Investment Overview

LOCATED IN A DENSE RETAIL CORRIDOR DIRECTLY OFF I-85 ABOUT 40 MILES NORTHEAST OF CHARLOTTE *Outparcel to Innes Street Market, a 350,000 +/- SF Multi-Tenant Power Center *Anchored by Lowe’s, Food Lion, Cinemark, Old Navy, PetSmart, Marshalls, and Staples *Located directly off Interstate 85 *Over 87,000 cars/day *IHOP and IHOP’s Pylon sign both have visibility from Interstate *Incredibly dense retail corridor *Walmart (2.3M visitors per placer ai), Aldi, Walgreens, CVS, Chipotle, Buffalo Wild Wings, Verizon, Cracker Barrel, Chick-fil-A, Outback, McDonald’s, and Firestone *Located 40 miles northeast of Charlotte *Charlotte’s population has increased to nearly 3M residents, ranking it among the fastest growing U.S. metros over the past 15 years- expected growth of another 5% over the next 5 years *Eight Fortune 500 firms are headquartered in the Charlotte MSA including Bank of America, Lowe’s, Duke Energy, Honeywell, Nucor, Truist, and LPL Financial LEASE/TENANT/PROPERTY INFORMATION HIGHLIGHTS LONG-TERM OCCUPANCY, VERY CONSERVATIVE RENT WITH A 100+ UNIT OPERATOR *Long historical occupancy *IHOP has been operating at this location for nearly 30 years (1997) *Incredibly conservative rent of just $90,000/year *Rent/SF of only $18.00/SF *Well below replacement cost at only $300/SF *Rental Increases of 10% throughout each of the four (4), five (5) year option periods *Operations were recently acquired by Opportunity Restaurant Group *Opportunity Restaurant Group, headquartered in Conyers, GA, currently operates over 120 IHOP’s throughout 13 states *5,000 SF restaurant on 1.23 acres *Fee-Simple Lease *Favorable for depreciation and cost segregation *IHOP’s parent company, Dine Brands Global, Inc. (NASDAQ: DIN), has close to 3,500 restaurants across the U.S. and 20 international markets under the brands Applebee’s, IHOP, and Fuzzy’s Taco Shop * Currently there are nearly 1,800 IHOP locations in 50 states and 13 countries outside the U.S. *Dine Brands Global, Inc., founded in 1958, reported revenue over $800M and net income of nearly $65M in 2024