Garrett Keais,Soir Cory Withers Chuck Klein

539 E BIG BEAVER RD | TROY, MICHIGAN OFFERING MEMORANDUM

Representative Photos

EXCLUSIVELY OFFERED BY: LOCAL BROKER: CHUCK KLEIN CORY WITHERS GARRETT KEAIS, SOIR +1 858 546 5473 | CA Lic #01522766 +1 858 546 5263 | CA Lic #01902196 +1 248 358 6112 | MI Lic #6501285727 [email protected] [email protected] [email protected] DISCLAIMER

Cushman & Wakefield has been retained as Offering Memorandum or any other written or available to the public (such contents as so exclusive advisor to the Seller for the sale of oral communication transmitted or made available limited herein are called the “Contents”), are of the Bahama Breeze parcel (the “Property”), to the recipient. This Offering Memorandum a confidential nature. By accepting the package, approximately 10,800± square feet on 2.00± does not constitute a representation that there you agree (i) to hold and treat it in the strictest acres located at 539 E Big Beaver Rd, Troy MI. has been no change in the business or affairs confidence, (ii) not to photocopy or duplicate of the Property or the Owner since the date it, (iii) not to disclose the package or any of the This Offering Memorandum has been prepared of preparation of the package. Analysis and contents to any other entity (except to outside by Cushman & Wakefield for use by a limited verification of the information contained in advisors retained by you, if necessary, for your number of parties and does not purport to this package is solely the responsibility of the determination of whether or not to make a provide a necessarily complete summary of prospective purchaser. proposal and from whom you have obtained an the Property or any of the documents related agreement of confidentiality) without the prior thereto, nor does it purport to be all-inclusive Additional information and an opportunity to written authorization of Owner or Cushman or to contain all of the information which inspect the Property will be made available & Wakefield, (iv) to not use the package or prospective investors may need or desire. All upon written request to interested and qualified any of the contents in any fashion or manner projections have been developed by Cushman prospective investors. detrimental to the interest of Owner or Cushman & Wakefield, the Owner, and designated sources & Wakefield, and (v) to return it to Cushman & and are based upon assumptions relating to Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to Wakefield immediately upon request of Cushman the general economy, competition, and other & Wakefield or Owner. factors beyond the control of the Owner and reject any and all expressions of interest or offers regarding the Property and/or terminate Cushman & Wakefield, therefore, are subject to The information contained herein has been variation. No representation is made by Cushman discussions with any entity at any time with or without notice. Owner shall have no legal obtained from the owner of the property or & Wakefield or Owner as to the accuracy or from other sources we deem reliable. We have completeness of the information contained commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to no reason to doubt its accuracy, but we do herein, and nothing contained herein is, or shall not guarantee it. be relied on as, a promise or representation as to purchase the Property unless and until a written the future performance of the Property. Although agreement for the purchase of the Property has the information contained herein is believed to been fully executed, delivered, and approved by be correct, Owner and its employees disclaim Owner and its legal counsel, and any conditions any responsibility for inaccuracies and expect to Owner’s obligations thereunder have been prospective purchasers to exercise independent satisfied or waived. Cushman & Wakefield is due diligence in verifying all such information. not authorized to make any representations or Further, Cushman & Wakefield, Owner, and agreements on behalf of Owner. its employees disclaim any and all liability for This Offering Memorandum and the contents, representations and warranties, expressed and except such information which is a matter implied, contained in, and omitted from, this of public record or is provided in sources

BAHAMA BREEZE | TROY, MI EXECUTIVE SUMMARY

TENANT: Bahama Breeze Holdings, LLC dba Bahama Breeze LOCATION: 539 E Big Beaver Rd Troy, MI 48083

BUILDING SIZE: 10,800± square feet

LAND SIZE: 2.00± acres

YEAR BUILT: 2000

YEAR OPENED: 2001

LEASE TERM: 8 Years, with Four (4) Five (5) Year Options to Extend

INCREASES: 1.50% Annually

LEASE TYPE: Absolute Net, Land & Building

PRICE: $2,839286 CAP: 5.60% NOI: $159,000 All offers must be submitted on the Seller’s form of Letter of Intent - LINK TO LOI FORM Representative Photo

BAHAMA BREEZE | TROY, MI INVESTMENT HIGHLIGHTS

• New 5 Year Lease commencing at Close of Escrow

• 1.5% Rent Increases Annually

• Absolute Net, Land and Building Lease

• Seasoned Sales History with Low Rent to Sales Ratio

• Corporate Lease with Bahama Breeze Holdings, LLC

• Bahama Breeze Holdings, LLC is owned by Darden Restaurants, Inc. (S&P Rating BBB) with 2018 Revenue in excess of $8 Billion

• Population 3-Mile Radius – 87,099

• Average HH Income 3-Mile Radius – $96,737

Representative Photo

BAHAMA BREEZE | TROY, MI AREA INFORMATION TRAFFIC GENERATORS • Located on Big Beaver Road, Troy’s major east- west thoroughfare with Average Daily Traffic over 87,000

• ¼ mile north of Interstate 75, with Average Daily Traffic over 103,000

• Somerset Collection Mall is a 1.4 million square foot super-regional luxury shopping mall anchored by Nordstrom, Macy’s, Neiman Marcus and Saks Fifth Avenue, and is located 2 miles west of Bahama Breeze

NEW DEVELOPMENTS • Updated zoning laws along the Big Beaver corridor and an effort from the city to make the area more walkable and changed existing laws to allow freestanding restaurants to be built on Big Beaver, whereas previously they had to be attached to a strip mall or office building. Now the corridor is much more pedestrian friendly for the tens of thousands of nearby office workers, local shoppers and employees. −− https://www.detroitnews.com/story/entertainment/ dining/2017/07/06/big-beaver-troy-booms- restaurants/103457502/

• New children’s hospital: A new 3-story, 63,000 square foot Children’s Hospital opened in 2016. The $42 million hospital is located less than 1 mile west of Bahama Breeze, operates as a 24/7 emergency pediatric care facility, and has more than 300 physicians on staff. −− https://www.crainsdetroit.com/article/20160605/ NEWS/160609812/dmc-childrens-hospital-troy-outpatient- center-off-to-strong-start Representative Photo

BAHAMA BREEZE | TROY, MI RETAIL MAP

36,175 CARS PER DAY

103,800 CARS PER DAY

BAHAMA BREEZE | TROY, MI TENANT PROFILE

Darden Restaurants, Inc. is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Bahama Breeze Darden holds an investment-grade credit rating of BBB with Standard & Poor’s with a Stable outlook. In fiscal 2018, # OF LOCATIONS (2017): 39 Darden served nearly 390 million meals.

Bahama Breeze is an internally-developed DARDEN RESTAURANTS, INC. full-service restaurant brand operating (NYSE: DRI) primarily in the eastern United States that offers guests the feeling of a Caribbean 2018 REVENUE: $8.08 BILLION escape, with food, drinks and atmosphere 2018 NET INCOME: $596 MILLION found in the islands. The menu features distinctive, Caribbean-inspired fresh # OF LOCATIONS: 1,746+ seafood, chicken and steaks as well as # OF EMPLOYEEES: 180,000+ handcrafted tropical cocktails. In 1996, Bahama Breeze opened its first restaurant For additional information, see https://www.darden.com. in Orlando, Florida.

Website: www.bahamabreeze.com

BAHAMA BREEZE | TROY, MI DEMOGRAPHICS - 2018

POPULATION

87K+3 MILE RADIUS

AVERAGE HH INCOME

3 MILE $96K+3 MILE RADIUS 5 MILE POPULATION

10 MILE 3 MILE 5 MILE 10 MILE 87,099 266,207 1,018,476

AVERAGE HH INCOME 3 MILE 5 MILE 10 MILE $96,737 $103,457 $87,837

BAHAMA BREEZE | TROY, MI TROY, MI AREA OVERVIEW

Troy is located in Metropolitan Detroit's northern suburbs in Oakland County. The population was 80,980 at the 2010 census, making it the 11th- largest city in Michigan by population, and the largest city in Oakland County. Troy has become a business and shopping destination in the Metro Detroit area, with numerous office centers and the upscale Somerset Collection mall.

Troy’s location in the heart of Oakland County offers quick highway access to I-75, I-696 and M-59. Troy is a highly educated community with 57% of its population obtaining a bachelor’s degree or higher. The City is home to a vibrant and diverse international community - 83 different languages are spoken in Troy homes. Troy has once again been named the safest city in Michigan across all population sizes and the 23rd safest City overall in the nation. In 2015, NerdWallet named Troy the 4th best small city in the U.S. to start a business, and Niche Rankings named Troy the #1 best town in Michigan to raise a family. Troy is the only city in Michigan to be listed in the top ten.

The Troy School District is one of the highest ranked districts in the state and the country. It is one of only four school districts in Metro Detroit to receive an A+ rating from the Detroit News. Troy Athens, Troy High, and the east campus of the International Academy were named among the top 4% of all high schools by Newsweek.

Troy, MI

BAHAMA BREEZE | TROY, MI 539 E BIG BEAVER RD | TROY, MICHIGAN OFFERING MEMORANDUM

Representative Photos