Starbucks & MOD Pizza

PEMBROKE PINES, FLORIDA StarbucksRepresentative Photo & MOD Pizza

Representative Photos

STRATEGICALLY POSITIONED Representative Photo The Property is new construction located at a shopping center entrance near the signalized intersection of busy Pines Boulevard and Hiatus Road (75,000 ADT combined). The site is an outparcel to Target, HomeGoods and Pembroke Lakes Mall—with more than one million square feet of GLA, this super-regional mall features 125 national retailers and restaurants. The Property is adjacent to Home Depot-anchored Pembroke Lakes Square and is less than one mile from the upcoming Pembroke Pines City Center lifestyle center development, and less than three miles from Interstate 75.

EXCELLENT MARKET LOCATION Pembroke Pines, located between Fort Lauderdale and Miami, is a principal city of the Miami MSA (population of more than six million as of 2015). Its convenient location offers easy accessibility to primary highways and interstates, key employment centers, retail/commercial destinations and more.

QUALITY INVESTMENT The Property is 100 percent occupied to tenants on new, 10-year leases that feature built-in rent increases, several options to extend and minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor.

STRONG, RECOGNIZED TENANTS 407,153 $8.25 B Starbucks has a prominent global EST POPULATION AVG HH SPENDING IN 5-MILE RADIUS IN 5-MILE RADIUS presence with more than 28,000 retail stores in 70 countries. MOD Pizza is one of the fastest-growing chains in the industry with over 300 locations in 27 states. System-wide sales for 2017 saw a year-over-year increase of 81 percent. $82,414 75,000 AVG HH INCOME ADT ON NEARBY IN 5-MILE RADIUS HEALD HIGHWAY

STARBUCKS & MOD PIZZA | INVESTMENT HIGHLIGHTS ATLANTICRETAIL.COM | 1 Representative Photo

Lease Summary

ADDRESS 11253 Pines Boulevard Pembroke Pines, FL 33026

MARKET Miami MSA/Broward Co. TENANTS Starbucks & MOD Pizza OCCUPANCY 100% ASKING PRICE $4,541,580 CAP RATE 5.25% NOI $238,433 BUILDING SIZE ± 4,500 SF LAND SIZE ± 0.95 acres YEAR BUILT 2017 LEASE TYPE NN EXPENSES Roof, Structure & Parking Lot

Additional Rent: Tenants pay pro-rata shares (based on the building’s actual GLA) of CAM, Management Fees, Real Estate Taxes and Insurance.

STARBUCKS & MOD PIZZA | INVESTMENT HIGHLIGHTS ATLANTICRETAIL.COM | 2 Representative Photo

Starbucks

Founded in 1971, Starbucks is undoubtedly the most iconic coffee company and coffeehouse chain in the world. Since its inception, Starbucks has been committed to ethically sourcing and roasting high-quality arabica coffee. As the premier roaster, marketer and retailer of coffee worldwide, Starbucks has been able to significantly outperform industry-level revenue growth in recent years. Starbucks consistently keeps top-line, double-digits sales growth thanks to its three-fold strategy: continued global expansion efforts, small increases in average ticket values and delivering an innovative product mix for customers.

Starbucks offers a range of exceptional products that customers can enjoy in-store, at home and on the go— including more than 30 blends and single-origin coffees, handcrafted beverages, branded merchandise, food and other consumer products. The Starbucks brand portfolio extends to include Seattle’s best Coffee, Teavana, Tazo, Evolution Fresh, La Boulange, Ethos Water and Terrefazione Italia Coffee. Starbucks has won numerous awards and recognitions, including a 12-year run on Fortune’s list of the “Most Admired Companies in America” (2003–2015). Starbucks was also named by Fast Company in 2012 as one of the “World’s 50 Most Innovative Companies,” and was listed as one of the “World’s Most Ethical Companies” by Ethisphere for twelve consecutive years (2007–2018).

As of December 2017, Starbucks operates more than 28,000 retail locations across the globe in a total of 75 countries. Nearly half of all Starbucks locations are corporate-operated, and the majority of them are based in the United States. Starbucks reported another quarter of record financial results in Q1 of 2018, with consolidated revenues up six percent over 2017. The Company delivered solid revenue and profit growth, reaching $6 billion for Q1 2018 for the first time. As part of its long-term growth strategy, Starbucks announced plans to open 12,000 new stores globally and 3,400 in the U.S. by 2021, which will boost Starbucks’ unit count by 50 percent.

STARBUCKS | TENANT PROFILE ATLANTICRETAIL.COM | 3 Representative Photo

Lease Summary

TENANT Starbucks Corporation GUARANTOR Corporate CREDIT RATING S&P: A- RENTABLE SF ± 2,223 SF (49.4% GLA) COMMENCEMENT August 2018 (Estimate) EXPIRATION August 2028 (Estimate) LEASE TERM 10 Years ANNUAL RENT $122,265 ($55.00/SF) Rent Schedule INCREASES 10% Every 5 Years OPTIONS 4 x 5-Year Options With 10% Increases YEARS ANNUAL RENT INCREASE LEASE TYPE Absolute NNN 1–5 (Base Term) $122,265 ($55.00/SF) None ADDITIONAL RENT CAM, Insurance, Taxes, 6–10 (Base Term) $134,492 ($60.50/SF) 10% Management Fees 11–15 (Option 1) $147,941 ($66.55/SF) 10% 16–20 (Option 2) $162,735 ($73.20/SF) 10% Early Termination: The tenant, in its sole discretion, shall have the right to terminate this lease as of any 21–25 (Option 3) $179,008 ($80.53/SF) 10% date on or after the last day of the 60th full calendar month of the term (the “Early Termination Date”). The 26–30 (Option 4) $196,909 ($88.58/SF) 10% tenant must give the landlord written notice no less than 120 days before the Early Termination Date, and Additional Rent: The tenant shall pay its pro rata share the tenant shall pay the landlord, on or before the Early (based upon the actual gross leasable area of the building) Termination Date, a termination fee equal to $100,000. of Operating Expenses (including CAM), Management Fees, Real Estate Taxes and Insurance. The portion of the tenant’s Annual Additional Rent attributable to controllable Operating Expenses for any calendar year following the first full calendar year of the term shall not exceed 105%, on a non-cumulative basis, of the tenant’s Annual Additional Rent attributable to Operating Expenses payable by the tenant for the previous calendar year.

STARBUCKS | LEASE SUMMARY ATLANTICRETAIL.COM | 4

Representative Photo MOD Pizza

MOD Pizza is the original super-fast pizza experience—a pioneering fast-casual concept that puts the customer in the driver’s seat. Artisan-style pizzas and salads are individually sized, made on demand and are ready in just minutes. Choose from over 30 toppings—the price stays the same no matter how many are selected. MOD was founded in 2008 in Seattle.

During the 2017 fiscal year, MOD added 110 locations system- wide, bringing its system-wide store count to 302, and grew same-store sales by 5.2 percent. System-wide sales reached $275 million, reflecting a year-over-year increase of 81 percent, while company net revenue hit $219 million, up 68 percent over 2016. New store openings increased MOD’s presence in existing markets and launched the brand in seven new states—Indiana, Montana, Utah, Delaware, Florida, Nevada and Georgia—creating over 2,600 jobs and building the MOD Squad to more than 6,800 system-wide by year end. To support its rapid growth, MOD raised $33 million in equity in 2017 with continued support from its strong investor base, and closed on a $40 million credit facility. To date, MOD has raised over $185 million in total equity capital.

MOD’s unit growth, strong connection with consumers and expanding social impact were all recognized during the year and reflected through various awards, including: being recognized as the most loved pizza brand in the U.S. by Foodable Network; being named the No. 1 mid-sized restaurant chain in the U.S. by Fishbowl’s Buzz Brands Report; and ranking as America’s fastest growing chain restaurant by Technomic. MOD also earned a spot on the Inc. 500 list, and was recognized by Fortune as one of the “20 Best Workplaces in Retail,” a “Best Workplace for Women,” a “Best Workplace for Millennials” and a “Best Workplace for Diversity.”

ABOUT BBX CAPITAL CORPORATION BBX Capital Corporation (formerly known as BFC Financial Corporation), is a diversified holding company whose principal holding is Bluegreen Corporation. In addition, through its Real Estate and Middle Markets Divisions, BBX Capital is involved in the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. BBX Capital is MOD Pizza’s exclusive franchisee in Florida.

MOD PIZZA | TENANT PROFILE ATLANTICRETAIL.COM | 5 Representative Photo

Lease Summary

TENANT Food For Thought Restaurant Group, LLC DBA MOD Pizza

GUARANTOR Franchisee BBX Capital is the exclusive franchisee of MOD Pizza in the state of Florida

RENTABLE SF ± 2,277 SF (50.6% GLA) COMMENCEMENT August 2018 (Estimate) EXPIRATION August 2028 (Estimate) LEASE TERM 10 Years ANNUAL RENT $116,168 ($52.00/SF) INCREASES 10% Every 5 Years Rent Schedule OPTIONS 2 x 5-Year Options With 10% Increases YEARS ANNUAL RENT INCREASE ADDITIONAL RENT CAM, Insurance & Taxes 1–5 (Base Term) $116,168 ($52.00/SF) None The tenant shall pay its pro rata share 6–10 (Base Term) $127,785 ($57.20/SF) 10% Additional Rent: (based upon the actual gross leasable area of the 11–15 (Option 1) $140,563 ($62.92/SF) 10% building) of Operating Expenses (including CAM), Real Estate Taxes and Insurance. 16–20 (Option 2) $154,615 ($69.21/SF) 10%

PRO RATA SHARE ANNUAL RENT CAM $9,853 ($4.33/SF) Real Estate Taxes $19,253 ($8.46/SF) Insurance $3,310 ($1.45/SF)

MOD PIZZA | LEASE SUMMARY ATLANTICRETAIL.COM | 6 Representative Photo

STARBUCKS & MOD PIZZA | SITE RENDERING ATLANTICRETAIL.COM | 7 Representative Photo

2 3 2 3 JUPITER, FL 33458 SUITE 206 P: 561-203-7503 125 W INDIANTOWN RD. 4950 W. KENNEDY BLVD. TAMPA, FL 33609 SUITE 600 50 25 12.5 0 50 P: 813-379-4100

1"= 50' SUITE 250 FT. LAUDERDALE, FL 33334 P: 954-202-7000 1000 CORPORATE DR.

REVISIONS:

SITE PLAN 1 02/15/2017 NAB RESUBMISSION 14

NOT INCLUDED

2 1

NOT FOR CONSTRUCTION

PROJECT No.: F150116 DRAWN BY: KB CHECKED BY: NAB DATE: CAD I.D.: F150116 - OVERALL SITE PLAN

PROJECT:

OUTBUILDING 9 5 FOR TARGET CORPORATION & 8 LG INVESTMENTS, LLC

25 6 BROWARD COUNTY FLORIDA

RADICE III 1000 CORPORATE DRIVE, SUITE 250 FORT LAUDERDALE, FL 33334 PH: (954) 202-7000 FX: (954) 202-7070 www.ThomasEngineeringGroup.com

STARBUCKS & MOD PIZZA | SITE PLAN ATLANTICRETAIL.COM | 8

PROFESSIONAL ENGINEER 25 February 16, 2017 FLORIDA LICENSE No. 72006

SHEET TITLE:

OVERALL SITE PLAN

SHEET NUMBER: C-03 G:\2015\F150116 - EDGEWOOD TARGET OUTPARCEL, 11253 PINES BLVD, PEMBROKE PINES\DWG\SITE PLAN ENTITLEMENTS\F150116 OVERALL SI TE PLAN----->LAYOUT: C-03 SITE ACCESS ROAD JUPITER, FL 33458 SUITE 206 P: 561-203-7503 125 W INDIANTOWN RD. 4950 W. KENNEDY BLVD. TAMPA, FL 33609 SUITE 600

P: 813-379-4100

NW 14TH AVENUE 14TH NW

/ / / / / / / / / / / SUITE 250 FT. LAUDERDALE, FL 33334 P: 954-202-7000 1000 CORPORATE DR.

PINES BOULEVARD (STATE ROAD NO. 820) (HOLLYWOOD BOULEVARD) 20 10 5 0 20 REVISIONS:

1"= 20' SITE PLAN DETAIL 'D' 1 02/15/2017 NAB KEY MAP RESUBMISSION SCALE: 1" = 200' SCALE: 1" - 20' N89°43'18"E 543.89'

HATCH LEGEND

EXISTING CONCRETE

DETAIL 'A' SCALE: 1" - 20' PROPOSED CONCRETE NOT FOR CONSTRUCTION

PROJECT No.: F150116 DRAWN BY: KB CHECKED BY: NAB PROPOSED DATE: CAD I.D.: F150116 - SITE PLAN ASPHALT PAVEMENT PROJECT: BUILDING # ONE STORY OUTBUILDING

EXISTING ASPHALT PAVEMENT TO FOR BE MILLED / RESURFACED TARGET CORPORATION & LG INVESTMENTS, LLC

BROWARD COUNTY FLORIDA

RADICE III 1000 CORPORATE DRIVE, SUITE 250 FORT LAUDERDALE, FL 33334 PH: (954) 202-7000 FX: (954) 202-7070 www.ThomasEngineeringGroup.com

PROFESSIONAL ENGINEER N78°45'53"E February 16, 2017 38.30' FLORIDA LICENSE No. 72006

SHEET TITLE: DETAIL 'B' SCALE: 1" - 20' SITE PLAN & KEY MAP

SHEET NUMBER: DETAIL 'C' SCALE: 1" - 20' C-04 G:\2015\F150116 - EDGEWOOD TARGET OUTPARCEL, 11253 PINES BLVD, PEMBROKE PINES\DWG\SITE PLAN ENTITLEMENTS\F150116 SITE PLAN- ---->LAYOUT: C-03

STARBUCKS & MOD PIZZA | SITE PLAN ATLANTICRETAIL.COM | 9 PEMBROKE LAKES MALL

PINES BOULEVARD: 52,000 ADT

HIATUS ROAD: 23,000 ADT

STARBUCKS & MOD PIZZA | MARKET AERIAL ATLANTICRETAIL.COM | 10 PEMBROKE LAKES MALL

STARBUCKS & MOD PIZZA | MARKET AERIAL ATLANTICRETAIL.COM | 11 AREA ATTRACTIONS 5

1. North Perry Airport • 4.6 miles 2. Hard Rock Stadium • 7.6 miles 6 3. Miami Opa-Locka Executive Airport • 10.2 miles 4. FIU Biscayne Bay • 16.3 miles 5. Port Everglades • 17.4 miles 6. Fort Lauderdale-Hollywood International Airport • 18.6 miles

3 4

STARBUCKS & MOD PIZZA | MARKET AERIAL ATLANTICRETAIL.COM | 12

BEDROOM COMMUNITY FOR THE GREATER MIAMI AREA Pembroke Pines is a city in southwest Broward County, Florida, situated between Fort Lauderdale and Miami. The city had a population of 154,750 at the 2010 census, making it the second most populous city in Broward County and the tenth most populous in Florida. It is a principal city of the Miami metropolitan area (over 6 million inhabitants as of 2015) and serves as a bedroom community for the Greater Miami area, thus contributing to a high level of residential development activity.

STARBUCKS & MOD PIZZA | MARKET OVERVIEW ATLANTICRETAIL.COM | 13

NEAR REGIONAL AIRPORTS Pembroke Pines has been named one of the best cities to live in America by Money Magazine in 2014 (the only Florida city on that list), and its convenient location offers easy accessibility to primary highways and interstates, key employment centers, entertainment venues, parks, golf courses, restaurants and retail/commercial destinations. Fort Lauderdale-Hollywood International Airport is less than 20 miles away, which serves 26.9 million passengers. Miami International Airport, which served nearly 41 million passengers in 2015, is within 25 miles. Pembroke Pines is served by major thoroughfare Interstate 75 with nearby access to Florida’s Turnpike and Interstate 95.

STARBUCKS & MOD PIZZA | MARKET OVERVIEW ATLANTICRETAIL.COM | 14

AFFLUENT MARKET AREA The Pembroke Pines trade area benefits from nearly one million people with significant disposable income. Area attractions include Pembroke Lakes Mall—a super-regional mall with over one million square feet of national retail and restaurants—as well as the upcoming Pembroke Pines City Center—a 350,000 square foot lifestyle center scheduled to begin construction in September 2016. Additionally, Sawgrass Mills and The Colonnade Outlets—the largest outlet and value retail shopping destination in the U.S. with over 2.2 million square feet— are located approximately 12 miles from Pembroke Pines. The Miami Dolphins’ Sun Life Stadium is less than eight miles away in nearby Miami Gardens.

STARBUCKS & MOD PIZZA | MARKET OVERVIEW ATLANTICRETAIL.COM | 15 Demographics

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Estimated Population 24,101 152,771 407,153 Est. White 56.6% 59.1% 58.6% 2022 Projected Population 25,643 162,555 432,037 Est. Black 29.6% 28.3% 29.0% 2010 Census Population 20,353 128,986 356,724 Est. Asian or 4.8% 5.3% 4.9% Pacific Islander 2000 Census Population 18,723 109,868 300,783 Est. American Indian 0.3% 0.2% 0.3% Projected Annual Growth (2017–2022) 1.3% 1.3% 1.2% or Alaska Native Historical Annual Growth (2000–2017) 1.7% 2.3% 2.1% Est. Other Races 8.7% 7.0% 7.2% Estimated Households 9,491 57,604 135,727 Est. Hispanic 10,023 57,020 174,482 RACE 2022 Projected Households 9,786 59,599 140,403 Population POPULATION 2010 Census Households 8,318 50,118 121,423 Est. Hispanic 41.6% 37.3% 42.9% Population 2000 Census Households 7,880 43,663 104,150 2022 Projected 43.5% 39.1% 44.5% Projected Annual Growth (2017–2022) 0.6% 0.7% 0.7% Hispanic Population Historical Annual Growth (2000–2017) 1.2% 1.9% 1.8% 2010 Hispanic 40.9% 35.4% 41.7% Population Est. HH Income $200,000+ 2.4% 4.7% 5.9% Est. HH Income $150,000-$199,999 4.0% 5.9% 6.2% Est. HH Income $100,000–$149,999 15.5% 14.7% 15.8% Est. HH Income $75,000-$99,999 17.9% 15.2% 14.1% Est. HH Income $50,000–$74,999 22.3% 19.0% 18.6% Est. HH Income $35,000–$49,999 12.5% 13.0% 12.8%

INCOME Est. HH Income $25,000–$34,999 10.5% 9.1% 8.8% Est. HH Income $15,000–$24,999 8.0% 9.1% 8.7% Est. HH Income Under $15,000 6.9% 9.2% 9.0%

Est. Average Household Income $69,454 $77,862 $82,414 Est. Median Household Income $63,247 $66,040 $69,080

STARBUCKS & MOD PIZZA | DEMOGRAPHICS ATLANTICRETAIL.COM | 16 Confidentiality & Disclaimer

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure has been prepared to provide summary, unverified 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 diligence investigation. Atlantic Retail Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

STARBUCKS & MOD PIZZA | CONFIDENTIALITY ATLANTICRETAIL.COM | 17 PEMBROKE PINES, FLORIDA StarbucksRepresentative Photo & MOD Pizza

Representative Photos