WA L K - O N ’ S

O F F E R I N G M E M O R A N D U M

11075 WEST I -10 , SAN ANT ONIO, T X 78230

N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe 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 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, 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. © 2018 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & 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. ACTIVITY ID: ZAA0940074

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y . P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

N ET- L E ASE D DI S C L A I M E R

Marcus & Millichap hereby advises all prospective purchasers of 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 net leased 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 net leased 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 net leased 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 a replacement 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 net leased property.

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

E X E C U T I V E S U M M A R Y 5

O F F E R I N G S U M M A R Y

Base Rent $300,000

Square Feet 10,126*

Lot Size 1.54 Acres*

Ownership Fee Simple

Year Built 1997**

Total Price CAPRATE$4,000,000 7.50%

WA L K - O N ’ S

*Building and lot size information per RealQuest. Buyer will need to verify the accuracy of this during the due diligence period.

** 2018 - original property renovated to fit Walk-On’s prototype

11075 W I-10, San Antonio, T X

Corporate Office

L E A S E S U M M A R Y

A N N U A L R E N T

Lease Type Double Net

Roof & Structure Landlord Responsible

Tenant Walk-On’s Enterprises Operations, LLC Lease Commencement August 12, 2019Lease Expiration August 31, 2022 Lease Term 3 yearsIncreases In OptionsOptions Two, 5-year

8/12/2019 - 8/31/2022 $300,0009/1/2022 - 8/31/2027 (Option 1) $330,0009/1/2027 - 8/31/2032 (Option 2) $360,000Rent ($35.60/SF) $300,000NET OPERATING INCOME 7.50%/$300,000TOTAL RETURN $300,000

E X E C U T I V E S U M M A R Y 8

I N V E S T M E N T H I G H L I G H T S

T E N A N T H I G H L I G H T S

P R O P E R T Y H I G H L I G H T S• Located within the Hueber Oaks Shopping Center - a main retail destination

• High visibility off Interstate 10• Infill location - population within a 3 miles exceeds 120,000

• Less than one mile from the USAA Corporate office• Surrounding national tenants include REI, Pier 1, Regal Cinemas, Bed, Bath & Beyond,

Ross, Old Navy, Panera Bread and much more

• Corporate Lease with Walk-On’s Enterprises Operations, LLC• Strong TTM store sales

• Newly constructed/renovated location to Walk-On’s prototype

• Voted by ESPN as the #1 sports bar in America and the fastest growing restaurant chain in the County with 82% sales growth in 2018

• Walk-On’s has over 100 territories across 15 states in development and approximately 20-25 locations scheduled to open each year moving forward

E X E C U T I V E S U M M A R Y 9

Walk-On’s founders Brandon Landry and Jack Warner became fast friends as a pair of walk-ons (unrecruited and unsigned athletes who are unwilling to give up on their dream of being college athletes) on the Louisiana State University basketball team. Both worked hard and practiced even harder to earn and keep their spots on the team. Without a lot of true playing time, though, Brandon and Jack were able to discover that their shared interests and hopes went beyond the basketball court.

While living out their dreams as members of the LSU basketball team, Brandon and Jack traveled across the country. During these trips, they were able to visit some of the best restaurants and sports bars in the country and began to recognize the need for such a concept in Baton Rouge, especially near LSU. Their idea began to take shape 35,000 feet above the earth as they sketched their vision for a floor plan on the back of a napkin while the team flew home from a road game at the University of Tennessee.

Despite having little business experience and even less financial backing, Brandon and Jack incorporated the traits they learned on the basketball court – hard work, dedication and a commitment to excellence - into their vision. The two were determined to create a business environment built on culture and the idea that everyone on the team was needed and mattered as much as the next guy. On September 9, 2003, their shared dream became a reality as Walk-On’s Bistreaux & Bar opened for business in the shadows of LSU’s Tiger Stadium.

Over the next 9 years, hard work and dedication helped expand the Walk-On’s footprint to locations across south Louisiana. As Walk-On’s success grew, so too did its reputation in the industry and across the country. In 2012, ESPN took notice and named Walk-On’s the #1 Sports Bar in America. The most significant year in Walk-On’s growth followed two years of preparations focused on expanding the concept across the country through franchising. At the same time, NFL All-Pro Quarterback Drew Brees expressed an interest in the business and ultimately joined the Walk-On’s team as a co-owner.

TENANT OVERVIEW // Walk-On’s

39 LOCATIONS

WEBSITEwww.walk-ons.com

HEADQUARTERED IN

Baton Rouge, LA

FOUNDED IN

2003

P R O P E R T Y D E S C R I P T I O N 10

P R O P E R T Y D E S C R I P T I O N 11

M A R K E T O V E R V I E W 12

[INSERT CITY SEAL]

SAN ANTONIOTX

Population: 1.5 Million

M A R K E T O V E R V I E W 13

San Antonio, TXO V E R V I E WThe San Antonio metro is located in the southern portion of central Texas, covering 412 square miles and straddling the Interstate 35 Corridor, one of the fastest-growing areas in the state. The metro encompasses eight counties: Bandera, Atascosa, Kendall, Comal, Bex-ar, Guadalupe, Medina and Wilson. Situated only 145 miles from Nuevo Laredo, Mexico, San Antonio is an easy drive on Interstate 35 from the border and serves as a major gateway between the United States and Mexico. The area is further enhanced by an extensive trans-portation network that provides shipping options to domestic and international markets as well as the Eagle Ford Shale formation that runs through Atascosa and Wilson counties. San Antonio is the most populous city in the metro, housing more than 1.4 million resi-dents.

METRO HIGHLIGHTS

STRONG POPULATION GROWTHThe metro is maintaining population growth and household formation well above the national level and generating the need for housing options.

ROBUST JOB CREATIONMore than 66,000 jobs are expected to be created though 2022. Many positions will be related to Eagle Ford, one of the largest oil and gas developments in the world.

LOW COST OF LIVINGMore affordable home prices compared with other nearby markets and no state personal income tax contribute to a lower the cost of living.

M A R K E T O V E R V I E W 14

• The economy is anchored by the industries of healthcare, tourism and national defense. • The Eagle Ford Shale deposit has contributed to the diversification of jobs into the energy

sector. Valero’s corporate headquarters are here, as well as NuStar Energy, Halliburton, NOV, Baker-Hughes and Tesoro.

• Lackland Air Force Base, Randolph Air Force Base, Fort Sam Houston and Camp Bullis are among the many military installations located in the metro.

• An important component of the healthcare industry is South Texas Medical Center, a conglom-erate of hospitals, clinics and research and higher-education facilities.

ECONOMY

MANUFACTURING5%

GOVERNMENT

HEALTH SERVICESEDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

18%AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL ANDBUSINESS SERVICES

2%INFORMATION

13%

5%

16% 13% 8%

16%

SHARE OF 2018 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Andeavor

USAA

Wells Fargo

Baptist Health System

Southw est Research Institute

Methodist Healthcare System

JPMorgan Chase

Frost Bank

Toyota Motor Manufacturing Texas

H-E-B * Forecast

M A R K E T O V E R V I E W 15

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

DEMOGRAPHICS

• The metro is expected to add nearly 190,000 people through 2023, resulting in the formation of roughly 87,200 households.

• A relatively youthful population contributes to a homeownership rate of 63 percent, which compares with the national rate of 64 percent.

• Roughly 27 percent of residents age 25 and older hold a bachelor’s degree; of those residents, 10 percent also have earned a graduate or professional degree.

2018 Population by Age

0-4 YEARS

7%5-19 YEARS

21%20-24 YEARS

7%25-44 YEARS

28%45-64 YEARS

24%65+ YEARS

13%

Culture and history abounds in such places as La Villita, the Spanish Governor’s Palace, San Fernando Cathedral, Jose Antonio Navarro State Historical Park and the Alamo. Tradition blends with more modern attractions, such as the River Walk, a 2.5-mile stretch of parks, cafes, nightclubs and hotels. New upscale apartments are being built along the walk, bring-ing more residents into the city. The metro is also home to numerous sporting events and teams, including the NBA’s San Antonio Spurs, the WNBA’s San Antonio Silver Stars, the AHL’s Rampage and AA baseball’s Missions. Arena football is offered by the San Antonio Talons, and the University of Texas San Antonio Roadrunners play NCAA Division 1 foot-ball. Art enthusiasts can visit many museums and cultural centers in San Antonio.

34.62018

MEDIAN AGE:

U.S. Median:38.0

$56,2002018 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:$58,800

2.4M2018

POPULATION:

Growth2018-2023*:

7.9%

863K2018

HOUSEHOLDS:

10.1%Growth

2018-2023*:

QUALITY OF LIFE

M A R K E T O V E R V I E W 16

POPULATION 1 MILE 3 MILES 5 MILES

2023 Projection 14,133 131,518 321,908

2018 Estimate 13,746 121,453 302,159

2010 Census 12,459 110,117 279,261

2000 Census 10,502 90,722 238,117

HOUSEHOLDS 1 MILE 3 MILES 5 MILES

2023 Projection 7,404 61,379 140,724

2018 Estimate 6,959 55,638 129,792

2010 Census 6,281 50,191 119,180

2000 Census 4,982 40,074 100,633

HOUSING

2018 $170,687 $183,711 $178,280

INCOME 1 MILE 3 MILES 5 MILES

Average $63,607 $76,808 $78,210

Median $45,154 $54,498 $54,945

Per Capita $32,231 $35,349 $33,802

EMPLOYMENT 1 MILE 3 MILES 5 MILES

2018 Daytime Population 26,118 168,357 365,964

2018 Unemployment 2.39% 2.61% 2.95%

2018 Median Time Traveled 23 23 24

Chris ShaheenLouisiana Broker of Record

chris.shaheen@marcusmillichap.comLicense: #0095692662-ACT

Tim Sp e ckDistrict Manager, Texas

tim.speck@marcusmillichap.comLicense: 9002994