CHEYENNE SQUARE . LAS VEGAS, NV OFFERING MEMORANDUM

“Where Main Street Meets Your Street” CONFIDENTIAL MEMORANDUM AND DISCLAIMER

This Offering Memorandum and all information forwarded hereafter as an Addendum to (Offering Information) has been prepared solely for informational purposes (and not as an offer) to assist a prospective Purchaser in determining whether it wishes to proceed with an in-depth investigation of the Property. No representations or warranties, expressed or implied, as to the accuracy or completeness of the Offering Memorandum or any of its contents shall be deemed made, and no legal commitment or obligations shall rise, by reason of this Offering Memorandum or its contents. Prospective Purchasers are expected to review independently all documents relating to the property as to the accuracy and completeness of the information contained herein. All financial projections are provided for general reference purposes only. These projections have been based upon various assumptions relating to the general economy, competition and other factors beyond the reasonable control of Lucescu Realty (“Lucescu”) and the “Owner,” and therefore, are subject to material variation.

The property described in the Offering Memorandum is being sold on an “As Is” basis. Lucescu, their respective officers, employees or representatives do not make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents. This Offering Memorandum is subject to modification and/or withdrawal from the market by Owner at any time without prior notice.

By receipt of this Offering Memorandum, you agree that its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose directly or indirectly this Offering Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Lucescu. You also agree that you will not use this Offering Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Lucescu. Photocopying or other duplication is strictly prohibited.

If prior to or upon your review of this Offering Memorandum you no longer have further interest or you do not wish to pursue negotiations leading to this acquisition, please return this Offering Memorandum in its original form to Lucescu. Cheyenne Square LAS VEGAS, NV

3RD QUARTER 2018

OFFERED BY:

www.lucescurealty.com

Samer Khalil 949.706.7772 ext. 105 [email protected]

Mark Evans 702.425.5781 [email protected]

LAS VEGAS, NV OFFICE NEWPORT BEACH, CA OFFICE PHOENIX, AZ OFFICE 3960 Howard Hughes Pkwy., #500 500 Newport Center Drive, Suite 550 2415 E. Camelback Road, Suite 700 Las Vegas, 89169 Newport Beach, California 92660 Phoenix, Arizona 85016 Tel. 702.425.5781 Tel. 949.706.7772 ext. 100 Tel. 480.685.5998 ext. 114 DRE License #B.1002157.LLC DRE License #01506278 DRE License #CO641916000 Mr. Mark Evans, Managing Director Mr. Mark Lucescu, President Mr. Greg Wendelken, Managing Director [email protected] [email protected] [email protected]

Newport Beach, CA • Las Vegas, NV • Phoenix, AZ • San Francisco, CA (2018) LAS VEGAS FWY

CORPORATE OFFICE

CHEYENNE SQUARE

NORTH LAS VEGAS CAMPUS

E CHEYENNE AVE

LINCOLN CIVIC CENTER ELEMENTARY DR SCHOOL N LAS VEGAS BLVD TABLE OF CONTENTS

OFFERING SUMMARY Executive Summary...... 4 Investment Summary ...... 7 Rent Roll ...... 7 . Site Plan ...... 10 . Parcel Map ...... 11 . Area Map...... 12 Local Map ...... 12 Regional Map ...... 13

AREA INFORMATION Las Vegas Metropolitan Area Information...... 16 Lease Summary - Dotty’s ...... 28 Tenant Profile...... 33 .

APPENDIX Average Household Income Map ...... 36 Population Density Map...... 36 Demographics ...... 37 LUCESCU REALTY /// OFFERING MEMORANDUM 2 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

LUCESCU REALTY /// OFFERING MEMORANDUM 3 CHEYENNE SQUARE /// LAS VEGAS, NV OFFERING SUMMARY

EXECUTIVE SUMMARY

LUCESCU REALTY has been selected, as the exclusive broker to offer for sale, Cheyenne Square, located in Las Vegas, Nevada. The property is a Fully Leased, Newly Remodeled, Single Tenant, NNN, Building leased to Dotty’s (One of Nevada’s Most Successful Gaming and Tavern Businesses). Additional features include:

• Dominant Gaming Tavern Tenant. Dotty’s, founded in Oregon in 1991, is a privately owned parlor company with approximately 175 locations in Nevada, Oregon and Montana. The Company, which is a subsidiary of Nevada Restaurant Services, Inc. (“Dotty’s”), also has another 150 locations planned in Illinois, approximately 60 of which are already in operation. The Company is viewed as one of Nevada’s most successful gaming and tavern businesses, with more than 300,000 customers in its player database.

• Single Tenant, Absolute NNN, Lease Providing Secure and Passive Income Stream. Dotty’s has Five (5), Five (5) Year Options remaining with fixed increases of 10% every Five (5) Years. Additionally, there are no Landlord Responsibilities per the Tenant’s absolute NNN Lease.

• Offered Below Replacement Cost. Due to Dotty’s lease being at a fraction of today’s market rate, the property is being offered for sale at well below replacement cost.

• Unique Opportunity to Acquire Multiple Dotty’s Concepts in a Single Building Located Less than 1 Mile from the Company’s Corporate Office.Dotty’s 160,000 SF headquarters is located approximately 1 mile from the Subject Property. Additionally, Dotty’s leases the entire premises at the Subject Property, but operates four (4) unique concepts: Dotty’s (its flagship operation), La Villita Casino (a Mexican theme), Cheyenne Lodge (a Mountain Lodge theme) and Bourbon Street (a French Quarter theme).

• Rare Grandfathered, Non-Restricted, Gaming License. A majority of gaming taverns in Nevada operate under a restricted gaming license (allowing up to 15 slot machines). The Subject Property boasts non-restricted licensing, allowing 223 slot machines. This rare opportunity provides tremendous value for operators.

LUCESCU REALTY /// OFFERING MEMORANDUM 4 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

• Future Development Opportunity. There is a potential to add significant income and value through the future build-out of seven (7), contiguous, graded, land parcels, within the center totaling 24,648 Square Feet in Land Area.

• All Cash Offering. The Property is being offered on an “All Cash” basis, “free and clear of existing debt” allowing a Buyer the opportunity to obtain maximum leverage at today’s favorable interest rates.

• Highly Visible and Easily Accessible Site Adjacent to Interstate 15 On Ramp. The Property, adjacent to an Interstate 15 (125,000 VPD), is located at the Northeast Corner of East Cheyenne Avenue (55,000 VPD) and Civic Center Drive (9,300 VPD) and enjoys more than 1,000 feet of frontage along East Cheyenne Avenue. The Property features high visibility and is easily accessible via nine (9) ingress and egress points and one (1) pylon sign at the Property’s main entrance.

• Densely Populated Trade Area. Located in one of the more densely populated trade areas within the . Within a 3-mile radius, the current Estimated Population is 177,579. Within 5 miles, the Estimated Population more than doubles, to 457,659.

• Proximity to the World Famous . Las Vegas, NV, is the entertainment capital of the world and is home to 15 of the world’s 25 largest hotels. In 2017, Las Vegas welcomed more than 42 Million visitors who generated nearly $60 Billion for the economy. The area currently has $18.8 Billion worth of planned, proposed and current constructions projects that could reshape the Las Vegas Strip’s skyline by 2020.

• One of the Fastest Growing Markets in the United States. 4,000-6,000 new residents enter Clark County each month. Since 2000, the population has grown more than 57% and is expected to grow an additional 11.7% by 2022.

• 21st Century City. Inc. magazine named Las Vegas as the top entrepreneurial city in America, and Entrepreneur magazine named it the #1 western city for both economic growth and entrepreneurial activity.

LUCESCU REALTY /// OFFERING MEMORANDUM 5 CHEYENNE SQUARE /// LAS VEGAS, NV LUCESCU REALTY /// OFFERING MEMORANDUM 6 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE INVESTMENT SUMMARY LAS VEGAS, NV

Offered for acquisition is Cheyenne Square located in Las Vegas, NV. The Property is a Fully Occupied Building Leased to Nevada Restaurant Services, Inc. dba Dotty’s, La Villita Casino, Cheyenne Mountain Lodge Casino and Bourbon Street Casino. Offering: Fee Simple Interest in the offered portion of Cheyenne Square, Las egas,V NV. One (1) retail building Totaling 39,175 Square Feet in Gross Leasable Area, Seven (7) Contiguous, Graded, Land Parcels Totaling Description: 24,648 Square Feet in Land Area, and Nine Forty-Fifth (9/45th) Interest in Two (2) Common Area (Parking Lot) Parcels. Location NEC East Cheyenne Avenue & Civic Center Drive , Las Vegas, Nevada. Purchase Price: $6,371,800 Terms: All Cash Net Operating Income (Year 1): $414,167 Cap Rate: 6.50% Building Size: 39,175 Price/SF: $162.65 Occupancy: 100% Year Built: 2015 Lease Type: NNN - No Landlord Responsibilities

RENT ROLL

Tenant Name Sq. Ft. Lease Commencement Lease Expiration Annual Rent Rental Increases Comments Nevada Restaurant Services, Inc. 39,175 January 1, 2015 December 31, 2024 $414,167.40 10% Every Five Five (5), Five (5) "Dotty's" (dba Dotty’s, La Villita (5) Years, Year Options. Casino, Cheyenne Mountain Lodge Including Options. Casino and Bourbon Street Casino)

LUCESCU REALTY /// OFFERING MEMORANDUM 7 CHEYENNE SQUARE /// LAS VEGAS, NV LUCESCU REALTY /// OFFERING MEMORANDUM 8 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

LUCESCU REALTY /// OFFERING MEMORANDUM 9 CHEYENNE SQUARE /// LAS VEGAS, NV SITE PLAN

CIVIC CENTER DR

MARY DEE AVE DEE MARY

NA

NA R NA S NA NA S H NA V NA E CHEYENNE AVE

LUCESCU REALTY /// OFFERING MEMORANDUM 10 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE PARCEL MAP LAS VEGAS, NV

0.22 AC

0.0 AC CIVIC CENTER DR 0.0 AC 0.0 AC 0.0 AC 0.0 AC 0.0 AC

A AVE DEE MARY CIVIC CENTER DR 0.31 AC

MARY DEE AVE DEE MARY

0. AC

NA

NA R NA S NA NA S H NA V NA E CHEYENNE AVE E CHEYENNE AVE C A

LUCESCU REALTY /// OFFERING MEMORANDUM 11 CHEYENNE SQUARE /// LAS VEGAS, NV AREA MAP LOCAL MAP W GRAND TETON DR

BRU EL CE WOODBURY B TWAY W ELHORN RD N TENAYA WAY

E CENTENNIAL PWY

W ANN RD ORAN GRAGSON FWY CHEYENNE LAS VEGAS FWY SQUARE N ONES BLVD W LONE MOUNTAIN RD N DECATUR BLVD N. DURANGO DR ALLEN LN W CRAIG RD

W ALEXANDER RD ALIANTE PWY

NELLIS AIR FORCE BASE W CHEYENNE AVE E CHEYENNE AVE N RANCHO DR R

D

R N COMMERCE ST

E E CRAIG RD

T N

E E CAREY AVE

C

C

UMMERL I S IN V

P W LAE MEAD BLVD I C W BLVD M.L.. N Y

W WASHINGTON AVE E ALEXANDER RD N DECATUR BLVD LAS VEGAS N PECOS RD E BONANA RD ALTA DR STEWART AVE

W CHARLESTON BLVD E CHARLESTON BLVD CHEYENNE BOULDER HWY SQUARE E GOWAN RD

N WALNUT RD

S TORREY PINES DR W SAHARA AVE B

R S RAINBOW BLVD

U

C N LAMB BLVD

E

S VALLEY VIEW BLVD W O W RD O D W SPRING MOUNTAIN RD B E CHEYENNE AVE U S LAS VEGAS BLVD

R N EASTERN AVE Y B ELTWAY

W FLAMINGO RD MARYLAND PWY E FLAMINGO RD 1

N PECOS RD W TROPICANA AVE E TROPICANA AVE

N NELLIS BLVD S ONES BLVD S PECOS RD N LAS VEGAS BLVD S DECATUR BLVD

CIVIC CENTER DR MCCARRAN S BUFFALO DR S DURANGO DR S FORT APACHE RD AIRPORT

LUCESCU REALTY /// OFFERING MEMORANDUM 12 CHEYENNE SQUARE /// LAS VEGAS, NV

W WARM SPRINGS RD WASHINGTON MONTANA

CHEYENNE SQUARE REGIONAL MAP LAS VEGAS, NV W GRAND TETON DR

BRU EL CE WOODBURY B TWAY W ELHORN RD OREGON IDAHO WYOMING N TENAYA WAY

E CENTENNIAL PWY

W ANN RD ORAN GRAGSON FWY LAS VEGAS FWY N ONES BLVD W LONE MOUNTAIN RD N DECATUR BLVD N. DURANGO DR ALLEN LN W CRAIG RD

W ALEXANDER RD ALIANTE PWY Salt Lae Cit

NELLIS AIR FORCE E CHEYENNE AVE BASE Reno NEVADA W CHEYENNE AVE N RANCHO DR R

D Carson Cit

R N COMMERCE ST

E E CRAIG RD

T N

E E CAREY AVE

C

C UTAH

UMMERL I S IN V

P W LAE MEAD BLVD I Sacramento C W BLVD M.L.. N Y COLORADO San Francisco W WASHINGTON AVE E ALEXANDER RD N DECATUR BLVD LAS VEGAS N PECOS RD E BONANA RD ALTA DR STEWART AVE

W CHARLESTON BLVD E CHARLESTON BLVD BOULDER HWY E GOWAN RD CHEYENNE

N WALNUT RD

S TORREY PINES DR W SAHARA AVE SQUARE B Las Vegas

R S RAINBOW BLVD

U

C N LAMB BLVD

E

S VALLEY VIEW BLVD W O W DESERT INN RD O D W SPRING MOUNTAIN RD B E CHEYENNE AVE U S LAS VEGAS BLVD

R N EASTERN AVE CALIFORNIA Y B ELTWAY

W FLAMINGO RD MARYLAND PWY E FLAMINGO RD 1

N PECOS RD ARIONA NEW MEXICO W TROPICANA AVE E TROPICANA AVE

N NELLIS BLVD S ONES BLVD S PECOS RD Los Angeles N LAS VEGAS BLVD S DECATUR BLVD

CIVIC CENTER DR MCCARRAN S BUFFALO DR S DURANGO DR S FORT APACHE RD AIRPORT Poenix

LUCESCU REALTY /// OFFERING MEMORANDUM San13 DiegoCHEYENNE SQUARE /// LAS VEGAS, NV

W WARM SPRINGS RD LUCESCU REALTY /// OFFERING MEMORANDUM 14 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

LUCESCU REALTY /// OFFERING MEMORANDUM 15 CHEYENNE SQUARE /// LAS VEGAS, NV AREA INFORMATION

LAS VEGAS STRIP

LAS VEGAS METROPOLITAN AREA INFORMATION Demographic Snapshot (Las Vegas, Nevada) Population Las Vegas is home to the world-famous Las Vegas Strip, the Entertainment Capital of the World, Total Population 2,170,060 and 15 of the world’s 25 largest hotels. It encompasses 8,012 square miles in southern Nevada, Male Population 50.0% and includes the cities of Las Vegas, North Las Vegas, Henderson, Boulder City and Mesquite. Female Population 50.0% The urban areas of the county surrounding the strip are often referred to as Las Vegas. For the Median Age 37.0 last decade, Las Vegas has been one of the fastest-growing metro areas in the nation. Currently, Employees 1,032,072 3.6 million visitors and around 4,000 to 6,000 new residents enter Clark County each month. An Income expanding skilled labor force, a favorable tax structure, a pro-business environment and a great Average HH Income $72,381 climate all contribute to Las Vegas’ phenomenal growth. These factors have also led to the City Median HH Income $52,998 being recognized by Inc. magazine as the top entrepreneurial city in America, and by Entrepreneur Per Capita Income $26,457 magazine as the number one western state for both economic growth and entrepreneurial activity. Households Las Vegas is more economically diversified than ever before, but the local economy is still primarily Total Households 786,261 service-based, with lodging and gaming-related businesses dominating. Approximately 148,896 Average HH Size 2.8 hotel rooms provide space for nearly 43 million people who visit Las Vegas each year, including Race/Ethnicity more than 6.5 million convention delegates. Las Vegas , comprising approximately White 57.0% 141,000 slot machines and 5,700 live gaming tables, generate more than $9.7 billion in revenue Black 11.4% each year. American Indian 0.8% Asian/Pacific Islander Alone 10.8% With access to several major highways, including I-15, U.S. 95, U.S. 93, & I-215, an international Other/Two or More Races 20.0% airport, and Union Pacific rail service, Las Vegas is becoming a major distribution hub. McCarran Ethnicity International Airport welcomes over 48 million passengers a year. Hispanic 31.0% Non-Hispanic 69.0%

LUCESCU REALTY /// OFFERING MEMORANDUM 16 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

“Las Vegas boasts some of the most affordable, abundant, and diverse places to live in the country; more than 2.1 million residents call Las Vegas home. Mid-century modern homes, country club communities, 21st century high-rise condominiums, rural Southwestern ranches - Southern Nevada has it all.”

History The city of Las Vegas was established as a rail road town in 1905 and incorporated soon after in 1911. Gambling was legalized in the state of Nevada in 1931; the same year construction began on the , which began the areas rapid growth. The first casino on what is today’s Strip was the , opening on April 3, 1941 with 63 rooms. It stood for almost 20 years before being destroyed by fire in 1960. The outbreak of World War II brought the defense industry to the valley. The isolated location, along with plentiful water and inexpensive energy, made Las Vegas an ideal site for military and defense related industries. During the 1960’s, Howard Hughes wanted to make Las Vegas more glamorous and began building and investing in hotel and casino properties. What ensued was the idea of gambling as “gaming” and the transition of gambling into legitimate business enterprises. The opening of Hotel and Casino in 1989 began the era of “megaresorts” which has continued to the present day.

Population The combination of a warm climate and the comparatively low cost of living have contributed to the rapid growth in population in the Las Vegas Metropolitan Area, and will continue to draw more residents for the foreseeable future. Clark County experienced astounding growth as its population nearly doubled between 1990 and 2000, increasing from approximately 750,000 to 1.3 million during this period. This made it the fastest-growing MSA in the U.S., with almost double the growth of the next closest MSA, Austin, Texas. From 2000 to 2010, this number grew 35.9% and has continued to increase since 2010. The current estimated number of Households is 786,261. The average household size is 2.8 and the median age is 37.0. 50.0% of the population are male and 50.0% are female. The 2021 estimated population is projected to increase to 2,446,034. The current estimated Median Household Income is approximately $52,998, which is slightly below the U.S. median of $59,039.

LUCESCU REALTY /// OFFERING MEMORANDUM 17 CHEYENNE SQUARE /// LAS VEGAS, NV LAS VEGAS McCARRAN INTERNATIONAL AIRPORT

Location & Transportation Situated at the hub of an 11-state western region, Las Vegas is an ideal location for companies seeking cost-effective, rapid access to major markets both domestic and international. With a market area of more than 50 million people within a 1,000-mile radius, firms can take advantage of Nevada’s low taxation and operational costs while capitalizing on the ease of shipping to a multitude of states including California, the world’s sixth largest marketplace.

Airports McCarran International Airport is part of the Clark County Airport System, which also owns and operates four general aviation facilities: North Las Vegas Airport, Henderson Executive Airport, Jean Sport Aviation Center and Overton/Perkins Field. The Airports Council International ranked McCarran the world’s twenty-sixth- busiest airport based on passenger traffic in 2016 with over 47 million passengers. With nearly 40 air carriers and approximately 1,100 flights arriving and departing daily, McCarran offers direct service to more than 150 cities. International carriers offer direct flights to England, South Korea, Mexico and Canada. To accommodate an increase in traffic, Terminal 3 was opened in 2012, which cost $2.4 billion to build, making it the largest public works project in Nevada at the time. It increased the total number of gates at McCarran to 110. In August 2015 the airport announced plans to convert 7 gates in Concourse D to international gates, connected by tram to Customs in Terminal 3. Construction of the underground tram link cost $51 million, and was completed and opened in June 2017. Visitors who rent cars now use McCarran’s new consolidated rental car facility which opened in 2007. The Department of Aviation is also preparing to develop an airport in Ivanpah Valley to augment McCarran. The proposed airport, situated on approximately 6,000 acres about 25 miles south of Las Vegas, is currently in the planning phase. The International Air Cargo Center at McCarran International Airport has positioned Las Vegas as a major West Coast air-truck distribution center. Complete custom services are available at McCarran. Las Vegas is considered “an inland port of entry,” where efficient services allow foreign goods to quickly clear customs. The Cargo Center is located less than one mile from a major interstate highway and railroad access. The 240-acre site is a first-rate cargo handling area with three buildings totaling more than 170,000 square feet and a 275-square-foot ramp with nine aircraft parking positions capable of handling heavily loaded, long-haul and wide-body aircraft.

LUCESCU REALTY /// OFFERING MEMORANDUM 18 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

HYBRID ARTICULATED BUS

Regional Transportation The Regional Transportation Commission of Southern Nevada (RTC) is both the transit authority and the transportation planning agency for Southern Nevada. The RTC provides transportation services within the community, including approval and funding of major arterial and highway construction, developing and maintaining one of the nation’s first and most integrated intelligent transportation management systems, and operating the Las Vegas Valley’s public transit system. Transportation systems include MAX, Transportation ACE, The Deuce, CAT, and the .

The RTC was the first agency to utilize the Civis vehicle, a state-of-the-art, environmentally-friendly transit alternative. Known locally as the Metropolitan Area Express, or MAX, the 120-passenger vehicle travels along the North corridor, connecting the Las Vegas Downtown Transportation Center to Nellis Air Force Base. In summer 2007, “Next Bus” technology was debuted on the MAX. Next Bus is a passenger transportation information system using a global positioning system and timetables to provide real-time predicted arrival information for the next MAX vehicle. Passengers receive information at stops, terminals and through the RTC Web site. Next Bus will eventually be implemented on all high-volume, fixed-route stops and terminals. The speed, convenience and safety of the MAX have already earned high marks from passengers, as well as a 30 percent increase in ridership in just one year. Design work is underway on a new Boulder Highway MAX service, which will run from Horizon Drive in Henderson to the Downtown Transportation Center in dedicated side and center MAX lanes.

Over the next few years, the Streets and Highways Division of the RTC is expected to fund more than $430 million in roadway projects using voter-approved funding and gas tax revenue. One of the larger roadway projects underway is transforming the Bruce Woodbury Beltway, a 53-mile initial freeway-system around the Las Vegas Valley, into a full-freeway facility. A major milestone of this work was completed in 2006, when the section from the city of Henderson to Charleston Boulevard in Las Vegas was converted to the full-freeway system. In 2007, almost $197 million was devoted to the Beltway project. Segment-by-segment buildout of the Bruce Woodbury Beltway continues as funding is available.. Four Beltway improvement projects began construction in 2014 and 2015, totaling more than $190 million in total expected cost, including widening, flood control, lighting, interchanges and new construction and improvements. These current improvement projects are expected to be completed in 2018. The addition of an eastbound lane between Decatur Boulevard and Tropicana Avenue is budgeted for 2018 and 2019. In 2008, the RTC opened the first high-occupancy vehicle (HOV) lanes in the Las Vegas Valley to ease rush-hour congestion. The agency is also studying the benefits of adding extra HOV lanes to major freeway interchanges.

LUCESCU REALTY /// OFFERING MEMORANDUM 19 CHEYENNE SQUARE /// LAS VEGAS, NV “Las Vegas is booming – Southern Nevada has $18.8 Billion worth of planned, proposed, and current construction projects that could reshape the Las Vegas Strip’s skyline by 2020. Among them is , a $4 Billion Asian-themed casino.”

LUCESCU REALTY /// OFFERING MEMORANDUM 20 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

Economic Development Southern Nevada is an attractive place to do business for a number of reasons. The area is ideally located to serve California and other key Western and Southwestern markets, with excellent communications and transportation infrastructure and superb airport facilities. Nevada has no corporate, inventory, franchise, or personal income taxes, making it desirable for companies and the rapidly growing labor force alike, who also appreciate the area’s relative commuting ease and quick access to the central business district. Its excellent economic growth climate and a government with a pro-business attitude, as well as its growing international business environment, add to its favorability. Finally, Southern Nevada enjoys nationally recognized quality-of-life factors, including low costs for commercial real estate, utilities, and housing.

The Nevada Development Authority is a nonprofit agency that works to diversify and improve the economy of Southern Nevada. Nevada’s economic development system, including incentives, has helped businesses create more than 49,000 new jobs and $15 billion in new investment statewide.

Why Southern Nevada? Southern Nevada offers an abundant and high quality workforce, low operating costs, and unparalleled global connectivity for businesses in a broad array of industry clusters. • Las Vegas has one of the most affordable business climates in the United States while also having easy access to large California markets and ports. From Las Vegas, you can deliver same-day, round-trip trucking to Los Angeles and Phoenix. • With one-day rail routes to Salt Lake City and Los Angeles, Southern Nevada offers an excellent distribution point in the Southwest. • McCarran International Airport is one of the busiest destination airports in the United States, and Southern Nevada has some of the lowest corporate annual travel costs in the country. • Las Vegas boasts first-in-class fiber-optic data connections, making it a national data hub. • Las Vegas hosts more than six million convention-goers each year, making it a hub for corporate meetings and events. • Las Vegas is a hotbed for start-ups with a dynamic entrepreneurial class and support from local institutions.

NEVADA’S TAX CLIMATE Offering one of the lowest tax burdens in the nation, Nevada is consistently cited by the likes of Forbes, Inc and Money magazines as having one of the best overall business climates in the nation. Nevada’s tax structure is designed to be less burdensome to both business and its employees. The Tax Foundation rated Nevada as the No. 5 best state for business in 2018. Nevada has… • NO personal income tax • NO franchise tax • NO unitary tax • NO inventory tax • NO inheritance tax • NO estate tax

LUCESCU REALTY /// OFFERING MEMORANDUM 21 CHEYENNE SQUARE /// LAS VEGAS, NV The Las Vegas Global Economic Alliance (LVGEA), established in 2013, is a 501(c)6 membership organization dedicated to developing the economies of Las Vegas, Clark County, Henderson, North Las Vegas, Boulder City, and Mesquite through regional cooperation, global trade, and global connectivity. LVGEA is the economic and community development resource for Southern Nevada. The organization’s heritage is forged from a rich history of economic development achievements dating back to 1956, when the Southern Nevada Industrial Foundation was formed. Later rebranded as the Nevada Development Authority, the organization underwent a major transformation in 2011 and will expand upon its diversification efforts by targeting global opportunities that hold potential to stabilize and enhance the region’s economic future.

Companies that relocated or expanded to Southern Nevada in 2017:

Aristocrat Tissue Life Technologies Inc. Ryze Renewables Las Vegas, LLC

Slice of Life Precision Tube Laser, LLC

Catapult Global

Lobostar Inc. Global Nutrition Derby Spirits

www .lvgea .org

LUCESCU REALTY /// OFFERING MEMORANDUM 22 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE Major Industries LAS VEGAS, NV

AEROSPACE, UNMANNED AERIAL SYSTEMS, AND DEFENSE - The Defense LOGISTICS AND GOODS MOVEMENT - Dozens of logistics companies and and Aerospace cluster has historically been an important part of the Southern distributors have found that Southern Nevada is an ideal place to make and Nevada regional economy. Between the Nellis and Creech Air Force Bases and distribute their products. With its proximity to the ports of Los Angeles and Long the Nevada Testing and Training Range, the Department of Defense employs Beach, its Interstate highway access, its position to the Union Pacific railroad, its approximately 14,000 airmen, civilian staff, and contractors in Southern Nevada. global airlift, and its proximity to other major trade routes like Interstate 40 and the In recent years, the unmanned aerial systems (UAS) industry has become an BNSF Railroad, Southern Nevada is the ideal place for a western distribution facility. important part of our economy. Creech AFB, in the town of Indian Springs northwest Nevada’s already low tax structure is particularly good for logistics, manufacturing, of Las Vegas, is the global home of drone operations for the Air Force. Additionally, and distribution companies as the state has no inventory or warehousing tax. Nevada is one of six locations that the FAA selected to be a center for Unmanned Additionally, many logistics and assembly companies benefit from operating in Aerial System (UAS) development in the United States. As a UAS development Southern Nevada’s Foreign Trade Zone #89, which offers a great advantage to site, the most likely economic forecast shows that there could be thousands of companies when it comes to duty fees, taxes and international shipping costs. jobs for UAS direct employees with an average wage of approximately $62,000; an estimated $2.5 billion in economic impact in present dollars; and an estimated $125 million in annual state and local tax revenue.

CLEAN TECHNOLOGY - Over the past several years, Nevada has become one of TECHNOLOGY - Southern Nevada is consistently named one of the top business the epicenters of the global clean technology industry. In just the past five years, environments for technology companies. In addition to Nevada’s favorable tax Nevada has seen more than $5B invested in clean, renewable energy, supporting climate, the region boasts an entrepreneurial culture with plenty of industry support, more than 100 companies and 5,000 jobs. Nevada is also leading efforts to including co-working spaces and industry associations. Compared to other regions, commercialize water efficiency technology through WaterStart and making new median office, industrial, and residential rents are below at or national market investments in its long-term water sustainability through the Southern Nevada average, making the region favorable for start-ups. Water Authority.

GAMING, TOURISM, AND CONVENTIONS - Las Vegas is the birthplace of GLOBAL BANKING AND FINANCIAL SERVICES - Southern Nevada has a diverse, the United States’ gaming industry and continues to lead both the tourism and abundant, and customer service oriented workforce that makes it a destination for convention industries. Major gaming corporations like MGM Resorts International, the back office operations of financial service firms and business services firms. Caesars Entertainment, Wynn Resorts Limited, Las Vegas Sands, and Scientific Southern Nevada has also developed a unique expertise in the financial services Games are headquartered in Las Vegas. These companies cater to the 40+ million industry, with many high value firms specializing in financial services related to the tourists who visit the region every year. Las Vegas has also been the No. 1 domestic global gaming and tourism industry. Industrial loan companies like Toyota Financial convention location for two decades. Las Vegas is home to hundreds of non- Savings Bank and USAA Savings Bank take advantage of Southern Nevada’s gaming companies that serve the Las Vegas Strip, including gaming technology, unique regulatory environment, and more than 10% of all industrial loan companies aviation, and convention services companies. in the United States are headquartered in Southern Nevada.

HEALTHCARE & LIFE SCIENCES - Southern Nevada has made growing its health MANUFACTURING - The manufacturing sector in Southern Nevada leverages care industry a top priority. From energizing medical and wellness tourism efforts access to large West Coast markets and favorable operating costs to support a to building new medical schools, the region is laying the groundwork for a robust broad mix of manufacturers. Since Basic Magnesium opened in Henderson, NV regional health care and life sciences cluster. In recent years, Southern Nevada to support the allied war efforts during World War 2, manufacturing in Southern has seen a large expansion of its pharmaceutical manufacturing and pharmacy Nevada has quietly grown alongside the region’s famous tourism, gambling, and benefits management and distribution sector. convention industries. The sector today supports 27,000 workers employed in various sub-sectors of manufacturing.

LUCESCU REALTY /// OFFERING MEMORANDUM 23 CHEYENNE SQUARE /// LAS VEGAS, NV “Future home of the Las Vegas Raiders (NFL); a state-of-the-art 65,000-seat, $1.9 Billion, Indoor Stadium.”

LUCESCU REALTY /// OFFERING MEMORANDUM 24 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

Employment Clark County’s estimated civilian Labor Market includes more than 1.1 million people over the age of 16 in the labor force. Resorts and Casinos make up a majority of the top employers in the county, accounting for 11 of the top 20. Nevada’s tax friendly environment combined with the climate and amenities offered in Las Vegas make the area a prime location for local, regional and international businesses. As of November, 2017, the unemployment rate in the Clark County Statistical Area is 5.1%, lowering from 5.2% one year prior.

# Clark County Top Twenty Employers 1 Clark County School District 2 Clark County 3 4 LLC 5 MGM Grand Hotel/Casino 6 Aria Resort and Casino LLC 7 Resort and Casino 8 The Venetian/Palazzo Casino Resort 9 University of Nevada, Las Vegas 10 11 Las Vegas Metropolitan Police 12 The Mirage Casino and Hotel 13 The Cosmopolitan of Las Vegas 14 University Medical Center of South NV 15 Southwest Airlines Co. 16 17 City of Las Vegas 18 Luxor Hotel and Casino 19 Sunrise Hospital and Medical Center 20 City of Henderson LAS VEGAS BUILDING CONSTRUCTION

LUCESCU REALTY /// OFFERING MEMORANDUM 25 CHEYENNE SQUARE /// LAS VEGAS, NV Las Vegas Area Employment

Industry 2017 Leisure and Hospitality 286,100 Trade, Transportation, and Utilities 172,800 Professional and Business Services 143,600 Government 106,800 Education and Health Services 98,100 Construction 68,100 Financial Activities 50,500 Other Services 32,900 Manufacturing 22,600 Information 11,100 Source: U .S . BLS, Current Employment Statistics LAS VEGAS CONVENTION CENTER

Tourism Tourism continues to be a vital aspect of the Las Vegas economy and will continue to grow, according to the Las Vegas Convention and Visitors Authority.

2010 2011 2012 2013 2014 2015 2016 2017

Visitor Volume 37,578,766 38,928,708 39,727,022 39,668,221 41,126,512 42,312,216 42,936,109 42,208,200 Hotel Rooms 150,382 150,161 150,481 150,593 150,544 149,213 149,339 148,896 Occupancy Rate 81.1% 83.8% 84.4% 84.3% 86.8% 87.7% 89.1% 88.6% Clark County Gross Gaming Revenue $8,935,470,667 $9,222,906,000 $9,399,845,000 $9,674,404,000 $9,554,002,000 $9,616,463,000 $9,712,796,000 $9,979,230,000 Airline Passengers Enplaned/Deplaned 39,600,000 41,479,814 41,667,596 41,857,059 42,869,517 45,389,074 47,435,640 48,500,194 Convention Delegates 4,701,557 4,865,272 4,944,014 5,107,416 5,169,054 5,891,151 6,310,616 6,646,200

Convention Centers Las Vegas is known for its dominance as the nation’s premier convention and meeting destination, as well as a prime leisure vacation spot. The Las Vegas Convention Center is one of the most modern and functional facilities in the world - a 3.2 million square foot facility located within a short distance of more than 100,000 guest rooms. Operated by the Las Vegas Convention and Visitors Authority (LVCVA), the center is well known among industry professionals for its versatility. In addition to more than 2 million square feet of exhibit space, 144 meeting rooms (more than 241,000 square feet) handle seating capacities ranging from 20 to 2,500. In addition to the Las Vegas Convention Center, other convention facilities include: The Sands Expo & Convention Center, Mandalay Bay Convention Center and the Cashman Center.

LUCESCU REALTY /// OFFERING MEMORANDUM 26 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

Education The University of Nevada at Las Vegas (UNLV) Campus The Community College of Southern Nevada (CCSN) is the largest institution is situated in one of the oldest areas of Las Vegas. Recently celebrating the in the University and Community College System of Nevada, enrolling more 50th Anniversary, the University officially opened in 1957 and now occupies 350 than 40,000 students including those taking online courses. Among the top acres in the metropolitan area. The University of Nevada at Las Vegas offers disciplines at CCSN are dental hygiene, culinary arts, computing and information more than 220 undergraduate and graduate programs, of which engineering, technologies, resorts and gaming, nursing and other health professions, computer science, business, economics, and hotel management are especially automotive technology, air conditioning, and criminal justice. The International strong fields. The University also has a School of Medicine that is affiliated Academy of Design & Technology offers two and four-year programs in Fashion with the University Medical Center, and a school of Dental Medicine. There Design, Interior Design, and Visual Communications. The Community College are approximately 28,000 students currently enrolled at the University, with of Southern Nevada is located in North Las Vegas and offers over 200 career an average class size of about thirty people. It offers a 350-acre campus and fields and 80 Associate Degree programs. the largest lecture hall seats approximately 200 students. There are more than 3,000 faculty and staff. UNLV offers undergraduate programs, as well asa Elementary and Secondary Education School of Dentistry and the UNLV Cancer Institute and Biotechnology Center. In addition, students can participate in more than twenty kinds of intramural sports Established in 1956, Clark County School District is the fifth largest school or seventeen different sports at the NCAA Division I intercollegiate level. district in the country, educating almost 75 percent of all students in Nevada with more than 320,000 students enrolled in kindergarten through 12th grade. UNLV works to partner with government agencies and private industries to find The district encompasses 358 schools and approximately 8,000 square miles innovative ways to bring economic growth and development to the community in southern Nevada and is a minority majority student district. With more than and state while creating centers of academic excellence. The university offers 42,000 employees, CCSD is also the largest employer in the state. major programs in physics, business, engineering, computer science, biological science, environmental studies and performing arts. The university’s solid CCSD is governed by a Board of Trustees comprised of seven members who liberal arts core curriculum provides a common experience for all students who represent different geographic regions within the county. The mission of the earn their undergraduate degree at UNLV and the university’s William F. Harrah board is to ensure “all students progress in school and graduate prepared to College of Hotel Administration is internationally recognized for its excellence. succeed and contribute in a global diverse society”. The district offers nationally recognized Magnet Schools and Career & Technical Academies as well as an online secondary school (Nevada Learning Academy) and several International Baccalaureate programs available to elementary, middle and high school students.

Services offered by the district also include a school police department, adult education courses, special education, and partnerships with higher education institutions and community organizations such as Vegas PBS and the Public Education Foundation. As the largest school district in Nevada, CCSD plays a pivotal role in ensuring the future success, growth and advancement of the state.

LUCESCU REALTY /// OFFERING MEMORANDUM 27 CHEYENNE SQUARE /// LAS VEGAS, NV LEASE SUMMARY - DOTTY’S

Date of Lease: April 30, 2014

Commencement: January 1, 2015

Square Footage: 39,175

Term: Ten (10) Years, Expiring December 31, 2024

Options: Five (5), Five (5) Year Options.

Base Rent: Lease Months Annual Rent Monthly Rent Rent Per Square Foot 1-19* $144,000.00 $12,000.00 $12.00 20-36** $290,253.60 $24,187.80 $11.36 37-60 $414,167.40 $34,513.95 $10.57 61-120 $455,584.20 $37,965.35 $11.63

Option Rent: Lease Months Annual Rent Monthly Rent Rent Per Square Foot 121-180 $501,142.62 $41,761.89 $12.79 181-240 $551,256.88 $45,938.07 $14.07 241-300 $606,382.57 $50,531.88 $15.48 301-360 $667,020.83 $55,585.07 $17.03 361-420 $733,722.91 $61,143.58 $18.73

*Tenant Occupied 12,000 SF from January 1, 2015 through February 17, 2016 . **Tenant Occupied 25,542 SF from February 18, 2016 through September 18, 2017 .

Percentage Rent: None.

Real Estate Taxes: Tenant shall pay an amount equal to Tenant’s Expense Percentage times those real property taxes and assessments levied, assessed or imposed against the Building and the land on which the Building is located. Alternatively, at Landlord’s discretion, real estate property taxes and assessments may be included in the Common Area Costs. In no event shall taxes measured by or levied on Landlord’s gross or net income, or attributable to any gift, estate or transfer tax, be included in computing Tenant’s obligation for taxes and assessments.

LUCESCU REALTY /// OFFERING MEMORANDUM 28 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LEASE SUMMARY - DOTTY’S (CONTINUED) LAS VEGAS, NV

CAM Charges: “Common Area” means all the areas around the Building, including improvements on the land, for use in common by tenants of the Building or by agents, employees, customers or invitees of such tenants (e.g., parking lots, roads, sidewalks, walkways, curbs, landscaped areas, loading docks, and garbage pickup areas). Landlord shall maintain all elements of the Common Areas.

Tenant shall pay to Landlord Tenant’s Expense Percentage of “Common Area Costs” which are defined as Landlord’s direct, out of pocket costs incurred for the operation, maintenance, repair, replacement and management of the Building and Common Area. Common Area Costs include maintenance, repair and replacement of the roof and exterior of the Building (including the cleaning, repainting, restaining, resealing, paint and tuck of brick or similar treatment of exterior walls); all utility costs for the Common Area and trash/waste disposal, storm drainage systems and other utility systems; expenses for security; real property taxes and; insurance premiums and deductibles for insurance on the Common Area; janitorial services; the cost of maintaining, repairing, resurfacing, paving, striping, cleaning, snow removal, and policing the parking lot, curbs, sidewalks, and driveways; planting and landscaping maintenance; lighting and sign facilities; any insurance deductible payable on account of insured; monitoring, maintenance and repair of fire protection systems, sprinkler systems, and security systems; labor costs; costs and expenses of managing the Building including professional property management fees (not to exceed three percent of Minimum Monthly Rent); personnel to implement the foregoing services including wages, salaries, employee benefits and payroll taxes; licenses, permits and inspection fees; association dues and costs attributable to the Building pursuant to any recorded covenants, conditions and restrictions; legal and accounting costs; rental paid for machinery and equipment to carry out the foregoing services for the Common Area.

Common Area Costs shall not include: (i) any interest or payments on any debt; (ii) amortization of any costs or expenses related to original construction or installation, later additions, or major renovation, of any portion of the Building or Common Area; (iii) leasing commissions; (iv) refinancing costs; (v) damages recoverable by Landlord, or any tenant of the Building, due to violations by any tenant, or Landlord, of any terms and conditions of this Lease or any other lease relating to the Building; (vi) repairs occasioned by fire, wind storm or other casualty or accident to the extent such repairs are paid for with insurance proceeds or Landlord’s self-insurance retention or reserve account; and (vii) any significant capital repairs, improvements, or replacements. However, the costs of improvements to the Common Areas which actually reduce Common Area Costs during the Lease Term may be included in Common Area Costs.

Insurance: Landlord shall maintain property insurance with coverage limits equal to the replacement cost of the Building; such insurance may also include one year rent loss insurance for tenants in the Building, plate glass insurance, vandalism, malicious mischief, demolition and windstorm coverage for any additional costs resulting from debris removal and coverage for the enforcement of any ordinance or law regulating the reconstruction or replacement of any portion of the Building required to be demolished, removed or modified by reason of the enforcement of any building, zoning, safety or land use laws as a result of a covered loss. Landlord may carry earthquake and/ or flood insurance in amounts determined by Landlord. Landlord shall also maintain in full force a commercial general liability insurance policy, in coverage limits determined in Landlord’s sole discretion, insuring Landlord against liability for bodily injury and property damage occurring in or about the Building. The cost of such insurance coverage shall be included in the Common Area Costs.

Tenant shall at its own expense carry: (i) A commercial general liability insurance policy naming the Landlord Indemnified Parties as additional insureds, with limits of not less than one million dollars per occurrence against any and all liability of Tenant with respect to the Premises or arising out of the maintenance, use or occupancy of the Premises as well as assumed or contractual liability under this Lease. (ii) Fire and casualty insurance with standard extended coverage endorsements to the extent of the full replacement value of

LUCESCU REALTY /// OFFERING MEMORANDUM 29 CHEYENNE SQUARE /// LAS VEGAS, NV LEASE SUMMARY - DOTTY’S (CONTINUED)

Tenant’s trade fixtures, inventory and all other personal property owned or used by Tenant in the operation of Tenant’s business. So long as Tenant’s net worth exceeds five million dollars, Tenant shall be permitted to self-insure. (iii) Workmen’s Compensation and Employer’s Liability coverage of not less than statutory limits of the state in which the Premises is located. (iv) All such insurance policy shall be with an insurance company or companies with general policyholders’ rating of not less than “A VIII” as rated in the most current available Best’s Key Rating Guide or “A- VIII” as then currently rated by Standard & Poor’s or Moody’s Investors Service and which are qualified to do business in the state of Nevada. Tenant shall furnish Landlord with a certificate or other acceptable evidence that such insurance is in effect.

Maintenance Landlord shall maintain (i) the structural soundness of the exterior walls, concrete slab and foundation of the Building, reasonable wear & Repairs: and tear, (ii) that portion of the electrical, plumbing, and sewage systems which do not exclusively service the Premises, and (iii) all other elements of the Common Areas. This shall not include maintenance of the operating condition of doors and windows or replacement of glass, nor maintenance of the storefront. The cost of such maintenance and repair shall be included in the Common Area Costs.

Tenant shall maintain, at Tenant’s sole cost and expense, the following: (i) Any interior redecorating in the Premises, (ii) Any repairs in the Premises necessitated by the negligence of Tenant, its agents, employees and invitees, (iii) Maintenance, repair and replacement of the heating and air conditioning systems in the Premises (including a periodic maintenance agreement which may be administered by Landlord, at Landlord’s discretion, and included in Common Area Costs) and sprinkler systems in the Premises (if any), (iv) Maintenance and repair of the interior walls and floor coverings in the Premises (both hard surfaces and carpeting), (v)Any repairs or alterations in the Premises required under Tenant’s obligation to comply with laws and regulations as set forth in the Lease, (vi) All other repairs and maintenance to the Premises which Landlord is not required to make, which includes the replacement of all glass which may be broken or cracked with glass of as good or better quality than that used on the Turnover Date, the storefront, utilities exclusively serving the Premises (including, interior wiring and plumbing and drain pipes to common or shared lines).

Utilities: Tenant shall be solely responsible and promptly pay for all water and sewer facilities, gas and electrical services, including heat and light, garbage collection, and all other facilities and utility services used by Tenant in the Premises. If any utilities are not on separate meters, Tenant shall pay its proportionate share of such charges based upon the actual use of such utilities by Tenant and by the other tenants of the Building.

Management: See CAM Charges Section.

Operation: The abandonment of the Premises by Tenant for 30 days or longer without the consent of Landlord, except as necessary for periodic maintenance and remodeling of the Premises, due to casualty or condemnation as otherwise provided in this Lease, or unless otherwise excused under other provisions of this Lease shall be defined as an “Event of Default”. If an Event of Default occurs, Landlord may, exercise any one or more of the rights and remedies available to a landlord in Nevada to redress such default, consecutively or concurrently, including the following: Landlord may elect to terminate Tenant’s right to possession of the Premises or any portion thereof by written notice to Tenant. Following such notice, Landlord may re-enter, take possession of the Premises and remove any persons or property by appropriate legal action.

Co-Tenancy: None.

LUCESCU REALTY /// OFFERING MEMORANDUM 30 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LEASE SUMMARY - DOTTY’S (CONTINUED) LAS VEGAS, NV

Assignment Landlord hereby consents to Tenant’s sublease of the Premises, or any portion of the Premises, or assignment of this Lease, so long and Subletting: as the subtenant’s use does not violate applicable law and Tenant remains primarily liable, after any assignment or sublease, for the payment of Rent and other charges hereunder and the performance of all of Tenant’s obligations under this Lease, notwithstanding such assignment or subletting by Tenant.

LUCESCU REALTY /// OFFERING MEMORANDUM 31 CHEYENNE SQUARE /// LAS VEGAS, NV “Designed to remind you of your grandmother’s kitchen.”

LUCESCU REALTY /// OFFERING MEMORANDUM 32 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE TENANT PROFILE LAS VEGAS, NV

WWW.DOTTYS.COM DOTTY’S

Dotty’s, founded in Oregon in 1991 by Richard Craig Estey, is a privately owned slot machine parlor company with approximately 175 locations in Nevada, Oregon and Montana. The Company also has another 150 locations planned in Illinois, approximately 60 of which are already in operation. Dotty’s parent company is Nevada Restaurant Services, Inc., which operates out of its 160,000 SF headquarters located on Losee Road, in North Las Vegas, approximately 1 mile from the Subject Property. The Company is viewed as one of Nevada’s most successful gaming and tavern businesses, with more than 300,000 customers in its player database.

The Company’s locations, which cater to women aged 35 and older, offer clean, well-lit atmospheres along with a minimal selection of food and beverage choices. Typical menu items include snacks (French fries, mozzarella sticks, corn dogs, etc), hot dogs, chili dogs, cheeseburgers, chicken tenders, coffee and other food and beverage choices.

A majority of Dotty’s locations operate under a restricted gaming license (allowing up to 15 slot machines). The Subject Property boasts approval for 223 slot machines, however, due to its grandfathered non-restricted gaming license, allowing 16+ slot machines.

Dotty’s entered Nevada in 1995, and has grown to currently operating more than 100 locations there. In 2013 and 2014, Dotty’s purchased its first full hotel-casinos: The Hoover Dam Lodge (fka Hotel and Casino) located in Boulder City, NV, and Laughlin River Lodge (fka River Palms), located in Laughlin, NV. The Company continues to operate both hotel-casinos after completely renovating and rebranding them.

LUCESCU REALTY /// OFFERING MEMORANDUM 33 CHEYENNE SQUARE /// LAS VEGAS, NV HOOVER DAM LODGE HOTEL & CASINO

LUCESCU REALTY /// OFFERING MEMORANDUM 34 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

LUCESCU REALTY /// OFFERING MEMORANDUM 35 CHEYENNE SQUARE /// LAS VEGAS, NV APPENDIX

AVERAGE HOUSEHOLD INCOME MAP POPULATION DENSITY MAP

CHEYENNE CHEYENNE SQUARE SQUARE 1 Mile 1 Mile

3 Miles 3 Miles

5 Miles 5 Miles

Copyright 2006-2018 TomTom. All rights reserved. This material is proprietary and the subject of copyright protection, database right protection and other Copyright 2006-2018 TomTom. All rights reserved. This material is proprietary and the subject of copyright protection, database right protection and other intellectual property rights owned by TomTom or its suppliers. The use of this material is subject to the terms of a license agreement. Any unauthorized copying intellectual property rights owned by TomTom or its suppliers. The use of this material is subject to the terms of a license agreement. Any unauthorized copying or disclosure of this material will lead to criminal and civil liabilities. or disclosure of this material will lead to criminal and civil liabilities. AVERAGE HOUSEHOLD INCOME POPULATION DENSITY Block Groups - High (Above 90,000) Block Groups - High (Above 30,000)

Block Groups - Above Average (63,000 to 90,000) Block Groups - Above Average (11,375 to 30,000)

Block Groups - Average (44,000 to 63,000) Block Groups - Average (4,300 to 11,375)

Block Groups - Below Average (30,500 to 44,000) Block Groups - Below Average (1,625 to 4,300)

Block Groups - Low (Below 30,500) Block Groups - Low (Below 1,625)

LUCESCU REALTY /// OFFERING MEMORANDUM 36 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE DEMOGRAPHICS LAS VEGAS, NV

1 Mile 3 Mile 5 Mile 2010 Total Population 17,833 159,482 412,720 2017 Total Population 19,616 177,579 457,659 2022 Total Population 19,692 183,963 485,223 2017 - 2022 Projected Annual Change Rate 0.08% 0.72% 1.20%

2010 Households 4,337 44,605 125,290 2010 Average Household Size 3.96 0.23 0.28 2017 Households 4,557 48,279 136,177 2017 Average Household Size 3.92 3.43 3.16 2022 Households 4,689 52,094 149,358 2022 Average Household Size 3.92 3.42 3.16 2017 - 2022 Projected Annual Change Rate 0.01% -0.30% 0.17%

2010 Housing Units 5,120 51,849 146,691 Owner Occupied Housing Units 36.9% 40.1% 42.7% Renter Occupied Housing Units 47.8% 46.0% 42.7% Vacant Housing Units 15.3% 14.0% 14.6% 2017 Housing Units 5,167 53,744 152,553 Owner Occupied Housing Units 34.3% 37.1% 39.6% Renter Occupied Housing Units 53.7% 52.3% 49.2% Vacant Housing Units 12.0% 10.6% 11.2% 2022 Housing Units 5,377 58,276 168,719 Owner Occupied Housing Units 33.4% 37.1% 39.6% Renter Occupied Housing Units 53.8% 52.2% 49.0% Vacant Housing Units 12.8% 10.6% 11.5%

Average Household Income 2010 $46,621 $50,861 $54,365 2017 $42,136 $48,557 $52,591 2022 $50,671 $57,742 $62,098

Per Capita Income 2010 $12,169 $14,672 $17,050 2017 $10,855 $13,803 $16,281 2022 $12,876 $16,767 $19,613

Median Age 2010 27.1 28.2 30.2 2017 29.1 29.6 31.5 2022 30.1 30.8 32.5

2017 Households by Income Income $ 0 - $9,999 13.3% 10.9% 9.8% Income $ 10,000 - $14,999 9.7% 7.0% 6.5% Income $ 15,000 - $24,999 18.5% 14.4% 13.8% Income $ 25,000 - $34,999 16.0% 14.9% 13.7% Income $ 35,000 - $49,999 14.2% 16.8% 16.2% Income $ 50,000 - $74,999 17.7% 18.6% 18.7% Income $ 75,000 - $99,999 5.5% 9.1% 10.7% Income $100,000 - $124,999 2.3% 4.2% 5.2% Income $125,000 - $149,999 1.2% 1.8% 2.4% Income $150,000 + 1.6% 2.1% 3.0% $42,136 $48,557 $52,591

LUCESCU REALTY /// OFFERING MEMORANDUM 37 CHEYENNE SQUARE /// LAS VEGAS, NV DEMOGRAPHICS (CONTINUED)

1 Mile 3 Mile 5 Mile 2022 Households by Income Income $ 0 - $9,999 10.2% 8.1% 7.1% Income $ 10,000 - $14,999 9.6% 6.7% 6.1% Income $ 15,000 - $24,999 17.1% 12.7% 12.0% Income $ 25,000 - $34,999 15.4% 13.3% 12.3% Income $ 35,000 - $49,999 13.8% 15.8% 15.1% Income $ 50,000 - $74,999 18.0% 18.7% 18.4% Income $ 75,000 - $99,999 7.6% 11.7% 13.2% Income $100,000 - $124,999 3.6% 6.5% 7.7% Income $125,000 - $149,999 1.8% 2.9% 3.7% Income $150,000 + 2.9% 3.5% 4.5% Average Household Income $50,671 $57,742 $62,098

2010 Households by Income Income $ 0 - $9,999 8.8% 8.0% 7.6% Income $ 10,000 - $14,999 6.5% 5.3% 5.4% Income $ 15,000 - $24,999 17.3% 13.2% 12.7% Income $ 25,000 - $34,999 17.5% 16.0% 14.4% Income $ 35,000 - $49,999 19.9% 20.8% 19.3% Income $ 50,000 - $74,999 18.0% 18.9% 18.9% Income $ 75,000 - $99,999 5.7% 9.1% 10.6% Income $100,000 - $124,999 2.8% 4.6% 5.4% Income $125,000 - $149,999 1.5% 2.1% 2.8% Income $150,000 + 2.0% 2.1% 2.8% Average Household Income $46,621 $50,861 $54,365

2017 Population by Age Total 19,616 177,579 457,659 Age 0 - 4 9.1% 8.4% 7.9% Age 5 - 14 19.7% 18.4% 16.8% Age 15 - 19 8.0% 7.7% 7.3% Age 20 - 24 7.1% 8.0% 7.8% Age 25 - 34 14.6% 15.7% 15.6% Age 35 - 44 14.5% 14.2% 14.2% Age 45 - 54 11.3% 12.2% 12.7% Age 55 - 64 7.2% 8.3% 9.2% Age 65 - 74 4.5% 4.8% 5.6% Age 75 - 84 2.6% 1.9% 2.3% Age 85 + 1.2% 0.5% 0.7%

Males (%) Females (%) 50.57 50.74 51.02 49.43 49.26 48.98 2017 Population by Race/Ethnicity Total 19,616 177,579 457,659 White Alone 39.2% 36.4% 41.6% Black Alone 16.5% 21.4% 19.2% American Indian, Eskimo, Aleut 1.0% 0.9% 0.9% Asian or Hawaiian/Pacific Islander Alone 1.3% 4.3% 5.9% Some Other Race Alone 37.8% 31.4% 26.5% Two or More Races 4.2% 5.7% 5.9% Hispanic Origin 76.0% 60.6% 52.6% Not of Hispanic Ethnicity 26.7% 41.1% 48.7%

LUCESCU REALTY /// OFFERING MEMORANDUM 38 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE DEMOGRAPHICS (CONTINUED) LAS VEGAS, NV

1 Mile 3 Mile 5 Mile 2017 Population 25+ by Educational Attainment Total 10,994 102,007 276,130 Grade K - 8 27.2% 16.9% 12.4% Grade 9 - 12 23.7% 17.8% 15.2% High School Graduate 27.9% 31.2% 31.2% Associates Degree 1.8% 4.9% 6.1% Bachelor's Degree 3.7% 5.3% 7.3% Graduate Degree 0.6% 2.1% 3.3% Some College, No Degree 10.2% 18.5% 22.1% No Schooling Completed 4.9% 3.2% 2.5%

2017 Population 15+ by Marital Status Total 13,955 129,973 345,024 Divorced 8.5% 11.5% 12.6% Never Married 42.9% 43.6% 41.4% Now Married 38.0% 36.1% 37.3% Separated 5.0% 4.4% 3.8% Widowed 5.7% 4.5% 4.8%

2017 Civilian Population 16+ in Labor Force Total 6,197 67,351 184,593 White Collar 15.6% 33.9% 39.2% Blue Collar 84.4% 66.1% 60.8%

2022 Civilian Population 16+ in Labor Force Total 6,266 71,355 199,549 White Collar 15.8% 34.9% 40.4% Blue Collar 84.2% 65.1% 59.6%

2010 Civilian Population 16+ in Labor Force Total 4,850 52,672 149,379 White Collar 15.7% 34.6% 39.8% Blue Collar 84.3% 65.4% 60.2%

2017 Employees and Establishments Employees 6,360 46,194 147,999 Establishments 372 2,770 9,095

2017 Households by Vehicles Available Total 7,895 84,403 239,474 None 19.4% 13.7% 13.7% 1 38.2% 40.1% 38.4% 2+ 42.4% 46.2% 47.9% Average Vehicles Per Household 1.7 1.7 1.8

2010 Average Household Size 3.96 3.47 3.2 2017 Average Household Size 3.92 3.43 3.16 2022 Average Household Size 3.92 3.42 3.16 2017 - 2022 Projected Change Rate 0.0% -0.3% 0.2%

LUCESCU REALTY /// OFFERING MEMORANDUM 39 CHEYENNE SQUARE /// LAS VEGAS, NV LUCESCU REALTY /// OFFERING MEMORANDUM 40 CHEYENNE SQUARE /// LAS VEGAS, NV CHEYENNE SQUARE LAS VEGAS, NV

LUCESCU REALTY /// OFFERING MEMORANDUM 41 CHEYENNE SQUARE /// LAS VEGAS, NV NEVADA

San Francisco

Las Vegas CALIFORNIA

ARIZONA Newport Beach Phoenix

Newport Beach, CA • Phoenix, AZ • Las Vegas, NV • San Francisco, CA (2018) 500 Newport Center Drive, Suite 550 | Newport Beach, CA 92660 | Tel 949.706.7772 | Fax 949.706.7773 | www.lucescurealty.com