D u n k i n D o n u t s , W a r r e n , R I | 1

Dunkin Donuts3 7 5 M a i n S t | W a r r e n , R I

O F F E R I N G M E M O R A N D U M™

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I n v e s t m e n t H i g h l i g h t s

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P r o p e r t y O V E R V I E W

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A n d r e w K n i g h tBROKER OF RECORD

LIC # 0018245

e x c l u s i v e ly l i s t e d b y

r a h u l c h h a j e d

Senior Associate

Rahul .Chhajed@matthews.comDIR (949) 432-4513MOB (818) 434-1106LIC # 01986299 (CA)

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M I c h a e l M o r e n o

Senior Associate

Michael .Moreno@matthews.comDIR (949) 432-4511MOB (818) 522-4497LIC # 01982943 (CA)

A r o n C l i n e

SVP & Sr. Director

Aron.Cl ine@matthews.comDIR (949) 432-4509MOB (818) 632-0233LIC # 01904371 (CA)

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4 | O f f e r i n g M e m o r a n d u m

I n v e s t m e n t H i g h l i g h t s

LEASE

• Absolute NNN Lease - The investment is hands-free and provides the landlord with zero management responsibilities

• Passive Income - Lease still has 8 years remaining on the primary term and two, 5-year options to renew

• Incredible Hedge Against Inflation - The lease has built-in annual increases of 3%-5%!

• Strong Return - Average return of 5.95% over the primary term if purchased at list price (Potential to be significantly higher if annual increases go up to 5%)

• Growth in income - Nearly a 9% return on your initial investment at the end of the option periods

LOCATION

• Commitment to Location - A complete store remodel is scheduled to take place within the next 5 years

• Strong Market Share - Closest Starbucks is in an in-line space across the Barrington River, Dunkin’ Donuts dominates the immediate trade area

• Optimal Prototype - The building comes equipped with a drive-thru that promotes additional traffic and stronger sales at the store

• Affluent Demographics - Average household incomes within a 3-mile radius are in excess of $104,000

• Dense Population - Over 80,000 residents within a 5-mile radius

• Longstanding Operating History - Dunkin’ Donuts has been at this location since 1972 and has served the community for over 45 years!

• Great Accessibility – Property’s parking lot extends to the corner of Miller & Main, giving customers an easy way to exit the property after using the drive-thru

FRANCHISE/HISTORY

• Joma Realty Company has exclusive rights to the Dunkin’Donuts brand in the East Bay which includes Warren, Bristol, and Barrington

• Experienced Franchisee - Franchisee operates 8 locations with satellites at Roger Williams University as well

• Reliable Franchisee - Dunkin’ Donuts corporate turned this location over to this specific franchisee in 2010

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D u n k i n D o n u t s375 Main StWarren, RI 02885

List Price ............................................................................................. $1,209,430

CAP Rate - Current ..................................................................................... 5.75%

Gross Leasable Area ........................................................................± 2,600 SF

Lot Size ............................................................................................± 0.24 Acres

Year Built ......................................................................................................... 1999

Annualized Operating DataMonthly Rent Annual Rent Cap Rate

Current - 10/31/2018 $5,795.17 $69,542.04 5.75%

11/1/2018 - 10/31/2019 $5,969.02 $71,628.30 5.92%

11/1/2019 - 10/31/2020 $6,148.09 $73,777.15 6.10%

11/1/2020 - 10/31/2021 $6,332.53 $75,990.46 6.28%

11/1/2021 - 10/31/2022 $6,522.51 $78,270.18 6.47%

11/1/2022 - 10/31/2023 $6,718.19 $80,618.28 6.67%

11/1/2023 - 10/31/2024 $6,919.73 $83,036.83 6.87%

11/1/2024 - 10/31/2025 $7,127.32 $85,527.94 7.07%

Option 1 3%-5% Inc. 3%-5% Inc. 7.28%

Option 2 3%-5% Inc. 3%-5% Inc. 7.50%

Tenant Summary

Tenant Trade Name Dunkin’ Donuts (Joma Realty Company)

Type of Ownership Fee Simple

Lease Guarantor Franchisee

Lease Type Absolute NNN

Roof and Structure Tenant Responsible

Original Lease Term 15 Years

Lease Commencement Date 10/31/2010

Rent Commencement Date 10/31/2020

Term Remaining on Lease ± 8 Years

Increases Minimum 3% and Maximum 5% Annual Increases

Options Two, 5-Year Options

f i n a n c i a lo v e r v i e w

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Annualized Operating DataMonthly Rent Annual Rent Cap Rate

Current - 10/31/2018 $5,795.17 $69,542.04 5.75%

11/1/2018 - 10/31/2019 $5,969.02 $71,628.30 5.92%

11/1/2019 - 10/31/2020 $6,148.09 $73,777.15 6.10%

11/1/2020 - 10/31/2021 $6,332.53 $75,990.46 6.28%

11/1/2021 - 10/31/2022 $6,522.51 $78,270.18 6.47%

11/1/2022 - 10/31/2023 $6,718.19 $80,618.28 6.67%

11/1/2023 - 10/31/2024 $6,919.73 $83,036.83 6.87%

11/1/2024 - 10/31/2025 $7,127.32 $85,527.94 7.07%

Option 1 3%-5% Inc. 3%-5% Inc. 7.28%

Option 2 3%-5% Inc. 3%-5% Inc. 7.50%

Tenant Summary

Tenant Trade Name Dunkin’ Donuts (Joma Realty Company)

Type of Ownership Fee Simple

Lease Guarantor Franchisee

Lease Type Absolute NNN

Roof and Structure Tenant Responsible

Original Lease Term 15 Years

Lease Commencement Date 10/31/2010

Rent Commencement Date 10/31/2020

Term Remaining on Lease ± 8 Years

Increases Minimum 3% and Maximum 5% Annual Increases

Options Two, 5-Year Options

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T e n a n to v e r v i e w

Dunkin’ Donuts

Dunkin’ Donuts is the world’s leading baked goods and coffee chain, serving more than 3 million customers every day. Since its founding in 1950, Dunkin’ Donuts has earned the #1 ranking for customer loyalty in the coffee category for a consecutive nine years and a market leader in sales of hot, decaffeinated and flavored coffee, iced coffee, bagels, donuts, and muffins. It is a subsidiary of Dunkin’ Brands, Inc., one of the world’s leading franchisors of quick-service restaurants that also operates the Baskin-Robbins chain.

An Industry LeaderDunkin’ Brands continues to pursue innovative menu choices through the collaboration of their culinary team of acclaimed chefs and their research and development team. From new types of coffee creations and flavors to limited time offers, Dunkin’ Donuts is constantly searching for products their patrons will love. With over 130 years of franchising experience, Dunkin’ Brands continues to deliver food and beverages quickly, affordable and conveniently in a welcoming environment through the Dunkin’ Donuts brand.

Marketing and Company StrategyThrough extensive marketing efforts, Dunkin’ Brands has a 94% global brand awareness, including markets where the company has yet to establish stores. To broaden reach and recognition, Dunkin’ Donuts partners with other prominent and respected brands, including Coca Cola®, JetBlue®, Smucker’s®, and Keurig®. A distinguishing characteristic of the company is their passion for offering guests products they will enjoy, giving plenty of menu options, and providing accurate nutrition information so they can make informed choices.

Company Name Dunkin’ Donuts

Parent Company Trade Name Dunkin’ Brands (NASDAQ: DNKN)

Ownership Public

No. of Locations ± 11,500

No. of Employees (all) ± 270,000

Headquartered Canton, Massachussets

Website www.dunkindonuts.com

Year Founded 1950

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P r o p e r t yo v e r v i e w

PARCEL MAP

Main Street ± 19,000 ADT

Property Name Dunkin’ Donuts

Property Address 375 Main St

Warren, RI 02885

Assessor’s Parcel Number 0153-15

Site DescriptionNumber of Stories One

Year Built 1999

Gross Leasable Area (GLA) ± 2,600 SF

Lot Size ± 0.24 Acres (10,567 SF)

Parking Spaces ± 12 Surface Space

Type of Ownership Fee Simple

Landscaping Professional

Topography Generally Level

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Main Street ± 19,000 ADT

PARCEL MAP

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d e m o g r a p h i c s

POPULATION 3 Mile 5 Mile 10 Mile

2022 Projection 7,312 32,995 77,701

2017 Estimate 7,385 32,967 77,443

2010 Census 7,557 33,176 77,693

2000 Census 8,031 34,245 80,198

HOUSEHOLDS 3 Mile 5 Mile 10 Mile

2022 Projection 3,239 13,170 32,074

2017 Estimate 3,247 13,067 31,751

INCOME 3 Mile 5 Mile 10 Mile

2017 Est. Average Household Income

$90,955 $111,812 $99,760

Warren, RI is a town 20 minutes outside of Providence, in Bristol County. Once popular for the launching of the five vessels, Warren is turning into an artistic and cultural area. The town first got its start in the whaling industry, while also being involved in merchant services and the West India trade. Throughout the years, the town has moved to focusing more on their business on land and developing them into attractive restaurants, art galleries, and much more.

When entering Warren, the architecture and streets feel like you stepped back into the 19th century. The community has done an amazing job on preserving their history and represent their European routes. Recently, the main focus has been to promote the different talents within the community. From theatre to design and art galleries, Warren has a very creative community.

W a r r e n , R I

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Older than the United States, Providence, Rhode Island is a city that has persevered through every challenge history has thrown its way. Located at a point where numerous streams flow into the Narragansett Bay, the capital city is a primary commercial, industrial and residential area for the state. It remains a center of liberal intellectual thought, largely influenced by Brown University and the large college student population in the area. From Benefit Street’s “Mile of History” on the east side of the city to Federal Hill, Rhode Island’s own “Little Italy”, Providence is known for having an abundance of historic and cultural attractions. Over three centuries’ worth of history lives on through the countless preserved houses throughout the city.

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Once a city with manufacturing industries in metals, machinery, textiles, jewelry and silverware, Providence is now one of the largest centers for jewelry and silverware design and manufacturing. Services, specifically education, healthcare, and finance, also make up a significant portion of the city’s economy. The Port of Providence, which is the second-largest deep water seaport in New England also has a noteworthy contribution to the local economy as it handles cargo that includes cement, chemicals, heavy machinery, petroleum and scrap metal.

Many people are capitalizing on Providence’s central location relative to other East Coast cities. Prominent companies headquartered in Providence include Fortune 500 Textron and United Natural Foods, Fortune 1000 Nortek Incorporated, privately held engineering firm Gilbane, and GTECH Corporation, who recently moved their world headquarters to downtown Providence. Citizens Bank is also headquartered in Providence and is the fifteenth largest bank in the country.

B u s i n e s s C l i m at e

Downtown Providence is an inspiring example of urban redevelopment where older historic buildings were restored and attractive parks and the Riverwalk were constructed along the Providence River. A shopping complex, the Rhode Island Convention Center and new residential developments continue to bring residents and visitors into the downtown area. Meanwhile, new office buildings that host banking and financial institutions and Brown University lie just east of downtown. Always rising to the challenge, the city maintains that creating jobs and growing the local economy is among its highest priorities. With dedicated optimism, residents anticipate a bright future for Providence.

D o w n t o w n D e v e l o p m e n t s

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ROGER WILLIAMS PARK

Roger Williams Park has been the premier playground for Rhode Island residents since the city’s founding. Its 435 acres feature over 100 acres of ponds, the Museum of Natural History and Planetarium, the Botanical Center, the Carousel Village and the nationally-recognized Roger Williams Park Zoo.

BROWN UNIVERSITY

THAYER STREET

Located in Providence, Brown University is the seventh-oldest college in the United States. As a leading research university, Brown is frequently recognized for its global reach, many cultural events, competitive athletics and beautiful facilities.

Thayer Street is a popular destination for students of the area’s nearby schools, including Brown University and RISD. It is located in the College Hill neighborhood on the East Side of Providence and hosts independent shops and restaurants.

WATERFIRE

RHODE ISLAND STATE HOUSE

HISTORIC FEDERAL HILL

Presented on the rivers of downtown Providence, WaterFire is an award-winning sculpture by Barnaby Evans. WaterFire has been praised by residents and visitors as a moving symbol of the city’s renaissance bringing life to the downtown area.

Located on the border of the downtown and Smith Hill sections of Providence, the Rhode Island State House is the capitol building of the state. The neoclassical building is on the National Register of Historic Places.

Historic Federal Hill has been called the “Heartbeat of Providence”. Beginning at Atwells Avenue, historic Federal Hill spreads to Broadway, Westminster and Cranston Streets. A place dedicated to the Italian immigrants, Federal Hill remains a place of charm.

RISD MUSEUM OF ART

The Rhode Island School of Design (RISD) Museum of Art acquires, preserves and exhibits works of art representing diverse cultures. About 100,000 objects are housed at the museum, ranging from ancient art to pieces by contemporary artists and designers.

WATERPLACE PARK AND RIVERWALK

PROVIDENCE PERFORMING ARTS CENTER

Centrally located in the heart of downtown, Waterplace Park is an urban park situated along the Woonasquatucket River that is connected to 3/4 mile cobblestone-paved walkways along the waterfront known as Riverwalk.

As the second largest theater of its kind in the country, the Providence Performing Arts Center presents a full roster of touring Broadway theatricals and contemporary engagements. This 3100-seat, world class venue is in the heart of the arts district.

P o i n t s o f I n t e r e s t

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BROKER OF RECORD

e x c l u s i v e ly l i s t e d b y

Dunkin Donuts3 7 5 M a i n S t | W a r r e n , R I

™

r a h u l c h h a j e d

Rahul .Chhajed@matthews.comDIR (949) 432-4513MOB (818) 434-1106LIC # 01986299 (CA)

A n d r e w K n i g h tBROKER OF RECORD

LIC # 0018245

M I c h a e l M o r e n o

Senior Associate

Michael .Moreno@matthews.comDIR (949) 432-4511MOB (818) 522-4497LIC # 01982943 (CA)

Senior Associate

A r o n C l i n e

SVP & Sr. Director

Aron.Cl ine@matthews.comDIR (949) 432-4509MOB (818) 632-0233LIC # 01904371 (CA)

D u n k i n D o n u t s , W a r r e n , R I | 1 7

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Dunkin Donutslocated at 375 Main St, Warren, RI 02885(“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T