Investment Overview

* Verizon Wireless retail store in Boone, NC situated less than 90 miles from Asheville, NC and Winston-Salem, NC * Corporate lease with Cellco Partnership, wholly-owned subsidiary of Verizon Communications, Inc. (public company “VZ”) with 7,600+ locations * Successful store with recent lease amendment extending term by 8 years through January of 2035 as part of extensive interior remodel * Per placer.ai, this Verizon ranks as one of the top stores in the nation with over 631,000 annual visitors placing it in the 87th percentile nationally and 89th percentile in NC * Large parcel (1.23 acres) located at a signalized intersection as an outparcel to a strong performing Walmart Supercenter and Food Lion anchored center (Watauga Village) * Per placer.ai, the center had over 2.2M visitors which ranks it in the 69th percentile nationally and 79th percentile in NC * Blowing Rock Road (Hwy 321) is the main artery with high barriers to entry due to mountain topography. It is the highest trafficked highway in Watauga County with an ADT of over 41,000 at this location. * Incredibly dense retail corridor- located near Boone Mall (Hobby Lobby, T.J. Maxx, Belk), Publix, Lowe’s, Harris Teeter, CVS, Walgreens, several national restaurants and hotels, and the Watauga Medical Center (a 117-bed regional medical complex) * Tourism plays a vital role in Boone’s economy and continues to increase- in 2023, visitor spending in Watauga County reached over $500M, marking a 3% increase from 2022- this growth positions the county 15th among North Carolina’s 100 counties in terms of total visitor spending * Appalachian State, only 1.3 miles from the Verizon, is the cornerstone of Boone’s economy with over 21,500 students enrolled * Conveniently located near several student housing complexes- Bavarian Village (190 units), the FIN (174 units), and Boone Student Housing (68 units)