1516 - 1560 N Dupont Hwy, Wilmington Manor, DE 19720

GROUND LEASES

1. Tenant Information: Burger King - Rackson Restaurants, 590 E Main St, Bridgewater, NJ 08807

   racksonrestaurants.com.

   3,400 Building built by BK franchisee and leased as a Burger King since 5/11/1983

Lease Expiration 9/30/2033 - No renewals

Current Rent: $51,744/YR. Next Increase 9/30/28 - $59,476 till expiration

Current Property Taxes: $12,428/YR (paid by tenant)

2. Tenant Information: South Star Fence Company LLC, 1560 N. Dupont Highway, New Castle, DE 19720

~1,763 SF Building originally built by Taco Bell franchisee

Lease Expiration 7/31/2027 - No renewals

Current Rent: $61,200/YR. Next Increase 8/1/26 - $63,660 till expiration

Current Property Taxes: $7,663/YR (paid by tenant)

DISCLAIMERS AND AGREEMENT

Location Realty Advisors LLC (“LOCATION”) has been retained as the exclusive

listing broker to arrange the sale of the property identified herein (the “Property”).

Purpose and Intent. This Offering Memorandum (“Memorandum”) has been prepared by

the undersigned real estate professional, is provided in the normal course of his/her business,

and is intended to express only his/her recommended listing, selling, or purchase price or a

rental or lease consideration for the Property. This Memorandum does not constitute an

offer to sell, or a solicitation of an offer to buy, the Property, and has not been made for

the purpose of submission as evidence of value to a court or administrative body. The

disclosures herein are intended to supersede all prior written and oral communications and

understandings regarding the Memorandum. You are advised to carefully read this

Memorandum and review it with your legal and tax advisors.

Information Provided As An Opinion: The information in this Memorandum has been

obtained from sources believed to be reliable, but has not been verified for accuracy,

completeness, or fitness for any particular purpose. This Memorandum does not contain all

the information that you may need or desire to evaluate the Property. All information in

this Memorandum and any other written or oral communication transmitted to you in the

course of your evaluation of the Property is presented “as is” without representation or

warranty, express or implied, of any kind by LOCATION, Owner/Seller, or either’s respective

subsidiaries, agents, affiliates, members, officers, and/or employees. LOCATION assumes no

responsibility for this Memorandum, and hereby disclaims any and all liability for

representations, expressed or implied, contained in, or for omissions from, this

Memorandum. This Memorandum is subject to prior placement, errors, omissions, changes,

or withdrawal without notice and does not constitute a recommendation, suitability

determination, or endorsement as to the Property’s value by LOCATION or Owner/Seller. This

Memorandum contains certain documents, which are described in summary form and do

not purport to be complete or accurate descriptions of, nor do they constitute a legal

analysis of, the full documents involved. All such summaries are qualified in their entirety by

reference to such documents. All references to acreage(s), square footage(s), and other

measurements are approximations. Neither LOCATION nor Owner/ Seller undertakes any

responsibility or compulsion to update any of the information discussed herein. Any

information and expressions of opinion herein contained are subject to change without

notice. Neither the delivery of this Memorandum nor the purchase of the Property shall,

under any circumstance(s), create an implication that there has been no change in the affairs

of the Property since the date this Memorandum was created or provided to you.

By accepting this Memorandum, you agree that in determining the advisability of

purchasing the Property, you shall not rely on this Memorandum or upon any other materials

or information provided LOCATION or its brokers, but rather that you shall rely solely upon your

own examination (including engineering and environmental inspections) and investigation

of the Property at your own cost prior to purchasing the Property. An opportunity to

inspect the Property will be made available to you upon written request. You acknowledge

LOCATION is not acting as an attorney, tax advisor, surveyor, appraiser, structural engineer,

and that you should consult such professionals.

This Memorandum is not to be used in connection with an offer to sell or the solicitation of an

offer to buy in any jurisdiction in which such offer or solicitation is not authorized or in

which the person making such offer or solicitation is not qualified to do so or to any person

to whom it is unlawful to make sure offer or solicitation.

ALL INFORMATION CONTAINED HEREIN IS A STATEMENT OF OPINION. ANY RELIANCE ON

THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

Forward-Looking Statements and Financial Projections. All statements herein, other than

statements of historical fact, are statements that could be deemed “forward-looking”

statements with respect to the anticipated future performance of the Property, including

any financial projections, statements regarding future economic conditions or performance,

and statements of belief and of assumptions underlying any of the foregoing. These

projections and statements are provided for general reference purposes only and may

involve known and unknown risks and various assumptions subject to significant business,

economic, and competitive uncertainties and contingencies beyond the control of LOCATION

and/or Owner/ Seller, and which therefore are subject to material change and/or variation.

Accordingly, there can be no assurance that such projections or forward-looking statements

will be realized. Potential purchasers of the Property are cautioned that the actual results,

performance, and/or achievements may vary materially from anticipated results, performance,

and/or achievements. No representations or warranties are made as to the accuracy or

reasonableness of such assumptions or the projections of forward-looking statements based

thereon.

Owner’s/Seller’s Reserved Rights. Owner/Seller expressly reserves the right, at its sole

discretion, to reject any or all expressions of interest and/or to terminate discussions with

any party at any time with or without notice and for any reason. Owner/Seller shall have no

legal commitment or obligation to any recipient of this Memorandum unless a written

agreement for the purchase of the Property has been executed, delivered, and approved by

the Owner/Seller and any conditions to the purchaser’s obligations therein have been

satisfied or affirmatively waived. The Owner/Seller reserves the right to move forward with

an acceptable offer on the Property prior to the call for offers deadline.

Confidentiality: The Property is privately offered, and your receipt of this Memorandum

serves to evidence your agreement that: (i) this Memorandum is subject to the

Confidentiality and Non-Circumvention Agreement you previously executed with

LOCATION, (ii) this Memorandum is furnished to you for the sole purpose of evaluating your interest

in the Property, (iii) you will return the Memorandum if requested to do so by LOCATION, (iv) you will

not use any part of this Memorandum in a manner detrimental to Owner/Seller or LOCATION, and

(v) you will not reproduce or disclose any portion of this Memorandum to anyone without the prior

written authorization of LOCATION. These terms and conditions apply to this Memorandum and all

documents and other information provided in connection herewith.