NEW YORK | CHICAGO | TAMPA | SAN FRANCISCOOFFERING MEMORANDUMTRADE NET LEASE WITH CONFIDENCE

TRUGREEN3116 DIXIE AVENUE SW, GRAND RAPIDS MSA, MI

INDUSTRIAL

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM2

All materials and information received or derived from B Plus E FL LLC, its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither B Plus E FL LLC, its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party B Plus E FL LLC will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. B Plus E FL LLC makes no warranties and/or representations regarding the veracity, completeness, or relevance of any

financial data or assumptions. B Plus E FL LLC does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by B Plus E FL LLC in compliance with all applicable fair housing and equal opportunity laws.

DISCLOSURE

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM3

Tim HainDirector

312.366.3584thain@benetlease.com

Camille RenshawCEO & Co-Founder

646.701.4536crenshaw@benetlease.com

Michael Patrick DeighanMI License #: 6502404895

EXECUTIVE SUMMARY

INVESTMENT HIGHLIGHTS

TENANT OVERVIEW

LEASE ANALYSIS

BUILDING SPECS

LOCATION OVERVIEW

GRAND RAPIDS INDUSTRIAL MARKET

SURROUNDING TENANTS MAP

DEMOGRAPHICS

OUR STORY

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CONTENTS

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM4

TRUGREEN

ADDRESS 3116 Dixie Ave. SW, Grandville, MI, 49418

ASKING PRICE $1,500,000

ASKING CAP RATE 6.15%

LEASE TERM 10 Years

PPSF $104.90

NOI $92,400

BUILDING SIZE +/- 14,300 SF

LAND AC +/- 1.41 AC

PROPERTY TYPE Industrial

YEAR BUILT 1985

EXECUTIVE SUMMARY

OFFERING PRICE$1,500,000

CAP RATE6.15%

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM5

INVESTMENT HIGHLIGHTS

HIGHLIGHTSRECENT SIGNIFICANT BUILDING UPGRADESImprovements include new HVAC units, upgrades to the parking lot, fencing, warehouse upgrades, and LED lighting throughout. The expected completion for the improvements is late December 2019.

STRONG TENANT FINANCIALSThis investment features a corporately guaranteed lease from TruGreen Lawn Care, the official lawn care partner of the PGA Tour. TruGreen saw revenues in excess of $1B in 2018. Continued success has allowed the company to expand its footprint across the U.S. to over 300 branches.

NEW 10-YEAR LEASETruGreen just recently signed a new 10-year lease, extending a 34 year history at this location.

INTERNET PROOF BUSINESSTruGreen is a service oriented business which insulates the investment from the rapidly growing e-commerce industry, sheltering it from web based competitors such as Amazon.

MISSION CRITICAL LOCATIONThis location is responsible for serving commercial and residential customers in 80+ zip codes around Grand Rapids.

LOCATED IN DESIRABLE INDUSTRIAL PARKThe property is located in a dense industrial park surrounded by a variety of quality tenants. Notable surrounding tenants include: Nabisco, Harbor Foam, PODS, Airgas, Viking Spas, Hadley, and K&M Tire.

INDUSTRIAL ASSET CLASSIndustrial properties are strong long-term performing assets with minimal turn-over costs compared to other property types. Additionally, the expansion of e-commerce is a strong tail wind that will continue to drive occupancies in this sector for years to come.

HEALTH OF GRAND RAPIDSINDUSTRIAL MARKETGrand Rapids has an industrial vacancy rate of 2.7% exemplifying the health of the industrial sector in the region. As well as a diverse pool of sectors such as medical device manufacturing, food processing, and aerospace. This diversity is an indicator of health and stability in this market.

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM6

TENANT OVERVIEW

TRUGREEN LAWN CARE, TruGreen is America’s #1 lawn care company serving over 2.3 million residential and commercial customers. TruGreen specializes in multiple areas such as lawn, tree and shrub care, and mosquito control services. With over 40 years of experience in the lawn care industry TruGreen is a national company that takes pride in having local experts in each of its over 300 branches. The TruGreen team is comprised of certified and licensed specialists, scientists, agronomists, horticulturalists and field representatives. The company is dedicated to excellent service which is why each associate completes extensive training on their innovative products and state-of-the-art equipment. In September of 2018, TruGreen announced they would be working with Glympse, the pioneer of real-time location technology, to deliver real-time tracking of TruGreen associates. This will allow TruGreen customers to see where their associate is and when they will arrive through the TruGreen app. As the largest lawn care company in the nation, TruGreen routes more than 100,000 jobs to customers homes and businesses every day. Giving this level of insight delivers an unparalleled experience to TruGreen customers proving their commitment to customer satisfaction.

Lawn Care ProviderOFFICIAL PGA

$1.35 BillionFY 2017 REVENUE EMPLOYEES

14,000+ Employees

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM7

TRUGREEN

NOI $92,400

RPSF +/- $6.46

LEASE COMMENCEMENT June 1, 2019

LEASE TERM 10 Years*

RENT INCREASE In Options

RENEWAL OPTIONS 2 ; 5-Year

LEASE TYPE NN

GUARANTOR TruGreen Limited Partnership

LANDLORD RESPONSIBILITIES Roof & Structure

* Denotes option period

LEASE ANALYSIS

RENT SCHEDULE

TERM ANNUAL INCREASE

Yea r 1 - 1 0 $ 9 2 , 4 0 0 N OT A P P L I C A B L E

Yea r 1 1 - 1 5 * $ 1 0 8 , 0 0 0 1 7 %

Yea r 1 6 - 2 0 * $ 1 1 7 , 6 0 0 9 %

* One-time termination option available until December 1, 2023 with rent paid through May 31, 2024

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM8

BUILDING SPECS

TRUGREEN PROPERTY SPECS

PROPERTY MIX 58% Industrial | 42% Office

CONSTRUCTION Steel

FLOOR THICKNESS 6”

BUILDING FAR 0.24

ZONING I-1

DRIVE-IN DOORS 3 ; 16’ X 12’

CEILING HEIGHT 16’ - 18’

PARKING 77 Spaces

LED Light Fixtures Throughout Warehouse

LIGHTINGFive New HVAC

Units

HVAC

New Gate Installed for Secure Parking Lot

PROPERTYHeaters Inside the

Warehouse Area

WAREHOUSE

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM9

GRAND RAPIDS, MI

LOCATION OVERVIEW

GRAND RAPIDS is the second-largest city in Michigan. The city sits on the Grand River which is about 30 miles east of Lake Michigan. The Grand Rapids MSA has a population of over 1,005,000 residents. Grand Rapids is nicknamed the Furniture City as it is home to five of the world’s leading office furniture companies. These companies include American Seating, Steelcase, Haworth and Herman Miller. Additionally, many other large companies call Grand Rapids home such as Bissell, Meijer Grocery, and Spectrum Health. Spectrum Health is West Michigan’s largest employer with over 26,000 staff. What is known as the Grand Rapids Medical Mile is home to world-class facilities focused on health services. They include the Meijer Heart Center, Lemmen-Holton Cancer Pavilion, and Butterworth Hospital which is a level 1 trauma center. According to reports by Headlight Data and Forbes, Grand Rapids is one of the fastest growing economies in the nation ranking No.7 overall. In just 5-years the Grand Rapids gross regional product grew by 21.8%.

MAJOR EMPLOYERSCOMPANY NUMBER OF EMPLOYEES

Spectrum Health

Meijer

Mercy General Health Partners

Amway Corporation

Gentex Corporation

Perrigo

Herman Miller

Steel Case

Grand Valley State University

Lacks Enterprises, Inc.

26,000

10,340

6,200

4,000

3,900

3,800

3,621

3,500

3,306

2,800

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM10

GRAND RAPIDS INDUSTRIAL MARKET

Industrial Vacancy 2.7%

Distribution/Warehouse 2.1%

Manufacturing 2.5%

Under Construction SF 190,000 SF

12-Month Avg. Delivered SF 77,300 SF

KEY METRICS | GRAND RAPIDS

INDUSTRY HIGHLIGHTS

FOOD & AGRICULTURE - $91.4BThe Food & Agriculture industry in Michigan Contributes $91.4 Billion Annually to the states economy.

2,500 MANUFACTURING COMPANIESThere are 2,500 Manufacturing Companies Growing in the Western Michigan Region.

SCIENCE & ENGINEERING - 13THRanked 13th in the U.S. for individuals in Science & Engineering Occupations as a Percentage of Working.

NOTABLE WEST MI MANUFACTURERS

MANUFACTURING JOB GROWTH 2013 - 2018

WEST MICHIGAN has a strong manufacturing industry. The region has developed a strong presence in the medical device manufacturing, food processing, and aerospace sectors. This diversity is an excellent indicator of stability in the Western Michigan industrial sector. The manufacturing job growth is due to many out-of-market companies moving into Western Michigan and also numerous companies expanding existing operations in this region.

DISTRIBUTION IN GRAND RAPIDS, MI. Grand Rapids has easy access to major markets with their robust infrastructure. Companies can reach 10 major markets within a 7-hour drive time. Additionally, the Michigan rail system is the country’s 12th largest rail system, further exemplifying the robust infrastructure Grand Rapids has to offer

90

100

110

120

130

YEAR2013 2014 2015 2016 2017 2018

NUM

BER

OF

JOBS

*

98.6

103.3108.0

111.8115.2

117.9

*Number of Jobs shown in increments of Ten-Thousand

Image source (above): Industry Report - Manufacturing in West Michigan, see www.rightplace.org

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM11

DIXIE AVENUE SW

REMICO STREET SW

SURROUNDING TENANTS MAP

N

S

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DEMOGRAPHICS

POPULATION

2019 TOTAL POPULATION

2024 POPULATION

POP GROWTH 2019 - 2024

AVERAGE AGE

7 , 5 6 7

7 , 7 9 9

3 . 0 7 %

3 7 . 1 0

1 8 3 , 6 4 9

1 9 0 , 5 4 6

3 . 7 6 %

3 5 . 7 0

5 5 8 , 8 8 3

5 8 3 , 5 7 1

4 . 4 2 %

3 5 . 9 0

1 MILE 5 MILES 10 MILES

1 MILE 5 MILES 10 MILES

1 MILE 5 MILES 10 MILES

HOUSEHOLDS

HOUSING

MEDIAN HOME VALUE

MEDIAN YEAR BUILT

$ 1 4 1 , 8 1 8

1 9 6 6

$ 1 3 6 , 2 8 6

1 9 6 7

$ 1 5 7 , 4 1 7

1 9 7 3

2019 TOTAL HH

MEDIAN HH INCOME

AVG HOUSEHOLD SIZE

3 , 0 0 1

$ 5 2 , 9 3 3

2 . 5 0

6 7 , 3 5 9

$ 5 1 , 3 9 9

2 . 7 0

2 0 9 , 9 9 9

$ 5 6 , 5 7 0

2 . 6 0

10 MILES

5 MILES

1 MILE

TRUGREEN | GRAND RAPIDS, MSA BENETLEASE.COM13

B+E is a modern investment brokerage firm, specializing in net lease real estate and 1031 exchanges. We help clients buy and sell single tenant real estate. Founded by deeply experienced brokers, B+E redefines trading through an intuitive end-to-end transaction platform comprising of user-friendly dashboards and an AI-driven exchange — all leveraging the largest data set in the net lease industry. Complementing senior talent with exceptional technology, B+E's proprietary process affords greater speed, unrivaled transaction efficiencies, and stronger asset value. With offices in New York, Chicago, Tampa, and San Francisco, our brokers trade property for our clients across the US. B+E allows virtually anyone to confidently trade net lease real estate.

THIS IS OUR STORY

TRADE NET LEASE WITH CONFIDENCENew York | Chicago | Tampa | San Francisco

646.770.0659

NEW YORK261 Madison Ave., 9th FLR,

New York, NY 10016

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