Actual Site

OFFERING MEMORANDUM

WEST BAY RETAIL CENTER (4 Tenants) St. Petersburg, FL

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

The Asset

Net Operating Income (NOI) $183,837

Rent/Month $15,319.80

Rentable SF 7,480+/- SF

Ownership Type Fee Simple

Lease Type NN

Landlord Responsibilities Roof & Structure

Rent Schedule

Tenant SF AnnualRent

Monthly Rent

Rent Commencement

Lease Expiration Options Increases

Banfield Pet Hospital 3,460 $86,499.96 $7,208.33 02/19/2018 02/28/2028 Two (2), Five (5) Yr 10% Every 5 Yrs

Tropical Smoothie Cafe 1,340 $33,017.64 $2,751.47 06/01/2014 05/31/2024 One (1), Five (5) Yr 10% Increase on 6/1/2019

CosmoProf 1,340 $33,500.04 $2,791.67 12/1/2017 11/30/2020 - -

Sprint 1,340 $30,820.00 $2,568.33 12/1/2016 11/30/2021 Two (2), Five (5) Yr In Options

Total 7,480 $183,837.60 $15,319.80

Investment Highlights

• Strong 4 tenant center with national tenants

• Banfield Pet Hospital operates over 800 locations nationally • Outparcel to busy Publix anchored shopping center

• Rents in-line or below market

• Population of over 100K within 3 mile radius

• Tampa Bay MSA

Asking Price$2,830,000

Cap Rate 6.50%

1001 West Bay Dr | Largo, FL 33770

Avg Rent/SF$25.00+/-

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West Bay Retail Center | Financial Summary

Site Photos

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About Banfield Pet HospitalBanfield Pet Hospital is a privately owned company that was founded in 1955, in northeast Portland, Oregon. In 2014, Banfield was relocated its headquarters to Vancouver, WA and now operates over 800+ veterinarian clients throughout the United States, as well as in Mexico and the United Kingdom. Medical Management International, Inc. (MMI) was created to own the clinic, and in 1994 the pet store chain PetSmart teamed up with MMI to open pet clinics in their stores initially called VetSmart. The Banfield PetSmart clinics were such great success that in 2000, Banfield was able to purchase all of PetSmart’s other clients, and in 2001 they became the founders of TruePaws health insurance for pets. In 2007, the CEO Scott Campbell sold his shares to Mars, Inc., and was able to retire. He chose however to remain chairman of the company.

Banfield Snapshot

# of Locations 800+

Revenue $774.4Mil

# of Employees 14,000 (2014)

Sally Beauty Snapshot

# of Locations 3,700

2017 Revenue $3.8Bil

Stock Symbol NYSE: SBH

About CosmoProfCosmoProf, the largest operator of the Beauty Systems Group of Sally Beauty Holdings, Inc. (NYSE: SBH), is a full-service distributor offering exclusive salon products and equipment to licensed professionals in the salon and spa industry. CosmoProf has over 1,150 company owned stores in the US, Puerto Rico, and Canada and distribute only top brands to salons and licensed cosmetologists. Sally Beauty Holdings, Inc. is the world’s largest distributor and retailer of professional beauty products based on a store count of more than 3,700 stores in 13 countries and has annual revenues of over $3.8 billion and operating earnings of approximately $380 million. The Company operates primarily through two business units, Sally Beauty Supply and Beauty Systems Group (BSG), and is the largest distributor of professional beauty supplies in the U.S. based on store count.

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Tenant Overviews

About Tropical Smoothie CafeTropical Smoothie Cafe, sometimes referred to as simply Tropical Smoothie, is a restaurant franchise in the United States. In addition to smoothies, the cafes offer sandwiches, wraps, salads, flat breads, and introduced bowls to their food line in 2017. Tropical Smoothie Cafe currently operates more than 630 locations nationwide.

Today, customers continue to fall in love with the Tropical Smoothie Cafe experience as they expand into more than 44 states. Their love for the brands big bold flavors has led the company to post over 400 million dollars in sales during 2017.

Connectivity Snapshot

# of Stores 190

# of Customers 54Mil

Market Cap $26.079Bil

Cafe Snapshot

# of Locations 630

2017 Sales $400Mil

Founded 1993

About Connectivity Source; a Sprint Authorized Retailer: Connectivity Source is a Sprint Authorized Retailer with 190 stores in AZ, AR, LA, OK, NC, SC GA, FL and TX. They are an industry leader in the world of wireless communication with a focus on consumer and business sales, as well as service and ongoing support. Their customers consist of government agencies, Fortune 500 companies, small business, families and individuals. Sprint Corporation, commonly referred to as Sprint, is an American telecommunications company that provides wireless services and is an internet service provider. It is the fourth largest mobile network operator in the United States and serves 54 million customers as of October 2017. The company also offers wireless voice, messaging, and broadband services through its various subsidiaries under the Boost Mobile, Virgin Mobile, and Assurance Wireless brands, and wholesale access to its wireless networks to mobile virtual network operators.

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Tenant Overviews

275

TampaClearwater

St. PetersburgSt. Petersburg

Brandon

75

Largo

Subject Site

Clearwater 4 miles

St. Petersburg 20 miles

Tampa 24 miles

Brandon 36 miles

Sarasota 54 miles

Orlando 107 miles

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Location Overview

Distance To

Ulmerton Rd 50,500 VPD

Sem

inol

e Bl

vd 3

6,50

0 VP

D

West Bay Dr 21,910 VPD

Paradise Shoppes of Largo

Largo Mall

Largo Middle School

Largo High School

Pinecrest Golf Club

Largo Medical Center

Subject Site

Keep all map content (except background) above this margin for website cropping purposes

1001 West Bay Dr | Largo, FL 33770

Keep all map content (except background) above this margin for website cropping purposes

West Bay Drive 21,910 VPD

Clea

rwat

er La

rgo

Rd 2

8,00

0 VP

D

Pinecrest Golf Club

Pinella County Pre-K Early

Intervention

Mildred Helms Elementary School

Subject Site

1001 West Bay Dr | Largo, FL 33770

Location Highlights

Signalized Corner Location

21,910 VPD Pass the Site

Publix Outparcel

C

lick fo

r Street View

Clearwater

Largo

1 Mile 3 Miles 5 MilesPopulation2018 Population 13,059 101,125 239,892

2023 Population 13,526 104,554 249,021

2018 Median Age 50.5 51.6 49.9

Households2018 Total Households 6,361 46,806 107,151

2023 Total Households 6,551 48,169 110,709

Median Household Income2018 Median HH Income $40,478 $42,801 $46,753

2023 Median HH Income $46,458 $49,786 $53,214

Average Household Income2018 Average HH Income $55,048 $62,670 $67,244

2023 Average HH Income $65,201 $73,825 $79,320

Population 239,892

Median Age 49.9

Avg HH Income $67,244

Total Businesses 9,008

Total Employees 103,358

Net Worth $99,424

5 Mile Radius | Demographics

Location Overview, 1/3/5 Miles

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Median Property Value

$200,0008% Growth

Largo, FLLargo is the third largest city in Pinellas County, Florida, United States, and 4th largest in the Tampa Bay Area. As of the 2016 Census, the city had a population of 83,077.

Tampa Bay The Tampa Bay Area is a major populated area surrounding Tampa Bay on the west coast of Florida in the United States.

The population of the Tampa Bay MSA is estimated at 3,091,399 people as of 2018, and between 2010 and 2015 the population is estimated to have grown 6.9%. For 2014 to 2015 the U.S. Census data estimated an annual growth of 2.0 percent or 54,412 people.

Nearly one in four of the state’s business and information services firms resides in Tampa Bay. These firms range from financial services firms to information technology providers to professional services organizations such as law firms, accounting firms, engineering firms, consulting and more. As a gateway to the Florida High Tech Corridor, Tampa Bay is home to many information technology firms along with many business services providers.

With more than 50 hospitals, dozens of clinics and ambulatory care centers, the Tampa Bay has an abundance of top-rated health care facilities for children and adults. The region also has a wealth of well-trained medical professionals—nearly 53,000 nurses and more than 9,200 physicians (including physician assistants)—provide care to Tampa Bay residents and visitors every year.

Tampa Bay ranks in the top 20 nationwide for medical device manufacturing clusters. The industry employs more than 10,000 people with an average wage in excess of $49,000 and produces over $2 billion worth of goods and services for an economic impact of more than 51,000 jobs and $5 billion. Tampa Bay’s history of manufacturing for the defense industry has created a workforce skilled in

high-precision fabrication of electronic parts and assemblies and experience in dealing with government relations, easing the transition to the highly regulated medical manufacturing industry.

Tampa Bay serves as the gateway to the Florida High Tech Corridor which spans 23 counties. Created as a partnership between the University of South Florida, University of Central Florida and now including the University of Florida, the Florida High Tech Corridor promotes the growth of the high-tech industry across Central Florida.

The Tampa Bay area is highly noted for its beaches, with the warm, blue gulf waters and nearly 70 miles of barriers islands from North Pinellas south to Venice, attracting tourists from all over the world. Three of the beaches in this area, Fort De Soto’s North Beach, Caladesi Island, and Sarasota’s Siesta Key have been named by Dr. Beach as America’s Top Beach.

Sports attractions, in addition to the teams listed below, include many professional quality golf courses, tennis courts, and pools. Ybor and the Channel District in Tampa, downtown St. Petersburg, and the beaches all along the coast all attract a vibrant nightlife.

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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 portfolio

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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.

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