89 WESTBANK EXPY | GRETNA, LA (IMMEDIATELY ADJACENT TO DOWNTOWN NEW ORLEANS)

WALGREENS OFFERING MEMORANDUM

Capital Markets | Net Lease Property Group

WALGREENS - GRETNA, LA2

AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

CONFIDENTIALITY AGREEMENT

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-

inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the

Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMER

© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. ALL PARCEL LINES ON SITE PLAN AND AERIALS ARE APPROXIMATE.

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT

EXECUTIVE SUMMARY 3

P R I M A R Y C O N TA C T

MICHAEL KAIDER NNN Specialist First Vice President +1 630 573 7015 michael.kaider@cbre.com

CBRE 700 Commerce Drive Suite 450 Oak Brook, IL 60523

D E B T & S T R U C T U R E D F I N A N C E

GEOFFREY HARRISSenior Vice President+1 602 735 5615geoffrey.harris@cbre.com

OFFERING MEMORANDUM

L O C A L L I C E N S E E

JONATHAN WALKER +1 225 810 3294 jwalker@mmcre.com

04EXECUTIVE SUMMARY

10PROPERTY OVERVIEW

14MARKET

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EXECUTIVE SUMMARY 5

THE OFFERINGCBRE’s Net Lease Property Group is pleased to extend the opportunity to acquire fee simple interest in a corporate guaranteed Walgreens located in Gretna, Louisiana—just east and across the river from downtown New Orleans. The building is strategically positioned right off Westbank Expressway with tremendous visibility and an enormous vehicular count exceeding 83,200 vehicles per day.

Located within the heart of the Gretna retail corridor, Walgreens is an outparcel to the recently remodeled, 369,000-square foot Westside Shopping Center North which drives a steady flow of traffic throughout the day. The Gretna retail corridor is anchored by Oakwood Center, a 907,145-square foot shopping center situated less than one mile from the subject property. Oakwood Center features a strong tenant mix of national retailers including Dillard’s, JCPenney, Dick’s Sporting Goods H&M, Old Navy, Victoria’s Secret, Forever 21, Bath & Body Works, and Ulta Beauty. Additional retailers within the trade area include Home Depot, Walmart, Lowe’s, Best Buy, and Target among many others.

The offering is an opportunity for a qualified investor to acquire an irreplaceable asset with excellent sales performance in the largest metropolitan statistical area (MSA) in the state. The New Orleans MSA is one of the world’s most captivating cities known for its legendary history, food, and entertainment.. The area is driven by tourism and receives over 10 million visitors annually, whom have spent more than $6.8 billion dollars in recent years.

WALGREENS - GRETNA , LA

WALGREENS - GRETNA, LA6

Offering Price $5,773,300

Cap Rate 7.50%

Annual Rent $432,999.96

Monthly Rent $36,083.33

Lease Structure NN

Land Area +/- 71,928 Square Feet

Building Size 14,490 Square Feet

Parking 70 Spaces (4.83 per 1,000 SF of GLA)

Guarantor Corporate

Lease Term Remaining 3 Years, 3 Months

Lease Commencement November 10, 2001

Lease Expiration November 30, 2021

Renewal Options Eight 5-Year Options

Rental Increases None

Tenant Responsibilities CAM, Taxes, and Insurance

Landlord Responsibilities Roof and Structure

FINANCIAL OVERVIEW

EXECUTIVE SUMMARY 7

AERIAL VIEW LOOKING NORTHWEST

WALGREENS - GRETNA, LA8

INVESTMENT HIGHLIGHTS

• Corporate Guarantee: This is an excellent opportunity to acquire fee interest in a corporate Walgreens lease. Walgreens is the nation’s #1 drugstore chain, operating more than 8,100 mostly freestanding Walgreens stores in all 50 US states, the District of Columbia, Guam, and Puerto Rico. Walgreens has a “BBB” rating from Standard & Poor’s and reported $117.4 billion dollars in sales for fiscal year 2016.

• Strong Reported Sales: This location reported very strong 2016 sales numbers. Sales decreased after a Walmart Neighborhood Market opened nearby in 2016, but they have leveled out at a number still well above the national average. Contact Michael Kaider for more information.

• Tremendous Visibility: Located immediately off the Westbank Expressway, Walgreens is highly visible with 490 linear feet of frontage and benefits from enormous daily traffic counts exceeding 83,200. The Property is easily accessible with multiple access points off Westbank Expressway and Stumpf Boulevard.

• Proximity to Downtown New Orleans: Walgreens is well located just five miles from downtown New Orleans. New Orleans is one of the world’s most captivating cities and the largest city in the state of Louisiana with over 388,500 residents. The New Orleans MSA is home to over 1.27 million residents, making it the largest MSA in Louisiana and the 46th largest in the United States.

• Robust Shopping Center: Walgreens is located on an outparcel within Westside Shopping Center North, a 369,000-square foot center that was recently remodeled in 2015. The center features solid anchors and mix of national and regional tenants including Rouses, Academy Sports + Outdoors, Floor & Décor, Jo-Ann Fabrics, Dollar General, Harbor Freight Tools, and Planet Fitness.

• Bustling Trade Area: Walgreens is located in the heart of the Gretna retail corridor. The Gretna retail corridor is anchored by Oakwood Center, a 907,145-square foot shopping center located less than one mile from the Property. Oakwood Center features over 80 retailers and is anchored by Dillard’s, JCPenney, and Dick’s Sporting Goods. Prominent retailers within the trade area includes Walmart, Home Depot, Best Buy, Barnes & Noble, Bed Bath & Beyond, Marshalls, Lowe’s, Sam’s Club, and Target.

• Dense Demographics: The Property serves a dynamic, densely populated area. Within three miles of the Property is a population of 130,400 residents and approximately 345,300 residents live within the five-mile extended trade area.

EXECUTIVE SUMMARY 9

AERIAL VIEW LOOKING NORTH

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PROPERTY DESCRIPT ION 11

Total Revenue$117.4B

8,100+Locations

Stock SymbolNASDAQ: WBA

S&P RatingBBB

25Countries

Employees400,000

TENANT PROFILE

Walgreen’s prescription for world domination of the drugstore industry relies on acquisitions at home and abroad. The nation’s #1 drugstore chain operates more than 8,100 mostly freestanding Walgreens stores in all 50 US states, the District of Columbia, Guam and Puerto Rico. Prescription drugs account for about two-thirds of sales; the rest comes from general merchandise, over-the-counter medications, cosmetics, and groceries. Most Walgreens stores offer drive-through pharmacies and one-hour photo processing. The chain is looking to health care services as a significant avenue for growth. The company’s Take Care Health Systems manages worksite health and wellness centers and operates more than 400 in-store clinics. In December 2014, Walgreens and Alliance Boots combined to create Walgreens Boots Alliance (NASDAQ: WBA), the first global pharmacy-led, health and wellbeing enterprise in the world. The combined company employs over 400,000 people and has a presence in more than 25 countries. Walgreens had Fiscal Year 2016 sales of approximately $117.4 billion.

RANKINGS AND RATINGS

• Fortune magazine World’s Most Admired Companies (published March 2015)

• Fortune magazine 500 Largest U.S.-Based Companies (published June 2015) - Walgreens ranked 35th overall in revenue.

• Fortune magazine Global 500 Largest Companies (published July 2015) - Walgreens ranked 114th overall in revenue.

• Forbes Global 2000 (published May 2015) - Walgreens ranked 165th on this list of the 2000 largest public companies world-wide.

• Fast Company magazine “Fast 50” issue (published February 2013) – Walgreens ranked as the 7th most innovative health care company for its leadership in redefining the role of pharmacy.

• DiversityBusiness.com Top 50 Organizations for Multicultural Business Opportunities (published January 2014) - Walgreens ranked 26th overall among the top 50 corporate and organiza-tional buyers of diversity products and services throughout the U.S., according to the more one million diversity business owners participating in the survey.

• Careers & the Disabled Magazine Top 50 Employers (published Winter 2013) - Walgreens ranked 32nd in the readers survey of employers they believe provide the most positive working envi-ronment.

WALGREENS - GRETNA, LA12

WESTSIDE SHOPPING CENTER NORTH SITE PLAN

PROPERTY DESCRIPT ION 13

LOCATOR MAP

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MARKET OVERVIEW 15

MARKET OVERVIEW

GRETNA, LOUISIANAThe city of Gretna is the second largest city and parish seat of the Jefferson Parish in Louisiana. Settled in 1836 and incorporated in 1913, the city is located on the west bank of the Mississippi River, just east and across the river from downtown New Orleans. Located in the middle of a major metropolitan area, Gretna is a charming city with a small-town atmosphere. Gretna is one of Louisiana’s historic districts and filled with unique architecture and landmarks.

Walgreens is located in the heart of the Gretna retail corridor. The asset is an outparcel to the recently remodeled, 369,000 square foot Westside Shopping Center North. The center includes a strong mix of national and regional tenants including Rouses, Academy Sports + Outdoors, Floor & Decor, Joe-Ann Fabrics, Dollar General, Harbor Freight Tools, and Planet Fitness. The centers unique tenant lineup allows for a steady flow of traffic throughout the day. The asset also benefits from its ideal location along the Westbank Expressway. Traffic counts on Westbank Expressway exceed 83,200 vehicles per day.

The corridor is anchored by Oakwood Center, a 907,145-square foot shopping center situated less than one mile from the subject property. Oakwood Center creates a significant draw to the area and features over 81 retailers and a food court. Tenants include Dillard’s, JCPenney, ALDO, Bath & Body Works, H&M, and Ulta Beauty. Additional retailers within the trade area include Home Depot, Tuesday Morning, Walmart Neighborhood Market, Best Buy, Burlington Coat Factory, Petco, Target, Sam’s Club, Lowe’s and Barnes & Noble.

WALGREENS - GRETNA, LA16

MARKET OVERVIEW

NEW ORLEANS MSALocated in the southeastern portion of Louisiana, next to the Mississippi River, New Orleans is one of the world’s most captivating cities and well known for its legendary history, food, and entertainment. New Orleans is the largest city in the state of Louisiana and home to 388,500 residents. The New

Orleans metropolitan statistical area (MSA) consists of ten parishes including Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Tammany, Tangipahoa, and Washington.

MARKET OVERVIEW 17

MARKET OVERVIEW

ECONOMYThe New Orleans economy is led by four sectors: oil/gas and related activities, tourism, the port and ship/boat building, and aerospace manufacturing. The MSA is further diversified by its universities, hospitals, legal/accounting, and other professional services. The U.S. Navy and other military operations in the area also add to the economic base. Tourism is the leading sector with over 10 million visitors annually which spent more than 6.8 billion in recent years. Major draws to the area include the French Quarter, the Mardis Gras festival, and river-boat gambling. The New Orleans MSA has over 57,200 businesses and employs 677,335. The area is home to major employers including Ochsner Health System, Naval Air Station Joint Reserve Base New Orleans, Louisiana State University Health, Northrop Grumman, and Charity Hospital of Louisiana.

EDUCATIONThe New Orleans MSA is home to several college campuses, including the University of New Orleans, ranked one of the nation’s best colleges. Other two-year community and technical colleges and four-year institutions within the MSA include Delgado Community College, Southeastern Louisiana University, Tulane University, and Loyola University of New Orleans. Each parish within the New Orleans MSA has a strong mix of public and private schools for residents to choose from.

ATTRACTIONS & CULTURENew Orleans is well known for its distinct French and Spanish Creole architecture as well as its strong presence of art. Galleries can be found throughout the city including Julia Street in the Warehouse District, Royal Street in the French Quarter, and the outdoor markets in Jackson Square and Frenchman Street. Other popular destinations include the New Orleans Opera, the New Orleans Ballet, and the Louisiana Philharmonic Orchestra.

New Orleans is famous for its music, museums, and annual celebrations and festivals, most notably, Mardi Gras. Mardi Gras is one of the most celebrated

traditions within the New Orleans MSA and spans a two-week period. Other popular festivals include the New Orleans Jazz & Heritage festival, the French Quarter festival, and the New Orleans Film Festival.

New Orleans is considered to be the birthplace of jazz and has a musical culture unlike any other city in the United States. Music is at every corner within the city with abundant bars, restaurants, and music venues. New Orleans has multiple theater stages including the modern Mahalia Jackson theater as well as the recently renovated Saenger Theatre. The area has a rich art history and is home to the New Orleans Museum of Art which has an impressive collection from artists such as Picasso, Renoir, and Monet.

WALGREENS - GRETNA, LA18

TRANSPORTATIONNew Orleans offers several modes of transportation including waterways, airways, interstate highways, and railways. New Orleans is located at the center of the world’s busiest port system – Louisiana’s lower Mississippi River. The Port of New Orleans is connected to major inland markets and Canada via 14,500 miles of waterways, six class I railroads, and interstate highway systems. In 2015, the Port of New Orleans handled over 33.6 million tons of cargo and had approximately 1 million cruise passengers.

The Louis Armstrong International Airport (MSY) serves the New Orleans MSA and is located 14 miles northwest of downtown New Orleans. As the largest airport in Louisiana, Louis Armstrong International Airport provides service to and from New Orleans through 16 airlines. The airport serves 400,000 passengers monthly and offers non-stop flights from 55 different major U.S. cities.

Interstate 10, a major thoroughfare within the MSA, runs from Santa Monica, CA to Jacksonville, FL and spans New Orleans and provides convenient transportation throughout the New Orleans MSA. New Orleans has a strong network of public transportation, including the Regional Transit Authority (RTA) bus lines, the Algiers Ferry, and several street car lines. New Orleans is also superior for biking, with over 58 miles of bike lanes.

MARKET OVERVIEW

DEMOGRAPHICSThe New Orleans MSA is home to over 1.27 million residents, making it the largest MSA in Louisiana and the 46th largest in the United States. The population is projected to grow 0.96% over the next five years to 1.33 million. Residents earn an average household income of $70,095 which is above the state average. The New Orleans MSA average household income is projected to follow the same trend as population and increase to $75,536 by 2021.

LOUIS ARMSTRONGINTERNATIONAL AIRPORT

55 MAJOR U.S. CITIES

16 AIRLINES

400,000 MONTHLY PASSENGERS

MARKET OVERVIEW 19

NEW ORLEANS MSA TOP EMPLOYERS

# COMPANY TOTAL EMPLOYEES

1 Ochsner Health System 14,500

2 Naval Air Station Joint Reserve Base New Orleans 7,200

3 Louisiana State University Health 7,000

4 Northrop Grumman 6,000

5 Charity Hospital of Louisiana 5,000 - 9,999

6 Medical Center - Louisiana in New Orleans 5,000 - 9,999

7 University Hospital 5,000 - 9,999

8 Tulane University 5,000

9 ACME Truck Line Inc. 3,150

10 University of New Orleans 3,114

11 East Jefferson General Hospital 3,000

12 Harrah's Entertainment Inc. 2,700

13 North Oaks Health System 2,700

14 Lockheed Martin Space Systems Co. 2,160

15 Touro Infirmary 2,018

16 NASA Michoud Assembly Facility 2,000

17 West Jefferson Medical Center 2,000

18 Dow Chemical Co. 1,700

19 Chevron Production 1,500

20 U.S. Army Corps of Engineers 1,300

MARCH 2017 ESTIMATED EMPLOYED POPULATION BY OCCUPATION

MARKET OVERVIEW

1 7 %

1 5 %

1 5 %

1 3 %

1 3 %

6 %

5 %

5 %

5 %

4 %

2 %

Education & Health Services

Retail & Wholesale Trade

Leisure & Hospitality

Professional & Business Services

Government

Construction & Mining

Manufacturing

Finance Activities

Transportation & Utilities

Other Services

Information

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POPULATION CONCENTRATION MAP

2016 POPULATION

POPULATION PER SQUARE MILE - 2016

Over 2,500 1,000 to 2,500 500 to 1,000 250 to 500 Less than 250

3 Mile 130,398

3 Mile 129,640

1 Mile 14,771

1 Mile 11,222

5 Mile 345,341

5 Mile 252,229

DAYTIME POPULATION

MARKET OVERVIEW 21

HOUSEHOLD INCOME MAP

2016 AVERAGE HOUSEHOLD INCOME

AVERAGE HOUSEHOLD INCOME - 2016

Over $80,000 $60,000 to $80,000 $50,000 to $60,000 $40,000 to $50,000 Less than $40,000

HOUSEHOLDS EARNING OVER $75,000 ANNUALLY

3 Mile $61,194

3 Mile 14,231

1 Mile $46,676

1 Mile 1,012

5 Mile $62,996

5 Mile 37,618

© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

WALGREENS - GRETNA, LA

P R I M A R Y C O N TA C T

MICHAEL KAIDER NNN Specialist First Vice President +1 630 573 7015 michael.kaider@cbre.com

CBRE 700 Commerce Drive Suite 450 Oak Brook, IL 60523

D E B T & S T R U C T U R E D F I N A N C E

GEOFFREY HARRISSenior Vice President+1 602 735 5615geoffrey.harris@cbre.com

L O C A L L I C E N S E E

JONATHAN WALKER +1 225 810 3294 jwalker@mmcre.com