EXCLUSIVE NET LEASE OFFERING

Subject Property

OFFERING MEMORANDUM 4404 South JB Hunt Drive, Rogers, AR 72758 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of investigation of all matters affecting the intrinsic value of the NON-ENDORSEMENT NOTICE Net Leased property as follows: property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant Marcus & Millichap Real Estate Investment Services, Inc. The information contained in this Marketing Brochure has been should default or abandon the property, and the lease terms (“M&M”) is not affiliated with, sponsored by, or endorsed by any obtained from sources we believe to be reliable. However, that Buyer may be able to negotiate with a potential commercial tenant or lessee identified in this marketing Marcus & Millichap has not and will not verify any of this replacement tenant considering the location of the property, package. The presence of any corporation’s logo or name is not information, nor has Marcus & Millichap conducted any and Buyer’s legal ability to make alternate use of the property. intended to indicate or imply affiliation with, or sponsorship or investigation regarding these matters. Marcus & Millichap makes By accepting this Marketing Brochure you agree to release endorsement by, said corporation of M&M, its affiliates or no guarantee, warranty or representation whatsoever about the Marcus & Millichap Real Estate Investment Services and hold it subsidiaries, or any agent, product, service, or commercial listing accuracy or completeness of any information provided. harmless from any kind of claim, cost, expense, or liability arising of M&M, and is solely included for the purpose of providing out of your investigation and/or purchase of this net leased tenant lessee information about this listing to prospective As the Buyer of a net leased property, it is the Buyer’s property. customers. responsibility to independently confirm the accuracy and completeness of all material information before completing any CONFIDENTIALITY AND DISCLAIMER ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE purchase. This Marketing Brochure is not a substitute for your CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE thorough due diligence investigation of this investment The information contained in the following Marketing Brochure DETAILS. opportunity. Marcus & Millichap expressly denies any obligation is proprietary and strictly confidential. It is intended to be to conduct a due diligence examination of this Property for reviewed only by the party receiving it from Marcus & Millichap Special COVID-19 Notice Buyer. and should not be made available to any other person or entity All potential buyers are strongly advised to take advantage of without the written consent of Marcus & Millichap. This their opportunities and obligations to conduct thorough due Any projections, opinions, assumptions or estimates used in this Marketing Brochure has been prepared to provide summary, diligence and seek expert opinions as they may deem necessary, Marketing Brochure are for example only and do not represent unverified information to prospective purchasers, and to especially given the unpredictable changes resulting from the the current or future performance of this property. The value of establish only a preliminary level of interest in the subject continuing COVID-19 pandemic. Marcus & Millichap has not a net leased property to you depends on factors that should be property. The information contained herein is not a substitute been retained to perform, and cannot conduct, due diligence on evaluated by you and your tax, financial and legal advisors. for a thorough due diligence investigation. Marcus & Millichap behalf of any prospective purchaser. Marcus & Millichap’s has not made any investigation, and makes no warranty or principal expertise is in marketing investment properties and Buyer and Buyer’s tax, financial, legal, and construction advisors representation, with respect to the income or expenses for the acting as intermediaries between buyers and sellers. Marcus & should conduct a careful, independent investigation of any net subject property, the future projected financial performance of Millichap and its investment professionals cannot and will not leased property to determine to your satisfaction with the the property, the size and square footage of the property and act as lawyers, accountants, contractors, or engineers. All suitability of the property for your needs. improvements, the presence or absence of contaminating potential buyers are admonished and advised to engage other substances, PCB’s or asbestos, the compliance with State and professionals on legal issues, tax, regulatory, financial, and Like all real estate investments, this investment carries Federal regulations, the physical condition of the improvements accounting matters, and for questions involving the property’s significant risks. Buyer and Buyer’s legal and financial advisors thereon, or the financial condition or business prospects of any physical condition or financial outlook. Projections and pro must request and carefully review all legal and financial tenant, or any tenant’s plans or intentions to continue its forma financial statements are not guarantees and, given the documents related to the property and tenant. While the occupancy of the subject property. The information contained in potential volatility created by COVID-19, all potential buyers tenant’s past performance at this or other locations is an this Marketing Brochure has been obtained from sources we should be comfortable with and rely solely on their own important consideration, it is not a guarantee of future success. believe to be reliable; however, Marcus & Millichap has not projections, analyses, and decision-making.) Similarly, the lease rate for some properties, including newly- verified, and will not verify, any of the information contained constructed facilities or newly-acquired locations, may be set herein, nor has Marcus & Millichap conducted any investigation Activity ID: ZAB0330078 based on a tenant’s projected sales with little or no record of regarding these matters and makes no warranty or actual performance, or comparable rents for the area. Returns representation whatsoever regarding the accuracy or are not guaranteed; the tenant and any guarantors may fail to completeness of the information provided. All potential buyers pay the lease rent or property taxes, or may fail to comply with must take appropriate measures to verify all of the information other material terms of the lease; cash flow may be interrupted set forth herein. in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own Table of Contents

Investment Highlights 4 Financial Analysis 5 Concept/Tenant Overview 6-8 Surrounding Area 9 Location Overview 10 Property Photos 11-12 Surrounding Area Photos 13 Local Map 14 Regional Map 15 Demographics 16 Market Overview 17 Investment Highlights

About the Investment  Corporate Guaranty (Saltgrass, Inc.) | 90 Units and Growing  Brand New Summer 2020 Construction  Long-Term, 20-Year Triple-Net (NNN) Lease with 19+ Years Remaining  Rental Increases of 1.3x the Change in CPI (Capped at 10%) Every Five Years  Four (4), Five (5)-Year Tenant Renewal Option Periods About the Location  Extremely Affluent Suburban Area | Average Household Income Exceeds $172,000 for Homes within One Mile of the Subject Property  Dense Retail Corridor | Pinnacle Hills Promenade (97 Stores), Walmart Neighborhood Market, Home Depot, Target, Walgreens, Dillard’s, Best Buy, Dave & Buster’s, Chick- fil-A, Red Lobster, Taco Bell, Slim Chickens, Twin Peaks, Five Guys, Qdoba, Starbucks and Many More  Strong Underlying Real Estate | Within Walking Distance of Top Golf, Walmart AMP, and Pinnacle Heights (Luxury Apartments Under Construction) | Less than Five Miles from Walmart’s Headquarters in Bentonville, AR  Heavily Trafficked Area | Positioned Just Off West Pauline Whitaker Parkway, which Intersects with Interstate-49 | 16,000 and 81,500 Vehicles Per Day, Respectively  Expansive Population Growth | Population within a Three-Mile Radius is Projected to Increase by More than 17% by 2025  Immediate Access to Healthcare | Less than One Mile from Mercy Hospital Northwest Arkansas | Recently Underwent a $133 Million Expansion that Added 150 Patient Beds | 300+ Total Patient Beds  Strategically Positioned Just Off Interstate-49 | Provides Direct Access into Downtown Fayetteville | Third-Most Populous City in the State of Arkansas About the Brand  Strong and Growing Operator | 90 Saltgrass Steak House Locations Across 12 States  Landry’s, Inc. Operates Over 600 Restaurants and Five Golden Nugget Hotel & Casinos, as Well as Numerous Hotels and Other Entertainment Destinations  Landry’s, Inc. Prides Themselves on Their Prestigious Reputation Upheld by a Commitment to Customer Service and Satisfaction  Recently Announced Plans to Take Golden Nugget and Landry’s Public in $6.6 Billion SPAC Merger!

4 Financial Analysis PRICE: $5,578,886 | CAP: 6.00% | Rent: $334,733 Property Description Rent Schedule Property Saltgrass Steak House Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%) 8/1/2020 - 8/31/2021 $334,733 $27,894 - Property Address 4404 South JB Hunt Drive 9/1/2021 - 8/31/2022 $334,733 $27,894 - City, State, ZIP Rogers, AR 72758 9/1/2022 - 8/31/2023 $334,733 $27,894 - Building Size (Square Feet) 8,050 SF 9/1/2023 - 8/31/2024 $334,733 $27,894 - $334,733 $27,894 - Lot Size +/- 1.56 Acres 9/1/2024 - 8/31/2025 9/1/2025 - 8/31/2026 $368,206 $30,684 10.00% Type of Ownership Fee Simple 9/1/2026 - 8/31/2027 $368,206 $30,684 - The Offering 9/1/2027 - 8/31/2028 $368,206 $30,684 - Purchase Price $5,578,886 9/1/2028 - 8/31/2029 $368,206 $30,684 - 9/1/2029 - 8/31/2030 $368,206 $30,684 - CAP Rate 6.00% 9/1/2030 - 8/31/2031 $405,027 $33,752 10.00% Annual Rent $334,733 9/1/2031 - 8/31/2032 $405,027 $33,752 - Lease Summary 9/1/2032 - 8/31/2033 $405,027 $33,752 - 9/1/2033 - 8/31/2034 $405,027 $33,752 - Property Type Net-Leased Restaurant 9/1/2034 - 8/31/2035 $405,027 $33,752 - Tenant Saltgrass Arkansas, Inc. 9/1/2035 - 8/31/2036 $445,530 $37,127 10.00% Guarantor Corporate (Saltgrass, Inc.) 9/1/2036 - 8/31/2037 $445,530 $37,127 - 9/1/2037 - 8/31/2038 $445,530 $37,127 - Original Lease Term 19+ Years 9/1/2038 - 8/31/2039 $445,530 $37,127 - Rent Commencement August 1, 2020 9/1/2039 - 8/31/2040 $445,530 $37,127 - Lease Expiration August 31, 2040 INVESTMENT SUMMARY Lease Type Triple-Net (NNN) Marcus & Millichap is pleased to present the exclusive listing for a Saltgrass Steak Lesser of 1.3x the Change in CPI or House located in Rogers, Arkansas. This property is subject to a 20-year triple-net Rental Increases1 (NNN) lease with over 19 years remaining on the base term. The offering consists 10% Every 5 Years of an approximately 8,050 square foot building that sits on approximately 1.56 Options to Renew Four (4), Five (5)-Year Options acres of land. The estimated base annual rent will be $334,733 and is subject to rental increases of the lesser of 1.3x the change in CPI capped at 10% every five 1 - Rent Schedule based on assumed 10% rental increases every 5 years years, with four, five -year tenant renewal option periods. 5 Concept Overview

Saltgrass Steakhouse Representative Photo “ To The Bone” Saltgrass Steak House recaptures the flavor of the open campfire. Steaks, chicken, and seafood, chargrilled to perfection. Complete with breads, soups, desserts, all made fresh daily. The Saltgrass Steak House mission is simple: honor the old legends, while making a little history of their own. Fast Facts  90 Total Locations across 12 States – Alabama, Arkansas, Colorado, Florida, Kansas, Louisiana, Mississippi, Missouri, North Carolina, Nevada, Oklahoma, and Texas  Approximately 20 Locations Opened Over Last Several Years, with More Openings Planned for 2021  First Location Opened in March of 1991 in Katy, TX  Acquired by Landry’s, Inc. in 2002 as a 24-Unit Entity for $75 Million  Now a Member of the Landry’s, Inc. Family – One of the Largest Restaurant and Entertainment Conglomerates in the World The Saltgrass Legend The story dates back to the 1800s, when millions of Longhorns roamed freely throughout Texas. With the taste for beef becoming a newfound favorite in the North, Texas ranchers prospered as never before. Each winter, the Longhorns were driven to the Texas Gold Coast to graze on the rich coastal salt grass. And when they headed for market, they followed the legendary Salt Grass Trail, known far and wide for creating the best beef in the Lone Star State. In 1952, this historic trail-ride was revived by four riders to publicize the opening of the Livestock Show & Rodeo. Today, the ride has become an annual celebration of the original Texas spirit. The first Saltgrass Steak House still stands along this historic trail.

6 Concept Overview

Landry’s Inc. With a host of concepts flourishing across the nation and around the world, Landry’s, Inc., through its subsidiaries and affiliated entities, continues to find success on all fronts. As a group, Landry’s owns and operates more than 600 properties comprised of more than 60 unique brands such as Saltgrass Steak House, Rainforest Café, McCormick & Schmidt's, and Morton's The Steakhouse. When you add five Golden Nugget Hotel and Casino locations operated by affiliated entities to the mix, along with numerous hotel properties and other entertainment destinations, you can see how Landry’s has vaulted into position as one of America’s leading dining, entertainment, gaming, and hospitality groups. The Growth of Landry’s With an exciting story that moves from 1980 as a Gulf seafood restaurant in Katy, Texas, all the way to a thriving company with globally-recognized restaurant and entertainment brands, Landry’s has dazzled the business The Landry’s Philosophy world. First, it was a collection of highly-ranked restaurants. Then, it was  Multiple Appealing Concepts – Landry’s aims to appeal to customers a growing network of hotels, and eventually, entertainment complexes of all ages and backgrounds like the and the Golden Nugget, in historic locations  Location is Key – Landry’s locates its restaurants next to dense, highly such as Las Vegas and Atlantic City. The group’s unstoppable momentum trafficked areas has helped them rise through the ranks of their competitors as Landry’s  Motivated Employees – The Landry’s culture motivates employees to brands have sprung to life all over the map. This has been a constant achieve their full potential throughout the years. When they were publicly traded, they were often  Execution – Landry’s achieves its goal of exceeding expectations with called the “darling” of Wall Street. Now, as a privately-owned company, principals of organization and communication their vision is as clear and bold as ever.

7 Concept Overview

Tilman Fertitta To Take Golden Nugget and Landry’s Public in $6.6 Billion SPAC Merger! Billionaire investor Tilman Fertitta, recently announced that he will take both the Golden Nugget Casino and the Landry's restaurant chain public in a $6.6 billion SPAC merger. Institutional investors have agreed to invest $1.2 billion in the company at closing, the companies announced. Fertitta said in a statement that the deal was “opportunistic” and will help provide "I look forward to returning my Company to the public marketplace. After opportunities to make more acquisitions. taking the Company private in 2010, we accomplished a lot. However, in today's opportunistic world, I determined that in order to maximize the FAST Acquisition Corp. (FST) , said it will merge with Fertitta Entertainment opportunities in the gaming, entertainment and hospitality sectors, it was in a deal that gives Fertitta a 60% controlling interest in the group, for which preferable to take my Company public" Fertitta said. he will remain chairman, president and chief executive officer, that will be valued at $6.6 billion. "After I compared the opportunities provided by a transaction with FAST, versus the traditional IPO route, it became abundantly clear that we could Fast Acquisition is a special purpose acquisition company, or a SPAC, formed access the capital markets with more certainty and speed if we did a deal by the Ruby Tuesday founder Sandy Beall and the investor Doug Jacob. It’s with FAST," he added. an investment company that takes money from investors and uses it to make an acquisition. In the merger, it takes on the name of the company it According to the announcement, Landry’s locations averaged $5.7 million in acquires, thereby taking that company public. SPACs have been increasingly sales per restaurant and $1 million in earnings before interest, taxes, popular over the past 18 months. depreciation and amortization per location.

Fast had been targeting a fast-food chain but clearly saw an opportunity The companies said the funds from the $1.2 billion in investment will be with Landry’s/Golden Nugget, a massive collection of brand names. Landry’s used to pay down debt and for general corporate purposes. The deal is operates dozens of restaurant brands including Del Frisco’s, Houlihan’s, expected to close in the second quarter of 2021. McCormick & Schmick’s, Morton’s, Bubba Gump Shrimp Co. and Rainforest Café, among others.

8 Surrounding Area Property Address: 4404 South JB Hunt Drive, Rogers, AR 72758

S S PINNACLE HILLS PKWY MERCY HOSPITAL NORTHWEST ARKANSAS –

PINNACLE HILLS PROMENADE – 100+ STORES

W PROMENADE BLVD

PINNACLE HEIGHTS

9 Location Overview Property Address: 4404 South JB Hunt Drive, Rogers, AR 72758

The subject investment property is situated at 4404 South JB Hunt Drive in Rogers, Arkansas, less than 15 miles from the heart of downtown Fayetteville, the third-most populous city in Arkansas. This Saltgrass Steak House is conveniently positioned just off West Pauline Whitaker Parkway, which experiences an average traffic count of approximately 16,000 vehicles per day. West Pauline Whitaker Parkway intersects with Interstate-49 and Promenade Boulevard, which bring an additional 81,500 and 12,500 vehicles into the immediate area each day, respectively. Average household income exceeds $172,000 for homes within one mile of the subject property. There are more than 37,000 individuals residing within a three-mile radius of the subject property and more ADTC: 31,000 than 102,000 individuals within a five-mile radius. The population within a three-mile radius is projected to increase by more than 17% by 2025.

This Saltgrass Steak House is strategically positioned in a highly dense retail corridor consisting of ADTC: 12,500 local and national tenants, shopping centers and healthcare facilities, all within close proximity of the site. Major national tenants in the immediate area include: Walmart Neighborhood Market, Home Depot, Target, Walgreens, Dillard’s, Best Buy, Dave & Buster’s, Chick-fil-A, Red Lobster, Taco Bell, Slim Chickens, Twin Peaks, Five Guys, Qdoba, Starbucks and many more. The subject property is located less than one mile from Pinnacle Hills Promenade, a shopping mall with 97 stores, 15 restaurants and a movie theatre. The site additionally benefits from its immediate access to ADTC: 81,500 healthcare, being located within one mile of Mercy Hospital Northwest Arkansas. This healthcare facility recently underwent a $133 million expansion that added 150 patient beds, as well as more cardiac and general operating rooms. In total, Mercy Hospital Northwest Arkansas has more than 300 patient beds. Other attractions in the area include Top Golf, which opened in 2020 directly across the street from this Saltgrass Steak House. The subject property is additionally located within walking distance of The Walmart Arkansas Music Pavilion, which recently announced a $13.9 million expansion that will increase capacity by 1,000, bringing the total venue capacity to 11,000. Pinnacle Heights, a $100 million development project within walking distance of the subject property, is currently in the first phase of construction. Once completed, the Phase I project will feature 295 multifamily units including 12 live-work units, 30,500 square feet of retail space, a boutique hotel and numerous restaurants. Construction is expected to be completed in the third quarter of 2021. ADTC: 16,000 Rogers is thriving with fresh development, and there seems to be a new project announced each day. The City of Rogers has plans to improve connectivity from one side of Interstate-49 to the other by building three overpasses, one of which will be south of Embassy Suites Northwest Arkansas Hotel, Spa & Convention Center. The projects are expected to include at least one 10 to 12-foot wide path to accommodate cyclists and pedestrians crossing the interstate. The uptown overpass will give attendees easier access to the 100 shops and 15 restaurants in the Pinnacle Hills Promenade area less than a mile from the Embassy Suites and will provide enhanced walkability. While getting to and from Rogers is becoming more convenient, development inside the city is growing just as quickly. Approximately $400 million of it is planned in the area in 2019 and subsequent years. A building called “One Uptown” broke ground on development in 2019. The 2- acre site at the intersection of South Champions Boulevard and West Pauline Whitaker Parkway will be a three-story, mixed-use property consisting of retail shops, office tenants and two rooftop restaurants. A 27-acre field next to Hunt Tower will additionally be developed into one million square feet of commercial and residential real estate called “Pinnacle Village” over the next 10 years. This project is valued at more than $100 million. 10 Property Photo

11 Property Photo

12 Surrounding Area Photos

Brand New Construction - Directly Across the Street Walmart Arkansas Music Pavilion - Recently Announced $13.9 from Subject Property! Million Expansion that will Increase Capacity by 1,000. Less than 0.25 Miles Away!

Pinnacle Hills Promenade – Recently Underwent a $133 97 Retailers. Less than One Million Expansion that Mile from Subject Property! Added 150 Patient Beds. Less than One Mile from Subject Property!

13 Local Map Property Address: 4404 South JB Hunt Drive, Rogers, AR 72758

Northwest Arkansas Regional Airport

14 Regional Map Property Address: 4404 South JB Hunt Drive, Rogers, AR 72758

ARKANSAS

15 Demographics Property Address: 4404 South JB Hunt Drive, Rogers, AR 72758 1 Miles 3 Miles 5 Miles POPULATION 2025 Projection 3,966 43,442 116,834 2020 Estimate 3,387 37,007 102,263 5 Miles 2010 Census 2,340 25,822 76,948 2000 Census 802 14,638 50,849

INCOME 3 Miles Average $172,394 $140,437 $104,334 Median $115,934 $93,242 $70,241 Per Capita $58,956 $52,830 $38,478 1 Mile HOUSEHOLDS 2025 Projection 1,380 16,474 43,286 2020 Estimate 1,158 13,905 37,664 2010 Census 784 9,546 27,756 2000 Census 255 5,355 18,772

HOUSING 2020 $315,392 $265,958 $214,871

EMPLOYMENT 2020 Daytime Population 5,622 38,596 145,363 2020 Unemployment 2.71% 2.44% 2.97% 2020 Median Time Traveled 18 Mins 18 Mins 18 Mins

RACE & ETHNICITY White 88.51% 79.47% 71.74% Native American 0.05% 0.31% 0.70% African American 2.06% 2.32% 2.27% Asian/Pacific Islander 4.93% 5.56% 6.48%

16 Market Overview City: Rogers | Counties: Benton | State: Arkansas

Rogers is nestled in the Ozark Mountains in Benton County, Arkansas. It is part of the Northwest Arkansas Metropolitan Area, one of the fastest growing metro areas in the Rogers, AR country. Rogers is home to museums like the Crystal Bridges Museum of American Art, live music at the Walmart AMP, and charming shops and restaurants along brick-lined streets in the historic downtown – all just a stone’s throw from fishing, water sports, biking, hiking, camping, boating and breathtaking views of nearby Beaver Lake. Rogers was the location of the first Walmart store, whose corporate headquarters is located in neighboring Bentonville. The city is served by multiple highway systems, including Interstate-49, U.S. Route 62, U.S. Route 71 Business, U.S. Route 71, Arkansas Highway 12 and Arkansas Highway 94. Rogers Municipal Airport (ROG), also known as Carter Field, is home to Walmart’s air fleet. All commercial aviation, however, goes through the Northwest Arkansas Regional Airport (XNA), located about 15 miles west of Rogers in Highfill.

A spirit of entrepreneurship flows through the area, resulting in the strength of three industry leaders headquartered in Northwest Arkansas: Wal-Mart Stores, Inc., J.B. Hunt Transport Inc., and Tyson Foods, Inc. Many other Fortune 500 companies have offices in the area where they enjoy a low unemployment rate, below average cost of living, and a highly skilled workforce. Manufacturing also plays a major role in the community with major makers and shakers operating within the cities. Companies like Bekaert Corporation, First Brands Corporation/Clorox, Kennametal, Inc., and Preformed Line Products, just to name a few.

Rogers is thriving with fresh development, and there seems to be a new project announced each day. The City of Rogers has plans to improve connectivity from one side of Interstate-49 to the other by building three overpasses, one of which will be south of Embassy Suites Northwest Arkansas Hotel, Spa & Convention Center. The projects are expected to include at least one 10 to 12-foot wide path to accommodate cyclists and pedestrians crossing the interstate. The uptown overpass will give attendees easier access to the 100 shops and 15 restaurants in the Pinnacle Hills Promenade area less than a mile from the Embassy Suites, and will provide enhanced walkability. While getting to and from Rogers is becoming more convenient, development inside the city is growing just as quickly. Around $400 million of it is planned in the area in 2019 and subsequent years. A building called “One Uptown” broke ground on development in 2019. The 2-acre site at the intersection of South Champions Boulevard and West Pauline Whitaker Parkway will be a three-story, mixed- use property consisting of retail shops, office tenants and two rooftop restaurants. A 27-acre field next to Hunt Tower will additionally be developed into one million square feet of commercial and residential real estate called “Pinnacle Village” over the next 10 years. This project is valued at more than $100 million. 17 Glen Kunofsky Matthew Anuszkiewicz Jack Winslow [email protected] [email protected] [email protected] NY: 10301203289 NY: 10401285141 NY: 10401334977 (O): (212) 430-5115 (M): (914) 403-7574 (O): (646) 805-1412 (M): (203) 921-7155

EXLUSIVE NET LEASE OFFERING

AR Broker of Record Anne Williams Marcus & Millichap 5100 Poplar Ave, Ste. 2505 Memphis, TN 38137 Tel: (901) 620-3622 License: PB00066390