SUBJECT PROPERTY OFFERING MEMORANDUM ASPEN DENTAL | T-MOBILE | MOE’S PHENIX CITY (COLUMBUS MSA), AL OFFERING SUMMARY ASPEN DENTAL | T-MOBILE | MOE’S 3732 US-260, Phenix City, AL 36876 PRICE $3,300,000 CAP RATE 6.95% ATLANTA NOI $229,079 CURRENT OCCUPANCY 100% TOTAL SQUARE FOOTAGE 7,100 SF GEORGIA ALABAMA YEAR BUILT/RENOVATED 2018 LOT SIZE 1.46 AC TERM MAJOR TENANTS GLA (%) RENT/SF REMAINING 3,500 ASPEN DENTAL 10 Years $35.00 (49.30%) 1,200 T-MOBILE 5 Years $34.00 (16.90%) 2,400 MOE’S 10 Years $30.00 (33.80%) AUBURN DEMOGRAPHIC SUMMARY 3-MILE 5-MILE 7-MILE POPULATION 33,890 95,091 157,302 PHENIX CITY MONTGOMERY AVE. HOUSEHOLD INCOME $58,721 $55,102 $57,963 POPULATION GROWTH 11.34% 8.70% 8.52% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. 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, Inc. © 2016 Marcus & Millichap. All rights reserved. INVESTMENT HIGHLIGHTS STRONG NATIONAL TENANT MIX Aspen Dental is corporately guaranteed (650+ Locations). T-Mobile is guaranteed by Spark Wireless (90 Locations). Moe’s guarantee is backed by PCM Restaurants, an experienced owner and operator of 15 Moe’s Franchises. BRAND NEW LEASES WITH INCREASES All Tenants have brand new leases with rent increases. Aspen Dental and Moe’s have new 10-year leases with 10% increases in year six (6) of the base terms and each of the two (2) 5-year option periods. T-Mobile has a brand new five (5) year lease with increases in year four (4) and two (2) 5-year option periods with 10% increases. NEW REDEVELOPMENT VIEW FROM PHENIX CITY RIVERWALK The subject property is mostly new construction featuring a brand-new Roof, Parking Lot, Facade, Electric, and HVAC. BUSY RETAIL CORRIDOR The subject property neighbors Walmart Supercenter on the dense retail corridor of US Hwy 280 (VPD: 33,550). Surrounding retailers include Walmart (Closest Walmart to Fort Benning), Home Depot, Chick Fi La, & Publix. SOLID DEMOGRAPHICS The population in a 5-Mile radius is 95,091 with average household incomes of over $55,100. The Subject property projects a strong growth of 9.77% over the next 5 years COLUMBUS, GA SUBURB Ranked by Business Week as the #1 Best Affordable Suburb to Raise a Family and as one of the top 10 fastest growing cities in Alabama by AL.com, Phenix COLUMBUS STATE UNIVERSITY City is a suburb of Columbus, the third largest city in Georgia. Columbus, GA (Population: 303,811+) is located 100 miles southwest from Atlanta and is home to Fort Benning the 5th Largest Military Base in the USA (284 Square Miles) which supports a population of 120,000 troops and civilians and has an economic impact of $1.1 Billion. The base occupies 284 square miles south of Phenix City and Columbus. Columbus is home to the Corporate headquarters for Aflac (#137, Fortune 500) which is spread over two campuses, TSYS (#776 on the Fortune 1000, Realtree, Carmike Cinemas, and Synovus Bank, and Pratt & Whitney, an American “big three” aero-engine manufacturer. Columbus State University (8,500 enrollment+), ranked among the top regional universities in the south by U.S. News & World Report, is located in downtown Columbus. Recent projects like the Chattahoochee RiverWalk - a pedestrian and bike path fronting the river which runs between Phenix City and Columbus has led to revitalization on both sides of the river. PORT OF SAVANNAH FORT BENNING OCCUPIE | $1.1 B ECONOMIC IMPACT SITE PLAN 280 36,320 PROPERTY PHOTOS PROPERTY PHOTOS AERIAL 1 Lakewood ES 28,140 Lakewood PS 280 Lakewood Golf Course Lakewood Park JVL Laboratories Inc Regional Rehabilitation Hospital MCDONALDS Vectorply Corporation 427 36,320 Phenix Lumber Co 80 22,030 280 DEMOGRAPHIC SUMMARY 5 MILE 95,091 DOWNTOWN POPULATION Central HS 1,310 students AVG. HOUSEHOLD INCOME $55,102 POPULATION GROWTH 8.70% AERIAL 2 36,320 WALMART PYLON SIGNAGE SIGNAGE 280 ACCESS FROM US 280 THREE ACCESS POINTS INCLUDING SIGNALED INTERSECTION & ACCESS ROAD Regional Rehabilitation Hospital SIGNALED INTERSECTION Stevens Agency MCDONALD’S AERIAL 3 ACCESS FROM US 280 THREE ACCESS POINTS INCLUDING SIGNALED INTERSECTION & ACCESS ROAD WALMART PYLON SIGNAGE 280 36,320 SIGNALED INTERSECTION ACCESS ROAD SUBJECT PROPERTY SIGNAGE FINANCIAL SUMMARY PRICING CURRENT PRICE $3,300,000 CAP RATE 6.95% NET OPERATING INCOME (NOI) $229,079 CURRENT OCCUPANCY (EXCLUDING BACK 100% SPACE) ANNUALIZED OPERATING DATA CURRENT BASE RENT $235,300 EXPENSE REIMBURSEMENTS REAL ESTATE TAXES $7,100 INSURANCE $3,550 CAM $14,200 MANAGEMENT FEE + ADMIN $2,730 TOTAL GROSS REVENUE $262,880 EXPENSES REAL ESTATE TAXES ($7,100) INSURANCE ($3,550) CAM ($14,200) MANAGEMENT FEE (2.5%) ($7,886) RESERVES ($0.15/SF) ($1,065) TOTAL EXPENSES ($33,801) NET OPERATING INCOME $229,079 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. 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, Inc. © 2016 Marcus & Millichap. All rights reserved. RENT ROLL % OF BASE LEASE LEASE OPTIONS/ INCREASE TENANT NAME GLA GLA RENT RENT/SF COMMENCE EXPIRATION RENT INCREASE DATE AMOUNT REIMBURSEMENTS Rent Increase: Aug 2023 $134,750 3,500 49.30% $122,500 $35.00 8/22/2018 8/21/2028 Option 1: Aug 2028 - Aug 2033 $148,225 Full Prorata C, T, I, + 15% Admin Option 2: Aug 2033 - Aug 2038 $163,065 Rent Increase: Oct 2021 $43,200 1,200 16.90% $40,800 $34.00 10/15/2018 10/14/2023 Option 1: Oct 2023 - Oct 2028 $47,520 Full Prorata C, T, I, + 10% Admin Option 2: Oct 2028 - Oct 2033 $52,272 Rent Increase: Year 6 $79,200 Option 1: Years 11-15 $87,120 2,400 33.80% $72,000 $30.00 6/1/2018 5/30/2028 Full Prorata C, T, I, + 5% Admin Option 2: Years 16-20 $95,832 Option 3: Years 21-25 $105,408 TOTAL VACANT 0 0% TOTAL OCCUPIED 7,100 100% TOTAL 7,100 100% This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are ap- proximate. 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, Inc. © 2016 Marcus & Millichap. All rights reserved. TENANT SUMMARY REPRESENTATIVE Aspen Dental Management, Inc is a dental support organization that provides HEADQUARTERS Syracuse, NY business support and administrative services to contracted dental practices using the Aspen Dental brand. Aspen Dental offers services in 33 states with FOUNDED 1998 600+ franchised dental facilities that serve over 15,000 patients a day. REVENUE $635 M STORES 600+ ARTICLE CREDIT MOODY’S B2 The Latest Thing in Dentistry: Retail Chains READ MORE Spark Wireless is a T-Mobile Premium Retailer with over 90 locations in Alabama, Florida, Georgia, Mississippi and Tennessee. Spark Wireless was formed in 2014 in a merger, which ignited instant growth. New stores opened Atlanta, Macon, and HEADQUARTERS Bellevue, WA Spark Wireless expanded into the Tampa market with six stores. In October, they FOUNDED 1999 were honored as the #1 T-Mobile Premium Retail Partner in the Southeast. Today REVENUE $37.2 B Spark Wireless has over 90 stores in the southeast and over 500 employees. STORES 8000+ T-Mobile is the third largest wireless carrier in the United States with 72.6 million customers as of Q4 2017. Moe’s guarantee is backed by PCM Restaurants, an experienced owner and operator of 15 Moe’s Franchises. Moe’s Southwest Grill was founded in Atlanta, HEADQUARTERS Atlanta, GA Georgia in December 2000, by Raving Brands. Moe’s was named “Fast Casual FOUNDED 2000 Mexican Restaurant of the Year” in 2016 The company is co-owned — with REVENUE $688 M Schlotzsky’s, Carvel, Cinnabon, McAlister’s Deli, and Auntie Anne’s brands — by STORES 700+ Focus Brands, an affiliate of private equity firm Roark Capital Group, operating over 5,000 stores. AERIAL 4 33,500 7,200 13,900 27 185 28,140 8,407 STUDENTS 8,260 STUDENTS 5,041 STUDENTS 80 Columbus Airport 280 St. Francis Hospital PHENIX CITY 27 25,430 80 185 431 12,400 15,050 Martin Army Community Hospital 280 U.S. ARMY FORT BENNING FORT BENNING Lawson Army Airfield SUPPORTS 120,000 $1.1 B AREA IMPACT 284 SQ MI DEMOGRAPHICS 3-Mile 5-Mile 7-Mile 10-Mile 3-Mile 5-Mile 7-Mile 10-Mile POPULATION 2017 POPULATION 16+ BY EMPLOYMENT STATUS 2022 Projection 37,200 99,849 164,030 277,211 Employed Civilians 92.06% 90.03% 89.56% 86.91% 2017 Estimate 33,890 95,091 157,302 266,528 Unemployed 3.60% 5.93% 5.73% 5.84% Growth 2017A - 2022 9.77% 5.00% 4.28% 4.01% Not in Labor Force 40.35% 43.31% 42.22% 39.81% 2010 Census 30,438 87,484 144,958 246,212 2017A POPULATION 25 + BY EDUCATION LEVEL DAYTIME POPULATION Elementary (0-8) 3.22% 4.11% 3.70% 3.29% 2017 Estimate 26,383 104,920 184,614 278,014 Some High School (9-11) 9.37% 12.75% 11.70% 10.68% High School Graduate 30.88% 31.52% 30.52% 30.33% HOUSEHOLDS (12) 2022 Projections 15,411 40,480 66,769 111,530 Some College (13-15) 27.62% 24.95% 25.04% 26.00% 2017A Estimate 13,945 38,196 63,392 105,852 Associates Degree Only 8.66% 7.66% 7.44% 7.91% Growth 2017A - 2022 10.52% 5.98% 5.33% 5.36% Bachelors Degree Only 12.06% 11.09% 12.40% 12.60% 2010 Census 12,365 35,078 58,384 97,793 Graduate Degree 7.47% 6.80% 7.92% 7.87% 2017 ESTIMATED POPULATION BY RACE % White Population 67.55% 60.34% 57.70% 50.49% % Black Population 26.02% 32.85% 35.22% 41.40% % Asian 1.31% 1.07% 1.50% 1.92% % American Indian, Eski- 0.42% 0.45% 0.41% 0.43% mo, Aleut Population % Hawaiian or Pacific 0.17% 0.12% 0.13% 0.18% Islander Population % Multi-Race Population 3.11% 2.90% 2.81% 3.09% % Other Population 1.43% 2.27% 2.24% 2.50% 2017 ESTIMATED HOUSEHOLD INCOME 2017 Est.