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

5 0 8 E M e i g h a n B l v d , G a d s d e n , A L 3 5 9 0 3

P a n e r a B r e a d &

A s p e n D e n t a l

E X C L U S I V E L Y L I S T E D B Y

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GARY CHOUFVP & Director

Gary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222 (CA)

Kyle MatthewsBroker of RecordLic # 110253 (AL)

KEVIN CHANGAssociate

Kevin.Chang@matthews.comDIR (310) 919-5828MOB (951) 616-8918LIC # 01976724 (CA)

E X C L U S I V E L Y L I S T E D B Y

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

INVESTMENT HIGHLIGHTS04

12 AREA OVERVIEWGagsden, ALBirmingham, AL

05 PHYSICAL DESCRIPTIONProperty DescriptionSurrounding Tenants

09 TENANT OVERVIEWPanera Bread & Aspen Dental

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

5 0 8 E M e i g h a n B l v d , G a d s d e n , A L 3 5 9 0 3

P a n e r a B r e a d &

A s p e n D e n t a l

Investment Highlights

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• Long Term Leases – Both Panera Bread and Aspen Dental recently started their 10-year leases in 2016 expiring in December 2026 (Panera) and April 2026 (Aspen) – Both tenants have three (3), 5-year options to extend

• Corporate Panera Lease – Panera, LLC. is the corporate entity for Panera Bread restaurants and is a leader in the fast-casual space with over 2,000 stores nationwide with revenues exceeding $2.6 billion annually

• Corporate Aspen Dental Lease – Aspen Dental Management, Inc. is the corporate entity for Aspen Dental which is a leading dental provider with over 600 locations nationwide

• Growing Cash Flow – Panera Bread has 7.00% increases scheduled every 5 years and Aspen Dental has 10.00% increases scheduled every 5 years

• Minimal Landlord Responsibilities - Tenants to reimburse/pay for Taxes, Utilities, and Maintenance responsibilities - Landlord responsible for Parking Lot, Roof and Structure

• Dense Retail Corridor – Nearby national tenants include Walmart, Burger King, Krispy Kreme, Popeyes, Hobby Lobby, Arby’s, Sonic, T.J. Maxx and Taco Bell, amongst others

• Excellent Traffic Counts – E Meighan Blvd supports over 35,530 cars per day

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P h y s i c a l D e s c r i p t i o n

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P r o p e r t y D e s c r i p t i o n

P R O P E R T Y N A M E L I S T P R I C EA D D R E S S C A P R AT E

Panera Bread & Aspen Dental

$3,450,000508 E Meighan BlvdGadsden, AL 35903

6.22%

LOT S I Z E

± 1.69 Acres

S Q UA R E F O OTAG E

± 4,146 SF (Panera)± 3,500 SF (Aspen Dental)

Y E A R B U I LT

2017

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Annualized Operating Data

Monthly RentPanera

Annual RentAspen DentalAnnual Rent

Total Cap Rate

Years 1-5 $17,878.83 $107,796.00 $106,750 $214,546 6.22%

Years 6-10 $9,785.41 $115,341.72 $117,425 $232,767 6.75%

Option 1: Years 11-15 $10,763.95 $123,415.64 $129,167 $252,583 7.32%

Option 2: Years 16-20 $11,840.35 $132,054.74 $142,084 $274,139 7.95%

Tenant Summary

Tenant Trade Name Panera Bread

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type NNN

Roof and Structure Landlord Responsible

Original Lease Term 10 Years

Rent Commencement Date 5/18/2016

Lease Expiration Date 12/31/2026

Term Remaining on Lease ± 9 Years

Increases 7% Increases Every 5 Years

Options Three, 5-Year Options

Tenant Summary

Tenant Trade Name Aspen Dental

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type NNN

Roof and Structure Landlord Responsible

Original Lease Term 10 Years

Rent Commencement Date 4/28/2016

Lease Expiration Date 4/30/2026

Term Remaining on Lease ± 9 Years

Increases 10% Increases Every 5 Years

Options Three, 5-Year Options

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Subject Property

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±233,000 ADT

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Subject Property

99

T e n a n t O v e r v i e w

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Public |www.panerabread.com

As a pioneer in the quick-casual dining segment offering quick counter service with higher-quality ingredients, Panera Bread Company is a leader in the quick-casual restaurant business. Its locations, which operate under the banners Panera Bread, Saint Louis Bread Co., and Paradise Bakery & Café, offer made-to-order sandwiches using a variety of artisan breads, including Asiago cheese bread, focaccia and its classic sourdough bread, all of which are also sold to go.

Hamra Enterprises is an organization that is a franchisee of Panera Bread, Wendy's, Noodles & Company and Holiday Inn Express & Suites; It operates an estimated 40 locations throughout the Greater Chicago area in Lake, Kendall, Kane, DeKalb, McHenry and Will Counties. Since 1975, Hamra Enterprises has provided the highest quality products and services within the hospitality industry by creating exceptional experiences for people and communities throughout the world.

By targeting suburban markets with its menu of European-inspired sandwich creations, the Panera brand's values express a commitment to clean ingredients, transparency and a positive impact on the food system. Like many other dining operators, Panera relies on a mix of corporate-run locations and franchising to expand and operate its restaurant chain. The company-owned stores give the chain a significant footprint from which to control the consistency of food and service quality. Local franchisees pay the company royalties and other fees in order to use the Panera brand and other intellectual property.

O v e r v i e w

S t r a t e g y

HeadquartersSt. Louis, Missouri

No. of Employees± 47,200

No. of Locations± 2,000

Year Founded± 1981

No. of Employees± 47,200

No. of Locations± 2,000

Year Founded± 1981

HeadquartersDeWitt, NY

No. of Employees± 10,000

No. of Locations± 550

Year Founded± 1964

Aspen Dental has more than 500 practices with nearly 4 million patient appointments a year. Aspen Dental is experiencing rapid growth and expects to open more than 60 new Aspen Dental-branded practices every year. Their goal is to provide quality, affordable dental care to targeted demographic groups in need of access to dental care.

The market creates a need for these facilities with more than 150 million Americans that couldn’t go to a dentist last year. They are often found in locations that have little to no dental care or in an area that dental care is not affordable. Each Aspen Dental-branded practice is owned and operated by a licensed dentist. An unaffiliated company called Aspen Dental Management, Inc. (“ADMI”) provides administrative and business support services to Aspen Dental-branded dental practices.

In recent years, Aspen Dental has provided free dental care to over 17,000 veterans and people in need. U.S. veterans are most often not eligible for dental benefits, making Aspen Dental a life changer for these vets.

O v e r v i e w

Private |www.aspendental.com

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A r e a O v e r v i e w

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A r e a O v e r v i e w

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A r e a O v e r v i e w - G a d s d e n , A L

An hour outside of Birmingham, Gadsden is located in Etowah County, along the Coosa River. There are many different activities throughout the town. The residents of Gadsden understand the meaning behind “Work hard, play hard.” The most common industries in area are in manufacturing and construction, with occupations in production and management.

Although every weekend, you can find tons of boaters on the waters and many people adventuring the different trails. There are amazing sceneries throughout the town including waterfalls, great lake docks, and a lookout over the town.

D E M O G R A P H I C SPopulation 1 Mile 3 Mile 5 Mile

2022 Projection 4,050 25,003 48,077

2017 Estimate 4,030 25,334 48,469

2010 Census 4,042 26,305 49,821

2000 Census 3,946 27,470 49,821

Households 1 Mile 3 Mile 5 Mile

2022 Projection 1,646 10,228 19,903

2017 Estimate 1,639 10,371 20,052

2010 Census 1,644 10,793 20,595

Income 1 Mile 3 Mile 5 Mile

2017 Est. Average Household Income

$35,181 $41,989 $51,075

Awarded All-American City

E c o n o m i c D e v e l o p m e n t s

The Etowah County Tourism Board has a new mission that will focus on bringing tourism to the Etowah County, primarily Gadsden. There is a large amount of leisure, cultural, historic, and recreational activities throughout the region that has been a hidden gem, until now.

With the amazing scenic views and outdoor activities, there are many different ways to explore Gadsden. There will be different water activities available to visitors along the Coosa River, as well as, guided tours through the Noccalula Falls. This will also bring attention to the many breweries and small businesses in the area.

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B i r m i n g h a m , A L

Also located in Jefferson County, Birmingham is the most populated city in Alabama. Being only 17 miles away from Hueytown, many of its residents travel to Birmingham for work. The town was originally created with the merging of three farm towns. It was mostly used for industrial services and was a main railroad transportation center. Over time, Birmingham grew and expanded into the beautiful city it is today.

While venturing its streets, you can find art and culture throughout the city. Birmingham Museum of Art is the largest art museum in the Southeast. Other museums include Birmingham Civil Rights Institute, Alabama Jazz Hall of Fame, and Southern Museum of Flight. Vulcan Park holds the world’s largest cast iron statue. It is a statue of Vulcan himself and was created for the 1904 St. Louis Exposition.

Another sight to see is Regions Field. Since Birmingham does not have any professional sports franchises, many residents cheer on the Birmingham Barons, who are the minor league team affiliate for the Chicago White Sox. Other sports teams include the University of Alabama at Birmingham Blazers. Their football and basketball programs have a large following.

$43,511Median Household Income

211,705Population

35.8Median Age

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The University of Alabama at Birmingham was founded as an extension of the University of Alabama in 1936. With 140 programs, UAB is one of

the leading universities in healthcare, business, and engineering. One of UAB’s largest accomplishments is the UAB Health System. It is one of the

largest academic medical centers within the United States. UAB Hospital is also a teaching hospital affiliated with the school. Being the only Level 1

trauma center in the area, it provides great experiences for their students.

The campus spans across 83 blocks in Birmingham. There are 12 different colleges/schools within the school. On average, the school holds around 10,000

undergraduate students with about 5,000 graduate students. The UAB has a lively student life with 150 different student organizations and twenty-two active

Greek Organizations.

U n i v e r s i t y o f A l a b a m a a t B i r m i n g h a m ( U A B )

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 T A T E M E N T :

This Offering Memorandum contains select information pertaining to the business and affairs of Panera Bread & Aspen Dental located at 508 E Meighan Blvd,Gadsden, AL 35903 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusiveor contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solelyfor the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person withoutthe written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part uponfinancial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express orimplied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respectthereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein andconduct their own due diligence.

By acknowledging your receipt of this Offering Memorandum for the Property, you agree:

1 . The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or

its contents in any fashion or manner detrimentalto the interest of the Seller.

Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers topurchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Propertyunless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge allmaterials relating to this Property including this Offering Memorandum.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection withthe sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no eventshall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respectiveofficers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketingor sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in thestate of affairs of the Property since the date this Offering Memorandum.

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E X C LU S I V E LY L I S T E D B Y

™

5 0 8 E M e i g h a n B l v d , G a d s d e n , A L 3 5 9 0 3

GARY CHOUFVP & Director

Gary.Chou@matthews.comDIR (310) 919-5827MOB (714) 928-8016LIC # 01911222 (CA)

Kyle MatthewsBroker of RecordLic # 110253 (AL)

P a n e r a B r e a d &

A s p e n D e n t a l

KEVIN CHANGAssociate

Kevin.Chang@matthews.comDIR (310) 919-5828MOB (951) 616-8918LIC # 01976724 (CA)