Marcus & Millichap is pleased to present for sale a Starbucks located in Merritt Island, Florida. The property is leased under a 10-year lease with four, five-year options.

1. STARBUCKS IN PRIME VACATION REGION, MERRITT ISLAND175 EAST MERRITT ISLAND CAUSEWAY, MERRITT ISLAND, FL
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2. The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any
other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The
recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.
This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject
property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with
respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence
of contaminating substances, PCBs or asbestos, the compliance with local, 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. The information contained in this offering memorandum has been obtained from sources we believe to be
reliable;however,Marcus&Millichaphasnotverified,andwillnotverify,anyoftheinformationcontainedherein,norhasMarcus&Millichapconductedanyinvestigationregardingthesemattersandmakesnowarrantyorrepresentationwhatsoeverregardingtheaccuracyor
completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the
subject property.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:
The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any
investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your
thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.
Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors
that should be evaluated by you and your tax, financial and legal advisors.
Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.
Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s
past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based
on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply
with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/
her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and
the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.
By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this
net leased property.
Confidentiality Agreement
Net Leased Disclaimer

3. TABLE OF CONTENTS
FINANCIAL OVERVIEW
Financial Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
EXECUTIVE SUMMARY
Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Starbucks Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
PROPERTY DESCRIPTION
Parcel Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Aerial Maps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9
Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

4. 1FINANCIAL OVERVIEW

5. financial overview
annualized operating data
Rent Increases Annual Rent Monthly Rent Increases
Years 6-10 $101,750 $8,479 10%
Options 1: Years 11-15 $111,925 $9,327 10%
Option 2: Years 16-20 $123,117 $10,260 10%
Option 3: Years 21-25 $135,429 $11,286 10%
Option 4: Years 26-30 $148,972 $12,414 10%
Base Rent ($4.28/SF) $101,750
Net Operating Income $101,750
Total Return 4.25% / $101,750
pricing
Property Name Starbucks
Property Address 175 East Merritt Island Causeway
Merritt Island, Florida 32952
Price $2,394,000
Cap Rate 4.25%
Gross Leasable Area 1,802 SF
Year Built/ Renovated 1974 / 2014
Lot Size 0.46 Acres
tenant summary
Tenant Trade Name Starbucks
Lease Type Fee Simple Ground Lease
Lease Guarantor Corporate Guarantee
Roof and Structure Tenant Responsible
Lease Term 10 Years
Lease Commencement Date 05/10/2013
Lease Expiration Date 05/08/2023
Term Remaining on Lease 6.5 Years Remaining
Increases 10% Every Five Years
Options Four, Five-Year Options
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437 2

6. 2EXECUTIVE SUMMARY

7. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437 4
Marcus & Millichap is pleased to present for sale a Starbucks located in Merritt Island, Florida. The property
is leased under a 10-year lease with four, five-year options. The lease includes a corporate guarantee from
Starbucks Corporation, the world’s largest coffee corporation. In 2016, Starbucks had sales of $21.31 billion
shared amongst its 24,400 locations.
Located on East Merritt Island Causeway, Starbucks is centrally located in the retail hub gateway to the
local tourists and residents of Cocoa, Merritt Island, and Cocoa Beach, Florida. The thoroughfare primarily
includes retail establishments and dining. National credit tenants in the area include Wendy’s, Popeyes Lou-
isiana Kitchen, Macy’s, IMAX Theatres, Outback Steakhouse, Chili’s Grill Bar, CVS, Denny’s, and much more.
The unincorporated “town” of Merritt Island is located on Florida’s largest island, which serves as the home
of NASA’s Kennedy Space Center, still, a major tourist attraction. You can enter the Kennedy Space Center
Visitor Complex, meet an astronaut, enjoy the automated thrills of the Shuttle Launch Experience and ex-
plore other interactive displays. And, if you are fortunate, you will be in Merritt Island when an unmanned
rocket blast off from the space center or from the adjacent Cape Canaveral Air Force Station. Juxtaposed
with all of this is the Merritt Island National Wildlife Refuge, a 140,000-acre nature sanctuary.
·· Corporate Starbucks Lease | Investment-Backed by Starbucks Corporation, The World’s Largest Cof-
fee Corporation With an S&P Rating of A-/Stable
·· Located on Major Retail Thoroughfare in Merritt Island | Major National Credit Tenants in Close Prox-
imity Include Denny’s, CVS, T.J. Maxx, Wendy’s, IMAX Theatres, Macy’s and Much More
·· Highly Visible Easily Accessible Drive-Thru | Fronting East Merritt Island Causeway and Goodwin
Drive With Traffic Counts of 33,200 Cars Per Day
·· 10-Year Ground Lease | Four, Five-Year Options
·· Extremely Strong Reported Sales Volume
·· Nearest Drive-Thru Starbucks More Than Six Miles Away
investment highlights
investment overview
1 MILE 3 MILES 5 MILES
2012 Population 6,819 37,204 80,925
2017 Population 6,846 37,400 81,733
2022 Population 6,752 37,205 84,289
2012 Households 3,185 16,186 33,613
2017 Households 3,206 16,321 34,026
2022 Households 3,176 16,340 35,258
2017 Median Household Income $37,988 $42,638 $46,477
2017 Average Household Income $53,315 $62,553 $65,622

8. 5
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437
starbucks overview
What to Expect From Starbucks in 2017
Starbucks, it’s worth noting, has proven a particularly pop-
ular pick among restaurant analysts: not only did it get
endorsements from Barish and Bittner, but the stock has
been named by JPMorgan, Nomura, and Fitch Ratings as
one of the sector’s best picks for 2017. JPMorgan analyst
John Ivankoe likes the coffee giant because of its rewards
program, which he says is driving comparable store sales
growth. Fitch, which assesses the credit that companies is-
sue, said recently that Starbucks is on a “positive trajectory”
and that modest margin expansion, cash flow growth, and
a “balanced financial strategy will result in relatively stable
leverage.”
Nomura analyst Mark Kalinowski has an even loftier pro-
jection for the ubiquitous caffeine purveyor -- which is that
it will become even more ubiquitous. “Because beverages
such as coffee and tea are near universal in their appeal, we
believe that Starbucks will achieve its stated goal of having
37,000 units open by the end of 2021, up from 25,085 as
of the end of fiscal 2016,” he said in a recent note. “We be-
lieve that investors will continue to pay a premium multiple
to enjoy this type of unit growth potential in their portfolio.
And, well beyond 2021, we would not be surprised to see
Starbucks exceed the 50,000-store level.”
About Starbucks
Starbucks locations serve hot and cold drinks,
whole-bean coffee, microground instant coffee
known as VIA, espresso, caffe latte, full- and
loose-leaf teas including Teavana tea products,
Evolution Fresh juices, Frappuccino beverages,
La Boulange pastries, and snacks are season-
al or specific to the locality of the store. Many
stores sell pre-packaged food items, hot and cold
sandwiches, and drinkware including mugs and
tumblers; select “Starbucks Evenings” locations
offer beer, wine, and appetizers. Starbucks-brand
coffee, ice cream, and bottled cold coffee drinks
are also sold at grocery stores.
Key Data
Type Public
Traded As NASDAQ: SBUX
Industry Coffee Shop
Founded 1971 in Seattle, Washington
Headquarters Seattle, Washington
Revenue $21.31 Billion
Number of Locations 24,464 (2016)
Area Served Worldwide
Website www.starbucks.com

9. 3PROPERTY DESCRIPTION

10. 7
parcel overview
location
175 East Merritt Island Causeway
Merritt Island, Florida 32952
site
The subject property has frontage along East Merritt Island Cause-
way and Goodwin Drive.
square footage
The building square footage is 1,802-square feet and the lot size
is 0.46 acres.
year built
The property was constructed in 1974 and renovated in 2014.
traffic counts
East Merritt Island Causeway has traffic counts of 33,200 cars
per day.
parking
There are 29 stalls.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437
193FeetofFrontage
GoodwinDrive
East Merritt Island Causeway - 33,200 Cars Per Day
96 Feet of Frontage
Extremely Large Drive Thru Stacking

11. 8
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437
SUPER MARKET
Merritt Island
Discount
Pharmacy
Goodwin Drive
S. Courtenay Parkway
EastMerrittIslandCauseway-33,200CarsPerDay

12. 9
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437
Merritt Square Mall
KIWANIS ISLAND
Sabal Pointe Plaza
Edgewood Junior/Senior
High School
Enrollment: 900+ Students
EastM
errittIsland
Causeway
-33,200
CarsPerDay
Nearest Drive-Thru Starbucks is More Than Six Miles Away

13. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are
approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future
performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Y0080437 10

14. PRESENTED BY
LEAD BROKER
Neil Naran
Associate
ONTARIO OFFICE
Tel: (909) 456-3476
neil.naran@marcusmillichap.com
CA License: 02025512
Kevin Boeve
Senior Vice President Investments
ONTARIO OFFICE
Tel: (909) 456-3450
kevin.boeve@marcusmillichap.com
CA License: 01247016
BROKER OF RECORD
Kirk Felici
MIAMI OFFICE
Tel: (786) 522-7000
License: 672851