Investment Overview

* Extremely low rent corporate AutoZone Ground Lease located in a dense retail corridor of Price, UT- approximately 118 miles South of Salt Lake City and 75 miles South of Provo * Conservative rent of just $47,300, which is $6.97/SF * 6,786 SF block building that is priced well below replacement cost- $154/SF * Absolute NNN Ground Lease that expires December 31, 2027, with six (6), five (5) year options to extend with 10% rental increases in each option period- high probability of renewal given the low rent structure, but potential upside should AutoZone vacate * AutoZone, Inc. (NYSE: AZO) was established in 1979 and has over 7,350 locations throughout U.S., Mexico, and Brazil * AutoZone, Inc. recently reported revenue of $18.49 Billion and net income of $2.66 Billion (8/31/2024) * Located as an outparcel to a Smith’s grocery anchored shopping center with Maurices, Cold Stone Creamery, GNC, and Little Caesars * Dense retail corridor- located adjacent to Walmart Supercenter, Tractor Supply, and Harbor Freight Tools- other retailers in the immediate vicinity include: Sutherland’s, a Chrysler/Dodge/Jeep dealership, O’Reilly Auto Parts, Arby’s, T-Mobile, and Maverik * Near several new multi-family developments such as East Gate Apartments (72 units) and Homestead Landing Apartments (under construction) * Approximately 1 mile South of Utah State University’s Eastern Campus- approximately 1,200 students