Offering Memorandum

BURGER KING 8581 Concord Mills Blvd • Concord, NC 28027

N E T L E A S E D D I S C L A I M E R

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.

OFFERING SUMMARY

Price $2,400,000

Net Operating Income $127,050

Capitalization Rate – Current 5.29%

Price / SF $912.20

Rent / SF $48.29

Lease Type NNN Ground Lease

Gross Leasable Area 2,631 SF

Year Built / Renovated 2008

Lot Size 0.81 acre(s)

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EXECUTIVE SUMMARY

OFFERING SUMMARY

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FINANCING

Down Payment All Cash

Net Cash Flow 5.29% / $127,050

Cash on Cash Return 5.29%

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OFFERING SUMMARY

MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES *

Chancellors Office 2,000

IBM 2,000

UNC Financial Services Div 2,000

Wells Fargo Home Mortgage Inc 2,000

Rocky River Pediatrics 831

Electrolux 800

Great Wolf Ldge of Crlinas LLC 500

World Racing Group Inc 480

Hendrick Motorsports LLC 475

Roush Fenway Racing LLC 450

Cmc-University 417

Zebra Technologies 383

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2016 Estimate Pop 2,239 44,711 126,899

2016 Census Pop 1,687 38,032 108,420

2016 Estimate HH 1,121 16,401 46,784

2016 Census HH 853 13,851 39,733

Median HH Income $81,655 $80,291 $70,683

Per Capita Income $51,544 $37,543 $33,576

Average HH Income $102,988 $102,343 $90,224

* # of Employees based on 5 mile radius

Seller will do rent credit to make up the difference from COE to the next rent bump

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PROPERTY SUMMARY

OFFERING SUMMARY

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NOTES

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OFFERING SUMMARY

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OFFERING SUMMARYINVESTMENT OVERVIEW

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INVESTMENT HIGHLIGHTS

▪ Absolute Triple-Net (NNN) Corporate Lease

▪ 11 + Years Remaining on Initial 20 Year Term

▪ Great Location Out Front Concord Mills Mall

▪ Sits on a Light Anchored Corner

▪ Concord Mills Mall is the Largest Mall in North Carolina

Exceeding 1.4- Million Square Feet

▪ Located Right Off I-85 Which is the Major Interstate

Going North and South Through Charlotte

▪Mall Attracts 17 + Million Tourists a Year

▪ High Traffic Counts Exceeding 144,000 from I-85 and

43,000 from Concord Mills Boulevard

▪ 12 Miles Away From Downtown Charlotte

▪ Surrounding Retailers Include Dave& Busters, Best Buy,

Bass Pro Shop, Wal-Mart Supercenter, Lowe’s, Olive

Garden and Others

8581 Concord Mills Blvd, Concord, NC 28027

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TENANT PROFILE

BURGER KING

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Every day, more than 11 million guests visit BURGER KING® restaurants around the world. And they do so because their restaurants are known for serving high-quality, great-tasting, and affordable food. Founded in 1954, BURGER KING® is the second largest fast food hamburger chain in the world. The original HOME OF THE WHOPPER®, their commitment to premium ingredients, signature recipes, and family-friendly dining experiences is what has defined the brand for more than 50 successful years. In 2010, 3G Capital, a global multi-million dollar investment firm focused on long term value creation, purchased Burger King Corporation, making it a privately-held company.

For over 60 years, Burger King restaurants have been serving high quality, great tasting and affordable food around the world. Their commitment to the food they serve is what defines them a company and is at the center of the brand promise. Their brand promise empowers guests to make educated choices in customizing their meals to fit their individual lifestyles.

Burger King provides detailed nutrition information to guests so they can make informed meal choices. They recognize that there will always be additional steps they can take to enhance the menu options and satisfy our guests. Their product innovation teams are constantly working to develop new options that provide a variety of great tasting food while meeting guests’ evolving lifestyle needs.

TENANT SUMMARY

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Fiscal Year Ended January 01, 2017

Carrols Restaurant Group, Inc.

CREDIT RATING: B+ www.fdreports.com | www.creditntell.com | April 02, 2017

This company has some fast food royalty in its blood. Carrols Restaurant Group is a leading

quick-service restaurant operator and the world's #1 Burger King franchisee, with about 660

locations in the US. Like other franchise operators, Carrols pays Burger King Worldwide royalties

in order to use the BK banner and other intellectual property for its restaurants. Prior to the July

2012 spin-off of wholly-owned subsidiary Fiesta Restaurant Group, Carrols also operated quick-

service chains Taco Cabana and Pollo Tropical. The company has Burger King locations in 15

states.

PRICING AND VALUATION MATRIX

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OPERATOR SUMMARY

General Information

Address968 James Street , Syracuse, New York, 13203, United States

Website www.carrols.com

Store Base

Store Count 788

TTM Sales $960,916,000

Key Personnel

Chairman & President & Chief Executive Officer

Daniel T. Accordino

Chief Financial Officer Paul R Flanders

Financial Markets

Stock Ticker TAST

Current Price $12.60 as of 8/3/17

52 Week High/Low $17.55 / $9.60

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8581 Concord Mills Blvd, Concord, NC 28027

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REGIONAL AND LOCAL MAP

Retail Map

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SURROUNDING RETAIL PHOTOS

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CLOSE PROXIMITY TO:

Concord Mills Mall

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LOCATION OVERVIEW

CONCORD MILLS MALL

▪ Concord Mills Mall is Largest Tourist

Attraction in North Carolina

▪ Attracts More Than 17.6 Million Visitors

Each Year

▪ Nearly 1.4 Million Square Feet of

Shopping

▪ Only 12 Miles From Downtown

Charlotte

▪ Located One Mile Away From

Charlotte Motor Speedway Which

Hosts the Prestigious Coca-Cola 600

on Memorial Day for NASCAR Racing

▪ Hosts to Both Dining and Shopping it

has More Than 200 Stores located in

the Mall

▪ Also Includes a 24 Screen AMC/IMAX

Theatre, Sea-Life Aquarium, Dave &

Busters and The Concord Speed Park

AERIAL PHOTO

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CONCORD MILLS MALL

SUBJECT PROPERTY

MARKETING TEAM

Source: © 2015 Experian

PROPERTY NAME

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CREATED ON AUGUST 3, 2017

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DEMOGRAPHICS

1 Miles 3 Miles 5 Miles

POPULATION

2021 Projection 2,715 53,269 146,553

2016 Estimate 2,239 44,711 126,899

2010 Census 1,687 38,032 108,420

2000 Census 609 17,255 57,605

INCOME

Average $102,988 $102,343 $90,224

Median $81,655 $80,291 $70,683

Per Capita $51,544 $37,543 $33,576

HOUSEHOLDS

2021 Projection 1,417 19,772 54,646

2016 Estimate 1,121 16,401 46,784

2010 Census 853 13,851 39,733

2000 Census 254 6,130 20,079

HOUSING

2016 $223,433 $211,664 $195,123

EMPLOYMENT2016 Daytime Population

2,784 36,003 129,755

2016 Unemployment 2.97% 3.65% 5.21%

2016 Median Time Traveled

27 27 27

RACE & ETHNICITY

White 58.38% 54.95% 55.27%

Native American 0.00% 0.02% 0.06%

African American 24.04% 28.46% 28.81%

Asian/Pacific Islander

11.66% 9.73% 8.77%