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new 20-year NNN ground leaseFLOURISHING HIGH-GROWTH ORLANDO SUBURBSWC of E Semoran Blvd and Balmy Beach Drive, Apopka, FL

Walmart neighborhood market AND GAS - ground lease

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REntABLE SF . . . . . . . . . . . 273,991 SF Land (Ground Lease)LAnD AREA . . . . . . . . . . . . . 6.29 ACCuRREnt REnt . . . . . . . . $425,000yEAR BuiLt . . . . . . . . . . . 2017

PRICE: $9,444,444CAP: 4.50%

Listing Team Contact Info

In conjunction with FL Licensed Broker:John Park of Berkshire Realtyjohn@berkshire-realty.com | (404) 504-6699

NEW CONSTRUCTION IN FLOURISHING HIGH-GROWTH ORLANDO SUBURB, WITH TRAFFIC COUNTS OF OvER 51,000 vEHICLES PER DAy

Capital Pacific collaborates. Click Here to meet the rest of our San Francisco team.

RICK SANNERrsanner@capitalpacific.com | (415) 274-2709CA BRE# 01792433

aaron susmanasusman@capitalpacific.com | (415) 481-0377CA BRE# 01961568

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The subject property is located in the community of Apopka, FL which is part of the Orlando MSA.

The Neighborhood Market is Walmart’s smaller grocery concept, which was launched in 1998 and provides a more convenient shopping experience for customers than the typical Walmart Supercenter. The Supercenters are about 160,000 square feet compared to the Neighborhood Market, which is typically 41,000 square feet and includes a drive-thru pharmacy and fueling station.

Walmart’s strategy, with nearly 700 Neighborhood Markets now operating, is to build hundreds more every year for the foreseeable future.

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investment highlights

Walmart Neighborhood market | 2

core characteristics

The combination of a high incomes, long lease, strong traffic counts, unsurpassed credit, solid area growth, and location within the Orlando MSA make this a very attractive investment opportunity.

Lease HigHLigHts

• 20-year NNN ground lease

• There are sixteen (16) five (5) year options with 5% increases every five (5) years

• The lessee, Wal-Mart Stores East L.P., is a subsidiary of Wal-Mart Stores, Inc. (NYSE: WMT), one of the strongest retailers in the world

outstanding retaiL

• Located in the epicenter of a dense retail corridor with neighboring tenants including Marshalls, Ross, Hobby Lobby, Walgreens, Walmart, CVS.

Location HigHLigHts

• Situated in a highly dense residential market: Nearly 80,000 residents in a 3-mile radius and over 190,000 residents within a 5-mile radius. The average household income exceeds $76,000 in a 3- mile radius. By 2020 the population is projected to grow an additional 6%.

• Located at the hard corner of East Semoran Blvd and Balmy Beach Drive. The property has outstanding exposure and entry in from both roads. The property boasts a combined traffic count of nearly 60,000 vehicles per day.

• The subject property is located in between Interstate 4 and Highway 441, providing excellent access from two major Florida thoroughfares.

• The city of Apopka has several large scale commercial and residential developments underway contributing to grow in all directions. (see page 12 for more details)

#1 retailer in the world190,000+ Residents within a 5-mile radiusAverage incomes exceed $76k within a 3-mile radius

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aerial

S Orange Blossom trail

Maitland Boulevard

E Semoran Boulevard

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436

434

434

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436441

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WEKIVA GOLF CLUB

Forest Lake Academy

Forest City Elementary

Riverside Elementary

Lake Sybelia

Elementary

Lake Orienta

Elementary

Lockhart Middle School

teague Middle School

Lovell Elementary

Lake Brantley High

School

WEKiVA RiVERWALK

WEKiVA SQuARE

OAK GROVE SHOPPES

REnAiSSAnCE CEntRE

ALtAMOntE MALL

MARKEtPLACE At ALtAMOntE

ALtAMOntE CROSSinG

WESt tOWn CORnERS

ALtAMOntE SPRinGS

PiEDMOnt PLAZA

APOPKA LAnD

ORLANDO

441

51,500 DAILY

LOCATED ON E SEMORAN BLVD, BENEFITTING FROM TRAFFIC COUNTS IN EXCESS OF 51,500 VPD

Walmart Neighborhood market | 4

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or im-plied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

income & expense

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PRICE $9,444,444 Price Per Square Foot: $34.47Capitalization Rate: 4.50%

Total Rentable Area (SF of Land1): 273,991

Lot Size (AC): 6.29

STABILIZED INCOME Per Square FootScheduled Rent $1.55 $425,000 Effective Gross Income $1.55 $425,000

LESS Per Square FootTaxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00

EQUALS NET OPERATING INCOME $425,000 1 The combined buildings within the premises are 42,706 SF

Walmart Neighborhood market | 5

This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

rent roll

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TENANT INFO LEASE TERMS RENT SUMMARY

Tenant Name Sq. Ft. of Land Base Term Current Rent

Monthly Rent

Yearly Rent

Monthly Rent/FT

Yearly Rent/FT

Walmart Neighborhood Market1 236,530 05/01/17 04/30/37 $350,000 $29,167 $350,000 $0.12 $1.48

Walmart Neighborhood Gas2 37,461 05/01/17 04/30/37 $75,000 $6,250 $75,000 $0.17 $2.00Options: See note Below

totals: 273,991 $425,000 $35,417 $425,000 $0.13 $1.55There are sixteen (16) five (5) year options with 5% increases every five (5) years.1 Walmart Neighborhood Market building within the premises is 41,952 SF2 Walmart Gas building within the premises is 754 SF

Walmart Neighborhood market | 6

SitE PLAn KEy

PARCEL OuTLINE:

RENTABLE AREA: 273,991 SF

INGRESS/EGRESS:

51,500 DAiLy

site plan

7,145

DAiLy

E Semoran Boulevard

Balmy B

each

Driv

e

LOT 4 LOT 5

PICKUP

AREA

LOT 2

LOT 3

EXISTING PRIVATE ROAD

436

MOnuMEnt SiGn

MOnuMEnt SiGn

This site plan is a rendering that has been created based on sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accuracy of the rendering. Buyer must verify the information and bears all risk for any inaccuracies. Walmart Neighborhood market | 7

About Walmart

2.2 Millionapproximate Number

of employees

AAiNvestmeNt grade Credit

staNdard & poor’s

11,000+

total loCatioNs

ACROSS 27 COuntRiES

#1retailer iN the

World

1STemployer iN the World

LARGEST

[ REPRESENTATIVE PHOTO ]Walmart Neighborhood market | 8

ABOut WALMARt nEiGHBORHOOD MARKEtWalmart Neighborhood Market is a chain of grocery stores launched by Walmart in 1998. There are over 645 Neighborhood Markets in the united States featuring a wide variety of products, including fresh produce, deli foods, fresh meat and dairy items, health and beauty aids, one-hour photo and traditional photo developing services, drive-through pharmacies, stationery and paper goods, pet supplies, and household chemicals. Walmart Neighborhood Markets were originally designed to create easier parking, less crowded aisles and quicker checkouts than Walmart Supercenters.

Walmart is the world’s biggest retailer and also the largest employer with over 2.2 million full- and part-time workers worldwid (more than 1.4 million just in the u.S.). It is a feared giant for its sheer size and pricing power. The company has $486.7 billion in total revenues and 11,302 stores under 72 banners in 27 countries. There are also ecommerce Websites in 11 countries. It is no wonder Walmart has become the undisputed king of retailing and is ranked #1 in Fortune 500 Companies.

tOtAL LOCAtiOnS 11,000 +

2015 FiSCAL REVEnuE $485.7 BILLION

GROSS PROFit $120.6 BILLION

AAInvestment Grade Standard & Poor’s

www.walmart.com

tenant overview

wALMART STORES, INC. WAS RANKED #1 on the FORTUNE 500 list (2013 & 2014) AND #1 IN INTERBRAND’S MOST VALUABLE U.S. RETAIL BRANDS list

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Walmart Neighborhood market | 9

Business | Thu May 19, 2016 11:50aM eDTBY NATHAN LAYNE

Wal-Mart Stores Inc (WMT.N) on Thursday reported a higher-than-expected quarterly profit as increased drug prices and solid demand for basic apparel items boosted sales, and its shares jumped more than 9 percent.

The discount retailer’s performance bucked a string of weak results from competitors. On Wednesday, rival Target Corp (TGT.N), which caters to a higher-income customer than Wal-Mart, gave a cautious outlook and reported a lower-than-expected rise in quarterly sales due to unseasonable weather and soft demand.

walmart in the news

WAL-MART PROFIT BEATS EXPECTATIONS; STOCK jUMPS “As you gradually improve on these 100-plus aspects, then the customer gets a better experience that’s reflected in them coming to visit you more often and (putting) one extra item in the trolley,” Foran said on a call with reporters. “We still lag many of our competitors in terms of shopping experience, and frankly we should never rest.”

LOWER EARNINGS

Net income attributable to Wal-Mart fell to $3.08 billion from $3.34 billion a year earlier, reflecting the costs of boosting the company’s minimum wage to $10 an hour and investing in automated warehouses dedicated to filling online orders.

Earnings per share of 98 cents beat the analysts’ average estimate of 88 cents, according to Thomson Reuters I/B/E/S.

Sales at u.S. stores open at least a year rose 1.0 percent, excluding fuel price fluctuations. That marked the seventh straight quarterly rise and was stronger than market expectations for an increase of 0.5 percent, according to research firm Consensus Metrix.

For the current quarter, Wal-Mart said it expected an increase of about 1.0 percent in u.S. same-store sales. It forecast earnings per share of 95 cents to $1.08, against market expectations of 98 cents.

First-quarter revenue rose 0.9 percent to $115.9 billion despite a $3.5 billion hit from a stronger dollar, which reduces the value of overseas sales. International sales fell 7.2 percent to $28.1 billion, although the division’s operating profit rose 8.8 percent to $1.2 billion, helped by cost cuts...

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While Target cited sluggish demand for clothing and electronics, Wal-Mart said its sales of those products picked up. Even the mild weather provided a boost by lowering the cost of heating the company’s more than 5,000 u.S. stores.

The upbeat results also suggest Wal-Mart may be benefiting from a two-year, $2.7 billion investment to increase entry-level wages and train its workforce, and a campaign to make its stores cleaner and checkouts faster. Store visits increased 1.5 percent in the first quarter ended on April 29.

Greg Foran, who heads the u.S. division, said dozens of improvements, like cleaner parking lots, better presentation of fresh food and inventory management changes that led to more fully stocked shelves, were boosting demand.

“It looks like the middle-to-higher-income customers have cut back, but the lower-income customer is spending,” said Edward Jones analyst Brian Yarbrough.

2015 HOUSEHOLD INCOMES

POPULATION

TOP EMPLOYERS IN ORANGE COUNTY

demographics & map

1-Mile 3-Mile 5-Mile

2010 11,693 77,174 182,4672016 12,076 79,430 190,0292020 12,732 83,076 200,880

1-Mile 3-Mile 5-Mile

Average $75,104 $76,680 $67,750

Walt Disney World Resort Adventist Health Systems - Florida Hospital Apopka universal Orlando Orlando Health

APOPKA

DOWNTOWN ORLANDO

26 MIN20 MILES

51,500 DAILYE SEMORAN BLVD

WALMARt nEiGHBORHOOD MARKEt LOCAtiOn

REGiOnAL MAP

Walmart Neighborhood market | 11

apopka, FL

[ downtown orlando]

Apopka is a city in Orange County, Florida and it is part of the Orlando-Kissimmee-Sanford Metropolitan Statistical Area.

Apopka is home to Adventist Health System Florida Hospital Apopka which broke ground in 2015 on a 200+ million dollar expansion of its campus. The campus is located 3 miles away from the subject property and is slated to be complete in 2017.

Apopka’s steadily growing industry sectors include office, professional uses and retail. This increasing demand will facilitate the development of the Apopka City Center. The Apopka City Center, located 2 miles west of the subject property, is a 180-acre mixed-use development that is set to break ground. The anticipated $138,000,000 investment into the city of Apopka will include upscale dining, small retail shops, a regional movie theater, professional offices and multi-story hotel.

For more information on Apopka City Center please visit:

http://www.apopka.net/component/content/article/85-general-info/451-apopka-city-center-proposal.html

Walmart Neighborhood market | 12

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Capital Pacific collaborates. Click Here to meet the rest of our San Francisco team.

In conjunction with FL Licensed Broker:John Park of Berkshire Realtyjohn@berkshire-realty.com | (404) 504-6699

RiCK SAnnERrsanner@capitalpacific.com | (415) 274-2709 CA BRE# 01792433

AAROn SuSMAnasusman@capitalpacific.com | (415) 481-0377 CA BRE# 01961568

[ REPRESENTATIVE PHOTO ]