Exclusive Net-Leased Offering

WALGREENS 6395 Airport Boulevard, Mobile, Alabama 36608

Walgreens Representative Photo Investment Highlights

MARCUS & MILLICHAP IS PLEASED TO EXCLUSIVELY OFFER THE FEE SIMPLE INTEREST IN THIS ABSOLUTE TRIPLE NET (NNN) WALGREENS LOCATED IN MOBILE, ALABAMA.

✓ Freestanding Property ✓ High Visibility and Ease of Access ✓ Positioned on a Hard Corner ✓ Signalized Intersection

✓ Dense Corridor ✓ National Tenants: Recently Constructed Neighborhood Market, , Dollar General, Harbor Freight Tools, Buffalo Wild Wings, , Planet Fitness ✓ Strong Demographics | 134,000 Within a Five- Mile Radius

✓ Original Lease Term: 25 Years ✓ Lease Term Remaining: +15 Years ✓ Absolute Triple-Net (NNN) Lease

✓ Investment Grade Credit ✓ : B1 ✓ S&P Rated: “BBB” ✓ Corporate Tenant / Corporate Guaranty

Walgreens 2 Financial Analysis PRICE: $6,112,752 | CAP: 5.85% | RENT: $357,596

PROPERTY DESCRIPTION ANNUALIZED OPERATING DATA Property Walgreens Annual Rent $357,596 Property Address 6395 Airport Boulevard Monthly Rent $29,800 City, State, ZIP Mobile, AL 36608 Rent / SF $26.16 Year Built / Remodeled 2007 Building Size 13,669 SF Lot Size +/- 1.05 Acres Type of Ownership Fee Simple THE OFFERING Current Rent $357,596 CAP Rate 5.85% Purchase Price $6,112,752 Price / SF $447 Rent / SF $26.16 LEASE SUMMARY Property Type Net Leased General Merchandise/Pharmacy Ownership Public : WBA Tenant / Guarantor Walgreen Co. Original Lease Term 25 Years Lease Commencement April 1, 2007 Lease Expiration October 31, 2032 Lease Term Remaining 15.3 Years Lease Type Absolute Triple Net (NNN) Roof & Structure Tenant Responsible Rental Increases None Options to Renew Fifty, One-Year Option Periods Walgreens 3 Location Overview

SURROUNDING RETAIL & POINTS OF INTEREST The property is well-positioned in a dense retail corridor with many national and local tenants. Major national tenants in the area include: Walmart, Publix, Dollar General, Harbor Freight Tools, Buffalo Wild Wings, Family Dollar, Planet Fitness, Rite Aid, as well as many others. The subject property benefits from its close proximity to Providence Hospital, a 349-bed medical/surgical facility. Additionally, there are many schools in the surrounding area such as Corpus Christi Catholic School, Weinacker’s Montessori School, the University of South Alabama, as well as many others. The schools have a total combined enrollment of over 17,300 students. Mobile Regional Airport is located approximately four miles west of the subject property. Mobile Regional Airport experiences over 277,000 passengers per year. TRAFFIC COUNTS & DEMOGRAPHICS This subject property is situated on the hard signalized corner of Airport Boulevard and Hillcrest Road. The average daily traffic counts of Airport Boulevard are over 64,000. Additionally, Hillcrest Road experiences an average of over 32,000 vehicles per day in this area. There are approximately 65,356 people within a three-mile radius of the subject property and 134,242 people within a five-mile radius. ADTC: 64,111 MARKET OVERVIEW Alabama’s only saltwater port, Mobile is located at the head of the Mobile Bay and the north-central Gulf Coast. The Port of Mobile has always played a key role in the economic health of the city making it the 12th-largest port in the United States. Mobile is the principal municipality of the Mobile metropolitan area. As one of the Gulf Coast's cultural centers, Mobile has several art museums, a symphony orchestra, a professional opera, a professional ballet company, and a large concentration of historic architecture. The city is known for having the oldest organized Carnival celebrations in the United States. ADTC: 32,212

Walgreens 4 Surrounding Area

AIRPORT BOULEVARD ADTC 64,111

5 Walgreens SUBJECT PROPERTY Property Photo

Representative Photo Walgreens 6 State Map

7 Walgreens SUBJECT PROPERTY Regional Map

8 Walgreens SUBJECT PROPERTY 8 Demographics

MAJOR EMPLOYERS Employer # of Employees* Board Schl Cmn of Mobile Cnty 7,965 Church of Jsus Chrst Latter Da 3,500 University of South Alabama 2,760 Providence Hospital 2,185 Saad Healthcare Services 1,400 Pilot Catastrophe Services Inc 1,196 Walmart 955 Springhill Hospitals Inc 900 Ssi Group Inc 701 Altapointe Health Systems Inc 602 Saad Healthcare Services Inc 550 County of Mobile 515

DEMOGRAPHICS 1-Mile 3-Miles 5-Miles 2016 Estimate Pop 10,568 65,356 134,242 2010 Census Pop 10,615 65,342 133,464 2016 Estimate HH 4,872 27,803 55,083 2010 Census HH 4,867 27,773 54,652 Median HH Income $40,370 $47,301 $48,639 Per Capita Income $28,989 $29,538 $28,417 Average HH Income $62,791 $68,918 $68,735 155,40 2016 Daytime Population 12,613 72,919 6 2016 Unemployment 6.62% 5.62% 5.85% 2016 Median Time Traveled 23 24 24

9 Walgreens 9 Walgreens Boots Alliance, Inc.

CREDIT RATING: B1

General Information Address 108 Wilmot Road, Deerfield, IL 60015 Phone (847) 315-2500 Website www.walgreens.com

Company Financial Highlights Store Count (as of 2/1/2017) 8,126 TTM Sales $116,081,000,000 Comparable Store Sales Average1 3.9% Stockholders' Equity (Net Worth) $30,421,000 Stock Ticker WBA Average Store Size 14,400 Square Feet

Current Period (2Q - 02/28/2017)

www.fdreports.com | www.creditntell.com | May 19, 2017 Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health and wellbeing enterprise. The company was created through the combination of Walgreens and in December 2014, bringing together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted health The company's portfolio of retail and business brands includes Walgreens, Duane Reade, care services through pharmaceutical wholesaling and community pharmacy care, dating Boots and Alliance Healthcare, as well as increasingly global health and beauty product back more than 100 years. brands, such as No7, Botanics, Liz Earle and Soap & Glory.

Walgreens Boots Alliance is the largest retail pharmacy, health and daily living destination In October 2016 Walgreens Boots Alliance received the United Nations Foundation Global across the USA and Europe. Walgreens Boots Alliance and the companies in which it has Leadership Award for its commitment to the UN's Sustainable Development Goals. The equity method investments together have a presence in more than 25* countries and employ company also ranks number one in the Food and Drug Stores industry of Fortune magazine's more than 400,000* people. The company is a global leader in pharmacy-led, health and 2017 list of the World's Most Admired Companies. wellbeing retail and, together with the companies in which it has equity method investments, has over 13,200* stores in 11* countries as well as one of the largest global pharmaceutical More company information is available at www.walgreensbootsalliance.com wholesale and distribution networks, with over 390* distribution centers delivering to more than 230,000** pharmacies, doctors, health centers and hospitals each year in more than 20* * As of 31 August 2016, using publicly available information for AmerisourceBergen. countries. In addition, Walgreens Boots Alliance is one of the world's largest purchasers of ** For 12 months ending 31 August 2016, using publicly available information for AmerisourceBergen** For prescription drugs and many other health and wellbeing products. 12 months ending 31 August 2016, using publicly available information for AmerisourceBergen. Walgreens 10 Confidentiality and Disclaimer

Marcus & Millichap hereby advises all prospective locations is an important consideration, it is not a diligence investigation. Marcus & Millichap has not made purchasers of Net Leased property as follows: guarantee of future success. Similarly, the lease rate for any investigation, and makes no warranty or some properties, including newly-constructed facilities or representation, with respect to the income or expenses for The information contained in this Marketing Brochure has newly-acquired locations, may be set based on a tenant’s the subject property, the future projected financial been obtained from sources we believe to be reliable. projected sales with little or no record of actual performance of the property, the size and square footage However, Marcus & Millichap has not and will not verify performance, or comparable rents for the area. Returns are of the property and improvements, the presence or any of this information, nor has Marcus & Millichap not guaranteed; the tenant and any guarantors may fail to absence of contaminating substances, PCB’s or asbestos, conducted any investigation regarding these matters. pay the lease rent or property taxes, or may fail to comply the compliance with State and Federal regulations, the Marcus & Millichap makes no guarantee, warranty or with other material terms of the lease; cash flow may be physical condition of the improvements thereon, or the representation whatsoever about the accuracy or interrupted in part or in whole due to market, economic, financial condition or business prospects of any tenant, or completeness of any information provided. environmental or other conditions. Regardless of tenant any tenant’s plans or intentions to continue its occupancy history and lease guarantees, Buyer is responsible for of the subject property. The information contained in this As the Buyer of a net leased property, it is the Buyer’s conducting his/her own investigation of all matters Marketing Brochure has been obtained from sources we responsibility to independently confirm the accuracy and affecting the intrinsic value of the property and the value of believe to be reliable; however, Marcus & Millichap has not completeness of all material information before completing any long-term lease, including the likelihood of locating a verified, and will not verify, any of the information any purchase. This Marketing Brochure is not a substitute replacement tenant if the current tenant should default or contained herein, nor has Marcus & Millichap conducted for your thorough due diligence investigation of this abandon the property, and the lease terms that Buyer may any investigation regarding these matters and makes no investment opportunity. Marcus & Millichap expressly be able to negotiate with a potential replacement tenant warranty or representation whatsoever regarding the denies any obligation to conduct a due diligence considering the location of the property, and Buyer’s legal accuracy or completeness of the information provided. All examination of this Property for Buyer. ability to make alternate use of the property. potential buyers must take appropriate measures to verify all of the information set forth herein. Any projections, opinions, assumptions or estimates used in By accepting this Marketing Brochure you agree to release this Marketing Brochure are for example only and do not Marcus & Millichap Real Estate Investment Services and NON-ENDORSEMENT NOTICE represent the current or future performance of this hold it harmless from any kind of claim, cost, expense, or property. The value of a net leased property to you liability arising out of your investigation and/or purchase of Marcus & Millichap Real Estate Investment Services, Inc. depends on factors that should be evaluated by you and this net leased property. (“M&M”) is not affiliated with, sponsored by, or endorsed your tax, financial and legal advisors. by any commercial tenant or lessee identified in this CONFIDENTIALITY AND DISCLAIMER marketing package. The presence of any corporation’s logo Buyer and Buyer’s tax, financial, legal, and construction or name is not intended to indicate or imply affiliation with, advisors should conduct a careful, independent The information contained in the following Marketing or sponsorship or endorsement by, said corporation of investigation of any net leased property to determine to Brochure is proprietary and strictly confidential. It is M&M, its affiliates or subsidiaries, or any agent, product, your satisfaction with the suitability of the property for intended to be reviewed only by the party receiving it from service, or commercial listing of M&M, and is solely your needs. Marcus & Millichap and should not be made available to included for the purpose of providing tenant lessee any other person or entity without the written consent of information about this listing to prospective customers. Like all real estate investments, this investment carries Marcus & Millichap. This Marketing Brochure has been significant risks. Buyer and Buyer’s legal and financial prepared to provide summary, unverified information to ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. advisors must request and carefully review all legal and prospective purchasers, and to establish only a preliminary PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR financial documents related to the property and tenant. level of interest in the subject property. The information MORE DETAILS. While the tenant’s past performance at this or other contained herein is not a substitute for a thorough due ACTIVITY ID: Y0330712 AL BROKER OF RECORD: Eddie Greenhalgh Title: Broker of Record Marcus & Millichap 15 Richard Arrington Jr Blvd N, Ste 300 Birmingham, AL 35203 Tel: (205) 510-9200 Fax: (205) 510-9110 License: 00008-8298