UPTOWN (Approx. 8 Miles Northeast)

THE GALLERIA MALL 2.4M Total SF & 400+ Retailers

I-610 (270,111 VPD)

WESTPARK DR (36,956 VPD)

US HWY 59/I-69 (352,431 VPD) MEDICAL CENTER (Approx. 8 Miles

S. RICE AVE (20,058 VPD) Southeast)

NE

Subject Property Photos

Offering Memorandum Chick-fil-A (Ground Lease) Subject Property Rendering Uptown Crossing | Houston, Texas

One-of-a-kind Generational Hold Acquisition Opportunity | Less Than 1 Mile from Mall—Largest Shopping Center in Texas & 4th Largest Nationally Confidential Disclaimer This Confidential Memorandum has been prepared by Stan Johnson Company (“SJC”) and is being furnished to you solely for the purpose of your review of the commercial property located at 5405 South Rice Avenue in Houston, Texas (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Stan Johnson Company (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to SJC as soon as practicable together with all other materials relating to the Property which you may have received from SJC; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of SJC.

This Confidential Memorandum has been prepared by SJC, based upon certain information pertaining to the Property and any information obtained from SJC to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by SJC to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon SJC, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither SJC, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred.

SJC, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice.

This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release SJC and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. SJC reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.

Page 2 Chick-fil-A Ground Lease | Houston, TX Table of Contents Offered Exclusively By

Brandon Duff Section 1: About the Investment Regional Director [email protected]

Investment Summary & Investment Highlights 5 Brad Feller Senior Director Rendering 6 [email protected]

Pricing & Property Overview 7 Isaiah Harf Associate Director Rent Roll & Income Statement 8 [email protected]

Lease Abstract & Rent Schedule 9 Jim Gibson Regional Director Tenant Overview 10 [email protected] TX Lic. #392926 Site Plan 11 Todd Moore Associate Director Section 2: Location Information [email protected] Marc Peeler Associate Retail Aerial Map 13 [email protected]

Subject Aerial Photos 14

Retail & Business Map 15 Stan Johnson Company 303 East Wacker Drive | Suite 1111 Location Overview 16 Chicago, Illinois 60601 P: +1 312.240.0127 | F: +1 312.240.0158 Uptown Houston Market Overview 17

Houston Retail Overview 18 Stan Johnson Company 10333 Richmond Ave | Suite 740 Houston Hotel & Hospitality Overview 19 Houston, TX 77042 P: +1 832.476.3440 | F: + 832.476.3449 Demographics 20

Page 3 Chick-fil-A Ground Lease | Houston, TX Section 1: About the Investment

I-610 (270,111 VPD)

WESTPARK DR (36,956 VPD)

US HWY 59/I-69 (352,431 VPD)

S. RICE AVE (20,058 VPD)

NE

Page 4 Chick-fil-A Ground Lease | Houston, TX Investment Summary Investment Highlights

One-of-a-kind & “Generational Hold” Acquisition Opportunity – The Stan Johnson Company is pleased to exclusively offer for sale to qualified Property provides an investor the rare opportunity to secure a passive net- investors, the opportunity to purchase a 100% fee-simple interest in the lease investment, while at the same time acquiring premier urban infill real estate in Houston, Texas, one of the most sought after markets in the United ground leased commercial property located at 5405 South Rice Avenue in States. Houston, Texas (the “Property”). The Property is currently under construction Absolute NNN Lease – Chick-fil-A is currently operating under a new 15- and will open as a Chick-fil-A restaurant in Q2 2016 . Roughly eight miles west Year Absolute NNN Ground Lease with zero landlord responsibility for the of downtown Houston, the Property is a part of Uptown Crossing – the new Walmart-anchored duration of the base lease and renewal option periods. development adjacent to the I-69 and I-610 interchange. The Property is to be 4,791 SF and will be Excellent Real Estate Fundamentals & Residual Value – Development is complete with a drive-thru and parking for 53 vehicles. located on Rice Avenue along the , just west of downtown Houston and in close proximity to three of Houston’s most prestigious and densely populated neighborhoods – the Galleria, West University and The Property is leased to and corporately guaranteed by Chick-fil-A, Inc. The 15-year base lease Bellaire. commenced in December 2015 and features 10% rental increases every five years through the duration of the base lease, as well as at the start of each of five, five-year renewal option periods. The Attractive Rental Escalations – Property features 10% rental increases every 5 years throughout the base term, as well as in each option period. lease is Absolute NNN with no landlord responsibility. Outstanding Tenant Profile –Chick-fil-A is the industry leader in average Uptown Crossing is a 38-acre mixed-use development anchored by Walmart Supercenter, directly sales per restaurant, making an annual average of $2.7 million. The company logged sales of $5.7 billion in 2014, which represented an 11.8% increase across from Sam’s Club and adjacent to the Uptown District of Houston, the 14th largest business from its $5.1 billion figure in 2013. district in the . Uptown is home to more than 180,000 people and offers 28+ million Outparcel to Newly Constructed Walmart Supercenter – Property is square feet of office space, 34 hotels and 5+ million square feet of retail space, including the Galleria, an outparcel of the brand new Uptown Crossing development anchored the 4th-largest retail complex in the country which draws more than 24 million people annually. by Walmart. Additional tenants in center include MicroCenter Computer & Electronics, Starbucks, AT&T, Mattress Firm, Jack in the Box, El Pollo Loco, two medical offices and a TownPlace Suites by Marriott hotel. Chick-fil-A is an American restaurant chain currently operating over 1,850 locations across 38 states and the District of Columbia. It is the industry leader in average sales per restaurant with an annual High Visibility & Superior Traffic Counts – The Uptown Crossing site is located at the interchange of Interstate 69 and with on- and location sales average of $2.7 million. According to Technomic Inc.’s annual report on the top U.S. off-ramps to each nearby. Combined traffic counts are in excess of 679,500 restaurant organizations, Chick-fil-A logged sales of $5.7 billion in 2014 – an 11.8% increase from the VPD. company’s $5.1 billion in sales in 2013. Exceptional Demographics – Property will benefit from a population in excess of 200,000 and average household income of over $108,600 within a 3-mile radius.

Page 5 Chick-fil-A Ground Lease | Houston, TX Subject Property Rendering – Construction Complete Q4 2016

Page 6 Chick-fil-A Ground Lease | Houston, TX Pricing Overview

5405 S Rice Avenue | Houston, TX 77081

Offering Price: $2,933,333

Offering Cap Rate: 3.75%

Year 1 Annual Rent: $110,000

Tenant/Guarantor: Chick-fil-A, Inc.

Property Type: Free-Standing QSR

Ownership Interest: Fee Simple in Ground Lease

Encumbrances: None, Delivered Free & Clear

Property Overview

Building Size (SF): +/- 4,791 SF

Land Area (Acres): +/- 1.217 Acres

Year Built: 2016 (1)

Parking: 53 Spaces

(1) Property has been delivered to Tenant and rent has commenced. N Currently, Tenant is constructing their improvements to be completed Q4 2016.

Page 7 Chick-fil-A Ground Lease | Houston, TX Rent Roll & Income Statement

Rent Roll

Monthly Base Annual Annual Rental Tenant Building SF Lease Term Year Rent Base Rent Rent PSF Increase Lease Type Renewal Type

1-5 $9,167 $110,000 $22.96 -

6-10 $10,083 $121,000 $25.26 10.00%

11-15 $11,092 $133,100 $27.78 10.00%

16-20 (Option 1) $12,201 $146,410 $30.56 10.00% Absolute NNN 5, 5-year Chick-fil-A, Inc. +/- 4,791 SF 15 Years Ground Lease Options 21-25 (Option 2) $13,421 $161,051 $33.62 10.00%

26-30 (Option 3) $14,763 $177,156 $36.98 10.00%

31-35 (Option 4) $16,239 $194,871 $40.67 10.00%

36-40 (Option 5) $17,863 $214,358 $44.74 10.00%

*Lease corporately guaranteed by Chick-fil-A, Inc. Income Statement

Investment Year 0 1 2 3 4 5 6 7 8 9 10 Revenue Chick-fil-A Rental Income $110,000 $110,000 $110,000 $110,000 $110,000 $121,000 $121,000 $121,000 $121,000 $121,000 Total Revenue $110,000 $110,000 $110,000 $110,000 $110,000 $121,000 $121,000 $121,000 $121,000 $121,000 CASH FLOW BEFORE DEBT SERVICE $110,000 $110,000 $110,000 $110,000 $110,000 $121,000 $121,000 $121,000 $121,000 $121,000 *Lease is Absolute NNN with Tenant responsible for Pro Rata Share of CAM for Shopping Center (RET & Insurance are separately assessed). See lease abstract for further details.

Page 8 Chick-fil-A Ground Lease | Houston, TX Chick-fil-A

Lease Abstract RENT SCHEDULE

Tenant/Guarantor: Chick-fil-A, Inc. Years Dates Annual Rent Monthly Rent

Address: 5405 South Rice Avenue Houston, TX 77081 1-5 12/1/2015 – 11/30/2020 $110,000 $9,167 6-10 12/1/2020 – 11/30/2025 $121,000 $10,083 Building Size (SF): +/- 4,791 SF 11-15 12/1/2025 – 11/30/2030 $133,100 $11,092 Lot Size (Acres): +/- 1.217 Acres Option 1 Year Built: 2016 16-20 12/1/2030 – 11/30/2035 $146,410 $12,201 Lease Commencement: September 30, 2015 Option 2 Rent Commencement: December 1, 2015 21-25 12/1/2035 – 11/30/2040 $161,051 $13,421 Option 3 Lease/Rent Expiration: November 30, 2030 26-30 12/1/2040 – 11/30/2045 $177,156 $14,763 Base Lease Term: 15 Years Option 4 Base Lease Term Remaining: 15 Years 31-35 12/1/2045 – 11/30/2050 $194,871 $16,239

Annual Base Rent: $110,000 Option 5 36-40 12/1/2050 – 11/30/2055 $214,358 $17, 863 Base Rent PSF: $22.96 PSF

Rent Increases: 10% Increase Every 5 Years

Renewal Options: 5, 5 Year Options

Renewal Notice: 6 Months

Option Increases: 10% Increase at Start of Each Option Absolute NNN (Tenant to Pay Pro Rata Share of Lease Type: CAM; RET & INS Separately Assessed) Landlord Responsibilities: None

Pro Rata Share**: 16.1%

*Property has been delivered to Tenant and rent has commenced. Currently, Tenant is constructing their improvements to be completed Q4 2016. **Calculated by 53,012 (square footage of land) divided by 330,286 (square footage of developer tract of land). **CAM expenses not to exceed $1,000 per year during first year, and will not increase by more than 10% during each successive 5-year period thereafter.

Page 9 Chick-fil-A Ground Lease | Houston, TX Tenant Overview - Chick-fil-A

Chick-fil-A is an American fast food restaurant opened in 1986, and the company began to focus TENANT PROFILE chain headquartered in the Atlanta suburb of more on this type of operation. Today, Chick-fil-A’s College Park in Georgia. Specializing in chicken can be found as stand-alone locations, drive-thru Company: Chick-fil-A, Inc. sandwiches, Chick-fil-A is frequently associated only locations or food court locations in malls, with the Southern United States and has become universities, hospitals and airports. Type: Private a cultural icon. Today, the chain operates over Chick-fil-A uses a business model significantly Industry: Fast Food Restaurants 1,850 restaurants in 38 U.S. states and the District different from other restaurant franchises, most of Columbia, and is focusing future growth in Founded: 1946 (Dwarf Grill) notably retaining ownership of each restaurant. the American Midwest, Southern California, the Chick-fil-A selects the restaurant location, builds Philippines, South Korea and Alberta. In 2010, No. of Locations: 1,850+ it and retains ownership. While franchisees from Chick-fil-A took the industry lead in average sales competing chains pay almost $2 million up front Sales (FY2014): $5.7 billion per restaurant, making an annual average of $2.7 to open a franchise, Chick-fil-A franchisees need million (McDonald’s was second with $2.4 million only a $5,000 initial investment to become an Sales (FY2013): $5.1 billion per restaurant). operator. The company annually gets 10,000- Sales (FY2012): $4.6 billion The company’s culture is strongly influenced by 25,000 applications from potential franchise its founder’s Southern Baptist beliefs, and unlike operators for the 60-70 slots they open each year. Headquarters: College Park, Georgia most fast food restaurants and retail chain stores On the back end, Chick-fil-A gets a larger share of Dan T. Cathy across the country, all Chick-fil-A locations are revenue from its franchises than other chains, but Key People: (Chairman & CEO) closed for business on Sunday. the formula works well for operators. Franchisees make an average of $190,000 per year. Website: www.chick-fil-a.com The chain’s origin can be traced to the Dwarf Grill, a restaurant opened in 1946 by S. Truett Cathy, the chain’s former Chairman and CEO. After 15 years, Cathy found a pressure-fryer that could cook the According to Technomic Inc.’s annual report on chicken sandwich in the same amount of time it the top U.S. restaurant organizations, Chick-fil-A took to cook a fast-food hamburger. Following logged sales of $5.7 billion in 2014 – an 11.8% that discovery, he registered the name Chick-fil-A, increase from the companies $5.1 billion in sales Inc., as well as the slogan, “We Didn’t Invent the in 2013. Beyond restaurant operations, Chick-fil-A has been Chicken, Just the Chicken Sandwich.” In 1967, the title sponsor of the Peach Bowl since 1994, an the first Chick-fil-A opened in the food court of annual college football game played in Atlanta the Greenbriar Mall, and subsequently expanded on New Year’s Eve. Additionally, the company is by opening new franchises in suburban malls’ heavily involved in SEC and ACC intercollegiate food courts. The first freestanding franchise was athletics.

Page 10 Chick-fil-A Ground Lease | Houston, TX Site Plan WESTPARK DR (36,956 VPD)

Sam’s Club directly West of Uptown Crossing Shopping Center

Thoroughfare Vehicles Per Day S. Rice Ave: 20,058 VPD West Park Dr: 36,956 VPD US Hwy 59/ I-69: 352,431 VPD I- 610: 270,111 VPD S. RICE AVE VPD) (20,058 Total: 679,556 VPD

N

Page 11 Chick-fil-A Ground Lease | Houston, TX Section 2: Location Overview UPTOWN HOUSTON

NE

Page 12 Chick-fil-A Ground Lease | Houston, TX UPTOWN HOUSTON

The Centre at Post Oak Westheimer Rd. (61,454 VPD)

Houston Galleria

LAKEWOOD CHURCH

THE ART INSTITUTE I-610 (270,111 VPD) OF HOUSTON

US HWY 59/I-69 (352,431 VPD)

FOX 26 HOUSTON Westpark Dr. (24,061 VPD) COCA-COLA BOTTLING CO.

Weslayan Plaza Shopping Center

HOUSTON COMMUNITY COLLEGE

CHEVRON CORPORATION Rice Ave (16,607 VPD)

Page 13 Chick-fil-A Ground Lease | Houston, TX Subject Property - Looking Northwest Subject Property - Looking Southwest

Subject Property - Looking Southeast Subject Property - Looking Southeast

Page 14 Chick-fil-A Ground Lease | Houston, TX N N

Page 15 Chick-fil-A Ground Lease | Houston, TX Location Overview

Houston is a city in and the county seat of Harris County in the state of Texas. It is the most populous city in Texas and the fourth most populous city in the United States. As of 2010, the city had a population of 2,100,263, representing a 7.5% increase since 2000 and continuing a trend a population growth in every decade since record-keeping began in 1850. Houston is the main component of the Houston-Woodlands-Sugar Land Metropolitan Statistical Area that stretches across nine counties and includes a population of over six million, making it the fifth most populated MSA in the country.

Relative to other major U.S. markets, Houston continues to display solid fundamentals with Galleria One Shopping Center Mission Control Center - NASA projected positive growth that outperforms the nation. The city has one of the strongest economies in the country, derived from the city’s ability to retain its position as the center of the world’s energy industry, maintain conservative construction levels, diversify its economic base and enjoy rising employment and continuous population growth. Offering an unsurpassed pro-business environment, Houston is one of the least-expensive major cities to conduct business in and features a stable, yet dynamic economy.

This economy is rooted in a broad industrial base in sectors such as energy, manufacturing, health care, aeronautics and transportation. It is the top U.S. market for exports, recently passing New York City, and in 2012, the Houston-Woodlands-Sugar Land MSA GDP was $449 billion, the fourth-largest of any metropolitan area in the United States. In fact, only 26 other countries have a GDP exceeding that of the area.

As of 2013, 24 Fortune 500 companies were headquartered in Houston. Only New York City Lovett Hall - can claim more with over 50. Some of these companies include Phillips 66, ConocoPhillips, Enterprise Products Partners, Sysco, Plains All American Pipeline, Halliburton, Baker Hughes, National Oilwell Varco, Apache, and Waste Management, among others. Other major employers include Memorial Hermann Healthcare, Continental Airlines, the University of Texas Anderson Cancer Center, ExxonMobil, Shell Oil, Kroger, The Methodist Hospital, the University of Texas Medical Branch at Galveston, Baylor College of Medicine, HP, Aramark and Chevron.

Houston is frequently awarded and recognized as the tremendous city it is. In 2006, the Houston metropolitan area ranked first in Texas and third in the U.S. on Forbes list of “Best Places for Business and Careers.” In 2008, the city received top ranking on Kiplinger’s annual “Best Cities” list which ranks cities on their local economy, employment opportunities, reasonable living costs and quality of life. In that same year, Houston ranked first on both the Forbes lists of “Best Cities for College Graduates” and “Best Cities to Buy a Home.” In 2012, the city was ranked #1 for paycheck worth by Forbes. And in 2013, it was identified as America’s top city for employment creation, as well as designated by the U.S. Bureau of Statistics as the #1 city for job creation as it was not only the first major city to regain all jobs lost during the economic downturn, but after the crash, more than two jobs were added for every one lost. Downtown Houston, TX

Page 16 Chick-fil-A Ground Lease | Houston, TX Uptown Houston Market Overview The Property is positioned adjacent to the Uptown District Uptown Houston’s Major Employers NATION’S LARGEST DOWNTOWNS of Houston, an area located 6.2 miles west of downtown at the intersection of Interstates 69 and 610. • Air Liquide • Aon International Energy Uptown Houston is an urban community of exceptional beauty, sophistication, style and international prominence • Apache Corporation in the heart of Houston. Defined by its unique blend of • Bechtel Corporation prestigious business and residential addresses, with the best in shopping, hotels, dining and entertainment, Uptown • BHP Billiton Houston is one of the world’s great urban centers. • Blue Cross Blue Shield of Texas • Cameron International Corporation BUSINESS DISTRICT • Christus Health At more than 28 million square feet of commercial office • Clear Channel Communications space, the Uptown District is the 14th-largest business • GE Energy district in the United States, comparable in size to the downtowns of and Pittsburgh. The district is home • GDF SUEZ Energy to approximately 2,000 companies and represents more • Hines REIT than 15% of Houston’s total office space. • Landry’s Restaurants, Inc. Office Snapshot • NetIQ Corporation • Five-Star, Class A International Community • Panhandle Energy • 90.4% Occupancy Rate (Q2 2015) • Spectra Energy Corporation • Home to 2,000 Companies • Stewart Title Company • 28+ million SF of Commercial Office Space • Symantec Corporation • 14th-Largest Business District in U.S. • Weatherford International Ltd.

• 15.25% of Houston’s Total Class A Office Space • Williams Source: Grubb & Ellis; Commercial Gateway

Downtown Houston, TX Westchase Business District - Houston, TX

Page 17 Chick-fil-A Ground Lease | Houston, TX Houston Retail Overview Uptown Houston is the shopping mecca of the Southwest, as more than 26 million people are drawn to the collection of stores at the Galleria (the 4th-largest retail complex in the U.S.) and the European-styled Uptown Park, as well as the new BLVD Place, Centre at Post Oak and Post Oak Shopping Center.

Retail Snapshot • Annual Gross Sales of $3.63+ Billion in 2014 • Accounts for 10%+ of Houston Taxable Retail Sales Galleria Area - Houston, TX • 5+ Million SF of Retail Space • 1,000+ Stores & 100+ Restaurants • 99.9% Occupancy (Q2 2015) • Home to 4 of the 7 AAA Ranked “4 Diamond Restaurants” in Houston

Galleria Snapshot • 4th-Largest Retail Complex in U.S. • #1 Shopping & Tourist Attraction in Houston & the Southwest • 24+ Million Annual Visitors • Sales of $1,000+ PSF

AVERAGE HOUSEHOLD INCOME COMPARISON

The Galleria Mall - Houston, TX

Source: Grubb & Ellis; Commercial Gateway The Galleria Mall - Houston, TX

Page 18 Chick-fil-A Ground Lease | Houston, TX Houston Hotel & Hospitality Overview Each year, more than 30 million visitors from around the globe come to Uptown 2013 HOTEL ROOM REVENUE Houston to experience the best in shopping, dining and business interaction. With more high quality, full-service hotels than any other district in Houston, Uptown offers lodging options from business class to premier luxury and everything between to serve everyone from the global traveler to the native Houstonian looking for a weekend getaway. Hotel Snapshot • 30+ Million Annual Visitors • 34 Hotels • 7,800+ Hotel Rooms • $313 Million in Hotel Room Revenue in 2014 • Houston’s Highest RevPAR (Revenue per Available Room) • 77.1% Occupancy (Jun ’15 – Aug ‘15)

RESIDENTIAL Uptown Houston is a community where the contemporary mingles beautifully with tradition and the scenic melds with the serene. The best in shopping and dining is at the front doors of residents in Uptown, and the living choices range from newly- Source: Grubb & Ellis; Commercial Gateway built, upscale apartment complexes to luxurious high-rise condominiums and lofts, cozy patio homes and spaciously elegant town homes and estates.

Residential Snapshot • 180,000+ Residents within 3-Miles • 2,900+ Multi-Family Units Built Since 2000 • 7 Residential Towers of 30+ Stories • 90% Apartment Occupancy • 4,500 Class A Residential Units Coming Online within 18 Months

Four Seasons Hotel - Houston, TX

Page 19 Chick-fil-A Ground Lease | Houston, TX Demographics

5405 S. Rice Avenue | Houston, TX 77081 0 - 1 mi. 0 - 3 mi. 0 - 5 mi. Population 2015 Population 24,080 214,882 494,654 2020 Population 26,194 231,701 532,762 2010-2015 Annual Rate 1.48% 1.27% 1.29% 2015-2020 Annual Rate 1.70% 1.52% 1.50%

Households 2015 Total Households 11,339 94,166 217,522 2020 Total Households 12,278 101,321 234,281 2010-2015 Annual Rate 1.17% 1.10% 1.18% 2015-2020 Annual Rate 1.60% 1.48% 1.50%

Owner Occupied Units Housing Units by Age of Householder Occupied (2010 Census) Number % of Occupied Units Total 10,667 2,505 23.% 15-24 1,017 27 2.7% 25-34 3,681 381 10.4% 35-44 2,168 524 24.2% 45-54 1,601 536 33.5% 55-64 1,181 555 47.0% 65-74 533 295 55.3% 75-84 268 138 51.5% 85+ 218 49 22.5%

2015 Average Household Income $84,598 $108,637 $101,571 N

Page 20 Chick-fil-A Ground Lease | Houston, TX Brandon Duff Brad Feller Isaiah Harf Regional Director Senior Director Associate Director [email protected] [email protected] [email protected] +1 312.240.0162 +1 312.240.0194 +1 312.777.2437

Jim Gibson Todd Moore Marc Peeler Regional Director Associate Director Associate [email protected] [email protected] [email protected] Lic. #TX: 392926

Stan Johnson Company Stan Johnson Company 303 East Wacker Drive | Suite 1111 10333 Richmond Avenue, Suite 740 Chicago, Illinois 60601 Houston, Texas 77042 P: +1 312.240.0127 | F: +1 312.240.0158 P: +1 832.476.3440 | F: +1 832.476.3449

www.stanjohnsonco.com www.stanjohnsonco.com

The information contained herein was obtained from sources believed reliable, however, Stan Johnson Company makes no guaranties, warranties or representations as to the completeness thereof. The presentation of this property for sale, rent or exchange is submitted subject to errors, omissions, change of price or conditions, or withdrawal without notice. Approved by the Texas Real Estate Commission for Voluntary Use

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. Information About Brokerage Services

efore working with a real estate broker, you should Act. The broker must obtain the written consent of each know that the duties of a broker depend on whom party to the transaction to act as an intermediary. The the broker represents. If you are a prospective written consent must state who will pay the broker and, in Bseller or landlord (owner) or a prospective buyer or conspicuous bold or underlined print, set forth the broker’s tenant (buyer), you should know that the broker who lists obligations as an intermediary. The broker is required to the property for sale or lease is the owner’s agent. A treat each party honestly and fairly and to comply with broker who acts as a subagent represents the owner in The Texas Real Estate License Act. A broker who acts cooperation with the listing broker. A broker who acts as as an intermediary in a transaction: a buyer’s agent represents the buyer. A broker may act as (1) shall treat all parties honestly; an intermediary between the parties if the parties (2) may not disclose that the owner will accept a consent in writing. A broker can assist you in locating a price less than the asking price unless authorized in property, preparing a contract or lease, or obtaining writing to do so by the owner; financing without representing you. A broker is obligated (3) may not disclose that the buyer will pay a price by law to treat you honestly. greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and IF THE BROKER REPRESENTS THE OWNER: (4) may not disclose any confidential information or The broker becomes the owner’s agent by entering into an any information that a party specifically instructs the agreement with the owner, usually through a written - broker in writing not to disclose unless authorized in listing agreement, or by agreeing to act as a subagent by writing to disclose the information or required to do so accepting an offer of subagency from the listing broker. A by The Texas Real Estate License Act or a court subagent may work in a different real estate office. A order or if the information materially relates to the listing broker or subagent can assist the buyer but does condition of the property. not represent the buyer and must place the interests of With the parties’ consent, a broker acting as an the owner first. The buyer should not tell the owner’s intermediary between the parties may appoint a person who agent anything the buyer would not want the owner to is licensed under The Texas Real Estate License Act know because an owner’s agent must disclose to the and associated with the broker to communicate with and owner any material information known to the agent. carry out instructions of one party and another person who is licensed under that Act and associated with the broker IF THE BROKER REPRESENTS THE BUYER: to communicate with and carry out instructions of the The broker becomes the buyer’s agent by entering into an other party. agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent If you choose to have a broker represent you, can assist the owner but does not represent the owner you should enter into a written agreement with the broker and must place the interests of the buyer first. The owner that clearly establishes the broker’s obligations and your should not tell a buyer’s agent anything the owner would obligations. The agreement should state how and by not want the buyer to know because a buyer’s agent must whom the broker will be paid. You have the right to disclose to the buyer any material information known to the choose the type of representation, if any, you wish to agent. receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you IF THE BROKER ACTS AS AN INTERMEDIARY: have any questions regarding the duties and A broker may act as an intermediary between the parties responsibilities of the broker, you should resolve those if the broker complies with The Texas Real Estate License questions before proceeding.

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question EQUAL HOUSING OPPORTUNITY or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

01A TREC No. OP-K