Investment Highlights

SOLD
NEW 15-YEAR ABSOLUTE NNN LEASE TO STRONG RETAIL TENANT
» New 15-year absolute NNN corporate lease with 10% rental increases every five years, providing a hedge against inflation
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $5.6 billion
» Dutch Bros Inc. is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count opening 31 stores across 9 states during Q2
» As of August 2022, Dutch Bros opened 61 stores in Texas with plans to open approximately 100 locations in the state by 2023
» In Q2 2022, company-operated store revenues increased 55.9% to $160.5 million, compared to $103.0 million during the same period of 2021
» Total revenues grew 44.2% to $186.4 million in Q2 2022 as compared to $129.2 million in the same period of 2021
» Dutch Bros exceeded $1 billion in systemwide sales in Q2 2022

HIGH-TRAFFIC SITE ALONG A MAJOR EAST-WEST TEXAS THOROUGHFARE
» Excellent visibility with access to 10,310 vehicles per day along Estates Drive and convenient access to U.S. Route 84 (40,715 AADT)
» Located in a major Woodway retail corridor, the property is surrounded by major national tenants such as Walmart Supercenter, Target, H-E-B Plus, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, and many more
» The U.S. Route 84 Corridor offers strong fundamentals for retail growth, with over 40,000 AADT along the corridor and multiple national anchors that are producing above average performance
» The Woodway market has purchasing power of over $1.3B and has the capacity for over 124,000 square feet of retail

EXCELLENT LOCATION IN HIGH-GROWTH AND RAPIDLY EXPANDING TEXAS SUBURB
» Dense population of 92,928 within five miles (a 19% growth since 2010)
» Located in one of Texas’ fastest-growing affluent areas with an average annual household income of $111,367 within one mile of the site (projected 13% increase by 2027)
» Beneficial proximity to Ascension Providence Hospital (271 beds, 2,530 employees) and Baylor Scott & White Medical Center Hillcrest (260 beds, 1,685 employees), two of McLennan County’s largest employers
» Located at the confluence of Dallas, Houston, and San Antonio, attracting significant commuter and tourist traffic directly to the site

NEW 2022 CONSTRUCTION IN A TAX-FREE STATE
» High-quality 2022 construction featuring a dedicated dual-lane drive-thru, walk-up window, and outdoor patio seating, providing additional customer convenience and boosting sales revenue
» Texas has no state income tax

Property Description

SOLD
» This Dutch Bros features excellent visibility and access to 10,310 vehicles per day along Estates Drive and convenient access to U.S. Route 84 (40,715 AADT)
» The site features robust demographics, with a population of 92,928 within a five-mile radius (a 19% growth since 2010) with an affluent average annual household income of $111,367 within one mile of the site (projected to increase 13% by 2027)
» Located in a major Woodway retail corridor, the property is surrounded by major national tenants such as Walmart Supercenter, Target, H-E-B Plus, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, and many more
» The U.S. Route 84 Corridor offers strong fundamentals for retail growth, with over 40,000 AADT along the corridor and multiple national anchors that are producing above average performance
» The Woodway market has a purchasing power of over $1.3B and has the capacity for over 124,000 square feet of retail
» This Dutch Bros Coffee is a high-quality 2022 construction featuring a dedicated dual-lane drive-thru, walk-up window, and outdoor patio seating, providing additional customer convenience and boosting sales revenue