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

Andy’s Frozen CustardDoug AronsonSenior Managing DirectorSLN Capital Markets

757.282.6510 (Virginia) | 561.220.5750 (Florida)daronson@slnusbaum.com

For Sale Excellent 1031 Opportunity Hard Corner Outparcel NNN Ground Lease $50M Guarantor

6985 S. BROADWAYLITTLETON (DENVER), CO 80122

Broker of RecordDouglas LandinSlifer Smith & Frampton Real EstateFA1312503

C O N TA C T U S

S.L. NUSBAUM Realty Co.1700 Wells Fargo Center, 440 Monticello AvenueNorfolk, VA 23510757.627.8611

slnusbaum.com

CONFIDENTIALITY & DISCLAIMER STATEMENT

OFFERING PROCEDURE

This confidential memorandum contains selected informationpertaining to the business and affairs of the Property and has beenprepared by S.L. Nusbaum Realty Co. primarily from informationsupplied by the Owner and sources deemed reliable, but notguaranteed. It does not propose to be all-inclusive, nor does it containall the information which a prospective purchaser may require ordesire. Neither the Owner, nor any of its officers, directors, employeesor agents, nor S.L. Nusbaum Realty Co. makes any representation orwarranty, expressed or implied, as to the accuracy or completeness ofthis confidential memorandum or any of its contents, and no legalliability is assumed or is to be implied by any of the aforementionedwith respect thereto. Prospective offers are advised to verify theinformation independently. The Owner reserves the right to changethe price or any information in this memorandum, or to withdraw theProperty from the market at any time, without notice. This confidentialmemorandum shall not be deemed an indication of the state of affairsof the Property or the Owner since the date of preparation of thismemorandum. By your receipt of this confidential memorandum, youagree that the information contained herein is of confidential natureand you will not disclose this memorandum or any part of its contentsto any other person, firm or entity without prior authorization from S.LNusbaum Realty Co.

Offers should be submitted in the form of a standard non-bindingLetter of Intent and must specify the following:

Price (Call for pricing guidance) Length of Inspection Period Length of Closing Period Amount of earnest money deposit at execution of a Purchase and

Sale Contract Amount of additional deposit upon expiration of Inspection

Period

Doug AronsonSenior Managing DirectorSLN Capital Markets

757.282.6510 (Virginia) | 561.220.5750 (Florida)daronson@slnusbaum.com

TA B L E O F C O N T E N T S

F I N A N C I A L S U M M A R Y T E N A N T O V E R V I E W P R O P E R T Y P H O T O S

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F I N A N C I A L S U M M A R Y

Net Operating Income (NOI) $93,000

Rent/Month $7,750

Rentable SF 1,590± SF

Land Area 0.74± AC

Tenant Name Andy’s Frozen Custard

Website www.eatandys.com

Guarantor Rocky Mountain Custard, LLC & Personal

Ownership Type Ground Lease

Lease Type NNN

Landlord Responsibilities None

Rent Commencement January 20, 2017

Lease Expiration January 31, 2027

Increases 15% in Options

Options Four (4), 10-year

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

Outstanding visibility on hard corner.

Dense population: 95,299 within 3 miles.

Affluent Denver suburb. HH Income: $102,505 1 mile.

High net worth Guarantors ($50M+).

Rare 15% rent bumps in option periods.

70+ locations in thirteen states.

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PRICE: $1,669,000CAP RATE: 5.57%

TERM ANNUAL RENT MONTHLY RENT INCREASES

2/1/2017 – 1/31/2027 $93,000.00 $7,750.00 N/A

2/1/2027 – 1/31/2037 (Option 1) $106,950.00 $8,912.50 15%

2/1/2037 – 1/31/2047 (Option 2) $122,992.50 $10,249.38 15%

2/1/2047 – 1/31/2057 (Option 3) $141,441.38 $11,786.78 15%

2/1/2057 – 1/31/2067 (Option 4) $162,657.58 $13,554.80 15%

R E N T S C H E D U L E

T E N A N T O V E R V I E W

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Founded in Springfield, Missouri, Andy’s Frozen Custard has always been fanatical about custard, and has served it with pride for more than three decades

A B O U T A N D Y ’ S F R O Z E N C U S T A R D

Andy (and his wife Dana) worked long hours learning the business from theground up. Their fanaticism for a supreme product and unmatched customer service never wavered. Alwaysstriving to expand and improve Andy’s Frozen Custard, they have taken the brand to new heights, withlocations throughout Missouri, Arizona, Arkansas, Colorado, Florida, Illinois, Kansas, North Carolina,Oklahoma, Tennessee and Texas, with plans for locations in South Carolina and Louisiana in the near future.

A B O U T R O C K Y M O U N T A I N C U S T A R D L L C ( G U A R A N T O R )

Rocky Mountain Custard, LLC is a Colorado limited liability company formed in 2015 to open franchise locations of Andy’s Frozen Custard in the state of Colorado. Led by principals Josh Spurlock and Fabian Vargas, the partnershiphas more than 45 years of combined restaurant and small business operation experience.

Their company is backed by seven financial investment members who along with the principals, have a combined personal financial net worth of more than $50 million.

Today, Andy’s Frozen Custard is the largest dessert only franchise in the world! Andy’s can now be Found in 13 states, and has more than 70 locations open and several more under construction.

P R O P E R T Y P H O T O S

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P R O P E R T Y L O C AT I O N

LOCATION DISTANCE DIRECTION

Denver, CO 11 miles North

Boulder, CO 40 miles Northwest

Vail, CO 106 miles West

Aspen, CO 207 miles Southwest

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The property is located in Littleton, Colorado, an affluent suburb ofDenver, eleven miles south of the capital city. It is also a two-to threehour drive to popular resort cities Vail and Aspen, well known for skiing,hiking and other outdoor adventures.

D I S T A N C E T O :

A E R I A L M A P

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1,020 EMPLOYEES

700 EMPLOYEES

2,000 EMPLOYEES

SITE

BROADRIDGE SHOPPING CENTER

900 HOUSING UNITS

MARY HOPKINS ELEMENTARY

LITTLETON HIGH SCHOOL

DOWNTOWN DENVER

LITTLETON SQUARE

THE STREETS AT SOUTHGLEN

1,170 EMPLOYEES

920 EMPLOYEESNORTH

EUCLID MIDDLE SCHOOL

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C L O S E U P A E R I A L M A P

9

S. B

road

way

32,

902

VPD

3 MILE POPULATION:95,299

SITE

BROADRIDGE SHOPPING CENTER

NORTH

MARY HOPKINS ELEMENTARY

A B O U T T H E M A R K E TA B O U T D E N V E R , C ODenver is the capital and most populous municipality in Colorado. With an estimatedpopulation of 704,621 in 2017, Denver is the 19th-most populous U.S. city, and with a17.41% increase since the 2010 United States Census, it has been one of the fastest-growing major cities in the United States. The 12-city MSA had an estimated 2017population of 3,515,374 and is the 15th most populous U.S. metropolitan area. The DenverMSA has a gross metropolitan product of $157.6 billion in 2010, making it the 18th largestmetro economy in the United States. Because Denver is the largest city within 500 miles, ithas become a natural location for storage and distribution of goods and services to theMountain States, Southwest states, as well as all western states. Another benefit fordistribution is that Denver is nearly equidistant from large cities of the Midwest, such asChicago and St. Louis and some large cities of the West Coast, such as Los Angeles and SanFrancisco. In 2016, Denver was named the best place to live in the United States by U.S.News & World Report

A B O U T L I T T L E T O N , C OThe City of Littleton, Colorado is a charming destination. Located in the Denver-Aurorametropolitan region, it is part of the Front Range Urban Corridor. It shares borders withDenver and Englewood, Greenwood Village on the northeast, Centennial to the eastHighlands ranch on the south Columbine to the west and Bow Mar to the northwest. Withits downtown featuring turn of the century buildings, it has some of the county’s mostdistinctive and unique attractions. Here one finds art galleries, shops, clothing boutiques,old-fashioned swanky bars, and restaurants. Up until the end of the Second World War,Littleton’s major economic activity was agriculture. Thereafter, the city diversified into theproduction of electronics and pneumatics and later into the aerospace industry and finallymunitions. By the time of its centenary in 1990, it had a population of 33,660. In 2015, thecity’s population estimate was 45,103 when it celebrated its 125th year

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D E M O G R A P H I C S1 , 3 , 5 M I L E S

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POPULATION 1 MILE 3 MILES 5 MILES2019 Population 12,918 81,615 175,5692024 Population 14,112 86,195 186,7172019 Median Age 45.8 43.5 40.92024 Median Age 46.2 44.0 41.72019-2024 Annual Rate 1.78% 1.10% 1.24%HOUSEHOLDS2019 Total Households 5,159 35,322 68,2672024 Total Households 5,610 37,326 72,5772019 Average Household Size 2.50 2.30 2.562024 Average Household Size 2.51 2.30 2.562019-2024 Annual Rate 1.69% 1.11% 1.23%MEDIAN HOUSEHOLD INCOME2019 Median Household Income $87,157 $82,286 $100,2022024 Median Household Income $100,484 $94,299 $109,1722019-2024 Annual Rate 2.89% 2.76% 1.73%AVERAGE HOUSEHOLD INCOME2019 Average Household Income $107,737 $112,076 $132,8342024 Average Household Income $121,933 $125,638 $147,783OWNER OCCUPIED HOUSING UNITS2019 Owner Occupied Housing Units 4,145 23,057 47,8122024 Owner Occupied Housing Units 4,320 24,760 51,2602019-2024 Annual Rate 0.83% 1.44% 1.40%RENTER OCCUPIED HOUSING UNITS2019 Renter Occupied Housing Units 1,013 12,266 20,4552024 Renter Occupied Housing Units 1,290 12,566 21,317FAMILIES2019 Families 3,567 21,734 46,4042024 Families 3,854 22,838 49,0572019-2024 Annual Rate 1.56% 1.00% 1.12%

S L N C A P I TA L M A R K E T S

Founded in 1906, S.L. Nusbaum Realty Co. is one of the largest real estate developmentcompanies in the southeastern United States.

S.L. Nusbaum Realty Co. offers the full spectrum of real estate services, including mixed-usedevelopment, commercial development, multifamily development, property management,leasing, sales and brokerage, and full menu of financial service.

In total, we currently manage and lease over 5 million square feet of commercial space,more than 200 apartment communities with over 26,000 residential units.

S.L. NUSBAUM REALTY CO. SERVICE LINES

Real Estate Development Leasing Accounting

Mixed-Use Development Retail/Shopping Centers Corporate Accounting and Payroll

Commercial Development Office/Industrial Third Party Management/Accounting

Multifamily Development Multifamily Third Party Accounting/Bookkeeping

Property Management Sales

Retail Capital Markets/Investment

Office/Industrial Retail

Multifamily Office/Industrial

Multifamily

Land

OFFICE LOCATIONS

S.L. Nusbaum Realty Co. is headquartered in Norfolk, VA with offices in Richmond, VAand Boca Raton, FL (Capital Markets/Investment Only)

SLN Capital Markets, a division of S.L. Nusbaum Realty Co., specializes in the sale andpurchase of single and multi-tenant net leased (NNN) properties, primarily leased longterm to national and creditworthy tenants. We work with both private and institutionalinvestors in the acquisition and disposition of their assets and advise and counselaccordingly based on their needs. We employ the latest technology and provide up-to-dateresearch to effectively market properties both nationally and internationally.

SLN Capital Markets is a one-stop source for:

Sellers looking to effectuate 1031 Exchanges.

Owners and Franchisees requiring Sale/Leaseback structures.

Buyers requiring best loan rates and terms from reputable Debt & Equity sources.

A B O U T S . L . N U S B A U M R E A L T Y C O .

A B O U T S L N C A P I T A L M A R K E T S

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T H E T E A M

Doug AronsonSenior Managing DirectorSLN Capital Markets

757.282.6510 (Virginia) | 561.220.5750 (Florida)daronson@slnusbaum.com

S.L. NUSBAUM Realty Co.1700 Wells Fargo Center| 440 Monticello Avenue Norfolk, VA 23510

757.627.8611 | slnusbaum.com

Susan ChildressVice PresidentCorporate Marketing Director

757.282.6505 (direct) |757.627.8611 (main) schildress@slnusbaum.com

Adrianna StinnetteMarketing Administrative AssistantCorporate Marketing

757.452.6144 (direct) |757.627.8611 (main) astinette@slnusbaum.com

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