Starbucks & Pie Five Pizza

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1 PEMBROKE PINES, FLORIDA Representative Photo Starbucks & Pie Five Pizza Representative Photo Asking Price: $4,410,686 Cap Rate: 5.25% Michael Zimmerman BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM

STRATEGICALLY POSITIONED The Property is new construction (commenced April 2017) located at a shopping center entrance near the signalized intersection of busy Pines Boulevard and Hiatus Road (75,000

2 STRATEGICALLY POSITIONED The Property is new construction (commenced April 2017) located at a shopping center entrance near the signalized intersection of busy Pines Boulevard and Hiatus Road (75,000 ADT combined). The site is an outparcel to Target, HomeGoods and Pembroke Lakes Mall with more than one million square feet of GLA, this super-regional mall features 125 national retailers and restaurants. The Property is adjacent to Home Depot-anchored Pembroke Lakes Square and is less than one mile from the upcoming Pembroke Pines City Center lifestyle center development, and less than three miles from Interstate 75. Representative Photo EXCELLENT MARKET LOCATION Pembroke Pines, located between Fort Lauderdale and Miami, is a principal city of the Miami MSA (population of more than six million as of 2015). Its convenient location offers easy accessibility to primary highways and interstates, key employment centers, retail/commercial destinations and more. QUALITY INVESTMENT The Property is 100 percent occupied to tenants on new, 10-year leases that feature built-in rent increases, several options to extend and minimal landlord responsibilities. No state income tax in Florida provides a low tax burden for the investor. STRONG, RECOGNIZED TENANTS Starbucks has a prominent global presence with more than 24,000 retail stores in 70 countries. Pie Five Pizza has 98 locations in 24 states (and 400 more under contract), ande was named a 2015 Best Franchise Deal by QSR Magazine. This is an experienced franchisee with multiple McDonald s locations. 407,153 EST POPULATION IN 5-MILE RADIUS $82,414 AVG HH INCOME IN 5-MILE RADIUS $8.25 B AVG HH SPENDING IN 5-MILE RADIUS 75,000 ADT ON NEARBY HEALD HIGHWAY STARBUCKS & PIE FIVE PIZZA INVESTMENT HIGHLIGHTS ATLANTICRETAIL.COM 1

3 Representative Photo Lease Summary ADDRESS MARKET TENANTS OCCUPANCY 100% ASKING PRICE 4,410,686 CAP RATE 5.25% BUILDING SIZE LAND SIZE YEAR BUILT 2017 LEASE TYPE EXPENSES Pines Boulevard Pembroke Pines, FL Miami MSA/Broward Co. Starbucks Pie Five Pizza Company +/- 4,500 SF +/ acres NN Roof, Structure, Parking Lot Additional Rent: Tenants pay pro-rata shares (based on the building s actual GLA) of CAM, Management Fees, Real Estate Taxes and Insurance. STARBUCKS & PIE FIVE PIZZA INVESTMENT HIGHLIGHTS ATLANTICRETAIL.COM 2

Representative Photo Starbucks Founded in 1971, Starbucks is undoubtedly the most iconic coffee company and coffeehouse chain in the United States and the world.

4 Representative Photo Starbucks Founded in 1971, Starbucks is undoubtedly the most iconic coffee company and coffeehouse chain in the United States and the world. Today, Starbucks has a presence in 75 countries on six continents. As of 2017, the Company owns and operates nearly 27,000 retail locations that all offer high-quality coffee drinks, specialty drinks, pre-packaged food items and accessories to millions of customers each day. Over its nearly 50-year history, the Company has experienced exceptional growth, opening an average of two new locations each day between the years of 1987 and Starbucks has won numerous awards and recognitions, including a 12-year run on Fortune s list of the Most Admired Companies in America ( ). Starbucks was also named by Fast Company in 2012 as one of the World s 50 Most Innovative Companies, and was listed as one of the World s Most Ethical Companies by Ethisphere for eight consecutive years ( ). In late July 2017, Starbucks reported record third quarter financial and operational results: consolidated net revenues rose by eight percent to $5.7 billion, and store sales in the Americas increased by five percent. Looking forward to the remaining of the 2017 fiscal year, the Company has announced several strategic actions to optimize its store portfolio, strengthen its core and further increase returns on capital. STARBUCKS TENANT PROFILE ATLANTICRETAIL.COM 3

Representative Photo Lease Summary Rent Schedule YEARS ANNUAL RENT INCREASE 1 5 (Base Term) $122,265 ($55.00/SF) None 6 10 (Base Term) $134,492 ($60.50/SF) 10% 11 15 (Option 1) $147,941 ($66.

5 Representative Photo Lease Summary Rent Schedule YEARS ANNUAL RENT INCREASE 1 5 (Base Term) $122,265 ($55.00/SF) None 6 10 (Base Term) $134,492 ($60.50/SF) 10% (Option 1) $147,941 ($66.55/SF) 10% (Option 2) $162,735 ($73.20/SF) 10% (Option 3) $179,008 ($80.53/SF) 10% (Option 4) $196,909 ($88.58/SF) 10% Additional Rent: The tenant shall pay its pro rata share (based upon the actual gross leasable area of the building) of Operating Expenses (including CAM), Management Fees, Real Estate Taxes and Insurance. The portion of the tenant s Annual Additional Rent attributable to controllable Operating Expenses for any calendar year following the first full calendar year of the term shall not exceed 105%, on a non-cumulative basis, of the enant s Annual Additional Rent attributable to Operating Expenses payable by the enant for the previous calendar year. TENANT GUARANTOR Starbucks Corporation Corporate CREDIT RATING S&P: A- RENTABLE SF COMMENCEMENT EXPIRATION LEASE TERM ANNUAL RENT INCREASES OPTIONS LEASE TYPE ADDITIONAL RENT +/- 2,223 SF (49.4% GLA) December 2017 (Estimate) December 2027 (Estimate) 10 Years $122,265 ($55.00/SF) 10% Every 5 Years 4 x 5-Year Options With 10% Increases Absolute NNN CAM, Insurance, Taxes, Management Fees Early Termination: The tenant, in its sole discretion, shall have the right to terminate this lease as of any date on or after the last day of the 60th full calendar month of the term (the Early Termination Date ). The tenant must give the landlord written notice no less than 120 days before the Early Termination Date, and the tenant shall pay the landlord, on or before the Early Termination Date, a termination fee equal to $100,000. STARBUCKS LEASE SUMMARY ATLANTICRETAIL.COM 4

6 Representative Photo Pie Five Pizza Pie Five Pizza is the leading brand in the rapidly growing fast-casual pizza space, offering individual handcrafted pizzas made to order with fresh ingredients in less than five minutes. Since opening their first location in Fort Worth, Texas in 2011, Pie Five Pizza has grown to 98 locations in 24 states and the District of Columbia, and the Company has more than 400 announced franchised and Company units under contract. Pie Five Pizza has been named a 2015 Best Franchise Deal by QSR Magazine, a 2013 Top 50 Restaurant Brand of the Year, a 2012 Hot Concepts winner by Nation s Restaurant News and one of the 10 Hot New Restaurant Chains from Established Brands by Forbes.com. Pie Five Pizza s parent company Dallas-based RAVE Restaurant Group (NASDAQ: RAVE) owns, operates and franchises more than 300 Pie Five and Pizza Inn restaurants domestically and internationally. PIE FIVE PIZZA TENANT PROFILE ATLANTICRETAIL.COM 5

Representative Photo Lease Summary Rent Schedule TENANT GUARANTOR RENTABLE SF COMMENCEMENT EXPIRATION LEASE TERM ANNUAL RENT INCREASES OPTIONS ADDITIONAL RENT DP5 Investments, LLC (DBA Pie Five Pizza

7 Representative Photo Lease Summary Rent Schedule TENANT GUARANTOR RENTABLE SF COMMENCEMENT EXPIRATION LEASE TERM ANNUAL RENT INCREASES OPTIONS ADDITIONAL RENT DP5 Investments, LLC (DBA Pie Five Pizza Co.) Franchisee Experienced franchisee with multiple McDonald s locations in Pennsylvania +/- 2,277 SF (50.6% GLA) December 2017 (Estimate) December 2027 (Estimate) 10 Years $109,296 ($48.00/SF) 10% Every 5 Years 2 x 5-Year Options With 10% Increases CAM, Insurance, Taxes, Management Fees YEARS ANNUAL RENT INCREASE 1 5 (Base Term) $109,296 ($48.00/SF) None 6 10 (Base Term) $120,226 ($52.80/SF) 10% (Option 1) $132,249 ($58.08/SF) 10% (Option 2) $145,474 ($63.89/SF) 10% Additional Rent: The tenant shall pay its pro rata share (based upon the actual gross leasable area of the building) of Operating Expenses (including CAM), Management Fees (not to exceed 5%), Real Estate Taxes and Insurance. PRO RATA SHARE CAM Real Estate Taxes Insurance Management Fees ANNUAL RENT $8,971 ($3.94/SF) $19,446 ($8.54/SF) $2,277 ($1.00/SF) $1,526 ($0.67/SF) PIE FIVE PIZZA LEASE SUMMARY ATLANTICRETAIL.COM 6

8 Representative Photo STARBUCKS & PIE FIVE PIZZA SITE RENDERING ATLANTICRETAIL.COM 7

9 Representative Photo NOT INCLUDED PINES BLVD, PEMBROKE PINES\DWG\SITE PLAN ENTITLEMENTS\F OVERALL SITE PLAN----->LAYOUT: C-03 OVERALL SITE PLAN STARBUCKS & PIE FIVE PIZZA SITE PLAN ATLANTICRETAIL.COM 8

10 DETAIL 'A' SCALE: 1" - 20' G:\2015\F EDGEWOOD - TARGET OUTPARCEL, PINES BLVD, PEMBROKE PINES\DWG\SITE PLAN ENTITLEMENTS\F SITE PLAN----->LAYOUT: C-03 SITE PLAN DETAIL 'C' SCALE: 1" - 20' DETA SCALE STARBUCKS & PIE FIVE PIZZA SITE PLAN ATLANTICRETAIL.COM 9

11 PEMBROKE LAKES MALL PINES BOULEVARD: 52,000 ADT HAITUS ROAD: 23,000 ADT STARBUCKS & PIE FIVE PIZZA MARKET AERIAL ATLANTICRETAIL.COM 10

12 PEMBROKE LAKES MALL STARBUCKS & PIE FIVE PIZZA MARKET AERIAL ATLANTICRETAIL.COM 11

AREA ATTRACTIONS 5 1. North Perry Airport 4.6 miles 2. Hard Rock Stadium 7.6 miles 3. Miami Opa-Locka Executive Airport 10.2 miles 4. FIU Biscayne Bay 16.

13 AREA ATTRACTIONS 5 1. North Perry Airport 4.6 miles 2. Hard Rock Stadium 7.6 miles 3. Miami Opa-Locka Executive Airport 10.2 miles 4. FIU Biscayne Bay 16.3 miles 5. Port Everglades 17.4 miles 6. Fort Lauderdale-Hollywood International Airport 18.6 miles STARBUCKS & PIE FIVE PIZZA MARKET AERIAL ATLANTICRETAIL.COM 12

BEDROOM COMMUNITY FOR THE GREATER MIAMI AREA Pembroke Pines is a city in southwest Broward County, Florida, situated between Fort Lauderdale and Miami.

14 BEDROOM COMMUNITY FOR THE GREATER MIAMI AREA Pembroke Pines is a city in southwest Broward County, Florida, situated between Fort Lauderdale and Miami. The city had a population of 154,750 at the 2010 census, making it the second most populous city in Broward County and the tenth most populous in Florida. It is a principal city of the Miami metropolitan area (over 6 million inhabitants as of 2015) and serves as a bedroom community for the Greater Miami area, thus contributing to a high level of residential development activity. STARBUCKS & PIE FIVE PIZZA MARKET OVERVIEW ATLANTICRETAIL.COM 13

NEAR REGIONAL AIRPORTS Pembroke Pines has been named one of the best cities to live in America by Money Magazine in 2014 (the only Florida city on that list), and its convenient location offers easy

15 NEAR REGIONAL AIRPORTS Pembroke Pines has been named one of the best cities to live in America by Money Magazine in 2014 (the only Florida city on that list), and its convenient location offers easy accessibility to primary highways and interstates, key employment centers, entertainment venues, parks, golf courses, restaurants and retail/commercial destinations. Fort Lauderdale-Hollywood International Airport is less than 20 miles away, which serves 26.9 million passengers. Miami International Airport, which served nearly 41 million passengers in 2015, is within 25 miles. Pembroke Pines is served by major thoroughfare Interstate 75 with nearby access to Florida s Turnpike and Interstate 95. STARBUCKS & PIE FIVE PIZZA MARKET OVERVIEW ATLANTICRETAIL.COM 14

16 AFFLUENT MARKET AREA The Pembroke Pines trade area benefits from nearly one million people with significant disposable income. Area attractions include Pembroke Lakes Mall a super-regional mall with over one million square feet of national retail and restaurants as well as the upcoming Pembroke Pines City Center a 350,000 square foot lifestyle center scheduled to begin construction in September Additionally, Sawgrass Mills and The Colonnade Outlets the largest outlet and value retail shopping destination in the U.S. with over 2.2 million square feet are located approximately 12 miles from Pembroke Pines. The Miami Dolphins Sun Life Stadium is less than eight miles away in nearby Miami Gardens. STARBUCKS & PIE FIVE PIZZA MARKET OVERVIEW ATLANTICRETAIL.COM 15

Demographics DEMOGRAPHICS 1 MILE 3 MILES 5 MILES DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Estimated Population 24,101 152,771 407,153 Est. White 56.6% 59.1% 58.

17 Demographics DEMOGRAPHICS 1 MILE 3 MILES 5 MILES DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Estimated Population 24, , ,153 Est. White 56.6% 59.1% 58.6% 2022 Projected Population 25, , ,037 Est. Black 29.6% 28.3% 29.0% POPULATION 2010 Census Population 20, , , Census Population 18, , ,783 Projected Annual Growth ( ) 1.3% 1.3% 1.2% Historical Annual Growth ( ) 1.7% 2.3% 2.1% Estimated Households 9,491 57, , Projected Households 9,786 59, , Census Households 8,318 50, , Census Households 7,880 43, ,150 Projected Annual Growth ( ) 0.6% 0.7% 0.7% RACE Est. Asian or Pacific Islander Est. American Indian or Alaska Native 4.8% 5.3% 4.9% 0.3% 0.2% 0.3% Est. Other Races 8.7% 7.0% 7.2% Est. Hispanic Population Est. Hispanic Population 2022 Projected Hispanic Population 10,023 57, , % 37.3% 42.9% 43.5% 39.1% 44.5% Historical Annual Growth ( ) 1.2% 1.9% 1.8% Est. HH Income $200, % 4.7% 5.9% 2010 Hispanic Population 40.9% 35.4% 41.7% Est. HH Income $150,000-$199, % 5.9% 6.2% Est. HH Income $100,000 $149, % 14.7% 15.8% Est. HH Income $75,000-$99, % 15.2% 14.1% INCOME Est. HH Income $50,000 $74, % 19.0% 18.6% Est. HH Income $35,000 $49, % 13.0% 12.8% Est. HH Income $25,000 $34, % 9.1% 8.8% Est. HH Income $15,000 $24, % 9.1% 8.7% Est. HH Income Under $15, % 9.2% 9.0% Est. Average Household Income $69,454 $77,862 $82,414 Est. Median Household Income $63,247 $66,040 $69,080 STARBUCKS & PIE FIVE PIZZA DEMOGRAPHICS ATLANTICRETAIL.COM 16

18 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 Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. 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. Atlantic Retail Investment Services 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, PCBs or asbestos, the compliance with State and Federal regulations, 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, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services 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. STARBUCKS & PIE FIVE PIZZA CONFIDENTIALITY ATLANTICRETAIL.COM 17

19 PEMBROKE PINES, FLORIDA Representative Photo Starbucks & Pie Five Pizza Representative Photo Asking Price: $4,410,686 Cap Rate: 5.25% Michael Zimmerman BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM

CLICK FOR DRONE IMAGES. Click Image For Online Property Map

CLICK FOR DRONE IMAGES. Click Image For Online Property Map CLICK FOR DRONE IMAGES O F F E R I N G M E M O R A N D U M Click Image For Online Property Map DISCLOSURE : All materials and information received or derived from Fortis Net Lease (hereinafter collectively