C O L L I E R S I N T E R N AT I O N A L | 3 PA R K P L A Z A , S U I T E 1 2 0 0 | I R V I N E , C A 9 2 6 1 4 | S N Y D E R / C A R LT O N T E A M

ABSOLUTE NNN LEASE INVESTMENTBuilding Near Completion | 20 Year Lease with 2% Annual Bumps

521 NW Broad Street, Murfreesboro, TN

Middle Tennessee State University Location22,500+ Students

Table of Contents

Property Summary

Lease Abstract

Investment Highlights

Aerial Overview

Parcel Details

Tenant Overview

Murfreesboro, TN

Nashville Summary

Daytime Population Map

Household Income Map

Confidentiality Agreement

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4

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Investment Contacts:

Broker of Record:

Eric CarltonSenior Vice PresidentLicense No. 01809955949.724.5561eric.carlton@colliers.com

Jereme SnyderExecutive Vice PresidentLicense No. 01360233949.724.5552jereme.snyder@colliers.com

J. Anthony VaughnExecutive Vice PresidentLicense No. 00218103615.850.2731tony.vaughn@colliers.com

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Property Summary

List Price $3,175,000

NOI $206,409

CAP Rate 6.50%

Pricing Summary

Operating Expense

Taxes, Insurance, CAM NNN

Net Operating Income $206,409

Operating Expense Data

We are pleased to offer to qualified investors an absolute NNN lease investment fully leased to a fast growing QSR franchise, Dog Haus, in the city of Murfreesboro, TN. Dog Haus signed a 20-year lease and has 3-5 year options. This lease provides investors a strong inflation hedge along with rapid increases in NOI as there are 2% annual rental increases. The property comprises approx. 2,874 SF and is located on approx. 1.16 acres of land. Positioned on NW Broad Street, the property benefits from high visibility and constant traffic flow through the area. Surrounding tenants include Target, Bank of America, Chick-Fil-A, Lowe’s Home Improvement, Hobby Lobby, Chili’s Grill & Bar, Logan’s Roadhouse, Office Depot, IHOP, Starbucks, The Home Depot, Premiere 6 Theatre and much more.

The subject property benefits from strong surrounding demographics with 157,491 residents within a 5-mile radius and an AHHI of $72,271 within the same 5-mile radius. According to the U.S. Census Bureau, Murfreesboro is one of the 15 fastest growing large cities (50,000 residents or more) in the United States. Murfreesboro’s population grew 4.67% from 2015 to 2016, making it the fastest growing large-city in Tennessee. The city has a strong unemployment rate of 4.30% and had a recent job growth of 2.54%. Middle Tennessee State, the second largest university in Tennessee, is just 2.7 miles away giving Dog Haus access to 22,511 students.

Dog Haus currently operates in Eight (8) states and is rapidly expanding with 34 locations that have either recently opened or are opening soon. This concept has received critical acclaim and national attention for its signature all beef Haus Dogs and hand crafted proprietary Haus Sausages, as well as their 100% genetically tested, humanely raised Black Angus beef using no hormones and no antibiotics. This location is backed with a full guarantee from the holding company, Power Restaurant Group, LLC as well as a 5 year personal guarantee from the franchisees. This is a unique opportunity to acquire a fast growing quick-service restaurant, on a brand new 20 year lease, with an absolute NNN lease structure (zero landlord obligations), and attractive 2% annual increases.

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Lease Abstract

Tenant Trade Name Dog Haus

Lease Commencement November 1, 2017

Lease Expiration October 31, 2037

Lease Term 20 Years

Term Remaining On Lease 20 Years

Base Rent $206,409

Rental Adjustments 02/28/2018Ann 2% Increases

Options3 - 5 YR Options at 100%

of FMV (YR1 of each Term) and Ann 2% Increases

Lease Type Absolute NNN

Roof And Structure Tenant Responsible

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Brand New 2017 RedevelopmentAbsolute NNN Lease - Zero Landlord Obligations

20 Years Remaining with 3-5 YR Options

Inflation Hedge- 2% Annual Increases

2,874 Square Feet on Approximately 1.16 Acres of Land

One of the Strongest Growth Cities in the NationFastest Growing City in Tennessee - 4.67% in 2016

Top 15 Fastest Growing Cities in the United States - Cities with Over 50,000 Residents

Low Unemployment Rate - Job Growth Rate Above National Average

Close Proximity to Middle Tennessee State University - Enrollment of 22,511 Students

Ideal 1031 Exchange OpportunityAbsolute NNN Lease Structure - Zero Landlord Obligations - Coupon Clipper

Inflation Hedge - 2% Annual Increases

Many National Tenants See the Benefit of Murfreesboro

Full Guarantee from Holding Company

Free and Clear of Existing Debt - Excellent Financing Options Available

Dog HausPasadena, CA Based Gourmet Hot Dog Concept Set to Have Over 450 Total Locations

Dog Haus To Be One of the Fastest Growing Food Concepts in the U.S.

- $500M Partnership with American Development Partners

Full Guarantee of the Franchisee - Power Restaurant Group

Power Restaurant Group Will Have 9 Additional Locations Open by the End of 2017

With Another 20 in 2018

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NW BROAD ST. 33,207 CPD

W. MAIN ST.

SCOTT ST.

W. BURTON ST.

Clarks Shopping Center

N. M

APLE

ST.

OLD FO

RT PKWY. 35

,703 C

PD

PREMIER 6

Excellent Location and DemographicsWithin a 1-Mile Radius, Retailers Include Premiere 6 Theatre, Dollar GeneralOffice Depot, Chili’s Grill & Bar, Hooters, Logan’s RoadhouseApproximately 157,491 Residents Within a 5 Mile RadiusAverage Household Income of $72,271 Within a 5 Mile Radius

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NEW

SAL

EM H

WY.

15,461 CPD

58,772 CPD

MIDDLE TENNESSE BLVD.

HWY. 41

FRANKLIN RD.

MEDICAL CENTER PKWY.

OLD FORT PKWY. 35,703 CPD

NW BROAD ST.

NW BROAD ST. 33,207 CPD

24

THE AVENUE MURFRESSBORO

PREMIER 6

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Address:521 NW Broad Street, Murfreesboro, TN 37129

Parcel:075091K L 00300, 13-091K-L-091K-003.00

Building Area: 2,874 SF

Land Area: 50,564 SF (1.16 Acres)

Year Built: 2017 (Under Construction)

Zoning: Commercial

D O G H A U S | M U R F R E E S B O R O , T N | P. 9

About Dog HausDog Haus has garnered critical acclaim and national attention

for its signature all beef Haus Dogs and hand crafted

proprietary Haus Sausages, as well as their 100% genetically tested,

humanely raised Black Angus beef using no hormones and no antibiotics

– never ever. All dogs, sausages and burgers are served on grilled King’s

Hawaiian rolls. Open for lunch and dinner daily, guests can choose from

signature, one-of-kind Haus creations or customize their own from a wide

array of unique toppings.

Founded by partners Hagop Giragossian, Quasim Riaz and Andre Vener,

three friends who share a passion for creativity, quality and commitment to

community, the first Dog Haus opened in Pasadena, California in 2010.

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Superior Taste, Awesome AcclaimCritics, editors and tastemakers from around the country consistently praise Dog Haus’ dogs, sausages and burgers for their

superior quality, unique flavor combinations and creative presentations.

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Murfreesboro, TNMurfreesboro is a city in and the county seat of Rutherford County, Tennessee.

The population was 108,755 according to the 2010 census, up from 68,816

residents certified in 2000. In 2014, census estimates showed a population of

120,954. The city is the center of population of Tennessee and is part of the

Nashville metropolitan area, which includes thirteen counties and a population

of 1,757,912 (2013). It is Tennessee’s fastest growing major city and one of

the fastest growing cities in the country. Murfreesboro is also home to Middle

Tennessee State University, the largest undergraduate university in the state of

Tennessee, with 23,000+ total students as of fall 2014. In 2006, Murfreesboro

was ranked by Money as the 84th best place to live in the United States, out of

745 cities with a population over 50,000.

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Nashville SummaryNashville’s outstanding economic recovery has set the stage for a healthy retail market. Absorption has settled in and empty space has been demolished, vacancy compression has been impressive, and rent growth has popped. As a result, construction should pick up as retailers continue to be interested in Nashville. Good capital value growth combined with relatively high cap rates will prop up total returns that should comfortably beat the National Index. Centers in the Brentwood/Cool Springs corridor or the rapidly developing West End/Downtown area may provide solid investment opportunities for those seeking to place capital in Nashville.

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POPULATION DENSITY

Distance 1-MILE 3-MILE 5-MILE

2017 6,788 68,449 139,247

2022 7,619 76,912 157,491

BUSINESS FACTS

Distance 1-MILE 3-MILE 5-MILE

Businesses 1,790 5,656 6,846

Employees 15,413 53,415 65,989

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HOUSEHOLDS

Distance 1-MILE 3-MILE 5-MILE

2017 2,828 27,064 53,433

2022 3,177 30,511 60,523

HOUSEHOLD INCOME

Distance 1-MILE 3-MILE 5-MILE

Average 2017 $40,179 $58,751 $72,271

Median 2017 $32,552 $42,781 $56,140

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This Offering Memorandum contains select information pertaining to the business and affairs of Dog Haus, Murfreesboro, TN. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum from Colliers, you agree:

1. The Offering Memorandum and its contents are confidential;

2. You will hold it and treat it in the strictest of confidence; and

3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of Dog Haus, Murfreesboro, TN or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

Colliers International | 3 Park Plaza, Suite 1200 | Irvine, CA 92614 | Snyder/Carlton Team

Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. This publication is the copyrighted property of Colliers International and /or its licensor(s) 2015. All rights reserved

Investment Contacts:

Broker of Record:

Eric CarltonSenior Vice PresidentLicense No. 01809955949.724.5561eric.carlton@colliers.com

Jereme SnyderExecutive Vice PresidentLicense No. 01360233949.724.5552jereme.snyder@colliers.com

J. Anthony VaughnExecutive Vice PresidentLicense No. 00218103615.850.2731tony.vaughn@colliers.com