Bojangles' 4505 State Hwy 411, Madisonville, TN 37354

™ Madisonville | tn OFFERING MEMORANDUM

Bojangles’ 4505 US Hwy 411 Madisonville, TN 37354 Table of Contents TABLE OF CONTENTS

03 EXECUTIVE OVERVIEW 04 PROPERTY OVERVIEW

05 TENANT OVERVIEW 08 AREA OVERVIEW

LISTED BY GARY CHOU JACK CHANG ROBERT VASILIAVITCHIOUS SVP & SENIOR DIRECTOR Senior associate Associate

DIRECT 310.919-5827 DIRECT 949.873.0509 DIRECT 949.432.4517 MOBILE 714.928-8016 MOBILE 949.413.9751 MOBILE 224.522.9064 [email protected] [email protected] [email protected] LIC # 01911222 (CA) LIC # 01873010 (CA) LIC # 02071826 (CA)

BROKER OF RECORD Kyle Matthews LIC # 341288 (TN)

| 2 ExecutiveFort Myers Overview | FL LONG-TERM STABILIZED INVESTMENT »» Long-Term Lease – There are 10+ years remaining on the original 15-year lease with Three (3), 5-year options for the tenant to extend

»» Strong Hedge Against Inflation – There are 7.5% increases in rent every 5 years allowing property to keep up with rising market rents

»» Absolute NNN Lease – Landlord has zero landlord responsibilities, the tenant takes care of insurance, real estate taxes, and maintenance EXCELLENT LOCATION IN STRONG RETAIL AREA »» Tax-Free State – Tennessee is one of 8 states out of 50 that has no state income taxes – great investment for those also living in tax-free states or for those who do not want to file taxes in other states

»» Strong Retail Corridor – Nearby national tenants include Walgreens, Krystal, Advance Auto Parts, Sonic, CVS, Walmart, Taco Bell, Anytime Fitness, Dollar Tree, amongst others STRONG FAST FOOD TENANT »» Strong Guarantee – Corporately backed by Bojangles’ Restaurants, Inc.

»» Bojangles operates over 700 restaurants and has posted 27 consecutive quarters of positive comparable restaurant sales

»» Bojangles is one of the most popular and fastest growing quick service restaurant brands in the Southeast

3 | PROPERTYFort Myers Overview | FL

Annualized Operating Data

Monthly Rent Annual Rent Rent/SF Cap Rate Current - 4/3/2019 $13,008 $156,091 $41.48 5.58%

4/4/2019 - 4/3/2024 $13,983 $167,798 $44.59 6.00%

4/4/2024 - 4/3/2029 $15,032 $180,383 $47.94 6.45%

Option 1 $16,159 $193,911 $51.53 6.94%

Option 2 $17,371 $208,455 $55.40 7.46%

Option 3 $18,674 $224,089 $59.55 8.01%

Tenant Summary Investment Summary

Tenant Trade Name Bojangles’ »» LIST PRICE $2,796,000 Type of Ownership Fee Simple Lease Guarantor Corporate »» NOI (YEAR 1) $167,798 Lease Type NNN »» CAP RATE (YEAR 1) 6.00% Roof and Structure Tenant Responsible Original Lease Term 15 Years »» TOTAL BUILDING AREA ± 3,763 SF Rent Commencement Date 4/4/2014 Lease Expiration Date 4/3/2029 »» TOTAL LAND AREA ± 1.75 Acres Term Remaining on Lease ±10 Years Increase 7.5% Every 5 Years Options Three, 5-Year

| 4 TENANTFort Overview Myers | FL

Representative Photo

The Offering Tenant Overview PROPERTY NAME Bojangles’ »» Company Name »» Year Founded »» Headquarters Property Address 4505 US Hwy 411 Bojangles’ 1977 Charlotte, NC Madisonville, TN 37354 »» # of Locations »» Industry »» Website SITE DESCRIPTION ±760 QSR www.Bojangles.com One Number of Stories Bojangles’ Inc. is a Southeastern regional chain of fast food restaurants, specializing in mild cajun Year Built 2014 seasoning, fried chicken, and buttermilk biscuits. The company was founded in Charlotte, North GLA ±3,763 SF Carolina in 1977 by Jack Fulk and Richard Thomas. Lot Size ±1.75AC (76,217 SF) Type of Ownership Fee Simple From fresh, never-frozen chicken that’s marinated 12 hours before being hand breaded to our made- Landscaping Professional from-scratch biscuits baked up every 20 minutes all day long. In total, there are over 100 combinations of biscuits and biscuit sandwiches, all ready to be served up next to fixins like Bojangles’ Dirty Rice® Topography Generally Level or a Bojangles’ Cajun Pintos® and washed down with Legendary Iced Tea® steeped the old-fashioned way. There are even Bo-Smart® menu choices that include Roasted Chicken Bites™ and fat-free green beans for those looking to cut calories but never skimp on flavor.

5 | SiteLOCATION Plan

Hwy 411 ± 17,000 ADT

| 6 MadisonvilleLocation | tn

Madisonville Madisonville Primary School City Hall

Hwy 411 ± 17,000 ADT

North

7 | Area Overviewmadisonville | fl

Demographics

POPULATION 1 - MILE 3 - MILE 5 - MILE

2024 Projection 2,637 10,411 14,759

2019 Estimate 2,561 10,038 14,224

2010 Census 2,475 9,549 13,516

Growth 2019-2024 2.97% 3.72% 3.76%

Growth 2010-2019 3.48% 5.12% 5.24%

HOUSEHOLDS 1 - MILE 3 - MILE 5 - MILE

2024 Projection 1,053 4,090 5,810

2019 Estimate 1,023 3,947 5,604

2010 Census 986 3,759 5,334

Growth 2019-2024 2.93% 3.62% 3.68%

Growth 2010-2019 3.75% 5.00% 5.06%

INCOME 1 - MILE 3 - MILE 5 - MILE

2019 Est. Average $52,184 $54,558 $55,358 Household Income

| 8 Madisonville | tn

MADISONVILLE, TN Madisonville is located in Monroe County on the border of Tennessee. It is a great destination to explore the country’s history, local artistic talents. There are great walking trails and outdoor fun in Kefauver Park and Cherokee National Park. Although, Madisonville’s secret treasure is their underwater lake where you can explore secret caves and see how they were naturally created.

Hiwassee College is a private, four-year, liberal arts college located in the heart of Madisonville. It sits on 7 acres with 18 buildings. The College offers a variety of university-parallel and career/vocational programs leading to the Associate of Arts, Associate of Science, Associate of Applied Science, Bachelor of Arts, or Bachelor of Science degrees.

LOCAL ECONOMY There is an abundance of commercial properties and expanding business that makes Madisonville a developing hotspot economically. With the large development of Niles Ferry Industrial Park, new corporate and local companies are moving in fast. Yamaha is one of the largest and most successful companies in the area. They just announced that they will expand into a second production location within the next year!

9 | madisonville | TN

Confidentiality Agreement & Disclaimer

This Offering Memorandum contains select information pertaining to the business and affairs Bojangles’of located at 4505 US Hwy 411, Madisonville, TN (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1 . The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. 4505 US Hwy 411 Madisonville, TN 37354

LISTED BY

GARY CHOU JACK CHANG ROBERT VASILIAVITCHIOUS SVP & SENIOR DIRECTOR Senior associate Associate

BROKER OF RECORD Kyle Matthews LIC # 341288 (TN)

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Offering Memorandum 11 |