OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2 PROPERTY DESCRIPTION property...

11920 CENTRAL PARKWAY | JACKSONVILLE, FLORIDA

OFFERING MEMORANDUM Capital Markets | Net Lease Properties

REPRESENTATIVE PHOTO

MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties

CBRE, Inc. Licensed Real Estate Broker

© 2018 CBRE, Inc. All Rights Reserved.

RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties

+1 407 404 [email protected]

EXCLUSIVELY MARKETED BY:

N

Beach Blvd (61,500 AADT)

(86,

000

AA

DT)

Kern

an B

lvd

Central P

kwy

St. J

ohn’

s Bl

uffs

Rd

S.

1INVESTMENT SUMMARY

Investment HighlightsProperty Description

2PROPERTY DESCRIPTION

Property PhotosAerial Photos

Site Plan

8AREA OVERVIEW

Market OverviewLocal & Regional Maps

Drive=Time Map

Tenant Description

13TENANT SUMMARY

N

Beach Blvd (61,500 AADT) Central Pkwy

1

WAWA | JACKSONVILLE

investment highlights• One of the first Wawa locations to open in the Jacksonville market

• Brand new 20 year ground lease

• Investment grade credit – Shadow rating: BBB

• Fixed rental increases throughout entire lease starting at year 11

• No landlord management obligations

• Located at the signalized intersection of Beach Boulevard and Central Parkway which is the access point for the University of North Florida, Florida State College at Jacksonville South Campus and the East Park Business Center - providing strong daytime population and traffic

• Less than a mile from the Interstate 295 interchange and within two miles of St. Johns Town Center (1.2 million square foot outdoor lifestyle mall)

• High traffic location, 61,500 AADT per FDOT

• Large efficient parcel

• No debt to assume – Able to pay all cash

• Florida has no state income tax

INVESTMENT SUMMARY

investment summary

PRICE: $4,500,000

ANNUAL RENT: $207,000

CAP RATE: 4.6%

TENANT: Wawa Florida, LLC

GUARANTOR: Wawa, Inc.

RENTAL INCREASES: 7% every 5 years starting at year 11 including options

INITIAL LEASE TERM: 20 years

OPTIONS: (6) 5-year options

RENT COMMENCEMENT: March 22, 2018

LANDLORD OBLIGATIONS: None – Absolute NNN ground lease

EXISTING FINANCING: No debt to assume

BUILDING SIZE: ± 6,119 SF

LAND SIZE: 2.64± acres

PARKING SPACES: 59

YEAR BUILT: 2018

CBRE is pleased to present this brand new 20 year absolute NNN Wawa ground lease located in Jacksonville, Florida. The brand new 6,119± SF building is located

on 2.7 acres in a densely populated area of Jacksonville. The lease is absolute NNN with no landlord management obligations and offers higher than normal fixed rental increases. The store is scheduled to open on March 22, 2018. Wawa is a highly sought after investment grade national tenant ranked #34 in Forbes top private companies with $9B in revenue.


2PROPERTY DESCRIPTION

property descriptionLOCATION

11920 Central Parkway Jacksonville, FL 32224

BUILDING AREA

The subject consists of one (1) retail building totaling approximately 6,119 SF of net rentable area.

2016 FDOT TRAFFIC COUNTS

Beach Blvd 61,500 AADT

Interstate 295 86,000 AADT

SITE

The subject is located at the signalized intersection of Beach Boulevard and Central Parkway in Jacksonville, Florida.

LAND AREA

The Property consists of one (1) parcel totaling approximately 2.64 acres or ±114,998 SF of land area.

PARKING

The Property provides 59 parking stalls which equates to 9.6:1,000 SF parking ratio.


3

WAWA | JACKSONVILLE

N

Beach Blvd (61,500 AA

DT)Central Pkwy

(86,000 AADT)

EASTPARK BUSINESS CENTER

WAWA | JACKSONVILLE

N


Huffman Blvd

Centr

al P

kwy

5

WAWA | JACKSONVILLE

N

Beac

h Bl

vd (

61,5

00 A

ADT

)

Central Pkwy

Kernan Blvd

6

WAWA | JACKSONVILLEN


Central Pkwy

(86,000 AADT)

EASTPARK BUSINESS CENTER

UNF – enrollment of over 16,000 students and 1,200 employees

7

WAWA | JACKSONVILLE

SITE PLAN


N

8

WAWA | JACKSONVILLE

AREA OVERVIEW

Jacksonville 2017 Retail OutlookLike much of Florida, the Jacksonville retail market is being fueled by strong population and wage growth. The market has experienced population growth around 2% annually over the past two years, a pace that is expected to continue for the next several years. Wage growth was 10% over the past year, the highest among metros with more than 1 million residents. Jacksonville has low unemployment rates and consumer spending has increased over the past year nationwide. These factors are coming together to support retail development.

Construction deliveries in 2016 surpassed last year’s total and reflects the strongest recovery in over five years. However, both supply and demand is well below the peak witnessed in 2006 indicating that the market has room for continued expansion. Two large projects that are under construction, The Strand and The Crossings, in the Southside submarket are adjacent to the St. Johns Town Center, a prominent retail destination. The two mixed-use suburban developments are expected to bring with it up to 500,000 sq. ft. of retail space.

New retail concepts are also about to call the market home. Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break ground along Gate Parkway, a prominent retail corridor just south of the St. Johns Town Center. Top Golf, a year-around driving range with restaurant recently opened its doors, bringing their second location to the state. A proposed project, Pavilion at Durban Park has the potential to create a prominent retail node in the southern end of the Jacksonville market. Phase One is nearing construction start and will include 700,000 sq. ft. of commercial space including retail.

Investor interest in Jacksonville is strong, largely due to the strong market fundamentals and long-term potential of the market. Cap rates, which have been compressing, are expected to moderate although investor interest in quality assets in prime locations should remain very strong.

Strong net absorption has resulted in demand for additional space. This is the fourth year of strengthening net absorption and 2016 will finish ahead of the previous year. Demand is expected be stable in the most sought after submarkets. Vacancy has also trended down below 6% this year; however the rate may increase market wide over the next two years as demand is expected to cool.

© 2017 CBRE, Inc. | Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

To learn more about CBRE

Research, or to access additional

research reports, please visit the

Global Research Gateway at

www.cbre.com/research.

Shanna Drwiega

Senior Research Analyst

+1 813 273 8433

[email protected]

@shannadrwiega

Figure 1: Total Market Absorption and Deliveries

2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK

JACKSONVILLE

Source: CBRE Research, Q4 2016; CBRE Econometric Advisors (EA), Q4 2016.

Figure 2: Asking Rates and Total Market Availability


Like much of Florida, the Jacksonville retail market is being

fueled by strong population and wage growth. The market has

experienced population growth around 2% annually over the past

two years, a pace that is expected to continue for the next several

years. Wage growth was 10% over the past year, the highest among

metros with more than 1 million residents. Jacksonville has low

unemployment rates and consumer spending has increased over

the past year nationwide. These factors are coming together to

support retail development.

Construction deliveries in 2016 surpassed last year’s total and

reflects the strongest recovery in over five years. However, both

supply and demand is well below the peak witnessed in 2006

indicating that the market has room for continued expansion.

Two large projects that are under construction, The Strand and

The Crossings, in the Southside submarket are adjacent to the St.

Johns Town Center, a prominent retail destination. The two

mixed-use suburban developments are expected to bring with it

up to 500,000 sq. ft. of retail space.

New retail concepts are also about to call the market home.

Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break

ground along Gate Parkway, a prominent retail corridor just south

of the St. Johns Town Center. Top Golf, a year-around driving

range with restaurant recently opened its doors, bringing their

second location to the state. A proposed project, Pavilion at

Durban Park has the potential to create a prominent retail node

in the southern end of the Jacksonville market. Phase One is

nearing construction start and will include 700,000 sq. ft. of

commercial space including retail.

Investor interest in Jacksonville is strong, largely due to the strong

market fundamentals and long-term potential of the market. Cap

rates, which have been compressing, are expected to moderate

although investor interest in quality assets in prime locations

should remain very strong.

Strong net absorption has resulted in demand for additional

space. This is the fourth year of strengthening net absorption and

2016 will finish ahead of the previous year. Demand is expected be

stable in the most sought after submarkets. Vacancy has also

trended down below 6% this year; however the rate may increase

market wide over the next two years as demand is expected to cool.

Strong demographic growth prompting additional retail development in Jacksonville

RETAIL

Net AbsorptionDeliveries EA Forecast

Local Market Forecast

Net Absorption (MSF)

0.0

0.5

1.0

1.5

2.0

2013 2014 2015 2016 2017 2018

Asking Rate (L)Availability (R) EA Forecast


Asking Rate ($ PSF NNN) Availability Rate (%)

5

7

9

11

11

12

13

14

2013 2014 2015 2016 2017 2018


© 2017 CBRE, Inc. | Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

To learn more about CBRE

Research, or to access additional

research reports, please visit the

Global Research Gateway at

www.cbre.com/research.

Shanna Drwiega

Senior Research Analyst

+1 813 273 8433

[email protected]

@shannadrwiega


2017 SOUTHEAST U.S. REAL ESTATE MARKET OUTLOOK

JACKSONVILLE




Like much of Florida, the Jacksonville retail market is being

fueled by strong population and wage growth. The market has

experienced population growth around 2% annually over the past

two years, a pace that is expected to continue for the next several

years. Wage growth was 10% over the past year, the highest among

metros with more than 1 million residents. Jacksonville has low

unemployment rates and consumer spending has increased over

the past year nationwide. These factors are coming together to

support retail development.

Construction deliveries in 2016 surpassed last year’s total and

reflects the strongest recovery in over five years. However, both

supply and demand is well below the peak witnessed in 2006

indicating that the market has room for continued expansion.

Two large projects that are under construction, The Strand and

The Crossings, in the Southside submarket are adjacent to the St.

Johns Town Center, a prominent retail destination. The two

mixed-use suburban developments are expected to bring with it

up to 500,000 sq. ft. of retail space.

New retail concepts are also about to call the market home.

Furniture retailer IKEA has a 294,000 sq. ft. facility ready to break

ground along Gate Parkway, a prominent retail corridor just south

of the St. Johns Town Center. Top Golf, a year-around driving

range with restaurant recently opened its doors, bringing their

second location to the state. A proposed project, Pavilion at

Durban Park has the potential to create a prominent retail node

in the southern end of the Jacksonville market. Phase One is

nearing construction start and will include 700,000 sq. ft. of

commercial space including retail.

Investor interest in Jacksonville is strong, largely due to the strong

market fundamentals and long-term potential of the market. Cap

rates, which have been compressing, are expected to moderate

although investor interest in quality assets in prime locations

should remain very strong.

Strong net absorption has resulted in demand for additional

space. This is the fourth year of strengthening net absorption and

2016 will finish ahead of the previous year. Demand is expected be

stable in the most sought after submarkets. Vacancy has also

trended down below 6% this year; however the rate may increase

market wide over the next two years as demand is expected to cool.

Strong demographic growth prompting additional retail development in Jacksonville

RETAIL

Net AbsorptionDeliveries EA Forecast


Net Absorption (MSF)

0.0

0.5

1.0

1.5

2.0

2013 2014 2015 2016 2017 2018

Asking Rate (L)Availability (R) EA Forecast


Asking Rate ($ PSF NNN) Availability Rate (%)

5

7

9

11

11

12

13

14

2013 2014 2015 2016 2017 2018



9

WAWA | JACKSONVILLE

JacksonvilleJacksonville is the largest city in the state of Florida and the county seat of Duval County. The governments of the City of Jacksonville and Duval County consolidated in 1968, expanding Jacksonville’s city limits and making it the largest city in land area within the continental United States. Currently the city limits encompass 875 square miles. Consequently most of Jacksonville’s metropolitan population lives within its city limits, and it is the most populous city proper in Florida and the thirteenth most populous in the United States. Jacksonville is located in the First Coast region of northeast Florida and is centered on the banks of the St. Johns River, about 25 miles south of the Florida/Georgia border and about 340 miles north of Miami.

Because of its size, Jacksonville is divided into six major sections with borders defined by a set of major roads and rivers that run through the city. Greater Arlington is east and south of the St. Johns River and north of Beach Boulevard. North Jacksonville is north of the St. Johns & Trout Rivers and east of US-1. Southeast Jacksonville or Southside is east of the St. Johns River and south of Beach Boulevard. West Jacksonville or Westside is west of the St. Johns River and south of Interstate 10. The Urban Core (Downtown Jacksonville) includes the banks of the narrowest part of the St. Johns River east of the Fuller Warren Bridge and extending roughly 4 miles north and east.

EMPLOYMENT

Jacksonville is North Florida’s employment hub with approximately 713,627 people employed. Government and business leaders are committed to economic growth aimed at maintaining Jacksonville’s exceptional business climate and its desirability as a professional location. Most of the county’s employment opportunities can be found in military, education & healthcare, professional & business services, government, and retail trade jobs. The largest single employer is Naval Air Station Jacksonville, which employs an estimated total of 25,000 military and civilian workers. Other major employers include leading healthcare and financial institutions including Baptist Health Systems, Blue Cross & Blue Shield, Mayo Clinic, Citibank, Bank of America, St. Vincent’s Health Systems, Shands Jacksonville, Wells Fargo and Bank of America/Merrill Lynch & Company.

EDUCATION

Jacksonville is home to Jacksonville University, the University of North Florida, Florida State College at Jacksonville, Edward Waters College, The Art Institute of Jacksonville, Florida Coastal School of Law, Trinity Baptist College, and Jones College. Public schools in Duval County are controlled by the Duval County School Board. The county is home to four of the nation’s best high schools Stanton College Preparatory School, Paxon School for Advanced Studies, Samuel W. Wolfson High School, Mandarin High School, and Douglas Anderson School of the Arts.

INDUSTRY

Jacksonville’s location on the St. Johns River and the Atlantic Ocean proved providential in the growth of the city and its industry. The largest city in the state, it is also the largest deepwater port in the south (as well as the second-largest port on the U.S. East coast) and a leading port in the U.S. for automobile imports, as well as the leading transportation and distribution hub in the state. However, the strength of the city’s economy lies in its broad diversification. While the area once had many thriving dairies such as Gustafson’s Farm and Skinner Dairy, this aspect of the economy has declined over time. The area’s economy is balanced among distribution, financial services, biomedical technology, consumer goods, information services, manufacturing, insurance and other industries .

Jacksonville is a rail, air, and highway focal point and a busy port of entry, with Jacksonville International Airport, ship repair yards and extensive freight-handling facilities. Lumber, phosphate, paper, cigars and wood pulp are the principal exports; automobiles and coffee are among imports. The city also has a large and diverse manufacturing base.

AREA OVERVIEW

distance to

9Downtown

Jacksonville

miles28St. Augustine

miles 64Gainesville

miles

118Orlando

miles

166Tampa

miles

166Tallahassee

miles

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WAWA | JACKSONVILLE

DEMOGRAPHIC BRIEF

11920 CENTRAL PKWY

1 MILE 3 MILES 5 MILES

2017 Population - Current Year Estimate 6,845 73,078 196,054

2022 Population - Five Year Projection 7,173 78,192 209,991

2010 Population - Census 6,048 65,945 175,974

2000 Population - Census 4,706 45,490 138,200

2010-2017 Annual Population Growth Rate 1.72% 1.43% 1.50%

2017-2022 Annual Population Growth Rate 0.94% 1.36% 1.38%

2017 Households - Current Year Estimate 2,397 27,687 78,757

2022 Households - Five Year Projection 2,529 29,649 84,294

2010 Households - Census 2,059 25,041 70,987

2000 Households - Census 1,614 16,486 53,622

2010-2017 Annual Household Growth Rate 2.12% 1.40% 1.44%

2017-2022 Annual Household Growth Rate 1.08% 1.38% 1.37%

2017 Average Household Size 2.33 2.53 2.44

2017 Average Household Income $59,589 $79,145 $77,137

2022 Average Household Income $68,636 $91,410 $88,548

2017 Median Household Income $49,730 $57,704 $56,288

2022 Median Household Income $53,735 $65,986 $63,703

2017 Per Capita Income $23,937 $30,579 $31,295

2022 Per Capita Income $26,892 $35,134 $35,778

2017 Housing Units 2 ,662 29 ,528 85 ,138

2017 Vacant Housing Units 265 10.0% 1,841 6.2% 6,381 7.5%

2017 Occupied Housing Units 2,398 90.1% 27,687 93.8% 78,757 92.5%

2017 Owner Occupied Housing Units 816 30.7% 14,339 48.6% 41,760 49.0%

2017 Renter Occupied Housing Units 1,582 59.4% 13,348 45.2% 36,997 43.5%

2017 Population 25 and Over 3 ,695 47 ,303 131 ,756

HS and Associates Degrees 2,182 59.1% 25,861 54.7% 72,883 55.3%

Bachelor's Degree or Higher 1,232 33.3% 17,505 37.0% 48,519 36.8%

2017 Businesses 412 2,353 6,559

2017 Employees 8,052 36,220 102,158

©2018 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri Page 1 ProjectID:287352

POPULAT ION

HOUSEHOLDS

HOUSEHOLD INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

DEMOGRAPHIC BRIEF

11820 BEACH BLVD

NAME LATITUDE LONGITUDE

11820 BEACH BLVD 30.2865333049445 -81.5096161322632

©2017 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:178144

AREA OVERVIEW

11

WAWA | JACKSONVILLE

AREA OVERVIEW

12

WAWA | JACKSONVILLE

AREA OVERVIEW

13

WAWA | JACKSONVILLE

Founded in 1803 by the Wood family and incorporated in 1865, Wawa, Inc. (the “Company” or “Wawa”) has roots in the manufacturing and textile businesses. The first Wawa Food Market opened on April 16, 1964. Today, the Company operates approximately 750 convenience stores, approximately 270 of which include a fuel offering, in Pennsylvania, New Jersey, Delaware, Maryland and Virginia. Wawa is a privately held company, with a majority of the Company stock still owned by the Wood family. Company associates who participate in the Employee Stock Ownership Plan have a nearly 30% ownership stake.

Wawa offers a large fresh foodservice selection, including freshly brewed coffee, a wide selection of delicatessen and dairy products, fresh produce, hot foods, built-to-order sandwiches and Wawa brands such as juices, teas, water and bakery products. The Company’s revenue principally consists of fuel and merchandise sales. The Company operates a dairy manufacturing facility, producing Wawa branded beverages and dairy products for distribution to, and sale in, its stores and to wholesale customers. The Company has a committed fuel storage terminal for the purpose of both storing fuel for distribution to, and sale in, its stores and for holding and selling fuel in wholesale markets.

Wawa has differentiated itself from its competitors by focusing on several key strategic areas:• Delivering fast and friendly customer service in a safe and clean shopping

environment;• Promoting and developing Wawa-branded food, beverage and fresh food items;• Maintaining world-class facilities by systematically opening new stores, closing

marginal stores and remodeling older stores; and• Maximizing operating efficiency by making significant investments in operations

programs and technology.

Wawa exceeds industry norms in virtually every measurable category (Source: NACS State of the Industry Report of 2009 Data – most recent industry data available)• Wawa merchandise sales per store averaged $4.9 million for the year ended 2009

versus an industry average of $1.5 million for 2009• Gasoline sales totaled 1.4 billion gallons for the year 2009, an average of 101,000

gallons per fuel store week or just under four times the industry average of approximately 28,000 gallons per fuel store week in 2009

• Incorporated in 1865• #34 in Forbes Ranking of America’s Largest Private

Companies• Shadow Rated: BBB• 750 locations in the United States – All Company Owned

and Operated• Exceeds industry norms in virtually every measurable

category


WAWA, INC.www.wawa.com

TENANT DESCRIPTION

14

WAWA | JACKSONVILLE

CONFIDENTIAL MEMORANDUM & DISCLAIMER

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Confidentiality Agreement

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

Disclaimer

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

MARK DRAZEKSenior Vice President Capital Markets | Net Lease Properties

+1 407 404 [email protected]

CBRE, Inc. | Licensed Real Estate Broker

RAY ROMANOFirst Vice President Capital Markets | Net Lease Properties

EXCLUSIVELY MARKETED BY


© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.

OFFERING MEMORANDUM Capital Markets | Net Lease Properties · 2 PROPERTY DESCRIPTION property...

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