B OJA N G L E S 'C H I N A G R O V E , N C

FILE PHOTO OF SIMILAR PROTOTYPE FOR CHINA GROVE

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T A B L E O F C O N T E N T S

T R A N S A C T I O N T E A M

S T E V E H O R V A T H7 0 4 - 3 7 9 - 1 9 8 1h o r v a t h @ b e r k e l e y c a p . c o m C A R L B R E N D E S7 0 4 - 7 1 4 - 2 3 6 3b r e n d e s @ b e r k e l e y c a p . c o m

R A N S O M E F O O S E7 0 4 - 3 7 9 - 1 9 8 5f o o s e @ b e r k e l e y c a p . c o m M E G H A N D A V I D S O N7 0 4 - 7 1 4 - 2 3 7 8d a v i d s o n @ b e r k e l e y c a p . c o m

M I K E L U C I E R7 0 4 - 9 4 3 - 3 1 5 8l u c i e r @ b e r k e l e y c a p . c o m

M A P S 3

O F F E R I N G O V E R V I E W 5

I N V E S T M E N T H I G H L I G H T S 6

A E R I A L S 7

T E N A N T N E W S 9

T E N A N T O V E R V I E W 10

S I T E P L A N 12

M A R K E T O V E R V I E W 13

D E M O G R A P H I C S 16

C O N F I D E N T I A L I T Y 15

NC RE LICENSE NO.: C9467

6 1 0 E A S T L I B E R T Y S T R E E T

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China Grove

Kannapolis

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R E L A T I O N M A P

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6 1 0 E A S T L I B E R T Y S T R E E T

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L O C A T I O N M A P

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O F F E R I N G O V E R V I E W

D E M O G R A P H I C S N A P S H O T

1-MILE 3-MILE 5-MILE

2022 POP. PROJECTION 2,902 13,685 38,424

2017 POP. ESTIMATE 2,878 13,543 37,686

POP. GROWTH 2000-2017 3.93% 3.98% 9.39%

HH GROWTH 2000-2017 3.67% 5.07% 7.39%

2017 EST. AVG. HH INCOME $73,930 $69,788 $64,899

for detai led demographics, p lease cl ick HERE

T R A F F I C C O U N T S

AADT

EAST LIBERTY STREET N/A

US HIGHWAY 29 15,000

I-85 (NEARBY) 90,000

P R O P E R T Y D E T A I L S

NAME BOJANGLES' NET OPERATING INCOME $152,750*

ADDRESS 610 EAST LIBERTY STREET RENT INCREASES 1.25% ANNUALLY

MARKET CHINA GROVE (CHARLOTTE AREA), NC 28023 RENT COMMENCEMENT EXPECTED SEPTEMBER 1, 2017

BUILDING SIZE 3,886 SF RENT EXPIRATION EXPECTED AUGUST 31, 2032

LAND SIZE 1.44 AC LEASE TYPE ABSOLUTE NET

PARKING 45 SPACES ORIGINAL LEASE TERM 15 YEARS

TENANT BOJANGLES', INC. (NASDAQ: BOJA) LEASE TERM REMAINING 15 YEARS

YEAR BUILT 2017 OPTIONS THREE, 5-YEAR

RIGHT OF FIRST REFUSAL NO ASKING PRICE $2,855,000 (5.35% CAP RATE)

*Expected rent - tenant to reconcile cost after building completion.

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PUBLICLY TRADED TENANTBojangles’ (NASDAQ: BOJA) is a fast-casual restaurant operator and franchisor serving high quality southern recipes centered on famous chicken n’ biscuits. The company was founded in 1977 in Charlotte, NC and has been expanding over the years throughout the Southeast and Mid- Atlantic. As of Q3 2016, Bojangles’ operates approximately 700 restaurants (43% corporate/57% franchised). The company has reported 26 consecutive quarters of positive comparable restaurant sales through Q3 2016. Rapidly expanding, Bojangles’ has laid out plans to grow to 1,400+ stores in the current corporate footprint with a vision of having 3,500+ nationwide.

NEW 15 YEAR CORPORATE LEASEAn investor will assume a brand new 15 year absolute net lease with zero land-lord responsibilities. The lease is expected to commence September 1, 2017.

1.25% ANNUAL RENT INCREASESBojangles’ rent will increase each year by 1.25% throughout the initial term and each of the 3, 5-year options. This benefits the investor as a hedge against infla-tion and as a more liquid asset given the owner does not have to wait every five years for a rent increase like most single tenant retail investments.

I-85 EXITBojangles’ is located just off exit 68 on I-85. Passing exit 68 are roughly 90,000 VPD, which is an exit located between Charlotte and the Piedmont Triad Area.

ROUTE 29 TRAVEL ROUTEU.S. Route 29 is a north-south highway that runs for 168 miles from South Caro-lina up to Virginia. The route serves the North Carolina Piedmont region, includ-ing the cities of Charlotte, Greensboro, High Point, Salisbury, China Grove and many others. Approximately 15,000 VPD pass the subject site on Route 29.

COPART AUTO AUCTIONS NEARBYWithin one-half mile of the subject BO’s is one of the area’s top attractions – Co-part Auto Auctions. Copart is one of the top providers of online vehicle auction and remarketing services across the United States. In November 2016, Copart announced the expansion of its China Grove location. With thousands of vehi-cles on site and thousands of potential buyers previewing vehicles in person throughout the week, Bojangles’ will largely benefit from the neighboring traffic.

STATE-OF-ART NEW PROTOTYPE BUILDINGBojangles’ announced plans for its brand new prototype building in late 2016 that the company will be rolling out in their new locations. The new 3,900-square-foot restaurant will boast a variety of features designed to greatly enhance the customer experience with the first new restaurant design having opened in early 2017. Bojangles’ new restaurant design features a distinctive, contemporary ex-terior that combines sophisticated materials like brick, tile, and steel canopies. Changes to the restaurant interior are even more dramatic. See article HERE for more information.

NEIGHBORING SCHOOLSAn elementary, middle and high school (2,400 total students) are all located within two miles of Bojangles’.

LIMITED QSR COMPETITIONBojangles’ sales should thrive as the immediate submarket and interstate exit is desperately hurting for a fast-food restaurant. Bojangles’ is the closest and most immediate food option off the I-85 exit. Alternative dining options within a couple miles include Hardee’s, Pizza Hut, Domino’s, Subway, local BBQ, and other mom-and-pop eateries. The limited competition should largely benefit the success of Bojangles’ at the subject location.

NEARBY CORPORATE HEADQUARTERSFounded in 1977 in Charlotte, Bojangles’ is known for their exceptional perfor-mance in its home state of NC. Corporate headquarters are located only 40 miles from the subject China Grove location which is very much a positive given the company’s local brand recognition and familiarity.

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I N V E S T M E N T H I G H L I G H T S

C O PA R T A U T OA U C T I O N S

C H I N A G R O V EE L E M E N T A R Y S C H O O L

J E S S E C C A R S O NH I G H S C H O O L

I - 8 5 - 90 K V

P D

H WY 2

9 - 1 5 K V

P DP R I C E

P H A R M A C Y

G A R Y ' S B B Q

0 . 4 0 M I T OI - 8 5

C H I N A G R O V EM I D D L E S C H O O L

M I D - R A N G E A E R I A L

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C H A R L O T T E

C H A R L O T T E - D O U G L A SI N T E R N A T I O N A L A I R P O R T ( C LT )

6 0 0 F L I G H T S / D A Y

U S N A T I O N A LW H I T E W A T E R

C E N T E R

L A K EN O R M A N

S A L I S B U R Y

A L B E M A R L E

M O U N T A I N I S L A N D

L A K E

U N I V E R S I T Y O F N CA T C H A R L O T T E

3 0 , 0 0 0 S T U D E N T S

C H A R L O T T EM O T O R

S P E E D W A Y

C H I N A G R O V E T O C H A R L O T T E : 4 0 M I N S

C O N C O R D

K A N N A P O L I S

H U N T E R S V I L L E

C O R N E L I U S

M O O R E S V I L L E

S T A T E S V I L L E

H I C K O R Y

C H I N AG R O V E

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O V E R H E A D A E R I A L

BOJANGLES' NEW PROTOTYPE RESTAU-RANT DESIGN

November 14, 2016 – Charlotte, NC Bojan-gles’ (NASDAQ: BOJA), the iconic restau-

rant famous for its hand-breaded, bone-in chicken, made-from-scratch buttermilk biscuits and Legendary Iced Tea® steeped the old fashioned way, today unveiled its new restaurant design concept aimed at propel-ling the fast-growing chain to its next stage of success.

Construction has already begun on the first new concept restaurant on Laurens Road in Greenville, South Carolina, where the new store will re-place the existing Laurens Road location. The new 3,900-square-foot restaurant will boast a variety of features designed to greatly enhance the customer experience when it opens in early 2017.

Created by renowned San Francisco-based brand strategy, retail and guest experience design firm Tesser, Bojangles’ new restaurant design features a distinctive, contemporary exterior that combines sophisticated materials like brick, tile, and steel canopies. Bold graphics celebrate the brand’s heritage: “Famous Chicken ‘n Biscuits” and “Made from Scratch Since 1977.” Soft lighting and landscaped planters alongside the building and in the drive-thru lane give the restaurant a warm, welcoming feel.

Changes to the restaurant interior are even more dramatic, with the star of the Bojangles’ menu – the made-from-scratch, always delicious, gold-en-brown biscuit – taking center stage. Upon entering the door and pro-ceeding to the counter, guests will be captivated by a “Biscuit Theater” where they can witness biscuits being made fresh every 20 minutes by a Bojangles’ Master Biscuit Maker. Colored crocks replace steel warming trays to give the food display area a more inviting appearance, with in-creased use of glass adding to the visual appeal.

In addition to putting Bojangles’ fantastic food in the spotlight, the dining room is also getting a refresh. The new restaurant concept features Wi-

Fi, multi-device charging stations, unique high-top community tables, and a variety of interesting seating options to accommodate different-sized groups. New uniforms for all Bojangles’ team members will complete the updated look.

“This new design concept represents our commitment to operational ex-cellence and enhancing the consumer experience at our restaurants,” said Randy Icard, Bojangles’ vice president of construction and devel-opment. “In addition to the design expertise brought by Tesser, we also leveraged the historical knowledge and experience of long-time leaders inside the company, including franchisees.”

Icard said efforts are already underway to remodel three existing Bojan-gles’ next year in the company’s hometown of Charlotte, North Caroli-na – Billy Graham Parkway near Charlotte-Douglas International Airport; South Tryon Street near Arrowood Road; and Steele Creek Road near I-485 in southwest Charlotte. In keeping with the new concept, many of the design elements found in the prototype will be incorporated into these remodels.

“The restaurant business is more competitive than ever, and smart brands like Bojangles’ are using design strategically to make current customers feel more welcome while appealing to an even broader range of con-sumers,” said Tré Musco, CEO and chief creative officer at Tesser. “From its bold exterior to the engaging experience of the Biscuit Theater, we anticipate the new Bojangles’ restaurant design will be as popular among newcomers to Bojangles’ as the brand’s most loyal fans.”

www.bojangles.com

Click HERE to view this article online.

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T E N A N T N E W S

© 2017 Bojangles’, Inc.

38%

26%

13%

16%

7%Dinner

Lunch

Snack

Breakfast

After Dinner

(1) Sales by daypart is based on Company-operated restaurants during fiscal 2015.(2) System-wide average unit volumes for the trailing twelve months ended September 25, 2016.

© 2017 Bojangles’, Inc.

Our Strong Breakfast Results Contribute to Industry-Leading

AUVs of Over $1.8 Million

2015 Sales by Daypart

What Makes Our Brand Unique(1)

(2)

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T E N A N T O V E R V I E W

© 2017 Bojangles’, Inc.

1

6

4

8732

60

64 302

131

1

5

Core Markets

Adjacent Markets

3

6

Our Growth Strategy Long-Term Target of 7% to 8% Annual

Unit Growth Development of ~40% / 60%

Company-Operated and Franchised Mix

Franchisees Expand Brand Reach with Minimal Company Capital Risk

Increasing Penetration of Core and Adjacent Markets to Leverage Brand Awareness and Media Efficiency

Contiguous Growth

We Are Focused On

Restaurant Footprint as of September 25, 2016

Note: Excludes three restaurants in Honduras.

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T E N A N T O V E R V I E W

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S I T E P L A N

C H A R L O T T E , N O R T H C A R O L I N A

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M A R K E T O V E R V I E W

Charlotte Top Employers by Employee Count

Carolinas Healthcare System:

Wells Fargo:

Charlotte-Mecklenburg Schools:

Wal-Mart:

Bank of America:

Novant Health Inc.:

American Airlines Group:

Lowe's Co's Inc.:

Harris Teeter:

Duke Energy Corp.:

JOBS & INVESTMENT INFRASTRUCTURE

20%Employment increases

projected over next 5 years

50%Increase in Annual Rate of Venture Capital Funding

since 2010

236$$$

Million Dollars in VentureCapital Funding was

invested in 2015

700

5THBusiest airport in the nation,

measured by takeoffs and landings

Departures and landings daily out of Charlotte-Douglas

International Airport.

GOOGLE FIBERbrought the fastest available

internet to Charlotte

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M A R K E T O V E R V I E W

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M A R K E T O V E R V I E WM A R K E T O V E R V I E W

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PEOPLE

17,500New degreed residents move to

Charlotte each year

The median age of residents who live in Charlotte

Largest population growth in real numbers across the U.S. during 2015

REAL ESTATE

5.3Million square feet of office

planned or under construction

2$$$

Billion dollars in real estate projects were under construction

33

10TH

The average rent for an apartment in Charlotte

$1,052 72%Increase in the amount of

institutionally-owned office space in Uptown Charlotte

S T O R E

Square feet of retail space planned or under construction

777,392Housing units planned or

under construction

9,72515

M A R K E T O V E R V I E W

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M A R K E T O V E R V I E W

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M A R K E T O V E R V I E W

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M A R K E T O V E R V I E W

POPULATION 1-MILE % 3-MILE % 5-MILE % 2022 Projection 2,902 13,685 38,424 2017 Estimate 2,878 13,543 37,686 2010 Census 2,923 13,699 37,494 2000 Census 2,769 13,024 34,450 Growth 2017-2022 0.82% 1.05% 1.96% Growth 2010-2017 -1.53% -1.14% 0.51% Growth 2000-2010 5.57% 5.18% 8.84%

2017 EST. HOUSEHOLDS BY HOUSEHOLD INCOME 1,099 5,118 14,007 Income < $15,000 118 10.76% 578 11.29% 1,664 11.88% Income $15,000 - $24,999 155 14.06% 661 12.91% 1,709 12.20% Income $25,000 - $34,999 111 10.13% 524 10.23% 1,551 11.07% Income $35,000 - $49,999 150 13.62% 717 14.02% 2,149 15.34% Income $50,000 - $74,999 218 19.80% 1,033 20.18% 2,791 19.93% Income $75,000 - $99,999 110 10.03% 578 11.30% 1,723 12.30% Income $100,000 - $124,999 87 7.92% 410 8.01% 1,050 7.50% Income $125,000 - $149,999 54 4.96% 240 4.69% 568 4.05% Income $150,000 - $199,999 34 3.06% 166 3.24% 397 2.84% Income $200,000 - $249,999 21 1.92% 76 1.49% 154 1.10% Income $250,000 - $499,999 30 2.77% 102 2.00% 187 1.33% Income $500,000+ 11 0.97% 33 0.64% 64 0.46%2017 EST. AVERAGE HOUSEHOLD INCOME $73,930 $69,788 $64,899

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D E M O G R A P H I C S

Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the subject property (the “Seller”) to present you with this marketing package. This is a confidential package intended solely for your own limited use and benefit, as a principal, in considering whether you desire to pursue negotiations to acquire the subject property. Your receipt and acceptance of this package serves to acknowledge your agreement to: (1) hold the information and materials contained herein, and the offering they represent, in the strictest of confidence; (2) not disclose, directly or indirectly, the information and materials contained herein, or the offering they rep-resent, to any other person, firm or entity without prior written authorization from BCA or the Seller; (3) not use the information and materials contained herein in any fashion or manner detrimental to the interest of BCA or the Seller; (4) not disturb any tenants in possession of the subject property nor reveal to them the offering this package represents. This marketing package was prepared by BCA and it has been reviewed by representatives of the Seller. The information and materials contained herein are selective and limited in nature, and neither BCA nor the Seller purports this to be an all-inclusive report on the subject property. Within this package, certain leases, documents and other materials are described in summary form. These summa-ries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of those documents. Interested and qualified prospective purchasers will be afforded an opportunity to review additional information and to inspect the subject property, and all such prospective purchasers should conduct their own independent due diligence. This package is based in part upon information supplied by the Seller and in part upon information obtained by BCA from sources believed to be reliable. All in-come, expense and/or investment projections contained herein are provided for general reference purposes only, in that they are based on assumptions relating to the general economy, competition and other factors beyond the control of BCA and the Seller, and all such projections are therefore subject to variation. This package shall not be deemed an indication of the state of affairs of the sub-ject property, nor constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of this package.

Neither BCA, the Seller, nor any of their respective officers, employees or agents, has made or does make any representation or warranty, expressed or implied, as to the accuracy or completeness of this package or any of its contents, and no legal commitments or obligations shall arise by reason of this package or its contents. BCA and the Seller expressly reserve the right, at their sole discretion, to alter or amend the terms of this offering, to reject any or all expressions of interest or of-fers to acquire the subject property and/or to terminate discussions with any en-

tity at any time with or without notice. The Seller shall have no legal commitment or obligation to any entity reviewing this package or making an offer to acquire the subject property unless and until a written agreement for such acquisition has been fully executed, delivered and approved by the Seller and any conditions to the Seller’s obligations thereunder have been satisfied or waived.

Parties seeking to act in a third-party brokerage capacity must register their cli-ent(s) with BCA prior to receiving or dispersing any marketing information. BCA will not recognize any third-party brokerage relationships without first receiving and approving such written client registration, nor will BCA or the Seller be ob-ligated for any brokerage claims which may result, regardless of such broker’s involvement in procuring a purchaser for the subject property. This package is the property of BCA. Photocopying, re-typing or other dupli-cation of the information and materials contained herein is expressly prohibited. The information contained within this package and the offering of the subject property may not be announced, posted or otherwise publicized in any electron-ic media (such as, by way of example only, any Internet or “broadcast facsimile” communications).

If, after reviewing this package, you have no further interest in acquiring the sub-ject property at this time, please return this package in its entirety to BCA. Like-wise, if the terms contained in this Confidentiality & Disclaimer section are not acceptable to you, please immediately return this package to BCA.

The terms and conditions stated in this Confidentiality & Disclaimer section apply and relate to all of the sections of this package as if stated independently therein.

Prospective purchasers of the subject property are hereby notified that Berkeley Capital Advisors, and its agents, are acting in the capacity of a “Seller’s Agent” during the course of this offering, and as such are solely representing the inter-ests of the Seller.

DESCRIPTION OF AGENT DUTIES AND RELATIONSHIPSBefore you begin working with any real estate agent, you should know who the agent represents in the transaction. Every listing agreement, buyer agen-cy agreement or other agreement for brokerage services in a real estate sales transaction in North Carolina must contain this “Description of Agent Duties and Relationships” [N.C. Real Estate Commission Rule 21 NCAC 58A.0104(c), eff. 7/1/95]. Real estate agents should carefully review this information with you prior to entering into any agency agreement.

AGENT’S DUTIESWhen you contract with a real estate firm to act as your agent in a real estate transaction, the agent must help you obtain the best price and terms possible, whether you are the buyer or seller.

The agent also owes you the duty to: • Safeguard and account for any money handled for you • Act with reasonable skill, care and diligence • Be loyal and follow reasonable and lawful instructions • Disclose to you any information which might influence your decision to buy or sell

Even if the agent does not represent you, the agent must still be fair and hon-est and disclose to you all “material facts” which the agent knows or reasonably should know. A fact is “material” if it relates to defects or other conditions affect-ing the property, or if it may influence your decision to buy or sell. This does not require a seller’s agent to disclose to the buyer the minimum amount the seller will accept, nor does it require a buyer’s agent to disclose to the seller the maxi-mum price the buyer will pay.

AGENTS WORKING WITH SELLERSA seller can enter into a “listing agreement” with a real estate firm authorizing the firm and its agent(s) to represent the seller in finding a buyer for his property. The listing agreement should state what the seller will pay the listing firm for its ser-vices, and it may require the seller to pay the firm no matter who finds the buyer.

The listing firm may belong to a listing service to expose the seller’s property to other agents who are members of the service. Some of those agents may be working with buyers as buyers’ agents; others will be working with buyers but still representing the sellers’ interests as an agent or “subagent”. When the buyer’s agents and seller’s subagents desire to share in the commission the seller pays to the listing firm, the listing agent may share the commission with the seller’s permission.

AGENTS WORKING WITH BUYERSA buyer may contract with an agent or firm to represent him (as a buyer’s agent), or may work with an agent or firm that represents the seller (as a seller’s agent or subagent). All parties in the transaction should find out at the beginning who the agent working with the buyer represents.

If a buyer wants a buyer’s agent to represent him in purchasing a property, the buyer should enter into a “buyer agency agreement” with the agent. The buy-er agency agreement should state how the buyer’s agent will be paid. Unless some other arrangement is made which is satisfactory to the parties, the buyer’s agent will be paid by the buyer. Many buyer agency agreements will also obli-gate the buyer to pay the buyer’s agent no matter who finds the property that the buyer purchases.

A buyer may decide to work with a firm that is acting as agent for the seller (a seller’s agent or subagent). If a buyer does not enter into a buyer agency agree-ment with the firm that shows him properties, that firm and its agents will show the buyer properties as an agent or subagent working on the seller’s behalf. Such a firm represents the seller (not the buyer) and must disclose that fact to the buyer.

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C O N F I D E N T I A L I T Y

A S H E V I L L E138 Charlotte Street, Suite 220Asheville, North Carolina 28801

704.714.2365

C H A R L O T T E1228 East Morehead Street, Suite 200

Charlotte, North Carolina 28204704.379.1980

N A S H V I L L E1510 16th Avenue, Suite 300Nashville, Tennessee 32712

615.970.6596

B E R K E L E Y C A P. C O M