Offering MemorandumOffering MemorandumC H E C K E R S N E T L E A S E I N V E S T M E N T |C H E C K E R S N E T L E A S E I N V E S T M E N T |

7 . 2 % C A P R A T E7 . 2 % C A P R A T E

P a g e 2 o f 1 3

D I S C L A I M E R & L I M I T I N G C O N D I T I O N S 3

E X E C U T I V E S U M M A R Y 4

F I N A N C I A L O V E R V I E W 5

A D D I T I O N A L P H O T O S 6

I N T H E A R E A 7

S I T E P L A N 8

T E N A N T O V E R V I E W 9

A B O U T T H E A R E A 10

B R O K E R P R O F I L E 11

C O N F I D E N T I A L I T Y A G R E E M E N T 13

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

Michael Bull, CCIMMichael Bull, CCIM

President, National Office GroupPresident, National Office Group

Michael@BullRealty.comMichael@BullRealty.com

404-876-1640 x101404-876-1640 x101

Grant SmithGrant Smith

Associate, Net Lease Investment GroupAssociate, Net Lease Investment Group

GSmith@BullRealty.comGSmith@BullRealty.com

678-773-6398678-773-6398

50 Glenlake Parkway, Suite 60050 Glenlake Parkway, Suite 600

Atlanta, GA 30328Atlanta, GA 30328

BullRealty.comBullRealty.com

Exclusively listed by Bull Realty, Inc.

SC License # 13327

D I S C L A I M E R & L I M I T I N G C O N D I T I O N SD I S C L A I M E R & L I M I T I N G C O N D I T I O N SC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 3 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

Bull Realty has been retained as the exclusive listing broker to arrange the sale of the Subject Property.

This Offering Memorandum contains selected information pertaining to the Property but does not purport to be all-inclusive or to contain all of the information

that a prospective purchaser may require. All financial projections are provided for general reference purposes only and are based upon assumptions

relating to the general economy, competition and other factors, which therefore, are subject to material change or variation. Prospective purchasers may not

rely upon the financial projections, as they are illustrative only. An opportunity to inspect the Property will be made available to qualified prospective

purchasers.

In this Offering Memorandum, certain documents, including financial information, are described in summary form and do not purport to be complete or

accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to review

independently all documents.

This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation,

endorsement or advice as to the value of the Property by Bull Realty Inc. or the current Owner/Seller. Each prospective purchaser is to rely upon its own

investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.

Owner/Seller expressly reserve the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate

discussions with any party at any time with or without notice. Owner/Seller shall have no legal commitment or obligation to any purchaser reviewing this

Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed,

delivered and approved by the Owner/Seller and any conditions to the purchaser's obligations therein have been satisfied or waived. The Seller reserves the

right to move forward with an acceptable offer prior to the call for offers deadline.

This Offering Memorandum may be used only by parties approved by the Owner. The Property is privately offered, and by accepting this Offering

Memorandum, the party in possession hereof agrees (i) to return it if requested and (ii) that this Offering Memorandum and its contents are of a confidential

nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed

to anyone without the prior written authorization of Bull Realty, Inc. or Owner/Seller. The terms and conditions set forth above apply to this Offering

Memorandum in its entirety and all documents, disks and other information provided in connection therewith.

P a g e 4 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

A R E A O V E R V I E WA R E A O V E R V I E W

The City of Aiken serves as the seat for Aiken County located in the

Augusta MSA. The subject property benefits from prime signage and

visibility along Whiskey Road, the retail corridor of Aiken, South Carolina.

Whiskey Road offers extremely high volumes of traffic exceeding 37,000

vehicles a day. 2223 Whiskey sits just a half a mile away from the old

Aiken Mall, which will see a new life in 2018. Southeastern Development

Associates, an Augusta-based firm, announced plans last year to

transform the Aiken Mall site into a mixed-use shopping and dining

center including new restaurants, additional retail stores, open space,

walking trails and an entertainment aspect. See additional information

on what Aiken, South Carolina has to offer on page 10.

O F F E R H I G H L I G H T SO F F E R H I G H L I G H T S

This absolute NNN Checkers in Aiken, South Carolina has been operating

successfully since 2010 and has 12+ years remaining on the lease. Aiken, SC

is part of the Augusta, GA MSA, making it one of the two largest cities in the

Central Savannah River area. The subject property is located along a major

retail corridor in Aiken and has a population of over 49,000 within a 5-mile

radius. There are three 5-year options with rental increases based on CPI.

This Checkers location is operated by Augusta Burger’s Express Inc., a

successful family owned and operated franchisee with more than 40

franchise locations spread across multiple brands and the lease is backed

by a personal guarantee from Carlton A. Pye, the owner of the company.

D E M O G R A P H I C SD E M O G R A P H I C S 1 Mile1 Mile 5 Miles5 Miles 10 Miles10 Miles

Total Households: 955 20,420 37,700

Total Population: 2,219 49,478 93,665

Average HH Income: $88,902 $74,793 $64,309

• Absolute NNN lease | Zero Landlord responsibilities

• 12+ years remaining on original 15-year term

• Personal guarantee by Augusta Burgers Express, Inc.

• Franchisee voted "Business Person of the Year" by Chamber of

Commerce

• High traffic corridor - more than 37,000 vehicles daily

• Options subject to annual CPI increases | Capped at 3% starting in year 6

E X E C U T I V E S U M M A R YE X E C U T I V E S U M M A R YC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 5 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

P R O P E R T Y & L E A S E I N F O R M A T I O NP R O P E R T Y & L E A S E I N F O R M A T I O N

Property Location:Property Location:2223 Whiskey Rd

Aiken, SC 29803

County:County: Aiken

Price:Price: $1,105,800.00

Cap Rate:Cap Rate: 7.2%

NOI:NOI: $79,620

Year Built:Year Built: 2008

Site Size:Site Size: 0.42 Acres

Building Size:Building Size: 726 SF

Type Of Ownership:Type Of Ownership: Fee Simple

L E A S E S U M M A R YL E A S E S U M M A R Y

Tenant Name:Tenant Name: Checkers

Lease Type:Lease Type: Absolute NNN

Landlord Responsibilities:Landlord Responsibilities: None

Original Lease Term:Original Lease Term: 15 Years

Term Remaining:Term Remaining: 12 years, 7 months

Rent Commencement:Rent Commencement: 11/1/2015

Lease Expiration:Lease Expiration: 10/31/2030

Renewal Options:Renewal Options: Three 5-year options

Annual CPI increases, Capped at 3% starting after year 6

Lease Guarantor:Lease Guarantor: Augusta Burgers Express, Inc.

A C T U A L L O C A T I O NA C T U A L L O C A T I O N

F I N A N C I A L O V E R V I E WF I N A N C I A L O V E R V I E WC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 6 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

Actual Location

Actual Location Actual Location

A D D I T I O N A L P H O T O SA D D I T I O N A L P H O T O SC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 7 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

I N T H E A R E AI N T H E A R E AC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 8 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

S I T E P L A NS I T E P L A NC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

P a g e 9 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

T E N A N T O V E R V I E WT E N A N T O V E R V I E WC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

C H E C K E R SC H E C K E R S

Augusta Burgers Express, which also operates under the name of Checkers Drive-in Restaurant, is

located in North Augusta, South Carolina. This family business primarily operates in the drive-in

restaurant business sector and owns over 40 franchise outlets. Andy Pye, voted "Business Man of the

Year" by the Augusta Chronicle, has continuously experienced amazing growth and success in the

franchise industry since 1998.

Andy and Drew Pye own Checkers restaurants in Augusta, Charleston S.C., and Virginia Beach. Fast

food is a thriving business for this father and son team. Drew Pye started out working in one of his

father's Checker's restaurants when he was fifteen and found himself drawn to the franchising after

graduating from Georgia Southern University. Together they have built a successful business and

established themselves as innovative and recognized business leaders in the community.

Andy Pye was drawn to the simplicity of the Checker's concept after working for other corporations

such as Taco Bell. His experience and dedication are evident and recognized throughout the industry.

"Both Andy and Drew are wonderful operators and are absolutely obsessed with making sure their

customers have a great experience," said Jennifer Durham, vice president of franchise development

for Checkers.

"They're building something that will grow far beyond them," Durham said. "It's the American dream

hard at work."

P a g e 1 0 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

A B O U T T H E A R E AA B O U T T H E A R E AC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

A I K E NA I K E N

With its rich heritage, quaint towns, and pristine beauty - balanced with a

diverse economic base, numerous exciting activities, and a cosmopolitan flair

- the Aiken area offers something for everyone in a friendly, accommodating,

and attractive setting. Aiken is known for its progressive business approach,

award-winning schools, moderate climate, sporting events, affordable

housing, and health and lifestyle amenities that attract residents and visitors

alike.

Aiken's proximity to Interstate 20 and major cities like Atlanta, Charleston,

Charlotte, and Savannah make it ideally situated for business. In fact, some of

the most advanced businesses and industries call the Aiken area home.

Aiken's intellectual property is world class, and the area attracts some of

America's best and brightest scientists and engineers who work side by side

with a highly productive workforce.

With lush, idyllic mountains and beautiful, sandy beaches less than three

hours away, Aiken is the perfect home for almost anyone. The old and the

new blend perfectly to provide a lifestyle that suits the most discriminating of

tastes - from growing families to young singles and retirees.

And when it comes to things to do, the list is endless. With equestrian sports,

year-round recreational sports, history, the arts, shopping, hiking, fishing and

a host of other ventures available, there is never a lack of extracurricular

activities. Given Aiken's fascinating history, one could literally spend days

visiting the many historical sites and Winter Colony estates that give the city

and surrounding area its rich heritage and charm.

B R O K E R P R O F I L EB R O K E R P R O F I L EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed innine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company ofadvisors known for their integrity and to provide the best disposition marketing in the nation. Client servicesinclude disposition, acquisition, project leasing, tenant representation, asset management and consultingservices. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare,senior housing, self-storage, automotive, hospitality and single tenant net lease properties.

The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed bymillions of people around the country. Industry analysts, leading market participants and the firm's founderMichael Bull share market intelligence, forecasts and success strategies. The show has aired every week since2010 on iTunes, YouTube and www.CREshow.com. The firm also produces Atlanta's Commercial Real EstateShow available on AtlCREshow.com

404-876-1640 x101

P a g e 1 1 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

50 Glenlake Parkway, Suite 600Atlanta, GA 30328

Michael@BullRealty.com

President, National Office GroupPresident, National Office Group

MICHAEL BULL, CCIMMICHAEL BULL, CCIM Professional BackgroundProfessional Background

Michael Bull, CCIM, founder and CEO of Bull Realty, is an active commercial real estate advisor. He is a licensed broker in ninesoutheast states and has assisted clients with over 5 billion dollars of transactions over his 30 year career.

Mr. Bull founded Bull Realty in 1998 initially with two primary missions: to provide a company of brokers known for integrity, and toprovide the best disposition marketing in the nation. Now Michael and his brokers provide disposition, acquisition, project leasing,tenant representation, and advisory services in all major property sectors.

You may know Michael as executive producer and host of America's Commercial Real Estate Show. The popular weekly showbegan broadcasting in 2010 and today is heard by millions of people around the country. Michael and other respected industryanalysts, economists and leading market participants share market intelligence, forecasts and success strategies. The show isavailable on-demand on iTunes, YouTube, and the show website, www.CREshow.com.

If you get a chance, see Michael speak at commercial real estate events around the country. Michael is a national speaker andsenior instructor with Commercial Agent Success Strategies. The company provides live and on-demand streaming video trainingfor commercial agents. Preview videos at the website, www.CommercialAgentSuccess.com.

Mr. Bull’s articles have been published nationwide including in the National Real Estate Investor, France Media Publications, AtlantaJournal Constitution, Atlanta Business Chronicle, Multi-Housing News, Shopping Center Business, The Broker List, and Nation’sRestaurant News.

Michael’s involvement with professional organizations include CCIM Member, National Association of REALTORS, the InternationalCouncil of Shopping Centers, the Real Estate Brokerage Managers Council, Atlanta Leaders Group, Real Estate Group of Atlanta,the Georgia Bankers Association, the Atlanta Press Club, the Atlanta Chamber of Commerce, the Georgia Real Estate EducatorsAssociation, Urban Land Institute, and the National Association of Real Estate Editors.

Michael lives in the Chastain Park area of Atlanta and enjoys spending time with his family, off-road performance vehicles andperformance boating.

Bull Realty Inc.Bull Realty Inc.

B R O K E R P R O F I L EB R O K E R P R O F I L EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E

678-773-6398

50 Glenlake Parkway, Suite 600Atlanta, GA 30328

P a g e 1 2 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

GSmith@BullRealty.com

GRANT SMITHGRANT SMITHAssociate, Net Lease Investment GroupAssociate, Net Lease Investment Group

Professional BackgroundProfessional Background

Grant Smith and his team specialize in the acquisition and disposition of income producing net leasedproperties on a regional and national level. Mr. Smith’s group works with investors and other clients seekingoptimal net leased assets with a focus on cash growth, value gains and reliable returns. His background inproperty management and extensive commercial real estate training at Bull Realty enables him to be atrusted advisor to his clients regarding their real estate endeavors.

Grant entered Bull Realty with experience in property management and knowledge of development andconstruction processes impacting commercial real estate. He served as a member of the Bull Realty BusinessDevelopment team while training under CEO and Managing Broker Michael Bull.

Grant is an Atlanta native and graduate of Auburn University. During his educational career at Auburn, hewas a member of the 2013 SEC Championship football team and has also studied and lived in Madrid, Spain.

Bull Realty Inc.Bull Realty Inc.

Bull Realty is a commercial real estate sales, leasing and advisory firm headquartered in Atlanta and licensed innine Southeast states. The firm was founded in 1998 with two primary missions: to provide a company ofadvisors known for their integrity and to provide the best disposition marketing in the nation. Client servicesinclude disposition, acquisition, project leasing, tenant representation, asset management and consultingservices. Advisors focus on specific property types including office, retail, industrial, multifamily, land, healthcare,senior housing, self-storage, automotive, hospitality and single tenant net lease properties.

The firm produces America's Commercial Real Estate Show, a national video show and podcast enjoyed bymillions of people around the country. Industry analysts, leading market participants and the firm's founderMichael Bull share market intelligence, forecasts and success strategies. The show has aired every week since2010 on iTunes, YouTube and www.CREshow.com. The firm also produces Atlanta's Commercial Real EstateShow available on AtlCREshow.com

This Confidentiality Agreement (“Agreement”) is made and agreed to for the benefit of the

undersigned party (“Receiving Party”), the owner of the subject property (the “Seller”) and

undersigned broker Bull Realty Incorporated (“Broker”). Now therefore in consideration of the

privileges granted to Receiving Party with respect to receiving certain confidential information, and

other good and valuable consideration, the Receiving Party hereby agrees to the following:

I. Confidential Information:

Receiving Party will receive confidential information regarding property referred to as Checkers

Net Lease Investment | 7.2% Cap Rate, 2223 Whiskey Rd, Aiken, SC 29803. Prospect agrees to not

disclose to any person that the property may be available for sale or lease, or that discussions or

negotiations are taking place concerning the property, nor any terms, conditions, or other facts

with respect to the property, including but not limited to tenant information, lease rates, lease

expirations, income and expenses, and any such possible purchase, including the status thereof.

The term “person” used in this agreement shall be interpreted broadly and shall include, without

limitation, any corporation, company, partnership or individual other than parties to which Broker

approves in writing. Receiving Party may share information with directors, officers, employees,

agents, affiliates, counsel, lending sources, accountants or representatives of Receiving Party that

Receiving Party notifies of the requirements of this Agreement. Receiving Party agrees to not

contact the property owner, the management, the tenants, the lender, the vendors, the insurers,

the employees or the customers of any business at the site.

II. Acting as a Principal:

Receiving Party hereby warrants that it is acting as a principal only, and not as a broker, regarding

this contemplated transaction. Receiving Party acknowledges that Broker is working an agency

capacity as representing the Seller only in this transaction and is the only Broker involved in this

potential transaction. Receiving Party agrees to not be involved in any arrangement to lease or

purchase the property, in whole or in part, as a lender, partner, buyer of the note, buy in foreclosure,

buy from bankruptcy court, or in any other manner acquire an investment in, joint venture or

control of the property, unless Bull Realty, Incorporated is paid a commission at closing as per

separate agreement with Seller.

This agreement will expire two years from the date hereof.

III. Governing Law

This Agreement shall be governed and construed in accordance with the laws of the State of

South Carolina.

Accepted and agreed to __ / __ / __

Receiving Party

Signature

Printed Name

Title

Company Name

Address

Email

Phone

Fax

M i c h a e l B u l l , C C I M4 0 4 - 8 7 6 - 1 6 4 0 x 1 0 1M i c h a e l @ B u l l R e a l t y . c o m

5 0 G l e n l a k e P a r k w a y ,S u i t e 6 0 0A t l a n t a , G A 3 0 3 2 8

G r a n t S m i t h6 7 8 - 7 7 3 - 6 3 9 8G S m i t h @ B u l l R e a l t y . c o m

P a g e 1 3 o f 1 3Information contained herein may have been provided by the seller, landlord or other outside sources. While deemed reliable, it

may be estimated, projected, limited in scope and is subject to change or inaccuracies. Pertinent information should beindependently confirmed prior to lease or purchase offer or within an applicable due diligence period.

C O N F I D E N T I A L I T Y A G R E E M E N TC O N F I D E N T I A L I T Y A G R E E M E N TC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T EC H E C K E R S N E T L E A S E I N V E S T M E N T | 7 . 2 % C A P R A T E