POPEYES | New Construction - Verdad Real Estate

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POPEYES | New Construction - Verdad Real Estate
OFFERING MEMORANDUM
                                                         Net Leased Restaurant

Brand New 2018 Construction
New 15-Year Absolute NNN Lease
Income Tax-Free State of Florida
                                             POPEYES | New Construction
Sailormen, Inc. Guarantee | $185MM Annual Sales
                                                  605 N Krome Avenue
International Gateway of Miami-Dade County
                                                  Homestead, FL 33030
POPEYES | New Construction - Verdad Real Estate
CONFIDENTIALITY AND DISCLAIMER NOTICE
 DISCLAIMER
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no
guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, 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 your thorough due diligence investigation of this
investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for 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 you depends on factors that should be
evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property
to determine to your satisfaction with the suitability of the property for your needs. 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 success. 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 Marcus & Millichap Real Estate Investment Services and hold it harmless from any
kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

CONFIDENTIALITY AND DISCLAIMER
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 Marcus & Millichap and should not be
made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap
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, PCB’s 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein,
nor has Marcus & Millichap 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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENTS
Marcus & Millichap Real Estate Investment Services, Inc ("Marcus & Millichap") is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package.
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 Marcus & Millichap, its affiliates or subsidiaries,
or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
POPEYES | New Construction - Verdad Real Estate
TABLE OF CONTENTS
OFFERING MEMORANDUM
 Financial Overview      4
 Investment Summary      5
 Company Overview        6
 Site Plan               7
 Site Survey             8
 Site Images             9
 Surrounding Retailers   10
 Retail Aerial           11-14
 Location Overview       15-18
 Location Map            19
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL
FINANCIAL OVERVIEW                                                                                                                                                                               ANNUALIZED OPERATING DATA
PRICE: $2,700,000 | RENT: $148,531
Property Address                                                                        605 N Krome Avenue
                                                                                                                                                                         Annual Rent                                                                                                                             $148,531
City, State, Zip                                                                      Homestead, FL 33030
Estimated Building Size (SF)                                                                                      2,287                                                  Rental Escalations                                                                                                      10% Every 5 Years
Lot Size SF/Acres                                                                 20,578 SF | .47 Acre (s)                                                               Average Cap Rate                                                                                                                          7.87%
Year Built                                                                                                         2018
Rent p/SF                                                                                                       $64.95

                                                                                                                                                                        RENT SCHEDULE ANNUAL RENT MONTHLY RENT                                                                                          CAP RATE

LEASE SUMMARY
                                                                                                                                                                                 YEAR 1-5                                  $148,531                                   $12,378                               5.50%
Property Type                                                                          Net Leased Restaurant

Ownership                                                                                                        Private                                                        YEAR 6-10                                  $163,384                                   $13,615                               6.05%

Tenant                                                                                               Sailormen, Inc.
                                                                                                                                                                               YEAR 11-15                                  $179,723                                   $14,977                               6.66%
Guarantor                                                                                   94+Unit Franchisee

Lease Commencement Date              Earlier of when tenant opens for business or 30 days following                                                                                Option I
                                                      notice of work completed. Estimated Opening                                                                                                                          $197,695                                   $16,475                               7.32%
                                                                          date of August 28, 2018                                                                              Years 16-20
Lease Expiration                                                                           15 Years Thereafter                                                                    Option II
                                                                                                                                                                                                                           $217,464                                   $18,122                               8.05%
Lease Term Remaining                                                                                          15Years                                                          Years 21-25

Lease Type                                                                                                          NNN                                                          Option III
                                                                                                                                                                                                                           $239,211                                   $19,934                               8.86%
Roof & Structure                                                                          Tenant Responsibility                                                                Years 26-30

                                                                                                                                                                                                                                                                                                                            FINANCIAL OVERVIEW
                                                                                                                                                                                 Option IV
Options to Renew                                                                            Five 5-Year Options                                                                                                            $263,132                                   $21,928                               9.75%
                                                                                                                                                                               Years 31-35
Base Term Rental Escalations                                                             10% Every Five Years
                                                                                                                                                                                  Option V
Percentage Rent                                                                                                         No                                                                                                 $289,445                                   $24,121                              10.72%
                                                                                                                                                                               Years 36-40
Right of First Refusal                                                                                                 Yes

                                                                                                                                                                                                                                                                                                                       4
                               This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                               and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                               mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL
INVESTMENT SUMMARY
                                                                                                                                                                               Brand New 15-Year
          Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-
net lease Popeyes Louisiana Kitchen Restaurant investment opportunity located at 605 N
                                                                                                                                                                                   NNN Lease
Krome Avenue, Homestead, Florida. The property consists of .47-acre improved with an
approximately 2,287-square foot building. The newly constructed restaurant has a brand new
15-year lease in place with Sailormen, Inc, one of the largest domestic franchisees of Popeyes
Louisiana Kitchen restaurants, currently operating 94 Popeyes in Florida and Georgia with
approximately 10 new stores slated to open by August 28th, 2018. Annual base rent is set at
                                                                                                                                                                                                                                                               Zero
$148,531, with 10 percent rental increases every five years in the base term, as well as the
five five-year renewal options.
                                                                                                                                                                                                                                                             Landlord
          Located in the heart of developing Downtown Homestead, this brand new Popeye’s
will be an offset of an existing site, relocating blocks from the new Homestead Station
                                                                                                                                                                                                                                                           Responsibility
breaking ground in 2018. The Station will feature a Showbiz Cinemas family entertainment
center with movies, bowling, video arcade, transit center and parking garage and is part of
an overall effort to revitalize Downtown Homestead with other recent projects that include

                                                                                                                                                                                           94+Unit
the restored Seminole Theatre, new City Hall and new Police Headquarters. It is also
located less than seven miles from the Homestead Air Reserve Base, a presence that
currently reports nearly 1,100 full-time employees who live in the Homestead and South-
Dade communities and another 1,700 Air Force reservists who drill monthly at the base.
The restaurant is also six miles from the NASCAR Championship’s Homestead-Miami
Speedway, the epicenter for motorsports in South Florida.
                                                                                                                                                                                           Guarantee
FRANCHISEE HIGHLIGHTS
Tenant is a Seasoned Operator, Largest Popeyes Franchisee in the Southeast

                                                                                                                                                                                                                                                                                                                       INVESTMENT OVERVIEW
Long-Term Lease with Strong Rental Escalations
                                                                                                                                                                                                                          Brand New 2018
Established QSR Brand Acquired by Burger King’s Parent Company in 2017
                                                                                                                                                                                                                            Construction
True Triple-Net Investment with Zero Landlord Responsibilities

                                                                                                                                                                                                                                                                                                                   5
                                 This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                                 and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                                 mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL

Sailormen, Inc.
Sailormen, Inc was founded in 1987 with 10 stores and grew to over 150 stores
with over $185MM in revenue in Florida, Georgia, Mississippi, Alabama and
Louisiana. In 2018, Sailormen divested its stores in Mississippi, Alabama and
Louisiana to concentrate on its new store development in both Florida and
Georgia. Currently, Sailormen operates 94 Popeyes in Florida and Georgia with
approximately 10 new stores slated to open by the end of 2018.
Sailormen is the recipient of numerous brand awards and its Executives
participate on numerous Franchisee Committees including Marketing, Operations,
Development and Technology. In addition to their success as a Popeyes                                                                                                                                                              General Information
                                                                                                                                                                                                      Tenant Name                                                                   Popeyes
franchisee, the longtime partners also own and operate over 50 Burger King and
                                                                                                                                                                                                      Headquartered                                                              Atlanta, GA
Taco Bell restaurants through affiliated companies and have numerous real                                                                                                                             President                                               Alexandre de Jesus Santoro
estate holdings.                                                                                                                                                                                      Website                                                           www.popeyes.com

Popeyes Louisiana Kitchen                                                                                                                                                                             Parent Company                                                     Restaurant Brands
                                                                                                                                                                                                                                                                          International, Inc.

Founded in New Orleans in 1972, Popeyes® has more than 40 years of history                                                                                                                            Credit Rating                                                                       B1

and culinary tradition. Popeyes distinguishes itself with a unique New Orleans                                                                                                                                                         Financial Markets
style menu featuring spicy chicken, chicken tenders, fried shrimp and other                                                                                                                           Stock Ticker                                                                QSR

regional items. The chain’s passion for its Louisiana heritage and flavorful                                                                                                                          2016 Sales                                                       $18,209.2 MM
                                                                                                                                                                                                      Current Price                                         $65.87 as of 11/21/2017
authentic food has allowed Popeyes to become one of the world’s largest quick

                                                                                                                                                                                                                                                                                                                COMPANY OVERVIEW
                                                                                                                                                                                                      52 Wk High/Low                                                   $68.89/$46.02
service restaurant chicken concepts with over 2,600 restaurants in the U.S. and
around the world. In March 2017, Popeye’s was acquired by Restaurant Brands                                                                                                                                                                       Store Base
                                                                                                                                                                                                      Store Count                                                                20,351
International, Inc. (NYSE/TSX: QSR, TSX: QSP) the third largest operator of fast
                                                                                                                                                                                                      No. of Employees                                                           30,300
food restaurants in the world.
                                                                                                                                                                                                      TTM Sales                                                           $4,145,800 B

                                                                                                                                                                                                                                                                                                            6
                          This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                          and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                          mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL

                                     Popeyes Franchisee Helps Raise
                                     Over $1M for MDA
                                     July 26, 2018

Sailormen Inc., one of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, and the Muscular
Dystrophy Association announced that the annual MDA Golf Classic and the 2018 “Appetite for a Cure” program have
raised a record-breaking $1,007,789 to save and transform the lives of kids and adults with muscular dystrophy, ALS and
related life-threatening diseases that severely weaken muscle strength and mobility.
The Sailormen Inc., Golf Classic celebrated its 14th anniversary on May 10 in Miami Lakes, Fla. at Don Shula’s Golf and
Country Club. More than 60 companies sponsored the premier golf event that raised a total $261,407 to help families
served by MDA.
Additionally, this year's “Appetite for a Cure” program ran from Jan. 29 through March 18 at participating Popeyes
restaurants in South Florida and across the Southeast. The program raised $746,382, through the sale of $1 coupon cards
worth $30 to be used toward free and discounted purchases during future visits to Popeyes. The commitment of Sailormen
Corporate and all of their employees to MDA’s mission contributed to the fundraising increase of nearly $200,000 over
2017.
“Our dedicated employees, loyal customers, and supportive business partners are essential to making these events for
MDA a huge success,” says Sailormen Inc. CEO Kara Nordstrom. “For 14 years, we have brought people together to
spread awareness and support MDA kids and adults. Through the Sailormen, Inc Golf Tournament and our ‘Appetite for a
Cure’ campaign, I am proud to say we surpassed our $1,000,000 goal. This is great momentum as we head into our
partnership’s 15th anniversary in 2019.”

                                                                                                                                                                                                                                                                                                          COMPANY OVERVIEW
Funds raised during the annual coupon program and golf tournament help MDA fund groundbreaking research and life-
enhancing services such as the MDA Care Center at the University Of Miami School Of Medicine. It also helps send kids,
ages 8-17, to “the best week of the year” at barrier-free MDA Summer Camp.
“The Sailormen community of employees and customers is incredibly powerful when they mobilize for a cause they care
about,” adds MDA National Director Cheryl Kunkle. “For more than 14 years, MDA’s mission has aligned with Sailormen’s
vision as a mission-driven company and we so thankful for their longstanding support.”

                                                                                                                                                                                                                                                                                                      7
                    This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                    and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                    mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL
SITE PLAN

                                                                                                                                                                                                                                                                                                   SITE PLAN
                                                                                                                                                                                                                                                                                               8
             This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
             and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
             mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL
SITE SURVEY

                                                                                                                                                                                                                                                                                                    SITE SURVEY
                                                                                                                                                                                                                                                                                                9
              This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
              and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
              mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | New Construction - Verdad Real Estate
POPEYES | HOMESTEAD, FL
          Visit Link for Live Construction Feed:
http://www.ibeamsystems.com/private/verconnect/popeyes530/live.html

                                                                                                                                                                                                                                                                                                                PROPERTY IMAGES
                                                                                                                                                                                                                                                                                                            1
                          This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                          and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                          mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

                                                                                                                                                                                                                                                                                                  NEARBY RETAILERS
                                                                                                                                                                                                                                                                                             11
           This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
           and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
           mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

   First United
 Methodist Church

                                                             Krome Ave
                                                             17,800 VPD                                                                                                    Subject
                                                                                                                                                                          Property

                                                                                                                                                                                                                                                                                                           RETAIL AERIAL
                                                                                                                                                                                                                                                                                                      12
                    This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                    and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                    mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

          City of Homestead
                City Hall

                                                                                                                                                                                                     High Density
                                                                                                                                                                                                     Local Tenant
                                                                                                                                                                                                      Retail Area

                                                                                                                                                                          Krome Ave
                                                                               Subject                                                                                    17,800 VPD
                                                                              Property

                                                                                                                                                                                                                                                                                                   RETAIL AERIAL
                                                                                                                                                                                                                                                                                              13
            This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
            and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
            mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

                                                              Miami Dade College
                                                              Homestead Campus
                                                               (21,075 Students)
                                                                                                                                                                                               City of Homestead
                                                                                                                                                                                                     City Hall

      Subject
     Property
                                                                                                              Krome Ave
                                                                                                              17,800 VPD

                                                                                                                                                                                                                                                                                                   RETAIL AERIAL
                                                                                                                                                                                                                                                                                              14
            This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
            and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
            mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

                                                                                   High Density Residential

                                                                                           Homestead Middle School
                                                                                               (682 Students)

                                     Krome Ave
                                     17,800 VPD

                                                                                                                                              Subject

                                                                                                                                                                                                                                                                                                  RETAIL AERIAL
                                                                                                                                             Property

                                                                                                                                                                                                                                                                                             15
           This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
           and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
           mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL
                                                                                                                                                                                                                                      DEMOGRAPHICS

                                                                                                                                    POPULATION                                               1-MILE                                           3-MILES                                        5-MILES
                                                                                                                                    2021 Projection                                          21,319                                            111,405                                       163,513
                                                                                                                                    2016 Estimate                                            20,598                                            101,166                                       146,420
                                                                                                                                    2010 Census                                              18,081                                             88,325                                       125,702
                                                                                                                                    INCOME                                                   1-MILE                                           3-MILES                                        5-MILES
                                                                                                                                    Average                                                 $37,694                                            $52,089                                       $53,513
                                                                                                                                    Median                                                  $27,139                                            $36,427                                       $38,749
                                                                                                                                    Per Capita                                              $10,895                                            $15,859                                       $16,011
                                                                                                                                    HOUSEHOLDS                                               1-MILE                                           3-MILES                                        5-MILES
                                                                                                                                    2021 Projection                                            6,193                                            34,821                                       49,824
                                                                                                                                    2016 Estimate                                              5,841                                            30,586                                       43,392
                                                                                                                                    2010 Census                                                5,296                                            27,215                                       37,974

                                                                                             Homestea d is a bea utiful pla ce to live and work. In this city, sunny days are the
                                                                                             norm a nd the a vera ge tempera ture is 75 degrees. Miami is only thirty miles
                                                                                             north of Homestea d, home to a major international airport and one of the
                                                                                             country’s most vibra nt a nd cultura lly rich cities.

                                                                                             Homestea d is a dja cent to two na tional parks. Ten miles west of Homestead is a
                                                                                             wea lth of natura l bea uty: Everglades National Park. The Everglades are home to
                                                                                             vast mangrove forests a nd wa tery saw grass plains. The Everglades are truly a
                                                                                             subtropica l wilderness tha t shelters alligators, ibis, eagles, manatees, and
                                                                                             pa nthers. Ea st of the city is Bisca yne National Park encompassing the bay,
                                                                                             ba rrier isla nds, a nd cora l reefs. Just south of the city are the Florida Key’s with

                                                                                                                                                                                                                                                                                                       LOCATION OVERVIEW
                                                                                             a n a bunda nce of recreationa l a ctivities.

                                                                                             The hometown a tmosphere in Homestead that welcomes visitors comes from a
                                                                                             community tha t is proud of the ongoing accomplishments that make the City of
                                                                                             Homestea d a desira ble pla ce to live, work, and raise a family. The City of
                                                                                             Homestea d offers a unique sma ll- town atmosphere with all the amenities of a
                                                                                             big city. Welcome to Homestea d: truly a great place to live and work!

                                                                                                                                                                                                                                                                                                  16
           This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
           and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
           mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

MIAMI-DADE                                                                                                                                                                                                                                              DEMOGRAPHICS
OVERVIEW

 Miami-Dade County is a gateway to South American and Caribbean
 markets and a tourist destination. The 2,400-square-mile county
 extends from the Florida Everglades east to the Atlantic Ocean. It is
 bordered to the north by Broward County and to the south by the
 Florida Keys. The main portion of the city of Miami lies on the shores of
 Biscayne Bay and is separated from the Atlantic Ocean by barrier
 islands, the largest of which holds the city of Miami Beach. The metro,
 with a population of roughly 2.7 million, is located entirely within Miami-
 Dade County. Miami is the most populous city, with slightly more than
 440,700 residents, followed by Hialeah and Miami Gardens, each with
 more than 100,000 people.

 METRO HIGHLIGHTS

                 BUSINESS-FRIENDLY ENVIRONMENT
                 The metro has no local business or personal income
                 taxes, which attracts businesses and residents to
                 the area.

                 INTERNATIONAL GATEWAY
                 Miami is a gateway for international trading
                 activities, tourism and immigration, connecting to
                 airports and ports around the world.

                                                                                                                                                                                                                                                                                                                    MARKET OVERVIEW
                 MEDICAL COMMUNITY
                 The county contains the largest concentration of
                 medical facilities in Florida, drawing residents
                 needing services throughout the state.

                                                                                                                                                                                                                                                                                                               17
                             This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                             and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                             mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL
                                                                                                                                                                                                                                                              DEMOGRAPHICS
                     ECONOMY
   Various industries provide a diverse economy. Trade, international finance, healthcare and
    entertainment have become major segments in the local business community.
   A strong tourism industry has developed with ties to Latin America and the Caribbean.
   Tourism and trade depend on a large transportation sector. PortMiami and Miami
    International Airport are both major contributors to employment and the economy.
   The Miami metro gross metropolitan product (GMP) expansion is expected to outpace the
    U.S. GDP in 2018 and retail sales for the county are also rising.

        MAJOR AREA EMPLOYERS
    Baptist Health South Florida
    University of Miami
    American Airlines
    Miami Children’s Hospital
    Publix Supermarkets
    Winn-Dixie Stores
    Florida Power & Light Co.
    Carnival Cruise Lines
    AT&T
                                                                                * Forecast
    Mount Sinai Medical Center

SHARE OF 2017 TOTAL EMPLOYMENT

                        4%                                             14%                                                                      12%                                                                       12%                                                                              7%

                                                                                                                                                                                                                                                                                                                          MARKET OVERVIEW
           MANUFACTURING                                PROFESSIONAL AND                                                                     GOVERNMENT                                           LEISURE AND HOSPITALITY                                                         FINANCIAL ACTIVITIES
                                                        BUSINESS SERVICES

                 25%
    TRADE, TRANSPORTATION                                       CONSTRUCTION
                                                                                4%                                            +                 16%
                                                                                                                                      EDUCATION AND                                                                   INFORMATION
                                                                                                                                                                                                                                  2%                                                      OTHER SERVICES
                                                                                                                                                                                                                                                                                                           5%
              AND UTILITIES                                                                                                          HEALTH SERVICES

                                                                                                                                                                                                                                                                                                                     18
                                   This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                                   and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                                   mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL
                                                                                                                                                                                                                                                                       DEMOGRAPHICS
                         DEMOGRAPHICS
         The metro is expected to add nearly 117,400 people over the next five years. During
          the same period, approximately 64,000 households will be formed, generating                                                                                                                                                                                                                   SPORTS
          demand for housing.
         The homeownership rate of 53 percent is below the national rate of 64 percent,
          maintaining a strong rental market.
         The cohort of 20- to 34-year-olds composes 21 percent of the population.

     2017 Population by Age

       6%                 17%                     7%                            28%                               27%                              16%
     0-4 YEARS           5-19 YEARS          20-24 YEARS                      25-44 YEARS                       45-64 YEARS                        65+ YEARS

                                                                                                                                                                                                                                                                                       EDUCATION
             2017                          2017                                              2017                                            2017 MEDIAN
          POPULATION:                   HOUSEHOLDS:                                       MEDIAN AGE:                                     HOUSEHOLD INCOME:

          2.7M                            940K                                               39.7                                          $44,300
             Growth                         Growth                                          U.S. Median:                                        U.S. Median:
           2017-2022*                     2017-2022*:
            4.3%                            6.7%                                               37.8                                             $56,300

                                           QUALITY OF LIFE
   Miami-Dade County has developed into a cosmopolitan urban area offering a vibrant
   business and cultural community. The metro has an abundance of popular attractions. Miami
   hosts the Capital One Orange Bowl and is home to several professional sports teams,                                                                                                                                ARTS & ENTERTAINMENT
   including the Miami Dolphins, the Miami Marlins and the Miami Heat. The county has a
   broad array of cultural attractions, historic sites and parks. These include the Adrienne Arsht
   Center for the Performing Arts, Zoo Miami and Everglades National Park. The region is

                                                                                                                                                                                                                                                                                                                                   MARKET OVERVIEW
   home to a vibrant and diverse culture, family-friendly neighborhoods, a plethora of shops
   and restaurants, and beautiful weather and beaches. It also offers easy access to Latin
   America and the Caribbean.
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau

                                                                                                                                                                                                                                                                                                                              19
                                            This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
                                            and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
                                            mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
POPEYES | HOMESTEAD, FL

                                                                                                          MSA Population
                                                                                                             6,012,331

                                                                                               Representative Photo

                                                                                                                                                                                                                      Population of The Florida Keys

                                                                                                                                                                                                                                                                                                  LOCATION MAP
                                                                                                                                                                                                                                  73,090

                                                                                                                                                                                                                                                                                             20
           This information has been secured from sources we believe to believable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information
           and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service
           mark of Marcus & Millichap Real Estate Investment Services,Inc.©2013 Marcus & Millichap ACT ID # Z0390422
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 Popeyes | Homestead, FL

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