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WHITE PLAINS, NEW YORK (WESTCHESTER COUNTY)SINGLE TENANT NN LEASE OPPORTUNITY

UPSCALE MODERN MEDITERRANEAN CUISINE

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EXCLUSIVELY MARKETED BY

BRITT RAYMOND | FIRST VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

366 Madison Avenue, 5th Floor | New York, NY 10017DL: 929.229.2614 | M: 704.517.4712

Britt.Raymond@srsre.com | NY License No. 10401234463

PATRICK R. LUTHER, CCIM | MANAGING PRINCIPALSRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660DL: 949.698.1115 | M: 480.221.4221

Patrick.Luther@srsre.com | CA License No. 01209944

MATTHEW MOUSAVI | MANAGING PRINCIPALSRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660DL: 949.698.1116 | M: 714.404.8849

Matthew.Mousavi@srsre.com | CA License No. 01732226

BRIAN VON SCHMID | VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

366 Madison Avenue, 5th Floor | New York, NY 10017DL: 212.710.5259

Brian.Vonschmid@srsre.com | NY License No. 10401281331

Actual Site

43,600CARS PER DAY

4,500CARS PER DAY

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5INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTSRESTAURANT HIGHLIGHTS

8PROPERTY OVERVIEW

PARCEL MAPAERIALS

SITE PLAN LOCATION MAP

16AREA OVERVIEW

CITY OVERVIEWDEMOGRAPHICS

18FINANCIALS

RENT ROLL PRICING SUMMARYTENANT OVERVIEW

This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

INVESTMENT SUMMARY OFFERING

PROPERTY SPECIFICATIONS

Actual Site

5 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT SUMMARY / SRS NATIONAL NET LEASE GROUP

SRS National Net Lease Group is please to present the rare opportunity to acquire the fee simple (land & building) interest in Mediterraneo Restaurant, a single tenant NN leased investment property located in White Plains, NY (Westchester County). The tenant, Mediterraneo (WP), LLC, opened for business and signed a new 10 year initial lease term in November 2016, with 2 (5-year) option periods to extend. The lease features 10% rental increases every 5 years in the initial term and during the option terms, generating steady NOI growth and hedging against inflation. The lease is personally guaranteed for the first 3 years and is NN with landlord responsibilities limited to roof & structure.

The existing building was remodeled in 2016 and is highly distinguishable with a state-of-the-art, dramatic, glass-walled exterior facade. In addition to the structure’s unique design, the restaurant offers first class service and a top notch dining experience, offering coastal Mediterranean cuisine with French and Italian styles of cooking. Westchester Magazine rated the Mediterraneo as one of the best in Westchester and complimented it on “getting the details right”. The restaurant is owned by Z Hospitality Group which operates 8 restaurants, two of which are additional Mediterraneo locations in Greenwich (open 14 years) and Norwalk (open 4 years), Connecticut. The tenant is paying percentage rent of approximately $85,000 per year with sales in excess of $2M.

The subject site is located at the signalized, hard corner intersection of Main Street and Renaissance Square wit over 48,100 vehicles passing by each day. New York City is located just 28 miles south or about 1 hour subway ride to the center of midtown Manhattan. The asset has excellent visibility & access on a corner site with valet and reciprocal parking across the street at the Ritz Carlton - Westchester parking garage. The property is located adjacent to the Ritz Carlton and is across the street from the Galleria Mall at White Plains anchored by Macy’s, Sears, and Forever 21. The restaurant is in the center of the city surrounded by other national/credit tenants that include Walmart, Nordstrom Rack, Barnes & Noble, CVS, Burlington Coat Factory, and more, further increasing consumer traffic and crossover shopping in the area. The 5-mile trade area is supported by a dense population of approximately 205,000 people with an average affluent household income of $176,000.

PRICING: $4,250,000

BASE RENT: $165,000

PERCENTAGE RENT: $85,000

2017 NET OPERATING INCOME: $250,000

CAP RATE: 5.90%

GUARANTY: Personal (First 3 Years)

TENANT: Mediterraneo (WP), LLC

LEASE TYPE: NN

LANDLORD RESPONSIBILITIES: Roof & Structure

RENTABLE AREA: 7,630 SF (3 Stories)

LAND AREA: 2,614 SF

PROPERTY ADDRESS: 189 Main Street, White Plains, NY 10601

YEAR BUILT / REMODELED: 1925 / 2016

PARCEL NUMBER: 1700-125-075-00002-000-0006

ZONING: Core Business (CB-4)

OWNERSHIP: Fee Simple (Land and Building)

INVESTMENT HIGHLIGHTS

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6 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP

9 YEARS REMAINING ON INITIAL TERM | PERSONAL GUARANTY | RENTAL INCREASES DURING INITIAL TERM & OPTIONS

• The restaurant currently has 9+ years remaining on the initial 10 year term with 2 (5-year) options to extend, demonstrating their long term commitment to the site

• Personal guaranty for the first 3 years of the term• 10% rental increases every 5 years throughout the initial term and at the beginning

of each option period, growing NOI and hedging against inflation

NN LEASED | FEE SIMPLE OWNERSHIP | LIMITED LANDLORD RESPONSIBILITIES• Tenant is responsible for all CAM, insurance, and taxes• Ideal, low-management investment for out of state, passive investor• Landlord responsibilities limited to roof & structure

LOCATED AT SIGNALIZED HARD CORNER INTERSECTION | MAIN STREET |EXCELLENT VISIBILITY & ACCESS | VALET & RECIPROCAL PARKING

• Mediterraneo is located at the signalized, hard corner intersection of Main Street and Renaissance Square

• The site is just 28 miles or 1 hour on the subway north of midtown Manhattan• The asset has excellent visibility & access on a corner site• Valet parking is offered and reciprocal parking is available at the Ritz Carlton -

Westchester parking garage across the street

ADJACENT TO RITZ CARLTON - WESTCHESTER | ACROSS FROM THE GALLERIA MALL | STRONG NATIONAL/CREDIT TENANT PRESENCE

• The property is located adjacent to the Ritz Carlton and is across the street from the Galleria Mall at White Plains anchored by Macy’s, Sears, and Forever 21

• Nearby national/credit tenants include Walmart, Nordstrom Rack, Barnes & Noble, CVS, Burlington Coat Factory, and more

• Increases consumer traffic and crossover shopping in the trade area

RESTAURANT HIGHLIGHTS

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7 / MEDITERRANEO / WHITE PLAINS, NEW YORK INVESTMENT HIGHLIGHTS / SRS NATIONAL NET LEASE GROUP

STRONG DEMOGRAPHICS IN THE AFFLUENT 5-MILE TRADE AREA• Over 205,000 residents and 183,000 employees support the trade area• Affluent average household income of approximately $176,000

RAVE REVIEWS FROM CUSTOMERS | EXCELLENT REPUTATION | WESTCHESTER MAGAZINE “ONE OF THE BEST IN WESTCHESTER COUNTY”

• Mediterraneo of White Plains has a 5 star rating on Trip Advisor and a 4 star rating on Yelp• The restaurant opened in November 2016 and has already made an impression

in the city, with Westchester Magazine naming it “one of the best restaurants in Westchester County”

SMALL BATCH COOKING | FARM-TO-TABLE COOKING STYLE | SEASONAL DISHES• The sleek, upscale restaurant offers creative, fresh dishes on a seasonal menu• The restaurant is farm-to-table, featuring wood-fired pizzas, seafood, vegetables,

homemade pastas, and a signature burger• The restaurant has no freezer and uses “scratch cooking” with small batches that “if

they run out, they run out” - director of operations Joseph Hamboussi

OWNED BY Z HOSPITALITY GROUP | OPERATES 8 RESTAURANTS | SUCCESSFUL & ESTABLISHED LOCATIONS

• The restaurant is owned by Z Hospitality Group which operates 8 established & successful restaurants

• Mediterraneo also has locations in Greenwich and Norwalk, Connecticut, which have been open for 14 and 4 years respectively

STUNNING ARCHITECTURAL DESIGN | STATE OF THE ART BUILDING | 3 STORY • The building was remodeled in 2016 and is highly distinguishable with state-of-the-

art construction and high quality materials used• Facade design features glass and see through hexagonal steel frame• The building design provides ambiance and opens up the dining room with

excellent natural light, also making it easy for outside lookers to view the restaurant

PROPERTY OVERVIEW

PARCEL MAP

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8 / MEDITERRANEO / WHITE PLAINS, NEW YORK PROPERTY OVERVIEW / SRS NATIONAL NET LEASE GROUP

ACCESSThere is one (1) access point along Main Street/ State Highway 119.

TRAFFIC COUNTSMain Street/ State Highway 119: ...................................................43,600Renaissance Square: .......................................................................4,500

IMPROVEMENTSThere is approximately 7,630 SF of existing building area.

PARKINGThere is valet parking & reciprocal parking at the Ritz Carlton - Westchester.

YEAR BUILT/REMODELED1925/2016

PARCELParcel Number: 1700-125-075-00002-000-0006 Acres: 0.06 Square Feet: 2,614

ZONINGCB-4: Core Business - 4

N

4,500CARS PER DAY

43,600CARS PER DAY

N

N

4,500CARS PER DAY

43,600CARS PER DAY

Demographics 1 Mile 3 Mile 5 MileEstimated Population: 40,626 109,997 204,713Average Household Income: $103,208 $144,979 $176,001

Estimated Employees: 47,450 93,944 183,343

N

4,500CARS PER DAY

43,600CARS PER DAY

NORTHCOURT BUILDING(GENERAL CONTRACTORS)

MAIN ST. 43,600 VPD

RENAISSANCE SQUARE 4,500 VPDSERAFINA

N

N

NEW YORK

WHITE PLAINS

2017 ESTIMATED POPULATION1 Mile ......................................................... 40,626 3 Mile ........................................................109,9975 Mile ........................................................204,713

2017 AVERAGE HOUSEHOLD INCOME1 Mile ......................................................$103,208 3 Mile ......................................................$144,979 5 Mile ......................................................$176,001

2017 ESTIMATED TOTAL EMPLOYEES1 Mile ......................................................... 47,4503 Mile ......................................................... 93,9445 Mile ........................................................183,343

43,600CARS PER DAY

4,500CARS PER DAY

AREA OVERVIEW OF WHITE PLAINS, NEW YORK

16 / MEDITERRANEO / WHITE PLAINS, NEW YORK AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

White Plains is a city in Westchester County, New York, United States. It is the county seat and commercial hub of Westchester, an affluent suburban county just north of New York City that is home to almost one million people. White Plains is located in south-central Westchester, with its downtown (Mamaroneck Avenue) 25 miles north of Midtown Manhattan.

The City of White Plains had a population of 58,940 as of July 1, 2017. According to the city government, the daytime weekday population is estimated at 250,000. The city was ranked third in the top 10 places to live in New York for 2014, according to national online real estate brokerage Movoto.

The economy of White Plains revolves around large companies that have relocated to the city such as ITT, Xylem, Bunge and Combe. Other companies based in White Plains include Alliance Bernstein, Dannon, Fifth Street Finance Corp., the New York Power Authority, New York-Presbyterian Hospital, Krasdale Foods (which supplies products for the C-Town supermarket chain), Nine West, Acadia Realty Trust and AboveNet, as well as the US headquarters of Heineken. At the turn of the second millennium, there was a boom in commercial businesses and residential living and as a result the city’s infrastructure grew substantially with two double towers being 40 plus stories and both being high-end apartments. At one time Prodigy had its headquarters in White Plains Plaza in White Plains. In 2000 the company announced that it would move its headquarters to Austin, Texas. Nonprofits based in White Plains include the Leukemia & Lymphoma Society and the March of Dimes.

Pace University is located in White Plains. The Pace University School of Law is well known for its environmental law program. Pace University also features the Lubin School of Business which is well known for its MBA program. Other colleges in the area include Mercy College and the College of Westchester.

The Jacob Purdy House was built before 1730 and served as the headquarters of General George Washington in 1778. The house was restored and transported to its new location in 1973. The house serves as the headquarters for the White Plains Historical Society. The White Plains Armory and the Percy Grainger Home are other historic sites of interest in White Plains.

Westchester County Airport is located in Harrison, about 7 miles northeast of downtown White Plains. Often the airlines and traveling public refer to Westchester County Airport as “White Plains.” It serves as a minor hub for JetBlue Airways, which offer regularly scheduled flights to several destinations in Florida. In addition, JetBlue began service from Westchester to Nassau, Bahamas in November 2011. Many people instead opt to fly out of one of New York City’s three major airports, two of which are located within an hour’s drive of White Plains

AREA OVERVIEW (CONTINUED)

17 / MEDITERRANEO / WHITE PLAINS, NEW YORK AREA OVERVIEW / SRS NATIONAL NET LEASE GROUP

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2017 Estimated Population 40,626 109,997 204,7132022 Projected Population 41,727 112,633 209,4192010 Census Population 38,922 106,152 198,053Projected Annual Growth 2016 to 2021 0.54% 0.47% 0.46%Historical Annual Growth 2010 to 2016 0.59% 0.49% 0.46%

2017 Estimated Households 16,867 42,059 74,3232022 Projected Households 17,309 42,990 75,9192010 Census Households 16,188 40,727 72,098Projected Annual Growth 2016 to 2021 0.52% 0.44% 0.43%Historical Annual Growth 2010 to 2015 0.57% 0.44% 0.42%

2017 Estimated White 52.40% 60.90% 68.30%2017 Estimated Black or African American 18.10% 15.40% 10.90%2017 Estimated Asian or Pacific Islander 7.90% 9.10% 10.30%2017 Estimated American Indian or Native Alaskan 1.00% 0.50% 0.40%2017 Estimated Other Races 15.50% 10.00% 6.80%2017 Estimated Hispanic 39.70% 27.00% 19.30%

2017 Estimated Average Household Income $103,208 $144,979 $176,001 2017 Estimated Median Household Income $69,714 $97,825 $116,294 2017 Estimated Per Capita Income $44,380 $56,197 $64,601

2017 Estimated Total Businesses 3,609 6,685 11,8952017 Estimated Total Employees 47,450 93,944 183,343

FINANCIAL INFORMATION PROPERTY SPECIFICATIONS

RENT ROLL

LEASE TERM RENTAL RATES

TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONSMediterraneo 7,630 November 2016 November 2026 Current - $13,750 $1.80 $165,000 $21.63 NN 2 (5-Year)

Personal Guaranty (est.) (est.) Year 6 10% $15,125 $1.98 $181,500 $23.79 Option 1: $199,656/Yr

Option 2: $219,600/Yr

Percentage Rent* $7,083 - $85,000 -

Total $20,833 - $250,000 -

Actual Site

18 / MEDITERRANEO / WHITE PLAINS, NEW YORK RENT ROLL / SRS NATIONAL NET LEASE GROUP

Price: .......................................................................................................................................$4,250,000Net Operating Income: ...............................................................................................................$250,000Cap Rate: ........................................................................................................................................ 5.90%Lease Type:.......................................................................................................................................... NN

Year Built/Remodeled: ............................................................................................................1925/2016Rentable Area: .............................................................................................................................7,630 SFLand Area: ...................................................................................................................................2,614 SFAddress: .................................................................................... 189 Main Street, White Plains, NY 10601

MEDITERRANEO RESTAURANTMediterraneo Restaurant is a new seafood restaurant opening on a familiar corner in White Plains. Seafood abounds at Mediterraneo, from appetizers like crudo of yellowfin tuna and Prince Edward Island mussels simmering in red curry to pan-roasted sea bass with Brussels sprouts and grilled Atlantic salmon served with butternut squash. Of course, if the one prefer the flavors of the mainland, try one of Mediterraneo Restaurant wood-fired pizzas or spaghetti with veal meatballs, followed by a decadent flourless chocolate cake. They carefully select their wines for their quality and value, making sure the guests can enjoy celebrated producers at an affordable price.

Company Type: ..................................... PrivateMediterraneo Locations: ................................3Operator Locations: ........................................8Website: www.mediterraneoofwhiteplains.com

TENANT PROFILE

Note: In addition to base rent, Tenant pays Percentage Rent, on a quarterly basis, 8.5% of Gross Receipts above $2,000,000 and not to exceed $3,000,000.*Percentage Rent is calculated off of received Percentage Rent on an annualized basis.

800+PROPERTIES CURRENTLY

REPRESENTED

$2.6B*TRANSACTION VALUE

600+CLIENTS REPRESENTED

IN 2016

250+BROKERS,

PROFESSIONALS,AND STAFF

#1LARGEST REAL ESTATE FIRM

EXCLUSIVELY DEDICATED TO RETAIL SERVICES IN NORTH AMERICA

20+OFFICES

*STATISTICS ARE FOR 2016.

SRS GLOBAL STATS

Actual Site