GOLDEN CHICK BRAND NEW 20 - YEAR TRIPLE - NET (NNN) SALE LEASEBACK

OFFERING

11805 E NW Hwy MEMORANDUM Dallas, TX 75218 Confidentiality and Disclaimer

Marcus & Millichap hereby advises all prospective locations is an important consideration, it is not a thorough due diligence investigation. Marcus & Millichap purchasers of Net Leased property as follows: guarantee of future success. Similarly, the lease rate for has not made any investigation, and makes no warranty or some properties, including newly-constructed facilities or representation, with respect to the income or expenses The information contained in this Marketing Brochure has newly-acquired locations, may be set based on a tenant’s for 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 of the property and improvements, the presence or any of this information, nor has Marcus & Millichap are not guaranteed; the tenant and any guarantors may absence of contaminating substances, PCB’s or asbestos, conducted any investigation regarding these matters. fail to pay the lease rent or property taxes, or may fail to the compliance with State and Federal regulations, the Marcus & Millichap makes no guarantee, warranty or comply with other material terms of the lease; cash flow physical condition of the improvements thereon, or the representation whatsoever about the accuracy or may be interrupted in part or in whole due to market, financial condition or business prospects of any tenant, or completeness of any information provided. economic, environmental or other conditions. Regardless any tenant’s plans or intentions to continue its occupancy of tenant history and lease guarantees, Buyer is of the subject property. The information contained in this As the Buyer of a net leased property, it is the Buyer’s responsible for conducting his/her own investigation of all Marketing Brochure has been obtained from sources we responsibility to independently confirm the accuracy and matters affecting the intrinsic value of the property and believe to be reliable; however, Marcus & Millichap has completeness of all material information before the value of any long-term lease, including the likelihood not verified, and will not verify, any of the information completing any purchase. This Marketing Brochure is not a of locating a replacement tenant if the current tenant contained herein, nor has Marcus & Millichap conducted substitute for your thorough due diligence investigation of should default or abandon the property, and the lease any investigation regarding these matters and makes no this investment opportunity. Marcus & Millichap expressly terms that Buyer may be able to negotiate with a warranty or representation whatsoever regarding the denies any obligation to conduct a due diligence potential replacement tenant considering the location of accuracy or completeness of the information provided. All examination of this Property for Buyer. the property, and Buyer’s legal ability to make alternate potential buyers must take appropriate measures to verify use of the property. all of the information set forth herein. Any projections, opinions, assumptions or estimates used By accepting this Marketing Brochure you agree to release in this Marketing Brochure are for example only and do Marcus & Millichap Real Estate Investment Services and NON-ENDORSEMENT NOTICE not 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 Marcus & Millichap Real Estate Investment Services, Inc. depends on factors that should be evaluated by you and of 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 Buyer and Buyer’s tax, financial, legal, and construction logo or name is not intended to indicate or imply advisors should conduct a careful, independent The information contained in the following Marketing affiliation with, or sponsorship or endorsement by, said investigation of any net leased property to determine to Brochure is proprietary and strictly confidential. It is corporation of M&M, its affiliates or subsidiaries, or any your satisfaction with the suitability of the property for intended to be reviewed only by the party receiving it agent, product, service, or commercial listing of M&M, your needs. from Marcus & Millichap and should not be made and is solely included for the purpose of providing tenant available to any other person or entity without the written lessee information about this listing to prospective Like all real estate investments, this investment carries consent of Marcus & Millichap. This Marketing Brochure customers. significant risks. Buyer and Buyer’s legal and financial has been prepared to provide summary, unverified advisors must request and carefully review all legal and information to prospective purchasers, and to establish ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. financial documents related to the property and tenant. only a preliminary level of interest in the subject property. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT While the tenant’s past performance at this or other The information contained herein is not a substitute for a FOR MORE DETAILS. Table of Contents Investment Highlights 4 Financial Analysis & Investment Summary 5 Concept Overview 6 Surrounding Area 7 Location Overview 8 Regional Map 9 Property Photos 10 Demographics 11

Representative Photo Investment Highlights

LOCATION LEASE TENANT

REAL ESTATE L E A S E A B O U T T H E FUNDAMENTALS STRUCTURE GUARANTOR

✓ No Personal Income Tax in Texas ✓ Brand New 20-Year Sale Leaseback ✓ Franchisor Guarantee ✓ Recent Construction | Store Built in ✓ Triple Net (NNN) Lease with Zero ✓ 185 Locations with Significant Plans 2017 Landlord Responsibilities for Expansion ✓ Located “Inside the Loop” with ✓ ✓ Attractive Rental Increases | 1.50% Proven Track Record with Operational Convenient Access to Interstate-635 Annually History of Multiple High-Volume ✓ Strong Retail Corridor | Close Locations throughout the Country Proximity to Big Box Retailers Such as ✓ Four (4) Tenant Renewal Periods of ✓ Expansion into Key Markets Lowe’s, Sam's Club and Fry's Five (5) Years Each Electronics as well as Many Other ✓ In 2017, Golden Chick Celebrated its th National Tenants 50 Anniversary ✓ Robust Demographics | 406,683 Individuals Residing within a Five- Mile Radius with an Average Household Income of Nearly $75,000 ✓ Highly Trafficked Location | 39,515 Vehicles Per Day on East Northwest Highway 4 Financial Analysis & Investment Summary PURCHASE PRICE: $2,072,727 | CAP RATE: 5.50% | RENT: $114,000

PROPERTY DESCRIPTION RENT SCHEDULE Property Golden Chick Lease Year(s) Annual Rent Monthly Rent Rent Escalation Year 1 $114,000 $9,500 - Property Address 11805 E NW Hwy Year 2 $115,710 $9,643 1.50% City, State ZIP Dallas, TX 75218 Year 3 $117,446 $9,787 1.50% Year 4 $119,207 $9,934 1.50% Year Built 2017 Year 5 $120,995 $10,083 1.50% Building Size (SF) 2,415 Year 6 $122,810 $10,234 1.50% Lot Size (Acres) 0.84 Year 7 $124,653 $10,388 1.50% Year 8 $126,522 $10,544 1.50% Type of Ownership Fee Simple Year 9 $128,420 $10,702 1.50% Year 10 $130,346 $10,862 1.50% THE OFFERING Year 11 $132,302 $11,025 1.50% Purchase Price $2,072,727 Year 12 $134,286 $11,191 1.50% CAP Rate 5.50% Year 13 $136,300 $11,358 1.50% Year 14 $138,345 $11,529 1.50% Annual Rent $114,000 Year 15 $140,420 $11,702 1.50% Year 16 $142,526 $11,877 1.50% LEASE SUMMARY Year 17 $144,664 $12,055 1.50% Property Type Net-Leased Restaurant Year 18 $146,834 $12,236 1.50% Tenant G.C. Dallas - NW Highway 2015, Ltd. Year 19 $149,037 $12,420 1.50% Year 20 $151,272 $12,606 1.50% Guarantor Golden Franchising Corp Investment Summary Lease Term 20 Years Marcus & Millichap is pleased to present the exclusive listing for a Golden Lease Commencement Close of Escrow Chick located at 11805 E NW Hwy, Dallas, TX. The property consists of 2,415 Lease Expiration 20 Years from Close of Escrow square feet of building space and is situated on approximately 0.84 acres of land. Lease Term Remaining 20 Years Lease Type Triple Net (NNN) The tenant will enter into a brand new, 20-year triple-net (NNN) lease with absolutely no landlord responsibilities upon the close of escrow. The lease Roof & Structure Tenant Responsible will call for 1.50% annual rental increases that will continue through the Options to Renew Four (4), Five (5) Year Option Periods base term and into the four, five-year tenant renewal options. The lease will carry a corporate guaranty from Golden Franchising Corporation, the chain’s Rental Increases 1.50% Annually franchisor. 5 Concept Overview

About Golden Chick Golden Chick is a chain featuring chicken. The Golden Chick Story began in San Marcos in 1967 when the concept was created by a former employee of a national chicken chain who believed there had to be a better way to run a franchise system. The first restaurant was called Golden . Franchising started in 1972. A decade later, the franchise grew to a number of restaurants primarily in Central Texas, with a focus on cities like Austin and San Antonio. Eventually it expanded outside to the Dallas-Fort Worth Metroplex, and then crossed the state line into Oklahoma. Today, there are currently 185 stores operating across the country, with a solid track record of growth and sales increases. Since 1985, the chain’s flagship menu item has been its chicken strips, trademarked as Golden Tenders. In 1996, Golden Fried Chicken abbreviated into its present name Golden Chick. What Is It? Management characterizes Golden Chick as a concept targeting both quick- service and home-meal-replacement users through a variety of menu proteins and styles, including fried and roasted bone-in and boneless chicken, catfish, salads and sides. Its latest-generation restaurants typically take up about 2,200 square feet, seat 55 and generate approximately 70 percent of sales from takeout and drive-thru business. Growth Drivers Golden Chick’s growth is fueled by its menu diversity and ongoing development of guest-facing technologies and design elements that support more convenient takeout and delivery, customer self-order and loyalty-program participation. He said the chain’s concentric expansion strategy, which accelerates brand recognition and trial by developing new markets adjacent to established ones, has it working to enter Louisiana, Arkansas and Kansas City, MO. Price Point Single items $3.50 - $7.00 Meal packages $20.00 - $30.00 and up Average check runs $8.50 to $12.00 — depending on daypart and whether the guest is an individual or visiting with family. Current Locations 185 locations throughout the country. Headquarters The company is headquartered in Richardson, Texas, a suburb of Dallas. 6 Surrounding Area

E NORTHWEST HIGHWAY ADTC: 39,515

7 Location Overview

This Golden Chick property is located at 11805 East Northwest Highway in Dallas, Texas. The property is a mere 10 miles from the heart of downtown Dallas.

SURROUNDING RETAIL & POINTS OF INTEREST The subject property is well-positioned on East Northwest Highway within the I- 635/LBJ Freeway loop. The immediate area includes powerhouse big box ADTC: 204,600 retailers Lowe’s Home Improvement, Sam’s Club and Fry’s Electronics as well as national restaurant chains Wendy’s, , Sonic, , and 7-Eleven. The surrounding residential is extremely dense and the property is also located in close proximity to the well-known White Rock Lake.

TRAFFIC COUNTS & DEMOGRAPHICS This area has very strong demographics, with approximately 122,848 people residing within a three-mile radius and 406,683 people within a five-mile radius of this property. The subject property is located on East Northwest Highway, which has convenient access to Interstate-635. These two thoroughfares boast significant traffic counts of 39,515 and 204,600 vehicles per day, respectively.

DALLAS, TX The Dallas-Fort Worth “DFW” area has the 6th largest gross metropolitan product (GMP) in the U.S. and the 10th largest GMP in the world. DFW also has the largest, most educated workforce in the state of Texas, and leads the state in public university and community college students with over 442,000 enrolled. ADTC: 39,515 DFW is currently the 5th largest global exporter in the country and the largest regional exporter to Canada, Mexico and China, with over $60 billion in annual imports and exports. Dallas itself is the 9th largest city in the U.S. and the third largest in Texas with a population exceeding 1.2 million people. The city’s diverse economy includes many sectors including defense and aircraft manufacturing, ADTC: 39,416 banking and commerce, telecommunications, computer technology, energy, healthcare medical research, and transportation and logistics. The Metroplex is also home to the 3rd largest number of Fortune 500 company headquarters, a total of 21. These include ExxonMobil, AT&T, American Airlines, Southwest Airlines, 7-11, HP, Frito Lay, Dr. Pepper Snapple Group and JCPenney.

8 Regional Map

9 Property Photos

10 Demographics MAJOR EMPLOYERS Employer # of Employees Walmart 2,018 IDQ Acquisition Corp 1,561 5 Miles Mexico Foods LLC 1,538 Mychildrens 1,133 Dallas Independent School District 1,087 Osburn Contractors 900 3 Miles Sears 865 Tenet 860 TrailBlazer Health Enterprises, LLC 850 US Post Office 770 1 Mile White Rock Medical Center 750 The Home Depot 690 # of Employees based on 5-mile radius DEMOGRAPHICS Population 1 Mile 3 Miles 5 Miles 2023 Projection 13,944 121,317 405,184 2018 Estimate 13,928 122,848 406,683 2010 Census 13,021 117,386 383,329 2000 Census 11,885 118,294 389,842 Income Average $58,355 $74,653 $74,491 Median $41,319 $52,318 $49,134 Per Capita $22,450 $27,660 $27,934 Households 2023 Projection 5,391 45,421 153,304 2018 Estimate 5,353 45,433 152,313 2010 Census 4,993 43,327 143,000 2000 Census 4,864 45,845 152,329 Employment 2018 Daytime Population 9,091 106,961 340,493 2018 Unemployment 4.90% 4.40% 4.32% 2018 Median Time Traveled 29 Mins 31 Mins 30 Mins 11

Glen Kunofsky Matthew Anuszkiewicz Ryan Sblendorio [email protected] [email protected] [email protected] Tel: 212-430-5115 Tel: 212-430-5129 Tel: 212-430-5274 License: 10301203289 License: 10401294046 License: 10401309105

EXCLUSIVE NET LEASE OFFERING

TX BROKER OF RECORD: Tim Speck Marcus & Millichap License: 9002994