Exclusively listed by Bull Realty, Inc.

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1 Offering Memorandum PAPA JOHN'S PIZZA NET LEASE INVESTMENT 6% CAP RATE

2 TABLE OF CONTENTS EXECUTIVE SUMMARY 3 FINANCIAL OVERVIEW 4 LOCATION MAPS 5 RETAILER MAP 6 TAX PLAT 7 TENANT OVERVIEW 8 BROKER PROFILE 9 Michael Bull, CCIM President, National Office Group Michael@BullRealty.com x101 TEAM PROFILE 11 Darrell Chapman V.P. National Industrial Group DChapman@BullRealty.com x Glenlake Parkway, Suite 600 Atlanta, GA BullRealty.com AL License # Exclusively listed by Bull Realty, Inc. Page 2 of 11

EXECUTIVE SUMMARY OFFER HIGHLIGHTS This stand-alone Papa John's is leased by their largest franchisee since February 2017.

3 EXECUTIVE SUMMARY OFFER HIGHLIGHTS This stand-alone Papa John's is leased by their largest franchisee since February This franchisee bought out the number 4 franchisee in the beginning of 2017, so the location has been in successful operation as Papa John's since Limited landlord responsibilities and the tenant's high sales volume make this an attractive opportunity to own a stand-alone retail building with a strong tenant at a relatively low cost. Offered for sale at $350,000 DEMOGRAPHICS 1 Mile 5 Miles 10 Miles Total Households: 750 9,580 23,779 Total Population: 2,025 25,207 61,161 Average HH Income: $46,603 $47,413 $50,497 AREA OVERVIEW Jacksonville, Alabama is approximately 13 miles north of Anniston, Alabama, and Pelham Road is the main road through town. Located on a pin corner, neighboring retailers include Winn Dixie, Verizon Wireless, and Hardee's. Largest franchisee for Papa John's 6% cap rate Great sales history Stand-alone building on a corner lot Low maintenance building Five years remaining on the lease 2 five year options at 10% escalations Page 3 of 11

FINANCIAL OVERVIEW PROPERTY & LEASE INFORMATION Property Location: 702 Pelham Road S Jacksonville, AL 36265 County: Calhoun Price: $350,000.00 Building Size: 1,993 SF Price/SF: $175.61 Cap Rate: 6.

4 FINANCIAL OVERVIEW PROPERTY & LEASE INFORMATION Property Location: 702 Pelham Road S Jacksonville, AL County: Calhoun Price: $350, Building Size: 1,993 SF Price/SF: $ Cap Rate: 6.0% Year Built: 1976 Site Size: 0.5 Acres Building Size: 1,993 SF Type Of Ownership: Fee Simple RENT SCHEDULE Term 5 Year 2/20/2107-2/28/2022 Monthly Rent Annual Rent Increase % $1,667 $20,000 10% PROPERTY PHOTOS LEASE SUMMARY Tenant Trade Name: Papa John's Pizza Tenant: PJ Cheese, Inc. Lease Type: NN Lease Commencement: 2/20/2017 Lease Expiration: 2/28/2022 Renewal Options: 2 Five Year Options at 10% Escalations Rent Increases: 10% at renewal Landlord Responsibilities: Roof/structure/parking Page 4 of 11

5 LOCATION MAPS Page 5 of 11

6 RETAILER MAP Page 6 of 11

7 TAX PLAT Page 7 of 11

TENANT OVERVIEW PAPA JOHN'S Papa John's Pizza is an American restaurant franchise company.

As of 2017, Papa John s has over 5,000 restaurants worldwide including more than 1,600 international restaurants in 45 countries and territories.

Better pizza." remain true to this day. Their fundamental belief is simple: take care of your people and give them the best to work with and you will make superior quality pizza.

8 TENANT OVERVIEW PAPA JOHN'S Papa John's Pizza is an American restaurant franchise company. It runs the third largest take-out and pizza delivery restaurant chain in the United States, with headquarters in Jeffersontown, Kentucky, a suburb of Louisville. As of 2017, Papa John s has over 5,000 restaurants worldwide including more than 1,600 international restaurants in 45 countries and territories. In 1984, Papa John's opened its doors with one goal in mind: Better Pizza. They knew that with better ingredients they would create better pizzas. That goal and the promise of "Better ingredients. Better pizza." remain true to this day. Their fundamental belief is simple: take care of your people and give them the best to work with and you will make superior quality pizza. This is what drives Papa John s, and it's why they invest more than many others in the industry in their effort to consistently deliver superior pizza and superior service. The more you know about their ingredients, the more informed your pizza choices will be. Papa John s doesn t use cheap and processed ingredients. Whether it's their signature sauce, toppings, their original fresh dough, or even the box itself, they invest in their ingredients to ensure that they always give you the finest quality pizza. Papa John s goal is to make sure you always have the best ingredients for every occasion. Page 8 of 11

9 BROKER PROFILE MICHAEL BULL, CCIM Professional Background President, National Office Group Michael Bull, CCIM, founder and CEO of Bull Realty, is an active commercial real estate advisor. He is a licensed broker in nine southeast states and has assisted clients with over 5 billion dollars of transactions over his 30 year career. Mr. Bull founded Bull Realty in 1998 initially with two primary missions: to provide a company of brokers known for integrity, and to provide the best disposition marketing in the nation. Now Michael and his brokers provide disposition, acquisition, project leasing, tenant representation, and advisory services in all major property sectors. You may know Michael as executive producer and host of America's Commercial Real Estate Show. The popular weekly show began broadcasting in 2010 and today is heard by millions of people around the country. Michael and other respected industry analysts, economists and leading market participants share market intelligence, forecasts and success strategies. The show is available on-demand on itunes, YouTube, and the show website, If you get a chance, see Michael speak at commercial real estate events around the country. Michael is a national speaker and senior instructor with Commercial Agent Success Strategies. The company provides live and on-demand streaming video training for commercial agents. Preview videos at the website, Bull Realty Inc. 50 Glenlake Parkway, Suite 600 Atlanta, GA x101 Michael@BullRealty.com Mr. Bull s articles have been published nationwide including in the National Real Estate Investor, France Media Publications, Atlanta Journal Constitution, Atlanta Business Chronicle, Multi-Housing News, Shopping Center Business, The Broker List, and Nation s Restaurant News. Michael s involvement with professional organizations include CCIM Member, National Association of REALTORS, the International Council of Shopping Centers, the Real Estate Brokerage Managers Council, Atlanta Leaders Group, Real Estate Group of Atlanta, the Georgia Bankers Association, the Atlanta Press Club, the Atlanta Chamber of Commerce, the Georgia Real Estate Educators Association, Urban Land Institute, and the National Association of Real Estate Editors. Michael lives in the Chastain Park area of Atlanta and enjoys spending time with his family, off-road performance vehicles and performance boating. Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in nine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide the best disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, asset management and consulting services. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare, senior housing, self-storage, automotive, hospitality and single tenant net lease properties. The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed by millions of people around the country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts and success strategies. The show has aired every week since 2010 on itunes, YouTube and The firm also produces Atlanta's Commercial Real Estate Show available on AtlCREshow.com Page 9 of 11

10 BROKER PROFILE DARRELL CHAPMAN V.P. National Industrial Group Professional Background While Darrell is experienced in all types of commercial properties throughout the Southeast, his primary focus has been industrial investment properties and mixed use developments in the North Atlanta market. As a long time resident of the suburbs of North Atlanta, he has extensive knowledge of the area and the business trends in these markets. Marketing more than $300 million in commercial property since 2007, Darrell has become a recognized go-to broker in North Georgia. Darrell helped establish Bull Realty s first satellite office on GA 400 north of Atlanta. He is a member of the Atlanta Commercial Board of Realtors, Atlanta Commercial Board of Realtors Million Dollar Club, the National Association of REALTORS, the Dawson County Chamber of Commerce and the Hall County Chamber of Commerce. Darrell lives in Dawsonville with his wife of 21 years, his young daughter and a menagerie of pets. Favorite hobbies include boating, water skiing and off-roading. Bull Realty Inc. 50 Glenlake Parkway, Suite 600 Atlanta, GA x114 DChapman@BullRealty.com Some notable closings include a 9 acre site in Gwinnett County for the Georgia Regional Transportation Authority for $3.2 million, a retail park with 20 tenants next to the North Georgia Premium Outlet Mall which sold for $4.5 million, a commercial development park in north Georgia on GA Hwy 400 for $4.9 MM, a medical office park for $2.4 million, a $1.4 million dollar land sale to RaceTrac Petroleum, and several retail sales including C Stores, Car Washes, and Shopping Centers. Prior to commercial real estate sales, Darrell enjoyed a successful career in the boating industry, and worked as a manager, consultant, and trainer for many of the leading dealerships in the Southeast. Darrell eventually operated his own successful dealership in Forsyth County and honed his reputation for honesty and integrity selling boats to customers all over the world. Darrell attended the University of Tennessee studying electrical engineering. Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed in nine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company of advisors known for their integrity and to provide the best disposition marketing in the nation. Client services include disposition, acquisition, project leasing, tenant representation, asset management and consulting services. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare, senior housing, self-storage, automotive, hospitality and single tenant net lease properties. The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed by millions of people around the country. Industry analysts, leading market participants and the firm's founder Michael Bull share market intelligence, forecasts and success strategies. The show has aired every week since 2010 on itunes, YouTube and The firm also produces Atlanta's Commercial Real Estate Show available on AtlCREshow.com Page 10 of 11

11 TEAM PROFILE Michael Bull, CCIM Michelle Mehrjerdian Broker x101 Marketing Preston Blair Marketing Darrell Chapman Scott Jackson V.P. National Industrial Group x114 Analyst Page 11 of 11

PRICE REDUCED! Lender Owned Retail Building. Newnan, Georgia +/- 10,000 SF. Lender Owned Retail Building. Carrolton, Georgia.

PRICE REDUCED! Lender Owned Retail Building. Newnan, Georgia +/- 10,000 SF. Lender Owned Retail Building. Carrolton, Georgia. PRICE REDUCED! Newnan, Georgia +/- 10,000 SF P of 9 and therefore should not be relied upon as accurate. Information should be independently confirmed within an applicable due d iligence period. Table