Bahama Breeze

NEW BAHAMA BREEZE ON A 10-YEAR GROUND LEASE IN AMERICA’S #1 TOURISM DESTINATION AND FASTEST GROWING JOB MARKET ICONIC REAL ESTATE WITHIN A 6-MINUTE DRIVE TO UNIVERSAL STUDIOS AND ACROSS FROM A TOP 10 U.S. RETAIL ASSET

17 Million Annual Visitors Downtown 6 Miles TopTop 1010 U.S.U.S. RetailRetail AssetAsset Orlando 19.7 Million Annual Visitors 6 minute DRIVE FROM 10th and 14th Most Visited Theme Parks in the World OAK RIDGE TO UNIVERSAL

Major Blvd

Interstate I-4 Express Lane Ramps - Under Construction 4 172,000 VPD

Grand National Dr Oak Ridge Road 25,000 VPD

International Drive 27,000 VPD ACTUAL LOCATION BAHAMA BREEZE 5620 W OAK RIDGE RD | ORLANDO, FL CLICK TO VIEW INVESTMENT ADVISORS PROPERTY VIDEO MICHAEL BREWSTER Director 407.745.3911 [email protected]

MARC MANDEL Managing Director 484.532.4212 [email protected]

STEVE SCHRENK Director 484.532.4213 [email protected]

BRAD PETERSON Senior Managing Director 407.745.3910 [email protected]

WHITAKER LEONHARDT Senior Director 407.745.3916 [email protected] ACTUAL LOCATION

FINANCING Holliday Fenoglio Fowler, L.P. (Collectively “HFF”) REBECCA VANREKEN This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to Managing Director the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business 407.745.3912 or affairs of the property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained [email protected] in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective investors.

HFF Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or 250 S. Park Avenue making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, Suite 360 delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived. Winter Park, FL 32789 The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose HFF or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the 1700 Market Street need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the property. The Recipient and the need to know parties agree to keep this Offering Memorandum and Suite 3232 all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient Philadelphia, PA 19103 has no interest in the property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF. ACTUAL LOCATION Investment Summary BAHAMA BREEZE | 5620 W OAK RIDGE RD | ORLANDO, FL · · ·

INVESTMENT SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) Net Lease Advisory is pleased to exclusively offer a premier net lease opportunity to acquire a single tenant Bahama Breeze (the “Property”) located in Orlando, FL, on a new 10-year corporate ground lease.

ICONIC LOCATION – Bahama Breeze is one BEST-OF-THE-BEST RETAIL MARKET – #1 TOURISM MARKET – Bahama of two Darden restaurants within a 6-minute Bahama Breeze is located immediately across Breeze is in the heart of Orlando’s drive from Universal Orlando (19.7 million from the Simon-owned Orlando International tourist corridor and Orlando is the #1 annual visitors) and is directly connected via Premium Outlets, a Top 10 U.S. Retail Asset most visited city in the U.S. with over 72 the new Grand National Drive overpass–a based on sales around $1,000 PSF and rents million visitors in 2017, an all-time U.S. soon-to-be access point for I-4 Express rumored to be $100+ PSF. record and 66% increase since 2009. Lanes under construction.

INVESTMENT GRADE CREDIT – Bahama Breeze has NEW LEASE & PROTOTYPE STORE – New long-term 41 locations with 44% concentrated in Florida and the ground lease with nearly 10 years of term remaining and chain achieves the 3rd highest sales PSF for Darden 10% rent increases every 5 years. The corporate lease was concepts ($729 PSF). Darden Restaurants (NYSE: signed by Bahama Breeze Holdings, LLC, and guaranteed DRI), carries an investment-grade credit rating from by GMRI, Inc, both subsidiaries of Darden Restaurants. S&P (BBB), Moody’s (Baa2), and Fitch (BBB).

$6,740,000 ASKING PRICE 4.75% CAP RATE $320,000 NOI 9.6 Years REMAINING LEASE TERM

ACTUAL LOCATION

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 4 · · · INVESTMENT HIGHLIGHTS

#1 JOB GROWTH – Orlando has ranked #1 for Employment Growth for 8 STRONG LOCAL DEMOGRAPHICS – Orlando’s Tourist Corridor is dense and consecutive months since May 2018 with 4.0% year-over-year job growth as of growing with a population of 92,570 residents within 3 miles of Bahama Breeze December 2018, compared to the 1.8% national average (BLS). and a growth projection of 9.1% through 2024.

WORLD-RENOWNED DESTINATION – TARGETED AFFLUENT SHOPPERS – Located 1.5 PREMIER MIXED-USE DEVELOPMENT – Grand International Drive features over 43,000 hotel miles from the Mall at Millenia, another Top 10 U.S. National is slated to provide a built-in customer rooms and connects Grand National to the 2nd Retail Asset, LongHorn Steakhouse is in one of the base from the planned TownePlace Suites by largest convention center in the United States— best performing retail submarkets in America. Mall Marriott (160 rooms) plus potential for apartments the Orange County Convention Center (1.4 million at Millenia attracts the most affluent domestic and and additional commercial uses. annual visitors). international shoppers.

INSTITUTIONAL TRADE AREA – The Millenia/North I-Drive trade area has I-4 ULTIMATE PROJECT & EXPRESS LANES – The $2.3 billion, 21-mile rebuild attracted significant institutional and ultra-high net worth investment due to of Interstate 4 is adding express lanes, two in each direction, to the center of immense traffic generators, central location, renewed infrastructure, and growing I-4. Grand National Drive will be an entry and exit point for express lane traffic, population. Since 2018, investors have poured over half a billion dollars into generating a new influx of tourists and residents from Greater Orlando into commercial real estate within 2.5 miles of Grand National, including acquisitions Grand National as a result of smoother travel. Scheduled completion is 2021. by Blackstone, Starwood, Barings, Walt Disney, and Comcast.

ACTUAL LOCATION

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 5 · · ·

NORTHEAST VIEW MALL AT MILLENIA DowntownDowntown OrlandoOrlando Prior to 2002, The Florida Mall, which was anchored by Saks Fifth Avenue, Nordstrom, Dillard’s and Macy’s, was the primary tourist 666 Miles MilesMiles6 shopping destination. However in 2002, the 1.2 million square foot Mall at Millenia opened, which is anchored by Bloomingdale’s, Neiman-Marcus, and Macy’s. Because of easier access for tourists via Interstate 4, compared to The Florida Mall, the Mall at Millenia has become the preferred mall for tourists. Additionally, the Mall at Millenia is one of the top 10 performing Malls in the United States with sales estimated at $1,400+ per square foot. Further, over the last few years, Saks Fifth Avenue and Nordstrom have both closed at the Florida Mall, further reinforcing the Mall at Millenia’s dominant stature for high-end shopping.

BUILT IN 2018

119,000 VPD

Interstate 4 172,000 VPD

I-4 Express Lane Ramps - Under Construction

Oak Ridge Road 25,000 VPD

“OVER 130,000 PEOPLE VISIT, WORK, OR LIVE WITHIN 6-MINUTES OF THE SUBJECT PROPERTY EVERY DAY.” ORLANDO INTERNATIONAL PREMIUM OUTLETS DRIVETIME TRAFFIC GENERATOR PER DAY ANNUAL VISITORS The Orlando International Premium Outlets have previously been reported as a Top 10 U.S. Retail Asset based on sales around $1,000 1 MINUTE ORLANDO INTERNATIONAL PREMIUM OUTLETS 46,575 17,000,000 PSF. The Outlets opened in 2008 and were subsequently sold to Simon Property Group in 2010. Today, featuring Coach, Tory Burch, Saks Fifth Avenue O Fifth, and other premium stores and brands, it is one of the most successful retail projects in the world. H&M is 2 MINUTES FUN SPOT AMERICA! 1,370 500,000 projected to open in August 2019. Because of the tra ic pattern, many visitors circulate the outparcels at Grand National, which 6 MINUTES UNIVERSAL ORLANDO 54,101 19,747,000 provide co ee, dining, and service-oriented retail. 1-6 MINUTES DAYTIME RESIDENTS 8,696 - 1-6 MINUTES DAYTIME WORKERS 19,467 - 1-6 MINUTES TOTAL 130,210 N

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 6 · · ·

UNIVERSAL ORLANDO NORTHWEST VIEW Welcoming 19.7 million annual visitors, Universal Studios and Islands of Adventure are the 10th and 14th most visited parks in the world, respectively. Universal Orlando has increased visitors by more than 20.4% since 2014, compared to Disney’s 8.5% growth over the same timeframe. Universal’s success has been driven by new attractions and resorts such as The Wizarding World of Harry Potter, Fast & Furious Supercharged, Volcano Bay (the 6th most visited water park in the world), Cabana Bay Beach Resort (1,800 rooms), and Sapphire Falls Resort (1,000 rooms). Universal is adding a Harry Potter themed roller coaster and Bourne Identity show in 2019, plus upcoming rumored Nintendo, Pokemon, and Jurassic Park attractions.

holiday inn Doubletree by hilton & suites Hyatt House extended stay america Hyatt place Major Blvd

Interstate I-4 Express Lane Ramps - Under Construction 4 172,000 VPD Grand National Dr

Oak Ridge Road 25,000 VPD

GRAND NATIONAL DRIVE – INTERSTATE 4 OVERPASS & EXPRESS LANES The outparcels at Grand National are located on Oak Ridge Road, only 500 feet from the Grand National Drive – Interstate 4 overpass, which opened in August 2017. The overpass connects to Major Boulevard, which plugs directly into Universal Orlando (19.7 million annual visitors) and the surrounding hotels. Grand National Drive will be an entry and exit point for Interstate 4 Express Lanes under construction as part of the I-4 Ultimate Project. I-4 Express Lanes will provide smooth, convenient travel from Downtown Orlando to the northeast and Walt Disney World to the southwest. The I-4 Ultimate Project is scheduled to be completed by 2021 and the express lanes will deposit an influx of customers on Grand National Drive.

International Drive 27,000 VPD

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 7 · · · DEZERLAND ORLANDO CENTER International drive value center Dezerland Orlando Center is the former Artegon Marketplace anchored by Bass Pro Shops and Cinemark 20 Theaters. International Drive Value Center has an excellent line-up of today’s strongest investment grade retailers across a The Miami-billionaire family, Dezer Development, acquired the mall in January 2018 with plans for a massive broad spectrum of categories. Bed, Bath & Beyond (S&P: BBB), Ross Dress for Less (S&P: A-), TJ Maxx (S&P: A+), and mixed-use development including retail, tourist attractions, and residential uses. Dezer is seeking approval for a $70 dd’s Discounts (S&P: A-) all boast exceptional investment grade credit. Ross Dress for Less, TJ Maxx, and Bed Bath & million, 365-unit, five-story apartment complex. This is the first phase of the future $500 million addition with 2,000 Beyond have each been at the Property for more than 23 years. Anchor performance at the center is exceptional with apartments, 1,000 hotel rooms, and Dezerland Action Park including a 1,500 vehicle auto museum, bowling alley, one of the top performing Ross Dress for Less stores in the entire chain, a Bed Bath & Beyond which is rumored to go-kart track, arcade, ice skating, ninja obstacle course, trampoline park, and paintball course. be at the top of the district, and TJ Maxx which significantly outperforms company averages.

Outlet marketplace

International Drive 27,000 VPD

Oak Ridge Road 25,000 VPD

Grand National The 16.5-acre vacant site was acquired in July 2016 for $16.8 million ($1.0 million per acre). The combined estimated $100 million project is slated to include a TownePlace Suites by Marriott, apartments, and commercial uses.

SOUTHEAST VIEW

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 8 · · ·

INTERNATIONAL DRIVE International Drive is the center of gravity for business travelers, driven by the 2.1 million square foot Orange County Convention Center which THE ICON ORLANDO IS THE TALLEST OBSERVATION is the 2nd largest convention center in the United States. The conven- WHEEL ON THE UNITED STATES EAST COAST AT FT . MILLION ANNUAL VISITORS tion center hosts more than 1.4 million visitors annually through its TH MOST VISITED WATER PARK IN THE WORLD 200+ events, contributing $2.4 billion annually to the Orlando econo- my. Annually, more than 10 million business travelers come to Orlando for conventions, meetings, and trade shows and stay in the more than 43,000 hotel rooms along International Drive. International Drive 27,000 VPD FUN SPOT AMERICA! Fun Spot is a family-owned and operated theme park that welcomes over 500,000 visitors per year. In June 2013, the park underwent a 15-acre renovation and expansion. The Orlando location now boasts Central Florida’s only wooden roller coaster along with the second tallest SkyCoaster in the world. The park has 12 acres of undeveloped land for expansion. Grand National Dr

Oak Ridge Road 25,000 VPD

SOUTHWEST VIEW

| BAHAMA BREEZE | ORLANDO | FLORIDA Investment Summary 9 Metrowest Blvd yenaleD evA Eagle Nest Park noturB dvlB UV435 G423 · · G ·

S evA ednarG oiR 423 ednarG evA S COMPETITION AERIAL SINGLE TENANT STARBUCKS & DARDEN LOCATIONS G LB McLeod Rd Downtown Orlando 6 Miles

Interstate 527 4 UV Vineland Rd Conroy Rd Conroy Rd Millenia Blvd W Holden Ave Gatlin Ave

THE MALL AT MILLENIAL ORLANDO, FL

Americana Blvd

Vineland Rd

Millenia Blvd GRAND NATIONAL

OUTPARCELS W Oak Ridge Rd

UNIVERSAL ORLANDO drageniW dR MINUTE DRIVETIME Florida's Tpke W Lancaster Rd

International Drive

Dezerland Orlando Center: rD rollecnahC rD Proposed 2,000 Apartments and 1,000 Hotel Rooms

Bay Hill Blvd stnediserP rD Carrier Dr

UV482

Florida's Tpke International Dr

Universal Blvd 17 Big Sand Lake S Park Cir £¤ Interstate 4 G527A

Universal Blvd yendiS seyaH dR dR namhcaB dR

Thorpe Rd 4th St HEADQUARTERS

Since its founding in 1996, Bahama Breeze has been the go-to dining destination for Caribbean inspired food and a vibrant island atmosphere with live Caribbean soul and contemporary music every evening. Bahama Breeze opened two new stores in 2018, experienced an 8.7% increase in total revenues, and achieved a 2.4% increase in average sales per restaurant.

Darden Restaurants, headquartered in Orlando, FL, has a portfolio consisting of eight, differentiated restaurant brands including Bahama Breeze, Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52 and Eddie V’s. Darden creates memorable CORPORATE OVERVIEW dining experiences for 380 million guests each year in communities across North America. Darden is a leader in the U.S. casual dining industry with Headquarters Orlando, FL business strategies focused on streamlining menu options, simplifying Bahama Breeze Locations 41 restaurant processes, and deploying advanced technologies to improve Founded 1996 overall efficiency. Parent Company Darden Restaurants, Inc. (NYSE: DRI) Awards & Recognition S&P Credit Rating BBB • Ranked #9 in 2017 Business Insider 20 Best Chain Restaurants in America Moody’s Credit Rating Baa2 BAA3 www.bahamabreeze.com Fitch Credit Rating BBB

LEASE ABSTRACT $6,740,000 4.75% Asking Price Cap Rate

LEASE DETAIL TENANT RESPONSIBILITY DETAIL

Address 5620 W Oak Ridge Rd, Orlando, FL 32819 Tenant pays Landlord a fixed $10,000 each Lease Year with 2% annual CAM Payment increases each Lease Year. Landlord remits payment to the Declarant for Tenant Bahama Breeze Holdings, LLC (Subsidiary of Darden) Common Area Maintenance. Guarantor GMRI, Inc. (Subsidiary of Darden) Maintenance Tenant is reponsible for all maintenance, repairs, and replacements to the Store Type Corporate and Repairs Premises and Tenant’s Improvements at its sole cost and expense. Lot Area +/- 0.41 Acres Tenant shall maintain liability, property, and worker’s compensation Insurance Size 7,996 SF insurance. Year Built 2018 Insurance Tenant pays Landlord for Tenant’s Insurance Share of the Common Areas. Annual Rent $320,000 ($40.02 PSF) Payment Landlord remits payment to the Declarant for Common Area Insurance.

Lease Type NNN Ground Lease Tenant shall pay real estate taxes for the Premises directly to the taxing Parking Shared parking provided via condo association easement Taxes authority and Tenant shall pay Landlord for Tenant’s Tax Share of the Common Areas, and Landlord remits payment to the Declarant. Commencement Date September 27, 2018 Utilities Tenant is responsible for utilities supplied to the Premises. Lease Expiration September 30, 2028

Remaining Lease Term 9.6 Years

Remaining Options Four (4), Five (5) Year Options

RENT SCHEDULE LANDLORD RESPONSIBILITY DETAIL Annual Rent Description Dates Landlord remits payments from Tenant for Common Area Expenses to Rent Increase Payments Declarant including common area maintenance, insurance, and real Base Term: Years 1 - 5 9/27/2018 - 9/30/2023 $320,000 estate taxes.

Base Term: Years 6 - 10 10/1/2023 - 9/30/2028 $352,000 10.0%

Option Term: Years 11 - 15 10/1/2028 - 9/30/2033 $387,200 10.0%

Option Term: Years 16 - 20 10/1/2033 - 9/30/2038 $425,920 10.0% DECLARANT RESPONSIBILITY DETAIL Declarant maintains the Common Elements including paving, curbing, Option Term: Years 21 - 25 10/1/2038 - 9/30/2043 $468,512 10.0% Common Elements striping, landscaping, lighting, utility expenses, insurance expenses, and Option Term: Years 26 - 30 10/1/2043 - 9/30/2048 $515,363 10.0% real estate taxes attributable to Common Elements.

| BAHAMA BREEZE | ORLANDO | FLORIDA Financial Analysis 14 · · · SITE PLAN

oak ridge rd (25,000 VPD)

Taco Bell

Beachworks

Planet Sunlgasses Electronics

Scooter Rentals Acai Concept

Brazilian Restaurante Steak & Grill Disney Gifts Good Vibrations Ink J-Petal Japanese

Himas Indian Cuisine International Drive (27,000 VPD) Liquor Store Luggage Perfume Outlet

Orlando Ticket Store

Athletic Planet

Tony’s Brazilian Grill

Perfumeland Megastore

2019 Projected Construction Start

McDonald’s

infrastructure New DEvelopment Ultimate I-4 Over $15 billion of infrastructure Orlando investment underway in Orlando INCREASE IN MEDIAN SALES PRICE FOR ORLANDO BILLION 9.4% SINGLE-FAMILY HOMES IN MSA MSA Economic Overview Orlando $2.3 renovation UNDERWAY ON A 21-MILE STRETCH OF I-4 POPULATION & DEMOGRAPHICS Lake Nona unemployment RATE Orlando Beltway BILLION economic 30,000 $80,343 2.7% BILLION $7.6 activity JOBS CREATED Avg. Household Income (As of dec. 2018) to complete Orlando’s by 2020 2.5 MILLION $1.6 Beltway System residents in Orlando Cost of Living Index: Florida’s 3rd EMPLOYMENT $430 48,000 largest & fastest Orlando International Airport MILLION global training and ATTENDEES growing MSA 93.5 Projected at the (National average is 100%) BILLION conference center 60,800 JOBS expansion planned by KPMG KPMG facility TOURISM were created in Orlando MSA from $3.1 nd October 2017 to October 2018 2 LARGEST airport busiest IN FLORIDA Tourist Destination in the World MILLIOn ANNUAL Creative Village Downtown #1 #5airport ACRES REDEVELOPED MILLION (IN THE U.S (O&D TRAFFIC) 44.5 passengers as mixed-use, transit oriented 72 visitors 68 urban neighborhood SunRail Ridership has 4.7% increased in each STUDENTS Spending MILLION passengers of the last 12 JOB GROWTH in its first year months from UCF & Orlando ranked #1 in the 1 of operation 7,700 Valencia College nation for % job growth $50 an all-time record through March 2018 BILLION for U.S. Travel IN 2017 Universal Studios MSA CONVENTION CENTER HOME OF 5 OF 10 Top Theme Parks in the World in Florida for million #1Wage Growth (2017) nd BUSIEST expansion ACRES RANKINGS 2 IN THE U.S. $500 under-way 600 PURCHASED FOR THEME PARKS CITY IN AMERICA to AMERICAN CITY $ $ $ near Convention Center for new theme parks #1 INVEST IN HOUSING top OF THE FUTURE business (Forbes Magazine) Large cities category Companies with HQ in Orlando Best City for White #6 HUMAN RESOURCES Disney World #2Collar JOB GROWTH #8 INFRASTRUCTURE 3.4% (Realtor.com) #9 LARGE CITIES FOR WAGE GROWTH NEW THEMED FASTEST-GROWING City FOREIGN DIRECT annually in Orlando. 8 ATTRACTIONS #4 of America in 2018 INVESTMENT IN THE U.S. Leads Florida (3.0%) and (Forbes Magazine) (fDi Magazine) exceeds National Growth (3.0%) will be added to Walt Disney Resort within the next 4 years.

| BAHAMA BREEZE | ORLANDO | FLORIDA Market Overview 17 · · ·

Hamlin Town Center 316 Luxury Multifamily Lake-Front Unnits Dezerland Orlando 180 OUTLETS STORES Subject Property Grand national Center Existing Universal citywalk under construction / Redevelopment

Interstate Under Construction 4 fUTURE mICHAEL dEZER pLANNED aUTO mUSEUM Economic drivers icon orlando “Orlando eye” 400 foot observation wheel Multilevel Go Kart Track, Arcard, Ropes 270 STORES Course with Zip Line, VR Racing Simulators, Laser Tag, Bowling Alley Universal’s New 800 Acre Theme Park pointe orlando Orlando rumored / planned International Airport

disney springs vineland pointe 450K SF Retail shopping center

waterstar orlando 160 OUTLETS STORES 262K SF of Retail, Dining & Entertainment 2 Apartment Towers (300 Keys) 1 Hotel (150 Keys

Sunset walk at 27 Margaritaville resort 192 W IRLO BRONSON MEMORIAL HWY Magic place $3 Billion, 500 acre mixed use development Phase I of III: Hotel (250 Keys), 80K SF Retail

Interstate 4

Best-in-class retail, dining, encore resort and entertainment at reunion Hotel (187 Keys) 160 Luxury Vacation Homes with Water Water Park (12 Acres) Park and Restaurants 1,200 Vacation Homes, Luxury Condos, and Timeshares Orlando Destination Retail |

| BAHAMA BREEZE | ORLANDO | FLORIDA Market Overview 18 · · ·

TRADE AREA DEMOGRAPHICS

POPULATION

3 MILES 5 MILES 7 MILES 2010 Census 75,875 194,970 346,918 2019 Estimate 92,570 229,976 411,005 2024 Projection 100,985 249,027 443,982 Growth 2019 - 2024 9.1% 8.3% 8.0%

HOUSEHOLDS

3 MILES 5 MILES 7 MILES 3 MILES 5 MILES 2010 Census 29,912 72,908 128,960 7 MILES 2019 Estimate 37,090 86,782 154,322 2024 Projection 40,577 94,192 167,053 Average Household Income $69,893 $73,479 $77,760 Median Household Income $48,204 $46,738 $50,338

ACTUAL LOCATION

| BAHAMA BREEZE | ORLANDO | FLORIDA Market Overview 19 INVESTMENT ADVISORS

MICHAEL BREWSTER Director 407.745.3911 [email protected]

MARC MANDEL Managing Director 484.532.4212 [email protected]

STEVE SCHRENK Director 484.532.4213 [email protected]

BRAD PETERSON Senior Managing Director 407.745.3910 [email protected]

WHITAKER LEONHARDT Senior Director 407.745.3916 [email protected]

FINANCING

REBECCA VANREKEN Managing Director 407.745.3912 [email protected]

HFF 250 S. Park Avenue Suite 360 Winter Park, FL 32789

HFF 1700 Market Street Suite 3232 Philadelphia, PA 19103 ACTUAL LOCATION