™

OFFERING MEMORANDUM

FAMILY DOLLAR 455 VAN HILL RD, BAILEYTON, TN 37745

Representative Photo

OFFERING MEMORANDUM | Family DollarP. 2 Matthews Retail Advisors

INVESTMENT HIGHLIGHTS

Dollar

Representative Photo

• Strong 9.75% cap rate

• Proven location for Family Dollar

• Approximately 3 years remaining on a NN lease

• 4 - 5 Year extension options

• 25% rent increase in the first option

• Minimal landlord responsiblity

• Landlord responsible for roof and structure

• Tenant responsible for parking lot maintenance

• Tenant responsible for HVAC units

• Corporate signature lease

• Ideal average household income for

Family

Matthews Retail Advisors P. 3Family Dollar | OFFERING MEMORANDUM

PRICING ANALYSISEXECUTIVE SUMMARY

FAMILY DOLLAR455 VAN HILL RD BAILEYTON, TN 37745

Annualized Operating Data

Tenant Summary

Representative Photo

...........................................................................9,180 SFLot Size ........................................................................0.72 Acres (31,363 SF)Year Built ...................................................................................................... 2005

...................................................................................9.25%Gross Leasable Area

List Price .............................................................................................. $537,500CAP Rate - Current

Monthly Rent Annual Rent Rent/SF CAP Rate

Current - 12/31/2018 $4,143.34 $49,720.08 $5.42 9.25%

Option 1 - 12/31/2023 $5,179.17 $62,150.04 $6.77 11.87%

Option 2 - 12/31/2028 $5,697.09 $68,365.08 $7.45 13.06%

Option 3 - 12/31/2033 $6,266.84 $75,202.08 $8.19 14.37%

Option 4 - 12/31/2038 $6,893.50 $82,722.00 $9.01 15.81%

Tenant Trade Name Dollar Tree, Inc.

Type of Ownership Fee Simple

Lease Signature Corporate

Lease Type NN

Roof and Structure Landlord Responsible

Original Lease Term 10 Years

Rent Commencement Date 2005

Lease Expiration Date 6/30/2021Term Remaining on Lease 3 Years

Increases 25% In Option 1 & 10% In Options 2 - 4

Options 4 - 5 Year

OFFERING MEMORANDUM | Family DollarP. 4 Matthews Retail Advisors

COMPANY OVERVIEW

Property Name Family Dollar

Property Type Net Leased Discount Store

Parent Company Trade Name Family Dollar

Ownership Public

Credit Rating BBB-

Rating Agency Standard & Poor’s

Revenue $10.49B

Net Income $284.5M

Stock Symbol FDO

Board NYSE

No. of Locations ± 8,100

No. of Employees ± 50,000

Headquartered Matthews, NC

Web Site www.familydollar.com

Year Founded 1959

Family Dollar Stores, Inc. operates a chain of self-service retail discount

stores primarily for low- and middle-income consumers in the United

States. Its merchandise assortment includes consumables, such as

household chemicals, paper products, food products, health and beauty

aids, hardware and automotive supplies, pet food and supplies, and

tobacco; and home products comprising blankets, sheets, towels,

housewares, giftware, and home décor products. The company also

provides apparel and accessories consisting of men’s and women’s

clothing products, boys’ and girls’ clothing products, infants’ clothing

products, shoes, and ashion accessories; and seasonal and electronic

products, such as toys, stationery and school supplies, and seasonal

goods, as well as personal electronics, including pre-paid cellular phones

and services. As of April 10, 2013, it operated approximately 7,600 stores in

45 states.

Matthews Retail Advisors P. 7Family Dollar | OFFERING MEMORANDUM

PROPERTY DESCRIPTIONPHYSICAL DESCRIPTION

THE OFFERING

Property Name .................................................................................. Family Dollar

Property Address .........................................................................455 Van Hill Rd

Greeneville, TN 37745

Assessor’s Parcel Number ...........................................................018N-A-021.01

Zoning .....................................................................................................................B2

SITE DESCRIPTION

Number of Stories .............................................................................................One

Year Built ........................................................................................................... 2005

Gross Leasable Area (GLA) .....................................................................9,180 SF

Lot Size............................................................................... 0.72 Acres (31,363 SF)

Type of Ownership ...............................................................................Fee Simple

Parking ..................................................................................... 30 Surface Spaces

Parking Ratio...................................................................................3.27 : 1,000 SF

Landscaping ........................................................................................Professional

Topography ................................................................................... Generally Level

CONSTRUCTION

Foundation .......................................................................................Concrete Slab

Parking Surface ............................................................................................Asphalt

Roof ........................................................................................................................Flat

Representative Photo

OFFERING MEMORANDUM | Family DollarP. 8 Matthews Retail Advisors

BIRDS EYE

Matthews Retail Advisors P. 9Family Dollar | OFFERING MEMORANDUM

PROPERTY DESCRIPTIONREGIONAL MAP

OFFERING MEMORANDUM | Family DollarP. 10 Matthews Retail Advisors

TENANT MAP

Baileyton RV Park

Around PondRV Park

Baileyton ElementarySchool

Pizza Plus

Capital Bank

Subway

BP Gas Station

Family Dollar | OFFERING MEMORANDUM

DEMOGRAPHIC ANALYSIS

Population 3-Mile 5-Mile 10-Mile2020 Projection 1,609 4,121 22,5802015 Estimate 1,603 4,118 22,4732010 Census 1,614 4,173 22,7442000 Census 1,450 3,896 21,194Growth 2000-2010 0.36% 0.07% 0.48%Growth 2010-2015 -0.65% -1.31% -1.19%Growth 2015-2020 11.26% 7.10% 7.31%

Households2020 Projection 677 1,730 9,1572015 Estimate 675 1,723 9,1022010 Census 679 1,734 9,1892000 Census 603 1,606 8,641Growth 2000-2010 0.39% 0.40% 0.61%Growth 2010-2015 -0.54% -0.64% -0.94%Growth 2015-2020 12.53% 7.98% 6.34%

Income$0 - $15,000 17.04% 15.50% 15.88%$15,000 - $24,999 19.69% 18.77% 16.78%$25,000 - $34,999 12.60% 15.69% 15.98%$35,000 - $49,999 19.34% 17.96% 17.10%$50,000 - $74,999 15.26% 13.82% 16.09%$75,000 - $99,999 9.48% 9.73% 9.17%$100,000 - $124,999 4.69% 5.50% 5.38%$125,000 - $149,999 1.57% 2.19% 2.02%$150,000 - $199,999 0.24% 0.62% 1.06%$200,000 - $249,999 0.02% 0.11% 0.28%$250,000 - $499,999 0.06% 0.11% 0.24%$500,000+ 0.00% 0.00% 0.03%2015 Est. Average Household Income $43,066 $45,280 $46,8822015 Est. Median Household Income $35,510 $35,038 $36,196