OFFERING MEMORANDUM

Net Leased Restaurant

New Garden Grill Concept

Burger King - New Construction

New 20-Year Absolute NNN Lease
Experienced Multi-Unit Franchisee
2636 Columbia Highway North, Aiken, SC 29805
Zero Landlord Responsibilities
Nationally Recognized Brand
Representative Photo
NON-ENDORSEMENT AND DISCLAIMER NOTICE

NON-ENDORSEMENTS
MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES OF FLORIDA, INC. ("MARCUS & MILLICHAP") IS NOT AFFILIATED WITH, SPONSORED BY, OR EN-
DORSED BY ANY COMMERCIAL TENANT OR LESSEE IDENTIFIED IN THIS MARKETING PACKAGE. THE PRESENCE OF ANY CORPORATION'S LOGO OR NAME IS NOT
INTENDED TO INDICATE OR IMPLY AFFILIATION WITH, OR SPONSORSHIP OR ENDORSEMENT BY, SAID CORPORATION OF MARCUS & MILLICHAP, ITS AFFILIATES
OR SUBSIDIARIES, OR ANY AGENT, PRODUCT, SERVICE, OR COMMERCIAL LISTING OF MARCUS & MILLICHAP, AND IS SOLELY INCLUDED FOR THE PURPOSE OF
PROVIDING TENANT LESSEE INFORMATION ABOUT THIS LISTING TO PROSPECTIVE CUSTOMERS.

DISCLAIMER
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. THIS INFORMATION
HAS BEEN SECURED FROM SOURCES WE BELIEVE TO BE RELIABLE, BUT WE MAKE NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AS TO THE
ACCURACY OF THE INFORMATION. REFERENCES TO SQUARE FOOTAGE OR AGE ARE APPROXIMATE. BUYER MUST VERIFY THE INFORMATION AND BEARS ALL
RISK FOR ANY INACCURACIES. MARCUS & MILLICHAP IS A SERVICE MARK OF MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES, INC. 2016 MARCUS
& MILLICHAP. ALL RIGHTS RESERVED.
TABLE OF CONTENT
OFFERING MEMORANDUM

Financial Overview 4

Investment Summary 5

Site Plan 6

Property Survey 7

Concept Photos 8

Retail Aerial 9

Surrounding Retailers 10

Location Overview 11

Company Overview 12-13

Location Map 14

Comparable Map 15

Average Cap Rate Graph 16

Comparable Sales 17-18

BURGER KING - AIKEN, SC
FINANCIAL OVERVIEW ANNUALIZED OPERATING DATA
PRICE: $2,333,000 | RENT: $140,000
Property Address 2636 Columbia Highway North
Annual Rent $140,000*
City, State, Zip Aiken, SC 29805
Estimated Building Size (SF) 2,854 Rental Escalations 10% Every 5 Years
Lot Size SF/Acres 82,764 | 1.9 Acres Average Cap Rate 6.96%
Year Built/Renovated 2017 * Final rent amount will be determined from final construction costs, not to exceed $140,000
Price p/SF $817.45
Rent p/SF $49.05 RENT SCHEDULE ANNUAL RENT MONTHLY RENT CAP RATE

YEAR 1 $140,000 $11,667 6.00%

LEASE SUMMARY YEAR 2 $140,000 $11,667 6.00%
Property Type Net Leased Restaurant YEAR 3 $140,000 $11,667 6.00%
Ownership Private YEAR 4 $140,000 $11,667 6.00%
YEAR 5 $140,000 $11,667 6.00%
Tenant Burger King Franchisee
YEAR 6 $154,000 $12,833 6.60%
YEAR 7 $154,000 $12,833 6.60%
Guarantor 6-Unit Franchisee
Credit Rating S&P: B+ YEAR 8 $154,000 $12,833 6.60%
Lease Commencement Date Earlier of when tenant opens for business or 30 days following notice of YEAR 9 $154,000 $12,833 6.60%
work completed. Estimated Opening date of Dec 12, 2017 YEAR 10 $154,000 $12,833 6.60%
Lease Expiration 20 Years There After YEAR 11 $169,400 $14,117 7.26%
Lease Term Remaining 20 Years YEAR 12 $169,400 $14,117 7.26%

INVESTMENT OVERVIEW
YEAR13 $169,400 $14,117 7.26%
Lease Type NNN
YEAR 14 $169,400 $14,117 7.26%
Roof & Structure Tenant Responsibility
YEAR 15 $169,400 $14,117 7.26%
Options to Renew Four 5-Year Options YEAR 16 $186,340 $15,528 7.98%
Base Term Rental Escalations 10% Every Five Years YEAR 17 $186,340 $15,528 7.98%
Percentage Rent No YEAR 18 $186,340 $15,528 7.98%
YEAR 19 $186,340 $15,528 7.98%
Right of First Refusal No
YEAR 20 $186,340 $15,528 7.98%
This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 4
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
BURGER KING - AIKEN, SC
INVESTMENT SUMMARY
Marcus & Millichap is pleased to present for sale this single-tenant, absolute triple-
net lease Burger King Restaurant investment opportunity located at 2636 Columbia Highway Brand New
20-Year NNN
N, Aiken, SC, part of the Augusta-Richmond County MSA. The property consists of nearly
two acres improved with a 2,854-square foot building. The newly constructed restaurant will
have a brand new 20-year lease with Stix & Co, Inc, a South Carolina-based entity currently
operating six restaurants in the Southeast with two more under development. *The minimum
annual base rent will be set at $140,000, representing ground rent plus net construction cost
Lease Zero
rent, with 10 percent rental increases every five years in the base term, as well as the four
five-year renewal options.
The property is strategically located off Interstate 20, Exit 22 on Columbia Highway
Landlord
North, which runs directly into downtown Aiken. Neighboring retailers include a recently
constructed McDonalds and Bojangles, Hardees and Waffle House. The restaurant is also Responsibility
Brand New
within minutes of the Aiken Municipal Airport, JD Lever Elementary School with an enrollment
of 582 students, and a number of industrial parks, including GlaxoSmithKlein, BAE Systems,
Bridgstone, and Valmet, Inc.
Located approximately 30 minutes from Augusta, GA to the west and one hour from
Columbia, South Carolinas state capital to the east, the town of Aiken is the county seat of
2017
Aiken County. Along with Augusta, GA, it is one of the two largest cities of the Central Savannah
River area. A true Southern town, Aiken was deemed an All American City in 1997 by the Construction
10 Percent
National Civic League.
* Final rent amount will be determined from final construction costs, not to exceed $140,000
Rent Increases
FRANCHISEE HIGHLIGHTS
Every 5 Years

INVESTMENT OVERVIEW
Lease Guaranteed by Stix & Co, Inc., a Long-Term Burger King Franchisee

More than 30 Years Owning and Managing Burger King Restaurants Experienced
Franchisee Headquartered in Aiken, SC
Franchisee
Expanding Franchisee with Six Existing Restaurants and Two More Under Development

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 5
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
BUILDING ELEVATIONS
SITE PLAN
BURGER KING GARDEN GRILL CONCEPT

Representative Photo

Representative Photo Representative Photo

RETAIL AERIAL

N
SURROUNDING RETAILERS
BURGER KING - AIKEN, .SC
DEMOGRAPHICS
POPULATION 3-MILES 5-MILES
2018 Projection 3,525 7,786
2013 Population 3,281 7,401
2010 Population 3,254 7,298
INCOME 3-MILES 5-MILES
2013 Average $55,930 $51,330
2013 Median $38,676 $35,921
2013 Per Capita $21,124 $18,188
HOUSEHOLDS 3-MILES 5-MILES
2018 Projection 1,336 2,753
2013 Households 1,237 2,600
2010 Households 1,224 2,558

Founded in 1835, the city of Aiken was named after William Aiken, the president of the South Carolina Railroad.
The town is the county seat of Aiken County, SC and, with Augusta, GA, it is one of the two largest cities of the
Central Savannah River Area. Shop, dine, and catch live music while meandering quaint downtown streets, gaze at
an iconic oak canopy, experience the equestrian culture, and take a historic trolley tour. Aiken quickly rises to the
top as home to many thoroughbred championswhere polo matches and fox hunts are a way of life. Aiken also
boasts a rich arts scene and is home to one of the nations largest urban forests. As you explore Aiken you will
notice a thriving downtown that has much to offer. Aiken hosts world-class events and festivals showcasing music,
dance, outdoor concerts, food, history, and much more. Among the many things that have helped to shape Aiken,

LOCATION OVERVIEW
three of the main events are the railroad, the Winter Colony influence and the largest industrial impact for the area,
the Savannah River Site.
LOCATION HIGHLIGHTS
COMMUNITY
Aiken is a prosperous community known for its many festivals and events, including the Fall Steeplechase. Tailgating,
carriage parades, and the Katydid Combined Driving Event are popular spectacles for this equestrian-loving
community.

LOCATION
Aiken is part of the Augusta-Richmond County Metropolitan Statistical Area. Aiken is home to the University of South
Carolina at Aiken and was recognized with the All-America City Award in 1997 by the National Civic League.

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 11
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
COMPANY OVERVIEW

60 years of our flame-grilled,

SINCE 1954
freshly prepared tradition goes into every order.

#2 Fast Food Hamburger Chain, Globally

More than $16 billion in annual system-wide sales, and nearly 350,000 team members, worldwide as of August 22nd, 2014. The concept General Information
has a market capitalization of roughly $10 billion.
Tenant Name Burger King Corp.
Global Brand Presence | Fully-Franchised Business Model Headquartered Miami, FL
Nearly 14,000 restaurants in 100+ countries. QSR industry-leading EBITDA margins.
Chief Executive Officer Daniel S. Schwartz
Rich Heritage | Stable, Reliable Long-Term Ownership
Founded in 1954 with deep ties to the Miami Community. Burger King has been actively managed by 3G since 2010. Website www.bk.com

Recent Merger with Tim Hortons Restaurant Brands

Parent Company
As of 2014, both concepts will reside under the Restaurant Brands International title. 3G Capital is primarily responsible for the financing International, Inc.
that helped the merger to finish. Corporate headquarters will be moved to Ontario, Canada. Credit Rating B1

Financial Markets
Creating 3rd Largest Global QSR | Value Creation
New company will generate $23 billion in system sales with attractive business mix. Leading growth and profitability driving long term value

COMPANY OVERVIEW
creation for shareholders Stock Ticker QSR
Great Food Comes First 2016 Sales $18,209.2 MM
Every day, more than 11 million guests visit BURGER KINGrestaurants around the world. And they do so because our restaurants are
known for serving high-quality, great-tasting, and affordable food. Founded in 1954, BURGER KING is the second largest fast food Current Price $60.73 as of 7/25/2017
hamburger chain in the world. The original HOME OF THE WHOPPER, our commitment to premium ingredients, signature recipes, and 52 Wk High/Low $62.94/$42.35
family-friendly dining experiences is what has defined our brand for more than 50 successful years.
3G CAPITAL Store Base
3G Capital is a global investment firm focused on long-term value, with a particular emphasis on maximizing the potential of brands and busi- Store Count 20,351
nesses. The firm and its partners have a strong history of operational excellence, board involvement, deep sector expertise, and an extensive
global network. 3G Capital works in close partnership with management teams at its portfolio companies and places a strong emphasis on No. of Employees 30,300
recruiting, developing and retaining top-tier talent. In October 2010, 3G Capital completed the acquisition of Burger King, one of the most TTM Sales $4,145,800 B
widely recognized consumer brands in the world
This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 12
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
COMPANY OVERVIEW

ARP 26, 2017

RESTAURANT BRANDS ARP 19, 2017
INTERNATIONAL INC. BEATS RESTAURANT BRANDS INC.
FIRST-QUARTER EARNING TO REPORT FIRST QUARTER
EXPECTATIONS 2017
Read More... Read More...

JUNE 6, 2017
RESTAURANT BRANDS
INTERNATIONAL INC.
ANNOUNCES ELECTION OF
DIRECTORS
Read More...

FEB 29, 2017

BURGER KING OWNER TO
MAY 25, 2017 BUY POPEYES FRIED CHICKEN
RESTAURANT BRANDS FOR $1.8B
INTERNATIONAL INC. ANNOUNCES Read More...
PARTICIPATION AT UPCOMING
INVESTOR CONFERENCE
Read More...

APRIL 26, 2017

RESTAURANT BRANDS ARP 26, 2017
INTERNATIONAL INC. BURGER KING OWNER
REPORTS FIRST QUARTER RESTAURANT BRANDS
2017 RESULTS PROFIT, REVENUE BEAT
Read More... ESTIMATES
Read More

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 13
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
LOCATION MAP

MSA Population
810,068

MSA Population

INVESTMENT OVERVIEW
590,146

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 14
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
 COMPARABLE MAP
1 Burger King - Edgefield, SC

2 Burger King - South Boston, VA

3 Captain Ds - Aiken, SC

4 Burger King -Pototoc, MS

5 Burger King - Cookeville, TN

6 Burger King - Memphis, TN

1
3

MARKET COMPARABLES
This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 15
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
 AVERAGE CAP RATE GRAPH

AVG. 5.92%

7
6.00% 6.15% 6.05% 5.75% 6.00% 5.95% 5.85%
6

MARKET COMPARABLES
1

0
SUBJECT Burger King Burger King Captain D's Burger King Burger King Burger King
Edgefield, SC South Boston, VA Aiken, SC Pontotoc,MS Cookeville, TN Memphis, TN

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 16
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
COMPARABLE SALES

1 Burger King - Edgefield, SC 703 Augusta Road, Edgefield, SC 29824

Close of Escrow: 9/29/2017

Sales Price: $1,950,000
Cap Rate: 6.15%
Price/SF: $798.53
Gross Leasable Area (GLA): 2,442
Year Built: 2017
Lot Size (Acres): 1 Acre(s)

2 Burger King - South Boston, VA 4010 Halifax Road, South Boston, VA 24592

Close of Escrow: 9/15/2017

Sales Price: $2,095,041
Cap Rate: 6.05%
Price/SF: $598.93
Gross Leasable Area (GLA): 3,498
Year Built: 2017
Lot Size (Acres): 1.27 Acre(s)

MARKET COMPARABLE
Captain Ds - Aiken, SC 1907 Whiskey Road, Aiken, SC 29803
3
Close of Escrow: 8/31/2017
Sales Price: $1,254,260
Cap Rate: 5.75%
Price/SF: $474.74
Gross Leasable Area (GLA): 2,642
Year Built: 1992
Lot Size (Acres): 0.28 Acre(s)

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 17
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
COMPARABLE SALES

Burger King - Pontotoc, MS 207 Highway 15 North, Pontotoc, MS 38863

4
Close of Escrow: 8/09/2017
Sales Price: $1,625,000
Cap Rate: 6.00%
Price/SF: $436.59
Gross Leasable Area (GLA): 3,722
Year Built: 2000/2017
Lot Size (Acres): 1.27 Acre(s)

Burger King - Cookeville, TN 957 South Jefferson Avenue, Cookeville, TN 38501

5
Close of Escrow: 7/13/2017
Sales Price: $1,638,000
Cap Rate: 5.95%
Price/SF: $420
Gross Leasable Area (GLA): 3,900
Year Built: 1999
Lot Size (Acres): 1.01 Acre(s)

MARKET COMPARABLES
6 Burger King - Memphis, TN 2348 Lamar Avenue, Memphis, TN 38114

Close of Escrow: 6/09/2017

Sales Price: $2,500,000
Cap Rate: 5.85%
Price/SF: $839
Gross Leasable Area (GLA): 2,981
Year Built: 2017
Lot Size (Acres): 1.19 Acre(s)

This information has been secured from sources we believe to believable, but we make no representations or warranties,expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any
inaccuracies. Any projections,opinions,assumptions or estimates used here in are for example purposes only and do not represent the current or future performance of the property. Marcus&Millichap Real Estate Investment Services is a service mark of Marcus&Millichap Real Estate Investment 18
Services,Inc.2013Marcus&Millichap Activity ID: Y0390961
exclusive listing Representative Photo

Burger King | New Construction

AIKEN, SC

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