C H I P OT L E G R O U N D L E AS EC H A R LOT T E , N C

2

T A B L E O F C O N T E N T S

T R A N S A C T I O N T E A M

S T E V E H O R V A T H7 0 4 - 3 7 9 - 1 9 8 1h o r v a t h @ b e r k e l e y c a p . c o m C A R L B R E N D E S7 0 4 - 7 1 4 - 2 3 6 3b r e n d e s @ b e r k e l e y c a p . c o m

R A N S O M E F O O S E7 0 4 - 3 7 9 - 1 9 8 5f o o s e @ b e r k e l e y c a p . c o m M I C H A E L H O W A R D7 0 4 - 9 4 3 - 3 1 6 0h o w a r d @ b e r k e l e y c a p . c o m

M I K E L U C I E R7 0 4 - 9 4 3 - 3 1 5 8l u c i e r @ b e r k e l e y c a p . c o m

M E G H A N D A V I D S O N7 0 4 - 7 1 4 - 2 3 7 8d a v i d s o n @ b e r k e l e y c a p . c o m

M A P S 3

O F F E R I N G O V E R V I E W 5

I N V E S T M E N T H I G H L I G H T S 6

A D D I T I O N A L S I T E P H O T O S 7

A E R I A L S 8

S I T E R E N D E R I N G S 10

S I T E P L A N 11

M A R K E T O V E R V I E W 12

D E M O G R A P H I C S 17

C O N F I D E N T I A L I T Y 18

NC RE LICENSE NO.: C9467

2 3 1 2 W H I T E H A L L P A R K D R I V E

33

R E L A T I O N M A P

03

2 3 1 2 W H I T E H A L L P A R K D R I V E

4

L O C A T I O N M A P

025

O F F E R I N G O V E R V I E W

T R A F F I C C O U N T S

AADT

WHITEHALL PARK DR N/A

S. TRYON ST 48,775

I-485 88,200

I-77 (NEARBY) 150,000

P R O P E R T Y D E T A I L S

NAME CHIPOTLE GROUND LEASE NET OPERATING INCOME $112,000

ADDRESS 2312 WHITEHALL PARK DRIVE RENT INCREASES 7% IN YR 11; 10% EVERY 5 YRS IN OPTIONS

MARKET CHARLOTTE, NC 28273 RENT COMMENCEMENT FEBRUARY 22, 2018

BUILDING SIZE 2,268 SF RENT EXPIRATION FEBRUARY 28, 2033

LAND SIZE 1.10 AC LEASE TYPE ABSOLUTE NET GROUND LEASE

PARKING 30 SPACES ORIGINAL LEASE TERM 15 YEARS

TENANT CHIPOTLE MEXICAN GRILL OF COLORADO, LLC* LEASE TERM REMAINING 15 YEARS

YEAR BUILT 2018 OPTIONS FOUR, 5-YEAR

RIGHT OF FIRST REFUSAL NO ASKING PRICE $2,357,895 (4.75% CAP RATE)

D E M O G R A P H I C S N A P S H O T

1-MILE 3-MILE 5-MILE

2022 POP. PROJECTION 8,902 50,714 146,602

2017 POP. ESTIMATE 8,010 46,102 134,289

POP. GROWTH 2000-2017 217.47% 75.84% 69.12%

HH GROWTH 2000-2017 279.95% 83.22% 64.13%

2017 EST. AVG. HH INCOME $73,662 $66,666 $76,131

for detai led demographics, p lease cl ick HERE

*Corporately guaranteed by Chipotle Mexican Grill, Inc.

02

PUBLICLY TRADED TENANTAs of December 31, 2017, there are 2,408 Chipotle restaurants in operation worldwide. Chipotle Mexican Grill Inc. (NYSE: CMG) was founded in 1993 and went public in 2003. Company revenues total nearly $4.5BN with a market cap of approximately $9.149BN.

RARE 15 YEAR CHIPOTLE GROUND LEASEChipotle has signed a very rare 15 year ground lease that commenced on Febru-ary 22, 2018. This tenant predominantly signs 10 year build-to-suit leases, making this investment opportunity hard to come by.

HUGE DAYTIME POPULATIONChipotle largely benefits from its positioning at the main entrance to Whitehall Technology Park, a 540,000 square foot business park. Inside of a three-mile ra-dius, there are approximately 66,000 daytime employees. Over 125,000 daytime employees work within a five-mile radius.

SIGNALIZED HARD CORNER ON 1.10 ACRESChipotle has excellent visibility and frontage at the signalized intersection on South Tryon Street and Whitehall Park Drive. This is a large lot for a Chipotle at 1.10 acres as the average size lot for this tenant is closer to 0.75 acres based on historical comparable sales data.

I-485 EXITChipotle is located directly off exit 1 at Interstate-485. One mile separates I-485 (88,200 VPD) from I-77 (150,000 VPD). Both of these roadways make up Char-lotte’s two busiest highways.

HIGH TRAFFIC COUNTSIn addition to the combined 235,000 VPD on I-85 and I-77, Chipotle also benefits from the 48,775 VPD that pass directly by the site on South Tryon St.

STRONG POPULATION AND HOUSEHOLD GROWTHThis submarket has experienced exponential growth since 2000. The popula-tion has seen a 217% increase in the past 17 years within a one mile radius, while households have increased by 280%. This growth does not seem to be slowing down any time soon as the population is expected to increase by 11% in the next five years.

NEARBY WHITEHALL COMMONSWhitehall Commons, a master planned shopping center, is a major area attraction on the other side of I-485 one-half mile from the subject Chipotle. Whitehall Com-mons anchor tenants include Walmart Supercenter, Lowe’s Home Improvement and Publix.

6

I N V E S T M E N T H I G H L I G H T S

7

A D D I T I O N A L S I T E P H O T O S

S . T R YO

N S

T - 4

8 , 77 5 V

P D

8 8 , 2 0 0 V P D

R E S I D E N T I A L$ 1 8 0 K - $ 3 0 0 K

R E S I D E N T I A L$ 1 5 0 K - $ 2 5 0 K

C O R P O R A T EO F F I C E

C O R P O R A T EO F F I C E

F I E L DO F F I C E

O F F I C E

S T E E L EC R E E K

C H U R C H

W H I T E H A L LPA R C A P T S

S T O N E G R O V E

A P T S

S T O N E R I D G EA P T S

C O F F E Y C R E E K A P T S

A R R O W O O DC R O S S I N G

A P T S

C O L O N I A L V I L L A G EA T S . T R Y O N A P T S

W H I T E H A L L T E C H N O L O G Y PA R K5 4 0 K S F O F O F F I C E

O F F I C E

O F F I C E

A Y R S L E Y

R E S I D E N T I A L$ 1 8 0 K - $ 3 0 0 K

8

M I D - R A N G E A E R I A L

C O R P O R A T EO F F I C E

C H A R L O T T E - D O U G L A SI N T E R N A T I O N A L A I R P O R T ( C LT )

6 0 0 F L I G H T S / D A Y

S O U T H PA R K M A L L

PA R K R O A D S H O P P I N G C E N T E R

C O T S W O L D

C A R O L I N A S M E D I C A L C E N T E R

1 , 1 3 2 B E D S

Q U E E N S U N I V E R S I T Y1 , 6 4 1 S T U D E N T S

R E S I D E N T I A L$ 1 8 0 K - $ 3 0 0 K

R E S I D E N T I A L$ 1 8 0 K - $ 3 0 0 K

R E S I D E N T I A L$ 3 0 0 K - $ 3 M M

R E S I D E N T I A L$ 2 2 5 K - $ 6 0 0 K

R E S I D E N T I A L$ 2 5 0 K - $ 2 M M

R E S I D E N T I A L$ 2 5 0 K - $ 2 M M

R E S I D E N T I A L$ 2 5 0 K - $ 8 0 0 K

F A I R V I E W R DP

AR

K R

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S . TR YO N S

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P RO

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C H A R L O T T E C B D1 0 M I L E S F R O M S I T E

W E S T A E R I A L

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10

S I T E R E N D E R I N G Sr e d

architecture

855 GRANDVIEW AVENUESUITE 295

OHIO 43215COLUMBUS,614.487.8770PHONE:614.487.8777FAX:

+ planning

STOR

E NO

.:

CHIPOTLE MEXICAN GRILL, INC.1401 WYNKOOP STREET, SUITE 500

DENVER, COLORADO 80202TELEPHONE: (303) 595-4000

FAX: (303) 595-4014INTERNET: WWW.CHIPOTLE.COM

COPYRIGHT 2017THIS DRAWING IS AN INSTRUMENT OF SERVICE AND AS SUCHREMAINS THE PROPERTY OF CHIPOTLE MEXICAN GRILL, INC..PERMISSION FOR USE OF THIS DOCUMENT IS LIMITED ANDCAN BE EXTENDED ONLY BY WRITTEN AGREEMENT WITHCHIPOTLE MEXICAN GRILL, INC..

Date of Last Print:

Project No.

Contents:

Revisions:

Drawn:

Issue Record:

Consultant:

Checked:

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EXTERIOR VIEWS

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03/02/17

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03/02/17 CONSTRUCTION SET

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CHARLOTTE, NC

12

M A R K E T O V E R V I E W

13

M A R K E T O V E R V I E W

Charlotte Top Employers by Employee Count

Carolinas Healthcare System:

Wells Fargo:

Charlotte-Mecklenburg Schools:

Walmart:

Bank of America:

Novant Health Inc.:

American Airlines Group:

Lowe's Companies Inc.:

Harris Teeter:

Duke Energy Corp.:

JOBS & INVESTMENT INFRASTRUCTURE

20%Employment increases

projected over next 5 years

50%Increase in Annual Rate of Venture Capital Funding

since 2010

236$$$

Million Dollars in VentureCapital Funding was

invested in 2015

700

5THBusiest airport in the nation,

measured by takeoffs and landings

Departures and landings daily out of Charlotte-Douglas

International Airport.

GOOGLE FIBERbrought the fastest available

internet to Charlotte

14

M A R K E T O V E R V I E WPEOPLE

17,500New degreed residents move to

Charlotte each year

The median age of residents who live in Charlotte

Largest population growth in real numbers across the U.S. during 2015

REAL ESTATE

5.3Million square feet of office

planned or under construction

2$$$

Billion dollars in real estate projects were under construction

33

10TH

The average rent for an apartment in Charlotte

$1,052 72%Increase in the amount of

institutionally-owned office space in Uptown Charlotte

S T O R E

Square feet of retail space planned or under construction

777,392Housing units planned or

under construction

9,725

15

D E M O G R A P H I C SEXPANDING INDUSTRIES

As the 5th fastest growing MSA in the nation, a wide variety of employers have either expanded or entered into the Charlotte market over the last few years.

1,300 new jobs created by Fortune 500 company Sealed Air’s new headquarters in Charlotte.

Husqvarna’s North American headquarters has been moved to Charlotte.

IT managed-services company CompuCom Systems is relocating its headquarters to south Charlotte, bringing with it 1500 employees in a $41 million project.

SPX, Inc., a Fortune 1000 company, has relocated their headquarters to Charlotte.

AvidXchange is constructing their new headquarters in Charlotte with the ability to increase their employment level from 750 employees to 1,000 employees. They recently received a $300M investment from MasterCard.

600 new jobs generated by IBM’s new loan processing center.

16

M A R K E T O V E R V I E W

POPULATION GROWTH• 2016 - Charlotte Chamber announced 10,990 new and ex-panded jobs in Mecklenburg County, totaling $1.2B in invest-ments.

• Per the latest United Nations study of world population growth, Charlotte will grow faster (by 71%) than any other large US city by 2030.

• Urban Institute in Washington, DC: Charlotte metro area's population will grow 47% between 2010 and 2030 (2.74 million residents in 2030, up from 1.87 million in 2010).

• Bureau of Labor Statistics: 2013 thru 2016 Charlotte MSA has added an annual average of over 36,400 new and ex-panded jobs.

• Charlotte-Mecklenburg has an extensive draw of over 299,000 commuters, who travel in from the surrounding coun-ties each day.

POPULATION 1-MILE % 3-MILE % 5-MILE % 2022 Projection 8,902 50,714 146,602 2017 Estimate 8,010 46,102 134,289 2010 Census 6,271 38,046 113,099 2000 Census 2,523 26,217 79,401 Growth 2017-2022 11.14% 10.00% 9.17% Growth 2010-2017 27.72% 21.18% 18.74% Growth 2000-2010 148.62% 45.12% 42.44%

2017 EST. HOUSEHOLDS BY HOUSEHOLD INCOME 3,526 17,780 53,139 Income < $15,000 490 13.91% 2,141 12.04% 5,875 11.06% Income $15,000 - $24,999 219 6.21% 1,614 9.08% 4,683 8.81% Income $25,000 - $34,999 223 6.33% 1,825 10.27% 5,517 10.38% Income $35,000 - $49,999 499 14.16% 2,673 15.04% 7,182 13.52% Income $50,000 - $74,999 843 23.91% 3,797 21.36% 9,947 18.72% Income $75,000 - $99,999 616 17.47% 2,656 14.94% 7,444 14.01% Income $100,000 - $124,999 275 7.79% 1,354 7.62% 4,490 8.45% Income $125,000 - $149,999 148 4.20% 763 4.29% 3,000 5.64% Income $150,000 - $199,999 73 2.07% 502 2.82% 2,519 4.74% Income $200,000 - $249,999 28 0.78% 182 1.03% 1,075 2.02% Income $250,000 - $499,999 73 2.08% 186 1.05% 1,050 1.98% Income $500,000+ 38 1.09% 85 0.48% 356 0.67%2017 EST. AVERAGE HOUSEHOLD INCOME $73,662 $66,666 $76,131

17

D E M O G R A P H I C S

Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the subject property (the “Seller”) to present you with this marketing package. This is a confidential package intended solely for your own limited use and benefit, as a principal, in considering whether you desire to pursue negotiations to acquire the subject property. Your receipt and acceptance of this package serves to acknowledge your agreement to: (1) hold the information and materials contained herein, and the offering they represent, in the strictest of confidence; (2) not disclose, directly or indirectly, the information and materials contained herein, or the offering they rep-resent, to any other person, firm or entity without prior written authorization from BCA or the Seller; (3) not use the information and materials contained herein in any fashion or manner detrimental to the interest of BCA or the Seller; (4) not disturb any tenants in possession of the subject property nor reveal to them the offering this package represents. This marketing package was prepared by BCA and it has been reviewed by representatives of the Seller. The information and materials contained herein are selective and limited in nature, and neither BCA nor the Seller purports this to be an all-inclusive report on the subject property. Within this package, certain leases, documents and other materials are described in summary form. These summa-ries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of those documents. Interested and qualified prospective purchasers will be afforded an opportunity to review additional information and to inspect the subject property, and all such prospective purchasers should conduct their own independent due diligence. This package is based in part upon information supplied by the Seller and in part upon information obtained by BCA from sources believed to be reliable. All in-come, expense and/or investment projections contained herein are provided for general reference purposes only, in that they are based on assumptions relating to the general economy, competition and other factors beyond the control of BCA and the Seller, and all such projections are therefore subject to variation. This package shall not be deemed an indication of the state of affairs of the sub-ject property, nor constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of this package.

Neither BCA, the Seller, nor any of their respective officers, employees or agents, has made or does make any representation or warranty, expressed or implied, as to the accuracy or completeness of this package or any of its contents, and no legal commitments or obligations shall arise by reason of this package or its contents. BCA and the Seller expressly reserve the right, at their sole discretion, to alter or amend the terms of this offering, to reject any or all expressions of interest or of-fers to acquire the subject property and/or to terminate discussions with any en-

tity at any time with or without notice. The Seller shall have no legal commitment or obligation to any entity reviewing this package or making an offer to acquire the subject property unless and until a written agreement for such acquisition has been fully executed, delivered and approved by the Seller and any conditions to the Seller’s obligations thereunder have been satisfied or waived.

Parties seeking to act in a third-party brokerage capacity must register their cli-ent(s) with BCA prior to receiving or dispersing any marketing information. BCA will not recognize any third-party brokerage relationships without first receiving and approving such written client registration, nor will BCA or the Seller be ob-ligated for any brokerage claims which may result, regardless of such broker’s involvement in procuring a purchaser for the subject property. This package is the property of BCA. Photocopying, re-typing or other dupli-cation of the information and materials contained herein is expressly prohibited. The information contained within this package and the offering of the subject property may not be announced, posted or otherwise publicized in any electron-ic media (such as, by way of example only, any Internet or “broadcast facsimile” communications).

If, after reviewing this package, you have no further interest in acquiring the sub-ject property at this time, please return this package in its entirety to BCA. Like-wise, if the terms contained in this Confidentiality & Disclaimer section are not acceptable to you, please immediately return this package to BCA.

The terms and conditions stated in this Confidentiality & Disclaimer section apply and relate to all of the sections of this package as if stated independently therein.

Prospective purchasers of the subject property are hereby notified that Berkeley Capital Advisors, and its agents, are acting in the capacity of a “Seller’s Agent” during the course of this offering, and as such are solely representing the inter-ests of the Seller.

DESCRIPTION OF AGENT DUTIES AND RELATIONSHIPSBefore you begin working with any real estate agent, you should know who the agent represents in the transaction. Every listing agreement, buyer agen-cy agreement or other agreement for brokerage services in a real estate sales transaction in North Carolina must contain this “Description of Agent Duties and Relationships” [N.C. Real Estate Commission Rule 21 NCAC 58A.0104(c), eff. 7/1/95]. Real estate agents should carefully review this information with you prior to entering into any agency agreement.

AGENT’S DUTIESWhen you contract with a real estate firm to act as your agent in a real estate transaction, the agent must help you obtain the best price and terms possible, whether you are the buyer or seller.

The agent also owes you the duty to: • Safeguard and account for any money handled for you • Act with reasonable skill, care and diligence • Be loyal and follow reasonable and lawful instructions • Disclose to you any information which might influence your decision to buy or sell

Even if the agent does not represent you, the agent must still be fair and hon-est and disclose to you all “material facts” which the agent knows or reasonably should know. A fact is “material” if it relates to defects or other conditions affect-ing the property, or if it may influence your decision to buy or sell. This does not require a seller’s agent to disclose to the buyer the minimum amount the seller will accept, nor does it require a buyer’s agent to disclose to the seller the maxi-mum price the buyer will pay.

AGENTS WORKING WITH SELLERSA seller can enter into a “listing agreement” with a real estate firm authorizing the firm and its agent(s) to represent the seller in finding a buyer for his property. The listing agreement should state what the seller will pay the listing firm for its ser-vices, and it may require the seller to pay the firm no matter who finds the buyer.

The listing firm may belong to a listing service to expose the seller’s property to other agents who are members of the service. Some of those agents may be working with buyers as buyers’ agents; others will be working with buyers but still representing the sellers’ interests as an agent or “subagent”. When the buyer’s agents and seller’s subagents desire to share in the commission the seller pays to the listing firm, the listing agent may share the commission with the seller’s permission.

AGENTS WORKING WITH BUYERSA buyer may contract with an agent or firm to represent him (as a buyer’s agent), or may work with an agent or firm that represents the seller (as a seller’s agent or subagent). All parties in the transaction should find out at the beginning who the agent working with the buyer represents.

If a buyer wants a buyer’s agent to represent him in purchasing a property, the buyer should enter into a “buyer agency agreement” with the agent. The buy-er agency agreement should state how the buyer’s agent will be paid. Unless some other arrangement is made which is satisfactory to the parties, the buyer’s agent will be paid by the buyer. Many buyer agency agreements will also obli-gate the buyer to pay the buyer’s agent no matter who finds the property that the buyer purchases.

A buyer may decide to work with a firm that is acting as agent for the seller (a seller’s agent or subagent). If a buyer does not enter into a buyer agency agree-ment with the firm that shows him properties, that firm and its agents will show the buyer properties as an agent or subagent working on the seller’s behalf. Such a firm represents the seller (not the buyer) and must disclose that fact to the buyer.

18

C O N F I D E N T I A L I T Y

A S H E V I L L E138 Charlotte Street, Suite 220Asheville, North Carolina 28801

704.714.2365

C H A R L O T T E1228 East Morehead Street, Suite 200

Charlotte, North Carolina 28204704.379.1980

N A S H V I L L E1510 16th Avenue, Suite 300Nashville, Tennessee 32712

615.970.6596

B E R K E L E Y C A P. C O M