Actual Site

OFFERING MEMORANDUM

WINSTON-SALEM STRIP CENTER (4 Tenants)Winston-Salem, NC

Patrick Nutt, Managing Partner954.302.7365 | patrick.nutt@calkain.com

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Investment Highlights

• New 2018 construction

• 100% leased to 4 national tenants with corporate guarantees

• Strong tenant mix with excellent lease terms

• Strong exposure along S Stratford Road

• Significant retail corridor with major national retailers around

• Minimal landlord responsibilities

• 10% rent bumps every 5 years

Rent Schedule

Tenant AnnualRent

Monthly Rent

Building SF

Lease Term

RentComm

Lease Exp Increases Options

First Watch $129,500 $10,791 3,500 10Yrs 1/1/2019 12/31/2028 10% Every 5 Yrs Two (2), Five (5) Yr

Mattress Warehouse $142,800 $11,900 4,200 10 Yrs 10/1/2018 7/30/2028 10% Every 5 Yrs Two (2), Five (5) Yr

America’s Best Contacts & Eyeglasses $94,500 $7,875 3,500 10 Yrs 11/16/2018 11/15/2028 10% Every 5 Yrs Two (2), Five (5) Yr

Pivot Physical Therapy $48,000 $4,000 2,300 5 Yrs 10/1/2018 7/30/2023 10% Every 5 Yrs One (1), Five (5) Yr

Total $414,800 $34,566 13,500

Asset SummaryNet Operating Income (NOI) $414,800

Rent/Month $34,566

Rentable Square Feet 13,500+/- SF

Land Area 1.15+/- Acres

Parking Spaces 53 Surface Spaces & 30 Below Ground

TenantsFirst Watch, Mattress Warehouse, America’s Best

Contacts & Eyeglasses, Pivot Physical Therapy

Guarantor Corporate

Ownership Type Fee Simple

Lease Type NN

Landlord Responsibilities Roof & Structure

Store Opened 2018

Asking Price$6,381,500

Cap Rate 6.50%

1602 S Stratford RdWinston-Salem, NC 27103

Winston-Salem Strip Center | Financial Summary

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Site Photos

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Site Photos

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About First WatchFirst Watch currently operates more than 330 restaurants in 29 states, and has experienced positive same-store sales growth for 36 consecutive years and counting.

Through refining operations and creating an exemplary brand, First Watch has grown strategically by opening company-owned stores in great neighborhoods and through multi-unit agreements with franchisees to develop new and existing territories.

First Watch is the largest and fastest growing daytime only restaurant concept in the United States, with aggressive plans to keep the momentum for fast and sustainable growth going strong.

About Mattress Warehouse Serving their customers for over 30 years, Mattress Warehouse opened its first store in November 1989 in Frederick, MD. The first Mattress Warehouse store was located in a mere 1200 square foot area and the first warehouse was a self-storage locker!

Times have changed and they now have more than 250 convenient Mattress Warehouse store locations and they continue to grow. Mattress Warehouse carries the largest selection of quality name brand bedding – Serta, Sealy, Stearns & Foster, TEMPUR-Pedic, Kingsdown, Aireloom and more. Professional sales staff can find a mattress for any type of sleeper that is comfortable, supportive and affordable - they have a mattress for everyone! Mattress Warehouse offers a wide selection of sleep products too! They carry pillows, sheets, mattress protectors, bed frames, platform beds and more. Mattress Warehouse does not sell used, refurbished or returned mattresses or sleep accessories. All products are first quality, brand new and factory sealed by the manufacturer.

First Watch

# of Locations 330

Revenue $231Mil

# of Employees 6,000

Mattress Warehouse

# of Locations 250

2016 Revenue $126Mil

Founded 1989

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Tenant Overview

About America’s Best Contacts & EyeglassesWith over 600 retail stores across the country, and more locations being added every day, America’s Best delivers thousands of quality eyeglasses, contact lenses and safety glasses to customers every day. Headquartered in metro Atlanta, they operate several of the highest-volume eyeglass manufacturing labs in the country.

America’s Best carries a wide selection of designer eyeglass frames, contact lenses and eyeglass accessories. Eye exams are available by a professional optometrist, or you can bring in an outside prescription. Each of their stores is equipped with state-of-the-art optometric equipment to ensure that you get the best eye care available.

No matter which frames you choose, the complete pair prices are always lower than their competitors’. They combine both parts of the optical equation - eyewear and eye care - into one great experience at one low price!

About Pivot Physical TherapyPivot with 269 locations throughout the East Coast is the nation’s fastest growing physical therapy services provider compassionately committed to safely and efficiently getting our patients back to their regular activities. Their effective, innovative and personalized approach delivers the highest quality patient experience while helping you exceed your healthiness goals.

Here at Pivot Physical Therapy, you are not just another number. They value each and every one of their patients – Pivot therapists take the time to get to know you on a personal level. Without this connection, personalized rehabilitation plans are impossible to achieve.

Through an evaluation of each patient’s specific goals, strengths, weaknesses and current physical state, they fine-tune each rehabilitation plan to best meet that patient’s needs.

Pivot was recently named the 2016 Ascend Practice of the Year Award.

ABCE Snapshot

# of Locations 600

Founded 1978

Headquarters Duluth, GA

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Tenant Overview

Raleigh

Durham

Charlotte

Rock Hill

Fayetteville

Winston-SalemGreensboro

74

74

85

74

74

40

52Subject Site

Durham84 miles

Greensboro33 miles

Raleigh

107 miles

Fayetteville124 miles

Charlotte

79 miles

Rock Hill104 miles

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Location Overview

Distance To

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Pavillions Shopping Center

Subject Site

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1602 S Stratford Rd | Winston-Salem, NC 27103

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Subject Site

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1602 S Stratford Rd | Winston-Salem, NC 27103

Location Highlights

Across Hanes Mall

33,000 VPD Pass the Site

Brand New Construction

Site Plan

S Stra

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Rd

33,0

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30 Additional Spaces Below Ground

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Winston-Salem

1 Mile 3 Miles 5 MilesPopulation2018 Population 4,316 64,711 152,999

2023 Population 4,516 67,676 160,377

2018 Median Age 43.3 38.5 37.0

Households2018 Total Households 2,145 29,759 63,551

2023 Total Households 2,246 31,077 66,811

Median Household Income2018 Median HH Income $44,571 $51,292 $50,283

2023 Median HH Income $50,510 $56,004 $55,076

Average Household Income2018 Average HH Income $60,840 $78,229 $75,912

2023 Average HH Income $69,407 $86,518 $84,385

Location Overview, 1/3/5 Miles

40401 Mile

3 Mile

5 Mile

Winston-Salem, NCWinston-Salem is a city in and the county seat of Forsyth County, North Carolina, United States. With a 2019 estimated population of 247,222 it is the second largest municipality in the Piedmont Triad region and the 5th-most populous city in North Carolina, and the 89th-most populous city in the United States. With a metropolitan population of 676,673 it is the fourth largest metropolitan area in North Carolina and is expected to keep that fourth spot for many more years. Winston-Salem is home to the tallest office building in the region, 100 North Main Street, formerly the Wachovia Building and now known locally as the Wells Fargo Center.

Winston-Salem is called the “Twin City” for its dual heritage and “City of the Arts and Innovation” for its dedication to fine arts and theater and technological research.

In 2017, the city was ranked the second-most livable downtown in America by the New York Times and the Wall Street Journal.

Calkain Companies | 11

About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. We pride ourselves on being an innovative leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.

Calkain has built solid, lasting relationships that have been the cornerstone of how we do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of our clients.

At Calkain, our foresight and innovation are leading the net lease investment industry.

To learn more about how to build a solid foundation for your investment portfolio, visit calkain.com or call us at:

Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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