™

Wendy’s3200 Parkway Center Ct, Orlando, FL 32808

OFFERING MEMORANDUM

This Marketing Brochure contains select information pertaining to the business and affairs of Wendy’slocated at 3200 Parkway Center Ct, Orlando, FL 32808 here to referred to as “Property”. Information in this Marketing Brochure is confidential and provided solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose and may not be made available to any other person without the written consent of the Seller or Matthews Retail Group, Inc.

This Marketing Brochure has been prepared by Matthews Retail Group, Inc. (also known as Matthews Retail Advisors) based in part upon information supplied by the Seller and in part upon financial information obtained from sources deemed reliable by Matthews Retail Group, Inc. However, Matthews Retail Group, Inc. has not and will not verify any of this information, nor has Matthews Retail Group, Inc. conducted any investigation regarding these matters. Matthews Retail Group, Inc. makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

It is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for the Buyer’s thorough due diligence investigation of this investment opportunity. Matthews Retail Group, Inc. expressly denies any obligation to conduct a due diligence examination of this Property for the Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this Property. The value of a net leased property to the Buyer depends on factors that should be evaluated by the Buyer and their tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any property to determine to their satisfaction the suitability of the Property for their investment goals.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the Property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future performance.

Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the Property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the Property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the Property, and Buyer’s legal ability to make alternate use of the Property.

By accepting this Marketing Brochure you agree to release the Seller and Matthews Retail Group, Inc. of any and all liability and hold the parties harmless from any kind of claim, cost, or expense arising out of your investigation and/or purchase of this Property.

NON-ENDORSEMENT NOTICEMatthews Retail Group, Inc. is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this Marketing Brochure. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Matthews Retail Group, Inc., its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Matthews Retail Group, Inc., and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

CONFIDENTIALITY & DISCLAIMER STATEMENT

ii

PRICING AND FINANCIAL ANALYSISInvestment Overview . . . . . . . . . . . . . . . . . . . . . . 2Financial Overview. . . . . . . . . . . . . . . . . . . . . . . . 3Company Overview . . . . . . . . . . . . . . . . . . . . . . . 4

PROPERTY DESCRIPTIONProperty Overview . . . . . . . . . . . . . . . . . . . . . . . . 6Bird’s Eye . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Tenant Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

DEMOGRAPHICSDemographics Report . . . . . . . . . . . . . . . . . . . . . . 11City Overview | Orlando, FL . . . . . . . . . . . . . . . . . . 12

TABLE OF CONTENTS

PRESENTED BY

Justin BeckBroker of Record

License No. BK3118299

Wesley ConnollyAssociate

License No. 01962332O 310.919.5809M 707.477.7185wesley.connolly@matthews.com

Chad KurzSVP & National Director

License No. 01911198O 310.919.5850M 562.480.2937chad.kurz@matthews.com

™iii

™PRICING AND FINANCIAL ANALYSIS

Wesley Connolly and the Matthews Retail Advisors have been retained by the ownership to exclusively present the sale of this Corporate Wendy’s ground lease investment. The property is located in Orlando directly off of U.S. Route 441, which runs north to south the length of the state from the Georgia border to Miami. Having operated at this location for approximately 30 years, the store has benefited from the consistent traffic of over 48,000 vehicles per day. The tenant recently elected to renew the lease for an additional two years. If you have any questions or would like more information, please feel free to reach out to Wesley Connolly.

INVESTMENT HIGHLIGHTS

PROPERTY DETAILS

• Rare Corporate Operated Wendy’s

• Ground Lease Ownership - zero landlord responsibilites

• Established Location - Operated since 1986

• Recently Renewed Lease

• Additional Percentage Rent Availability

• Healthy Rent - to - Sales Ratio - 6.25% as of 2015

LOCATION

• Major Retail Corridor - nearby national tenants include Chase

Bank, Taco Bell, Dunkin Donuts, KFC, Popeyes, Burger King,

CVS and many others

• Strong Demographics - over 250,000 people and 100,000

homes in a 5-mile radius

• Excellent Traffic Counts - property benefits from over 48,000

VPD

• Income tax free state - Florida

2

Investment Overview

EXECUTIVE SUMMARY3200 Parkway Center Ct Orlando, FL 32808

List Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,007,812Gross Leasable Area . . . . . . . . . . . . . . . . . . . . . . . . . 3,773 SFCAP Rate - Current. . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.00%Year Built . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986Lot Size . . . . . . . . . . . . . . . . . . . . . . . . ± 0.96 Acres (41,724 SF)

*Sale subject to waiver of Lessor’s Right of First Refusal

ANNUALIZED OPERATING DATAMonthly Rent Annual Rent Rent/SF CAP Rate

01/01/2016-12/31/2017 $6,718.25 $80,625.00 $21.36 8.00%

01/01/2018-12/31/2020 $6,718.25 $80,625.00 $21.36 8.00%

01/01/2021-12/31/2025 $6,718.25 $80,625.00 $21.36 8.00%

* Additonal percentage rent equal to 6% of annual gross sales in excess of $1,343,750

™3

Financial Overview

TENANT SUMMARYTenant Trade Name Wendy’s

Type of Ownership Ground Lease

Lease Guarantor Corporate - Wendy’s Properties, LLC

Lease Type NNN

Roof and Structure Tenant Responsible

Original Lease Term 2 years

Lease Commencement Date 1/1/2016

Rent Commencement Date 12/19/1986

Lease Expiration Date 12/31/2017

Term Remaining on Lease + 1 year 8 months

Increases None

Options 1 (3) Year, 1 (5) year

Property Name Wendy’s

Property Type Net Leased QSR

Parent Company Trade Name Wendy’s

Ownership Public

Credit Rating B+

Rating Agency Standard & Poor’s

Revenue 2 Billion

Net Income 1.2 Billion

Stock Symbol WEN

Board NASDAQ

No. of Locations ±6500

No. of Employees ±31,000

Headquartered Dublin, Ohio

Web Site www.wendys.com

Year Founded 1969

Wendy’s Old Fashioned Hamburgers is the third largest quick-service hamburger restaurant chain in the world, with more than 6,600 restaurants in North America and international markets. Founded by Dave Thomas in 1969, Wendy’s serves the best hamburgers in the business, made with fresh beef hot-off-the-grill and a choice of toppings. Wendy’s also serves chicken sandwiches, fries, Frostys, soft drinks, and a variety of fresh, healthful foods - fresh fruit with yogurt dip, garden salads, grilled chicken sandwiches, baked potatoes, and chili.

4

Company Overview

™PROPERTY DESCRIPTION

THE OFFERINGProperty Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wendy’sProperty Address . . . . . . . . . . . . . . . . . 3200 Parkway Center Ct Orlando, FL 32808Assessor’s Parcel Number . . . . . . . . . . . . . . 04-2229-6708-00-180

SITE DESCRIPTIONNumber of Stories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . OneYear Built . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1986Gross Leasable Area (GLA) . . . . . . . . . . . . . . . . . . . . . 3,773 SFLot Size . . . . . . . . . . . . . . . . . . . . . . . . ±0.96 Acres (41,724 SF)Type of Ownership. . . . . . . . . . . . . . . . . . . . . . . . Ground LeaseParking . . . . . . . . . . . . . . . . . . . . . . . . . . ±32 Surface SpacesParking Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . 8.48 : 1000 SFLandscaping . . . . . . . . . . . . . . . . . . . . . . . . . . . . ProfessionalTopography. . . . . . . . . . . . . . . . . . . . . . . . . . . Generally Level

CONSTRUCTIONFoundation . . . . . . . . . . . . . . . . . . . . . . . . . . . .Concrete SlabFraming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .WoodExterior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BrickParking Surface . . . . . . . . . . . . . . . . . . . . . . . . . . . . .AsphaltRoof . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Flat

6

Property Overview

PROPERTY DESCRIPTION

N O

range Blossom Trail C

PD: ±48,000

™7

Bird’s Eye

8

Tenant Map

PROPERTY DESCRIPTION

™9

Regional Map

™DEMOGRAPHICS

Population 1-Mile 3-Mile 5-Mile

2021 Projection 7,305 93,235 266,652

2016 Estimate 6,889 88,824 253,724

2010 Census 6,404 83,822 238,416

2000 Census 6,686 85,390 236,403

Growth 2016-2021 6.04% 4.97% 5.10%

Growth 2010-2016 7.57% 5.97% 6.42%

Growth 2000-2010 -4.22% -1.84% 0.85%

Households

2021 Projection 3,388 37,454 108,377

2016 Estimate 3,128 35,327 102,115

2010 Census 2,797 32,662 93,908

2000 Census 2,933 32,405 91,078

Growth 2016-2021 8.32% 6.02% 6.13%

Growth 2010-2016 11.83% 8.16% 8.74%

Growth 2000-2010 -4.62% 0.79% 3.11%

Income

$0 - $15,000 19.46% 15.43% 14.83%

$15,000 - $24,999 15.94% 13.88% 13.22%

$25,000 - $34,999 12.65% 12.50% 12.55%

$35,000 - $49,999 21.56% 17.21% 15.64%

$50,000 - $74,999 17.55% 18.23% 17.88%

$75,000 - $99,999 6.55% 9.66% 9.67%

$100,000 - $124,999 2.23% 5.48% 6.01%

$125,000 - $149,999 1.52% 2.65% 3.18%

$150,000 - $199,999 1.91% 2.84% 3.16%

$200,000 - $249,999 0.39% 0.99% 1.32%

$250,000 - $499,999 0.17% 0.90% 1.69%

$500,000+ 0.08% 0.23% 0.83%

2016 Est. Average Household Income $43,587 $55,826 $63,225

2016 Est. Median Household Income $36,357 $42,137 $44,011

11 DEMOGRAPHICS

Demographics Report

™12

City Overview | Orlando, FL

ORLANDO, FL

Orlando is a city in the U.S. state of Florida, and is the county seat of Orange County. Located in Central Florida, it is the center of the Orlando metropolitan area, making it the 26th largest metropolitan area in the United States, the sixth largest metropolitan area in the Southern United States, and the third largest metropolitan area in the state of Florida.

The City of Orlando is nicknamed “The City Beautiful” and its symbol is the fountain at Lake Eola. Orlando is also known as “The Theme Park Capital of the World.” Orlando’s famous attractions form the backbone of its tourism industry: Walt Disney World Resort, located approximately 21 miles southwest of Downtown Orlando in Lake Buena Vista, opened by the Walt Disney Company in 1971; the Universal Orlando Resort, opened in 1999 as a major expansion of Universal Studios Florida; SeaWorld; Gatorland; and Wet ‘n Wild. The city is also one of the busiest American cities for conferences and conventions.

TOP EMPLOYERS - CITY, STATE1. Walt Disney World

2. Orange County Public Schools

3. State of Florida Government

4. Adventist Health System

5. Florida Hospital

6. Wal-Mart Stores Inc.

7. Orlando Regional Healthcare System

8. Universal Studios Orlando

9. Federal Government

10. Publix Supermarkets Inc.

841 Apollo Street, Suite 150 | El Segundo, CA 90245 | www.matthews.com™

Wendy’s3200 Parkway Center Ct, Orlando, FL 32808

OFFERING MEMORANDUM

Justin BeckBroker of Record

License No. BK3118299

Wesley ConnollyAssociate

License No. 01962332O 310.919.5809M 707.477.7185wesley.connolly@matthews.com

Chad KurzSVP & National Director

License No. 01911198O 310.919.5850M 562.480.2937chad.kurz@matthews.com