Wawa EXCLUSIVE (Ground LISTING Lease) West Palm Beach, FL Offering Memorandum

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1 EXCLUSIVE (Ground LISTING Lease) West Palm Beach, FL (Ground Lease) West Palm Beach, FL Actual Site PATRICK NUTT MANAGING PARTNER (954) CALKAIN.COM 1

2 (Ground Lease) West Palm Beach, FL Financial Summary 1520 Belvedere Rd West Palm Beach, FL Asking Price $7,700,000 Cap Rate 4.35% Net Operating Income (NOI) $335,000 Rent/Month $27, Rentable Square Feet 6,119+/- SF Land Area 2.75+/- Acres Rent Schedule Term Increases Annual Rent Monthly Rent Years $335, $27, Years % $361, $30, Years % $390, $32, Years (Option 1) 8% $422, $35, Years (Option 2) 8% $455, $37, Years (Option 3) 8% $492, $41, Years (Option 4) 8% $531, $44, Years (Option 5) 8% $574, $47, Years (Option 6) 8% $620, $51, Tenant Name Website Credit Rating Guarantor Ownership Type Lease Type Landlord Responsibilities wawa.com Fitch: BBB Corporate Ground Lease NNN None Investment Highlights Brand new construction Adjacent to Palm Beach International Airport Last stop prior to rental car return Corner of signalized intersection with combined traffic count of 60,141 VPD Population of over 90,300 people with average HH income of $63,377 within 3 mile radius of the property Florida has no state income tax Store Opens June 15, 2017 Lease Term Remaining 20 Years Lease Expiration June 30, 2037 Increases 8% Every 5 Years Starting Year 11 Options Six (6), Five (5) Year 2

3 (Ground Lease) West Palm Beach, FL Site Photos 3

4 (Ground Lease) West Palm Beach, FL Tenant Overview About, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Today, is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 720 convenience retail stores (over 450 offering gasoline), stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia and Florida. The stores offer a large fresh food service selection, including brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast sandwiches, built-to-order specialty beverages, and an assortment of soups, sides and snacks. Tenant Snapshot # of Locations 720+ Credit Rating FITCH: BBB 2015 Revenue $8.89B The Pennsylvania-based company has reached 50 locations in Florida only two years after entering the state. All of them are in the Orlando and Tampa markets currently but VP and Chief Real Estate Officer Peter Gilligan revealed that South Florida, Southwest Florida and Daytona are next up. plans on Florida being a 250-plus store state for the company and is actively signing deals and developing sites in South Florida. 4

5 (Ground Lease) West Palm Beach, FL Location Overview Distance To: Palm Beach Int. Airport Ft. Lauderdale Port St. Lucie Miami 2 miles 43 miles 48 miles 70 miles Orlando Tampa Subject Site Port St. Lucie Fort Myers Subject Site West Palm Beach Fort Lauderdale Miami 5

6 1520 Belvedere Rd West Palm Beach, FL (Ground Lease) West Palm Beach, FL Belvedere Rd 35,000 VPD Australian Ave 30,141 VPD 1 PALM BEACH INTERNATIONAL AIRPORT Over 6 Million Passengers Annually Subject Site I ,000 VPD 95 Belvedere Elementary School S Dixie Hwy Conniston Middle School 6

7 1520 Belvedere Rd West Palm Beach, FL (Ground Lease) West Palm Beach, FL Belvedere Rd 35,000 VPD PALM BEACH INTERNATIONAL AIRPORT Over 6 Million Passengers Annually Australian Ave 30,141 VPD Subject Site Under Development Future Hotel 7

8 1520 Belvedere Rd West Palm Site Beach, Plan FL (Ground Lease) West Palm Beach, FL Belvedere Rd 35,000 VPD Australian Ave 30,141 VPD Under Development Future Hotel 8

9 West Palm Beach, FL As one of the three largest cities making up the South Florida region, and the central city of Palm Beach County, West Palm Beach is a vibrant, growing, waterfront city that offers the business advantages available in the region, combined with a more refined and relaxed environment for living and working. It is one of the three main cities in South Florida. Population in 2013: 102,436. West Palm Beach is located approximately 68 miles north of Downtown Miami. The city of West Palm Beach is home to sunny palm-lined streets, breathtaking waterfront views, quaint shopping districts, historic and scenic neighborhoods, and exciting year-round outdoor festivals. (Ground Lease) West Palm Beach, FL Market Overview 9

10 (Ground Lease) West Palm Beach, FL Demographics Radius 1 Mile 3 Miles 5 Miles Population 2016 Population 7,143 90, , Population 7,402 95, , Annual Rate 0.44% 0.85% 0.87% Annual Rate 0.71% 1.06% 1.07% 2016 Male Population 52.4% 50.5% 49.4% 2016 Female Population 47.6% 49.5% 50.6% 2016 Median Age Households 2016 Total Households 2,425 35,072 98, Total Households 2,500 37, , Annual Rate 0.19% 0.69% 0.64% Annual Rate 0.61% 1.08% 0.99% 2016 Average Household Size Median Household Income 2016 Median Household Income $36,788 $40,373 $40, Median Household Income $42,211 $44,893 $45, Annual Rate 2.79% 2.15% 2.33% Average Household Income 2016 Average Household Income $55,917 $63,377 $59, Average Household Income $62,333 $69,504 $65, Annual Rate 2.20% 1.86% 1.79% Per Capita Income 2016 Per Capita Income $19,074 $25,530 $23, Per Capita Income $21,118 $27,876 $25, Annual Rate 2.06% 1.77% 1.65% 10

11 Recent Sales Comparables (Ground Lease) West Palm Beach, FL Tampa, FL Sold Price $6,000,000 Cap Rate 4.60% Sold on 8/10/2017 Port St. Lucie, FL Sold Price $3,845,000 Cap Rate 4.55% Sold on 7/19/2017 Lakeland, FL Sold Price $4,800,000 Cap Rate 4.65% Sold on 7/10/2017 Venice, FL Sold Price $5,263,700 Cap Rate 4.55% Sold on 1/31/2017 Ovideo, FL Sold Price $6,000,000 Cap Rate 4.55% Sold on 1/1/2017 Vero Beach, FL Sold Price $5,055,000 Cap Rate 4.55% Sold on 12/16/2016 Orlando, FL Sold Price $3,000,000 Cap Rate 4.50% Sold on 10/20/2016 Stuart, FL Sold Price $5,088,000 Cap Rate 4.50% Sold on 9/16/

12 (Ground Lease) West Palm Beach, FL About Calkain Who Are We? Calkain Companies LLC is a national commercial real estate firm that provides consulting and brokerage services to both private and institutional clientele with an expertise on triple net lease investments. We pride ourselves on being a world class leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, estate planning and wealth management. We have built solid relationships throughout our decades of experience and innovation, implementing long-term allocation within the context of each client s particular risk tolerance and identifying how best to acquire and dispose of income producing properties for each entities specific set of investment criterion. At Calkain, our foresight and past performance are leading the net lease investment industry. Our History Like most success stories, Calkain was formulated from humble beginnings. Jonathan W. Hipp, President and CEO, took the initiative to build upon his decades of experience and performance and left a large international brokerage firm to become an independent and innovative leader within the triple net lease investment community. Armed with a sole employee and a single office, the firm has grown exponentially since its infancy in $11.5 Billion in Closed Transactions With the growth in staff, seasoned professionals have been attracted to Calkain s model of innovation, entrepreneurship and the fostering of long-lasting and meaningful relationships. Industry experts have joined Calkain in the hopes of implementing the skills they have honed in complementary aspects of real estate investment. Through a tremendous endeavor, tireless hours have been committed to continually prove that Calkain is America s Net Lease Company. Its countless accolades received from the world s leading business publications, including Forbes, Fortune and the New York Times have confirmed that Calkain is a true leader in triple net lease investing services. Client Testimonial USRA has worked with Calkain on numerous occasions. They have always been meticulous in their work ethic, providing superior service and extremely prompt attention to our needs. I highly recommend them. Jack Genende, Partner U.S. Realty Advisors, LLC. (USRA) $350 Million in Active Listings PATRICK NUTT MANAGING PARTNER (954) patrick.nutt@calkain.com CALKAIN.COM 12

13 Contact Us Corporate Headquarters Washington, DC Worldgate Drive Suite 150 Herndon, VA T: (703) F: (703) South Florida 300 S. Pine Island Road Suite 300 Fort Lauderdale, FL T: (813) Atlanta 111 Village Parkway, Building 2 Suite 202 Marietta, GA T: (404) Boston 101 Federal Street Suite 1900 Boston, MA T: (617) CALKAIN.COM DISCLAIMER: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) 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(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make 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.