TEXAS ROADHOUSE GROUND LEASEA B E R D E E N ( P I N E H U R S T A R E A ) , N C

FILE PHOTO OF SIMILAR PROTOTYPE FOR ABERDEEN

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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

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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

TENANT NEWS 8

A E R I A L S 9

SITE PLAN 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

CONFIDENTIALITY 17

NC RE LICENSE NO.: C9467

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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 4,960 21,625 41,087

2017 POP. ESTIMATE 4,572 20,137 38,340

POP. GROWTH 2000-2017 98.00% 38.27% 36.59%

HH GROWTH 2000-2017 104.55% 48.79% 44.09%

2017 EST. AVG. HH INCOME $55,404 $74,117 $80,630

for detai led demographics, p lease cl ick HERE

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

AADT

NORTH SANDHILLS BOULEVARD 40,000

PROJECTED BY 2040 69,000

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

NAME TEXAS ROADHOUSE GROUND LEASE ANNUAL RENT $107,250

ADDRESS 1301 NORTH SANDHILLS BOULEVARD RENT INCREASES 5% ON 3/1/22 AND 10% IN EACH OPTION PERIOD

MARKET ABERDEEN (PINEHURST AREA), NC 28315 RENT COMMENCEMENT MARCH 1, 2012

BUILDING SIZE 6,150 SF RENT EXPIRATION FEBRUARY 28, 2027

LAND SIZE 1.22 AC LEASE TYPE ABSOLUTE NET GROUND LEASE

PARKING 73 SPACES ORIGINAL LEASE TERM 10 YEARS

TENANT TEXAS ROADHOUSE, INC (NASDAQ: TXRH) LEASE TERM REMAINING 10 YEARS*

YEAR BUILT 2012 OPTIONS THREE (3) - FIVE (5) YEAR

RIGHT OF FIRST REFUSAL NO ASKING PRICE $2,042,857 (5.25% CAP RATE)

*Tenant just exercised their first option early, giving them 10 years of primary term.

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GREAT CORPORATELY TRADED TENANTTexas Roadhouse, Inc. (NASDAQ: TXRH) operates its restaurants primarily under the Texas Roadhouse name. Today, the company owns and operates over 485 restaurants in 49 states, as well as in 4 countries internationally. Texas Roadhouse, Inc. was founded in 1993 and is based in Louisville, Kentucky.

LONG TERM LEASE | NO LANDLORD RESPONSIBILITIESAn investor will assume a 10 year lease and zero landlord responsibilities. Both compliment a PSF of less than $300 which we find very rare on a high quality asset like this in today’s market.

DEMONSTRATED COMMITMENT WITH RECENT EARLY LEASE RENEWAL | ESTABLISHED STORETexas Roadhouse recently proactively extended the initial term of the lease out for five additional years in order to gain another five years of option control.Texas Roadhouse’s desire to renew their lease early reinforces their commit-ment to this location, and is a testament to the demonstrated performance of the store.

VERY SUCCESSFUL CONCEPT | GREAT AUV | GREAT SAME STORE SALES | GREAT ANTICIPATED RENT TO SALESThis corporate operator and concept continues to be one of the most successful in the “casual sit down” space. Average unit volume is growing and in excess of $4,700,000. With net rent of only $107,250 per year the investor can expect an extremely safe rent to sales ratio. Assuming AUV at the subject site, an investor can expect an outstanding rent to sales ratio of roughly 2.28%.

VERY LARGE TENANT REAL ESTATE INVESTMENT SUBORDINATE TO INVES-TORS LEASEPer TXRH annual report, upwards of $3.5MM total are spent to open a store and of that roughly $1.8MM is real estate while $1.7MM is FF&E and opening costs. This creates significant collateral safety and intristic upside.

PINEHURST GOLF DESTINATIONThe Pinehurst, Southern Pines and Aberdeen area is known as The Home of American Golf, which includes the legendary Pinehurst Resort. This same region is home to four of the Top 10 golf courses in North Carolina and eight of the Top 20. Collectively, tourists come from all over to play at the 40 nearby golf courses in the Pinehurst area. Additionally, 20 of the aforementioned 40 courses are located within a 7-mile radius of the site.

DOMINANT RETAIL CORRIDORTexas Roadhouse is strategically located along the primary retail corridor in the region at the intersection of U.S. Highway 1 (Sandhills Blvd.) and U.S. Route 15-501. The US Highway 1 & 15-501 intersection is the primary commercial node for all of Moore County, and services a 15+ mile trade area in central North Carolina. Nearby national retailers include: Dick’s Sporting Goods, T.J. Maxx, Walmart Su-percenter, Bed Bath & Beyond, Best Buy, Lowe’s Home Improvement, Big Lots, Walgreens, CVS, Ross, Aldi, Chick-fil-a, McDonald’s, Starbucks, and several oth-er retail operators.

IMPRESSIVE TRAFFIC COUNTS WITH TREMENDOUS GROWTH FORECASTEDLocated directly southwest of the intersection of U.S. Highway 1 (Sandhills Blvd.) and U.S. Route 15-501, Texas Roadhouse benefits from its immediate proximity to the highest trafficked intersection in all of Moore County, with more than 40,000 VPD passing the Restaurant daily. Further, the North Carolina Department of Transportation is forecasting sustained increases in daily traffic counts, project-ing that daily vehicle traffic fronting the restaurant along US Highway 1 will in-crease to 69,000 vehicles by 2040.

ABOVE AVERAGE INCOME LEVELSConsidered somewhat of a retirement and vacation community, this area of Ab-erdeen has very solid income levels as a 3 and 5 mile radius average out to be roughly $80,000 per household.

EXCELLENT FRONTAGE AND VISIBILITYTexas Roadhouse is located on a hard, elevated corner that shows extreme-ly well to those traveling on N. Sandhills Blvd. A combination of the frontage, visibility and location within market make this a highly sought after investment opportunity.

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

We design our restaurant prototypes to provide a relaxed atmo-sphere for our guests, while also focusing on restaurant-level re-turns over time. Our current prototypical Texas Roadhouse restau-rants consist of a freestanding building with approximately 6,700 to 7,500 square feet of space constructed on sites of approximately 1.7 to 2.0 acres or retail pad sites, with seating of approximately 57 to 68 tables for a total of 245 to 329 guests, including 15 bar seats, and parking for approximately 160 vehicles either on-site or in com-bination with some form of off-site cross parking arrangement. Our current prototypes are adaptable to in-line and end-cap locations and/or spaces within an enclosed mall or a shopping center. Our prototypical Bubba’s 33 restaurant remains under development as we continue to open additional restaurants. We expect most Bub-ba’s 33 restaurants to range between 7,700 and 8,900 square feet depending on location.

As of December 29, 2015, we leased 271 properties and owned 130 properties. Our 2015 average unit volume for all Texas Roadhouse company restaurants open before July 1, 2014 was $4.7 million. The time required for a new Texas Roadhouse restaurant to reach a steady level of cash flow is approximately three to six months. For 2015, the average capital investment, including pre-opening costs, for the 24 Texas Roadhouse company restaurants opened during the year was $4.7 million, broken down as follows:

(1) Represents the average cost for land acquisitions or 10x’s initial base rent in the event the land is leased.(2) Includes site work costs.(3) Primarily liquor licensing costs, where applicable. This cost varies based on the licensing requirements in each state.

Average Cost Low High

Land(1) $ 1,225,000 $ 725,000 $ 2,205,000

Building(2) $ 1,725,000 $ 1,365,000 $ 2,150,000

Furniture and Equipment $ 1,100,000 $ 1,010,000 $ 1,165,000

Pre-opening costs $ 600,000 $ 410,000 $ 1,085,000

Other(3) $ 50,000 - $ 440,000

Total $ 4,700,000

EXTRACTED FROM 2015 ANNUAL REPORT

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UNIT PROTOTYPE AND ECONOMICS

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T E N A N T N E W S

Except from: Survey: Chick-fil-A, Texas Roadhouse rank highest among consumers

Chick-fil-A and Texas Roadhouse ranked highest among limited-service and full-service restaurant chains, respectively, in a recent survey of cus-tomer satisfaction rates, according to the American Customer Satisfac-tion Index, or ACSI, released Tuesday.

The ACSI score, which is based on a 100-point scale, was developed from surveys of more than 5,000 consumers in January and February, who were asked to evaluate certain brands based on their market share. Consumers were asked to evaluate attributes like quality of food and beverage, or-der accuracy, courtesy and helpfulness of staff, layout and cleanliness of restaurants, speed, variety of menu items, and website satisfaction.

Consumer satisfaction with full-service restaurants as a whole was the same as last year, with an overall score holding steady at 82.

Texas Roadhouse led the category, with a score of 83. The report said that customers appreciated that Texas Roadhouse did not increase prices much, despite rising beef prices in recent years.

Please click HERE for full article.

Nation’s Restaurant News - June 30, 2015

Source: nrn.com, ACSI, LLC

M T. F U J IJ A PA N E S E

T H O M A S T I R E &A U T O M O T I V E

N . S A N D H I L L S B LV D - 4 0 K V P D ( 6 9 K P R O J E C T E D B Y 2 0 4 0 )

C L O S E U P / S I T E P L A N A E R I A L

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S O U T H E R NM I D D L E S C H O O L

M E D I C A LO F F I C E

R E S I D E N T I A L$ 2 0 0 K - $ 3 2 5 K

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R E S I D E N T I A L$ 1 8 0 K - $ 3 0 0 K

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R E S I D E N T I A L$ 2 5 0 K - $ 2 . 3 M M

S O U T H E R N P I N E SG O L F C L U B

L E G A C Y G O L FL I N K S

F O R E S T C R E E K G O L F C L U B

$ 3 0 0 K - $ 1 . 3 M M

H Y L A N D G O L F C L U B

T H E C O U N T R Y C L U B O F W H I S P E R I N G P I N E S

W H I S P E R I N G W O O D SG O L F C L U B

C A R O L I N A G O L FC O U R S E

T A L A M O R EG O L F R E S O R T

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$ 2 5 0 K - $ 1 . 1 M M

P I N E H U R S TR E S O R T

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$ 3 5 0 K - $ 1 . 6 M M

L O N G L E A F G O L F& C O U N T R Y C L U B M I D L A N D

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F I R S T H E A LT HM O O R E R E G I O N A L

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T H E C O U N T R Y C L U BO F N O R T H C A R O L I N A

R E S I D E N T I A L$ 2 5 0 K - $ 5 5 0 K

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

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183.65'

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MSS

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S I T E P L A N

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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 WABERDEEN, NC | SOUTHERN PINES, NC | PINEHURST, NC

NORTH CAROLINA’S “SANDHILLS” REGION The towns of Aberdeen, Southern Pines, and Pinehurst are all located minutes apart (within a 5 mile radius) and are collectively known as North Carolina’s ‘Sand-hills’ region. The Sandhills features walkable historic downtown districts and shopping areas surrounded by several of the State’s premier master-planned communities and championship golf clubs. Known as the “Gold Capital of the U.S.” the region has over 40 golf courses drawing over 1.5 million golfers annually from across the world. The Sandhills high quality of life and relative affordability have led to consistent population growth (27% population increase since 2000), and a rapidly expanding second home market due to its accessibility to the Ra-leigh-Durham and Triad regions.

PINEHURST, NCThe historic Village of Pinehurst was established in 1895, and enjoys international recognition as a world-class golfing destination, with the well-known Pinehurst Resort located in the heart of the Village. The Village of Pinehurst and Pinehurst Resort were given National Landmark status in 1996 for their historical, significant role in U.S. golf history. The Village’s central location provides quick and easy access to the beautiful Blue Ridge Mountains to the west and the pristine, white, sandy beaches to the east. Residents and businesses enjoy both urban access and rural living. The proximity to the state capitol of Raleigh provides quick access to world class research universities and an international airport less than an hour away.

QUALITY OF LIFEWith a current population of 15,763, the Village of Pinehurst is an integral part of the economy of Moore County, which is well diversified with significant healthcare, retirement, tourism, retail, agriculture, and manufacturing sectors. The Pinehurst area is largely a service-based economy focused on tourism/hospitality, health-care-related activities, and retail trade.

Two of the largest employers in Moore County are located in Pinehurst and are service-related: FirstHealth of the Carolinas and Pinehurst Resort. FirstHealth of the Carolinas is a private, not-for-profit health care network serving 15 counties in the mid-Carolinas. Pinehurst Resort, owned by Pinehurst, LLC operates nine cham-pionship golf courses in the Village, including the famous Pinehurst No. 2 course (site of the 1999 and 2005 U.S. Open Championships). Pinehurst Resort also host-ed 14 days of championship play in June 2014, with back to back U.S. Open and

U.S. Women’s Open Championships – for the first time in history.

HEALTHCAREWorld class healthcare abounds in Pinehurst, representing the area's largest in-dustry sector. FirstHealth of the Carolinas is a private not-for-profit health care network that serves 15 counties in the mid-Carolinas. FirstHealth was also recog-nized as one of the state's best hospitals and as the top hospital in patient satis-faction by Business North Carolina magazine. Moore Regional Hospital, located in Pinehurst, is the flagship institution with 385 beds. In 2016, Moore Regional Hos-pital was named one of the nation's 100 Top Hospitals and a Top 50 Hospital for cardiovascular care by Truven Health Analytics, a national health care information company. State-of-the-art heart services are provided at the Reid Heart Center in Pinehurst. Pinehurst Surgical Clinic is directly across the street from Moore Regional Hospital, is a 130,000 square foot state-of-the-art facility with almost 40 surgeons and over 280 professional staff.

EDUCATIONStudents who live in Moore County are assigned to their school based on the location of their residence. Pinehurst students are assigned to the following schools: Pinehurst Elementary (K-5)- located in the heart of the Village, West Pine Elementary (K-5)- located just outside of Pinehurst. West Pine Middle School (6-8)- located just outside of Pinehurst, and Pinecrest High School (9-12)- ranked 15th top-performing school in the State of North Carolina. Pinehurst residents can also choose from two charter schools: Sandhills Theatre Arts Renaissance School and The Academy of Moore County and several private schools.

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

DOWNTOWN PINEHURST TALAMORE GOLF RESORT

PINEHURST RESORT

POPULATION 1 MILE % 3 MILE % 5 MILE % 2022 Projection 4,960 21,625 41,087 2017 Estimate 4,572 20,137 38,340 2010 Census 3,984 17,997 34,441 2000 Census 2,309 14,563 28,068 Growth 2017-2022 8.48% 7.39% 7.16% Growth 2010-2017 14.75% 11.89% 11.32% Growth 2000-2010 72.55% 23.59% 22.70%

2017 EST. HOUSEHOLDS BY HOUSEHOLD INCOME 2,109 9,301 17,558 Income < $15,000 495 23.45% 1,435 15.43% 2,109 12.01% Income $15,000 - $24,999 251 11.91% 1,073 11.53% 1,783 10.15% Income $25,000 - $34,999 216 10.25% 1,014 10.90% 1,860 10.59% Income $35,000 - $49,999 278 13.18% 1,238 13.32% 2,414 13.75% Income $50,000 - $74,999 353 16.73% 1,340 14.41% 2,671 15.21% Income $75,000 - $99,999 183 8.67% 948 10.20% 2,037 11.60% Income $100,000 - $124,999 196 9.31% 827 8.89% 1,756 10.00% Income $125,000 - $149,999 46 2.20% 395 4.25% 885 5.04% Income $150,000 - $199,999 45 2.15% 515 5.54% 929 5.29% Income $200,000 - $249,999 15 0.73% 214 2.30% 421 2.40% Income $250,000 - $499,999 21 1.01% 217 2.34% 484 2.76% Income $500,000+ 8 0.40% 84 0.90% 209 1.19%2017 EST. AVERAGE HOUSEHOLD INCOME $55,404 $74,117 $80,630

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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