Offering Memorandum • Dollar General

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) OFFERING MEMORANDUM • DOLLAR GENERAL FLORIDA CORPORATE GUARANTEED, SINGLE-TENANT, ABSOLUTE NNN LEASE Actual Subject Photo 1154 Alabama Road South, Lehigh Acres, Florida 33974 VITAL DATA

Price $2,242,000

Cap Rate 6.25% ADDRESS: Gross Leasable Area 9,002 Sq. Ft. 1154 ALABAMA RD LEHIGH ACRES, FL 33974 Year Built 2015 Lot Size 1.93 +/- Acres

Type of Ownership Fee Simple

LEASE SUMMARY • DOLLAR GENERAL CORPORATE GLA Lease Type Absolute NNN 9,002 Year Built 2015 Roof & Structure Tenant Responsible SQ. FT. +/- Lease Expiration 2/28/2030

Increases Yes, 10% Increases Every 5 Years Starting in Options

Options Four, Five-Year Options

*Billboard Leased to Carter Pritchett Advertising thru February 2090 with Rent of 10% LOT SIZE Gross Billboard Rent Received by Lessee

1.93 RENT SCHEDULE

ACRES +/- Term (Years) Annual Rent Monthly Rent CAP Rate

1-15 $140,112 $11,676.00 6.25%

16-20 (Option 1) $154,123 $12,843.58 6.87%

21-25 (Option 2) $169,535 $13,041.18 7.56% ANNUAL RENT 26-30 (Option 3) $186,489 $15,540.71 8.32% 31-35 (Option 4) $205,138 $17,094.83 9.15%

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the $140,112 information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACTIVITY ID: Z0332593

INVESTMENT HIGHLIGHTS DEMOGRAPHICS

•• 12 Years Remaining on Absolute NNN Lease Population 5 Miles 10 Miles 15 Miles 2000 Population 23,003 46,915 205,955 •• Absolutely No Landlord Responsibilities 2010 Population 52,746 123,154 311,614 2017 Population Estimate 61,594 146,761 359,406 •• Florida has No State Income Tax - See Agent for Details 2022 Population Projection 75,169 180,306 412,256 •• Investment Grade, Corporate Guarantee by Credit Tenant, Rated BBB by 2017 Daytime Population 37,986 110,325 392,688 S&P Households 5 Miles 10 Miles 15 Miles

•• 10 Percent Rental Increase in Each Option Period 2000 Households 8,983 17,854 83,345 2010 Households 18,120 43,154 122,832 •• Constructed in 2015 with Excellent Access, Parking, and Visibility 2017 Households Estimate 20,900 51,500 141,166 2022 Households Projection 25,932 64,654 164,925 •• Upgraded Construction - Brick and EIFS Stucco Facade 2017 Average HH Size 2.9 2.8 2.5 •• Subject Situated Along Major Highway with Traffic Counts of 23,000+ Income 5 Miles 10 Miles 15 Miles VPD Median HH Income $44,387 $54,428 $50,677 Per Capita Income $19,080 $25,718 $28,346 •• 20-Minute Drive to Nearby Southwest Florida International Airport, Which Saw More Than 8.8 Million Annual Passengers and 226 Daily Average HH Income $56,139 $72,491 $71,516 Flights in 2017 Source: Marcus & Millichap Analytics, U.S. Census Bureau1600

•• Surrounded by Dense Neighborhood Communities with Nearby Amenities Including: Copperhead Golf Club, Mirror Lakes Golf Club, MAJOR AREA EMPLOYERS Walgreens, Winn-Dixie Shopping Center, Among Others

•• Dollar General is One of the Strongest Retailers in the US with Amazing Growth and a Recession-Proof Business Model

•• 10-Minute Drive from JetBlue Park, the Current Boston Red Sox Spring Training Facility and Amateur League Stadium, Opened 2012

•• 2017 5-Mile Population: 61,594

•• 2017 5-Mile Number of Households: 20,900

•• 2017 5-Mile Average Household Income: $56,139 Annually

Source: Berriencounty.org (Updated 2017) TENANT OVERVIEW

Dollar General has been committed to its mission of serving others since the company’s inception in 1939, over 75 years ago. The company helps save shoppers time and money by offering products that are frequently used and replenished, at everyday low prices, in convenient neighborhood locations.

Dollar General operates 15,015 stores in 44 states as of August 2018, making it currently the nation’s largest small-box discount retailer in the United States. Dollar General opened 510 new stores in the first half of 2018, and plans to push that number to 900 by years end, creating approximately 7,000 net new jobs. A stark contrast to many retailers seeing closures in 2017, the brick-and- mortar channel is central to the company’s strategy, an advantage gained from understanding their target market - those who may not be able to shop online, and live within walking distance.

Dollar General sells consumable items from many of America’s most-trusted manufacturers, including Clorox, Energizer, Hanes, Coca-Cola, Nestle, and Kellogg’s, in addition to high-quality private brands. Most items range from a single dollar to ten dollars in price, with high-end items like prepaid cell phones Company Name Dollar General Corporation reaching upwards of fifty dollars. Todd J. Vasos In addition to it’s shoppers, Dollar General serves its local employees and CEO surrounding communities. For people entering the workforce for the first time, Dollar General stores provide an ideal foundation of basic work skills along Headquarters Goodlettsville, TN with competitive wages and benefits. Since 1993, Dollar General has provided funding of literacy and education programs through its subsidiary Dollar General Stock Symbol NYSE: DG Literacy Foundation. It has awarded over $135 million in grants to nonprofit organizations as of July 2017. Revenue $23.5 Billion (FY:2017)

Credit Rating BBB (Standard & Poor’s)

• 7,300 SQUARE-FOOT STORES Locations (2018) 15,015 • 10-12,000 SKUS PER STORE Employees 134,000 • 15 DISTRIBUTION CENTERS • LOCATIONS IN 44 STATES Website www.dollargeneral.com

WITH DOLLAR GENERAL WITHOUT DOLLAR GENERAL Fortune 500 (2018) #123 (2017: #128) SITE PLAN ALABAMA RD S - 3,200 VPD (2017) STOP

TRUCK PARKING

WASTE BINS

PYLON SIGN

HIGHWAY FL-82 • 43,000 VPD (2017) BILLBOARD BILLBOARD N

*Borders Are Approximate This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACTIVITY ID: Z0332593 1154 Alabama Rd S

LEHIGH ACRES

WESTMINSTER GOLF CLUB COPPERHEAD THE CLUB AT GOLF CLUB GATEWAY COUNTRY CLUB

MAJESTIC GOLF CLUB

EAST LEE HIGH SCHOOL 1,900 STUDENTS WILD STRAND 100 FACULTY TURKEY PRESERVE 3,317 ACRES PROTECTED LAND

LAZY HIGHWAY FL-82 - 43,000+ VPDSPRINGS (2017) RECREATION PARK

N *Borders Are Approximate

1154 Alabama Rd S Lehigh Acres, FL 33974 Dollar General

60,000+ AREA POPULATION IN 5-MILE RADIUS WILDLIFE BABCOCK 37,000 DAYTIME POPULATION AS MANAGEMENT RANCH OF 2017 AREA PRESERVE

6 MILES EAST OF SOUTHWEST FORT MYERS FLORIDA INTN’L AIRPORT 8.8 MIL ANNUAL 1154 ALABAMA RD PASSENGERS 2017 LEHIGH ACRES, FL CAPE CORAL OKALOACOOCHEE SLOUGH STATE FOREST

15 MILES CORKSCREW EAST FROM FORT MYERS SWAMP 20 MI FROM CAPE CORAL GULF OF MEXICO SANCTUARY

17 NAPLES FLORIDA FORTUNE 500 COMPANIES INCLUDE BIG CYPRESS PUBLIX AND HERTZ NATIONAL PRESERVE

Dollar General 3.9 · 187 reviews · $ ★ ★ ★ ★ Dollar Store LEHIGH ACRES, FLORIDA - LEE COUNTY CAPE CORAL-FORT MYERS, FL METRO

Lehigh Acres is a census-designated place (CDP) in Lee County, Florida, United States. The US Census Bureau of 2010 had the CDP’s population at 86,784. Lehigh Acres is a part of the Cape Coral-Fort Myers, Florida Metropolitan Statistical Area.

Lee County is located in southwest Florida on the Gulf Coast, an area is known for its sugar white sand beaches, lush tropical landscape, and winter resort economy. As of the 2010 census, the population of Lee County was 618,754. Fort Myers is a popular tourist area in Southwest Florida and the seat of Lee County. Fort Myers had an 2016 estimated population of 77,146, and the largest city in the metro is Cape Coral with an estimated 2016 population of 179,804.

Lee County is about 120 miles south of Tampa, at the meeting point of the Gulf of Mexico and the Caloosahatchee River. The Boston Red Sox currently hold their annual spring training in the Fort Myers area. A cross-town rivalry has developed with the Minnesota Twins. In October 2008, the Lee County commission voted to approve an agreement with the Boston Red Sox to build a new spring-training facility for the team in south Lee County. The new stadium, named JetBlue Park at Fenway South, is located off Daniels Parkway, near Southwest Florida International Airport. The stadium opened in time for the 2012 season.

Lee County’s stronger economic sectors include construction, retail, leisure, and hospitality. Hertz moved its headquarters from New Jersey to Estero in 2016, the first major corporation to relocate to Lee County. Major area employers include the Lee Memorial Health System, the County School District, Publix Supermarkets and government offices.

With no large cities in its early history, Southwest Florida was largely ignored by commercial developers until the late 1800s. In recent years, however, there has been a major real estate boom focusing on downtown Fort Myers (high-rise residential condominiums); southern Lee County (commercial development and high-technology); eastern Collier County (residential development); and eastern parts of Bradenton. Numerous efforts in recent years have been made to reduce development and preserve open space and recreational areas. Inland counties are notably rural, with the primary economic driver being agriculture. Important products grown in this area include tomatoes, beef, sugarcane, and citrus products including oranges. Agricultural harvesting in Southwest Florida employs approximately 16,000 seasonal workers.

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau CONFIDENTIALITY & DISCLAIMER NET-LEASED DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: confidential. It is intended to be reviewed only by the party receiving it from Marcus & The information contained in this Marketing Brochure has been obtained from sources we believe Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor not be made available to any other person or entity without the written consent of Marcus has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap & Millichap. This Marketing Brochure has been prepared to provide summary, unverified makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. 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 As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the diligence investigation. Marcus & Millichap has not made any investigation, and makes no accuracy and completeness of all material information before completing any purchase. This Marketing warranty or representation, with respect to the income or expenses for the subject property, Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. the future projected financial performance of the property, the size and square footage of Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this the property and improvements, the presence or absence of contaminating substances, Property for Buyer. 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 Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject only and do not represent the current or future performance of this property. The value of a net leased property. The information contained in this Marketing Brochure has been obtained from property to you depends on factors that should be evaluated by you and your tax, financial and legal sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not advisors. verify, any of the information contained herein, nor has Marcus & Millichap conducted any Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation regarding these matters and makes no warranty or representation whatsoever investigation of any net leased property to determine to your satisfaction with the suitability of the regarding the accuracy or completeness of the information provided. All potential buyers property for your needs. 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. © Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and 2018 Marcus & Millichap. All rights reserved. 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, NON-ENDORSEMENT NOTICE including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or projected sales with little or no record of actual performance, or comparable rents for the area. Returns lessee identified in this marketing package. The presence of any corporation’s logo or name is not are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial whole due to market, economic, environmental or other conditions. Regardless of tenant history and listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting information about this listing to prospective customers. 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 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 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 ACTIVITY ID: Z0332593 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.

BROKER OF RECORD - FLORIDA RYAN NEE LICENSE: BK3154667 OFFERING MEMORANDUM • DOLLAR GENERAL EXCLUSIVELY LISTED BY:

JESSE J. LIMON BROKER OF RECORD: Senior Associate National Retail Group RYAN NEE Office (212) 430.5291 License: BK3154667 [email protected] License IN RB14048415, CONNECT ON NY 10401271892 SOCIAL MEDIA: Subject Photo

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