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SINGLE TENANT INVESTMENT OPPORTUNITY

BARSTOW, CA

EXCLUSIVELY MARKETED BY

This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

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JIM SCHUCHERT | SENIOR ASSOCIATESRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660DL: 949.270.8204 | M: 310.971.3892

Jim.Schuchert@srsre.com | CA License No. 01969414

JOE SCHUCHERT | SENIOR ASSOCIATESRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660DL: 949.629.4540 | M: 310.971.3116

Joe.Schuchert@srsre.com | CA License No. 01973172

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4INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTS

6PROPERTY OVERVIEW

PARCEL MAPAERIALS

SITE PLAN LOCATION MAP

11AREA OVERVIEW

CITY OVERVIEWDEMOGRAPHICS

13FINANCIALS

RENT ROLL PRICING SUMMARYTENANT OVERVIEW

SRS National Net Lease Group to offer the rare opportunity to acquire the fee simple interest (land and building) in a newer construction Dollar General property located in Barstow, California. The building is newer construction (2013) and has major architectural upgrades from Dollar General’s standard prototype. The lease has approximately 11 years remaining in the initial term with 2 (5-year) options at 10% rental increases; providing investors with a hedge against inflation. The lease is guaranteed by Dollar General Corp. (NYSE: DG | S&P BBB), and is absolute NNN with zero landlord responsibilities, ideal for a passive investor.

The subject property is strategically located at the hard corner intersection of Otis Ave and Main Street (12,000 VPD), the primary thoroughfare in the city. Barstow is the closest city to the Fort Irwin National Training Center which serves as the Army’s premier training center with a population in excess of 8,982. The property features great visibility and has multiple access points from both Main St and Otis Ave. The site will service a population of more than 31,000 with an average household income of $59,000 in a 10-mile radius.

5 / DOLLAR GENERAL / LARIMORE, NORTH DAKOTA INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP

INVESTMENT SUMMARY OFFERING

PRICING $2,315,590

NET OPERATING INCOME: $141,251

CAP RATE: 6.10%

GUARANTY: Corporate

CREDIT RATING: S&P: BBB

LEASE TYPE: Abs. NNN

LANDLORD RESPONSIBILITIES: None

PROPERTY SPECIFICATIONS

RENTABLE AREA: 9,000 SF

LAND AREA: 1.16 Acres

PROPERTY ADDRESS: 300 W. Main Street, Barstow, CA 92311

YEAR BUILT: 2013

PARCEL NUMBER: 0182-121-16-0000

OWNERSHIP: Fee Simple (Land and Building)

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5 / DOLLAR GENERAL / BARSTOW, CALIFORNIA INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP

6 / DOLLAR GENERAL / LARIMORE, NORTH DAKOTA INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP

INVESTMENT HIGHLIGHTS

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6 / DOLLAR GENERAL / BARSTOW, CALIFORNIA INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP

PROPERTY DETAILS:• Long Term Corporately Guaranteed Lease - 11 Years Remaining on Absolute NNN

Lease with Two (2) – Five (5) Year Options to Renew • Upgraded Construction Building – Major Architectural Upgrades• Extremely Passive Investment – Zero Landlord Responsibilities• Inflation Protected Lease Structure – Attractive 10% Rental Increases at Each Option

Period Provides Investors with a Hedge against Inflation

LOCATION:• Closest City to the Fort Irwin National Training Center – Continues to Serve as the

Army’s Premier Training Center with a Population in Excess of 8,982• Strong Consumer Demographics – Over 31,000 Residents and 10,000 Employees

Support the Immediate Trade Area• Excellent Street Visibility and Street Frontage - Located on the Main Thoroughfare in

Town Boasting Traffic Counts in Excess of 12,000 VPD• Multiple Points of Access – Strategically Located at the Hard Corner Intersection of

Otis Ave and Main Street; Access Points on Both Streets• Highly Visited Location – Subject property is Located in a Retail Corridor that Includes

Tenants: Walmart, McDonald’s, Carl’s Jr, Vons, O’Reilly Auto Parts, Del Taco, AutoZone, IHOP, Home Depot, Panda Express and Burger King

TENANT:• Strong Investment Grade Credit Tenant – Dollar General is a Fortune 200 Company

with a Market Cap of $22.41 Billion• S&P Credit Rating (BBB) – Only Dollar Store Retailer with an Investment

Grade Credit Rating• Long Term History of Same-Store Sales Growth – 2016 Marked the Company’s 27th

Consecutive Year • High Growth Tenant – Dollar General Continues to Aggressively Expand Their National

Footprint with Plans to Continue Expansion Over the Next 5 Years

ACCESSThere are two (2) access points with one (1) along Main Street / Business Loop 15 and one (1) along Otis Avenue.

TRAFFIC COUNTSMain Street / Business Loop 15: .............................................12,000 VPD

IMPROVEMENTSThere is approximately 9,000 SF of existing building area.

PARKINGThere are approximately 45 parking spaces on the owned parcel. The parking ratio is approximately 5 stalls per 1,000 SF of leasable area.

YEAR BUILT2013

PARCELParcel Number: 0182-121-16-0000 Acres: 1.16 Square Feet: 50,526

ZONINGCommercial

PROPERTY OVERVIEW

PARCEL MAP

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7 / DOLLAR GENERAL / BARSTOW, CALIFORNIA PROPERTY OVERVIEW / SRS NATIONAL NET LEASE GROUP

12,000CARS PER DAY

N

12,000CARS PER DAY

N

Rosita's Restaurant

MAIN ST.

OTIS AVE

N

BARSTOW

2016 ESTIMATED POPULATION1 Mile ........................................................... 7,036 3 Mile ......................................................... 26,9655 Mile ......................................................... 31,310

2016 AVERAGE HOUSEHOLD INCOME1 Mile ........................................................$45,761 3 Mile ........................................................$59,470 5 Mile ........................................................$59,132

2016 ESTIMATED TOTAL EMPLOYEES1 Mile ........................................................... 3,296 3 Mile ........................................................... 8,3845 Mile ........................................................... 9,854

SAN BERNARDINO

VICTORVILLE

60 MINUTE DRIVE DIRECT TO FORT IRWIN DOWNTOWN

FORT IRWIN

N

The City of Barstow, incorporated in 1947, is located in the northern part of the County of San Ber-nardino. The City of Barstow currently occupies a land area of about 40 square miles and serves a population of over 24,000.

Major industries located within the government’s boundaries or in close proximity include major military installations including both military and civilian personnel; national defense contractors; transportation and rail firms; and numerous educational and financial institutions. At this time, City management remains optimistic the economy is continuing to improve as evidenced in the growth.

Public education is provided by Barstow Unified School District and has eight elementary schools, one intermediate school, one middle school, one junior high school, two high schools and one adult evening school. There are two private elementary schools within the community as well.

Barstow Community College offers community college courses for those seeking to go onto a four-year degree program as well as those seeking further education in trade-specific fields.

The City of Barstow prides itself as the “Crossroads of Opportunity” with easy access to major freeways, ample affordable land, minimal pollution, and a business-friendly environment. With Interstates 15 and 40, and highways 58 and 247 all converging in Barstow, the city is a major transportation corridor with more than 60 million people in 19 million vehicles traveling through Barstow each year. The city is home to an Amtrak depot at its Historic Harvey House.

The nearest major airport is LA/Ontario International Airport (ONT / KONT). This airport has interna-tional and domestic flights from Ontario, California and is 77 miles from the center of Barstow, CA. Another major airport is Palm Springs International Airport (PSP / KPSP), which has international and domestic flights from Palm Springs, California and is 110 miles from Barstow, CA.

Barstow has a number of museums: Mojave River Valley Museum, Route 66 Mother Road Museum, the Western America Rail Museum, and the Desert Discovery Center. The Old Woman meteorite, the largest meteorite found in California and the second largest in the United States, is housed in the Desert Discovery Center.

Barstow has two main parks: the Barstow Skate Park, a 12,000 square-foot skate park, and the Robert A. Sessions Memorial Sports park, which includes six lighted ball fields, three soccer fields, volleyball courts, batting cages as well as basketball courts. The Robert A. Sessions Memorial Sports park also plays host to regional softball tournaments.

AREA OVERVIEW OF BARSTOW

12 / DOLLAR GENERAL / BARSTOW, CALIFORNIA AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

AREA OVERVIEW (CONTINUED)

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2016 Estimated Population 7,036 26,965 31,3102021 Projected Population 7,166 27,838 32,5622010 Census Population 6,955 26,512 30,745Projected Annual Growth 2016 to 2021 0.37% 0.64% 0.79%Historical Annual Growth 2010 to 2016 0.19% 0.27% 0.29%

2016 Estimated Households 2,568 9,482 10,8912021 Projected Households 2,599 9,736 11,2542010 Census Households 2,568 9,416 10,801Projected Annual Growth 2016 to 2021 0.24% 0.53% 0.66%Historical Annual Growth 2010 to 2015 0.00% 0.11% 0.13%

2016 Estimated White 46.40% 52.40% 53.30%2016 Estimated Black or African American 16.10% 12.50% 11.70%2016 Estimated Asian or Pacific Islander 2.10% 3.40% 3.20%2016 Estimated American Indian or Native Alaskan 2.20% 2.10% 2.20%2016 Estimated Other Races 23.20% 20.30% 20.60%2016 Estimated Hispanic 49.10% 46.90% 47.00%

2016 Estimated Average Household Income $45,761 $59,470 $59,132 2016 Estimated Median Household Income $32,033 $46,376 $46,355 2016 Estimated Per Capita Income $17,547 $21,494 $21,200

2016 Estimated Total Businesses 402 870 9862016 Estimated Total Employees 3,296 8,384 9,854

13 / DOLLAR GENERAL / BARSTOW, CALIFORNIA AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

FINANCIAL INFORMATION PROPERTY SPECIFICATIONS

Price: .......................................................................................................................................$2,315,590Net Operating Income: ...............................................................................................................$141,251Cap Rate: ........................................................................................................................................ 6.10%Lease Type:................................................................................................................................Abs. NNN

Year Built: ......................................................................................................................................... 2013Rentable Area: .............................................................................................................................9,000 SFLand Area: ................................................................................................................................ 1.16 AcresAddress: ...................................................................................... 300 W. Main Street, Barstow, CA 92311

RENT ROLL

LEASE TERM RENTAL RATES

TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONSDollar General 9,000 2/1/2013 2/29/2028 Current - $11,771 $1.31 $141,251 $15.69 Absolute NNN 2 (5-Year)

Corporate Guaranty Opt 1: $155,376/Yr

Opt 2: $170,914/Yr

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DOLLAR GENERALDollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. As of October 28, 2016, it operated 13,205 stores located in 43 states. It competes in the dollar store format with national chains Family Dollar and Dollar Tree, regional chains such as Fred’s in the Southeast, and numerous independently owned stores. In addition to high quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo.

Company Type: .................... Public (NYSE: DG)2016 Employees: ................................. 113,4002016 Revenue: ............................$20.37 Billion2016 Net Income: ........................ $1.17 Billion

2016 Assets: ................................$11.26 Billion2016 Equity: ................................. $5.38 BillionRanking: ...... #139 in FORTUNE 500 (June 2016)

TENANT PROFILE

14 / DOLLAR GENERAL / BARSTOW, CALIFORNIA RENT ROLL / SRS NATIONAL NET LEASE GROUP

500+PROPERTIES CURRENTLY

REPRESENTED

600+CLIENTS REPRESENTED

IN 2014

$180M+HOW MUCH CLIENTS

SAVED IN 2014

20+OFFICES

280+BROKERS,

PROFESSIONALS,AND STAFF

$1.8B*TRANSACTION VALUE

*STATISTICS ARE FOR 2015.

SRS GLOBAL STATS

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