First Watch 4316 U.S. Highway 98 North | Lakeland, FL 33810Asking Price: $2,669,119 | Cap Rate: 5.00%

Representative Photo

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Table of ContentsExecutive Summary

02 The Offering

03 Investment Highlights

Property Overview

04 Property Details 05 Local Aerial 06 Area Map

07 Regional Map

Financial Analysis

08 Tenant Overview

09 Lease Summary

10 Site Survey & Renderings

Market Overview

12 Market Overview

14 Demographics

The 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 Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. 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. Atlantic Retail Investment Services 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, PCBs 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 the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services 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.

Contact Us

Michael ZimmermanPartner, Chapel Hill600 Market Street, Suite 300Chapel Hill, NC 27516mzimmerman@atlanticretail.com(P) 919.391.9901

Investment ServicesAtlantic Retail PropertiesInvestment Services Group600 Market Street, Suite 300Chapel Hill, NC 27516(P) 919.391.9900

Visit us online:investmentservices.atlanticretail.com

The OfferingATLANTIC RETAIL INVESTMENT SERVICES is pleased to exclusively offer for sale the opportunity to acquire the NNN leased retail property located at 4316 U.S. Highway 98 North in Lakeland, Florida (the “Property”). The Property consists of a 3,512 square foot restaurant that sits on a 0.805-acre parcel of land in Polk County, Florida.

The Property is located at a highly visible retail site with direct access to U.S. Highway 98 (46,500 VPD). Situated beside Wawa and across the street from a shopping center that features national retail tenants including Hobby Lobby and Big Lots, the Property is within close proximity to Lakeland Square Mall. This shopping and lifestyle destination includes major national tenants like Dillards, JCPenney, Sears, and Burlington Coat Factory, and is the only shopping center located off Interstate 4 between Tampa and Orlando.

Lakeland is the largest city off Interstate 4 between the major metropolitan areas of Tampa and Orlando, and is a major transportation hub—the city is home to both FedEx Freight and FedEx Services. Large industries in Lakeland include citrus, cattle, and phosphate mining, but, in recent decades, the medical, insurance, and tourism industries have made a significant impact upon the area’s economy.

First Watch (the “Company”) is a fresh, modern restaurant concept that serves craveable food featuring fresh ingredients. The restaurant chain serves breakfast, brunch, and lunch from the hours of 7 a.m. until 2:30 p.m., seven days a week. The Company provides customers with a unique farm-to-table experience through a variety of well-crafted healthy, traditional, and indulgent offerings. First Watch currently operates more than 300 locations across 26 states, predominantly in Florida, Texas, Ohio, Colorado, and Arizona. In late July 2017, Advent International—one of the largest and most experienced global private equity investors—made a majority investment in the Company.

OFFERING SUMMARY

Sale Price $2,669,119

Cap Rate 5.00%

Location 4316 U.S. Highway 98 NorthLakeland, FL 33810

Market Lakeland-Winter Haven MSA

Property Description Free-Standing One-Story Restaurant

Property Parcel ID 23-27-35-000000-01220

Building Area +/- 3,512 ft2

Land Area +/- 0.805 acres

Year Built 2017

Lease Type NNN

Page 2Market Overview

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Investment HighlightsHighly Visible Retail Site

The Property is located at a highly visible retail site with direct access to U.S. Highway 98 (46,500 VPD). Situated beside Wawa and across the street from a shopping center that features national retail tenants including Hobby Lobby and Big Lots, the Property is within close proximity to Lakeland Square Mall. This shopping and lifestyle destination includes major national tenants like Dillards, JCPenney, Sears, and Burlington Coat Factory, and is the only shopping center located off Interstate 4 between Tampa and Orlando.

Prominently Positioned in Central Florida

The city of Lakeland is strategically positioned between two of Central Florida’s most prominent cities: Tampa and Orlando. Tampa is home to Port Tampa Bay, the largest port in the state and one of the busiest commercial ports in North America. Since 2000, Tampa has seen a notable upsurge in high-market demand from consumers, signaling more wealth concentrated in the area. Orlando regularly draws in more than 62 million visitors to its many theme parks and resorts, including Walt Disney World, Universal Orlando, and SeaWorld.

Densely Populated Metro Markets

Thanks to its convenient location off Interstate 4 between Tampa and Orlando, the city of Lakeland has easy access to major metropolitan areas with a combined population of more than 5.2 million. Lakeland sits within Polk County, which has an estimated population of approximately 602,905.

Recognized Retail Tenant

First Watch is a fresh, modern restaurant concept that serves craveable food featuring quality ingredients. The restaurant chain serves breakfast, brunch, and lunch from the hours of 7 a.m. until 2:30 p.m. seven days a week. The Company provides customers with a unique farm-to-table experience through a variety of well-crafted healthy, traditional, and indulgent offerings. First Watch currently operates more than 300 locations across 26 states, and the Company was named the 2016 “Top Family Dining Restaurant” by Consumer Reports.

FROM TOP TO BOTTOM: The city of Lakeland is approximately 52 miles from the Orlando metropolitan area, which is home to more than 2.3 million residents; Port Tampa Bay is Florida’s largest port, handling over 37 million tons of cargo and serving more than one million cruise ship passengers each year; Lakeland is conveniently located off Interstate 4 with access to Orlando’s many theme parks, including the ever-popular Wizarding World of Harry Potter.

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Property DetailsLOCATIONThe Property is located directly off U.S. Highway 98 North (46,500 VPD) and is within close proximity to the signalized intersection of Sleepy Hill Road and U.S. Highway 98 North. The Property is beside a Wawa and is across the street from a shopping center that features national retail tenants including Big Lots, Hobby Lobby, Outback Steakhouse, Chipotle Mexican Grill, Regions Bank, Once Upon a Child, and Cici’s Pizza. This highly visible retail site is less than one (1) mile from Lakeland Square Mall, the only shopping center located off Interstate 4 between Tampa and Orlando.

PROPERTY TYPERetail

LAND USECommercial/Restaurant

YEAR BUILT2017

BUILDING AREA+/- 3,512 ft2

LAND AREA+/- 0.805 acres

IMPROVEMENTSThe Property consists of one single-story restaurant totaling 3,512 square feet situated on a 0.805-acre parcel of land within Polk County, Florida. The Property is currently under construction with an estimated lease commencement date of November 30, 2017.

LEASE TYPENNN Lease

LANDLORD RESPONSIBILITIESRoof and Structure (One Year)

Subject Property

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ORANGE BOWL LANES

Local Aerial4316 U.S. Highway 98 NorthLakeland, FL 33810

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SLEEPY HILL ROAD

INTERSTA

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LAKELAND SQUARE MALL

LAKELAND PARK CENTER

SHOPPES OF LAKELAND

WEDGEWOOD HEALTHCARE CENTER

ORANGE BOWL LANES

LAKE GIBSON VILLAGE SENIOR LIVING

COMMUNITY

MEADOW VIEW LAKE

U.S. HWY. 98 NORTH46,500 VPD

INTERSTATE 4102,000 VPD

Area Map4316 U.S. Highway 98 NorthLakeland, FL 33810

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LAKELAND SQUARE MALL

LAKELAND PARK CENTER

MALLARDS OF WEDGEWOOD APARTMENTS

LAKE GIBSON VILLAGE SENIOR LIVING

COMMUNITY

VICTORIA LANDINGS

APARTMENTS

THE RETREAT AT LAKELAND APARTMENTS

ARBOR GLEN APARTMENTS

THE PRESERVE AT LAKELAND HILLS

SANDPIPER GOLF & COUNTRY CLUB

LAKEGIBSON

LAKESIDE HILL ESTATES

FOUNTAINVIEWESTATES

FOXWOOD VILLAGE

SLEEPY HILLMIDDLE SCHOOL

SLEEPY HILLELEMENTARY

SCHOOL

NORTH LAKELAND ELEMENTARY SCHOOL

OF CHOICE

PUBLIX FIELD AT JOKER

MERCHANT STADIUM

MISSION FOODS

CARDINAL HEALTH

PEPPERIDGEFARM

SKYES LAKELAND (GRIFFIN)KEYMARK

CORP.

COLORADOBOXED BEEF

NE ROBERTSELEMENTARY

SCHOOL

OWEN’S CORNING

FEDEX SHIP CENTER

INTERSTATE 4102,000 VPD

U.S. HWY. 98 NORTH46,500 VPD

GRIFFIN ROAD16,900 VPD

KATHLEEN ROAD17,700 VPD

Regional Map

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4316 U.S. Highway 98 NorthLakeland, FL 33810

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NEARBY POINTS OF INTEREST

1. Florida Southern College (6.1 miles)2. Southeastern University (6.9 miles)3. Polk State College - Lakeland Campus (10.0 miles)4. Lakeland Linder Regional Airport (12.6 miles)5. Bartow Municipal Airport (20.8 miles)6. LEGOLAND Florida Resort (31.7 miles)7. University of South Florida (31.8 miles)8. Walt Disney World (33.9 miles)9. Tampa, Florida (34.2 miles)10. Tampa General Hospital (35.4 miles)11. Disney’s Animal Kindgom (35.6 miles)12. Disney’s Magic Kingdom (38.0 miles)13. Epcot (38.5 miles)14. Tampa International Airport (41.8 miles)16. MacDill Air Force Base (42.2 miles)16. Orlando, Florida (52.5 miles)17. Orlando International Airport (53.4 miles)

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The city of TAMPA is the seat of Hillsborough County and is the third most populous city in Florida. Tampa’s economy is founded on a diverse base that includes tourism, agriculture, finance, health care, government, technology, and the Port Tampa Bay. The Tampa Bay Area has a population of more than 4.5 million as of 2017.

Tampa, FL

The city of ORLANDO is known as the “Theme Park Capital of the World” because it’s home to more than a dozen theme parks and resorts, including Disney World, Universal Orlando, and Epcot. The Orlando metropolitan area has a population of more than 2.3 million and is the sixth largest metropolitan area in the Southern U.S. In 2013, over 59 million visitors came to the Orlando region, spending over $33 billion.

Orlando, FL

INTERSTATE 4102,000 VPD

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Tenant OverviewFounded in California in the year 1983, FIRST WATCH (the “Company”) specializes in award-winning, made-to-order breakfast, brunch, and lunch dishes. The restaurants serve a fine-tuned breakfast, brunch, and lunch menu from 7 a.m. until 2:30 p.m. every day of the week. The Company provides customers with a unique farm-to-table experience backed by exceptional customer service.

The First Watch menu includes healthy, traditional, and indulgent offerings with a focus on quality, fresh ingredients. Staples like omelettes, pancakes, and breakfast sandwiches are listed alongside unique creations including Quinoa Power Bowls, avocado toast, and the Chickichanga. First Watch was recently named the 2016 “Top Family Dining Restaurant” by Consumer Reports, and was a 2015 “Top Consumer Pick” by Nation’s Restaurant News.

First Watch is the largest and fastest growing daytime-only restaurant concept in the United States, with more than 300 locations in 26 states, predominantly in Florida, Texas, Ohio, Colorado, and Arizona. In July 2017, Advent International—one of the largest and most experienced global private equity investors—agreed to make a majority investment in First Watch Restaurants, Inc., a portfolio company of Freeman Spogli & Co.

Moving into the latter quarters of 2017, the Company is poised for another year of record growth and standout sales. Thanks to its alignment with trends leaning towards healthier eating and better ingredients, First Watch is positioned to not only grow within its current markets, but also to expand its unique concept to guests in new geographies. In 2016, new partnerships with multi-unit franchise owners helped bring about the opening of more than 100 new restaurants in markets such as Louisiana, Mississippi, and the Carolinas.

FIRST WATCH RESTAURANTS

No. of Locations 300+

Majority Investor Advent International

Headquarters Bradenton, Florida

Type Private

Website www.firstwatch.com

First Watch offers healthy, delicious versions of traditional favorites for breakfast, brunch, and lunch.

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FIRST WATCH | LAKELAND, FLORIDA

Tenant First Watch Restaurants, Inc.

Address 4316 U.S. Highway 98 NorthLakeland, FL 33810

Market Polk County

Market Lakeland-Winter Haven MSA

Sale Price $2,669,119

Cap Rate 5.00%

Net Operating Income $133,455.96 ($38.00/ft2)

Building Area +/- 3,512 ft2

Land Area +/- 0.805 acres

Year Built 2017

Lease Type NNN

Guarantor Corporate

Lease Commencement November 30, 2017

Lease Expiration December 31, 2027

Base Lease Term 10 Years

Lease Term Remaining 10 Years

Rental Escalations 10% Every Five (5) Years

Renewal Options Two (2) Five-Year Options

Option Increases 10% Within Each Option

Landlord Responsibilities Roof/Structure (One Year)

Property Parcel ID 23-27-35-000000-011220

Ownership Interest Fee Simple

Lease SummaryYEARS ANNUAL RENT RENT/FT2 INCREASE1-5 $133,455.96 $38.00/ft2 N/A

6-10 $146,801.64 $41.80/ft2 10%

11-15 (Option 1) $161,481.72 $45.98/ft2 10%

16-20 (Option 2) $177,636.96 $50.58/ft2 10%

Rent Schedule

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Site Survey & Renderings

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Site Survey & Renderings

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Market OverviewThe city of LAKELAND is best known for its gorgeous, picturesque lakes and beautiful white swans, but the area is quickly becoming a major transportation hub in Central Florida—the city is home to both FedEx Freight and FedEx Services. Downtown Lakeland is a vital and enjoyable place for residents and visitors, earning the nickname “Lakeland’s Living Room.” Quaint shops, casual restaurants, craft breweries, and fine-dining experiences abound in the area surrounding the historic Munn Park town square.

The Lakeland area is home to Southeastern University, Florida Polytechnic University, Polk State College’s Lakeland Campus, and Florida Southern College, as well as the corporate headquarters of Publix Super Markets and Saddle Creek Logistics. Several regional hubs and distribution centers can also be found in Lakeland, belonging to such notable companies as GEICO Insurance, Amazon, Rooms To Go, Well Dyne, Advanced Auto Parts, Southern Wine & Spirits, O’Reilly Auto Parts, Lockheed Martin, and Pepperidge Farm.

Lakeland is strategically positioned between two of Central Florida’s most prominent cities: Tampa and Orlando. The Tampa Bay Area has a population of more than 4.5 million and is ranked as a Gamma+ world city alongside Phoenix, Charlotte, Rotterdam, and Santo Domingo. Tampa is home to Port Tampa Bay, the largest port in the state and one of the busiest commercial ports in North America. Since the year 2000, Tampa has seen a notable upsurge in high-market demand from consumers, signaling more wealth concentrated in the area.

Nicknamed the “Theme Park Capital of the World,” Orlando regularly draws in more than 62 million visitors to its many theme parks and resorts, including Walt Disney World, Universal Orlando, and SeaWorld. Orlando is one of the busiest cities for conferences and conventions, and is home to the second largest convention facility (Orange County Convention Center) and the largest university campus (University of Central Florida) in the United States.

Lakeland is within close proximity to Port Tampa Bay.

Lakeland, FL Lakeland Swan Derby

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Lakeland is less than 40 miles from Walt Disney World, the most visited vacation resort in the world, averaging a yearly attendance of more than 52 million. The resort is the flagship destination in Disney’s worldwide corporate enterprise, and has become a popular staple in American culture.

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2017 Estimated Population 9,878 55,142 123,708

2022 Projected Population 10,871 61,280 137,935

2010 Census Population 9,227 50,734 114,250

2000 Census Population 7,026 41,349 95,481

Projected Annual Growth (2017–2022) 2.0% 2.2% 2.3%

Historical Annual Growth (2000–2017) 2.4% 2.0% 1.7%

2017 Estimated Households 4,569 21,981 47,933

2022 Projected Households 4,727 22,843 50,081

2010 Census Households 4,227 20,141 44,011

2000 Census Households 3,126 16,475 38,049

Projected Annual Growth (2017–2022) 0.7% 0.8% 0.9%

Historical Annual Growth (2000–2017) 2.7% 2.0% 1.5%

2017 Est. HH Income $200,000+ 2.3% 1.6% 1.4%

2017 Est. HH Income $150,000-$199,999 2.8% 2.5% 2.9%

2017 Est. HH Income $100,000–$149,999 8.5% 8.5% 9.6%

2017 Est. HH Income $75,000-$99,999 10.3% 11.4% 11.6%

2017 Est. HH Income $50,000–$74,999 20.5% 19.4% 19.3%

2017 Est. HH Income $35,000–$49,999 21.7% 17.0% 16.3%

2017 Est. HH Income $25,000–$34,999 14.4% 13.2% 12.5%

2017 Est. HH Income $15,000–$24,999 11.9% 13.7% 13.5%

2017 Est. HH Income Under $15,000 7.5% 12.8% 12.8%

2017 Est. Average Household Income $56,269 $53,545 $54,912

2017 Est. Median Household Income $46,970 $45,312 $47,641

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DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2017 Est. White 75.6% 63.8% 68.9%

2017 Est. Black 12.9% 25.5% 20.7%

2017 Est. Asianor Pacific Islander

4.4% 2.5% 2.1%

2017 Est. American Indian or Alaska Native

0.3% 0.4% 0.5%

2017 Est. Other Races 6.9% 7.8% 7.8%

2017 Est. HispanicPopulation

1,472 9,228 21,180

2017 Est. HispanicPopulation

14.9% 16.7% 17.1%

2022 ProjectedHispanic Population

16.8% 18.3% 18.8%

2010 HispanicPopulation

12.5% 13.7% 14.4%

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Demographics

The population within five (5) miles of the Property is 123,708, and the 2017 average household income is $54,912. The area is expected to see a 2.3% population increase by 2022.

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First Watch4316 U.S. Highway 98 North | Lakeland, FL 33810Asking Price: $2,669,119 | Cap Rate: 5.00%

Michael ZimmermanPartner, Chapel Hill600 Market Street, Suite 300Chapel Hill, NC 27516mzimmerman@atlanticretail.com(P) 919.391.9901