Investment Overview

GENERATIONAL QUALITY REAL ESTATE WITH A NEW LONG-TERM LEASE The Tenant, Silver Diner is subject to a 20-year NNN ground lease with 18 years remaining. The lease features rental increases of 10 percent every five years during the base term and two, five-year option periods, providing a hedge against inflation. As one of 12 Virginia locations, and 25 chainwide, this site serves as Silver Diner’s only Fredericksburg location, and only location on I-95 between Richmond and Northern Virginia. Opening in 2024, the tenant contributed $3.36M in their initial buildout signifying a significant investment into location and belief in this market. The lease is corporately guaranteed by Silver Diner Holdings Inc. GROWING REGIONAL CHAIN As the most recent Silver Diner to open, this location has demonstrated outstanding performance in its short operating history. Within less than a mile of the site, Silver Diner has significant competition from IHOP, Metro Diner, and Tito’s Diner. Placer.ai reports that Silver Diner experiences 258.3K annual visitors which outpaces the opposing brands. IHOP, a national brand experiences 211.1K visits annually, Metro Diner, a smaller 60 location chain with similar features to Silver Diner, is reported to have 158.4K visits annually, and Tito’s diner, a local, single location brand has 110.3K visits annually. The clear customer preference has enabled Silver Diner to boast an excellent 5.8% rent to sales ratio in 2025. Additionally, the brand continues to expand in the region. Silver Diner is targeting a late 2026 open date for a location in Gainesville, VA with plans to add 2-3 locations throughout the region annually. HIGHLY PROMINENT PARCEL TO 80,000 VPD Silver Diner occupies a 1.86-acre parcel along highly trafficked Plank Road at the first signaled intersection off the I-95 Interchange. Plank Road is a massive road with four lanes of traffic in either direction. This intersection has the heaviest traffic counts of any segment of Plank Road. It so happens to be the “gateway” entrance to Central Park. The property is immediately adjacent to the 150’ Central Park entry pylon sign, a landmark to this location, and the pads have at-grade visibility to the 100,000 vehicles passing the site each day. The Tenant operates adjacent to high-performing locations for Chase Bank who recently opened, an Outback Steakhouse, Cava Grill, Raising Canes, Olive Garden, Chipotle and Wawa. WITHIN LARGEST RETAIL POWER CENTER ON THE EAST COAST The Tenant is located within Central Park, a 2.5 million square-foot retail complex that serves as one of Northern Virginia’s primary shopping destinations. This location’s regional appeal and strategic interchange with Interstate-95 feeds 80,000 vehicles per day along Plank Road at the front of Central Park. The Center features an abundance of nationally recognized retailers, and is anchored by Walmart Supercenter, Wegman’s, Target, Lowe’s Home Improvement, Kohl’s, and Regal Cinemas. According to Placer.ai, Central Park generates 9 million customer visits per year as it uniquely positioned within the Greater Fredericksburg retail market. It benefits from a prominent location adjacent to Interstate-95 (188,000 VPD) and is halfway between Washington, D.C. and Richmond, VA. As the largest retail power center on the East Coast, Central Park has maintained an average occupancy over 95 percent for the past 10 years, and retailers have performed extremely well historically. It continues to draw best-in-class retailers, including newcomers Academy Sports, BJ’s Brewhouse, Starbucks, Chase Bank, Nothing Bundt Cake, Raising Cane’s, KPOT, El Patron, Under Armour, and First Watch. RAPIDLY GROWING WASHINGTON, DC METRO SUBURB The Greater Fredericksburg Region is Virginia’s fastest growing market with excellent access to 60% of the nation’s population and global markets, boasting a highly educated labor force, lower cost of business and enviable quality of life. The Property benefits from remarkable demographics. The submarket features 57,857 residents within three-miles with an average household income of $114,179. The three-mile population has increased 223.28 percent since 2010, and is projected to increase an additional 3.96 percent by 2030. Similarly, with 18.86 percent growth since 2010, there are 136,437 residents within five-miles and 3.51 percent growth projected in the next five years.