OFFERING MEMORANDUM Ocean and Sea Inc. Exclusive Listing

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1 Ocean and Sea Inc. Beth Carlson, Licensed Real Estate Broker/Owner 131 South Federal Highway, Suite 124 Boca Raton, Florida OFFERING MEMORANDUM Ocean and Sea Inc. Exclusive Listing Burger King Single Tenant Long-Term Absolute-Net (NNN) Lease ************************************************ Offering Asking Price: $4,222,000 Net Operating Income: $190,000 Base and Percentage Rent Cap Rate: 4.50% Lease Type: Absolute NNN Landlord Responsibilities: No Landlord Responsibilities Rent/SF: $37.45 Rentable Square Feet: 3,352+/- Land Area: 1.20+/- Acres Tenant Name: Burger King Guaranty: Jan King, Inc. 5 th largest Burger King Franchise in U.S. Website: Ownership Type: Fee Simple Store Open: 1979 Store Total Renovation: 2016 Lease Commencement: April 21, 1979 Lease Expiration: April 20, 2029 Remaining Lease Term: Eleven + Years (11+) Option to Renew Lease: One additional ten year term Automatic Remaining Lease Term: Twenty-one Years (21) April 20, 2039 Increases: % Rent 8.5% of Gross Sales Extension of Existing Lease Agreement Increase in Rent: Minimum Annual Rent: Commencing April 21, 2019 $100, Monthly Percentage Rent: Commencing April 21, 2019, calculated as the excess of 8½% of Monthly Gross Sales exceeding the Minimum Monthly Rent. Percentage Rent shall be recalculated annually. Ocean and Sea Inc. 1

2 Highlights Total Store Renovation 2016 Long term dedication to this Location Store open since 1979 Well Performing store - $190,000 Net Operating Income Option to Renew: To Years Remaining Oversized Parcel 1.20 Acres at lighted intersection Interstate location along I-4 Percentage rent offers hedge for inflation lease rate calls for 8.5% of gross sales Burger King On April 30, 1969, Nicholas W. Janikies celebrated his first Burger King restaurant opening on Park Avenue in Cranston, Rhode Island. A true entrepreneur, he has broiled those first few burgers into an empire. Today, The Jan Companies is one of the largest privately owned restaurant operators in New England. The Jan Companies currently own and operate over 97 Burger Kings across 8 states. 70 of these locations are throughout Rhode Island, Massachusetts, Connecticut, New York and Vermont. 25 of their restaurants are in Florida and the remaining are in Georgia and Texas. Over the years, the entire Janikies Family, has worked continuously to diversify into the fast food, full service and the country club arena. This impressive portfolio includes Burger Kings, Newport Creamery, Krispy Kreme, Popeye s, Country Inn, and several Country Clubs. Ocean and Sea Inc. 2

3 Burger King Worldwide Inc., through its subsidiaries, operates and franchises fast food restaurants. The Company s restaurants offers flame grilled hamburgers, chicken and other specialty sandwiches, French fries, soft drinks, and other food items. Burger King Worldwide serves customers worldwide. The company was founded in 1953 and is bases in Miami, Florida. It operates as a subsidiary of Restaurant Brands International Inc. Company Type: Subsidiary 2016 Employees: 34, Revenue: $4.15 Billion 2016 Net Income: $625 Million 2016 Assets: $19.1 Billion 2016 Equity: $1.70 Billion Ocean and Sea Inc. 3

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8 Lakeland, Florida Lakeland is located in Polk County, Florida. The population as of 2016 was 106,420. It is the largest city on Interstate 4 between Orlando and Tampa. Large industries in the Lakeland area are citrus, cattle, mining, tourism, medicine, insurance and transportation. Lakeland s largest employers in the area include Publix, Amazon, GEICO, Rooms To Go, FedEx Freight and FedEx Services, the Saddle Creek Corporation and the Lakeland Regional Medical Center. Ocean and Sea Inc. 8

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11 The information contained herein is not a substitute for a thorough due diligence investigation. Ocean and Sea has 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 Offering Memorandum has been obtained from sources we believe to be reliable; however neither Ocean and Sea nor the Seller have verified, and will not verify, any of the information contained herein, nor has Ocean and Sea 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. Ocean and Sea Inc. 11