Superamerica

SuperAmerica

20920 Keokuk Avenue | Lakeville, MN | 55044

SuperAmerica CONFIDENTIALITY & DISCLAIMER Lakeville, MN

NET LEASED DISCLAIMER

Upland Real Estate Group, Inc. hereby advises all prospecve purchasers of Net Leased property as follows:

The informaon contained in this Investment Oﬀering has been obtained from sources we believe to be reliable. However, Upland Real Estate Group, Inc. has not and will not verify any of this informaon, nor has Upland Real Estate Group, Inc. conducted any invesgaon regarding these maers. Upland Real Estate Group, Inc. makes no guarantee, warranty or representaon whatsoever about the accuracy or completeness of any informaon provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently conﬁrm the accuracy and completeness of all material informaon before compleng any purchase. This Investment Oﬀering is not a substute for your thorough due diligence invesgaon of this investment opportunity. Upland Real Estate Group, Inc. expressly denies any obligaon to conduct a due diligence examinaon of this Property for Buyer.

Any projecons, opinions, assumpons or esmates used in this Investment Oﬀering are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, ﬁnancial, legal and other advisors.

Buyer and Buyer’s tax, ﬁnancial, legal, and construcon advisors should conduct a careful, independent invesgaon of any net leased property to determine to your sasfacon with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal, financial and other advisors must request and carefully review all legal, financial and other documents related to the property and tenant. While past performance at this or other locaons is an important consideraon, it is not a guarantee of future success. Similarly, the lease rate for some properes, including newly‐constructed facilies or newly‐acquired locaons, may be set based on a tenant’s projected sales with lile or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other condions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducng his/her own invesgaon of all maers affecng the intrinsic value of the property and the value of any long‐term lease, including the likelihood of locang a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negoate with a potenal replacement tenant considering the locaon of the property, and Buyer’s legal ability to make alternate use of the property.

All informaon, including price change and withdrawal from the market, is subject to change without noce.

By accepng this Investment Oﬀering you agree to release to Upland Real Estate Group, Inc. and hold it harmless from any kind of claim, cost, expense, or liability arising out of your invesgaon and/or purchase of this net leased property.

CONFIDENTIALITY AND DISCLAIMER: The informaon contained in the following Investment Offering is proprietary and strictly confidenal. It is intended to be reviewed only by the party receiving it from Upland Real Estate Group, Inc. and should not be made available to any other person or enty without the wrien consent of Upland Real Estate Group, Inc. This Investment Offering has been prepared to provide summary, unverified informaon to prospecve purchasers, and to establish only a preliminary level of interest in the subject property. The informaon contained herein is not a substute for a thorough due diligence invesgaon. Upland Real Estate Group, Inc. has not made any invesgaon, and makes no warranty or representaon, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the pres‐ ence or absence of contaminang substances, PCB’s or asbestos, the compliance with State and Federal regulaons, the physical condion of the improvements thereon, the financial condion or business prospects of any tenant, or any tenant’s plans or intenons to connue its occupancy of the subject property or any other maer related to the subject property. The informaon contained in this Investment Offering has been obtained from sources we believe to be reliable; however, Upland Real Estate Group, Inc. has not verified, and will not verify, any of the infor‐ maon contained herein, nor has Upland Real Estate Group, Inc. conducted any invesgaon regarding these maers and makes no warranty or representaon whatsoever regarding the accura‐ cy or completeness of the informaon provided. All potenal buyers must take appropriate measures to verify all of the informaon set forth herein. KEITH A. STURM, CCIM | AMANDA C. LEATHERS | 612.332.6600 PAGE 2

SuperAmerica HIGHLIGHTS Lakeville, MN

PRICE: $4,761,100 CAP: 5.50% NOI: $261,860

Newly constructed SuperAmerica with 15% Increases every 5 years.

Conveniently located on the frontage road with Walmart and across the street from a brand new Allina Health System.

Located directly oﬀ of I 35, a major thoroughfare with 64,000 vehicles per day.

Across the street from a brand new Allina Health System.

Situated in a highly aﬄuent southern suburb of the Twin Cies.

Strong Demographics: 5—mile Populaon of 42,553 and 1—mile Average Household income exceeding $133,000.

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SuperAmerica PROPERTY OVERVIEW Lakeville, MN

INVESTMENT SUMMARY LEASE INFORMATION PRICE $4,761,100 LEASE TYPE NNN CAP 5.50%

NOI $261,860.00 LEASE TERM 20 YEARS RENT/SF $60.90 RENEWAL PRICE/SF $1,107.23 TWO 5‐YEAR OPTIONS RENT ADJUSTMENTS LEASE October 2014 YEAR 1‐5: $261,860.00 COMMENCEMENT YEARS 6‐10: $301,139.00 LEASE EXPIRATION September 2034 YEARS 11‐15: $346,309.85 YEARS 16‐20: $398,256.33 LEASE NOTES: OPTION 1: $457,994.78 Net. Net. Net. No landlord responsibilies. OPTION 2: $526,694.00

PROPERTY INFORMATION DEMOGRAPHIC INFORMATION

20920 Keokuk Avenue, 1‐MILE RADIUS 3‐MILE RADIUS 5‐MILE RADIUS ADDRESS Lakeville, MN 55044 2015 POPULATION 1,407 18,879 42,553 BUILDING SIZE 4,300 SQ FT 2020 POPULATION 1,486 19,835 44,860 LOT SIZE 2.38 ACRES 2015 MEDIAN HOUSEHOLD INCOME $114,933 $100,261 $101,933 COUNTY Dakota 2015 AVERAGE HOUSEHOLD INCOME $133,606 $120,881 $128,658

YEAR BUILT 2015 All demographic informaon is obtained from Site To Do Business, which compiles US Census Bureau data and Esri projecons for 2015 and 2020.

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SuperAmerica TENANT INFORMATION Lakeville, MN

Our Retail Business Northern Tier Retail, LLC is the tenant on the Lease Agreement. As of December 31, 2014, Northern Tier has a retail-marketing network of 260 convenience stores located throughout Minnesota, Wisconsin and South Dakota, of which they operate 165 stores and support 95 franchised stores. The undervalued energy company has one of the most advantaged crude slates in the US and has an Outperform rating and price of $30. This is among the highest margin refineries in the US mainly on account of its pipeline access to local Bakken and Canadian crudes. All of the company-operated and franchised convenience stores are operated under the SuperAmerica brand. We also own and operate Supermom’s Bakery, which prepares and distributes baked goods and other prepared items for sale in our retail outlets and for other third parties. Overview Northern Tier Energy is an independent downstream energy limited partnership with refining, retail, and pipeline operations that serves the PADD II region of the United States. They operate their assets in two business segments: the refining business and the retail business. For the year ended December 31, 2014, we had total revenues of $5.56 billion, operating income of $273.1 million, net income of $239.4 million. Northern Tier Energy, LP conducts substantially all of the operations of it’s retail business through Northern Tier Retail Holdings LLC, which is its subsidiary and is organized as a corporation for federal income tax purposes. Northern Tier Retail Holdings LLC currently holds all of the ownership interests in Northern Tier Retail LLC, Northern Tier Bakery LLC and SuperAmerica Franchising LLC. Northern Tier Energy makes gasoline and sells it, too. The company owns one of only two oil refineries in Minnesota and 260 SuperAmerica gas stations across Minnesota and Wisconsin. Its oil refinery produces 96,500 barrels per day of gasoline, diesel, jet fuel, and asphalt. The company also owns storage and transportation assets, including terminals, storage tanks, rail loading and unloading facilities, and a dock on the Mississippi River. In addition, Northern Tier Energy owns a 17% stake in the 300-mile Minnesota Pipeline (Koch Industries owns the rest) that transports crude oil to its refinery.

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SuperAmerica SURROUNDING PROPERTIES Lakeville, MN

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SuperAmerica PROPERTY PHOTOS Lakeville, MN

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SuperAmerica AERIAL Lakeville, MN

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SuperAmerica AREA INFORMATION Lakeville, MN

L This SuperAmerica is located along Keokuk Avenue near County Road 70 in Lakeville, Minnesota. The SuperAmerica is part of the long‐developing Lakeville Commerce Center, which consists of 50‐acres. Adjacent the property to the north is Wal‐ mart and to the west is an Allina Health. Interstate 35E with traffic counts reaching 64,000 vehicles daily is directly east of the property. There are many other retailers located along the interstate including Lakeville Muller Family Theatres, McDonald’s, Kwik Trip, Motel 6, Holiday Inn, Good Fellas, and many more. Lakeville South High School is situated a mile and a half east of the property. Lake Marion is one of the two largest lakes in Lakeville, with 560 acres and five parks bor‐ dering the lake. Just a mile north of the property is Rier Farm Park, a 340 acre natural environment and wildlife refuge. The Park offers cross country skiing, hiking trails, archery range, picnic area, shelter, equestrian trail and snowmobiling. There are two presgious golf course about 2 miles north of the property, Bracke’s Crossing Country Club, a private membership only golf course, and Legends Golf Club.

Lakeville is located in Dakota County Minnesota, which is located on the southern fringe of the Twin Cies metropolitan area. As its name implies, Lakeville contains several lakes, ponds, and wetlands, including Lake Marion which is just north‐ east of the property. Lakeville situated west of the Mississippi River along Interstate 35E and is one of the fastest growing suburbs in the metropolitan area with a populaon of 56,000. Interstate 35E is a major north to south thoroughfare in Minnesota as well as most of the Midwest. Lakeville was once a milling center with a strong agriculture industry. Though the agriculture industry is sll operang, many of the residents commute to work in the downtown areas. Lakeville is known as a suburb where nature meets the Twin Cies and has many recreaonal opportunies including their 62 public properes such as parks trails, beaches, as well as 25 miles of trails many more. There are four champion golf courses and six more within a 20 minute drive.

Lakeville is just 25 miles south the Twin Cies. The Minneapolis‐St. Paul MSA, which is the 16th‐largest metropolitan area in the US, with approximately 3.4 million residents. The metro area is home to 17 Fortune 500 companies, including United Health Group, Target, 3M, General Mills, Best Buy, Supervalu, Land O’ Lakes, U.S. Bancorp, Xcel Energy, Ameriprise Finan‐ cial, Thrivent Financial for Lutherans, and many more. There are also many large private companies, including Cargill and Schwan Foods. Minneapolis and St. Paul are home to many professional sports teams, which draw fans from across the region. The metro area is also home to many instuons of higher educaon, most notably the University of Minnesota, which has a current enrollment over 51,000 students, making it the 6th largest university in the naon.

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SuperAmerica MAPS Lakeville, MN

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SuperAmerica MINNESOTA’S LARGEST RETAIL AREAS Lakeville, MN

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SuperAmerica TOP MINNESOTA COMPANIES Lakeville, MN

2015 Fortune 500 Rankings

State Rank Company Fortune 500 Rank City Revenues ($ Billions) Net Worth ($ Billions) 2014 Rank 1 UnitedHealth Group 14 Minnetonka $130.0 $32.454 14 2 Target Corporaon 36 Minneapolis $74.5 $13.997 36 3 CHS, Inc. 69 Inver Grove Heights $42.6 $6.448 62 4 Best Buy Co., Inc. 72 Richﬁeld $41.9 $4.995 60 5 3M Company 98 St. Paul $31.8 $13.109 94 6 U.S. Bancorp 138 Minneapolis $21.3 $43.479 101 7 Supervalu, Inc. 164 Eden Prairie $18.3 ‐$0.646 140 8 General Mills, Inc. 171 Minneapolis $17.9 $4.996 159 9 Land O’Lakes, Inc. 203 Arden Hills $15.2 $1.418 199 10 Ecolab, Inc. 213 St. Paul $14.2 $7.315 213 11 C.H. Robinson Worldwide, Inc. 225 Eden Prairie $13.4 $1.047 220 12 Ameriprise Financial, Inc. 247 Minneapolis $12.2 $8.124 249 13 Xcel Energy, Inc. 255 Minneapolis $11.6 $10.214 257 14 Hormel Foods Corporaon 310 Ausn $9.3 $3.605 311 15 The Mosaic Company 320 Plymouth $9.0 $10.703 283 16 Thrivent Financial for Lutherans 333 Minneapolis $8.1 $5.798 335 17 St. Jude Medical, Inc. 466 St. Paul $5.5 $4.199 462

Source: Fortune 500 (2015) from FORTUNE Magazine. Retrieved from: hp://fortune.com/fortune500/ [June 2015].

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SuperAmerica ABOUT UPLAND Lakeville, MN

THE UPLAND ADVANTAGE PROVEN SUCCESS RECORD

Completed in excess of 600 net leased sales transacons totaling Upland Real Estate Group, Inc., which was founded in 1995, is a over $1.7 billion Minneapolis based commercial real estate, brokerage, and investment Combined sales experience of over 55 years company, which focuses on passive real investments, 1031 soluons, Specialized in NNN investment market for more than 19 years real estate porolio diversificaon, and wealth preservaon. Upland offers "big business service" with the aenveness you expect from a Upland’s 1031 investment specialists have successfully completed net bouque shop. lease sales transacons with tenants including, but not limited to: 7‐Eleven Dollar General O’Reilly Auto Parts Our ability to swily match buyers with sellers is one of the many Advance Auto Family Dollar Petco reasons Upland Real Estate Group, Inc. is the naon's primary Applebee’s Gander Mountain Sherwin Williams Arby’s Goodwill Starbucks resource for the purchase or sale of net leased, credit investment BJ’s Wholesale Jack in the Box Taco Bell properes. Many investors and 1031 tax deferred exchange buyers Bridgestone/Firestone Jiffy Lube Tires Plus have benefited from the experience and experse of our team of net Buffalo Wild Wings KinderCare Learning Center Tractor Supply leased investment sales specialists. Burger King Kohl’s Trader Joe’s Camping World McDonald’s Valvoline CVS Pharmacy Naonal Tire & Baery Walgreens BENEFITS OF WORKING WITH UPLAND

 Naonally recognized CCIM accredited sales team

 Comprehensive and searchable online database

 Excellent reputaons and credibility

 Online Leer of Intent forms

 Access to conﬁdenal oﬀ‐market properes

 Extensive referral network

 Prompt follow‐up and aenon to detail

www.nnnsales.com L to R: Anna Blake ; Amanda Leathers; Keith Sturm, CCIM; Deb Vannelli, CCIM, KaƟe Serakos

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