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MEMORANDUM 1000 Top Street, Flowood, MS 39232 Confidentiality and Disclaimer

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POPEYES SALE-LEASEBACK EXCLUSIVE NET - LEASE OFFERING OFFERING Representative Photo MEMORANDUM 1000 Top Street, Flowood, MS 39232 Confidentiality and Disclaimer Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the Table of Contents Investment Highlights 4 Financial Analysis 5 Concept & Guarantor Overview 6 Parent Company Overview 7 Surrounding Area 8 Location Overview 9 Local Map 10 Regional Map 11 Demographics / Market Overview 12-13 Representative Photo Investment Highlights PRICE: $1,487,900 | CAP: 6.00% | RENT: $89,274 About the Investment ✓ Brand New 20-Year Sale-Leaseback ✓ Triple Net (NNN) Lease with Zero Landlord Responsibilities ✓ Attractive Rental Increases of One Percent (1.0%) Annually Beginning in Year 11 ✓ Six (6) Tenant Renewal Periods of Five (5) Years Each About the Location ✓ Dense Urban Infill | Applebee’s, Wendy’s, Taco Bell, Subway, Waffle House, Hertz, As Well As Many Others ✓ Strong Academic Presence | Less Than One Mile From Jackson Preparatory School | 380+ Students Enrolled ✓ Quality Demographics | Population Exceeds 93,000 Individuals Within a Five-Mile Radius and 302,000 Individuals Within a Ten-Mile Radius ✓ Affluent Community | Average Income Within a Three-Mile Radius Exceeds $93,000 ✓ Excellent Real Estate Fundamentals | Less Than Seven Miles From Jackson-Medgar Representative Photo Wiley Evers International Airport | Over 900,000 Passengers Annually ✓ Strong Traffic Counts | Over 62,000 Vehicles Per Day Along Lakeland Drive ✓ Immediate Access to Healthcare | 1.4 Miles From Merit Health River Oaks | 158-Bed Sate of the Art Facility About the Tenant / Brand ✓ Tenant on the Lease is Frayser Quality, LLC | Operates 60+ Popeyes and Rapidly Growing ✓ Lease Guaranteed by New CFH, LLC | 230-Unit Entity | New CFH, LLC is a wholly owned subsidiary of Carrols Restaurant Group, Inc. ✓ Carrols Restaurant Group is One of the Largest Restaurant Companies and Franchisee’s in the United States | 1,000+-Unit Operator ✓ Strong Track Record With Proven Operational Expertise ✓ In May 2019, Carrols Merged With Cambridge Franchise Holdings LLC, Acquiring 165 Burger Kings and 58 Popeyes Restaurants in 10 Southeastern and Southern States Representative Photo Popeyes- Flowood, MS 4 Financial Analysis PRICE: $1,487,900 | CAP: 6.00% | RENT: $89,274 PROPERTY DESCRIPTION RENT SCHEDULE Property Popeyes Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%) Property Address 1000 Top Street Year 1-10 $89,274 $7,440 - Year 11 $90,167 $7,514 1.00% City, State, ZIP Flowood, MS 39232 Year 12 $91,068 $7,589 1.00% Year Built / Renovated 1998 Year 13 $91,979 $7,665 1.00% Building Size 5,523 SF Year 14 $92,899 $7,742 1.00% Lot Size +/- 0.67 Acres Year 15 $93,828 $7,819 1.00% Type of Ownership Fee Simple Year 16 $94,766 $7,897 1.00% THE OFFERING Year 17 $95,714 $7,976 1.00% Year 18 $96,671 $8,056 1.00% Purchase Price $1,487,900 Year 19 $97,638 $8,136 1.00% CAP Rate 6.00% Year 20 $98,614 $8,218 1.00% Annual Rent $89,274 LEASE SUMMARY INVESTMENT SUMMARY Property Type Net-Lease Quick-Service Restaurant Marcus & Millichap is pleased to present this exclusive listing for a Popeyes located at 1000 Top Street in Flowood, MS. The subject property Tenant / Guarantor Frayser Quality, LLC / New CFH, LLC consists of roughly 5,523 square feet of building space on approximately a Ownership Type Public (NYSE: TAST) 0.67 acre parcel. This investment opportunity is subject to a brand new 20- Original Lease Term 20 Years from COE year Triple-Net (NNN) sale-leaseback with zero landlord responsibilities. The lease will commence upon the close of escrow and will be subject to Lease Commencement Upon Close of Escrow six (6), five (5) year tenant renewal options. The initial annual rent will be Lease Expiration 20 Years from COE $89,274 and is scheduled to increase by one percent (1.00%) annually Lease Term Remaining 20.0 Years starting in year 11 and continuing throughout the base term and option periods. In each option period the rent will increase by one percent Lease Type Triple-Net (NNN) (1.00%) annually in years 1 through 3 and the rent will remain flat in years Roof & Structure Tenant Responsible 4 and 5. The lease will be guaranteed by New CFH, LLC, a wholly owned Rental Increases 1.0% Annually Starting Year 11 subsidiary of Carrols Restaurant Group, Inc. New CFH, LLC is currently a Options to Renew Six (6), Five (5)-Year Options 230-unit entity. Popeyes- Flowood, MS 5 Concept & Guarantor Overview About Popeyes Founded in 1972, Popeyes is the world’s second largest quick service chicken concept as measured by total number of restaurants (only behind KFC).
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