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CARIBOU COFFEE 520 JEFFERSON BOULEVARD • BIG LAKE, MN 55309 Affiliated Business Disclosure Property

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CARIBOU COFFEE 520 JEFFERSON BOULEVARD • BIG LAKE, MN 55309 Affiliated Business Disclosure Property FOR SALE CARIBOU COFFEE 520 JEFFERSON BOULEVARD • BIG LAKE, MN 55309 Affiliated Business Disclosure Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including CBRE, Inc. operates within a global family of companies with many subsidiaries leases and other materials, in summary form. These summaries may not be and related entities (each an “Affiliate”) engaging in a broad range of commercial complete nor accurate descriptions of the full agreements referenced. Additional real estate businesses including, but not limited to, brokerage services, property information and an opportunity to inspect the Property may be made available and facilities management, valuation, investment fund management and to qualified prospective purchasers. You are advised to independently verify the development. At times different Affiliates, including CBRE Global Investors, Inc. accuracy and completeness of all summaries and information contained herein, or Trammell Crow Company, may have or represent clients who have competing to consult with independent legal and financial advisors, and carefully investigate interests in the same transaction. For example, Affiliates or their clients may the economics of this transaction and Property’s suitability for your needs. ANY have or express an interest in the property described in this Memorandum (the RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT “Property”), and may be the successful bidder for the Property. Your receipt YOUR OWN RISK. of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to The Owner expressly reserves the right, at its sole discretion, to reject any or all disclose to you such Affiliates’ interest or involvement in the sale or purchase of expressions of interest or offers to purchase the Property, and/or to terminate the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the discussions at any time with or without notice to you. All offers, counteroffers, and best interest of their respective client(s), at arms’ length, not in concert, or in a negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct have any legal commitment or obligation except as set forth in a fully executed, their respective businesses in a manner consistent with the law and all fiduciary definitive purchase and sale agreement delivered by the Owner. duties owed to their respective client(s). Copyright Notice Confidentiality Agreement © 2019 CBRE, Inc. All Rights Reserved. Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. Disclaimer This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the INVESTMENT SUMMARY CARIBOU COFFEE | BIG LAKE, MN PRICE SUMMARY $1,350,000 6.00% CAP Rate New Drive-Thru Small Format “Cabin” Concept One of the first locations in theTwin Cities featuring the new drive-up and walk-up only ADDRESS format. 520 Jefferson Boulevard Big Lake, MN 55309 New 10-Year Lease APN Caribou Coffee signed a 10-year lease with an 8.64% rental increase at year 6 and 10% 65-019-4405 increases every 5 years thereafter throughout the renewal options. NET OPERATING INCOME $81,000 Brand New Construction - Estimated Completion Date is January 2020 The building is new construction built-to-suit according to Caribou Coffee’s specifications. BUILDING/LOT SIZE 550 SF/0.69 Acres Strong Parent Company YEAR BUILT Parent company is JAB Holding Company, an international private firm whose house of brands 2019-2020 includes Peet’s Coffee, Keurig Dr. Pepper, Panera, and more. LEASE TYPE NNN - Minimal Landlord Dominant Regional Coffee Brand Responsibility Caribou Coffee has more locations throughout theTwin Cities and state of Minnesota than any of its competitors, making it the dominant brand in the market. TERM REMAINING 10 Years Strong Travel Corridor OPTIONS Conveniently located on Highway 10, a major “cabin-bound” travel route for Minneapolis-St. Three 5-Year Options Paul residents driving to second homes located in the Brainerd Lakes Area. Highway 10 is also an alternate route for drivers commuting between St. Cloud and Minneapolis-St. Paul. TYPE OF OWNERSHIP Fee Simple INVESTMENT SUMMARY CARIBOU COFFEE | BIG LAKE, MN LEASE SUMMARY RENT SCHEDULE Lease Structure: NNN - Minimal Landlord Responsibility Lease Term Lease Years Monthly Rent Annual Rent Rent/SF Increase (%) Tenant & Landlord - Landlord responsible for roof Roof: replacement only. Roof maintainence and repair Primary: 1 - 5: $6,750 $81,000 $147.27 responsibility of Tenant. 6 - 10: $7,333 $88,000 $160.00 8.64% Structure: Landlord Option 1: 11 - 15: $8,067 $96,800 $176.00 10.00% HVAC: Tenant Option 2: 16 - 20: $8,873 $106,480 $193.60 10.00% Common Area: Tenant Tenant & Landlord - Landlord responsible for resurfacing Option 3: 21 - 25: $9,761 $117,128 $212.96 10.00% Parking: parking lot as deemed necessary. All other is Tenant responsibility. V Property Taxes: Tenant Utilities: Tenant Tenant - Tenant to reimburse Landlord for Landlord’s Insurance: property and liability insurance, and is responsible for carrying comprehensive liability insurance. ROFR: Tenant does not have a ROFR Tenant to provide entity level financials following request Sales Reporting: by Landlord, but no more than once per year. TENANT SUMMARY CARIBOU COFFEE | BIG LAKE, MN TENANT SUMMARY Ownership Private Tenant Caribou Coffee Inc. Systemwide Sales $292M (2017) “Caribou Coffee is proud to announce Lease Guarantor Corporate John Butcher has been appointed No. of Locations 798 Corporate & Franchised Stores President & CEO. Butcher has served as President of Caribou Coffee since Headquartered Brooklyn Center, MN joining the company in June of 2017.” Years in the Business 26 Years Website www.CaribouCoffee.com “Caribou Coffee names John Butcher CEO”, www.franchising.com January 21, 2019 V CARIBOU COFFEE Founded in 1992, Caribou Coffee is the second largest company-operated premium coffeehouse in the United States with over 200 company-owned locations nationwide. Caribou Coffee also has over 120 domestic license locations in 22 states, and over 200 international franchise stores in 1 countries. Caribou Coffee provides high quality, handcrafted beverages and food options to fuel life’s adventures, both big and small. Known for a commitment to sustainability, the Company was the first major U.S. coffeehouse to serve 100% Rainforest Alliance Certified™ coffees and espresso. Caribou Coffee products can also be found in grocery stores, mass retailers, club stores, foodservice providers, hotels, entertainment venues and online. Caribou was acquired by German conglomerate JAB Holdings in 2012 for $340 million. JAB’s portfolio includes other well-known national brands such as Peet’s Coffee, Dr. Pepper Keurig, and Panera Bread. The business boasts 798 owned and franchised locations in 23 states, Washington, D.C., and 12 countries. Its beans sell in grocery stores in all 50 states, and the retail chain has bragging rights as the No. 1 coffee shop in Kuwait. In 1998, Caribou had 90 stores and $70 million in revenue. JAB won’t disclose Caribou’s current sales, but retail experts estimate that Caribou likely exceeds $500 million in annual revenue. AERIAL - EAST FACING CARIBOU COFFEE | BIG LAKE, MN MINNEAPOLIS-ST.PAUL 45 MILES BIG LAKE STATION PARK & RIDE PIZZA BIG LAKE PUB SMOKE SHOP LAKE LIQUOR FUDGIN’ DELICIOUS ICE CREAM OLIVE TO TAN SUNLESS TANNING AERIAL - NORTHWEST FACING CARIBOU COFFEE | BIG LAKE, MN BIG LAKE BIG LAKE HIGH SCHOOL BIG LAKE ELEMENTARY MIDDLE SCHOOL SCHOOL PIZZA PUB BIG LAKE LAKE SMOKE SHOP LIQUOR EXCELLENT CORNER VISIBILITY CARIBOU COFFEE | BIG LAKE, MN AERIAL CARIBOU COFFEE | BIG LAKE, MN BIG LAKE HIGH SCHOOL EAGLE LAKE RD ,000 VEHICLES BIG LAKE MIDDLE SCHOOL BIG LAKE ELEMENTARY SCHOOL LAKE PIZZA LIQUOR PUB BIG LAKE CITY HALL BIG LAKE SMOKE SHOP 21,000 VEHICLES BIG LAKE STATION PARK & RIDE MARKET SUMMARY CARIBOU COFFEE | BIG LAKE, MN A rapidly growing enclave located between the metropolitan areas of St. Cloud and Minneapolis-St. Paul, Big Lake, Minnesota, has experienced rapid growth since 2000. The population is forecasted to grow by over 80% between 2000 and the year 2024. Big Lake is conveniently located 25 miles from the St. Cloud Airport and 45 miles from the Minneapolis-St. Paul International Airport, making the city the perfect location for commuters desiring lower cost of living in more pastoral, suburban settings. Sherburne County supports an array of major employers, including two telecommunications centers for Target and United Health Care. Cargill’s poultry processing plant and Remmele Engineering Inc.
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