Aspen Dental | T-Mobile | Moe’S Phenix City (Columbus Msa), Al Offering Summary

SUBJECT PROPERTY

OFFERING MEMORANDUM ASPEN DENTAL | T-MOBILE | MOE’S PHENIX CITY (COLUMBUS MSA), AL OFFERING SUMMARY

ASPEN DENTAL | T-MOBILE | MOE’S 3732 US-260, Phenix City, AL 36876

PRICE $3,300,000

CAP RATE 6.95% ATLANTA NOI $229,079

CURRENT OCCUPANCY 100%

TOTAL SQUARE FOOTAGE 7,100 SF GEORGIA ALABAMA

YEAR BUILT/RENOVATED 2018

LOT SIZE 1.46 AC

TERM MAJOR TENANTS GLA (%) RENT/SF REMAINING 3,500 ASPEN DENTAL 10 Years $35.00 (49.30%)

1,200 T-MOBILE 5 Years $34.00 (16.90%) 2,400 MOE’S 10 Years $30.00 (33.80%) AUBURN DEMOGRAPHIC SUMMARY 3-MILE 5-MILE 7-MILE

POPULATION 33,890 95,091 157,302 PHENIX CITY MONTGOMERY AVE. HOUSEHOLD INCOME $58,721 $55,102 $57,963

POPULATION GROWTH 11.34% 8.70% 8.52%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. INVESTMENT HIGHLIGHTS

STRONG NATIONAL TENANT MIX Aspen Dental is corporately guaranteed (650+ Locations). T-Mobile is guaranteed by Spark Wireless (90 Locations). Moe’s guarantee is backed by PCM Restaurants, an experienced owner and operator of 15 Moe’s Franchises.

BRAND NEW LEASES WITH INCREASES All Tenants have brand new leases with rent increases. Aspen Dental and Moe’s have new 10-year leases with 10% increases in year six (6) of the base terms and each of the two (2) 5-year option periods. T-Mobile has a brand new five (5) year lease with increases in year four (4) and two (2) 5-year option periods with 10% increases.

NEW REDEVELOPMENT VIEW FROM PHENIX CITY RIVERWALK The subject property is mostly new construction featuring a brand-new Roof, Parking Lot, Facade, Electric, and HVAC.

BUSY RETAIL CORRIDOR The subject property neighbors Walmart Supercenter on the dense retail corridor of US Hwy 280 (VPD: 33,550). Surrounding retailers include Walmart (Closest Walmart to Fort Benning), Home Depot, Chick Fi La, & Publix.

SOLID DEMOGRAPHICS The population in a 5-Mile radius is 95,091 with average household incomes of over $55,100. The Subject property projects a strong growth of 9.77% over the next 5 years

COLUMBUS, GA SUBURB Ranked by Business Week as the #1 Best Affordable Suburb to Raise a Family and as one of the top 10 fastest growing cities in Alabama by AL.com, Phenix COLUMBUS STATE UNIVERSITY City is a suburb of Columbus, the third largest city in Georgia. Columbus, GA (Population: 303,811+) is located 100 miles southwest from Atlanta and is home to Fort Benning the 5th Largest Military Base in the USA (284 Square Miles) which supports a population of 120,000 troops and civilians and has an economic impact of $1.1 Billion. The base occupies 284 square miles south of Phenix City and Columbus. Columbus is home to the Corporate headquarters for Aflac (#137, Fortune 500) which is spread over two campuses, TSYS (#776 on the Fortune 1000, Realtree, Carmike Cinemas, and Synovus Bank, and Pratt & Whitney, an American “big three” aero-engine manufacturer. Columbus State University (8,500 enrollment+), ranked among the top regional universities in the south by U.S. News & World Report, is located in downtown Columbus. Recent projects like the Chattahoochee RiverWalk - a pedestrian and bike path fronting the river which runs between Phenix City and Columbus has led to revitalization on both sides of the river. PORT OF SAVANNAH FORT BENNING OCCUPIE | $1.1 B ECONOMIC IMPACT SITE PLAN

280 36,320 PROPERTY PHOTOS PROPERTY PHOTOS AERIAL 1

Lakewood ES 28,140 Lakewood PS

280 Lakewood Golf Course Lakewood Park

JVL Laboratories Inc Regional Rehabilitation Hospital

MCDONALDS Vectorply Corporation

427 36,320

Phenix Lumber Co

80 22,030

280

DEMOGRAPHIC SUMMARY 5 MILE 95,091 DOWNTOWN POPULATION Central HS 1,310 students AVG. HOUSEHOLD INCOME $55,102 POPULATION GROWTH 8.70% AERIAL 2

36,320 WALMART PYLON SIGNAGE SIGNAGE 280

ACCESS FROM US 280 THREE ACCESS POINTS INCLUDING SIGNALED INTERSECTION & ACCESS ROAD

Regional Rehabilitation Hospital SIGNALED INTERSECTION

Stevens Agency

MCDONALD’S AERIAL 3

ACCESS FROM US 280 THREE ACCESS POINTS INCLUDING SIGNALED INTERSECTION & ACCESS ROAD WALMART PYLON SIGNAGE

280 36,320 SIGNALED INTERSECTION

ACCESS ROAD

SUBJECT PROPERTY

SIGNAGE FINANCIAL SUMMARY

PRICING CURRENT PRICE $3,300,000 CAP RATE 6.95% NET OPERATING INCOME (NOI) $229,079 CURRENT OCCUPANCY (EXCLUDING BACK 100% SPACE)

ANNUALIZED OPERATING DATA CURRENT BASE RENT $235,300 EXPENSE REIMBURSEMENTS REAL ESTATE TAXES $7,100 INSURANCE $3,550 CAM $14,200 MANAGEMENT FEE + ADMIN $2,730 TOTAL GROSS REVENUE $262,880 EXPENSES REAL ESTATE TAXES ($7,100) INSURANCE ($3,550) CAM ($14,200) MANAGEMENT FEE (2.5%) ($7,886) RESERVES ($0.15/SF) ($1,065) TOTAL EXPENSES ($33,801) NET OPERATING INCOME $229,079

% OF BASE LEASE LEASE OPTIONS/ INCREASE TENANT NAME GLA GLA RENT RENT/SF COMMENCE EXPIRATION RENT INCREASE DATE AMOUNT REIMBURSEMENTS

Rent Increase: Aug 2023 $134,750 3,500 49.30% $122,500 $35.00 8/22/2018 8/21/2028 Option 1: Aug 2028 - Aug 2033 $148,225 Full Prorata C, T, I, + 15% Admin Option 2: Aug 2033 - Aug 2038 $163,065

Rent Increase: Oct 2021 $43,200 1,200 16.90% $40,800 $34.00 10/15/2018 10/14/2023 Option 1: Oct 2023 - Oct 2028 $47,520 Full Prorata C, T, I, + 10% Admin Option 2: Oct 2028 - Oct 2033 $52,272

Rent Increase: Year 6 $79,200 Option 1: Years 11-15 $87,120 2,400 33.80% $72,000 $30.00 6/1/2018 5/30/2028 Full Prorata C, T, I, + 5% Admin Option 2: Years 16-20 $95,832 Option 3: Years 21-25 $105,408

TOTAL VACANT 0 0% TOTAL OCCUPIED 7,100 100% TOTAL 7,100 100%

REPRESENTATIVE

Aspen Dental Management, Inc is a dental support organization that provides HEADQUARTERS Syracuse, NY business support and administrative services to contracted dental practices using the Aspen Dental brand. Aspen Dental offers services in 33 states with FOUNDED 1998 600+ franchised dental facilities that serve over 15,000 patients a day. REVENUE $635 M STORES 600+ ARTICLE CREDIT MOODY’S B2 The Latest Thing in Dentistry: Retail Chains READ MORE

Spark Wireless is a T-Mobile Premium Retailer with over 90 locations in Alabama, Florida, Georgia, Mississippi and Tennessee. Spark Wireless was formed in 2014 in a merger, which ignited instant growth. New stores opened Atlanta, Macon, and HEADQUARTERS Bellevue, WA Spark Wireless expanded into the Tampa market with six stores. In October, they FOUNDED 1999 were honored as the #1 T-Mobile Premium Retail Partner in the Southeast. Today REVENUE $37.2 B Spark Wireless has over 90 stores in the southeast and over 500 employees. STORES 8000+ T-Mobile is the third largest wireless carrier in the United States with 72.6 million customers as of Q4 2017.

Moe’s guarantee is backed by PCM Restaurants, an experienced owner and operator of 15 Moe’s Franchises. Moe’s Southwest Grill was founded in Atlanta, HEADQUARTERS Atlanta, GA Georgia in December 2000, by Raving Brands. Moe’s was named “Fast Casual FOUNDED 2000 Mexican Restaurant of the Year” in 2016 The company is co-owned — with REVENUE $688 M Schlotzsky’s, Carvel, Cinnabon, McAlister’s Deli, and Auntie Anne’s brands — by STORES 700+ Focus Brands, an affiliate of private equity firm Roark Capital Group, operating over 5,000 stores. AERIAL 4

33,500 7,200

13,900 27

185

28,140 8,407 STUDENTS 8,260 STUDENTS 5,041 STUDENTS 80

Columbus Airport 280

St. Francis Hospital PHENIX CITY 27

25,430 80

185

431

12,400 15,050 Martin Army Community Hospital 280

U.S. ARMY FORT BENNING FORT BENNING

Lawson Army Airfield SUPPORTS 120,000 $1.1 B AREA IMPACT 284 SQ MI DEMOGRAPHICS

3-Mile 5-Mile 7-Mile 10-Mile 3-Mile 5-Mile 7-Mile 10-Mile POPULATION 2017 POPULATION 16+ BY EMPLOYMENT STATUS

2022 Projection 37,200 99,849 164,030 277,211 Employed Civilians 92.06% 90.03% 89.56% 86.91%

2017 Estimate 33,890 95,091 157,302 266,528 Unemployed 3.60% 5.93% 5.73% 5.84%

Growth 2017A - 2022 9.77% 5.00% 4.28% 4.01% Not in Labor Force 40.35% 43.31% 42.22% 39.81%

2010 Census 30,438 87,484 144,958 246,212 2017A POPULATION 25 + BY EDUCATION LEVEL

DAYTIME POPULATION Elementary (0-8) 3.22% 4.11% 3.70% 3.29%

2017 Estimate 26,383 104,920 184,614 278,014 Some High School (9-11) 9.37% 12.75% 11.70% 10.68%

High School Graduate 30.88% 31.52% 30.52% 30.33% HOUSEHOLDS (12)

2022 Projections 15,411 40,480 66,769 111,530 Some College (13-15) 27.62% 24.95% 25.04% 26.00%

2017A Estimate 13,945 38,196 63,392 105,852 Associates Degree Only 8.66% 7.66% 7.44% 7.91%

Growth 2017A - 2022 10.52% 5.98% 5.33% 5.36% Bachelors Degree Only 12.06% 11.09% 12.40% 12.60%

2010 Census 12,365 35,078 58,384 97,793 Graduate Degree 7.47% 6.80% 7.92% 7.87%

2017 ESTIMATED POPULATION BY RACE

% White Population 67.55% 60.34% 57.70% 50.49%

% Black Population 26.02% 32.85% 35.22% 41.40%

% Asian 1.31% 1.07% 1.50% 1.92%

% American Indian, Eski- 0.42% 0.45% 0.41% 0.43% mo, Aleut Population % Hawaiian or Pacific 0.17% 0.12% 0.13% 0.18% Islander Population

% Multi-Race Population 3.11% 2.90% 2.81% 3.09%

% Other Population 1.43% 2.27% 2.24% 2.50%

2017 ESTIMATED HOUSEHOLD INCOME 2017 Est. Average House- $58,721 $55,102 $57,963 $58,474 hold Income 2017 Est. Median House- $45,613 $39,519 $41,064 $42,758 hold Income 2017 Est. Per Capita $24,189 $22,558 $23,701 $23,554 Income REPRESENTATIVE MARKET OVERVIEW

PHENIX CITY lies immediately west of Columbus, Georgia The broader COLUMBUS METRO AREA looks to create about along the banks of the Chattahoochee river. A suburb of 1,000 jobs in 2018 with small gains in single-family home Columbus, the majority of Phenix City is included in the construction starts this year. Columbus is an innovated town, Columbus MSA and section is located in the Auburn, Alabama bringing creativity and public-private partnerships that have MSA. The entire city is part of the Columbus-Auburn-Opelika had positive impacts on the city over the last decade. Projects Combined Statistical Area. Phenix City is ranked 9th out of like the Chattahoochee RiverWalk - a pedestrian and bike the 25th fastest growing cities in Alabama by AL.com and path fronting the Chattahoochee that became the new face has seen its population increase by 13.13% since the last of the city -- have become incredible assets for Columbus. U.S. census. Development continues as city officials make Columbus State University (8,500+ enrollment) has flourished direct efforts to brand the city and attract new business. from the city’s spirit with a growing student base. The City leaders have been persistent in improvements to the University is part of the city’s culture with it’s School of Music riverfront area of the city and embracing the growing tourist located in RiverCenter and nursing and education schools base the whitewater course brings into the city. According to recently relocated to Uptown. The success of Columbus’ Mayor Eddie Lowe, Phenix City leadership and residents have homegrown innovation has also led to big business proudly many reasons to be proud of the progress being made in the opening home operations within the city. Uptown, Muscogee city. With several projects underway, retail and commercial Technology Park and the Corporate Ridge Business Park development and a $14 million dollar reserve Lowe says, the attract national and international organizations like AFLAC, city is open for business and operating in the black. TSYS, Synovus and Charbroil.

FORT BENNING SUPPORTING 120,000 $1.1TROOPS billion economic & impactFAMILIES WITH A $1.1 BILLION ECONOMIC IMPACT TO THE MSA

FORT BENNING is a United States Army post straddling 284 square miles between the Alabama- Georgia border next to Columbus, Georgia. Fort Benning supports more than 120,000 active-duty military, family members, reserve component soldiers, retirees, and civilian employees on a daily basis. It is a power projection platform, and possesses the capability to deploy combat-ready forces by air, rail, and highway. Fort Benning is the home of the United States Army Maneuver Center of Excellence, the United States Army Armor School, United States Army Infantry School, the Western Hemisphere Institute for Security Cooperation (formerly known as the School of the Americas), elements of the 75th Ranger Regiment (United States), 3rd Brigade – 3rd Infantry Division, and many other additional tenant units. PROPERTY PHOTOS STANDARD PROPOSAL

NON-ENDORSEMENT NOTICE

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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. DON MCMINN ZACH TAYLOR SENIOR VICE PRESIDENT INVESTMENTS FIRST VICE PRESIDENT INVESTMENTS NET-LEASE SPECIALIST RETAIL SPECIALIST [email protected] [email protected] 678-808-2762 678-808-2780

Dated: Zach Taylor Phone: (678) 808-2780 Marcus & Millichap [email protected] 1100 Abernathy Road, NE, Suite 600 Atlanta, GA 30328

Re: 407 George Wallace Drive, Gadsden, AL 35903 (Riverview Plaza)

Dear Zach:

Please accept this offer to purchase the above referenced Property. This letter expresses Purchaser’s interest in purchasing the Property under the following terms and conditions:

Purchaser ______

Purchaser’s Address ______

Purchaser’s Phone ______

Purchaser’s Email Address ______

Offer Price ______

Earnest Money $50,000 earnest money deposit due within forty-eight (48) hours of the Effective Date of the Contract. The Earnest Money shall be increased to $100,000 at the expiration of the Inspection Period and shall become non-refundable barring any other listed contingencies.

Inspection Period 21 Calendar Days from Effective Date, which shall mean the date on which the latter of the parties executes a Contract for Sale and Purchase. All available Due Diligence Documents (“Documents”) will be forwarded immediately upon the Effective Date of the Contract.

Purchaser’s Initials ______Seller’s Initials ______Financing Period ☐ All Cash (No Financing Period) (Please Check One) ☐ Purchaser shall have ten (10) days from the Effective Date of the Contract to apply for and obtain a financing commitment. In addition, Purchaser shall have 30 days from the expiration of the effective date of the contract to complete loan processing

Closing Date 30 Calendar Days after the expiration of the Inspection Period (or Financing Period if applicable).

Closing Costs Seller shall pay for the transfer tax. Buyer shall pay for Title. Purchaser and Seller shall each bear its own attorneys expenses. All other Closing Costs shall be split 50-50 between Buyer and Seller.

Property Condition Property is being sold “AS IS” with Seller making representations or warranties concerning the property.

Contract within Within Ten (10) Calendar Days of the Effective Date of this Letter 10 days: of Intent, Purchaser and Seller shall enter into a binding Contract (the “Contract”). Seller will Draft the Contract and Failure to reach an agreement will allow the Seller to consider this agreement void and accept offers from other parties.

Broker Commission Purchaser acknowledges that Purchaser has employed Marcus & Millichap to represent them in this transaction. Any commissions due the Purchaser’s broker (if applicable) shall be paid by the Seller directly.

1031 Exchange Purchaser ☐ is / ☐ is not (check one) completing an IRS 1031 Tax Deferred Exchange, to which the Seller agrees to cooperate providing there is no cost or expense to Seller. Purchaser has $______in an exchange account from a transaction which closed escrow on ______. Purchaser will provide Seller, upon request, proof of such funds.

Confidentiality Purchaser and Purchaser’s agents and representatives hereby covenant with Seller that Purchaser and Purchaser’s agents and representatives shall not, without the prior written consent of Seller (which consent may be withheld in Seller’s sole and absolute discretion), disclose to any other person (other than Purchaser’s accountants and attorneys) or entity by any means whatsoever: (i)any information pertaining to the Documents; (ii) any information pertaining to the Contract; or (iii) any information or documentation (written or oral) provided by Seller or Seller’s agents and representatives concerning Seller, Seller’s business, Tenant, Tenant’s business or the Property.

Purchaser’s Initials ______Seller’s Initials ______

This Letter of Intent is contingent upon the prospective Purchaser’s willingness to execute Seller’s standard Purchase Agreement as well as review and approval of the details of the transaction proposed above by the appropriate principal parties of the Seller.

Please note that this Letter of Intent will be withdrawn if Purchaser has not received your acknowledgement by ______at 5:00 p.m. EST.

It is understood and agreed that the foregoing constitutes a Letter of Intent setting forth the major business points from our discussions. It is further understood that neither party intends to create any contractual rights or obligations as a result of entering into this Letter of Intent. No binding agreement or rights or obligations shall arise as the result of executing this letter or with respect to the proposed transactions, unless and until we execute definitive documentation incorporating the above provisions and other appropriate terms.

If the foregoing accurately reflects our discussions, please acknowledge same by returning a signed copy of this letter. Execution of this Letter of Intent by the undersigned agent in no way binds or obligates the Seller or any of its principals.

Agreed and Accepted | Purchaser Agreed and Accepted | Seller

By: ______By: ______

Printed: ______Printed: ______

Dated: ______Dated: ______

Purchaser’s Initials ______Seller’s Initials ______