OFFERING MEMORANDUM Los... · CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD PROPERTY DESCRIPTION...
Transcript of OFFERING MEMORANDUM Los... · CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD PROPERTY DESCRIPTION...
10660-10708 LOS ALAMITOS BOULEVARD LOS ALAMITOS, CA
OFFERING MEMORANDUM
Capital Markets National Retail Investment Group - West
© 2015 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.
NRIG-WEST
MARKETED BY
PHILIP D. VOORHEES + 1 949 725 8521
Lic. 01252096
BRAD RABLE + 1 949 725 8468
Lic. 01940290
JAMES SLUSHER + 1 949 725 8507
Lic. 01857569
MEGAN WOOD + 1 949 725 8423
Lic. 01516027
JOHN READ + 1 949 725 8606
Lic. 01359444
CBRE-NEWPORT BEACH 3501 Jamboree Rd., Ste 100
Newport Beach, CA 92660
F + 1 949 725 8545
CONTENTSINVESTMENT OVERVIEW .........1
Investment Summary Investment Highlights
AREA OVERVIEW .......................4
City Overview County Overview
PROPERTY DESCRIPTION ........8
Parcel Map Site Plan
TENANT OVERVIEW ...............10
Tenant Profiles
FINANCIALS .............................15
Assumptions Cash Flow Projections Rent Roll
LONG BEACHSAN PEDROPACIFIC OCEAN
CATALINA ISLAND
SIGNAL HILL
EL DORADO EAST REGIONAL PARK
COYOTE CREEK
SERPENTINE D
RIVE
SAUSA
LITO ST
REET
PROPOSED HOTEL
I-605 FREEWAY (173,000 CPD)
BRIGGEM
AN DRIV
E
LOS ALAMITOS BOULEVARD (34,800 CPD)
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | INVESTMENT OVERVIEW
LIST PRICE: $11,261,000
OCCUPANCY: 93%
NOI (YEAR 1): $647,527
CAP RATE (YEAR 1): 5.75%
NOI (YEAR 3): $727,442
CAP RATE (YEAR 3): 6.38%
BUILDING SF: 29,908 SF
LAND SF: 82,764 SF
WEBSITE: www.nrigwest.com/centerplaza
INVESTMENT SUMMARY INVESTMENT HIGHLIGHTSCOVETED LOS ALAMITOS STRIP RETAIL CENTER
» Rare opportunity to purchase a conventional strip shopping center in
the heart of the Los Alamitos commercial district
» Currently 93% leased to 16 restaurant, service and retail tenants with
2 small vacancies, providing income stability, immediate upside and
superior income growth compared to single-tenant, net leased assets
» The property presents a rare opportunity to purchase an irreplaceable
“value add” retail center within dense, North Orange County
» Located on highly trafficked Los Alamitos Boulevard with 200 feet of
frontage, facilitating ingress & egress during all high traffic hours
CONVENIENT RETAIL LOCATION IN INFILL ORANGE COUNTY, CA
» Located 1/4 mile east of the I-605 (173,000 CPD) on Los Alamitos
Boulevard (34,800 CPD) between Katella Avenue to the south, and W.
Cerritos Avenue to the north, the 100% location in the trade area
» Adjacent to Ganahl Lumber, a fixture in the community for more than
100 years
» Close proximity to residential and commercial density on a primary
north/south commuter route through the trade area
» Within walking distance to the city’s largest employer, Los Alamitos
Medical Center, with more than 1,100 employees, the 167-bed
medical center campus includes the Total Care Pavilion, three medical
office buildings, an ambulatory surgery center, and the hospital facility
10660-10708 LOS ALAMITOS BOULEVARD LOS ALAMITOS, CA
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INVESTMENT OVERVIEW | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
INCOME GROWTH, STABILITY AND EXCELLENT REAL ESTATE FUNDAMENTALS
» Quintessential Southern California strip center, wholly owned, providing
exceptional control and place-making ability
» Vacancy lease-up, low rents and embedded increases should grow NOI
more than $395,602 (61%) during the projected 10-year hold period
» Existing rents average just $1.94 PSF/MN/NNN, well below the
“coastal Orange County” average of $2.75 PSF/MN/NNN, and about
$.20 PSF/MN/NNN below market rents in the immediate trade area
» Small, efficiently sized tenant suites are conducive to high occupancy,
optimal rents and low tenant improvement costs, keeping capital
expenditures to a minimum year to year
» Staggered lease expirations produce limited lease expirations/roll over
in a given year, enhancing stability and cash flow
» Internet resistant tenancy including restaurant, food and service-
related tenants provide bulwark against internet competition
LOCATED IN THE MATURE, AFFLUENT AND DENSELY POPULATED CITY OF LOS ALAMITOS
» More than 17,800 people in a 1-mile radius with an Average Household
Income exceeding $115,100
» More than 177,500 people in a 3-mile radius with an Average
Household Income exceeding $95,800
» More than 512,000 people in a 5-mile radius with an Average
Household Income exceeding $90,000
» Average Household Income in the city of Los Alamitos of $107,413
» Average Annual Consumer Spending per Household: $68,300 in a
5-mile radius
EXCELLENT 1031 EXCHANGE REPLACEMENT PROPERTY
» North Orange County strip center acquisition opportunity
» High NOI growth asset – Projected $395,602 NOI increase over
the hold period, increasing cash on cash returns and reducing future
financing risk
» No existing financing in place – Pay cash or obtain new financing at
historically low rates
» Classic strip center – No co-tenancy provisions, kick out clauses, or
anchor tenancy restrictions. This location is the anchor!
» Dependable retail asset with conventionally sized suites, high
occupancy, income diversity and a desirable north Orange County
location
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | INVESTMENT SUMMARY
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AREA OVERVIEW | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
LOS ALAMITOS, CA » Los Alamitos, “The Little Cottonwoods,” located in Orange County,
California, was incorporated in March 1960.
» There are almost 2,000 businesses in Los Alamitos, including
light manufacturing, hospital, and wholesaler sales. Many retail
establishments and restaurants line the city’s main thoroughfares,
contributing to the city’s ambiance.
» The city offers excellent recreational and park facilities, outstanding
schools, friendly neighborhoods and strategic location as the crossroads
of two major freeways, the I-605 and I-405.
For more information please visit:
http://en.wikipedia.org/wiki/Los_Alamitos,_California and http://cityoflosalamitos.org/
LOS ALAMITOS DEMOGRAPHICS:
2015 Estimated Population 12,050
2020 Projected Population 12,637
2010 Census Population 11,504
Growth 2010-2015 4.75%
Growth 2015-2020 4.87%
2015 Estimated Average Age 40.27
2015 Estimated Households 4,453
2020 Projected Households 4,688
2010 Census Households 4,235
Growth 2010-2015 5.14%
Growth 2015-2020 5.28%
2015 Est. Average Household Size 2.67
2015 Est. Average Household Income $107,413
2015 Est. Average Housing Value $710,927
2015 Estimated Households 4,453
2015 Est. Average Household Income $107,413
2020 Prj. Average Household Income $112,102
local map
DISTANCE TO ANAHEIM 9 miles PALM SPRINGS 88 miles
LOS ANGELES 19 miles LAS VEGAS 232 miles
SAN DIEGO 93 miles
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | AREA OVERVIEW
» Ranked in Forbes magazine’s top 50 economically thriving metro
areas, Orange County enjoys lower business costs, a highly qualified
workforce, and one of the lowest unemployment rates in the country.
» Attraction and retention of the world’s leading companies will remain
high due to Orange County’s 17 colleges and universities, one of the
best educated work forces in the world.
» Orange County is roughly 1% of the U.S. population, but it has 3% of
Fortune 500 companies.
» Between February 2014 and February 2015, educational and health
services added 8,800 jobs; leisure and hospitality grew by 7,300 jobs,
and trade, transportation and utilities expanded by 4,300 jobs.
ORANGE COUNTY » More than 43 million tourists visit Orange County annually, spending
approximately $8.7 billion and supporting nearly 160,000 local tourism
industry jobs.
» Orange County’s 42 mile coastline offers all types of seafaring activities
including some world class boating, snorkeling, scuba diving, and
fishing. There are many marinas lining the coast that offer boat cruises,
fishing trips, whale watching and charter services.
» Orange County’s top employer, Disneyland has a larger cumulative
attendance than any other theme park in the world, with over 650 million
guests since it opened. Annually, the park hosts approximately 16.2
million guests, making it the third most visited park in the world.
For more information please visit:
http://www.visitcalifornia.com/region/discover-orange-county and http://en.wikipedia.org/wiki/Orange_County,_California
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AREA OVERVIEW | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD regional map
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TOP TOURIST ATTRACTIONS
NEWPORT BEACH & HARBOR
ORANGE COUNTY’S PERFORMING ARTS CENTER (OCPAC)
HONDA CENTER
ANGEL STADIUM OF ANAHEIM
LAGUNA ART MUSEUM
DISNEYLAND PARK & DISNEY’S CALIFORNIA ADVENTURE PARK
KNOTT’S BERRY FARM
ORANGE COUNTY DEMOGRAPHICS:
2015 Estimated Population 3,160,437 2015 Estimated Average Age 38.09
2020 Projected Population 3,314,198 2015 Estimated Households 1,042,220
2010 Census Population 3,010,232 2020 Projected Households 1,095,344
2000 Census Population 2,846,342 2010 Census Households 992,781
Growth 2010-2015 4.99% 2000 Census Households 935,274
Growth 2015-2020 4.87% Growth 2010-2015 4.98%
2015 Estimated Median Age 37.20 Growth 2015-2020 5.10%
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PROPERTY DESCRIPTION | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
PROPERTY DESCRIPTIONLOCATION10660-10708 Los Alamitos Boulevard
Los Alamitos, California
SITEThe subject is located in the city of Los Alamitos, at
the SEC of Los Alamitos Boulevard and Serpentine
Drive.
LAND AREACenter Plaza consists of one (1) parcel
(APN: 242-245-01) totaling approximately ±1.90
acres or ±82,764 SF of land area.
BUILDING AREAThe subject consists of two (2) retail buildings totaling
approximately 29,908 SF of net rentable area.
FRONTAGE & ACCESSAccess points into the center include one (1)
entrance off Los Alamitos Boulevard and one (1)
entrance off Serpentine Drive.
PARKINGCenter Plaza provides 108 parking stalls which
equates to 3.68:1,000 SF parking ratio.
TRAFFIC COUNTSLos Alamitos Boulevard: ..........±36,000 CPD
Cerritos Avenue: ........................±22,400 CPD
BUILTCenter Plaza was built in 1986 with facades
enhancements in 2013.
ZONINGPer the city of Los Alamitos, the subject site is
currently zoned as CG (Commercial General).
parcel map
Proposed Hotel Development
LOS
ALA
MIT
OS
BOU
LEVA
RD
SERPENTINE DRIVE
BRIGGEMAN DRIVE
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site plan
TENANT ROSTER
SUITE TENANT SF
10660-64 Green Street Interiors 3,480
10666 & 68 Printmaster 2,400
10670 Sno Biggie 1,177
10672 Lush Brows 1,018
10674 Jenny Craig 1,955
10676 Nutrition Zone 980
10678 Deux Amies I 1,200
10680 AVAILABLE (Office/Storage) 1,180
10682 Beach Fitness 2,455
10686 Gloss Salon (10686) 582
10688 Hofkes and Yin, DDS 1,900
10690 University Escrow 2,463
10692 Sango 1,850
10696 Bonjour Bagel 1,210
10698 Marina Mitri Skin Care 1,040
10700 Gloss Salon 1,040
10702 Complete Nails 1,040
10704 AVAILABLE (10704) 820
10708 Brew Kitchen Ale House 2,118
Available SF 2,000
Total SF 29,908
1066
0 -
1066
4
1066
6
1070
8
1070
4
1070
2
1070
0
1069
8
1069
6
1069
2
1069
0
1068
8
1066
8
1067
0
1067
2
10674
10676
10678
10680
10682
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TENANT OVERVIEW | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
NATIONAL TENANTS
JENNY CRAIG www.jennycraig.com
For over 30 years, Jenny Craig has focused on one-on-one support
and attention to help clients learn about portion control, gain a healthy
relationship with food, and start an exercise program. Jenny Craig is a
wholly-owned subsidiary of North Castle Partners, a leading private equity
firm focused exclusively on investments in small- and mid-cap, retail
businesses that benefit from health, wellness adn active living trends. Other
owned brands include: Curves, Red Door Spa by Elizabeth Arden, Flatout,
Ibex, Doctor’s Best, Performance Bicycle, Mineral Fusion and Palladio.
OWNERSHIP private LOCATIONS 450 HEADQUARTERS Carlsbad, CA
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | TENANT OVERVIEW
LOCAL TENANTS
LUSH BROWS www.lushbrows.com
Beauty salon that offers clients services including threading, body waxing,
henna tattoos, glitter art and makeovers.
OWNERSHIP private LOCATIONS 1
NUTRITION ZONE www.nutritionzone.com
Health-food and retail store that works to serve, educate and empower the
community by improving the quality of clients’ lives.
OWNERSHIP private LOCATIONS 26
PRINTMASTER www.printmasterlosal.com
Offers the Los Alamitos area individual printing needs and capabilities
including: stationary and office products, copying and printing, forms and
publications, bindery and finishing, marketing materials, creative concepting,
and signs/banners.
OWNERSHIP private LOCATIONS 1
SNO BIGGIE Los Alamitos-based dessert shops offering ice cream and frozen yogurt,
known for their New Orleans-imported syrups and ice machine.
OWNERSHIP private LOCATIONS 1
DEUX AMIES I Los Alamitos-based boutique.
OWNERSHIP private LOCATIONS 1
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TENANT OVERVIEW | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
BEACH FITNESS www.beachfitness.com
Founded in 2006, Beach Fitness offers a boutique personal training space. In
2011 Beach Fitness won the “Small Business of the Year in Orange County”
by US State Senator, Tom Harmon
OWNERSHIP private LOCATIONS 2
LOCAL TENANTS
COMPLETE NAILS Los Alamitos-based nail salon.
OWNERSHIP private LOCATIONS 1
GREEN STREET INTERIORS www.greenstreetinteriors.com
Los Alamitos-based Interior decorating firm that was founded in 1977.
Showroom features hand created accessories and furniture pieces coupled
with interior services including: in home consulting, custom furnishing,
custom bedding/drapery, wall paper, space planning, accessorizing, window
treatments and flooring.
OWNERSHIP private LOCATIONS 1
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | TENANT OVERVIEW
LOCAL TENANTS
UNIVERSITY ESCROW www.remax-collegepark-ca.com
Escrow company affiliated with Re/Max
College Park Realty.
OWNERSHIP private LOCATIONS 1
MARINA MITRI SKIN CARE www.marinaskinspa.com
Skin care spa offering facial and body
treatments, acne and medical peels and
permanent make-up.
OWNERSHIP private LOCATIONS 1
GLOSS SALON www.theglosssalon.com
Full-service salon offering a fun, welcoming environment.
OWNERSHIP private LOCATIONS 1
BONJOUR BAGEL Café serving bagels and other breakfast menu items.
OWNERSHIP private LOCATIONS 1
THE BREW KITCHEN ALEHOUSE www.brewkitchenalehouse.com
Brewhouse and kitchen offering Southern California’s
best free range poultry, livestock, line caught seafood
and organic produce. Flavor-forward menu items are
enjoyed in a comfortable, informal environment that
produces flowing conversation amongst the Southern
California customer base.
OWNERSHIP private LOCATIONS 1
SANGO www.sangosushi.com
Japanese restaurant serving up classic rolls,
noodles, tempura and teriyaki dishes and a
casual and fun environment.
OWNERSHIP private LOCATIONS 3
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SECTION | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
LOS ALAMITOS BOULEVARD (34,800 CPD)
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GLOBAL AVAILABLE SPACE LEASING SECOND GENERATION LEASING COSTS TO STABILIZE
Analysis Period Occupancy and Absorption Restaurant Shops Misc. CapEx. 75,000
Commencement Date December 1, 2015 Projected Available at 12/1/15 2,000 SF Retention Ratio 75% 75% Tenant Improvements 50,000
End Date November 30, 2025 Currently Available as of 9/1/15 2,000 SF Leasing Commissions 17,836
Term 10 Years Percentage Available at 9/1/15 6.69% Financial Terms Total Costs to Stabilize $142,836
Absorption Period 12 Month(s) 2015 Monthly Market Rent See Rent Roll See Rent Roll
Area Measures Absorption Period Start Date December 1, 2015 Rent Adjustment 3.00% Annually 3.00% Annually MARKET LOAN
Building Square Feet (SF) 29,908 SF First Absorption Occurs On December 1, 2016 Lease Term 5 Years 5 Years Loan Funding (as of Dec-15) $7,319,870
Last Absorption Occurs On December 1, 2016 Expense Reimbursement Type NNN NNN Loan-To-Price 65.00%
Growth Rates Funding Date Dec-15
Consumer Price Index (CPI) 3.00% Financial Terms Shops Tenanting Costs Maturity Date Nov-25
Other Income Growth Rate 3.00% 2015 Monthly Market Rent $2.00 - 2.50 Rent Abatements [5] Loan Term 10.0 Years
Operating Expenses 3.00% Rent Adjustment 3.00% Annually New 3 Month(s) 3 Month(s) Amortization Period 30 Years
Real Estate Taxes 2.00% Lease Term 5 Years Renewal 0 Month(s) 0 Month(s) Initial Interest Only Period (If Any) 36 Months
Market Rent Growth [1] Expense Reimbursement Type NNN Weighted Average 0.75 Month(s) 0.75 Month(s) Interest Rate 4.25%
CY 2016 - 4.60% Rent Abatements 0 Month(s) Origination Fee on Initial Loan Funding 1.00%
CY 2017 - 5.20% Tenant Improvements ($/SF) $25.00 PSF Tenant Improvements ($/SF)
CY 2018 - 4.70% Commissions 6.00% New $25.00 PSF $15.00 PSF FINANCING
CY 2019 - 3.40% *Available space TIs include an additional $10.00 PSF. Renewal $5.00 PSF $3.00 PSF
CY 2020 - 3.00% Weighted Average $10.00 PSF $6.00 PSF
CY 2021 - 3.00% EXPENSES
CY 2022 - 3.00% Operating Expense Source 2015 Budgeted Commissions
CY 2023 - 3.00% New 6.00% 6.00%
CY 2024 - 3.00% Management Fee (% of EGR) 3.00% Renewal 1.20% 1.20%
CY 2025+ - 3.00% Weighted Average 2.40% 2.40%
Real Estate Taxes Reassessed Yes [4]
General Vacancy Loss 5.00% [2] Millage Rate 1.076190% Downtime
Special Assessments $10,698 New 6 Month(s) 6 Month(s)
Capital Reserves (CY 2015 Value) $0.20 PSF [3] Weighted Average 2 Month(s) 2 Month(s)
CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | FINANCIALS
ASSUMPTIONS
Notes:
All market rent rates are stated on calendar-year basis.
[1] Market rent growth through CY 2019 is based on the CBRE Econometric Advisors Retail
Outlook for the Central Orange County submarket as of Q2 2015.
[2] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover
downtime, and fixturing downtime. All tenants are subject to this loss factor.
[3] Capital Reserves do not inflate during the term of the analysis.
[4] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage
rate of 1.076190% plus special assessments of $10,698.
[5] Rent Abatement includes NNN charges as well as base rent.
For customized Debt Quotations, please contact:
Bruce Francis + 1 602 735 1781 Lic. BK-0018505 [email protected]
CBRE Debt & Equity Finance (DEF) is a division of CBRE Inc. In the US, DEF represents approximately 300 lenders including: banks, life insurance companies, pension funds, CMBS lenders and a variety of other lending sources. DEF also acts as a correspondent for over 200 life insurance companies. The Quote above is an approximation of available terms.
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FINANCIALS | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
CASH FLOW
FISCAL YEAR ENDING - NOVEMBER 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Physical Occupancy 93.31% 96.57% 98.79% 98.48% 98.34% 100.00% 95.46% 96.79% 97.86% 97.40% 98.94%
Overall Economic Occupancy [1] 94.20% 94.07% 94.80% 94.59% 94.26% 95.00% 93.73% 94.17% 94.08% 94.28% 94.75%
Total Operating Expenses PSF Per Year $8.31 $8.53 $8.75 $8.98 $9.21 $9.45 $9.65 $9.90 $10.17 $10.42 $11.46
[2]
FY 2016
REVENUES $/SF/MO
Scheduled Base Rent
Gross Potential Rent $1.97 $707,465 $740,360 $771,796 $817,242 $865,615 $891,425 $924,926 $967,393 $1,025,972 $1,057,777 $1,102,536
Absorption & Turnover Vacancy (0.15) (55,151) (24,405) (11,175) (15,631) (12,848) 0 (40,439) (36,983) (22,827) (26,303) (9,601)
Base Rent Abatements 0.00 0 (9,232) (2,074) (4,440) (8,470) 0 (15,227) (10,502) (12,167) (9,909) (3,654)
Total Scheduled Base Rent 1.82 652,314 706,723 758,547 797,171 844,297 891,425 869,260 919,908 990,978 1,021,565 1,089,281
Expense Reimbursements 0.68 243,834 256,773 271,519 277,194 286,834 301,898 290,445 303,392 315,276 323,750 359,932
TOTAL GROSS REVENUE 2.50 896,148 963,496 1,030,066 1,074,365 1,131,131 1,193,323 1,159,705 1,223,300 1,306,254 1,345,315 1,449,213
General Vacancy Loss 0.00 0 (24,990) (40,887) (38,869) (44,351) (59,666) (19,568) (26,031) (43,627) (42,278) (63,340)
EFFECTIVE GROSS REVENUE 2.50 896,148 938,506 989,179 1,035,496 1,086,780 1,133,657 1,140,137 1,197,269 1,262,627 1,303,037 1,385,873
OPERATING EXPENSES
CAM (0.22) (77,868) (80,203) (82,612) (85,089) (87,643) (90,273) (92,979) (95,770) (98,642) (101,602) (104,649)
Management Fee (0.07) (26,884) (28,155) (29,675) (31,065) (32,603) (34,010) (34,204) (35,918) (37,879) (39,091) (41,576)
Insurance (0.03) (9,761) (10,054) (10,356) (10,666) (10,986) (11,316) (11,655) (12,005) (12,365) (12,736) (13,118)
Property Taxes (0.37) (134,108) (136,576) (139,094) (141,662) (144,281) (146,953) (149,678) (152,458) (155,293) (158,185) (183,401)
TOTAL OPERATING EXPENSES (0.69) (248,621) (254,988) (261,737) (268,482) (275,513) (282,552) (288,516) (296,151) (304,179) (311,614) (342,744)
NET OPERATING INCOME 1.80 647,527 683,518 727,442 767,014 811,267 851,105 851,621 901,118 958,448 991,423 1,043,129
CAPITAL COSTS
Tenant Improvements 0.00 0 (94,263) (7,868) (13,448) (37,460) 0 (66,071) (39,245) (44,427) (43,887) (15,780)
Leasing Commissions 0.00 0 (36,234) (4,178) (8,945) (17,063) 0 (30,678) (21,159) (24,512) (19,965) (7,361)
Capital Reserves (0.02) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982) (5,982)
Misc. CapEx. (0.21) (75,000) 0 0 0 0 0 0 0 0 0 0
TOTAL CAPITAL COSTS (0.23) (80,982) (136,479) (18,028) (28,375) (60,505) (5,982) (102,731) (66,386) (74,921) (69,834) (29,123)
OPERATING CASH FLOW $1.58 $566,545 $547,039 $709,414 $738,639 $750,762 $845,123 $748,890 $834,732 $883,527 $921,589 $1,014,006
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CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | FINANCIALS
CASH FLOW
FISCAL YEAR ENDING - NOVEMBER 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
ACQUISITION & RESIDUAL SALE
Purchase Price ($11,261,339) 0 0 0 0 0 0 0 0 0 0
Misc. CapEx. ($75,000) 75,000 0 0 0 0 0 0 0 0 0
Tenant Improvements ($50,000) 0 50,000 0 0 0 0 0 0 0 0
Leasing Commissions ($17,633) 0 17,633 0 0 0 0 0 0 0 0 All Cash
Net Residual Value [3] 0 0 0 0 0 0 0 0 0 0 15,486,454 IRR
CASH FLOW BEFORE DEBT ($11,404,000) $641,545 $614,672 $709,414 $738,639 $750,762 $845,123 $748,890 $834,732 $883,527 $16,408,043 8.92%
MARKET LOAN [4]
Loan Funding / Payoff 7,319,870 0 0 0 0 0 0 0 0 0 (6,370,211)
Loan Fees (73,199) 0 0 0 0 0 0 0 0 0 0 Leveraged
Annual Debt Service 0 (329,394) (329,394) (329,394) (445,064) (445,064) (445,064) (445,064) (445,064) (445,064) (445,064) IRR
CASH FLOW AFTER DEBT ($4,157,328) $312,151 $285,278 $380,020 $293,575 $305,698 $400,059 $303,826 $389,668 $438,463 $9,592,767 14.31%
NOI Return 5.68% 5.99% 6.38% 6.73% 7.11% 7.46% 7.47% 7.90% 8.40% 8.69%
UNLEVERAGED Cash Return 5.63% 5.39% 6.22% 6.48% 6.58% 7.41% 6.57% 7.32% 7.75% 8.08%
LEVERAGED Cash Return [5] 7.65% 8.52% 9.57% 7.74% 8.81% 9.77% 9.78% 10.97% 12.35% 13.14%
Rolling - All Cash IRR N/M 2.90% 5.69% 7.16% 7.86% 7.70% 8.17% 8.62% 8.71% 8.92%
Rolling - Leveraged IRR N/M N/M 7.13% 11.12% 12.80% 12.35% 13.29% 14.06% 14.08% 14.31%
[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.
[2] Based on 29,908 square feet.
[3] Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 6.50% and applying a 3.50% Cost of Sale.
[4] Market Debt based on 65% Loan-to-Value, 4.50% Interest Rate, 30-Year Amortization, and 1.00% Loan Fee.
[5] Leveraged Cash Return is based on NOI less debt service divided by equity including costs to stabilize.
18
FINANCIALS | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
RENT ROLL
SUITE TENANT NAME
SQUARE
FEET
% OF
PROPERTY
LEASE TERM RENTAL RATES
RECOVERY TYPE
MARKET ASSUMPTION/
MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF10660-64 Green Street Interiors 3,480 11.64% Aug-2009 Jul-2019 Current $7,169 $2.06 $86,026 $24.72 NNN + 15% CAM/INS Option
Aug-2016 $7,383 $2.12 $88,601 $25.46 $2.25 NNN (Shops)
Aug-2017 $7,607 $2.19 $91,280 $26.23
Aug-2018 $7,833 $2.25 $93,995 $27.01
Tenant has a CPI adjustment on 8/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase. Tenant has two (2) - five (5) year options at continued CPI increases.
Aug-2019 Jul-2029 FUTURE $8,069 $2.32 $96,823 $27.82 NNN + 15% CAM/INS Market
OPTION Aug-2020 $8,311 $2.39 $99,737 $28.66 $2.25 NNN (Shops)
Aug-2021 $8,561 $2.46 $102,730 $29.52
Aug-2022 $8,816 $2.53 $105,792 $30.40
Aug-2023 $9,080 $2.61 $108,959 $31.31
Aug-2024 $9,353 $2.69 $112,230 $32.25
Aug-2025 $9,634 $2.77 $115,606 $33.22
Aug-2026 $9,924 $2.85 $119,086 $34.22
Aug-2027 $10,220 $2.94 $122,635 $35.24
Aug-2028 $10,527 $3.03 $126,324 $36.30
Analysis assumes tenant exercises two (2) - five (5) year options. No leasing costs assumed.
10666&68 Printmaster 2,400 8.02% Dec-2007 Nov-2016 Current $3,360 $1.40 $40,320 $16.80 NNN + 15% CAM/INS Market
MTM $1.50 NNN (Shops)
Lease is currently MTM. Analysis assumes tenant remains in-place throughout first year of analysis at same terms. Tenant has one (1) - three (3) year option at the greater of prior rent or FMV.
10670 Sno Biggie 1,177 3.94% Oct-2012 Sep-2016 Current $1,855 $1.58 $22,261 $18.91 NNN + 15% CAM/INS Option
$2.50 NNN (Restaurant)
Tenant has a CPI (Max 4%) adjustment on 10/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase. Tenant has one (1) - three (3) year option at $2,059.75 /mo with
CPI (Max 4%) increases thereafter.
Oct-2016 Sep-2019 FUTURE $2,060 $1.75 $24,717 $21.00 NNN + 15% CAM/INS Market
OPTION Oct-2017 $2,122 $1.80 $25,459 $21.63 $2.50 NNN (Restaurant)
Oct-2018 $2,185 $1.86 $26,224 $22.28
Analysis assumes tenant exercises one (1) - three (3) year option.
10672 Lush Brows 1,018 3.40% Oct-2013 Oct-2016 Current $1,566 $1.54 $18,792 $18.46 NNN + 12% CAM/INS Option
$2.00 NNN (Shops)
Tenant has one (1) - three (3) year option at $1,679.70 /mo with 3% annual increases thereafter.
Nov-2016 Oct-2019 FUTURE $1,680 $1.65 $20,156 $19.80 NNN + 12% CAM/INS Market
OPTION Nov-2017 $1,730 $1.70 $20,757 $20.39 $2.00 NNN (Shops)
Nov-2018 $1,782 $1.75 $21,388 $21.01
Analysis assumes tenant exercises one (1) - three (3) year option.
19
CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | FINANCIALS
RENT ROLL
SUITE TENANT NAME
SQUARE
FEET
% OF
PROPERTY
LEASE TERM RENTAL RATES
RECOVERY TYPE
MARKET ASSUMPTION/
MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF10674 Jenny Craig 1,955 6.54% Jan-2001 Dec-2016 Current $4,025 $2.06 $48,300 $24.71 NNN + 10% CAM/INS Market
$2.00 NNN (Shops)
Tenant has one (1) - three (3) year option at 95% of FMV with CPI (Max 3%) annual increases thereafter. Tenant may go dark with 120 days notice.
10676 Nutrition Zone 980 3.28% Oct-2010 Sep-2018 Current $1,766 $1.80 $21,197 $21.63 NNN + 15% CAM/INS Market
Oct-2016 $1,820 $1.86 $21,834 $22.28 $2.50 NNN (Shops)
Oct-2017 $1,874 $1.91 $22,491 $22.95
Original lease expired 9/15. Analysis assumes tenant exercises one (1) - three (3) year option at CPI (Max 3%) increase over prior rent with CPI (Max 3%) annual increases thereafter. Current rent includes an assumed 3% CPI
rent increase on 10/15.
10678 Deux Amies I 1,200 4.01% May-2002 Aug-2016 Current $1,887 $1.57 $22,648 $18.87 NNN + 10% CAM/INS Option
$2.00 NNN (Shops)
Tenant has a CPI (Max 3%) adjustment on 9/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase. Tenant has two (2) - one (1) year options at continued CPI (Max
3%) annual increases.
Sep-2016 Aug-2018 FUTURE $1,944 $1.62 $23,328 $19.44 NNN + 10% CAM/INS Market
OPTION Sep-2017 $2,002 $1.67 $24,024 $20.02 $2.00 NNN (Shops)
Analysis assumes tenant exercises two (2) - one (1) year options. No leasing costs assumed.
10680 AVAILABLE (10680) 1,180 3.95% Dec-2016 Nov-2021 Dec-2016 $2,469 $2.09 $29,623 $25.10 NNN + 15% CAM/INS Market
Dec-2017 $2,543 $2.16 $30,515 $25.86 $2.00 NNN (Shops)
Dec-2018 $2,619 $2.22 $31,423 $26.63
Dec-2019 $2,697 $2.29 $32,367 $27.43
Dec-2020 $2,778 $2.35 $33,335 $28.25
10682 Beach Fitness 2,455 8.21% Oct-2013 Oct-2018 Current $3,861 $1.57 $46,335 $18.87 NNN + 15% CAM/INS Option
Nov-2016 $3,977 $1.62 $47,725 $19.44 $1.75 NNN (Shops)
Nov-2017 $4,096 $1.67 $49,149 $20.02
Tenant has a CPI (Max 3%) adjustment on 11/15. Analysis assumes 3% annual CPI rent increases. Tenant has one (1) - five (5) year option at $4,296.25 /mo with CPI (Max 3%) annual increases thereafter. Tenant has
right to terminate on 10/16 with notice by 5/16 and fee of unamortized LCs and 2 months gross rent.
Nov-2018 Oct-2023 FUTURE $4,296 $1.75 $51,555 $21.00 NNN + 15% CAM/INS Market
OPTION Nov-2019 $4,425 $1.80 $53,102 $21.63 $1.75 NNN (Shops)
Nov-2020 $4,558 $1.86 $54,697 $22.28
Nov-2021 $4,695 $1.91 $56,342 $22.95
Nov-2022 $4,836 $1.97 $58,036 $23.64
Analysis assumes tenant exercises one (1) - five (5) year option. No leasing costs assumed.
20
FINANCIALS | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
SUITE TENANT NAME
SQUARE
FEET
% OF
PROPERTY
LEASE TERM RENTAL RATES
RECOVERY TYPE
MARKET ASSUMPTION/
MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF10688 Hofkes and Yin, DDS 1,900 6.35% Dec-2015 Nov-2025 Current $2,850 $1.50 $34,200 $18.00 NNN + 10% CAM/INS Market
ASSUMED Dec-2017 $2,936 $1.55 $35,226 $18.54 $1.75 NNN (Shops)
Dec-2018 $3,024 $1.59 $36,290 $19.10
Dec-2019 $3,114 $1.64 $37,373 $19.67
Dec-2020 $3,208 $1.69 $38,494 $20.26
Dec-2021 $3,304 $1.74 $39,653 $20.87
Dec-2022 $3,403 $1.79 $40,831 $21.49
Dec-2023 $3,506 $1.85 $42,066 $22.14
Dec-2024 $3,610 $1.90 $43,320 $22.80
Modeled per best & final dtd 8-10-15. T modeled in-place as of the analysis start. Seller to guarantee 2 months free rent and difference between year 1 rent ($0.75 /sf/mo) and year 2 rent ($1.50 /sf/mo) for 1st year of lease term.
Tenant has annual CPI (Min 3%, Max 5%) rent increases. Analysis assumes 3%. 1 - 5 yr at FMV. ROFR to lease.
10690 University Escrow 2,463 8.24% Dec-2014 Nov-2019 Current $4,606 $1.87 $55,270 $22.44 NNN (No Mgmt) Market
Dec-2016 $4,852 $1.97 $58,225 $23.64 + 10% CAM/INS $1.75 NNN (Shops)
Dec-2017 $4,998 $2.03 $59,974 $24.35
Dec-2018 $5,148 $2.09 $61,772 $25.08
Tenant has CPI (Max 5%) increases beginning year 4. Analysis assumes 3%. Tenant has two (2) - five (5) year options at continued CPI (Max 5%) annual increases.
10692 Sango 1,850 6.19% Aug-2002 Jul-2023 Current $4,965 $2.68 $59,585 $32.21 NNN + 10% CAM/INS Market
Aug-2016 $5,114 $2.76 $61,365 $33.17 $2.75 NNN (Restaurant)
Aug-2017 $5,268 $2.85 $63,215 $34.17
Aug-2018 $5,425 $2.93 $65,102 $35.19
Aug-2019 $5,589 $3.02 $67,063 $36.25
Aug-2020 $5,757 $3.11 $69,079 $37.34
Aug-2021 $5,929 $3.21 $71,151 $38.46
Aug-2022 $6,107 $3.30 $73,279 $39.61
Tenant has a CPI adjustment on 8/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase.
10696 Bonjour Bagel 1,210 4.05% Feb-1998 Jun-2017 Current $2,551 $2.11 $30,612 $25.30 NNN + 15% CAM/INS Market
Jul-2016 $2,628 $2.17 $31,533 $26.06 $2.75 NNN (Restaurant)
Tenant has a CPI adjustment on 7/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase.
RENT ROLL
21
CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | FINANCIALS
RENT ROLL
SUITE TENANT NAME
SQUARE
FEET
% OF
PROPERTY
LEASE TERM RENTAL RATES
RECOVERY TYPE
MARKET ASSUMPTION/
MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF10698 Marina Mitri Skin Care 1,040 3.48% Sep-2013 Aug-2018 Current $1,799 $1.73 $21,591 $20.76 NNN + 15% CAM/INS Option
Sep-2016 $1,853 $1.78 $22,235 $21.38 $2.50 NNN (Shops)
Sep-2017 $1,909 $1.84 $22,911 $22.03
Tenant has a CPI adjustment on 9/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase. Tenant has one (1) - five (5) year option at continued CPI increases.
Sep-2018 Aug-2023 FUTURE $1,966 $1.89 $23,594 $22.69 NNN + 15% CAM/INS Market
OPTION Sep-2019 $2,025 $1.95 $24,305 $23.37 $2.50 NNN (Shops)
Sep-2020 $2,086 $2.01 $25,033 $24.07
Sep-2021 $2,148 $2.07 $25,782 $24.79
Sep-2022 $2,213 $2.13 $26,551 $25.53
Analysis assumes tenant exercises one (1) - five (5) year option. No leasing costs assumed.
10700 Gloss Salon (10700) 1,040 3.48% Oct-2012 Jun-2019 Current $2,142 $2.06 $25,709 $24.72 NNN + 15% CAM/INS Market
Jul-2016 $2,207 $2.12 $26,478 $25.46 $2.50 NNN (Shops)
Jul-2017 $2,273 $2.19 $27,279 $26.23
Jul-2018 $2,341 $2.25 $28,090 $27.01
Tenant has a CPI (Max 3%) adjustment on 7/15. Analysis assumes 3% annual CPI rent increases. Current rent includes an assumed 3% rent increase.
10702 Complete Nails 1,040 3.48% Mar-2010 Feb-2020 Current $2,184 $2.10 $26,208 $25.20 NNN + 15% CAM/INS Option
Mar-2016 $2,288 $2.20 $27,456 $26.40 $2.65 NNN (Shops)
Mar-2017 $2,356 $2.27 $28,278 $27.19
Mar-2018 $2,428 $2.33 $29,130 $28.01
Mar-2019 $2,500 $2.40 $30,004 $28.85
Tenant has annual CPI (Min 1%, Max 4%) rent increases beginning 3/17. Analysis assumes 3%. Tenant has one (1) - three (3) year option at a CPI (Min 1%, Max 4%) increase over prior rent with CPI (Min 1%, Max 4%) increases
thereafter.
Mar-2020 Feb-2023 FUTURE $2,575 $2.48 $30,902 $29.71 NNN + 15% CAM/INS Market
OPTION Mar-2021 $2,652 $2.55 $31,824 $30.60 $2.65 NNN (Shops)
Mar-2022 $2,732 $2.63 $32,781 $31.52
Analysis assumes tenant exercises one (1) - three (3) year option. No leasing costs assumed.
10704 AVAILABLE (10704) 820 2.74% Dec-2016 Nov-2021 Dec-2016 $2,144 $2.62 $25,732 $31.38 NNN + 15% CAM/INS Market
Dec-2017 $2,209 $2.69 $26,502 $32.32 $2.50 NNN (Shops)
Dec-2018 $2,275 $2.77 $27,298 $33.29
Dec-2019 $2,343 $2.86 $28,118 $34.29
Dec-2020 $2,414 $2.94 $28,962 $35.32
22
FINANCIALS | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
RENT ROLL
SUITE TENANT NAME
SQUARE
FEET
% OF
PROPERTY
LEASE TERM RENTAL RATES
RECOVERY TYPE
MARKET ASSUMPTION/
MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF1708 Brew Kitchen Ale House 2,118 7.08% May-2015 Apr-2025 Current $7,124 $3.36 $85,488 $40.36 NNN + 15% CAM/INS Option
May-2018 $7,337 $3.46 $88,045 $41.57 $3.40 NNN (Restaurant)
May-2019 $7,558 $3.57 $90,693 $42.82
May-2020 $7,785 $3.68 $93,425 $44.11
May-2021 $8,018 $3.79 $96,221 $45.43
May-2022 $8,258 $3.90 $99,101 $46.79
May-2023 $8,507 $4.02 $102,088 $48.20
May-2024 $8,761 $4.14 $105,138 $49.64
Tenant has two (2) - five (5) year options at 103% of prior rent with 3% annual increases thereafter.
May-2025 Apr-2035 FUTURE $9,024 $4.26 $108,294 $51.13 NNN + 15% CAM/INS Market
OPTION May-2026 $9,294 $4.39 $111,534 $52.66 $3.40 NNN (Restaurant)
May-2027 $9,573 $4.52 $114,880 $54.24
May-2028 $9,861 $4.66 $118,333 $55.87
May-2029 $10,158 $4.80 $121,891 $57.55
May-2030 $10,461 $4.94 $125,534 $59.27
May-2031 $10,775 $5.09 $129,304 $61.05
May-2032 $11,098 $5.24 $133,180 $62.88
May-2033 $11,432 $5.40 $137,183 $64.77
May-2034 $11,774 $5.56 $141,292 $66.71
Analysis assumes tenant exercises two (2) - five (5) year options. No leasing costs assumed.
10686 Gloss Salon (10686) 582 1.95% Dec-2014 Nov-2016 Current $300 $0.52 $3,600 $6.19 $50 /Mo Fixed Market
MTM $0.60 GROSS (Office)
Lease is currently MTM. Analysis assumes tenant remains in-place throughout first year of analysis at same terms.
TOTALS / AVERAGES 29,908 $54,012 $1.94 $648,142 $23.22
OCCUPIED SF 27,908 93.3%
AVAILABLE SF 2,000 6.7%
TOTAL SF 29,908 100.0%
23
CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD | SECTION
24
SECTION | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD
LOS ALAMITOS BOULEVARD (34,800 CPD)
LOS ALAMITOS ARMY AIRFIELD
LOS ALAMITOS RACE COURSE
SERPENTIN
E DRIVE
BR
IGG
EMA
N D
RIV
E
KATELLA AVENUE
SAU
SALITO
STREET
25
AFFILIATED BUSINESS DISCLOSURE
CBRE 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 Trammell 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 all Property (the”Owner”), to be all-inclusive or to contain all or part of the information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors being 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 respectful directors, officers, Affiliates or
representatives make an representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any 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. The Owner shall have no legal commitment or obligation to any entity reviewing 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
© 2015 CBRE, Inc. The information containing in this document has been obtained for 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.
Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
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.
10660-10708 LOS ALAMITOS BOULEVARD LOS ALAMITOS, CA
NRIG-WEST
MARKETED BY
PHILIP D. VOORHEES + 1 949 725 8521
Lic. 01252096
BRAD RABLE + 1 949 725 8468
Lic. 01940290
JAMES SLUSHER + 1 949 725 8507
Lic. 01857569
MEGAN WOOD + 1 949 725 8423
Lic. 01516027
CBRE-NEWPORT BEACH 3501 Jamboree Rd., Ste 100
Newport Beach, CA 92660
F + 1 949 725 8545
© 2015 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.
JOHN READ + 1 949 725 8606
Lic. 01359444
10660-10708 LOS ALAMITOS BOULEVARD LOS ALAMITOS, CA
LONG BEACHSAN PEDROPACIFIC OCEAN
CATALINA ISLAND
SIGNAL HILL
EL DORADO EAST REGIONAL PARK
COYOTE CREEK
SERPENTINE D
RIVE
SAUSA
LITO ST
REET
FUTURE HOTEL
I-605 FREEWAY (173,000 CPD)
BRIGGEM
AN DRIV
E
LOS ALAMITOS BOULEVARD (34,800 CPD)
10660-10708 LOS ALAMITOS BOULEVARD LOS ALAMITOS, CA
LONG BEACHSAN PEDROPACIFIC OCEAN
CATALINA ISLAND
SIGNAL HILL
EL DORADO EAST REGIONAL PARK
COYOTE CREEK
SERPENTINE D
RIVE
SAUSA
LITO ST
REET
FUTURE HOTEL
I-605 FREEWAY (173,000 CPD)
BRIGGEM
AN DRIV
E
LOS ALAMITOS BOULEVARD (34,800 CPD)