INVESTMENT OPPORTUNITY FEDEX EXPRESS DISTRIBUTION FACILITY LAST MILE DISTRIBUTION FACILITY NEW 10 YEAR LEASE EXTENSION | 89,740 SF BUILDING TOP 50 MSA | #39 -WAUKESHA MSA

Actual Property

OFFERED AT: $11,565,000 | 5.50% CAP EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

TABLE OF CONTENTS

EXECUTIVE SUMMARY 4 Offering Summary 5 Investment Highlights 6 Lease Summary & Rent Schedule 7 Lease Abstract 8 Building Layout 9 Building Description

PROPERTY INFORMATION 11 Location Maps 12 Site Plan 13 Property Photos 15 Aerials

TENANT OVERVIEW 21 About FedEx

AREA OVERVIEW 23 Milwaukee Overview 26 Demographics

Confidentiality Agreement & Disclosures

EXCLUSIVELY REPRESENTED BY

RYAN BARR | Principal RYAN BENNETT | 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: Actual Property Lee & Associates of Madison, LLC WI Brokers Lic #701361-91

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 2 EXECUTIVE SUMMARY

FEDEX EXPRESS DISTRIBUTION FACILITY MILWAUKEE, WI

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 3 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Offering Summary • Investment Highlights Lease Summary & Rent Schedule Lease Abstract Building Layout Building Description

-- OFFERING SUMMARY --

INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $11,565,000 2001 Airport Rd Address: Net Operating Income: $636,000 Milwaukee, WI (Waukesha) Cap Rate: 5.50% Property Size: Approx 89,740 Sq Ft Price/SF: $128 Land Size: 9.30 Acres Lease Type: NN Ownership: Fee Simple Roof, Foundation, Parking LL Responsibilties: Year Built: 1998 Area APN: WAKC0997093

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a FedEx Express investment property located in Milwaukee, WI (Waukesha) (the “Property”). Built in 1998 as a build to suit for FedEx, the Property consists of a 89,740-square-foot building that sits on an approximately 9.3-acre parcel. The building features (12) loading doors, expansive parking, and a vehicle maintenance shop with (3) drive-in bays. FedEx has been operating at this location for 22 years and recently extended their lease an additional 10years (extension commenced December 1, 2018), demonstrating their commitment to the site. Additionally, the double-net lease features a rent increase of 7% in Year 6, and has (2) 5-year renewal options available. The lease is guaranteed by Federal Express Corporation (Standard & Poor’s “BBB” Bond Credit Rating), the world’s largest express transportation company providing a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the FedEx brand. Headquartered in Memphis, TN, FedEx ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. In 2018, FedEx reported revenues of over $65 billion and an approximate net worth of $4.57B. Situated on a large 9.3-acre parcel, this FedEx Express distribution facility is located less than 2 miles from Interstate 94 for quick access to downtown Milwaukee and beyond. Additionally, the property is strategically located just 1 mile from the Waukesha County Airport, ’s busiest general aviation airport. The subject property is located in the Milwaukee – Waukesha WI MSA which ranks in the Top 50 MSAs in the U.S. Milwaukee is the largest city in the state of Wisconsin and the fifth-largest city in the . It is located on Lake Michigan’s western shore, at the confluence of three rivers: the Menomonee, the Kinnickinnic, and the Milwaukee. Ranked by its 2018 population, Milwaukee was the 31st largest city in the United States. The city’s estimated population in 2018 was 594,511. Milwaukee is the main cultural and economic of the Milwaukee metropolitan area. It is also part of the larger Milwaukee-Racine-Waukesha combined statistical area, which had an estimated population of 2,043,904 in the 2014 census. Milwaukee is the third-most densely populated metropolitan area in the Midwest, surpassed only by Chicago and Detroit. Milwaukee is considered a Gamma global city as categorized by the Globalization and World Cities Research Network with a regional GDP of over $105 billion. The city is undergoing its largest construction boom since the 1960s. Major new additions to the city inthepast two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW–Milwaukee Panther Arena. The , a multi-purpose arena that is the home of the of the National Association (NBA) and the Marquette Golden Eagles men’s basketball team of , opened in late 2018.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary • Investment Highlights • Lease Summary & Rent Schedule Lease Abstract Building Layout Building Description

-- INVESTMENT HIGHLIGHTS --

FEDEX CORPORATION (NYSE: FDX) • GLOBALLY RECOGNIZED TENANT ($4.57B NET WORTH) • S&P “BBB” BOND INVESTMENT GRADE CREDIT RATING • CORPORATE LEASE GUARANTY The lease is guaranteed by Federal Express Corporation (Standard & Poor’s “BBB” Bond Credit Rating), the world’s largest express transportation company providing a broad portfolio of transportation, e-commerce and business services through companies competing collectively, operating independently and managed collaboratively under the FedEx brand. Headquartered in Memphis, TN, FedEx ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. In 2018, FedEx reported revenues of over $65 billion and an approximate net worth of $4.57B. BUILD TO SUIT CONSTRUCTION • EXTENSIVE LOADING CAPACITY & PARKING Built in 1998 as a build to suit for FedEx, the Property consists of a 89,740-square-foot building that features (12) dock- well/drive-in loading doors, expansive parking, and a vehicle maintenance shop with (3) drive-in bays. REAL ESTATE ADVANTAGE • LESS THAN 2 MILES FROM ON/OFF RAMP TO INTERSTATE 94, WAUKESHA COUNTY AIRPORT Situated on a large 9.3-acre parcel, this FedEx Express distribution facility is located less than 2 miles from Interstate 94 for quick access to downtown Milwaukee and beyond. Additionally, the property is strategically located just 1 mile from the Waukesha County Airport, Wisconsin’s busiest general aviation airport. SUCCESSFUL 22-YEAR OPERATING HISTORY • EARLY 10-YEAR LEASE EXTENSION • RENT GROWTH • COMMITMENT TO SITE FedEx has been operating at this location for 22 years and recently extended their lease an additional 10 years (lease commenced December 1, 2018), demonstrating their commitment to the site. Additionally, the double-net lease features a rent increase of 7% in Year 6, and has (2) 5-year renewal options available. LOCATED IN MILWAUKEE-WAUKESHA MSA: TOP 50 MSA IN U.S. • 3RD-MOST DENSELY POPULATED MSA IN THE MIDWEST The subject property is located in the Milwaukee – Waukesha WI MSA which ranks in the Top 50 MSAs in the U.S. Milwaukee is the largest city in the state of Wisconsin and the fifth-largest city in the Midwestern United States. It is located on Lake Michigan’s western shore, at the confluence of three rivers: the Menomonee, the Kinnickinnic, and the Milwaukee. Ranked by its 2018 population, Milwaukee was the 31st largest city in the United States. The city’s estimated population in 2018 was 594,511. Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. It is also part of the larger Milwaukee-Racine-Waukesha combined statistical area, which had an estimated population of 2,043,904 in the 2014 census. Milwaukee is the third-most densely populated metropolitan area in the Midwest, surpassed only by Chicago and Detroit. Milwaukee is considered a Gamma global city as categorized by the Globalization and World Cities Research Network with a regional GDP of over $105 billion. The city is undergoing its largest construction boom since the 1960s. Major new additions to the city in the past two decades include the Milwaukee Riverwalk, the Wisconsin Center, Miller Park, an expansion to the Milwaukee Art Museum, Milwaukee Repertory Theater, and Pier Wisconsin, as well as major renovations to the UW–Milwaukee Panther Arena. The Fiserv Forum, a multi-purpose arena that is the home of the Milwaukee Bucks of the National Basketball Association (NBA) and the Marquette Golden Eagles men’s basketball team of Marquette University, opened in late 2018.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights • Lease Summary & Rent Schedule • Lease Abstract Building Layout Building Description

-- LEASE OVERVIEW -- -- RENT SUMMARY --

LEASE INFORMATION RENT SCHEDULE - PRIMARY TERM

Tenant: Federal Express Corporation Start Date End Date NOI/Yr NOI/Mo NOI/SF/Yr NOI/SF/Mo Increase

Lease Guarantor: Corporate Years 1 - 5 12/1/2018 11/30/2023 $636,000 $53,000 $7.08 $0.59 --

Building Size: 89,740 SF Years 6 - 10 12/1/2023 11/30/2028 $680,400 $56,700 $7.58 $0.63 7%

Lot Size: 9.50 Acres OPTION PERIODS - (2) 5-Year Options

Annual Base Rent: $636,000 Option 1 12/1/2028 11/30/2033 Fair Market Rent

Rent Commencement: December 1, 1998 Option 2 12/1/2033 11/30/2038 Fair Market Rent

Lease Expiration: November 30, 2028 (Recently Extended 10 Years)

Base Lease Term: 10 Years

Base Term Remaining: 8+ Years

Renewal Options: (2) 5-Year Options

Rental Increases: 7% in Year 6; Fair Market Value in Options

Lease Type: Double-Net (NN)

Landlord Responsibilities: Roof, Foundation, Parking Area

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights Lease Summary & Rent Schedule • Lease Abstract • Building Layout Building Description

-- LEASE ABSTRACT --

16. - During the term of this lease agreement Lessee shall pay as additional rent the net annual real estate taxes, special assessments capitalized and amortized over the useful life of such special Property Taxes: assessments at the rate and interest charged by the assessing governmental authority.

2nd Amendment Section 6 - Tenant shall provide property, time element and liability insurance throughout the term as follows: (i) Tenant shall maintain in force, with respect to the building and the leasehold improvements that Tenant makes to the building, special form property insurance in an amount equal to the Insurance: replacement cost of the building above its foundations and Tenant’s leasehold improvements and providing coverage for, among other risks, fire, flood, named storm wind and risks formerly encompassed within the scope of the term “extended coverage”. The policy by which Tenant provides that insurance must name Tenant as insured and name as additionar insureds Landlord and those of Landlord’s mortgagees as Landlord designates by written notice to Tenant and must contain a mortgagee clause in favor of Landlord’s designated mortgagees.

8 - Lessee shall, during the initial term of this lease agreement, pay for costs of gas, heat, water, sewer, electricity and all other utilities as may be furnished to the Premises including any taxes or Utilities: use assessments attributable thereto.

1st Amendment Section 5(a). - During the Term, Lessor shall correct all defects in, and maintain in good condition and repair, (i) the structure of the Building, including the roof, roof membrane, gutters, drains, downspouts, foundation, footings, floor slab, columns, and load-bearing and exterior walls ), but exchiding windows, window glass, plate glass, doors, and overhead doors, (ii) the parking areas (including seal coating), drives, curbs, and sidewalks situated on the land on which the Premises is located, and (iii) systems and components serving the :Premises, including, without Landlord Maintenance & Repairs: limitation, the HVAC, plumbing, hot water, electrical; and mechanical systems if the estimated cost of · maintenance, repair or replacement of such component or system in any instance exceeds $6,000. In the event the maintenance, repair or replacement of such a component or system in any instance ·exceeds: $6,000, Lessee shall contribute only said sum to Lessor for such repair or replacement.

1st Amendment, Section 5(d) - Except as otherwise provided in this Amendment, Lessee shall be responsible for maintaining in good condition at its expense the interior of the Premises, the lawn and all be responsible for maintaining in good condition at its expense the interior of the Premises, the lawn and landscaping, snow removaL and the systems and components serving the Tenant Maintenance & Repairs: Premises, including, without limitation, the HV AC; plumbing, hot water, electricalal and mechanical systems if the estimated cost of maintenance, repair or replacement of such component or system in any instance is equal to or less than $6,000. Notwithstanding anything contained herein to the contrary, Lessee will maintain.

31 - At any time, and from time to time, Lessee agrees, within 30 days after request from Lessor, to execute, acknowledge and deliver to Lessor a statement in writing certifying that this lease Estoppel Certificate: agreement is unmodified, or if modified stating the modifications, and in full force and effect and the date to and for which the rent and other amounts and charges hereunder have been paid, substantially in the form included in the form of the receipt and estoppel certificate included in the form of conditional assignment of lease agreement attached as Exhibit E.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 7 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights Lease Summary & Rent Schedule Lease Abstract • Building Layout • Building Description

-- BUILDING LAYOUT --

Sort/Warehouse Area

Overhead Doors Drive-In Door

Office Area Office to Sort Area to Sort Area

1 2 3 4 5 6 Area Overhead Doors to Sort Drive-In Doors to VM Shop Dock Well Loading Doors Vehicle Maintenance Shop

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 8 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights Lease Summary & Rent Schedule Lease Abstract Building Layout • Building Description •

-- BUILDING DESCRIPTION --

Building Type: A one (1) story, concrete block industrial office/warehouse facility

Building Area: 89,740 Sq. Ft., including approximately 8,615 Sq. Ft. (9.6%) of finished office area, 3,429 Sq. Ft. (3.8%) of shop/vehicle maintenance area (V.M.A.), and 77,696 Sq. Ft. (86.6%) of sort/warehouse area

Ceiling Height: 24’ Clear Height

Building/Frame: Hard Wall Construction

Foundation: 5’ reinforced concrete slab on grade

Roof: 45-mil ballasted EPMD (rubber) roofing system

HVAC: Sidewalls exhaust fans, gas fired unit heaters in warehouse area

Utiltities: Electricity, natural gas, water, fiber optic, and sewer service to the property

Paving: 7’ reinforced concrete for truck areas and asphalt paving elsewhere

Drive-In : 6 Dock Doors: Dock High: 6 Total: 12

Sprinkler System: The entire Sort Area, V.M.A. Area, and all of the office area are served by a Wet Sprinkler System. There are four zones - two zones for the Sort Area, 1 zone for the V.M.A., and 1 zone for the Office Area.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 9 PROPERTY INFORMATION

FEDEX EXPRESS DISTRIBUTION FACILITY MILWAUKEE, WI

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 10 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Location Maps • Site Plan Property Photos Aerials

-- LOCATION MAPS --

79 M iles 190 190

Madison Milwaukee WAUKESHA COUNTY TECHNICAL COLLEGE es Mil 75 16 164

Racine

s

Janesville e

l

i

M

4 9

WAUKESHA COUNTY AIRPORT

Rockford UW-MILWAUKEE TO MILWAUKEE 18 MILES WAUKESHA Waukesha

Chicago

Naperville

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 11 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps • Site Plan • Property Photos Aerials

-- SITE PLAN --

VEHICLE MAINTENANCE SHOP

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 12 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan • Property Photos • Aerials

-- PROPERTY PHOTOS --

AIRPORT RD

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 13 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan • Property Photos • Aerials

-- EXTERIOR PHOTOS --

Front Office Entrance Dock High & Loading Doors Off of Office

Loading Doors Off of Office Area Vehicle Maintenance Shop Drive-In Doors - Vehicle Maint Shop

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 14 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- OVERHEAD VIEW --

AIRPORT RD

ACCESS

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 15 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

VILLAGE OF • MIDWEST ENGINEERED SYSTEMS • CITY PRESS PEWAUKEE • AMERICAN CANCER SOCIETY • WERNER ELECTRIC SUPPLY • NORTHWESTERN PUBLISHING -- LOOKING NORTH -- WAUKESHA COUNTY • ANTHEM • YOUNG SCHOLARS LEARNING • AURORA URGENT CARE TECHNICAL COLLEGE • THE MANAGEMENT ASSOCIATION PEWAUKEE RD • SAFELITE AUTO GLASS • AL SCHUTZMAN DISTRIBUTION • THE HORTON GROUP • MARKEL PERSONAL LINES • THE BOLDT COMPANY • BAIRD PRIVATE WEALTH MGMT • R&R INSURANCE SERVICES • SOUTHERN GRAPHIC SYSTEMS • IAG WEALTH PARTNERS • ANIXTER, INC. • RUEKERT & MIELKE INC 16 • PROHEALTH MEDICAL GROUP • AMERICAN TRANSMISSION CO • METROPOLITAN BUILDERS ASSOC • SCOT INDUSTRIES • ACCUNET MORTGAGE • US CELLULAR BLUEMOUND RD • FEDERAL MANUFACTURING • AXIOM INC MILWAUKEE 18 MILES

BLUEMOUND RD

BLUEMOUND RD

WAUKESHA COUNTY AIRPORT

WAUKESHA COUNTY 164 EXPO CENTER

NORTHVIEW RD NORTHVIEW RD WISCONSIN HUMANE ANIMAL HOSPITALITY GROUP WELFARE SOCIETY

PEWAUKEE RD

AMERICAN COPPER & BRASS

WAUKESHAPARKS, DEPARTMENT OF

RECREATION & FORESTRY AIRPORT RD CORRECTIONS

WAUKESHA SUBSTATION AVIATION DR ARMSTRONG RELOCATION 164

GENOA HEALTHCARE

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 16 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

MILWAUKEE -- LOOKING EAST -- 18 MILES

18

HORNING E MORELAND BLVD MIDDLE SCHOOL

BLUEMOUND RD

18

AMERICAN COPPER WAUKESHA SUBSTATION & BRASS PEWAUKEE RD 164 WISCONSIN PEWAUKEE RD HOSPITALITY GROUP 164 DEPARTMENT OF CORRECTIONS

ARMSTRONG NORTHVIEW RD RELOCATION AIRPORT RD

HUMANE ANIMAL GENOA HEALTHCARE WELFARE SOCIETY

AIRPORT RD

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 17 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

WAUKESHA SOUTH WAUKESHA CITY HIGH SCHOOL WAUKESHA WASTEWATER PLANT -- LOOKING SOUTH --

WAUKESHA COUNTY TECHNICAL COLLEGE CARROLL 18 UNIVERSITY PROHEALTH WAUKESHA MEMORIAL HOSPITAL E MAIN ST W ST PAUL AVE

BLAIR E MAIN ST ELEMENTARY SCHOOL

18 REDFORD BLVD E NORTH ST WAUKESHA COUNTY MOOR DOWNS JUVENILE CENTER GOLF COURSE

WAUKESHA COUNTY COURTHOUSE W MORELAND BLVD WAUKESHA PEDIATRIC ASSOCIATES W MORELAND BLVD REDFORD BLVD GENOA HEALTHCARE

ARMSTRONG RELOCATION AVIATION DR

WAUKESHA SUBSTATION

DEPARTMENT OF 164 CORRECTIONS

AMERICAN COPPER AIRPORT RD & BRASS

PEWAUKEE RD

WISCONSIN HOSPITALITY GROUP HUMANE ANIMAL WELFARE SOCIETY

164 NORTHVIEW RD

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 18 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

GRANDVIEW PLAZA WAUKESHA NORTH -- LOOKING WEST -- UW MILWAUKEE HIGHSCHOOL AT WAUKESHA LOWELL SUMMIT VIEW ELEMENTARY SCHOOL ELEMENTARY SCHOOL WAUKESHA COUNTY COMMUNICATIONS CENTER

HAWTHORNE WAUKESHA COUNTY ELEMENTARY SCHOOL HUBER FACILITY

WAUKESHA NORTHVIEW RD POLICE DEPT WAUKESHA EXPO CENTER WAUKESHA WILLOW PARK PEDIATRIC ASSOCIATES APARTMENTS WAUKESHAPARKS, RECREATION & FORESTRY

AVIATION DR

W MORELAND BLVD HUMANE ANIMAL WELFARE SOCIETY GENOA HEALTHCARE

AIRPORT RD

NORTHVIEW RD

ARMSTRONG RELOCATION

DEPARTMENT OF CORRECTIONS

WISCONSIN HOSPITALITY GROUP

PEWAUKEE RD PEWAUKEE RD 164 164

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 19 TENANT OVERVIEW

FEDEX EXPRESS DISTRIBUTION FACILITY MILWAUKEE, WI

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 20 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• FedEx •

-- ABOUT FEDEX --

FedEx is the world’s largest express transportation company. The company is known for its overnight shipping TENANT PROFILE service and pioneering a system that could track packages and provide real-time updates on package location, a TRADE NAME FedEx Corporation feature that hass now been implemented by most other carrier services. Headquartered in Memphis, TN, FedEx STOCK SYMBOL NYSE: FDX ships to more than 200 countries and territories using air, ground and sea networks to link more than 99% of the world’s GDP. YEAR FOUNDED 1971 FedEx Corporation provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business HEADQUARTERS Memphis, TN services. With annual revenues over $65 billion in 2018, the company offers integrated business applications through operating AREAS SERVED Worldwide companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among REVENUE (2018) $65.45 Billion the world’s most admired and trusted employers, FedEx inspires its more than 425,000 team members to remain “absolutely, NET INCOME (2018) $4.572 Billion positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. TOTAL ASSETS (2018) $52.33 Billion FedEx operates in four major segments: SUBSIDIARIES Office, Express, Ground, Freight, Supply Chain • FedEx Express - The original overnight courier services, providing next day air service within the United States and time-definite NUMBER OF EMPLOYEES 425,000 international service. FedEx Express operates one of the largest civil aircraft fleets in the world and the largest fleet of wide WEBSITE www.fedex.com bodied civil aircraft; it also carries more freight than any other airline. Reported FY2018 Revenue: $36.2 Billion • FedEx Ground - FedEx Ground service offerings include small-package day-certain delivery to businesses in the U.S. and Canada and to 100% of U.S. residences using a large fleet of trucks which are owned by the independent owner/operators and drivers are independent contractors who control individual delivery routes and territories. Reported FY2018 Revenue: $18.4 Billion 28%

• FedEx Freight - FedEx Freight LTL service offerings include priority services when speed is critical and economy services when Ground $18.4B time can be traded for savings, processing over 95,000 shipments a day using 370 service centers. Reported FY2014 Revenue: $6.8 Billion • FedEx Services - Provides global marketing, planning, and information technology (IT) services for the other FedEx operating companies. Reported FY2018 Revenue: $1.7 Billion

FEDEX EARNS NO. 10 SPOT ON FORTUNE WORLD’S MOST ADMIRED COMPANIES LIST 10% $6.8B MEMPHIS, Tenn., Jan. 22, 2019—FedEx Corp. (NYSE: FDX) is once again ranked among Freight the most admired companies in the world, according to a survey published in FORTUNE magazine. The annual “World’s Most Admired Companies” report released today lists FedEx as the 55% 3% No. 10 ranked company overall. The survey measures nine attributes related to financial Services $1.7B Express $36.2B performance and corporate reputation. “It is an incredible honor to be recognized on the FORTUNE World’s Most Admired company 4% rankings for 19 consecutive years,” said David J. Bronczek, president and chief operating Other officer of FedEx Corp. “This accomplishment is a direct result of the more than 450,000 FedEx team members around the globe who go above and beyond for our customers every day.” This is the 19th consecutive year that FedEx has ranked among the top 20 in the FORTUNE Most Admired Companies List, with 15 of those years ranking among the top 10.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 21 AREA OVERVIEW

FEDEX EXPRESS DISTRIBUTION FACILITY MILWAUKEE, WI

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 22 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Milwaukee Overview • Demographics

-- MILWAUKEE OVERVIEW --

Milwaukee is the largest city in the state of Wisconsin and the fifth-largest city in the Midwestern United States. It is located on Lake Michigan’s western shore, at the confluence of three rivers: the Menomonee, the Kinnickinnic, and the Milwaukee. Ranked by its 2018 population, Milwaukee was the 31st largest city in the United States. The city’s estimated population in 2018 was 594,511. Milwaukee is the main cultural and economic center of the Milwaukee metropolitan area. It is also part of the larger Milwaukee-Racine-Waukesha combined statistical area, which had an estimated population of 2,043,904 in the 2014 census. Milwaukee is the third-most densely populated metropolitan area in the Midwest, surpassed only by Chicago and Detroit. Milwaukee is considered a Gamma global city as categorized by the Globalization and World Cities Research Network with a regional GDP of over $105 billion. Milwaukee began as a Great Lakes port in 1835, when the first commercial cargo vessel called at the struggling new village on the west shore of Lake Michigan. Settlers and traders were drawn to the site because of its Indian population, its access to the “western frontier” afforded by three separate streams; and the three great rivers (noted above) which flow into Lake Michigan at a central Point in Milwaukee harbor. The streams, have since been intensively developed with dock facilities, and expanded by dredging and channel improvements, and have become the focal point of a substantial commercial and industrial harbor development, handling millions of tons of commerce annually.

PORT OF MILWAUKEE AN ECONOMIC DRIVER The Port of Milwaukee is southeastern Wisconsin’s transportation and distribution hub, playing a major role in the long-term economic stability and growth of the City of Milwaukee and the State of Wisconsin. • 1,100+ Direct Jobs • 900+ Indirect Jobs • $79.6 Million in Business Revenue • $35 Million in Federal, State & Local Taxes • Serviced by two major railroads (Union Pacific and Canadian Pacific) • NO limitation to any size vessel that can service the Great Lakes/ St. Lawrence System, either lake or foreign vessels. • Direct interstate highway access. • Inland river barges – access to the Mississippi and other inland rivers. • Increased Milwaukee area tourism - over 100,000 passengers yearly Source: www.city.milwaukee.gov FORTUNE 500 HEADQUARTERS Milwaukee is home to the international headquarters of many large companies and ranks th5 for number of Fortune 500 companies per capita. In addition the city has a high number of financial service firms, publishing and printing companies, as well as a vibrant healthcare industry. Fortune 500 companies in Milwaukee include: • Johnson Controls #66 • Northwestern Mutual #109 • Manpower Group #144 • Rockwell Automation #409 Milwaukee Named One of Lonely Planet’s • Harley-Davidson #431 “Best in the U.S.” for 2016 - Read More • Joy Global #493

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 23 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Milwaukee Overview • Demographics

-- SPORTS-FRIENDLY CITY --

Named the #10 Outdoor Adventure Sports Spot by Sports Event Magazine, Milwaukee is an attractive, affordable “Sports-Friendly City,” and ideal host of events ranging from , volleyball, and hockey, to fencing, table tennis, speed-skating, and gymnastics. Along with first-class facilities, our location 90 miles north of Chicago on scenic Lake Michigan is also the perfect backdrop for marathons, triathlons, and beach volleyball tournaments. Milwaukee’s winning lineup of first-class facilities features the downtown convention center complex, including the Wisconsin Center, host to fencing, table tennis, volleyball, and gymnastics events, and the newly renovated UW- Milwaukee Panther Arena, home of hockey, figure skating, and other events. Professional sports venues include Miller Park, home of the , and the new $524 million Fiserv Forum, the home of the NBA Milwaukee Bucks and Marquette University Men’s Basketball. In 2018, the US Olympic Long Track Speedskating Trials were held at the Pettit National Ice Center, an official US Olympic Training Site. In 2017, the NCAA DI Men’s Basketball First/Second Rounds and USA Gymnastics Championships were held. The 117th U.S. Open brought the world’s top golfers to Erin Hills and nearby Whistling Straits, site of the 2015 PGA Championship, will host the Ryder Cup in 2020.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 24 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Milwaukee Overview • Demographics

-- MILWAUKEE BEER SCENE -- the ORIGINAL BREW CITY Whether it’s on tap, in bottles, cans or kegs, beer is what “Made Milwaukee Famous.” From legendary German brewers Blatz, Pabst, Schlitz and Miller to modern craft brew masters, Milwaukee’s beer heritage and culture continues. Since 1840, Milwaukee and brewing have gone together like barley and hops. And it’s certainly true that the contemporary city wouldn’t be what it is today without the beer barons of our past. Today, that industry is buoyed by MillerCoors as well as dozens of craft brewers, and ancillary businesses that sell the tools and ingredients necessary to make our beloved suds. While craft and microbreweries are popping up all over the country, Milwaukee continues to set itself apart from the masses and hold fast to the title of “Brew City.” The home of the four greats (Pabst, Miller, Schlitz, and Blatz), the city has a rich history in brewing, so it’s no wonder microbreweries are choosing to open their doors in Milwaukee. Everyone wants to be in the city where it all started. To drink like a Milwaukeean, you have to both pay homage to our trailblazers and be on top of the newest brews hitting the market. SCHLITZ Although the brewery was born in 1849, it was in the wake of the Great Chicago Fire that Schlitz got its nickname “the beer that made Milwaukee famous.” The fire wiped out five of Chicago’s breweries, along with its water infrastructure, leaving no water or supplies to brew beer. It was Schlitz to the rescue, sending thousands of barrels of their beer south to wet the whistles of the beer-deprived Chicagoans who were so thankful to Schlitz that they became brand loyalists. Schlitz is still available today, brewing their “classic ‘60s formula” that resonates with past and present generations alike. ANDEKER While Pabst Blue Ribbon (or PBR to hipster-nation) might be the “award-winning” beer, it’s Andeker that has beer enthusiasts buzzing. A European-style lager that was introduced in 1939, taken off the market in the 1960s, and briefly reappeared between 1972 and 1986, is one of the old formulas getting a resurrection at the new Pabst Milwaukee Brewery. HIGH LIFE Miller High Life was first released in 1903, making it the oldest Miller beer to date. The high carbonation levels in this pilsner-style beer, paired with the clear glass bottles distinctive of the beer’s packaging, earned it the nickname “The Champagne of Beers.” So while your friends are drinking their imperial black double IPAs, you can take solace knowing that your Miller High Life is just as classy as a glass of champagne. BLATZ BEER The fourth of the Milwaukee Beer Barons, Valentin Blatz, opened his brewery next door to City Brewery, owned by John Braun. When Braun died, Blatz married his widow and merged the two breweries. By 1884, Blatz Brewery was the third- largest beer producer in Milwaukee. Today, the American-style lager Blatz is brewed and distributed by the Pabst Brewing Co., proving that even the Milwaukee beer barons can play nice.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 25 SUMMARY PROFILE 2000-2010 Census, 2019 Estimates with 2024 Projections Calculated using Weighted Block Centroid from Block Groups

Lat/Lon: 43.0297/-88.2298 RS1 2001 Airport Rd 1 mi radius 3 mi radius 5 mi radius Waukesha,SUMMARY WI PROFILE53188 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW 2000-2010 Census, 2019 Estimates with 2024 Projections 2019 Estimated Population 0 T 5,723 63,022 116,124 Calculated using Weighted Block Centroid from Block Groups Milwaukee Overview 2024 Projected Population• Demographics • 0 T 5,903 64,888 119,379 2010 Census Population 0 T 5,709 61,575 113,284 -- DEMOGRAPHICS -- Lat/Lon:2000 43.0297/-88.2298 Census Population 0 T 5,593 60,051 107,320 RS1 Projected Annual Growth 2019 to 2024 - 0.6% 0.6% 0.6% 2001 Airport Rd POPULATION - 0.1% 0.3% 0.4% Historical Annual Growth 2000 to 2019 1 mi radius 3 mi radius 5 mi radius Waukesha,2019 Median WI 53188 Age 1 Mile35.8 3 Miles 37.3 5 Miles 39.3

2019 Estimated HouseholdsPopulation 0 T 2,2945,723 26,71963,022 116,124 48,276 POPULATION SNAPSHOT 2024 Projected HouseholdsPopulation 0 T 2,3905,903 27,71364,888 119,379 49,952 • The Milwaukee-Waukesha Metropolitan Area has a population of 1,576,236 2010 Census HouseholdsPopulation 0 T 2,2315,709 25,36861,575 113,284 45,746 (2017). 2000 Census HouseholdsPopulation 0 T 2,0925,593 24,12860,051 107,320 41,934 - 0.6% 0.6% 0.6% • The median age in the Milwaukee-Waukesha area is 35.3 which is well below Projected Annual Growth 2019 to 2024 - 0.8% 0.7% 0.7% HOUSEHOLDS POPULATION

Wisconsin’s median age of 39.1 and younger than the US median age of 37.4. POPULATION - 0.1% 0.3% 0.4% Historical Annual Growth 2000 to 2019 - 0.5% 0.6% 0.8% 2019 Median Age 35.8 37.3 39.3 2019 Estimated White - 84.7% 85.0% 86.3% 2019 Estimated HouseholdsBlack or African American 0 T- 2,2944.5% 26,719 3.2% 48,276 2.8% HOUSING SNAPSHOT 20242019 ProjectedEstimated HouseholdsAsian or Pacific Islander 0 T- 2,3902.2% 27,713 5.0% 49,952 5.5% 2010 Census Households 0 T- 2,2310.7% 25,368 0.4% 45,746 0.3% • The median property value in the Milwaukee-Waukesha area is $194,800, which 2019 Estimated American Indian or Native Alaskan 2000 Census Households 0 T- 2,0927.9% 24,128 6.4% 41,934 5.0% is up 1.25% over the previous year. AND RACE ETHNICITY 2019 Estimated Other Races - 0.8% 0.7% 0.7% Projected2019 Estimated Annual Hispanic Growth 2019 to 2024 - 19.6% 14.0% 10.3% HOUSEHOLDS

• Approximately 60.4% of residents in Milwaukee-Waukesha own their home. HOUSEHOLDS Historical Annual Growth 2000 to 2019 - 0.5% 0.6% 0.8% • There are approximately 634,398 households in the Milwaukee-Waukesha area. 2019 Estimated Average Household Income $0 T $71,021 $82,506 $102,748 - 84.7% 85.0% 86.3% 2019 Estimated WhiteMedian Household Income $0 T $57,119 $68,439 $80,814 2019 Estimated Black or African American - 4.5% 3.2% 2.8% INCOME 2019 Estimated Per Capita Income $0 T $30,519 $35,377 $42,956 2019 Estimated Asian or Pacific Islander - 2.2% 5.0% 5.5% 2019 Estimated Elementary (Grade Level 0 to 8) - 3.3% 2.3% 1.7% ECONOMY SNAPSHOT 2019 Estimated American Indian or Native Alaskan - 0.7% 0.4% 0.3% 2019 Estimated Some High School (Grade Level 9 to 11) - 6.8% 4.4% 3.5% - 7.9% 6.4% 5.0%

RACE AND RACE ETHNICITY 2019 Estimated Other Races • The Median Household Income in Milwaukee-Waukesha is $60,643, which is 2019 Estimated High School Graduate - 34.9% 26.2% 22.8% RACE & ETHNICITYRACE 2019 Estimated Hispanic - 19.6% 14.0% 10.3% warranty. or representation without provided is herein information The reliable. be to deemed sources government and private from data using produced was report This slightly higher than the state median of $59,305. 2019 Estimated Some College - 25.5% 21.5% 19.5% • The top industries in Waukesha are Manufacturing, Health Care & Social 2019 Estimated AverageAssociates Household Degree Only Income $0 T- $71,02110.5% $82,506 10.3% $102,748 10.3% (AGE 25+)

Assistance, and Retail Trade.. EDUCATION 2019 Estimated MedianBachelors Household Degree Only Income $0 T- $57,11913.6% $68,439 24.2% $80,814 27.6%

• The top employers in Waukesha are GE Healthcare, Waukesha Memorial Hospital, INCOME 2019 Estimated Per Capita Income $0 T- $30,5195.4% $35,377 11.1% $42,956 14.6% INCOME 2019 Estimated Graduate Degree Waukesha School District, Waukesha County, Cooper Power Systems, Generac Power Systems, , HUSCO Int’l., Waukesha Electric Systems, and 2019 Estimated TotalElementary Businesses (Grade Level 0 to 8) 0 T- 3.3%593 4,024 2.3% 6,292 1.7% - 6.8% 4.4% 3.5% the City of Waukesha. 2019 Estimated SomeTotal Employees High School (Grade Level 9 to 11) 0 T 9,520 63,679 91,204 - 34.9% 26.2% 22.8% 2019 Estimated EmployeeHigh School Population Graduate per Business - 16.1 15.8 14.5 This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. or representation without provided is herein information The reliable. be to deemed sources government and private from data using produced was report This BUSINESS BUSINESS - 25.5% 21.5% 19.5% 2019 Estimated ResidentialSome College Population per Business - 9.7 15.7 18.5 2019 Estimated Associates Degree Only - 10.5% 10.3% 10.3% ©2020, Sites(AGE 25+) USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2019, TIGER Geography EDUCATION 2019 Estimated Bachelors Degree Only - 13.6% 24.2% 27.6% 2019 Estimated Graduate Degree - 5.4% 11.1% 14.6%

2019 Estimated Total Businesses 0 T 593 4,024 6,292 2019 Estimated Total Employees 0 T 9,520 63,679 91,204 FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 26 2019 Estimated Employee Population per Business - 16.1 15.8 14.5

BUSINESS 2019 Estimated Residential Population per Business - 9.7 15.7 18.5

©2020, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 10/2019, TIGER Geography Exclusively Listed By:

RYAN BARR RYAN BENNETT Principal Principal BARR&BENNETT 760.448.2446 760.448.2449 NETLEASEDINVESTMENTS A Lee & Associates Team [email protected] [email protected] CA Lic#01338994 CA Lic#01826517

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: Lee & Associates of Madison, LLC WI Brokers Lic #701361-91

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.

FEDEX DISTRIBUTION FACILITY | Milwaukee, WI | 27