EXP DALLAS

214.522.7200

JOE CAPUTO

joe@exp1031.com

BOB MOORHEAD

bob@exp1031.com

property. Underwent major renovations in 2013, to include a new roof. Significant improvements contributed by tenant. Top performing location. Brand New

Roof & HVAC Units in 2013

tenant. First Choice Emergency Room is based in Lewisville, TX and is the leading freestanding emergency room system. $78.2 million in sales in 2012

lease structure. Brand new, 7-year, net lease with 10% annual rent increases beginning year 6 every 5-years.

location. First Choice Emergency Room is located at the intersection of Center Street (26,945 Cars / Day) and Pasadena Boulevard (18,344 Cars / Day) just

west of Houston Beltway 8 (78,400 Cars / Day). The population within a 1-mile radius of the subject property is projected to grow by 4.9% over the 5-year period

ending in 2017. San Jacinto College (28,549 Students) and the south campus of Deer Park High School (3,811 students) are nearby. The average annual

household income within this radius is $76,659. Houston MSA location: with an MSA population of 5,946,800, Houston anchors the 6th largest metro area in the

US. Deer Park is 30 minutes southeast of Houston.

EXCLUSIVE OFFERING | $2,456,000 - 6.75% CAP

FIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

SUBJECT PROPERTY

EXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the

property located at 3701 Center Street, Deer Park, TX by the owner of the Property

(“Seller”). The Property is being offered for sale in an “as-is, where-is” condition and Seller

and Agent make no representations or warranties as to the accuracy of the information

contained in this Offering Memorandum. The enclosed materials include highly confidential

information and are being furnished solely for the purpose of review by prospective

purchasers of the interest described herein. The enclosed materials are being provided

solely to facilitate the prospective investor’s own due diligence for which it shall be fully and

solely responsible. The material contained herein is based on information and sources

deemed to be reliable, but no representation or warranty, express or implied, is being made

by Agent or Seller or any of their respective representatives, affiliates, officers, employees,

shareholders, partners and directors, as to the accuracy or completeness of the information

contained herein. Summaries contained herein of any legal or other documents are not

intended to be comprehensive statements of the terms of such documents, but rather only

outlines of some of the principal provisions contained therein. Neither the Agent nor the

Seller shall have any liability whatsoever for the accuracy or completeness of the

information contained herein or any other written or oral communication or information

transmitted or made available or any action taken or decision made by the recipient with

respect to the Property. Interested parties are to make their own investigations, projections

and conclusions without reliance upon the material contained herein. Seller reserves the

right, at its sole and absolute discretion, to withdraw the Property from being marketed for

sale at any time and for any reason. Seller and Agent each expressly reserves the right, at

their sole and absolute discretion, to reject any and all expressions of interest or offers

regarding the Property and/or to terminate discussions with any entity at any time, with or

without notice. This offering is made subject to omissions, correction of errors, change of

price or other terms, prior sale or withdrawal from the market without notice. Agent is not

authorized to make any representations or agreements on behalf of Seller. Seller shall

have no legal commitment or obligation to any interested party reviewing the enclosed

materials, performing additional investigation and/or making an offer to purchase the

Property unless and until a binding written agreement for the purchase of the Property has

been fully executed, delivered, and approved by Seller and any conditions to Seller’s

obligations hereunder have been satisfied or waived. By taking possession of and

reviewing the information contained herein, the recipient agrees that (a) the enclosed

materials and their contents are of a highly confidential nature and will be held and treated

in the strictest confidence and shall be returned to Agent or Seller promptly upon request;

and (b) the recipient shall not contact employees or tenants of the Property directly or

indirectly regarding any aspect of the enclosed materials or the Property without the prior

written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be

copied or otherwise reproduced without the prior written authorization of Seller and Agent.

PAGE 3: INVESTMENT | TENANT | LEASE OVERVIEW

PAGE 1: COVER

PAGE 2: TABLE OF CONTENTS | DISCLAIMER

PAGE 9: DEMOGRAPHICS

Table of contents | Disclaimer FIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

PAGE 6: LOCATION OVERVIEW

PAGE 7-8: LOCATION MAPS

Disclaimer

2

PAGE 5: AERIAL PHOTO

PAGE 4: SITE PLAN

SUBJECT PROPERTY PRIOR TO PANDA EXPRESS EXPANSION

FIRST CHOICE EMERGENCY ROOM | www.fcer.com

First Choice Emergency Room is based in Lewisville, TX and is the leading freestanding emergency room system; it is both the largest and the oldest. First Choice

Emergency Room is revolutionizing the delivery of emergency medical services for adult and pediatric emergencies, both major and minor. First Choice

Emergency Room facilities are innovative, freestanding, and fully equipped emergency rooms with state of the art diagnostic technology (CT Scanners,

Ultrasound, Digital X-ray) and on-site labs. All First Choice Emergency Room locations are exclusively staffed with board-certified emergency physicians and

emergency trained registered nurses. With locations in Houston, Dallas/Fort Worth, Austin, and Colorado Springs, patients receive high-quality care and have an

alternative to today’s overburdened hospital system.

Inc. Magazine ranked First Choice as one of the fastest growing businesses in the U.S. in 2010, 2011, and 2012. The company was named as one of the 2013

Best Companies to Work for in Texas. The company’s current growth plans are backed by Sterling Partners, which has invested $59 million in the business. First

Choice generated $78.2 million in revenue in 2012, up from $37 million in 2008. First Choice was established in 2002 by Dr. Jack Novak, and Thomas S. Hall is

the company’s current CEO. First Choice plans to build more Freestanding Emergency Rooms, as stated in 2012. The company has plans to invest over $100

million over the next few years by developing many more facilities. As stated in a Dallas Morning News article in March 2013, CEO Tom Hall stated that First

Choice plans to add 6 to 8 new DFW facilities in the next 12 to 18 months.

PRICE: $2,456,000

CAP RATE: 6.75%

NET OPERATING INCOME: $165,750

BUILDING AREA: 6,500+ Square Feet

LAND AREA: 0.64+ Acres

YEAR BUILT / RENOVATED: 1994 / 2013

LANDLORD RESPONSIBILITY: Includes Roof & Structure*

OWNERSHIP: Fee Simple Interest

OCCUPANCY: 100%

*Brand New Roof & HVAC Units in 2013

Tenant overview

3

Investment overviewFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

Guarantor: First Choice ER, LLC

Lease Expiration: September 2020

Rent Commencement: September 2013

Initial Lease Term: 7-Years, Plus 1, 7-Year Options to Renew

Rent Increases: 10% in Lease Year 6 & Escalating Every 5-Yrs.

Year 1-5 Annual Rent (Current): $165,750

Lease Type: Net Lease

Year 6-7 Annual Rent: $182,325

Year 8-10 Annual Rent (Option 1): $182,325

Year 11-14 Annual Rent (Option 1): $200,557

Lease overview

4

Site planFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

5

Aerial photoFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

Pasadena Boulevard (18,344 Cars / Day)Carpenter

Elementary

School

Bonnette

Junior High

School

Deer Park

High School SouthAbshire

Stadium

Houston Beltway 8 (78,400 Cars / Day)

Deer Park

Elementary

School

Providence at Town Square

Senior Living

IMMEDIATE TRADE AREA

First Choice Emergency Room is located at the intersection of Center Street

(26,945 Cars / Day) and Pasadena Boulevard (18,344 Cars / Day) just west of

Houston Beltway 8 (78,400 Cars / Day). Center Street is a north-south arterial

road that traverses Deer Park and Pasadena Boulevard provides the trade

area with direct access to Houston Beltway 8, which is Houston’s outer ring

road.

Numerous national credit tenants have taken advantage of this convenience

and accessibility. The subject property shares the southeast corner of the

intersection with an HEB grocery store, Starbucks, and Chase Bank. The site

is adjacent to the newly constructed Shoppes at Town Square shopping center

which includes T-Mobile, Verizon Wireless, Baskin Robbins, Firehouse Subs,

and Anytime Fitness in its tenant mix. Other retailers nearby include

Walgreens, CVS, Radio Shack, Food Town, Sonic, Shell, Papa John’s, Little

Caesar’s, Church Chicken, and Valero. First Choice also fronts a newly

constructed 14-acre senior living development, Providence at Town Square

Senior Living.

The population within a 1-mile radius of the subject property is projected to

grow by 4.9% over the 5-year period ending in 2017. The average annual

household income within this radius is $76,659. The subject property has the

additional advantage of being surrounded by numerous schools. The south

campus of Deer Park High School (3,811 Students) is just north of First Choice

Emergency Room. Carpenter Elementary School (910 Students) and Bonnette

Junior High School (769 Students) are just west of the site. Deer Park

Elementary School (719 Students) is nearby to the east. Additionally, San

Jacinto Junior College (28,549 Students) is close by to the south.

DEER PARK, TX

Deer Park is a suburb of Houston, TX located to the southeast of the city. The

Deer Park population was 12,773 in 1970, and 28,520 in 2000. This growth has

been fueled by the growth of the petrochemical industry as well as the growth

of business along the Houston Ship Channel. According to a 2012 report, ship

channel traffic accounts for more than 1 million Texas jobs and generates more

than a $178 billion impact on the state's economy. Deer Park has a school

district with 14 campuses, a city library, community theater, municipal court

building, three fire stations, numerous city parks and recreational facilities,

state-of-the-art water and sewer processing facilities, a post office, several

hotels, 14 major industries as well as several light industrial companies.

6

Location overviewFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

Today, Deer Park has approximately 9,000 homes and 32,010 residents. Thevibrant local economy boasted a 5.4% unemployment rate as of April 2013.

HOUSTON-SUGAR LAND-BAYTOWN METROPOLITAN AREA

The Houston-Sugar Land-Baytown Metropolitan Statistical Area (MSA),

colloquially known as Greater Houston, is the 6th largest in the United States

with a population of 5,946,800. From 2000 to 2030, the metropolitan area is

projected by Woods & Poole Economics to rank 5th in the nation in population

growth—adding 2.66 million people. In 2006, Greater Houston ranked 1st in

Texas and 3rd in the U.S. within the category of "Best Places for Business and

Careers" by Forbes. The Greater Houston Gross Metropolitan Product (GMP)

in 2005 was $308.7 billion, up 5.4 percent from 2004 in constant dollars. By

2010, the GMP rose to $384 billion, 5th in the nation. Only 28 nations other

than the United States have a GDP exceeding the Greater Houston GMP.

Mining, which in Houston is almost entirely oil and gas exploration and

production, accounts for 11 percent of Greater Houston's GMP.

Houston is 2nd to New York City in Fortune 500 headquarters. Galveston Bay

and the Buffalo Bayou together form one of the most important shipping hubs

in the world, and the Port of Houston, the Port of Texas City, and the Port of

Galveston are all major seaports located in Greater Houston. The area is one

of the leading centers of the energy industry, particularly petroleum processing,

and many companies have large operations in this region. The MSA comprises

the largest petrochemical manufacturing area in the world, including for

synthetic rubber, insecticides, and fertilizers. Much of metro area's success as

a petrochemical complex is enabled by the Houston Ship Channel. The area is

also the world's leading center for building oilfield equipment, and is a major

center of biomedical research, aeronautics, and high-technology.

Houston is home to the Texas Medical Center—the largest medical center in

the world—several universities (including Rice University, Texas Southern

University, and The University of Houston), and two of the largest systems of

higher learning in the United States (The Houston and Lone Star Community

College systems). The University of Houston’s annual impact on the Houston-

area's economy alone equates to that of a major corporation: $1.1 billion in new

funds attracted annually to the Houston area, $3.13 billion in total economic

benefit, and 24,000 local jobs generated. CNN/Money and Money Magazine

have recognized 5 cities in the Greater Houston area the past 3-years as partof its 100 Best Places to Live in the United States.

7

Location mapFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

8

Location mapFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

9

DemographicsFIRST CHOICE EMERGENCY ROOM

3701 Center Street, Deer Park, TX

Demographic snapshot

HOUSTON SHIP CHANNEL

DOWNTOWN HOUSTON, TX

Radius 1 Mile 3 Mile 5 Mile

Population:

2017 Projection 16,264 85,860 176,461

2012 Estimate 15,507 82,469 169,362

2010 Census 15,390 82,112 167,942

Growth 2012-2017 4.90% 4.10% 4.20%

Growth 2010-2012 0.80% 0.40% 0.80%

Households:

2017 Projection 5,786 29,658 59,044

2012 Estimate 5,565 28,652 57,024

2010 Census 5,514 28,448 56,395

Growth 2012-2017 4.00% 3.50% 3.50%

Growth 2010-2012 0.90% 0.70% 1.10%

Owner Occupied 3,780 20,012 36,845

Renter Occupied 1,785 8,640 20,180

2012 Avg Household Income $76,659 $73,372 $67,097

2012 Med Household Income $60,917 $59,068 $52,552

2012 Per Capita Income $27,235 $25,505 $22,692

2012 Households by Household Inc:

Income Less than $15,000 412 2,485 6,633

Income $15,000 - $24,999 474 2,376 5,729

Income $25,000 - $34,999 517 2,340 5,801

Income $35,000 - $49,999 743 3,930 8,490

Income $50,000 - $74,999 1,180 6,786 12,217

Income $75,000 - $99,999 779 4,252 7,403

Income $100,000 - $149,999 1,098 4,721 7,403

Income $150,000 - $199,999 175 962 1,778

Income $200,000+ 188 801 1,571