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Applebee’s7 9 9 5 1 1 3 t h S t r e e t | S e m i n o l e , F L O F F E R I N G M E M O R A N D U M

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F i n a n c i a l O v e r v i e w

P r o p e r t y O v e r v i e w

A r e a O v e r v i e w

K y l e M At t h e w sBROKER OF RECORD

LIC # CQ1052263

e x c l u s i v e ly l i s t e d b y

A r o n C l i n e

SVP & Senior Director

Aron.Cl ine@matthews.comDIR (949) 432-4509MOB (818) 632-0233LIC # 01904371 (CA)

C a lv i n S h o r t

FVP & Senior Director

Calvin.Short@matthews.comDIR (949) 432-4506MOB (310) 567-3525LIC # 01927216 (CA)

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Subject Property

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Subject Property

FINANCIAL OVERVIEW

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Executive Summary• 2017 construction and Applebee’s newest prototype build with outdoor patio seating

• New 15-year ground lease with 10% increases every 5 years

• Zero landlord responsibilities – excellent investment for passive investors

• Seasoned franchisee operator in Neighborhood Restaurant Partners Florida, LLC (68+ locations) with over $190,000,000 in annual revenue

• Argonne Capital, parent company of NRP Florida, LLC is the 4th largest operator for Applebee’s in the country and across all companies generates over $1.4 billion in annual revenue

STATE OF THE ART RETAIL & ENTERTAINMENT DESTINATION

• Prime outparcel to Seminole City Center, a recently completed, market dominant development with over 375,000 square feet of top tier retail and entertainment uses

• Extremely well-establish trade area with high barriers to entry and little, to no remaining large-scale development opportunities

• Pinellas County is Florida’s most densely populated county with over 300,000 residents within a 15-minute drive and the newest entertainment and retail destination

• Ideally positioned at the crossroads of 113th Street and Park Blvd which has combined traffic counts of over 65,000 cars per day

• Great visibility and access from 113th Street which serves as the main north/south thoroughfare connecting Seminole City Center with the affluent neighborhoods of Largo and Clearwater

• Strong mix of big box, entertainment and necessity-based retail with tenants such as Bealls, Stein Mart, Home Goods (TJX), Ulta, Earth Fare Supermarket, Publix, LA Fitness, Petco, Chase Bank, ABC Fine Wine & Spirits and Studio Movie Grill, a high-end dine-in cinema

IDEAL DEMOGRAPHICS & STABLE CONSUMER BASE

• Over 450,000 residents within a 20-minute drive time

• Population within a 3-mile radius of over 89,000 and average household income of over $70,500

• Population within a 5-mile radius of over 206,000 and average household income of over $66,400

• Over 36,000 annual tourists visit the immediate trade area

• Trade area features over 90,000 people with a college degree

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Subject Property

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Subject Property

APPLEBEE’S7995 113th StreetSeminole, FL 33772

List Price .......................................................................................................................................$4,300,000

CAP Rate - Current ............................................................................................................................... 5.00%

Gross Leasable Area .................................................................................................................. ± 5,290 SF

Lot Size ....................................................................................................................................... ± 1.32 Acres

Year Built .................................................................................................................................................... 2017

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Years 1-5 $17,916.67 $215,000.00 $40.64 5.00%

Years 6-10 $19,708.33 $236,500.00 $44.71 5.50%

Years 11-15 $21,679.17 $260,150.00 $49.18 6.05%

Option 1 $23,847.08 $286,165.00 $54.10 6.66%

Option 2 $26,231.79 $314,781.50 $59.51 7.32%

Option 3 $28,854.97 $346,259.65 $65.46 8.05%

Option 4 $31,740.47 $380,885.62 $72.00 8.86%

Option 5 $34,914.51 $418,974.18 $79.20 9.74%

Option 6 $38,405.97 $460,871.59 $87.12 10.72%

Tenant Summary

Tenant Trade Name Applebee’s

Type of Ownership Ground Lease

Lease Guarantor Neighborhood Restaurant Partners Florida, LLC

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 15 Years

Rent Commencement Date 6/26/2017

Lease Expiration Date 6/30/2032

Term Remaining on Lease ± 14.75 Years

Increases 10% Every 5 Years

Options Six, 5-Year Options*Tenant must provide written notice at least twelve (12) months prior to the expiration of the initial term or the first or second renewal term.

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PROPERTY OVERVIEW

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THE OFFERINGProperty Name Applebee’s

Property Address 7995 113th Street

Seminole, FL 33772

Assessor’s Parcel Number 27-30-15-00000-230-1100

Site DescriptionNumber of Stories One

Year Built 2017

Gross Leasable Area (GLA) ± 5,290 SF

Lot Size ± 1.32 Acres (57,499 SF)

Type of Ownership Ground Lease

Landscaping Professional

Topography Generally Level

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TENANT OVERVIEW

Trade Name Applebee’s

Parent Company (Franchiser) Dine Equity (NYSE:DIN)

Ownership Private

Guarantor/Tenant Neighborhood Restaurant Partners Florida, LLC

Restaurant Sales ± $188 Million

Parent Company Neighborhood Restaurant Partners, L.P.

Number of Locations ± 68

Headquartered Atlanta, GA

Website www.nrpneighborhood.com

Neighborhood Restaurant Partners Florida, LLC owns and operates a chain of Applebee’s restaurants in the Florida, Georgia, and Alabama markets. The company was founded in 2012 and is based in Atlanta, Georgia. Throughout the years, the company has invested in a substantial amount of Applebee’s restaurants. Their mission is to promote exceptional value and fun. Applebee’s is now the largest casual-dining chain in the world. Neighborhood Restaurant Partners Florida, LLC works hard to keep the signature of the Applebee’s brand, while working on new and innovative ideas for the future.

APPLEBEE’S INTERNATIONAL, INC.Applebee’s International, Inc., is an American company which develops, franchises, and operates the Applebee’s Neighborhood Grill and Bar restaurant chain. The company is headquartered in Kansas City, Missouri, after moving from Lenexa, Kansas, in September 2011. Applebee’s started with the same philosophy they follow today – focused on serving good food to good people. Today, what was once a popular neighborhood restaurant has

grown to become a popular restaurant in neighborhoods all across North America – with almost 2,000 locations and counting.

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The Seminole City Center is a new and dynamic retail development that holds a unique variety of tenants from restaurants to retail. SCC is located in the heart of Pinellas county, the most densely populated county in Florida. It is the center point of an extremely established trade area, and is surrounded by the highest demographic neighborhoods. SCC will contain multiple components, including a power/big box component that will be 170,000 SF, an entertainment/experience component that will be 105,000 SF, and a necessity-based retail component that will be 100,000 SF.

The majority of the major tenants that opened in 2016 are reporting sales levels that are well above chain average, and in many cases, are the top performing stores in the Tampa MSA. The final phases of construction will be completed in November 2017 in conjunction with the opening of Studio Movie Grill; a high-end boutique theater featuring 9 state-of-the-art movie screens.

Seminole City Center has already experienced an outpour of support from residents. The City Center is keeping the community updated on new developments and what to expect in the near future. It has filled a clear void in the market by providing a high-end shopping, dining, and entertainment experience.

SEMINOLE CITY CENTER

Seminole City Center:Site Plan

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Subject Property

Orthodontics

113th Street ± 21,000 ADTPark Blvd ± 44,000 ADT

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Park Blvd N ± 23,000 ADT

Freedom Square

Subject Property

Orthodontics

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AREA OVERVIEWAREA OVERVIEW

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d e m o g r a p h i c s

Located in Pinellas County, just 30 minutes west of Tampa, the city of Seminole is a lively place to live, work, and play, with something always going on. Florida is known for having some of the most excellent parks and lakes in the nation, and Seminole is home to several of them. Lake Seminole Park and Boca Ciega Millennium Park hold great outdoor activities and a beautiful scenery. The hiking trails allow people to explore the natural side of Florida.

Over the years, different community developments have helped Seminole become a great place for families. The community is working together to build up the area for the future. The crime and unemployment rates are extremely low throughout the area. A majority of the residents work in retail trade and manufacturing industries, with the most common occupations in sales and management.

POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 14,920 89,224 206,872

2017 Estimate 14,337 85,890 198,195

2010 Census 13,819 82,897 189,872

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2022 Projection 7,225 40,546 94,821

2017 Estimate 6,937 39,038 90,746

2010 Census 6,689 37,705 86,811

Growth 2017 - 2022 4.15% 3.86% 4.49%

INCOME 1 Mile 3 Mile 5 Mile

2017 Est. Average Household Income

$61,091 $70,537 $66,441

SEMINOLE, FL

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The Seminole community is working hard on new developments around the area. One of the main projects is focusing on bringing in more events and sites that will bring in more tourism. They are looking to connect with Orlando and portray some of their tourist techniques that are to ensure a boost in tourism numbers.

Other developments are focusing on expanding the education sector. The Ag Farm, which has been used for summer camps for surrounding schools is currently being renovated into Pinellas Technical High School at Seminole, or Tech High. The school is projected to open in August 2018 as Pinellas County’s first full-time technical high school. The main focus of the school will be to have the students spend their entire day at the school instead of coming for a couple hours for specific classes.

Seminole State College of Florida is also focusing on expanding their outreach and creating new events to promote their brand. Several efforts include hosting SQLSaturday Orlando, as well as take on the $300 million Reagan Center project. This project will bring on great housing areas for the school and residents.

NEW DEVELOPMENTS

9 miles outside of Seminole, Clearwater is an ideal destination for travelers and has prime real estate along the Gulf Coast. The Clearwater Street downtown district has many expanding marina facilities, which brings in a lot of boaters. Right next to downtown, Clearwater Beach is ranked one of the top most beautiful beaches in the nation. Many tourists come for the beautiful weather and relaxing atmosphere.

Clearwater hosts several events throughout the year that brings in visitors from all over the nation. There is always a water sporting event or dining experience that will be one-of-a-kind. Every month, the whole downtown area comes alive with special entertainment and promotes local vendors.

CLEARWATER, FL

Regional Map

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Located on the west coast of Florida, near the Gulf of Mexico, Tampa is one of the state’s most populated cities. The metropolitan area is a very popular region, being the 4th largest metropolitan area in the nation. With a tropical climate, Tampa brings in many tourists, as well as, a constantly growing residential area. Tampa can be divided up into 6 different sections: Downtown Tampa, New Tampa, West Tampa, East Tampa, North Tampa, and South Tampa.

The city has recently made redevelopment of downtown and residential areas a priority. Many of Tampa’s downtown area has been renovated with high-rise buildings and modern architecture. The city also made sure that all residential areas were remodeled with new lighting. Overall, Tampa is moving with the times and making sure their city is welcoming to residents and tourists.

TAMPA , FL

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Tampa is home to many different performing arts venues, theaters, and museums. Popular theaters include David A. Straz Jr. Center for the Performing Arts, Tampa Theatre, and Gorilla Theatre. Some popular Tampa organizations include the Florida Orchestra, Opera Tampa, and Stageworks Theatre. One of the most popular museums in the area is the Museum of Science and Industry. It has several floors of exhibits that relate to science, as well as, the only domed IMAX theater in Florida.

One of the most well-known events in Tampa is the celebration of “Gasparilla,” a mock pirate invasion held every year since 1904. Residents often refer to the event as Tampa’s “Mardi Gras.” The invasion is led by the pirate ship, “Jose Gasparilla,” and is followed by numerous parades and city activities. This event brings in over 400,000 attendees and contributes tens of millions of dollars to Tampa’s economy.

If you like sports, Tampa is the place to be. Tampa has four professional sports teams: Tampa Bay Buccaneers (NFL), Tampa Bay Rays (MLB), Tampa Bay Lightning (NHL), and the Tampa Bay Rowdies (AFL). Each team has brought home victories and keep building a growing fan base, specifically in baseball. For decades, Major League Baseball has had spring training facilities and minor league baseball teams in the area. The New York Yankees hold their spring training in Tampa, which brings out a large crowd each year.

CULTURE

EVENTS

SPORTS

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Applebee’s located at 7995 113th Street, Seminole, FL (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T

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BROKER OF RECORD

e x c l u s i v e ly l i s t e d b y

Applebee’s7 9 9 5 1 1 3 t h S t r e e t | S e m i n o l e , F L

™

K y l e M At t h e w sBROKER OF RECORDLIC # CQ1052263

A r o n C l i n e

SVP & Senior Director

Aron.Cl ine@matthews.comDIR (949) 432-4509MOB (818) 632-0233LIC # 01904371 (CA)

C a lv i n S h o r t

FVP & Senior Director

Calvin.Short@matthews.comDIR (949) 432-4506MOB (310) 567-3525LIC # 01927216 (CA)