• The tenant just signed a 15-year lease with 4 (5-year) options to extend • Guaranteed lease by QAS Holdings, LLC, Valvoline’s largest franchisee, with over 225 locations across 13 states • In 2022, Carousel Capital made a significant investment in QAS Holdings to fuel continued growth of the franchisee’s operation • The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflationF • The newly-constructed building features a state-of-the-art design with high-quality materials