FILE PHOTO

New 15 Year Corporate Absolute NNN Lease

10% Increases Every 5 Years During Renewal DOLLARGENERAL Options

$1,477,000 | 6.50% CAP S&P BBB Credit Rating and Ranked #119 on Fortune 500 222 Main Street, Romeo, CO 81148 Amazon Resistant Retailer Experiencing Explosive Growth FILE PHOTO

Dollar General Corp. engages in retailing of merchandise, including consumable items, seasonal items, home products and apparel. Its brands include Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills, and PepsiCo

2 | SECURE NET LEASE INVESTMENTOVERVIEW DOLLARGENERAL | ROMEO, COLORADO

$1,477,000 | 6.50% CAP CONTACT FOR DETAILS

EDWARD BENTON $95,989 ±9,100 SF ±0.723 ACRES VICE PRESIDENT NOI BUILDING AREA LAND AREA (713) 263-3981 [email protected] 2020 100% ABSOLUTE NNN YR BUILT / RENOVATED OCCUPANCY LEASE TYPE CO BROKER OF RECORD JEFF POST GRI/Owner New 2020 construction corporate Dollar General,S&P BBB rating and ranked #119 on First Colorado Land Office the Fortune 500 List. [email protected]

Fifteen (15) year absolute NNN leasecommencing late-May 2020 - no landlord responsibility.

Close Proximity to San Luis Valley Regional Airport.The subject property is located 16

miles from San Lius Valley Aiport which sees approximately 10,000 annual passengers. This information has been secured from sources we believe to be reliable but we make no Dollar General is the country’s largest small-box discount retailer and has achieved 27 representations or warranties, expressed or implied, consecutive years of same store sales growth - sales increased 9.2% in fiscal year 2018 as to the accuracy of the information. Buyer must to $25.6 Billion. verify the information and bears all risk for any inaccuracies. Distance to Alamosa. Subject Dollar General is located 20-miles from Alamosa with a current population of 7,500, with a Walmart supercenter blocks away from Alamosa.

Amazon resistant retailer experiencing explosive growth,Dollar General plans to open FILE PHOTO roughly 1,000 stores in 2020 after opening over 900 stores in 2019.

Dollar General has become a shopping staple across the country with 16,000 stores in 46 states.

SECURE NET LEASE | 3 TENANTOVERVIEW FILE PHOTO DOLLARGENERAL | ROMEO, COLORADO

DOLLARGENERAL(dollargeneral.com)

Dollar General Corporation has been delivering value to shoppers for over 75 years. Dollar General helps shoppers Save time. Save money. Every day!® by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, clothing for the family, housewares and seasonal items at low everyday prices in convenient neighborhood locations. Dollar General operated 15,472 stores in 44 states as of March 2019. In addition to high quality private brands, Dollar General sells products from America's most-trusted brands such as Procter & 25.6 B Gamble, Kimberly-Clark, Unilever, Kellogg's, General Mills, Nabisco, Hanes, PepsiCo and REVENUE Coca-Cola. STRATEGY Dollar General sells similar products as wholesale retailers Wal- Mart (WMT) and Target (TGT), but typically at lower prices. Because of this, during harsh economic conditions, many consumers may make the change of shopping at Dollar General instead of a regular wholesale retailer. Dollar General’s (DG) business strategy revolves around driving profitable top line growth while enhancing its low-cost operator position and capturing new growth opportunities. The company attempts to BBB drive profitable top line growth through strategies like improving the in-stock position of its stores and continuously offering products at competitive prices. CREDIT RATING

15,590 TOTAL LOCATIONS

4 | SECURE NET LEASE INTHENEWS DOLLARGENERAL | ROMEO, COLORADO

DOLLAR GENERAL NO. 1 RETAILER FOR OPENING HOWDOLLARGENERALISBUCKINGTHETREND STORES THIS YEAR Greg Petro, October 4, 2019 (Forbes) Sarah Min, June 05, 2019 (CBS News) We’re in the midst of a retail renaissance, a time when retailers and brands Even as the so-called retail apocalypse snaps up stores across the country, continue to explore new pathways for marketing, unique sales channels, and one seemingly unlikely business has remained standing, and thriving, in the an evolving supply chain. We’ve seen some truly innovative moves, but also digital era: Dollar General. While many once-mighty retailers close up shop, we’ve seen those who fail to innovate, or even just keep up with the times, dollar stores overall are prospering: Out of nearly 2,780 stores slated to open continue to be left behind - or even disappear. And while more stores had thus far in 2019, about 1800, or more than half, are from discount chains, been shuttered by August of this year than in all of 2018, Dollar General (NYSE: according to Coresight Research. DG) is managing to thrive. The budget retailer has reported 29 consecutive years of same-store growth, with same-store sales increasing 4.0% in the The top five retailers for planned store openings are Dollar General, Dollar Tree,

Dollar General’s biggest differentiator is that they are serving markets Dollar General isplanning to open 975 stores in 2019, making it the top that had been vastly underserved, even by the likes of Walmart. You’d be retail company for expanding so far this year — by a long shot. hard pressed to find a small town in America that isn’t within close proximity of a Dollar General. In fact, there are currently more than 15,000 locations across 44 U.S. states, which surpasses even the Family Dollar, Aldi and Five Below. Dollar Tree follows with about 350 planned number of McDonald’s. Seventy-five percent of Americans live within five store openings. minutes of a Dollar General, according to research from GlobalData Retail, and these locations are strategically placed to allow shoppers to "We continue to invest in the business from a position of strength. We are choose to patronize them over other discount or big box retailers. continuing to prioritize new store expansion and other real estate projects," said Dollar General CEO Todd J. Vasos in a recent earnings call. By contrast, more than 7,200 stores have been put on the chopping block this year, including second quarter of this year. This dark horse discount chain has been quietly 2,100 Payless stores. chugging along for decades, and is now in the process of opening 975 new As iconic retailers are forced to fold from years of debt financing and stores this year, in addition to remodeling 1000 locations and relocating competition from Amazon, many of the remaining companies are retreating and another 100. According to Business Insider, its prices are generally 20%-40% regrouping, developing strategies focused on bolstering experiences in stores lower than grocery and drug stores, attracting cost-conscious consumers. or generating traffic online. However, discount chains like Dollar General have made their mark on recession-era shoppers by doing the exact opposite.

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SECURE NET LEASE | 5 LEASEOVERVIEW FILE PHOTO DOLLARGENERAL | ROMEO, COLORADO

LESSEE (EXACT ENTITY) DG Retail, LLC.

GUARANTOR (EXACT ENTITY) Dollar General Corporation

INITIAL LEASE TERM 15-Years, Plus (3), 5-Year Options to Extend

RENT COMMENCEMENT 5/13/20

LEASE EXPIRATION 5/31/35

LEASE TYPE Corporate NNN Lease

RENT INCREASES 10% Every 5 Years, In Option Periods

ANNUAL RENT YRS 1-15 $95,989.08

OPTION 1 $105,587.98

OPTION 2 $116,146.79

OPTION 3 $127,761.47

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

6 | SECURE NET LEASE 7 | SECURESECURENETNETLEASELEASE | 7 SITEOVERVIEW DOLLARGENERAL | ROMEO, CO WATER BODY

MAIN STREET ELANDSCAP 2020 �BUS STOP YR BUILT / RENOVATED

ASPHALT SIGN PYLON ±9,100 SF BUILDING AREA PROPERTY BUILDING ±0.723 ACRES BASE LAYER LAND AREA ForDrive Thru 3 ADJACENT RD BUILDING AVENUE NEIGHBORING RETAILERSMONUMENT SIGN STREET Retailer Name Retailer Name Retailer Name Retailer Name ROADRetailer NAME Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name Retailer Name FILE PHOTO Retailer Name Retailer Name

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

8 | SECURESECURENET LEASENET LEASE | 8 LOCATION OVERVIEW DOLLARGENERAL | ROMEO, COLORADO

DEMOGRAPHICS 1-MILE 3-MILE 5-MILE

POPULATION 417 1,810 2,435

HOUSEHOLDS 156 677 924

AVG. HH INCOME $51,156 $51,008 $51,857

TOTAL HH EXPENDITURE $6.92 M $30.02 M $41.4 M

VIEW MAP

ECONOMICDRIVER’S (# of Employees in Romeo)

Walmart Inc (390) Colorado Mushroom Farm (200) Colorado Department of Transportation (125) Life Care Centers of America, Inc (291) County of Conejos (190) San Luis Valley Behavioral Health Group (120) United States Department of Veterans Affairs (270) The Navy U.S. (175) Valley Wide Systems (100) Adam University (250) Dillon Companies (130) Colorado Department of Human Services (205) Leavitt Group Enterprises (130)

SECURE NET LEASE | 9 LOCATION OVERVIEW DOLLARGENERAL | ROMEO, COLORADO

ROMEO COLORADO

305 POPULATION $19,167 MEDIAN HOUSEHOLD INCOME

Romeo is a town located in Conejos County, Colorado. As the county seat and the Alamosa is also home to twomedical clinics, a regional hospital (San Luis Regional most populous municipality of Alamosa County, Alamosa is steadily growing with Medical Center), and an airport (San Luis Valley Regional Airport). Two Colleges extensive construction and improvements to infrastructure and local retail centers. claim Alamosa as their home; Adams State University: a four-year, state-supported Alamosa has become the natural hub for retail and services to the San Luis Valley. university founded in 1921, and Trinidad State Junior College: a two-year college that offers many degrees. Alamosa is home to Cattails Golf Course, an 18-hole championship course with a clubhouse that opened in 2008. As of 2017, the city Alamosa is a great place to do business. The towns EDC can help you population was approximately 9,871 people. Alamosa was known for the Rio through the necessary process to get your business up and running Grande Railroad and was an important rail center. The railroad had an extensive quickly.As a rural enterprise zone the are many tax credits that will construction, repair and shipping facility in Alamosa for many years and assist businesses in their growth. headquartered its remaining narrow gauge service here with trackage reaching many points throughout southwest Colorado and northern New Mexico. The Home to Alamosa National Wildlife Refuge, San Luis State Park, and the Great railroad now offers a ride aboard the Rio Grande Scenic Railroad. Alamosa is now Sand Dunes National Park, Alamosa has seen a 25% increase in tourism in 2017 a notable tourist town with many nearby attraction, including the Great Sand from the previous year. Alamosa is a city under Home Rule Municipality that is the Dunes National Park and Preserve, and Colorado Gators Reptile Park. county seat and the most populous municipality of Alamosa County, Colorado. The city of Alamosa is thecommercial center of the San Luis Valley in south-central POPULATION HAS THE MOST FAMOUS Colorado. There are multiple supermarkets, fast food restaurants, and pharmacies. INCREASED 16.41% FEATURE, THE TALLEST 16.41% SINCE THE MOST SAND DUNES IN NORTH RECENT CENSUS. AMERICA.

10| SECURE NET LEASE INTHENEWS DOLLARGENERAL | ROMEO, COLORADO

NEWCITYPARKONTHERIOGRANDE SAN LUIS VALLEY POPULATION CONTINUES TO September 27, 2019 (Alamosa News) GROW; SAGUACHE INCREASES THE MOST Author Name, Month XX, XXXX (Publication Name) “The vision of the Alamosa Riparian Park has been realized, thanks to our partnership with the City of Alamosa and the many community supporters who According to new data released by the U.S. Census Bureau, all but nine helped make this happen,” said Dieter Erdmann, Western Rivers Conservancy’s Colorado counties grew in population from 2016 to 2017. El Paso County had Interior West Program Director. “The park preserves a valuable stretch of the largest county increase in the state of 12,526 followed by Weld with 10,390 wildlife habitat on the upper Rio Grande and provides excellent trail access that more residents, Denver increased by 9,844, Douglas saw 7,577 more and connects residents and visitors to the great river in the city’s backyard.” Arapahoe gained in population by 6,103.

"This marks a significant change from 2011 when 36 counties experienced ALAMOSA — The City of Alamosa along with Western Rivers population declines," states a Colorado Department of Local Affairs press Conservancy just added a 203-acre riverfront park to the city’s open release from March 23. space offerings. Named Alamosa Riparian Park, this new public open space is the result of a two-year effort by Western Rivers Conservancy, the city and a long list of partners toconserve a mile of the Rio Grande Alamosa County led the Valley in natural change with an increase of 86 and create new opportunities for recreation along its banks. residents and yet the county had only had net migration of nine. The estimated population for 2017 is 16,551.

Located just northwest of Alamosa, the park will serve as an upstream anchor for the city’s growing network of pedestrian and bike trails, adding more than Population estimates are calculated on July 1 each year and show that Denver five miles of new trails on the property itself. is the largest county in the state at 704,621 people and El Paso is second with 699,232. “It’s wonderful to see the community unite around the shared desire to connect with the Rio Grande,” said Andy Rice, Parks, Recreation and Library Director for At 3.4 percent Saguache County had the seventh highest growth rate in the the City of Alamosa. “Alamosa Riparian Park meets our residents’ needs for our state and the largest in the San Luis Valley. The population surged from 6,407 burgeoning outdoor recreation and trail usage that center on the Rio Grande, in 2016 to 6,626 in 2017. According to DOLA Chief Administrative Office Natriece making our city more healthy and vibrant.” Bryant, part of the increase is due to a natural change of 19 residents—the difference between births and deaths—yet the majority is due to a net migration of 200 new residents.

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SECURE NET LEASE | 11 METRONAME DOLLARGENERAL | ROMEO, COLORADO

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