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EXCLUSIVE OFFERING

T A M P A , F L O R I D A

CHIPOTLE / STARBUCKS

Jackson

BirminghamBirmingham

Huntssville

Charlotte

Raleigh

Memphis

NNashville

LouisvilleLouisvilleNNorfolkRichmond

White Plains

ManhattanManhattan

MiaamiBocca Raton

Orlando

TTampaampa TTTT

Jacksonville

CharlestonSouthernCalifornia

Mobbile

Atlanta

Auburn

This Offering Memorandum has been prepared by Owner Representative (“OREP”) for use by a limited number of parties to evaluate the potential acquisition of Chipotle / Starbucks, Tampa, Florida (the “Property”). All projections have been developed by OREP, Owner and designated sources, are based upon assumptions relating to the general economy, competition, and other factors beyond the control of OREP and Owner, and therefore are subject to variation. No representation is made by OREP or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein has been obtained from sources deemed to be reliable and believed to be correct, OREP, Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, OREP, Owner and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omissions from, the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient.

The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

DISCLAIMERAdditional information and an opportunity to inspect the property will be made available to interested and qualified prospective investors upon written request. Owner and OREP each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing this Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose this Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or OREP and that you will use the information in this Offering Memorandum for the sole purpose of evaluating your interest in the property and you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Owner or OREP. If you have no interest in the property, please return the Offering Memorandum to OREP.

DOWNTOWN

TAMPA

WESTSHORE

DAVIS ISLAND SOUTH TAMPA

P R O P E R T Y O V E R V I E W

4THESHOPPINGCENTERGROUP.COM

EXECUTIVE SUMMARY

5

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

We are pleased to offer for sale on an exclusive basis to qualified investors a trophy retail property featuring the highly–recognized tenants of Starbucks and Chipotle. Located in an A+ “infill” area along Tampa’s most desirable business corridor, Dale Mabry Highway, this highly–visible location is exposed to nearly 70,000 vehicles per day and is just 1/3rd a mile north of I–275 which is traveled by approximately 180,000 vehicle per day. It is surrounded by retailers such as Whole Foods, Target, Walmart, Home Depot, Best Buy, and Staples as well as 20,000 employees and 10,000 residents within 1 mile and 143,000 employees and 95,000 residents within 3 miles. Both tenants have committed to 10–year leases. Both Starbucks and Chipotle opened for business mid-2015.

INTRODUCTION INVESTMENT HIGHLIGHTS

SUMMARY OF SALIENT FACTS

Address 2011 North Dale Mabry HighwayTampa, Florida

Year Built 2015

Parking ±37

Occupancy 100%

Total GLA (Combined) 4,145 SF

Land Area ±.77 Acres

� Trophy property in an A+ location � New construction � Both tenants have 10–year initial lease terms � NN lease structure – landlord responsible for only roof and structure

Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 65 countries, and its brand is one of the most recognizable in the world. In 2014, Starbucks’ revenue reached a company record of $16.45 billion and the number of Starbucks locations had reached over 21 thousand stores worldwide. Starbucks is the dominant leader in the coffeehouse market with over 33% market share – double that of its closest competitor. Starbucks is publically–traded as SBUX on the NYYSE with a market capitalization of nearly $80 billion and has a Standard & Poor’s credit rating of A–. Chipotle Mexican Grill is the leading Mexican fare fast–casual concept with over 1750 locations worldwide and revenues that topped $4.1 billion in 2014. The company sales have grown at a 25% compounded rate of return annually over the last decade. Chipotle Mexican Grill is publically–traded as CMG on the NYSE with a market capitalization of nearly $9 billion.

ECONOMICS

Starbucks Chipotle Billboard

Annual Rent (1-5) $135,000 $121,500 $15,500

Space Size 2100 2045 N/A

Initial Lease Term 10 Years 10 Years 20 Years

Lease Options 4 x 5 Years 3 x 5 Years

Annual Rent (6-10)

Annual Rent (11-15)

$145,800 $133,650 $17,000

$157,464 $147,015 $18,700

Total

$272,000

$296,450

RETURN ON INVESTMENT

Purchase Price $5,950,000

Cap Rate (Years 1 - 5) 4.57% Cap Rate (Years 6 - 10) 4.98%

$323,179

Cap Rate (Years 11 - 15) 5.43%

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

RENT ROLL

Tenant Square Feet

Lease Term % Lease

Start Lease End Lease Years

Annual Rent / Sq. ft. Monthly Rent Annual Rent CAM Taxes Insurance Notes

Starbucks 2,100 10 years 50.66% 6/1/15 5/31/25

1-5 $64.29 $11,250.00 $135,000

Pro Rata Pro Rata Pro Rata

Starbucks has the right to terminate after Year 5 with a $150,000 early-termination fee

6-10 $69.43 $12,150.00 $145,800

Option Period

11-15 $74.98 $13,122.00 $157,464

16-20 $80.98 $14,171.76 $170,061

21-25 $87.46 $15,305.50 $183,666

26-30 $94.46 $16,529.94 $198,359

Chipotle 2,045 10 years 49.34% 6/1/15 5/31/25

1-5 $59.41 $10,125.00 $121,500

Pro Rata Pro Rata Pro Rata

6-10 $65.35 $11,137.50 $133,650

Option Period

11-15 $71.89 $12,251.25 $147,015

16-20 $79.08 $13,476.38 $161,717

21-25 $86.99 $14,824.69 $177,896

Outfront Media LLC (Billboard)

N/A 20 years

1-5 $1,291.66 $15,500

6-10 $1,416.66 $17,000

11-15 $1,558.33 $18,700

16-20 $1,716.66 $20,600

Total 4,145 $150,327.33 $272,000

MARKET OVERVIEW

M A R K E T O V E R V I E W

As diverse as the city itself, Tampa’s economic base relies heavily on the industries of finance, health care, and technology, among many others. Top companies in Tampa’s city limits include Bristol-Myers Squibb, Moffitt Cancer Center, Tribridge, Quest Diagnostics, Connectwise, Citi, and Bloomin’ Brands.

THE CITY OF TAMPA AND THE GREATER TAMPA BAY AREAThe Greater Tampa Bay area, comprised of a population of over 4 million people and the fourth largest metro area in the Southeastern U.S., is a vibrant, dynamic, and beautiful region that continues to attract visitors and new residents from all over the world due to its pleasant weather, vast recreational activities, abundant cultural opportunities, attractive business climate, and low cost of living.

Tampa, the largest city in this region, is the third most populous city in the state of Florida and home to landmarks such as the Ybor City district and the Tampa Theatre, Tampa is a unique mix of historic places and modern regions, such as the Westshore area, the downtown central business district, and Channelside.

Local assets include Florida’s largest port, one of the top-rated airports in the world, and one of the largest public universities in the world. Both visitors and residents alike enjoy endless opportunities for fun that run the gamut from Busch Gardens to the new Tampa Riverwalk to the Florida Museum of Photographic Arts.


TAMPA SOUTH ZOOM


DEMOGRAPHIC OVERVIEW3 Miles 5 Miles 7 Miles

Population

2015 Total Population 95,202 243,142 398,121

2020 Projected Total Population 99,585 253,914 415,120

2010 Total Census Population 91,946 235,410 386,132

2015 Group Quarters Population 4,426 5,902 7,014

2010-2015 Population: Ann Grwth Rate 0.67% 0.62% 0.58%


2015 Male Population 46,737 119,738 194,841

2015 Female Population 48,465 123,404 203,280

2015 Median Age 37.1 37.6 37.4

Households

2015 Total Households 40,621 102,677 163,047

2020 Projected Total Households 42,733 107,694 170,607

2015 Owner Occupied Housing Units 18,657 47,716 79,600

2015 Median Home Value $220,721 $185,395 $168,530

Population by Race

2015 White Population 69,088 72.6% 172,329 70.9% 265,361 66.7%

2015 Black/African American Population 16,381 17.2% 44,050 18.1% 85,642 21.5%

2015 American Indian/Alaska Native Population 403 0.4% 1,005 0.4% 1,725 0.4%

2015 Asian Population 2,179 2.3% 6,713 2.8% 11,971 3.0%

2015 Pacific Islander Population 59 0.1% 158 0.1% 319 0.1%

2015 Other Race Population 4,063 4.3% 11,031 4.5% 19,090 4.8%

2015 Hispanic Population 33,595 35.3% 87,018 35.8% 136,021 34.2%

Educational Attainment

2015 Pop Age 25+: Less than 9th Grade 3,897 6.0% 9,883 5.9% 14,917 5.5%

2015 Pop Age 25+: 9-12th Grade/No Diploma 4,380 6.7% 12,829 7.6% 23,565 8.6%

2015 Pop Age 25+: High School Diploma 14,368 22.1% 39,385 23.3% 66,680 24.4%

2015 Pop Age 25+: GED/Alternative Credential 2,225 3.4% 6,656 3.9% 11,617 4.3%

2015 Pop Age 25+: Some College 9,903 15.2% 28,067 16.6% 49,112 18.0%

2015 Pop Age 25+: Associate's Degree 5,501 8.4% 14,276 8.5% 25,031 9.2%

2015 Pop Age 25+: Bachelor's Degree 15,965 24.5% 36,484 21.6% 53,254 19.5%

2015 Pop Age 25+: Graduate/Professional Degree 8,916 13.7% 21,240 12.6% 29,098 10.6%

Income

2015 Average Household Income $72,161 $67,889 $63,193

2015 Median Household Income $41,903 $43,025 $41,796

2015 Per Capita Income $31,490 $28,966 $26,109

Business

2015 Total Businesses 10,772 19,733 25,474

2015 Total Employees 143,504 259,821 321,178


DEMOGRAPHIC OVERVIEW (continued)5 Minutes 10 Minutes 15 Minutes

Population

2015 Total Population 23,492 160,557 404,215

2020 Projected Total Population 24,420 167,439 421,617

2010 Total Census Population 22,864 155,438 391,825

2015 Group Quarters Population 231 5,131 7,716



2015 Male Population 11,659 79,145 197,677

2015 Female Population 11,833 81,411 206,538

2015 Median Age 39.6 37.0 37.4

Households

2015 Total Households 9,746 67,130 166,789

2020 Projected Total Households 10,161 70,340 174,573

2015 Owner Occupied Housing Units 4,809 30,647 79,501

2015 Median Home Value $145,417 $189,272 $169,390

Population by Race

2015 White Population 16,070 68.4% 114,222 71.1% 270,117 66.8%

2015 Black/African American Population 4,686 19.9% 29,159 18.2% 86,867 21.5%

2015 American Indian/Alaska Native Population 102 0.4% 652 0.4% 1,707 0.4%

2015 Asian Population 514 2.2% 4,045 2.5% 12,135 3.0%

2015 Pacific Islander Population 18 0.1% 106 0.1% 294 0.1%

2015 Other Race Population 1,242 5.3% 7,193 4.5% 18,989 4.7%

2015 Hispanic Population 11,674 49.7% 61,061 38.0% 133,998 33.2%

Educational Attainment

2015 Pop Age 25+: Less than 9th Grade 1,289 7.6% 6,734 6.1% 15,350 5.5%

2015 Pop Age 25+: 9-12th Grade/No Diploma 1,551 9.1% 8,328 7.6% 23,529 8.5%

2015 Pop Age 25+: High School Diploma 4,984 29.3% 26,093 23.7% 67,003 24.1%

2015 Pop Age 25+: GED/Alternative Credential 582 3.4% 4,017 3.6% 11,603 4.2%

2015 Pop Age 25+: Some College 2,718 16.0% 17,646 16.0% 50,531 18.2%

2015 Pop Age 25+: Associate's Degree 1,653 9.7% 9,557 8.7% 24,831 8.9%

2015 Pop Age 25+: Bachelor's Degree 2,897 17.1% 24,155 21.9% 54,841 19.7%

2015 Pop Age 25+: Graduate/Professional Degree 1,310 7.7% 13,622 12.4% 30,210 10.9%

Income

2015 Average Household Income $50,823 $66,836 $63,181

2015 Median Household Income $35,246 $41,466 $42,150

2015 Per Capita Income $21,183 $28,389 $26,270

Business

2015 Total Businesses 3,917 16,103 28,092

2015 Total Employees 52,533 212,820 376,368



PROPERTY OVERVIEW


15

TAMPA SOUTH MID


SITE PLAN

TENANT SF

Starbucks 2,100

Chipotle 2,045

Outfront Media LLC (Billboard) 2,505

TOTAL SF 4,145


IMPROVEMENT FEATURESLOCATION

TenantsStarbucks / Chipotle

Property Address2011 Dale Mabry Highway, Tampa, FL

Assessor’s Parcel NumberA-16-29-18-3JK-000005-00001.1

SITE DESCRIPTION

Gross Leasable Area (GLA)4,145 SF

Lot Size±.77 Acres

Parking37 Spaces

ZoningPD (Retail/Restaurant with Drive-In Window)

CONSTRUCTION

FoundationConcrete Floor Slab

FramingStructural Steel

ExteriorCement Plaster with Acrylic Finish Coat / Alumium Storefront Glazing System / Alumium Coping

Parking LotAsphalt Drives/Concrete Sidewalks/Pervious Pavemet Parking Areas

RoofSingle-Ply Membrane System (45 mil) Over R-19 Rigid Insulation Over Metal Deck

Year Built 2015


TENANT PROFILES

CHIPOTLEwww.chipotle.com

Chipotle Mexican Grill, Inc. (Chipotle), incorporated on January 30, 1998, develops and operates Chipotle Mexican Grill restaurants. The Chipotle Mexican Grill restaurants serve a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads. As of December 31, 2014, the Company operated 1,755 Chipotle restaurants throughout the United States, as well as seven in Canada, six in England, three in France, and one in Germany. The Company’s restaurants also include nine ShopHouse Southeast Asian Kitchen restaurants, serving Asian-inspired cuisine. As of December 31, 2014, the Company also owned and operated two Pizzeria Locale restaurants, a fast casual pizza concept, resulting in a total of 1,783 restaurants. The Company sells gift cards which do not have an expiration date.

The Company categorizes its restaurants as either end-caps (at the end of a line of retail outlets), in-lines (in a line of retail outlets), free-standing or other. Of its restaurants in operation as of December 31, 2014, it had 1,081 end-cap locations, 283 in-line locations, 315 free-standing units, and 104 other. The average restaurant size is about 2,550 square feet and seats approximately 58 people. The Company’s restaurants also feature outdoor patio space. The Company’s restaurants accept orders by fax, online or through an iPhone or Android ordering application.

The Company also provides a variety of extras, such as guacamole, salsas and tortilla chips seasoned with fresh lime juice and kosher salt. In addition to sodas, fruit drinks and organic milk, the Company’s restaurants also offer a selection of beer and margaritas. The Company uses ingredients, which include chicken, and steak that is marinated and grilled in its restaurants, carnitas (seasoned and braised pork), barbacoa (spicy shredded beef) and vegetarian pinto and black beans. The Company adds its rice, which is tossed with lime juice and freshly chopped cilantro, as well as freshly shredded cheese, sour cream, lettuce, peppers and onions, depending on each customer’s request. It also uses various herbs, spices and seasonings to prepare its meats and vegetables. The Company’s restaurants serve only meats that were raised without the use of non-therapeutic antibiotics or added hormones, which are branded as Responsibly Raised.


TENANT PROFILES (continued)

STARBUCKSwww.starbucks.com

Starbucks Corporation incorporated on November 4, 1985, is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 65 countries. The Company purchases and roasts high-quality coffees, along with handcrafted coffee, tea and other beverages and fresh food items, through company-operated stores. The Company sells coffee and tea products and license its trademarks through other channels such as licensed stores, grocery and national foodservice accounts. The Company sells goods and services under the brands including Teavana, Tazo, Seattleís Best Coffee, Evolution Fresh, La Boulange and Ethos. The Company has four operating segments: Americas, which is inclusive of the US, Canada, and Latin America; Europe, Middle East, and Africa (EMEA); China/Asia Pacific (CAP) and Channel Development. The Company sells Starbucks and Seattleís Best Coffee roasted whole bean and ground coffees, Tazo teas, Starbucks VIA Ready Brew, and other coffee and tea related products to institutional foodservice companies that service business and industry, education, healthcare, office coffee distributors, hotels, restaurants, airlines and other retailers.

The Companyís Americas, EMEA, and CAP segments include both company-operated and licensed stores. The Americas and EMEA segments include certain foodservice accounts, in Canada and the United Kingdom. The Companyís Americas segment includes its La Boulange retail stores. The Companyís channel development segment includes roasted whole bean and ground coffees, premium Tazo teas, Starbucks- and Tazo-branded single-serve products, ready-to-drink beverages, such as Frappuccino beverages, Starbucks Doubleshot espresso drinks, Starbucks Refreshers beverages, and other branded products sold worldwide through channels such as grocery stores, warehouse clubs, specialty retailers, convenience stores and United States foodservice accounts.

The Companyís stores offer a choice of coffee and tea beverages, as well as other premium coffee, tea and related products, including packaged roasted whole bean and ground coffees, single-serve and ready-to-drink coffee and tea products, juices and bottled water. The Company offers an assortment of fresh food. The Companyís coffee and tea products sold through its channel development segment. The Company has registered and maintains internet domain names including Starbucks.com, Starbucks.net, Tazo.com, Seattlesbest.com and Teavana.com.


TENANT PROFILES (continued)

OUTFRONT MEDIA

OUTFRONT Media Inc., formerly CBS Outdoor Americas Inc., incorporated on December 30, 2013, is a provider of advertising space on out-of-home advertising structures and sites across the United States, Canada and Latin America. The Company operates in over 180 markets in the United States, Canada and Latin America. In addition to leasing displays, the Company also provides other services to its customers, such as pre-campaign category research, creative design support and post-campaign tracking and analytics.

The Company manages its business through two segments, United States and International. The United States segment includes the Company’s business in 25 markets in the United States. The Company’s billboard displays are primarily located on highways and roadways, and transit advertising displays with exclusive multi-year contracts with municipalities in large cities across the United States. The Company’s portfolio includes sites, such as the Bay Bridge in San Francisco, various locations along Sunset Boulevard in Los Angeles, and various sites in and around both Grand Central Station and Times Square in New York. The Company’s International segment includes its operations in Canada and Latin America, including Mexico, Argentina, Brazil, Chile and Uruguay.

The Company competes with Clear Channel Outdoor Holdings, Inc., Lamar Advertising Company and JCDecaux S.A.



Exclusive Listing Presented By The Shopping Center Group

Daniel Earles

Director of Investment Sales

P770.955.2434

[email protected]

Mark D. Cooley

Director of Investment Sales

P770.955.2434

[email protected]

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