Investment Highlights

NEW 15-YEAR ABSOLUTE NNN CORPORATE LEASE
» 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 is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count
» 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

ACCESS TO OVER 138K DAILY VEHICLES WITHIN CEDAR HILL’S RETAIL EPICENTER
» High-visibility with access to 35,870 vehicles per day near the four-way signalized intersection of Belt Line Road and North Joe Wilson Road (cross access), and one mile from U.S. Highway 67/J. Elmer Weaver Freeway (103,621 AADT)
» Adjacent to new Aldi and Walmart Neighborhood Market Center
» 3.7 miles from Cedar Hill State Park (1,826 acres, two million annual visitors), the second-most visited recreation destination in Texas
» Walking distance to The Gates of Cedar Hill Apartments (252 units) and Wilson Crossing Apartments (260 units) with beneficial proximity to nearby schools with over 6,000 students

DYNAMIC MARKET WITH STRONG GROWTH WITHIN THE DALLAS-FORT WORTH MSA WITH EXCEPTIONAL DEMOGRAPHICS
» Population of 150,224 within a five-mile radius (a 15% growth since 2010)
» Average annual household income of $104,050 within three miles of the site (projected 18% increase by 2027)
» Cedar Hill is a business-friendly environment with a workforce of more than one million within a 30-minute commute
» Strategic location with access to a large consumer base in the Dallas-Fort Worth Metroplex
» 15.7 miles from Dallas, the third largest city in Texas and the largest city in the Dallas–Fort Worth Metroplex (population of 7.76 million)

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

Property Description

SOLD

» Dutch Bros is located along Belt Line Road near the North/South Joe Wilson Road four-way signalized intersection with excellent visibility with access to 35,870 combined vehicles per day
» The site is a mile from U.S. Highway 67/J. Elmer Weaver Freeway which experiences a high-traffic count of 103,621 vehicles per day
» Cedar Hill is a premier shopping destination in the region with 11 retail centers, most within a convenient one-mile radius of U.S. Highway 67/J. Elmer Weaver Freeway
» The property is within walking distance to The Gates of Cedar Hill Apartments (252 units) and Wilson Crossing Apartments (260 units) with beneficial proximity to many nearby schools with over 6,000 students
» The site is 3.7 miles from Cedar Hill State Park (1,826 acres, two million annual visitors) the second most visited recreation destination in Texas
» The location is supported by a population of 150,224 within a five-mile radius (a 15% growth since 2010) with an average annual household income of $104,050 within three miles of the site and is projected to increase 18% by 2027
» The property is 15.7 miles from Dallas, the third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the fourth-largest metropolitan area in the United States at 7.76 million people