Actual Site

Patrick NuttManaging Partner954.302.7365 patrick.nutt@calkain.com

Exclusively Listed byBurger King (Ground Lease)Tampa, FLOffering Memorandum

Asset Summary

Net Operating Income (NOI) $105,000

Rent/Month $8,750

Rent/SF $2.61

Rentable Square Feet 3,349+/- SF

Land Area 1.13+/- Acres

Tenant Burger King

Credit Rating S&P: B+

Stock Symbol QSR

GuarantorBravoTampa, LLC

(subsidiary of Quality Dining Inc)

Lease Type Ground Lease

Landlord Responsibilities None

Store Open 2018

Lease Term Remaining 15 Years

Rent Commencement June 18, 2018

Lease Expiration June 30, 2033

Increases 10% Every Five (5) Years

Options Five (5), Five (5) Year

Investment Highlights

• Brand new 15 year Burger King ground lease

• Quality Dining Inc is the 5th largest Burger King operator - 160+ units with over 55 sites in Tampa MSA

• High traffic location along SR54 - 57,000 cars per day

• Adjacent to new Wawa location - high volume C-store

Rent ScheduleTerm Increases Annual Rent Monthly Rent

Years 1-10 $105,000 $8,750

Years 11-15 10% $115,500 $9,625

Years 16-20 (Option 1) 10% $127,050 $10,588

Years 21-25 (Option 2) 10% $139,755 $11,646

Years 26-30 (Option 3) 10% $153,731 $12,811

Years 31-35 (Option 4) 10% $169,104 $14,092

Years 36-40 (Option 5) 10% $186,014 $15,501

Asking Price$2,100,000

Cap Rate 5.00%

25180 Maren WayLand O’Lakes (Tampa), FL

Calkain Companies | 2

Financial Summary

Tenant Snapshot

About Burger King

Burger King is the second largest fast food hamburger chain in

the world, trailing only McDonald’s. For a non-investment grade

net lease tenant, Burger King is a solid net lease investment,

providing stability in an uncertain market.

Burger King has been in business for 50 years and owns or franchises a total of

15,738 Burger King restaurants in approximately 100 countries and US territories

worldwide. Of these restaurants, 15,667 are franchised, approximately 99.5 %,

and 71 are company-owned.

In 2014, Restaurant Brands International Inc. formed to serve as the indirect

parent of Tim Hortons and its consolidated subsidiaries, and Burger King

Worldwide and its consolidated subsidiaries. Since 2010, the Burger King brand

has increased annual net restaurant growth by approximately four times, from

adding 173 new units in 2010, to 631 new restaurants in 2015. This growth has

made Burger King one of the fastest growing QSRs in the world. Burger King has

implemented a modernization plan, and will offer incentives to franchisees who

remodel their stores in the new modern format.

Bravotampa LLC (Quality Dining Inc.)

Bravotampa LLC is a successful branch of parent company Quality Dining Inc.

(QDI). QDI is ranked 24th of the Top 25 Franchise Times’ Restaurants 200 (as

of 2015). With over $291 million in assets, QDI is also the nation’s 5th largest

franchisee of Burger King Restaurants with over 160 Burger Kings in addition to

the 45+ Chilis restaurants.

# of Locations

15,738

Stock Symbol

NYSE: QSR

Credit Rating

S&P: B+

2017 Revenue

$1.23Bil

Market Cap

$12.49Bil

Tenant Snapshot

Tenant Overview

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Site Photos

Calkain Companies | 4

Surrounding Retail

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Hollywood

Orlando

Lakeland

Tampa

44

75

75

4

475

75

4

4275

Subject Site

Tampa 19 miles

Lakeland 50 miles

Sarasota 79 miles

Orlando 96 miles

Fort Myers 144 miles

West Palm Beach 218 miles

275

275

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Location Overview

Distance To

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I-75 1

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PD

Route 54 57,000 VPD

Tampa Premium OutletsSubject Site

FutureResidentialApartmentCommunity

25180 Maren Way | Land O-Lakes (Tampa), FL

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Subject Site

Route 54 5

7,000

VPDW

esley Chapel Blvd 20,000 VPD

Future ResidentialApartment Community

25180 Maren Way | Land O-Lakes (Tampa), FL

Location Highlights

Highly Accessible Location

57,000 VPD Pass the Site

Across Street from Premium Outlets

Click for Drone Video

ASHLE

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Site Plan

REVISIONS

REVDATE

COMMENT

BY

LOCATION OF SITE

FOR

PROJECT No.:

DRAWN BY:

CHECKED BY:

DATE:SCALE:

CAD I.D.:

SHEET NUMBER:

SHEET TITLE:

PROJECT:

H:\2016\FLT160168\DRAWINGS\EXHIBITS\FLT160168-MASTER SITE EXH.DWG PRINTED BY: PPASSANISE 8.24.17 @ 4:34 PM LAST SAVED BY: PPASSANISE

FLT160168PMPBWK8/24/2017

AS SHOWN

13/3/2017

PMP

PER PASCO COUNTY

COMMENTS

24/11/2017

PMP

PER PASCO COUNTY

COMMENTS

34/28/2017

PMP

PER SWFWMD

COMMENTS

45/22/2017

SKK

PER PASCO COUNTY

COMMENTS

58/18/2017

APPROVED FOR CONST

It's fast. It's free. It's the law.

www.callsunshine.com

3820 NORTHDALE BLVD., SUITE 300B

TAMPA, FLORIDA 33624

Phone:(813) 812-4100

Fax:

(813) 812-4101

FLORIDA BUSINESS CERT. OF AUTH. No. 30780

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PROP NOTE

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TYPICAL NOTE TEXT

UTILITY LEGEND

PROP UNDERGROUND

WATER LINE

PROP UNDERGROUND

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PROP STORM SEWERPROP SANITARY

CLEANOUTPROP WATER

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PROP FORCE

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Subject Site

Apartment Community

Apartment Community

Self Storage

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Site Plan

Subject Site

Apartment Community

Apartment Community

Self Storage

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Site Plan

1 Mile 3 Miles 5 MilesPopulation2018 Population 2,748 50,805 109,555

2023 Population 3,226 57,578 122,609

2018 Median Age 35.8 37.0 38.1

Households2018 Total Households 1,062 17,873 39,305

2023 Total Households 1,244 20,133 43,731

Median Household Income2018 Median HH Income $70,705 $79,752 $79,040

2023 Median HH Income $77,309 $88,553 $88,126

Average Household Income2018 Average HH Income $75,354 $98,720 $99,392

2023 Average HH Income $86,070 $115,813 $115,956

Population 109,555

Median Age 38.1

Avg HH Income $99,392

Total Businesses 3,143

Total Employees 32,228

Median Net Worth $175,561

5 Mile Radius | Demographics

Location Overview, 1/3/5 Miles

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Tampa, Florida

The City of Tampa is the largest city in Hillsborough County, is the county seat and

is the third most populous city in Florida. It is located on the west coast of Florida,

approximately 200 miles northwest of Miami, 180 southwest of Jacksonville,

and 20 miles northeast of St. Petersburg. The population of the city represents

approximately one-third of the total population of Hillsborough County. Tampa’s

economy is founded on a diverse base that includes tourism, agriculture,

construction, finance, health care, government, technology, and the port of

Tampa. Contributing to the success of our community is the way businesses, City

government, and citizens work together to make Tampa a better place to live.

The City of Tampa is the 3rd largest city in Florida with a population of 370,224

as of July 1, 2017. Tampa ranks in the upper quartile for Population Density and

Diversity Index when compared to the other cities, towns and Census Designated

Places (CDPs) in Florida.

Land O’Lakes, Florida

Land O’ Lakes is conveniently located between the Suncoast Parkway and I-75

and is like a hidden gem in Pasco county. With over 100 lakes of various sizes, you

are sure to find the perfect water view or water access home separated from all

the congestion associated with the Tampa city areas and tourist traffic.

Because of its location, Land O’ Lakes is expecting to be one of the fastest growing

communities in the area. While growth is appealing, it is apparent that new

developers are concentrating on preserving the natural aspects of the area and in

upscale communities such as Wilderness Lake Preserve and Connerton, you can

see this for yourself.Land O’Lakes Median Property Value

$226,585

Land O’Lakes Population

35,122

Land O’Lakes Number of Employees

17,9385.9% Growth

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Market Overview

Tampa Premium Outlets

Tampa Premium Outlets is conveniently located off

Interstate 75 and State Road 56 on Grand Cypress

Drive. Anchored by Saks Fifth Avenue OFF 5TH,

guests will enjoy over 110 shops including, Calvin

Klein, Coach, J. Crew, Michael Kors, Polo Ralph

Lauren, and Tommy Hilfiger. You will also enjoy

delicious options at Market Hall, including Green Leaf’s Beyond Great, Villa Fresh

Italian Kitchen and Johnny Rockets. Additionally, Longhorn Steakhouse, BJ’s

Restaurant & Brewhouse, and McDonald’s were added to the restaurant mix.

Located in the heart of Wesley Chapel, filled with beautiful landscapes, wildlife

ands hopping, Tampa Premium Outlets is surrounded by local communities

including Meadow Pointe, Seven Oaks, Northwood, and Saddlebrook. With

roughly 3.5 million people within 45 miles, Tampa Bay, consisting of Hillsborough,

Pinellas, Pasco and Hernando counties, is the most populous and affluent

metropolitan statistical area (MSA) and the largest television market in the state.

Tampa is Florida’s third most populous city and Hillsborough is Florida’s fourth

most populous county. Tampa’s economy is founded on a diverse base that includes

tourism, agriculture, construction, finance, health care, government, technology

and the Port of Tampa. Additionally, Tampa Premium Outlets is 20 miles north of

the Tampa International Airport, which serves nearly 16 million people annually,

and 30 miles north of The Port of Tampa, the largest port in the southeast, offers

many cruise destinations from the Garrison Channel Cruise Terminal. Also in

the Pasco County area you will find over 52 local Elementary Schools, 20 Middle

Schools, 20 High Schools, and 12 Charter Schools. Looking for something fun to

do® Tampa Premium Outlet is just 30 minutes from local attractions like Busch

Gardens, Lowry Park Zoo, and the Museum of Science and Industry (MOSI).

Within the immediate area, construction and development continues both in

residential and commercial. The most notable development in the immediate area

includes: Chick-fil-A, Cheddar’s, Panda Express, Culver’s, Ford’s Garage, Holiday

Inn, Florida Hospital Center Ice, and the Raymond James Financial campus, all

which will add approximately 4,000 - 6,000 jobs to the immediate area.

Calkain Companies | 14

Market Overview

About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. It prides itself on being an innovative leader by providing its clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.

Calkain has built solid, lasting relationships that have been the cornerstone of how they do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of its clients.

At Calkain, their foresight and innovation are leading the net lease investment industry.

Building a solid foundation for your investment portfoliocalkain.com

Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

$12 Billion in Closed Transactions

$350 Million

in Active Listings

Washington, DC 12930 Worldgate Dr Ste 150 | Herndon, VA Tel: 703.787.4714

Fort Lauderdale 200 SW 1st Ave Ste 880 | Fort Lauderdale, FL Tel: 813.282.6000

Atlanta 111 Village Pkwy, Bldg 2 Ste 202 | Marietta, GA Tel: 404.900.5629

Boston 101 Federal St Ste 1900 | Boston, MA Tel: 617.261.8584

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New York 205 E 42nd St 14th Fl | New York, NY Tel: 646.736.5783