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OFFERING MEMORANDUM

Tesla Service Plus Location Raleigh, NC

This property is listed in conjunction with -licensed real estate broker David Edmonds. www.preservewestcapital.com TABLE OF CONTENTS

PROPERTY HIGHLIGHTS 1 AERIALS 8

PROPERTY OVERVIEW 2 ABOUT THE AREA 11

TENANT INFORMATION 3 DEMOGRAPHICS 15

SITE PLAN 7

Disclaimer MGM Capital Corp dba Preserve West Capital (“Broker”) has been retained on an exclusive basis to market the property Putnam Daily described herein (“Property”). Broker has been authorized by the Seller of the Property (“Seller”) to prepare and distribute Partner the enclosed information (“Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of 415.445.5107 intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and [email protected] make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, CA RE License #01750064 you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. Vahe Nokhoudian The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person Associate without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the 415.445.5122 information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller [email protected] and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, CA RE License #01963342 members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must Michael Maffia independently confirm the accuracy of the projections contained in the pro forma. Managing Partner Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, 415.445.5144 to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a [email protected] purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with CA RE License #01340853 respect thereto.

Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information.

www.preservewestcapital.com PROPERTY HIGHLIGHTS

• Brand New 11-Year Corporate Net Lease to Tesla, Inc. (NASDAQ: TSLA) • Strategic "Research Triangle" Region Location

- Rare 2% Annual Rent Increases - More than Two Million Residents | 7,000+ Companies | 700+ International Companies • Tesla Has Now Been Profitable for Five Straight Quarters - 76+ People Move to Region Daily - Despite Closure of Main Factory for Nearly Half of Q2, Tesla Still Able to Achieve Profitabiltiy • Robust & Affluent Demographics in Surrounding Area

• Tesla Reported Net Income of $331 Million in Q3 of 2020 - Total Daytime Population of 1,236,603 within 15 Mile Radius

- Total Revenue of $7.61 Billion - Average Household Income of $116,130 within 5 Miles of Site

- Market Capitalization of $404 Billion - 65% of Population in 5 Mile Radius has Earned Bachelor’s Degree or Higher – More than 2x National Average • S&P Upgraded Credit Rating to BB in December 2020 • Tesla has Expansion Rights at Tenant's Own Cost and • Consensus Building that Tesla is the EV Leader and will Sustain its Expense at Site, Ensuring Long-Term Tenancy and Reducing Growth and Production Levels Relocation Risk as Operations Expand • Mission-Critical Location for Flagship Tesla Dealership in the • Tenant is Open for Business and Has Certificate of Occupancy Carolinas & Southeast U.S • Excellent Visibility & Access Along Highly Trafficked - “Service Plus” Design is in Line with Tesla’s Long Term Objectives Glenwood Avenue (44,580 AADT) • This Location is One of Only Two Service Centers in the Carolinas

- Primary Location Servicing Central and Eastern NC

PRESERVE WEST CAPITAL | 1 PROPERTY OVERVIEW

Location The property is located at 7101 Glenwood Avenue in Raleigh, North Carolina. PRICE Lot Size Approximately 3.46 acres, or 150,718 square feet. $13,544,000 5.65% CAP Rate Improvements Redevelopment completed in 2020 of an approximately 38,745 square foot building for Tesla. Net Annual Income

Parking Years Annual Rent Rent PSF Return There are 184 parking spaces available on site. Year 1 $765,214 $19.75 5.65% Year 2 $780,712 $20.15 5.76% Financing Year 3 $796,210 $20.55 5.88% Year 4 $812,095 $20.96 6.00% This property will be delivered free and clear of permanent financing. Year 5 $828,368 $21.38 6.12% Year 6 $845,028 $21.81 6.24% Lease Year 7 $862,076 $22.25 6.37% Leased to Tesla, Inc. for 11 years from an estimated commencement date of Year 8 $879,512 $22.70 6.49% January 2, 2021 through January 31, 2032 at an initial annual rent of $765,214. Year 9 $896,947 $23.15 6.62% There are three (3) five-year options to renew the lease. Rent is to increase by Year 10 $914,769 $23.61 6.75% 2.00% annually throughout the initial term and option periods. The lease is net with Year 11 $932,980 $24.08 6.89% tenant responsible for taxes, insurance, and maintenance, excluding roof, structural Year 12 (Option 1) $951,577 $24.56 7.03% elements, and capital repairs or replacements to the HVAC system. Year 13 (Option 1) $970,562 $25.05 7.17% In the event tenant’s maintenance obligations would require tenant to incur a Year 14 (Option 1) $989,935 $25.55 7.31% capital expense exceeding $25,000, landlord will perform such work and tenant will Year 15 (Option 1) $1,009,695 $26.06 7.45% reimburse for the cost of the item amortized over its useful life for the remainder of Year 16 (Option 1) $1,029,842 $26.58 7.60% the term. Year 17 (Option 2) $1,050,377 $27.11 7.76% Year 18 (Option 2) $1,071,299 $27.65 7.91% Year 19 (Option 2) $1,092,609 $28.20 8.07% Right of First Refusal Year 20 (Option 2) $1,114,306 $28.76 8.23% Year 21 (Option 2) $1,136,778 $29.34 8.39% Tenant shall have the right of first refusal to purchase the property on the same Year 22 (Option 3) $1,159,638 $29.93 8.56% terms and conditions as any bona fide third party offer received by the landlord Year 23 (Option 3) $1,182,885 $30.53 8.73% by providing written notice to the landlord within fifteen (15) business days of Year 24 (Option 3) $1,206,519 $31.14 8.91% receiving written notice of such an offer. Year 25 (Option 3) $1,230,541 $31.76 9.09% Year 26 (Option 3) $1,255,338 $32.40 9.27%

PRESERVE WEST CAPITAL | 2 ABOUT THE TENANT

Tesla, Inc. (NASDAQ: TSLA), formerly Tesla Motors, Inc., is an American electric vehicle and clean energy company based in Palo Alto, . The company specializes in electric vehicle , battery energy storage from home to grid scale, and solar panel and solar roof tile manufacturing. Its main vehicle manufacturing facility is at Tesla Factory in Fremont, California, with other major facilities including Giga Nevada, Giga New York, and Giga Shanghai. Tesla gained popularity with its first vehicle, the Tesla Roadster, which was the first fully electric sports car. Since then, the company’s main products include the Model S, Model 3, Model X, and Model Y cars, and the Powerwall, Powerpack, and Additionally, on July 1, 2020, Tesla reached a market capitalization of $206 Megapack batteries. The company’s latest vehicle is the Cybertruck, an all-electric billion, surpassing Toyota to become the world’s most valuable automaker by pickup truck style vehicle. In addition, the company has announced plans to begin market capitalization. limited-scale production of their new Tesla Semi design in 2021. The company was able to overcome challenges brought forth by the COVID After 11 years in the market, Tesla ranked as the world’s best-selling plug-in and pandemic and achieved profitability in its most recent quarter, even with its battery electric passenger car manufacturer in 2019, both as a brand and by main production factory being closed for nearly half the quarter. automotive group, with a market share of 17% of the plug-in segment and 23% of 2020 Third Quarter Financials the battery electric segment. In March 2020, the company surpassed the 1 million mark of electric cars produced, becoming the first auto manufacturer to achieve In the third quarter of 2020, Tesla reported revenue of $7.61 billion (47% such a milestone. QoQ increase), net income of $331 million (218% QoQ increase), and total stockholder equity of $16.03 billion. The company was able to bolster its cash Tesla markets and sells cars directly to consumers through an international and cash equivalents to a total of $14.5B, an increase of $5.9B QoQ. As of network of company-owned stores and galleries. Its locations are highly visible, October 22, 2020, Tesla has a market capitalization of $402 billion. premium outlets in major metropolitan markets, some of which combine retail sales and service, operating as “Service Plus” locations. The company now This marks Tesla recording five straight profitable quarters in a row. The operates more than 466 store and service locations globally and operates a mobile company reported a record number of vehicle deliveries for Q3 of 139,593. service fleet of 780 units. Tesla has also established 2,181 supercharger stations Tesla cars accounted for 81% of the battery electric vehicles sold in the United and 19,437 supercharging connectors across the globe. 99% of the U.S. population States in the first half of 2020. now lives within 150 miles of a supercharger, with plans to continue adding Tesla now has the capacity installed to produce and deliver 500,000 vehicles locations, enabling the company to expand markets for its vehicles nationwide. for this year. The company remains focused on its target of delivering half a 2020 Second Quarter Financials million vehicles for 2020. In the second quarter of 2020, Tesla reported revenue of $6.04 billion, net income As of December 2020, S&P upgraded Tesla's credit rating to BB, indicating the of $104 million, and total stockholder equity of $9.86 billion. company's credit is now close to investment grade. From July 2019 to June 2020, Tesla recorded four profitable quarters in a row for For more information, please visit www.tesla.com. the first time, which made it eligible for inclusion in the S&P 500.

PRESERVE WEST CAPITAL | 3 GIGAFACTORIES

Chinese Market & Shanghai Gigafactory In April of 2018, China announced a plan to ease restrictions on foreign-owned businesses in China by the end of 2018, paving the way for Tesla to gain a foothold in the massive electric vehicles market in China, by far the largest market in the world. As of December 2019, China had the largest stock of highway legal plug-in passenger cars with 3.4 million units, 47% of the global fleet in use. This change has also allowed Tesla to move forward with plans to open manufacturing facilities in China. In July of 2018, the company announced plans to construct a new plant in Shanghai (its first Gigafactory outside of the ), which will enable the company to bypass the 40% import tariff on the vehicles and offset current cost disadvantages in the Chinese market. By the fourth quarter of 2019, fewer than 12 months after breaking ground, the Shanghai Gigafactory had produced nearly 1,000 new vehicles. Tesla expects to achieve a production rate of approximately GIGAFACTORY SHANGHAI 4,000 Model 3 vehicles a week by mid-2020. The Model 3 has received a strong reception in China, becoming the best-selling electric vehicle in the country. Construction for Model Y lines in the Shanghai factory is progressing as planned, with first deliveries expected in 2021.

Upcoming Austin, TX and Berlin, Germany Gigafactories Tesla is currently in the process of building two additional Gigafactory facilities located in Berlin, Germany and in the Austin, Texas area. Tesla first announced its plans for Gigafactory Berlin in November 2019. The company recently finished the land preparation phase and is in the construction phase for its Gigafactory project in Berlin. They are on track to start the first Model Y deliveries from this factory in 2021. TESLA FILE PHOTO (ROADSTER) On July 23, 2020, Tesla picked Austin, Texas as the site of its Gigafactory 5. Tesla’s Gigafactory in Travis County will encompass 2,000 acres and will be roughly 15 minutes from downtown Austin. The facility will be used to build the company’s Battery Day Cybertruck, its Semi and the Model 3 and Model Y for the eastern half of North On September 22, Tesla hosted Battery Day where it described a path to reducing America. battery pack cost per kWh by 56%, enabling production of a profitable $25,000 vehicle. Additionally, due to a simpler cell manufacturing process, the company believes its capex per GWh of battery capacity should decline by 69% compared to today’s production process.

PRESERVE WEST CAPITAL | 4 MODEL 3 PRODUCTION

About the Model 3 The Model 3 is a compact luxury sedan aiming to reduce the entry price for electric vehicles with a price point starting around $35,000. In January 2019, the Model 3 passed the Model S to become the top selling all-electric car in the U.S. ever, and in the following month it surpassed the Chevrolet Volt to become the all-time best-selling plug-in electric car in the U.S. The Tesla Model 3 ended 2019 as the world’s best-selling plug-in electric car for the second consecutive year, with just over 300,000 units delivered. In early 2020, the Model 3 surpassed the Nissan Leaf to become the world’s all-time best-selling plug-in electric car, with more than 500,000 units delivered. The Model 3 also ranked as the best-selling plug-in car in Europe in 2019, with over 95,000 units delivered during its first year in that market. The Model 3 received Automobile Magazine’s 2018 Design of the Year Award and has achieved a 93% customer satisfaction score according to company assessments, among numerous other accolades TESLA FILE PHOTO (MODEL 3) Model 3 Production Tesla has made significant progress ramping up Model 3 production in recent quarters, overcoming well-publicized production challenges. The company has Model 3 Deliveries continued to increase production rates and achieved their goal of producing 5,000 In the first quarter of 2020, the company produced 87,282 new Model 3 and Model Model 3 Vehicles per week in the second quarter of 2018. Modifications to the Y vehicles. In the second quarter of 2020, the company produced approximately Model 3 production line in late April 2018 and changes intended to address supply 82,272 Model 3 and Model Y vehicles and delivered approximately 90,891 bottlenecks increased the production rate dramatically. vehicles. Overall, Tesla delivered 300,815 Model 3 vehicles in 2019. The company has learned from its production challenges and has experienced substantial success ramping up new production lines and processes throughout 2019, with production expected to continue to grow into 2020 and 2021. Less Model 3 & Tesla Profitability than 12 months after breaking ground at Gigafactory Shanghai, the facility Tesla has now been profitable for five straight quarters. For the third quarter of has produced approximately 1,000 vehicles and demonstrated capacity to 2020, the company reported net income of $331 million, revenue of $7.61 billion, produce more than 3,000 units per week. As of Q3 2020, Model 3 production at and total stockholder equity of $16.03 billion. Gigafactory Shanghai has increased to 250,00 units a year. The company anticipates continued increases in Model 3 volumes due to As the volume of Model 3 production and deliveries increase, the company’s continuing high production rates and entry into international markets. operating margins continue to improve. Tesla recently installed additional machinery at the Fremont Factory, which has now increased total Model 3 and Model Y production capacity from 400,000 to 500,000 units per year. Production should reach full capacity toward the end of 2020 or at the beginning of 2021.

PRESERVE WEST CAPITAL | 5 INCREASED PRODUCTION & EXPANDING FLEET

Model Y New Tesla Roadster In March 2019, Tesla announced plans for a new all-electric compact SUV with up Tesla has also announced plans to release a new generation of its original Roadster to 300 miles of range priced at approximately $48,000 – nearly $20,000 less than model in 2020, with 0-60 acceleration in 1.9 seconds, a top speed exceeding 250 comparable all-electric SUVs currently on the market. Given the performance, miles per hour, and 620 miles of range. Additional alleged features including the equipment, size, and increased range of the vehicle, the company anticipates the “SpaceX package” of cold air thrusters installed on the vehicle, up to 3G of thrust, Model Y will become its most popular vehicle, with sales surpassing those of the and possibly the ability to hover or fly. The company anticipates that production Model S, Model X, and Model 3 combined. and delivery of the new Roadster model will begin in 2020, though likely not before Model Y production and deliveries commence. Because of the production efficiencies developed during the Model 3 manufacturing process, the company believes it will be able to rapidly deploy production lines for the Model Y that will offer both cost savings and faster production timelines. The Model Y is ahead of schedule with production having started at its Fremont plant in January 2020 and started deliveries in March 2020. The Model Y production line was operating for only four months in the first half of 2020 due to COVID-19 related shutdowns, but was still able to exit the second quarter with Model Y production running at installed capacity. This ramp-up was significantly faster than the initial Model 3 ramp up, which took more than nine months to reach the same weekly rate. The Fremont Factory is expected to increase total Model 3 and Model Y production capacity from 400,000 to 500,000 units per year. Tesla continues to build capacity for Model Y lines at Gigafactory Shanghai and Gigafactory Berlin and remains on track to start deliveries from both locations in TESLA FILE PHOTO (MODEL Y) 2021.

Tesla Semi & Cybertruck Tesla unveiled plans to develop an all-electric heavy-duty truck with a range of 300 to 500 miles, the Tesla Semi, in late 2017, drawing approximately 2,000 pre-orders by the end of Q1 2018. Though the company’s manufacturing efforts have largely been focused on Model 3 production and preparations for production of the Model Y, the company plans to begin production of the Tesla Semi in 2021. In addition, Tesla has developed an all-electric pickup truck style vehicle, known as the “Cybertruck”, with a steel “exoskeleton” and 7,500+ lb towing capacity. Production of the Cybertruck is expected to begin in 2021, and the company has already received substantial interest and preorders for the vehicle. Tesla received over 250,000 reservations within a week of unveiling the vehicle. According to Dan Ives of Wedbush Securities, his firm estimates that Tesla now has over 650,000 TESLA FILE PHOTO (MODELS 3, S, Y & SEMI) pre-orders for the Cybertruck.

PRESERVE WEST CAPITAL | 6 GLENWOOD AVE (44,580 AADT) 38745 SF SITEPLAN AERIAL CLOSE UP VIEW AERIAL SOUTHEAST VIEW

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SITE General Overview Raleigh (population 457,159) is the capital of the state of North Carolina, the seat of Wake County, and the second-largest city by population in North Carolina. The city benefits from a robust economic base in financial services, education, manufacturing, research and development, technology, pharmaceuticals, and more. The greater Raleigh area known as the Research Triangle serves as a hub for higher education and research and development: Raleigh is home to North Carolina State University, while nearby Durham and Chapel Hill are home to Duke University, North Carolina Central University, and University of North Carolina at Chapel Hill.

Major companies based in Raleigh include BB&T Insurance Services, Capitol Broadcasting Company, Carquest, First Citizens BancShares, , Martin Marietta Materials, PRA Health Sciences, Red Hat, Waste Industries, and Lulu. The city is a principal city of the Raleigh-Cary metropolitan statistical area, with a total population of 1,390,785 and MSA GDP of $83.7 billion. The city is also part of the Raleigh-Durham- Chapel Hill combined statistical area, with a population of approximately 2.07 million. ABOUT THE AREA

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The Research Triangle Region The Research Triangle, the largest research park in the United States, offers incredible access to talent through 17 colleges and universities, a competitive cost of living, a strong and diverse economic climate, and supportive infrastructure. The name is derived from Research Triangle Park and three Tier 1 research universities – Duke University, North Carolina University and University of North Carolina Chapel Hill.

Major companies operating within the Research Triangle include 3M, Caterpillar, Merck, Pfizer, Biogen, Novartis, Purdue Pharma, Thermo Fisher Scientific, IBM, Lenovo, Red Hat, Microsoft, Medfusion, Epic Games, Dell Technologies, Cisco, Citrix, Google, Infosys, Oracle, Bayer, United Therapeutics, Olympic Steel, Amcor, Clayton Homes, Revlon, Apex Tool Group, Cree, Schneider Electric, ATI Industrial Automation, GE Aviation, TE Connectivity, Austin Quality Foods, Godwin Manufacturing, Teleflex Medical, AW North Carolina, John Deer Agriculture & Turf Division, Triangle Brick, CaptiveAire Systems, PPD, IQVIA, Fresenius, Fujifilm, Roivant, GSK, Ajinimoto, Argos Therapeutics, BD Diagnostics, bioMerieuz, Catalent Pharma Solutions, Charles River Laboratories, Novo Nordisk, Novozymes, Seqiris, LogMeIn, SAS Institute, SoftPro, Vanguard Software, Pendo, Nufarm Americas, AgBiome, BioResource International, PrecisionHawk, Syngenta Crop Protection, Edison Agrosciences, BASF Agricultural Solituions, Duke Energy, and more. ABOUT THE AREA

Site Information The subject property is prominently situated with excellent access and visibility along Glenwood Avenue/ US-70 (44,580 AADT) adjacent to its junction with Duraleigh Road (24,520 AADT) approximately nine miles from downtown Raleigh. The site benefits from robust demographics with a total daytime population of 1,236,603 within a 15 mile radius. Average household income within five miles of the site is $116,130, with SITE 43% of households earning more than $100,000 annually and approximately 65% of the population having earned a bachelor’s degree or higher, more than twice the national average.

The property benefits from a prominent location in close proximity to other vehicle-related tenants, shopping centers, and major retail tenants. Nearby retail centers include Townridge, anchored by Walmart; Duraleigh Corners, featuring Family Fare and Steak & Shake; Pleasant Valley Promenade, with tenants including Dollar Tree, Bed Bath & Beyond, Marshalls, and Ross; Crabtree Valley Mall, anchored by Macy’s, Best Buy, and Belk; and Creedmoor Crossings, anchored by Food Lion and Walgreens. Other major retail tenants in the surrounding area include Target, Harris Teeter, Food Lion, and more. ABOUT THE AREA

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Tesla's Presence in North Carolina This property is an ideal site for Tesla to expand its footprint in the North Carolina market and to address the underserved Raleigh MSA (population: 1.39 Million) and Raleigh-Durham-Cary CSA (population: 2.08 Million). As this 95 Destination Charging Sites is one of only two Tesla Motors Service Plus Locations (combining both the sales and service platform) in all of North Carolina, Tesla is well positioned to accommodate the increasing demand for its services in the region. As a mission 18 Superchargers critical location, the property is strategically situated near the Research Triangle, anchored by three major research universities: North Carolina State University, Duke University, and University of North Carolina at Chapel Hill. The 2 Service Centers educated workforce and research facilities that these academic institutions provide to the area has led to the success of the Research Triangle Park, one of the most prominent high-tech research and development parks in the United States.

According to the U.S. Department of Energy, North Carolina ranks in the top 15 states in terms of electric vehicle registration counts. Tesla’s robust and growing infrastructure of charging stations in North Carolina, which currently includes over 115 locations, continues to foster increasing sales and ownership of Tesla vehicles throughout the state. DEMOGRAPHICS

7101 Glenwood Ave | Raleigh, NC 27612

Top Employers # of in Raleigh Employees

State of North Carolina 24,083 2019 POPULATION AVG. HOME VALUE AVG. HOUSEHOLD INCOME 156,632 $405,315 $116,130 North Carolina State University 9,159 Wake Med Health and Hospitals 9,150 Wake County Public School 8,500 Population Summary 1 Mile 3 Miles 5 Miles System 2010 Total Population 11,655 61,432 136,189 UNC Rex Healthcare 5,580 2019 Total Population 13,098 68,243 156,632 City of Raleigh 4,279 2024 Total Population 14,004 73,296 169,988 2019-2024 Annual Rate 1.35% 1.44% 1.65% Wake County 3,874 Average Household Income NC DHHS 3,743 2019 $87,748 $107,476 $116,130 2024 $100,530 $119,977 $128,289 Duke Energy Progress 2,800 Wake Technical Community Average Home Value 2,109 College 2019 $281,715 $372,313 $405,315 2023 $302,565 $393,238 $424,253

PRESERVE WEST CAPITAL | 15 BUILDING CAPITAL WITH CONFIDENCE

Putnam Daily Vahe Nokhoudian Michael Maffia Partner Associate Managing Partner 415.445.5107 415.445.5122 415.373.4060 [email protected] [email protected] [email protected] CA RE License #01750064 CA RE License #01963342 CA RE License #01340853