VERIZON WIRELESS 421 FURR ST, SOUTH HILL, VA

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1 Representative Photo VERIZON WIRELESS 421 FURR ST, SOUTH HILL, VA OFFERING MEMORANDUM R E T A I L A D V I S O R S

2 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Verizon Wireless located at 421 Furr St, South Hill, VA ( Property ). It has been prepared by Matthews Retail Advisors. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Matthews Retail Advisors

3 Table of Contents PRICING & FINANCIAL ANALYSIS Investment Overview... 2 Investments Highlights... 2 Executive Summary...3 PROPERTY DESCRIPTION Physical Description... 6 Birds Eye...7 Aerial Map... 8 Regional Map... 9 Tenant Map...10 DEMOGRAPHICS City Overview South Hill, VA...12 Demographics Report...13 EXCLUSIVELY LISTED BY: Maxx Bauman Associate License No O M maxx.bauman@matthews.com Chad Kurz SVP & National Director License No O M chad.kurz@matthews.com Christopher R. Gentry Broker of Record License No

4 Representative Photo

5 PRICING & FINANCIAL ANALYSIS

6 INVESTMENT OVERVIEW Investments Highlights Property Naked lease: opportunity to significantly increase rent NN lease: minimal landlord responsibilities Priced below replacement cost Building constructed in 2005 NN lease, minimal landlord responsibilities Strong guarantee from top Verizon operator Tenant A Wireless is one of six Verizon Premium Retailers 750 Locations in 31 States Location Outparceled to Super Walmart Local retailers include Walmart Supercenter, Home Depot, Five Guys, RaceWay, Bojangles, First Citizens Bank, Sonic, Arbys, and Applebee s P. 2 Matthews Retail Advisors OFFERING MEMORANDUM Verizon Wireless

7 PRICING ANALYSIS EXECUTIVE SUMMARY VERIZON WIRELESS 421 FURR ST SOUTH HILL, VA List Price... $672,941 CAP Rate - Current % Gross Leasable Area...5,180 SF Lot Size Acres (21,780 SF) Year Built Annualized Operating Data Monthly Rent Annual Rent Rent/SF CAP Rate Current - 1/31/2019 $4, $57, $ % Tenant Summary Type of Ownership Fee Simple Lease Guarantor A Wireless (operates 750 locations) Lease Type NN+ Roof and Structure Tenant Responsible Original Lease Term 5 Years Lease Commencement Date 2/1/2014 Rent Commencement Date 2/1/2014 Lease Expiration Date 1/31/2019 Term Remaining on Lease ±2 Years Increases Flat Options None Verizon Wireless OFFERING MEMORANDUM Matthews Retail Advisors P. 3

8 COMPANY OVERVIEW Property Name Verizon Wireless Guarantor ABC Phones of NC Management, Inc. Property Type Net Leased Cellular Store Parent Company Trade Name Verizon Wireless Ownership Public Credit Rating BBB+ Rating Agency Standard & Poor s Revenue $127 Billion Net Income $9.6 Billion Stock Symbol VZ Board NYSE No. of Locations 2,330 No. of Employees ±177,000 Headquartered NY, NY Web Site Year Founded 1983 Guarantor ABC Phones of NC Management, Inc. ABC Phones is one of the largest Premium Retailer of Verizon Wireless products and services in the Nation. Since its founding in 1996, ABC Phones has over grown to 750 retail locations and over $1 Billion in revenue. Doing business as A Wireless, the company is one of only 6 Premium Retailers for Verizon Wireless and operates in over 31 states across the U.S. Verizon Wireless in the largest U.S. wireless communication service provider as of September In 2013 Verizon s 4G LTE network covered 303 million people and as of 2014 had million subscrivers. A survey conducted by J.D. Power and Associates found that Verizon Wireless was rated as having the highest network quality amongst national providers across all six of the geographic regions of the U.S. P. 4 Matthews Retail Advisors OFFERING MEMORANDUM Verizon Wireless

9 PROPERTY DESCRIPTION

10 PHYSICAL DESCRIPTION THE OFFERING Property Name... Verizon Wireless Property Address Furr St South Hill, VA Assessor s Parcel Number / 078A Zoning... C-3 SITE DESCRIPTION Number of Stories...One Year Built Gross Leasable Area (GLA)...5,180 SF Lot Size Acres (21,780 SF) Type of Ownership...Fee Simple Parking Surface Spaces Parking Ratio : 1,000 SF Landscaping...Professional Topography... Generally Level CONSTRUCTION Foundation...Concrete Slab Framing... Steel Exterior...Concrete Block Parking Surface...Asphalt Representative Photo Verizon Wireless OFFERING MEMORANDUM Matthews Retail Advisors P. 6

11 BIRD S EYE P. 7 Matthews Retail Advisors OFFERING MEMORANDUM Verizon Wireless

12 PROPERTY AERIAL MAP DESCRIPTION E Atlantic St: VPD: 19,000 Verizon Wireless OFFERING MEMORANDUM Matthews Retail Advisors P. 8

13 PROPERTY REGIONAL DESCRIPTION MAP P. 9 Matthews Retail Advisors OFFERING MEMORANDUM Verizon Wireless

14 PROPERTY TENANT MAP DESCRIPTION Verizon Wireless OFFERING MEMORANDUM Matthews Retail Advisors P. 10

15 DEMOGRAPHICS

16 DEMOGRAPHIC ANALYSIS Population 3-Mile 5-Mile 10-Mile 2021 Projection 5,974 8,695 15, Estimate 6,096 8,892 16, Census 6,311 9,230 16, Census 5,985 9,038 15,964 Households 2021 Projection 2,513 3,675 6, Estimate 2,567 3,750 6, Census 2,634 3,846 6, Census 2,418 3,632 6,375 Income $0 - $15, % 13.51% 13.69% $15,000 - $24, % 17.92% 17.46% $25,000 - $34, % 12.62% 13.65% $35,000 - $49, % 15.81% 15.70% $50,000 - $74, % 17.44% 17.14% $75,000 - $99, % 10.94% 10.10% $100,000 - $124, % 6.19% 6.28% $125,000 - $149, % 2.86% 3.07% $150,000 - $199, % 1.18% 1.53% $200,000 - $249, % 0.56% 0.61% $250,000 - $499, % 0.70% 0.55% $500, % 0.28% 0.21% 2016 Est. Average Household Income $54,096 $53,502 $53, Est. Median Household Income $41,475 $40,651 $39,966 Verizon Wireless OFFERING MEMORANDUM Matthews Retail Advisors P. 12

17 VERIZON WIRELESS 421 Furr St South Hill, VA OFFERING MEMORANDUM Maxx Bauman Associate License No O M maxx.bauman@matthews.com Chad Kurz SVP & National Director License No O M chad.kurz@matthews.com Christopher R. Gentry Broker of Record License No Matthews Retail Advisors 841 Apollo Street, Suite 150 El Segundo, CA