Steak n Shake 5488 Cleveland Avenue Columbus, Ohio

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1 OFFERING MEMORANDUM Steak n Shake 5488 Cleveland Avenue Columbus, Ohio Representative Photo

2 TABLE OF CONTENTS 2 Transaction Summary 4 Survey 5 Aerial View 6 Market Overview 7

3 DISCLAIMER This Offering Memorandum ( Memorandum ) is intended solely for the use of prospective investors in determining whether or not to pursue the possible acquisition of the Retail Property ( the Property ) at 5488 Cleveland Avenue, Columbus, Ohio. This Memorandum is of a proprietary and confidential nature. Prospective investors and/or their advisors are expressly forbidden from sharing this information with any individuals or organizations that are not directly connected with the analysis of this investment opportunity. STREAM Capital Partners, LLC ( SCP ) has been retained as the exclusive advisor for this investment opportunity. Any and all inquiries are to be directed to SCP. 3 By accepting this Memorandum, the recipient agrees that it will cause its directors, officers, employees and representatives to use the Memorandum and all of the information contained therein only to evaluate this specific investment opportunity and for no other purpose and shall return this Memorandum together with any copies to SCP upon request. This Memorandum contains confidential material which is non-public information. Receipt of this Memorandum constitutes your acknowledgment that you will maintain the information contained herein in strict confidence. All information contained herein has been provided by the Organization, its affiliates or other sources that SCP deems reliable; however, SCP has not independently verified any of the information, including the financial estimates and projections and selected real estate information, contained herein. This Memorandum includes information about the Organization, including selected financial information, estimates and projections that reflect various assumptions concerning anticipated results, which may or may not prove to be correct and selected real estate information which may or may not prove to be correct. Such projections and estimates may or may not be indicative of future performance, which may be significantly more or less favorable than that as reflected herein. In furnishing this Memorandum, none of the Organization, its affiliates or SCP undertakes any obligation to provide additional information or to correct or update any of the information set forth in the Memorandum. None of the Organization, its affiliates or SCP makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained herein in this Memorandum, or made available in connection with any further investigation of the Organization, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. The recipient should rely solely on the representations and warranties made to it by the Organization or its affiliates in any executed definitive agreement. Under no circumstances should the Organization, its affiliates or any of their management, directors, shareholders, employees, customers or vendors be contacted directly.

4 4 THE OFFERING Huntington Gateway Center New Huntington Bank 212,000 sf operations center (Former Meijer store) 1,400 employees Northland Transit Center Central Ohio Transit Authority s (COTA) New Hub for CMAX Bus Rapid Transit Line Connect Polaris to Downtown

5 TRANSACTION SUMMARY 5 Investment Highlights Cap Rate: 6.35% Purchase Price: $2,123,244 Annual Rent: $134,826 Corporately guaranteed lease 19-year operating history at the property Recently extended lease term showing commitment to the location Densely populated market Adjacent to Huntington Bank s new 1,400 employee Operations Center Location: 5488 Cleveland Avenue Columbus, Ohio Year Built: 1998 Net Rentable Square Feet: 3,700 SF Land Size: 1.36 acres Tenant: Steak n Shake Inc. Lease Type: NNN Ground Lease Landlord Responsibilities: None Remaining Term: 10.5 years Expiration Date 01/31/2028 Options: Two, 5-year options Rent Increases: See Below Rent Schedule Current - 01/31/2023 $134,826 02/01/ /31/2028 $144,264 (7%) 02/01/ /31/2033 $179,454 (24%) 02/01/ /31/2038 $197,399 (10%) 28,499 cars/day

6 TENANT SUMMARY 6 Founded in 1934, Steak n Shake ( is an American-style restaurant that has made a name for itself by creating the Better Burger by hand-crafting cuts of steak to create its flagship Steakburgers. Since then, the brand has become one of the most recognized and loyal brands in the restaurant franchising business, synonymous with freshness and quality. Under the ownership of Biglari Holdings, Steak n Shake has succeeded in attaining exceptional, industry-leading financial results. Currently, there are over 550 Steak n Shake locations across 28 states. Of the 550+ locations, over 400 restaurants are company operated and 125+ are franchised.

7 AERIAL VIEW 7 Huntington Gateway Center New Huntington Bank 212,000 sf operations center (Former Meijer store) 1,400 employees CMAX Northland Transit hub

8 MARKET OVERVIEW Columbus, Ohio 8 Columbus is the capital and largest city in Ohio and the 14th-largest city in the United States, the second-largest city in the Midwestern United States, after Chicago. The city has a diverse economy based on education, government, insurance, banking, defense, aviation, food, clothes, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Columbus is home to the Battelle Memorial Institute, the world s largest private research and development foundation; Chemical Abstracts Service, the world s largest clearinghouse of chemical information; NetJets, the world s largest fractional ownership jet aircraft fleet; and The Ohio State University, one of the largest universities in the United States. The city has the headquarters of five corporations in the U.S. Fortune 500: Nationwide Mutual Insurance Company, American Electric Power, L Brands, Big Lots, and Cardinal Health. The food service corporations Wendy s, Bob Evans, Max & Erma s and White Castle and the nationally known companies Red Roof Inn, Rogue Fitness, and Safelite are also based in the metropolitan area. Most recently, Huntington Bank re-purposed the former Meijer site across the street from the subject property. The new 212,000 sf operations center has room for 1,400 employees. A hub for COTA s new CMAX Bus Rapid Transit line, called the Northland Transit Center, has long been planned for this site. The new line will connect Polaris and downtown with limited-stop service. In 2016, Money Magazine ranked Columbus as one of The 6 Best Big Cities, calling it the best in the Midwest, citing a highly educated workforce and excellent wage growth. Demographics 1 mile 3 mile 5 mile Population 23, , ,292 Avg. HH. Income $56,621 $60,124 $74,924

9 EXCLUSIVE REPRESENTATION Jordan A. Shtulman Managing Principal Lic: Jonathan M. Wolfe Managing Principal Lic: Ryan W. Smeele Vice President Lic: Annie M. Koch Vice President Lic: STREAM CAPITAL PARTNERS, LLC 4201 W Irving Park Road, Suite 200 Chicago, Illinois