Gulf to Bay CenterClearwater, Florida$4,428,444 + 6.30%

Michael Zimmerman, Principal919.391.9901 + michael@groundandspacepartners.com

Gulf to Bay Center + Investment Highlights groundandspacepartners.com + 1

Prime LocationThis multi-tenant site is adjacent to Clearwater Mall and many national retailers, and has access to more than three million Tampa Bay area residents.

New LeasesThe site is new construction along busy Gulf to Bay Boulevard (55,500 ADT) with leases that feature scheduled rent increases and multiple renewal options.

Tourist AreaTampa Bay is the most popular tourist destination along the U.S. Gulf Coast, and more than one million tourists visit the famous Clearwater beaches each year.

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Gulf to Bay Center + Investment Summary groundandspacepartners.com + 2

Tenants Caribou Coffee & Einstein Bros. Bagels, Tijuana Flats + Master Lease

Guarantors Corporate

Address 2849 Gulf to Bay Blvd.Clearwater, FL 33759

Asking Price $4,428,444

Cap Rate 6.30%

Annual Rent $278,992 ($43.72/SF)

Building Size ± 6,380 SF

Lot Size ± 1.14 AC

Year Built 2018

Lease Types NN

Lease Terms Varied

Options Varied

Additional Rent Pro Rata Share of CAM, Taxes, Insurance, Administrative Fees + Trash Removal (Tijuana Flats)

Landlord Roof, Structure, Utility Lines + Parking Lot*

Parking 51 Spaces**

Investment Summary

* Parking lot expenses are subject to reimbursement as part of Common Area Maintenance (CAM).**Parking includes three handicapped spaces, two designated curbside pick-up spaces for Tijuana Flats and two pull-ahead spaces for Caribou Coffee & Einsten Bros. Bagels.

Gulf to Bay Center + Rent Roll groundandspacepartners.com + 3

Rent RollTenant SF % GLA Start End Options Begin Annual Rent PSF CAM Admin Fees RE Taxes InsuranceCaribou Coffee & Einstein Bros. Bagels

2,500 39.18% 5/19/2018 5/31/2028 3 x 5 Years

Option 1Option 2Option 3

5/19/20186/1/20236/1/20286/1/20336/1/2038

$128,750$141,625$155,800$171,375$188,500

$51.50$56.65$62.32$68.55$75.40

$3.50/SF Includes Admin Fee

Cost Not to Exceed 10% of CAM

$3.00/SF $1.25/SF

Master Lease 1,473 23.09% COE 5 Years Following COE

N/A COE $51,555 $35.00

Tijuana Flats* 2,407 37.73% 3/16/2018 3/30/2028 2 x 5 Years 3/16/20184/1/20234/1/20284/1/2033

$98,687$108,556$119,411$131,350

$41.00$45.10$49.61$54.57

$3.25/SF Cost Not to Exceed 10% of CAM, Taxes + Insurance

$4.00/SF $1.00/SF

PROPERTY TOTALS

6,380 100.0% $278,992 $43.72

Lease Term Rental Rates Additional Rent (Est.)

Master Lease Will Cover Additional Rent Expenses

*Tijuana Flats pays an additional Trash Removal fee for the Common Areas and all tenants of the shopping center.

Gulf to Bay Center + Site Plan groundandspacepartners.com + 4

Vac

ant

Gulf to Bay Center

Outparcel to Solaris Key Apartments

Built in 2015 426 Units + 4 Stories

Tijuana FlatsGulf to Bay Center Clearwater, Florida

Gulf to Bay Center + Tijuana Flats groundandspacepartners.com + 5

Gulf to Bay Center + Tijuana Flats Investment Summary groundandspacepartners.com + 6

Tenant Tijuana Flats

Guarantor TJF USA, LLC

Building Size ± 2,407 SF37.73% Total GLA

Lease Type NN

Annual Rent $98,687 ($41.00/SF)

Commenced March 16, 2018

Expiration March 30, 2028

Lease Term 10 Years

Options 2 x 5-Year Options

Increases 10% Every 5 Years

Additional Rent Pro Rata Share of CAM (105% Cap from Previous Year), Taxes, Insurance + Trash Removal

Landlord Roof, Structure, Utility Lines + Parking Lot*

Investment Summary

*Parking lot expenses are subject to reimbursement as part of Common Area Maintenance (CAM).

Gulf to Bay Center + Tijuana Flats Rent Schedule groundandspacepartners.com + 7

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $98,687 ($41.00/SF) N/A

6–10 (Base Term) $108,556 ($45.10/SF) 10.0%

11–15 (Option 1) $119,411 ($49.61/SF) 10.0%16–20 (Option 2) $131,350 ($54.67/SF) 10.0%

Additional Rent PSFCommon Area Maintenance $3.25/SF

Real Estate Taxes $4.00/SFInsurance $1.00/SFAdministrative Fees Not to Exceed 10%

CAM, Taxes + Insurance

Gulf to Bay Center + Tijuana Flats Tenant Profile groundandspacepartners.com + 8

Tijuana FlatsFounded in 1995, Tijuana Flats is an American restaurant chain serving classic Tex-Mex cuisine at its 130 locations throughout Florida, Georgia, the Carolinas, Virginia and Indiana. The restaurants themselves are fast-casual hybrids that feature fresh food, hot sauce bars and art murals. Starting in 2007, Tijuana Flats shifted from a franchise model to corporate-owned stores. That same year, the company created the Just in Queso Foundation, which has raised more than $3.5 million to help those in need.

Gulf to Bay Center + Caribou Coffee & Einstein Bros. Bagels groundandspacepartners.com + 9

Caribou Coffee & Einstein Bros. Bagels

Gulf to Bay Center Clearwater, Florida

Gulf to Bay Center + Caribou Coffee & Einstein Bros. Bagels Investment Summary groundandspacepartners.com + 10

Tenant Caribou Coffee & Einstein Bros. Bagels

Guarantor Caribou Coffee, Inc.

Building Size ± 2,500 SF39.18% Total GLA

Lease Type NN

Annual Rent $128,750 ($51.50/SF)

Commenced May 19, 2018

Expiration May 31, 2028

Lease Term 10 Years

Options 3 x 5-Year Options

Increases 10% Every 5 Years

Additional Rent Pro Rata Share of CAM (Includes Admin Fees; 105% Cap from Previous Year), Taxes + Insurance

Landlord Roof, Structure, Utility Lines + Parking Lot

Investment Summary

*Parking lot expenses are subject to reimbursement as part of Common Area Maintenance (CAM).

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Grand National + LongHorn Steakhouse Lease AbstractGulf to Bay Center + Caribou Coffee & Einstein Bros. Bagels Rent Schedule groundandspacepartners.com + 11

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $128,750 ($51.50/SF) N/A

6–10 (Base Term) $141,625 ($56.65/SF) 10.0%

11–15 (Option 1) $155,800 ($62.32/SF) 10.0%16–20 (Option 2) $171,375 ($68.55/SF) 10.0%

21–25 (Option 3) $188,500 ($75.40/SF) 10.0%

Additional Rent PSFCAM/Administrative Fees $3.50/SF

Real Estate Taxes $3.00/SFInsurance $1.25/SF

Caribou Coffee & Einstein Bros. BagelsIn 2015, Caribou Coffee and Einstein Bros. Bagels joined forces to launch a new concept that gives consumers access to Caribou’s specialty coffee and Einstein’s fresh-baked bagels under one roof. The mash-up was born of the brands’ shared ownership. Colorado-based Einstein Noah Restaurant Group was acquired by JAB Holding Company in 2014, which Caribou Coffee was acquired the year previously. The concept’s popularity has resulted in more than 40 locations opening in eight states in less than two years.

Gulf to Bay Center + Caribou Coffee & Einstein Bros. Bagels Tenant Profile groundandspacepartners.com + 12

JAB Holding CompanyJAB is a privately-

held German conglomerate that

includes investments of companies operating in the arenas of consumer goods, forestry, coffee, luxury fashion and fast food, among others.

Gulf to Bay CenterRetail Market Overview

Clearwater Florida

Gulf to Bay Center + Retail Market Overview groundandspacepartners.com + 13

Gulf to Bay Center + Aerial groundandspacepartners.com + 14

Gulf to Bay Boulevard

SITE

U.S

. Hig

hway

19

Drew Street

Clearwater Campus

51,000 ADT55,500 ADT

109,

500

AD

T

32,500 ADT29,500 ADT

Gulf to Bay Center + Luxury Apartment Outparcel groundandspacepartners.com + 15

Luxury Apartment OutparcelSite is an Outparcel to Solaris Key Apartments Solaris Key Apartments offer a variety of luxurious apartment homes that feature modern finishes, open concept living, a lavish community clubhouse and more. Solaris Keysets a new standard in Florida living with itsunmatched amenities and convenient accessto everything that Clearwater has to offer.

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Grand National + LongHorn Steakhouse Lease AbstractGulf to Bay Center + Area Shopping Centers groundandspacepartners.com + 16

Clearwater MallA short walk from Clearwater Plaza, Clearwater Mall features major tenants including Ross Dress For Less, Dollar Tree, Pier 1 Imports and Skechers Outlet, along with many restaurants and specialty stores like Starbucks, Moe’s Southwest Grill and Five Guys Burgers & Fries.

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Westfield CountrysideSituated near the coastline on the Gulf Coast in Clearwater, Westfield Countryside is home to five anchor stores—Dillard’s, JCPenney, Macy’s, Whole Foods and Nordstrom Rack—and a 12-screen Cobb Theatres, along with numerous restaurants and a full-size ice skating rink. The popular shopping destination underwent a $12 million renovation project in 2009, and now serves over nine million customers annually.

SUNDIAL St. PeteNow considered downtown St. Petersburg’s premier shopping and dining destination, SUNDIAL St. Pete is an oasis in the heart of the city’s bustling downtown center. Located less than 20 miles from Clearwater Plaza, SUNDIAL St. Pete features a 20-screen AMC Theatre and a special collection of shops, restaurants and spa experiences unique to the Tampa Bay area. Prominent retailers include Jackie Z Style Co., Ruth’s Chris Steak House and Tommy Bahama.

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Tyrone Square MallA short 25-minute drive brings visitors and residents to Tyrone Square Mall, an indoor shopping center four miles from the beautiful Gulf Beaches. Shoppers can explore more than 130 specialty shops located throughout the mall, including Macy’s, Dillard’s, JCPenney, H&M, DSW, Dick’s Sporting Goods and Old Navy. The mall’s Dining District features a plethora of dining options, from Bonefish Grill and Ruby Tuesday to LongHorn Steakhouse and Rubio’s Coastal Grill.

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Area Shopping Centers

Gulf to Bay CenterEconomic and Tourism Overview

Clearwater Florida

Gulf to Bay Center + Economic and Tourism Overview groundandspacepartners.com + 17

Clearwater Plaza + Regional Overview groundandspacepartners.com + 18

SITE

13.4 Miles From Site17M+ Annual Passengers

4.9 Miles From Site1M+ Annual Passengers

Attractive Tourist Area St. Petersburg and its surrounding beaches are the most visited destination on the U.S. Gulf Coast, drawing more than 15 million visitors each year. Tourists can enjoy more than 35 miles of some of the best beaches in the country, close proximity to the world’s best theme parks and a year-round outdoor climate with 361 days of sunshine.

177,500 ADT

Gulf to Bay Center + Regional Overview groundandspacepartners.com + 18

Gulf to Bay Center + Tampa Bay Overview groundandspacepartners.com + 19

Tampa Bay AreaClearwater and St. Pete are the Jewels of Tampa Bay With two international airports, a dynamic and diverse local economy, a subtropical climate and an enviable Gulf Coast location just 90 miles from Orlando’s many theme parks, the Tampa Bay region is becoming an international contender. Millions of visitors arrive each year, a growing number of them adding to the area’s three million residents that place Tampa Bay among the Top 20 metro areas in the country.

Gulf to Bay Center + Tampa Bay Overview groundandspacepartners.com + 20

Clearwater Beach7.5 Miles from Clearwater Plaza Site With its wide sugar-sand beaches and clear surf; a vast array of lodgings, restaurants and bars; and kid-friendly water sports, fun-loving Clearwater Beach was voted the No. 1 beach in America in 2016 and the No. 20 beach in the world in 2016 by TripAdvisor. This popular city-beach caters to everyone, from millenials and couples to families.

Gulf to Bay Center + Tampa Bay Overview groundandspacepartners.com + 21

St. Petersburg Beach16.2 Miles from Clearwater Plaza Site With miles of beaches, surf shops and boutiques, along with a vast array of lodging, dining and water sports for all ages, St. Pete Beach was voted TripAdvisor’s No. 3 beach in the U.S. in 2017. From the five-star luxury of the historic 1920s Pink Palace to the family-friendly TradeWinds Island Resorts, there’s a place for all tastes and budgets.

Gulf to Bay Center + Clearwater Overview groundandspacepartners.com + 22

Clearwater OverviewFriendly City With Award-Winning Beaches Clearwater is a well-thought out resort town where visitors can enjoy some of the most spectacular beachfront views in the state. From USA Today and Time Magazine to Condé Nast and TripAdvisor, Clearwater Beach is routinely placed on “Best Of” lists the world over.

Gulf to Bay Center + St. Petersburg Overview groundandspacepartners.com + 23

St. Petersburg OverviewThe Cultural Heart of the Tampa Bay Area Downtown St. Petersburg is the area’s cultural heart, with iconic museums, gorgeous public parks and many historic neighborhoods. The city that holds the Guinness record for the most consecutive sunny days (768) is also home to the highest concentration of nightlife and dining establishments in the entire region. It’s for these reasons and more that The New York Times placed the Sunshine City on its list of “52 Places to Go in the World.”

Gulf to Bay Center + Economic Overview groundandspacepartners.com + 24

Tourism EconomyTourism is a major economic driver for Clearwater, with more than one million

annual visitors that enjoy the city’s beaches and its many attractions.

Workforce CenterClearwater serves as an

employment center within Tampa Bay, generating more daily inbound

traffic than outbound.

Award-Winning CityForbes ranked Clearwater as one of

America’s “Best Cities for Young Professionals,” attracting moremillienial workers to the area.

+ + +Low Tax Burden

Florida residents pay no personal state income tax and pay no state

personal capital gains tax; the maximum rate is 5.5 percent.

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Gulf to Bay Center + Economic Overview groundandspacepartners.com + 25

Fast-Growing Consumer MarketThe Tampa Bay Metro Area is Florida’s Central Hub The Tampa Bay/Orlando Interstate 4 Corridor super region is home to over eight million people and welcomes more than 60 million tourists annually, making it a huge consumer market. The area has the largest concentration of distribution centers in Florida, and is the fastest-growing part of the state. Tampa Bay’s close proximity to Latin America makes it a perfectly situated platform to serve export markets throughout the hemisphere.

Life SciencesThe area has emerged as a driving force behind the state’s fast-growing life sciences industry, with the presence of industry leaders like Amgen, Bristol-Myers Squibb and Johnson & Johnson. In recent years, globally-renowned corporations have chosen Tampa as the site for major North American operations.

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Defense and SecurityTampa Bay has one of the largest veteran workforces in the nation, and is home to MacDill Air Force Base and two, four-star Combatant Commands. Locally, a $14 billion military industry has developed around areas like cybersecurity and IT, intelligence and analysis, training, simulation, advanced manufacturing and defense-related education.

ManufacturingTampa Bay has the second-largest base of manufacturing employment in Florida, with more than 2,800 firms employing more than 63,00 people. Tampa Bay’s manufacturing sector plays a key role in attracting overseas investments. Close to 500 foreign-owned companies representing more than 40 nations have established successful operations in the area.

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Financial and Professional ServicesAs the fastest-growing industry sector in the Tampa Bay area, the financial and professional services businesses have year-over-year employment gains of seven percent and a workforce of more than 248,000. For more than 40 years, Hillsborough County has offered a competitive alternative to the traditional financial centers of New York, Chicago and Boston.

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Tampa Bay Major Industries Overview

Gulf to Bay Center + Tampa Bay Major Industries Overviews groundandspacepartners.com + 26

Information TechnologyBetween 2011 and 2016, the IT sector in Tampa Bay grew 6.9 percent. Tampa has become a hub for IT companies of all sizes, and the area’s talent pipeline is fueled by major Florida universities. The region is also home to the Florida Center for Cyber Security, a first-of-its-kind, shared resource for Florida’s stakeholders in higher education, defense, industry and more.

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Demographics 1 Mile 3 Miles 5 Miles

Estimated Population 10,933 73,117 223,646

2022 Projected Population 11,679 76,379 233,717

2010 Census Population 9,632 67,972 210,483

2000 Census Population 11,321 69,507 207,660

Projected Annual Growth (2018–2023) 1.3% 0.9% 0.9%

Estimated Households 5,211 33,088 98,730

2023 Projected Households 5,565 34,403 102,876

2010 Census Households 4,591 31,296 94,548

2000 Census Households 5,005 31,672 92,776

Projected Annual Growth (2018–2023) 1.3% 0.8% 0.8%

Est. HH Income $200,000+ 2.2% 3.9% 3.1%

Est. HH Income $150,000-$199,999 2.0% 3.3% 2.8%

Est. HH Income $100,000–$149,999 6.3% 10.4% 9.4%

Est. HH Income $75,000-$99,999 12.6% 12.0% 11.2%

Est. HH Income $50,000–$74,999 20.0% 19.1% 19.0%

Est. HH Income $35,000–$49,999 17.9% 16.3% 16.6%

Est. HH Income $25,000–$34,999 12.3% 11.7% 12.1%

Est. HH Income $15,000–$24,999 15.2% 12.5% 13.3%

Est. HH Income Under $15,000 11.5% 10.8% 12.4%

Est. Average Household Income $57,457 $68,079 $63,262

Est. Median Household Income $42,951 $48,450 $44,995

Est. White 77.0% 81.8% 79.5%

Est. Black 9.6% 6.7% 9.2%

Est. Asian or Pacific Islander 2.5% 3.1% 3.1%

Est. American Indian or Alaska Native 0.7% 0.4% 0.4%

Est. Other Races 10.2% 8.1% 7.7%

Est. Hispanic Population 23.1% 16.4% 15.4%

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Demographics

Gulf to Bay Center + Demographics groundandspacepartners.com + 27

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Ground + Space and should not be made available to any other person or entity without the written consent of Ground + Space. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Ground + Space has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Ground + Space has not verified, and will not verify, any of the information contained herein, nor has Ground + Space conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

Michael ZimmermanP: 919.391.9901groundandspacepartners.commichael@groundandspacepartners.com

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