OFFERING MEMORANDUM Red 7373 West Colonial Drive | Orlando, FL 32818

ACTUAL PROPERTY PHOTO CONFIDENTIALITY AND DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Tiktin Real Estate Investment Services ("TREIS") and should not be made available to any other person or entity without the written consent of TREIS. This Offering Memorandum has been prepared to provide summary, unverified information to the current ownership, 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. TREIS 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 Offering Memorandum has been obtained from sources we believe to be reliable; however, TREIS has not verified, and will not verify, any of the information contained herein, nor has TREIS 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: Tiktin Real Estate Investment Services, Inc. (“TREIS”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Offering Memorandum. 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 TREIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of TREIS, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

2 TABLE OF CONTENTS Red Lobster | Orlando, FL

FINANCIAL ANALYSIS Pricing Analysis ...... 5 - 6 EXECUTIVE SUMMARY Investment Overview 8 PROPERTY DESCRIPTION Tenant Overview ...... 9 - 11 Property Details 12 Aerial Photos 13 Local Map ...... 14 Regional Map ...... 15 MARKET OVERVIEW Market Overview ...... 17 - 18 COMPETITIVE PROPERTY SET Sale Comparables Map 21 Sale Comparables ...... 22 - 24 DEMOGRAPHIC Demographic Summary ...... 26 - 27

3 FINANCIAL ANALYSIS PRICING ANALYSIS Red Lobster | Orlando, FL

Offering Summary Lease Summary Purchase Price: $4,733,000 Lease Type: Absolute Triple-Net (NNN) Cap Rate: 5.00% Roof and Structure: Tenant Responsible Net Operating Income: $236,650 Lease Guarantor: Red Lobster Intermediate Holdings LLC Rentable Square Feet: 7,909 SF Original Lease Term: 25 Years Price/Rentable SF: $598.43 Rent Commencement Date: August 1, 2014 Lot Size: 62,552 SF (1.44 Acres) Lease Expiration Date: July 31, 2039 Year Built/Renovated: 1992 Remaining Lease Term: 18.5 Years Options: 4 (5-Years) Increases: 2% Annual Increases

5 PRICING ANALYSIS Red Lobster | Orlando, FL Rent Schedule Lease Year Annual Bumps Annual Rent Monthly Rent Cap Rate August 1, 2020 July 31, 2021 $236,650 $19,720.83 5.00% August 1, 2021 July 31, 2022 $241,383 $20,115.25 5.10% August 1, 2022 July 31, 2023 $246,211 $20,517.56 5.20% August 1, 2023 July 31, 2024 $251,135 $20,927.91 5.31% August 1, 2024 July 31, 2025 $256,158 $21,346.46 5.41% August 1, 2025 July 31, 2026 $261,281 $21,773.39 5.52% August 1, 2026 July 31, 2027 $266,506 $22,208.86 5.63% August 1, 2027 July 31, 2028 $271,836 $22,653.04 5.74% August 1, 2028 July 31, 2029 $277,273 $23,106.10 5.86% August 1, 2029 July 31, 2030 $282,819 $23,568.22 5.98% August 1, 2030 July 31, 2031 $288,475 $24,039.59 6.10% August 1, 2031 July 31, 2032 $294,245 $24,520.38 6.22% August 1, 2032 July 31, 2033 $300,129 $25,010.79 6.34% August 1, 2033 July 31, 2034 $306,132 $25,511.00 6.47% August 1, 2034 July 31, 2035 $312,255 $26,021.22 6.60% August 1, 2035 July 31, 2036 $318,500 $26,541.65 6.73% August 1, 2036 July 31, 2037 $324,870 $27,072.48 6.86% August 1, 2037 July 31, 2038 $331,367 $27,613.93 7.00% August 1, 2038 July 31, 2039 $337,994 $28,166.21 7.14%

Base Rent ($29.92/SF) $236,650 Total Return 5%/236,650

6 6 EXECUTIVE SUMMARY HIGHLIGHTS Red Lobster | Orlando, FL

WHY BUY RED LOBSTER IN ORLANDO, FL: Tiktin Real Estate Investment Services is pleased to present this Red Lobster located at 7373 W. Colonial Drive in Orlando, Florida. The • Average Annual Cap Rate is 6.01% Over Remaining Base Term property is roughly 7,909 square feet and is situated on 1.44 acres • Outparcel for Shopping Center with 209,686 Sq. Ft. of Rentable of land. Space, Which Includes Burlington, Ross, Marshall's and More This Red Lobster is subject to a 25-year triple-net (NNN) lease, • 25 Year Corporate Guaranteed Absolute NNN Lease with roughly 18.5 years remaining on the lease and no landlord • 18.5 Years Remaining and Four, Five-Year Tenant Renewal responsibilities. The current annual rent is $236,650. The rent is Options • Two Percent (2%) Annual Rent Increases scheduled to increase by two percent (2%) annually, including 4, • Over 250,000 People Within a 5-Mile Radius five-year tenant renewal options. • Fantastic Centralized Location, Being Seven Miles From Uni- This Red Lobster is in a privileged location by being the only versal Studios, Eight Miles From Orlando and 20 Miles From Red Lobster located in the North West of Orlando and being Orlando International Airport easily reachable from highway 408, serving households from • Traffic Counts Over 46,000 Vehicles Per Day neighborhoods like Pine Hills and Orlovista, while also being the • Surrounded By National Retailers Including Golden Corral, Sam's Club, Walmart, GNC, and McDonalds Among Others closest location to the neighboring city, Winter Garden. Residents choose to go to this location to fill the cravings for their legendary Cheddar Bay Biscuits and delicious fresh in a casual and family-friendly environment. Also, Red Lobster is considered slightly upscale within the national casual dining chains. This Red Lobster is also an outparcel that benefits from neighboring retailers such as Sam’s Club, Walmart, Marshall’s, Ross, Burlington, McDonald's, among many more. There are approximately 250,000 people within a 5-mile radius of this property. The property is situated on the highly traveled West Colonial Drive, and experiences average daily traffic counts of over 46,000 vehicles.

8 TENANT OVERVIEW Red Lobster | Orlando, FL

TENANT TRADE NAME Red Lobster OWNERSHIP Private TENANT Corporate LEASE GUARANTOR Red Lobster Intermediate Holdings LLC LEASE COMMENCEMENT DATE August 1, 2014 RENT COMMENCEMENT DATE August 1, 2014 LEASE EXPIRATION DATE July 31, 2039 ORIGINAL LEASE TERM 25 Years TERM REMAINING ON LEASE 18.5 Years RENEWAL OPTIONS 4 (5-Year) RENT INCREASES 2% Annually LEASE TYPE Absolute Triple Net (NNN) ROOF AND STRUCTURE Tenant Responsibility RIGHT OF FIRST REFUSAL No OPTION TO PURCHASE No

9 TENANT OVERVIEW Red Lobster | Orlando, FL

Red Lobster is an American casual dining chain headquartered in Orlando, Florida. Founded in 1968, the chain has evolved throughout the decades from exclusively serving , snow and jumbo to now offering customers a variety of options such as their world-famous Cheddar Bay Biscuits, wild- caught seafood and fresh fish, with superior quality and service, compared to other casual dining competitors. While many chains struggled with COVID-19, Red Lobster thrived by quickly adjusting their focus on their curbside sales. The company has operations across the , and internationally in Ecuador, , , Saudi Arabia, the , , , and . As of 2020, Red Lobster had 719 locations worldwide. Thai Union, a publicly traded seafood supplier best known for their brand Chicken of the Sea, started their relationship with Red Lobster with an investment of $575 million dollars in 2016, which evolved into Thai Union acquiring control of the company in September 2020 under a new company named Seafood Alliance. Thai Union Group PCL (BBK:TU) has an enterprise value of approximately $4 Billion. ( See more details on the following page).

COMPANY TYPE FOUNDED # OF LOCATIONS HEADQUARTERS WEBSITE Casual Dining 1968 Over 700 worldwide Orlando, FL RedLobster.com Restaurant 10 TENANT OVERVIEW Red Lobster | Orlando, FL Thai Union, Investor Group Led By International Restaurant Executives, And Red Lobster Management Acquire Red Lobster*

BANGKOK, ORLANDO, Fla. and SAN FRANCISCO, Aug. 31, 2020 /PRNewswire/ -- Golden Gate Capital today announced that it has agreed to sell its remaining equity stake in Red Lobster Seafood Co. ("Red Lobster") to a consortium comprised of existing Red Lobster investor Thai Union Group PCL (BKK:TU) ("Thai Union"), an investor group consisting of highly experienced global restau- rateurs and hospitality industry executives, and Red Lobster management.

With more than 40 years of industry experience, Thai Union is a leading, publicly-traded global seafood supplier with an enterprise value of approximately $4 billion. This transaction represents a deepening of Thai Union's commitment to Red Lobster. Thai Union's involvement in Red Lobster began with a $575 million strategic investment in 2016, when it also added two representatives to the Red Lobster Board of Directors.

The new investor group, coming together under a new company named Seafood Alliance, is comprised of key shareholders Paul Kenny and Rit Thirakomen, who together bring over 75 years of experience in restaurant industry strategy, operations, and brand building. Mr. Kenny is the former CEO of Minor Food, one of Asia's largest casual dining and quick-service restaurant companies that operates more than 2,000 outlets in 27 countries under The Pizza Company, The Coffee Club, Riverside, Thai Express, Beni- hana, Bonchon, Swensen's, Sizzler, and brands. Mr. Thirakomen is the Chairman, CEO, and controlling shareholder of MK Restaurant Group, a leading Thai restaurant chain.

Kim Lopdrup, CEO of Red Lobster, stated, "We are thrilled to deepen our relationship with Thai Union, a long-term strategic sup- plier to Red Lobster and an investment partner for the last four years. Our organization will also benefit from the tremendous inter- national restaurant and hospitality expertise brought by Seafood Alliance. I want to thank Golden Gate Capital for their unwavering support over the past six years and particularly over the past five months."

*First page of article, see link below for full story Source: https://www.prnewswire.com/news-releases/thai-union-investor-group-led-by-international-restaurant-executives-and-red-lobster-management-acquire-red-lobster-301120982.html

11 PROPERTY DETAILS Red Lobster | Orlando, FL

GROSS BUILDING AREA 7,909 SF LOT SIZE 62,552 SF (1.44 ACRES) OWNERSHIP FEE SIMPLE YEAR BUILT 1992 NUMBER OF STORIES 1 Story PARKING 79 Spaces PARKING RATIO 9.99/1,000 SF FOLIO 23-22-28-3581-00-060 FOUNDATION Concrete FRAMING Wood EXTERIOR Wood PARKING SURFACE Asphalt ROOF Metal HVAC Central Air FIRE PROTECTION Fully Sprinkled & Monitored ZONING P-D ACCESS POINTS W. Colonial Drive

12 PROPERTY DESCRIPTION

AERIAL PHOTOS

13 PROPERTY DESCRIPTION

RETAILERS MAP

14 PROPERTY DESCRIPTION

REGIONAL MAP

15 MARKET OVERVIEW MARKET OVERVIEW Orlando, FL | Overview

The city of Orlando is located in the state of Florida and the county seat of Orange County. Situated in the central part of Florida, it is the foundation of the Orlando metropolitan area, which has a population of 2,679,131. These figures make it the 24th-largest metropolitan area in the United States, the sixth- largest metropolitan area in the Southern United States, and the third-largest metropolitan area in Florida. As of 2020, Orlando had an estimated city- proper population of 270,934, making it the 71st largest city in the United States and the fourth largest city in Florida. The City of Orlando is nicknamed "City Beautiful", and its greatness is symbolized by the fountain at Lake Eola. Orlando is also known as "The Theme Park Capital of the World" and in 2019 its tourist attractions and events drew more than 75 million visitors. The Orlando International Airport (MCO) is the thirteenth-busiest airport in the United States and the 29th-busiest in the world. As one of the world's most visited tourist destinations, Orlando's famous theme parks form the backbone of its tourism industry. The two most significant of these attractions are Walt Disney World,which was opened by the Walt Disney Company in 1971, and located approximately 21 miles (34 km) southwest of Downtown Orlando in Bay Lake; and Universal Orlando Resort, opened in 1999 as a major expansion of Universal Studios Florida.With the exception of Walt Disney World, most major attractions are located along International Drive. The city is also one of the busiest American cities for conferences and conventions; the Orange County Convention Center is the second-largest convention facility in the United States. Like other major cities in the Sun Belt, Orlando grew rapidly from the 1980s and still is growing strong due to an influx of families from northern states seeking a more comfortable lifestyle which includes sunnier skies and no state income taxes.

17 MARKET OVERVIEW Orlando, FL | Overview The Orlando MSA encompasses 4,012 square miles near the center of Florida. There are numerous lakes scattered across the region, and the topography is generally flat with few impediments to development. Citrus, melons and strawberries are some of the agricultural products grown in the MSA. Orlando provides its residents with a remarkable quality of life, highlighted by a warm, sunny climate; professional sporting opportunities; outdoor recreational activities; cultural venues; world- famous attractions; and beaches. The region offers outstanding healthcare facilities and exceptional community services such as Orlando Health and Florida Hospital. Orlando features dozens of cultural opportunities, including the Civic Theatre of Central Florida, the Orlando Opera Company, the Orlando Ballet Company and the Bach Festival Society. For art lovers, there are a number of galleries, as well as the Morse Museum and the Orlando Museum of Art. Amway Center is the new arena for the Orlando Magic. The facility was built in downtown Orlando, which is currently undergoing redevelopment; a new performing arts center is also nearby. The Orlando region provides numerous higher-education opportunities, which includes institutions such as the University of Central Florida, with 56,000 students, and Valencia Community College with 30,000 students. Orlando is a top vacation destination and is home to the most famous theme park in the world, Walt Disney World. It has also become a popular site for business meetings, with one of the nation’s largest convention centers. Over 51 million visitors traveled to Orlando last year, driving the hospitality employment sector to account for 21 percent of all area jobs. Key industries in the region include aerospace and defense systems, modeling, simulation and training, digital media, and biotechnology. Orlando is quickly transforming into a center for digital media, fueled by an expanding number of software, simulation and entertainment companies. Today, hundreds of digital media companies are located in the metro. The local life sciences, biotech and medical technology industries also are growing and employing more residents. Orlando has invested $2 billion in its life sciences industry, with community leaders actively pursuing initiatives to further grow this sector.

18 18 COMPETITIVE PROPERTY SET SALES COMPARABLES COMPETITIVE PROPERTY SET SALES COMPARABLES MAP

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3

2 1

Recent Sales Subject Property 1 Chili's - Orlando, FL 2 Longhorn Steakhouse - Orlando, FL 3 Texas Roadhouse - Gainesville, FL 4 4 Texas Roadhouse - Port Saint Lucie, FL 5 Longhorn Steakhouse - Tallahassee, FL

21 COMPETITIVE PROPERTY SET SALES COMPARABLES AVERAGES

Price/SF Building

$1,000.00 $900.00 $800.00 Average $646/SF $700.00 $600.00 $500.00 $400.00 $300.00 $200.00 $100.00 $- Subject Chili's - Orlando, Longhorn Texas Texas Longhorn Property FL Steakhouse - Roadhouse - Roadhouse - Steakhouse - Orlando, FL Gainesville, FL Port Saint Lucie, Tallahassee, FL FL

Cap Rate

6.00% Average 5.01% 5.00%

4.00%

3.00%

2.00%

1.00%

0.00% Subject Property Chili's - Orlando, Longhorn Texas Texas Longhorn FL Steakhouse - Roadhouse - Roadhouse - Steakhouse - Orlando, FL Gainesville, FL Port Saint Lucie, Tallahassee, FL FL

22 COMPETITIVE PROPERTY SET SALES COMPARABLES

Subject Property 7373 West Colonial Drive, Orlando, FL 32818

Sales Price: $4,733,000 Gross Leasable Area (GLA): 7,909 SF Price/SF Building: $598.43 Cap Rate: 5.00% Lot Size: 62,552 SF (1.44 Acres) Year Built: 1992

1 Chili's - Orlando, FL 12181 East Colonial Drive, Orlando, FL 32826

Close of Escrow: 04/26/2019 Sales Price: $5,236,472 Gross Leaseable Area (GLA): 5,473 SF Price/SF Building: $956.78 Cap Rate: 5.30% Lot Size: 38,333 SF (0.88 Acres) Year Built: 1992

2 Longhorn Steakhouse - Orlando, FL 5460 W Oak Ridge Road, Orlando, FL, 32819

Close of Escrow: 09/11/2019 Sales Price: $5,721,743 Gross Leaseable Area (GLA): 5,800 SF Price/SF Building: $986.51 Cap Rate: 5.47% Lot Size: 12197 SF (0.28 Acres) Year Built: 2018

23 COMPETITIVE PROPERTY SET SALES COMPARABLES

3 Texas Roadhouse - Gainesville, FL 3984 SW 43rd St, Gainesville, FL 32608

Close of Escrow: 12/30/2020 Sales Price: $3,875,000 Gross Leasable Area (GLA): 8,392 SF Price/SF: $461.75 Cap Rate: 4.77% Lot Size: 91,040 SF (2.09 Acres) Year Built: 2019

4 Texas Roadhouse - Port Saint Lucie, FL 210 NW Peacock Blvd, Port Saint Lucie, FL 34986

Close of Escrow: 8/12/2019 Sales Price: $3,300,000 Gross Leaseable Area (GLA): 7,339 SF Price/SF Building: $449.65 Cap Rate 4.50% Lot Size: 79,279 SF (1.82 Acres) Year Built: 2019

5 Longhorn Steakhouse- Tallahassee, FL 2400 N Monroe St, Tallahassee, FL 32303

Close of Escrow: 06/10/2019 Sales Price: $2,494,800 Gross Leaseable Area (GLA): 7,012 SF Price/SF Building: $355.79 Cap Rate: 5.00% Lot Size: 54,886 SF (1.26 Acres) Year Built: 1982

24 DEMOGRAPHICS DEMOGRAPHICS Red Lobster | Orlando, FL

POPULATION 1-MILE 3-MILES 5-MILES 2010 Population 15,899 111,983 236,660 2020 Population 18,852 133,004 275,554 2025 Population Projection 20,532 144,884 299,430

HOUSEHOLDS 1-MILE 3-MILES 5-MILES 2010 Households 5,644 39,208 84,892 2020 Households 6,669 46,396 97,934 2025 Households Projection 7,251 50,451 106,150 Annual Growth 2010 - 2020 1.1% 0.8% 1.7% Annual Growth 2020 - 2025 1.7% 1.7% 1.7% Owner Occupied 2,998 23,699 52,689 Renter Occupied 3,671 22,698 45,245 Avg Household Income $51,253 $58,558 $67,489 Median Household Income $39,528 $43,632 $47,731

INCOME 1-MILE 3-MILES 5-MILES <$25,000 1,901 11,865 23,340 $25,000 - $50,000 2,154 14,034 27,421 $50,000 - $75,000 1,284 8,972 18,202 $75,000 - $100,000 579 5,057 11,600 $100,000 - $125,000 456 2,967 6,070 $125,000 - $150,000 153 1,352 3,514 $150,000 - $200,000 84 1,142 3,357 $200,000+ 58 1,010 4,431 Source: CoStar

26 DEMOGRAPHICS Red Lobster | Orlando, FL

HOUSING PRICES 1-MILE 3-MILES 5-MILES DAYTIME EMPLOYEES 1-MILE 3-MILES 5-MILES Avg Household Income $51,253 $58,558 $67,489 Trade & Transportation 973 5,432 80,058 Median Household Income $39,528 $43,632 $47,731 Information 62 639 2,935 Avg Household Size 2.8 2.8 2.8 Financial Activities 319 2,601 6,374 Avg Household Vehicles 2 2 2 Professional & Business Services 157 2,741 9,568 Median Age 33.5 33.9 34.6 Education & Health Services 714 8,493 18,915 Total Consumer Spending $126.2M $948.5M $2.1B Leisure & Hospitality 1,178 4,468 13,236 Public Administration 60 848 1955 2020 POPULATION BY RACE 1-MILE 3-MILES 5-MILES Natural Resources & Mining 0 22 111 White 5,631 49,023 120,702 Construction 80 1,393 5,994 Black 11,397 72,194 131,433 Manufacturing 33 518 4,694 American Indian & Alaskan 143 818 1,560 Asian 879 5,107 9,606 CONSUMER SPENDING TOTALS 1-MILE 3-MILES 5-MILES Hawaiian & Pacific Island 20 235 493 Apparel $9,190,279 $66,710,840 $144,756,998 Other 3,969 27,121 56,955 Entertainment & Hobbies $19,266,491 $144,985,787 $326,578,958 Food & Alcohol $36,661,463 $272,512,338 $602,312,440 BUSINESSES BY INDUSTRY 1-MILE 3-MILES 5-MILES Household Items & Expenses $16,150,142 $124,961,641 $292,958,006 Trade & Transportation 88 606 1727 Transportation & Maintenance $32,196,240 $239,110,886 $536,955,633 Information 7 87 216 Financial Activities 319 523 1246 Health Care $5,924,339 $45,707,710 $105,143,788 Professional & Business Services 48 638 1650 Education & Day Care $6,823,810 $54,508,707 $2,139,595,706 Education & Health Services 77 1,026 1,979 Source: CoStar Leisure & Hospitality 51 351 783 Public Administration 1 22 76 Natural Resources & Mining 0 7 20 Construction 28 325 894 Manufacturing 33 7 5

27 EXCLUSIVELY LISTED BY: TIKTIN REAL ESTATE INVESTMENT SERVICES TEL: (305) 363-4750 TEL: (844) 4-TIKTIN FAX: (305) 675-0774 WWW.TIKTINREALESTATE.COM