ACTUAL SITE

TA L L A H A S S E E

FLORIDA

SINGLETENANT

___________________

INVESTMENT OPPORTUNITY

(NYSE: DG)

EXCLUSIVELY MARKETED BY

JOE SCHUCHERT | FIRST VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

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

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

JIM SCHUCHERT | FIRST VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

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

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

Broker of Record: John Artope - FL License No. BK3172617

ACTUAL SITE

TABLE OF CONTENTS

4INVESTMENT SUMMARY

OFFERING SUMMARY | INVESTMENT HIGHLIGHTS

7PROPERTY OVERVIEW

AERIALS | SITE PLAN | LOCATION MAP

15AREA OVERVIEW

DEMOGRAPHICS

17FINANCIALS

RENT ROLL | BRAND PROFILE

ACTUAL SITE

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a Dollar General property located in Tallahassee, Florida. Built in 2008, the lease has approximately 9.25 years remaining in the current term with three (3) – five (5) year options at 10% rental increases. The NN lease has minimal landlord responsibilities that are limited to roof, parking lot & HVAC – all HVAC units were replaced in 2013. The lease is guaranteed by Dollar General Corp (NYSE: DG) with an investment grade credit rating of BBB from Standard & Poor’s.The subject property is strategically located on U.S. Route 27/Apalachee Parkway (four-lane highway) boasting traffic counts in excess of 17,900 vehicles per day. As the capital of Florida, Tallahassee is the site of the Florida State Capitol, Supreme Court of Florida, Florida Governor’s Mansion, and nearly 30 state agency headquarters. Tallahassee is also home to Florida State University, ranked the nation’s thirty-eighth best public university by U.S. News & World Report. The 5-mile trade area is supported by a dense growing population of more than 64,469 residents with an affluent average household income of $79,329.

4 | INVESTMENT SUMMARY | SRS NATIONAL NET LEASE GROUP .

INVESTMENT SUMMARY

ACTUAL SITE

PRICING: $1,300,000

NET OPERATING INCOME: $90,144

CAP RATE: 6.93%

GUARANTY: Corporate

TENANT: Dollar General

LEASE TYPE: NN+

LANDLORD RESPONSIBILITIES: Roof, Parking Lot, and HVAC

OFFERING

RENTABLE AREA: 9,014 SF

LAND AREA: 1.31 Acres

PROPERTY ADDRESS: 5460 Apalachee Parkway, Tallahassee, FL 32311

YEAR BUILT: 2008

PARCEL NUMBER: 4734-44-3647.000

OWNERSHIP: Fee Simple (Land and Building)

PROPERTY SPECIFICATIONS

5 | OFFERING HIGHLIGHTS | SRS NATIONAL NET LEASE GROUP .

ACTUAL SITE

OFFERING SUMMARY

INVESTMENT HIGHLIGHTSDOLLAR GENERAL CORPORATE GUARANTEED LEASE:

• 9.25 Years Remaining in the Current Lease Term• 2008 Construction – Standard Dollar General Prototype – 9,014 SF• Upgraded Façade – Stucco EIFS and Split Face w/ Front Columns• Three (3) – Five (5) Year Option Periods with 10% Rental Increases

NN LEASE | MINMAL LANDLORD RESPONSIBILITIES:• Landlord Responsibilities Limited to Roof, Parking Lot, and HVAC• All Four (4) HVAC Units Replaced in 2013 at Dollar General’s Expense• Tenant Responsible for the Entire Cost of Minor Repairs and Routine Maintenance of HVAC

Units – Minor Repairs are Defined as any Repairs Costing Less than $750.00 per Occurrence• Tenant is Required to Carry a Quarterly Maintenance Contract to Service the HVAC Units• Tenant Contributes $338.03 per Month ($4,056.36 per Year) as Tenant’s Sole Contribution

to Landlord for its Cost of Care and Maintenance of the Parking Lot

TALLAHASSEE, FLORIDA:• The State Capital of Florida – St. Augustine & Pensacola Competed to Become the State

Capital but Both Cities were Unable to Come to an Agreement, it was Then Decided to Locate the Capital in Tallahassee – a Point Between the Two Cities

• Located Just 25 Miles from the Gulf of Mexico and 14 Miles South of Georgia, Tallahasseeis Situated in the Florida Panhandle, with Convenient Access Provided by Four Major Highways: I-10, US 27, US 319 and US 90

• Tallahassee International Airport (TLH) – 732,235 Total Passengers in 2017 – 2.56% Increase from 2016

TENANT:• Dollar General (NYSE: DG) Features Investment Grade Credit “BBB” by S&P

Other Tenants with a “BBB” Credit Rating Include: AutoZone – AZO, FedEx – FDX, Walgreens – WBA, and Delhaize – DEG (Food Lion, Stop & Shop, Hannaford)

• 15,015 Stores Located in 44 States as of August 3, 2018• Ranked #123 on the Fortune 500 List – Up 5 Points From 128 Last Year (Dollar General

Has Moved up the Fortune 500 Ranking for the 10th Consecutive Year)

FLORIDA STATE UNIVERSITY:• Total Enrollment of 41,900 Students | 33,812 Undergraduate & 9,088 Graduate• In June 2017, the Florida State University Board of Trustees Approved a $1.7 Billion

Operating Budget• Ranked #38 Best Public University by U.S. News and World Report – Up from #43 in 2016• Ranked the Nation’s Eighty-First (81st) Best University by U.S. News and World Report• The Florida State University Foundation Manages an Endowment of More than $500

Million and Has Total Assets of $731 Million

PINEY Z LAKE – LOCATED DIRECTLY BEHIND THE SUBJECT PROPERTY:• 200-Acre Lake Providing Local Residents with Fishing, Paddling and Wildlife-Viewing

Opportunities Right in Their Own Backyard• Home to a Paddle Trail but Also Seven Designated Fishing Fingers• Visitors are Encouraged to Fish for Black Bass, Panfish and Catfish

TRADE AREA DEMOGRAPHICS:• 1-Mile

- 2,959 Residents | $85,502 Average Household Income- 0.85% Annual Growth (2010-2018) with Projected Annual Growth in Excess of 1.92% Over the Next 5 Years

• 3-Mile- 22,493 Residents | $86,206 Average Household Income- 1.09% Annual Growth (2010-2018) with Projected Annual Growth in Excess of 1.48% Over the Next 5 Years

• 5-Mile- 64,469 Residents | $79,329 Average Household Income- 0.87% Annual Growth (2010-2018) with Projected Annual Growth in Excess of 1.11% Over the Next 5 Years

6 | INVESTMENT HIGHLIGHTS | SRS NATIONAL NET LEASE GROUP .

ACTUAL SITE

7 | PROPERTY OVERVIEW | SRS NATIONAL NET LEASE GROUP .

PARCEL MAP

PROPERTY OVERVIEW

ACTUAL SITE

ACCESS

TRAFFIC COUNTS

IMPROVEMENTS

PARKING

YEAR BUILT

PARCEL

ZONING

Apalachee Parkway / U.S. Route 27: .................................................. 1 Access Point

Apalachee Parkway / U.S. Route 27: ......................................... 17,900 Cars Per DayU.S. Route 319: ........................................................................ 33,500 Cars Per Day

There is approximately 9,014 SF of existing building area.

There are approximately 33 parking spaces on the owned parcel. The parking ratio is approximately 3.66 stalls per 1,000 SF of leasable area.

2008

Parcel Number: 4734-44-3647.000 Acres: 1.31 Square Feet: 57,064

CP - Commercial Parkway

8 | PROPERTY PHOTOS | SRS NATIONAL NET LEASE GROUP .

ACTUAL SITE

17,900CARS PER DAY

Marc

h Rd.

Apalachee Parkway / U.S. Route 27

33,500CARS PER DAY

8,800CARS PER DAY

Apalachee Parkway / U.S. Route 27

Swift Creek Middle School

(724 Students)

Apalachee Elementary School

(621 Students)

Conner Blvd.

17,900CARS PER DAY

U.S. Route 319

44,500CARS PER DAY

57,700CARS PER DAY

29,100CARS PER DAY

17,900CARS PER DAY

Tallahassee International Airport (732,235 Passengers in 2017)

Seminole Golf Course and Club

Florida A&M University

(8,024 Students)

Capital City Country Club

Hilaman Golf Course

The Centre of Tallahassee

Governor’s Square

SouthWood Golf Club

Florida State University

(41,900 Students)

Florida Departments of

Health & Revenue

Florida State University

(41,900 Students)

Interstate 10

State Highway 263

State Highway 371

U.S. Route 319 / State Highway 261

U.S. Route 90 / State Highway 10

Apalachee Parkway / State Highway 27

APALACHEE PKWY / U.S. HIGHWAY 27 - 17,900 VPD

PYLON SIGN

TALLAHASSEE

2018 ESTIMATED POPULATION1 Mile ........................................................... 2,959 3 Mile ......................................................... 22,4935 Mile ......................................................... 64,469

2018 AVERAGE HOUSEHOLD INCOME1 Mile ........................................................$85,502 3 Mile ........................................................$86,2065 Mile ........................................................$79,329

2018 ESTIMATED TOTAL EMPLOYEES1 Mile .............................................................. 4313 Mile ........................................................... 8,5205 Mile ......................................................... 52,326

Tallahassee, FloridaTallahassee is the capital of Florida and it is a seat of Leon County. It is situated in the central part of the state’s northern panhandle region about halfway between Pensacola (west) and Jacksonville (east). Geographically, Tallahassee is close to both the Gulf of Mexico, a mere twenty miles to the south, and to Georgia, fourteen miles to the north. The Capital City shares a deep-rooted history and culture with ample doses of fun and authenticity. A fusion of cosmopolitan flair and Southern charm defines the city. The City of Tallahassee is the 7th largest city in Florida with a population of 190,760 as of July 1, 2017.

Tallahassee is a trade and distribution point for the surrounding lumbering, agriculture, and livestock region; printing and publishing and the manufacture of electronic equipment and metal products are also of some importance. It is recognized as a regional center for scientific research, and is home to the National High Magnetic Field Laboratory, the largest and highest-powered magnet research laboratory in the world.

Tallahassee is a high technology center and is sometimes referred to as “Silicon Valley South.” Institutions such as Innovation Park/Tallahassee, affiliated with Florida A&M University and Florida State University, and Smart Park, a privately owned 130-acre fiber-optic research center, place Tallahassee on the cutting edge of technology. The city boasts that it is the most wired community in the country.

Tallahassee has the mild, moist climate characteristic of the Gulf States, and experiences a subtropical summer similar to the rest of Florida. In contrast to the Florida peninsula, however, the panhandle, of which Tallahassee is a part, experiences four seasons. The city is served by Tallahassee International Airport. Tallahassee International Airport (TLH) is served by three major airlines, enabling travelers to fly to virtually every major destination in the world. These carriers include: American, Delta and Silver Airways.

The city’s local attractions include the Tallahassee Museum of History and Natural Science, the Museum of Florida History, and the Columns (1830), the city’s oldest building. The annual month-long Springtime Tallahassee (March–April) commemorates the city’s founding. Apalachicola National Forest borders Tallahassee on the southwest; on the city’s northern edge are Alfred B. Maclay State Gardens and Lake Jackson Mounds State Archaeological Site. Also nearby to the south are Edward Ball Wakulla Springs State Park and, on Apalachee Bay, St. Marks National Wildlife Refuge. Inc. 1825.

15 | AREA OVERVIEW | SRS NATIONAL NET LEASE GROUP .

AREA OVERVIEW

16 | AREA DEMOGRAPHICS | SRS NATIONAL NET LEASE GROUP .

AREA DEMOGRAPHICSDEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2018 Estimated Population 2,959 22,493 64,4692023 Projected Population 3,254 24,204 68,1292010 Census Population 2,760 20,575 60,033Projected Annual Growth 2018 to 2023 1.92% 1.48% 1.11%Historical Annual Growth 2010 to 2018 0.85% 1.09% 0.87%

2018 Estimated Households 1,288 8,870 27,7342023 Projected Households 1,415 9,537 29,1592010 Census Households 1,221 8,199 26,260Projected Annual Growth 2018 to 2023 1.90% 1.46% 1.01%Historical Annual Growth 2010 to 2018 0.65% 0.96% 0.66%

2018 Estimated White 55.68% 60.53% 60.69%2018 Estimated Black or African American 31.02% 25.23% 28.38%2018 Estimated Asian or Pacific Islander 9.36% 9.01% 6.10%2018 Estimated American Indian or Native Alaskan 0.27% 0.40% 0.34%2018 Estimated Other Races 0.71% 1.37% 1.09%2018 Estimated Hispanic 4.77% 7.72% 6.31%

2018 Estimated Average Household Income $85,502 $86,206 $79,3292018 Estimated Median Household Income $72,107 $67,783 $59,1482018 Estimated Per Capita Income $35,117 $34,455 $34,642

2018 Estimated Total Businesses 49 653 3,2192018 Estimated Total Employees 431 8,520 52,326

RENT ROLL

17 | RENT ROLL | SRS NATIONAL NET LEASE GROUP .

LEASE TERM RENTAL RATES

TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONSDollar General 9,014 1/12/2007 2/29/2028 Current - $7,512 $0.83 $90,144 $10.00 NN 3 (5-Year)

(Corporate) Opt. 1: $99,144

Opt. 2: $109,056

Opt. 3: $119,964

FINANCIAL INFORMATION PROPERTY SPECIFICATIONS

ACTUAL SITE

Price: ..................................................................................................................................$1,300,000Net Operating Income: ............................................................................................................$90,144Cap Rate: ....................................................................................................................................6.93%Lease Type:..................................................................................................................................... NN

Year Built: .....................................................................................................................................2008Rentable Area: ........................................................................................................................ 9,014 SFLand Area: ........................................................................................................................... 1.31 AcresAddress: ....................................................................5460 Apalachee Parkway, Tallahassee, FL 32311

For financing options and loan quotes, please contact our SRS Debt & Equity team at debtequity-npb@srsre.com.

DOLLAR GENERALDollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. Dollar General operated 14,761 stores in 44 states as of May 4, 2018. 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. Dollar General Corporation was founded in 1939.

18 | BRAND PROFILE | SRS NATIONAL NET LEASE GROUP .

BRAND PROFILE

ACTUAL SITE

Company Type: ...............................................................Public (NYSE: DG)2018 Employees: ............................................................................129,0002018 Revenue: ......................................................................$23.47 Billion2018 Net Income: ....................................................................$1.54 Billion2018 Assets: ..........................................................................$12.52 Billion2018 Equity: ............................................................................$6.13 BillionCredit Rating: ................................................................................ S&P: BBBCredit Rating: ....................................................................... Moody’s: Baa2

1000+PROPERTIES CURRENTLY

REPRESENTED

$2.6B*TRANSACTION VALUE

600+CLIENTS REPRESENTED

IN 2016

250+BROKERS,

PROFESSIONALS,AND STAFF

#1LARGEST REAL ESTATE FIRM

EXCLUSIVELY DEDICATED TO RETAIL SERVICES IN NORTH AMERICA

20+OFFICES

*STATISTICS ARE FOR 2017.

SRS GLOBAL STATS

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.

ACTUAL SITE