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SHAKE SHACK 1950 Spring Road | Oak Brook, Illinois 60523

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SHAKE SHACK 1950 Spring Road | Oak Brook, Illinois 60523 SHAKE SHACK 1950 Spring Road | Oak Brook, Illinois 60523 NET LEASE PROPERTY GROUP AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT AFFILIATED BUSINESS DISCLOSURE Memorandum solely for your limited use and describes certain documents, including leases Affiliated Business Disclosure CBRE, Inc. benefit in determining whether you desire to and other materials, in summary form. These operates within a global family of companies express further interest in the acquisition of summaries may not be complete nor accurate with many subsidiaries and related entities the Property, (ii)you will hold it in the strictest descriptions of the full agreements referenced. (each an “Affiliate”) engaging in a broad range of confidence, (iii) you will not disclose it or its Additional information and an opportunity to commercial real estate businesses including, but contents to any third party without the prior inspect the Property may be made available not limited to, brokerage services, property and written authorization of the owner of the to qualified prospective purchasers. You are facilities management, valuation, investment Property (“Owner”) or CBRE, Inc., and (iv) you advised to independently verify the accuracy fund management and development. At times will not use any part of this Memorandum in any and completeness of all summaries and different Affiliates, including CBRE Global manner detrimental to the Owner or CBRE, Inc. information contained herein, to consult with Investors, Inc. or Trammell Crow Company, may If after reviewing this Memorandum, you have independent legal and financial advisors, and have or represent clients who have competing no further interest in purchasing the Property, carefully investigate the economics of this interests in the same transaction. For example, kindly return it to CBRE, Inc. transaction and Property’s suitability for your Affiliates or their clients may have or express needs. ANY RELIANCE ON THE CONTENT OF an interest in the property described in this DISCLAIMER THIS MEMORANDUM IS SOLELY AT YOUR Memorandum (the “Property”), and may be This Memorandum contains select information OWN RISK. the successful bidder for the Property. Your pertaining to the Property and the Owner, and receipt of this Memorandum constitutes does not purport to be all-inclusive or contain The Owner expressly reserves the right, at its your acknowledgment of that possibility and all or part of the information which prospective sole discretion, to reject any or all expressions of your agreement that neither CBRE, Inc. nor investors may require to evaluate a purchase of interest or offers to purchase the Property, and/ any Affiliate has an obligation to disclose to the Property. The information contained in this or to terminate discussions at any time with or you such Affiliates’ interest or involvement Memorandum has been obtained from sources without notice to you. All offers, counteroffers, in the sale or purchase of the Property. In all believed to be reliable, but has not been verified and negotiations shall be non-binding and instances, however, CBRE, Inc. and its Affiliates for accuracy, completeness, or fitness for any neither CBRE, Inc. nor the Owner shall have will act in the best interest of their respective particular purpose. All information is presented any legal commitment or obligation except as client(s), at arms’ length, not in concert, or “as is” without representation or warranty of set forth in a fully executed, definitive purchase in a manner detrimental to any third party. any kind. Such information includes estimates and sale agreement delivered by the Owner. CBRE, Inc. and its Affiliates will conduct their based on forward-looking assumptions respective businesses in a manner consistent relating to the general economy, market ALL PARCEL LINES ON SITE PLAN AND with the law and all fiduciary duties owed to conditions, competition and other factors AERIALS ARE APPROXIMATE. their respective client(s). which are subject to uncertainty and may not represent the current or future performance CONFIDENTIALITY AGREEMENT of the Property. All references to acreages, Your receipt of this Memorandum constitutes square footages, and other measurements your acknowledgment that (i) it is a confidential are approximations. This Memorandum 2 SHAKE SHACK — OAK BROOK, IL TABLE OF CONTENTS 04 Executive Summary The Offering Financial Overview FOR MORE INFORMATION PLEASE CONTACT: Investment Highlights Aerial PRIMARY CONTACTS Regional Map MICHAEL KAIDER CBRE NNN Specialist/First Vice President 700 Commerce Drive Property Description +1 630 573 7015 Suite 450 09 [email protected] Oak Brook, IL 60523 Tenant Overview Site Plan Oakbrook Center Site Plan Property Highlights DEBT & STRUCTURED FINANCE GEOFFREY HARRIS CBRE Senior Vice President 2575 East Camelback Road +1 602 735 5615 Suite 500 13 Market Overview [email protected] Phoenix, AZ 85016 Oak Brook, Illinois Overview Trade Area Overview Chicago MSA Aerials Demographic Maps TENANTTHE OFFERING PROFILE The CBRE Net Lease Property Group is pleased to exclusively offer a 3,657-square foot freestanding Shake Shack restaurant on a 34,203-square foot site located in Oak Brook, Illinois. Shake Shack’s ground lease has a base term of 15 years and includes five 5-year renewal options and strong 10% rental increases. Oak Brook is an affluent west suburb, approximately 20 miles from Chicago’s Central Business District. Oak Brook is surrounded by some of the most desirable residential communities in suburban Chicago, including Oak Brook itself, Elmhurst, Oakbrook Terrace, Hinsdale, LaGrange, Western Springs, and Clarendon Hills. The Oak Brook area has long been recognized as one of the most prestigious areas to live, work, and recreate within Suburban Chicago due to its proximity to downtown, wide variety of restaurant and shopping options, quick access to Chicago’s highly developed expressway system, top ranked school system, and outstanding quality of life. This investment provides qualified investors with the opportunity to acquire a high-quality ground lease located in the heart of a dominant retail corridor. The site is highly sought-after due to its location along the Oakbrook Center ring drive at the corner of Harger and Spring Roads – at one of the Mall’s main entrances. Oakbrook Center is a 2.2 million square foot upscale, open-air mall anchored by Lord & Taylor, Macy’s, Neiman Marcus, Nordstrom, and Sears as well as a brand-new luxury AMC Theater. Shake Shack’s high-profile location next to one of the ten highest grossing malls in the country (Average sales exceed $900/SF), provides unmatched convenience and visibility. Shake Shack also benefits from a strategic Oak Brook location near the intersection of two of the Chicagoland area’s expressways, providing convenient access to and from all directions for consumers. 4 SHAKE SHACK — OAK BROOK, IL FINANCIAL OVERVIEW OFFERING PRICE $6,111,000 Tenant shall maintain commercial general liability insurance, umbrella/excess coverage, causes of loss CAP RATE 4.50% Insurance: special form property insurance, contractor’s insurance, Annual Rent: $275,000 worker’s compensation. By separate PIN, Landlord will pay the taxes and to be Lease Structure: Ground Lease Real Estate Taxes: reimbursed by tenant upon proof of payment. So long as Tenant is operating a Shake Shack restaurant Lot Size: ±34,203 Square Feet (or other restaurant under a different trade name but offering substantially similar items as a Shake Shack Building Size: 3,657 Square Feet restaurant) at the Premises, Landlord agrees that it shall not grant the right or otherwise permit, or consent Tenant: Shake Shack to a sublease or assignment of space in the Project (Outlined in Exhibit M of Lease), to any other tenant Guarantor: SSE Holdings, LLC or occupant in the Project (or such other property) to a tenant, at least thirty-five percent (35%) of whose Initial Lease Term: 15 Years gross sales are derived from any of the following: (i) Exclusive Use: hamburgers, (ii) hot dogs, (iii) chicken sandwiches, Lease Commencement: November 2018 (iv) french fries, and/or (v) frozen custard, (including, but not limited, tenants operating under the following Renewal Options: Five, 5-Year Options tradenames: 5 Napkin Burger, BLT Burger, Bobby’s 10% in year 6 and 11 of base term and in each option Burger Palace, Burger Joint, The Habit, Umami Burger, Rental Increases: period. Five Guys, In-N Out, Johnny Rockets, Hopdoddy, Burger Fi, Smashburger, The Stand, Tasty Made, Better Burger, Percentage Rent: None Bareburger, Zinberger, The Counter) (the “Restricted Use”). The Restricted Use shall not apply to the sale of Landlord at its sole cost and expense (Tenant’s portion frozen yogurt and/or gelato. of such expenses shall be included in the REA Charges) Parking: shall be responsible for maintaining all parking and drive pursuant to, and in accordance with, the REA. CAM: Landlord shall maintain the Common Area in accor- dance with the REA. Per the REA Section 3-Lot 3 (Office), shall control the REA, operate, repair, clean, remove snow, and ice from, Maintenance and supervise, and adequately light. This would include any RENT SCHEDULE Repairs: Capital Repairs to maintain the common area. This Lease Year Monthly Rent Annual Rent shall include repaving, repairing, striping the surface lot and roadway areas. 1 - 5 $22,916.67 $275,000.00 Prior to offering the Premises or the Premises and the Neighboring Retail Parcel for sale to any third 6 - 10 $25,208.33 $302,500.00 party,
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