Via Montana Shopping Center 1501-1528 E Champlain Drive | Fresno, CA 93720 1 TABLE OF CONTENTS INVESTMENT SUMMARY Table of Contents FINANCIAL OVERVIEW TENANT OVERVIEW INVESTMENT SUMMARY EXCLUSIVELY LISTED BY: DEMOGRAPHICS TENANT OVERVIEW LOCATION OVERVIEW FINANCIAL OVERVIEW RENT ROLL PRICING DEMOGRAPHICS LOCATION OVERVIEW EXCLUSIVELY LISTED BY: ALEX KOZAKOV PATRICK WADE MAXX COHEN ERIC ROY First Vice President +1 213 613 3031 Lic. 01416489 [email protected] First Vice President +1 213 613 3071 Lic. 01454690 [email protected] Associate +1 213 613 3117 Lic. 01928768 [email protected] Associate +1 213 613 3410 Lic. 01943774 [email protected] 2 Local Map 3 TAX MAP TAX MAP PROPERTY SUMMARY TAX MAP Via Montana Shopping Center 1504-1528 E Champlain Drive, Fresno, CA 93720 PRICE: $32,000,000 BUILDING SIZE: 123,586 SF PRICE/SF: $258.69 LAND AREA: 544,500 SF OCCUPANCY: 94.32% YEAR BUILT: 2006 YEAR 1 NOI: $2,065,194 YEAR 1 CAP RATE: 6.45% YEAR 3 NOI (stabilized): $2,278,360 YEAR 3 CAP RATE (stabilized): 7.12% PARKING: 640 spaces MAJOR TENANTS: Orchard Supply Hardware, Jamba Juice, Big 5 Sporting Goods, Dollar Tree, Wells Fargo, Papa John’s Pizza TRAFFIC COUNTS: 45,340: Champlain Dr. & Shepherd Ave. Average HH Income: $103,252 (1 mile) 4 2014 Population: 190,105 (5 mile) Investment Highlights Stable, High-Quality Anchored Shopping Center Prime Demographics and Location in Underserved Market > Orchard Supply Hardware-anchored shopping center with attractive 2006 construction > Current rents average under $1.50/sf/month: below market average > Over 94% occupied with upward trending rental rates - newest leases over $1.90/sf/ month > Over 60% of GLA leased to national and regional tenants: OSH, Big 5, Jamba Juice, Wells Fargo, Dollar Tree, Papa John’s, Marble Slab, UFC Gym and others > Professionally managed: low deferred maintenance > To be delivered free & clear of debt: ability to lock in new, long-term debt at attractive rates > Average HH income over $102,000 and almost 20,000 people in 1-mile radius > Adjacent to Dominion Courtyard: a 287-unit luxury apartment complex (http:// www.dominioncourtyard.com) > Area retail report shows major opportunity for building & garden ($22m); sporting goods ($4m); & food service & drinks ($13m) in a 1-mile radius > Signalized intersection of Champlain Dr. & Shepherd Ave.: over 45,000 cars/day > Adjacent to proposed 84k SF office complex & 63-unit apartment development > Limited area retail competition > Tenants maintain excellent customer reviews on Yelp and Google 5 6 Executive Summary CBRE is pleased to offer for sale Via Montana Shopping Center - a 123,000sf Orchard Supply Hardware-anchored shopping center in the affluent Clovis submarket of Fresno, California. The shopping center consists of three anchors (OSH, Big 5 and Dollar Tree) plus five pad buildings and shop space on over 12.5 acres of land. Via Montana has a seasoned roster of credit and regional tenants (over 60% of the GLA), which includes Jamba Juice, Wells Fargo, UFC Gym, Papa John’s Pizza, and the popular Yosemite Ranch restaurant. Built in 2006 and 2007, the shopping center is currently over 94% occupied, with most of the tenants (over 75% of the GLA) having occupied their respective units for five or more years. The shopping center is strategically located at the signalized intersection of Champlain Drive and Shepherd Avenue (over 45,000 cars/day) in an affluent, established neighborhood (almost 20,000 people with an average household income exceeding $102,000 in a 1-mile radius). Via Montana is adjacent to the Dominion Courtyard (a 287-unit luxury apartment complex) in addition to two new proposed office and apartment developments. Retail demand reports also illustrate that the immediate area is significantly under-served, which projects long-term success of the existing tenant base. Within a 1-mile radius of the property, there is an estimated gap in supply for building and garden materials (over $22 million), food and beverage stores ($11 million), clothing and accessories ($16 million), general merchandise ($23 million) and food service and drinking places ($13 million). 7 SITE SITEPLAN PLAN 2 3 ,8 SF 3 in Dr a l p ham East C Planned 84,000 SF Office Project 6 SF 54 SF 7,320 SF ,9 Pad D 12,300 SF 42 East Shepherd Ave 7,07 9 8 ,8 SF 27 9,701 SF Planned 63-Unit Apartment Development 12,529 SF 8 Regional Map 9 Financial Overview Executive Summary PROPERTY DESCRIPTION Property Type Retail Size of Improvements 123,586 SF Property Name Via Montana Shopping Center Current Leased as of 4/1/15 94.32% 1504-1528 E Champlain Dr., Fresno, CA Projected Leased as of 6/1/15 94.32% Property Address ACQUISITION AND RESIDUAL SUMMARY LEVERAGE SUMMARY [1] Market Loan Purchase Price as of August 1, 2015 $259 PSF $32,000,000 Initial Loan Funding (as of Aug-15) Loan-To-Value Ratio (Initial Funding) Earnout Capitalization Rate $20,800,000 65.00% $0 Max Loan-to-Value (Including Earnout) 65.00% Funding Date Aug-15 Maturity Date Jul-25 Year 1 Year 2 Year 3 6.45% 6.81% 7.12% Remaining Loan Term During Analysis 10.0 Years Cash Return 5.91% 6.43% 6.92% Amortization Period Leveraged Cash Return 8.83% 10.28% 8.65% Initial Interest Only Period (If Any) 3-Year 5-Year 7-Year 6.79% 7.02% 7.19% Origination Fee on Initial Loan Funding 1.00% 9.93% Average Capitalization Rate 30 Years 24 Months Interest Rate 4.25% Loan Constant 5.90% Average Cash Return 6.42% 6.75% 6.88% Initial Debt Yield Average Leveraged Cash Return 9.25% 9.37% 9.40% Debt Service Coverage Ratio (NOI) 1.68x Debt Service Coverage Ratio (CF) 1.54x Net Residual Value as of July 31, 2025 $38,394,000 Purchase Price as of June 1, 2015 $32,000,000 7.00% Total Initial Loan Prinicpal (20,800,000) 1.25% Total Initial Loan Fees Net Residual Per Square Foot $311 Residual Capitalization Rate Residual Cost of Sale Iniital Equity ALL CASH IRR 8.43% LEVERAGED IRR [1] Leveraged Analysis is based on financing that a particular investor may or may not be able to obtain and is subject to change. Please contact Shaun Moothart at 949-509-2111 or [email protected] for details. 208,000 $11,408,000 14.05% 10 Financial Overview GLOBAL SUMMARY OF FINANCIAL ASSUMPTIONS VACANT SPACE LEASING ANALYSIS PERIOD SECOND GENERATION LEASING OCCUPANCY AND ABSORPTION Commencement Date August 1, 2015 Projected Vacant at 8/1/15 7,015 SF End Date July 31, 2025 Currently Vacant as of 6/1/15 7,015 SF Term 10 Years Percentage Vacant as of 6/1/15 Absorption Period AREA MEASURES Building Square Feet (NRSF) 123,586 SF 5.68% 9 Month(s) Absorption Period Start Date August 1, 2015 First Absorption Occurs On December 1, 2015 Last Absorption Occurs On May 1, 2016 RETENTION RATIO Suite 1536 Restaurant Anchor >5,000 SF <5,000 SF 70% 70% 70% 70% 70% $1.05 PSF $2.50 PSF $1.30 PSF $1.90 PSF See Rent Roll 5% every 5 Yrs 3.00% Annually 5% every 5 Yrs 3.00% Annually 3.00% Annually 10 Years 5 Years 10 Years 5 Years 5 Years NNN+AF NNN+AF NNN+AF NNN+AF NNN+AF 2 Month(s) 2 Month(s) 2 Month(s) 2 Month(s) 2 Month(s) FINANCIAL TERMS 2015 Monthly Market Rent Rent Adjustment Lease Term Expense Reimb. Type GROWTH RATES Consumer Price Index (CPI) 3.00% FINANCIAL TERMS Other Income Growth Rate 3.00% 2015 Monthly Market Rent Operating Expenses 3.00% Rent Adjustment Real Estate Taxes 2.00% Lease Term Market Rent Growth TENANTING COSTS See Rent Roll 3.00% Annually 5 Years Expense Reimbursement Type NNN + AF CY 2016 - 3.00% Rent Abatements 2 Month(s) CY 2017 - 3.00% Tenant Improvements ($/NRSF) $15.00 PSF Commissions CY 2018 - 3.00% CY 2019 - 3.00% 6.00% CY 2020 - 3.00% EXPENSES CY 2021 - 3.00% OPERATING EXPENSE SOURCE CY 2022 - 3.00% CY 2023 - 3.00% CY 2024 - 3.00% CY 2025+ - 3.00% Rent Abatements New Renewal Weighted Average 0 Month(s) 0 Month(s) 0 Month(s) 0 Month(s) 0 Month(s) 0.60 Month(s) 0.60 Month(s) 0.60 Month(s) 0.60 Month(s) 0.60 Month(s) Tenant Improvements ($/NRSF) New $10.00 PSF $25.00 PSF $10.00 PSF $15.00 PSF $15.00 PSF Renewal $0.00 PSF $0.00 PSF $0.00 PSF $0.00 PSF $0.00 PSF Weighted Average $3.00 PSF $7.50 PSF $3.00 PSF $4.50 PSF $4.50 PSF 2015 Forecast Commissions MANAGEMENT FEE (% of EGR) REAL ESTATE TAXES REASSESSED Millage Rate General Vacancy Loss 5.00% [1] Capital Reserves (CY 2015 Value) $0.15 PSF Special Assessments 2.50% Yes [3] New 6.00% 6.00% 6.00% 6.00% 6.00% Renewal 2.00% 0.00% 2.00% 0.00% 0.00% Weighted Average 3.20% 1.80% 3.20% 1.80% 1.80% New 9 Month(s) 9 Month(s) 9 Month(s) 9 Month(s) 9 Month(s) Weighted Average 3 Month(s) 3 Month(s) 3 Month(s) 3 Month(s) 3 Month(s) 1.197390% $1,545 Downtime All market rates are started on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. The following tenants are excluded from this loss factor for current lease terms only: Big 5, Dollar Tree and Orchard Supply Hardware [2] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.197390% plus special assessments of $1,545. 11 Financial Overview YEAR 1 NOI SUMMARY In-Place NOI Aug-15, Annualized Size Of Improvements $ PSF Year One NOI Aug-15 to Jul-16 123,586 SF $ PSF 123,586 SF REVENUES Gross Potential Rent Absorption & Turnover Vacancy Base Rent Abatements $2,233,620 $18.07 $2,239,563 $18.12 (150,456) (1.22) (98,229) (0.79) 0 0.00 (25,698) (0.21) Total Scheduled Base Rent 2,083,164 16.86 2,115,636 17.12 Expense Reimbursements 636,552 5.15 663,936 5.37 Miscellaneous Rental Revenue 2,400 0.02 2,400 0.02 Wells Fargo ATM 8,160 0.07 11,563 0.09 2,730,276 [1] 22.09 2,793,535 22.60 0 0.00 0 0.00 2,730,276 22.09 2,793,535 22.60 Landscaping (53,148) (0.43) (54,078) (0.44) Parking Lot Sweeping (3,600) (0.03) (3,658) (0.03) TOTAL GROSS REVENUE Gross Vacancy Loss EFFECTIVE GROSS REVENUE OPERATING EXPENSES PG&E (20,388) (0.16) (20,744) (0.17) City Utilities (45,276) (0.37) (46,067) (0.37) Pest Control (588) (0.00) (597) (0.00) (2,520) (0.02) (2,565) (0.02) Fountain R&M Roof Repairs Grounds/Porter Service Alarm Monitoring (588) (0.00) (594) (0.00) (14,520) (0.12) (14,771) (0.12) (4,404) (0.04) (4,482) (0.04) Misc. R&M (14,532) (0.12) (14,787) (0.12) Management Fee (68,256) (0.55) (69,838) (0.57) City Revenue Tax (2,184) (0.02) (2,228) (0.02) Real Estate Taxes (384,612) (3.11) (389,083) (3.15) (14,700) (0.12) (14,961) (0.12) HVAC (6,768) (0.05) (6,887) (0.06) Trash (81,576) (0.66) (83,001) (0.67) Insurance TOTAL OPERATING EXPENSES NET OPERATING INCOME Capitalization Rate PURCHASE PRICE AS OF JUNE 1, 2015 (717,660)[2] (5.81) (728,341) (5.89) $2,012,616 $16.29 $2,065,194 $16.71 6.29% $32,000,000 6.45% $258.93 [1] In-Place Net Operating Income is calculated using contractual rents and expense reimbursements as of August 2015, Annualized (with no General Vacancy Loss). In-Place NOI does not include vacant lease-up revenue, downtime due to near-term expirations, or future rent increases for existing tenants. [2] Real Estate Taxes are reassessed based on the sales price. $32,000,000 $258.93 12 Financial Overview CASH FLOW PROJECTIONS Fiscal Year Ending - July 31 Physical Occupancy Overall Economic Occupancy [1] Weighted Average Market Rent 2016 96.38% 95.75% 2017 97.49% 96.53% 2018 98.81% 96.88% 2019 99.12% 96.89% 2020 100.00% 97.05% 2021 97.58% 96.66% 2022 97.03% 96.18% 2023 98.85% 96.81% 2024 98.92% 96.74% 2025 98.55% 96.98% 2026 97.50% 96.31% $1.57 $1.62 $1.67 $1.72 $1.77 $1.83 $1.88 $1.94 $1.99 $2.05 $2.12 Weighted Average In-Place Rent [2] $1.48 $1.54 $1.61 $1.64 $1.68 $1.70 $1.76 $1.83 $1.85 $1.89 $1.93 Total Operating Expenses PSF Per YR $5.89 $6.05 $6.20 $6.35 $6.50 $6.65 $6.82 $6.99 $7.16 $7.33 $7.50 REVENUES FY 2016-$/SF/MO [3] Scheduled Base Rent Gross Potential Rent Absorption & Turnover Vacancy Base Rent Abatements Total Scheduled Base Rent Expense Reimbursements Miscellaneous Rental Revenue Wells Fargo ATM $1.51 $2,239,563 $2,321,306 $2,404,845 $2,454,279 $2,496,019 $2,545,193 $2,657,843 $2,729,222 $2,764,899 $2,813,395 $2,907,004 (0.07) (0.02) (98,229) (25,698) (78,769) (18,215) (39,491) (7,974) (32,933) (6,587) 0 0 (77,147) (13,780) (108,759) (23,173) (42,878) (8,241) (46,775) (10,215) (56,601) 0 (94,073) (25,628) 1.43 0.45 0.00 2,115,636 663,936 2,400 2,224,322 693,291 2,000 2,357,380 723,676 0 2,414,759 744,861 0 2,496,019 771,851 0 2,454,266 766,865 0 2,525,911 780,190 0 2,678,103 818,486 0 2,707,909 839,235 0 2,756,794 855,376 0 2,787,303 863,938 0 0.01 11,563 14,193 14,619 14,820 15,302 15,690 15,950 16,435 16,665 17,199 17,630 TOTAL GROSS REVENUE General Vacancy Loss 1.88 0.00 2,793,535 0 2,933,806 (8,238) 3,095,675 (50,621) 3,174,440 (60,407) 3,283,172 (96,739) 3,236,821 (20,251) 3,322,051 0 3,513,024 (62,658) 3,563,809 (61,063) 3,629,369 (54,565) 3,668,871 (19,985) EFFECTIVE GROSS REVENUE 1.88 2,793,535 2,925,568 3,045,054 3,114,033 3,186,433 3,216,570 3,322,051 3,450,366 3,502,746 3,574,804 3,648,886 OPERATING EXPENSES Landscaping (0.04) (54,078) (55,700) (57,371) (59,093) (60,865) (62,691) (64,572) (66,509) (68,505) (70,560) (72,676) Parking Lot Sweeping (0.00) (3,658) (3,768) (3,881) (3,997) (4,117) (4,241) (4,368) (4,499) (4,634) (4,773) (4,916) PG&E (0.01) (20,744) (21,367) (22,008) (22,668) (23,348) (24,048) (24,770) (25,513) (26,278) (27,066) (27,878) City Utilities (0.03) (46,067) (47,449) (48,873) (50,339) (51,849) (53,405) (55,007) (56,657) (58,357) (60,107) (61,911) Pest Control (0.00) (597) (615) (634) (653) (672) (693) (713) (735) (757) (779) (803) Fountain R&M (0.00) (2,565) (2,642) (2,721) (2,803) (2,887) (2,974) (3,063) (3,155) (3,249) (3,347) (3,447) Roof Repairs Grounds/Porter Service Alarm Monitoring (0.00) (0.01) (0.00) (594) (14,771) (4,482) (612) (15,214) (4,617) (630) (15,670) (4,755) (649) (16,140) (4,898) (669) (16,625) (5,045) (689) (17,123) (5,196) (710) (17,637) (5,352) (731) (18,166) (5,513) (753) (18,711) (5,678) (775) (19,272) (5,849) (799) (19,851) (6,024) Misc. R&M (0.01) (14,787) (15,231) (15,688) (16,159) (16,643) (17,143) (17,657) (18,187) (18,732) (19,294) (19,873) Management Fee (0.05) (69,838) (73,139) (76,126) (77,851) (79,661) (80,414) (83,051) (86,259) (87,569) (89,370) (91,222) City Revenue Tax (0.00) (2,228) (2,295) (2,364) (2,435) (2,508) (2,583) (2,660) (2,740) (2,822) (2,907) (2,994) Real Estate Taxes Insurance HVAC (0.26) (0.01) (0.00) (389,083) (14,961) (6,887) (396,834) (15,409) (7,094) (404,740) (15,872) (7,306) (412,804) (16,348) (7,526) (421,029) (16,838) (7,751) (429,418) (17,343) (7,984) (437,976) (17,864) (8,223) (446,705) (18,400) (8,470) (455,608) (18,952) (8,724) (464,689) (19,520) (8,986) (473,952) (20,106) (9,255) Trash (0.06) (83,001) (85,491) (88,055) (90,697) (93,418) (96,221) (99,107) (102,080) (105,143) (108,297) (111,546) (0.49) (728,341) (747,477) (766,694) (785,060) (803,925) (822,166) (842,730) (864,319) (884,472) (905,591) (927,253) 1.39 2,065,194 2,178,091 2,278,360 2,328,973 2,382,508 2,394,404 2,479,321 2,586,047 2,618,274 2,669,213 2,721,633 TOTAL OPERATING EXPENSES NET OPERATING INCOME 13 Financial Overview CASH FLOW PROJECTIONS (CONT.) Fiscal Year Ending - May 31 CAPITAL COSTS 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (107,826) (67,074) (28,830) (21,956) 0 (56,462) (86,376) (31,577) (34,049) 0 (101,419) Tenant Improvements (0.07) Leasing Commissions (0.03) (47,573) (34,487) (15,098) (12,471) 0 (26,089) (43,871) (15,602) (19,340) 0 (48,521) Capital Reserves (0.01) (18,862) (19,428) (20,011) (20,611) (21,230) (21,867) (22,523) (23,198) (23,894) (24,611) (25,349) TOTAL CAPITAL COSTS (0.12) (174,261) (120,989) (63,939) (55,038) (21,230) (104,418) (152,770) (70,377) (77,283) (24,611) (175,289) OPERATING CASH FLOW $1.28 $1,890,933 $2,057,102 $2,214,421 $2,273,935 $2,361,278 $2,289,986 $2,326,551 $2,515,670 $2,540,991 $2,644,602 $2,546,344 ($32,000,000) 0 0 0 0 0 0 0 0 0 0 ALL CASH ACQUISITION & RESIDUAL SALE Acquisition Cost Net Residual Value [4] CASH FLOW BEFORE DEBT 0 0 0 0 0 0 0 0 0 0 38,394,466 IRR ($32,000,000) $1,890,933 $2,057,102 $2,214,421 $2,273,935 $2,361,278 $2,289,986 $2,326,551 $2,515,670 $2,540,991 $41,039,068 8.43% 20,800,000 0 0 0 0 0 0 0 0 0 (17,530,257) (208,000) 0 0 0 0 0 0 0 0 0 0 MARKET LOAN [5] Loan Funding/Payoff Loan Fees Annual Debt Service CASH FLOW AFTER DEBT 0 (884,000) (884,000) (1,227,882) (1,227,882) (1,227,882) (1,227,882) (1,227,882) (1,227,882) (1,227,882) (1,227,882) IRR ($11,408,000) $1,006,933 $1,173,102 $986,539 $1,046,053 $1,133,396 $1,062,104 $1,098,669 $1,287,788 $1,313,109 $22,280,928 14.05% NOI Return 6.45% 6.81% 7.12% 7.28% 7.45% 7.48% 7.75% 8.08% 8.18% 8.34% UNLEVERAGED Cash Return 5.91% 6.43% 6.92% 7.11% 7.38% 7.16% 7.27% 7.86% 7.94% 8.26% LEVERAGED Cash Return 8.83% 10.28% 8.65% 9.17% 9.94% 9.31% 9.63% 11.29% 11.51% 12.42% Debt Service Coverage Ratio (NOI) 2.34x 2.46x 1.86x 1.90x 1.94x 1.95x 2.02x 2.11x 2.13x 2.17x Debt Service Coverage Ratio (CF) 2.14x 2.33x 1.80x 1.85x 1.92x 1.86x 1.89x 2.05x 2.07x 2.15x Rolling - All Cash IRR 1.93% 6.37% 7.23% 7.68% 7.65% 8.02% 8.36% 8.34% 8.38% 8.43% Rolling-Leveraged IRR N/M 9.24% 11.85% 13.07% 12.96% 13.75% 14.36% 14.17% 14.11% 14.05% [1] [2] [3] [4] [5] Leveraged This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the weighted-average physical occupancy during each fiscal year. Based on 123,586 square feet. Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 7.00% and applying a 1.25% Cost of Sale. Market Debt based on 65% Loan-to-Value, 4.25% Interest Rate, with 24 Months of Interest Only then 30-Year Amortization, and 1.00% Loan Fee. 14 Rent Roll Lease Term Suite Tenant Name SF % of Property 1536 Orchard Supply Hardware 42,954 34.76% 1544101 Big 5 Sporting Goods 10,335 8.36% Sept-2006 1544105 Dollar Tree 14,929 12.08% 1544 Convenience Store 2,625 1552101 1552 Ozzy’s Sports Bar & Grill Indian Kabob Palace 1552107 Begin Rental Rates Recovery Type Market Assumption/ Market Rent Comments/Options Begin Monthly PSF Annually PSF Current Jan-2017 Apr-2021 Apr-2026 Apr-2031 $45,639 $47,930 $50,328 $52,833 $55,482 $1.06 $1.12 $1.17 $1.23 $1.29 $547,663 $575,154 $603,933 $634,001 $665,787 $12.75 $13.39 $14.06 $14.76 $15.50 NNN + 10% AF Market $1.05 Original expiration is 3/21. Tenant is assumed to (Anchor) NNN + 10% AF exercise all three (3) 5-year options to renew with 5% (Anchor) rent increases at the beginning of each period (flat during each option). Tenant directly reimburses HVAC and Trash expenses. Jan-2017 Option 1 Option 2 Option 3 Current Feb-2017 Feb-2022 Feb-2027 Feb2032 $13,642 $15,003 $16,510 $18,155 $19,972 $1.32 $1.45 $1.60 $1.76 $1.93 $163,706 $180,036 $198,122 $217,862 $239,669 $15.84 $17.42 $19.17 $21.08 $23.19 NNN + 10% AF (Prop 13) Jul-2007 Jul-2017 Option 1 Option 2 Current Aug-2017 Aug-2022 $18,288 $21,075 $23,190 $1.23 $1.41 $1.55 $219,456 $252,897 $278,277 $14.70 $16.94 $18.64 2.12% Aug-2015 Jul-2025 2,870 2.32% Jul-2011 Oct-2016 5,888 4.76% May-2015 Apr-2025 Current Aug-2016 Aug-2017 Aug-2018 Aug-2019 Current Nov-2015 Current May-2016 May-2017 May-2018 May-2019 May-2020 May-2021 May-2022 May-2023 May-2024 $4,625 $4,718 $4,813 $4,909 $5,007 $5.432 $5,597 $11,069 $11,119 $11,168 $11,217 $11,266 $11,315 $11,364 $11,413 $11,462 $11,511 $1.76 $1.80 $1.83 $1.87 $1.91 $1.89 $1.95 $1.88 $1.89 $1.90 $1.91 $1.92 $1.93 $1.94 $1.95 $1.96 $1.97 $55,503 $56,621 $57,750 $58,905 $60,086 $65,188 $67,158 $132,833 $133,422 $134,011 $134,600 $135,188 $135,777 $136,366 $136,955 $137,544 $138,132 $21.14 $21.57 $22.00 $22.44 $22.89 $22.71 $23.40 $22.56 $22.66 $22.76 $22.86 $22.96 $23.06 $23.16 $23.26 $23.36 $23.46 NNN + 15% AF Market $1.30 Original expiration is 7/17. Tenant is assumed to (Anchor) NNN + 10% AF exercise all two (2) 5-year options with rent equal to the (Anchor) following: Option 1: $16.94/sf/yr and Option 2: $18.64/ sf/yr (flat during each option period). Tenant directly reimburses HVAC and Trash expenses. NNN+10% AF Market $1.75 Tenant has two (2) 5-year options to renew with 2% NNN + 10% MF annual increases and 180 days notice. (<5k SF) Pure Radiance 3,771 3.05% Nov-2014 Oct-2020 3,832 3.10% Oct-2007 Aug-2016 $1.50 $1.70 $1.75 $1.80 $1.85 $2.12 $67,878 $76,928 $79,191 $81,454 $83,716 $97,332 $18.00 $20.40 $21.00 $21.60 $22.20 $25.40 Market $1.75 Tenant has one (1) five (5) year option at FMV. Tenant NNN + 10% MF pays an additional $200/mo for Equipment Purchase, (<5k SF) which expires 10/16. UFC Gym $5,657 $6,411 $6,599 $6,788 $6,976 $8,111 NNN + 10% AF 1504 Current Nov-2016 Nov-2017 Nov-2018 Nov-2019 Current NNN + 10% AF 1512101 Jamba Juice 1,470 1.19% Jul-2006 Jun-2016 Current $4,002 $2.72 $48,025 $32.67 NNN + 10% AF 1512103 Roll One for Mi Sushi 1,804 1.46% Jun-2013 Dec-2018 Current $3,530 $1.96 $42,365 $23.48 NNN + 10% AF 1512105 1512106 Marble Slab 1,415 1.14% Jul-2006 Oct-2017 Current $3,580 $2.53 $42,959 $30.36 NNN + 10% AF Chiffono’s Bakery 1,167 0.94% May-2007 Sept-2020 Papa John’s Pizza 1,220 0.99% Feb-2012 Jun-2022 $2,617 $2,682 $2,749 $2,818 $2,888 $2,961 $2,294 $2,342 $2.24 $2.30 $2.36 $2.42 $2.48 $2.54 $1.88 $1.92 $31,404 $32,186 $32,991 $33,820 $34,660 $35,535 $27,523 $28,109 $26.91 $27.58 $28.27 $28.98 $29.70 $30.45 $22.56 $23.04 NNN + 10% AF 1512107 Current Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Current Jul-2015 Market $2.00 Tenant has one (1) five (5) year option at $10,423.04/ NNN + 10% AF mo for first 30 months and $11,189.44/mo for second 30 months. Market $2.50 Tenant has three (3) five (5) year options at $5,115.60/mo NNN + 10% MF for first 5 years, $5,747.70/mo for second 5 years and 95% of FMV for third 5 years. Market $2.25 Tenant has two (2) five (5) year options with rent to NNN + 10% MF be negotiated. Tenant is assumed to roll to weighted average market leasing assumptions upon expiration. Market $2.25 NNN + 10% MF Market $2.25 NNN + 10% MF 1520 Yosemite Ranch 7,320 5.92% Aug-2006 Jul-2026 Current Aug-2016 Aug-2021 $16,104 $19,325 $23,192 $2.20 $2.64 $3.17 $193,248 $231,898 $278,306 $26.40 $31.68 $38.02 Apr-2006 End Mar-2021 Option1 Option2 Option3 Market $1.30 Original expiration is 1/17. Tenant is assumed to NNN + AF exercise all four (4) 5-year options to renew with 10% (Anchor) rent increases at the beginning of each period (flat during each option). Tenant has Prop 13 protection. NNN + 10% AF Market $2.00 NNN + 10% MF NNN + 10% AF Market $1.90 NNN + 10% MF (>5k SF) NNN + 10% AF Market $1.75 NNN + 10% AF (<5k SF) NNN + 10% AF Market $2.50 NNN + 10% MF (restaurant) Tenant has two (2) five (5) year options with rent to be negotiated. Tenant is assumed to roll to weighted average market leasing assumptions upon expiration. Tenant has three (3) five (5) year options with 20% rent increases every 5 years. 15 Rent Roll (Cont.) Lease Term Suite Tenant Name SF % of Property 1528101 Mediterranean Restaurant 1,901 1.54% Jun-2015 1528103 Vacant 1,741 1.41% 1528104 Emerald Nails & Spa 2,531 1528106 Vacant 1528107 1528108 Market Assumption/ Market Rent Comments/Options Monthly PSF Annually PSF May-2015 Current May-2017 May-2018 May-2019 May-2020 May-2021 May-2022 May-2023 May-2014 May-2025 $3,840 $3,956 $4,074 $4,196 $4,322 $4,452 $4,585 $4,722 $4,865 $5,011 $2.02 $2.08 $2.14 $2.21 $2.27 $2.34 $2.41 $2.48 $2.56 $2.64 $46,080 $47,468 $48,894 $50,357 $51,859 $53,418 $55,015 $56,669 $58,380 $60,129 $24.24 $24.97 $25.72 $26.49 $27.28 $28.10 $28.94 $29.81 $30.71 $31.63 NNN + 10% AF Market $2.25 Tenant has one (1) five (5) year option to renew. Tenant NNN + 10% MF has exclusive use to operate as a Mediterranean Armenian fast food restaurant. Tenant’s rent and reimbursements are abated for first 8 months of lease to be credited by seller at close of escrow (abatement not modeled in Argus). Dec-2015 Nov-2020 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 $3,308 $3,407 $3,510 $3,614 $3,723 $1.90 $1.96 $2.02 $2.08 $2.14 $39,695 $40,879 $42,115 $43,368 $44,674 $22.80 $23.48 $24.19 $24.91 $25.66 NNN + 10% AF Market $1.90 NNN + 10% MF (<5k SF) 2.05% Aug-2006 Dec-2018 Jan-2016 Dec-2020 $1.82 $1.86 $1.89 $1.93 $1.80 $1.86 $1.91 $1.97 $2.03 $55,308 $56,416 $57,530 $58,694 $22,409 $23,082 $23,776 $24,491 $25,216 $21.85 $22.29 $22.73 $23.19 $21.63 $22.28 $22.95 $23.64 $24.34 Market $2.25 NNN + 10% MF 0.84% $4,609 $4,701 $4,794 $4,891 $1,867 $1,924 $1,981 $2,041 $2,101 NNN + 10% AF 1,036 Current Jan-2016 Jan-2017 Jan-2018 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020 NNN + 10% AF Market $1.75 NNN + 10% MF (<5k SF) Foot Reflexology 1,508 1.22% Feb-2008 Mar-2018 Current $3,169 $2.10 $38,024 $25.22 NNN + 10% AF Vacant 1,560 1.26% Feb-2016 Jan-2021 Feb-2016 Feb-2017 Feb-2018 Feb-2019 Feb-2020 $2,812 $2,896 $2,984 $3,073 $3,164 $1.80 $1.86 $1.91 $1.97 $2.03 $33,743 $34,757 $35,802 $36,878 $37,970 $21.63 $22.28 $22.95 $23.64 $24.34 1528109 Tres Jolie 2,023 1.64% Oct-2006 May-2016 MTM Current $3,844 $1.90 $46,128 $22.80 1560100 1568101 Vino 100 4,068 3.29% Sept-2006 Nov-2016 Vacant 1,233 1.00% Oct-2015 Sept-2020 1568103 Vacant 1,445 1.17% Mar-2016 Feb-2021 Current Aug-2015 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Mar-2016 Mar-2017 Mar-2018 Mar-2019 Mar-2020 $7,902 $8,299 $2,158 $2,222 $2,289 $2,358 $2,429 $2,605 $2,683 $2,764 $2,847 $2,931 $1.94 $2.04 $1.75 $1.80 $1.86 $1.91 $1.97 $1.80 $1.86 $1.91 $1.97 $2.03 $94,825 $99,585 $25,893 $26,670 $27,471 $28,297 $29,148 $31,255 $32,195 $33,163 $34,160 $35,171 $23.31 $24.48 $21.00 $21.63 $22.28 $22.95 $23.64 $21.63 $22.28 $22.95 $23.64 $24.34 1568105 Papi’s Mexican Grill 2,940 2.38% Jan-2012 Nov-2017 Current Dec-2015 Dec-2016 $5,200 $5,304 $5,410 $1.77 $1.80 $1.84 $62,399 $63,651 $64,915 $21.22 $21.65 $22.08 116,571 94.3% $173,598 $1.49 $2,083,176 $17.87 7,015 5.7% $12,718 $1.81 $152,616 $21.72 123,586 100% $186,316 $1.50 $2,235,792 $18.00 VACANT TOTAL End Recovery Type Begin OCCUPIED Begin Rental Rates Market $2.25 NNN + 10% MF NNN + 10% AF Market $1.75 NNN + 10% MF (<5k SF) NNN + 10% AF Market $1.90 NNN + 10% MF (>5k SF) NNN + 10% AF Market $2.00 NNN + 10% MF NNN + 10% AF Market $2.00 NNN + 10% MF (<5k SF) Tenant is signing a new 5-year lease with 2% annual increases. Tenant has two (2) five (5) year options with 5% rent increases every 2 years. NNN + 10% AF Market $1.75 NNN + 10% MF (<5k SF) NNN + 10% AF Market $1.90 Tenant has two (2) five (5) year options at FMV. NNN + 10% MF (<5k SF) Weighted-Average Lease Term Remaining: 4.5 Years 16 TENANT OVERVIEW Orchard Supply Hardware Orchard Supply Hardware (OSH) is an American retailer of home improvement and gardening products. Headquartered in San Jose, California, Orchard Supply Hardware has dozens of locations throughout California, with expansions into Oregon. The company started as a non-profit cooperative in 1931 and was acquired by Sears as a for-profit corporation in 1996. In June 2013, the bulk of OSH’s assets and locations have been sold to the home improvement store chain, Lowe’s, and are expected to be operated as a subsidiary. Website: osh.com Big 5 Sporting Goods Big 5 Sporting Goods is a sports retailer headquartered in El Segundo, California. There are currently 420 stores in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oklahoma, Oregon, Texas, Utah, Washington and Wyoming. Steven G Miller is the Chairman, President, and CEO. The Big 5 name is derived from its start in 1955 as five ArmyNavy surplus stores in Southern California. Website: big5sportinggoods.com # of Locations: 420 # of Locations: 91 NASDAQ: BGFV NYSE: OSH # of Employees: 5,400 Jamba Juice Jamba Juice is headquartered in Emeryville, CA. With over 800 locations in 26 states, the Bahamas, Canada, Philippines, Mexico and South Korea, there are approximately 287 company-owned locations and 517 franchise-operated stores in the US, in addition to 45 international stores. Jamba Juice was founded in April 1990 by Kirk Perron, a healthy-lifestyle advocate. In 1999, Jamba Juice acquired all nationwide Zuka Juice, Inc. Stores and has since expanded into a well-known smoothie chain. In March 2006, Jamba Juice was acquired by Services Acquisition Corp. International. Website: jambajuice.com NASDAQ: JMBA # of Employees: 9,500 UFC Gym UFC Gym is the first major brand extension of the Ultimate Fighting Championship, the world leader in mixed martial arts. In alliance with New Evolution Ventures, developers of many of the world’s most successful fitness brands, the UFC Gym brand gives UFC enthusiasts and fitness seekers of all ages the opportunity to practice training techniques of famed UFC athletes. Offering a full-range of group fitness classes, private MMA training, personal and group dynamic training and MMA-style youth programming, UFC Gym creates something for all ages and fitness levels. Website: ufcgym.com # of Locations: 130 # of Locations: 849 Ozzy’s Sports Grill Ozzy’s Sports Grill is a sports bar and grill that has 24 beers on tap and an extensive food menu including Nathan dogs, Johnsonville brats, burgers, sandwiches, salads, pasta and much more! They also have many events throughout the year. Website: ozzyssportsgrill.com Chiffonos Bakery Chiffonos Bakery offers cakes, cupcakes and more. All of their cakes are made from scratch on the premises from recipes developed by Chiffonos. They use only the finest ingredients, including real butter, whole eggs, natural flavors and guittard chocolates. Chiffonos specializes in “chocolate wrapped” wedding cakes as well, which is an actual chocolate wrap rather than fondue. Dark or white chocolate is wrapped around your cake to create a unique finish that tastes as good as it looks. The chocolate wrap can be smooth or ruffled and tinted to match your wedding colors. Website: chiffonosbakery.com 17 TENANT OVERVIEW (CONT.) Marble Slab Creamery Since 1983, Marble Slab Creamery has been serving chef-created, superpremium, hand-mixed ice cream. Every batch of Marble Slab Creamery ice cream is freshly made in small batches in the store using ingredients from around the world as well as dairy from local farms. Today, Marble Slab Creamery is enjoyed by consumers across the globe with locations in the Bahrain, Canada, Guam, Kuwait, Lebanon, Mexico, Oman, Pakistan, Saudi Arabia, Singapore, St. Lucia, Trinidad and Tobago, the United Kingdom, United Arab Emirates and the United States. Website: marbleslab.com Yosemite Ranch Inspired by the story of Yosemite and the connection with our valley, Yosemite Ranch is located on a route that once transported timber from the areas surrounding Yosemite. Yosemite Ranch is Fresno-grown and proud of their connection to the history and people of the Central Valley. This restaurant is a culmination of many years of experience that strives to create a memorable dining experience. They offer fantastic dishes including their signature spicy butter-adorned aged steaks, delicately seasoned grilled salmon and roast house specialties prepared on a Coastal Oak fire. Website: yosemiteranchssrh.com Ranked in Entrepreneur Magazine’s “Top 500 Franchises” Founded: 1983 Vino & Friends Vino & Friends offers over 40 wines by the glass and also puts on wine dinners for 50-60 people monthly. Their wine club now has over 725 members. Vino & Friends opened in 2006, and over the next four years, their company grew to 425 members. In February 2011, they expanded to a bigger location and now have over 300 wines in stock. Website: vinoandfriends.com Roll One for Mi Roll One for Mi, a fun-for-the-family sushi joint, opened in 2013. The restaurant has an extensive menu, chefs with sushi preparation prowess and plenty of welcoming staff and servers. It features a traditional Japanese-esque “mi” dining area, with a dining area and a hangout area. The owners are continuing to expand and improve their restaurant by focusing on providing great food and a fun time for the whole family. Website: rolloneformi.com Pure Radiance Day Spa Pure Radiance Day Spa is an on-going collaboration of dedicated years of experience in the beauty industry. Owner Patricia Shirk has been in the beauty industry for 19 years, and her experience and expertise is brought to fruition with “you” in mind. They offer a wide variety of beauty treatments and bridal services for hair, nail care, facials & massage, and silky body polishes. Additionally, they have traditional European tanning or a Norvell custom spray tan that leaves your skin glowing with a beautiful beach-bronzed look. Website: mypureradiancesalon.com Wells Fargo Wells Fargo is an American multinational banking and financial services holding company. It is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home mortgage servicing and debit cards. In 2011, Wells Fargo was the 23rd largest company in the United States. Headquartered in San Francisco, Wells Fargo has over 9,000 retail branches and over 12,000 ATMs in 39 states as well as the District of Columbia. A “Big-Four Bank,” Wells Fargo has over 270,000 employees and over 70 million customers. As of July 2013, it became the world’s biggest bank by market capitalization, worth $236 billion. Website: www.wellsfargo.com NYSE: WFC Headquarters: San Francisco, CA Established: 1852 18 DEMOGRAPHICS ANALYSIS DEMOGRAPHICS 1 MILE 3 MILE 5 MILE 2014 Estimated Population 19,094 90,288 190,105 2019 Projected Population 20,128 95,462 197,932 2010 Census Population 18,289 86,171 184,401 2000 Census Population 14,458 67,542 158,403 Growth 2010-2014 4.40% 4.78% 3.09% Growth 2014-2019 5.41% 5.73% 4.12% 2014 Estimated Median Age 38.22 37.44 35.05 2014 Estimated Average Age 38.39 38.38 37.62 2014 Estimated Households 7,405 33,498 71,378 2019 Projected Households 7,774 35,225 74,174 2010 Census Households 7,153 32,347 69,554 2000 Census Households 5,346 25,180 60,506 Growth 2010-2014 3.52% 3.56% 2.62% Growth 2013-2019 4.98% 5.15% 3.92% 2014 Est. Average Household Size 2.64 2.68 2.63 2014 Est. Median Household Income $81,705 $71,557 $54,853 2019 Prj. Median Household Income $87,516 $76,973 $58,445 2000 Cen. Median Household Income $69,195 $57,553 $43,670 2014 Est. Average Household Income $103,252 $91,845 $75,439 2014 Estimated Per Capita Income $40,044 $34,076 $28,325 2014 Estimated Housing Units 7,789 35,251 75,986 2014 Estimated Occupied Units 7,405 33,498 71,378 2014 Estimated Vacant Units 383 1,753 4,608 2014 Est. Owner Occupied Units 4,805 21,851 40,163 2014 Est. Renter Occupied Units 2,600 11,647 31,215 2014 Est. Median Housing Value $287,753 $269,177 $245,419 2014 Est. Average Housing Value $339,484 $314,462 $288,853 2014 Est. Population by Race 69,026 - White Population 13,669 (71.6%) 63,712 (70.6%) 126,994 (66.8%) - Black Population 605 (3.2%) 2,947 (3.3%) 8,595 (4.5%) - Asian Population 2,416 (12.7%) 11,202 (12.4%) 19,774 (10.4%) - Other Race Population 1,183 (6.2%) 6,844 (7.6%) 21,976 (11.6%) - Two or More Races Population 1,063 (5.6%) 4,579 (5.1%) 10,080 (5.3%) - Hispanic Population 3,800 (19.9%) 19,709 (21.8%) 52,999 (27.9%) - White Non-Hispanic Population 11,553 (60.5%) 53,304 (59.0%) 102,330 (53.8%) 415,024 1,075,544 19 RETAIL OPPORTUNITY GAP REPORT 1504-1528 E Champlain Dr., Fresno - 1 mile radius 2015 Demand (Consumer Exp.) in $M 2015 Supply (Retail Sales) in $M Opportunity (Gap/Surplus) in $M $385.7 $187.9 $197.8 Furniture & Home Furnishings Stores $8.2 $4.0 $4.2 Electronics & Appliance Stores $7.5 $6.4 $1.1 Building Material & Garden Equipment & Stores $41.2 $18.3 $22.9 - Building Material & Supply Dealers $35.3 $17.4 $18.0 - Lawn and Garden Equipment and Supplie $5.9 $1.0 $4.9 Total Retail Stores Food & Beverage Stores $47.1 $36.1 $11.0 - Grocery Stores $30.4 $35.3 $-4.8 - Specialty Food Stores $3.8 $0.2 $3.6 - Beer, Wine, & Liquor Stores $12.9 $0.7 $12.2 Health & Personal Care Stores $19.5 $43.3 $-23.8 - Pharmacies and Drug Stores $15.5 $41.6 $-26.2 - Other Health and Personal Care Stores $1.7 $1.2 $0.5 Clothing & Clothing Accessories Stores $19.4 $2.7 $16.7 - Clothing Stores $9.9 $1.4 $8.5 - Shoe Stores $1.4 $0.1 $1.3 - Jewelry, Luggage, & Leather Goods Sto $8.2 $1.2 $6.9 Sporting Goods, Hobby, Book, & Music Stores $7.7 $3.6 $4.1 - Sporting Goods, Hobby, & Musical Inst $6.6 $3.4 $3.3 - Book, Periodical, & Music Stores $1.0 $0.2 $0.8 General Merchandise Stores $44.1 $20.8 $23.3 - Department Stores excluding leased de $19.1 $12.7 $6.4 - Other General Merchandise Stores $25.0 $8.1 $16.9 Miscellaneous Store Retailers $9.7 $2.1 $7.6 Food Service & Drinking Places $40.1 $26.8 $13.3 - Full-Service Restaurants $18.2 $11.0 $7.3 - Limited-service Eating Places $15.9 $15.5 $0.5 - Special Foodservices $4.4 $0.4 $4.0 - Drinking Places - Alcoholic Beverages $1.6 $0.0 $1.6 GAFO $92.0 $38.7 $53.3 - General Merchandise Stores $44.1 $20.8 $23.3 - Clothing & Clothing Accessories Store $19.4 $2.7 $16.7 - Furniture & Home Furnishings Stores $8.2 $4.0 $4.2 - Electronics & Appliance Stores $7.5 $6.4 $1.1 - Sporting Goods, Hobby, Book, & Music $7.7 $3.6 $4.1 - Office Supplies, Stationery, & Gift Stores $5.0 $1.2 $3.9 20 21 LOCATION OVERVIEW FRESNO, CA The city of Fresno is situated in the center of the San Joaquin Valley of Central California, approximately 200 miles north of Los Angeles and 170 miles south of the state’s capitol, Sacramento. The blending of commercial and residential development and the preservation of the area’s rich heritage has created the quintessential community of Fresno, California. Incorporated in 1885, Fresno is among the region’s top cities for residential living and tourism, and it’s one of the first cities to be founded in Fresno County. Fresno can be reached by State Route 99, which serves as the main north/south freeway connecting the major cities of the California Central Valley. Fresno Yosemite International Airport (FAT) is the only selfsufficient airport serving the San Joaquin Valley - with eight air carriers, the airport offers passengers nonstop service to ten domestic and international locations. Located in the 5th largest city in California, over 1.2 million business and leisure passengers travel through FAT annually. Fresno is the only city in California to be surrounded by three national parks: Yosemite, Sequoia, and Kings Canyon. In addition, the city welcomes thousands of visitors to experience local and regional attractions: Fresno County Zoo (8 acres of native animal exhibits); Block at Fresno (top venues for shopping and dining, as well as a movie theater, bowling alley, and a skate park); and the Fresno International Street Fair (hosted annually in the historic district of Fresno, the event draws over 400,000 people). Additional tourist attractions include Forestiere Underground Gardens, Fresno Art Museum, Fresno Metropolitan Museum of Art & Science, Legion of Valor Museum, Fresno Chaffee Zoo, and the Saroyan Theatre. Five major freeways pass through Fresno County including 99, 41,180, 168, and Interstate 5, as well as rail TOP FRESNO EMPLOYERS service from Burlington Northern Santa Fe and Union Pacific. Fresno is known as the gateway to the Sierras and offers a wide variety of outdoor recreational opportunities including Yosemite and Sequoia National • Community Medical Center Parks, numerous lakes and rivers, snow skiing, water sports, and easy access to the central coast, which is • City of Fresno popular for fishing, surfing, whale watching and wine. • Saint Agnes Medical Center Residents of Fresno also enjoy a very low cost of living relative to California, an uncongested freeway • Kaiser Permanente system, great shopping and entertainment, top-ranked schools, and opportunities for higher education • PetCo by Schneider Electric (including California State University Fresno), and a mild California climate. • Children’s Hospital • Ruiz Foods, Inc. • Chukchansi Gold Resort and Casino • Tachi Palace Hotel and Casino • Foster Farms 22 EXCLUSIVELY LISTED BY: ALEX KOZAKOV First Vice President +1 213 613 3031 Lic. 01416489 [email protected] PATRICK WADE First Vice President +1 213 613 3071 Lic. 01454690 [email protected] MAXX COHEN Associate +1 213 613 3117 Lic. 01928768 [email protected] Affiliated Business Disclosure CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”), engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management, and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammel Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. Confidentiality Agreement This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc., nor any of their respective directors, officers, Affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If, after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. DISCLAIMER ©2015w CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. 2/13 PMC0004481
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