Spa • Local nail salon with an experienced operator that offers personal service.

8 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM INVESTMENT HIGHLIGHTS

Location Highlights: Trophy Location - Shoreline Community Recognized for its Vintage Charm • Beautiful Coastline: Over 17 miles of coastline living featuring sandy beaches, coves, and marinas. • Shopping & Dining Opportunities: Main Street is a village of one off shoppes with unique boutiques and boasts over 40 restaurants • Education System: Old Saybrook has a phenomenal school system. Old Saybrook High School graduates 120 kids annually and go to top-flight colleges. • Culture: The area features boating, kayaking, bike trails, and cultural arts at the Katherine Hepburn Center.

Centrally Located between New York & Boston • About 115 Miles away from New York and 125 Miles from Boston • About 30 Miles north of New Haven & 45 miles from Hartford

Access to Major Highway System & Train Station • The site is easily accessible from I-95, Route 1, and Route 9. • Old Saybrook Station is only .5 mile up the street where New York and Boston commuters can take advantage of Amtrak and Shoreline East train.

Wealthy Submarket • The average household income is $117,000 within a 5mile radius.

9 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM PROPERTY DETAILS

SITE DESCRIPTION Gross Leasable Area 7,302 sf Year Built / Renovated 1940 / 2016 Parking 24 Spaces + Street Parking Topography Flat Zoning Commercial (B-1)

PARCELS 0.47 7,302 24 PARKING ACRES SQUARE FEET SPACES Number of Tax Parcels 1 Parcel Number(s) OSAY-000037-000051

CONSTRUCTION HVAC Type of Foundation Concrete Slab – on - Grade Type of Units One- 3 Ton; One- 5 Ton, Two- 7.5 Ton Exterior Insulation and Framing RTU Two- 7.5 Ton Finish System(EIFS) Materials Number of HVAC Units 4 units & Verizon Owned Stack

UTILITIES Age of HVAC Units Good Condition

Water Supply Connecticut Water PARKING LOT Electric Evesource Parking Lot Type Asphalt Pavement Sewer / Septic Septic System Gas Yankee Gas ACCESS The Property has access points along Boston Post Road and N. Main ROOF Street Age of Roof 5 Years Old (2016) & 15 Years Old (2005) Type EPDM(6,000 SF) & Pitched with Asphalt (1,000 SF) VEHICLE COUNTS N. Main Street 12,592 VPD Boston Post Road 11,795 VPD

10 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM PROPERTY IMAGES

11 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM 02 TENANT OVERVIEWS

12 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM TENANT OVERVIEW: STARBUCKS

31,256 TOTAL STARBUCKS LOCATIONS

$850 Million Seattle, WA 1971 31,256 starbucks.com GROSS SALES IN 2019 Headquarters Year Founded Locations Website

About Us: Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. As the world’s largest coffeehouse chain, Starbucks is seen to 2016 be the main representation of the United States’ second wave of coffee culture. As of early 2020, the OPENED AT OLD SAYBROOK CENTER company operates over 30,000 locations worldwide in more than 70 countries. Starbucks locations serve hot and cold drinks, whole-bean coffee, microground instant coffee known as VIA, espresso, caffe latte, full- and loose-leaf teas including Teavana tea products, Evolution Fresh juices, Frappuccino beverages, and snacks; some offerings (including their annual fall launch of the Pumpkin Spice Latte) are seasonal or specific to the locality of the store. 12 Miles (East Lyme) Headquartered in the Starbucks Center, the company was founded in 1971 by Jerry Baldwin, Zev Siegl, NEXT CLOSEST STARBUCKS and Gordon Bowker at Seattle’s Pike Place Market. During the early 1980s, they sold the company to Howard Schultz who – after a business trip to Milan, Italy – decided to make the coffee bean store a coffeeshop serving espresso-based drinks.

13 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM GEO-FENCING REPORT

RANK Name Address Annual Visits 1 Starbucks 6 N Main St, Branford, CT, United States 209,229 2 Starbucks 39 Main Street, East Hampton, NY, United States 208,108 3 Starbucks 871 Washington Street, Middletown, CT, United States 185,060 4 Starbucks 15 Main St, Old Saybrook, CT, United States 165,233 5 Starbucks 166 Washington Avenue, North Haven, CT, United States 156,488 Ranking Overview - Chain 6 Starbucks 24 Montauk Highway, Hampton Bays, NY, United States 146,633 Starbucks / Main St. 7 Starbucks 856 Cromwell Avenue, Unit A, Rocky Hill, CT, United States 143,080 8 Starbucks 95 Linwood Avenue, Colchester, CT, United States 138,954 9 Starbucks 267 Flanders Road, East Lyme, CT, United States 133,305 Local: 30mi

10 Starbucks 893 North Colony Road, Unit A, Wallingford, CT, United States 130,796 83% 11 Starbucks 985 A Poquonnock Rd., Groton, CT, United States 129,424 12 Starbucks 500 South Broad Street, Meriden, CT, United States 128,173 4 / 21 13 Starbucks 2488 Montauk Hwy, Bridgehampton, NY, United States 118,512 14 Starbucks 88 Salem Tpke, Norwich, CT, United States 113,568 15 Starbucks 2100 Dixwell Avenue, Hamden, CT, United States 105,645 16 Starbucks 613 Boston Post Road, Madison, CT, United States 104,517 Connecticut 17 Starbucks 10095 Main Road, Mattituck, NY, United States 102,292 77% 18 Starbucks 12 Coogan Blvd., Mystic, CT, United States 100,810 19 Starbucks 29 Hampton Rd, Southampton, NY, United States 60,449 19 / 82 20 Starbucks 195 Church Street, New Haven, CT, United States 36,795 21 Starbucks 850 Hartford Turnpike, Waterford, CT, United States 32,752 *(Trailing-12 Months)

14 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM COMPETITION MAP

Property Address Distance 1) Starbucks 15 Main St., Old Saybrook, CT - 2) Dunkin' Donuts 83 Halls Rd, Old Lyme, CT 06371 5 Miles 3) Dunkin' Donuts 215 E Main St, Clinton, CT 06413 8 Miles 4) Dunkin' Donuts 7 Glenwood Rd, Clinton, CT 06413 9 Miles 5) Starbucks (Grocer Location) 248 Flanders Rd, East Lyme, CT 06333 12 Miles 6) Starbucks 267 Flanders Rd, East Lyme, CT 06333 12 Miles 7) Dunkin' Donuts 1315 Boston Post Rd, Madison, CT 06443 12 Miles 8) Dunkin' Donuts 721 Route 95, South St, Madison, CT 06443 12 Miles 9) Starbucks 613 Boston Post Rd, Madison, CT 06443 14 Miles 10) Starbucks (Grocer Location) 900 Hartford Turnpike, Waterford, CT 06385 17 Miles 11) Starbucks 850 Hartford Turnpike, Waterford, CT 06385 18 Miles 12) Dunkin' Donuts 382 Vauxhall St, New London, CT 06320 18 Miles 10 12 13) Dunkin' Donuts 175 Broad St, New London, CT 06320 19 Miles 6

13 5 11 2

8 1 4

*Total Visits via Placer.ai 15 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM TENANT DESCRIPTIONS

Tenant Description Tenant Info

Headquarters: Berkshire Hathaway HomeServices is a real estate brokerage network designed for today’s real estate market. From first time homebuyers to high-end residential markets to middle-market Omaha, NE communities to commercial real estate, our franchisees are down to earth, nimble & local experts. # of Locations: This network wouldn’t be a part of the Berkshire Hathaway HomeServices network if they weren’t. 1,400+/-

Headquarters: Ben & Jerry’s Homemade Holdings Inc, trading and commonly known as Ben & Jerry’s, is a Vermont company that manufactures ice cream, frozen yogurt, and sorbet. It was founded in 1978 South Burlington, VT in Burlington, Vermont, and sold in 2000 to British-Dutch conglomerate Unilever. Today it operates # of Locations: globally as a fully owned subsidiary of Unilever. 615+/-

Headquarters: Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington. As the world’s largest coffeehouse chain, Starbucks is seen Seattle, WA to be the main representation of the United States’ second wave of coffee culture. As of early # of Locations: 2020, the company operates over 30,000 locations worldwide in more than 70 countries. 31,256

Headquarters: TINA Perma-Beauty Spa is the premier Connecticut spa for exceptionally skilled permanent makeup tattooing and individualized nails, eyelash extensions, waxing & sugaring services. Our Old Saybrook, CT goal is to remain small so that we can pamper you with a relaxed, personalized experience. Our # of Locations: tranquil, airy space in Old Saybrook offers you a cocoon to escape from life’s stresses. 1 Location

Headquarters: Verizon Wireless (commonly shortened to Verizon) is an American telecommunications company which offers wireless products and services. It is a division of Verizon Communications. Verizon Basking Ridge, NJ Wireless is the second-largest wireless carrier in the United States, with 120.3 million subscribers # of Locations: as of the end of Q3 2020. 2,330 Location

Headquarters: The Chamber advances the economic vitality and quality of life in the Old Saybrook region through programs and services for its members and community. We now boast over 500 members. Old Saybrook, CT Approximately 60% of our membership is within Old Saybrook and 40% from neighboring towns # of Locations: and even a few out of state. 1 Location

16 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM LEASE ABSTRACTS

Tenant CT Scoop Shop Old Saybrook, LLC d/b/a Ben & Jerry's CTRE, LLC d/b/a Berkshire Hathaway Homeservices New England Properties Guarantor Franchisee & Personal Guaranty - Square Footage 1,982 SF 2,470 SF Pro Rata Share 27.14% PRS of Center 33.83% PRS of Center Security Deposit - Tenant Deposit of $5,000 Commencement Date January 1, 2017 May 30, 2017 Expiration Date December 31, 2026 June 30, 2022 Initial Term (10) Year Base Term (5) Year Base Term Option Notice Tenant to provide notice (180) days prior to Lease expiration Tenant to provide notice (1) year prior to Lease expiration Estoppel/SNDA Tenant to provide certificate within (30) days of Landlord's request Tenant to provide certificate within (20) days of Landlord's request Taxes Tenant is responsible for PRS of Real Estate Taxes Tenant is responsible for PRS of Real Estate Taxes Insurance Tenant is responsible for PRS of Insurance Expenses Tenant is responsible for PRS of Insurance Expenses CAM Tenant is responsible for PRS of CAM Expenses Tenant is responsible for PRS of CAM Expenses 3% CAM Cap (Exclusive of Snow Removal, Insurance, Real Estate Taxes, & Capital CAM cap - Expenditures) Utilities Tenant is responsible for Utilities Expenses Tenant is responsible for Utilities Expenses Admin Fee 10% Administrative Fee (CAM) Tenant is responsible for PRS of Landlord's Administrative Expenses (CAM) Roof & Structure Landlord is responsible for Roof & Structures repairs & replacement Tenant is responsible for PRS of repairs of Structure Tenant is responsible for HVAC repairs & replacement (expense not to exceed HVAC (Maint & Replacement) Tenant is responsible for HVAC repairs & replacement $5,000 per occasion)

Landlord shall not enter into any Lease on the Premises containing less than 10,000 Exclusive SF for the use of primarily a frozen dessert provider selling various types of specialty - frozen dessert products, both individually and in bulk

In the event Tenant ceases operations for a consecutive period of (30) days, Go Dark - Landlord shall have the option to terminate this Lease & recapture the Premises Permitted Use Tenant may use the Premises for the operation of. Ben & Jerry's retail scoop shop Tenant shall use Premises solely for the purpose of general offices Tenant shall be required to operate during standard business hours that are Tenant shall be required to be open for business on those days and during Tenant's Required Occupancy consistent in first class multi-tenant retail malls regular business hours

Tenant shall not assign Lease without Landlord's consent; in event of assignment, Tenant shall not assign Lease without Landlord's consent; in event of assignment, Assignment Note Tenant will remain liable for its obligations under this Lease Tenant will remain liable for its obligations under this Lease

17 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM LEASE ABSTRACTS

Tenant Starbucks, Corporation Tina Perma-Beauty Spa, LLC Guarantor Corporate Guaranty Personal Guaranty Square Footage 1,500 SF 482 SF Pro Rata Share 20.54% PRS of Center 6.60% PRS of Center Security Deposit - Tenant Deposit of $1,286 Commencement Date February 26, 2006 May 1, 2019 Expiration Date February 28, 2026 April 30, 2024 Initial Term (10) Year Base Term (5) Year Base Term Option Notice Tenant to provide notice (1) year prior to Lease expiration Tenant to provide notice (1) year prior to Lease expiration Estoppel/SNDA Tenant to provide certificate within (30) days of Landlord's request Tenant to provide certificate within (15) days of Landlord's request Taxes Tenant is responsible for PRS of Real Estate Taxes Tenant is responsible for PRS of Real Estate Taxes Insurance Tenant is responsible for PRS of Insurance Expenses Tenant is responsible for PRS of Insurance Expenses CAM Tenant is responsible for PRS of CAM Expenses Tenant is responsible for PRS of CAM Expenses 5% CAM Cap (Exclusive of Snow Removal, Insurance, Real Estate Taxes, & Capital CAM cap - Expenditures) Utilities Tenant is responsible for Utilities Expenses Tenant is responsible for Utilities Expenses Admin Fee 10% Administrative Fee (CAM) 10% Administrative Fee (CAM) Landlord is responsible for Roof & Structures repairs & replacement (Tenant is Roof & Structure responsible for PRS of amortized cost over the shorter period of ten years, or the Tenant is responsible for PRS of Roof & Structure repairs & replacement reasonable useful life of such equipment) HVAC (Maint & Replacement) Tenant is responsible for HVAC repairs & replacement Tenant is responsible for PRS of HVAC repairs & replacement Landlord shall not lease space on the Property for the use of the retail sale of coffee Exclusive beans, espresso or coffee-based drinks, tea-based drinks, gourmet brewed coffee, - or blended beverages Tenant shall use the Premises as a coffee store, or for any other lawful retail or Tenant shall use the Premises solely as a nail salon providing make up, nail salon, Permitted Use restaurant use and related services

Tenant shall have Right of First Offer to Lease the 482+/- contiguous SF of the ROF) - adjacent space if said space becomes available during the term of this Lease

Tenant shall have a Termination Option on any day on or after February 28, 2021, in Termination Rights - which Tenant must provide Landlord (120) days notice prior to Termination Date

18 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM LEASE ABSTRACTS

Tenant Town of Old Saybrook Cellco Partnership d/b/a Verizon Wireless Guarantor Government Guaranty - Square Footage - 280 SF Pro Rata Share 11.89% PRS of Center - Commencement Date November 19, 2004 February-16 Expiration Date November 19, 2104 December 31, 2025 Initial Term (100) Year Base Term (5) Year Base Term Automatic Renewal, unless Tenant provides notice otherwise (3) months prior to Option Notice - Lease expiration Taxes Tenant is responsible for PRS of Real Estate Taxes - Insurance Tenant is responsible for Insurance Expenses - CAM Tenant is responsible for CAM Expenses - Utilities Tenant is responsible for Utilities Expenses - Roof & Structure Tenant is responsible for Roof & Structure repairs & replacement - HVAC (Maint & Replacement) Tenant is responsible for HVAC repairs & replacement - Tenant shall use the Premises for the construction and maintenance of an Permitted Use Tenant shall use the Premises for operating a communications facility Information Center

Lease shall be terminated if a.) both parties agree to terminate this lease; b.) Tenant abandons use of said Property of not less than 12 months; c.) Tenant assigns this Tenant shall have option to terminate this Lease with (3) months prior notice to Termination Rights Lease & Landlord agrees to such assignment; d.) Tenant default; e.) the Property is Landlord acquired or condemned by eminent domain Assignment Note Tenant shall not assign Lease without Landlord's consent Tenant has right to assign Lease without Landlord's consent

19 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Units: 186 Unit Mix: 1 & 2 Beds STATION Avg. Rental Rate: $2,470

03 LOCATION OVERVIEW

20 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM CT Turnpike (54,138Old VPD) Saybrook Shopping Center SUBJECT PROPERTY 15 Main St, Old Saybrook, CT

N Main St (12,592 VPD)

Boston Post Rd (11,795 VPD)

Old Saybrook Middle School (450 Total Enrolled) Old Saybrook Senior High School (451 Total Enrolled)

Kathleen E. Goodwin School (363 Total Enrolled)

21 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM LOCATION OVERVIEW

TOP 10 EMPLOYERS (MIDDLESEX COUNTY)

26,708 11,487 $117,344 Population Households AVG. HH Income within a 5 mile radius within a 5 mile radius within a 5 mile radius

SCHOOLS & COLLEGES (MIDDLESEX COUNTY) School Name Students Enrolled Middlesex Community College 4,400

Wesleyan University 3,230

Old Saybrook Senior High School 451

MAJOR TRANSPORTATION

22 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM REGIONAL MAP

Bridgeport, CT 50 Miles | 144K Population New Haven, CT SUBJECT PROPERTY Boston 15 Main St, Old Saybrook, CT 30 Miles | 129K Population Hartford, CT 45 Miles | 124K Population

n to os to B 125 Miles

New York 115 Miles

Old Saybrook, Connecticut RADIUS 3 MILE 5 MILE 10 MILES Population 14,738 26,708 77,876

Households(#) 6,313 11,487 32,052

Average HH Income $109,609 $117,344 $113,940

Median HH Income $84,013 $89,957 $87,799

23 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM Derrick Dougherty First Vice President Investments Lic: PA RS305854 (215) 531-7026

Scott Woodard Senior Associate Lic: PA RS329242 (215) 531-7058

Mark Krantz Senior Associate Lic: NJ 1863254 | PA RS336064 (215) 531-7056

Steve Garthwaite Senior Associate License: PA RS332182 (215) 531-7025

Pavan Koneru Associate NON-ENDORSEMENT AND DISCLAIMER NOTICE Lic: PA RS350910 NON-ENDORSEMENTS (215) 531-7068 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. Nick Geaneotes Associate ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Lic: PA RS350646 DISCLAIMER (215) 531-7071 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 Colin Reder 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 Associate subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the (215) 531-7057 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. Marcus & Millichap is a Our Locations: service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. Philadelphia, PA King Of Prussia, PA New York, NY 2005 Market Street #1510 200 N. Warner Road 260 Madison Avenue Marcus & Millichap Real Estate Investment Services of Seattle, Inc. Broker of Record: Brian Hosey Philadelphia, PA 19103 King Of Prussia, PA 19406 5th Floor License: RB062197C License: NJ 1434917 P: 215.531.700024 OLD SAYBROOKP: 215.531.7000 CENTER | NewOLD York, SAYBROOK, NY 10016 CT DOUGHERTYTEAM.COM Old Saybrook Center 15-19 Main St, Old Saybrook, CT 06475

www.DoughertyTeam.com EXCLUSIVELY OFFERED BY: DERRICK DOUGHERTY SCOTT WOODARD MARK KRANTZ STEVE GARTHWAITE (215) 531-7026 | PA RS305854 (215) 531-7058 | PA RS329242 (215) 531-7056 | NJ 1863254 (215) 531-7025 | PA RS332182 [email protected] [email protected] [email protected] [email protected]

NICK GEANEOTES PAVAN KONERU COLIN REDER (215) 531-7071 | PA RS350646 (215) 531-7068 | PA RS350910 (215) 531-7057 [email protected] [email protected] [email protected] 25 OLD SAYBROOK CENTER | OLD SAYBROOK, CT DOUGHERTYTEAM.COM