MARCH FARM COMMONS OFFERING MEMORANDUM GREENLAND, NEW HAMPSHIRE

MARCH FARM COMMONS OFFERING MEMORANDUM GREENLAND, NEW HAMPSHIRE

2 INVESTMENT OVERVIEW INVESTMENT OVERVIEW Marcus & Millichap is pleased to present March Farm Commons in Greenland, New Hampshire, located five miles south of Portsmouth and the Maine border. The tenants are operating under net leases, reimbursing for real estate taxes, insurance, and common area maintenance plus management fees. The tenants have near coterminous lease terms. The average term remaining is more than eight and a half years. Each tenant has strong rent increases ranging from 10-12 percent every five years. March Farm Commons has optimal co-tenancies. The center features a blend of fitness, medical office, and quick service restaurants. Aroma Joe s is performing very well at this location. They reported strong unit-level sales in 2017, triggering their percentage rent clause. This asset is situated along Greenland Road, a major corridor with more than 17,000 vehicles per day (VPD). This offering also benefits from being in a Tractor Supply-anchored center, driving additional traffic. The subject property benefits from affluent and growing demographics. The average household income (AHHI) within one mile is more than $125,000 and the population rose 4 percent from 2010 to 2017. Additional retailers in the immediate vicinity include: Target, Lowe s, McDonald s, Citizens Bank, The British Aisles, and many more.

3 INVESTMENT OVERVIEW March Farm Commons in Greenland, New Hampshire Five Miles South of Portsmouth Income Tax-Free State Tenants Operating Under Net Leases Reimbursing Real Estate Taxes, Insurance, and Common Area Maintenance Plus Management Fees Near Coterminous Lease Terms Average Term Remaining is More Eight and a Half Years Strong Hedge Against Inflation 10-12 Percent Rent Bumps Every Five Years Optimal Co-Tenancy Ideal Blend of Quick Service Restaurant, Medical Office, and Gym Tenant Within Center Shopping Center Anchored by Tractor Supply Co. NASDAQ: TSCO Driving More Foot Traffic Ideally Located Along Greenland Road Heavily Trafficked Corridor with More Than 17,000 Vehicles Per Day (VPD) Nearby to Blue Star Turnpike (I-95) More Than 84,000 Vehicles Per Day (VPD) Affluent and Growing Demographics Average Household Income Within One Mile is More Than $125,000, Population Rose 4 percent From 2010 to 2017 Additional Retailers in the Immediate Vicinity Include: Target, Lowe s, McDonald s, Citizens Bank, The British Aisles, and Many More

4 FINANCIAL OVERVIEW FINANCIAL OVERVIEW 1533 GREENLAND RD GREENLAND, NH 03840 PRICE: $2,605,000 CAP RATE: 7.50% NOI: $195,560 PRICE PER SQUARE FOOT: $327.55 RENT PER SQUARE FOOT: $24.59 YEAR BUILT: 2015 APPROXIMATE LOT SIZE: +/- 2.5 Acres GROSS LEASEABLE AREA: 7,953 TYPE OF OWNERSHIP: Fee Simple

5 TENANT SUMMARY TENANT SUMMARY TENANT GUARANTOR GLA LEASE COMMENCEMENT LEASE EXPIRATION TERM REMAINING ANNUAL RENT RENT (PSF) INCREASES LEASE TYPE OPTIONS AROMA JOE'S* Aroma Joe's Real Estate + Personal Guaranty from Operator 750 6/1/2016 10/31/2026 8+ Years $29,108 $38.81 10% Every 5 NN 3, 5-Year SEACOAST CHILDRENS DENTISTRY Seacoast Childrens Dentistry, Professional Limited Liability Company (PLLC) 2,500 7/1/2017 6/30/2027 9+ Years $60,000 $24.00 10% Every 5 NN 3, 5-Year SOULFIRE POWER YOGA Soulfire Power Yoga, Limited Liability Company (LLC) 1,200 6/1/2016 5/31/2026 8+ Years $26,400 $24.20 10% Every 5 NN 2, 5-Year MAXCHARLES MaxCharles, Limited Liability Company (LLC) 1,500 5/1/2016 4/30/2026 8+ Years $33,000 $22.00 12% in Year 6 NN 2, 5-Year KA LANI THERAPEUTIC MASSAGE SPECIALISTS Personal Guaranty from Operators 2,003 10/1/2016 9/30/2026 8.5+ Years $47,071 $23.50 10% Every 5 NN 2, 5-Year Total 7,953 $195,579 *Includes Percentage Rent Triggered in Year One of Operations

6 PROFIT & LOSS STATEMENT PROFIT & LOSS STATEMENT TENANT Aroma Joe's Seacoast Childrens Dentistry Soulfire Power Yoga MaxCharles Ka Lani Therapeutic Massage Specialists Total GLA 750 2,500 1,200 1,500 2,003 7,953 BASE RENT $29,108 $60,000 $26,400 $33,000 $47,071 $195,579 EXPENSE REIMBURSEMENTS Real Estate Taxes $7,893 $10,955 $5,260 $6,567 $8,777 $39,451 Insurance $435 $604 $290 $362 $484 $2,174 CAM $2,760 $3,831 $1,839 $2,296 $3,069 $13,796 Management Fee $554 $769 $616 $369 $461 $2,771 TOTAL EXPENSE REIMBURSEMENTS $11,088 $15,390 $7,389 $9,225 $12,330 $58,192 Effective Gross Income $40,196 $75,390 $33,789 $42,225 $59,401 $253,771 EXPENSES Real Estate Taxes $7,893 $10,955 $5,260 $6,567 $8,777 $39,464 Insurance $435 $604 $290 $362 $484 $2,175 Plowing $1,640 $2,276 $1,093 $1,364 $1,824 $8,200 LANDSCAPING $560 $777 $373 $466 $623 $2,800 Utilities $560 $777 $373 $466 $623 $2,800 Management Fee $554 $769 $616 $369 $461 $2,772 Total Expenses $11,642 $16,159 $8,005 $9,595 $12,791 $58,211 NET OPERATING INCOME $28,553 $59,231 $25,784 $32,631 $46,610 $195,560

8 MAJOR TENANT OVERVIEW MAJOR TENANT OVERVIEW AROMA JOES SEACOAST CHILDREN S DENTISTRY Aroma Joe s is in the business of fueling the modern world. They serve positive energy to the next generation of coffee drinkers. A generation that wants it to be personal, personalized, social and energetic. From the wide variety of great drinks to the people that deliver the experience, Aroma Joe s is the local destination with independent attitude that energizes the day. From their Travel the World coffees, unique infused blends, Aroma Joe s Rush energy drink, to their unique personal customer experience that is always upbeat, lively, fun and energetic, Aroma Joe s isn t just another coffee company, it s a movement. A place that energizes your day, feeds your passions, and brings people together. Their goal every day is to fuel the world and make sure everyone leaves a little happier. That s positive energy. Seacoast Children s Dentistry was built with your child in mind! They believe every child and patient with special needs DESERVES to have a healthy, positive experience at the dentist. With fun, interactive games, movies, soothing colors and a submarine theme throughout the office, your children may not want to leave! Dr. Adam s professional motto is Treat every child as if they were my own. He has years of experience in making each visit relaxing and informative. He knows your child is unique and will always strive to make every experience fun and memorable. TENANT TRADE NAME OWNERSHIP TENANT LEASE GUARANTOR NUMBER OF LOCATIONS HEADQUARTERED WEB SITE TENANT PROFILE Aroma Joe s Private Aroma Joe s Aroma Joe s Real Estate, Limited Liability Company (LLC) 30 Locations Portland, Maine www.aromajoes.com TENANT TRADE NAME OWNERSHIP TENANT LEASE GUARANTOR NUMBER OF LOCATIONS HEADQUARTERED WEB SITE TENANT PROFILE Seacoast Childrens Dentistry, Professional Limited Liability Company (PLLC) Private Seacoast Childrens Dentistry Seacoast Childrens Dentistry, Professional Limited Liability Company (PLLC) 1 Location Greenland, New Hampshire www.seacoastchildrensdentistry.com

9 DEMOGRAPHICS DEMOGRAPHICS 1-Mile 3-Mile 5-Mile POPULATION 2000 Population 1,071 12,944 39,444 2010 Population 1,087 13,365 40,514 2017 Population 1,184 14,125 42,034 2022 Population 1,221 14,485 42,952 1-Mile 3-Mile 5-Mile HOUSEHOLDS 2000 Households 398 5,371 17,271 2010 Households 429 5,681 18,043 2017 Households 467 5,963 18,640 2022 Households 481 6,110 19,034 1-Mile 3-Mile 5-Mile HOUSEHOLD (HH) INCOMES 2017 Average HH Income $126,501 $107,309 $114,457 2017 Median HH Income $93,681 $86,729 $91,265 2017 Per Capita Income $49,895 $45,301 $50,756

10 GREENLAND, NEW HAMPSHIRE ABOUT GREENLAND Greenland is located in Rockingham County, New Hampshire. It s bounded on the northwest by Great Bay and located south of Portsmouth. One of the earliest settlements in the State, Greenland was a parish of Portsmouth (then known as Strawbery Banke) operating in 1638. Centrally located between the White Mountains and Boston, minutes from the beaches and Interstate-95, Greenland is a vibrant community that retains a small town feel with an agricultural economic base. Over the last several years, the city has experienced growth in residential and commercial properties. According to the 2010 census, Greenland had a population of 3,549 residents and is now approaching 3,700. Many of their resident s volunteer to serve on various community organizations and Town boards, committees and commissions. Residents take pride in the degree of civic engagement demonstrated by means of participation in local activities and are dedicated to the preservation of a semi-rural environment.

MARCUS & MILLICHAP HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

MARCH FARM COMMONS OFFERING 276 MEMORANDUM WEST MAIN ST NORWICH, CT GREENLAND, 06360 NEW HAMPSHIRE BROKER OF RECORD: JENNIFER ATHAS MARCUS & MILLICHAP LICENSE: 069504