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COLUMBUS, OH

Dollar Tree

OFFERING MEMORANDUM

CONFIDENTIALITY AND 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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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, PCB's 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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.

COLUMBUS, OH

Dollar Tree

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

NET LEASED DISCLAIMER

Dollar TreeCOLUMBUS, OH

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

Dollar Tree


PRICING AND FINANCIAL ANALYSIS

1



This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.

FINANCING

Annualized Operating Data

1351 S Parsons AveColumbus, OH 43206

Price $1,200,000

Down Payment 100% / $1,200,000

Rentable Square Feet 9,960

Price/SF $120.48

CAP Rate 8.19%

Year Built /Renovated 1994/2016

Lot Size .541 acres

Type of Ownership Fee Simple

Location

Rent Increases Annual Rent Monthly

Option 2 (10/1/19 - 9/30/24 $107,761.80 $8,980.15

Option 3 (10/1/24 - 9/30/29 $118,238.04 $9,853.17

Base Rent ($9.86/SF) $98,238

Net Operating Income $98,238

Capital Reserves $1,992

Total Return 8.02% / $96,246

2

Tenant Trade Name Dollar Tree

Ownership Public

Tenant Corporate Store

Lease Guarantor Corporate Guarantee

Lease Type Double Net

Roof and Structure Landlord Responsible

Lease Term 5 years

Lease Commencement Date 3/15/2002

Rent Commencement Date 10/1/2014

Lease Expiration Date 9/30/2019

Term Remaining on Lease 2.25+ years

Increases 10% each option

Options Two 5-Year Options



Tenant Summary


Tenant Responsibilities: 100% of taxes & insurance & utilities. Tenant is responsible for maintenance & repairs up to $2000 per year, HVAC maintenance & repairs up to $2000 per year and Parking Lot Maintenance including snow removal up to $3,000 per year. Tenant pays insurance directly. Tenant pays 100% of taxes directly to Family Dollar.

Landlord Responsibilities: Roof, structure, parking lot, landscaping, HVAC replacement or repairs in excess of $2000 per year, maintenance & repairs in excess of $2000 per year and parking lot repairs and replacement in excess of $3000 per year.

FINANCIAL OVERVIEW

3



Property Name Dollar Tree

Property Address 1351 S Parsons Ave

Columbus, OH 43206

Property Type Net Leased Discount


Tenant Trade Name Dollar Tree

Ownership Public

Tenant Corporate Store

Sales Volume $8.60 Billion (2015)

Net Worth $1.78 Billion (2015)

Lease Guarantor Corporate Guarantee

Credit Rating Ba2

Rating Agency Moody's

Stock Symbol DLTR

Board NASDAQ

Rank #330 in Fortune 500 (2015)

Original Lease Commencement Date 3/15/2002

First Option Rent Commencement Date 10/1/2014

Lease Expiration Date 9/30/2019

Term Remaining on Lease 2.25+ years

Lease Type Double Net

Roof and Structure Landlord Responsible

Lease Term 5 years

Year 1 Net Operating Income $98,238

Increases 10% each option

Options to Renew Two 5-Year Options

Options to Terminate None

Options to Purchase None

First Right of Refusal No

No. of Locations 13,600

Headquartered Chesapeake, Virginia

Web Site http://www.dollartree.com/

Franchisee Profile

Years in the Business 57

Other Concepts Owned Family Dollar


Dollars may not grow on trees, but Dollar Tree stores work hard to bring in the green. The company operates more than 13,200 Dollar Tree, Deal$,

Dollar Bills, and Family Dollar discount stores in 48 US states and the District of Columbia, and in five provinces in Canada. Stores carry a mix of

housewares, toys, seasonal items, food, health and beauty aids, gifts, and books. At Dollar Tree shops, most items are priced at $1 or less while

Family Dollar merchandise is usually less than $10. The stores are located in high-traffic strip centers and malls often in small towns. It purchased

fellow discounter Family Dollar in 2015.

TENANT OVERVIEW


PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present for purchase the fee simple Dollar Tree in Columbus, OH with over 2.25 years on the current lease term. While this location operated as a Family Dollar as late as May 2016, Dollar Tree is taking over this location, renovating it with new signage & updates to make it one of their stores. Dollar Tree will fully occupy the 9,960 square-foot freestanding building positioned with excellent exposure at 1351 Parsons Avenue. Originally a build to suit for Rite Aid, Family Dollar subleased the space from Rite Aid starting in March 2002.

Dollar Tree operates on a double net lease with the landlord responsible for roof and structure. Following an initial 5-year term that ran from 2009-2014 on the current sublease, Dollar Tree is now in its first 5-year option period, which expires on September 30, 2019. Two more option periods remain with 10% rental increases at each renewal.

The subject property is strategically located just north of a signalized intersection in a retail corridor undergoing redevelopment. This store is surrounded by many national retailers, including CVS, Kroger, Advance Auto Parts, Dollar General, O'Reilly Auto Parts, Rent-A-Center, Rally's, Citizens Bank & Check Smart. In June 2016 Nationwide Children's Hospital announced a massive $730MM expansion at its campus, which sits west of Parsons Avenue and 1.2 miles from this Dollar Tree.

Columbus, OH is the capital and the largest city in Ohio. Columbus has a population of approximately 825,918 and serves as the county seat for Franklin County. Franklin County offers a metropolitan lifestyle with many of the area's major educational, shopping, dining, and cultural attractions. Columbus is the 15th largest in the nation. In addition to government, other major industries in the county (in terms of employment and payroll) include services, retail trade, finance and insurance, and manufacturing.

Investment Highlights

■ Dollar Tree is renovating this location with new signage &updates

■ 2.25+ years remaining on NN Lease with CorporateGuaranty from Dollar Tree, Incorporated

■ NYSE: DLTR is a Fortune 500 Company with $8.6 Billionin Revenues in 2015

■ 10% Rental Increase in each of the Two Remaining 5-YearOption Periods

■ Over 92k population in 3-mile & over 276k in 5-mile radius

■ Moody's Rated Ba2 Credit Tenant

■ Nearly 17k VPD in redevelopment area

■ Store is just 1.2 miles from Nationwide Children's Hospital,which is undergoing a $730MM expansion

5




INVESTMENT OVERVIEW

Headquartered in Chesapeake, Virginia, Dollar Tree is the largest and most successful single-price-point retailer in North America, operating thousands of stores across 48 contiguous U.S. states and five Canadian provinces, supported by a solid and scalable logistics network.

At Dollar Tree, we are committed to serving the best interests of our shareholders. We seek to enhance shareholder value not only through exceptional business performance and practices, but also through responsible and effective communication. To help put Dollar Tree, Incorporated's financial performance into perspective, our Investor Relations site provides the latest company information relevant to the individual. It's all about the thrill of the hunt!We love to hear from our customers and overwhelmingly the two comments we repeatedly receive are:"I can't believe this cool item I just found at Dollar Tree!" AND..."I can't believe it's only $1.00!"

That's when we know we've done our jobs right! We have worked hard to create an environment where shopping is fun... a place where our customers can discover new treasures every week... a store where entire families can enjoy hunting for that special something. Every Dollar Tree store is bright and well lit, clean and well organized, and stocked with endless hidden treasures!

Just as important, especially during these tough economic times, we continue to offer our customers products they need at extreme values! We carry a broad, exciting mix of merchandise that includes many trusted national and regional brands. Some of the product departments you'll find at Dollar Tree include: housewares, glassware, dinnerware, cleaning supplies, candy, snacks, food, health and beauty, toys, gifts, gift bags and wrap, party supplies, stationery, craft supplies, teaching supplies, books, seasonal décor, and more! Everything you need for every day, every holiday, every occasion...and every single item is only $1 (or less)!

The best part is that there is probably a Dollar Tree store near you! We are a national company with thousands of stores conveniently located in shopping centers and malls in all 48 contiguous states. Plus, you can conveniently shop online with Dollar Tree Direct for case-quantities of the same items you’d find in our stores (small retailers and service industries should visit our Small Business Center for additional information).

6




INVESTMENT OVERVIEW

7



The Offering

Property Dollar Tree

Property Address 1351 S Parsons Ave

Columbus, OH 43206

Assessor's Parcel Number 010-022197

Site Description

Number of Stories 1

Year Built/Renovated 1994 / 2016


Lot Size .541 acres

Type of Ownership Fee Simple


PROPERTY SUMMARY

8




PROPERTY PHOTOS

LOCAL REDEVELOPMENT


9


Nationwide Children's Hospital $730 million expansion announced in June 2016: Nationwide Children's major transformation will add six new buildings

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.

Local Map Regional Map

10




AREA MAPS

AERIAL PHOTO


11


This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age areapproximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services of Ohio, Inc. © 2017 Marcus &Millichap. All rights reserved.


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 24,127 96,234 274,630

2010 Population 21,092 89,017 267,012

2014 Population 21,853 92,170 276,904

2019 Population 21,429 91,064 276,741

2000 Households 9,942 39,907 111,314

2010 Households 9,187 37,974 108,083

2014 Households 9,603 39,720 113,029

2019 Households 9,550 39,891 114,133

2014 Average Household Size 2.25 2.16 2.30

2014 Daytime Population 7,069 141,408 244,779

2000 Owner Occupied Housing Units 42.55% 37.77% 42.04%

2000 Renter Occupied Housing Units 46.49% 48.94% 47.57%

2000 Vacant 10.96% 13.29% 10.40%



2014 Vacant 15.14% 16.97% 12.07%



2019 Vacant 15.62% 17.24% 12.17%

$ 0 - $14,999 21.7% 28.2% 23.9%

$ 15,000 - $24,999 15.5% 15.4% 14.7%

$ 25,000 - $34,999 12.0% 12.2% 12.6%

$ 35,000 - $49,999 14.9% 13.2% 14.5%

$ 50,000 - $74,999 15.9% 13.9% 15.8%

$ 75,000 - $99,999 8.2% 7.0% 8.1%

$100,000 - $124,999 5.0% 3.8% 4.1%

$125,000 - $149,999 1.6% 1.9% 2.1%

$150,000 - $199,999 2.4% 2.0% 1.9%

$200,000 - $249,999 1.2% 1.1% 0.9%

$250,000 + 1.6% 1.3% 1.3%

2014 Median Household Income $35,657 $30,467 $33,974

2014 Per Capita Income $24,461 $21,839 $21,671

2014 Average Household Income $55,403 $48,894 $51,340

Demographic data © 2012 by Experian.

13




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 276,904. The population has changed by 0.82% since 2000. It is estimated

that the population in your area will be 276,741 five years from now, which represents a change of 0.05% from the current year. The

current population is 49.56% male and 50.43% female. The median age of the population in your area is 31.3, compare this to the

Entire US average which is 37.3. The population density in your area is 3,520.46 people per square mile.

Households

There are currently 113,028 households in your selected geography. The number of households has changed by 1.54% since 2000.

It is estimated that the number of households in your area will be 114,132 five years from now, which represents a change of 0.97%

from the current year. The average household size in your area is 2.29 persons.

Income

In 2014, the median household income for your selected geography is $33,973, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 11.20% since 2000. It is estimated that the median

household income in your area will be $39,539 five years from now, which represents a change of 16.38% from the current year.

The current year per capita income in your area is $21,671, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $51,340, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 59.10% White, 33.02% Black, 0.06% Native American and 2.20%

Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and

5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 4.10% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 52,221 owner occupied housing units in your area and there were 59,093 renter occupied housing units in your

area. The median rent at the time was $423.

Employment

In 2014, there are 244,778 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 57.52% of employees are employed in white-collar occupations in this geography, and 42.28% are employed in blue-collar

occupations. In 2014, unemployment in this area is 8.21%. In 2000, the average time traveled to work was 21.8 minutes.


14




SUMMARY REPORT

Number of people living in a given area per square mile.


15




POPULATION DENSITY

The number of people employed in a given area per square mile.


16




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


17




AVERAGE HOUSEHOLD INCOME

Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.

18




TRAFFIC COUNTS

* Traffic Count Estimate

COLUMBUS, OH

OFFERING MEMORANDUM

Dollar Tree

Offices Throughout the U.S. and Canada

www.MarcusMillichap.com

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