Investment Overview

14 YEAR CORPORATE WHATABURGER GROUND LEASE • 3,751 SF Whataburger on 1.46 Acres located in Horn Lake, MS. • The property is currently under construction and is scheduled to open in May 2024. • Rent Commenced in March 2023. There 14 Years are remaining on a 15 year corporate guaranteed ground lease with Whataburger. • There are 10% rental increases every 5 years in the initial term and each of the three, 5 year option periods. • Absolute NNN Ground Lease. Tenant is responsible for all taxes, insurance, CAM, roof, and structure. WALMART SUPERCENTER OUTPARCEL • This Whataburger is located on Hwy 302 (28,000 VPD) and is an outparcel to a Walmart Supercenter. • Other nearby national retailers include Kroger, ALDI, Walgreens, AutoZone, and more. • 3 Miles from a dense retail pocket on Interstate 55 (68,000 VPD) with Target, Home Depot, Lowe’s Home Improvement, Best Buy, and more. MEMPHIS MSA | 2ND MOST POPULOUS CITY IN TN • Horn Lake is located in northwest Mississippi and is 20 minutes south of Memphis. • Memphis is the second most populous city in the State of TN with a population of 650,618 and an MSA population of 1,348,260. • The largest employer in Memphis is the multinational courier corporation FedEx, which maintains its global air hub at Memphis International Airport, making it the second-busiest cargo airport in the world. • Located on the Mississippi River and intersected by five major freight railroads and two Interstate Highways, I-40 and I-55, Memphis is ideally located for commerce in the transportation and shipping industry. • Founded in 1979 and based in Memphis, AutoZone is the largest aftermarket automotive parts store in America with 6,300 stores across the U.S., Mexico, and Brazil. WHATABURGER | HIGHEST AVERAGE SALES PER STORE OF ALL BURGER QSRS • #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.