Offering Memorandum

$4,750,000Investment Details

New 20 year NNN ground lease to commence upon completion of construction

Ground lease includes gas depot New 2017 construction Scheduled for delivery early

November 2017 10% rent escalations every ten

years to hedge against inflation Standard & Poor’s AA rated

tenant, guaranteed by WalMartInc – Corporate guarantee

Actual Site Photo

898 South 2550 East, Spanish Fork, Utah 84660

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by theparty receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus &Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish onlya preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for thesubject property, the future projected financial performance of the property, the size and square footage of the property and improvements, thepresence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition ofthe improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancyof the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however,Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of theinformation provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is aservice mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. Thepresence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporationof Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely includedfor the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY AND ONLY FIRST BY OBTAINING TENANTS PERMISSION.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

WALMART NEIGHBORHOOD MARKETSpanish Fork, UTACT ID Y0121300

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TENANT OVERVIEW

Parent Company: Wal-Mart Stores, Inc

Corporate Guaranteed Lease: Wal-Mart Stores, Inc

Public Ownership: NYSE:WMT

Walmart is the world’s largest retailer and employer with 11,000 +/- stores worldwide

Headquarters – Bentonville, AK

Website – www.Walmart.com

Walmart Neighborhood Markets (WNM) was designed in 1998 as a smaller foot print option for communities in need of a pharmacy, affordable groceries and generalmerchandise. Each store is approximately 38,000 +/- square feet and employs up to 95 associates. WNM offer fresh produce, meat an dairy products, bakery and deli items,household supplies, health and beauty aids and a pharmacy. The Walton family still owns 51% of Walmart stock. Walmart is the world’s largest retailer and employer. With fiscalyear 2016 net sales net sales of $485.2 billion, Walmart employs 2.3 million associates worldwide and 1.4 million associates in the United States alone. Walmart is known forits low pricing and wide selection of goods. Each week, more than 245 million customers and members visit nearly 11,000 Walmart stores under 65 banners in 28 countries ande-commerce websites in 11 countries.

Standard & Poor’s AA rated Standard & Poor’s 100 Standard & Poor’s 500

TENANT INFOSITE PHOTO

CLICK HERE

Other concepts / Divisions of Walmart: Sam’s Club Asda Amigo Supermarkets Vudu

Massmart Moosejaw Modcloth

Future Retail Development

#

Walmart Stores, Inc.

CREDIT RATING: A2 www.fdreports.com | www.creditntell.com | April 30, 2017

PROPERTY NAME

General Information

Address 702 S.W. 8th Street , Bentonville, Arkansas, 72716, United States

Phone 479-273-4000

Website www.walmartstores.com

Store BaseStore Count 11,723

TTM Sales $486,976,000,000

Key PersonnelChief Executive Officer & President Doug McMillon

CFO & EVP M. Brett Biggs

Chairman Greg Penner

Financial MarketsStock Ticker WMT

Current Price $79.86 as of 9/13/17

52 Week High/Low $81.99 / $65.28

Overview

Price $4,750,000

Gross Leasable Area 48,762 + GAS 763 SF = 49,525

Lot Size 6.36 acres

Net Operating Income $190,000

CAP Rate 4.00%

Year Built 2017

Lease Abstract

Lease Type NNN Ground Lease

Lease Term 20 years

Lease Start estimated 11/1/2017**

Renewal Options 6x5

Increases 10% every 10 years & written into lease during options

Roof and Structure Tenant

THE OFFERINGMarcus & Millichap is pleased to announce the exclusive right to list for sale the within Walmart Neighborhood Market. Offering a passive investor theopportunity to purchase a newly constructed ground lease with the world’s largest employer and retailer. A true sleep at night passive investment, on a new20 year NNN lease with rental escalations every ten years and option periods. With 211 parking spaces.

Years Rent

Years 1-10 $190,000

Years 11-20 $209,000

Option 1 $219,450

Option 2 $230,422

Option 3 $241,943

Option 4 $254,040

Option 5 $266,742

Option 6 $280,079

** Lease start date subject to construction completion

Church of Latter Day

Saints

Maple Mountain

High School

Sierra Bonita Elementary

Church of Latter Day

Saints

Church of Latter Day

Saints

Church of Latter Day

Saints

Future Retail Development

MAJOR EMPLOYERS

E M P L O Y E R# O F

E M P L O Y E E S *

Klune Industries Inc 383Olsons Greenhouse Gardens Inc 350Utah County Sheriff Department 300

Walmart 300New Hven Rsidential Trtmnt Ctr 285

Nebo School District 261Natures Sunshine 250

Sunroc 240Costco Wholesale Corporation 202Longview Fibre Ppr & Packg Inc 200Maple Mountain Enterprises Inc 200

Neways Inc 200

DEMOGRAPHICS

OVERVIEWPROVO-OREM

The Provo-Orem metro is formed of Utah and Juab counties and

has a population of 590,000. The metro is located at the

southern end of the Wasatch Front, around 40 miles south of Salt

Lake City. The Wasatch Mountains provide vistas to the east,

while Toole County lies to the west. Provo is the largest city in the

metro with roughly 120,000 residents, followed by Orem.

The region’s economy has shifted toward high-tech, computer-related businesses over the past two decades, supported by companies such as Adobe, Oracle, Micro Focus and Sento Corp.

Education remains an economic driver, with Utah Valley University and Brigham Young University enrolling more than 25,000 students each.

Provo is home to the largest Missionary Training Center for the Church of Jesus Christ of Latter-day Saints, which supports a large resident base.

24.42016

MEDIAN AGE:

$62,400 2016 MEDIAN

HOUSEHOLD INCOME:

DEMOGRAPHICS

U.S. Median:

37.7U.S. Median:

$57,200

590K2016

POPULATION:

Growth2016-2021*:

10.6%

163K2016

HOUSEHOLDS:

10.7%

Growth2016-2021*:

ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

DIVERSIFYING ECONOMYThe local economy has shifted toward technology-related companies during recent decades.

HIGHLY EDUCATED WORKFORCEMore than 36 percent of residents age 25 and older hold a bachelor’s degree, including 11 percent who also have earned a professional or graduate degree.

INTERSTATE NETWORK AND INFRASTRUCTUREInterstate 15 connects the metro to the rest of the Wasatch Front; U.S. 89 and U.S. 189 are other major arteries.

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AREA DESCRIPTION

MARKETING TEAM

PROPERTY NAME

CREATED ON SEPTEMBER 13, 2017

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEWALMART NEIGHBORHOOD MARKET

PRICING AND VALUATION MATRIX

PROPERTY NAMEWALMART NEIGHBORHOOD MARKET

DEMOGRAPHICS

1 Miles 3 Miles 5 Miles

POPULATION2021 Projection 15,160 46,543 90,218

2016 Estimate 12,523 40,963 80,408

2010 Census 10,879 36,234 71,253

2000 Census 4,174 21,829 46,626

INCOMEAverage $82,797 $77,784 $77,846

Median $73,553 $65,865 $64,332

Per Capita $19,736 $20,952 $21,538

HOUSEHOLDS2021 Projection 3,637 12,471 24,813

2016 Estimate 2,981 11,011 22,169

2010 Census 2,551 9,644 19,423

2000 Census 966 6,019 12,928

HOUSING2016 $231,704 $215,697 $217,274

EMPLOYMENT2016 Daytime Population 7,867 32,594 71,574

2016 Unemployment 4.29% 4.36% 3.76%

2016 Median Time Traveled 22 22 22

RACE & ETHNICITYWhite 90.61% 90.95% 91.27%

Native American 0.86% 0.72% 0.62%

African American 0.44% 0.40% 0.45%Asian/Pacific Islander 0.88% 0.68% 0.62%

DEMOGRAPHICS

N E T L E A S E D D I S C L A I M E R

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and willnot verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee,warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information beforecompleting any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus &Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performanceof this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine toyour satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legaland financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is nota guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set basedon a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and anyguarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or inwhole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conductinghis/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating areplacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potentialreplacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost,expense, or liability arising out of your investigation and/or purchase of this net leased property.

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898 South 2550 East, Spanish Fork, Utah 84660

EXCLUSIVELY REPRESENTED BY:

Lior RegenstreifSenior Managing Director InvestmentsSenior Director Net Leased Properties Group

16830 Ventura Blvd., Suite 100Encino, CA 91436818.907.9525 DirectE-mail: Lior.Regenstreif@MarcusMillichap.com

IN STATE BROKER OF RECORD:

Gary Mangum36 S State St., Suite 2650Salt lake City, UT 84111801.736.2600 Direct

E-mail: Gary.Mangum@MarcusMillichap.com