Boston’s Restaurant and Sports Bar Exclusive Net- Lease Offering Subject Property

Offering Memorandum 13070 City Station Dr., Jacksonville, FL 32218 Confidentiality and Disclaimer

Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the

13070 City Station Dr., Jacksonville, FL 32218 Table of Contents Investment Highlights 4 Financial Analysis 5 Tenant Overview 6 Surrounding Area 7 Location Overview 8 Property Photos 9 Maps 10-11 Demographics / Market Overview 12-13

Subject Property Investment Highlights PRICE: $3,688,827 | CAP: 7.50% | RENT: $276,662

About the Investment  New 10-Year Triple-Net (NNN) Lease  2019 Remodel with Significant Tenant Investment  Strong 10-Year Operating History at this Location  Attractive Rental Increases  Corporate Guarantee* About the Location  Dense Retail Corridor | Lowe’s, Wal*Mart, Cracker Barrel, McDonald’s, Chick-Fil-A, Hardee’s, Panera Bread, Chili’s, Red Lobster, Best Buy, Olive Garden, Taco Bell, Dunkin Donuts, Logan’s Roadhouse, Tropical Smoothie, Buffalo Wild Wings and Many More  Nearby Several National Hotels | Crown Plaza, Days Inn, Comfort Inn, Marriott, Hilton, Holiday Inn, Hyatt, and Many More Subject Property  Robust Demographics | Population Exceeds 65,160 Individuals Within a Five-Mile Radius | Projected to Grow 12.7% by 2023 Representative Photo  Exceptional Real Estate Fundamentals | 3 Miles from JAX International Airport | 4 Miles from New Amazon Fulfillment Center  Strong Traffic Counts | I-95 | 77,233 ADTC About the Tenant / Brand  Boston Pizza is the Predominant Casual Dining Restaurant Concept in all of Canada  370 Locations in Canada, US, and Mexico with Plans to Expand to 400+ Locations Across North America  Publicly Traded on Toronto Stock Exchange

Subject Property

Representative Photo

Boston's – Jacksonville, FL 4 Financial Analysis PRICE: $3,688,827 | CAP: 7.50% | RENT: $276,662 Property Description RENT SCHEDULE Property Boston’s Restaurant and Sports Bar Lease Year(s) Monthly Amount Annual Amount Escalation (%) Property Address 13070 City Station Dr. City, State, ZIP Jacksonville, FL Year 1 $23,055.17 $276,662.00 - Year Built | Renovated 2008 | 2019 Year 2 $23,055.17 $276,662.00 - Building Size 6,434 SF Year 3 $23,055.17 $276,662.00 - Lot Size +/- 1.29 Acres Year 4 $23,055.17 $276,662.00 - Type of Ownership Fee Simple Year 5 $23,055.17 $276,662.00 - The Offering Year 6 $24,207.93 $290,495.10 5% Year 7 $24,207.93 $290,495.10 - Purchase Price $3,688,827 Year 8 $24,207.93 $290,495.10 - CAP Rate 7.50% Year 9 $24,207.93 $290,495.10 - Annual Rent $276,662 Year 10 $24,207.93 $290,495.10 - Price / SF $573.33 Option Period 1 $25,419.66 $305,035.94 5% Rent / SF $43.00 Option Period 2 $26,492.00 $317,903.94 4% Lease Summary Property Type Net Leased Restaurant INVESTMENT SUMMARY Tenant / Guarantor Corporate* Marcus & Millichap is pleased to present the exclusive listing for a Boston’s Ownership Type Public Restaurant and Sports Bar located at 13070 City Station Dr., Jacksonville, FL Original Lease Term 10 Years 32218. The site is being remodeled with significant tenant investment, and sits on approximately 1.29 acres Lease Commencement June 1, 2019 Lease Expiration August 31, 2029 Boston’s Pizza is subject to a brand new, 10-year Triple-Net (NNN) lease. The Lease Term Remaining 10+ Years annual rent is $276,662. There are Two (2), Five (5) year tenant renewal options Lease Type Triple-Net (NNN) bringing the total term to 20 years. Roof & Structure Tenant Responsible Rent Increases Five Percent (5%) Every Five (5) Years Options to Renew Two (2), Five (5) Year Options Increases in Options See Rent Schedule *[Corporate] Guarantor's liability under this Guaranty shall terminate upon expiration of the sixtieth (60th) full calendar month of the Lease Term.

Boston's – Jacksonville, FL 5 Tenant Overview

About Boston’s Gourmet Pizza General Information Founded 1964  1964: Gus Agioritis opened the first “Boston Pizza and Spaghetti House” Website in Edmonton, Alberta. https://www.bostons.com/  1968: Jim Treliving, a young officer with the Royal Canadian Mounted Headquarters Richmond, British Columbia, Canada Police, opened his first franchise location. Ownership Public (Toronto) | BPF-UN.TO  1973: Jim partnered with George Melville and over the next 10 years Market Cap CAD 386.30 Million (as of 7/15/2019) they opened a total of 16 restaurants.  1983: Jim and George purchased the entire 44-unit chain, then known as Current Location Count 370 Locations “Boston Pizza.” Boston Pizza is now the predominant casual dining Expansion Plans 400+ Locations restaurant concept in all of Canada, and Jim owns and oversees operations for over 370 locations.  And Beyond: Over the last 18 years, Boston Pizza has expanded into the United States and Mexico under the “Boston’s/Boston’s Pizza” banner. It’s our dedication to quality, service, and providing a friendly environment that’s allowed us to celebrate more than 50 successful Representative Photo years and grow to over 400 locations across North America.

Representative Photo

Representative Photo

Boston's – Jacksonville, FL 6 Surrounding Area Property Address: 13070 City Station Dr., Jacksonville, FL 32218

River City Marketplace

Boston's – Jacksonville, FL 7 Location Overview Property Address: 13070 City Station Dr., Jacksonville, FL 32218 The subject investment property is situated off of I-95, which brings on average 77,233 vehicles per day to the immediate area. This Boston’s Pizza benefits from its close proximity to Jacksonville International Airport, which serviced 6,460,253 passengers in 2018. There are 27,627 individuals residing Jacksonville International Airport (JAX) within a three-mile radius of the property and more than 65,160 individuals within a five-mile radius of the property.

The subject property benefits from being well-positioned in an extremely dense retail corridor with major national tenants including: Lowe’s, Wal*Mart, Cracker Barrel, McDonald’s, Chick-Fil-A, Hardee’s, Panera Bread, Chili’s, Red Lobster, Best Buy, Olive Garden, Taco Bell, Dunkin Donuts, Logan’s Roadhouse, Tropical Smoothie, Buffalo Wild Wings and many more. The property also benefits from its close proximity to major national hotels including: Crown Plaza, Days Inn, Comfort Inn, Marriott, Hilton, Holiday Inn, Hyatt, and many more.

In 2018, Amazon opened a brand new 855,000 SF fulfillment center next to Jacksonville International Airport. The new facility supports more than 2,000 full-time employees. The subject property is located 4 miles from this new facility. ADTC: 77,233 The Jacksonville metro is located in the northeastern corner of Florida just south of the Georgia border. It comprises five counties: Duval, Clay, St. Johns, Nassau and Baker, with the Atlantic Ocean providing its eastern border. Jacksonville’s access to road, rail, sea and air transportation has made it an intermodal hub for the Southeast. JAXPORT is one of the largest ports in the region and is equipped to handle cargo as well as cruise ships and the local ferry service. Naval Air Station Jacksonville and Mayport Naval Station contribute to a strong military presence in the market. The metro houses 1.5 million people. With approximately 896,000 residents, Jacksonville is the largest city in the metro. No other city in the market ADTC: 55,182 contains more than 40,000 citizens.

Boston's – Jacksonville, FL 8 Property Photos Property Address: 13070 City Station Dr., Jacksonville, FL 32218

Boston's – Jacksonville, FL 9 Local Map Property Address: 13070 City Station Dr., Jacksonville, FL 32218

Jacksonville International Airport (JAX)

Boston's – Jacksonville, FL 10 Regional Map Property Address: 13070 City Station Dr., Jacksonville, FL 32218

Florida

Boston's – Jacksonville, FL 11 Demographics Property Address: 13070 City Station Dr., Jacksonville, FL 32218 1 Mile 3 Miles 5 Miles POPULATION 2023 Projection 2,016 30,723 73,427 2018 Estimate 1,828 27,267 65,160 2010 Census 1,320 23,815 56,246 2000 Census 2,045 17,249 38,886

INCOME Average $61,752 $68,184 $69,441 Median $48,375 $59,151 $58,473 Per Capita $28,646 $24,873 $25,652

HOUSEHOLDS 2023 Projection 980 11,307 27,213 2018 Estimate 847 9,865 23,874 2010 Census 615 8,690 20,780 2000 Census 676 6,056 14,247

HOUSING 1 Mile 2018 $143,811 $162,872 $172,558 EMPLOYMENT 2018 Daytime 6,368 34,634 70,168 3 Miles Population 2018 Unemployment 4.70% 3.50% 3.71% 2018 Median Time 27min 27min 28min Traveled

5 Miles RACE & ETHNICITY White 73.82% 52.05% 50.95% Native American 0.01% 0.04% 0.05% African American 20.05% 40.00% 41.19% Asian/Pacific Islander 1.07% 2.83% 2.77%

Boston's – Jacksonville, FL 12 Market Overview City: Jacksonville | County: Duval | State: Florida Jacksonville offers many recreational events and cultural opportunities. Jacksonville’s beach communities consist of Atlantic Beach, Neptune Beach and Jacksonville Beach along 50 miles of shoreline, offering sport fishing, boating and water Jacksonville, FL sport activities. The area is home to the Professional Golfers Association, the World Golf Village and the World Golf Hall of Fame. The Association of Tennis Professionals is also based in the area. Sports teams include the Jacksonville Jumbo Shrimp, a minor league baseball team, and the Jacksonville Jaguars of the NFL. TIAA Bank Field hosts the TaxSlayer.com Gator Bowl and the annual matchup between Florida and Georgia. Cultural opportunities and museums abound throughout the metro. METRO HIGHLIGHTS BUSINESS ATTRACTION A lower cost of doing business than other nearby cities and a large, skilled labor pool help draw relocating and expanding companies. STRONG POPULATION GROWTH In past decades, the metro’s population growth has outpaced that of the nation, a trend that is projected to continue over the next five years. DEEPWATER PORT JAXPORT provides a $27 billion annual economic impact to the metro. More than 10.4 million tons of cargo pass through the port last year. Major Employers Employer Estimated # of Employees University of Florida Jacksonv 1,159 Board of Governors State Unive 1,012 Swisher Intl Group Inc 1,000 Dollar Thrifty Auto Group Inc 722 Walmart 628 Interntnl Brthrhd of Team U947 450 Nivel Parts Manufacturing 450 Sears Logistics Service 425 450 Safariland Group 420 Florida Air National Guard 350 Westrock Cp LLC 344 Power Rental Asset Co LLC 300

Boston's – Jacksonville, FL 13 EXCLUSIVE NET LEASE OFFERING

Ryan Nee Marcus & Millichap 5900 N Andrews Ave Suite 100 Fort Lauderdale, FL 33309 Tel: (954) 245-3450 Lic.# BK3154667 13070 City Station Dr., Jacksonville, FL 32218