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MARGATE, FLORIDA

2 0 0 0 S T A T E R O U T E 7 M A R G A T E , F L O R I D A 3 3 0 6 3

WAWA

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Marcus and Millichap is pleased to present this brand new construction Wawa in Margate, Florida; which is 39 miles north of Miami. This asset recently signed a new 20-year triple-net (NNN) ground lease with eight percent rental increases every five years beginning in year eleven of the base term. The lease is guaranteed by Wawa, Incorporated (Inc.), a privately held company operating more than 750 locations and registered more than $9.68 billion in revenue. A national brand tenant, Wawa Incorporated (Inc.), is ranked in the top 40 for large private companies by Forbes.

The subject asset is highly visible at the intersection of Copans Road and State Road 7. This thoroughfare sees more than 90,000 vehicles per day. This asset is also nearby the Florida Turnpike, with more than 100,000 vehicles per day. Wawa is in a dense retail corridor, there is more than one million square feet of retail within five miles.

Additionally, this Wawa benefits from a strong demographics with more than 380,000 residents within five miles. The area experienced a 10 percent increase in residents from 2010 with an anticipated five percent population increase between 2018 and 2023. Within one mile from this asset is the Northwest Medical Center staffing 228 beds and Seminole Casino Coconut Creek, a Las Vegas style casino with more than 70 live table games.

The surrounding market has seen significant capital commitment with more than $125 million of development. The developments are highlighted by $100 million Lyons Commons project just two miles north. This development plan calls for the construction of a 225-unt multi-residential development and 50,000 square-foot multi-residential development.

Additional retail in the immediate vicinity include: Dunkin’ Donuts, Sherwin-William Paint Store, CVS, Domino’s Pizza, Dollar Tree, Best Buy, Planet Fitness, Pizza Hut, and many more.

I N V EST M E N T OV E RV I E W

2This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. Activity ID: Z033098

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• Brand New Construction Wawa in

Margate, Florida | 39 Miles North of

Miami | Income Tax-Free State

• Triple-Net (NNN) Ground Lease |

Zero Landlord Responsibilities

• Wawa Incorporated (Inc.) Guaranty

| Operating More Than 750 Units

• National Brand Tenant | Ranked

Top 40 Large Private Companies by

Forbes

• High Traffic Thoroughfare | More

Than 90,000 Vehicles Per Day Pass

This Asset

• Strong Demographics | More Than

380,000 Residents Within Five Miles

| Explosive Population Growth of

10 Percent from 2010 to 2018

• Dense Retail Corridor | More Than

One Million Square Feet of Retail

Within Five Miles

• Significant Capital Commitment to

Market | More Than $125 Million

in Development Permits | $100

Million Lyons Commons Project

INVESTMENT HIGHLIGHTS

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F I N A N C I A L O V E R V I E W

PRICE $6,995,000

CAP RATE 4.65%

NOI $325,000

PRICE PER SQUARE FOOT $1,177.01

RENT PER SQUARE FOOT $54.69

YEAR BUILT 2018

APPROXIMATE LOT SIZE 1.92 Acres

GROSS LEASEABLE AREA 5,943

TYPE OF OWNERSHIP Fee Simple

LEASE GUARANTORWawa, Incorporated (Inc.)

LEASE TYPETriple-Net (NNN) Ground Lease

ROOF AND STRUCTURE Tenant Responsibility

2 0 0 0 S T A T E R O U T E 7M A R G A T E , F L O R I D A 3 3 0 6 3

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4This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. Activity ID: Z033098

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L E A S E S U M M A RY

LEASE COMMENCEMENT DATE 2/1/2018

LEASE EXPIRATION DATE 1/30/2038

LEASE TERM 20 Years

TERM REMAINING 19+ Years

INCREASES8 Percent Every 5 Years

OPTIONS TO RENEW 6, 5-Years

FIRST RIGHT OF REFUSAL Yes

A N N U A L I Z E D O P E R A T I N G D A T A

BASE RENTANNUAL

RENTMONTHLY

RENT

2/1/2018 1/30/2028 $325,000.00 $27,083.33

2/1/2028 1/30/2033 $351,000.00 $29,250.00 8%

2/1/2033 1/30/2038 $379,080.00 $31,590.00 8%

OPTIONS $209,058.00 $17,421.50 2%

2/1/2038 1/30/2043 $409,406.00 $34,117.17 8%

2/1/2043 1/30/2048 $442,159.00 $36,846.58 8%

2/1/2048 1/30/2053 $477,532.00 $39,794.33 8%

2/1/2053 1/30/2058 $515,734.00 $42,977.83 8%

2/1/2058 1/30/2063 $556,993.00 $46,416.08 8%

2/1/2063 1/30/2068 $601,552.00 $50,129.33 8%

Lease Sum

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5This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. Activity ID: Z033098

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T E N A N T O V E R V I E WWawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Today, Wawa is your all day, every day stop for fresh, built-to-order foods, beverages, coffee, fuel services, and surcharge-free ATMs. A chain of more than 750 convenience retail stores, 500 of which offer gasoline, over 100 of those are in Florida. They plan to open 50+ stores in 2018.

Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, and Central Florida and employs 30,000 associates. The stores offer a large fresh food service selection, including Wawa brands such as built-to-order hoagies, freshly brewed coffee, hot breakfast, sandwiches, specialty beverages, and an assortment of soups, sides and snacks.

Wawa’s revenue was approximately $9.68 billion in 2016 and they are the 36th largest privately-owned company in the United States. The company has earned a BBB credit rating from Fitch.

T E N A N T P R O F I L E

TENANT TRADE NAME Wawa

OWNERSHIP Private

TENANT Wawa

LEASE GUARANTOR Wawa Florida, Limited Liability Company (LLC)

NUMBER OF LOCATIONS 750+ locations

HEADQUARTERED Media, Pennsylvania

WEB SITE Wawa.com

SALES VOLUME $9.68 Billion (2016)

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7This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. Activity ID: Z033098

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A B O U T M A R G AT EMargate is a city in Broward County, Florida. It is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Statistical Area. The current population of Broward County is nearly two million, making it the second-populous county in Florida and the 17th-most populous in the United States. The bedroom community lifestyle offers young adults, families, and senior citizens a small town feeling, while location and proximity to major roadways grants residents easy access to amenities throughout the region.

Margate is home to eighteen parks including the nationally-acclaimed Calypso Cove Aquatic Facility, countless business and corporate centers, award-winning Police and Fire Departments, and diverse residential neighborhoods for every age and income. Some notable attractions around Broward County include the Museum of Discovery and Science, the International Swimming Hall of Game, the International Game Fish Association, including the Fishing Hall of Fame and Museum, as well as some of the most beautiful beaches in the country. Critical drivers of the local economy include international commerce, healthcare, tourism, and biotechnology. Port Everglades generates roughly $26 billion of economic activity per year due to tourism alone, acting as the gateway for both international trade and cruise vacations.

Numerous corporations have made Broward County home to their headquarters or regional operations, including Citrix Systems, AutoNation and Heico. Another large employer is Memorial Healthcare System, which has more than 10,000 employees. Demographic trends will fuel stronger growth in this sector during the coming years.

Market

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8This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved. Activity ID: Z033098

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2000 Population 14,890 137,289 336,302 2000 Households 6,793 56,501 132,624 2018 Average HH Income $55,284 $66,237 $69,582

2010 Population 14,891 144,105 349,604 2010 Households 6,823 57,028 133,990 2018 Median HH Income $43,101 $50,635 $51,288

2018 Population 15,674 159,851 385,393 2018 Households 7,098 63,015 146,928 2018 Per Capita Income $25,035 $26,111 $26,528

MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES OF FLORIDA, INC HEREBY ADVISES ALL PROSPECTIVE PURCHASERS OF NET LEASED PROPERTY AS FOLLOWS:

The i n f o rma t i on con t a i ned i n t he f o l l ow i ng Ma rke t i ng B rochu re i s p rop r i e t a r y and s t r i c t l y con f i den t i a l . I t i s i n t ended t o be r e v i ewed on l y b y t he pa r t y r ece i v i ng i t f r om Ma rcus & M i l l i c hap and shou l d no t be made a va i l ab l e t o any o t he r pe r son o r en t i t y w i t hou t t he w r i t t en consen t o f Ma rcus & M i l l i c hap . Th i s Ma rke t i ng B rochu re has been p repa red t o p ro v i de summar y, unve r i f i ed i n f o rma t i on t o p rospec t i v e pu r chase r s , and t o es t ab l i s h on l y a p re l im i na r y l e ve l o f i n t e r e s t i n t he sub j ec t p rope r t y. The i n f o rma t i on con t a i ned he re i n i s no t a subs t i t u t e f o r a t ho rough due d i l i gence i n ves t i ga t i on . Ma rcus & M i l l i c hap has no t made any i n ves t i ga t i on , and makes no wa r r an t y o r r ep resen t a t i on , w i t h r e spec t t o t he i ncome o r e xpenses f o r t he sub j ec t p rope r t y, t he f u t u r e p ro j ec t ed f i n anc i a l pe r f o rmance o f t he p rope r t y, t he s i z e and squa re f oo t age o f t he p rope r t y and imp rovemen t s , t he p resence o r absence o f con t am ina t i ng subs t ances , PCB ’s o r a sbes tos , t he comp l i ance w i t h S t a t e and Fede ra l r egu l a t i ons , t he phys i ca l cond i t i on o f t he imp rovemen t s t he reon , o r t he f i n anc i a l cond i t i on o r bus i ness p rospec t s o f an y t enan t , o r an y t enan t ’s p l ans o r i n t en t i ons t o con t i nue i t s occupancy o f t he sub j ec t p rope r t y. The i n f o rma t i on con t a i ned i n t h i s Ma r ke t i ng B rochu re has been ob t a i ned f r om sou rces we be l i e ve t o be r e l i ab l e ; howeve r, Ma rcus & M i l l i c hap has no t ve r i f i ed , and w i l l no t ve r i f y, an y o f t he i n f o rma t i on con t a i ned he re i n , no r has Ma rcus & M i l l i c hap conduc ted any i n ves t i ga t i on r ega rd i ng t hese ma t t e r s and makes no wa r r an t y o r r ep resen t a t i on wha t soeve r r ega rd i ng t he accu racy o r comp le t eness o f t he i n f o rma t i on p ro v i ded . A l l po t en t i a l buye r s mus t t a ke app rop r i a t e measu res t o ve r i f y a l l o f t he i n f o rma t i on se t f o r t h he re i n .

NON-ENDORSEMENT NOT ICE

Ma rcus & M i l l i c hap i s no t a f f i l i a t ed w i t h , sponso red by, o r endo r sed by any commerc i a l t enan t o r l e s see i den t i f i ed i n t h i s ma r ke t i ng package. The p resence o f an y co rpo ra t i on ’s l ogo o r name i s no t i n t ended t o i nd i ca t e o r imp l y a f f i l i a t i on w i t h , o r sponso r sh i p o r endo r semen t b y, sa i d co rpo ra t i on o f Ma rcus & M i l l i c hap , i t s a f f i l i a t e s o r subs i d i a r i e s , o r any agen t , p roduc t , se r v i ce, o r commerc i a l l i s t i ng o f Ma rcus & M i l l i c hap , and i s so l e l y i n c l uded f o r t he pu rpose o f p ro v i d i ng t enan t l e s see i n f o rma t i on abou t t h i s l i s t i ng t o p rospec t i v e cus tome r s .

ALL PROPERTY SHOWINGS ARE BY APPO INTMENT ONLY. PLEASE CONSULT YOUR MARCUS & M ILL ICHAP AGENT FOR MORE DETA ILS.

B R O K E R O F R E C O R D : R YA N N E E | M A R C U S & M I L L I C H A P | F O R T L A U D E R D A L E , F L O R I D A | L I C E N S E : B K 3 1 5 4 6 6 7

WAWA of fer ing memorandum

MARGATE, FLORIDA

2 0 0 0 S T A T E R O U T E 7 M A R G A T E , F L O R I D A 3 3 0 6 3