Representative Photo

OFFERING MEMORANDUM 2624 Greenwich Road – Wichita, KS 67226 Confidentiality and Disclaimer

Marcus & Millichap hereby advises all prospective purchasers of properties, including newly-constructed facilities or newly- income or expenses for the subject property, the future projected Net Leased property as follows: acquired locations, may be set based on a tenant’s projected financial performance of the property, the size and square sales with little or no record of actual performance, or footage of the property and improvements, the presence or The information contained in this Marketing Brochure has been comparable rents for the area. Returns are not guaranteed; the absence of contaminating substances, PCB’s or asbestos, the obtained from sources we believe to be reliable. However, tenant and any guarantors may fail to pay the lease rent or compliance with State and Federal regulations, the physical Marcus & Millichap has not and will not verify any of this property taxes, or may fail to comply with other material terms of condition of the improvements thereon, or the financial information, nor has Marcus & Millichap conducted any the lease; cash flow may be interrupted in part or in whole due to condition or business prospects of any tenant, or any tenant’s investigation regarding these matters. Marcus & Millichap makes market, economic, environmental or other conditions. Regardless plans or intentions to continue its occupancy of the subject no guarantee, warranty or representation whatsoever about the of tenant history and lease guarantees, Buyer is responsible for property. The information contained in this Marketing Brochure accuracy or completeness of any information provided. conducting his/her own investigation of all matters affecting the has been obtained from sources we believe to be reliable; intrinsic value of the property and the value of any long-term however, Marcus & Millichap has not verified, and will not verify, As the Buyer of a net leased property, it is the Buyer’s lease, including the likelihood of locating a replacement tenant if any of the information contained herein, nor has Marcus & responsibility to independently confirm the accuracy and the current tenant should default or abandon the property, and Millichap conducted any investigation regarding these matters completeness of all material information before completing any the lease terms that Buyer may be able to negotiate with a and makes no warranty or representation whatsoever regarding purchase. This Marketing Brochure is not a substitute for your potential replacement tenant considering the location of the the accuracy or completeness of the information provided. All thorough due diligence investigation of this investment property, and Buyer’s legal ability to make alternate use of the potential buyers must take appropriate measures to verify all of opportunity. Marcus & Millichap expressly denies any obligation property. the information set forth herein. to conduct a due diligence examination of this Property for Buyer. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it NON-ENDORSEMENT NOTICE Any projections, opinions, assumptions or estimates used in this harmless from any kind of claim, cost, expense, or liability arising Marketing Brochure are for example only and do not represent out of your investigation and/or purchase of this net leased Marcus & Millichap Real Estate Investment Services, Inc. the current or future performance of this property. The value of a property. (“M&M”) is not affiliated with, sponsored by, or endorsed by any net leased property to you depends on factors that should be commercial tenant or lessee identified in this marketing package. evaluated by you and your tax, financial and legal advisors. CONFIDENTIALITY AND DISCLAIMER The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or Buyer and Buyer’s tax, financial, legal, and construction advisors The information contained in the following Marketing Brochure is endorsement by, said corporation of M&M, its affiliates or should conduct a careful, independent investigation of any net proprietary and strictly confidential. It is intended to be reviewed subsidiaries, or any agent, product, service, or commercial listing leased property to determine to your satisfaction with the only by the party receiving it from Marcus & Millichap and should of M&M, and is solely included for the purpose of providing suitability of the property for your needs. not be made available to any other person or entity without the tenant lessee information about this listing to prospective written consent of Marcus & Millichap. This Marketing Brochure customers. Like all real estate investments, this investment carries significant has been prepared to provide summary, unverified information risks. Buyer and Buyer’s legal and financial advisors must request to prospective purchasers, and to establish only a preliminary ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE and carefully review all legal and financial documents related to level of interest in the subject property. The information CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE the property and tenant. While the tenant’s past performance at contained herein is not a substitute for a thorough due diligence DETAILS. this or other locations is an important consideration, it is not a investigation. Marcus & Millichap has not made any investigation, guarantee of future success. Similarly, the lease rate for some and makes no warranty or representation, with respect to the Table of Contents Investment Highlights 4 Financial Analysis 5 Concept/Tenant Overview 6-7 Surrounding Area 8 Location Overview 9 Property Photos 10 Surrounding Area Photos 11 Local Map 12 Regional Map 13 Demographics 14 Market Overview 15 Investment Highlights

About the Investment  Strong Operator (Saltgrass, Inc.) | 84-Unit Operator  Brand New 2019 Construction  New, Long-Term, 20 Year Triple-Net (NNN) Lease  Rental Increases of 1.3x the Change in CPI (Capped at 10%) Every Five Years  Four (4), Five (5)-Year Tenant Renewal Option Periods About the Location  Extremely Affluent Suburban Area | Average Household Income Exceeds $144,000 within One Mile of the Subject Property  Dense Retail Corridor | Walmart, Target, Hobby Lobby, Cabela’s, Five Below, Bed, Bath & Beyond, Cost Plus World Market, Ulta Beauty, Walgreens, Maurice’s, Five Below, McDonald’s, Arby’s, Dunkin’ Donuts, Sonic, Starbucks, and Many More  Heavily Trafficked Area | Subject Property is Positioned Along Greenwich Road Across from an Exit for K-96 | Average Traffic Counts of Approximately 13,000 and 54,000 Vehicles Per Day, Respectively  Huge Population Growth | Population within a One-Mile Radius is Projected to Increase by More than 17% by 2023  Outstanding Kansas Real Estate | Located at the Hard Corner of a Signalized Intersection, Less than Eight Miles from the Heart of | Most- Populous City in Kansas  Highly Accommodating Area | La Quinta Inn & Suites, Hampton Inn & Suites, Holiday Inn Express & Suites, Staybridge Suites, Courtyard by Marriott, Towneplace Suites, Candlewood Suites, Best Western, and Many More  Walking Distance from Stoney Pointe Apartments (Luxury Apartments with Over 220 Units) and Stryker Sports Complex (11 All-Sports Turf Fields and 112,000 SF Indoor Facility Designed to Attract Sporting Events and All Levels of Competition) About the Brand  84 Saltgrass Steak House Locations Across 10 States | 10 Locations Opened in 2018 with Another 10-12 Planned for 2019  Landry’s, Inc. Operates Over 600 Restaurants and Five Golden Nugget Hotel & Casinos, as Well as Numerous Hotels and Other Entertainment Destinations  Landry’s, Inc. Prides Themselves on Their Prestigious Reputation Upheld by a Commitment to Customer Service and Satisfaction

Saltgrass Steakhouse – Wichita, KS 4 Financial Analysis PRICE: $5,145,368 | CAP: 5.75% | Rent: $295,859 Property Description Rent Schedule Property Saltgrass Steak House Lease Year(s) Annual Rent Monthly Rent Rent Escalation (%)3 Property Address 2624 Greenwich Road Year 1 $295,859 $24,655 - Year 2 $295,859 $24,655 - City, State, ZIP Wichita, KS 67226 Year 3 $295,859 $24,655 - Building Size (Square Feet) 7,785 SF Year 4 $295,859 $24,655 - Lot Size +/- 1.74 Acres Year 5 $295,859 $24,655 - Type of Ownership Fee Simple Year 6 $325,445 $27,120 10.00% Year 7 $325,445 $27,120 - The Offering Year 8 $325,445 $27,120 - Purchase Price $5,145,368 Year 9 $325,445 $27,120 - CAP Rate 5.75% Year 10 $325,445 $27,120 - Annual Rent $295,8591 Year 11 $357,989 $29,832 10.00% Year 12 $357,989 $29,832 - Lease Summary Year 13 $357,989 $29,832 - Property Type Net-Leased Restaurant Year 14 $357,989 $29,832 - Tenant Saltgrass, Inc. Year 15 $357,989 $29,832 - Original Lease Term 20 Years Year 16 $393,788 $32,816 10.00% Year 17 $393,788 $32,816 - Estimated Rent Commencement October 1, 2019 Year 18 $393,788 $32,816 - Lease Expiration October 31, 2039 Year 19 $393,788 $32,816 - Lease Type Triple-Net (NNN)2 Year 20 $393,788 $32,816 - Lesser of 1.3x the Change in CPI or Rental Increases INVESTMENT SUMMARY 10% Every 5 Years Marcus & Millichap is pleased to present the exclusive listing for a Saltgrass Steak Options to Renew Four (4), Five (5) Year House located in Wichita, Kansas. This property is subject to a 20-year triple-net (NNN) lease with 20 years remaining on the base term. The offering consists of a 1 - Annual Rent is subject to change based on final construction costs 7,785 square foot building that sits on approximately 1.74 acres of land. The 2 - Tenant reimburses Landlord for all real estate taxes current annual rent is $295,859 and is subject to rental increases of the lesser of 3 - Rent Schedule based on assumed 10% rental increases every 5 years 1.3x the change in CPI or 10% every five years with four, five-year tenant renewal option periods. Saltgrass Steakhouse – Wichita, KS 5 Concept Overview

Landry’s Inc. With a host of concepts flourishing across the nation and around the world, Landry’s, Inc., through its subsidiaries and affiliated entities, continues to find success on all fronts. As a group, Landry’s owns and operates more than 600 properties comprised of more than 60 unique brands such as Saltgrass Steak House, Rainforest Café, McCormick & Schmidt's, and Morton's The Steakhouse. When you add five Golden Nugget Hotel and Casino locations operated by affiliated entities to the mix, along with numerous hotel properties and other entertainment destinations, you can see how Landry’s has vaulted into position as one of America’s leading dining, entertainment, gaming, and hospitality groups. The Growth of Landry’s With an exciting story that moves from 1980 as a Gulf seafood restaurant in Katy, Texas, all the way to a thriving company with globally-recognized restaurant and entertainment brands, Landry’s has dazzled the business The Landry’s Philosophy world. First, it was a collection of highly-ranked restaurants. Then, it was  Multiple Appealing Concepts – Landry’s aims to appeal to customers a growing network of hotels, and eventually, entertainment complexes of all ages and backgrounds like the Kemah Boardwalk and the Golden Nugget, in historic locations  Location is Key – Landry’s locates its restaurants next to dense, highly such as Las Vegas and Atlantic City. The group’s unstoppable momentum trafficked areas has helped them rise through the ranks of their competitors as Landry’s  Motivated Employees – The Landry’s culture motivates employees to brands have sprung to life all over the map. This has been a constant achieve their full potential throughout the years. When they were publicly traded, they were often  Execution – Landry’s achieves its goal of exceeding expectations with called the “darling” of Wall Street. Now, as a privately-owned company, principals of organization and communication their vision is as clear and bold as ever.

Saltgrass Steakhouse – Wichita, KS 6 Concept Overview

Saltgrass Steakhouse Representative Photo “Texas To The Bone” Saltgrass Steak House recaptures the flavor of the open campfire. Steaks, chicken, and seafood, chargrilled to perfection. Complete with breads, soups, desserts, all made fresh daily. The Saltgrass Steak House mission is simple: honor the old legends, while making a little history of their own. Fast Facts  84 Total Locations across 10 States – Arkansas, Colorado, Florida, Louisiana, Missouri, North Carolina, Nevada, Oklahoma, Tennessee, and Texas  10 Locations Opened in 2018, with Another 10-12 Locations Planned for 2019  First Location Opened in March of 1991 in Katy, TX  Acquired by Landry’s, Inc. in 2002 as a 24-Unit Entity for $75 Million  Now a Member of the Landry’s, Inc. Family – One of the Largest Restaurant and Entertainment Conglomerates in the World The Saltgrass Legend The story dates back to the 1800s, when millions of Longhorns roamed freely throughout Texas. With the taste for beef becoming a newfound favorite in the North, Texas ranchers prospered as never before. Each winter, the Longhorns were driven to the Texas Gold Coast to graze on the rich coastal salt grass. And when they headed for market, they followed the legendary Salt Grass Trail, known far and wide for creating the best beef in the Lone Star State. In 1952, this historic trail-ride was revived by four riders to publicize the opening of the Houston Livestock Show & Rodeo. Today, the ride has become an annual celebration of the original Texas spirit. The first Saltgrass Steak House still stands along this historic trail.

Saltgrass Steakhouse – Wichita, KS 7 Surrounding Area Property Address: 2624 Greenwich Road – Wichita, KS 67226

Colonel James Jabara Airport Greenwich Rd Greenwich

Stryker Sports Stoney Pointe Complex Apartments

Greenwich Place Shopping Center

E 21st St N

Trinity Academy – 550+ Students

Saltgrass Steakhouse – Wichita, KS 8 Location Overview Property Address: 2624 Greenwich Road – Wichita, KS 67226 The subject investment property is situated at 2624 Greenwich Road at the hard corner of a signalized intersection, less than eight miles from the heart of downtown Wichita, the most- populous city in Kansas. Greenwich Road experiences an average daily traffic count of approximately 13,000 vehicles and intersects with East 21st Street North, which brings an additional 22,000 vehicles to the immediate surrounding area each day. The subject property is additionally located across from an exit for the bustling K-96, which brings 54,000 more vehicles to the immediate surrounding area each day. The average household income is over $144,000 for homes within one mile of the subject property. There are more than 27,000 individuals residing within a three-mile radius of the subject property and more than 99,000 individuals within a five-mile radius. The population within a one-mile radius of the subject property is ADTC: 13,000 projected to increase by more than 17 percent by 2023.

This Saltgrass Steak House is strategically positioned in a highly dense retail corridor and sits as an outpad to the Greenwich Place Shopping Center, which features anchor tenants of Mardel, HomeGoods, Maurices, DSW, Ulta Beauty, Ross Dress for Less, Cost Plus World Market, Bed, Bath and Beyond, Buybuy Baby, and Stein Mart. Major tenants coming soon to this shopping center include: Dave & Busters, Panera Bread, Michael’s, and REI Co-Op. Many other best-in- class national retailers additionally surround this property, including: Walmart, Target, Hobby Lobby, Cabela’s, Walgreens, McDonald’s, Arby’s, Dunkin’ Donuts, Sonic, Starbucks and many more. Multiple hospitality accommodations lie within close proximity of the subject property, including: La Quinta Inn & Suites, Hampton Inn & Suites, Holiday Inn Express & Suites, Staybridge Suites, Courtyard by Marriott, TownePlace Suites, Candlewood Suites, Best Western, in addition to many others. Stoney Pointe Apartments, a luxury apartment complex with over 220 units, is walking distance from the restaurant. Also walking distance from this Saltgrass Steak House is the Stryker Sports Complex, which features 11 all-sports turf fields as well as a 112,000 square-foot indoor facility that is designed to attract sporting events and all levels of ADTC: 54,000 competition.

With a stable housing market, a low cost of living, great weather, and excellent educational opportunities, Wichita, Kansas is a great place to call home. Wichita, which is located in the heart of the Midwest along the banks of the Arkansas River, is the state’s largest metro area and business hub. Wichita’s tremendous growth and success over the last century can be attributed to the cattle, grain, oil and aviation industries, as well as the spirit and determination of its founders. Although its cowboy roots are still celebrated, Wichita has since embraced higher education, world-class health care and technological innovation. In fact, many companies including Cessna and Learjet got their start here, earning the region the nickname “Air Capital of the World”. One of the greatest benefits of living in Wichita is the cost of living, which is well below the national average. Housing prices and rental rates are inexpensive compared to what ADTC: 22,000 you’d find in places on the East or West Coast. Wichita is home to the Dwight D. Eisenhower International Airport, which offers nonstop flights to destinations like Seattle, Chicago, Atlanta and Dallas by Delta Air Lines, American Airlines, Southwest Airlines, Allegiant Air, Alaska Airlines and United Airlines. Ground transport is provided by charter bus companies like Greyhound, while Amtrak trains service the nearby town of Newton. Saltgrass Steakhouse – Wichita, KS 9 Property Photos

Saltgrass Steakhouse – Wichita, KS 10 Surrounding Area Photos

Saltgrass Steakhouse – Wichita, KS 11 Local Map Property Address: 2624 Greenwich Road – Wichita, KS 67226

Wichita Dwight D. Eisenhower National Airport

Saltgrass Steakhouse – Wichita, KS 12 Regional Map Property Address: 2624 Greenwich Road – Wichita, KS 67226

KANSAS

Saltgrass Steakhouse – Wichita, KS 13 Demographics Property Address: 2624 Greenwich Road – Wichita, KS 67226 1 Miles 3 Miles 5 Miles POPULATION 2023 Projection 2,417 30,647 106,564 2018 Estimate 1,991 27,765 99,153 5 Miles 2010 Census 1,750 25,944 94,867 2000 Census 662 19,071 77,133

INCOME 3 Miles Average $144,204 $121,919 $97,701 Median $101,086 $82,484 $67,634 Per Capita $50,655 $49,144 $39,225 1 Mile HOUSEHOLDS 2023 Projection 848 12,283 42,903 2018 Estimate 699 11,154 39,637 2010 Census 611 10,436 37,868 2000 Census 227 7,592 30,735

MEDIAN HOME PRICE 2018 $245,645 $228,697 $176,006

EMPLOYMENT 2018 Daytime Population 1,425 40,465 117,484 2018 Unemployment 1.67% 1.97% 3.10% 2018 Median Time Traveled 18 Mins 18 Mins 18 Mins

RACE & ETHNICITY White 81.56% 78.64% 70.93% Native American 0.00% 0.06% 0.09% African American 3.91% 7.87% 14.01% Asian/Pacific Islander 9.93% 8.75% 8.15%

Saltgrass Steakhouse – Wichita, KS 14 Market Overview City: Wichita | Counties: Sedgwick | State: Kansas Wichita is the largest city in Kansas and the county seat of Sedgwick County. In the 1920s and 1930s, businessmen and aeronautical engineers established aircraft Wichita, KS manufacturing companies in Wichita, including Beechcraft, Cessna and Stearman Aircraft. The city became a US aircraft production hub known as the “Air Capital of the World”. Textron Aviation, Learjet, Airbus and Spirit AeroSystems continue to operate design and manufacturing facilities in Wichita, and the city remains a major center of the American aircraft industry. Wichita is also home to McConnel Air Force Base and Wichita Dwight D. Eisenhower National Airport, the largest airport in Kansas.

As an industrial hub, Wichita is a regional center of culture, media and trade. It hosts several universities, large museums, theaters, parks and entertainment venues, notably and Century II Performing Arts & Convention Center. The city’s maintains historical artifacts and exhibits on the city’s early history. is the third-largest post-secondary institution in the state, with a total enrollment exceeding 15,000. Healthcare is also a prominent industry sector in Wichita, employing approximately 28,000 people in the area. The Kansas Spine Hospital opened in 2004, as did a critical care tower at Wesley Medical Center. In July 2010, Via Christi Health, which is the largest provider of healthcare services in Kansas, opened a hospital that serves the northwest area of Wichita. Museums and landmarks devoted to science, culture, and area history are also located throughout the city. Several lie along the Arkansas River west of downtown, including the Science and Discovery Center, the Mid-America All-Indian Center, the Old Cowtown Living History Museum, and the Keeper of the Plains statue and its associated display highlighting the daily lives of Plains Indians. Other museums in Wichita include the Wichita-Sedgwick County Historical Museum, Sedgwick County Memorial Hall and Soldiers and Sailors Monument, Museum of World Treasures and the Great Plains Transportation Museum. Major Employers Employer Estimated # of Employees Textron Aviation, Inc. 8,903 Hawker Beechcraft Parts & Distribution 3,888 Hawker Publications Division 3,000 Koch Industries, Inc. 2,100 PIZZA HUT 1,471 University of Kansas Hospital 1,269 Pizza Hut 1,027 Koch-Glitsch, LP 890 Oak Tree Inn 678 Pioneer - Ram Incorporated 600 Walmart 600

Saltgrass Steakhouse – Wichita, KS 15 OFFERING MEMORANDUM

Glen Kunofsky Matthew Anuszkiewicz Read Ziegler Colby Haugness [email protected] [email protected] [email protected] Regional Manager, Cincinnati 212.430.5115 | NY: 10301203289 212.430.5129 | NY: 10401285141 646.805.1490 | NY: 10401319262 Lic # 00241410