INVESTMENT OPPORTUNITY POPEYES - LoopNet...Popeyes Louisiana Kitchen, which is the world’s second...

POPEYESNEW BTS CONSTRUCTION | NEW 20-YEAR NNN LEASE

I N V EST M E N T O P P O RT U N I T Y

YUCCA VALLEY, CA (SAN BERNARDINO COUNTY)

OFFERED AT: $2,400,000 | 5% CAP

Representative Photo

EXECUTIVE SUMMARY PROPERTY INFORMATION AREA OVERVIEWTENANT OVERVIEW

POPEYES LOUISIANA KITCHEN | Yucca Valley, CA (San Bernardino County) | 2

TABLE OF CONTENTS

4 Executive Summary5 Investment Highlights6 Lease Summary & Rent Overview7 Lease Abstract

EXECUTIVE SUMMARY

9 Location Maps10 Site Plan11 Aerials

PROPERTY INFORMATION

19 Yucca Valley Overview20 San Bernardino County Overview21 Demographics

Confidentiality Agreement & Disclosures

AREA OVERVIEW

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123

RYAN BARR | Principal760.448.2446

[email protected] DRE Lic#01338994

RYAN BENNETT | Principal760.448.2449


EXCLUSIVELY REPRESENTED BY

17 About Popeyes

TENANT OVERVIEW



EXECUTIVE SUMMARYPOPEYES

YUCCA VALLEY, CA




PROPERTY OVERVIEWAddress: 57858 Twentynine Palms Dr

Yucca Valley, CA 92284Property Size: Approx 2,265 Sq. Ft.

Land Size: 1.01 Acres

Ownership: Fee Simple (Land & Building)

Year Built: 2018

INVESTMENT HIGHLIGHTSOffering Price: $2,400,000Net Operating Income: $119,962Cap Rate: 5%Price/SF: $1,059Lease Type: NNNLease Commencement: October 1, 2018 (Estimated)

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a retail investment property leased to Popeyes Louisiana Kitchen (“Popeyes”) located in Yucca Valley, in San Bernardino County, California (the “Property”). The build to suit property is currently under construction and will consist of a 2,265-square-foot retail building (with Drive-Thru) that sits on an approximately 1.01-acre parcel.

The subject property is leased to Karas Foods Inc., dba Popeyes Louisiana Kitchen. Karas Foods Inc. is an experienced high net worth multi-unit operator that is providing an investor with the added security of a personal lease guaranty (financials available upon request).

Popeyes is the world’s second largest quick service chicken concept as measured by total number of restaurants. As of December 31, 2017, Popeyes owned or franchised a total of 2,892 restaurants that distinguish themselves with a unique “Louisiana” style menu featuring spicy chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items.

The new 20-year NNN lease features 8% rent increases every five years in the Primary Term and (1) 5-year option period offering an investor a passive income stream with solid rent growth. The lease is expected to commence in October 2018, with an expiration date of September 2038.

The Popeyes is ideally situated along Twenty-Nine Palms Highway/State Route 62, offering outstanding signage and visibility to 28,000+ cars per day. Twenty-Nine Palms Hwy is the main transportation artery in/out of Yucca Valley for travelers commuting to/from Joshua Tree National Park and military personnel traveling to/from 29 Palms Marine Corps military base, home to the largest U.S. military base in the world.

The subject property is located within the Yucca Valley, a town in San Bernardino County, California with a population of approximately 22,000 residents. Yucca Valley is the gateway to Joshua Tree National Park and the economic hub for the Morongo Basin. Joshua Tree National Park has become one of the most popular tourist destinations in the state and set a new attendance record again in 2017 with more than 2.8 million visitors - the fourth consecutive record-setting year.

Yucca Valley has seen strong population growth as people look for a more economical option for housing. Between 2000 and 2016, the population of Yucca Valley increased by 4,416 residents or 26.2%, outpacing the San Bernardino County growth rate of 25.1%. Additionally, the median home sales price increased by 68% between 2010 and 2016, reflecting the area’s growing value in the region.

-- OFFERING SUMMARY --

• Offering Summary • Investment Highlights Lease AbstractLease Summary & Rent Schedule



-- INVESTMENT HIGHLIGHTS --

DESIRABLE NATIONAL TENANT: POPEYES LOUISIANA KITCHEN • WORLD’S 2ND LARGEST QUICK SERVICE CHICKEN CONCEPT • NEW BUILD TO SUIT CONSTRUCTION • DRIVE THRUThe subject property is a new build-to-suit quick service restaurant (with drive-thru) that is leased to Karas Food Inc., dba Popeyes Louisiana Kitchen.

Popeyes Louisiana Kitchen, which is the world’s second largest quick service chicken concept as measured by total number of restaurants. As of December 31, 2017, Popeyes owned or franchised a total of 2,892 restaurants, distinguished with a unique “Louisiana” style menu featuring spicy chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items.

BRAND NEW 20-YEAR NNN LEASE • PERSONAL LEASE GUARANTY FROM STRONG HIGH NET WORTH MULTI-UNIT FRANCHISEE (SEE PG 18) • STRONG RENT GROWTHThe operator Karas Food Inc., is an experienced high net worth multi-unit operator that is providing an investor with the added security of a personal guaranty (financials available upon request).

The new 20-year NNN lease features 8% rent increases every five years in the Primary Term and (1) 5-year option period offering an investor a passive income stream with solid rent growth. The lease is expected to commence in October 2018, with an expiration date of September 2038.

PROXIMITY TO MARINE CORPS AIR GROUND COMBAT CENTER (“29 PALMS”) • LARGEST U.S. MILITARY BASE IN THE WORLDPopeyes is located within 28 miles of the Marine Corps Air Ground Combat Center (MCAGCC), also known as 29 Palms, which is home to the largest military training area in the nation (and the largest US base in the world), and consequently, the largest training program. The population of 29 Palms includes 12,500 active duty, 24,000 family members, and another 21,000 DoD/Contractors. Because Southern California is a popular retirement location, 29 Palms has about 1,200 retirees in the area.

LOCATED IN THE TOWN OF YUCCA VALLEY • GATEWAY TO JOSHUA TREE NATIONAL PARK (2.8 MILLION VISITORS IN 2017) • SURGE IN POPULATION GROWTH & HOME VALUES The subject property is located within the Yucca Valley, a town in San Bernardino County, California with a population of approximately 22,000 residents. Yucca Valley is the gateway to Joshua Tree National Park and the economic hub for the Morongo Basin. Joshua Tree has become one of the most popular tourist destinations with 2.8 million visitors in 2017.

Yucca Valley has seen strong population growth as people look for a more economical option for housing. Between 2000 and 2016, the population of Yucca Valley increased by 4,416 residents or 26.2%, outpacing the San Bernardino County growth rate of 25.1%. Additionally, the median home sales price increased by 68% between 2010 and 2016.

STRATEGIC LOCATION WITH VISIBILITY ALONG STATE ROUTE 62/TWENTYNINE PALMS HIGHWAY (28,000 CPD) • LOCATION CATERS TO INTERSTATE-10 COMMUTERS HEADED TO PALM SPRINGS, SAN BERNARDINO & RIVERSIDEThe Popeyes is ideally situated along Twenty-Nine Palms Highway/State Route 62, offering outstanding signage and visibility to 28,000+ cars per day. Twenty-Nine Palms Hwy is the main transportation artery in/out of Yucca Valley for travelers commuting to/from Joshua Tree State Park and military personnel traveling to/from 29 Palms Marine Corps military base, home to the largest U.S. military base in the world.

Additionally, the site offers an outstanding location for drivers commuting to nearby cities, offering quick access to Interstate 10 to Palm Springs, San Bernardino, Riverside and beyond.

Offering Summary • Investment Highlights • Lease AbstractLease Summary & Rent Schedule



-- LEASE SUMMARY --

LEASE INFORMATION

TENANT: Karas Food, Inc. dba Popeyes Louisiana Kitchen

GUARANTOR: Personal Guaranty (See Page 18)

BUILDING SIZE: 2,265 Sq. Ft.

LOT SIZE: 1.01 Acres

RENT COMMENCEMENT (Estimated): October 1, 2018

LEASE EXPIRATION: September 30, 2038

BASE LEASE TERM: 20 Years

RENEWAL OPTIONS: (1) 5-Year Option

LEASE TYPE: NNN

LANDLORD RESPONSIBILITIES: None

RENT INCREASES: 8% Increases Every 5 Years in Primary Term & Options

ANNUAL RENT: $119,962

-- RENT SCHEDULE --

RENT SCHEDULE

TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

Years 1 - 5 10/1/2018 9/30/2023 $119,962.00 $9,996.67 $52.96

Years 6 - 10 10/1/2023 9/30/2028 $129,556.80 $10,796.40 $57.20

Years 10 - 15 10/1/2028 9/30/2033 $139,921.34 $11,660.11 $61.77

Years 16 - 20 10/1/2033 9/30/2038 $151,115.04 $12,592.92 $66.72

Offering Summary Investment Highlights Lease Abstract• Lease Summary & Rent Schedule •

OPTION PERIODS - (1) 5-Year Option

TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR

Option 1 10/1/2038 9/30/2043 $163,204.24 $13,600.35 $72.05



-- LEASE ABSTRACT --

Offering Summary • Lease Abstract •Lease Summary & Rent ScheduleInvestment Highlights

Property Taxes:In addition to Base Rent, Tenant shall pay 100% of Real Property Taxes. As used in this Lease, “Real l’ropcl’t)’ Taxes” shall be defined as all taxes, rates and assessments, general or special, levied or im-posed with respect to the Property (including, all taxes, rates and assessments, general or special, levied or imposed for school, public betterment and/or general or local improvements) and all improvements thereto.

Insurance:Tenant shall provide, at its sole expense, the insurance coverages in the amounts and under the conditions set forth in this Article. In the event Tenant assigns or transfers this Lease or any rights in this Lease or sublets the Premises or any part of the Premises to an Affiliate of Tenant or any other party, Tenant shall use its best efforts to ensure that such assignee, transferee or sublessee provides, at its sole expense, the insurance coverages in the amounts and under the conditions set forth herein.

Utilities:

On or before the Occupancy Date, Tenant shall transfer water. electricity, sewage. and gas utility/service into its own name and shall pay such utility/service provider directly.

Landlord acknowledges it is responsible for the connection of water, electricity, sewage. and gas to the Premises as of the Occupancy Date except for any connection fees due to Hi-Desert Water District. Tenant shall be solely responsible for any future connection fees, continuing assessments due regarding the Property including, but not lirnited to, any connection fees and assessments due to Hi-Desert Water District for the future sanitary treatment facility and related trunklines that will serve the Property. ln addition, at its sole cost and expense, Tenant shall be responsible for the installation and construction upon the adjacent owner’s property, pursuant lo the utility easement referenced as item #27 on Exhibit “F” hereto (the “Sanitary Sewer Easement”), of any and all sanitary sewer line(s) required to be constructed for the purpose of connecting the Property and Premises to the future sanitary treatment facility system. In connection with such installation and construction, Tenant shall comply in all respects with the provisions of the Sanitary Sewer Easement.

Operating Expenses:

Tenant shall pay 100% of Operating Expenses.As used in this Iease and except as otherwise explicitly set forth in this Lease, “Operating Expenses: shall mean any and all expenses incurred by Landlord in connection with the operation. maintenance, and/or repair of the Building, the Common Areas and/or the Property including, but not limited to, the following (to the extent actually provided/paid for by Landlord): charges or fees for, and taxes on, the furnishing of electricity, water, sewer, gas/propane and other utilities (other than connection fees); security: pest control; cleaning of exterior windows and exterior walls of the Building; janitorial services for the Cornman Areas: cleaning supplies; trash removal; repair, maintenance and replacement of all landscaping: cleaning and restriping of all parking areas; repair, maintenance and replacement of all parking areas; all salaries, wages, and benefits for ernployees of Landlord engaged in the operation, maintenance, or repair of the Building or Premises, including benefits, payroll taxes and worker’s compensation insurance; license fees and governmental permits; repair, maintenance anrl replacement of equipment that services the Building, the Premises, the Common Areas and/or the Property including, but not limited to, the HVAC system(s); legal fees and costs relating to the operation, maintenance, or repair of the Propetiy or incurred in order to reduce operating expenses; service or management contracts; property management fees; costs of capital improvements to the Building or Premises made at Tenant’s request; insurance required to be maintained by Landlord pursuant to Article 6.6 hereof; all assessments, fees, charges, costs, expenses and other amounts required to be paid by the owner of the Property pursuant to any of the Restrictions (as defined in Section 4.1(b) below); any and all other costs and/or expenses incurrerd by Landlord in connection with the operation, maintenance, and repair of the interior of the Premises (to the extent actually provided by and paid for Landlord); and the costs of any other items which, under generally accepted accounting principles, consistently applies from year to year with respect to the Property.

Landlord Maintenance & Repairs: Landlord is not responsible for the maintenance or repair of any portion of the Property, the Premises, the Building, or the Common Areas during the Term.

Tenant Maintenance & Repairs:After the Occupancy Date, Tenant shall be responsible for the maintenance and repair of the Property, the Premises, the Building and the Common Areas during the Term in first class condition. Without limiting the generality of the foregoing, Tenant shall maintain and repair the interior of the Building, the exterior of the Building and the roof of the Building, the HVAC system(s) servicing the Premises and all areas outside the Building, including all Common Areas, all landscaping and all parking areas on the Property.

Estoppel Certificate:

Each Party shall, within 10 days written notice from the other Party (the “Requesting Party”), execute and deliver to the Requesting Party a statement in writing certifying that this Lease is unmodified and in full force and effect, (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect); (ii) the amount of the Rent and the date to which the Rent and other charges are paid in advance, if any: (iii) acknowledging that there are not, to the Responding Party’s knowledge, any uncured defaults on the part of the Requesting Party, or specifying such default if any are claimed: and (iv) other matters as may be reasonably requested by the Requesting Party.


PROPERTY INFORMATIONPOPEYES

YUCCA VALLEY, CA


EXECUTIVE SUMMARY PROPERTY INFORMATION AREA OVERVIEW


TENANT OVERVIEW

-- LOCATION MAPS --

• Location Maps • AerialsSite Plan

Pacific Ocean

BAKERSFIELD

RIDGECREST

LANCASTER

ANAHEIM

LONG BEACH

VENTURA

LOS ANGELES

PALM SPRINGS

CARLSBAD

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YUCCA VALLEY

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JOHNSON VALLEYOHV RECREATION

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JOSHUA TREENATIONAL PARK

29 PALMSMARINE CORPSMILITARY BASE



TENANT OVERVIEW

-- SITE PLAN --

Location Maps Aerials• Site Plan •

TWENTYNINE PALMS HIGHWAY

DRIVE THRU

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TENANT OVERVIEW

ACCESS

TWENTYNINE PALMS HWY (28,000 CPD)

YUCCA VALLEY AIRPORT

Location Maps • Aerials •Site Plan

SUNNYSLOPE DR

TWENTYNINE PALMS HWY

-- OVERHEAD VIEW --



TENANT OVERVIEW

-- LOOKING NORTH --


YUCCA VALLEYFIRE PROTECTION


OLD WOMAN SPRINGS RD

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LANDERSFLAMINGO

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Representative Property


BALSA AVE



TENANT OVERVIEW

-- LOOKING EAST --

AVALON URGENT CARE CENTER


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YUCCA VALLEYBUILDING & SAFETY

LA CONTENTAMIDDLE SCHOOLBLACK ROCK

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JOSHUA TREERETREAT CENTER

JOSHUA TREE FRIENDLY HILLSELEMENTARY SCHOOL

AVALON AVE



PALO ALTO AVE



TENANT OVERVIEW

-- LOOKING SOUTH --

COPPER HILLHOMES


62

BALSA AVE

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YUCCA TRAIL

ONAGAELEMENTARY SCHOOL

21ST CENTURYONCOLOGY OF

CALIFORNIA



62

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PALM SPRINGSINDIO



HANFORD AVE



TENANT OVERVIEW

-- LOOKING WEST --

YUCCA VALLEY AIRPORTYUCCA TRAIL

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YUCCA TRAIL

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WARREN VISTA DR

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JOSHUA LN

OLD WOMAN SPRINGS RD247

APACHE MOBILEHOME PARK

BLUE SKIESCOUNTRY CLUB

YUCCA VALLEYHIGH SCHOOL

GATES OF SPAINMOBILE ESTATES

247

LEBARON APARTMENTS

YUCCA VALLEYTOWN HALL

LA PAZ HOMES

CALVARY BAPTIST CHURCH

BREHM PARK FAMILY REC CTR

CAL-FIREYUCCA VALLEY

DUMOSASENIOR VILLAGE

TWEN

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MORONGO VALLEYDESERT HOT

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TENANT OVERVIEWPOPEYES

YUCCA VALLEY, CA




• About Popeyes •

-- ABOUT POPEYES --

Popeyes is an American multinational chain of fried chicken fast food restaurants founded in 1972 in New Orleans, Louisiana. Since 2008, its full brand name is Popeyes Louisiana Kitchen, Inc. and it was formerly named Popeyes Chicken & Biscuits and Popeyes Famous Fried Chicken & Biscuits.

Popeyes is the second-largest “quick-service chicken restaurant group, measured by number of units”, after KFC. More than 2,600 Popeyes restaurants are in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide. About thirty locations are company-owned, the rest franchised.

Popeyes distinguishes itself with a unique New Orleans style menu, serving chicken dishes in mild and spicy flavors and sides such as red beans and rice, Cajun fries, mashed potatoes with Cajun-style gravy, Cajun rice, macaroni & cheese, and coleslaw. In addition to fried chicken, other entree items include a chicken-and-sausage jambalaya and po’ boy sandwiches. Most combo meals come with a side order, drink, and a biscuit.. The chain’s passion for its Louisiana heritage and flavorful authentic food has allowed Popeyes to become one of the world’s largest quick service restaurant chicken concepts.

POPEYES CONSISTENTLY RANKS IN THE QSR “TOP FIFTY”

In the limited-service restaurant industry, success is rarely a given. Performance ebbs and flows. Trends come and go. New competitors gobble up market share one year and then fade into oblivion the next.

To make it as one of the most successful companies in this industry, restaurants must run the gauntlet of challenges necessary to scaling a concept, from establishing a loyal customer base to forming committed stakeholder relationships, and from building an efficient supply chain to navigating potential threats to the business. Indeed, only those companies that have put in the time and sweat equity can lay claim to being the biggest and the best in a $234 billion industry.

Popeyes has consistently ranked in the Top Fifty for the past decade, typically sitting at #20.

RESTAURANT BRANDS INTERNATIONAL

On February 21, 2017, Restaurant Brands International announced a deal to buy Popeyes for US$1.8 billion. On March 27, 2017, the deal closed with RBI purchasing Popeyes at $79 per share via Orange, Inc, an indirect subsidiary of RBI.

Restaurant Brands International Inc. (NYSE: QSR / TSX: QSR) is a Canadian corporation originally formed on August 25, 2014 to serve as the indirect holding company for Tim Hortons and its consolidated subsidiaries and Burger King and its consolidated subsidiaries, and, since our acquisition of Popeyes, Popeyes and its consolidated subsidiaries. Restaurant Brands International is one of the world’s largest quick service restaurant (“QSR”) companies with more than $30 billion in system-wide sales and over 24,000 restaurants in more than 100 countries and U.S. territories as of December 31, 2017. Their Our three iconic brands are managed independently while benefiting from global scale and sharing of best practices. As of December 31, 2017, approximately 100% of total restaurants for each of our brands was franchised.

ABOUT THE OPERATOR

The subject property is operated by Karas Foods, Inc., an experienced franchisee with 7 other Popeye’s locations and 1 Broken Yolk Restaurant within Southern California. The lease provides an investor with a personal guaranty from the President of Karas Foods, Inc., Mr. Wahid Karas who has an approximate personal net worth of $5,000,000. The lease guarantor is required to provide the landlord with personal financials twice annually. Current financials can be obtained upon a signed confidentiality agreement.


AREA OVERVIEWPOPEYES

YUCCA VALLEY, CA




-- YUCCA VALLEY --

San Bernardino County Overview Demographics• Yucca Valley Overview •

Yucca Valley is a town in San Bernardino County, California and has a population of approximately 22,000 residents. Bordered in the west by the San Bernardino Mountains and in the south by the Joshua Tree National Park, the Yucca Valley community is located in the Mojave Desert at roughly 3,300 feet above sea level, offering all the beauty of the low desert, with the seasonable benefits of being part of the high desert. and lies 27 miles north of Palm Springs, 62 miles south of Barstow, and 55 miles east of San Bernardino. Yucca Valley has two major means of highway access; State Route 62 (Twentynine Palms Highway) runs east-west and is the main thoroughfare through

town and terminates at the south end at Interstate 10 and Parker Dam on the Arizona border at the east end. State Route 247 (Old Woman Springs Road) begins in Yucca Valley and extends north through Barstow and terminates at Interstate 15.

The Marine Corps Air Ground Combat Center (MCAGCC), also known as 29 Palms, is the United States Marine Corps’ largest base. It is located adjacent to the city of Twentynine Palms in southern San Bernardino County, California, just North of Joshua Tree National Park, but in the middle of the Mojave Desert.

The 29 Palms base is currently home to the largest military training area in the nation (and the largest US base in the world), and consequently, the largest training program. The program known as Mojave Viper became the model of pre-Operation Iraqi Freedom deployment training with live fire exercises, artillery, tank, and close air support training. The population of 29 Palms is the largest and includes 12,500 active duty, 24,000 family members, and another 21,000 DoD/Contractors. Because Southern California is a popular retirement location, 29 Palms has about 1,200 retirees in the area.

PROXIMITY TO MARINE CORPS AIR GROUND COMBAT CENTER (MCAGCC) “29 PALMS” • THE LARGEST MILITARY TRAINING AREA IN THE NATION

GATEWAY TO JOSHUA TREE NATIONAL PARK, DOMINANT TOURIST DESTINATION • MINUTES FROM JOHNSON VALLEY OFF-ROAD RECREATION AREA Yucca Valley is the gateway to Joshua Tree National Park and the economic hub for the Morongo Basin. Joshua Tree National Park has become one of the most popular tourist destinations in the state and set a new attendance record again in 2017 with more than 2.8 million visitors - the fourth consecutive record-setting year. Joshua Tree National Park encompasses approximately 800,000 acres of desert land. Famous for its biodiversity, Joshua Tree is home to more than 800 different plant species. Hiking trails are by far the primary attraction at Joshua Tree, with popular hikes including the Lost Horse Mine, a historical mine located inside the National Park and Carey’s Castle, a series of abandoned caverns that were once inhabited by squatters who worked in the nearby mines. Joshua Tree is well known for its naturally dark night skies, which are far away from and largely free of the light pollution typical in the coastal urban areas. The park’s elevation and dry desert air, along with the relatively stable atmosphere in the region, often make for excellent astronomical seeing conditions.

Yucca Valley is located minutes away from the Johnson Valley Off-Highway Vehicle (OHV) Recreation Area, a world-famous off-road vehicle area that offers outstanding trails for competitive off-highway motorcycle racing, enduro and trial events, and day play-riding. Most visitors tour the area in four-wheel drive vehicles. Sloping bajadas, narrow canyons, flat dry lakes, sand dunes, and twisting trails through low rocky mountains provide a variety of experiences for all levels of riders. Approximately 53,000 acres of Johnson Valley is a shared-use area with the Marine Corps Air Ground Combat Center (MGAGCC) located in Twentynine Palms, CA. Enthusiasts participate in a course known as “The Hammers”, a triangular off-road track at Bessemer Mine Road at the southern point of Soggy Lake. King of the Hammers, an off-road desert race, utilizes trails found in “The Hammers”. Expansion plans of the US Marine Corps AGCC Base plan to annex parts of the Off-Highway Area that threaten to permanently close access to “The Hammers”.



-- SAN BERNARDINO COUNTY --

Located at the heart of Southern California, an economy of 22 million people, the County of San Bernardino is the largest county in the United States. Its vast borders stretch from the greater Los Angeles area to the Nevada border and the Colorado River encompassing a total area of 20,160 square miles.

Located just east of Los Angeles, the County of San Bernardino is a haven for travelers and residents alike who flock to the natural beauty of Big Bear Lake, Palm Springs, Joshua Tree National Park, and the Mojave Desert, which is the leading recreational area for Southern California.

• San Bernardino County Overview • DemographicsYucca Valley Overview

CENTRAL LOCATION • HOME OF ONTARIO INTERNATIONAL AIRPORT • WESTERN REGION HUB FOR UNITED PARCEL SERVICE

The County has approximately 10,000 miles of roadways, including 6 Federal Interstate Highways, 2 Federal U.S. Highways, and 18 State Highways. The highway system includes two of the nation’s most important interstate highways, Interstate 10 and Interstate 15, which link Southern California to the Western U.S. and national business centers across the country. Locally, Highways 210, 60 and Interstate 40 also connect the Inland Empire with the region and western U.S.

One of its transportation assets is the Ontario International Airport (ONT), a medium-hub, full-service airport with commercial jet service to major U.S. cities and through service to many international destinations. ONT is located in the City of Ontario, approximately 35 miles east of downtown Los Angeles in the center of Southern California. It is the second largest commercial airport in Southern California after the Los Angeles International Airport (LAX). Situated near the intersection of two major interstate highways, ONT is also the center of a rapidly developing freight movement system that includes the airport, two railroads, four major freeways, and an expanding network of freight forwarders.

LA/Ontario is the United Parcel Service’s (UPS) Western Region hub for both air and trucking operations within a 13-state region. In addition to serving intra-regional traffic, the hub links to UPS’s global hub in Louisville and serves as an international gateway for UPS’ cargo flights to and from China.

WORKFORCE ADVANTAGES: LOWER LABOR COSTS & LOWER COST OF LIVING

Comprised of 24 cities, San Bernardino County encompasses more than two million residents with a workforce exceeding 900,000. Its assets include an innovation corridor of close to two dozen colleges and universities supporting a strong, diverse workforce.

San Bernardino County labor costs tend to be lower than those in Los Angeles, Orange and San Diego counties. Many of the residents who commute to the coastal counties for work are willing to accept lower pay for jobs closer to home. Forty-seven percent of local residents would accept at least five percent lower pay to avoid commuting to Orange County, while one percent would accept 15 percent less to work locally.

Its residents also benefit because of our lower cost of California living. Many products and services as well as the cost of housing are lower in the County. For this reason, local residents enjoy higher net disposable incomes and higher standards of living than what the income data indicate. For instance, the median home resale price in San Bernardino County is about one-fourth of that in Orange County and one-half of that in Los Angeles County (April 2013 data).



Demographic Source: Applied Geographic Solutions 04/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 34.1272/-116.4020RS1

57858 Twentynine Palms Highway1 mi radius 3 mi radius 5 mi radius

Yucca Valley, CA 92284

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PU

LATI

ON

2018 Estimated Population 3,443 19,576 28,341

2023 Projected Population 3,621 20,648 30,078

2010 Census Population 3,252 18,482 26,911


Projected Annual Growth 2018 to 2023 1.0% 1.1% 1.2%

Historical Annual Growth 2000 to 2018 1.7% 1.7% 1.6%

2018 Median Age 35.7 39.9 40.5

HO

US

EH

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2018 Estimated Households 1,348 7,805 11,483

2023 Projected Households 1,418 8,241 12,200

2010 Census Households 1,260 7,298 10,793




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AN

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THN

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2018 Estimated White 77.6% 78.2% 79.0%

2018 Estimated Black or African American 4.8% 4.5% 4.2%

2018 Estimated Asian or Pacific Islander 4.0% 3.8% 3.6%

2018 Estimated American Indian or Native Alaskan 1.3% 1.2% 1.3%

2018 Estimated Other Races 12.3% 12.2% 12.0%

2018 Estimated Hispanic 25.9% 24.3% 23.8%

INC

OM

E 2018 Estimated Average Household Income $46,402 $60,107 $60,299

2018 Estimated Median Household Income $42,667 $47,450 $47,126

2018 Estimated Per Capita Income $18,192 $24,075 $24,535

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ON

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E 2

5+)

2018 Estimated Elementary (Grade Level 0 to 8) 3.3% 3.9% 4.2%

2018 Estimated Some High School (Grade Level 9 to 11) 8.0% 10.2% 9.7%

2018 Estimated High School Graduate 40.6% 31.4% 30.8%

2018 Estimated Some College 25.7% 29.7% 29.2%

2018 Estimated Associates Degree Only 9.6% 10.9% 9.7%

2018 Estimated Bachelors Degree Only 8.0% 8.5% 10.2%

2018 Estimated Graduate Degree 4.8% 5.4% 6.1%

BU

SIN

ES

S 2018 Estimated Total Businesses 277 838 1,015

2018 Estimated Total Employees 2,224 7,039 8,109

2018 Estimated Employee Population per Business 8.0 8.4 8.0

2018 Estimated Residential Population per Business 12.4 23.3 27.9BU

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ES

S

Demographic Source: Applied Geographic Solutions 04/2018, TIGER Geography page 1 of 1©2018, Sites USA, Chandler, Arizona, 480-491-1112

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SUMMARY PROFILE2000-2010 Census, 2018 Estimates with 2023 ProjectionsCalculated using Weighted Block Centroid from Block Groups

Lat/Lon: 34.1272/-116.4020RS1

57858 Twentynine Palms Highway1 mi radius 3 mi radius 5 mi radius

Yucca Valley, CA 92284

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PU

LATI

ON

2018 Estimated Population 3,443 19,576 28,341

2023 Projected Population 3,621 20,648 30,078





2018 Median Age 35.7 39.9 40.5

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US

EH

OLD

S

2018 Estimated Households 1,348 7,805 11,483

2023 Projected Households 1,418 8,241 12,200





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CE

AN

DE

THN

ICIT

Y

2018 Estimated White 77.6% 78.2% 79.0%

2018 Estimated Black or African American 4.8% 4.5% 4.2%

2018 Estimated Asian or Pacific Islander 4.0% 3.8% 3.6%

2018 Estimated American Indian or Native Alaskan 1.3% 1.2% 1.3%

2018 Estimated Other Races 12.3% 12.2% 12.0%

2018 Estimated Hispanic 25.9% 24.3% 23.8%

INC

OM

E 2018 Estimated Average Household Income $46,402 $60,107 $60,299

2018 Estimated Median Household Income $42,667 $47,450 $47,126

2018 Estimated Per Capita Income $18,192 $24,075 $24,535

ED

UC

ATI

ON

(AG

E 2

5+)

2018 Estimated Elementary (Grade Level 0 to 8) 3.3% 3.9% 4.2%

2018 Estimated Some High School (Grade Level 9 to 11) 8.0% 10.2% 9.7%

2018 Estimated High School Graduate 40.6% 31.4% 30.8%

2018 Estimated Some College 25.7% 29.7% 29.2%

2018 Estimated Associates Degree Only 9.6% 10.9% 9.7%

2018 Estimated Bachelors Degree Only 8.0% 8.5% 10.2%

2018 Estimated Graduate Degree 4.8% 5.4% 6.1%

BU

SIN

ES

S 2018 Estimated Total Businesses 277 838 1,015

2018 Estimated Total Employees 2,224 7,039 8,109

2018 Estimated Employee Population per Business 8.0 8.4 8.0

2018 Estimated Residential Population per Business 12.4 23.3 27.9

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1 Mile 3 Miles 5 Miles

-- DEMOGRAPHICS --

1.3 MILLION POPULATION - 50 MILES

463,000 HOUSEHOLDS - 50 MILES

$75,148 AVG HH INCOME - 5 MILES

EXCELLENT SURROUNDING DEMOGRAPHICSOver 1,338,000 people live within a 50-mile radius of the subject property.

DENSE RESIDENTIAL IN-FILL LOCATIONThere are over 463,000 households within a 50-mile radius of the subject property.

San Bernardino County Overview • Demographics •Yucca Valley Overview

Lee & Associates hereby advises all prospective purchasers of Net-Leased Investment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Lee & Associates expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of an investment property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any investment property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

Color Scheme

Fonts

GOTHAM/ BLACKGOTHAM/ MEDIUMGOTHAM/ LIGHT

CMYK C:0 / M:100 / Y:65 / K:47

RGB R:145 / G:0 / B:40

CMYK C:0 / M:0 / Y:0 / K65

RGB R:119 / G:120 / B:123


RYAN BARR | Principal760.448.2446


RYAN BENNETT | Principal760.448.2449


EXCLUSIVELY REPRESENTED BY

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