NOR DOLLAR GENERALFORT GIBSON, OK

15-YEAR ABSOLUTE NNN -- RELOCATION STORE WITH CORPORATE GUARANTY

REPRESENTATIVE PHOTO

JOHN ANDREINIjandreini@capitalpacific.comPH: 415.274.2715

CA DRE# 01440360

Contact the team

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 2

REPRESENTATIVE PHOTO

JUSTIN SHARPjsharp@capitalpacific.comPH: 415.274.7392

CA DRE# 01895013

IN CONJUNCTION WITHOK LICENSED BROKER:John Rupe Jr.

Rupe Helmer

jrupe@rupehelmer.com

918.749.1880

NOI: $86,147LEASE TYPE: ABSOLUTE NNNLEASE TERM: 15 YEARSLEASABLE AREA: 10,566 SFLAND AREA: 1.41 ACPARKING: 54 SPACES

DOLLAR GENERAL1016 E POPLAR ST, FORT GIBSON, OK 74434

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

6.65%CAP

$1,295,000PRICE

REPRESENTATIVE PHOTO

15-YEAR ABSOLUTE NNN LEASE -- RELOCATION STORE

CORPORATE GUARANTY FROM DOLLAR GENERAL (‘BBB’ CREDIT RATING)

FIVE 5-YEAR OPTIONS TO EXTEND AT INCREASED RENTS

$27 BILLION IN ANNUAL SALES; TTM STOCK PRICE UP ~40%

AMAZON-RESISTANT DISCOUNT RETAIL CONCEPT

LARGE TOWN LOCATION WITH MINIMAL COMPETITION 3

Overview

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THE OFFERINGCapital Pacific is pleased to present the opportunity to acquire Dollar General in Fort Gibson, Oklahoma. The subject property features a 15-year absolute NNN lease (14.5 years remaining) with five 5-year options to renew at 10% rent increases for each option. The property is a relocation store, evidence of Dollar General’s long term commitment to the site and market. The lease is further secured by a corporate guaranty from Dollar General, the #123 company on the Fortune 500 with annual retail sales over $27 billion and an S&P credit rating of ‘BBB’.

The property is located in Fort Gibson, a large town of over 4,000 residents just east of Muskogee (38,000 residents) and 50 miles southeast of Tulsa. Fort Gibson includes the large Lake Fort Gibson recreational area and multiple historical sites. The property is located along U.S. 62, the town’s primary east-west route that leads to the highway and to the city of Muskogee. Dollar General benefits from little competition, as it is one of the only retailers in the town that offers groceries and other daily needs.

REPRESENTATIVE PHOTO

DOLLAR GENERAL GENERATES OVER $27 BILLION IN ANNUAL

SALES AND RETAINS A ‘BBB’ CREDIT RATING

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4

Investment Highlights

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

REPRESENTATIVE PHOTO

PRICE $1,295,000 Capitalization Rate: 6.65%

Building Size (SF): 10,566

Lot Size (Acres): 1.41

STABILIZED INCOME PER SQUARE FOOTScheduled Rent $8.15 $86,147

Effective Gross Income $8.15 $86,147

LESS PER SQUARE FOOTTaxes NNN $0.00

Insurance NNN $0.00

Total Operating Expenses NNN $0.00

EQUALS NET OPERATING INCOME $86,147

Income & Expense

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This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

TENANT INFO LEASE TERMS RENT SUMMARY

TENANT NAME SQ. FT. TERM CURRENT RENT

MONTHLY RENT

YEARLY RENT

MONTHLY RENT/FT

YEARLY RENT/FT

Dollar General 10,566 08/01/19 07/31/34 $86,147 $7,179 $86,147 $0.68 $8.15

Option 1 08/01/34 07/31/39 $7,897 $94,762 $0.75 $8.97

Option 2 08/01/39 07/31/44 $8,686 $104,238 $0.82 $9.87

Option 3 08/01/44 07/31/49 $9,555 $114,662 $0.90 $10.85

Option 4 08/01/49 07/31/54 $10,511 $126,128 $0.99 $11.94

Option 5 08/01/54 07/31/59 $11,562 $138,741 $1.09 $13.13

TOTALS: 10,566 $86,147 $7,179 $86,147 $0.68 $8.15

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Rent Roll

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BASE RENT

DATE RANGE MONTHLY RENT ANNUAL RENT

8/1/2019 - 7/31/2034 $7,179 $86,147

OPTION RENTSDATE RANGE MONTHLY RENT ANNUAL RENT

#1. 8/1/2034 - 7/31/2039 $7,897 $94,762#2. 8/1/2039 - 7/31/2044 $8,686 $104,238#3. 8/1/2044 - 7/31/2049 $9,555 $114,662#4. 8/1/2049 - 7/31/2054 $10,511 $126,128#5. 8/1/2054 - 7/31/2059 $11,562 $138,741

RENT

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The details contained within the Lease Abstract are provided as a courtesy to the recipient for purposes of evaluating the Property’s initial suitability. While every effort is made to accurately reflect the terms of the lease document(s), many of the items represented herein have been paraphrased, may have changed since the time of publication, or are potentially in error. Capital Pacific and its employees explicitly disclaim any responsibility for inaccuracies and it is the duty of the recipient to exercise an independent due diligence investigation in verifying all such information, including, but not limited to, the actual lease document(s).

Lease Abstract

EXPENSES

PROPERTY TAXES Tenant’s ResponsibilityINSURANCE Tenant’s ResponsibilityCOMMON AREA Tenant’s ResponsibilityROOF & STRUCTURE Tenant’s ResponsibilityREPAIRS & MAINTENANCE Tenant’s ResponsibilityHVAC Tenant’s ResponsibilityUTILITIES Tenant’s Responsibility

REPRESENTATIVE PHOTO

TENANT Dollar GeneralLEASE GUARANTEED BY Dollar General Corp. (Corporate)LEASE TYPE Absolute NNN INITIAL TERM 15 Years RENT COMMENCEMENT August 1, 2019OPTIONS Five 5-year options (10% rent bumps for each option)

PREMISE & TERM

Site Plan

E PO

PLA

R ST

REET

PYLON PYLON SIGNSIGN

54SPACES

10,566RENTABLE SF

1.41ACRES

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8

REPRESENTATIVE PHOTO

Dollar General (NYSE: DG) is a chain of more than 16,000 discount stores in 44 states, primarily in the South, East, Midwest, and Southwest. Offering basic household items, such as cleaning supplies, health and beauty aids, apparel, and food, it targets low, middle, and fixed-income shoppers.

The company has grown to be the country’s largest small-box discount retailer. Stores are often located in small towns off the radar of giant discounters. One of Dollar General’s main advantages is that it offers prices as low or lower than Walmart but in more convenient locations. Dollar General has more stores than any other retailer and is easily the largest dollar store chain.

$27.2 Billion in 2019 Sales16,094+ Locations in 44 States

ABOUT DOLLAR GENERALTenant Overview

9This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

HOW DOLLAR GENERAL IS BUCKING THE TREND

Oct. 4, 2019 (Forbes) We’re in the midst of a retail renaissance. We’ve seen some truly innovative moves, but also we’ve seen those who fail to innovate, or even just keep up with the times, continue to be left behind - or even disappear. And while more stores had been shuttered by August of this year than in all of 2018, Dollar General (NYSE: DG) is managing to thrive.

The budget retailer has reported 29 consecutive years of same-store growth, with same-store sales increasing 4.0% in the second quarter of this year. According to Business Insider, its prices are generally 20%-40% lower than grocery and drug stores, attracting cost-conscious consumers.

But it’s more than lower prices that have enabled Dollar General to thrive, particularly with Amazon (NYSE: AMZN) offering low prices and fast ship-ping. The retailer has taken a number of steps to remain top-of-mind and insert itself into consumers’ shopping habits.

Dollar General’s biggest differentiator is that they are serving markets that had been vastly underserved, even by the likes of Walmart. You’d be hard pressed to find a small town in America that isn’t within close proximity of a Dollar General. Seventy-five percent of Americans live within five minutes of a Dollar General, according to research from GlobalData Retail, and these locations are strategically placed to allow shoppers to choose to patronize them over other discount or big box retailers.

The retail industry in 2019 has been noticeably affected by bankruptcies and store closures. But Dollar General is moving in the right direction, with plans for new locations, expanded private label products, and even a larger private carrier fleet. These same investments are a large part of what is allowing the discount retailer to compete, thrive and succeed today. A deep market penetration in largely remote and underserved regions, convenience technologies, ownership of its supply chain and even some manufacturing processes, as well as constantly evolving and growing offerings will likely ensure that Dollar General remains the go-to destination for millions of Americans. They are delivering on the Golden Rule of retail: understand your customers and act on that understanding to give them what they want. READ THE FULL ARTICLE

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In the News

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

DOLLAR GENERAL CORPORATION REPORTS STRONG THIRD QUARTER 2019 FINANCIAL RESULTS

Dec. 5, 2019 (BUSINESS WIRE) Dollar General Corporation (NYSE: DG) today reported financial results for its fiscal year 2019 third quarter (13 weeks) ended November 1, 2019.

READ THE PRESS RELEASE

• Net Sales Increased 8.9%; Same-Store Sales Increased 4.6%• Operating Profit Increased 11.1% to $491.4 Million• Diluted Earnings Per Share (“EPS”) Increased 12.7% to $1.42• Year-to-Date Cash Flows From Operations Increased 9.7% to $1.7 Billion• $482 Million Returned to Shareholders through Share Repurchases and

Cash Dividends• Board of Directors Declares Fourth Quarter 2019 Cash Dividend of $0.32 per

share; Increases Share Repurchase Program Authorization by $1.0 Billion

“We are pleased with another quarter of strong performance across the business,” said Todd Vasos, Dollar General’s chief executive officer. “The quarter was highlighted by our best customer traffic and same-store sales increases in nearly five years, as well as double-digit growth in both operating profit and diluted EPS. We continue to execute well on many fronts, while maintaining our focus on delivering value and convenience for our customers. As a result of our performance through the first three quarters of 2019 and outlook for the

fourth quarter, we are raising our full-year financial guidance as we work to finish a strong year.”

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FISCAL YEAR 2020 STORE GROWTH OUTLOOK:

The Company plans to execute nearly 2,600 real estate projects,

including 1,000 new store openings, 1,500 mature store

remodels, and 80 store relocations.

Dollar General Press Release

111111This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

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E POPLAR STREET E POPLAR STREET 

18,900 VPD

HIGH SCHOOLMIDDLE SCHOOL

ELEMENTARY SCHOOL

SCHOOL

MIDDLE SCHOOL

SPEEDWAY

STATE OF OKLAHOMA

HIGH SCHOOL

MUSKOGEE COUNTY

MUSKOGEE FAIR

MUSKOGEE WAR

MEMORIAL

CHEROKEE NATION

CITY OF MUSKOGEE

GOLF COURSE

SPORTS COMPLEX

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

ELEMENTARY SCHOOL

CONNORS STATE

COLLEGE

SAINT FRANCIS

HOSPITAL

BACONE COLLEGE

OKLAHOMA SCHOOL FOR THE

BLIND

25,900 VPD

16,766 VPD FORT GIBSON

BACONE

MUSKOGEE 

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Aerial - North

62

FORT GIBSON

E POPLAR STREET E POPLAR STREET 

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

2019 HH INCOME

1-MILES 3-MILES 5-MILES

Average $65,673 $67,594 $68,174

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Tenant Overview

POPULATION

1-MILES 3-MILES 5-MILES

2019 4,041 6,122 10,375

Demographics

FORT GIBSON

THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS

IS OVER $68K

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TULSA(55 MILES)

TAHLEQUAH

MUSKOGEE

TOP EMPLOYERS IN MUSKOGEE COUNTY

EMPLOYER # OF EMPLOYEES

U.S. Dept. of Veterans Affairs 1,400

Jack C. Montgomery VA Med Center 1,400

EASTAR Health System 922

Georgia-Pacific 850

Muskogee Public Schools 721

CHECOTAH

NEW YORK CITY

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

FORT GIBSON, OKLAHOMA

FORT GIBSON, a town in Muskogee county, is the site of Oklahoma’s oldest frontier fort, established in 1824, and is steeped in colorful history and beautiful scenery.

FORT GIBSON HISTORIC SITE & INTERPRETATIVE CENTER encompasses 80 acres of grounds with 29 historic buildings and numerous archaeological ruins. Designated as a National Historic Landmark and American Treasure, the fort features a Works Progress Administration-era stockade reconstruction, as well as a handful of original buildings. Once serving as the end of the Trail of Tears for the Five Civilized Tribes in the 1830s and 1840s, the fort offers living history events throughout the year to attract visitors from all over.

REFRESCO US, INC. has announced plans to add 75 new jobs and invest nearly

$12 million at its Fort Gibson bottling operation. Refresco is the world’s largest independent bottler for retailers and A-brands in Europe and North America. The company currently employs more than 230 workers in Fort Gibson, making it the area’s largest private employer and the third largest manufacturer in Muskogee County.

ECONOMIC DEVELOPMENT

68,362MUSKOGEE COUNTY POPULATION (ESTIMATED)

FORT GIBSON DAM

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Location Overview

Contact us.

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CAPITALPACIFIC.COM

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

REPRESENTATIVE PHOTO

JOHN ANDREINIjandreini@capitalpacific.comPH: 415.274.2715

CA DRE# 01440360

JUSTIN SHARPjsharp@capitalpacific.comPH: 415.274.7392

CA DRE# 01895013

IN CONJUNCTION WITHOK LICENSED BROKER:John Rupe Jr.

Rupe Helmer

jrupe@rupehelmer.com

918.749.1880