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Offering Memorandum

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Largo, FL

PRESENTED BY

Douglas T. Kinson

Director ? Net Leased Properties Group Dir: (407) 557-3842 Cell: (407) 625-9539 douglas.kinson@

Joseph F. Russo

Director ? Net Leased Properties Group Dir: (407) 557-3843 Cell: (407) 453-0252 joseph.russo@

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INVESTMENT OVERVIEW

Marcus & Millichap is pleased to offer this Dunkin' Donuts located at 7030 Ulmerton Road in Largo, Florida.

The Property contains 2,124 square feet of building space and is situated on 0.97? acre. The building is the 2015 concept model that will be renovated in 2017. The Property is centrally located on Ulmerton Road (SR 688), a major east-west artery, which has over 50,000 AADT. The Property is just 0.78 mile west of US 19 and has direct access to I-275 five miles east which connects to Tampa.

The lease is an absolute NNN lease with no Landlord responsibilities. Rent increases of 10% begin year 11 and then every five years thereafter. The tenant is a Dunkin' Donuts/Baskin Robbins franchisee that currently owns and operates 46 locations in Florida, Alabama and Louisiana. The tenant has plans to open an additional 70 locations in all markets by the end of 2017.

Largo, which began as a rural farming community, is today the third largest city in Pinellas County. There are over 90,000 residents within a three mile radius of the property. Largo is part of the Tampa Bay/St. Petersburg/Clearwater MSA which has an estimated population of 3,030,953 as of January 2017.

INVESTMENT HIGHLIGHTS

Absolute Net Lease | No Landlord Responsibilities Sale-Leaseback New 15 Year Lease with Five - Five Year Options Attractive Rental Increases Excellent Visibility and Access Centrally Located on Ulmerton Road, a Major Connector Road to I-275 Florida is a NO STATE INCOME TAX State

OFFERING SUMMARY #2

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EXECUTIVE SUMMARY

Price Net Operating Income Capitalization Rate ? Current Price / SF Rent / SF Lease Type Gross Leasable Area Year Built / Renovated Lot Size

OFFERING SUMMARY

$2,047,619 $107,500 5.25% $964.00 $50.61 Absolute Net 2,124 SF 2008 / 2017 0.97 acre(s)

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INVESTMENT HIGHLIGHTS

Absolute Net Lease | No Landlord Responsibilities

Sale-Leaseback New 15 Year Lease with Five - Five Year Options Attractive Rental Increases Excellent Visibility and Access Centrally Located on Ulmerton Road, a Major

Connector Road to I-275 Florida is a NO STATE INCOME TAX State

DEMOGRAPHICS

2015 Estimate Pop 2010 Census Pop 2015 Estimate HH 2010 Census HH Median HH Income Per Capita Income Average HH Income

1-Miles

14,416 14,137

6,546 6,418 $40,045 $23,499 $51,697

3-Miles

91,804 89,689 40,263 39,312 $42,217 $26,343 $58,580

5-Miles

240,948 234,457 107,896 104,950 $42,228 $26,244 $57,756

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TENANT SUMMARY

Founded in 1950, Dunkin' Donuts is America's favorite all-day, everyday stop for coffee and baked goods. Dunkin' Donuts is a market leader in the hot regular/decaf/flavored coffee, iced coffee, donut, bagel and muffin categories. Dunkin' Donuts has earned the No. 1 ranking for customer loyalty in the coffee category by Brand Keys for nine years running. Dunkin' Brands' nearly 100 percent franchised business model included more than 12,000 Dunkin' Donuts restaurants and more than 7,700 Baskin-Robbins restaurants. Based in Canton, Massachusetts, Dunkin' Donuts is part of the Dunkin' Brands Group, Inc. (Nasdaq: DNKN) family of companies.

Vik Patel, the CEO of Tampa-based Purple Square Management Co. currently owns and operates 46 Dunkin Donuts/Baskin Robbins locations in the following states; Florida, Alabama and Louisiana. While the majority of the stores in Florida are in Tampa Bay, they have also increased their presence in the Panama City and Pensacola markets. In Alabama and Louisiana, they are in the Dothan, Baton Rouge and New Orleans markets respectively. Purple Square has plans to open an additional 70 locations in all markets by the end of 2017.

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LOCATION OVERVIEW

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DPRUONPKEINR'TDYONNAUMTES -| NLANRNG| OSALE-LEASEBACK

7030 Ulmerton Road, Largo, FL 33771

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Absolute Net Lease Sale-Leaseback Excellent Access and Visibility Centrally Located on Ulmerton Road Easy Access to I-275 Florida is a NO STATE INCOME TAX

State

Marcus & Millichap is pleased to present this proposal for the Dunkin' Donuts located at 7030 Ulmerton Road in Largo, Florida.

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AERIAL PHOTO

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DUNKIN' DONUTS | NNN | SALE-LEASEBACK PROPERTY SUMMARY

$964.04

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