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OFFERING MEMORANDUM

WALGREENS81891 Overseas Highway, Islamorada, FL 33036

ED BRESLIN, MANAGING DIRECTOR Broker License: 01338414Office 310.774.3790 | Mobile 310.254.4177 | ebreslin@kentwoodcapital.com

PAUL TRUPIA III, MANAGING DIRECTOR Office 646.791.0818 | Mobile 914.774.5218 | paul@kentwoodcapital.com

In Conjunction With FL Licensed Broker: Jeffrey T. Rembert License # BK3007646

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CONFIDENTIAL DISCLAIMERThis Confidential Memorandum has been prepared by Kentwood Capital Advisors (“KCA”) and is being furnished to you solely for the purpose of your review of the commercial property located at 81891 Overseas Highway, Islamorada, FL 33036 (the “Property”). The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of Kentwood Capital Advisors (“Broker”).

By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to KCA as soon as practicable together with all other materials relating to the Property which you may have received from KCA; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of KCA.

This Confidential Memorandum has been prepared by KCA, based upon certain information pertaining to the Property and any information obtained from KCA to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by KCA to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon KCA, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither KCA, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred.

KCA, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice.

This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum you agree to release KCA and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. KCA reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.

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PROPERTY HIGHLIGHTS81891 OVERSEAS HIGHWAY, ISLAMORADA, FL 33036

• Site is located on a triple lot in the Heart of Islamorada Village, The Sports Fishing Capital of the World

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• Long Term Lease backed by Walgreen Co.

• Tenant has a BBB investment grade credit rating by Standard and Poor’s

• Excellent access, ingress and egress from front and rear of property with a huge parking lot

• Over 25,000 vehicles per day on Overseas Highway

• Limited competition in the market and highly sought after site by Walgreens

• Located within the main retail corridor of Upper Matecumbe Key just outside the entrance to the Islander Resort, A Guy Harvey Outpost and just down the street to the Cheeca Lodge & Spa.

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• 2,850,000 – the total number of visitors annually

• 750,000 – The Number of Visitors Annually via Cruise Ship

• $1,000 – The Average amount a visitor spends per day, including accommodations

• $385 – The Average daily hotel price in season

FLORIDA KEYS STATS

• Brand New 15 year lease term with 5% rent bumps in all seven, 5 year option periods.

Irreplaceable location surrounded by resorts, residential communities and a majority of retail tenants servicing the Middle keys.

One of the few approved retail developments in this area - very high barriers to entry in this submarket

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TENANT OVERVIEW

LEASE SUMMARYTenant Walgreens

Building Size 12,500

Lot Size 1.15 AC

Lease Type Modified NNN

Lease Term 15 Years

Rent Commencement Date 6/25/17

Lease Expiration Date 6/30/2032

NOI $350,000

Escalations 5% every 5 years in the Options

Options Seven (7) X Five (5) Years

Asking Price $6,950,000

Asking Cap 5.03%

Walgreens | www.walgreens.com

Walgreens Boots Alliance, Inc., together with its subsidiaries, operates a network of drugstores in the United States. It provides consumer goods and services, pharmacy, and health and wellness services through drugstores, as well as through mail, and by telephone and online. The company sells prescription and non-prescription drugs; and general merchandise, including convenience and fresh foods, household items, personal care, photofinishing and candy, and beauty care. It also provides specialty pharmacy services for managing complex and chronic health conditions; customers infusion therapy services consisting of administration of intravenous medications for cancer treatments, chronic pain, heart failure, and other infections and disorders; and clinical services, such as laboratory monitoring, medication profile review, nutritional assessments, and patient and caregiver education. In addition, the company manages in-store convenient care clinics (Healthcare Clinics). As of October 20, 2014, it operated 8,207 locations in 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The company also managed approximately 400 Healthcare Clinics and provider practice locations. The company was founded in 1901 and is based in Deerfield, Illinois.

SURROUNDING AREA81891 OVERSEAS HIGHWAY, ISLAMORADA, FL 33036

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81891 OVERSEAS HIGHWAY, ISLAMORADA, FL 33036

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OVERSEAS HWY

7

AERIAL

80

MIL

ES

MIAMI INTERNATIONAL

AIRPORT

KEY WEST 80 MILES

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SITE PLAN

IslamoradaThe Sport Fishing Capital of the World, Islamorada (pronounced eye-lah-mor-ah-dah) is located in the Florida Keys, halfway between Key West and Miami. An ideal destination for families, Islamorada is known for its clear and calm waters, towering palm trees lining sandy beaches, beautiful orchids and bougainvillea and breathtaking sunsets. Though it has long attracted sport fishermen, it’s an equally appealing spot for divers and snorkelers, thanks to a colorful variety of shallow coral reefs and shipwrecks – both accidental and intentional – in its surrounding warm waters.

Its proper name is Islamorada, Village of Islands, and it comprises four separate islands, two islands that are part of the Florida State Park system and one private island, as well as smaller islands. Once home to Cuchiyada Indians, Islamorada is said to be the oldest inhabited place in the Keys.

The name “Islamorada” came from Spanish explorers in the early 16th century and the shade is seen prominently in local shops and restaurants. Legend has it that the Spanish explorers were so taken with the shades of purple in the sunset that they called it “islas moradas” (purple isles).

Incorporated in 1998 by the Florida Legislature, Islamorada begins on Plantation Key, followed by Windley Key, and runs through Upper and Lower Matecumbe Keys.

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LOCATION OVERVIEW

Property Tax Revenue

KEY WEST B IG P INE KEY & THE LOWER KEYS MARATHON

ISLAMORADA

KEY L

ARGO

Projects include: Beaches, Veterans Memorial, Coral Reef Restoration, Park Improvements, Pigeon Key,

Museums, Theatres & Cultural Centers

Capital Projects

$46 MillionInvested by the TDC in the past ten years

Tourism & The Keys Economy

$2.7 BillionTourism’s value to the Keys’ economy

Tourism & Sales Related Taxes

$50 MillionAnd plus has been raised for

Monroe County General Fund

$50 MillionAnd plus has been raised for Affordable

Housing or Environmentally Sensitive Land

$120 MillionCombined Annual Tax Revenue to the State

$70 MillionCombined Annual Tax Revenue

to Keys Municipalities from Tourism

53% Travel jobs are from small businesses.

A higher rate than the rest of the private sector.

Benefits of a Tourism Economyfrom the US Travel Association report “Travel Means Jobs”

60%Of all spending is

attributed to tourism (direct and induced)

54%Jobs/Employment in Monroe County

$1.45 BillionValue of all Florida Keys Lodging Property

$33 MillionValue of all Florida Keys Tourist Attractions

$18 MillionProperty Taxes paid by

Hotels & Attractions in 2014

16 out of 20 highest taxes paid per parcel were tourism businesses

Arts & Cultural Events

$6 MillionInvested by the TDC on Performing

and Visual Arts over the past ten years

How Important is Tourism to The Florida Keys?

New York | Florida | California

Paul Trupia III, Managing Directorpaul@kentwoodcapital.com

D: (646) 791-0818M: (914) 774-5218

Ed Breslin, Managing Directorebreslin@kentwoodcapital.com

D: (310) 774-3790M: (310) 254-4177

In Conjunction With FL Licensed Broker: Jeffrey T. Rembert License # BK3007646