Aspen DentalSignificant Upside OpportunityOFFERINGMEMORANDUMRepresentative Photo5101 N Belt Hwy, St Joseph, MO 64506

Confidentiality and DisclaimerMarcus & Millichap hereby advises all prospective purchasers ofNet Leased property as follows:The information contained in this Marketing Brochure has beenobtained from sources we believe to be reliable. However,Marcus & Millichap has not and will not verify any of thisinformation, nor has Marcus & Millichap conducted anyinvestigation regarding these matters. Marcus & Millichap makesno guarantee, warranty or representation whatsoever about theaccuracy or completeness of any information provided.As the Buyer of a net leased property, it is the Buyer’sresponsibility to independently confirm the accuracy andcompleteness of all material information before completing anypurchase. This Marketing Brochure is not a substitute for yourthorough due diligence investigation of this investmentopportunity. Marcus & Millichap expressly denies any obligationto conduct a due diligence examination of this Property for Buyer.Any projections, opinions, assumptions or estimates used in thisMarketing Brochure are for example only and do not representthe current or future performance of this property. The value of anet leased property to you depends on factors that should beevaluated by you and your tax, financial and legal advisors.Buyer and Buyer’s tax, financial, legal, and construction advisorsshould conduct a careful, independent investigation of any netleased property to determine to your satisfaction with thesuitability of the property for your needs.Like all real estate investments, this investment carries significantrisks. Buyer and Buyer’s legal and financial advisors must requestand carefully review all legal and financial documents related tothe property and tenant. While the tenant’s past performance atthis or other locations is an important consideration, it is not aguarantee of future success. Similarly, the lease rate for someproperties, including newly-constructed facilities or newlyacquired locations, may be set based on a tenant’s projectedsales with little or no record of actual performance, orcomparable rents for the area. Returns are not guaranteed; thetenant and any guarantors may fail to pay the lease rent orproperty taxes, or may fail to comply with other material terms ofthe lease; cash flow may be interrupted in part or in whole due tomarket, economic, environmental or other conditions. Regardlessof tenant history and lease guarantees, Buyer is responsible forconducting his/her own investigation of all matters affecting theintrinsic value of the property and the value of any long-termlease, including the likelihood of locating a replacement tenant ifthe current tenant should default or abandon the property, andthe lease terms that Buyer may be able to negotiate with apotential replacement tenant considering the location of theproperty, and Buyer’s legal ability to make alternate use of theproperty.By accepting this Marketing Brochure you agree to releaseMarcus & Millichap Real Estate Investment Services and hold itharmless from any kind of claim, cost, expense, or liability arisingout of your investigation and/or purchase of this net leasedproperty.CONFIDENTIALITY AND DISCLAIMERThe information contained in the following Marketing Brochure isproprietary and strictly confidential. It is intended to be reviewedonly by the party receiving it from Marcus & Millichap and shouldnot be made available to any other person or entity without thewritten consent of Marcus & Millichap. This Marketing Brochurehas been prepared to provide summary, unverified informationto prospective purchasers, and to establish only a preliminarylevel of interest in the subject property. The informationcontained herein is not a substitute for a thorough due diligenceinvestigation. Marcus & Millichap has not made any investigation,and makes no warranty or representation, with respect to theincome or expenses for the subject property, the future projectedfinancial performance of the property, the size and squarefootage of the property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos, thecompliance with State and Federal regulations, the physicalcondition of the improvements thereon, or the financialcondition or business prospects of any tenant, or any tenant’splans or intentions to continue its occupancy of the subjectproperty. The information contained in this Marketing Brochurehas been obtained from sources we believe to be reliable;however, Marcus & Millichap has not verified, and will not verify,any of the information contained herein, nor has Marcus &Millichap conducted any investigation regarding these mattersand makes no warranty or representation whatsoever regardingthe accuracy or completeness of the information provided. Allpotential buyers must take appropriate measures to verify all ofthe information set forth herein.NON-ENDORSEMENT NOTICEMarcus & Millichap Real Estate Investment Services, Inc.(“M&M”) is not affiliated with, sponsored by, or endorsed by anycommercial tenant or lessee identified in this marketing package.The presence of any corporation’s logo or name is not intendedto indicate or imply affiliation with, or sponsorship orendorsement by, said corporation of M&M, its affiliates orsubsidiaries, or any agent, product, service, or commercial listingof M&M, and is solely included for the purpose of providingtenant lessee information about this listing to prospectivecustomers.ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASECONSULT YOUR MARCUS & MILLICHAP AGENT FOR MOREDETAILS.5101 N Belt Hwy – St Joseph, MO 64506

Table of ContentsInvestment Highlights4Financial Analysis5Tenant Overview6Surrounding Area7-8Location Overview9Local Map10Regional Map11Demographics / Market Overview12-13Representative Photo

Investment HighlightsPRICE: 2,216,154 CAP: 6.77% NOI: 150,000About the Investment Absolute Triple Net (NNN) Lease 9 Years Remaining on the Initial LeaseTerm 10% Rental Increases Every Five Years Corporate Tenant Corporate Guarantee Additional 1,700 Square Foot Investment Opportunity Included in thePurchase Modest Rent/SF Assigned to the Space Significant Upside Opportunity for Future LandlordAbout the Location Dense Retail Corridor Walmart, Lowes, Walgreens, Target, T.J. Maxx, Kohls,Five Below, Home Depot, Bed Bath & Beyond, Dicks Sporting Goods, Aldi,Starbucks, Ulta, Best Buy, Buffalo Wild Wings, Chick Fil-a, Chipotle, and Chilis Robust Student Population 20 Schools Within a Five-Mile Radius Combined Enrollment Roughly 10,000 Students Strong Traffic Counts North Belt Highway Over 18,839 Vehicles Daily Compelling Location Roughly 50 Miles From Kansas CityRepresentative PhotoAbout the Tenant / Brand Aspen Dental is Run By Aspen Dental Management: a dental supportorganization that provides business support and administrative services inthe US to contracted dental practices using Aspen Dental Brand Aspen Dental Operates 550 Offices with a Presence in More Than 33 StatesServing More Than 15,000 Patients Corporate Dentistry or corporate dental practices represent 30-40% of alldental practices.Representative PhotoAspen Dental – St Joseph, MO4

Financial AnalysisPRICE: 2,216,154 CAP: 6.77% NOI: 150,000Aspen DentalProperty DescriptionAspen Dental & Vacant RetailPropertyProperty Address5101 North Belt HighwaySt. Joseph, MO 64506City, State, ZIP5,200 SFBuilding Size /- 1.51 AcresLot SizeType of Ownership 2,216,154Purchase Price6.77%CAP RateAnnual Rent 150,000Building Size5,200 SFPrice / SF 426.18Rent / SF 28.85Vacant Retail Space SummaryPurchase PriceCAP Rate 170,00010.00%Pro-Forma Annual Rent 25,500Pro-Forma NOI ( 5.00 / SF Expense Reserve) 17,000Building Size1,700 SFPrice / SF 100Rent / SF 15.00Glen Kunofsky and Judson Kauffman, Exclusive Listing Agents, are also Principals of this property. They are licensedreal estate salespersons for Marcus and Millichap in the state of New York.Aspen Dental – St Joseph, MO3,500 585 38.00Lease SummaryFee SimpleTotal Investment Opportunity 2,046,1546.50% 133,000Purchase PriceCAP RateAnnual RentSquare FeetPrice / SFRent / SFProperty TypeTenantOriginal Lease TermLease CommencementLease ExpirationLease Term RemainingRental IncreasesLease TypeOptions to RenewNet-Lease Dental FacilityAspen Dental Management, Inc.10 YearsMarch 3, 2018November 30, 20289 Years10% Every Five Years Beginning Year 6Triple-Net (NNN)Three (3), Five (5)-YearINVESTMENT SUMMARYMarcus & Millichap is pleased to present the exclusive listing for a two-tenantretail property located at 5101 North Belt Highway in Saint Joseph, Missouri.The subject property consists of 5,200 square feet of building space and sits ona 1.51-acre lot.Aspen Dental is one of the tenants in the building and occupies 3,500 squarefeet of the total building space. The Aspen Dental space is subject to a ten-yeartriple-net (NNN) lease with more than nine years remaining.The property also features 1,700 square feet of vacant retail space, which is hasbeen assigned a pro-forma rent of 25,500. This modest and under-market 15.00/square foot in rent provides a future landlord with significant upsideupon securing a tenant for the space.5

Tenant OverviewAbout Aspen DentalHeadquartered in East Syracuse, New York, Aspen Dental is a corporate dentalpractice. By 2016 Aspen Dental Offered Services in 33 States with 550franchised dental facilities that serve over 15,000 patients today. In the UnitedStates corporate dentistry represents 30-40% of all dental practices. Aspen’sservices are aimed at individuals who do not have an established dental routineor regular dental provider. Aspen Dental is owned by Leonard Green &Partners, a private equity firm.With almost 550 Aspen Dental practices across 33 states, every practice issupported by Aspen Dental Management, Inc. (ADMI), a dental supportorganization that provides non-clinical business support services to licensed,independent dentists. ADMI provides a full range of practice support servicesfrom marketing, scheduling, billing, payroll, IT, and other business related tasks.This model allows dentists with Aspen Dental to have the freedom to focus ontheir patients and provide high-quality dental care, while enjoying a secureincome, a healthy work-life balance, and a clear path to practice ownership.Aspen Dental Services Include:*Dental and denture services for short- and long- term oral health needs in theUnited States*Comprehensive exams, cleanings, extractions, fillings, periodontal treatment,whitening, crown and bridge work, preventive care, general dentistry, andrestoration.*Oral surgery and cosmetic dentistryAspen Dental6

Surrounding AreaAspen Dental – St Joseph, MO7

Location OverviewProperty Address: 5101 N Belt Hwy, St Joseph, MO 64506The subject investment property is situated on North Belt Highway, whichboasts daily traffic counts exceeding 18,839. There are more than 67,089individuals residing within a five-mile radius of the subject property and morethan 99,478 individuals residing within a ten-mile radius.The subject property benefits from being well-positioned in a highly dense retailcorridor consisting of national and local tenants, shopping centers, anduniversities all within close proximity of this property. Major national tenantsinclude: Walmart, Lowes, Sam’s Club, Target, Home Depot, T.J. Maxx, FiveBelow, Dicks Sporting Goods, Aldi, Walgreens, Petco, Pet Smart, Ulta, Best Buy,Kohls, Chick fil-a, Chipotle, Starbucks, Olive Garden, Ihop, Hardees, Culver, aswell as many others. Within a five-mile radius of this Aspen Dental property are20 local schools: 10 elementary schools, four middle schools, three high schoolsand three private schools with a total combined enrollment of 10,000 students.Located less than 6 miles away from the subject property is Missouri WesternState University with more than 5,145 students enrolled.St. Joseph is a city in and the county seat of Buchanan County, Missouri, locatedon the Missouri River. With a total population of more than 76,780, St. Joseph isthe eighth largest city in the state, and the third largest city in the NorthwestMissouri. Located 50 miles from St. Joseph is the bustling city of Kansas City,Missouri. Kansas City is the largest city in the state of Missouri with anestimated population of 488,943. The city is composed of severalneighborhoods, including the River Market District in the north, the 18th andVine District in the east, and the Country Club Plaza in the south. Kansas city isknown for its long tradition of jazz music, culture, and cuisine. The FederalGovernment is the largest employer in the Kansas City metro area. More than146 federal agencies maintain a presence there. Kansas city is one of tenregional office cities for the US government. Located here is the Kansas Cityplant, which is the National Nuclear Security Administration facility operated byHoneywell. Honeywell produces and assembles 85% of the non-nuclearcomponents of the United States nuclear bomb arsenal. Ford Motor Companyoperates a large manufacturing facility in Claycomo at the Ford Kansas CityAssembly plant, which builds the Ford F-150.Aspen Dental – St Joseph, MOADTC: 18,8398

Local MapProperty Address: 5101 N Belt Hwy, St Joseph, MO 64506Kansas City International Airport (KCI)Aspen Dental – St Joseph, MO9

Regional MapProperty Address: 5101 N Belt Hwy, St Joseph, MO 64506NJAspen Dental – St Joseph, MO10

DemographicsProperty Address: 5101 N Belt Hwy, St Joseph, MO 645063 Miles10 Miles5 Miles3 MilesPOPULATION2022 Projection2017 Estimate2010 Census2000 Census67,82267,08966,37564,12710 er Capita 74,281 56,870 29,338 63,486 49,270 25,131 62,023 49,276 24,443HOUSEHOLDS2022 Projection2017 Estimate2010 Census2000 ,00839,17838,28738,13436,891 146,858 112,394 108,964EMPLOYMENT2017 Daytime Population2017 Unemployment36,4933.01%82,5534.41%113,2574.19%2017 Median Time Traveled19 Mins18 Mins19 MinsRACE & ETHNICITYWhiteNative AmericanAfrican AmericanAsian/Pacific 87.30%0.28%5.80%1.21%HOUSING2017Aspen Dental – St Joseph, MO34,82534,14633,91231,7965 Miles11

Market OverviewCity: St Joseph County: Buchanan State: MissouriKansas City, MissouriSt Josephis a city located just 50 miles outside of Kansas City, Missouri.Kansas City, Missouri, lies on the western edge of Missouri. Among the 100 largest cities inthe United States, it is the most centrally located in the lower 48 states. This centrallocation makes it very competitive for employment involving transportation,communication and distribution. Kansas City covers 319 square miles and is home toapproximately 464,000 residents, making it the largest city in Missouri, both in area and inpopulation. Its area is the 11th largest among United States cities that are not consolidatedwith counties. Its population is the 37th largest in the United States. The city lies withinparts of four counties; Cass, Clay, Jackson, Platte and 15 public school districts. It is at thecenter of a 15-county metropolitan area with approximately 2,065,000 residents.Kansas City is a regional headquarters of the Federal Reserve Bank and contains theheadquarters for Hallmark Cards, DST, Russell Stover Candies, Kansas City SouthernRailway, H&R Block, Boulevard Brewing, and American Century Investments. Infogroup2012 data show that the sectors employing the most people in Kansas City were restaurantsand other eating places (17,164); elementary and secondary schools (11,816); offices ofphysicians (10,877); legal services (9,593); accounting and bookkeeping services (9,410);justice, public order, and safety activities (7,031); insurance agencies, brokerages, andrelated (6,760); general medical and surgical hospitals (6,714); management and technicalconsulting services (6,640); and executive, legislative, and other general governmentsupport (6,129). The main office and retail corridor extends six miles from the Downtown tothe Country Club Plaza, which was developed in the 1920’s as the nation’s oldestautomobile oriented shopping area. Other major commercial corridors lie along BarryRoad/Highway 152, along I-29 and along the southern end of Ward Parkway. Industrialactivity is most concentrated near the Missouri, Blue and Kansas Rivers, near the KansasCity Terminal Railway, and near Kansas City International Airport and the former RichardsGebaur Air Base.Major EmployersEmployerHeartland HealthMosaic Life CarePizza RanchTriumph FoodsWathena Hlthcare Rhblttion CtrHeartland Cntre For RhbltationMissouri Western State UnivNational Beef Leathers LLCBoehrnger Inglheim Vtmdica IncMyr Group IncWestern Recep Diagnostic andAspen Dental – St Joseph, MOEstimated # of 97375275012

E XC LU S I V E N E T L EA S E O F F E R I N GBradley BarhamMarcus & Millichap REIS7800 Forsyth Blvd Suite 710St Louis, MO 63105Tel: (314) 889-2500Fax: (314) 889-2510License: 20050389305101 N Belt Hwy, St Joseph, Missouri, 64506

Aspen Dental Purchase Price 2,046,154 CAP Rate 6.50% Annual Rent 133,000 Square Feet 3,500 Price / SF 585 Rent / SF 38.00 Lease Summary Property Type Net-Lease Dental Facility Tenant Aspen Dental Management, Inc. Original Lease Term 10 Years Lease Commencement March 3, 2018 Lease Expiration November 30, 2028 Lease Term Remaining 9 Years Rental Increases 10% Every Five Years Beginning Year 6