Actual Site

OFFERING MEMORANDUM

LONGHORN STEAKHOUSE(Ground Lease)Tallahassee, FL

Patrick Nutt, Managing Partner954.302.7365 | patrick.nutt@calkain.com

Asset Summary

Net Operating Income (NOI) $124,740

Rent/Month $10,395

Rentable Square Feet 6,384+/- SF

Land Area 1.26+/- Acres

Tenant Rare Hospitality Management, LLC

Website longhornsteakhouse.com

Guarantor Corporate

Lease Type NNN Ground Lease

Landlord Responsibilities None

Store Opened 1992

Lease Term Remaining 14 Years

Rent Commencement February 4, 2019

Lease Expiration February 28, 2033

Increases 5% Every 5 Years

Options Six (6), Five (5) Year

Investment Highlights

• High volume store - $4.5M in sales

• Rent-to-sale ratio only 2.77%

• 1.26 acre hard corner location at traffic light

• Corporate guaranty

• Long term commitment - tenant renewed for 14+ years

Rent ScheduleTerm Increases Annual Rent Monthly Rent

Com. Date-11/30/22 - $124,740.00 $10,395.00

12/1/22-11/30/27 5% $130,977.00 $10,914.75

12/1/27-02/28/33 5% $137,525.85 $11,460.49

03/1/33-02/28/38* 5% $144,402.14 $12,033.51

03/1/38-02/28/43* 5% $151,622.25 $12,635.19

03/1/43-02/28/48* 5% $159,203.36 $13,266.95

03/1/48-02/28/53* 5% $167,163.53 $13,930.29

03/1/53-02/28/58* 5% $175,521.71 $14,626.81

03/1/58-02/28/63* 5% $184,297.79 $15,358.15

Asking Price$2,545,715

Cap Rate 4.90%

2400 N Monroe StTallahassee, FL 32303

* Options

Calkain Companies | 2

LongHorn Steakhouse | Financial Summary

Site Photos

Calkain Companies | 3

About LongHorn SteakhouseLongHorn Steakhouse is an American casual dining restaurant chain that is owned and operated by Darden Restaurants, Inc., headquartered in Orlando, Florida. As of 2016, LongHorn Steakhouse generated $1.6 billion in sales in its 481 locations.

LongHorn Steakhouse has a Western/Texan theme. Each location is decorated with oil paintings, photos, and selected Western memorabilia that support this theme.

The restaurant is best known for serving various kinds of steak, including its “Flo’s Filet”. In addition to steak, the menu also includes ribs, chicken, salmon, lobster, shrimp, and salads. Appetizers include their “Texas Tonion” and “Wild West Shrimp”; and side dishes are also served. The restaurant offers a full bar with draft and bottled beer, wine, and several signature margaritas. A lunch menu that includes soups, salads, sandwiches, and hamburgers is available.

Tenant SnapshotTenant SnapshotTenant Snapshot

# of Locations

481+

Sales (as of 2016)

$1.6B

Parent Company

Darden Restaurants Founded

1981

Calkain Companies | 4

Tenant Overview

Hollywood

JacksonvilleTallahassee

Valdosta

Gainesville

Orlando

Daytona Beach

10

75

75

75

95

Valdosta77 miles

Jacksonville167 miles

Florida State University

2.6 miles

Gainesville156 miles

Daytona Beach

253 miles

Subject Site

Calkain Companies | 5

Location Overview

Distance To

Keep all map content (except background) above this margin for website cropping purposes

Sealey Elementary School

2.6 Miles to Florida State University

10

Subject Site

N Monroe St 44,000 VPD

27The Centre of Tallahassee

2400 N Monroe St | Tallahassee, FL 32303

Keep all map content (except background) above this margin for website cropping purposes

N Monroe St 44,000 VPD

Monticello Dr 14

,000 V

PD

The Centre of Tallahassee

144

144

27

27

Subject Site

2400 N Monroe St | Tallahassee, FL 32303

Location Highlights

Just off I-10

58,000 VPD Pass the Site

Signalized Corner Location

1 Mile 3 Miles 5 MilesPopulation2018 Population 9,265 89,317 170,809

2023 Population 9,503 92,081 176,243

2018 Median Age 30.4 24.6 27.2

Households2018 Total Households 4,148 36,814 70,156

2023 Total Households 4,236 37,887 72,211

Median Household Income2018 Median HH Income $45,065 $32,834 $38,126

2023 Median HH Income $52,949 $37,475 $43,349

Average Household Income2018 Average HH Income $66,230 $56,384 $58,712

2023 Average HH Income $79,856 $65,645 $68,591

Tallahassee

Location Overview, 1/3/5 Miles

10

10

1 Mile

3 Mile

5 Mile

Tallahassee, FLBest known as Florida’s capital city, Tallahassee shares a deeprooted history and culture with unparalleled natural adventure and an upbeat vitality. From performing arts to outdoors and nature, Tallahassee offers something for everyone.

As the capital, Tallahassee is the site of the Florida State Capitol, Supreme Court of Florida, Florida Governor’s Mansion, and nearly 30 state agency headquarters. The city is also known for its large number of law firms, lobbying organizations, trade associations and professional associations, including the Florida Bar and the Florida Chamber of Commerce. It is a recognized regional center for scientific research, and home to the National High Magnetic Field Laboratory. In 2015, Tallahassee was awarded the All- American City Award by the National Civic League for the second time.

Calkain Companies | 8

About UsCalkain Companies LLC is a boutique commercial real estate investment banking firm that provides consulting and brokerage services to both private and institutional clientele with a focus on single tenant net lease investments. We pride ourselves on being an innovative leader by providing our clients a full array of commercial real estate investment brokerage and asset management solutions, including advisory, research, debt and equity placement and wealth management.

Calkain has built solid, lasting relationships that have been the cornerstone of how we do business. Calkain approaches each assignment with an eye toward each client’s individual needs. Whether private or institutional investors, Calkain delivers real estate solutions that maximize value while building wealth for all of our clients.

At Calkain, our foresight and innovation are leading the net lease investment industry.

To learn more about how to build a solid foundation for your investment portfolio, visit calkain.com or call us at:

Disclaimer: The information contained in this document is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Calkain and its subsidiaries, and should not be made available to any other person or entity without the written consent of Calkain. This document has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property(s). The information contained herein is not a substitute for a thorough due diligence investigation. Calkain and its subsidiaries have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property(s), the future projected financial performance of the property, the size and square footage of the property(s) and improvements, the presence or absence of contaminating substances, PCB’s 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(s). The information contained in this document has been obtained from sources we believe to be reliable; however neither Calkain and its subsidiaries nor the Seller have verified, and will not verify, any of the information contained herein, nor has Calkain and its subsidiaries or the Seller conducted any investigation regarding these matters and make 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.

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