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OFFERING MEMORANDUM No Rent Deferments or Abatements during Covid-19 Rent to Sales Ratio of 3.2% Paying Full Contract Rent throughout Pandemic Watch Video NON-ENDORSEMENT & DISCLAIMER NOTICE 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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, PCB’s or asbestos, the compliance with State and Federal regula- tions, 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. CRACKER BARREL at Restaurant Row in Victorville EXCLUSIVELY LISTED BY PAUL A. BITONTI Senior Vice President Investment Newport Beach, California Office (949) 419 - 3246 Mobile (714) 267 - 8582 [email protected] License CA 01325076 OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM CRACKER BARREL at Restaurant Row in Victorville TABLE OF CONTENTS EXECUTIVE SUMMARY COMPETITIVE COMPARABLES SECTION 1 SECTION 4 01 Investment Overview • Investment Highlights 23 Sales Comparables • Rent Comparables PROPERTY DESCRIPTION MARKET OVERVIEW SECTION 2 SECTION 5 07 Property Details • Regional Map • Property Photos 33 Location Overview • Location Highlights Market Aerial • Demographics FINANCIAL ANALYSIS SECTION 3 15 Pricing Details • Operating Data • Rent Roll EXCLUSIVELY LISTED BY: CRACKER BARREL Victorville This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID ZAA0100361 EXECUTIVE SUMMARY Cracker Barrel - Victorville // EXECUTIVE SUMMARY // Victorville - Barrel Cracker 1 OFFERING SUMMARY Marcus and Millichap has been selected to exclusively represent the sale of Restaurant Row in Victorville, California, a portfolio of category leading national and regional restaurants. The subject property consists of newly constructed Cracker Barrel - Victorville // EXECUTIVE SUMMARY // Victorville - Barrel Cracker prototypical Cracker Barrel restaurant consisting of 9,113 square feet sitting on an approximate 2.2 acre parcel of land. The building was tastefully constructed with all of the rustic features Cracker Barrel Old Country Store restaurants are well known for, covered front porch with rocking chairs, brown paneled siding, metal roof and authentic Americana antiques. The offering is a 15 year corporate ground lease ( fee interest ), with publicly traded Cracker Barrel restaurant (Nasdaq:CBRL) with 10% rent increases every 5 years. This is southern California’s first Cracker Barrel and the grand opening was an overwhelming success that generated a tremendous wait from loyal Cracker Barrel patrons. Cracker Barrel has a cult following throughout the country and this location is well positioned along Amorgosa Road and the I-15 freeway. Cracker Barrel Old Country Store, Inc. was established in 1969 in Lebanon, Tennessee. There are currently 640 locations throughout the U.S. The real estate is well positioned in the trade located adjacent to the I-15 Freeway and Bear Valley Road on and off ramps. Fronting both Amargosa Road and the I-15 freeway the property has excellent identity and traffic exposure. Traffic counts exceed 98,000 cars per day on the I-15 and 52,000 cars at Bear Valley and I-15. The location is prime in the trade area as evidenced by the new development that includes a new 75 room Wyndham Hotel and resort, Super Walmart, Kohl’s and Home Goods, TJ Max, 24 Hour Fitness currently under construction at the site. Additionally, a proposed 128 bed trauma center, medical office building, physician village, day care, spiritual care development with a hotel has been approved with all entitlements. This project is comprised of 98 acres along Amargosa Road between Bear Valley and Main Street just 2.8 miles from the subject property. The project part is of the St. Joseph / St. Mary Healthcare system. Restaurant Row is a synergistic mix of restaurants consisting of Starbucks Coffee, nectar juice bar, Which Wich Sandwiches, Pieology Pizza, Ono Hawaiian Barbeque, Café Rio Mexican Grill, Habit Burger and Bj’s Pizza. Access points and drive aisles provide excellent ingress and egress from the Wyndham, Walmart and Kohl’s for easy access to all of the restaurants. 76% of the leasable area (4 of 6 tenants) have corporate signature absolute net leases. The remaining two tenants are strong franchisees with excellent operational histories and personal rent guarantees. 2 The investment provides annual rent growth with increasing cash flow and yield, protecting against inflation with a diversified base of strong restaurant tenants. The Victor Valley includes the communities of Adelanto, Apple Valley, Hesperia, Lucerne Valley, Oak Hills, Phelan, Victorville and Wrightwood. Victorville is the business hub of the area and draws consumers from well beyond its immediate area. It is the largest commercial center between San Bernardino and the Nevada border. The city of Victorville is home to a large and diverse pool of workers and is home to 34 universities, colleges and technical schools providing an abundant supply of skilled labor. Victorville has experienced tremendous growth over the last decade with the population increasing over 117% since 2000. The population continues to grow with projections of additional 20% growth over the next five years. Current population is 133,790 people in a 5 mile radius with an average household income of $76,267 within 1 mile of the property. Cracker Barrel - Victorville // EXECUTIVE SUMMARY // Victorville - Barrel Cracker 3 Cracker Barrel - Victorville // EXECUTIVE SUMMARY // Victorville - Barrel Cracker INVESTMENT HIGHLIGHTS ► Victorville, California Restaurant Row ► Brand New Construction Cracker Barrel Restaurant ► Publicly Traded (NASDAQ:CBRL) Corporate Guaranty ► 15 Year Fee Interest Ground Lease ► 10% Rent Increases Every 5 Years ► Most Secure Form of Ownership ► Explosive Trade Area Growth ► Average Household Income $76,267 1 Mile Radius 4 NNN Ground Lease with 10% Increases Excellent Location, Explosive Trade Area Tremendous Demographic Growth. Diverse and Experienced pool of Workers 98,000 Cars EXECUTIVE SUMMARY // Victorville - Barrel Cracker Per Day on I-15. 52,000 Cars Per Day on Bear Valley Rd 5 PROPERTY IN THE NEWS Opening Day Arrives for the Victorville Cracker Barrel Cracker Barrel - Victorville // EXECUTIVE SUMMARY // Victorville - Barrel Cracker NBC Los Angeles Feb 5, 2018 Link >> 1st Cracker Barrel in California Opens in Victorville KTLA 5 Feb 5, 2018 Link >> Cracker Barrel Opens Its First California Location In Victorville CBS Los Angeles Feb 5, 2018 Link >> The ‘Cracker Barrel couple’ attends ribbon cutting at latest California restaurant Fox News Feb 5, 2018 Link >> 6 PROPERTY IN THE NEWS Cracker Barrel in California: First location opens in Opening Day Arrives for the Victorville Cracker

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