OFFERING MEMORANDUM

90 Main Street - Westport, CT

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TABLE OF CONTENTSSection 1: Investment SummaryProperty Overview......................................................6Investment Highlights..................................................7Investment Overview...................................................8Section 2: Tenant OverviewVineyard Vines........................................................10Featured News........................................................11

Section 3: Market OverviewNew Development...................................................13Featured News........................................................14Westport Area........................................................15Fairfield County.......................................................17Regional Map.........................................................18

OFFERED EXCLUSIVELY BY

Derrick DoughertyFirst Vice PresidentPhiladelphia, PAOffice: 215.531.7026Email: derrick.dougherty@MarcusMillichap.com License: PA RS305854

Scott WoodardNational Retail GroupPhiladelphia, PALicense: PA RS329242

Marcus & Millichap2005 Market Street #1510

Philadelphia, PA 19103

P: 215.531.7000

www.marcusmillichap.com

NON-ENDORSEMENT AND DISCLAIMER NOTICENON-ENDORSEMENTSMarcus & 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.

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

DISCLAIMERThe 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 improve-

ments 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. Marcus & Millichap is a service mark of Marcus

& Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

Marcus & Millichap Real Estate Investment Services of Seattle, Inc. License: RB062197C

Connecticut Broker of RecordJ.D. ParkerLicense: CT 1539141

Steven GarthwaiteNational Retail Group Philadelphia, PA License: PA RS332182

Mark KrantzNational Retail GroupPhiladelphia, PA Office: 215.531.7056Email: mark.krantz@MarcusMillichap.com License: PA RS336064 | NJ 1537786

Levitt Pavilion for the Performing Arts

Westport Library

Bedford Square

Saugatuck River

First FloorRetail Condo

MAIN STREET

PROPERTY ANALYSIS

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PROPERTY OVERVIEW:

WESTPORT, CT

90 Main StreetLEASE TERM REMAINING

4+ Yrs Remaining$7,070,000PRICE

6.50%CAP RATE

RENT SCHEDULE | VINEYARD VINES

Annual Rent Monthly Rent Rent PSF

2/1/2018 - 1/31/2019 $446,165 $37,180.42 $126.50

2/1/2019 - 1/31/2020 $459,550 $38,295.83 $130.29

2/1/2020 - 1/31/2021 $473,337 $39,444.75 $134.20

2/1/2021 - 1/31/2022 $487,537 $40,628.08 $138.23

2/1/2022 - 1/31/2023 $502,163 $41,846.92 $142.38

LEASE SUMMARY

Tenant Vineyard Vines

Guarantor Corporate

Building Size 3,527 SF

Year Built / Renovated 1987

Lease/ Rent Commencement 3/1/2008

Lease/ Rent Expiration 1/31/2023

Base Lease Term 5 Years

Lease Term Remaining 4+ Years

Annual Base Rent $459,550

Rent Per SF $130.29

Renewal Options 1x5 Year Option

Option Increases 95% Fair Market Value

Lease Type NNN

WESTPORT, CT 1 MILE 3 MILES 5 MILES

Population 6,318 46,885 127,785

Households 2,356 17,526 48,969

Household Income $227,612 $204,343 $166,491

Traffic Counts 2,600 (Main Street) | 25,000 VPD (State Street)

Underwriting: The List Price is based on the February 2019 Rent.

Condo Association Operation

Condo Association• The Condo Association has an Executive Board and President.

• The Condo Association is comprised of Seven (7) Second Floor Units and One (1) First Floor Retail Unit. Each

second floor unit has a 9% vote for a total of 63%. The first floor retail unit is responsible for the remaining 37%.

CAM Payment • Vineyard Vines pays monthly Common Area Maintenance fee of $1,418 directly to the association.

Taxes/Insurance/Utilities • Vineyard Vines pays taxes, insurance, and utilities separately.

HVAC • Vineyard Vines agrees to maintain and repair the heating, ventilating, and air conditioning system.

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RETAIL CONDO UNIT WITH ESTABLISHED ROOTS IN SUBMARKET• Tenant Has Been Operating at This Location For Over 10 Years• Vineyard Vines Recently Moved it's Headquarters to Stamford, Connecticut

MINIMAL EXPENSE EXPOSURE• Triple Net Lease With No Landlord Responsibilities

RENTAL INCREASES• Annual Three Percent Rental Increases. This Helps Ownership Hedge Against Inflation

CORPORATE GUARANTEE• Privately Held Company that Operates More Than 95 Stores Across The United States

BRAND RECOGNITION• Vineyard Vines Is Known for it's Growing Collection of Ties, Shirts, and Bags for Men, Women, and Children

DOWNTOWN WESTPORT SUBMARKET – HISTORIC CORE• Strategically Located On Main St which Has Consistently Been One of The Premier Retail Streets in Fairfield County

POSITIVE RECENT REAL ESTATE DEVELOPMENTS IN SUBMARKET• New $100 Million Bedford Square Development Consisting Of Retail, Residential Apartments, and Office Space

AFFLUENT MARKET• Average Household Income Is $227,612 Within a One-Mile-Radius• Continuously Ranks Among the Most Affluent & Educated Towns in the Country

REGIONAL ACCESS & TRANSPORTATION • 55 Miles from New York City & 13 Miles from Stamford, CT• Access To I-95 & Merritt Parkway• Access To Metro North Westport Train Station

EMPLOYMENT• Fairfield County is Home to Several Fortune 500 Firms Such as XEROX, Charter, TEREX, Amongst Others

INVESTMENT HIGHLIGHTS:

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Marcus & Millichap, on behalf of ownership, is pleased to exclusively offer a ground-floor retail condo occupied by Vineyard Vines. The retail condo is located on 90 Main Street, in the historical core of downtown Westport, Connecticut. Currently, Vineyard Vines has four plus years remaining on a triple-net-lease. The tenant has established roots in the submarket where they have been operating at the site for over ten years. Additionally, the subject property has three percent annual increases and strong corporate guarantee. Vineyard Vines is an American clothing and accessory retailer with over 95 locations and 2,800 employees. The company is known for its whale-logoed shirts and neckties. Recently, Vineyard Vines has moved its corporate headquarters to Stamford, Connecticut showing its commitment to the local submarket.

The subject property benefits from its established location on Main Street in downtown, Westport Connecticut. The retail condo consists of 3,527 of occupied retail space in one of the premier retail streets in Fairfield County. Notable retail tenants on and around Main Street include Lululemon, GAP, Theory, Brooks Brothers, Banana Republic, amongst others.

The street and immediate surrounding areas continue to develop. Bedford Associates has recently developed a new $100 million project call Bedford Square. This development consists of retail space, residential apartments and professional office space. It is anchored by a 38,000 square foot Anthropologie location, along with Barbour, William Sonoma and numerous others. The subject property offers an investor a rare opportunity to acquire a cash flowing retail asset on Main Street in downtown Westport, Connecticut.

INVESTMENT OVERVIEW:

TENANT OVERVIEW

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ap Vineyard Vines is an American clothing and accessory retailer founded in 1998

in Martha’s Vineyard, Massachusetts, by brothers Shep and Ian Murray. The

brand markets upper market ties, hats, belts, shirts, shorts, swimwear, bags

for men, women, and children. It has grown to a collection of retail stores and

outlets across the United States. The company’s main logo is a pink whale.

Their clothing is considered preppy and southern styled.

Since the summer of 1998, the Vineyard Vines company has expanded

nationally, particularly along the East Coast. Vineyard Vines has opened

numerous company, outlet, and retail stores. In addition to these traditional

channels, Vineyard Vines has expanded its sales to online shoppers. The

company manufactures licensed NFL and MLB product, which it sells through

its retail channels. Vineyard Vines also manufactures licensed college apparel,

which is sold primarily through campus stores. Vineyard Vines was placed

on Inc. Magazine’s list of the 5000 fastest-growing businesses in the U.S.

in 2007. Between 2004 and 2007, the relatively new company’s revenue

tripled. In 2015 the company inaugurated a new headquarters in Stamford,

Connecticut. In January 2018, sportscaster Jim Nantz announced a partnership

with Vineyard Vines to create a golf-oriented lifestyle clothing line set to launch

in spring 2019.

OWNERSHIP:Vineyard Vines

FOUNDED1998

WEBSITE:www.vineyardvines.com

REPRESENTATIVE PHOTO

TENANT DESCRIPTION:

HEADQUARTEREDstamford, ct

NO. OF EMPLOYEES+/- 2,800

NO. OF LOCATIONS95 stores, 19 outlets, 97 retailers

PRODUCTSclothing & accessories

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Over the past 20 years, Shep and Ian Murray, 47 and 43, respectively, have built a business that would impress either Buffett. As clothing brands weather price wars, the rise of fast fashion, the decline of department stores and the explosion in online shopping, Vineyard Vines has thrived. Founded in 1998, the company now has 95 stores, and sales of its colorful, whale-logoed shirts and neckties hit $476 million in 2016. Even more impressive, the Murrays have managed to scale while maintaining 100% ownership of the company, which Goldman Sachs reportedly valued at $1 billion two years ago when the brothers explored selling a minority stake. Given the turmoil in the retail sector, Vineyard Vines is probably worth slightly less today.

They've built the brand by being fashion's feel-good guys. With more than 2,800 employees, Vineyard Vines makes clothing that's classic but relaxed, preppy but not fussy. The company avoids edgy trends, celebrity models and fashion weeks. In one ad, a seaplane lands on turquoise water under the phrase "We don't do runways." "We couldn't out-polo Polo," Ian explains. "We couldn't be glitzier than Bergdorf Goodman, and we couldn't be tougher or more rugged than Patagonia. But we could be us--and we like to go to beach bars and have fun."

As other retailers shutter stores to focus on e-commerce, Vineyard Vines has been pushing harder into brick and mortar. Today 55% of sales comes from stand-alone stores and 25% from e-commerce; wholesale, custom and licensing deals make up the rest. "If I don't have a store on your street, you're not going to think about us," Shep says. "When we open a retail store in a location, our online business goes up dramatically."

How Vineyard Vines Built A Giant Brand Without Raising a Penny Of Equity

By: Steven Bertoni | Published April 10, 2018 | Read Full Article At: www.forbes.com

FEATURED NEWS:

MARKET OVERVIEW

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NEW DEVELOPMENT:

BSQBEDFORD SQUARE

110,000sf BSQ rentable area anchored

by Anthropologie

24 Prestige Residential Units

2,386 Downtown Parking Spaces. 1000+

adjacent to BSQ

25,500Vehicles Per Day

Traffic Count State St

400,000sf

Total Downtown Leasable Area

Sourced From: http://www.davidadamrealty.com/bedford-square/

Main Street State Street

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If Greenwich Avenue represents the acme of shopping outside New York City, in Westport circles these days only one action is needed

to get the full perspective of what is being built in the town’s historic core.

Turn in a circle.

Around a central courtyard on the cusp of spring, the Bedford Square development is blossoming outward after a dozen years into the

vision of developers David Waldman and Dan Zelson of Bedford Associates, and by extension Centerbrook Architects and Planners, who

were hired to design it.

Anthropologie & Co. is readying to move into an anchor position at the intersection of Main Street, Church Lane and Post Road

East, with the first resident lined up for mid-April. About 10 commercial spaces look onto a central courtyard that tunnels through

to surrounding streets, with all having street-side storefronts, as well. To the extent possible, Bedford Square has been built to be

integrated with downtown Westport, rather than be an unconnected center plopped cannonball-style into the town’s midst.

“This center courtyard was always a key component,” Waldman said. “Bedford Square took all of these triangular street (angles) and

created a center where you can get to it from wherever you are. … This length of Main Street, Post Road, Church Lane and Elm Street

is Greenwich Avenue, in a circle. ... What I tell people is there’s 27 fronts to Bedford Square.”

From the base of the former downtown Westport Weston Family YMCA, originally a mansion, and an adjoining building that was once

a firehouse, Bedford Square is being transformed by Turner Construction into a warren of brick storefronts and residences. Touches

grand and subtle are meant to reflect the historic downtown and enhance it, from the Tudor-style architecture of the original YMCA and

stand-alone townhouses with lofted ceilings; to tiled archways along walkways intended to evoke the pool.

Among the most subtle additions are hinges set flush into the sidewalk to allow for speedy installation of protective flood gates, to

prevent any repeat of the damage to downtown buildings caused by Hurricane Sandy.

The creation of Bedford Square brought together Zelson’s extensive experience with real estate development as a principal with Charter

Realty & Development, and Waldman’s experience as a longtime developer in Westport and the knowledge that comes with growing up

there, while also pooling resources from partners Paul Brandes and Lance Sauerteig.

Bedford Square nears full circle in Westport

By: Alexander Soule | Read Full Article At:www.thehour.com

FEATURED NEWS:

OVERVIEWFAIRFIELD COUNTY

Fairfield County is the most populous county in Connecticut and

contains some of the largest cities in the state, including Bridgeport,

Stamford, Norwalk and Danbury. Most of the market is within 70 miles of

New York City, allowing many of its 953,000 residents to commute into

the city for employment. The metro ranks as one of the highest per

capita income areas in the nation.

Robust household incomes support a homeownership rate of more than 67 percent, well above the national rate and generating demand for services and retail.

Corporate headquarters in the region include United Rentals, Vineyard Vines, WWE, Tasty Bite, Pitney Bowes, Nestle Waters, Synchrony Financial, and Starwood Hotels and Resorts Worldwide.

Financial companies hold a strong local presence, including the Royal Bank of Scotland, UBS and various hedge funds such as Bridgewater Associates, Gramercy Funds Management and AQR Capital Management.

DEMOGRAPHICS

ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

GOLD COAST MONIKERAs home to many wealthy business people, lower Fairfield County has been given the moniker of the Gold Coast.

CORPORATE HEADQUARTERSThe area is known for decentralizing big business from Manhattan, at one time housing the most headquarters outside of New York City and Chicago.

HIGH EDUCATIONAL ACHIEVEMENTApproximately 45 percent of residents age 25 and older hold a bachelor’s degree, while nearly 20 percent also hold a graduate or professional degree.

953K2017

POPULATION:

351K2017

HOUSEHOLDS:

39.92017

MEDIAN AGE:

$88,600 2017 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3002.7%

Growth2017-2022*:

1.9%

Growth2017-2022*:

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OVERVIEWFAIRFIELD COUNTY

Fairfield County is the most populous county in Connecticut and

contains some of the largest cities in the state, including Bridgeport,

Stamford, Norwalk and Danbury. Most of the market is within 70 miles of

New York City, allowing many of its 953,000 residents to commute into

the city for employment. The metro ranks as one of the highest per

capita income areas in the nation.

Robust household incomes support a homeownership rate of more than 67 percent, well above the national rate and generating demand for services and retail.

Corporate headquarters in the region include United Rentals, Vineyard Vines, WWE, Tasty Bite, Pitney Bowes, Nestle Waters, Synchrony Financial, and Starwood Hotels and Resorts Worldwide.

Financial companies hold a strong local presence, including the Royal Bank of Scotland, UBS and various hedge funds such as Bridgewater Associates, Gramercy Funds Management and AQR Capital Management.

DEMOGRAPHICS

ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

GOLD COAST MONIKERAs home to many wealthy business people, lower Fairfield County has been given the moniker of the Gold Coast.

CORPORATE HEADQUARTERSThe area is known for decentralizing big business from Manhattan, at one time housing the most headquarters outside of New York City and Chicago.

HIGH EDUCATIONAL ACHIEVEMENTApproximately 45 percent of residents age 25 and older hold a bachelor’s degree, while nearly 20 percent also hold a graduate or professional degree.

953K2017

POPULATION:

351K2017

HOUSEHOLDS:

39.92017

MEDIAN AGE:

$88,600 2017 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3002.7%

Growth2017-2022*:

1.9%

Growth2017-2022*:

The town of Westport is located on Connecticut’s Gold Coast in

Fairfield County between Norwalk and Fairfield with five miles of

shoreline.

Household Income:

• In 2017, Westport had the second highest median household

income of all cities in the United States with populations over

25,000. Westport’s median household income of $149,459 is

over 2.6x the national average household income of $56,286.

Housing Market:

• According to Sotheby’s, in May 2017, Westport had a median

single-family household sales price of $1.5 million, up 24.4%

from just a year earlier, and an average sales price of $1.8

million, up 17% year-to-date.

• Westport continuously ranks among the most affluent towns and best places to live in country as evidenced by Business Insider

ranking the Coleytown section of Westport the 10th richest neighborhood in the United States and Movoto ranked Westport the

10th best place to live in Connecticut.

Schools:

• Westport’s Staples High School was ranked the 5th best school in Connecticut. Route 1 and Main Street provide a concentration of

national retailers, boutiques and antique shopping, fine dining, museums and live theater.

Amenities:• SHERWOOD ISLAND STATE PARK – A public park along the shore of the Long Island Sound that offers swimming, fishing and

other activities on 238 acres of beach, wetlands and woodlands.

• LONGSHORE CLUB TOWN PARK – A public club featuring an 18-hole public golf course, three swimming pools, tennis courts

and a waterfront restaurant.

• COMPO BEACH – a 29-acre beach park featuring two basketball courts, softball field, skate park and an extensive sand beach

along the shore of the Long Island Sound.

WESTPORT AREA:

Main Street

State Street

Bedford Square

Half Mile Retail Strip | 25,500 VPD On State Street

DOWNTOWN WESTPORT:

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FAIRFIELD COUNTY:

Fairfield County is Connecticut’s most populous county and includes four of the State’s

top 10 largest cities – Bridgeport (1st), Stamford (4th), Norwalk (6th) and Danbury (7th).

Routinely ranked as one of the most affluent counties in the United States, Fairfield

County provides a good quality of life, which has drawn a large population of well

educated, affluent, white-collar residents.

Transportation:• The county is traversed by an exceptional network of major traffic arteries, which

allows for convenient travel between employment centers, residential neighborhoods

and numerous en-tertainment options. I-95 and the Merritt Parkway connect residents

to New York City and Westchester to the south and Northern Fairfield County, Hartford

and Boston to the north.

• The Metro North Westport Train Station (4.8± miles away) and the Green’s Farm Train

Station (1.5± miles away) provide convenient access to Manhattan in just over one

hour. In 2015, approximately 86 million riders used Metro North, which operates

three commuter rail lines (the Harlem, Hudson and New Haven lines) to the east of

the Hudson River, providing service to/from Grand Central Terminal in Manhattan. The

New Haven line is the busiest rail line in the nation with approximately 40.5 million

rides purchased in 2016.

• A largely white-collar, executive town with easy access to employment centers in

Stamford (17 minutes), Greenwich (22 minutes) and New York City (60 minutes).

Employment:

• Fairfield County is home to several Fortune 500 firms which in tofal employ nearly

400,000+ employees.

Fairfield County is home to several Fortune 500 firms which in total employ nearly 400,000+ employees

Employment:

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REGIONAL MAP:

Hartford

New York

Ne

w Haven

SUBJECT PROPERTY

WESTPORT, CT 1 MILE 3 MILES 5 MILES

Population 6,318 46,885 127,785

Households 2,356 17,526 48,969

Household Income $227,612 $204,343 $166,491

Traffic Counts 2,600 (Main Street) | 25,000 VPD (State Street)

70 Miles To Hartford

30 Miles To New Haven

55 Miles to New York

Stamford

13 Miles To Stamford(Vineyard Vines Headquarters)

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DISCLAIMER NOTICE:

Marcus & Millichap hereby advises all prospective purchasers of Single Tenant 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 single tenant 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 single tenant 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 single tenant 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 areplacement 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 single tenant property.

Marcus & Millichap2005 Market Street #1510

Philadelphia, PA 19103

P: 215.531.7000

www.marcusmillichap.com

OFFERED EXCLUSIVELY BY

Derrick DoughertyFirst Vice PresidentPhiladelphia, PAOffice: 215.531.7026Email: derrick.dougherty@MarcusMillichap.com License: PA RS305854

Scott WoodardNational Retail GroupPhiladelphia, PALicense: PA RS329242

Steven GarthwaiteNational Retail Group Philadelphia, PA License: PA RS332182

Mark KrantzNational Retail GroupPhiladelphia, PA Office: 215.531.7056Email: mark.krantz@MarcusMillichap.com License: PA RS336064 | NJ 1537786

OFFERING MEMORANDUM

90 Main Street - Westport, CT