TA MPA, FL

Pollo Tropical - 5101 E Fowler Ave

ASKING PRICE $2,700,000CAP RATE 5.00%

© ATLANTIC RETAIL 2018 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.

Patrick Wagor561.427.6151 pwagor@atlanticretail.com

ATLANTICRETAIL.COMBOSTON, MA | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA

INVESTMENT HIGHLIGHTS

• New 15-year NNN ground lease guaranteed by Pollo Operations, Inc. (Corporate)

• Zero landlord responsibilities• Pollo Tropical operates 141 freestanding locations in

Florida• $10,000 rent increases every 5 years during base term

& options• Excellent underlying real estate fundamentals with a

dedicated left hard turn lane and prominent visibility to 65,500 ADT along Fowler Ave

• Urban infill location with high barriers to entry• Directly across from the University of South Florida’s

main campus, the 23rd largest University in the country with over 50,000 students

• A dense residential population, dynamic employment and daytime traffic generators make the University submarket one of the top performing restaurant markets on the West Coast of Florida

• Pollo Tropical’s average sales per unit is over $2.5 million

• No state income tax in Florida

ATLANT ICRETAIL .COM | 2POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | INVESTMENT H IGHL IGHTS

CLICK TO DOWNLOAD VIDEO

ATLANT ICRETAIL .COM | 3POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | LEASE SUMMARY

Lease SummaryTENANT Pollo Operations, Inc.

GUARANTOR Corporate

ASKING PRICE $2,700,000

CAP RATE 5.00%

ADDRESS 5101 E Fowler Ave,Tampa FL

BUILDING SIZE 3,658 SF

LAND SIZE 0.91 Acres – 39,640 SF

YEAR BUILT 2018

PARKING 38 Spaces

ANNUAL RENT $135,000 ($36.90/SF)

LEASE TERM 15 Years

LEASE TYPE Ground Lease

COMMENCEMENT October 19, 2018

EXPIRATION October 31, 2033

INCREASES $10,000 Every 5 years

OPTIONS 6 x 5 year

LANDLORD RESPONSIBILITIES

None

Rent ScheduleLEASE YEARS

ANNUAL RENT

RETURN

1-5 $135,000.00 5.00%

6-10 $145,000.00 5.37%

11-15 $155,000.00 5.74%

16-20 (Option 1) $165,000.00 6.11%

21-25 (Option 2) $175,000.00 6.48%

26-30 (Option 3) $185,000.00 6.85%

31-35 (Option 4) $195,000.00 7.22%

36-40 (Option 5) $205,000.00 7.59%

41-45 (Option 6) $215,000.00 7.96%

E Fowler Ave

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65,500 ADT

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ATLANT ICRETAIL .COM | 4POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | S ITE PLAN

REDEVELOPMENT PLAN

(FUTURE DEVELOPMENT)

ATLANT ICRETAIL .COM | 5POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | S ITE AER IAL

CLICK TO DOWNLOAD VIDEO

N 51st St

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ATLANT ICRETAIL .COM | 6POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | S ITE AER IAL

E Fowler Ave65,500 ADT

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54,010 ADT

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Fletcher Ave

E Fowler Ave

TAMPAINDUSTRIAL

PARK

FACTORY

4 MILLIONANNUALVISITORS

TELECOMOFFICE PARK

588 PHYSICIANS2,064 EMPLOYEES

50,455 STUDENTS16,028 ACADEMIC STAFF

760 PHYSICIANS3,900 EMPLOYEES

80 PHYSICIANS1,732 EMPLOYEES

UNIVERSITY SQUARE MALL

PROPOSED

UNDERCONSTRUCTION

209 PHYSICIANS1,732 EMPLOYEES

USF MEDICAL HEALTH CENTER

N

Pollo Tropical (literally “Tropical Chicken” in English) is a Miami, Florida-based restaurant chain and franchise specializing in the cuisine of the Caribbean. It is best known for marinated and grilled chicken and various sides including black beans and rice, corn casserole, and more.

Pollo Tropical was founded in 1988 by two brothers from Miami, Larry and Stuart Harris. The chicken recipe was the result of Larry’s studying cookbooks on Latin American cuisine and conducting experiments on his backyard grill to perfect the marinade. From the outset, the restaurant’s strategy was to grill the marinated chicken in the customers’ view. There were no prepackaged, precooked menu items and no microwave ovens. By 1993, the company had eight stores and went public. It opened 19 locations in one year including those in New York, Chicago, Atlanta and Tampa. Most of the new locations closed within a year after opening. In 1998, Pollo Tropical was sold to Carrols Restaurant Group, which was and is Burger King’s largest United States franchisee. After a period of rapid expansion, there were sixty-nine company-owned locations and numerous franchisees in the Latin American and Caribbean regions.

Pollo Tropical is now a subsidiary of Fiesta Restaurant Group, Inc., which was spun-off from Carrols Restaurant Group in 2012. Pollo Tropical’s headquarters have been in the Doral area of Miami since 2017. The company currently owns and operates 141 locations throughout Florida, plus five licensed restaurants on college campuses and 32 franchised locations throughout the Caribbean, Central America, South America and Puerto Rico.

About Pollo Tropical

ATLANT ICRETAIL .COM | 8POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | TENANT PROF ILE

Fiesta Restaurant Group, Inc. (Fiesta), incorporated on April 27, 2011. Fiesta owns, operates, and franchises the Pollo Tropical and Taco Cabana restaurant brands. As of January 3, 2019, FRGI had a market capitalization of $430 million.

Pollo Tropical restaurants offer a range of Caribbean inspired food. Pollo Tropical is continuing its Florida expansion, and is actively reimaging older restaurants. In 2017, Pollo Tropical opened 32 new restaurants, and reimaged 30 existing restaurants.

Taco Cabana restaurants offer a selection of Mexican inspired food. As of April 1, 2018, there were 166 Company-owned Taco Cabana restaurants and seven franchised Taco Cabana restaurants in the U.S.

About Fiesta Restaurant Group

PARENT COMPANY Fiesta Restaurant Group Inc

STOCK SYMBOL NASDAQ: FRGI

HEADQUARTERS Dallas, TX

LOCATIONS (2018) 350

EMPLOYEES (2018) 10,290

ASSETS (2018) $423 Million

WEBSITE Frgi.com

Tenant Quick Facts

ATLANT ICRETAIL .COM | 9POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | TENANT PROF ILE

Tampa is the capital city in Hillsborough County, and the largest city in the Tampa Bay area. Tampa is a top destination for millennials, ranking as the number-one city people moved to in 2016, according to Realtor.com. Hillsborough County is the fourth-most populous county in Florida and is part of the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area.

As a gateway to the Florida High Tech Corridor, Tampa Bay is home to many information technology (IT) firms along with many business services providers. Nearly 1 in 4 of the state’s business and information services firms has a location in the Tampa Bay area. Other major industries besides IT are education services, healthcare, social assistance, finance, insurance, and air transportation.

Tampa Bay is home to 19 corporate headquarters with over $1 billion in annual revenue, seven of which are Fortune 1,000 companies. Almost 500 foreign-owned companies representing more than 40 nations are established in the area.

Tampa International Airport was awarded North America’s second-best airport according to the Airports Council International. The airport also ranks fifth in the world in customer satisfaction for airports and serves 15 million to 25 million passengers annually. The Tampa Bay seaport is also the largest in the state of Florida.

Tampa Bay is home to 41 hospitals which are changing rapidly to keep up with population growth, new technology, changing patient preferences, and government rules designed to keep people out of the hospital. Tampa Bay still has a growing population, nearly all the major hospital systems in Tampa Bay are investing in new construction and renovations, according to Jay Wolfson, a professor with USF Health.

Location Overview

229,212EST POPULATION IN 5 MILE RADIUS

$49,279AVG HH SPENDING IN 5 MILE RADIUS

$56,619AVG HH INCOME IN 5 MILE RADIUS

65,500ADT ON

E FOWLER AVE

ATLANT ICRETAIL .COM | 10POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | LOCAT ION OVERVIEW

DENSELY POPULATED MARKETThe area east of I-75 and surrounding the University of South Florida, locally known as Temple Terrace, is a dense urban in-fill market. Within 3 miles the estimated population is 126,000 and the daytime population is a very impressive 150,831. This mix of full-time residents, active student population, and the influx of day time and weekend traffic make the University submarket one of the most dynamic and successful markets for restaurants and retailers on the West Coast of FL.

HIGHER EDUCATIONThere are several institutions of higher education in Tampa. The combined enrollment of the University of South Florida (USF), Hillsborough Community College (HCC), and the University of Tampa (UT) is approximately 150,000 students.

UT is a private, four-year liberal arts institution. It was founded in 1931, and in 1933, it moved into the former Tampa Bay Hotel across the Hillsborough River from downtown Tampa. “UT” has undergone several expansions in recent years and had an enrollment of over 9,000 students in 2018.

UNIVERSITY OF SOUTH FLORIDAThe city is home to the main campus of the USF, a member of the State University System of Florida founded in 1956. USF ranks tenth worldwide among universities granted U.S. utility patents and is ranked among the top 50 universities in the nation for research expenditures. As of 2018, USF is the 23rd largest university in the county with 50,755 students enrolled and 16,628 academic staff.

The USF football team began its inaugural football game in 1997 at Houlihan’s Stadium (Tampa Stadium) with an 80-3 win over Kentucky Wesleyan College. The stadium is home to the professional football team the Tampa Bay Buccaneers, making USF one of only a few American college teams to play in an NFL

University Submarket

ATLANT ICRETAIL .COM | 1 1POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | UN IVERS ITY SUBMARKET

ST PETERSBURG

CLEARWATER TAMPA

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AREA ATTRACTIONS

1. Tampa Premium Outlets • 14.7 mi. 2. Tampa International Airport • 17.2 mi.3. University of South Florida • 10.3 mi.4. Florida Hospital - Tampa • 3.1 mi.5. Shriners Hospitals for Children • 2.4 mi.6. University Mall • 2.8 mi.7. Busch Gardens Tampa Bay • 2.8 mi.8. Adventure Island • 3.3 mi.9. The Florida Aquarium • 11.1 mi.10. Raymond James Stadium • 12.5 mi.11. ZooTampa at Lowry Park • 8.0 mi.12. Ybor City • 8.6 mi.13. Henry B. Plant Museum • 12.3 mi.14. The University of Tampa • 12.6 mi.15. Tampa Bay Downs • 19.0 mi.16. St Petersburg, Florida • 33.0 mi.17. MacDill Air Force Base • 19.8 mi.

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ATLANT ICRETAIL .COM | 12POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | AREA ATTRACT IONS

ATLANT ICRETAIL .COM | 13POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | DEMOGRAPHICS

Demographics2018 DEMOGRAPHICS 1 MILE 3 MILE 5 MILE

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Estimated Population 16,860 126,784 229,212

2023 Projected Population 17,793 134,731 243,682

2010 Census Population 15,608 116,226 210,477

2000 Census Population 13,517 106,300 192,931

Projected Annual Growth (2018-2023) 1.08% 1.22% 1.23%

Historical Annual Growth (2000-2010) 1.45% 0.90% 0.87%

Estimated Households 6,373 50,672 90,346

2023 Projected Households 6,706 53,670 95,608

2010 Census Households 15,608 116,226 210,477

2000 Census Households 13,517 106,300 192,931

Projected Annual Growth (2018-2023) 1.02% 1.16% 1.14%

Historical Annual Growth (2000-2010) 1.25% 0.68% 0.69%

Total Businesses 593 3,207 7,176

Total Employees 18,734 69,845 118,877

Total Daytime Population 35,914 150,831 267,775

INC

OM

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Est. HH Income $200,000+ 3.1% 2.6% 3.0%

Est. HH Income $150,000-$199,999 2.9% 2.4% 2.6%

Est. HH Income $100,000-$149,999 7.5% 6.5% 7.5%

Est. HH Income $75,000-$99,999 8.8% 8.6% 8.8%

Est. HH Income $50,000-$74,999 14.6% 16.5% 16.7%

Est. HH Income $35,000-$49,999 15.5% 16.4% 15.8%

Est. HH Income $25,000-$34,999 14.7% 13.3% 13.0%

Est. HH Income $15,000-$24,999 10.0% 13.4% 13.5%

Est. HH Income Under $15,000 22.9% 20.2% 19.2%

Est. Average Household Income $56,224 $53,766 $56,619

Est. Median Household Income $36,740 $37,055 $38,149

RA

CE

Est. White 61.7% 50.6% 52.1%

Est. Black 22.6% 33.3% 33.3%

Est. Asian or Pacific Islander 6.6% 5.1% 4.4%

Est. American Indian or Alaska Native 0.4% 0.5% 0.5%

Est. Other Races 4.7% 6.4% 5.6%

Est. Hispanic Population 3,501 31,255 56,448

Est. Hispanic Population 20.8% 24.7% 24.6%

2023 Projected Hispanic Population 4,178 36,791 66,590

2010 Hispanic Population 2,712 24,668 44,485

ATLANT ICRETAIL .COM | 14POLLO TROPIC A L - 5 101 E FOWLER AVENUE TAMPA, FL | CONF IDENT IAL ITY & D ISCLAIMER

Confidentiality & Disclaimer

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 Atlantic Retail and should not be made available to any other person or entity without the written consent of Atlantic Retail. 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. Atlantic Retail 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, Atlantic Retail has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail 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.