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Cambridge Franchise Group Corporate HQ 8010 Stage Hills Boulevard, Bartlett, Tennessee CONFIDENTIALITY and DISCLAIMER

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Cambridge Franchise Group Corporate HQ 8010 Stage Hills Boulevard, Bartlett, Tennessee CONFIDENTIALITY and DISCLAIMER OFFERING MEMORANDUM EXCLUSIVE NET – LEASE OFFERING Cambridge Franchise Group Corporate HQ 8010 Stage Hills Boulevard, Bartlett, Tennessee CONFIDENTIALITY AND DISCLAIMER Marcus & Millichap hereby advises all prospective some properties, including newly-constructed facilities or the subject property, the future projected financial purchasers of Net Leased property as follows: newly-acquired locations, may be set based on a tenant’s performance of the property, the size and square footage projected sales with little or no record of actual of the property and improvements, the presence or The information contained in this Marketing Brochure has performance, or comparable rents for the area. Returns absence of contaminating substances, PCB’s or asbestos, been obtained from sources we believe to be reliable. are not guaranteed; the tenant and any guarantors may the compliance with State and Federal regulations, the However, Marcus & Millichap has not and will not verify fail to pay the lease rent or property taxes, or may fail to physical condition of the improvements thereon, or the any of this information, nor has Marcus & Millichap comply with other material terms of the lease; cash flow financial condition or business prospects of any tenant, or conducted any investigation regarding these matters. may be interrupted in part or in whole due to market, any tenant’s plans or intentions to continue its occupancy Marcus & Millichap makes no guarantee, warranty or economic, environmental or other conditions. Regardless of the subject property. The information contained in this representation whatsoever about the accuracy or of tenant history and lease guarantees, Buyer is Marketing Brochure has been obtained from sources we completeness of any information provided. responsible for conducting his/her own investigation of all believe to be reliable; however, Marcus & Millichap has matters affecting the intrinsic value of the property and not verified, and will not verify, any of the information As the Buyer of a net leased property, it is the Buyer’s the value of any long-term lease, including the likelihood contained herein, nor has Marcus & Millichap conducted responsibility to independently confirm the accuracy and of locating a replacement tenant if the current tenant any investigation regarding these matters and makes no completeness of all material information before should default or abandon the property, and the lease warranty or representation whatsoever regarding the completing any purchase. This Marketing Brochure is not terms that Buyer may be able to negotiate with a accuracy or completeness of the information provided. All a substitute for your thorough due diligence investigation potential replacement tenant considering the location of potential buyers must take appropriate measures to verify of this investment opportunity. Marcus & Millichap the property, and Buyer’s legal ability to make alternate all of the information set forth herein. expressly denies any obligation to conduct a due diligence use of the property. examinationof this Property for Buyer. NON-ENDORSEMENT NOTICE By accepting this Marketing Brochure you agree to release Any projections, opinions, assumptions or estimates used Marcus & Millichap Real Estate Investment Services and Marcus & Millichap Real Estate Investment Services, Inc. in this Marketing Brochure are for example only and do hold it harmless from any kind of claim, cost, expense, or (“M&M”) is not affiliated with, sponsored by, or endorsed not represent the current or future performance of this liability arising out of your investigation and/or purchase by any commercial tenant or lessee identified in this property. The value of a net leased property to you of this net leased property. marketing package. The presence of any corporation’s depends on factors that should be evaluated by you and logo or name is not intended to indicate or imply your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any Buyer and Buyer’s tax, financial, legal, and construction The information contained in the following Marketing agent, product, service, or commercial listing of M&M, advisors should conduct a careful, independent Brochure is proprietary and strictly confidential. It is and is solely included for the purpose of providing tenant investigation of any net leased property to determine to intended to be reviewed only by the party receiving it lessee information about this listing to prospective your satisfaction with the suitability of the property for from Marcus & Millichap and should not be made available customers. your needs. to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been ALL PROPERTY SHOWINGS ARE BY APPOINTMENT Like all real estate investments, this investment carries prepared to provide summary, unverified information to ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP significant risks. Buyer and Buyer’s legal and financial prospective purchasers, and to establish only a preliminary AGENT FOR MORE DETAILS. advisors must request and carefully review all legal and level of interest in the subject property. The information financial documents related to the property and tenant. contained herein is not a substitute for a thorough due While the tenant’s past performance at this or other diligence investigation. Marcus & Millichap has not made locations is an important consideration, it is not a any investigation, and makes no warranty or guarantee of future success. Similarly, the lease rate for representation, with respect to the income or expenses for Table of Contents Financial Overview ➢ Investment Highlights and Overview ➢ Tenant Overview Pricing & Financial Analysis ➢ Lease Summary ➢ Recent Rent Comparables Property Overview ➢ Location Highlights and Overview ➢ Surrounding Area Map ➢ Exterior Photos ➢ Interior Photos ➢ Surrounding Area Photos ➢ Local Map ➢ Regional Map FINANCIAL OVERVIEW Offering Terms Investment Highlights ➢ Long-Term Triple-Net (NNN) Lease: At closing, the tenant will execute a Price NOI CAP Rate brand new 20-year absolute triple-net lease. The lease will have no landlord responsibilities and four, five-year tenant renewal options. $4,200,000 $303,750 7.25% ➢ Strong Inflation Hedge | Attractive Rental Escalations: The lease calls for 1.50 percent annual rental increases commencing year two during the base Financial Summary term and continuing through the four, five-year renewal option periods. ➢ Corporately Guaranteed by Cambridge Franchise Group: Cambridge Cambridge Franchise Group Property Name Franchise Group (“CFG”) is one of the largest, fastest growing, and most Corporate Headquarters profitable Burger King franchises in the United States. In 2014, Cambridge 8010 Stage Boulevard, Bartlett, Franchise Group acquired Carolina Quality, LLC (“CQL”), a 22-unit Burger King Address franchisee, and has since grown business significantly, currently operating 115 Tennessee units. ➢ Price $4,200,000 Mission Critical Asset | Corporate Headquarters | $1M Invested in Renovations: This offering represents a unique opportunity to acquire the corporate headquarters for Cambridge Franchise Group, one of the largest, CAP Rate 7.25% fastest growing, and most profitable Burger King franchises in the United States. Since taking occupancy at this location, the tenant has invested approximately $1 Million in renovations at this location. Base Annual Rent $303,750 Investment Overview Lease Marcus & Millichap is pleased to present the exclusive listing for the Cambridge Close of Escrow Franchise Group Corporate Headquarters. The property is located at 8010 Stage Commencement Boulevard in Bartlett, Tennessee and consists of 17,920 square feet on 2.96 acres. Lease Term 20 Years The Cambridge Franchise Group Corporate Headquarters is subject to 20-year triple- net (NNN), corporately guaranteed sale-leaseback with Cambridge Franchise Group (“CFG”), a 115-Unit Burger King operator. The lease will commence upon close of Lease Expiration 20 Years from Close of Escrow escrow and the base annual rent will be $303,750. The lease calls for 1.50 percent annual rental increases commencing year two during the base term and continuing through the four, five-year renewal option periods. Building Size 17,920 Square Feet CFG is an 115-Unit Burger King Franchisee. CFG is led by Ray Meeks, a 28-year Burger King franchisee, three time South East Franchisee of the year and former Vice Lot Size 2.96 Acres Chairman of the National Franchise Association. Supporting Ray is Tim Furr and Kevin Whitton. Tim Furr is the Chief Operating Officer and has been in the Burger King system for a decade and prior to working for CFG was an above area leader OVERVIEW FINANCIAL Year Built 1998 overseeing 400 units for BK Corporation. Kevin Whitton is the Chief Financial Officer and was previously Director of Finance and Real Estate at Burger King Corporation. 5 CAMBRIDGE FRANCHISE GROUP Cambridge Franchise Group (“CFG”) is a 115-unit Burger King Franchisee. CFG acquiredCambridgeCarolina Quality, LLC (“CQL”) Franchisein 2014 as a platform Groupto execute (“CFG”)a growth strategy in the Burger King System. At the time of acquisition, CQL was a Burger King franchisee operating 22 restaurants across five states. Since the acquisition CFG has grown the business significantly and currently operates 115 Burger King locations. Today Cambridge Franchise
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