SUBJECT PROPERTY PHOTO STARBUCKS FARGO, ND

Overview STARBUCKS 4480 26TH AVE S, FARGO, ND 58103 $1,971,327 PRICE 5.50% CAP LEASEABLE SF 2,356 SF LEASE EXPIRATION 2/29/2028 LAND AREA 0.90 Acres YEAR BUILT 2017 LEASE TYPE NN Brand new, build-to-suit Starbucks 10-year lease with rental increases every five years No early termination clause Rapidly growing area - $97K avg. HH Income within a 3-Mile radius Located less than 1 mile from the brand new 1 million square foot, $494M Sanford Medical Center This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 2

Investment Highlights THE SUBJECT PROPERTY is unique in that it is the first freestanding Starbucks in the Fargo-Moorhead MSA. The asset has a 10-year lease with 10% rental increases in the base term and four 5-year options, and no early termination clause. The site is located in West Fargo, one of the fastest growing areas in the Fargo-Moorhead MSA, and features one of the highest average household income metrics in North Dakota at nearly $98K per year. Fargo has been ranked as one of the top coffee drinking cities in the country, which positions the subject property for tremendous success within the market. The property sits on the border of the affluent Anderson Park and Amber Valley neighborhoods of Fargo; this will be the only Starbucks to service these two neighborhoods. Fargo has been one of the fastest growing MSAs in the country for the last several years - consistently hitting over 2% annual population growth. Contact the team RICK SANNER rsanner@capitalpacific.com PH: 415.274.2709 CA BRE# 01792433 JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 THE RETAIL MARKET - From 2010-2017 there has been a 45% increase in population within a 3-mile radius of the subject property with an additional 20% growth projected by 2021. There are also over 12 apartment complexes within a 1-mile radius of the subject property, establishing a strong consumer base. IN CONJUNCTION WITH ND LICENSED BROKER: Ben Meier of Lerner Company bmeier@lernerco.com PH: 402.502.4715 STARBUCKS HAS OVER 13,000 LOCATIONS THE U.S. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 3

94 45th Street S Aerial Main Avenue 94 Westgate Commons Main Avenue Sheyenne Street Fargo Plaza BISMARK 29 Eastwood Elementary West Fargo High School Carl Ben Eilson Middle School 13th Avenue E 13th Avenue S HOUSING TJ Maxx Plaza 110,908 RESIDENTS WITHIN 5 MILES South High School Cheney Middle School West Acres Lewis & Clark Elementary 27,170 DAILY 94 94 45th Street S e SE 170th Avenu Trinity Elementary 40th Avenue S This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. Calico Drive S Freedom Elementary 29 8,440 DAILY Ed Clapp Elementary 40th Avenue S

Zoomed-In Surrounding Aerial Retail 5

Income & Expense PRICE $1,971,327 Price Per Square Foot: $836.73 Capitalization Rate: 5.50% Total Rentable Area (SF): 2,356 Lot Size (AC): 0.90 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $46.02 $108,423 Effective Gross Income $46.02 $108,423 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $108,423 Landlord is responsible for Roof and Structure This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 6

Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY TENANT NAME SQ. FT. CURRENT RENT MONTHLY RENT YEARLY RENT MONTHLY RENT/FT YEARLY RENT/FT Starbucks 2,356 11/15/2017 11/14/2022 $108,423 $9,035 $108,423 $3.83 $46.02 11/15/2022 11/14/2027 $9,939 $119,265 $4.22 $50.62 Option 1 11/15/2027 11/14/2032 $10,933 $131,192 $4.64 $55.68 Option 2 11/15/2032 11/14/2037 $12,023 $144,280 $5.10 $61.24 Option 3 11/15/2037 11/14/2042 $13,225 $158,700 $5.61 $67.36 Option 4 11/15/2042 11/14/2047 $14,548 $174,579 $6.17 $74.10 TOTALS: 2,356 $108,423 $9,035 $108,423 $3.83 $46.02 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 7

Site Plan 2,356 RENTABLE SF 0.90 ACRES 25 SPACES 45th Street South PYLON SIGN Private Access Road This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Tenant Overview ABOUT STARBUCKS The world s #1 specialty coffee retailer, Starbucks has more than 25,000 coffee shops in about 70 countries, and over 254,000 employees. The outlets offer coffee drinks and food items, as well as roasted beans, coffee accessories, and teas. A- S&P RATED In 2017 the chain had a net revenue of $22.4 Billion, and an operating income of $4.4 Billion. Starbucks has a credit rating of A- from Standard & Poor, and is traded on the NASDAQ under SBUX. $22.4B 2017 NET REVENUES RANKINGS #3 - FORTUNE S list of world s most admired companies (2017) #146 - FORTUNE 500 list (2017) #45 - FORTUNE S change the world list (2017) This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 9

Demographics POPULATION FARGO 1-MILE 3-MILES 5-MILES 2010 2,846 29,171 88,505 2017 4,541 42,218 110,908 2022 5,597 50,493 126,958 2017 HH INCOME 1-MILE 3-MILES 5-MILES MINNEAPOLIS (3 HR 50 MIN, 237 MILES) Average $92,943 $97,906 `$83,968 Median $75,288 $75,257 $60,196 TOP EMPLOYERS EMPLOYER Sanford Medical Center Fargo North Dakota State University Essentia Health Fargo Public School District Fargo VA Health Care System THE AVERAGE HOUSEHOLD INCOME WITHIN A 3-MILE RADIUS IS OVER $97K This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 10

Location Overview FARGO, NORTH DAKOTA FARGO is located in Cass County, North Dakota, along the Red River, which forms the border between Minnesota and North Dakota. An estimated 120,762 people live in Fargo, and nearly 225,000 live in the greater Fargo-Moorhead metropolitan area. With a growth rate of 72.9%, West Fargo is one of the fastest growing communities in North Dakota. The city is home to North Dakota State University, which has over 14,000 students. Combined with Minnesota State University and Concordia College in Moorhead, the three schools form the Tri-College University system of Fargo-Moorhead with a total student population of over 25,000. Microsoft s second largest field campus is also located in Fargo with over 1,500 employees. In 2015, the campus, which has existed since 2001, was updated and expanded to include a state-of-the-art regional marketing and sales center. FARGO ECONOMY FARGO is the economic center of southeastern North Dakota and a portion of Northwestern Minnesota. Historically, the Fargo area economy has been dependent on agriculture, but in recent decades has grown to include large food processing, manufacturing, and technology sectors. Fargo is also the cultural, commerce, manufacturing, health care, and education hub for the region. 225,000 FARGO-MOORHEAD MSA POPULATION (ESTIMATED) This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 11

We d love to hear from you. RICK SANNER rsanner@capitalpacific.com PH: 415.274.2709 CA BRE# 01792433 JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 IN CONJUNCTION WITH ND LICENSED BROKER: Ben Meier of Lerner Company bmeier@lernerco.com PH: 402.502.4715 CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM: ZEB RIPPLE JOHN ANDREINI ZANDY SMITH CHRIS KOSTANECKI JOE CACCAMO RICK SANNER CHRIS PETERS DAVE LUCAS JACK NAVARRA This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.