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Ground Lease | Chicago MSA) 401 Milwaukee Avenue Lincolnshire, IL 60069 TABLE of CONTENTS

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Ground Lease | Chicago MSA) 401 Milwaukee Avenue Lincolnshire, IL 60069 TABLE of CONTENTS NET LEASE INVESTMENT OFFERING Actual Rendering CULVER’S (Ground Lease | Chicago MSA) 401 Milwaukee Avenue Lincolnshire, IL 60069 TABLE OF CONTENTS TABLE OF CONTENTS I. Executive Profile II. Location Overview III. Market & Tenant Overview Executive Summary Aerials Demographic Report Investment Highlights Site Plan Market Overview Property Overview Map Tenant Overview NET LEASE INVESTMENT OFFERING DISCLAIMER STATEMENT DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. STATEMENT: It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum 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. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group 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. NET LEASE INVESTMENT OFFERING EXECUTIVE SUMMARY EXECUTIVE The Boulder Group is pleased to exclusively market for sale a new single tenant Culver’s ground lease located in SUMMARY: Lincolnshire, Illinois, an affluent community in the Chicago MSA. The property is strategically located at a signalized intersection along the primary thoroughfare in the area. The Culver’s ground lease has a primary term of twenty years and features 10% rental escalations every five years in the primary term and in each of the four 5-year renewal option periods. Culver’s is a privately owned and operated fast food restaurant chain with over 600 locations in 24 states. The Culver’s franchise program is tremendously successful with only two failed franchisees in 30 years of operation. The 3 acre property is strategically located at a signalized intersection along Milwaukee Avenue, the primary thoroughfare in the area. Milwaukee Avenue experiences traffic counts of 31,700 vehicles per day. The property is located in an affluent area with over 48,600 people living within a three mile radius earning an average household income in excess of $170,000 per year. Daytime employment within a three mile radius of the property is roughly 76,000 people. The property is located within close proximity to multiple retailers, residential communities, businesses, and schools. Retailers located in the immediate area include Walgreens, The Fresh Market, The Cheesecake Factory, Starbucks and McDonalds. Approximately two miles north is Hawthorn Mall, a 1.3 million square foot shopping mall with over 180 stores anchored by Macy’s, JCPenney, Sears and Carson Pirie Scott. The regional headquarters of Aon Hewitt, Quill and ACCO Brands, are located less than one mile south of the property. In addition, Adlai E. Stevenson High School, ranked in 2017 as the best public high school in America by Niche.com and regularly ranked as one of the top high schools in Illinois by U.S. News & World Report, is located one mile west of the location. Adlai E. Stevenson High School enrolls more than 3,800 students and employs roughly 270 faculty members. There are twenty years remaining on the Culver’s ground lease expected to commence in Q1 2018. The lease will feature 10% rental escalations every five years in the primary term and in all four 5-year renewal option periods. The Culver’s will also feature a drive-thru, outdoor seating and easy interchangeable access. According to a survey by the Franchisee Business Review, Culver’s was ranked number one in franchisee satisfaction by more than 4,300 restaurant franchisees in the United States and Canada. The Culver’s lease is personally guaranteed by the two managing members of CulvLinc, LLC; an experienced Culver’s franchisee group. NET LEASE INVESTMENT OFFERING INVESTMENT HIGHLIGHTS INVESTMENT • Located within the Chicago MSA HIGHLIGHTS: • Brand new construction • Rare 20 year ground lease • 10% rental escalations every 5-years in primary terms and renewal option periods • Absolute triple net with zero landlord responsibilities • Drive-thru and outdoor seating • Located along the primary north-south thoroughfare (31,700 VPD) at a signalized intersection • Affluent area with over 48,600 people living within a three mile radius of the property earning an average household income in excess of $170,000 per year • Daytime employment within a three mile radius is roughly 76,000 people • Positioned in a retail corridor benefitting from its close proximity to Hawthorn Mall, a premier shopping center in Chicago’s affluent North Shore suburbs • Retailers in the immediate area include Walgreens, The Fresh Market, The Cheesecake Factory, Starbucks and McDonalds • Less than one-mile from Adlai E. Stevenson High School, a top performing high school in Illinois with over 3,800 students • Experienced franchisee with personal guarantee • The Culver’s franchise system is tremendously successful as evidenced by only two failed franchisee in thirty years of operation NET LEASE INVESTMENT OFFERING PROPERTY OVERVIEW PROPERTY Price: $1,900,000 OVERVIEW: Cap Rate: 5.00% Rent Schedule: NOI Escalation Date $95,000 $104,500 Year 6 $114,950 Year 11 $126,445 Year 16 $139,089 (Option 1) $152,998 (Option 2) $168,298 (Option 3) $185,128 (Option 4) Rental Escalations: 10% Every 5-Years Renewal Options: Four 5-Year; 10% Escalations Lease Term: 20 Years Lease Commencement Date: Q1 2018 (Estimate) Tenant: CulvLinc, LLC (Franchisee)* Year Built: 2017 (Under Construction) Lease Type: Ground Lease - No Landlord Responsibilities Parking: 54 Spaces Building Size: 4,310 SF Land Size: 3.0 Acres * The lease has a personal guaranty through the 97th month of the lease. NET LEASE INVESTMENT OFFERING AERIAL NET LEASE INVESTMENT OFFERING AERIAL NET LEASE INVESTMENT OFFERING SITE PLAN NET LEASE INVESTMENT OFFERING MAP Lake Michigan NET LEASE INVESTMENT OFFERING DEMOGRAPHIC REPORT DEMOGRAPHIC Population 1-Mile 3-Mile 5-Mile REPORT: Total Population 3,885 48,633 159,275 Total Households 1,544 17,866 59,790 Daytime Employees 14,892 75,941 170,471 Income 1-Mile 3-Mile 5-Mile Median Household Income $113,404 $120,512 $100,971 Average Household Income $171,384 $170,141 $144,697 NET LEASE INVESTMENT OFFERING MARKET OVERVIEW MARKET Lincolnshire, Illinois OVERVIEW: Lincolnshire is a village in Lake County, Illinois with a population of over 8,000 people.. The village is a northern suburb of Chicago. Lincolnshire was incorporated on 1957 from the unincorporated Half Day area when land was purchased to build a residential subdivision. The community underwent an aggressive era of expansion from 1983 to the 1990s. The Des Plaines River bisects the village, passing from north to south; Illinois Route 22 also divides the village into two parts, crossing the village from east to west. Lincolnshire serves as the headquarters of Van Vlissingen & Company, a commercial real estate developer, the global outsourcing Aon Hewitt company and the stationery products manufacturers Quill and ACCO Brands. Newman/Haas Racing, an auto racing team in the Indy Racing League, is based in the village. The Marriott Theatre is located in Lincolnshire, on the premises of the Marriott Lincolnshire Resort; it sells approximately 400,000 tickets each year. Lincolnshire is home to the public Adlai E. Stevenson High School and to the schools that compose the elementary Lincolnshire-Prairie View School District 103. The village of Lincolnshire hosts several annual festivals (including one mirroring the Taste of Chicago) in either commercial establishments such as City Park or the Village Green, or in one of its nine public parks. Lincolnshire lies on three arterial roads: Illinois Route 22, which is known as Half Day Road in this area; Milwaukee Avenue, which appears as Illinois Route 21/U.S. Route 45; and Aptakisic Road, which meets Milwaukee in the southern region of Lincolnshire. Lincolnshire shares its eastern border with the village of Bannockburn at Interstate 94 (where it is a portion of the Tri-State Tollway). Route 22 crosses the Des Plaines River before bridging Bannockburn and Lincolnshire by arching over Interstate Highway 94. O’Hare International Airport is 18 miles southwest of the village of Lincolnshire. Travel between Lincolnshire and the airport is facilitated by the Tri-State Tollway, although travel by railway is also possible via the Prairie View Metra station just west of Lincolnshire. www.village.lincolnshire.il.us NET LEASE INVESTMENT OFFERING MARKET OVERVIEW Chicago, Illinois Chicago is the most populous city in the Midwestern United States and the third most populous city in the United States with 2,700,000 residents. Chicago is the county seat of Cook County, the second largest county in the United States. The Chicago MSA is the third most populated metropolitan area in the United States with 9,580,567 residents. The MSA covers over 1,300 square miles and six counties. Chicago has many nicknames, the best-known being the Windy City. The Chicago metropolitan area is home to the corporate headquarters of 66 Fortune 1000 companies, including Boeing, McDonald’s, Motorola, Discover Financial Services and United Airlines. Chicago is a major hub for industry, telecommunications and infrastructure and O’Hare International Airport is the second busiest airport in the world in terms of traffic movement. The metro is a major financial center in North America, and is home to the largest futures exchange in the United States, the CME Group.
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