Mount Dora Retail StripMount Dora, Florida$3,317,750 + 6.75%

Michael Zimmerman, Principal919.391.9901 + michael@groundandspacepartners.com

Mount Dora Retail Strip + Investment Highlights groundandspacepartners.com + 1

Prime Location The site is highly visible new construction along U.S. 441 within a development site that includes ALDI and Panera, and the site is across from both Target and Walmart.

New LeasesThe tenants all have new, 10-year leases with a mix of corporate and franchise guarantees, and all have scheduled increases and options to renew.

Trade Area Mount Dora is part of the 26th largest MSA in the country and the third largest in Florida, and new economic plans for the city will connect the area to busy Interstate 4.

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Mount Dora Retail Strip + Investment Summary groundandspacepartners.com + 2

Tenants Kay Jewelers, Marco’s Pizza + Hand & Stone Massage and Facial Spa

Address 17307–17319 U.S. Hwy. 441Mount Dora, FL 32757

Asking Price $3,317,750

Cap Rate 6.75%

Building Size ± 6,912 SF

Land Size ± 1.11 AC

Year Built 2018

Annual Rent $223,948

Occupancy 100% Leased

Lease Types NN

Landlord Roof, Structure + Parking Lot

Investment Summary

Mount Dora Retail Strip + Site Plan groundandspacepartners.com + 3

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Kay JewelersMount Dora Retail Strip

Mount Dora, Florida

Mount Dora Retail Strip + Kay Jewelers groundandspacepartners.com + 4

Mount Dora Retail Strip + Kay Jewelers Investment Summary groundandspacepartners.com + 5

Address 17319 U.S. Hwy. 441 Mount Dora, FL 32757

Tenant Sterling, Inc.DBA Kay Jewelers

Guarantor Corporate NASDAQ: SIG

Building Size ± 2,500 SF36.2% Total GLA

Parking 2 Exclusive Spaces

Commences April 2019 (Est.)

Expiration April 2029 (Est.)

Lease Term 10 Years

Annual Rent $87,500 ($35.00/SF)

Increases 10% Every 5 Years

Options 2 x 5-Year Options

Lease Type NN

Landlord Roof, Structure + Parking Lot

Additional Rent CAM (Includes 5% Admin. Fee), Insurance + Real Estate Taxes

Investment Summary

Mount Dora Retail Strip + Kay Jewelers Rent Schedule groundandspacepartners.com + 6

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $87,500 ($35.00/SF) N/A

6–10 (Base Term) $96,250 ($38.50/SF) 10.0%

11–15 (Option 1) $105,875 ($42.35/SF) 10.0%16–20 (Option 2) $116,475 ($46.59/SF) 10.0%

Additional Rent PSFCommon Area Maintenance $5,000 ($2.00/SF)

Real Estate Taxes $7,500 ($3.00/SF)Insurance $2,500 ($1.00/SF)Commencement The earlier to occur of: (i) Tenant opens for business or (ii) 90 days following the later to occur of: (i) Turnover Date, (ii) the date Tenant secures final permits, (iii) the date Landlord approves Tenant plans or (iv) the date lease has been fully executed.

Mount Dora Retail Strip + Kay Jewelers Tenant Profile groundandspacepartners.com + 7

Kay JewelersKay Jewelers is the No. 1 specialty jewelry brand in the U.S. Since 1916, Kay Jewelers has grown to more than 900 stores from coast to coast all providing a superior shopping experience online and in stores. Together with parent company Signet Jewelers, Kay Jewelers is the largest retail jeweler in the world. Signet Jewelers has annual sales of approximately $6 billion derived from the retailing of jewelry, watches and associated services.

Mount Dora Retail Strip + Marco’s Pizza groundandspacepartners.com + 8

Marco’s PizzaMount Dora Retail Strip

Mount Dora, Florida

Mount Dora Retail Strip + Marco’s Pizza Investment Summary groundandspacepartners.com + 9

Address 17307 U.S. Highway 441Mount Dora, FL 32757

Tenant OLPM1, LLC DBA Marco’s Pizza

Guarantor Franchisee/PersonalGuaranty Expires After Fifth Lease Year

Building Size ± 1,635 SF23.6% Total GLA

Parking 2 Exclusive Spaces

Year Built 2018

Commences April 2019 (Est.)

Expiration April 2029 (Est.)

Lease Term 10 Years

Annual Rent $53,138 ($32.50/SF)

Increases 10% Every 5 Years

Options 2 x 5-Year Options

Lease Type NN

Landlord Roof, Structure + Parking Lot

Additional Rent CAM (Includes 5% Admin. Fees), Insurance + Real Estate Taxes

Investment Summary

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Grand National + LongHorn Steakhouse Lease AbstractMount Dora Retail Strip + Marco’s Pizza Rent Schedule groundandspacepartners.com + 10

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $53,138 ($32.50/SF) N/A

6–10 (Base Term) $58,451 ($35.75/SF) 10.0%

11–15 (Option 1) $64,305 ($39.33/SF) 10.0%16–20 (Option 2) $70,370 ($43.26/SF) 10.0%

Additional Rent PSFCommon Area Maintenance $4,088 ($2.50/SF)

Real Estate Taxes $4,905 ($3.00/SF)Insurance $1,635 ($1.00/SF)

Commencement The earlier to occur of: (i) Tenant opens for business or (ii) 90 days following Turnover Date.

Marco’s PizzaMarco’s Pizza is the fastest-growing pizza company in the country, currently operating about 900 stores in 35 U.S. states as well as countries like India, the Bahamas and Puerto Rico. Dubbed the “undisputed kings of new store development,” by Entrepreneur, Marco’s Pizza added 120 new stores in 2016 alone, and the company is on the fast track to opening 1,000 stores. In 2017, Marco’s was voted the favorite pizza company in America in a Market Force study and is recognized as one of the top-performing restaurant franchises.

Mount Dora Retail Strip + Marco’s Pizza Tenant Profile groundandspacepartners.com + 11

One Lily Pad (OLP)OLP is a U.S.-based

company focused on the financing, development

and management of franchises like Marco’s

Pizza. The company plans to open as many

as 20 Marco’s Pizza locations in Florida.

Mount Dora Retail Strip + Hand & Stone Massage and Facial Spa groundandspacepartners.com + 12

Hand & Stone Massage and Facial Spa

Mount Dora Retail Strip Mount Dora, Florida

Mount Dora Retail Strip + Hand & Stone Massage and Facial Spa Investment Summary groundandspacepartners.com + 13

Address 17313 U.S. Highway 441Mount Dora, FL 32757

Tenant AVBB, Inc. DBA Hand & Stone Massage and Facial Spa

Guarantor Franchisee/PersonalGuaranty Expires After Seventh Lease Year

Building Size ± 2,777 SF40.2% Total GLA

Parking 2 Exclusive Spaces

Year Built 2018

Commences April 2019 (Est.)

Expiration April 2029 (Est.)

Lease Term 10 Years

Annual Rent $83,310 ($30.00/SF)

Increases 10% Every 5 Years

Options 2 x 5-Year Options

Lease Type NN

Landlord Roof, Structure + Parking Lot

Additional Rent CAM (Includes 10% Admin. Fees), Insurance + Real Estate Taxes

Investment Summary

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Grand National + LongHorn Steakhouse Lease AbstractMount Dora Retail Strip + Hand & Stone Massage and Facial Spa Rent Schedule groundandspacepartners.com + 14

Rent ScheduleYears Annual Rent Increase1–5 (Base Term) $83,310 ($30.00/SF) N/A

6–10 (Base Term) $91,641 ($33.00/SF) 10.0%

11–15 (Option 1) $100,805 ($36.30/SF) 10.0%16–20 (Option 2) $110,886 ($39.93/SF) 10.0%

Additional Rent PSFCommon Area Maintenance $6,493 ($2.50/SF)

Real Estate Taxes $9,720 ($3.50/SF)Insurance $2,777 ($1.00/SF)

Commencement 120 days from the earlier to occur of: (i) receipt of permits, (ii) possession or (iii) store opening.

Hand & Stone Massage and Facial SpaHand & Stone is a leader in providing affordable, convenient and top-quality facials, massages and wax-free hair removal services. No other franchise competitor was designed to offer all three services at each location, and spa services are priced some 30 percent less than traditional day spas. Additionally, Hand & Spa offers same-day convenience for massage and facial services.

Mount Dora Retail Strip + Hand & Stone Massage and Facial Spa Tenant Profile groundandspacepartners.com + 15

Mount Dora Retail Strip

Market Overview Mount Dora, Florida

Mount Dora Retail Strip + Market Overview groundandspacepartners.com + 16

Proposed

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Mount Dora Retail Strip + Aerial groundandspacepartners.com + 17

46,000 ADT

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37,500 ADT

US-441: 41,500 ADT

TEXAS ROAD HOU SE | INVESTMENT H IGHL IGHTSTEXAS ROAD HOU SE | AER IALTEXAS ROAD HOU SE | R IVERVIEW OVERVIEWTEXAS ROAD HOU SE | H IL L S BOROUGH COUNTY DEVELOPMENT groundandspacepartners.com + 10Grand National + LongHorn Steakhouse Lease AbstractMount Dora Retail Strip + Aerial groundandspacepartners.com + 18

Proposed

19

448

441

2

3

4

9

5

8

10

7

1112

6

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Interstate 4160,000 ADT

U.S. 44141,500 ADT

Florida Turnpike51,735 ADT

Mount Dora Retail Strip + Regional Aerial groundandspacepartners.com + 19

The city of Orlando is known as the “Theme Park Capital of the World” because it’s home to more than a dozen theme parks and resorts, including Disney World, Universal Orlando and Epcot. The Orlando metro area has a population of more than 2.3 million and is the sixth largest metropolitan area in the Southern U.S. In 2015, over 68 million visitors came to the Orlando region, spending over $33 billion.

Area Attractions 1. Florida Hospital Waterman - 3.4 miles2. Renninger’s Antique Center - 3.7 miles3. Florida Hospital Apopka - 18.7 miles4. Florida Hospital Orlando - 32.0 miles5. The Mall at Millenia - 35.6 miles6. Orlando Executive Airport - 35.8 miles7. Universal Orlando Resort - 36.0 miles8. Orlando International Premium Outlets - 36.1 miles9. Amway Center - 36.2 miles10. Orlando Convention Center - 38.0 miles11. Walt Disney World Resort - 41.2 miles12. Orlando International Airport - 46.9 miles

Mount Dora Retail Strip + Market Overview groundandspacepartners.com + 20

Centralized Regional LocationIncluded in the Larger Orlando Metropolitan Area Mount Dora is part of Orlando’s metro area, which boasts a population of more than 2.3 million in 2016, making it the 26th largest metro area in the country, the sixth largest in the Southern U.S. and the third largest in the state of Florida. Mount Dora is less than one hour from Orlando and area attractions including Walt Disney World, Universal Studios and SeaWorld.

Mount Dora Retail Strip + Market Overview groundandspacepartners.com + 21

Increasing DevelopmentMount Dora Parkway Project Promotes Development Plans in Mount Dora include the $1.6 billion Wekiva Parkway project, which will connect Mount Dora to Wekiva Parkway and Interstate 4. The project will offer significant benefits for the area, including an increase in industry and business, as well as higher household incomes. The parkway will create opportunities for cross-city collaboration on projects given the increased ease of transportation around Central Florida.

Mount Dora Retail Strip + Market Overview groundandspacepartners.com + 22

Charming Festival CityEver-Growing City with Artistic Flair Mount Dora is known for its small town charm, but this still-growing city with its flair for the arts is a popular Florida tourist destination. The city hosts many festivals and is known as “Festival City.” Mount Dora hosts two of the longest-running and largest outdoor events in the country.

Demographics 1 Mile 3 Miles 5 Miles

Estimated Population 4,724 39,149 63,005

2023 Projected Population 5,316 44,053 70,878

2010 Census Population 4,237 35,071 56,091

Projected Annual Growth (2018–2023) 12.53% 12.53% 12.50%

Historical Annual Growth (2010–2018) 11.49% 11.63% 12.33%

Estimated Households 1,974 16,477 26,342

2023 Projected Households 2,214 18,492 29,581

2010 Census Households 1,791 14,857 23,487

Projected Annual Growth (2018–2023) 12.16% 12.23% 12.30%

Historical Annual Growth (2010–2018) 10.22% 10.90% 12.16%

Est. HH Income $200,000+ 2.53% 2.70% 3.03%

Est. HH Income $150,000-$200,000 2.18% 2.06% 2.16%

Est. HH Income $125,000–$150,000 5.32% 2.96% 3.31%

Est. HH Income $100,000-$125,000 4.41% 6.23% 6.68%

Est. HH Income $75,000–$100,000 16.46% 13.64% 13.86%

Est. HH Income $50,000–$75,000 20.10% 17.69% 17.77%

Est. HH Income $25,000–$50,000 29.62% 29.38% 28.07%

Est. HH Income Under $25,000 19.39% 25.34% 25.12%

Est. Average Household Income $64,803 $60,578 $62,503

Est. Median Household Income $51,140 $44,907 $46,125

Est. White 80.44% 79.98% 81.89%

Est. Black 14.90% 15.82% 14.05%

Est. American Indian or Alaska Native 0.47% 0.53% 0.56%

Est. Asian 2.77% 1.89% 1.76%

Est. Hawaiian or Pacific Islander 0.02% 0.06% 0.09%

Est. Other 1.42% 1.72% 1.65%

Est. Hispanic Origin 13.95% 13.37% 12.85%

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Demographics

Mount Dora Retail Strip + Demographics groundandspacepartners.com + 23

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Ground + Space and should not be made available to any other person or entity without the written consent of Ground + Space. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Ground + Space has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs 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. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Ground + Space has not verified, and will not verify, any of the information contained herein, nor has Ground + Space conducted any investigation regarding these matters and makes 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.

Michael ZimmermanP: 919.391.9901groundandspacepartners.commichael@groundandspacepartners.com

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