STRONG SALES OUTPARCEL TO THE MALL AT WELLINGTON GREEN (1.273M SQ FT) (S&P: BBB) WELLINGTON, FL (MIAMI MSA)

OFFERED AT: $9,950,000 | NOI: $464,000

Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

TABLE OF CONTENTS

EXECUTIVE SUMMARY 4 Executive Summary 5 Investment Highlights 6 Lease Summary & Rent Overview 7 Lease Abstract

PROPERTY INFORMATION 9 Location Maps 10 Surrounding Aerial 11 Demographics 12 Property Photos 13 Neighboring Tenants 16 Aerials

TENANT OVERVIEW 22 About Walgreens

AREA OVERVIEW 24 Wellington Overview 25 Palm Beach County Overview 26 Miami Overview

Confidentiality Agreement & Disclosures

EXCLUSIVELY LISTED BY

RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected]

Color Scheme

RGB R:145 / G:0 / B:40 CMYK C:0 / M:100 / Y:65 / K:47

RGB R:119 / G:120 / B:123 CMYK C:0 / M:0 / Y:0 / K65

Fonts GOTHAM/ BLACK GOTHAM/ MEDIUM GOTHAM/ LIGHT

BROKER OF RECORD: South Investment Property, LLC dba Lee & Associates South Florida Actual Property FL Broker’s Lic# BK3088290

WALGREENS | Wellington, FL (Miami MSA) | 2 EXECUTIVE SUMMARY

WELLINGTON, FL (MIAMI MSA)

WALGREENS | Wellington, FL (Miami MSA) | 3 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract

-- OFFERING SUMMARY --

INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $9,950,000 Address: 10420 Forest Hill Blvd Wellington, FL 33414 Net Operating Income: $464,000 Property Size: Approx 15,101 Sq. Ft. Cap Rate: 4.66% Land Size: 1.93 Acres Price/SF: $659 Ownership: Fee Simple (Land, Building) Lease Type: Absolute Triple-Net (NNN) Year Built: 2006 Store #: 9384

Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a trophy Walgreens property located in Wellington, FL within the Miami MSA (the “Property”). Built in 2006, the Property consists of a 15,101-square-foot retail building with a drive-thru that sits on an approximately 1.93-acre parcel. The building is leased to Walgreens Co. who is owned by parent company Walgreens Boots Alliance, Inc. (NYSE: WBA) Walgreens Boots Alliance, Inc. is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 countries and an impressive $50B market CAP. Walgreens Co. also carries an investment grade credit rating of “BBB” from Standard & Poor’s. There are 12 years of firm lease term remaining on the lease with ten (10) Five-year renewal options. In addition, the lease is absolute triple-net (NNN), where the tenant pays for taxes, insurance, and 100% of the maintenance of the land & building. The landlord has zero maintenance responsibilities on this asset. The lease provides an investor with a strong corporate guaranty from Walgreens Co. who carries an investment grade credit rating of “BBB” from Standard & Poor’s. The subject property is strategically located across from the Wellington Regional Medical Center, a 233-bed, acute care hospital, owned by a subsidiary of Universal Health Services, Inc., one of the largest healthcare management companies in the nation. In 2018, WRMC admitted nearly 12,000 patients and had 51,000 emergency visits. Sales at this location are very strong due to the proximity of the Wellington Regional Medical Center and the dense surrounding housing population (see agent for unit level sales report), alleviating future vacancy risk concerns knowing this is a profitable location for Walgreens. The site offers strong surrounding demographics, with over 68,000 people living within a 3-mile radius of the subject property with an average household income over $114,000, lending well to the tenant’s concept and supporting its continued success. The subject property is ideally located at the entrance to the 1,273,000 square foot Mall at Wellington Green on the hard corner signalized intersection of Forest Hill Blvd and Hunter Dr (47,000+ CPD). The Mall at Wellington Green is a two-level super-regional shopping mall featuring over 170 stores including Dillard’s, Macy’s, JCPenney, City Furniture, H&M, Apple, CMX Theaters, and Ashley Furniture, and eateries California Pizza Kitchen, Chick-fil-A, and Cask + Shaker Craft Bar and Kitchen. The Mall at Wellington Green is the premier year-round shopping destination for both residents and South Florida visitors, providing an outstanding customer draw to the trade area. The property is located within the Village of Wellington, Florida, just west of West Palm Beach. Wellington is part of Palm Beach County, one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages. Located just 66 miles north of Miami, the city had a population of nearly 65,000 in 2017, making it the fifth-largest municipality in Palm Beach County. Wellington is recognized as the winter equestrian capital of the world, hosting forty-two weeks of equestrian events, notably show jumping, hunting, dressage and polo annually. Every year, from January to April, Wellington is host to the Winter Equestrian Festival, the largest and longest running horse show in the world. In 2010 Wellington was named Money Magazine’s “Top 100” Best Places to Live.

WALGREENS | Wellington, FL (Miami MSA) | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract

-- INVESTMENT HIGHLIGHTS --

WALGREENS (NYSE: WBA) • LARGEST RETAIL PHARMACY IN THE U.S. & EUROPE • 13,200 LOCATIONS IN LOCATED AT ENTRANCE TO THE SUPER REGIONAL MALL AT WELLINGTON GREEN (1.273 MILLION SF) • 11 COUNTRIES • $50B+ MARKET CAP DENSE RETAIL TRADE AREA DRAWS DESTINATION SHOPPERS The building is leased to Walgreens who is owned by parent company Walgreens Boots Alliance, Inc. (NYSE: WBA). The subject property is located at the entrance of the 1,273,000 square foot Mall at Wellington Green on the hard This parent company is currently the largest retail pharmacy in the US and Europe, with 13,200 stores in over 11 corner signalized intersection of Forest Hill Blvd and Hunter Dr (47,000+ CPD). The super-regional Mall at Wellington countries and an impressive $50B market CAP. Green is a two-level super-regional shopping mall featuring over 170 stores including Dillard’s, Macy’s, JCPenney, LA Fitness, City Furniture, H&M, Apple, CMX Theaters, and Ashley Furniture, and eateries California Pizza Kitchen, TROPHY ASSET • STRONG STORE SALES AT THIS LOCATION • CORPORATE LEASE GUARANTY FROM Chick-fil-A, and Cask + Shaker Craft Bar and Kitchen. Other shopping centers - the Shoppes of Wellington Green, WALGREENS CO • INVESTMENT GRADE CREDIT (S&P RATED BBB) a lifestyle center, and Wellington Green Commons, a -anchored power center - encircle the Sales at this location are very strong due to the proximity of the Wellington Regional Medical Center and the dense shopping mall, providing an outstanding customer draw to the trade area. surrounding housing population (see agent for unit level sales reports). This alleviates any future vacancy risk concerns knowing this is a profitable location for Walgreens. LOCATED IN WELLINGTON • HOME TO PALM BEACH INTERNATIONAL EQUESTRIAN CENTER: MOST RECOGNIZABLE EQUESTRIAN SPORT VENUE IN THE U.S. • PROXIMITY TO BEACHES, PALM BEACH INT’L The lease provides an investor with a strong corporate guaranty from Walgreens Co. who carries an investment AIRPORT • WITHIN MIAMI MSA grade credit rating of “BBB” from Standard & Poor’s. The property is located within the Village of Wellington, Florida, just west of West Palm Beach. Wellington is part LOCATED ACROSS FROM WELLINGTON REGIONAL MEDICAL CENTER • BUILT IN CUSTOMER BASE AND of Palm Beach County, within the Miami metropolitan area, which is the seventh-largest metropolitan area in the SALES DRIVER FOR THIS LOCATION United States with approximately 6.198 inhabitants as of the 2018 census. The subject property is strategically located across from the Wellington Regional Medical Center, a 233-bed, acute Located just 66 miles north of Miami, the city had a population of nearly 65,000 in 2017, making it the fifth-largest care hospital, owned by a subsidiary of Universal Health Services, Inc., one of the largest healthcare management municipality in Palm Beach County. Wellington is recognized as the winter equestrian capital of the world, hosting companies in the nation. In 2018, WRMC admitted nearly 12,000 patients and had 51,000 emergency visits. forty weeks of equestrian events, notably show jumping, hunting, dressage and polo annually. Every year, from January to April, Wellington is host to the Winter Equestrian Festival, the largest and longest running horse show in OVER 68,000 PEOPLE & $114,000 AVERAGE HH INCOME WITHIN 3 MILE RADIUS • ABSOLUTE NNN LEASE the world. Wellington has been named Money Magazine’s “Top 100” Best Places to Live. • ZERO LL RESPONSIBILITIES Palm Beach County is one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% The site offers strong surrounding demographics, with over 68,000 people living within a 3-mile radius of the subject higher than state and national averages. Tourism is a major economic driver in the County. According to the County property with an average household income over $114,000, lending well to the tenant’s concept and supporting its Clerk & Comptroller, the county collected $1.1 billion in property tax revenue in FY 2018, an increase of 6 percent continued success. over the previous year. Sales tax collections rose to $175.8 million, marking the eighth consecutive year of growth. Walgreens has 12 years of firm lease term remaining. In addition, the lease is absolute triple-net (NNN), where Revenue from Tourist Development Tax receipts was $53.8 million, up from $48.5 million in FY 2017. the tenant pays for taxes, insurance, and 100% of the maintenance of the land & building. The landlord has zero maintenance responsibilities on this asset. .

WALGREENS | Wellington, FL (Miami MSA) | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights • Lease Summary & Rent Schedule • Lease Abstract

-- LEASE SUMMARY -- -- RENT SCHEDULE --

LEASE INFORMATION LEASE TERM

TENANT: Walgreens TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

GUARANTOR: Walgreen Co. (Corporate) Years 1 - 25 3/1/2006 2/28/2031 $464,000.04 $38,666.67 $30.73

CREDIT RATING: Standard & Poor’s: BBB RENEWAL OPTIONS - (10) 5-Year Options Years 26 - 75 3/1/2031 2/28/2081 $464,000.04 $38,666.67 $30.73 BUILDING SIZE: 15,101 Sq. Ft.

LOT SIZE: 1.93 Acres

RENT COMMENCEMENT: March 1, 2006

LEASE EXPIRATION: February 28, 2031

BASE LEASE TERM: 25 Years (12 Years Remaining)

RENEWAL OPTIONS: (10) 5-Year Options

LEASE TYPE: Absolute Triple-Net (NNN)

LANDLORD RESPONSIBILITIES: None

ANNUAL RENT: $464,000

TENANT SALES REPORTING: Contact Broker for Details

WALGREENS | Wellington, FL (Miami MSA) | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights Lease Summary & Rent Schedule • Lease Abstract •

-- LEASE ABSTRACT --

8.(a)(1) Landlord covenants and agrees that, during the Term and any extensions or renewals thereof, no additional property which Landlord, directly or indirectly, may now or hereafter own, lease or control, and which is contiguous to, or which is within five hundred (500) feet of any boundary of, the Leased Premises (the “landlord’s Property”), will be used for any one or combination of the following: (i) the operation of a drug store or a so-called prescription pharmacy or prescription ordering, processing or delivery facility, whether or not a pharmacist is present at such facility, or for any other purpose requiring a qualified pharmacist or other person authorized by law to dispense medicinal drugs, directly or indirectly, for a fee or remuneration of any kind; (ii) the operation of a medical diagnostic lab or Exclusives: the provision of treatment services (other than as part of a medical, dental, physician, surgical or chiropractic ottice[s], which office[s] shall not be restricted by this subclause [ii]); (iii) the sale of so-called health and beauty aids or drug sundries; (iv) the operation of a business in which photofinishing services (including, without limitation, digital photographic processing or printing, or the sale of any other imaging services, processes or goods) or photographic film are offered for sale; (v) the operation of a business in which greeting cards or gift wrap are offered for sale; and (vi) the operation of a business in which prepackaged food items for off premises consumption.

19.(b) Upon receipt of the aforesaid tax bills, Tenant shall pay, when due and before delinquency, the ad valorem real estate taxes levied and assessed aagainst the Leased Premises, and ll non-ad-valorem Property Taxes: personal property taxes related to the Leased Premises, commencing with the Rent Commencement Date and continuing for the remainder of the Term.

Landlord Maintenance & Repairs: None 7.(a) Tenant, at Tenant’s cost and expense, shall maintain, repair and replace the parking areas of the Leased Premises. Tenant Maintenance & Repairs: 10.(a)(i) Tenant, at Tenant’s sole cost and expense, shall maintain the Leased Premises and make all necessary repairs and replacements, whether interior or exterior, to all parts of the same. 20. Commencing with the Possession Date and continuing until the last day of the three hundredth (300th) full calendar month of the Term, Tenant shall carry special form coverage insurance covering the Building and the other improvements on the Leased Premises to the extent of not less than 100% of replacement value, with companies which are authorized to do business in the State of Florida and are governed by the regulatory authority which establishes maximum rates in the vicinity. Insurance: Commencing with the first day of the three hundred first (301 st) full calendar month of the Term, such coverage shall be on an actual cash value basis. Tenant shall also procure and continue in effect public liability and property damage insurance with respect to the operation of the Leased Premises. Such public liability insurance shall cover liability and property damage for death or bodily injury in any one accident, mishap or casualty in a combined single limit sum of not less than$3,000,000.00.

Tenant shall pay when due all bills for water, sewer rents, sewer charges, heat, gas and electricity used in the Building or on the Leased Premises and in connection with the operation of the supplemental Utilities: lighting on the Adjacent Parcel installed and operated pursuant to the ERA, as set forth in Article 7(a) above, from the commencement of the Initial Term until the expiration of the Term.

Tenant shall have the right and option. at Tenant’s election, to terminate this Lease effective as of the last day of the three hundredth (300th) full calendar month of the Term, effective as of the last day of the three hundred sixtieth (360th) full calendar month of the Term, effective as of the last day of the four hundred twentieth (420th) full calendar month of the Term, effective as of the last day of the four hundred eightieth (480th) full calendar month of the Term. effective as of the last day of the five hundred fortieth (540th) full calendar month of the Term, effective as of the last day of the six Termination Option: hundredth (600th) full calendar month of the Term, effective as of the last day of the six hundred sixtieth (660th) full calendar month of the Term, effective as of the last day of the seven hundred twentieth (720th) full calendar month of the Term, effective as of the last day of the seven hundred eightieth (780th) full calendar month of the Term, and effective as of the last day of the eight hundred fortieth (840th) full calendar month of the Term. If Tenant shall elect to exercise any such option, Tenant shall send notice thereof to Landlord, at least six (6) months prior to the date this Lease shall so terminate, but no notice shall be r.equired to terminate this Lease upon the expiration of the Term.

25. (a) In the event that Landlord shall receive a Bona Fide Offer to purchase the Leased Premises, or a portion thereof, at any time and from time to time on or after the date hereof and during the Initial Term and Term of this Lease or any extensions thereof from any person or entity, Landlord shall so notify Tenant together with a true and correct copy of said Bona Fide Offer. For purposes hereof, a “Bona Right of First Refusal: Fide Offer” shall be deemed to be one made in writing by a person or entity that is not related to or affiliated with Landlord which Landlord intends to accept (subject to this Article 25). In submitting the Bona Fide Offer to Tenant, Landlord shall segregate the price and the terms of the offer for the Leased Premises from the price and other terms connected with any additional property or properties that such person or entity is offering to purchase from Landlord, such that Tenant may purchase the Leased Premises separate from any such additlonal property or properties. 29. Landlord and Tenant agree to execute and deliver to the other within thirty (30) days after receipt of such request, an estoppel certificate in form and substance acceptable to the party issuing such certificate, which certificate may include information as to any modification of this Lease, dates of commencement of Term and the termination date of this Lease, and to the best of Landlord’s or Tenant’s Estoppel Certificate/Administrative Fee: knowledge, whether or not Landlord or Tenant is in default of this Lease. Commencihg on the thirteenth (13th) month of the Term and prior to the issuance of any such estoppel certificate by Tenant, Landlord shall pay to Tenant an administrative charge in an amount equa: to Five Hundred Dollars ($500.00). Sales Reporting Tenant shall cause to be kept, in accordance with its customary accounting procedures, records of the Gross Sales made by Tenant in the operation of Tenant’s store on the Leased Premises.

WALGREENS | Wellington, FL (Miami MSA) | 7 PROPERTY INFORMATION

WELLINGTON, FL (MIAMI MSA)

WALGREENS | Wellington, FL (Miami MSA) | 8 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Location Maps • Surrounding Aerial Demographics Property Photos Neighboring Tenants Aerials

-- LOCATION MAPS --

Palm Beach Mall

ORLANDO

KISSIMMEE Emerald Dunes Golf Club Palm Beach Outlets WEST PALM BEACH

GOLDEN LAKES PALM BEACH Mayacoo Lakes TAMPA Country Club

ST PETERSBURG Palm Beach International Airport VERO BEACH

FORT PIERCE

PORT ST LUCIE WELLINGTON

GREENACRES

7 LAKE WORTH WEST PALM BEACH FORT MEYERS Boynton Town Center

CAPE CORAL

Boynton Plaza/ FORT LAUDERDALE Mall at Wellington Green Boynton Commons Oakwood Square 7

MIAMI

BOYNTON Quail Ridge BEACH Country Club

WALGREENS | Wellington, FL (Miami MSA) | 9 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps • Surrounding Aerial • Demographics Property Photos Neighboring Tenants Aerials

-- LOCATION MAPS --

BUCKINGHAM KEY SQUARE Medical THE YARD SPORT 441 HORSE CENTER ANTHONY GROVES Retail Binks Forest PLAZA 583 Single Fam Homes Recreation 900 Townhomes Black Diamond THE SHOPPES AT ISLA VERDE 475 Single Fam Homes Banyan Estates School 41 Estate Homes PREMIER PODIATRY PREMIER FAMILY HEALTH CHILDREN’S DENTAL WEST PALM BEACH NEUROLOGY

SR-7/HWY 441 South Shore (58,000 CPD)

Wellingtons Edge 7 504 Single Fam Homes, BANYAN GOLF CLUB INSTITUTE FOR WOMEN’S HEALTH Buena Vida Villas & Townhomes COMPLETE HEALTHCARE FOR WOMEN 449 Single Fam (55+) OB/GYN SPECIALIST OF PALM BEACH ELBRIDGE GALE EL- PERINATAL DIAGNOSTIC INSTITUTE EMENTARY SCHOOL

WELLINGTON REGIONAL PALM BEACH CENTRAL MEDICAL CENTER HIGH SCHOOL TOWNE SQUARE AT FOREST HILL BLVD WELLINGTON (47,000 CPD) 882 WELLINGTON GREEN 882 SQUARE

PALM BEACH POLO & COMBINED COUNTRY CLUB Apartments 105,000 CPD THE MALL AT WELLINGTON GREEN

THE PLAZA AT WELLINGTON GREEN 1,800 SF Homes

441

WELLINGTON GREEN COMMONS

VILLAGE GREEN EMERALD COVE MIDDLE SCHOOL

WALGREENS | Wellington, FL (Miami MSA) | 10 SUMMARY PROFILE 2000-2010 Census, 2018 Estimates with 2023 Projections Calculated using Weighted Block Centroid from Block Groups

Lat/Lon: 26.6504/-80.2104

10420 Forest Hill Blvd 1 mi radius 3 mi radius 5 mi radius SUMMARYWellington, FL PROFILE33414 EXECUTIVE SUMMARY PROPERTY INFORMATION 2000-20102018 Census, Estimated TENANT2018 Population Estimates OVERVIEW with 2023 Projections AREA0 T OVERVIEW7,380 68,416 191,546 Calculated using Weighted Block Centroid from Block Groups 2023 Projected Population 0 T 7,718 71,899 202,511 Location Maps Surrounding Aerial • Demographics • Property Photos Neighboring Tenants Aerials 2010 Census Population 0 T 5,499 57,387 167,736

Lat/Lon:2000 26.6504/-80.2104 Census Population 0 T 1,128 30,425 116,631 -- DEMOGRAPHICS -- Projected Annual Growth 2018 to 2023 - 0.9% 1.0% 1.1%

10420POPULATION HistoricalForest AnnualHill Blvd Growth 2000 to 2018 - 30.8% 6.9% 3.6% 1 mi radius 3 mi radius 5 mi radius Wellington,2018 Median FL 33414 Age 1 38.3Mile 3 Miles 39.0 5 Miles 41.1 2018 Estimated PopulationHouseholds 0 T 7,3802,620 68,41623,030 191,546 70,571 2023 Projected HouseholdsPopulation 0 T 2,6737,718 23,61171,899 202,511 72,895 POPULATION SNAPSHOT 2010 Census HouseholdsPopulation 0 T 1,9675,499 19,73957,387 167,736 63,220 • The population of Wellington is 62,796, reflecting a 2.32% growth over the prior year. 2000 Census HouseholdsPopulation 0 T 1,128418 10,81930,425 116,631 46,070

• Wellington is located within the Miami Metropolitan Area, the the second-most Projected Annual Growth 2018 to 2023 - 0.4%0.9% 0.5%1.0% 0.7%1.1% HOUSEHOLDS

populous in the southeastern United States and the seventh-largest metro in the POPULATION POPULATION Historical Annual Growth 2000 to 2018 - 29.2%30.8% 6.3%6.9% 3.0%3.6% nation, with an estimated 2018 population of 6.1 million residents. - 71.7% 72.0% 71.0% • The median age in the Wellington area is 41.3, which is about the same as Florida’s 2018 MedianEstimated Age White 38.3 39.0 41.1 median age of 42 and higher than the US median age of 37.4. 2018 Estimated HouseholdsBlack or African American 0 T- 15.4%2,620 23,030 16.0% 70,571 16.8% 20232018 ProjectedEstimated HouseholdsAsian or Pacific Islander 0 T- 2,6736.5% 23,611 5.7% 72,895 4.3% 2018 Estimated American Indian or Native Alaskan - 0.1% 0.2% 0.3% HOUSING SNAPSHOT 2010 Census Households 0 T 1,967 19,739 63,220 - 6.2% 6.1% 7.6% RACE AND RACE ETHNICITY 20002018 CensusEstimated Households Other Races 0 T 418 10,819 46,070 • The median property value in Wellington is $349,700, a 6.71% increase from the year - 23.2% 22.8% 27.1% prior. Projected2018 Estimated Annual Hispanic Growth 2018 to 2023 - 0.4% 0.5% 0.7% HOUSEHOLDS HOUSEHOLDS • Wellington has a homeownership rate of 75.8%, which is higher than the national Historical2018 Estimated Annual Average Growth Household2000 to 2018 Income $0 T- $112,42829.2% $114,239 6.3% $92,017 3.0% average of 63.9%. 2018 Estimated WhiteMedian Household Income $0 T- $93,85071.7% $92,654 72.0% $74,109 71.0% • There are approximately 24,662 households in Wellington FL. INCOME 2018 Estimated BlackPer Capita or African Income American $0 T- $39,91315.4% $38,602 16.0% $34,011 16.8% 2018 Estimated ElementaryAsian or Pacific (Grade Islander Level 0 to 8) - 1.4%6.5% 2.4%5.7% 4.5%4.3% 2018 Estimated SomeAmerican High Indian School or (GradeNative AlaskanLevel 9 to 11) - 3.7%0.1% 3.5%0.2% 5.2%0.3% ECONOMY SNAPSHOT - 18.3%6.2% 21.2% 6.1% 24.9% 7.6% RACE AND RACE ETHNICITY 2018 Estimated HighOther School Races Graduate • The Median Household Income in Wellington in 2017 was $85,172, which is RACE & ETHNICITYRACE 2018 Estimated SomeHispanic College - 15.8%23.2% 18.7%22.8% 19.5%27.1% approximately 28.25% higher than the state median of $52,594, but 30% lower than 2018 Estimated Associates Degree Only - 11.8% 11.2% 10.9% the median household income of Palm Beach County ($110,961). (AGE 25+) 2018 Estimated Average Household Income $0 T $112,428 $114,239 $92,017 EDUCATION - 30.2% 26.8% 22.3% • The largest industries in Wellington are Health Care & Social Assistance, Retail Trade, 2018 Estimated MedianBachelors Household Degree Only Income $0 T $93,850 $92,654 $74,109 and Educational Services. The highest paying industries are manufacturing ($95,500), 2018 Estimated Graduate Degree - 18.8% 16.2% 12.9% INCOME Utilities ($82,115), and Public Administration ($72,607). INCOME 2018 Estimated Per Capita Income $0 T $39,913 $38,602 $34,011 2018 Estimated ElementaryTotal Businesses (Grade Level 0 to 8) 0 T- 1.4%724 3,203 2.4% 7,060 4.5% 2018 Estimated TotalSome Employees High School (Grade Level 9 to 11) 0 T- 6,9683.7% 27,990 3.5% 61,658 5.2% 2018 Estimated EmployeeHigh School Population Graduate per Business - 18.3%9.6 21.2%8.7 24.9%8.7 BUSINESS BUSINESS 2018 Estimated ResidentialSome College Population per Business - 15.8%10.2 18.7% 21.4 19.5% 27.1 ©2019, Sites2018 USA, Chandler,Estimated Arizona, Associates 480-491-1112 Degree Only page 1 of 1 Demographic- Source: Applied11.8% Geographic Solutions 11.2% 10/2018, TIGER Geography 10.9% (AGE 25+) EDUCATION 2018 Estimated Bachelors Degree Only - 30.2% 26.8% 22.3% 2018 Estimated Graduate Degree - 18.8% 16.2% 12.9% WALGREENS | Wellington, FL (Miami MSA) | 11 2018 Estimated Total Businesses 0 T 724 3,203 7,060 2018 Estimated Total Employees 0 T 6,968 27,990 61,658 2018 Estimated Employee Population per Business - 9.6 8.7 8.7

BUSINESS 2018 Estimated Residential Population per Business - 10.2 21.4 27.1

©2019, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2018, TIGER Geography EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics • Property Photos • Neighboring Tenants Aerials

-- PROPERTY PHOTOS --

FOREST HILL BLVD ENTRANCE TO (47,000 CPD)

Looking at Front from First Entrance

Drive Thru Lanes Loading Area at Rear of Property Front Entrance from North Side

WALGREENS | Wellington, FL (Miami MSA) | 12 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos • Neighboring Tenants • Aerials

-- THE MALL AT WELLINGTON GREEN (1,273,000 SQ FT) -- (Located Behind Subject Property)

Dillard’s

JCPenney

WALGREENS | Wellington, FL (Miami MSA) | 13 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos • Neighboring Tenants • Aerials

-- THE MALL AT WELLINGTON GREEN (1,273,000 SQ FT) -- (Located Behind Subject Property)

City Furniture Store

Pier 1 Imports

WALGREENS | Wellington, FL (Miami MSA) | 14 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos • Neighboring Tenants • Aerials

-- BARNES & NOBLE BEHIND WALGREENS --

WALGREENS | Wellington, FL (Miami MSA) | 15 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos Neighboring Tenants • Aerials •

WELLINGTON GREEN SQUARE -- OVERHEAD VIEW --

882

ACCESS

FOREST HILL BLVD (47,000 CPD)

DRIVE THRU LANES 882

ACCESS

WALGREENS | Wellington, FL (Miami MSA) | 16 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos Neighboring Tenants • Aerials • • PREMIER FAMILY HEALTH THE SHOPPES AT ISLA VERDE • PREMIER PODIATRY GROUP PALM BEACH WEST PALM BEACH • WEST PALM BEACH NEUROLOGY INSTITUTE FOR WOMEN’S -- LOOKING NORTHEAST -- COMPLETE HEALTHCARE HEALTH & BODY INTERNATIONAL AIRPORT FOR WOMEN 441 PERINATAL DIAGNOSTIC OB/GYN SPECIALISTS INSTITUTE BANYAN GOLF CLUB OF PALM BEACHES WELLINGTON 441 (58,000 CPD) PROFESSIONAL CTR Buena Vida

882 FOREST HILL BLVD (47,000 CPD)

882

FOREST HILL BLVD (47,000 CPD)

DRIVE THRU LANES

WALGREENS | Wellington, FL (Miami MSA) | 17 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos Neighboring Tenants • Aerials • MARKETPLACE AT WYCLIFFE WELLINGTON GREEN COMMONS VILLAGE GREEN -- LOOKING SOUTHEAST -- 441 (58,000 CPD) 441

MALL AT WELLINGTON GREEN

POINTE AT WELLINGTON GREEN

THE MALL AT WELLINGTON GREEN 1,273,000 SQ FT

FOREST HILL BLVD (47,000 CPD)

882

WALGREENS | Wellington, FL (Miami MSA) | 18 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos Neighboring Tenants • Aerials •

WELLINGTON -- LOOKING SOUTHWEST -- SOCCER CLUB PALM BEACH POLO & COUNTRY CLUB

Lake Lisbet

WELLINGTON GREEN SQUARE

THE MALL AT WELLINGTON GREEN 1,273,000 SQ FT

882

FOREST HILL BLVD (47,000 CPD)

WALGREENS | Wellington, FL (Miami MSA) | 19 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Surrounding Aerial Demographics Property Photos Neighboring Tenants • Aerials •

-- LOOKING NORTHWEST -- 98 98 Black Diamond VILLAGE OF WELLINGTON CITY HALL & COMMUNITY CENTER

Wellington Edge

FOREST HILL BLVD (47,000 CPD)

882

WALGREENS | Wellington, FL (Miami MSA) | 20 TENANT OVERVIEW

WELLINGTON, FL (MIAMI MSA)

WALGREENS | Wellington, FL (Miami MSA) | 21 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• About Walgreens Boots Alliance •

-- WALGREENS BOOTS ALLIANCE --

COMPANY OVERVIEW Walgreens Boots Alliance (Nasdaq: WBA) is the first global pharmacy-led, health Company: Walgreens Boots Alliance and wellbeing enterprise. The Company’s heritage of trusted healthcare services Founded: 1901 through community pharmacy care and pharmaceutical wholesaling dates back more than 100 years. S&P Credit Rating: BBB Sales Revenue: $118.2 Billion Walgreens Boots Alliance is the largest retail pharmacy, health and daily living Net Income: $4.1 Billion destination across the U.S. and Europe. Walgreens Boots Alliance andits Total Assets: $66 Billion companies together have a presence in more than 25* countries and employ Stores: 14,500 more than 385,000* people. The Company is a global leader in pharmacy-led, Employees: 385,000 health and wellbeing retail and, together with the companies in which it has equity method investments, has approximately 14,500 stores in 11* countries Headquarters: Deerfield, IL as well as one of the largest global pharmaceutical wholesale and distribution Website: www.walgreensbootsalliance.com networks, with more than 390* distribution centers delivering to more than 230,000*** pharmacies, doctors, health centers and hospitals each year in more than 20* countries. In addition, Walgreens Boots Alliance is one of the world’s largest purchasers of prescription drugs and many other health and wellbeing products. The Company’s size, scale, and expertise will help us to expand the supply of, and address the rising cost of, prescription drugs in the U.S. and worldwide. The Company has: »» unmatched pharmaceutical supply chain and procurement expertise, offering customers innovative solutions and optimal efficiencies »» portfolio of retail and business brands, including Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as increasingly global health and beauty product brands, such as No7, Soap & Glory, Liz Earle, Sleek MakeUP and Botanics »» diversified and robust profit pools across the U.S., Europe and key emerging markets »» a unique platform for growth in developed and emerging markets By leveraging these advantages and opportunities, as well as the full benefit of our best practices and expertise, Walgreens Boots Alliance will be positioned to create substantial incremental efficiency, synergy and growth opportunities. Walgreens Boots Alliance was created through the combination of Walgreens and Alliance Boots in December 2014. This transaction brought together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted healthcare services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years. Walgreens had been in merger talks with Rite Aid since 2015. In June of 2017, the pharmacies announced the merger was off however Walgreens will acquire over 2,100 Rite Aid locations. Walgreens Boots Alliance is included in Fortune magazine’s 2018 list of the World’s Most Admired Companies. This is the 25th consecutive year that Walgreens Boots Alliance or its predecessor company, Walgreen Co., has been named to the list.

* As of August 31, 2017 ** As of June 28, 2018 *** For the 12 months ending August 31, 2017

WALGREENS | Wellington, FL (Miami MSA) | 22 AREA OVERVIEW

WELLINGTON, FL (MIAMI MSA)

WALGREENS | Wellington, FL (Miami MSA) | 23 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Wellington Overview • Palm Beach County Overview Miami Overview Demographics

-- WELLINGTON OVERVIEW --

The Village of Wellington is located in central Palm Beach County and is 66 miles north of Miami. As of 2017, Wellington had a population of 64,848 according to the U.S. Census Bureau. Wellington shares a southwestern boundary with the world famous Florida Everglades, a natural region of tropical wetlands that is part of the neotropic ecozone, an ecosystem that is not presently found anywhere else on earth. It’s where Florida’s largest freshwater lake meets palm trees, pastures and tropical landscapes rich in cultural heritage. The town has abundant parks, quality schools, attractive neighborhoods, and equestrian interests. As part of Palm Beach County, Wellington benefits from new real estate development, proximity to some of the world’s most beautiful beaches, and Florida’s wealthiest population. In 2010 Wellington was named Money Magazine’s “Top 100” Best Places to Live. Wellington offers close proxiimity to the beautiful beaches of Palm Beach County. With 47 miles of coastline and 29 beach parks, the Palm Beaches offer something year round for the 7 million travelers who visit the region annually. The tropical beaches with their pure white sand are a relaxing destination for residents and tourists alike, who can enjoy fishing, boating, paddling, or snorkeling along South Florida’s shores. Some of the top beaches in the area - Lake Worth Beach, Oceanfront Park at Boynton Beach, Palm Beach, and Peanut Island, to name a few - are minutes from downtown Wellington. The Mall at Wellington Green is a two-level super-regional shopping mall in Wellington. As one of the last malls built in Palm County, it is surrounded by other centers Wellington Green Square, Wellington Green Commons anchored by Whole Foods Market, and the Shoppes of Wellington Green, providing a unique and popular destination for shoppers throughout South Florida. Wellington is located just 11 miles west of Palm Beach International Airport. The 600,000-square-foot terminal features a concession mall, 28 passenger gates, and PALM BEACH convenient parking for flyers. Palm Beach International Airport has approximately 200 INTERNATIONAL daily flights on 11 airlines offering non-stop service to 28 destinations, with connecting EQUESTRIAN service to destinations throughout the world. CENTER HOME OF THE PALM BEACH INT’L EQUESTRIAN CENTER • MOST RECOGNIZABLE EQUESTRIAN SPORTING VENUE IN THE U.S. • HOST TO WINTER EQUESTRIAN FESTIVAL Wellington is home to the Palm Beach International Equestrian Center, which is considered the most recognizable equestrian sporting venue in the United States. It encompasses a total of 500 acres, and the competition rings alone cover over 80 acres. PBIEC has two core facilities containing over 18 competition arenas, including one derby field and the largest covered arena in the world. The Center hosts 42 weeks of equestrian events, notably show jumping, hunting, dressage and polo. From January to April, the Center is host to the Winter Equestrian Festival, the largest and longest-running circuit in horse sport, a 12-week show jumping competition for hunters, jumpers, and equitation. Riders from 42 countries and 50 U.S. states compete for more than $10 million in prize money. During the 12 weeks of the Winter Festival, over 250,000 spectators will watch the events.

WALGREENS | Wellington, FL (Miami MSA) | 24 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Wellington Overview • Palm Beach County Overview • Miami Overview Demographics

-- PALM BEACH COUNTY OVERVIEW --

With a population of 1,485,941 in 2018, Palm Beach County is the third-most populous county in Florida. Its largest city and county seat is Palm Beach. Palm Beach County is one of the three counties in South Florida that make up the Miami metropolitan area, which was home to an estimated 6.198 million people in 2018.. Encompassing more than 2,000 square miles, Palm Beach County is one of the largest in the eastern United States and the third-largest in Florida. Palm Beach County is one of the nation’s wealthiest counties, with per capita personal income levels nearly 50% higher than state and national averages. Of 3,100 counties nationwide, Palm Beach County is one of a select group of only 22 to earn the highest possible bond rating, AAA, by all three of the major rating agencies, Moody’s Investors Services, Fitch, and Standard & Poor’s. Palm Beach County is also the only county in Florida to have earned this designation. Fitch said its grade reflects the County’s vital and diversifying economic base, sound financial position, and moderate debt levels. As for its economic base, Fitch noted Palm Beach County’s strengths in luxury tourism, technology manufacturing, and agriculture. Palm Beach County boasts a vibrant and diverse economy. The County has some of the finest manufacturers in the world, a strong indication of the region’s ability to support industries including communications & information technology, aerospace & engineering, agriculture & food processing, business & financial services, and medical & pharmaceutical. Many of the county’s industrial employers are competing on a worldwide basis with products sold in the international market. Service companies, both public and private, large and small, support the area’s residents and businesses. There are roughly 55,173 companies in Palm Beach County that supply products and services Some of the companies headquartered in Palm Beach County include Office Depot, The ADT Corporation, TBC Corporation, G4S Secure Solutions, BIOMET 3i, Campus Management Corp., Cross Match Technologies, NextEra Energy, The GEO Group, Globalsat Group, Bluegreen Vacations and Florida Crystals. Tourism is a major economic driver. Palm Beach County’s revenue from property taxes, sales taxes and tourist development taxes reached record levels in Fiscal Year (FY) 2018, according to the Clerk & Comptroller, Palm Beach County’s annual financial report, Checks & Balances: Your Guide to County Finances. According to the report, the County collected $1.1 billion in property tax revenue in FY 2018, an increase of 6 percent over the previous year. Sales tax collections rose to $175.8 million, marking the eighth consecutive year of growth. Revenue from Tourist Development Tax receipts was $53.8 million, up from $48.5 million in FY 2017.

WALGREENS | Wellington, FL (Miami MSA) | 25 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Wellington Overview Palm Beach County Overview • Miami Overview • Demographics

Miami is the county seat of Miami-Dade County, and the cultural, economic and financial center -- MIAMI OVERVIEW -- of South Florida. Situated between the Everglades to the west and Biscayne Bay to the east, Miami is the sixth most densely populated city in the United States, with an estimated 2018 population of 470,914. It is the center of the Miami metropolitan area, and is home to 6.1 million people, making it the second-most populous in the southeastern United States and the seventh-largest metro in the nation. Miami is a major center and leader in finance, commerce, culture, media, entertainment, the arts, and international trade. The metro area is by far the largest urban economy in Florida and the 12th largest in the United States, with a GDP of $344.9 billion as of 2017. In 2018, Miami was classified as an Alpha level global city by the GaWC. In 2019, Miami ranked seventh in the United States and 31st among global cities in terms of business activity, human capital, information exchange, cultural experience, and political engagement. According to a 2018 UBS study of 77 world cities, the city was ranked as the third-richest in the United States and the eighth-richest in the world in terms of purchasing power. Miami is nicknamed the “Capital of Latin America” and is the largest city with a Cuban-American plurality.

WORLD FAMOUS VACATION DESTINATION • ARTS, MUSIC, FASHION & SPORTS PART OF $26 BILLION INDUSTRY Miami is one of the state’s – and the world’s – most popular vacation spots. Tourism is one of the Miami’s largest private-sector industries, accounting for more than 144,800 jobs in Miami-Dade County. The city’s frequent portrayal in music, film, and popular culture has made the city and its landmarks recognizable worldwide. In 2016, it attracted the second-highest number of foreign tourists of any city in the United States, after New York City, and is among the top 20 cities worldwide by international visitor spending. More than 15.9 million visitors arrived in Miami in 2017, adding $26.1 billion to the economy. With a large hotel infrastructure and the newly renovated Miami Beach Convention Center, Miami is a popular destination for annual conventions and conferences. Some of the most popular tourist destinations in Miami include South Beach, Lincoln Road, Bayside Marketplace and Downtown Miami. The Art Deco District in Miami Beach is reputed as one of the most glamorous in the world for its nightclubs, beaches, historical buildings, and shopping. Annual events such as the Miami Open, Art Basel, the Winter Music Conference, the South Beach Wine and Food Festival, and Mercedes-Benz Fashion Week Miami attract millions to the city every year. Sports enthusiasts flock to the city year round to watch Miami’s main four sports teams: the Miami Dolphins of the National Football League, the Miami Heat of the National Basketball Association, the Miami Marlins of Major League Baseball, and the Florida Panthers of the National Hockey League. Starting 2020, the city will be home to Inter Miami CF of the Major League Soccer, led by David Beckham, Simon Fuller, and Marcelo Claure. The Miami Open, an annual tennis tournament, was moved to the Hard Rock Stadium after the tournament was purchased by Miami Dolphins owner Stephen Ross in 2019. The city is home to numerous greyhound racing tracks, marinas, jai alai venues, and golf courses. The city streets have hosted professional auto races in the past, most notably the open-wheel Grand Prix of Miami and the sports car Grand Prix of Miami. The Homestead-Miami Speedway oval hosts NASCAR races.

PORTMIAMI: ONE OF THE LARGEST PORTS IN THE UNITED STATES • LARGEST CRUISE SHIP PORT IN THE WORLD Miami is home to one of the largest ports in the United States, the PortMiami. It is the largest cruise ship port in the world, and has the world’s largest amount of cruise line headquarters, home to Carnival Cruise Line, Celebrity Cruises, Norwegian Cruise Line, Oceania Cruises, and Royal Caribbean International. often called the “Cruise Capital of the World” and the “Cargo Gateway of the Americas”. It has retained its status as the number one cruise/passenger port in the world for well over a decade, accommodating the largest cruise ships and the major cruise lines. In 2017, the port served 5,340,559 cruise passengers.

WALGREENS | Wellington, FL (Miami MSA) | 26 EXCLUSIVELY LISTED BY

RYAN BARR RYAN BENNETT Principal Principal BARR&BENNETT NETLEASEDINVESTMENTS 760.448.2446 760.448.2449 A Lee & Associates Team [email protected] [email protected]

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

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

As the Buyer of an investment 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. Lee & Associates 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 an investment 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 investment 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 Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

BROKER OF RECORD: South Investment Property, LLC dba Lee & Associates South Florida FL Broker’s Lic# BK3088290

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

WALGREENS | Wellington, FL (Miami MSA) | 27