POLLO TROPICALOFFERING MEMORANDUM

ACTUAL SITE

CUSHMAN & WAKEFIELD CONTACTS:

JASON DONALD Managing Director813 204 5329jason.donald@cushwake.com

PATRICK BERMANManaging Director813 204 5363patrick.berman@cushwake.com

TODD TOLBERTAssociate813 204 5350 todd.tolbert@cushwake.com

CUSHMAN & WAKEFIELD 201 North Franklin StreetSuite 3300Tampa, FL 33602-5163813 223 6300

CONFIDENTIALITY & CONDITIONS Cushman & Wakefield (“Advisor”) serves as the exclusive advisor in connection with the solicitation of offers for the purchase of

Pollo Tropical (the “Property”). The solicitation and potential sale is to be governed by this Confidential Offering Memorandum, as

it may be modified or supplemented (“Offering Memorandum”), and the Purchase Agreement governing the sale of the Property.

Prospective purchasers are advised that as part of the solicitation process, Seller will be evaluating a number of factors including

the current financial qualifications of the prospective purchaser. Prospective purchasers are further advised that the Seller expressly

reserves the right, in its sole and absolute discretion, to evaluate the terms and conditions of any offer and to reject any offer

without providing a reason therefore. Further, Seller reserves the right to terminate the solicitation process at any time prior to final

execution of the Purchase Agreement.

The information contained in the Offering Memorandum is confidential, furnished solely for the purpose of a review by a prospective

purchaser of the Property, and is not to be used for any other purpose or made available to any other person without the express

written consent of the Seller or Advisor. Prospective purchasers should also conduct their own due diligence, including, but

not limited to, engineering and environmental inspections, to determine the condition of the Property and the existence of any

potentially hazardous material located at the Property or used in the construction or maintenance of the building(s) at the Property.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information

provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase

Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller

or Advisor or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents, for

any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. Prospective

purchasers are not to construe the contents of the Offering Memorandum or any prior or subsequent communications from Seller

or Advisor or their affiliates or any of their respective officers, directors, shareholders, owners, employees or agents as legal, tax

or other advice. Prior to submitting an offer, prospective purchasers should consult with their own business advisors, legal counsel

and tax professionals to determine the consequences of an investment in the Property and arrive at an independent evaluation of

such investment.

01 EXECUTIVE SUMMARY 06

02 TENANT OVERVIEW 08

03 SITE PLAN / ELEVATIONS 12

04 LOCATION OVERVIEW 14

OFFERING MEMORANDUMPREPARED BY THE CUSHMAN & WAKEFIELD FLORIDA

RECENT EXPANSIONS: Amazon, Ashley Furniture, Velocity

Resource Group, iQuor

3.0 MILLION PEOPLESECOND LARGEST MSA

IN FLORIDA

HIGHER EDUCATION: APPROXIMATELY 150,000 STUDENTS AT USF, HCC, UNIVERSITY OF TAMPA …

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TOP CORPORATE EMPLOYERS: Baycare Health,

Publix and HSN

to state a few.

#1 CITY AMERICANS ARE MOVING TO NOW

23.1% POPULATION GROWTH (2000-2016)

SPORTS: BUCCANEERS, RAYS, LIGHTNING, ROWDIES (SOCCER) &

YANKEES (SPRING TRAINING)

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01EXECUTIVE SUMMARY

6

EXECUTIVE SUMMARY

NET-LEASED INVESTMENT

THE OFFERING

Cushman & Wakefield Retail Investment Advisors are pleased to offer for sale a new Pollo Tropical located in North Tampa.

Pollo Tropical is a net-leased investment opportunity, located at 5103 E. Fowler Avenue in Tampa, Florida.

INVESTMENT HIGHLIGHTS:

• Brand new absolute NNN lease for an intial terms of 15 years

• $10,000 rent increases every five years during intial term and extensions

• Six 5-year renewal options

• Urban infill location

• PRICE: $2,783,505 / 4.85% Cap Rate

PROPERTY STRENGTHS

Newly constructed building (2018) on a 0.91 + acre parcel, with a drive through, outdoor patio and ample on-site parking. The site has hard corner accessibility via Fowler Avenue (63,500 vehicles per day) and 51st Street North. Other highlights include:

• Florida has no state income tax

• No landlord obligations or debt

• Densely populated trade area in Hillsborough County, part of the dynamic Tampa Bay MSA

• Located in close proximity to University Mall (1.3 MSF), University of South Florida and Busch Gardens

TENANT

Pollo Tropical is a wholly owned subsidiary of Fiesta Restaurant Group, Inc. (NASQAQ: FRGI). There are currently 146 corporate (thirty one franchise locations) Pollo Tropical restaurants and 166 corporate (seven franchise locations) Taco Cabana restaurants. Corporate owned stores generate average sales of $2.6 million.

Fiesta Restaurant Group (2017):

• Sales: $669 MILLION• EBITDA: $67 MILLION• Opened 32 Pollo Tropicals and 4 Taco Cabanas

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02TENANT OVERVIEW

8

TENANT OVERVIEW

TENANT OVERVIEW

LOCATION

5103 E. Fowler Avenue, Tampa, FL 33617

Building area: 3,658 SF

LOT SIZE

Approximately 0.91 acres - 39,640 feet

IMPROVEMENTS

New construction in 2018, a 3,658 sqaure foot single-story, freestanding

POLLO TROPICAL retail building with drive-through, outdoor patio and ample on-site parking.

LEASE

Initial absolute NNN lease to POLLO OPERATIONS, INC. for 15 years. The annual base rent of $135,000 increases $10,000 every 5 years during the initial term and options. The lease is triple-net with Tenant responsible for taxes, insurance and maintenance including roof and structure. There are six 5-year options to renew.

RENT COMMENCEMENT

Per the lease, rent is to commence October 1, 2018. All of the net charges including taxes, insurance, utilities and maintenance are the responsibility of the tenant.

ANNUAL RENT

LEASE YEARS ANNUAL RENT RETURN 1-5 $135,000.00 4.85%

6-10 $145,000.00 5.21%

11-15 $155,000.00 5.57%

16-20 (Option 1) $165,000.00 5.93%

21-25 (Option 2) $175,000.00 6.29%

26-30 (Option 3) $185,000.00 6.65%

31-35 (Option 4) $195,000.00 7.01%

36-40 (Option 5) $205,000.00 7.36%

41-45 (Option 6) $215,000.00 7.72%

9

The property will be sold on a fee simple basis, free and clear; unencumbered by

any financing

FINANCING

$36.91 net per year - $3.08 net per month

(as applied to the square foot of the

building)

RENT PER SQUARE FOOT

PRICE $2,783,505CAP RATE4.85%

TENANT

Pollo Tropical a part of Fiesta Restaurant Group, Inc., owns and operates 312 locations in the United States (Florida, Georgia, Tennessee, and Texas). Within the United States, Pollo Tropical owns and operates all of its restaurants, with the exception of "institutional" locations such as airports and universities. Universities which have franchised locations include Florida International University, University of Florida, and Florida State University. The company has more than 30 international franchised locations in Puerto Rico, the Bahamas, Ecuador, Honduras, Panama, Trinidad, Venezuela, and Costa Rica and has agreements in place for additional franchised units in Guatemala, Aruba, Bonaire, and Curaçao. The first Pollo Tropical restaurant opened in 1988 in Miami, Florida. The unique restaurant concept is known for its fresh, never frozen, open flame grilled chicken, marinated in a proprietary blend of tropical fruit juices and spices, as well as authentic “made from scratch” side dishes.

10

TENANT OVERVIEW

Fiesta Restaurant Group, Inc., through its subsidiaries, owns and operates quick-casual restaurants under the ‘Pollo Tropical’ and ‘Taco Cabana’ brand names in the United States. The company’s Pollo Tropical restaurants offer tropical and Caribbean inspired menu items, featuring grilled chicken marinated in proprietary blend of tropical fruit juices and spices.

As of January, 2018, Fiesta Restaurant Group, Inc. owns and operates the Pollo Tropical and Taco Cabana restaurant brands with approximately 312 restaurants in the southern United States, the Caribbean, Central America, and South America. The company was incorporated in 2011, and is based in Dallas, TX. As of January, 2018 Fiesta Restaurant Group had revenues of $669 million and EBITDA of $67 million. Fiesta Restaurant Group does not guarantee lease.

For more information please visit: http://pollotropical.com

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03SITE PLAN / ELEVATIONS

N 5

1st

Str

eet

E Fowler Ave

12

SITE PLAN / ELEVATIONS

ELEVATIONS

AChannel Letters

BUILDING RENDERINGS

ELEVATIONS

Tampa, FL C.MIRAMONTESG.W.

FRONT

BACK

13

04LOCATION OVERVIEW

14

LOCATION OVERVIEW

PRIME LOCATION Situated at the hard corner of Fowler Avenue (SR 582) and North 51st Street, the Property enjoys a highly accessible and central location to serve the North Tampa trade area. The Property is located along a major commercial corridor, in close proximity to The University of South Florida, the Museum of Science and University Mall (1.3 MSF). The average daily traffic count on Fowler Avenue is 63,500 vehicles per day.

Pollo Tropical is well-positioned in an urban infill location in the center of Tampa, Florida. The Property is situated between I-275 to the West and I-75 to the East. Pollo Tropical Fowler Avenue is located 7 miles north of downtown Tampa. There are 121,441 residents and 80,280 employees within a three miles radius. More than $1.5 billion dollars in retail sales are generated within a three mile radius ($150+ million in restaurant sales).

DEMOGRAPHICS 1 MILE RADIUS 3 MILE RADIUS

Population 16,350 121,442

Daytime Population 17,564 80,280

Average HH Income $57,390 $50,911

Median HH Income $39,401 $34,654

College Grads 42.7% 34.2%

Median Age 25.8 28.4

Retail Demand (’16) 206 M $1.53 B

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LOCATION MAP

UNIVERSITY MALL

WITHIN A 3-MILE RADIUS OF THE PROPERTY

3-MILES

121,441residents

80,280employees

$1.5 Bretail sales

$150 Mrestaurant sales

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DISCLOSURES, NOTICES & CONFIDENTIALITY

THIS VALUATION ANALYSIS OR BROKER OPINION OF VALUE IS NOT AN APPRAISAL AND HAS NOT BEEN PERFORMED IN ACCORDANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE. NEITHER YOU, NOR ANY THIRD PARTIES, MAY RELY ON THIS ANALYSIS FOR ANY TAX PURPOSES, ESTATE WORK, LITIGATION, LENDING OR ANY OTHER MATTER OTHER THAN YOUR DIRECT USE IN CONNECTION WITH A CONTEMPLATED TRANSACTION.

Confidentiality: This information is being provided for the sole and confidential use of the recipient. It may be shared with other relevant decision makers within your organization for the purpose of evaluating the property, preparing a strategy to hold or sell the property, and selecting a marketing agent should you decide to sell. This proposal and any information shall not be shared with any person outside your organization without the express written permission of the Cushman & Wakefield individuals noted on this page.

DISCLAIMER

We obtained the information contained in this proposal from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it.

CUSHMAN & WAKEFIELD CONTACTS:

JASON DONALD Managing Director+1 813 204 5329jason.donald@cushwake.com

PATRICK BERMANManaging Director+1 813 204 5363patrick.berman@cushwake.com

TODD TOLBERTAssociate+1 813 204 5350 todd.tolbert@cushwake.com

CUSHMAN & WAKEFIELD 201 North Franklin StreetSuite 3300Tampa, FL 33602-5163+1 813 223 6300

ACTUAL SITE