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$1,848,650 5.85% 20 YEARS Site Description PARCEL 41-06-12-476-008 BUILDING SIZE 2,667 SF LOT SIZE 1.62 Acres Investment Overview PURCHASE PRICE $1,848,650

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$1,848,650 5.85% 20 YEARS Site Description PARCEL 41-06-12-476-008 BUILDING SIZE 2,667 SF LOT SIZE 1.62 Acres Investment Overview PURCHASE PRICE $1,848,650 4705 14 Mile Road, N.E., $ 1 , 8 4 8 , 6 5 0 Rockford, MI 49341 5 . 8 5 % C A P R A T E » GROWING GRAND RAPIDS SUBURB » Suburb of Grand Rapids, MI - Michigan's Second Largest City » 15-Miles to Downtown Grand Rapids » Projected 3-Mile '20-'25 Growth: 6% » 2017 Remodel to Dual Drive Thru » SECURE NET-LEASED INVESTMENT » Healthy Rent-to-Sales Ratio » 1% Rent Increases Annually » Zero Landlord Responsibilities » REPUTABLE TENANT » Significant Plans for Expansion » Fast Growing Franchisee Group » Combined 50+ Years of QSR Experience ACTUAL SITE PHOTO OOFFFFEERRIINNGG | 20 Year Lease Term | Absolute NNN Lease MMEEMMOORRAANNDDUUMM | Remodeled in 2017 CONTENTS 1 2 INVESTMENT DETAILS LOCAL MAP 3 4 EXECUTIVE SUMMARY GUARANTOR 5 6 AREA OVERVIEW DEMOGRAPHICS WHY INVEST? L O C A T I O N L E A S E T E N A N T ✔ Suburb of Grand Rapids, MI - Michigan's ✔ Brand New 20-Year Triple Net (NNN) Lease ✔ One of Burger King’s Fastest Growing Second Largest City with Zero Landlord Responsibilities Franchisee Groups Operating in Michigan ✔ Strong Combined Daily Traffic Count of ✔ Attractive Rental Increases | 1% Annually ✔ Factorial Restaurant Holdings, LLC ("Factorial") Approximately 30,000 Vehicles Including Option Periods Currently Operates 26 Burger King Restaurants ✔ Grand Rapids MSA (1,038,000+ Inhabitants) ✔ Four (4) Tenant Renewal Periods of Five (5) ✔ Significant Plans for Expansion Through a Years Each Bring the Potential Lease Term to Robust M&A and Development Pipeline ✔ Fully Remodeled in 2017 to Include Dual Drive Forty Years Thru ✔ Trophy Brand | World’s 2nd Largest Fast Food ✔ Successful Store with Strong Operating Hamburger Restaurant ✔ 15 Miles from Downtown Grand Rapids, MI History and Healthy Rent-to-Sales Ratio ✔ Factorial is led by industry veterans and ✔ Surround 3-Mile Population Projected to Grow ✔ Ideal for Out-of-State Investors - Tenant is advisors who have 50 plus years of combined by Nearly 6% from 2020-2025 Responsible for All Maintenance, Taxes, restaurant and operations experience Insurance, Roof, and Structure The Offering EXECUTIVE SUMMARY PROPERTY ADDRESS 4705 14 Mile Road, N.E., Rockford, MI 49341 ASSET CLASS Absolute Net-Leased Fast Food Restaurant CONCEPT Burger King GUARANTOR Factorial Restaurant Holdings, LLC ("Factorial") LIST PRICE CAP RATE LEASE TERM $1,848,650 5.85% 20 YEARS Site Description PARCEL 41-06-12-476-008 BUILDING SIZE 2,667 SF LOT SIZE 1.62 Acres Investment Overview PURCHASE PRICE $1,848,650 NET OPERATING INCOME $108,146 CAP RATE 5.85% AVERAGE CAP RATE OVER 20YRS 6.44% COMMENCEMENT 10/23/2020 LEASE TERM 20 Years LEASE TYPE Absolute Net RENT INCREASES 1% Annually ACTUAL SITE PHOTOS RENEWAL OPTIONS Four (4), Five (5) Year Options HIGHLIGHTS B U R G E R K I N G Absolute NNN Investment Opportunity PRICE $1,848,650 NOI $108,146 WELL-MAINTAINED NET LEASED INVESTMENT CAP RATE 5.85% Marcus & Millichap is pleased to exclusively offer this 2,667 SF freestanding Burger King YEAR BUILT/REMODELED 1995/2017 situated on a large 1.60 AC lot near the corner of 14 Mile Road NE (Daily Traffic: 15,122 Vehicles) and Northland Drive NE (Daily Traffic: 12,165 Vehicles). Rockford is a suburb in LEASE TERM 20 Years the Grand Rapids MSA (Population: 1,038,583). This Burger King is offered with a ESCALATIONS 1% Annually secure, Brand-New 20 Year Absolute NNN Lease featuring 1% annual rent increases, RENEWALS (4) (5) Year Options hedging against inflation. LEASE TYPE Absolute Net GROWING SUBURB OF GRAND RAPIDS, MI FEATURES This Burger King is approximately 15-miles from Downtown Grand Rapids. The 3-mile - Brand New 20 Year Absolute NNN Lease w/ population surrounding the subject property is projected to grow by nearly 6% over the 1% Annual Increases Including Options next five years. The combined traffic count from the two nearby cross streets (14 Mile Road NE & Northland Drive NE) is approximately 30,000 vehicles per day. - Remodeled in 2017 to Include Dual Drive Thru - Healthy Rent-to-Sales Ratio - Grand Rapids MSA (1,038,583 Inhabitants) - Strong Combined Daily Traffic Count of Approximately 30,000 Vehicles - 15 Miles from Downtown Grand Rapids, MI ACTUAL SITE PHOTOS F A C T O R I A L R E S T A U R A N T S Securing the success of your investment... This Absolute Triple Net (NNN) investment is guaranteed by Factorial Restaurant Groups, LLC (“Factorial"). Factorial is one of Burger King’s fastest growing franchisee groups operating in Michigan. Factorial is led by industry veterans and advisors who have 50 plus years of combined restaurant and 26+ 50+ YEARS OF operations experience, having most recently led the buy-out, growth and exit UNIT OPERATOR QSR EXPERIENCE of Irish Beef, LLC, an Arby’s franchisee located in the Southwest. Factorial represents “the next generation” of Burger King franchisees currently operating twenty-six (26) Burger King restaurants with significant plans for expansion through a robust M&A and development pipeline. They are laser focused on becoming the top Burger King franchisee in Michigan and AMBITIOUS 5YR HEADQUARTERS: anticipate operating a total of thirty-six (36) restaurants in the next five (5) EXPANSION PLAN CHICAGO, IL years. The Factorial team is bolstered with the involvement of Fred Beilstein III of The Beilstein Group, LLC, a long-time restaurant industry CEO and ex-CFO of AFC Enterprises (predecessor to Popeyes) with experience as a franchisor and franchisee as well as within the Burger King system. BURGER KING CORPORATE ENDORSEMENT Factorial being approved by Burger King Corporation ("BKC") is a sign of credit strength in its own right. BKC is known as one of the most demanding franchisors when it comes to its stringent financial requirements. Just this year, BKC has further bolstered their standards for new franchisees. TICKER LOCATIONS 2019 REVENUE NYSE: QSR 18,838 $1.78B "HAVE IT YOUR WAY" Founded in 1954, Burger King (“BK”) is the world’s second largest fast food ANNUALIZED RENT hamburger restaurant chain as measured by total number of restaurants. As of December 31, 2019, BK owned or franchised a total of 18,838 BK RENT YEAR MONTHLY RENT ANNUAL RENT CAP RATE restaurants in more than 100 countries and U.S. territories. In 2010, 3G Year 1 $9,012.19 $108,146 5.85% Capital, a global multi-million dollar investment firm focused on long term Year 2 $9,102.31 $109,228 5.91% value creation, purchased Burger King Corporation, making it a privately- Year 3 $9,193.33 $110,320 5.97% held company. In December 2014, 3G Capital completed the Year 4 $9,285.27 $111,423 6.03% combination of Burger King and Tim Hortons, forming Restaurant Year 5 $9,378.12 $112,537 6.09% Year 6 $9,471.90 $113,663 6.15% Brands International ("RBI") and going public on the New York and Year 7 $9,566.62 $114,799 6.21% Toronto Stock Exchanges. RBI expaned in 2017 with the purchase of US Year 8 $9,662.28 $115,947 6.27% fast food chain Popeyes Louisiana Kitchen. Year 9 $9,758.91 $117,107 6.33% Year 10 $9,856.50 $118,278 6.40% Year 11 $9,955.06 $119,461 6.46% Year 12 $10,054.61 $120,655 6.53% Year 13 $10,155.16 $121,862 6.59% Year 14 $10,256.71 $123,081 6.66% Year 15 $10,359.28 $124,311 6.72% Year 16 $10,462.87 $125,554 6.79% Year 17 $10,567.50 $126,810 6.86% Year 18 $10,673.17 $128,078 6.93% Year 19 $10,779.91 $129,359 7.00% Year 20 $10,887.70 $130,652 7.07% GEOGRAPHIC OVERVIEW Downtown Rockford, Michigan Rockford, MI Sitting about 14 miles northeast of Grand Rapids, MI, Rockford provides a quaint setting complete with a downtown area filled with wide sidewalks, period lighting, and historic architecture. The Rogue River winds through the city and features fantastic overlooks of the Rockford Dam. The White Pine Trail extends 92 miles, passing through Rockford along the river. Residents of Rockford benefit from fast access to Downtown Grand Rapids, a downtown shopping district, beautiful neighborhoods, and fantastic parks provide an ideal setting for those who enjoy the outdoors. Peppler Park features a fishing platform, picnic areas, and a dam overlook. The Richardson-Sowerby Park and Dog Park straddles the Rogue River and includes fishing areas, picnic areas, a playground, a pedestrian bridge, a fitness course, ball fields and the dog park. Downtown Grand Rapids Metropolitan Area Grand Rapids, MI Although much of Michigan is seeing population growth, the fastest growth is anchored in the townships just beyond the urban cores of Grand Rapids. The Grand Rapids metropolitan area is part of the Great Lakes Megalopolis containing an estimated 54 million people. The total population of the Grand Rapids MSA metro increased from 989,524 in 2010 to 1,028,962 in 2015, a change of 49,059 (5%). Among all 917 metro areas in the United States, this metro was ranked number 52 in 2010 and 52 in 2015, based on total population. This metro is projected to have a total population in 2020 of 1,066,641. The projected population change from 2010 to 2020 is 77,436 (7.8%). The population aged 65 years and over is projected to increase from 119,265 (2010) to 178,606 (2020), an increase of 59,341 (49.8%). The GDP (millions of current dollars) increased from $39,484 in 2009 to $51,921 in 2014 a change of $12,437 (31.5%).
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