Investment Highlights

NEW 15-YEAR ABSOLUTE NNN CORPORATE LEASE TO RAPIDLY GROWING COFFEE QSR
» New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Dutch Bros (NYSE: “BROS”) went public in 2021 – now valued at over $6.4 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
» In Q3 2022, total revenues grew 53.0% to $198.6 million as compared to $129.8 million in the same period of 2021
» Dutch Bros opened 38 new shops, 34 of which were company-operated, across 11 states in Q3 2022
» Dutch Bros Q3 2022 company-operated shop revenues increased 59.7% to $173.5 million as compared to $108.7 million in the same period of 2021

TROPHY LOCATION AT THE CONFLUENCE OF MAJOR TENNESSEE THOROUGHFARES
» Trophy location along Sam Ridley Parkway West (29,756 AADT), which connects Interstate 24 to U.S. Route 41 (combined 163,870 AADT)
» Centrally located between two major housing developments, The Olara (462 total units on 39.1 acres), and The Vintage (1,283 townhome units on 91.66 acres)
» Excellent proximity to notable national tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, Publix, Kroger, Chick-fil-A, and many more
» One mile from Motlow State Community College (4,670 students) and La Vergne High School (1,912 students), providing an excellent student customer base for the site

DENSELY POPULATED AND GROWING AREA WITH EXCELLENT NASHVILLE DEMOGRAPHICS
» 110,998 residents live within five miles of the property
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and Smyrna for steady concurrent growth
» Located directly south of multiple Tennessee recreational areas, including Bryant Grove, Four Corners, Hurricane Creek, and Poole Knobs
» Gateway to Downtown Nashville, the energetic hub of Nashville’s country music scene (2.1 million population)

NEW 2023 CONSTRUCTION IN A TAX-FREE STATE
» New high-quality 2023 construction built to latest Dutch Bros prototype
» Site features a dual-lane drive-thru and walk-up window for added customer convenience
» Tennessee is an income tax-free state

Property Description

Sold

» This Dutch Bros is a trophy location along Sam Ridley Parkway West (29,756 AADT), which connects Interstate 24 to U.S. Route 41 (combined 163,870 AADT)
» The property is centrally located between two major housing developments, The Olara (462 total units on 39.1 acres) and The Vintage (1,283 townhome units on 91.66 acres)
» Ideally set in a large retail corridor, the property is surrounded by notable tenants such as Walmart Supercenter, Target, The Home Depot, Lowe’s Home Improvement, Academy Sports + Outdoors, Publix, Kroger, Chick-fil-A, and many more, creating significant crossover shopping
» The site greatly benefits from its proximity one mile from Motlow State Community College (4,670 students) and La Vergne High School (1,912 students), providing an excellent student customer base for the site
» 110,998 residents live within a five-mile radius of the site, providing an extremely large and reliable customer base
» Projected population and income increases within 1-, 3-, and 5-mile radii over the next five years poise Dutch Bros and Smyrna for steady concurrent growth