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

[email protected]

BRAD RABLE + 1 949 725 8468

Lic. 01940290

[email protected]

JAMES SLUSHER + 1 949 725 8507

Lic. 01857569

[email protected]

MEGAN WOOD + 1 949 725 8423

Lic. 01516027

[email protected]

JOHN READ + 1 949 725 8606

Lic. 01359444

[email protected]

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


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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

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Proposed Hotel Development

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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.


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.


SNO BIGGIE Los Alamitos-based dessert shops offering ice cream and frozen yogurt,

known for their New Orleans-imported syrups and ice machine.


DEUX AMIES I Los Alamitos-based boutique.


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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


LOCAL TENANTS

COMPLETE NAILS Los Alamitos-based nail salon.


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.


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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.


MARINA MITRI SKIN CARE www.marinaskinspa.com

Skin care spa offering facial and body

treatments, acne and medical peels and

permanent make-up.


GLOSS SALON www.theglosssalon.com

Full-service salon offering a fun, welcoming environment.


BONJOUR BAGEL Café serving bagels and other breakfast menu items.


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.


SANGO www.sangosushi.com

Japanese restaurant serving up classic rolls,

noodles, tempura and teriyaki dishes and a

casual and fun environment.


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SECTION | CENTER PLAZA 10660-10708 LOS ALAMITOS BOULEVARD


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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.

16

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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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


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


RENT ROLL

SUITE TENANT NAME

SQUARE

FEET

% OF

PROPERTY


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


SUITE TENANT NAME

SQUARE

FEET

% OF

PROPERTY


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


RENT ROLL

SUITE TENANT NAME

SQUARE

FEET

% OF

PROPERTY


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


RENT ROLL

SUITE TENANT NAME

SQUARE

FEET

% OF

PROPERTY


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 ARMY AIRFIELD

LOS ALAMITOS RACE COURSE

SERPENTIN

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BR

IGG

EMA

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RIV

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KATELLA AVENUE

SAU

SALITO

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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.


NRIG-WEST

MARKETED BY

PHILIP D. VOORHEES + 1 949 725 8521

Lic. 01252096

[email protected]

BRAD RABLE + 1 949 725 8468

Lic. 01940290

[email protected]

JAMES SLUSHER + 1 949 725 8507

Lic. 01857569

[email protected]

MEGAN WOOD + 1 949 725 8423

Lic. 01516027

[email protected]

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

[email protected]


CATALINA ISLAND

SIGNAL HILL


COYOTE CREEK

SERPENTINE D

RIVE

SAUSA

LITO ST

REET

FUTURE HOTEL


BRIGGEM

AN DRIV

E


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