Gateway Village Clemson, SC CONFIDENTIAL OFFERING MEMORANDUM TABLE OF CONTENTS EXCLUSIVELY LISTED BY

Investment Overview Jimmy Wright 03 Executive Summary Shareholder/Broker [email protected] 864 678 5927 Property Overview 04 Regional Map 05 Local Maps 07 Site Map Kaki Mac Lain Broker [email protected] Financial Overview 864 678 5937 08 Cash Flow Analysis

Tenant Overview 09 Sampling of Tenant Summaries

Market Overview 11 Market Analysis 13 Demographics Furman Capital Advisors, LLC 101 E. Washington Street, Suite 400 Greenville, SC 29601 | 864.235.6855 FurmanCapital.com INVESTMENT OVERVIEW Executive Summary

PROPERTY SUMMARY FINANCIAL SUMMARY 1390 Tiger Blvd Address NOI $1,230,358 Clemson, SC 29631 Cap Rate 6.35% Total GLA ±77,543 SF List Price $19,375,000 Total Land Size ±11.6 Acres Price per SF $249.86 Parcel Number 4054-14-32-6759

Year Built 2013

Traffic Counts (US Hwy 123)

Occupancy 100%

Anchor Publix

Access Two traffic lights

Visibility Visible from Hwy 123

INVESTMENT STRENGTHS

• Publix anchored shopping center • Location: At the intersection of the two most frequently traveled roads of Clemson • Proximity: 1.5 Miles from the heart of Clemson University with nearly 24,000 students • Nationally recognized tenants

3. Gateway Village | Clemson, SC PROPERTY OVERVIEW Regional Map

Asheville

88 Miles From Site Charlotte

130 Miles SITE Spartanburg From Site Greenville 61 Miles From Site 1390 Tiger Blvd 28 Miles Clemson, SC 29631 From Site

Columbia

129 Miles Atlanta From Site

124 Miles From Site

4. Gateway Village | Clemson, SC PROPERTY OVERVIEW Local Map

Tiger Blvd

21,400 VPD SITE

College Ave

12,100 VPD Old Greenville Hwy

Hwy 28 S 18,800 VPD

Old Greenville Hwy

SCDOT Traffic Counts

5. Gateway Village | Clemson, SC PROPERTY OVERVIEW Property Aerial

Westminster Vision

Allure Nails

Tiger Blvd Old Greenville Hwy Greenville Old

OUTPARCEL ±0.94 acres (Not included in sale. Can be negotiated.)

6. Gateway Village | Clemson, SC PROPERTY OVERVIEW Property Site Map

7. Gateway Village | Clemson, SC FINANCIAL OVERVIEW Cash Flow Analysis CASH FLOW ANALYSIS

PROJECT LEASE SUMMARY Analysis Start Date 1/23/2019 Tenant End Date Sq. Ft. Rate/SF Annual Options Project Name Gateway Village Publix 12/31/2033 54,340 $ 13.60 $ 739,024 (8) 5 Year Location 1390 Tiger Blvd, Clemson, SC McAlister's 10/31/2023 3,800 $ 23.10 $ 87,780 (2) 5 Year Size (Square Feet) 77,543 TCBY 10/31/2023 1,700 $ 26.40 $ 44,880 (2) 5 Year Property Type Retail; Shopping Center IHOP 8/31/2023 4,500 $ 23.10 $ 103,950 (3) 5 Year ASSUMPTIONS Red Bowl 10/31/2023 4,200 $ 23.10 $ 97,020 (2) 5 Year Renewals All Tenants Renew Allure Nails 2/29/2020 1,800 $ 19.00 $ 34,200 (1) 5 Year Rent Increases Scheduled rent bumps highlighted in RED Westmister Vision 7/31/2023 1,156 $ 22.00 $ 25,432 (1) 5 Year Option Bumps Highlighted in BLUE GNC 11/30/2023 1,235 $ 20.00 $ 24,700 (2) 5 Year Operating Expenses 2% Annual Increases (Exc. Reserves & Mgmt) Orangetheory 4/30/29* 3,612 $ 33.76 $ 121,941 (2) 5 Year Landlord Responsibilities Roof and Structure Supercuts 2/28/25** 1,200 $ 20.00 $ 24,000 (2) 5 Year TOTAL PROPERTY 77,543 $ 16.80 $ 1,302,927 TENANT NOTES *The Orangetheory end date is estimated. The lease was recently signed and the space is curently in buildout. **The Supercuts end date is estimated. The lease was recently signed and the space is currently in buildout.

OPERATING INCOME INCOME SIZE (SF) YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Publix 54,340 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 $ 739,024 McAlister's 3,800 $ 87,780 $ 87,780 $ 87,780 $ 87,780 $ 89,243 $ 96,558 $ 96,558 $ 96,558 $ 96,558 $ 98,167 $ 106,214 TCBY 1,700 $ 44,880 $ 44,880 $ 44,880 $ 44,880 $ 45,628 $ 49,368 $ 49,368 $ 49,368 $ 49,368 $ 50,191 $ 54,305 IHOP 4,500 $ 103,950 $ 103,950 $ 103,950 $ 103,950 $ 107,415 $ 114,345 $ 114,345 $ 114,345 $ 114,345 $ 118,157 $ 125,775 Red Bowl 4,200 $ 97,020 $ 97,020 $ 97,020 $ 97,020 $ 98,637 $ 106,722 $ 106,722 $ 106,722 $ 106,722 $ 106,722 $ 117,394 Allure Nails 1,800 $ 34,200 $ 38,475 $ 39,330 $ 39,330 $ 39,330 $ 39,330 $ 42,608 $ 43,263 $ 43,263 $ 43,263 $ 43,263 Westmister Vision 1,156 $ 27,744 $ 27,744 $ 27,744 $ 27,744 $ 28,900 $ 30,518 $ 30,518 $ 30,518 $ 30,518 $ 33,570 $ 33,570 GNC 1,235 $ 27,126 $ 27,126 $ 27,126 $ 27,126 $ 27,332 $ 29,592 $ 29,592 $ 29,592 $ 29,592 $ 29,613 $ 29,839 Orangetheory 3,612 $ 121,973 $ 124,412 $ 126,900 $ 129,438 $ 132,027 $ 134,667 $ 137,361 $ 140,108 $ 142,910 $ 145,768 $ 148,684 Supercuts 1,200 $ 24,000 $ 24,000 $ 24,000 $ 24,000 $ 24,000 $ 24,000 $ 24,000 $ 26,400 $ 26,400 $ 26,400 $ 26,400 Annual Reimbursements $ 3.82 $ 296,214 $ 302,139 $ 308,181 $ 314,345 $ 320,632 $ 327,044 $ 333,585 $ 340,257 $ 347,062 $ 354,003 $ 361,084 Scheduled Gross Income $ 1,603,911 $ 1,616,549 $ 1,625,936 $ 1,634,637 $ 1,652,167 $ 1,691,169 $ 1,703,681 $ 1,716,156 $ 1,725,763 $ 1,744,878 $ 1,785,551

VACANCY FACTOR Vacancy Rate (on non credit tenants) 1.00% $ 16,039 $ 16,165 $ 16,259 $ 16,346 $ 16,522 $ 16,912 $ 17,037 $ 17,162 $ 17,258 $ 17,449 $ 17,856 Current Vacancy 0.00% Effective Gross Income $ 1,587,872 $ 1,600,384 $ 1,609,676 $ 1,618,291 $ 1,635,646 $ 1,674,258 $ 1,686,644 $ 1,698,994 $ 1,708,505 $ 1,727,429 $ 1,767,695

OPERATING EXPENSES EXPENSE $/SF YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Taxes $ 1.87 $ 145,005 $ 147,906 $ 150,864 $ 153,881 $ 156,959 $ 160,098 $ 163,300 $ 166,566 $ 169,897 $ 173,295 $ 176,761 Insurance $ 0.24 $ 18,610 $ 18,983 $ 19,362 $ 19,749 $ 20,144 $ 20,547 $ 20,958 $ 21,377 $ 21,805 $ 22,241 $ 22,686 CAM $ 1.73 $ 134,149 $ 136,832 $ 139,569 $ 142,360 $ 145,208 $ 148,112 $ 151,074 $ 154,095 $ 157,177 $ 160,321 $ 163,527 Management Fee 3% $ 48,117 $ 48,496 $ 48,778 $ 49,039 $ 49,565 $ 50,735 $ 51,110 $ 51,485 $ 51,773 $ 52,346 $ 53,567 Reserve Allowance $ 0.15 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 $ 11,631 Total Operating Expenses $ 357,514 $ 363,848 $ 370,204 $ 376,661 $ 383,507 $ 391,123 $ 398,074 $ 405,155 $ 412,284 $ 419,835 $ 428,172

Net Operating Income $ 1,230,358 $ 1,236,536 $ 1, 239,472 $ 1,241,629 $ 1,252,139 $ 1,283,134 $ 1,288,571 $ 1,293,839 $ 1,296,222 $ 1,307,595 $ 1,339,523

ASKING PRICE 6.35% $ 19,375,713 $ 249.87 price/SF CAP RATE MATRIX * CONTRACTThere is PRICEan option to assume the6.48% existing$ loan 19,000,000 in place.$ Please 245.03 contactprice/SF listing agents for more information.Asking Strike High Equity 30% $ 5,700,000 CAP RATE 6.35% 6.45% 6.55% 6.65% 6.75% 6.85% Loan Amount 70% $ 13,300,000 Value $ 19,375,713 $ 19,075,314 $ 18,784,088 $ 18,501,620 $ 18,227,522 $ 17,961,427 8. Gateway Village | Clemson, SC 10 YEAR CASH FLOW ANALYSIS CASH FLOW YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 AVERAGE 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Net Operating Income $ 1,230,358 $ 1,236,536 $ 1,239,472 $ 1,241,629 $ 1,252,139 $ 1,283,134 $ 1,288,571 $ 1,293,839 $ 1,296,222 $ 1,307,595 RATE OF Annual Debt Service $ (890,235) $ (890,235) $ (890,235) $ (890,235) $ (890,235) $ (821,354) $ (821,354) $ (821,354) $ (821,354) $ (821,354) RETURN Annual Cash Flow $ 340,123 $ 346,301 $ 349,237 $ 351,395 $ 361,904 $ 461,781 $ 467,217 $ 472,486 $ 474,868 $ 486,241 $ 4,111,551 Annual Cash on Cash Return 5.97% 6.08% 6.13% 6.16% 6.35% 8.10% 8.20% 8.29% 8.33% 8.53% 7.21% EQUITY BUILD-UP Annual Equity Build-up $ 184,487 $ 194,583 $ 205,232 $ 216,464 $ 228,310 $ 170,212 $ 179,527 $ 189,352 $ 199,715 $ 210,645 $ 1,978,526 EOY Principal Balance $ (13,115,513) $ (12,920,930) $ (12,715,698) $ (12,499,235) $ (12,270,925) $ (12,100,713) $ (11,921,186) $ (11,731,833) $ (11,532,118) $ (11,321,474) Annual Equity Return on Equity Build-up 3.24% 3.41% 3.60% 3.80% 4.01% 2.99% 3.15% 3.32% 3.50% 3.70% 3.47% TOAL ANNUAL RETURN Total Annual Return 9.20% 9.49% 9.73% 9.96% 10.35% 11.09% 11.35% 11.61% 11.83% 12.23% 10.68% LOAN TERMS Rate Change 5.34% 5.34% Amortization (Years) 30 30 Amortization (Months) 360 360

Disclaimer: TENANT OVERVIEW Tenant Summary

Publix Super Markets, Inc., commonly known as Publix, is an employee-owned, American supermarket chain headquartered in Lakeland, . Founded in 1930 by George W. Jenkins, Publix is a private corporation that is wholly owned by present and past employees and members of the Jenkins family. Publix operates throughout the Southeastern , with locations in Florida (787), Georgia (186), Alabama (69), South Carolina (58), Tennessee (42), North Carolina (38), and Virginia (8).

McAlister’s Deli is an American chain of fast casual restaurants founded in 1989 in Oxford, Mississippi, by retired dentist Dr. Don Newcomb. There are currently over 400 locations in 26 states, ranging from Virginia in the East to Florida in the South to Arizona in West to Michigan in the North. The company is owned—along with Schlotzsky’s, Carvel, Moe’s Southwest Grill, Cinnabon, and Auntie Anne’s brands— by Focus Brands, an affiliate of private equity firm Roark Capital Group, based in Sandy Springs, Georgia, operating over 5,000 stores.

Headquartered in Broomfield, CO, TCBY (The Country’s Best Yogurt) is an American chain of frozen yogurt stores and is one of the largest U.S. retailers of soft-serve frozen yogurt. In 1981, Frank D. Hickingbotham opened the first TCBY in Little Rock, Arkansas. TCBY began franchising the following year, and by 1984 there were over 100 stores. Mrs. Fields acquired TCBY in early 2000 and became Mrs. Fields Famous Brands. There are currently more than 470 TCBY locations.

IHOP (International House of Pancakes) is an American multinational pancake house/diner-style table service restaurant chain that specializes in breakfast foods. It is owned by Dine Brands Global—a company formed after IHOP’s purchase of Applebee’s, with 99% of the restaurants run by independent franchisees. While IHOP’s focus is on breakfast foods, it also offers a menu of lunch and dinner items. The company has 1,650 locations in North America, Latin America, the Middle East, Southeast Asia, and Oceania.

9. Gateway Village | Clemson, SC TENANT OVERVIEW Tenant Summary

Red Bowl is a traditional Asian restaurant in a contemporary setting featuring a full-service cocktail lounge serving Asian-inspired drinks. Each distinctive dish is handcrafted to order in their immaculate, open kitchen, prepared with only the finest and freshest ingredients. Their combination Asian cooking techniques allow them to create exceptional pan-Asian cuisine! At Red Bowl, you’ll always discover more than you expect. From their create-your-own stir fry bar, award-winning sushi bar, and family- friendly atmosphere, to their wide variety of Asian dishes. Red Bowl strives to preserve the best time- honored cooking traditions while providing a fresh, flavorful alternative for today’s connoisseur.

GNC Holdings Inc. (General Nutrition Centers) is a Pittsburgh, Pennsylvania-based American company selling health and nutrition related products, including vitamins, supplements, minerals, herbs, sports nutrition, diet, and energy products. GNC stores typically stock a wide range of weight loss, bodybuilding, nutritional supplements, vitamins, natural remedies, and health and beauty products, in both its owned brands as well as third-party brands. The stores also sell health and fitness books and magazines. Founded in 1935, GNC has more than 4,600 stores in the U.S., including 1,100 store-within-a-store locations within Rite Aid, as well as locations in 49 other countries. In addition, GNC LiveWell currently has 41 stores located in Brisbane, Sydney, and Melbourne in .

Orangetheory Fitness is a privately-owned fitness franchise based in Boca Raton, Florida. It offers group personal training workouts based on high intensity interval training (HIIT) that blend cardiovascular and strength training. There are locations throughout 45 states and 21 countries, with 1,000 locations worldwide, as of July 2018. Orangetheory Fitness also has locations in Australia, , , , , Costa Rica, the , , , , , , , , , , , , the and the .

Supercuts is a hair salon franchise with more than 2,400 locations across the United States. The company was founded in the San Francisco Bay Area in 1975, by Geoffrey M. Rappaport and Frank E. Emmett. The company’s first location was in Albany, California. Its headquarters are in Minneapolis, Minnesota. Supercuts is a wholly owned subsidiary of Regis Corporation, which also owns Regis Salons, Mia & Maxx, MasterCuts, Cost Cutters, SmartStyle, and First Choice Haircutters in the United States and Canada.

10. Gateway Village | Clemson, SC MARKET OVERVIEW Market Analysis

Clemson, South Carolina

LOCATION INFRASTRUCTURE • The city of Clemson is located in both Pickens and Anderson counties approximately 27 miles west • The Clemson area is near three major airports. The closest, of downtown Greenville, SC and 15 miles north of Greenville-Spartanburg International Airport, is 45 minutes Anderson, SC. away in Greenville, SC. Hartsfield-Jackson Atlanta International • The city is situated near the northwestern corner of South Airport (ATL) is two and a half hours away in Atlanta, GA, and Carolina in the foothills of the Blue Ridge Mountains while The Charlotte-Douglas International Airport (CLT) is two and a also on the shores of Lake Hartwell. half hours away, as well, in Charlotte, NC. • The population of the city was 13,905 at the 2010 census • Clemson is part of the Greenville-Spartanburg-Anderson, South Carolina Combined Statistical Area. COMMUNITY

• In addition to Clemson University, the City is home to the HIGHER EDUCATION South Carolina Botanical Garden, Fort Hill Plantation and Bob Campbell Geology Museum. Lake Hartwell, a reservoir, is a • The city of Clemson’s character is largely defined popular recreation area that borders the city on the west. The by Clemson University, a large public university that Blue Ridge Mountains are located just 30 miles from the city dates to 1889. center. • The university is the cultural center of the city, even though a small multi-block downtown with housing, • The Clemson (train) Depot, built in 1893, was rehabilitated in retail and restaurants is directly to the north of the 2001 and now houses the local chamber of commerce and campus. visitor center.

11. Gateway Village | Clemson, SC MARKET OVERVIEW Market Analysis

One of the country’s most selective Clemson public research universities, Clemson University serves a uniquely driven and University highly accomplished student body.

STATS • Ranked as the 24th best national public university by U.S.News & World Report, Clemson is a science and engineering oriented college dedicated to teaching, research and service. • Clemson’s retention and graduation rates rank among the highest in the country for public universities. They’ve been named among the best public college values by Kiplinger magazine in 2017, and Princeton Review named us among the “Colleges that pay you back” in 2017. • There are approximately 18,600 undergraduate students and 4,507 graduate students currently enrolled.

ACADEMICS • Doctoral enrollment has increased 96 percent since 2002. • The University offers an overall 17-to-1 faculty/student ratio, and nearly half of Clemson’s classes have fewer than 20 students. FOOTBALL • Each year Clemson offers admission to more than 1,000 transfer • The Clemson Football program has over 700 wins and students. has achieved two consensus Division I Football National Championships in the modern era and were College CAMPUS Football Playoff National Championship Finalists in 2015 and 2016, winning the championship game over the • Clemson’s campus borders the 900-plus-mile shoreline of Hartwell Alabama Crimson Tide for the 2016 season. Lake where swimming, boating, skiing and sailing are popular pastimes. • Clemson has had 6 undefeated seasons including 3 perfect • The mountains are less than an hour away and offer canoeing, kayaking, seasons, 23 conference championships, 6 divisional titles since white-water rafting, hiking, camping, snow skiing and trout fishing. 2005, and has produced over 100 All-Americans, 17 Academic • The Clemson Experimental Forest covers 17,482 acres and has nearly All-Americans, and over 200 NFL players. 45 miles of maintained roads and more than 100 miles of designated • The Tigers’ most recent ACC championships came back-to- trails. back-to back in 2015, 2016, and 2017.

12. Gateway Village | Clemson, SC MARKET OVERVIEW Market Analysis

Greenville, South Carolina

LOCATION COMMERCE • 4th among 15 of the fastest-growing large cities in the U.S. • Home to national and international corporations such as Fluor according to population estimates by the U.S. Census Bureau. Corporation, Hubbell Lighting, BMW and Michelin North America. • Centrally located along the I-85 corridor directly between 2 • Other major businesses include Bausch and Lomb, the Perrigo Company of SC, Greenville Hospital System, Ernst and Young, IBM, Charter of the largest cities in the Southeast - Atlanta, Georgia and Communications, Dunlop Slazenger Group, Liberty Corporation Bank of Charlotte, North Carolina. America, GE Power & Water, Day & Zimmerman, Scan Source, Lockheed • Located 100 miles from the capitol city of Columbia and only Martin Aircraft, Windstream, SYNNEX Corporation and TD Bank. 200 miles from the Port of Charleston SC.

INFRASTRUCTURE ACCOLADES

• Greenville-Spartanburg International Airport is the 2nd busiest • #3 Top Small City in the U.S. (Condé Nast Traveler Readers’ Choice Awards) 2017 airport in the state with about 2.02 million passengers in 2016. • #9 Top 10 Cities for Millennials to Live in (Growella.com) • 3 Interstate highways offer easy access to the North, South, • 23 Best Small Town Main Streets in America (Country Living) 2017 Midwest, and all major markets on the Eastern Seaboard. • 5 Top Places in the US to Retire (The Today Show) 2017 • Home to the Inland Port Greer connecting the Upstate to the • #13 of 52 Places to Go ‘In The World’ in 2017 (The New York Times) 2017 Port of Charleston. • The 10 Best Emerging Destinations (USA Today 10 Best) 2016 • Top 10 Best Places to Live (Men’s Journal) 2016 • Top 10 Fastest Growing Cities in the U.S. (CNN Money) HIGHER EDUCATION • #35 Best Place to Live (U.S. News & World Report) • Clemson University, Furman University, Bob Jones University, • Top 4 Best Places to Raise a Family (MarketWatch) 2016 North Greenville University and Limestone College-Greenville • #2 Best City in America to Start a Business In (Xome) 2015 among others are all located in Greenville. • Top 10 Small Cities Where Business is Thriving (Entrepreneur) 2015 • 3rd Strongest Job Market (Bloomberg) 2010 th 13. Gateway Village | Clemson, SC • 13 Best City for Young Professionals (Forbes) MARKET OVERVIEW Demographics

Distance From Property 1 Mile 3 Miles 5 Miles Population 2018 6,223 27,749 41,624 2023 Projected 6,559 28,964 43,514 Growth 2018-2023 1.06% 0.86% 0.89% 2018 Median Age 24.0 23.4 24.8 2018 Total Daytime Population 6,258 27,782 39,349 Households 2018 2,666 9,199 14,843 2023 Projected 2,811 9,662 15,566 Average Household Income 2018 $48,440 $58,002 $61,106 2023 Projected $54,236 $65,494 $68,286

Source: esri

41,624 14,843 $61,106

14. Gateway Village | Clemson, SC DISCLAIMER

This Offering Memorandum contains select information pertaining to the business and affairs of the property located at 1390 Tiger Blvd., Clemson, SC 29631 (“Property”). It has been prepared by Furman Capital Advisors (“Agent”). This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in the 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 Owner or Agent. The material is based in part upon information supplied by the Owner and in part upon financial information obtained from sources it deems reliable. The Owner, nor their officers, employees, or agents make 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 Owner.

Owner and Agent 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 by all parties 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 the 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 Agent or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or cause 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 creation of this Offering Memorandum.

15. Gateway Village | Clemson, SC 101 E. Washington Street, Suite 400 | Greenville, SC 29601

864.235.6855 FurmanCapital.com

Investment Services Division of NAI Earle Furman