CHIPOTLE / STARBUCKS T A M P A, FLORIDA

EXCLUSIVE OFFERING DISCLAIMER This Offering Memorandum has been prepared by Owner Representative Additional information and an opportunity to inspect the property will be made (“OREP”) for use by a limited number of parties to evaluate the potential available to interested and qualified prospective investors upon written request. acquisition of Chipotle / Starbucks, Tampa, Florida (the “Property”). All Owner and OREP each expressly reserve the right, at their sole discretion, to projections have been developed by OREP, Owner and designated sources, reject any or all expressions of interest or offers regarding the property and/or are based upon assumptions relating to the general economy, competition, and terminate discussions with any entity at any time with or without notice. Owner other factors beyond the control of OREP and Owner, and therefore are subject shall have no legal commitment or obligations to any entity reviewing this to variation. No representation is made by OREP or Owner as to the accuracy Offering Memorandum or making an offer to purchase the property unless and or completeness of the information contained herein, and nothing contained until such offer is approved by Owner, a written agreement for the purchase herein is or shall be relied on as a promise or representation as to the future of the property has been fully executed, delivered and approved by Owner performance of the Property. Although the information contained herein has and its legal counsel, and any obligations set by Owner thereunder have been been obtained from sources deemed to be reliable and believed to be correct, satisfied or waived. OREP, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in This Offering Memorandum and the contents, except such information which verifying all such information. Further, OREP, Owner and its employees disclaim is a matter of public record or is provided in sources available to the public, any and all liability for representations and warranties, expressed and implied, are of a confidential nature. By accepting this Offering Memorandum, you contained in, or for omissions from, the Offering Memorandum or any other agree that you will hold and treat it in the strictest confidence, that you will not written or oral communication transmitted or made available to the recipient. photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (exceptW tohite outside Plains advisors retained by The Offering Memorandum does not constitute a representation that there has you, if necessary, for your determination of whether or not to make a proposal been no change in the business or affairs of the Property or Owner since the date and from whom you have obtained an agreement of confidentiality)Manhattan without of preparation of the Offering Memorandum. Analysis and verification of the the prior written authorization of Owner or OREP and that you will use the information contained in the Offering Memorandum is solely the responsibility information in this Offering Memorandum for the sole purpose of evaluating of the prospective purchaser. your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or mannerRichmon detrimentald Norfolk to the interest Louisville of Owner or OREP. If you have no interest in the property,Raleigh please return the

Offering Memorandum to OREP.NNashville Charlotte Memphis Southern Atlanta Charleston California Huntssville

Birmingham Auburn Mobbile Jacksonville Jackson

Orlando

Tampa Bocca Raton Miami DOWNTOWN DAVIS TAMPA ISLAND SOUTH TAMPA

WESTSHORE PROPERTY OVERVIEW

EXECUTIVE SUMMARY

THESHOPPINGCENTERGROUP.COM 4 EXECUTIVE SUMMARY INTRODUCTION INVESTMENT HIGHLIGHTS We are pleased to offer for sale on an exclusive basis to qualified investors # Trophy property in an A+ location a trophy retail property featuring the highly–recognized tenants # New construction of Starbucks and Chipotle. Located in an A+ “infill” area along Tampa’s # Both tenants have 10–year initial lease terms most desirable business corridor, Dale Mabry Highway, this highly–visible # NN lease structure – landlord responsible for only roof and structure location is exposed to nearly 70,000 vehicles per day and is just 1/3rd a mile north of I–275 which is traveled by approximately 180,000 vehicle Starbucks is the premier roaster, marketer and retailer of specialty coffee per day. It is surrounded by retailers such as Whole Foods, Target, Walmart, in the world, operating in 65 countries, and its brand is one of the Home Depot, Best Buy, and Staples as well as 20,000 employees and most recognizable in the world. In 2014, Starbucks’ revenue reached 10,000 residents within 1 mile and 143,000 employees and 95,000 a company record of $16.45 billion and the number of Starbucks residents within 3 miles. Both tenants have committed to 10–year leases. locations had reached over 21 thousand stores worldwide. Starbucks Both Starbucks and Chipotle opened for business mid-2015. is the dominant leader in the coffeehouse market with over 33% market share – double that of its closest competitor. Starbucks is publically– SUMMARY OF SALIENT FACTS traded as SBUX on the NYYSE with a market capitalization of nearly 2011 North Dale Mabry Highway $80 billion and has a Standard & Poor’s credit rating of A–. Address Tampa, Florida Year Built 2015 Chipotle Mexican Grill is the leading Mexican fare fast–casual concept Parking ±37 with over 1750 locations worldwide and revenues that topped $4.1 Occupancy 100% billion in 2014. The company sales have grown at a 25% compounded Total GLA (Combined) 4,145 SF rate of return annually over the last decade. Chipotle Mexican Grill is Land Area ±.77 Acres publically–traded as CMG on the NYSE with a market capitalization of nearly $9 billion.

ECONOMICS Starbucks Chipotle Billboard Total Annual Rent (1-5) $135,000 $121,500 $15,500 $272,000 Annual Rent (6-10) $145,800 $133,650 $17,000 $296,450 Annual Rent (11-15) $157,464 $147,015 $18,700 $323,179 Space Size 2100 2045 N/A Initial Lease Term 10 Years 10 Years 20 Years Lease Options 4 x 5 Years 3 x 5 Years

RETURN ON INVESTMENT

Purchase Price $5,950,000 Cap Rate (Years 1 - 5) 4.57% Cap Rate (Years 6 - 10) 4.98%

Cap Rate (Years 11 - 15) 5.43% 5 EXECUTIVE SUMMARY RENT ROLL

Square Lease Lease Lease Annual Rent Tenant % Lease End Monthly Rent Annual Rent CAM Taxes Insurance Notes Feet Term Start Years / Sq. ft.

1-5 $64.29 $11,250.00 $135,000 6-10 $69.43 $12,150.00 $145,800 Option Period Starbucks has the right to terminate 11-15 $74.98 $13,122.00 $157,464 after Year 5 with a Starbucks 2,100 10 years 50.66% 6/1/15 5/31/25 Pro Rata Pro Rata$150,000 Pro early- Rata 16-20 $80.98 $14,171.76 $170,061 termination fee 21-25 $87.46 $15,305.50 $183,666 26-30 $94.46 $16,529.94 $198,359 1-5 $59.41 $10,125.00 $121,500 6-10 $65.35 $11,137.50 $133,650 Option Period Chipotle 2,045 10 years 49.34% 6/1/15 5/31/25 Pro Rata Pro Rata Pro Rata 11-15 $71.89 $12,251.25 $147,015 16-20 $79.08 $13,476.38 $161,717 21-25 $86.99 $14,824.69 $177,896 1-5 $1,291.66 $15,500 Outfront 6-10 $1,416.66 $17,000 Media LLC N/A 20 years (Billboard) 11-15 $1,558.33 $18,700 16-20 $1,716.66 $20,600

Total 4,145 $150,327.33 $272,000 MARKET OVERVIEW MARKET OVERVIEW THE CITY OF TAMPA AND THE GREATER TAMPA BAY AREA The Greater Tampa Bay area, comprised of a population of over 4 million people and the fourth largest metro area in the Southeastern U.S., is a vibrant, dynamic, and beautiful region that continues to attract visitors and new residents from all over the world due to its pleasant weather, vast recreational activities, abundant cultural opportunities, attractive business climate, and low cost of living.

As diverse as the city itself, Tampa’s economic base relies heavily on the

industries of finance, health care, and technology, among many others.

Top companies in Tampa’s city limits include Bristol-Myers Squibb, Moffitt Cancer Center, Tribridge, Quest Diagnostics, Connectwise, Citi, and

Bloomin’ Brands. Tampa, the largest city in this region, is the third most populous city in the state of Florida and home to landmarks such as the Ybor City district and the Tampa Theatre, Tampa is a unique mix of historic places and modern regions, such as the Westshore area, the downtown central business district, and Channelside.

Local assets include Florida’s largest port, one of the top-rated airports in the world, and one of the largest public universities in the world. Both visitors and residents alike enjoy endless opportunities for fun that run the gamut from Busch Gardens to the new Tampa Riverwalk to the Florida Museum of Photographic Arts. MARKET OVERVIEW TAMPA SOUTH ZOOM PROPERTY OVERVIEW

THESHOPPINGCENTERGROUP.COM 11 MARKET OVERVIEW DEMOGRAPHIC OVERVIEW

3 Miles 5 Miles 7 Miles Population 2015 Total Population 95,202 243,142 398,121 2020 Projected Total Population 99,585 253,914 415,120 2010 Total Census Population 91,946 235,410 386,132 2015 Group Quarters Population 4,426 5,902 7,014 2010-2015 Population: Ann Grwth Rate 0.67% 0.62% 0.58% 2015-2020 Population: Ann Grwth Rate 0.90% 0.87% 0.84% 2015 Male Population 46,737 119,738 194,841 2015 Female Population 48,465 123,404 203,280 2015 Median Age 37.1 37.6 37.4

Households 2015 Total Households 40,621 102,677 163,047 2020 Projected Total Households 42,733 107,694 170,607 2015 Owner Occupied Housing Units 18,657 47,716 79,600 2015 Median Home Value $220,721 $185,395 $168,530

Population by Race 2015 White Population 69,088 72.6% 172,329 70.9% 265,361 66.7% 2015 Black/African American Population 16,381 17.2% 44,050 18.1% 85,642 21.5% 2015 American Indian/Alaska Native Population 403 0.4% 1,005 0.4% 1,725 0.4% 2015 Asian Population 2,179 2.3% 6,713 2.8% 11,971 3.0% 2015 Pacific Islander Population 59 0.1% 158 0.1% 319 0.1% 2015 Other Race Population 4,063 4.3% 11,031 4.5% 19,090 4.8% 2015 Hispanic Population 33,595 35.3% 87,018 35.8% 136,021 34.2%

Educational Attainment 2015 Pop Age 25+: Less than 9th Grade 3,897 6.0% 9,883 5.9% 14,917 5.5% 2015 Pop Age 25+: 9-12th Grade/No Diploma 4,380 6.7% 12,829 7.6% 23,565 8.6% 2015 Pop Age 25+: High School Diploma 14,368 22.1% 39,385 23.3% 66,680 24.4% 2015 Pop Age 25+: GED/Alternative Credential 2,225 3.4% 6,656 3.9% 11,617 4.3% 2015 Pop Age 25+: Some College 9,903 15.2% 28,067 16.6% 49,112 18.0% 2015 Pop Age 25+: Associate's Degree 5,501 8.4% 14,276 8.5% 25,031 9.2% 2015 Pop Age 25+: Bachelor's Degree 15,965 24.5% 36,484 21.6% 53,254 19.5% 2015 Pop Age 25+: Graduate/Professional Degree 8,916 13.7% 21,240 12.6% 29,098 10.6%

Income 2015 Average Household Income $72,161 $67,889 $63,193 2015 Median Household Income $41,903 $43,025 $41,796 2015 Per Capita Income $31,490 $28,966 $26,109

Business 2015 Total Businesses 10,772 19,733 25,474 2015 Total Employees 143,504 259,821 321,178 MARKET OVERVIEW DEMOGRAPHIC OVERVIEW (continued)

5 Minutes 10 Minutes 15 Minutes Population 2015 Total Population 23,492 160,557 404,215 2020 Projected Total Population 24,420 167,439 421,617 2010 Total Census Population 22,864 155,438 391,825 2015 Group Quarters Population 231 5,131 7,716 2010-2015 Population: Ann Grwth Rate 0.52% 0.62% 0.59% 2015-2020 Population: Ann Grwth Rate 0.78% 0.84% 0.85% 2015 Male Population 11,659 79,145 197,677 2015 Female Population 11,833 81,411 206,538 2015 Median Age 39.6 37.0 37.4

Households 2015 Total Households 9,746 67,130 166,789 2020 Projected Total Households 10,161 70,340 174,573 2015 Owner Occupied Housing Units 4,809 30,647 79,501 2015 Median Home Value $145,417 $189,272 $169,390

Population by Race 2015 White Population 16,070 68.4% 114,222 71.1% 270,117 66.8% 2015 Black/African American Population 4,686 19.9% 29,159 18.2% 86,867 21.5% 2015 American Indian/Alaska Native Population 102 0.4% 652 0.4% 1,707 0.4% 2015 Asian Population 514 2.2% 4,045 2.5% 12,135 3.0% 2015 Pacific Islander Population 18 0.1% 106 0.1% 294 0.1% 2015 Other Race Population 1,242 5.3% 7,193 4.5% 18,989 4.7% 2015 Hispanic Population 11,674 49.7% 61,061 38.0% 133,998 33.2%

Educational Attainment 2015 Pop Age 25+: Less than 9th Grade 1,289 7.6% 6,734 6.1% 15,350 5.5% 2015 Pop Age 25+: 9-12th Grade/No Diploma 1,551 9.1% 8,328 7.6% 23,529 8.5% 2015 Pop Age 25+: High School Diploma 4,984 29.3% 26,093 23.7% 67,003 24.1% 2015 Pop Age 25+: GED/Alternative Credential 582 3.4% 4,017 3.6% 11,603 4.2% 2015 Pop Age 25+: Some College 2,718 16.0% 17,646 16.0% 50,531 18.2% 2015 Pop Age 25+: Associate's Degree 1,653 9.7% 9,557 8.7% 24,831 8.9% 2015 Pop Age 25+: Bachelor's Degree 2,897 17.1% 24,155 21.9% 54,841 19.7% 2015 Pop Age 25+: Graduate/Professional Degree 1,310 7.7% 13,622 12.4% 30,210 10.9%

Income 2015 Average Household Income $50,823 $66,836 $63,181 2015 Median Household Income $35,246 $41,466 $42,150 2015 Per Capita Income $21,183 $28,389 $26,270

Business 2015 Total Businesses 3,917 16,103 28,092 2015 Total Employees 52,533 212,820 376,368 PROPERTY OVERVIEW

PROPERTY OVERVIEW

THESHOPPINGCENTERGROUP.COM 14 PROPERTY OVERVIEW TAMPA SOUTH MID

15 PROPERTY OVERVIEW SITE PLAN

TENANT SF

Starbucks 2,100 Chipotle 2,045

Outfront Media LLC (Billboard) 2,505

TOTAL SF 4,145 PROPERTY OVERVIEW IMPROVEMENT FEATURES LOCATION Tenants Starbucks / Chipotle

Property Address 2011 Dale Mabry Highway, Tampa, FL

Assessor’s Parcel Number A-16-29-18-3JK-000005-00001.1 CONSTRUCTION SITE DESCRIPTION Foundation Concrete Floor Slab Gross Leasable Area (GLA) 4,145 SF Framing Structural Steel Lot Size ±.77 Acres Exterior Cement Plaster with Acrylic Finish Coat / Alumium Storefront Glazing Parking System / Alumium Coping 37 Spaces Parking Lot Zoning Asphalt Drives/Concrete Sidewalks/Pervious Pavemet Parking Areas PD (Retail/Restaurant with Drive-In Window) Roof Single-Ply Membrane System (45 mil) Over R-19 Rigid Insulation Over Metal Deck

Year Built 2015 PROPERTY OVERVIEW TENANT PROFILES

CHIPOTLE www.chipotle.com

Chipotle Mexican Grill, Inc. (Chipotle), incorporated on January 30, 1998, The Company also provides a variety of extras, such as guacamole, salsas and develops and operates Chipotle Mexican Grill restaurants. The Chipotle tortilla chips seasoned with fresh lime juice and kosher salt. In addition to sodas, Mexican Grill restaurants serve a focused menu of burritos, tacos, burrito bowls fruit drinks and organic milk, the Company’s restaurants also offer a selection of (a burrito without the tortilla) and salads. As of December 31, 2014, the beer and margaritas. The Company uses ingredients, which include chicken, Company operated 1,755 Chipotle restaurants throughout the United States, and steak that is marinated and grilled in its restaurants, carnitas (seasoned and as well as seven in Canada, six in England, three in France, and one in braised pork), barbacoa (spicy shredded beef) and vegetarian pinto and black Germany. The Company’s restaurants also include nine ShopHouse Southeast beans. The Company adds its rice, which is tossed with lime juice and freshly Asian Kitchen restaurants, serving Asian-inspired cuisine. As of December 31, chopped cilantro, as well as freshly shredded cheese, sour cream, lettuce, 2014, the Company also owned and operated two Pizzeria Locale restaurants, peppers and onions, depending on each customer’s request. It also uses a fast casual pizza concept, resulting in a total of 1,783 restaurants. The various herbs, spices and seasonings to prepare its meats and vegetables. The Company sells gift cards which do not have an expiration date. Company’s restaurants serve only meats that were raised without the use of non- therapeutic antibiotics or added hormones, which are branded as Responsibly The Company categorizes its restaurants as either end-caps (at the end of a Raised. line of retail outlets), in-lines (in a line of retail outlets), free-standing or other. Of its restaurants in operation as of December 31, 2014, it had 1,081 end-cap locations, 283 in-line locations, 315 free-standing units, and 104 other. The average restaurant size is about 2,550 square feet and seats approximately 58 people. The Company’s restaurants also feature outdoor patio space. The Company’s restaurants accept orders by fax, online or through an iPhone or Android ordering application. PROPERTY OVERVIEW TENANT PROFILES (continued)

STARBUCKS www.starbucks.com

Starbucks Corporation incorporated on November 4, 1985, is the premier The Companyís stores offer a choice of coffee and tea beverages, as well as roaster, marketer and retailer of specialty coffee in the world, operating in 65 other premium coffee, tea and related products, including packaged roasted countries. The Company purchases and roasts high-quality coffees, along with whole bean and ground coffees, single-serve and ready-to-drink coffee and handcrafted coffee, tea and other beverages and fresh food items, through tea products, juices and bottled water. The Company offers an assortment of company-operated stores. The Company sells coffee and tea products and fresh food. The Companyís coffee and tea products sold through its channel license its trademarks through other channels such as licensed stores, grocery development segment. The Company has registered and maintains internet and national foodservice accounts. The Company sells goods and services domain names including Starbucks.com, Starbucks.net, Tazo.com, Seattlesbest. under the brands including Teavana, Tazo, Seattleís Best Coffee, Evolution com and Teavana.com. Fresh, La Boulange and Ethos. The Company has four operating segments: Americas, which is inclusive of the US, Canada, and Latin America; Europe, Middle East, and Africa (EMEA); China/Asia Pacific (CAP) and Channel Development. The Company sells Starbucks and Seattleís Best Coffee roasted whole bean and ground coffees, Tazo teas, Starbucks VIA Ready Brew, and other coffee and tea related products to institutional foodservice companies that service business and industry, education, healthcare, office coffee distributors, hotels, restaurants, airlines and other retailers.

The Companyís Americas, EMEA, and CAP segments include both company- operated and licensed stores. The Americas and EMEA segments include certain foodservice accounts, in Canada and the United Kingdom. The Companyís Americas segment includes its La Boulange retail stores. The Companyís channel development segment includes roasted whole bean and ground coffees, premium Tazo teas, Starbucks- and Tazo-branded single-serve products, ready- to-drink beverages, such as Frappuccino beverages, Starbucks Doubleshot espresso drinks, Starbucks Refreshers beverages, and other branded products sold worldwide through channels such as grocery stores, warehouse clubs, specialty retailers, convenience stores and United States foodservice accounts. PROPERTY OVERVIEW TENANT PROFILES (continued)

OUTFRONT MEDIA

OUTFRONT Media Inc., formerly CBS Outdoor Americas Inc., incorporated on December 30, 2013, is a provider of advertising space on out-of-home advertising structures and sites across the United States, Canada and Latin America. The Company operates in over 180 markets in the United States, Canada and Latin America. In addition to leasing displays, the Company also provides other services to its customers, such as pre-campaign category research, creative design support and post-campaign tracking and analytics.

The Company manages its business through two segments, United States and International. The United States segment includes the Company’s business in 25 markets in the United States. The Company’s billboard displays are primarily located on highways and roadways, and transit advertising displays with exclusive multi-year contracts with municipalities in large cities across the United States. The Company’s portfolio includes sites, such as the Bay Bridge in San Francisco, various locations along Sunset Boulevard in Los Angeles, and various sites in and around both Grand Central Station and Times Square in New York. The Company’s International segment includes its operations in Canada and Latin America, including Mexico, Argentina, Brazil, Chile and Uruguay.

The Company competes with Clear Channel Outdoor Holdings, Inc., Lamar Advertising Company and JCDecaux S.A. PROPERTY OVERVIEW

Exclusive Listing Presented By The Shopping Center Group

Daniel Earles Mark D. Cooley Director of Investment Sales Director of Investment Sales P770.955.2434 P770.955.2434 [email protected] [email protected]

THESHOPPINGCENTERGROUP.COM 21