Investment Overview

NEW 15-YEAR CORPORATE WHATABURGER GROUND LEASE • 3,751 SF Whataburger on 1.28 Acres located in Boiling Springs (Spartanburg), SC. This store opened and rent commenced in May 2024. • 15-Year corporate guaranteed ground lease with 10% rental increases every 5 years in the initial term and each of the three, 5 year option periods. • Absolute NNN Ground Lease, and the tenant is responsible for all taxes, insurance, CAM, roof, and structure. OUTPARCEL TO A 147,000 SF NEW CONSTRUCTION TARGET • Positioned at the entrance to a 147,000 SF new construction Target that is scheduled for delivery in August 2024. • Other outparcels to the Target include a new construction QuikTrip, Walgreens, First Citizens Bank, Firestone Subs and more. • Located at the signalized intersection of Hwy 9 & State Rd 42 (combined 45,700 VPD) and is 2.5 miles off Interstate 85 (56,600 VPD). • Surrounding national retailers include Lowe’s Home Improvement, Walmart, ALDI, Goodwill, and more. BOILING SPRINGS (SPARTANBURG) | 5 MILE POP GROWTH: 25% (2010-2022) • Boiling Springs is an affluent and growing suburb of Spartanburg, SC and is about 30 miles northwest of Greenville. • The 5 mile population from the subject property is 59,824 with 25% growth (2010-2022). • Spartanburg is the county seat of Spartanburg County and is the second-largest city in the greater Greenville–Spartanburg–Anderson combined statistical area, which had a population of 1,385,045. • The University of South Carolina Upstate (6,356 Students & 478 academic staff members) is 4 miles from the subject property. • Other colleges & universities in Spartanburg include Wofford College, Converse University, Spartanburg College and more. WHATABURGER | 945 LOCATIONS ACROSS 16 STATES • #1 highest average sales per store of all burger fast food restaurants at $3.46M per store. • Whataburger was founded in 1950 and is headquartered in San Antonio, TX. • 945 locations across 16 states, has over 50,000 employees, and does over $3 Billion in System-wide sales annually. • In 2019, private equity firm BDT Capital Partners, best known for taking ownership of Krispy Kreme and Panera Bread, acquired a majority interest in Whataburger. Since then, Whataburger has worked to grow its franchised locations into new markets more aggressively, as well as re-design its outlets. • In 2021, Newsweek ranked Whataburger #2 for “Fast-Food Restaurant Chains” in its annual “America’s Best Customer Service” List.