Investment Overview

NEW 19+ YEAR NNN GROUND LEASE WITH SUPPORTABLE RESIDUAL VALUE Taco Bell is subject to a new 19+ year absolute NNN ground lease with 10% rent increases every five years during the base term and four, five-year option periods. Taco Bell will operate in a 3,000 square foot restaurant with drive-thru situated upon 0.67 acres. It is noteworthy that the similarly sized Eastern Bank parcel neighboring the site sold in 2020 for $1,365,000, which is very similar to the asking price of the subject location. This provides a tangible data point to support the underlying land value. EXPANDING OPERATOR WITH NATIONAL PRESENCE DDO-New England, LLC is the New England operating entity of Desert de Oro Foods (DDO), one of the largest Yum! Brands franchisees in the country. Founded in 1982, the second-generation, family-run operator has grown from a single Taco Bell unit to more than 350 Taco Bell, KFC, and Pizza Hut restaurants across nine states. DDO entered New England by acquiring 31 Taco Bells and at present has 42 stores open in the region. They are planning to open 13 additional units under the lease’s entity in the next 24-36 months. Recent new locations include Hanover, Easton, Brockton, Middleborough, and Warwick, RI. DDO identified this location as part of its regional growth strategy. ADJACENT TO BRAND-NEW COMMUTER RAIL STATION CONNECTING TO BOSTON The site is steps from the new Middleborough MBTA station, which opened in March of 2025 as the northern anchor of the $1.1 billion South Coast Rail Project. As the single largest expansion of the MBTA Commuter Rail system in a generation, the project rebuilt roughly 36 miles of track and delivered six brand-new stations, restoring commuter rail service between southeastern Massachusetts and Boston’s South Station. Middleborough functions as the gateway station on the line, and the state has paired it with a large park-and-ride commuter lot designed to draw riders from the surrounding towns. Beyond daily ridership, the station has become a catalyst for transit-oriented growth along this corridor, spurring new residential and commercial investment and establishing this stretch of West Grove Street as Middleborough’s primary connection between the South Coast and Greater Boston. This is evident with the immediately neighboring townhomes. NEIGHBORS NEW RESIDENTIAL DEVELOPMENT A brand-new residential community is currently under construction immediately adjacent to the Property. The project will bring 108 new residential units with occupancies slated for 2026. This development will join the existing multifamily base along West Grove Street, including the 135-unit Middleborough Station and 122-unit River Park Landings communities just up the street. STRONG SURROUNDING RETAIL & TRAFFIC GENERATORS Situated along Middleborough’s primary retail node surrounded by national brands and daily-needs traffic drivers. These include Walgreens, Dunkin’, McDonald’s, and Dairy Queen giving the corridor a concentrated cluster of proven quick-service demand that Taco Bell will thrive off. Just up the road, the Hannaford-anchored shopping center provides the neighborhood’s grocery anchor, with the center averaging 1.6 million annual customer visits per Placer.ai. The adjacent Red Roof Inn and several area elementary schools, including Henry B. Burkland Elementary and Mary K. Goode Elementary School, generate midday and off-peak traffic.