Kenner Retail Center OM

KENNER RETAIL CENTER 2240 VETERANS MEMORIAL BOULEVARD NOW OFFERING NET-LEASED INVESTMENT SALE A brand-new, net-leased retail center leased to three nationally renowned brands. Located in Kenner, Louisiana – a suburb of New Orleans and the largest city in Jefferson Parish – the building also offers long-term leases with escalations.

CONFIDENTIAL DISCLAIMERThis Offering Memorandum and any THE OFFERING MEMORANDUM SHALL NOT Exclusively Offered By:subsequent evaluation material you may be BE DEEMED TO REPRESENT THAT STATE OFprovided (collectively known as the “Offering AFFAIRS OF THE PROPERTY OR CONSTITUTE SEAN W. PATRICK, CCIMMemorandum”) is intended solely for your AN INDICATION THAT THERE HAS BEEN NO Senior Vice Presidentlimited use in considering whether to pursue CHANGE IN THE BUSINESS OR AFFAIRS OF THE 770.913.3946negotiations to acquire Kenner Retail Center PROPERTY SINCE THE DATE OF PREPARATION(the “Property”) located in Kenner, Louisiana. OF THE OFFERING MEMORANDUM. [email protected] Property is being marketed for sale by The information provided in the OfferingAckerman & Co. (“Broker”). Memorandum has been gathered from Ackerman Retail is a divisionThe Offering Memorandum contains brief, sources that are deemed reliable, but the of Ackerman & Co.selected information pertaining to the Broker does not warrant or represent thatbusiness and affairs of the Property and has the information is true or correct. Prospective In association with Monte Luffey.been prepared by Broker. It does not, however, offerors are advised to verify information LA# BROK.0995682273-ASApurport to be all-inclusive or to contain all of independently. The Offering Memorandum isthe information that a prospective purchaser not to be construed as an offer or as any partmay desire. Broker makes no representation of a contract to sell the property.or warranty, express or implied, as to the Furthermore, the inclusion or exclusion inaccuracy or completeness of the Offering the Offering Memorandum of informationMemorandum or any of its contents, and no relating to asbestos or any other hazardous,legal liability is assumed to be implied with toxic or dangerous chemical item, waste orrespect thereto. substance (hereinafter collectively referred toBy acknowledgment of your receipt of the as “Waste”) relating to the Property shall in noOffering Memorandum you agree that the way be construed as creating any warrantiesOffering Memorandum and its contents are or representations, expressed or implied byconfidential, that you will hold and treat it in the Broker as to the existence or nonexistencethe strictest of confidence, that you will not or nature of Waste in, under or on thedirectly or indirectly disclose, or permit anyone Property, it may create significant legal and/orelse to disclose, the Offering Memorandum or economic obligations upon the Owner, lesseeits contents to any other person, firm, or entity and/or other holders of interest in the Property(including, without limitation, any principal or a part thereof and you are hereby advisedfor whom you hAvenue been engaged), to obtain professional assistance such as fromwithout prior written authorization of Owner a consultant, engineer and/or attorney prioror Broker and that you will not use or permit to taking an interest in the Property or a partto be used the Offering Memorandum or its thereof.contents to be copied or used in any fashionor manner detrimental to the interest ofOwner. Photocopy or other duplication isstrictly prohibited.

KENNER RETAIL CENTER | KENNER, LATable of Contents 03 TENANT OVERVIEW01 EXECUTIVE SUMMARY Tenant Summaries Rent Roll The Offering Market Aerial 04 MARKET SUMMARY Investment Highlights Kenner Overview02 PROPERTY OVERVIEW Property Details Property Photos Site Plan Location Map Property Aerials

KENNER RETAIL CENTER | KENNER, LA 01. EXECUTIVE SUMMARY n The Offering n Property Aerial n Investment Highlights

EXECUTIVE SUMMARY KENNER RETAIL CENTER | KENNER, LA | 5Ackerman Retail, a division of Ackerman & Co., Kenner Retail Centerexclusively offers for sale a new, three-tenant,net-leased retail center in Kenner, Louisiana, asuburb of New Orleans and the largest city inJefferson Parish.Located adjacent to a newly delivered Chick-fil-A near the busy INVESTMENT PROFILEintersection of Veterans and Williams Boulevards (combined trafficcount of 70,000 vehicles per day), the property offers excellent Address:                                   2  2  4  0  Veterans Memorial Blvdaccessibility and visibility in a densely populated area (123,792people within three miles). The strong demographics, strategic Size:             7,440 SFretail location adjacent to the New Orleans International Airportand high-quality construction of the center combined with the Lot Size:                             1.2 Acrescredit-worthy tenant roster of Dunkin’ Donuts, AT&T and AspenDental make this Property an ideal investment for buyers seekinga passive, stable real estate investment.2018 AREA DEMOGRAPHICS Year Built:         2017POPULATION 3-MILE 123,792 Parking:                     61 spaces (8.2 per 1,000 SF) 5-MILE 203,808 Tenants:  Dunkin’ Donuts, AT&T, Aspen DentalHOUSEHOLDS 3-MILE 49,820 Offering Price:                       $5,650,000 5-MILE 85,664 CAP Rate:  6.5%AVG HH INCOME 3-MILE $74,328 Debt:                                        O  ffered Free and Clear 5-MILE $76,785

EXECUTIVE SUMMARY | MARKET AERIAL KENNER RETAIL CENTER | KENNER, LA | 6 W ESPLANADE AVE POWER BLVDKENNER CENTER WILLIAMS BLVD THE ESPLANADE MALL KENNER PLAZA W ESPLANADE AVE MAGNOLIA SHOPPING CENTER www.Part yCit y.com 10 SUBJECT PROPERTYVETERANS MEMORIAL BLVD 141,584 AADT 10 35,800 AADT VETERANS MEMORIAL BLVD 48,152 AADT Louis Armstrong WILLIAMS BLVD W NAPOLEON AVE DAVID DR New Orleans International Airport

EXECUTIVE SUMMARY | INVESTMENT HIGHLIGHTS KENNER RETAIL CENTER | KENNER, LA | 7New Construction – The Property, featuring an attractive exteriorwith stone and brick accents, was delivered at the end of 2017. Alltenants are open and operating.Long-Term Leases with Escalations – All tenants have new 10-year leases with 10% rent increases in year six of the base term andin each of the 5-year option periods.Strong Tenant Mix – The investment is backed by Dunkin’ Donuts(Purple Square Management Co.), AT&T (Spring Mobile) andAspen Dental (Corporate). Clearwater, Fla.-based Purple SquareManagement Co. has 59 Dunkin’ Donuts locations in Florida,Alabama and Louisiana. Spring Mobile is the largest wirelessfranchisee in the country with more than 1,500 locations, includingthe brands AT&T, Cricket Wireless and GameStop. Aspen Dentalhas more than 600 corporate dental practices.Dense Retail Corridor – Adjacent to a new Chick-fil-A, retailers inthe corridor include The Home Depot, Walmart, Academy Sports,Best Buy, Starbucks, McDonald’s, Verizon and luxury car dealerships.18,000 hotel rooms in this corridor support the rising passengervolumes at Louis Armstrong New Orleans International Airport.

KENNER RETAIL CENTER | KENNER, LA 02. PROPERTY OVERVIEW n Property Details n Property Photos n Site Plan n Location Map n Property Aerial n Zoning & Easement

PROPERTY OVERVIEW | DETAILS KENNER RETAIL CENTER | KENNER, LA | 9Address: 2240 Veterans Memorial Boulevard, Kenner, LouisianaTotal Building Size: 7,440 SFParking: 61 (8.2 per 1,000 SF)Year Built: 2017Property Tax Parcel: 0920012643BOffering Price: $5,650,000CAP Rate: 6.50%Blended CAP Over Initial Term: 6.92%Net Operating Income: $367,000Occupancy: 100%Tenants: Dunkin’ Donuts, AT&T, Aspen DentalOwnership Interest: Fee SimpleDebt: Offered Free and Clear

PROPERTY OVERVIEW | PHOTOS KENNER RETAIL CENTER | KENNER, LA | 10 10 VETERANS MEMORIAL BLVDVETERANS MEMORIAL BLVD

PROPERTY OVERVIEW | PHOTOS, CONT’D. KENNER RETAIL CENTER | KENNER, LA | 11

PROPERTY OVERVIEW | SURROUNDING RETAIL KENNER RETAIL CENTER | KENNER, LA | 12

PROPERTY OVERVIEW | SITE PLAN KENNER RETAIL CENTER | KENNER, LA | 13 N.A.PVETERANS MEMORIAL BLVD VETERANS MEMORIAL BLVD

PROPERTY OVERVIEW | LOCATION MAP KENNER RETAIL CENTER | KENNER, LA | 14Vintage Dr Lake Pontchartrain SUBJECT PROPERTY Loyola Dr Power Blvd Robert E Lee Blvd Williams Blvd Esplanade Ave Veterans Blvd N Causeway Blvd Esplanade Ave Canal Blvd10 10Napoleon Ave Paris Ave Louis Armstrong Metairie Ave Cleary Ave 610 90 New Orleans 61 90 MetairieKennerInternational Airport 90 3rd St Airline Dr 10 Carrollton Ave S Broad Ave Mississippi River 61 Tulane Ave 48 Dickory Ave Claiborne Ave River Rd 10 Jefferson Hwy New Orleans St Charles Ave Mississippi River

PROPERTY OVERVIEW | AERIAL KENNER RETAIL CENTER | KENNER, LA | 15 Louis Armstrong New Orleans International Airport AIRPORT RD.48,152 WILLIAMS BLVD 35,800 VETERANS MEMORIAL BLVD. SUBJECT PROPERTY

KENNER RETAIL CENTER | KENNER, LA 03. FINANCIAL OVERVIEW n Tenant Summaries n Rent Roll

FINANCIAL OVERVIEW | TENANT SUMMARY KENNER RETAIL CENTER | KENNER, LA | 17Aspen Dental SQUARE FOOTAGE LEASE EXPIRATION 3,520 SF 2027600+ Locationswww.aspendental.comAspen Dental (S&P: B) branded practices offer patients convenient access to a full range of affordable,high-quality dental and denture services. Located in super-dense retail areas, the practices serve nearly4 million patients annually, including 900,000 new patients in 33 states. More than 60 new AspenDental locations are expected to open in 2018. The model leaves independent licensed practitionersfree to concentrate on patient care.LEASE HIGHLIGHTSGLA: 3,520 SFLEASE COMMENCEMENT DATE: 11/21/2017LEASE EXPIRATION DATE: 11/30/2027RENEWAL TERMS: Three 5-year optionsESCALATIONS: 10% in Year 6 of base term and in each option period

FINANCIAL OVERVIEW | TENANT SUMMARY KENNER RETAIL CENTER | KENNER, LA | 18AT&T (Spring Mobile) SQUARE FOOTAGE LEASE EXPIRATION 2,000 SF 20271,428 Locationswww.springmobile.comFounded in 2001 in Salt Lake City, Utah, Spring Mobile is America’s largest wireless dealer of AT&Tproducts. The company started with mall carts and kiosks before expanding into new inline retailcenters across the country. Spring Mobile CEO Jason Ellis led the banking process resulting in thesale of Spring Mobile to GameStop Corp. (NYSE: GME). Spring Mobile currently has 1,428 AT&Tlocations and 70 Cricket wireless stores, and has opened 23 Simply Mac locations. AT&T Inc. (NYSE:T) is the nation’s leading provider of phone services. For fiscal year ending in December 2017, AT&TInc. reported revenue of $160.55 billion.In 2016, parent company GameStop acquired three additional AT&T authorized retailers, adding 507stores to its portfolio.LEASE HIGHLIGHTSGLA: 2,000 SFLEASE COMMENCEMENT DATE: 11/8/2017LEASE EXPIRATION DATE: 11/30/2027RENEWAL TERMS: Two 5-year optionsESCALATIONS: 10% in Year 6 of base term and in each option period

FINANCIAL OVERVIEW | TENANT SUMMARY KENNER RETAIL CENTER | KENNER, LA | 19Dunkin Donuts (Purple Square Management) SQUARE FOOTAGE LEASE EXPIRATION 1,920SF 202759 Locationswww.purplesquaremgmt.comDunkin’ Donuts started in Quincy, Mass., and has more than 12,000 restaurants worldwide. PurpleSquare Management, based in Tampa, Fla., and led by CEO Vik Patel, focuses on investing in franchisecompanies in the Southeast, with an emphasis on multi-unit franchisee portfolios and providinggrowth capital to emerging brands. The company’s brands include: Dunkin’ Donuts, Baskin-Robbins,The Brass Tap and Popeyes. Purple Square currently has 57 Dunkin’ Donuts/Baskin-Robbins locationsin Florida, Alabama and Louisiana.LEASE HIGHLIGHTSGLA: 1,920 SFLEASE COMMENCEMENT DATE: 10/16/2017LEASE EXPIRATION DATE: 10/31/2027RENEWAL TERMS: Two 5-year optionsESCALATIONS: 10% in Year 6 of base term and in each option period

FINANCIAL OVERVIEW | RENT ROLL KENNER RETAIL CENTER | KENNER, LA | 20TENANT GLA (%) ANNUAL RENT PER SF CURRENT LEASE OPTIONS/RENT INCREASE DATE ANNUAL RENT REIMBURSEMENTS BASE RENT 3,520 SF $45.50 11/21/2017 - 11/30/2027 Rent Increase: Dec 2022 $176,175 Full Prorata (47.31%) $160,160 Option 1: Dec 2027 - Nov 2032 $193,811 CAM: $3.00/SF 2,000 SF $49.00 11/8/2017 - 11/30/2027 Option 2: Dec 2032 - Nov 2037 $213,206 Taxes: $3.00/SF (26.88%) $98,000 Option 3: Dec 2037 - Nov 2042 $234,537 Insurance: $0.75/SF $107,800 Admin Fee: 10% Rent Increase: Dec 2022 $118,580 (LL: Roof and Option 1: Dec 2027 - Nov 2032 $130,440 Option 2: Dec 2032 - Nov 2037 Structure) Full Prorata CAM: $3.00/SF Taxes: $3.00/SF Insurance: $0.75/SF Admin Fee: 10% 1,920 SF $110,400 $57.50 10/16/2017 - 10/31/2027 Rent Increase: Nov 2022 $121,440 Full Prorata (25.81%) Option 1: Nov 2027 - Oct 2032 $133,593 CAM: $3.00/SF Option 2: Nov 2032 - Oct 2037 $146,956 Taxes: $3.00/SF Insurance: $0.75/SF Admin Fee: 10%

KENNER RETAIL CENTER | KENNER, LA 04. MARKET SUMMARY n Kenner Overview

MARKET SUMMARY | KENNER OVERVIEW KENNER RETAIL CENTER | KENNER, LA | 22 Rivertown Kenner is the sixth-largest city in the state of Louisiana and the Lafreniere Park largest city in Jefferson Parish, a suburb of New Orleans. Located on the Mississippi River, the city is only minutes from the world- renowned attractions in downtown New Orleans. The city’s Rivertown offers a host of cultural and family attractions, including the Kenner Planetarium and Megadome Cinema, Rivertown Space Science Complex and the Rivertown Theaters for the Performing Arts.Rivertown

MARKET SUMMARY | KENNER SUMMARY KENNER RETAIL CENTER | KENNER, LA | 23LOUIS ARMSTRONG NEW ORLEANS INTERNATIONAL AIRPORTWith more than 12 million passengers a yeartraveling through the airport and a new 35-gate,$1-billion North Terminal project set to open inFebruary 2019, the international airport is thecenterpiece economic driver of Kenner.

FOR MORE INFORMATION, PLEASE CONTACT: Ackerman Retail is a division of Ackerman & Co.SEAN W. PATRICK,CCIMSenior Vice President In association with Monte Luffey.770.913.3946 | [email protected] LA# BROK.0995682273-ASA ©2018 All rights reserved.