Offering Memorandum 1860 Highway 53 West Jasper, Georgia

Home , King Games, Quick (restaurant), The Burger King, Whopper

Subject Property Offering Memorandum

1860 Highway 53 West Jasper, Georgia 30143 (Atlanta MSA)

Brand New, 15-Year, Absolute Triple Net (NNN) Lease Newly Constructed; Completed in 2018 Surrounding National Retailers Include Walmart Supercenter, Home Depot, Kroger, Advance Auto Parts, AutoZone, Dunkin’ Donuts, Wendy’s, McDonald’s, Burger King and Many More CONFIDENTIALITY AND DISCLAIMER NET LEASED DISCLAIMER The information contained in the following Marketing Brochure is proprietary and Marcus & Millichap hereby advises all prospective purchasers of Net Leased property strictly confidential. It is intended to be reviewed only by the party receiving it from as follows: Marcus & Millichap Real Estate Investment Services (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of The information contained in this Marketing Brochure has been obtained from sources Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, we believe to be reliable. However, Marcus & Millichap has not and will not verify any unverified information to prospective purchasers, and to establish only a preliminary of this information, nor has Marcus & Millichap conducted any investigation regarding level of interest in the subject property. The information contained herein is not a these matters. Marcus & Millichap makes no guarantee, warranty or representation substitute for a thorough due diligence investigation. Marcus & Millichap has not made whatsoever about the accuracy or completeness of any information provided. 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 As the Buyer of a net leased property, it is the Buyer’s responsibility to independently property, the size and square footage of the property and improvements, the presence confirm the accuracy and completeness of all material information before completing or absence of contaminating substances, PCB’s or asbestos, the compliance with any purchase. This Marketing Brochure is not a substitute for your thorough due State and Federal regulations, the physical condition of the improvements thereon, diligence investigation of this investment opportunity. Marcus & Millichap expressly or the financial condition or business prospects of any tenant, or any tenant’s plans or denies any obligation to conduct a due diligence examination of this Property for Buyer. 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; Any projections, opinions, assumptions or estimates used in this Marketing Brochure however, Marcus & Millichap has not verified, and will not verify, any of the information are for example only and do not represent the current or future performance of this contained herein, nor has Marcus & Millichap conducted any investigation regarding property. The value of a net leased property to you depends on factors that should be these matters and makes no warranty or representation whatsoever regarding the evaluated by you and your tax, financial and legal advisors. accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased 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 NON-ENDORSEMENT NOTICE 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 Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial past performance at this or other locations is an important consideration, it is not a tenant or lessee identified in this marketing package. The presence of any corporation’s guarantee of future success.Similarly, the lease rate for some properties, including logo or name is not intended to indicate or imply affiliation with, or sponsorship or newly-constructed facilities or newly-acquired locations, may be set based on a endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or tenant’s projected sales with little or no record of actual performance, or comparable any agent, product, service, or commercial listing of Marcus & Millichap, and is solely rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail included for the purpose of providing tenant lessee information about this listing to to pay the lease rent or property taxes, or may fail to comply with other material terms prospective customers. 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 ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT the intrinsic value of the property and the value of any long-term lease, including YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 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 Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property. SUBJECT PROPERTY

Overview Lease Summary 1860 Highway 53 West, Jasper, Georgia 30143 Tenant: Popeyes Louisiana Kitchen Price: $2,682,000 Website: www.Popeyes.com Cap Rate: 5.60% Lease Guarantor: Purple Square Management Co., LLC Rentable Square Feet: 2,695 Lease Type: NNN Price PSF: $995.18 Lease Term: 15 Years Annual Rent: $150,172 Option Periods: 4, 5-Year Options Rent PSF: $55.72 Rental Increases: Land Area: 1.01 Acres Roof & Structure: Tenant Year Built: 2018 Rent Commencement: 10% Every5/28/2018 5 Years Lease Expiration: 5/31/2033 Investment Highlights • Brand New, 15-Year, Triple Net Lease The Popeyes Louisiana Kitchen located at 1860 Highway 53 Base Term Monthly Annual Cap Rate West in Jasper, Georgia has a brand new, 15-year, triple net 5/28/2018-5/31/2023: $12,514 $150,172 5.60% (NNN) lease with no landlord responsibilities. 6/1/2023-5/31/2028: $13,766 $165,189 6.16% • Renewal Options and Rent Increases 6/1/2028-5/31/2033: $15,142 $181,708 6.78% termPopeyes and in option Jasper periods. has four, five-year renewal options with 10 percent rental increases every five years throughout the base Option Periods Monthly Annual Cap Rate • Brand New Location 6/1/2033-5/31/2038: $16,657 $199,879 7.45% This is a brand new location; construction recently completed. 6/1/2038-5/31/2043: $18,322 $219,867 8.20% • Strong Franchisee 6/1/2043-5/31/2048: $20,155 $241,854 9.02% Purple Square is a multi-unit operator of Dunkin Donuts, Brass 6/1/2048-5/31/2053: $22,170 $266,039 9.92% by the end of 2018. Tap and Popeyes. They are on target to have nearly 100 locations

Location Highlights • Part of the Atlanta MSA, Which has a Population of 5.8 Million • Strategically Located at a Signalized Intersection • Across the Street from Home Depot and Kroger Anchored Retail Center • Other Surrounding National Retailers Include Walmart Supercenter, Dollar Tree, Verizon Wireless, Hibbett Sports,

• AutoZone, Advance Auto Parts, Sherwin Williams, Dunkin’ Donuts, Wendy’s, McDonald’s, Pizza Hut and Many More • ImmediatelyOver 19,000 Fulloff US Time Interstate Residents 515 in and the the Market Camp Area Road with Exit an Average Household Income Exceeding $64,000 Annually

Atlanta MSA The Atlanta metro encompasses 29 counties in northwestern

Georgia. With few natural barriers to limit development, tremendous population growth over the past decade expanded expectedthe metro’s to add borders approximately and the region 512,000 now residents. has a population Meanwhile, of roughly 5.8 million people. Over the next five years the region is in the urban core of Atlanta. New projects in the downtown and Mercedes-Benz Stadium has been a catalyst for redevelopment entertainment and retail opportunities that are enticing midtown sections of the city present a vast array of housing,

residents back into the city and providing options for people moving to the metro. 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services© 2017. All rights reserved. TENANT SUMMARY

Site Plan

Popeyes Chicken & Biscuits was founded in 1972 and is one of group,the measured largest by chains number of quick-serviceof units, after restaurantsKFC. in the world. Popeyes is the second-largest quick-service chicken restaurant

beans with rice, and chicken sandwiches, nuggets, tenders, wraps and Its restaurants serve mashed potatoes, Cajun-battered fries, red

biscuits. Its restaurants also offer catering services for special events.

The chain provides franchising options and has a network of more Popeyesthan 2,700 Louisiana restaurants Kitchen in the brand United name. States, Puerto Rico and over 20 other countries. It also operates several eating locations under the

Whopper of a Deal: Burger King Owner Buys Popeyes

Paul R. La Monica, February 21, 2017 (CNN Money)

Mardi Gras is still a week away, but it looks like the Burger King is ready to take a stroll down Bourbon Street.

Restaurant Brands, the parent of Burger King and the Tim Hortons doughnut and coffee chain, announced Tuesday that it is buying Popeyes Louisiana Kitchen, the company famous for its Cajun cuisine, for $1.8 billion.The deal values Popeyes at $79 a share, nearly 20% higher than where the stock closed Friday. Shares of Popeyes (PLKI), living up to the company’s “Louisiana Fast” motto, quickly rose 19% Tuesday morning to just under $79.

Reports of a Popeyes takeover surfaced last week, although there was also speculation that Restaurant Brands was considering buying another fast food chicken chain, El Pollo Loco (LOCO). El Pollo Loco shares fell more than 1% Tuesday. Restaurant Brands CEO Daniel Schwartz said in a statement that the company looks forward to “taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world.“

Popeyes has more than 2,600 restaurants around the globe. The company was founded in New Orleans in 1972, but its corporate headquarters is now in Atlanta. Popeyes CEO Cheryl Bachelder also noted that the “high trust partnership that we enjoy with our franchise owners” was a plus for Restaurant Brands.I spoke with Bachelder in November 2015 about that partnership. At the time, many big fast food chains were starting to worry about how rising minimum wages across the country could be a problem for franchisees. Bachelder dismissed those concerns.”We will adjust to increased costs just like we have before,” she said. “Life will go on. There’s been too much hubbub about it.” She added: “Profits make you happy. Our franchisees have been making a lot more money.“

If that trend continues, Popeyes could help make Restaurant Brands an even more formidable threat to top rivals McDonald’s (MCD), Wendy’s (WEN) and KFC owner Yum! Brands (YUM). Restaurant Brands has been a much hotter stock than those three lately, thanks in large part to stronger sales at Burger King. The company has made a name for itself recently with gimmicky food mashups, such as onion ring-shaped chicken fries, Cheetos Chicken Fries, burgers with red and black buns and the Whopperito. Yes, that’s the marriage of a burger and a burrito.

Adding Popeyes to the mix gives Restaurant Brands an even bigger presence in the red hot, but increasingly crowded, market for chicken franchises.In addition to KFC and El Pollo Loco, there’s competition from Bojangles (BOJA), Wingstop (WING) and upscale burger joint Shake Shack (SHAK), as well as privately held chains with cult followings like Chick-fil-A and Zaxby’s.

Wall Street seemed to think the deal will be good for Restaurant Brands as well. Shares rose more than 7% Tuesday. The stock is up more than 20% in 2017. So it’s a win for two influential investors that back Restaurant Brands, too. Bill Ackman’s Pershing Square owns an 18% stake in the company. And Warren Buffett’s Berkshire Hathaway has a nearly 4% stake.

Source: La Monica, Paul R. “Burger King Owner Restaurant Brands Buying Popeyes for $1.8 Billion.”CNNMoney, Cable News Network, 21 Feb. 2017

Highway 53 | 21,500 VPD

Highway 53 21,500 Daily

34,500 Daily

McDonald’s Burger King

Click to View in Google Maps

POPULATION 3 MILES 5 MILES 10 MILES HOUSEHOLD INCOME 3 MILES 5 MILES 10 MILES 2010 Population 9,364 15,437 36,257 $60,482 $61,987 $66,860 2017 Population 9,554 15,782 37,693 $61,687 $64,116 $70,851 2010 Avg Household Income 2022 Population 10,253 17,111 41,382 $67,403 $69,841 $77,822 2017 Avg Household Income 2017 Male Population 4,664 7,730 18,631 2010 Med. Household Income $47,438 $48,797 $52,046 2022 Avg Household Income 2017 Female Population 4,890 8,051 19,062 2017 Med. Household Income $46,036 $48,495 $53,948 2017 Median Age 42.4 42.7 44.1 2022 Med. Household Income $50,877 $53,866 $60,135 2010 Per Capita Income $23,172 $23,542 $25,887 2017 Per Capita Income $23,508 $24,210 $27,336 RACE & ETHNICITY 3 MILES 5 MILES 10 MILES 2022 Per Capita Income $26,173 $26,827 $30,433 American Indian, Eskimo 0.4% 0.3% 0.4% Asian 0.7% 0.8% 0.7% Black 2.1% 1.9% 1.6% 0.0% 0.0% 0.0% White 92.1% 93.1% 94.3% Hawaiian/Pacific Islander Other 3.2% 2.4% 1.6% Multi-Race 1.5% 1.5% 1.5% Hispanic Ethnicity 5.5% 4.5% 3.4% Not of Hispanic Ethnicity 94.5% 95.5% 96.6%

HOUSEHOLDS 3 MILES 5 MILES 10 MILES 2010 Households 3,534 5,807 13,910 2017 Households 3,592 5,909 14,439 2022 Households 3,937 6,527 16,091

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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services© 2017. All rights reserved. The Wolfe Retail Group of Marcus & Millichap specializes in the sale of single-tenant properties and shopping centers and has successfully assisted clients in selling over 450 separate commercial properties with a market value exceeding $1.25 teamsbillion. in Having the United closed States. sales in more than 40 states, our track record is evidence that we are one of the premier brokerage clients,With our earning experience their trustand background and exceeding in various their expectations fields such whileas law best and assistingfinance, wethem have in theirproved real to estate be invaluable transactions. to our The Wolfe Retail Group has sold over www.WolfeRetailGroup.com 450 properties For more about the Wolfe Retail Group, or to view all of our in more than available listings, visit 40 states

About Marcus & Millichap Marcus & Millichap (NYSE: MMI) has established itself as a leading and expanding investment real estate company with nearly 1,500 brokers in 78 markets throughout the United States and Canada. The foundation of our investment sales is the depth of our local market knowledge. Our 44- year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider in North America. Subject Property

Barry M. Wolfe Alan Lipsky Senior Managing Director Investments Vice President Investments [email protected] [email protected] (954) 245-3493 (954) 245-3595

Evan Whelan Angelica Linares Catie Jackson Associate Transaction Coordinator Marketing Coordinator [email protected] [email protected] [email protected] (954) 245-3487 (954) 245-3416 (954) 245-3592