Offering Memorandum

Bank of HemetHeadquarters

Acadia MiddleSchool

32,000 Vehicles Per Day

Offering SummaryOffering Price: $1,342,000

Rentable SF: 1,743

Price PSF: $770

Annual Rent: $83,885

Cap Rate: 6.25%

Lease Summary:Tenant: Jack in the Box, Inc. (NYSE: JBX)

Lease Commencement: December, 2004

Lease Expiration: December, 2022

Lease Type: NNN

Lease Term: 18 years 

Remaining Term: 14 years

Options: Four, 5 year options

Increases: CPI capped at 8% every 5 years

Next Increase: December, 2009

Site Summary:Address: 1595 E Florida Avenue

Land SF: 24,829

Year Built: 1973

Frontage: 150 feet onto East Florida Avenue

General Use: Quick Service Restaurant

Drive Through: Yes

Number of Parking Spaces: 22

Jack in the Box has operated at this location since 1973. In 2004, thetenant signed a new 18 year lease at the property.

Assumable FinancingLoan Balance: $682,927

Interest Rate: 6.00%

Annual Debt Service: $56,832

Cash Flow After Debt Service: $27,053

2% Loan Assumption Fee: $13,659

Cash Required: $672,732

Next Rate Adjustment: Fixed Rate

Term End: February, 2010

Sale of this property is contingent on Buyer assuming the existing financing subject to a 2% assumption fee. 

*All data current as of October, 2008

Subject Property

Bank of HemetHeadquarters

Acadia MiddleSchool

32,000 Vehicles Per Day

This Southern California Jack in the Box location is on Florida Avenue, the primaryretail corridor through the city of Hemet. Florida Avenue is a 4 lane thoroughfare (plusa dedicated‐left lane) with an average daily vehicle count of 32,000 near the property.

Local activity includes Bank of America immediately next door to the site, Citibank,WAMU, and the headquarters of the Bank of Hemet across the street, nearby AcadiaMiddle School, and numerous other traffic drivers as illustrated below.

Jack in the Box enjoys excellent visibility from Florida Avenue. The dedicated‐left laneensures easy access to the property .

Jack in the Box Inc. (NYSE: JBX) operates over 2,100 quick service restaurants,primarily company owned, in 43 states across the US. In addition, thecompany owns the 400 unit Qdoba quick‐service brand and the 60 unit QuickStuff chain of convenience stores.

In 2007, Jack in the Box’s revenues exceeded $2.875 Billion with net income ofmore than $126 Million. Company assets as of July, 2008 were approximately$1.421 Billion with equity of nearly $420 Million.

Summarized Financial StatisticsAll Numbers in Thousands

Assets $  1,420,902 Liabilities $  1,000,985 

Equity $      419,917 

2007 Revenue $ 2,875,978 2007 Operating Cashflow $     179,809 

2007 Net Income $     126,304 

Bird’s eye of the property facing South

Over 143,000 people live within 5 miles of the Jack in the Boxproperty earning an average household income of nearly$49,000 per year. The population has increased over 47% since1990 and is expected to grow another 15% by 2013.

Summarized Demographics0.00 ‐ 1.00

Miles  0.00 ‐ 3.00

Miles  0.00 ‐ 5.00 

Miles

Population2013 Projection 20,752 117,300 165,3592008 Estimate 18,835 104,013 143,4822000 Census 16,574 86,725 113,0271990 Census 15,170 74,603 93,596

Growth 2008‐2013 10.18% 12.77% 15.25%Growth 2000‐2008 13.64% 19.93% 26.94%Growth 1990‐2000 9.26% 16.25% 20.76%

2008 Est. Median Age 31.15 35.88 36.73

2008 Est. Average Household Income $40,021 $45,982 $48,694

2008 Est. Median Household Income $30,128 $34,041 $36,951

2008 Est. Average Number of Vehicles 1.40 1.44 1.49

2008 Est. Median All Owner‐Occupied Housing Value $226,376 $221,984 $221,646

For more information regarding this opportunity, please contact:

Zach GoldmanThe Midtown Niki Group

(858) 546‐0033zach@midtownniki.comwww.midtownniki.com