6917 INDEPENDENCE PARKWAY (PLANO), TX 75023 Chipotle BRAND NEW 20-YEAR CORPORATE GUARANTEED LEASE

RARE “CHIPOTLANE” DRIVE-THRU LOCATION

ABSOLUTE NNN LEASE WITH NO LANDLORD RESPONSIBILITIES

PRIME LOCATION ON MAJOR RETAIL THOROUGHFARE

FULLY RENOVATED IN 2020 REPRESENTATIVE PHOTO

OFFERING MEMORANDUM 6917 INDEPENDENCE PARKWAY DALLAS (PLANO), TX 75023

EXCLUSIVELY LISTED BY Table of

Ron Duong Craig Elster BROKER OF RECORD: Senior Vice President Investments +1 949 419 3223 Tim Speck Contents Senior Director, National Retail Group [email protected] Division Manager, TX +1 949 350 5431 Lic. CA 01958307 License: #9002994 [email protected] Investment Highlights p.04 Lic. CA 01438643 Tenant Overview p.05 Financial p.06 Offering Memorandum Disclaimer

This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Confidential Information (as defined in the Confidentiality Agreement). It is being given to you for the Aerial Photos p.07 sole purpose of evaluating the possible investment in the subject property mentioned herein (“the “Project”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the Seller of Record (“Managing Member”), or its exclusive broker, Marcus & Millichap and JLL (“Exclusive Broker”). This Memorandum was prepared by Exclusive Broker based primarily on information supplied by Managing Member. It contains Site Plan p.09 select information about the Project and the real estate market but does not contain all the information necessary to evaluate the Project. The financial projections contained herein (or in any other Confidential Information) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such Market Overview p.11 documents. While the information contained in this Memorandum and any other Confidential Information is believed to be reliable, neither Exclusive Broker nor Managing Member guarantees its accuracy or completeness. Because of the foregoing and since the investment in the Project is being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the investment in the Project without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither Exclusive Broker nor Managing Member guarantees the accuracy or completeness of the information contained in this Memorandum or any other Confidential Information provided by Exclusive Broker and Managing Member. Managing Member expressly reserves the right, at its sole discretion, to reject any offer to invest in the Project or to terminate any negotiations with any party at any time with or without written notice. Managing Member shall have no legal commitment or obligations to any prospective investor unless and until a written sale agreement has been fully executed, delivered and approved by Managing Member and any conditions to Managing Member’s obligations thereunder have been satisfied or waived. Managing Member has retained Exclusive Broker as its exclusive broker and will be responsible for any commission due to Exclusive Broker in connection with a transaction relating to the Project pursuant to a separate agreement. Exclusive Broker is not authorized to make any representation or agreement on behalf of Managing Member. Each prospective investor will be responsible for any claims for commissions by any other broker in connection with an investment in the Project if such claims arise from acts of such prospective investor or its broker. This Memorandum is the property of Managing Member and all parties approved by Managing Member and may be used only by parties approved by Managing Member. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 2 Summary

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 3 CORPORATE CHIPOTLE MEXICAN GRILL f Absolute NNN Property with Zero Landlord Responsibilities – Ideal for Investors Not Local to the Market

f Chipotle has Over 2,600 Locations in Operation. Corporate Guaranty from Highlights Investment Grade Tenant with a Market Cap of $37.1+ Billion f Rare Drive-Thru “Chipotlane” Concept to Accommodate More Order Volume 20-YEAR CORPORATE GUARANTEED LEASE f Scheduled 10% Rental Increases Every 5 Years Throughout the Initial Term and f Brand New 20-Year Corporate Guaranteed Lease with Chipotle Options Provide for an Excellent Hedge Against Inflation f Located One Parcel Away from Signalized Intersection with Traffic Counts PRIDE OF PROPERTY OWNERSHIP IN PLANO, TX Exceeding 55,000 Cars Per Day f Dense, Infill Location with Over 319,000 Residents within 5 Miles f Fully Renovated in 2020 f Affluent Area with theAverage Household Income Exceeding $151,000 within 1 PRIME RETAIL LOCATION Mile f Prime Location Caddy-Corner from Kroger Anchored Shopping Center with Other f Plano is the Ninth Most Populous City in the State of and is Located Just Major National Tenants in the Area including Dunkin, Einstein Bros Bagels, Wells 20 Miles North of Downtown Dallas, TX Fargo, BBVA Bank, Among Others f The Surrounding Area Benefits From a Very Low Unemployment Level of 3.51% f Located on Independence Parkway with Traffic Counts Exceeding 26,000 CPD and Full f Plano is Regularly on Top of Nationwide Rankings Including Forbes Best Places to Access to Legacy Drive with Traffic Counts Over 29,000 CPD Live and Safest City f Close Proximity to Many Fortune 1000 Companies Headquartered in Plano, f Expected Population Growth of Over 10% Within 5 Miles of the Subject Property Including Capital One (5,500 Employees), DXC Technology (4,000 Employees), Bank Over the Next Five Years of America (3,430 Employees), Red Bee Media (3,200 Employees), Toyota (2,900 Employees), Frito-Lay (2,500 Employees), Dell Services (2,250 Employees), and Many More

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 4 REPRESENTATIVE PHOTO Tenant Overview Chipotle Corporation Overview

Chipotle Mexican Grill, Inc. (NYSE: CMG) is cultivating a better world by serving responsibly sourced, classically-cooked, real food with wholesome ingredients without artificial colors, flavors, or preservatives.

Chipotle had over 2,600 restaurants as of December 30, 2019, in the United States, Canada, and The United Kingdom, France and Germany and is the only restaurant company of its size that owns and operates all of its restaurants.

With more than 83,000 employees passionate about providing a great guest experience, Chipotle is a longtime leader and innovator in the food industry.

Chipotle is committed to making its food more accessible to everyone while continuing to be a brand with a demonstrated purpose as it leads the way in digital, technology, and sustainable business practices.

Steve Ells, founder and executive chairman, first opened Chipotle with a single restaurant in Denver, CO in 1993.

Tenant Profile

Website www.chipotle.com

Company Type: Public - NYSE: CMG

Market Cap: $37.161 Billion

Number of Locations 2,600+ Worldwide (As of 2019)

Revenue $5.586 Billion

Operating Income $467 Million

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 5 Financial Overview Property Summary

PRICING

OFFERING PRICE $4,156,000

CAP RATE 3.85% REPRESENTATIVE PHOTO

LEASE INFORMATION

CURRENT NOI $160,000

LEASE TYPE Absolute NNN

COMMENCEMENT December 1, 2020

TERMINATION November 30, 2040

REMAINING TERM 20 Years

INCREASES 10% Every Five Years

OPTIONS Four, Five Year

PROPERTY INFORMATION OWNERSHIP Fee Simple

TOTAL GLA ±3,084 Square Feet

TOTAL LAND AREA ±0.76 Acres (±33,127 Square Feet)

ZONING Commercial

APN R-2407-000-004R-1 26,000+ CPD (Independence Parkway) TRAFFIC COUNTS 29,000+ CPD (Legacy Drive) CONSTRUCTION PROGRESS - AS OF SEPTEMBER, 2020

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 6 Aerial Photo - Northeast

Legacy Drive ±29,000 Cars Per Day Independence Parkway Car Wash ±26,000 Cars Per Day & Repair Shop

SUBJECT PROPERTY

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 7 Aerial Photo - South Close-Up Aerial Photo

Downtown Plano 6 Miles Hunters Creek Estates

Chrisholm Trail Park: Jack Carter Park:

City Recreation Center Recreational Area for Running and Biking

Oak Creek Estates

Car Wash & Repair Shop

Independence Parkway ±26,000 Cars Per Day SUBJECT PROPERTY Site Plan

Adjacent Shell Gas Station & 7-Eleven Independence Parkway ±26,000 Cars Per Day

Subject Property Drive-Thru ±3,084 Square Feet

Drive-Thru Lane

Note: Site plan is for representation purposes only and is not to scale.

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 9 Market Overview

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 10 Regional Map

McKinney

SUBJECT PROPERTY

Downtown Plano

Carollton Richardson Garland

Dallas

CARS PER55,000+ DAY AT THE INTERSECTION OF FROM5 THE Miles SHOPS AT LEGACY FROM7 DOWNTOWN Miles PLANO FROM3 MilesUS-75 ONRAMP INDEPENDENCE PKWY AND LEGACY DR

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 11 The City Of Plano Attractions Plano, Texas is a city located 20 miles north of Dallas. f The Crayola Experience at The Shops at Willow Bend is an amazing place where The city was founded in the early 1840s and named visitors can explore 22 hands-on attractions in a 60,000 square foot space that after its flat terrain. Parents Magazine calls one of the “Top 10 Trips to Take Before Your Kid Turns 10.”

f is Plano’s newest development. With over $3 billion in developments, this 250 acre outdoor has plenty of room to shop and roam. Plano has become home to nearly 260,000 residents and is one of Dallas’s largest suburbs. Located in the Dallas-Metropolitan area, Plano is the 9th largest city in Texas. f Oak Point Park is perfect for outdoor enthusiasts who want to get their toes wet. Visitors may bring their own kayaks, canoes, or stand up paddle boards and take Plano is also home to major corporation headquarter campuses, including Cinemark, JC in the scenery from the water. The park also offers trails for running, walking, and Penney, and Frito-Lay. JP Morgan Chase and Toyota Motors also recently moved their biking. headquarters to Plano, creating over 10,000 new jobs in the community. f Plano’s Granite Park Boardwalk has an energetic but laidback vibe that visitors know Plano offers plenty in terms of entertainment and makes the perfect weekend getaway and love. With live entertainment, games, and patio dining, the boardwalk is the from Dallas. With luxurious shopping malls, lively nightlife, and outdoor adventure parks, perfect place to escape and unwind. Plano has something to offer for everyone. f The Downtown Plano Arts District is notoriously historic, but also has a lot to offer with an urban designing scene and plenty of activities such as pottery, antique shopping, and DIY workshops.

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 12 The City Of Dallas Dallas, Texas was founded in the mid-1800s and by the early 1900s, Dallas became an industrial city, attracting workers from all over the South and Midwest. The Dallas-Metropolitan area is the fourth largest metropolitan area in the country and is home to one of the busiest airports in the world. American Airlines and Southwest Airlines both have headquarters in the Dallas area. Texas Instruments, a major manufacturer, is also headquartered in Dallas and employs nearly 10,500 people.

Dallas residents take great pride in their sports teams, specifically football. The Dallas Cowboys is one of the most financially valuable sports franchises in the world, worth approximately $4 billion. The Cowboys play at the AT&T stadium in Arlington, which can seat 80,000 fans.

Dallas offers bountiful choices in restaurants, entertainment, and nightlife. From historical landmarks to a lively margarita mile, there is something for everyone in Dallas.

Attractions f History buffs can visit Dealey Plaza, where JFK was assassinated 50 years ago. While Dallas isn’t defined by this event, it is a historically significant site. Dallas pays homage to JFK with the Sixth Floor Museum and learn about the life and legacy of President Kennedy.

f Dallas has made a huge effort to incorporate green spaces in the city. Klyde Warren Park is a 5.2 acre park built over a major freeway and helps break up the traditional hustle-and-bustle of a big city. Dallas’s incorporations of park in an urban setting creates a unique atmosphere and allows residents plenty of space to relax between errands.

f White Rock Lake is a great place for active folks to stretch their legs. A 9-mile paved loop offers a scenic route for bikers, walkers, and runners.

f The Bishop Arts District is described as the Brooklyn of Dallas. With Instagrammable murals and hip eateries, the Bishop Arts District is one of the best places to see and be seen in the Dallas area.

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 13 Demographic Summary

319,9872019 POPULATION 123,9442019 HOUSEHOLDS 2019 AVERAGE$140,193 HOUSEHOLD INCOME 184,1632019 EMPLOYEES THREE-MILE RADIUS THREE-MILE RADIUS THREE-MILE RADIUS THREE-MILE RADIUS

Population Hosueholds Income Employment

In 2019, the population in your There are currently 123,944 In 2019, the median household In 2019B, there are 184,163 selected geography is 319,987 . The households in your selected income for your selected geography employees in your selected area, population has changed by 46.83% geography. The number of is $103,540 , compare this to the this is also known as the daytime since 2000. It is estimated that the households has changed by 56.32% $Entire US average which is currently population. The 2000 Census population in your area will be since 2000. $60,811 . The median household revealed that 84.42% of employees 350,178 five years from now, which income for your area has changed are employed in white-collar It is estimated that the number of represents a change of 9.44% from by 28.90% since 2000. It is estimated occupations in this geography, households in your area will be the current year. that the median household income and 15.72% are employed in blue 137,165 five years from now, which in your area will be $123,661 five collar occupations. In 2019B, The current population is 48.81% represents a change of 10.67% years from now, which represents a unemployment in this area is 3.51% . male and 51.19% female. The from the current year. The average change of 19.43% from the current In 2000, the average time traveled to median age of the population in your household size in your area is 2.57 year. work was 29.4 minutes. area is 38.4 , compare this to the persons. Entire US average which is 38.1 . The The current year per capita income population density in your area is in your area is $53,315 , compare 4,074.45 people per square mile. this to the Entire US average, which is $33,623 . The current year average Race & Ethnicity household income in your area is The current year racial makeup of $137,553 , Compare this to the Entire your selected area is as follows: US average which is $87,636 . 60.39% White, 8.18% Black, 0.06% Native American and 22.97% Asian/ Pacific Islander. People of Hispanic origin make up 13.14% of the current year population in your area.

CHIPOTLE 20-YEAR LEASE / 6917 INDEPENDENCE PARKWAY / 14 6917 Chipotle - 2020 Construction INDEPENDENCE PARKWAY DALLAS (PLANO), TX 75023 New 20-Year Absolute NNN Lease

EXCLUSIVELY LISTED BY

Ron Duong Craig Elster BROKER OF RECORD: Senior Vice President Investments +1 949 419 3223 Tim Speck - Division Manager, TX Senior Director, National Retail Group [email protected] License: #9002994 +1 949 350 5431 Lic. CA 01958307 [email protected] Lic. CA 01438643