Investment Highlights

NEW 15-YEAR ABSOLUTE NNN LEASE TO PUBLICLY TRADED COFFEE TENANT
» New 15-year absolute NNN corporate lease with 10% rental increases every five years
» Dutch Bros (NYSE: “BROS”) went public in 2021 – valued at $4.10B as of September 2023
» Dutch Bros Inc. is one of the fastest-growing brands in the food service and restaurant industry in the U.S. by location count with 847 locations across 15 states
» In Q2 2023, quarterly revenue increased 34% to $250M and 38 new system-wide shops opened

HIGH TRAFFIC LOCATION SURROUNDED BY MAJOR NATIONAL RETAILERS AND MAJOR INDUSTRIAL EMPLOYERS
» Prominent location along the junction of State Highway Spur No. 298 / Franklin Avenue and State Loop 396 / Valley Mills Drive with excellent visibility (combined 66,341 vehicles per day)
» Dense retail corridor with nearby notable tenants such as Walmart Supercenter, Tractor Supply Co, Planet Fitness, Lowe’s, Academy Sports + Outdoors, Gold’s Gym, and others
» Less than 3 miles from Waco’s major industrial employers such as Mars Wrigley Confectionery (600+ employees), Howmet Aerospace (487 employees), Sherwin-Williams Distribution Center (381 employees), Central Texas Ironworks (240 employees), Amazon Warehouse, Coca-Cola Southwest Beverages, and more
» Less than 4 miles from Ascension Providence (the second-largest employer in Greater Waco, with 2,518 people on its payroll) and the Doris Miller VA Medical Center (900 employees)

POPULOUS TEXAS SUBURB
» Population of 140,266 within a five-mile radius
» Average annual household income of $71,790 within five miles of the site (projected 13%+ increase by 2028)
» Well-positioned in Waco MSA with an estimated population of 142,241 in 2023
» Centrally located between 3 populous Texas cities: Dallas (the third most populous city in Texas with 1.3M residents), Forth Worth (918,915 residents), and Austin (961,885 residents)

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

Property Description

» High Traffic Location At the Confluence of 2 Major Thoroughfares: Prominent location at the junction of State Highway Spur No. 398 / Franklin Avenue and State Loop 396 / Valley Mills Drive (combined 66,341 AADT)
» Convenient Location Near Waco’s Major Industrial Employers: Less than 3 miles from Waco’s major industrial employers including Mars Wrigley Confectionery (600+ employees), Howmet Aerospace (487 employees), Sherwin-Williams Distribution Center (381 employees), Central Texas Ironworks (240 employees), Amazon Warehouse, Coca-Cola Southwest Beverages, and more
» Dense Retail Corridor: Well-positioned near notable tenants such as Walmart Supercenter, Tractor Supply Co, Planet Fitness, Lowe’s, Academy Sports + Outdoors, and numerous others
» Ideal Nearby Customer Base: Within a 5-mile radius of this site, there are 140,266 people supported by an average household income of $71,790, providing an ideal customer base
» Beneficial Proximity to Local Hospitals: Less than 4 miles from Ascension Providence (the second-largest employer in Greater Waco, with 2,518 people on its payroll) and the Doris Miller VA Medical Center (900 employees)