Investment Highlights

NEW 20-YEAR ABSOLUTE NNN GROUND LEASE TO NATIONAL INVESTMENT-GRADE TENANT
» New 20-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» Requires no landlord management, ideal for an out-of-area or passive investor
» AutoZone is an investment-grade tenant rated “BBB” by Standard & Poor’s and has been a Fortune 500 company for the past 21+ years
» During the quarter ended November 19, 2022, AutoZone opened 28 new stores in the U.S., opened three stores in Mexico, and four stores in Brazil
» AutoZone’s annual revenue for 2022 was $16.252B, an 11.09% increase from 2021
» As of November 19, 2022, AutoZone has 6,196 stores in the U.S., 706 in Mexico, and 76 in Brazil for a total store count of 6,978
» 2023 construction built to latest AutoZone prototype (larger-than-typical 7,381-SF building)

EXCELLENT SUBMARKET LOCATION POISED FOR GROWTH ON THE FLORIDA PANHANDLE
» Prominent location along U.S. Route 98/Navarre Parkway (46,000 AADT)
» Prime retail location on the Gulf Coast/Emerald Coast (4.5 million annual visitors) less than one mile from pristine white sand beaches, shopping, and restaurants
» Next to first ALDI in northwest Florida and immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many more
» Navarre County is one of the fastest growing counties in the United States
» Average annual household income of $103,552 within five miles and projected to increase 18% by 2027

CENTRAL LOCATION NEAR MAJOR FLORIDA SCHOOLS, HOSPITALS, AND AREA ATTRACTIONS
» Walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees)
» Near several large schools including, Navarre High School (2,367 students) and Holley-Navarre Middle School (1,053 students)
» Close proximity to several military bases in the region including Eglin Air Force Base (the largest United States Air Force base, with a total economic impact of $7.8B)
» Navarre Beach ranked in the top-5 beaches in all of Florida by USA Today
» Situated near area attractions including, Gulf Breeze Zoo (200,000 annual visitors) and Gulf Islands National Seashore (17 miles, 5.6 million annual visitors)
» 1,500 single family homes zoned for development in the immediate area

Property Description

» This AutoZone features a prominent location along U.S. Route 98/Navarre Parkway (46,000 AADT), a major Florida thoroughfare
» The site is a trophy property on the Gulf Coast/Emerald Coast (4.5 million annual visitors) less than one mile from pristine white sand beaches, shopping, and restaurants
» The location is neighbored by the first ALDI in northwest Florida and immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many more
» Well-positioned in a robust community with an average annual household income of $103,552 within a five-mile radius
» The average household income expected to grow by more than 18% within a 1-, 3-, and 5-mile radii over the next five years, supporting AutoZone and Navarre’s steady and concurrent growth
» The property is walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees)