SINGLE-TENANT NET LEASE GROCER OPPORTUNITY DOMINANT REGIONAL GROCER | $18.3 BILLION ANNUAL SALES | CORPORATE GUARANTY PASSIVE NET LEASE | 10% INCREASES EVERY 5 YEARS

Taunton River DOWNTOWN FALL RIVER

PLEASANT STREET

QUARRY STREET OFFERING MEMORANDUM PRICERITE MARKETPLACE - 866 PLEASANT STREET, FALL RIVER, MA 02723 866 PLEASANT STREET | FALL RIVER, MA NET LEASE CAPITAL MARKETS

MATT BERRES SAMER KHALIL KARICK BROWN Executive Managing Director Director Associate t 949-608-2066 t 949-608-2042 t 949-608-2175 [email protected] [email protected] [email protected]

IN PARTNERSHIP WITH NEWMARK RETAIL CAPITAL MARKETS NORTHEAST

GEOFF MILLERD Vice Chairman 225 Franklin Street, Suite 1800 Boston, MA 02110 t 617-863-8615 [email protected] License #9007089

This Confidential Offering Memorandum has been prepared exclusively by Newmark Knight Frank (“Newmark Knight Frank”, “Agent”) on behalf of Ownership, the (“Owners”), regarding the purchase of the property described herein as PriceRite, Fall River, MA. The materials and information contained in this Confidential Offering Memorandum do not purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. Analysis and verification of the information contained in this Memorandum are solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the Property will be made available upon written request of interested and qualified prospective purchasers. Seller and Agent each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property, and/or terminate discussions with any party at any time with or without notice. Seller reserves the right to change the timing and procedures for the Offering process at any time in Seller’s sole discretion. Seller shall have no legal commitment or obligations to any party reviewing this Memorandum, or making an offer to purchase the Property, unless and until such offer is approved by Seller, and a written agreement for the purchase of the Property has been fully executed and delivered by Seller and the Purchaser thereunder.

This Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not forward, photocopy or duplicate it, that you will not disclose this Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Agent, and that you will not use this Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Agent. If you have no further interest in the Property, please return the Confidential Offering Memorandum forthwith or delete the file.

2 INVESTMENT HIGHLIGHTS CORPORATE GUARANTY | DOMINANT NORTHEASTERN GROCER | 20TH LARGEST PRIVATE COMPANY IN U.S. | $18.3 BILLION IN SALES | 9.75% INCREASE FROM PRIOR YEAR PriceRite is a limited-assortment chain owned by Wakefern Food Corporation, the largest cooperative group of in the United States. The subject property features a corporate guaranty from Wakefern, which recently reported annual sales of $18.3 Billion for the year ending October 3, 2020, a 9.75% increase from the prior year. The cooperative comprises 50 members who today independently own and operate 359 supermarkets under the ShopRite, , Marketplace, Gourmet Garage, and Dearborn Market banners in CT, DE, MA, MD, NH, NJ, NY, PA & RI.

LONG TERM COMMITMENT | 10% INCREASES EVERY 5 YEARS | MINIMAL LANDLORD RESPONSIBILITIES The tenant signed a 20-year lease in April 2005 and has approximately 4.5 years remaining in the current term, with six (6), five (5) year options to extend. The lease features 10% rental increases every five (5) years during the initial term and option periods, providing income growth and a hedge against inflation. The passive double-net (NN) lease is ideal for both local and out-of-area investors with landlord responsibilities limited to roof, structure and foundation.

DENSELY POPULATED TRADE AREA | 31,000+ POPULATION WITHIN 1 MILE | HIGHLY VISIBLE AND EASILY ACCESSIBLE SITE The subject property is highly visible and strategically positioned at the intersection of Quarry Street and Pleasant Street (17,729 VPD at the Intersection), with easy on/off ramp access along Plymouth Avenue from I-195 (87,529 VPD). The property is ideally situated to serve the 31,358 estimated residents within 1 mile and more than 92,253 within 3 miles.

3 SITE AERIAL

Taunton River DOWNTOWN FALL RIVER

Tacach Auto Repair

9,878 VPD

7,851 VPD

NOT A PART

PLEASANT STREET 4

QUARRY STREET 5 PRICE/CAP RATE

Price $7,500,000

Cap Rate 7.02%

Annual NOI (PSF) $526,156.80 ($16.64 SF/Yr)

EXECUTIVE SUMMARY

866 Pleasant Street Address Fall River, MA 02723 Wakefern Food Corp. dba PriceRite Tenant / Guarantor Marketplace / Corporate Guaranty

Use Retail

Acreage 2.22

Rentable Building Area (SF) 31,620

Expense Structure NN (Roof, Structure and Foundation)

Rent Increases 10% every 5 years

Rent Commencement Date April 29, 2005

Initial Term Twenty (20) Years

Lease Term Remaining 4.5 Years Remaining

Ownership Interest Fee Simple (Land & Building)

6 TRADE AREA WEST

Taunton River

DOWNTOWN

FALL RIVER

PLEASANT STREET STREET PLEASANT PLEASANT

7

QUARRY STREET

7,851 VPD 17,729 VPD TRADE AREA SOUTHWEST

Taunton River

195 87,529 VPD

Quequechan River Britland Park Interchange Park

9,878 VPD

PLEASANT STREET Tacach Auto Repair

QUARRY STREET 8

7,851 VPD Watuppa Pond

QUARRY STREET 17,729 VPD

PLEASANT STREET

9

9,878 VPD LEASE ABSTRACT / PROPERTY DETAILS

LEASE ABSTRACT PROPERTY DETAILS

866 Pleasant Street Rentable Building Area 31,620 Address Fall River, MA 02723 Acreage 2.22 (96,703 SF) Tenant Trade Name PriceRite Marketplace

Wakefern Food Corp. Year Built 2005 Tenant/Guarantor dba PriceRite Marketplace / Corporate Guaranty APN FALL-000001K-000000-000013

Commencement Date April 29, 2005 RENT SCHEDULE Twenty (20) Years Primary Term Expiration ANNUAL RENT INCREASE % CAP RATE % Years 1-5 $395,250.00 - - Lease Term Remaining 4.5 Years Years 6-10 $434,775.00 10% -

Option Periods 6 (5-Year) Years 11-15 $478,410.60 10% - Years 16-20 (Current) $526,156.80 10% 7.02% Annual Rent (PSF) $526,156.80 ($16.64 SF/Yr) Option 1 $578,646.00 10% 7.72%

Rent Increases 10% every 5 years Option 2 $636,510.60 10% 8.49% Option 3 $700,066.80 10% 9.33% Lease Structure NN Option 4 $769,947.00 10% 10.27%

Landlord Responsibilities Roof, Structure & Foundation Option 5 $847,099.80 10% 11.29% Option 6 $931,841.40 10% 12.42% Utilities, Taxes & Insurance Tenant Responsible

ROFO/ROFR None

10 TRADE AREA SOUTH

South Watuppa Pond

195 87,529 VPD

Quequechan River

17,729 VPD PLEASANT STREET

9,878 VPD

7,851 VPD

Tacach Auto Repair

11

QUARRY STREET POPULATION 1 MI 3 MI 5 MI LOCATION AND DEMOGRAPHICS 2020 Estimate 31,358 92,253 128,458 About 2010 Census 30,353 91,326 127,319 The city of Fall River is located in southeastern approximately 40 miles south of Boston and 15 miles southeast of Providence, which is home to HOUSEHOLDS 1 MI 3 MI 5 MI over 1.62 million people. Fall River is located in Bristol County, MA along the eastern shore of Mount Hope Bay at the mouth of the Taunton River. The city is located near the 2020 Estimate 14,383 41,251 56,626 Rhode Island / Massachusetts border providing accessibility to the larger Providence MSA in neighboring Rhode Island. Fall River is home to over 85,000 residents making it 2010 Census 13,409 39,282 53,926 the 10th largest city in the state of Massachusetts. 2020 Avg. Household $51,987 $60,733 $70,798 Southeastern Massachusetts is a diverse and fast growing region nestled among three Income generators of growth and economic activity: Boston to the north, Providence to the west and the enormously popular tourist destination of Cape Cod immediately to the southeast. The region, historically a mass textile manufacturing hub, has a healthy mix of cities, suburbs and rural areas with economy ranging from agriculture and fishing to high tech manufacturing and service businesses. Its geography includes hundreds of miles of coastline, the state’s largest natural lakes and thousands of acres of wetlands and forests. Providence MSA Statistics - 1.62 million people - 7 Fortune 1000 Companies in RI (CVS Health, Textron, United Natural Foods, Citizens Financial Group, FM Global, Hasbro, Amica Mutual Insurance)

Boston MSA Statistics - 4.87 million people - 34 Fortune 1000 Companies in Boston MSA - Premiere Universities: Harvard, MIT, Boston College, Tufts, Northeastern, University of Massachusetts, Suffolk University Emerson College, Babson College

Transportation Interstate 195 is Fall River’s main point of entry for vehicle traffic. The region is served by the Boston//Washington passenger and freight rail corridor. There are three airports in the area: Logan in Boston, TF Green in Providence and the New Bedford airport. Two commuter rail lines, the Shore Line through Attleboro and the Old Colony Line originating in Middleborough/Lakeville currently connect the region to Boston. The construction of highways has spurred significant commercial, industrial and retail development in the region.

Sources: City of Fall River, Statistica, FRED, spredd.org 12 TRADE AREA NORTHEAST

Watuppa Pond

QUARRY STREET

17,729 VPD

PLEASANT STREET 9,878 VPD

13 TENANT/GUARANTOR SYNOPSIS YEAR FOUNDED COMPANY TYPE 1946 Private Retailer-Owned Cooperative PriceRite is a limited-assortment supermarket chain owned by Wakefern Food Corporation, the largest cooperative group of WEBSITE supermarkets in the United States. The subject property features HEADQUARTERS a corporate guaranty from Wakefern Food Corporation, the 20th www.priceritesupermarkets.com largest private company in the country by retail sales. In October Keasbey, NJ www.wakefern.com 2020 the company reported annual sales of $18.3 Billion for the trailing 53-week period, a 9.75% increase from the prior year. LOCATIONS S&P CREDIT RATING Founded in 1946 and based in , the cooperative 359 (65 PriceRite) Not Rated comprises 50 members who today independently own and operate 359 supermarkets under the ShopRite, The Fresh Grocer, Price Rite Marketplace, Gourmet Garage, Fairway Market and Dearborn Market banners in CT, DE, MA, MD, NH, NJ, NY, PA & RI. Together with its member companies, Wakefern employs more than 80,000 people and is one of the largest employers in New Jersey. PriceRite supermarkets feature large produce sections, fresh-baked goods, pre-packaged meats and seafood, and an assortment of private label items. PriceRite delivers on its value proposition to customers by finding the best wholesale deals and limiting the number of items stocked at any one location.

TENANT SYNOPSIS (PARENT COMPANY/GUARANTOR)

Trade Name Wakefern Food Corp.

Credit Rating Not Rated - Private Company Annual Sales $18.3 Billion 53 weeks ending October 3, 2020 9.75% increase from prior year Number of Locations 359 (65 PriceRite)

Geographic Dispersion CT, DE, MA, MD, NH, NJ, NY, PA, RI

EXAMPLE INTERIOR

14 866 PLEASANT STREET | FALL RIVER, MA

NET LEASE CAPITAL MARKETS

MATT BERRES SAMER KHALIL KARICK BROWN Executive Managing Director Director Associate t 949-608-2066 t 949-608-2042 t 949-608-2175 [email protected] [email protected] [email protected]

IN PARTNERSHIP WITH NEWMARK RETAIL CAPITAL MARKETS NORTHEAST

GEOFF MILLERD Vice Chairman 225 Franklin Street, Suite 1800 Boston, MA 02110 t 617-863-8615 [email protected] License #9007089

Disclaimer: The information contained herein has been obtained from sources deemed reliable but has not been verified and no guarantee, warranty or representation, either express or implied, is made with respect to such information. Terms of sale or lease and availability are subject to change or withdrawal without notice.