Offering Memorandum

AUTOZONE GROUND LEASE- CHESTERFIELD MO 17505 Chesterfield Airport Rd • Chesterfield, MO 63005 NON-ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

AUTOZONE GROUND LEASE- CHESTERFIELD MO Chesterfield, MO ACT ID ZAB0680089

2 NET LEASED DISCLAIMER

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

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

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 Offering Summary Location Overview Regional and Local Map Aerial Photo

FINANCIAL ANALYSIS 02 Acquisition Financing

MARKET OVERVIEW 03 Market Analysis Demographic Analysis Sales Comparables

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INVESTMENT OVERVIEW

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OFFERINGOFFERING SUMMARY SUMMARY EXECUTIVE SUMMARY

OFFERING SUMMARY Price $1,325,000 MAJOR EMPLOYERS Net Operating Income $55,000 Capitalization Rate – Current 4.15% Price / SF $220.83 EMPLOYER # OF EMPLOYEES * Rent / SF $9.17 Firestone Holdings LLC 8,601 Lease Type Absolute Net Aegis Corporation 3,870 Gross Leasable Area 6,000 SF Volt Systems LLC 2,150 Year Built / Renovated 2017 Amdocs Inc 2,015 Lot Size 0.75 acre(s) Victor Tech Holdings Inc 2,000 Opaa Food Management Inc 1,250 Verizon Business 1,200 FINANCING Jones Company Homes LLC 738 Down Payment All Cash Insituform Mid-America Inc 700 Net Cash Flow 4.15% / $55,000 Cash on Cash Return 4.15% Cisco Systems 651 Total Return 4.15% / $55,000 Chesterfield Elementary School 646 MAI Holdings Inc 600

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles 2020 Estimate Pop 672 14,786 83,257 2010 Census Pop 674 14,745 81,650 2020 Estimate HH 195 5,683 30,742 2010 Census HH 195 5,658 29,972 Median HH Income $157,397 $130,967 $117,863 Per Capita Income $62,211 $73,086 $60,081 Average HH Income $213,841 $190,008 $162,345

* # of Employees based on 5 mile radius

6# AUTOZONE GROUND LEASE- CHESTERFIELD MO

OFFERING SUMMARY INVESTMENT OVERVIEW

Marcus & Millichaps National Retail Group is pleased to present this AutoZone property located at 17505 Chesterfield Airport Road in Chesterfield, Missouri.

Built in 2017, the Property is subject to a 15 year Ground Lease to AutoZone, Inc., an S&P 500 publicly traded corporation trading under the AZO ticker symbol on the NYSE, with twelve (12) years remaining on the Base Ground Lease.

The property features annual ground rent of $55,000 annually with 10% increases every five (5) years during the four (4) five (5) year Option Renewals.

Located in the Chesterfield Valley, a bustling prime retail corridor in the St Louis MSA, the property is adjacent to Valvoline Oil Change, Wendys, Land Rover/Jaguar dealership (under construction), Bentley-Rolls Royce-Lamborghini dealership. The property fronts Chesterfield Airport Road in the retail corridor by Chesterfield Commons, one of the largest strip malls in America, anchored by Walmart, Lowes, Home Depot, Sams Club, Havertys Furniture, Aldi, Best Buy and QSR restaurants such as Chick Fil A, Raising Canes, McDonalds, Sonic, Taco Bell, Culvers and Hardees.

AutoZone is currently the only Auto Parts retailer in the Chesterfield Valley with the closest competitor located 9.4 miles away.

This unique property offers the investor an opportunity to acquire a ground leased asset with a BBB Credit Tenant in place with zero landlord responsibilities in a highly desirable growing area with high barriers to entry and below market rental income of $9.17 per square foot.

INVESTMENT HIGHLIGHTS

. AutoZone Ground Lease | Corporate Guaranteed | Zero Landlord Responsibilities

. Credit Rating: BBB - S&P | Baa1- Moody's

. Adjacent to New Land Rover/Jaguar Dealership currently being developed . Heart of Chesterfield Valley | 1 million ++ square feet of Retail

. Average Household Income $175,000 | 3 Mile Radius . Extremely High Barrier to Entry Market

7 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

PRICINGPRICING ANDAND VALUATIONTENANTVALUATIONTENANT SUMMARY SUMMARY MATRIXMATRIX

AutoZone, Inc.

CREDIT RATING: B2 www.fdreports.com | www.creditntell.com | May 09, 2020

General Information Key Personnel 123 South Front Street , Memphis, Tennessee, CFO & EVP Jamere T. Jackson Address 38103, United States Chairman, CEO & President William C. Rhodes III Phone 901-495-6500 Website www.autozone.com

Store Base Financial Markets Store Count 6,484 Stock Ticker AZO TTM Sales $12,074,435,000 Current Price $1,224.12 as of 9/17/20 52 Week High/Low $1,274.41 / $684.91

With more than 5,700 stores in the US, AutoZone is one of the nation's leading auto parts chains. It also has more than 600 stores in Mexico and about three dozen in Brazil. AutoZone stores sell failure parts (alternators, engines, batteries), maintenance items (oil, antifreeze), and discretionary merchandise and accessories (car stereos, floor mats) under brand names and private labels. AutoZone's commercial sales program provides credit and distributes parts and other products to garages, dealerships, and other businesses. The company operates an electronic parts catalog, Z-net, that provides a wide range of information on parts for employees and customers.

Fiscal Year Ended August 31, 2019

8# PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT OVERVIEW OVERVIEWSUMMARY MATRIXMATRIX

17505 Chesterfield Airport Rd, Chesterfield, MO 63005

. AutoZone Ground Lease . Corporate Guaranteed AutoZone | BBB S&P . Strong Retail Corridor . Excellent Demographics | $175k avg HHI . 30,000 Average Daily Traffic . High Barrier to Entry Market

Marcus & Millichap is pleased to present this AutoZone located at 17505 Chesterfield Airport Rd in Chesterfield MO. The Property features a 15 year Ground Lease to AutoZone with 12 years remaining and four 5 yr renewal options.

CLOSE PROXIMITY TO:

9# PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

PRICINGPRICINGREGIONAL ANDANDLOCATION VALUATIONVALUATIONTENANT AND LOCALOVERVIEW SUMMARY MATRIXMATRIX MAP 17505 Chesterfield Airport Rd, Chesterfield, MO 63005

10# AUTOZONE GROUND LEASE- CHESTERFIELD MO

AERIAL PHOTO

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PROPERTY PHOTO

Marcus & Millichap closes more transactions than any other brokerage firm.

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FINANCIAL ANALYSIS

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OFFERINGOFFERING SUMMARY SUMMARY PROPERTY SUMMARY

14# AUTOZONE GROUND LEASE- CHESTERFIELD MO

MARCUS & MILLICHAP ADVANTAGE

MARCUS & MILLICHAP CAPITAL WHY MMCC? CORPORATION CAPABILITIES Optimum financing solutions to enhance value MMCC—our fully integrated, dedicated financing arm—is committed to providing superior capital market expertise, precisely managed execution, and unparalleled access to capital sources providing the most competitive rates and Enhanced control through terms. investor qualification support We leverage our prominent capital market relationships with commercial banks, life insurance companies, CMBS, private and public debt/equity funds, Fannie Enhanced control through Mae, Freddie Mac and HUD to provide our clients with the greatest range of MMCC’s ability to qualify investor finance contingencies financing options. Our dedicated, knowledgeable experts understand the challenges of financing and work tirelessly to resolve all potential issues for the benefit of our clients. Enhanced control through quickly identifying potential debt/equity sources, processing, and closing buyer’s finance alternatives

Enhanced control through Closed 1,994 National platform $ 7.18 billion Access to more MMCC’s ability to monitor debt and equity operating total national capital sources investor/due diligence and financings within the firm’s volume in 2019 than any other underwriting to ensure timely, in 2019 brokerage offices firm in the predictable closings industry

15 AUTOZONE GROUND LEASE- CHESTERFIELD MO

MARKET OVERVIEW

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MARKET OVERVIEW ST. LOUIS OVERVIEW

Known for its Gateway Arch, the St. Louis metro is situated near the geographic center of the United States, within 500 miles of one-third of the U.S. population, and it has nearly 2.8 million residents. The metro encompasses the city of St. Louis; the Missouri counties of St. Charles, Jefferson, Franklin, St. Louis, Lincoln, Warren and Washington; and the Illinois counties of Madison, St. Clair, Macoupin, Clinton, Monroe, Jersey, Bond and Calhoun. St. Louis is the most populous county with 1 million people. The city of St. Louis, which is located at the confluence of the Mississippi and Missouri rivers, contains approximately 316,000 citizens and is the only city in the metro with a population of more than 90,000 residents.

METRO HIGHLIGHTS

CENTRAL LOCATION The central U.S. location and Mississippi River accessibility allow for fast access to markets both domestically and internationally.

EXCELLENT TRANSPORTATION SYSTEM The St. Louis metro has extensive freight, rail, air and sea transportation systems, facilitating shipping and distribution of goods worldwide.

AFFORDABLE COST OF LIVING Home prices are well below other large markets in Midwestern states and the U.S. overall.

1 AUTOZONE GROUND LEASE- CHESTERFIELD MO

MARKET OVERVIEW

ECONOMY . St. Louis is highly ranked for its logistics infrastructure, bolstered by its central geographic location and easy access to major waterways. It is a significant inland port. . The region is emerging as a large financial services center, with two Fortune 500 companies headquartered in the metro: Jones Financial and Reinsurance Group-America. . The metro is home to seven other Fortune 500 companies including Centene, Emerson Electric and Graybar Electric. . Government entities pursue business development and provide resources for startups, along with incubators with guidance and inexpensive office and lab space.

MAJOR AREA EMPLOYERS BJC Healthcare The Boeing Co. Scott Air Force Base Washington University in St. Louis Walmart SSM Healthcare AT&T Communications Inc. Schnuck Markets Inc. St. Louis University Express Scripts * Forecast

SHARE OF 2019 TOTAL EMPLOYMENT

9% 16% 11% 11% 7% MANUFACTURING PROFESSIONAL AND GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES BUSINESS SERVICES

19% 5% + 18% 2% 3% TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES AND UTILITIES HEALTH SERVICES

2 AUTOZONE GROUND LEASE- CHESTERFIELD MO

MARKET OVERVIEW

DEMOGRAPHICS

. The metro is expected to add more than 40,000 people through 2024, which will result in the formation of approximately 23,000 households. SPORTS . A median home price below the national level has produced a homeownership rate of nearly 62 percent, which is well above the national rate of 57 percent. . Roughly 33 percent of people age 25 and older hold bachelor’s degrees; among those residents, 13 percent also have earned a graduate or professional degree.

2019 Population by Age

6% 19% 6% 26% 27% 16% 0-4 YEARS 5-19 YEARS 20-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS EDUCATION

2019 2019 2019 2019 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 2.8M 1.1M 39.2 $63,500 Growth Growth U.S. Median: U.S. Median: 2019-2024*: 2019-2024*: 1.5% 2.0% 38.1 $60,800

QUALITY OF LIFE The metro boasts numerous public and private golf courses, more than 100 parks, 200 miles of trails and the Gateway Arch. Many of St. Louis’ premier attractions, including the St. Louis Zoo, the St. Louis Art Museum, the Missouri History Museum and the Municipal ARTS & ENTERTAINMENT Opera, are located in Forest Park. The park features golf courses and athletic fields. The area houses the St. Louis Cardinals and the St. Louis Blues. Nearby is the Lake of the Ozarks, offering destinations for hunting, fishing, camping, hiking and spelunking. There are more than 40 colleges, universities and technical schools in the metro, enrolling around 200,000 students a year. Washington University in St. Louis is highly ranked among U.S. universities.

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

3 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

MARKETINGDEMOGRAPHICS TEAM Created on September 2020

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles Total Average Household Retail . 2025 Projection $101,216 $91,865 $91,713 Expenditure Total Population 675 14,857 83,977 . Consumer Expenditure Top 10 . 2020 Estimate Categories Total Population 672 14,786 83,257 Housing $26,804 $23,800 $23,798 . 2010 Census Transportation $16,941 $15,799 $15,676 Total Population 674 14,745 81,650 Shelter $15,007 $13,555 $13,448 . 2000 Census Personal Insurance and Pensions $11,840 $9,743 $9,626 Total Population 1,288 14,805 77,221 Food $10,735 $9,553 $9,559 . Current Daytime Population Health Care $7,192 $6,586 $6,838 2020 Estimate 3,793 32,588 93,213 Entertainment $5,683 $4,934 $4,930 HOUSEHOLDS 1 Miles 3 Miles 5 Miles Utilities $5,271 $4,796 $4,840 . 2025 Projection Cash Contributions $3,648 $3,327 $3,428 Household Furnishings and $3,442 $2,756 $2,718 Total Households 196 5,706 31,205 Equipment . 2020 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles Total Households 195 5,683 30,742 . Population By Age Average (Mean) Household Size 3.16 2.61 2.67 2020 Estimate Total Population 672 14,786 83,257 . 2010 Census Under 20 34.78% 25.08% 24.33% Total Households 195 5,658 29,972 20 to 34 Years 10.20% 15.87% 13.75% . 2000 Census 35 to 39 Years 4.72% 4.50% 4.87% Total Households 417 5,539 26,790 40 to 49 Years 15.89% 12.56% 12.58% . Occupied Units 50 to 64 Years 21.44% 24.83% 24.36% 2025 Projection 196 5,706 31,205 Age 65+ 13.01% 17.17% 20.11% 2020 Estimate 205 6,084 32,087 Median Age 40.28 44.40 46.09 HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles . Population 25+ by Education Level . 2020 Estimate 2020 Estimate Population Age 25+ 408 10,243 58,777 $150,000 or More 52.96% 44.24% 36.28% Elementary (0-8) 0.30% 0.49% 0.88% $100,000 -$149,000 25.29% 17.24% 22.71% Some High School (9-11) 1.11% 1.10% 2.00% $75,000 -$99,999 7.68% 9.42% 11.93% High School Graduate (12) 5.74% 8.99% 14.32% $50,000 -$74,999 7.57% 10.97% 12.04% Some College (13-15) 10.24% 12.56% 16.44% $35,000 -$49,999 2.24% 6.40% 6.76% Associate Degree Only 6.35% 4.96% 6.42% Under $35,000 4.26% 11.74% 10.27% Bachelors Degree Only 40.04% 40.74% 33.73% Average Household Income $213,841 $190,008 $162,345 Graduate Degree 36.09% 30.96% 25.89% Median Household Income $157,397 $130,967 $117,863 Per Capita Income $62,211 $73,086 $60,081

Source: © 2019 Experian

20 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

MARKETINGDEMOGRAPHICS TEAM

Population Race and Ethnicity In 2019, the population in your selected geography is 14,786. The The current year racial makeup of your selected area is as follows: population has changed by -0.13% since 2000. It is estimated that the 84.83% White, 2.58% Black, 0.00% Native American and 9.25% population in your area will be 14,857.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are: represents a change of 0.48% from the current year. The current 69.84% White, 12.88% Black, 0.20% Native American and 5.75% population is 49.21% male and 50.79% female. The median age of the Asian/Pacific Islander. People of Hispanic origin are counted population in your area is 44.40, compare this to the US average independently of race. which is 38.21. The population density in your area is 522.33 people per square mile. People of Hispanic origin make up 4.81% of the current year population in your selected area. Compare this to the US average of 18.38%.

Households Housing There are currently 5,683 households in your selected geography. The The median housing value in your area was $488,553 in 2019, number of households has changed by 2.60% since 2000. It is compare this to the US average of $221,068. In 2000, there were estimated that the number of households in your area will be 5,706 4,014 owner occupied housing units in your area and there were 1,525 five years from now, which represents a change of 0.40% from the renter occupied housing units in your area. The median rent at the current year. The average household size in your area is 2.61 time was $787. persons.

Income Employment In 2019, the median household income for your selected geography is In 2019, there are 30,340 employees in your selected area, this is also $130,967, compare this to the US average which is currently $62,990. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 31.75% 87.65% of employees are employed in white-collar occupations in this since 2000. It is estimated that the median household income in your geography, and 12.30% are employed in blue-collar occupations. In area will be $145,865 five years from now, which represents a change 2019, unemployment in this area is 1.96%. In 2000, the average time of 11.38% from the current year. traveled to work was 26.00 minutes.

The current year per capita income in your area is $73,086, compare this to the US average, which is $34,935. The current year average household income in your area is $190,008, compare this to the US average which is $90,941.

Source: © 2019 Experian

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COMPARABLES MAP

AUTOZONE GROUND LEASE- CHESTERFIELD MO (SUBJECT) 1 AutoZone 2 AutoZone Ground Lease 3 AutoZone- NNN 4 AutoZone Ground Lease- Columbia MO 5 AutoZone Ground Lease 6 AutoZone Ground Lease 7 AutoZone Ground Lease

SALES COMPARABLES

22 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

SALES COMPARABLES SALES COMPARABLES SALES COMPS AVG

Average Price Per Square Foot Average Cap Rate $300.00 5.0 Avg. 4.61% $270.00 4.5

$240.00 4.0

$210.00 3.5 Avg. $177.93 $180.00 3.0

$150.00 2.5

2.0 $120.00

1.5 $90.00

1.0 $60.00

0.5 $30.00

0.0 $0.00 AutoZone AutoZone AutoZone AutoZone- AutoZone AutoZone AutoZone AutoZone AutoZone AutoZone AutoZone AutoZone- AutoZone AutoZone AutoZone AutoZone Ground NNN Ground Ground Ground Ground Ground NNN Ground Ground Ground Ground Lease Lease- Lease-2 Lease-3 Lease-4 Lease Lease- Lease-2 Lease-3 Lease-4 Columbia MO Columbia MO

23 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

AUTOZONE AUTOZONE GROUND LEASE AUTOZONE 2044 Oakland Ave, Indiana, PA, 15701 6286 S Higley Rd, Gilbert, AZ, 85298 17505 Chesterfield Airport Rd, Chesterfield, MO, 63005 1 2

rentpropertyname1 rentpropertyname1 rentpropertyname1

SUBJECT PROPERTY Close Of Escrow 3/5/2020 Close Of Escrow 3/9/2020 Asking Price $1,325,000 Sales Price $1,430,000 Sales Price $1,505,000 Price/SF $220.83 Price/SF $204.29 Price/SF $204.21 CAP Rate 4.15% CAP Rate 4.75% CAP Rate 4.22% GLA 6,000 SF GLA 7,000 SF GLA 7,370 SF Lot Size 0.75 acre(s) Lot Size .97 acre(s) Lot Size 1.0 acre(s) Year Built 2017 Year Built 2018 Year Built 2014 Lease Term Remaining 11.9 Years Lease Term Remaining 13 Years Lease Term Remaining 16 Years

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

24 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

AUTOZONE GROUND LEASE- COLUMBIA AUTOZONE- NNN MO AUTOZONE GROUND LEASE 23335 N Lake Pleasant Pkwy, Peoria, AZ, 85383 3511 Norfleet Dr, Columbia, MO, 65201 4836 Chambers Rd, Denver, CO, 80239

3 4 5

rentpropertyname1 rentpropertyname1 rentpropertyname1

Close Of Escrow 8/20/2020 Close Of Escrow 8/15/2019 Close Of Escrow 7/2/2018 Sales Price $1,265,000 Days On Market 150 Days On Market 115 Price/SF $170.78 Sales Price $1,100,000 Sales Price $1,550,000 CAP Rate 4.15% Price/SF $183.33 Price/SF $221.43 GLA 7,407 SF CAP Rate 5% CAP Rate 4.84% Lot Size 1.12 acre(s) GLA 6,000 SF GLA 7,000 SF Year Built 2020 Lot Size .85 acre(s) Lot Size 0.93 acre(s) Lease Term Remaining 19 Years Year Built 2019 Year Built 2017 Lease Term Remaining 15 Years Lease Term Remaining 14 Years rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

25 PROPERTYAUTOZONE NAMEGROUND LEASE- CHESTERFIELD MO

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

AUTOZONE GROUND LEASE AUTOZONE GROUND LEASE 18643 Green Valley Ranch Blvd, Denver, CO, 80249 2245 Fairview Blvd, Nashville (Fairview), TN, 37062

6 7

rentpropertyname1 rentpropertyname1 rentpropertyname1

Close Of Escrow 2/21/2018 Close Of Escrow 4/7/2017 Days On Market 4 Days On Market 50 Sales Price $1,205,000 Sales Price $660,000 Price/SF $163.26 Price/SF $98.24 CAP Rate 4.55% CAP Rate 4.73% GLA 7,381 SF GLA 6,718 SF Lot Size 0.93 acre(s) Year Built 2009 Year Built 2008 Lease Term Remaining 12 Years Lease Term Remaining 10 Years rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

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