BURGER KING SALE-LEASEBACK OFFERING Representative Photo MEMORANDUM 891 US-31, Whiteland, Indiana 46184 Confidentiality and Disclaimer Marcus & Millichap hereby advises all guarantee of future success. Similarly, the thorough due diligence investigation. prospective purchasers of Net Leased lease rate for some properties, including Marcus & Millichap has not made any property as follows: newly-constructed facilities or newly- investigation, and makes no warranty or Table of Contents acquired locations, may be set based on a representation, with respect to the income The information contained in this tenant’s projected sales with little or no or expenses for the subject property, the Marketing Brochure has been obtained record of actual performance, or future projected financial performance of Investment Overview. 3 from sources we believe to be reliable. comparable rents for the area. Returns are the property, the size and square footage However, Marcus & Millichap has not and not guaranteed; the tenant and any of the property and improvements, the Investment Highlights. 4 will not verify any of this information, nor guarantors may fail to pay the lease rent presence or absence of contaminating has Marcus & Millichap conducted any or property taxes, or may fail to comply substances, PCB’s or asbestos, the investigation regarding these matters. with other material terms of the lease; compliance with State and Federal Financial Analysis. 5 Marcus & Millichap makes no guarantee, cash flow may be interrupted in part or in regulations, the physical condition of the warranty or representation whatsoever whole due to market, economic, improvements thereon, or the financial about the accuracy or completeness of environmental or other conditions. condition or business prospects of any Concept & Guarantor Overview. 6 any information provided. Regardless of tenant history and lease tenant, or any tenant’s plans or intentions guarantees, Buyer is responsible for to continue its occupancy of the subject As the Buyer of a net leased property, it is conducting his/her own investigation of all property. The information contained in this In Recent News: Merger Details. 7 the Buyer’s responsibility to independently matters affecting the intrinsic value of the Marketing Brochure has been obtained confirm the accuracy and completeness of property and the value of any long-term from sources we believe to be reliable; Surrounding Area. 8 all material information before completing lease, including the likelihood of locating a however, Marcus & Millichap has not any purchase. This Marketing Brochure is replacement tenant if the current tenant verified, and will not verify, any of the not a substitute for your thorough due should default or abandon the property, information contained herein, nor has Location Overview. 9 diligence investigation of this investment and the lease terms that Buyer may be Marcus & Millichap conducted any opportunity. Marcus & Millichap expressly able to negotiate with a potential investigation regarding these matters and denies any obligation to conduct a due replacement tenant considering the makes no warranty or representation Regional Map. 10 diligence examination of this Property for location of the property, and Buyer’s legal whatsoever regarding the accuracy or Buyer. ability to make alternate use of the completeness of the information provided. Demographics. 11 property. All potential buyers must take appropriate Any projections, opinions, assumptions or By accepting this Marketing Brochure you measures to verify all of the information estimates used in this Marketing Brochure agree to release Marcus & Millichap Real set forth herein. Market Overview. 12 are for example only and do not represent Estate Investment Services and hold it the current or future performance of this harmless from any kind of claim, cost, NON-ENDORSEMENT NOTICE property. The value of a net leased expense, or liability arising out of your property to you depends on factors that investigation and/or purchase of this net Marcus & Millichap Real Estate Investment should be evaluated by you and your tax, leased property. Services, Inc. (“M&M”) is not affiliated with, financial and legal advisors. sponsored by, or endorsed by any CONFIDENTIALITY AND DISCLAIMER commercial tenant or lessee identified in Buyer and Buyer’s tax, financial, legal, and this marketing package. The presence of construction advisors should conduct a The information contained in the following any corporation’s logo or name is not careful, independent investigation of any Marketing Brochure is proprietary and intended to indicate or imply affiliation with, net leased property to determine to your strictly confidential. It is intended to be or sponsorship or endorsement by, said satisfaction with the suitability of the reviewed only by the party receiving it from corporation of M&M, its affiliates or property for your needs. Marcus & Millichap and should not be subsidiaries, or any agent, product, made available to any other person or service, or commercial listing of M&M, and Like all real estate investments, this entity without the written consent of is solely included for the purpose of investment carries significant risks. Buyer Marcus & Millichap. This Marketing providing tenant lessee information about and Buyer’s legal and financial advisors Brochure has been prepared to provide this listing to prospective customers. must request and carefully review all legal summary, unverified information to and financial documents related to the prospective purchasers, and to establish ALL PROPERTY SHOWINGS ARE BY 891 US-31, Whiteland, Indiana property and tenant. While the tenant’s only a preliminary level of interest in the APPOINTMENT ONLY. PLEASE past performance at this or other locations subject property. The information CONSULT YOUR MARCUS & MILLICHAP is an important consideration, it is not a contained herein is not a substitute for a AGENT FOR MORE DETAILS. Representative Photo INVESTMENT SUMMARY Marcus & Millichap is pleased to present this exclusive listing for a Burger King located at 100 Mortown Way in Shelbyville, KY. Built in 2018, the subject property consists of roughly 2,704 square feet of building space on approximately a 1.35 acre parcel. This investment opportunity is subject to a brand new 20-year Triple- Net (NNN) sale-leaseback with zero landlord responsibilities. The lease will commence upon the close of escrow and will be subject to six (6), five (5) year tenant renewal options. The initial annual rent will be $117,000 and is scheduled to increase by one percent (1.00%) annually starting in year 11 and continuing throughout the base term and option periods. In each option period the rent will increase by one percent (1.00%) annually in years 1 through 3 and the rent will remain flat in years 4 and 5. The lease will be guaranteed by New CFH, LLC, a wholly owned subsidiary of Carrols Restaurant Group, Inc. New CFH, LLC is currently a 230-unit entity. The subject property benefits from being well-positioned in a dense retail corridor consisting of national and local tenants, and academic institutions all within close proximity of this property. Major national tenants include: CVS Pharmacy, Dollar General, Advance Auto Parts, Taco Bell, Hardee’s, Subway, Dairy Queen, Marathon Gas, Circle K, as well as many others. This Burger King also benefits from it’s close proximity to several academic institutions. The most notable are Whiteland Community High School and Whiteland Elementary School, which boasts a combined enrollment exceeding 2,275 students, and are situated less than a quarter mile from the subject property. Additionally, this Burger King property is located less than 20 miles from downtown Indianapolis. Indiana University – Purdue University Indianapolis (IUPUI), has a total enrollment exceeding 30,000 students. New CFH, LLC (“NCFH”) is a 230-Unit entity, and wholly owned subsidiary of Carrols Restaurant Group, Inc. NCFH currently operates 165 Burger King restaurants under Nashville Quality, LLC as well as 58 Popeyes locations under Frayser Quality, LLC. NCFH acquired Carolina Quality, LLC (“CQL”) in 2014 as a platform to execute a growth strategy in the Burger King system. At the time of the acquisition, CQL was a Burger King franchisee operating 22 restaurants across five states. Since the acquisition NCFH has grown the business significantly and currently operates in states such as Alabama, Arkansas, Indiana, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee, and Virginia. Investment Highlights PRICE: $1,250,000 | CAP: 6.00% | RENT: $75,000 About the Investment ✓ Brand New 20-Year Sale-Leaseback ✓ Triple Net (NNN) Lease with Zero Landlord Responsibilities ✓ Attractive Rental Increases of One Percent (1.0%) Annually Beginning in Year 11 ✓ Six (6) Tenant Renewal Periods of Five (5) Years Each About the Location ✓ Dense Retail Corridor | CVS Pharmacy, Dollar General, Advance Auto Parts, Taco Bell, Hardee’s, Subway, Dairy Queen, and Many More ✓ Strong Academic Presence | Combined Total Enrollment Exceeding 2,275 Students Within a 0.25-Mile Radius ✓ Strong Traffic Counts | Average Daily Traffic Counts Exceeding 32,000 Along US-31, Respectively ✓ Compelling Location Fundamentals | Less than 20 Miles From Downtown Indianapolis About the Tenant / Brand ✓ Tenant on the Lease is Nashville Quality, LLC | Operates 165 Burger Kings and Rapidly Growing ✓ Lease Guaranteed by New CFH, LLC | 230-Unit Entity | New CFH, LLC is a wholly owned subsidiary