24+ YEAR TERM$3,157,895 4.75% CAP RATEWICHITA, KANSAS

ACTUAL PROPERTY

OFFERING MEMORANDUM

WENDY’S / WICHITA, KANSAS 1

WENDY’S / WICHITA, KANSAS 2

PRICE: $3,157,895

CAP RATE: 4.75%

ANNUAL INCOME: $150,000

LEASE TERM: 24+ YEARS

FRANCHISEE: COTTI FOODS MIDWEST, INC.

• 24+ Year Lease Term • Rebuilt from the Ground Up• Completed June 2020• Absolute NNN Ground Lease• Strong operator: 194 units in 6 states • Exceptional presence in local market - over 38

Years at this location• Healthy Rent to Sales Ratio• Essential Business

• 24+ Year Lease Term: Absolute NNN Ground Lease with a 24+ Year Term commenced July 6, 2020

• Tremendous hedge against inflation: 10% rent increases every 5 years

• Proven operator: The executive leadership of the franchisee operator collectively have over 200 years experience in the fast food restaurant industry.

• High visibility location: Located along one of the major retail corridors in the market and within proximity to several major employers.

• National brand: Wendy’s is the #2 hamburger chain in the U.S. providing excellent brand awareness to consumers.

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INVESTMENT SUMMARY INVESTMENT HIGHLIGHTS

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WENDY’S / WICHITA, KANSAS 3

EXCELLENT REAL ESTATE FUNDAMENTALSNew Wendy’s Prototype: Rebuilt from the Ground Up per Wendy’s latest branding and design specifications and costing +$1.5M was completed in June 2020. Dominate local presence: Wendy’s has been successfully operating at this location over 38 years. This is a high profile outparcel along a major retail corridor in close proximity to national retailers, large area employers, numerous local schools and Wichita State University.

IDEAL 1031 CANDIDATENational brand: #2 hamburger chain in the U.S.Long term lease: 24+ year leaseZero landlord responsibilities: Tenant self maintains property and pays taxes and insurance directlyFree & clear delivery: Property being sold free and clear of any existing debt

SECURE, LONG-TERM INVESTMENT Limited ownership responsibility: Zero landlord obligations. Tenant maintains the property and pays all real estate and insurance obligations directly. Low occupancy costs: Strong unit sales and a healthy rent-sales ratio provide assurance that this unit will continue to provide long term security with high level of renewal probability. Automatic rent increases: 10% rent increases every five years throughout the initial 24+ year term and all 5 year option periods, providing investors a tremendous hedge against inflation.

INVESTMENT HIGHLIGHTS

ACTUAL PROPERTY

WENDY’S / WICHITA, KANSAS 4

Wichita, Kansas has been nationally ranked #1 as “The Best City for Homeownership” and “Best City to Raise a Family”. One of the fastest growing communities in Kansas for the last 10 years, Wichita has seen its population explode with a growth rate of 90% since 2000.

Wichita, the largest city in Kansas, is the county seat of Sedgwick County. Major highways, including the Kansas Turnpike, US 400 and Interstate I-135, link the city with a large trade area that encompasses a population of more than one million people within a 100-mile radius.

Wichita was originally known for being a cradle of beef and agriculture production, but has since become a home to numerous service providers to the regions many oil companies, manufacturering and logistic facilities and widely recognized as the “Air Capital of the World”. The Wichita area has been a leading producer of general aviation and commercial aircraft and is home to several aviation manufacturers and support facilities including:

SNAPSHOT: WICHITA

ACTUAL PROPERTY

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REGIONAL MAP

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ZONINGC-3 (Retail)

LOCATION2120 N. Woodlawn StreetWichita, KS 67208

SITEWendy’s is located at SEQ of Woodlawn S. and East 21st St. Intersection

LAND AREAProperty consists of approx. 0.83 Acres (+/-36,155 SF)

BUILDING AREAProperty consists of a restaurant building approx. +/-2,759 SF

PARKINGWendy’s has approx. 48 dedicated parking spaces, providing a ratio of 17.4 spaces per 1,000 SF

COUNTYSedgwick

TRAFFIC COUNTSN. Woodlawn Blvd: 23,000 VPDE. 21st Street North: 25,000 VPD

BUILTNew ground up construction was completed in 1982. Rebuilt from the Ground Up in 2020.

PROPERTY KEY FACTS

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SITE PLAN

®

EAST 21ST ST. N. (25,000 VPD )

N. WOODLAWN BLVD (23,000 VPD )

BIOMAT US AMEDICAL CENTER

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AERIAL

BRICKSTON EAT WOODLAWN

THE LANDIN GAT WOODLAWN

TOWER

WENDY’S / WICHITA, KANSAS 9

PHOTOS

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PHOTOS

ACTUAL PROPERTY

ACTUAL PROPERTY

WENDY’S / WICHITA, KANSAS 11

TICKER SYMBOL: WEN (NASDAQ)S&P RATING: B+ (STABLE)LOCATIONS: +/- 6,500HEADQUARTERS: DUBLIN, OHWEBSITE: WWW.WENDYS.COMYEAR FOUNDED: 1969

TENANT: COTTI FOODS MIDWEST, INC.PUBLIC/PRIVATE: PRIVATE (FAMILY OWNED)LOCATIONS: 47HEADQUARTERS: RANCHO SANTA MARGARITA, CACotti Foods Midwest, Inc. is one of six family owned Cotti Foods companies that collectively operate 194 restaurants in 6 states. As of June 2020, the companies operate 85 Taco Bell restaurants in California, 105 Wendy’s restaurants in California, Hawaii, Kansas, Missouri, Oklahoma and Texas, and 4 Pieology restaurants.

The Executive Management Team of Cotti Foods collectively has over 200 years of experience in the fast-food industry. The six family owned companies are based in Rancho Santa Margarita, California and employ over 6,000 people.

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TENANT TRADE NAME WENDY'S

FRANCHISEE OPERATOR COTTI FOODS MIDWEST, INC.

TENANT COTTI FOODS MIDWEST, INC.

TYPE OF OWNERSHIP FEE SIMPLE (LAND ONLY)

LEASE TYPE GROUND LEASE (ABSOLUTE NNN)

INITIAL LEASE TERM 24+ YEARS

TERM REMAINING(AT CLOSING DATE) 24+ YEARS

LEASE COMMENCEMENT DATE JULY 6, 2020

LEASE EXPIRATION DATE JUNE 30, 2045

RENEWAL OPTIONS FOUR (4), 5 YEARS EACH

RENT ESCALATIONS 10% EVERY 5 YEARS, INCLUDING OPTIONS

ROOF & STRUCTURE TENANT RESPONSIBILITY

REAL ESTATE TAXES TENANT RESPONSIBILITY (PAYS DIRECTLY)

INSURANCE TENANT RESPONSIBILITY (PAYS DIRECTLY)

HVAC TENANT RESPONSIBILITY

CAM TENANT RESPONSIBILITY

REPAIRS & MAINTENANCE TENANT RESPONSIBILITY

TERMINATION RIGHT NONE

LEASE SUMMARY

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PROPERTY NAME: WENDY'S

PROPERTY ADDRESS: 2120 N. WOODLAWN STREETWICHITA, KS 67208

COUNTY: SEDGWICK

YEAR BUILT: 2020

GROSS LEASABLE AREA (GLA): APPROX. 2,759 SF

LOT SIZE: APPROX. 36,155 SF (0.83 ACRES)

PROPERTY DETAILS

RENT SCHEDULE

PERIOD MONTHLY RENT

ANNUAL RENT

CAP RATE

YRS 1-5 INITIAL TERM $12,500.00 $150,000 4.75%

YRS 6-10 INITIAL TERM $13,750.00 $165,000 5.22%

YRS 11-15 INITIAL TERM $15,125.00 $181,500 5.75%

YRS 16-20 INITIAL TERM $16,637.50 $199,650 6.32%

YRS 21-24+ INITITIAL TERM $18,301.25 $219,615 6.95%

OPTION 1 $20,131.38 $241,577 7.65%

OPTION 2 $22,144.51 $265,734 8.41%

OPTION 3 $24,358.96 $292,308 9.26%

OPTION 4 $26,794.86 $321,538 10.18%

ACTUAL PROPERTY

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CORPORATE OFFICE2100 W. 7th Street

Fort Worth, Texas 76107817.732.4000TRIP GREEN

Sr. VP - Investment Sales817.377.7763tgreen@woodmont.com

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Addison, Texas 75001214.824.6091

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GRANT GARYPresident - Brokerage Services817.377.7755ggary@woodmont.com

CONFIDENTIALITY & DISCLOSURE

The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of enclosed property and is not to be used for any other purposes. This information should not, under any circumstances, be photocopied or disclosed to any third party without written consent of The Woodmont Company or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Property Owner (“Owner”) in connection with the sale of the Property is The Woodmont Company, and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to The Woodmont Company.

Neither The Woodmont Company nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by The Woodmont Company with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, The Woodmont Company and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase and Sale Agreement between it and Owner. The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or The Woodmont Company, nor any of their officers, employees, representatives, independent contractors, or affiliates, for the accuracy or completeness thereof. Recipients of the Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate discussions with any entity at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release Owner and The Woodmont Company from any liability with respect hereto.

INVESTMENT ADVISORS