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CONFIDENTIALOFFERINGMEMORANDUM

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DOLLAR GENERAL NEW 2019 CONSTRUCTION4044 E. Belmont Ave. | Fresno, CA 93702

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SINGLE-TENANT NNN INVESTMENT

NEW 2018 CONSTRUCTION

NEW 15-YEAR LEASE TERM

$2,350,000 PURCHASE

PRICE

$135,156 ANNUAL

RENT

5.75% CAP RATE

10.00% LEASE

ESCALATIONS JOSIAH BYRNES VICE PRESIDENT

+1.719.243.6569 jbyrnes@embreegroup.com

Josiah Byrnes serves as Vice President of Embree Capital Markets Group, Inc., where he helps guide the formation and execution of diversified real estate capital structures and investment strategies for individual, institutional, and international investors, developers, and tenants.

Josiah joined Embree Group of Companies in 2010. He received BA and MBA degrees from the University of Colorado, as well as a Master of Real Estate Development Degree from Arizona State University.

KLINTON LEWIS ASSOCIATE-NET LEASE SERVICES

Klinton Lewis serves as Associate of Net Lease Services with Embree Capital Markets Group, Inc., where he is responsible for marketing current assets, new developments, and private client’s commercial real estate properties. Klinton also provides investment advice to clients, and is focused on new and existing client business development. Prior to joining the Embree Capital Markets Group Inc., Klinton served as a real estate agent specializing in single-tenant, net-lease properties, with Marcus & Millichap in Austin, Texas.

+1.512.819.4729 klewis@embreegroup.com

PRESENTED BY:

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EXCLUSIVE OFFERING[ ]

AT OPTIONS

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CONFIDENTIALITY STATEMENT[ ]

The information contained herein is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from the Embree Group of Companies (Embree Group) and should not be made available to any other person or entity without the written consent of the Embree Group (the Embree Group collectively refers to Embree Capital Markets Group, Inc., Embree Asset Group, Inc., Embree Healthcare Group, Inc., and Embree Construction Group, Inc.). This brochure has been prepared to provide summary information to prospective investors and to establish a preliminary level of interest in establishing an investment relationship with the Embree Group, which may or may not include the sale or purchase of any specific property referenced herein. Several Embree Group employees are licensed real estate agents and brokers in various states.

The information contained herein is not a substitute for a thorough due diligence investigation. The Embree Group has supplied information in this brochure from sources we believe are reliable; however, all potential Buyers and Investors must take appropriate measures to investigate and verify the income and expenses for any specific property, the future projected financial performance of any specific property, the size and square footage of any specific property and its 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 any specific property.

The Embree Group reserves the right to withdraw this solicitation at any time without prior notice. The information contained herein is based upon sources deemed to be reliable, but the accuracy of the information is not guaranteed, nor should the information contained herein be considered all inclusive. Statements contained herein which involve matters of opinion, whether or not identified to be that only, are not representations of fact. The price and terms of this offering may be subject to change at any time.

The Embree Group is not affiliated with, sponsered 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 the Embree Group, its affiliates or subsidiaries, or any agent, product, or commercial listing of The Embree Group, and is solely included for the purpose of proving tenant lessee information about this listing to prospective customers.

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Property & Lease Details - 5 -

Tenant Profile - 6 -

Elevations & Site Plans - 7 -

Maps & Aerials - 9 -

Demographic Analysis - 11 -

Contact - 12 -

TABLE OF CONTENTS

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Embree Capital Markets Group is pleased to offer for sale a high-quality, single-tenant, net-leased discount retail asset. The property was newly built in 2018 and is being offered free and clear of any debt. It is a unique opportunity for an investor to acquire a well-located, investment-grade, credit-tenant asset in a desirable California geography.

OFFERING OVERVIEW

THE OFFERINGPROPERTY ADDRESS 4044 E. Belmont Ave. Fresno, CA 93304

TENANT Dolgen California, LLC

GUARANTOR Dollar General Corporation

SITE DESCRIPTIONBUILDING SIZE Approximately 7,545 rentable square feet

LAND SIZE Approximately 0.50 acres

CONSTRUCTION TYPE Structural steel and split-face concrete masonry

INVESTMENT SUMMARYASSET CLASS Single-tenant, net-leased retail

ANNUAL RENT $135,156

CAP RATE 5.75%

PURCHASE PRICE $2,350,000

1/12/2019

EST. LEASE END 1/31/2034

PRIMARY LEASE TERM 15-years

LEASE TYPE NNN (no landlord responsibilities)

LEASE ESCALATIONS 10% at options

RENEWAL OPTIONS Three, 5-Year

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Fresno is a city in California, United States, and the county seat of Fresno County. It covers about 112 square miles in the center of the San Joaquin Valley, the southern portion of the California’s Central Valley. The population of Fresno grew from a 1960 census population of 134,000 to a 2000 census population of 428,000. With a cen-sus-estimated 2017 population of 527,438, Fresno is the fifth-most populous city in California, the most populous city in the Central Valley, the most populous inland city in California, and the 34th-most populous city in the nation. Fresno is near the geographical center of California. It lies approximately 220 miles north of Los An-geles, 170 miles south of the state capital, Sacramento, and 185 miles southeast of San Francisco. Yosemite National Park is about 60 miles to the north, Kings Canyon National Park is 60 miles (100 km) to the east, and Sequoia National Park is 75 miles to the southeast.

AREA DESCRIPTION

PROPERTY & LEASE DETAILS[ ]

EST. COMMENCEMENT

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TENANT PROFILE[ ]

INVESTMENT SUMMARYCOMPANY TYPE PUBLIC (NYSE: DG)

2017 NET SALES $23.5 billion+

2017 NET INCOME $1.54 billion+

STORE COUNT 15,015+

EMPLOYEES 129,000+

S&P CREDIT RATING BBB

WEBSITE www.dollargeneral.com

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Dollar General Corporation (NYSE: DG) is the nation’s largest “smallbox” discount retailer, operating over 15,015 stores in 44 states as of August 2018.

In the first half of 2018, Dollar General opened 510 new stores, remodeled 643 stores, and relocated 67 stores.

Dollar General Opened a company record of 1,315 new stores and executed 2,079 total real estate projects in 2017. The company plans to open approx-imately 900 new stores, remodel 1,000 stores, and relocate 100 stores in 2018 for a total of 2,000 real estate projects.

Based in Goodlettsville, Tennessee, the company was founded in 1939 and has weathered 12 technical recessions.

The company makes shopping for everyday needs simpler and hassle free by offering a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations. Dollar General ranks among the largest retailers of top-quality brands made by America’s most-trusted manufacturers, such as Procter & Gamble, Kimberly Clark, Unilever, Kellogg’s, General Mills and Nabisco.

Most of the company’s products are priced at $10 or less, with approximately 25% priced at $1 or less. Consumables is their largestcategory and includes paper and cleaning products, food (includingpackaged and perishables), beverages and snacks, health and beauty products, and pet supplies.

Dollar General Corporation (NYSE: DG) has experienced 27 consecutive years of same-store sales growth (0.9% increase). Fiscal year same-store sales in-creased 2.7% in 2017.

Moody’s recently upgraded Dollar General Corporation’s credit rating from Baa3 to Baa2 on June 1, 2016.

Dollar General was ranked #123 in the Fortune 500 in 2018 (#128 in 2017), with approximately $23.5 billion in sales (6.8% increase from 2016).

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ELEVATIONS & SITE PLANS[ ]

Belmont Ave. (13,000 Vehicles Per Day)

7,545 SF

N. 11th St.

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ELEVATIONS & SITE PLANS[ ]

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FRESNO, CA

STA

TE

ARE

A

LOCATION OVERVIEW[ ]

FRESNO, CA

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DOWNTOWN

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CITY AERIAL[ ]

180

(154,000 Vehicles Per Day)

41

(121

,000

Veh

icle

s Per

Day

)

2.5 Miles

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N. Cedar Ave. (19,000 Vehicles Per Day)

N. 11th St.

N. 9th St.

SITE AERIAL[ ]

State Route 180 (154,000 Vehicles Per Day)

Westland Auto Sales

Quality Paint & Auto Body Supplies

Central Tire Co. United Mattress

Factory

Belmont Ave. (13,000 Vehicles Per Day)

Fresno Auto Sale

Ballar Pool El KoraChile My

CoronaFiesta Party

Supplies

Good Appliance

Tacos Tijuana Y MariscosAuto Land

Yang Auto Repair

, Economy Wheels & Tires

Advance America

Sams Auto Repair

Handi Stop Market

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CALIFORNIA

FRESNO

DEMOGRAPHIC ANALYSIS[ ]

1 MILE 3 MILE 5 MILE POPULATION

RACE/ETHNICITY

HOUSEHOLDS

INCOME 1 MILE 3 MILE 5 MILE

2018 Population 28,665 181,574 359,755

2023 Projection 29,571 190,719 379,550

2010 Census 28,333 176,770 347,538

Growth 2018-2023 0.6% 1.0% 1.1%

2018 Households 6,921 51,049 109,274

2023 Projected Households 7,143 53,887 115,529

Growth 2018-2023 0.6% 1.1% 1.1%

Owner Occupied 2,596 19,593 47,075

Renter Occupied 4,325 31,456 62,199

Caucasian 10,558 75,897 165,408

African American 1,382 13,536 30,046

Am. Indian & Alaskan 149 1,249 2,388

Asian 4,095 24,471 46,641

Hawaiian & Pacific Islander 9 143 459

Hispanic 20,905 114,455 197,086

Other 12,631 67,669 117,660

Avg. Household Income $34,942 $40,219 $46,817

$25,000-$29,999 508 4,020 7,869

$35,000-39,999 336 2,745 5,918

$45,000-$49,999 195 2,142 4,595

$55,000-$59,999 208 1,725 4,020

$65,000-$69,999 172 1,222 3,070

$80,000-$89,999 128 1,368 3,683

$100,000-$125,000 143 1,787 4,768

$500,000+ 0 46 173

Businesses 322 3,435 7,398

Employees 4,746 67,049 133,161

DAY

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Embree Group of Companies provides nationwide turnkey real estate services, specializing in build-to-suit development, design/build, general construction, program management, and capital markets for specialty retail, financial, automotive, restaurant, healthcare and senior living facilities. Embree’s fully integrated, in-house services allow us to become an extension of the client’s organization. Since 1979, Embree’s foundation has been built on developing tailored programs for 300+ national clients. The firm is headquartered near Austin, Texas, with regional offices located in Phoenix and Dallas. Over the past 39 years, Embree’s executive team has developed, built, or transacted more than 12,000 assets in all 50 states, Puerto Rico, and Canada with a total market value in excess of $10 billion.

ABOUT EMBREE

EXCLUSIVELY PRESENTED BY:

JOSIAH BYRNES | VICE PRESIDENTJByrnes@EmbreeGroup.com | +1.719.243.6569 | www.EmbreeGroup.com

FRESNO, CALIFORNIA | OFFERING MEMORANDUM

KLINTON LEWIS | ASSOCIATE NET LEASE SERVICESKLewis@EmbreeGroup.com | +1.512.819.4729 | www.EmbreeGroup.com

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