LEANN HUME, CCIM, CLS SENIOR DIRECTOR

6195 SOUTH FIVE MILE RD BOISE, ID OFFERING MEMORANDUM EXCLUSIVELY OFFERED BY: ANDREA NILSON SENIOR DIRECTOR Retail / Investment Specialist +1 208 287 8439 andrea.nilson@paccra.com LEANN HUME, CCIM, CLS SENIOR DIRECTOR Retail / Investment Specialist +1 208 287 8436 leann.hume@paccra.com

DISCLAIMER Cushman & Wakefield has been retained as exclusive advisor to the Seller for the sale of the Walgreens parcel (the Property ), approximately 14,820± square feet on 1.74± acres located at 6195 South Five Mile Road, Boise ID 83709. This Offering Memorandum has been prepared by Cushman & Wakefield for use by a limited number of parties and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Cushman & Wakefield, the Owner, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Cushman & Wakefield, therefore, are subject to variation. No representation is made by Cushman & Wakefield or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Cushman & Wakefield, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, and omitted from, this Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and Cushman & Wakefield each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner s obligations thereunder have been satisfied or waived. Cushman & Wakefield is not authorized to make any representations or agreements on behalf of Owner. This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the Contents ), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or Cushman & Wakefield, (iv) to not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or Cushman & Wakefield, and (v) to return it to Cushman & Wakefield immediately upon request of Cushman & Wakefield or Owner. The information contained herein has been obtained from the owner of the property or from other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. If you have no further interest in the Property, please return this Investment Offering Memorandum forthwith. 398 South 9th Street, Suite 260 Boise, ID 83702 USA T 208.287.9500 F 208.287.9501 www.cushmanwakefield.com www.paccra.com

EXECUTIVE SUMMARY INVESTMENT OVERVIEW OFFERING TERMS PRICE $6,304,761 CAP 5.25% ANNUAL RENT $331,000 ADDRESS: 6195 South Five Mile Rd Boise, ID 83709 APN: S1134449021 LEASE TYPE: Absolute NNN - No landlord responsibilities BUILDING SIZE: LAND SIZE: 14,820± square feet 1.74± acres LEASE COMMENCEMENT: July 1, 2010 LEASE EXPIRATION: June 30, 2035 YEAR BUILT: 2009 TERM REMAINING: 17 years

INVESTMENT HIGHLIGHTS LONG-TERM TRIPLE NET LEASE ~17 years remaining on primary lease term INVESTMENT GRADE TENANT Walgreens carries a Standard & Poor s credit rating of BBB STRONG DEMOGRAPHICS Population of approximately 47,000 with an Average Household Income over $85,000 within 3 miles RAPID POPULATION GROWTH 29% population growth over the past 7 years and 12.7% population growth projected over the next 5 years within 1 mile of the subject property STRATEGIC LOCATION» Subject property is positioned across the intersection from an Albertson s anchored shopping center» Hard corner signalized intersection INVESTMENT OVERVIEW LIMITED COMPETITION Only one other national pharmacy chain has a location within four miles of this Walgreens NEW RETAIL DEVELOPMENTS» Hazelwood Marketplace - Zamzows Lawn and Garden center & Papa Murphy's Pizza (under construction)» Saint Alphonsus Medical Clinic, a new urgent care facility (7,800 square feet), has opened directly across Lake Hazel Rd

INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW S FIVE MILE RD POPULATION GROWTH PAST 7 YEARS 29% 1 MILE RADIUS LOCATED AT HARD CORNER SIGNALIZED INTERSECTION LAKE HAZEL RD NEW RETAIL & HOUSING DEVELOPMENTS NEW RETAIL & HOUSING DEVELOPMENTS ACCROSS LAKE HAZEL RD N Parcel outlines for illustration purposes only.

SURROUNDING RETAIL PROPERTY OVERVIEW 11,556 CARS PER DAY 8,396 CARS PER DAY N Parcel outlines for illustration purposes only.

Property Photos

TENANT PROFILE PROPERTY OVERVIEW Walgreens (NASDAQ: WBA) S&P CREDIT RATING: BBB 2017 REVENUE ($BIL): $118.21 # OF LOCATIONS (2017): 12,822 2017 NET INCOME ($BIL): $4.07 # OF EMPLOYEES (2017): 345,000 Walgreens Boots Alliance (NYSE: WAG) is the first global pharmacy-led, health and wellbeing enterprise in the world. It was created through the combination of Walgreens and Alliance Boots in December 2014. This transaction brought together two leading companies with iconic brands, complementary geographic footprints, shared values and a heritage of trusted healthcare services through pharmaceutical wholesaling and community pharmacy care, dating back more than 100 years. The new global enterprise combines Walgreens, the largest drugstore chain in the USA; Boots, the market leader in European retail pharmacy; and Alliance Healthcare, the leading international wholesaler and distributor. Together, Walgreens Boots Alliance spans more than 20 countries, with over 12,822 stores, over 345,000 employees and more than 390 pharmaceutical distribution centers serving more than 230,000 pharmacies and other points of care. The merger also brings together a unique brand portfolio of outstanding retail, wholesale, service and product brands, alongside the world s largest pharmaceutical wholesale and distribution network. On September 19, 2017, Walgreens announced it had secured regulatory clearance to purchase 1,932 stores, three distribution centers and related inventory from Rite Aid for $4.375 billion in cash and other consideration. Ownership of stores is expected to be transferred in phases, with the goal being to complete the store transfers in spring 2018. Website: www.walgreens.com www.walgreensbootsalliance.com

DEMOGRAPHICS AREA OVERVIEW AVERAGE HH INCOME $85K+ 3 MILE RADIUS 1 MILE POPULATION 46K+ 3 MILE RADIUS 5 MILE 3 MILE POPULATION 1 MILE 3 MILE 5 MILE 11,860 46,964 102,145 N AVERAGE HH INCOME 1 MILE 3 MILE 5 MILE $84,401 $85,162 $76,816

BOISE, IDAHO AREA OVERVIEW Boise is the capital and most populous city in Idaho, and is the county seat of Ada County. Located on the Boise River in southwestern Idaho about 41 miles east of the Oregon border, and 110 miles north of the Nevada border the population of Boise at the 2010 Census was 205,671 (a 10.7% increase from the 2000 Census), making it the 99th largest city in the United States. Boise s estimated population in 2016 was 223,154. metro area s major cities Boise, Meridian, Nampa and Caldwell, and I-184 branches toward the northeast into downtown Boise. Daily commutes are easy for the Boise Valley s population (average commute time is 21 minutes) with federal highways 20, 26, and 30 and state highways 21, 44 and 55 providing access. Boise Airport serves more than 3,000,000 people a year and is less than five miles from downtown Boise. The Boise-Nampa metropolitan area, also known as the Treasure Valley, includes five counties with a combined population of 664,422, the most populous metropolitan area in Idaho. It contains the state's three largest cities; Boise, Nampa, and Meridian. Boise is the third most populous metropolitan area and city in the United States' Pacific Northwest region, behind Seattle and Portland. The Boise Valley is strategically located in the Mountain Time Zone and Southwestern Idaho, providing easy non-stop access to all major cities on the West Coast, the Pacific Northwest and Intermountain West. The Boise Valley is home to a workforce of 330,000 within a 45-minute draw area. A full 40% of Boise s workforce has earned college degrees, and the city s unemployment rate of 3.7% is well below the national average. The major interstate serving the Boise Valley is I-84, running through the Downtown Boise, Idaho

BOISE, IDAHO AREA OVERVIEW A strong educational system is the backbone of a strong workforce and ultimately, the backbone of a strong and thriving business community. The Boise Valley is comprised of six school districts serving K-12: 89 elementary schools, 21 middle or junior high schools, and 14 high schools. The Boise Valley is also home to 14 institutions of higher education with a cumulative enrollment of 50,000 students, offering undergraduateand graduate-level programs in disciplines ranging from engineering and business management to manufacturing, agriculture and healthcare, ensuring that businesses relocating or expanding in the region will have access to the best and brightest minds for decades to come. The largest institute of higher learning in the state is Boise State University, home to over 22,000 students, 677 faculty members, offering more than 200 degrees and certificate programs. US by Forbes; the 20th Best City for Young Professionals also by Forbes; the 5th Best City for Quality of Life by NerdWallet; the 8th Safest City in the World by The Daily Meal; the 4th Best City for Young Families by MoveBuddha.com; and the 8th Best State Capital to Live In by SmartAsset.com. Boise has received some prestigious accolades in 2017. Boise was named the 11th Fastest Growing City in the https://www.cityofboise.org/ http://boise.org/ http://bvep.org/ https://www.boisecompetes.org/ http://www.boisechamber.org/ https://visitidaho.org/ https://en.wikipedia.org/wiki/boise,_ Idaho https://realestate.usnews.com/places/ idaho/boise https://www.boisestate.edu/ Idaho State Capitol, Boise