F a m i l y D o l l a r2421 W Market St , Louisvi l le, KY 40212O F F E R I N G M E M O R A N D U M

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E XC LU S I V E LY L I S T E D BY

KYLE MATTHEWSBroker of Record

LIC # 77576

ARON CLINESVP & Sr. Director

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

CHAD KURZSVP & National Director

Chad.Kurz@matthews.comDIR (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

C O N T E N T S4 INVESTMENT OVERVIEW

Investment Highl ights

6 FINANCIAL ANALYSISExecut ive SummaryAnnual ized Operat ing Data

8 TENANT OVERVIEWFami ly Dol lar

1 0 PROPERTY OVERVIEWThe Offer ingSi te Descr ipt ionParcel MapTenant MapRegional Map

1 4 AREA OVERVIEW

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I N V E S T M E N T O V E R V I E W

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

• Brand new Family Dollar location with a fresh 10-year lease with six 5 year options

• 10% rental increases in the six 5 year options

• Dense infill location with over 230,000 residents within a 5 mile radius

• Close proximity to the University of Louisville, Louisville International Airport, downtown, and Churchill Downs (the home of the Kentucky Derby)

• Ideal location for a Family Dollar or dollar store concept to thrive

• Long term lease and a return of 7.25%

F I N A N C I A L A N A L Y S I S

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F a m i l y D o l l a r2421 W Market StLouisvi l le, KY 40212List Price ............................................................................................$1,459,567

CAP Rate - Current .................................................................................. 7.25%

Gross Leasable Area ....................................................................... ± 11,172 SF

Lot Size ..........................................................................................± 0.62 Acres

Year Built / Renovated ................................................................... 1939 / 2017

Annualized Operating DataMonthly Rent NOI Rent/SF Cap Rate

Current - 3/31/2027 $8,818.22 $105,818.66 $9.47 7.25%

Option 1 $9,700.04 $126,432.96 $10.42 8.66%

Option 2 $10,670.05 $139,076.16 $11.46 9.53%

Option 3 $11,737.05 $152,983.80 $12.61 10.48%

Option 4 $12,910.76 $168,282.24 $13.87 11.53%

Option 5 $14,201.83 $185,110.44 $15.25 12.68%

Option 6 $15,622.02 $203,621.40 $16.78 13.95%

Tenant Summary

Tenant Trade Name Family Dollar

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type NN

Roof, Structure, and Parking Lot Landlord Responsible

Original Lease Term 10 Years

Rent Commencement Date April 20, 2017

Lease Expiration Date March 31, 2017

Term Remaining on Lease 10 Years

Increases 10% in Options

Options Six (6), Five (5) Years

*Family Dollar covers $10,000 in taxes per year with a .05% increase every year

Operating Statement

Gross Rent $114,939

Estimated taxes after sale $19,120.33

Estimated slippage for taxes $9,120.33

NOI $105,818.66

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

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Property Name Family Dollar

Property Type Net Leased Discount Store

Parent Company Trade Name Dollar Tree, Inc. (NASDAQ: DLTR)

Ownership Public

Credit Rating (S&P) BB+

Revenue $10.49 B

Net Income $285 M

No. of Locations ± 8,000

No. of Employees ± 60,000

Headquartered Matthews, North Carolina

Website www.familydollar.com

Year Founded 1986

TENANT OVERVIEW

When it comes to getting value for everyday items for the entire family in an easy to shop, neighborhood location, Family Dollar is the best place to go. One of the nation’s fastest growing retailers, Family Dollar offers a compelling assortment of merchandise for the whole family ranging from household cleaners to name brand foods, from health and beauty aids to toys, from apparel for every age to home fashions, all for everyday low prices. While shoppers can find many items at $1 or less, most items in the store are priced below $10, which makes shopping fun without stretching the family budget.

GEOGRAPHIC OUTREACH

Family Dollar serves families in more than 8,000 neighborhoods in 46 states. Texas is its largest market with 1,027 stores, followed by Florida with 584 stores. The Dollar Tree merger with Family Dollar now creates a combined organization with sales exceeding $19 billion annually with more than 13,600 stores across 48 states and five Canadian Provinces. The merger has allowed Family Dollar to grow offering broader, more compelling merchandise assortments, with greater values, to a wider array of customers.

STRATEGY

Family Dollar offers a compelling mix of merchandise for the whole family. Ranging from an expanded assortment of refrigerated and frozen foods and health and beauty items to home décor and seasonal items, Family Dollar offers the lowest possible price, the name brand and quality private-brand merchandise customers need and use every day.

P R O P E R T Y O V E R V I E W

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T h e O f f e r i n gProperty Name Family Dollar

Property Address 2421 W Market St

Louisville, KY 40212

APN003K00510000 003K00520000 003K00530000

Site DescriptionNumber of Stories One

Year Built / Renovated 1939 / 2017

Gross Leasable Area (GLA) ± 11,172 SF

Lot Size ± 0.62 Acres (27,007 SF)

Type of Ownership Fee Simple

Parking ± 51 Surface Spaces

Parking Ratio 4.47 : 1,000 SF

Landscaping Professional

Topography Generally Level

P a r c e l M a p

W Market St ± 11,000 ADT

Te n a n t M a p

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R e g i o n a l M a p

Point of Interest Distance from Site

Kentucky Intl Convention Center 2 miles

Downtown Louisville 2 miles

University of Louisville 5 miles

Churchill Downs 5 miles

Kentucky State Fair Grounds 8 miles

Kentucky Kingdom 8 miles

Louisville International Airport 8 miles

A R E A O V E R V I E W

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

Population 1 Mile 3 Mile 5 Mile2022 Projection 15,747 103,320 233,572

2017 Estimate 15,707 102,487 231,811

2010 Census 15,874 101,864 230,925

Growth 2017 - 2022 0.25% 0.81% 0.76%

Households 1 Mile 3 Mile 5 Mile

2022 Projection 6,196 44,421 103,159

2017 Estimate 6,133 43,636 101,500

2010 Census 6,108 42,720 99,600

2000 Census 6,669 44,583 103,452

Growth 2017 - 2022 1.03% 1.80% 1.63%

Growth 2010 - 2017 0.42% 2.14% 1.91%

Income 1 Mile 3 Mile 5 Mile

2017 Est. Average Household Income

$28,792 $36,899 $47,004

L o u i s v i l l e , K YAs the largest city in the Commonwealth of Kentucky and the 30th-most populous city in the United States, Louisville is sited beside the Falls of the Ohio, the only major obstruction to river traffic between the upper Ohio River and the Gulf of Mexico. Designated as a first-class city, Louisville has a prosperous river-town character with a distinct Southern accent.

The city is known as the home of the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville and its Louisville Cardinals athletic teams, Louisville Slugger baseball bats, and three of Kentucky’s six Fortune 500 companies. Its main airport is also the site of United Parcel Service’s worldwide air hub.

Louisville’s importance to the shipping industry continues today with the presence of the Worldport global air-freight hub for UPS at Louisville International Airport. Louisville’s location at the crossroads of three major interstate highways also contributes to its modern-day strategic importance to the shipping and cargo industry. As of 2003, Louisville ranks as the seventh-largest inland port in the United States.

A c c o l a d e s

• Top 7 ranking of top tier metro areas with population of a million or more (Site Selection Magazine)

• Top 10 “City for Jobs” (Glassdoor)

• Top 10 city for homeownership (Bankrate)

• Top 14 places to visit in 2016 (USA Today)

To u r i s m

Louisville is many things - original, eclectic, dynamic, and energetic. Within its boundaries you’ll find sports, history, nature, art, music, amazing food and lodging that take overnight stays and vacations to the next level.

Tourism is on the rise in Louisville, up from 12.7 million visitors in 2011 to more than 20 million in 2015. Tourism is the state’s second largest private employer with 36,000 jobs supported by the tourism industry in Jefferson County. Tourism generates $12.5 billion in state and local taxes annually. The economic impact of direct visitor spending in Jefferson County is $3.16 billion.

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E c o n o m y

Louisville is home to dozens of companies and organizations across several industrial classifications. Its strategic location at the Falls of the Ohio, and its unique position in the central United States make it a practical location for the transfer of cargo along its route to other destinations. Louisville offers a high value proposition and allows businesses to succeed in a vibrant city. Louisville is a competitive, authentic, global city, home to UPS Worldport and a center for advanced manufacturing and logistics. Since 2014, Louisville has seen more than $8 billion in investments.

To p C o u n t y E m p l o y e r s

Employer

United Parcel Service

Ford Motor Co.

Norton Healthcare

Humana Inc.

Jewish Hospital Healthcare

GE Consumer & Industrial

Kroger Co.

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K e n t u c k y D e r b y The Kentucky Derby, presented by YUM! Brands is a top rank, Grade I stakes race for 3-year-old Thoroughbred races. The Kentucky Derby takes place on the first Saturday in May every year, and typically draws a crowd of 155,000 people. It is the longest continually held sporting event in America, and it is one of the most prestigious horse races in the world.

The Derby is preceded by a two-week long Kentucky Derby Festival comprised of over 70 events, starting with the annual Thunder Over Louisville, the largest annual fireworks display in the nation.

U n i v e r s i t y o f L o u i s v i l l eThe University of Louisville is a public university located just 5 miles from the subject property, University of Louisville has a total enrollment of 22,640 students and a total staff of 7,000. UofL is known for its Louisville Cardinals athletics, several of which are among the most successful in the country. Since 2005 the Cardinals have made appearances in the NCAA Division 1 men’s basketball Final Four in 2005, 2012, and 2013. The university has three campuses in the Louisville area, the Bellknap, the Health Science, and the Shelby.

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Family Dollar located at 2421 W Market St Louisille, KY 40212 (“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

E XC LU S I V E LY L I S T E D BY

F a m i l y D o l l a r2421 W Market St , Louisvi l le, KY 40212

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

KYLE MATTHEWSBroker of Record

LIC # 77576

ARON CLINESVP & Sr. Director

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

CHAD KURZSVP & National Director

Chad.Kurz@matthews.comDIR (214) 692-2927MOB (562) 480-2937LIC # 01911198 (CA)

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