1 1 0 3 1 3 T H S T R E E T S WS P E N C E R , I O W A

D O LL A R T R E E

Spencer, I owa

ACTUAL S ITE

Marcus and Millichap is pleased to present this Dollar Tree in Spencer, Iowa.

The subject asset is corporately guaranteed by Dollar Tree Stores, Incorporated (Inc.), operating more than 14,900 stores across the United States. The asset is backed by a double-net (NN) lease with more than six years remaining on the base term and two, five-year option periods. The lease offers a hedge against inflation with a RENTAL INCREASE of fifty cents per square foot in year six and each option .

The subject property benefits from being located in a DENSE RETAIL CORRIDOR with more than 500,000 square feet of retail in the surrounding mile. Significant capital commitment to the surrounding market, with more than eight million in development permits in the zip code. The Dollar Tree is a pad site to Menard’s, drawing in additional foot traffic. The asset also sits in the dominant retail corridor for the region, with several large national tenants in the surrounding area including Walmart, Sears, Hobby Lobby, JCPenney, Menard’s, and many more.

Additional national retailers in immediate vicinity include: Menard’s, McDonald’s, Arby’s, Hobby Lobby, JCPenney, Walmart Supercenter, Sears, Taco Bell, Burger King, Slumberland Furniture, KFC, and many more.

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2018 Marcus & Millichap. Activity ID# Z0332041

DOLLAR TREE | SPENCER, IOWA

I N V EST M E N T OV E RV I E W REPRESENTATIVE PHOTO

REPRESENTATIVE PHOTO

D O L L A R T R E E S P E N C E R I O W A

6+ YEARS ON DOUBLE-NET (NN)Double-Net (NN) Lease With More Than Six Years Remaining | Two, Five-Year Options With a Rental Increase of Five Percent in Year 6 and Four Percent in Each Option Period

CORPORATE GUARANTYS&P: BBB- | Operating More Than 14,900 Stores

PAD SITE TO MAJOR SUPERMARKETPad Site to Menards | Drawing More Foot Traffic to Subject Asset

IDEAL LOCATION & STRONG DEMOGRAPHICS• Dense Retail Corridor | More Than

500,000 Square Feet of Retail Within a Mile of Subject Asset

• Capital Commitment to Market | More Than Eight Million in Development Permits in Subject Asset Zip Code

INVESTMENT HIGHLIGHTS

DOLLAR TREE | SPENCER, IOWA

REPRESENTATIVE PHOTO

PRICE $1,290,000

CAP RATE 7.50%

NOI $96,750

PRICE PER SQUARE FOOT $143.33

RENT PER SQUARE FOOT $10.75

YEAR BUILT 2015

APPROXIMATE LOT SIZE 1.5 Acres

GROSS LEASEABLE AREA 9,000

TYPE OF OWNERSHIP Fee Simple

F I N A N C I A L O V E R V I E W 1 1 0 3 1 3 T H S T R E E T S WS P E N C E R , I O W A

A N N U A L I Z E D O P E R A T I N G D A T ABASE RENT ANNUAL RENT MONTHLY RENT

CURRENT 9/28/2020 $96,750.00 $8,062.50

9/29/2020 9/28/2025 $101,250.00 $8,437.50 5%

OPTIONS

9/29/2025 9/28/2030 $105,750.00 $8,812.50 4%

9/29/2030 9/28/2035 $110,250.00 $9,187.50 4%

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2018 Marcus & Millichap. Activity ID# Z0332041

DOLLAR TREE | SPENCER, IOWA

REPRESENTATIVE PHOTO

LEASE COMMENCEMENT DATE 9/29/2015

LEASE EXPIRATION DATE 9/30/2025

LEASE TERM 10 Years

TERM REMAINING 6+ Years

INCREASES 5 Percent in Year 6 and 4 Percent in Each Option Period

OPTIONS TO RENEW 2, 5-Years

OPTIONS TO TERMINATE Yes

L E A S E S U M M A RY

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2018 Marcus & Millichap. Activity ID# Z0332041

DOLLAR TREE | SPENCER, IOWA

REPRESENTATIVE PHOTO

Dollar Tree is an American chain of discount variety stores that sells items for one dollar or less and is the largest and most successful single-price-point retailer in North America. The company operates thousands of stores across 48 contiguous U.S. states and five Canadian provinces, supported by a solid and scalable logistics network.

The company operates one-dollar stores under the names of dollar Tree and Dollar Bills. The company also operates multi-price-point variety chains under the names Deals and Family Dollar. Dollar tree competes in the dollar store and low-end retail markets. Each Dollar Tree stocks a variety of products including national, regional, and private-label brands. Departments found in a Dollar Tree store include health and beauty, food and snacks, housewares, glassware, and many more. Most Dollar Tree stores also sell frozen foods and dairy items such as milk, eggs, pizza, ice cream, frozen dinners, and pre-made baked goods.

T E N A N T P R O F I L ETENANT TRADE NAME Dollar Tree

OWNERSHIP Public

TENANT Dollar Tree Stores, Incorporated (Inc.)

NUMBER OF LOCATIONS 14,900+ Locations

HEADQUARTERED Norfolk, Virginia

STOCK SYMBOL DLTR

CREDIT RATING BBB-

RATING AGENCY Standard & Poor’s

WEB SITE www.dollartree.com

LARGEST & MOST SUCCESSFUL SINGLE PRICE-POINT RETAILERIN NORTH AMERICA

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2018 Marcus & Millichap. Activity ID# Z0332041

DOLLAR TREE | SPENCER, IOWA

REPRESENTATIVE PHOTO

Spencer is a city in the state of Iowa and the county seat of Clay County. It is located at confluence of the Little Sioux and Ocehyedan rivers. Spencer’s downtown business district was recognized as historic and listed on the National Register of Historic places.

As the county seat and a railroad stop, Spencer also served as a center of trade for the farming county. Spencer is a certified cultural district in the State of Iowa. Current cultural attractions include the Spencer Community Theater, Arts on Grand, Parker Historical Museum, public art displays, and the Bogenrief Glass Studio. The economy of Spencer is specialized in agriculture, forestry, information and utilities, and hunting.

Spencer, known as “The Regional Hub,” continues to be the regional shopping center of Northwest Iowa creating a powerful retail pull factor of 57,000 potential customers. Located on US Highways 18 and 71, Spencer has expanded it’s retail sector into big box growth including: JC Penney’s, Wal-Mart, Sears, Staples, Menards and Bomgaars. Approximately 550 retail tax permits exists in Spencer. In the past several years retail sales have increased by 25 percent.

Improvements and projects either under construction or recently completed in Spencer in the past 10 years include over $30 million of community investment with just over $7 million of that amount in grant funding.

Each year Spencer is home of the Clay County Fair, the world’s largest county fair. Over 300,000 fair goers from all over the world attend this nine day event.

A B O U T S PE N C E R

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 are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of © 2018 Marcus & Millichap. Activity ID# Z0332041

DOLLAR TREE | SPENCER, IOWA

1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile 1-Mile 3-Mile 5-Mile

2010 Population 1,378 11,540 12,007 2010 Households 622 5,139 5,332 2018 Average HH Income $54,094 $63,026 $63,481

2018 Population 1,481 11,432 11,847 2018 Households 666 5,080 5,251 2018 Median HH Income $44,857 $50,580 $50,920

2023 Population 1,496 11,369 11,772 2023 Households 673 5,049 5,216 2018 Per Capita Income $24,326 $28,007 $28,137

DOLLAR TREE | SPENCER, IOWA

MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:

The i n f o rma t i on con t a i ned i n t h i s Ma r ke t i ng B rochu re has been ob t a i ned f r om sou rces we be l i e ve t o be r e l i ab l e. Howeve r, Ma rcus & M i l l i c hap has no t and w i l l no t ve r i f y an y o f t h i s i n f o rma t i on , no r has Ma rcus & M i l l i c hap conduc ted any i n ves t i ga t i on r ega rd i ng t hese ma t t e r s . Ma rcus & M i l l i c hap makes no gua ran t ee, wa r r an t y o r r ep resen t a t i on wha t soeve r abou t t he accu racy o r comp le t eness o f an y i n f o rma t i on p ro v i ded .

As t he Buye r o f a ne t l e a sed p rope r t y, i t i s t he Buye r ’s r e spons i b i l i t y t o i ndependen t l y con f i rm t he accu racy and comp le t eness o f a l l ma te r i a l i n f o rma t i on be fo re comp le t i ng any pu r chase. Th i s Ma rke t i ng B rochu re i s no t a subs t i t u t e f o r you r t ho rough due d i l i gence i n ves t i ga t i on o f t h i s i n ves tmen t oppo r t un i t y. Ma rcus & M i l l i c hap e xp ress l y den i e s any ob l i ga t i on t o conduc t a due d i l i gence e xam ina t i on o f t h i s P rope r t y f o r Buye r.

Any p ro j ec t i ons , op i n i ons , a s sump t i ons o r e s t ima tes used i n t h i s Ma r ke t i ng B rochu re a r e f o r e xamp le on l y and do no t r ep resen t t he cu r r en t o r f u t u r e pe r f o rmance o f t h i s p rope r t y. The va l ue o f a ne t l e a sed p rope r t y t o you depends on f ac to r s t ha t shou l d be e va l ua t ed by you and you r t a x , f i n anc i a l and l ega l adv i so r s .

Buye r and Buye r ’s t a x , f i n anc i a l , l ega l , and cons t r uc t i on adv i so r s shou l d conduc t a ca re f u l , i ndependen t i n ves t i ga t i on o f an y ne t l e a sed p rope r t y t o de t e rm ine t o you r sa t i s f ac t i on w i t h t he su i t ab i l i t y o f t he p rope r t y f o r you r needs .

L i ke a l l r ea l e s t a t e i n ves tmen t s , t h i s i n ves tmen t ca r r i e s s i gn i f i c an t r i s k s . Buye r and Buye r ’s l ega l and f i n anc i a l adv i so r s mus t r eques t and ca re f u l l y r e v i ew a l l l ega l and f i n anc i a l documen t s r e l a t ed t o t he p rope r t y and t enan t . Wh i l e t he t enan t ’s pas t pe r f o rmance a t t h i s o r o t he r l oca t i ons i s an impo r t an t cons i de r a t i on , i t i s no t a gua r an t ee o f f u t u r e success . S im i l a r l y, t he l ease r a t e f o r some p rope r t i e s , i n c l ud i ng new l y -cons t r uc t ed f ac i l i t i e s o r new l y - acqu i r ed l oca t i ons , may be se t based on a t enan t ’s p ro j ec t ed sa l e s w i t h l i t t l e o r no r eco rd o f ac t ua l pe r f o rmance, o r compa rab l e r en t s f o r t he a r ea . Re tu r ns a r e no t gua r an t eed ; t he t enan t and any gua r an to r s may f a i l t o pay t he l ease r en t o r p rope r t y t a xes , o r may f a i l t o comp l y w i t h o t he r ma te r i a l t e rms o f t he l ease ; cash f l ow may be i n t e r r up t ed i n pa r t o r i n who l e due t o ma rke t , econom ic, env i r onmen ta l o r o t he r cond i t i ons . Rega rd l e s s o f t enan t h i s t o r y and l ease gua r an t ees , Buye r i s r e spons i b l e f o r conduc t i ng h i s /he r own i n ves t i ga t i on o f a l l ma t t e r s a f f ec t i ng t he i n t r i n s i c v a l ue o f t he p rope r t y and t he va l ue o f an y l ong- t e rm l ease, i n c l ud i ng t he l i k e l i hood o f l oca t i ng a r ep l acemen t t enan t i f t he cu r r en t t enan t shou l d de f au l t o r abandon t he p rope r t y, and t he l ease t e rms t ha t Buye r may be ab l e t o nego t i a t e w i t h a po ten t i a l r ep l acemen t t enan t cons i de r i ng t he l oca t i on o f t he p rope r t y, and Buye r ’s l ega l ab i l i t y t o make a l t e r na t e use o f t he p rope r t y.

By accep t i ng t h i s Ma r ke t i ng B rochu re you ag ree t o r e l ease Ma rcus & M i l l i c hap Rea l E s t a t e I n ves tmen t Se r v i ces and ho l d i t ha rm less f r om any k i nd o f c l a im , cos t , e xpense, o r l i ab i l i t y a r i s i ng ou t o f you r i n ves t i ga t i on and /o r pu r chase o f t h i s ne t l e a sed p rope r t y.

9 8 5 B E L M O N T S T R E E T B R O C K T O N , M A S S A C H U S E T T S 0 2 3 0 1B R O K E R O F R E C O R D : BARRY A ’HEARN | MM RE IS IOWA | L ICENSE: B55614000

Spencer, I owa

D O LL A R T R E E