ABSOLUTE NNN GROUND LEASE Brand New Construction Investment Opportunity

ACTUAL SITE

3984 SW 43RD STREET

GAINESVILLE FLORIDA

REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP

EXCLUSIVELY MARKETED BY

PATRICK NUTTEVP, NNLG & Market LeaderSRS National Net Lease Group

200 SW First Avenue, Suite 970Fort Lauderdale, FL 33301D 954.302.7365 | M 703.434.2599patrick.nutt@srsre.com FL License No. BK3120739

Qualifying Broker: John Artope, SRS Real Estate Partners-Southeast, LLC |FL License No. BK3172617

3 NATIONAL NET LEASE GROUP

Parcel Map

OFFERING SUMMARY Offering

Property Specifications

ASKING PRICE $4,111,111

CAP RATE 4.50%

NET OPERATING INCOME $185,000

CASH/CASH 5.04%

PROPERTY ADDRESS 3984 SW 43rd Street Gainesville, FL 32608

RENTABLE AREA 8,392 SF

LAND AREA 2.09 Acres

YEAR BUILT 2019

TENANT Texas Roadhouse, Inc.

GUARANTY Corporate

LEASE TYPE Absolute NNN (Ground Lease)

LANDLORD RESPONSIBILITIES None

LEASE TERM 15 Years

INCREASES 10% Every 5 Years

OPTIONS 3 (5-Year)

RENT COMMENCEMENT November 20, 2019

LEASE EXPIRATION November 30, 2034

*Property being sold with ~$2.1M Non-Recourse Loan in Place. See page 5 for details

ACTUAL SITE 4 NATIONAL NET LEASE GROUP

RENT ROLL & INVESTMENT HIGHLIGHTSFor financing options and loan quotes:Please contact our SRS Debt & Equity team at debtequity-npb@srsre.com.

Lease Term Rental Rates

TENANT NAME SF LEASE START LEASE END BEGIN INCREASE MONTHLY ANNUALLY PSF OPTIONS

Texas Roadhouse 8,392 Nov. 2019 Nov. 2034 Current - $15,417 $185,000 $22.04 3 (5-Year)

(Corporate Guaranty) Dec. 2024 10% $16,958 $203,500 $24.25 10% Increase at Beg.of Each OptionDec. 2029 10% $18,654 $223,850 $26.67

Brand New 15-Year Ground Lease | Corporate Guaranteed | Scheduled Rental Increases

• Texas Roadhouse, Inc. corporate guaranteed ground lease (NASDAQ: TXRH)• Brand new construction that features a 15-year lease with 3 (5-year) options

to extend, demonstrating their long-term commitment to the site • The lease features 10% rental increases every 5 years throughout the initial

term and at the beginning of each option period, generating NOI growth and hedging against inflation

Absolute NNN | Land Ownership | Zero Landlord Responsibilities

• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises

• No landlord responsibilities• Landlord will be the leased fee owner (land ownership only)

Strong Demographics In 5-mile Trade Area• More than 136,000 residents and 122,000 employees support the trade area• $66,290 average household income• 141,000 residents within a 15-minute drive

The Commons at Celebration Pointe | Retail Thoroughfare |Excellent Visibility & Access

• The Commons at Celebration Pointe serves as the entrance for Celebration Pointe mixed-use development with over 1 million square feet of retail, entertainment, restaurant, Class A office, hospitality and luxury residential space

• Nearby national/credit tenants include Starbucks, Wawa, Cracker Barrel, Bass Pro Shops, Walmart Supercenter, and more

• Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover exposure for this site

• The asset benefits from significant street frontage and multiple points of ingress/egress, providing convenience and ease for customers

Future HCA Medical Campus/Hospital | Interstate 75• Texas Roadhouse is positioned directly across from the future HCA Medical

Campus located on 50 acres• Strategically located off Archer Road (54,500 VPD) and direct access to I-75

(90,500 VPD)

ACTUAL SITE 5 NATIONAL NET LEASE GROUP

PRICING SUMMARYFor financing options and loan quotes:Please contact our SRS Debt & Equity team at debtequity-npb@srsre.com.

PRICING SUMMARY

Price $4,111,111

Price/SF $486.52

Net Operating Income $185,000

Cap Rate 4.50%

Cash/Cash 5.04%

EXISTING FINANCING (ASSUMABLE)

Original Balance (3/10/2020): $2,100,000

Interest Rate (365/360): 3.40%

Amortization Period: 30 Years

Maturity Period: 10 Years

Annual Payment: $112,462

Effective Date 3/10/2020

Maturity Date: 3/10/2030

Balloon Payment: $1,628,734

Loan Type: Non-Recourse

Loan Amortization Schedule

Year Start Date Starting Balance Swap Rate Interest Payment Principal Payment Total Payment

1 3/10/2020 $2,100,000 3.40% $71,768 $40,694 $112,462

2 3/10/2021 $2,059,306 3.40% $70,344 $42,119 $112,462

3 3/10/2022 $2,017,187 3.40% $68,869 $43,593 $112,462

4 3/10/2023 $1,973,594 3.40% $67,707 $44,755 $112,462

5 3/10/2024 $1,928,839 3.40% $65,585 $46,878 $112,462

6 3/10/2025 $1,881,961 3.40% $64,132 $48,330 $112,462

7 3/10/2026 $1,833,631 3.40% $62,439 $50,023 $112,462

8 3/10/2027 $1,783,608 3.40% $60,852 $51,610 $112,462

9 3/10/2028 $1,731,998 3.40% $59,198 $53,264 $112,462

10 3/10/2029 $1,678,734 3.40% $56,687 $1,678,734 $1,735,421

6 NATIONAL NET LEASE GROUP

PROPERTY OVERVIEW

Location

Parking

Access

Parcel

Traffic Counts

Year Built

Improvements

Zoning

Located inGainesville, FL

Alachua County

There are approximately 161 parking spaces

on the owned parcel.

The parking ratio is approximately 19.05 stalls per

1,000 SF of leasable area.

SW 43rd Street 3 Access Points

Archer Road1 Access Point

Parcel Number: 06817-003-000

Acres: 2.09

Square Feet: 91,040 SF

Archer Road 54,500 Cars Per Day

Interstate 75 90,500 Cars Per Day

2019

There is approximately 8,392 SF of existing building area

Commercial

7 NATIONAL NET LEASE GROUP

UNIVERSITY UNIVERSITY OF FLORIDAOF FLORIDA

(56,000+ STUDENTS)(56,000+ STUDENTS)

KIMBALL WILES KIMBALL WILES ELEMENTARY SCHOOLELEMENTARY SCHOOL

FUTURE HCA FUTURE HCA HOSPITAL/MEDICAL HOSPITAL/MEDICAL

CAMPUSCAMPUS

KANAPAHA KANAPAHA MIDDLE SCHOOLMIDDLE SCHOOL

ARCHER ROAD

ARCHER ROAD

STATE HIGHWAY 93 / INTERSTATE 75

STATE HIGHWAY 93 / INTERSTATE 75

CARS PER DAY51,500

CARS PER DAY54,500

CARS PER DAY90,500

8 NATIONAL NET LEASE GROUP

SW 43RD STSW 43RD ST

INTERSTATE 75/STATE HIGHWAY 93INTERSTATE 75/STATE HIGHWAY 93

ARCHER ROAD

ARCHER ROAD

STATE HIGHWAY 121STATE HIGHWAY 121

CARS PER DAY26,500

CARS PER DAY90,500

CARS PER DAY36,700CARS PER DAY

54,500

UNIVERSITY OF UNIVERSITY OF FLORIDAFLORIDA

LAKE ALICELAKE ALICE

NEWNANS LAKENEWNANS LAKE

GAINESVILLE PLAZAGAINESVILLE PLAZA

GAINESVILLE GAINESVILLE REGIONAL AIRPORTREGIONAL AIRPORT

BUTLER NORTHBUTLER NORTHBUTLER PLAZABUTLER PLAZA

BUTLER TOWN CENTERBUTLER TOWN CENTER

CARS PER DAY54,500

FUTURE HCA FUTURE HCA HOSPITAL/MEDICAL HOSPITAL/MEDICAL

CAMPUSCAMPUS

9 NATIONAL NET LEASE GROUP

SW. 43RD ST.

SW. 43RD ST.

ARCHER ROAD

ARCHER ROAD

INTERSTATE 75/STATE HIGHWAY 93

INTERSTATE 75/STATE HIGHWAY 93

CARS PER DAY54,500

CARS PER DAY90,500

BUTLER BUTLER ENTERPRISESENTERPRISES

CARS PER DAY26,500

FUTURE HCA FUTURE HCA HOSPITAL/MEDICAL HOSPITAL/MEDICAL

CAMPUSCAMPUS

10 NATIONAL NET LEASE GROUP

SW. 43RD ST.

SW. 43RD ST.

ARCHER ROAD

ARCHER ROAD

INTERSTATE 75/STATE HIGHWAY 93

INTERSTATE 75/STATE HIGHWAY 93

CARS PER DAY54,500

CARS PER DAY90,500

FUTURE HCA FUTURE HCA HOSPITAL/MEDICAL HOSPITAL/MEDICAL

CAMPUSCAMPUS

JACKSONVILLE80 miles

DAYTONA BEACH 110 miles

ORLANDO110 miles

GAINESVILLE

11 NATIONAL NET LEASE GROUP

LOCATION MAP

2019 ESTIMATED POPULATION

1 Mile 4,949

3 Mile 65,238

5 Mile 136,865

2019 AVERAGE HOUSEHOLD INCOME

1 Mile $39,470

3 Mile $49,514

5 Mile $65,290

2019 ESTIMATED TOTAL EMPLOYEES

1 Mile 7,544

3 Mile 36,076

5 Mile 122,869

12 NATIONAL NET LEASE GROUP

AN OPPORTUNITY WORTH CELEBRATING

Celebration Pointe is a new kind of mixed-use development located in Gainesville, FL, a city on the rise in the fourth fastest growing state in the nation. Located along a mile of frontage along I-75, Celebration Pointe benefits from prime visibility to locals and visitors. Celebration Pointe is a major attraction to more than 75,000 students that live most of the year in Gainesville, in addition to a growing local population of eager, affluent shoppers. The mixed-use development is poised to become a community staple for the Gator coaches’ talk radio shows and events, thanks to an athletic partnership with the University of Florida.

• Size – 1,000,000+ SF of retail, entertainment, restaurant, Class A office, hospitality and luxury residential space

• Total Acreage – 160 developable acres

• Tenant Mix:– 82,000 SF Bass Pro Shops– 18,000 SF Dave & Busters– 10,000 SF Steve Spurrier’s

Restaurant “coming soon”– 10-screen state-of-the-art luxury

Regal Cinemas theatre– 65,000 SF Info Tech, Inc. world

headquarters with 300 employees– 14,000 SF Nike Factory Store– 8,000 SF Tommy Hilfiger

• Total of 1,000+ residential offerings including apartments, urban town homes and single-family residences.

• New multi-modal bridge across I-75 creates a primary access point between east and west Gainesville.

• Development is the first in North Central Florida with Gigablast Internet service.

• Over 70,000 SF of Class-A office building is fully leased with 450 employees.

• Hotel Indigo opened Fall 2018 with 140 rooms and meeting space.

• HoM Hotel and Suites with 114 rooms and meeting space.

CELEBRATION POINTE OVERVIEW

13 NATIONAL NET LEASE GROUP

AREA OVERVIEW Gainesville, Florida

The City of Gainesville is the most populous city in, and serves as the county seat of, Alachua County. The City also serves as the cultural, educational and commercial center for the North Central Florida region. Gainesville is located midway between the Gulf of Mexico and the Atlantic Ocean and halfway between Miami and Pensacola. There are approximately 60 square miles of land included within the corporate boundaries of the City. The City of Gainesville had a population of 133,918 as of July 1, 2019.

The economic landscape in Gainesville continues to be dominated by the government sector. Statistics compiled by the Bureau of Economic and Business Research at the University of Florida indicate that one of every three jobs in Gainesville is provided by the federal, state or local government. Greater Gainesville’s industry assets are unmatched. Low operating costs, the state’s youngest and most educated population, and global connectivity have supported Greater Gainesville’s transformation into a global hub of talent, innovation and opportunity.

Greater Gainesville is home to a growing IT/Software sector with companies ranging from game development, to human engagement. Coupled with Florida’s status as an in-demand location for hi-tech establishments, Greater Gainesville’s tech scene provides the perfect place for tech companies of all sizes.Greater Gainesville’s advanced manufacturing sector represents the future of the industry in Florida. Ranging from large-scale medical device manufacturers, to life-saving gear for first responders, Greater Gainesville’s manufacturing sector–which is comprised of about 200 companies employing 4,000 people– has evolved into a go-to source for in-demand consumer goods.

Gainesville is home to Florida’s largest and oldest university, and is one of the state’s centers of education, medicine, cultural events and athletics. The University of Florida and Shands Hospital at UF are the leading employers in Gainesville and provide jobs for many residents of surrounding counties. Known for its preservation of historic buildings and the beauty of its natural surroundings, Gainesville’s numerous parks, museums and lakes provide entertainment to thousands of visitors. Because of its beautiful landscape and urban “forest,” Gainesville is one of the most attractive cities in Florida.

The area contains access to four major highways: I-75, U.S. 301, S.R. 26 and U.S. 441. The cities of Orlando, Tampa, and Jacksonville can be reached within a two-hour drive, while St. Augustine, Ocala and Lake City are within a one-hour drive. CSX Transportation provides Gainesville with daily freight service, while Amtrak offers train-to-bus passenger service direct to downtown Gainesville, and the Gainesville Regional airport offers service to: Atlanta, Charlotte, Miami and Dallas Fort Worth. The Jacksonville Port Authority is only 80 miles away.

14 NATIONAL NET LEASE GROUP

AREA DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

2019 Estimated Population 4,949 65,238 136,865

2024 Projected Population 5,531 68,786 143,140

2010 Census Population 4,730 59,996 125,897

Projected Annual Growth 2019 to 2024 2.25% 1.06% 0.90%

Historical Annual Growth 2010 to 2019 0.58% 0.95% 0.94%

2019 Estimated Households 2,099 28,109 55,896

2024 Projected Households 2,386 29,663 58,596

2010 Census Households 2,004 26,159 51,775

Projected Annual Growth 2019 to 2024 2.60% 1.08% 0.95%

Historical Annual Growth 2010 to 2019 0.58% 0.82% 0.86%

2019 Estimated Average Household Income $39,470 $49,514 $65,290

2019 Estimated Median Household Income $26,812 $29,560 $39,096

2019 Estimated Per Capita Income $15,916 $21,271 $26,835

2019 Estimated Total Businesses 433 1,874 5,769

2019 Estimated Total Employees 7,544 36,076 122,869

ACTUAL SITE 15 NATIONAL NET LEASE GROUP

BRAND PROFILE

Texas Roadhouse texasroadhouse.com

Texas Roadhouse, Inc. is a growing restaurant company operating in the casual dining segment. Founder, chairman and chief executive officer, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Today, the Company operates over 610 restaurants system-wide in 49 states and ten foreign countries. In addition, Texas Roadhouse operate two restaurants outside of the casual dining segment. The company was founded in February 17, 1993 and is headquartered in Louisville, Kentucky.

COMPANY TYPE 2019 EMPLOYEES 2019 REVENUE

Public (NASDAQ: TXRH) 67,900 $2.76 B

2019 NET INCOME 2019 ASSETS 2019 EQUITY

$174.45 M $1.98 B $915.99 M

RETAIL PROFESSIONALS

275+

OFFICES

25+

LARGEST REAL ESTATE SERVICES FIRMin North America

exclusively dedicated to retail

#1

RETAIL TRANSACTIONS

in 2019 company wide

2100+

PROPERTIES SOLD

in 2019 NNLG

485

TRANSACTION VALUE in 2019 NNLG

$1.5B

SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.

This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made

available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not

purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified

purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

*Statistics are for 2019

SRSRE.COM/NNLG