Offering Memorandum

WALGREENS & LITTLE CAESARS

Saint Louis Park (Minneapolis-St. Paul-
Bloomington MSA), MN
PROPERTY PHOTO

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 Disclaimer
Marcus & Millichap hereby advises all prospective purchasers of Single Tenant 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 single tenant 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 single tenant 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 single tenant 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 single tenant property.

Non-Endorsement Notice
Marcus and Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lease identified in this marketing package. The
presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of
Marcus and Millichap, it’s affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus and Millichap, and is solely included for
the purpose of providing tenant lessee information about listing to prospective customers. 3
 INVESTMENT HIGHLIGHTS
• 16 + Years Remaining on the Original Term of the Walgreens Lease

• PROPERTY PERFORMANCE
SUPERB STORE SALES
Store Sales from June 1, 2015 – May 31, 2016: $3,424,099.81
Store Sales from June 1, 2016 – May 31, 2017: $3,434,342.84
Walgreens reported that in 2016 that 67% of its sales were prescription drugs and 33% were retail products. Walgreens reports (see above) only
Merchandise, Convenience Food and RX, excluding third party invoices such as Insurance, Medicare, etc. Most Owners and Lenders use a Multiple
between 3.0-3.5 of reported sales to derive at a total store sales for each store. We recently spoke to a net leased loan broker as well as multiple
Walgreens owners, whom indicated that the current average for reported store sales in each store is $2,200,000. Assuming that the average reported
sales for each store is $2,200,000 and using a multiple of 3.25, this would assume that the average Walgreens Store is generating $7,150,000 in Store
Sales. As indicated above, the St. Louis Park Walgreens reported store sales of $3,434,342.84 from June 1, 2016 – May 31, 2017. Using a multiple of
3.25 on these reported sales would equate to $11,616,614 in Store Sales. Therefore, the St. Louis Park Walgreens is producing $4,466,614 more in
Store Sales than an average Walgreens Stores. It is common knowledge that those owners, lenders and brokers whom are heavily involved with
freestanding Walgreens, that Store Sales for a single store to be over $10,000,000 per year is considered to be a top tier Walgreens Store – as is the
case for St. Louis Park Walgreens. Note: Each potential purchaser and lender are to derive at their own conclusions on the store sales for Saint Louis
Park based upon the due diligence documents related to store sales.

• Little Caesars: Corporate Lease & Fixed Rental Increases.

• LOCATION – LOCATION – LOCATION

DENSLEY POPULATED AFFLUENT SUBERB OF MINNEIAPOLIS
6 Miles to Downtown Minneapolis

• Demographics in a 3 Mile Radius:

Average Household Income $100,598 , Population 93,120

• MAJOR INTERSECTION/HARD CORNER

Northwest Corner of Cedar Lake Road South and Louisiana Avenue South – two of the most trafficked streets in St Louis Park.
LandVision indicates 28,486 Vehicles Per Day at the Intersection.

• DRIVE-THRU WALGREENS

• THIS IS A DEAL
7.00% Cap Rate when Assuming Loan
9.15% When obtaining New Loan
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PROXIMITY TO DOWNTOWN MINNEAPOLIS

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MAP

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AERIAL MAP

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PROPERTY OVERVIEW

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RENT ROLL

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 PRICING
Pricing

To Derive at a Purchase Price, each tenant was evaluated individually and blended as follows:

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 DEAL STRUCTURE

To acquire this Property, Buyer should consider selecting one of the following three Deal Structures:

Option 1: Assume Existing Loan

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DEAL STRUCTURE

Option 2: New Loan

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DEAL STRUCTURE

Option 3: All Cash

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 TENANT OVERVIEW

Walgreens Boots Alliance is the largest retail pharmacy, health and daily living
destination across the U.S. and Europe. Walgreens Boots Alliance and the companies
in which it has equity method investments together have a presence in more than 25*
countries and employ more than 415,000* people. The company is a global leader in
pharmacy-led, health and wellbeing retail and, together with its equity method
investments, has more than 18,500* stores in 11* countries as well as one of the
largest global pharmaceutical wholesale and distribution networks, with more than
390* distribution centers delivering to more than 230,000** pharmacies, doctors,
health centers and hospitals each year in more than 20* countries. In addition,
Walgreens Boots Alliance is one of the world’s largest purchasers of prescription
drugs and many other health and wellbeing products. Standard & Poor’s rating for
Walgreens is investment grade BBB stable.

Little Caesars is the third-largest pizza chain in the United States, behind Pizza Hut and
Domino’s. Today, Little Caesars has over 4,500 locations, with international units in
Europe, Asia and the Middle East and a total global sales of about $4,400,000,000.
Starting in 2004, the company began offering “Hot-N-Ready,” a large pepperoni pizza sold
for $5. The concept was successful enough to become a permanent fixture of the chain, and
this shifted Little Caesar’s business model toward carryout customers. The Little Caesars at
Saint Louis Park, MN is a corporate lease.

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ST. LOUIS PARK

St. Louis Park's convenient location as a neighbor to Minneapolis means

you're only minutes away from some of the Twin Cities' most attractive
amenities: the Chain of Lakes, the downtown theater district, shopping,
universities and major league sports.

St. Louis Park is an established community of 10.8 square miles. In a little

more than 115 years, it's grown from a village of 45 families to a
community of just under 49,000 residents.

St. Louis Park has a sound economic base, a healthy mix of new and
traditional housing, and a nationally renowned school district – where
every school has been named a National School of Excellence.

Residential areas comprise the largest portion of the community. St. Louis
Park is also proud of the numerous trails and parks in the community. The
many trails connect us to downtown Minneapolis, the Uptown area,
Hopkins and Chaska. There are 52 parks throughout the city to enjoy (11.5
percent of St. Louis Park's land is set aside for parks).

These parks provide recreation, community space and beauty to all St.
Louis Park residents in any season. Residents of St. Louis Park enjoy a
multitude of different social and recreational activities to participate in,
along with diverse religious, economic and education systems. The options
are endless in St. Louis Park. Likewise, the City of St. Louis Park is a place
to live for a lifetime.

Today, most of St. Louis Park is developed, and much of the focus has
shifted from building infrastructure to improving it. St. Louis Park actively
encourages quality redevelopment and is a recognized leader in
redevelopment aimed at creating livable communities, areas that are less
reliant on cars and offer a mix of housing, shopping, entertainment and
jobs within a short distance of one another.

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DEMOGRAPHICS

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 EXCLUSIVE NET LEASE OFFERING

Broker Of Record
Jon Ruzicka
Tel: (952) 852 - 9700
License: 40583288