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S U B J E C T P R O P E R T Y

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A B R A M S R O A D

t r a f f i c c o u n t sINTERSTATE 635... . . .±188,000 ADTABRAMS ROAD... . . . . ....±21,000 ADT

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A B R A M S R O A D

G A RY C H O UFVP & SENIOR DIRECTORSTNLGary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222

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E X E C U T I V E S U M M A RY

f i n a n c i a l O V E R V I E W

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t e n a n t o v e r v i e w

K E V I N C H A N GASSOCIATE

Kevin.Chang@matthews.comDIR (310) 919-5828MOB (951) 616-8918LIC # 01976724

K Y L E M AT T H E W SBROKER OF RECORD

LIC # 678067

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EXTREMELY SECURE LEASE

• Corporate Ground Lease – The income over the next 20 years is backed by over 400 units and $355MM in annual sales – Incredibly secure property!

• Tenant Invested Site – As a ground lease, tenant picked this location and invested in the construction of this site – Motivated to stay for the long term!

• Pride of Ownership – This property was built in 2016 allowing owner to purchase a newly constructed site with a brand-new lease

• Publicly Traded Company – Headquartered in Costa Mesa, CA, El Pollo Loco (NASDAQ: LOCO) has a market cap of over $504MM and employs over 5,100

people in Nevada, Arizona, Utah, Texas and California

IDEAL RETAIL PROPERTY

• Highly Traveled Intersection – Located on the corner of a strong retail corridor, this property can be easily accessed and seen by over 50,000 VPD traveling on

Forest Ln and Abrams Rd

• Strong Retail Corridor – Just off I-635 (over 200,000 VPD), shoppers are attracted to the area by Walmart and other high quality tenants – This retail corridor is

the most convenient pit stop for the students of Richland College, home to over 19,000 undergraduate students

• Income Tax Free State – Texas is an income tax free state – Huge benefit to those also living in an income tax free state

RETAIL FRIENDLY DEMOGRAPHICS

• Double Digit Growth – Between 2010-2016, the surrounding area has experienced explosive population growth – 7.15% in a 1-mile, 6.73% in a 3-mile and 7.04% in

a 5-mile radius; There is steady projected growth over the next 5 years with 6.16% growth in a 1-mile, 5.50% growth in a 3-mile and a 5.68% growth in a 5-mile

• Healthy Household Income – Average household income in a 1-mile radius is 60,000, 3-mile radius is 73,000 and 5-mile radius is 86,000

• Strong Population Counts – The area services over 188,000 people in a 3-mile radius and over 419,000 people in a 5-mile radius

i n v e s t m e n t h i g h l i g h t s

e x e c u t i v e s u m m a ry

E l P o l l o L o c o , D a l l a s T X | 5

El Pollo Loco 9455 Forest Ln

Dallas, TX 75243

Gross Leasable Area ± 2,800 SF

Lot Size ± .74 Acres (32,234 SF)

Year Built 2017

Assessor’s Parcel Number 008417000001A0000

Number of Stories One

Parking ±29 Free Surface Spaces

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

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e l p o l l o l o c o9455 Forest LnDallas, TX 75243

List Price ................................................................................................................. $3,368,000

CAP Rate - Current .......................................................................................................... 4.75%

Gross Leasable Area .............................................................................................± 2,800 SF

Lot Size ....................................................................................................................± .73 Acres

Year Built .............................................................................................................................. 2016

Annualized Operating DataMonthly Rent Annual Rent Rent/SF CAP

Current - 12/31/2021 $13,333.33 $160,000.00 $57.14 4.75%

1/1/2022 - 12/31/2026 $14,666.67 $176,000.00 $62.86 5.23%

1/1/2027 - 12/31/2031 $16,133.33 $193,600.00 $69.14 5.75%

1/1/2032 - 12/31/2036 $17,746.67 $212,960.00 $76.06 6.32%

Option 1: 1/1/36 - 12/31/41 $19,521.33 $234,256.00 $83.66 6.96%

Option 2: 1/1/42 - 12/31/46 $21,473.47 $257,681.60 $92.03 7.65%

Option 3: 1/1/47 - 12/31/51 $23,620.81 $283,449.76 $101.23 8.42%

Option 4: 1/1/52 - 12/31/56 $25,982.89 $311,794.74 $111.36 9.26%

Tenant Summary

Tenant Trade Name El Pollo Loco

Type of Ownership Ground Lease

Lease Guarantor Corporate

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 20 Years

Lease Commencment 8/25/2015

Rent Commencemnt 12/28/2016

Lease Expiration Date 12/31/2036

Term Remaining 19.33

Increases 10% Every 5 Years

Options Four (4), 5-Year Options

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l e a s e a b s t r a c t

Tenant El Pollo Loco, Inc.

Ownership Ground Lease

Lease Commencement 8/25/2015

Rent Commencement 12/28/2016

Lease Expiration 12/31/2036

Lease Term 20 Years

OptionsFour (4), 5-Year;

Tenant must give Six (6) month notice

Current NOI$160,000;

Next Increase 1/1/2022

Increases10% Every 5 Years;

10% Every 5 Years in Options

Taxes Tenant Responsible

Insurance Tenant Responsible

Utilities Tenant Responsible

Repairs Tenant Responsible

Roof & Structure Tenant Responsible

Right of First Refusal Ten (10) Days

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Not A Part

Forest Lane ±31,000 ADT

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IVE

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E l P o l l o L o c o , D a l l a s T X | 1 1

Property Name El Pollo Loco

Parent Company Trade Name El Pollo Loco Holdings, Inc.

Ownership Public

Revenue $355.06M

Net Income $24.05M

No. of Locations ± 430

No. of Employees ± 5,171

Headquartered Costa Mesa, CA

Website http://www.elpolloloco.com

Year Founded 1980

TENANT OVERVIEW

El Pollo Loco Holdings operates and franchises about 430 fast-casual restaurants operating under the El Pollo Loco banner. Specializing in Mexican-style chicken dishes, the chain’s menu includes chicken burritos and tacos, as well as complete chicken dinners and sides. Most El Pollo Loco outlets are found in the Los Angeles area and other markets in California. A small number can be found in four other states. About 250 of the restaurants are operated by franchisees. Juan Francisco Ochoa started the chain in Mexico in 1975. El Pollo Loco went public in 2014.

STRATEGY

El Pollo Loco is uniquely positioned by offering the high-quality food and dining experience you would expect from a fast casual restaurants while providing the speed, convenience and value of traditional quick service restaurants.

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t h e o f f e r i n g

Property Name El Pollo Loco

Property Address 9455 Forest Ln

Dallas, TX 75243

Assessor’s Parcel Number 00-84170-000-01A-0000

Zoning

Site DescriptionNumber of stories One

Year built 2016

GLA 2,800

Lot (Acres) ±0.73

Type of Ownership Ground Lease

Landscaping Professional

Topography Generally Level

Foundation Concrete Slab

Framing Steel

Exterior Brick

Parking Surface Asphalt

Roof Flat

Oceanside Blvd ± 31,792

Col

lege

Blv

d ±

40,11

6

pa r c e l m a p

FOREST LANE ±31,000 ADT

±188,000 ADT

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T R A F F I C C O U N T SInterstate 635 ±188,000 ADTForest Lane ±31,000 ADT

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Dallas is a center for corporate America. Because of its central location relative to the rest of the United States, Dallas is a popular convention site and site for many corporate headquarters and home to 21 Fortune 500 companies. The city is the largest economic center of the 12-county Dallas-Fort Worth-Arlington metropolitan area. The economy is primarily based on banking, commerce, telecommunications, technology, energy, healthcare and medical research, and transportation and logistics.

Dallas, Texas

DALLAS DEMOGRAPHICS

POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 31,476 179,693 424,354

2017 Estimate 29,649 170,320 401,557

2011 Census 27,671 159,583 375,132

2001 Census 29,806 178,555 397,507

Growth 2017 - 2022 6.16% 5.50% 5.68%

HOUSEHOLDS 3 Mile 5 Mile 10 Mile

2022 Projection 13,980 70,937 172,829

2017 Estimate 13,203 67,373 163,704

Growth 2017 - 2022 5.88% 5.29% 5.57%

INCOME 3 Mile 5 Mile 10 Mile

2017 Est. Average Household Income

$60,267 $73,478 $86,879

E l P o l l o L o c o , D a l l a s T X | 1 5C V S , N o r w a l k C A | 1 5

c i t y o u t l i n e

DALLAS FAST FACTSpopulationDallas is the 9th largest city in the US and the third largest in Texas with a population of 1,281,047.

metropolitan statistical areaThe Dallas-Fort Worth Arlington MSA consists of 12 counties: Collin, Dallas, Delta, Denton, Ellis, Hunt, Johnson, Kaufman, Parker, Rockwall, Tarrant and Wise and has a population of 6,954,330.

annual visitors24.9 million annual visitors to the City of Dallas, with 48.9 million visiting the Metro area

accessibilityDallas is centrally located and within a four-hour flight from most North American destinations. It is served by two airports; Dallas/Ft. Worth International and Dallas Love Field that combined provide more than 2,200 flights daily. AMTRAK also provides daily service to Dallas via Union Station.

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Dallas-Fort Worth MSA

1.26 MILLION

25 MILLION

$4.3 BILLION

POPULATION

VISITORS PER YEAR

2015 TOURISM ECONOMIC IMPACT

DALLAS BY THE NUMBERSThe Dallas-Fort Worth Metroplex is the largest metropolitan area in the South, and fourth largest in the United States. It is a center for sporting events, tourism and manufacturing. Dallas and its suburbs have one of the highest concentrations of corporate headquarters in the United States. Business management and operations is a major part of the economy. The Metroplex also contains the largest Information Technology industry base in the state. On the other end of the business spectrum, and on the other side of the Metroplex, the Texas farming and ranching industry is based in Fort Worth.

Much of the success can be attributed to the 21 Fortune 500 companies headquarters in North Texas, Jackson said. These companies collectively generated more than $807 billion in revenue in the past year, which is an increase of more than $13 billion from the previous

year, according to North Texas Commission calculations.

Additionally, like the state overall, North Texas has been experiencing booming population growth.

E l P o l l o L o c o , D a l l a s T X | 1 7

Company Location

Exxon Mobil Irving

AT&T Dallas

Energy Transfer Equity Dallas

American Airlines Group Fort Worth

Tenet Healthcare Dallas

Southwest Airlines Dallas

Kimberly-Clark Irving

FORTUNE 500 COMPANIES

PROFESSIONAL SPORTS

The Dal las Cowboys are a professional American footbal l team based in the Dal las–Fort Worth metroplex. The Cowboys compete in the Nat ional Footbal l League (NFL) as a member c lub of the league’s Nat ional Footbal l Conference (NFC) East d iv is ion. The team is headquartered in Fr isco, Texas, and plays i ts home games at AT&T Stadium in Ar l ington, Texas.

The Dal las Maver icks (of ten referred to as the Mavs) are an American professional basketbal l team based in Dal las . The Maver icks compete in the Nat ional Basketbal l Associat ion (NBA) as a member c lub of the league’s Western Conference Southwest Div is ion. The team plays i ts home games at the American Air l ines Center.

The Texas Rangers are an American professional basebal l team based in Ar l ington, Texas, located in the Dal las–Fort Worth metroplex. The Rangers f ranchise is current ly a member of the West d iv is ion of the American League (AL) in Major League Basebal l (MLB) . S ince 1994, the Rangers have played in Globe Li fe Park in Ar l ington in Ar l ington, Texas.

The Dal las Stars are a professional ice hockey team based in Dal las , Texas. They are members of the Centra l Div is ion of the Western Conference of the Nat ional Hockey League (NHL) . The team was founded dur ing the 1967 NHL expansion as the Minnesota North Stars , based in Bloomington, Minnesota.

Fluor Corporation Irving

Holly Frontier Dallas

Texas Instruments Dallas

J.C. Penney Plano

Jacobs Engineering Dallas

D.R. Horton Fort Worth

GameStop Grapevine

Dean Foods Dallas

Alliance Data Systems Plano

Trinity Industries Dallas

Dr Pepper Snapple Group Plano

Commercial Metals Irving

Celanese Dallas

Energy Future Holdings Dallas

NFL - Dallas Cowboys

NBA - Dallas Mavericks

MLB - Texas Rangers

NHL - Dallas Stars

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of El Pollo Loco located at 19455 Forest Ln, Dallas, TX 75243 (“Property”) . I t has been prepared by Matthews Retai l Advisors. 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 Retai l Advisors. 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 Retai l Advisors 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 Retai l Advisors 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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EL POLLO LOCO9 4 5 5 F o r e s t L n | D a l l a s , T X

G A RY C H O UFVP & SENIOR DIRECTORSTNLGary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222

K E V I N C H A N GASSOCIATE

Kevin.Chang@matthews.comDIR (310) 919-5828MOB (951) 616-8918LIC # 01976724

K Y L E M AT T H E W SBROKER OF RECORD

LIC # 678067

™