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Circle K 5901 Memorial Hwy, Tampa, FL 33615 ™ OFFERING MEMORANDUM CONFIDENTIALITY & DISCLAIMER STATEMENT

This Marketing Brochure contains select information pertaining to the business Like all real estate investments, this investment carries significant risks. Buyer and and affairs of Circle K located at 5901 Memorial Hwy, Tampa, FL 33615 here to Buyer’s legal and financial advisors must request and carefully review all legal and referred to as “Property”. Information in this Marketing Brochure is confidential financial documents related to the Property and tenant. While the tenant’s past and provided solely for the purpose of a review by a prospective purchaser of the performance at this or other locations is an important consideration, it is not a Property. It is not to be used for any other purpose and may not be made available guarantee of future performance. to any other person without the written consent of the Seller or Matthews Retail Group, Inc. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little This Marketing Brochure has been prepared by Matthews Retail Group, Inc. (also or no record of actual performance, or comparable rents for the area. Returns are known as Matthews Retail Advisors) based in part upon information supplied by not guaranteed; the tenant and any guarantors may fail to pay the lease rent or the Seller and in part upon financial information obtained from sources deemed property taxes, or may fail to comply with other material terms of the lease; cash reliable by Matthews Retail Group, Inc. However, Matthews Retail Group, Inc. has flow may be interrupted in part or in whole due to market, economic, environmental not and will not verify any of this information, nor has Matthews Retail Group, Inc. or other conditions. Regardless of tenant history and lease guarantees, Buyer is conducted any investigation regarding these matters. Matthews Retail Group, Inc. responsible for conducting his/her own investigation of all matters affecting the makes no guarantee, warranty or representation whatsoever about the accuracy intrinsic value of the Property and the value of any long-term lease, including the or completeness of any information provided. likelihood of locating a replacement tenant if the current tenant should default or abandon the Property, and the lease terms that Buyer may be able to negotiate with It is the Buyer’s responsibility to independently confirm the accuracy and a potential replacement tenant considering the location of the Property, and Buyer’s completeness of all material information before completing any purchase. This legal ability to make alternate use of the Property. Marketing Brochure is not a substitute for the Buyer’s thorough due diligence investigation of this investment opportunity. Matthews Retail Group, Inc. expressly By accepting this Marketing Brochure you agree to release the Seller and Matthews denies any obligation to conduct a due diligence examination of this Property for Retail Group, Inc. of any and all liability and hold the parties harmless from any kind the Buyer. Any projections, opinions, assumptions or estimates used in this of claim, cost, or expense arising out of your investigation and/or purchase of this Marketing Brochure are for example only and do not represent the current or Property. future performance of this Property. The value of a net leased property to the Buyer depends on factors that should be evaluated by the Buyer and their tax, NON-ENDORSEMENT NOTICE financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction Matthews Retail Group, Inc. is not affiliated with, sponsored by, or endorsed by any advisors should conduct a careful, independent investigation of any property to commercial tenant or lessee identified in this Marketing Brochure. The presence of determine to their satisfaction the suitability of the Property for their investment any corporation’s logo or name is not intended to indicate or imply affiliation with, or goals. sponsorship or endorsement by, said corporation of Matthews Retail Group, Inc., its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Matthews Retail Group, Inc., and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ii TABLE OF CONTENTS

PRICING AND FINANCIAL ANALYSIS EXCLUSIVELY LISTED BY: Investment Overview ...... 2 Rahul Chhajed Financial Overview 3 Associate Company Overview ...... 4 License No. 01986299 PROPERTY DESCRIPTION O 310.955.1775 Property Overview 6 M 818.434.1106 [email protected] Bird’s Eye ...... 7 Tenant Map ...... 8 Regional Map ...... 9

DEMOGRAPHICS Aron Cline Demographics Report 11 VP & Sr. Director City Overview ...... 12 License No. 01904371 O 310.919.5816 M 818.632.0233 [email protected]

Jeffrey Terwilliger Broker of Record License No. BK3122117

iii ™ Representative Photo Representative Photo Investment Overview

INVESTMENT HIGHLIGHTS

PROPERTY DETAILS • Absolute NNN Lease: Zero Landlord Responsibilities • Naked Lease - Ability to Restructure New Lease and Invest in a Value-Add Opportunity • Corporate Guaranteed Lease by Circle K (Alimentation Couche-Tard) • 4 Fueling Pumps - Potential Tax Advantage (15-Year Accelerated Depreciation) - Buyer to Verify with CPA • 2% Annual Increases • Extremely Seasoned & Established Location - 31 Year Operating History Shows Extremely Strong Commitment LOCATION • Located 5 Miles from Tampa International Airport • High Traffic Volume Corner sees ±35,000 Vehicles Per Day • Excellent Accessibility and Visibility - Situated on Hard Signalized Corner • Affluent Demographics - ±$87,000 Average Household Income within 1-Mile Radius • Dense Population - ±169,000 People within 5-Mile Radius • Ability to Invest in Income-Tax Free State TENANT • Circle K has a Credit Rating of BBB (S&P 500) • Alimentation Couche-Tard Operates Over 16,000 Locations Worldwide • Circle K has a Market Cap of $1.4 Billion

2 Financial Overview

EXECUTIVE SUMMARY ANNUALIZED OPERATING DATA 5901 Memorial Hwy Monthly Rent Annual Rent Increases CAP Rate Tampa, FL 33615 Current - 12/31/2016 $4,681.80 $56,181.60 2% 7.25% List Price ...... $775,000 Gross Leasable Area ...... 2,240 SF 1/1/2017 - 12/31/2017 $4,775.44 $57,305.23 2% 7.39% CAP Rate - Current ...... 7.25 % 1/1/2018 - 12/31/2018 $4,870.94 $58,451.34 2% 7.54% Year Built ...... 1976/1990 1/1/2019 - 12/31/2019 $4,968.36 $59,620.36 2% 7.69% Lot Size ±0.47 Acres (20,608 SF) 1/1/2020 - 2/28/2020 $5,067.73 $60,812.77 2% 7.85%

TENANT SUMMARY Tenant Trade Name Circle K Type of Ownership Fee Simple Lease Guarantor Corporate Lease Type NNN Roof and Structure Tenant Responsible Original Lease Term 10 years Lease Commencement Date 3/1/2010 Rent Commencement Date 3/1/2010 Lease Expiration Date 2/28/2020 Term Remaining on Lease ±4 Years Increases 2% Annual Increases Options None (Naked Lease) Actual Site

3 ™ Company Overview

Since the 1980s, Circle K has been the largest company-owned convenience- Property Name Circle K store chain (i.e. of non-franchised stores) in the U.S. In the U.S. Circle K stores Property Type Net Leased Convenience Stores feature award-winning Premium Circle K Coffee,® the Polar Pop® cup, beer, snacks, candy, ATMs, Circle K Gift Cards, money orders, and much more. Some Parent Company Trade Name The Pantry Inc. (Alimentation Couche-Tard) Circle K stores operate gasoline pumps selling Union 76-branded motor fuels; Ownership Public others sell Mobil, Marathon, ConocoPhillips, Irving, BP, Sunoco or Shell- branded fuel. The chain operates internationally, branching into Mexico and Credit Rating BBB continents such as Asia. Since 2003. Circle K Stores, Inc. operates as a Rating Agency S&P subsidiary of Alimentation Couche-Tard Inc. The Circle K brand re-entered the Canadian market in 2008, in connection with Couche-Tard’s acquisition of the Revenue $3.14 B Circle K convenience store network. The chain is primarily located in the Stock Symbol PTRY Southern, Western, Southwestern, and Midwestern . Board NASDAQ No. of Locations ± 10,000 No. of Employees (All) ± 14,000 Headquartered Tempe, AZ Web Site www.circlek.com

Year Founded 1951

4

Property Overview

THE OFFERING Property Name ...... Circle K Property Address 5901 Memorial Hwy Tampa, FL 33615 Assessor’s Parcel Number U0229170FF000000000152 Zoning ...... C-G

SITE DESCRIPTION Number of Stories ...... One Year Built ...... 1976 Gross Leasable Area (GLA) ...... 2,240 SF Memorial Hwy ± 35,000 VPD Lot Size ...... ± 0.47 Acres (20,608 SF) Type of Ownership Fee Simple Parking ...... ±7 Surface Spaces Parking Ratio ...... 3.13 : 1000 SF Landscaping Professional Topography ...... Generally Level

CONSTRUCTION Foundation ...... Concrete Slab Framing Wood Exterior ...... Brick Parking Surface ...... Asphalt Roof ...... Pitched

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6 PROPERTY DESCRIPTION Bird’s Eye

Memorial Hwy ± 35,000 VPD

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7 ™ Tenant Map

8 PROPERTY DESCRIPTION Regional Map

9 ™

Demographics Report

Population 1-Mile 3-Mile 5-Mile 2021 Projection 13,373 65,060 168,675 2016 Estimate 12,829 62,045 160,266 2010 Census 12,309 58,331 150,240 2000 Census 11,268 52,405 136,777 Growth 2016-2021 4.24% 4.86% 5.25% Growth 2010-2016 4.23% 6.37% 6.67% Growth 2000-2010 9.23% 11.31% 9.84% Households 2021 Projection 5,759 25,713 67,186 2016 Estimate 5,519 24,471 63,642 2010 Census 5,297 23,004 59,345 2000 Census 4,852 20,853 54,926 Growth 2016-2021 4.34% 5.07% 5.57% Growth 2010-2016 4.20% 6.38% 7.24% Growth 2000-2010 9.18% 10.31% 8.05%

Income $0 - $15,000 7.54% 9.62% 11.93% $15,000 - $24,999 9.75% 11.16% 11.66% $25,000 - $34,999 13.39% 12.54% 11.96% $35,000 - $49,999 14.52% 14.65% 14.79% $50,000 - $74,999 18.07% 21.59% 18.76% $75,000 - $99,999 11.52% 12.33% 11.06% $100,000 - $124,999 7.79% 6.97% 6.95% $125,000 - $149,999 5.01% 3.58% 4.02% $150,000 - $199,999 4.41% 3.09% 3.65% $200,000 - $249,999 2.10% 1.41% 1.70% $250,000 - $499,999 3.27% 1.80% 2.33% $500,000+ 2.61% 1.24% 1.21% 2016 Est. Average Household Income $86,569 $70,985 $71,935 2016 Est. Median Household Income $56,622 $52,338 $49,664

11 DEMOGRAPHICS City Overview

TAMPA The City of Tampa is the largest city in Hillsborough County, is the county seat and is the third most populous city in Florida. The population of the city represents approximately one-third of the total population of Hillsborough County. Tampa’s economy is founded on a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology, and the of Tampa.

The Tampa area is home to a number of museums that cover a wide array of subjects and studies. These include the Museum of Science & Industry (MOSI), which has several floors of science-related exhibits plus the only domed IMAX theater in Florida and a planetarium; the ; the USF Contemporary Art Museum; the History Center; the Tampa Firefighters Museum; the Henry B. Plant Museum; and Museum State Park. Permanently docked in downtown’s is the SS American Victory, a former World War II Victory Ship which is now used as a museum ship.

The city of Tampa operates over 165 parks and beaches covering 2,286 acres within city limits. Tampa is also home to a number of attractions and theme parks, including , Adventure Island, Lowry Park Zoo, and . TOP EMPLOYERS - TAMPA, FL

# Employer Employee 1 BayCare Health System 19,600 2 Publix Super Market 13,800 3 HCA West Florida 13,150 4 Frontier Communications 9,950 5 Tampa General Hospital 6,600 6 Wal-Mart 5,800 7 Florida Hospital 5,100 8 JP Morgan Chase & Co. 5,000 9 Moffitt Cancer Center 4,300 10 Citi 4,000

12 ™ CIRCLE K 5901 MEMORIAL HWY, TAMPA, FL 33615 OFFERING MEMORANDUM

Rahul Chhajed Associate License No. 01986299 O 310.955.1775 M 818.434.1106 [email protected]

Aron Cline VP & Sr. Director License No. 01904371 O 310.919.5816 M 818.632.0233 [email protected]

Jeffrey Terwilliger Broker of Record License No. BK3122117

841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.matthews.com ™