rei wise investment analysis software

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For more information contact: FOR SALE/LEASE 2400 and 2420 West Main Street Barstow , CA 92311 Donald P. Brown, President/Broker 760.241.5211 [email protected] Lic. ID# 01223230 Ronald J. Barbieri, Ph.D. 760.241.5211 [email protected] Lic. ID# 00344191 Phone: 760.241.5211 Fax: 760.241.1208 14369 Park Avenue Suite 200 Victorville, CA 92392 www.lee-associates.com Industrial Building Fronting Main Street Former True Value Hardware High Visibility Easy Access to I-15 Freeway via L Street & Main Street Adjacent 6,000sf Building Available For Sale

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Page 1: REI Wise Investment Analysis Software

For more information contact:

FOR SALE/LEASE2400 and 2420 West Main Street Barstow , CA 92311

Donald P. Brown, President/Broker

760.241.5211

[email protected]

Lic. ID# 01223230

Ronald J. Barbieri, Ph.D.

760.241.5211

[email protected]

Lic. ID# 00344191

Phone: 760.241.5211 ● Fax: 760.241.1208 ● 14369 Park Avenue Suite 200 ● Victorville, CA 92392 ● www.lee-associates.com

Industrial Building Fronting Main Street●

Former True Value Hardware ●

High Visibility●

Easy Access to I-15 Freeway via L Street & Main Street ●

Adjacent 6,000sf Building Available For Sale●

Page 2: REI Wise Investment Analysis Software

Table of Contents

SECTION 1 - PROPERTY OVERVIEW

SECTION 2 - MARKET OVERVIEW

SECTION 3 - LEE ADVANTAGE

SECTION 4 - LEE SUMMARY

Page 3: REI Wise Investment Analysis Software

Property OverviewFOR SALE/LEASE2400 and 2420 West Main Street Barstow , CA 92311

Page 4: REI Wise Investment Analysis Software

Property DescriptionFOR SALE/LEASE

2400 and 2420 West Main Street Barstow , CA 92311

Donald P. Brown, President/Broker760.241.5211

Property Description

±32,640 SF Commercial/ Industrial BuildingFronting Main St.Former True Value Hardware Situated on ±2.06 Acres Fenced Yard & Storage AreaHigh Ceiling Clearance Rear Loading Docks High Visibility & Large Pylon Sign Easy Access to I-15 Freeway via L Street &Main StreetAmple Parking84 Parking Spaces with 6 Handicap ParkingSpaces Available Sale Price: $1,000,599Lease Rate: $0.35 psf NNN

Adjacent ±6,000 SF Building Available for Sale ±6,000 SF Industrial/ WarehouseBuilding Fronting Main StreetSituated on ±1.61 AcresFenced YardZoned: Light IndustrialHigh VisibilityBuilding Signage AvailableEasy Access to I-15 Freeway via L Street & Main StreetAmple ParkingAdjacent ±32,460 SF Building AlsoAvailable for Sale or LeaseSale Price: $330,000

Page 5: REI Wise Investment Analysis Software

Property PhotosFOR SALE/LEASE

2400 and 2420 West Main Street Barstow , CA 92311

Donald P. Brown, President/Broker760.241.5211

Property Photos

Pylon Sign 2420 West Main Street Front of Building 2420 West Main Street

Fenced Yard 2420 West Main Street

Back of Building 2420 West Main Street 6,000 SF Building 2400 West Main Street

Page 6: REI Wise Investment Analysis Software

Maps and AerialsFOR SALE/LEASE

2400 and 2420 West Main Street Barstow , CA 92311

Donald P. Brown, President/Broker760.241.5211

Property Location

Locator Map

Aerial

Page 7: REI Wise Investment Analysis Software

Maps and AerialsFOR SALE/LEASE

2400 and 2420 West Main Street Barstow , CA 92311

Donald P. Brown, President/Broker760.241.5211

Property Location

Area Map

Page 8: REI Wise Investment Analysis Software

Real Estate Investment Details

ANALYSIS

Analysis Date: December 2010

PROPERTY

Property: FOR SALE/LEASE

Property Address: 2400 and 2420 West Main Street Barstow , CA 92311

Year Built: 1989

FINANCIAL INFORMATION

All Cash

PURCHASE INFORMATION

Property Type: Commercial

Purchase Price: $1,330,599

Fair Market Value: $1,330,599

Tenants: 1

Total Rentable Sq. Ft.: 38,640

Resale Valuation 0% (annual appreciation)

LOANS

Debt Term Rate Payment LO Costs

All Cash

INCOME & EXPENSES

Gross Operating Income: $0

Monthly GOI: $0

Total Annual Expenses: $0

CONTACT INFORMATION

Donald P. Brown, President/Broker

760.241.5211

[email protected]

Lic. ID# 01223230

Ronald J. Barbieri, Ph.D.

760.241.5211

[email protected]

Lic. ID# 00344191

The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projectionsand analysis.

Page 9: REI Wise Investment Analysis Software

Investment Overview

Located in the beautiful Barstow area, these one of a kind industrial/warehouse buildings front West Main Street which is a highly traveled street with 14,000 passer-byers and locals alike per day.

Totaling ±38,640 square feet of industrial/warehouse building including both lots. In addition, 3 vacant residential parcels located precisely south of 2400 and 2420 West Main Street.

2420 West Main Street has great parking with 84 parking spaces and 4 handicap. Featuring high ceiling clearance, rear loading docks and a high pylon sign.

2400 West Main Street has a fenced yard area, with ample parking, warehouse type facility with a roll up door and visible building signage available.

The above mentioned parcels have easy access to and from Interstate 15 Freeway via L Street.

Page 10: REI Wise Investment Analysis Software

Market OverviewFOR SALE/LEASE2400 and 2420 West Main Street Barstow , CA 92311

Page 11: REI Wise Investment Analysis Software

Demographic Overview ~ The City of Barstow

Barstow, California is located in the northern part of the High Desert area of San Bernardino County. As of January 2010, the greater Barstow area (25 mile radius) had a population of approximately 52,900, while the population within a five mile radius of the site was 23,952. Barstow is one of five incorporated areas that make up the High Desert region of San Bernardino County. The other areas are Victorville, Apple Valley, Hesperia and Adelanto. Barstow is located approximately 30 miles north of the City of Victorville at the junction of the I-15 and U.S. Highway 40. The I-15 freeway runs north/south connecting the Los Angeles Basin to Las Vegas. The U.S. Highway 40 runs east from Barstow to the casinos and entertainment facilities at Lake Havasu and the “River.”

The total population of the High Desert was 430,775 as of the beginning of 2010. This reflects an increase of 46% since the census of 2000 (factoring in the US Census data estimated for 2010). The San Bernardino and Riverside counties have become the fastest growing region in Southern California. The population as of January 2010 was estimated at 4.1 million. The average annual population growth for the Inland Empire over the last eight years was 114,495 per year.

The City of Barstow saw a 4.8% population increase during 2000-2010. This growth reflects the increased economic activity in the High Desert as well as the expansion of some of the major employers in the immediate area. The population of the greater Barstow area is expected to increase due to the development of warehousing and distribution facilities in the City of Barstow. Wal-Mart Corporation is expected to start construction on a 400,000 square foot distribution facility that will employ 250 - 350 employees. If the industrial developments in Barstow were to add an average 250 employees each and the base employment increased by 1,000 the number of Secondary Employment would increase by an additional 1,000 each year. However, the Secondary Employment would be added over a three year period following the addition of base employment.

Page 12: REI Wise Investment Analysis Software

Barstow Retail Sub-Markets

AA

BB

Barstow Barstow OutletsOutlets

Market Overview ~ The City of Barstow

CC DD

Page 13: REI Wise Investment Analysis Software

Barstow Retail Sub-Markets

A: Old Town-Barstow - This is the redevelopment area on both East and West Main Street that flanks both sides of Barstow Road for a half mile in each direction. The area appeals to tenants that are rent sensitive and are looking for short-term leases. Most of the tenants in this area are mom and pop type operations. Exhibit A is an aerial of this retail sub-market.

Market Overview ~ The City of Barstow (A)

Page 14: REI Wise Investment Analysis Software

Barstow Retail Sub-Markets

B: L-Street north of I-15 Freeway -This sub-market is where the new Home Depot is located. Target was interested in the site but the owner of the fee interest was only willing to lease the land for 25 years with two 10 year options. The developer decided not to proceed with the development. There is additional land on the north end of L Street where it dead ends into West Main Street.

Market Overview ~ The City of Barstow (B)

Page 15: REI Wise Investment Analysis Software

Barstow Retail Sub-Markets

Market Overview ~ The City of Barstow (C)

C: East Main Street -This is one of the older shopping areas of Barstow that is being renovated as new tenants lease space in the three centers. The primary anchors are Vons, which is renewing its lease, 99 Cents, Dollar Tree, Save a Lot, Aaron Rents as well as national and regional fast food outlets and gas stations. The area attracts individuals from all over the greater Barstow area. It also benefits from people who are traveling from the Los Angeles Basin to Las Vegas and the “River” that exit at the I-15 and the US Highway 40 at E. Main Street to gas up, eat and get provisions and supplies for the weekend. Exhibit C is an aerial depicting the major retail tenants in the in this sub-market.

Page 16: REI Wise Investment Analysis Software

Barstow Retail Sub-Markets

Market Overview ~ The City of Barstow (D)

D: East Main Street near the junction of the I-15 Freeway and US Highway 40 - This retail market contains numerous fast food restaurants, gas stations and motels. On the weekends the traffic counts on East Main Street are extremely high. The east end of this sub-market is anchored by a Wal-Mart. Between the two freeways is the Old Barstow Mall, that is substantially vacant and in need of a renovation. The west end of this retail area abuts the East Main Street sub-market described above. The aerial in Exhibit D identifies the major retail tenants and motels in the area.

Old Old Barstow Barstow

MallMall

Los Los DomingosDomingosRestaurantRestaurant

Page 17: REI Wise Investment Analysis Software

Geographic Overview

Interstate 15 (I-15) is the fourth-longest north-south transcontinental Interstate Highway in the United States, traveling through the states of California, Nevada, Arizona, Utah, and Montana.

Since I-15's initial construction, California, Nevada, and Utah have consistently ranked in the fastest growing areas of the United States. As a result, the I-15 corridor has substantially increased in population and commuter traffic has increased the traffic burden on the freeway. Current population estimates are that more than 75 percent of Utah's population, 19 percent of California's population, and more than 70 percent of Nevada's population live in counties where Interstate 15 is the primary transportation corridor.

Similarly, in California, I-15 is seeing more commuter traffic due to the growth of the Mojave Desert communities of Victorville and Barstow, California. In all of these states, I-15 has recently been or is currently in the process of being upgraded to increase capacity.

Designated as a high priority corridor in 1995, Interstate 15 has seen significant improvements in major metropolitan areas due to exploding population growth throughout the west. Various construction projects along the corridor in Salt Lake City, St. George, Las Vegas, Barstow, the Inland Empire (Riverside/San Bernardino Counties), and San Diego have already expanded the capacity of Interstate 15. Future plans include a minimum of six lanes from San Diego to Las Vegas, a high-speed mass transit system between Los Angeles and Las Vegas, increased high occupancy vehicle lanes in North San Diego County, light rail in Salt Lake City, and the Legacy Highway relief expressway in greater Salt Lake.

Interstate 15 Corridor

Page 18: REI Wise Investment Analysis Software

Lee AdvantageFOR SALE/LEASE2400 and 2420 West Main Street Barstow , CA 92311

Page 19: REI Wise Investment Analysis Software

About Lee & Associates – Inland Empire North

The Inland Empire North office has local experience, national reach and world class! We believe that a commercial brokerage goes beyond creating a connection with clients and property. The goal is to build a continual client relationship built on trust and commitment. It’s about building a community, one property at a time.

Having world class experience has been defined over decades of client satisfaction and has given Lee & Associates Inland Empire North, Inc. the undoubted confirmation that our agents are industry leading commercial real estate professionals who work to ensure that your commercial real estate necessities are met.

Our office is comprised of 9 agents and 3 staff servicing the High Desert; Victorville, Hesperia, Apple Valley, Barstow, Phelan, Palmdale, and Lucerne Valley. Through informed and effective decisions our clients enjoy a myriad of specialized commercial real estate services including:

Industrial, Office and Retail Property Sales and Leasing Real Estate Investment Consulting Real Estate Financing Property Acquisition and Disposition Tenant Representation and RelocationProperty and Portfolio Evaluation Property Management Asset Management Market Research Water Rights & Mitigation

We have a vested interest in your complete satisfaction and look forward to working with you.

Lee Advantage

Page 20: REI Wise Investment Analysis Software

The Lee Advantage

Professionalism and Results

They are the foundation upon which our business relationships are built. Our business is to make sure that your commercial real estate requirements are met squarely – and that decisions are informed and effective. With Lee & Associates agents at your side, you will have the benefit of their experience and extraordinary knowledge. Their counsel, assistance and depth of local market knowledge can be critical elements in achieving the results you want. From fully staffed offices in 42 key markets, we also represent a broad range of regional, national and international clients: corporations, institutions, investors, and individual businesses.

Market Knowledge

Market knowledge is the foundation of Lee & Associates’ success. No other commercial real estate company has made market knowledge and research as central to its business and its ability to serve its clients. Recognizing that market knowledge is critical to success, each Lee & Associates agent is sharply focused on: regional and local business trends; local real estate trends and statistics; relevant local market transactions; opportunities to buy, sell, lease, invest or develop. Armed with remarkably in-depth current market information and data, your Lee & Associates agent is able to develop the plans needed to make sure your assignments are completed successfully.

Bought Sold Leased Financed Developed OccupiedThat’s how we define getting the job done. It’s what our clients expect, and it’s what we do. Quickly, professionally, and effectively. Every day. From the start of an assignment to its completion, a broad range of specialized services are delivered by responsive, energetic, knowledgeable agents.

Page 21: REI Wise Investment Analysis Software

The Lee Advantage When you use a Lee & Associates broker, you also engage the services of our researchers, data banks, and marketing staff. Your requirement becomes our company’s job. It makes good business sense to use a specialist who knows the market.

Fast Client Results. As a company owners, Lee Principals have a vested interest in the swift, successful completion of client assignments and transactions. Our associate brokers continually strive to earn ownership standing, encouraging a coordinated team effort and fast and effective results for clients.

Streamlined Personal Service. Each Lee group office is owned and operated by the brokers in that office. Clients deal directly with decision makers, not with an unwieldy corporate bureaucracy as is true of many of our competitors.

Experience Counts. The average number of years of experience of Lee’s principal commercial brokers is 15-20 years. Our unique profit-sharing structure attracts the best people as owner brokers: only those with exceptional skills, confidence and ethical practice.

Long-Term Relationships. Lee & Associates Inland Empire North, Inc. boasts the lowest turnover rate in the industry. Our ownership structure encourages longevity, allowing for long-term relationships with clients.

In-Depth Market Knowledge. Each Lee group office is committed to providing the best data and analysis for the market it serves. No other commercial real estate company has made specialized market knowledge and research as central to its business practice.

Business Stability. Each Lee & Associates group office is profitable, privately held and managed by its individual shareholders. Newly formed offices are stable, debt-free operations, with all startup capital funded by shareholders of all offices through Lee’s venture capital group.

Strong National Affiliations. Lee & Associates maintains affiliations with recognized brokers in all major real estate markets. Lee’s national organization affiliations include: NAIOP, ICSC, AIR, and IREM.

Page 22: REI Wise Investment Analysis Software

Marketing Strategy

STRATEGYLee & Associates provides a proven team in a growing and motivated company. Our strategy is simple. We understand the market and are constantly prospecting to find tenants for our clients.

MOTIVATIONThe Lee & Associates model is unique among major commercial real estate firms. Lee & Associates Inland Empire North, Inc. is a broker owned and managed firm. Our model creates a cooperative rather than a competitive environment. This is true between the members of the Inland Empire North’s office as well as creating a cooperative environment between the individual offices.

In addition, the principals of the Inland Empire North’s office are highly motivated for success individually as well as for our clients. Our client are assured that our early success on their behalf will be critical for our perception of success in the market.

SIGNAGELee & Associates will install standard signs at the property as appropriate.

BROCHURELee & Associates will prepare, print and distribute standard brochures for the properties. The brochure will have a property photo, information about the property, pricing, divisibility, parking, and expandability, loading and building systems. Production time for the brochure is approximately three (3) business days from your approval of the mock-up.

Page 23: REI Wise Investment Analysis Software

Marketing StrategyE-BLASTLee & Associates will e-blast the listing brochure every month to the region’s commercial brokerage community. The broadcast e-mail is of tremendous value in keeping the property fresh in the minds of brokers who are working on behalf of clients who may have property needs, which match your offering. Lee & Associates will also market your property through the Victor Valley area’s commercial realtor’s electronic leads system on a monthly basis wherein information about your property is displayed to over 300 brokers. Additionally, your property will be displayed on the Lee & Associates’ home web-page, A.I.R. (American Industrial Real Estate), RE Applications, LoopNet, Property Line, E- Property Links, Kommon Area, Deal Makers, as well as the local VVMLS (Victor Valley Multiple Listing Service).

LISTING UPDATELee & Associates updates and mails the update of our listings to the Victor Valley region’s commercial brokerage community on a monthly basis. Your property will be added to this listing update throughout our marketing effort.

DIRECT MAILINGLee & Associates will target potential users for your property through business directories and data banks (Info USA,Chicago Title, etc.). We will then direct mail a brochure and cover letter to a minimum of twenty (20) prospects per week during our marketing effort. Each prospect will receive a follow up call within two weeks of the mailing to discuss the features of the property and determine their interest.

Lee & Associates Inland Empire North, Inc. will be responsible for the mailing costs of all mass mailing campaigns. We would look to building ownership for any pre-approved additional costs incurred for broker open houses, print advertising, marketing boards, etc. that we utilize on our clients’ behalf.

Page 24: REI Wise Investment Analysis Software

Don is Founder and Broker of Lee & Associates Commercial Real Estate Services – Inland Empire North Inc., headquartered in the Park Avenue Executive Square in the Civic Center of Victorville. Don has been a resident of Victorville since he built his first home in Spring Valley Lake in 1983. He began working in the High Desert in 1982 as the Vice President of Real Estate and Development for Bonita Real Estate and Development Headquartered in Orange, CA.

As the 19th of 41 offices, which have been established by the Lee Group of Companies, Lee & Associates – Inland Empire North Inc. is a full service Real Estate Company that has prospered by specializing in the Victor Valley, with outreach into the Antelope Valley, Barstow, and Mojave. The company focuses on Retail, Industrial, Office, Leasing/Sales and Property Management Services.

“Our distinctive market niche is that of a local Commercial Real Estate Brokerage with national name recognition that emphasizes personal services”. “We always place our clients’ interests ahead of our own,” states Don.

Among Don’s outstanding recent transactions was the representation of the 86,000 square foot K-Mart store in Victorville to local appliance retailer “Midway Appliance”. The tenant representation of “Nutro Products” in the leasing of their 150,000 square foot warehouse located in Hesperia and has been directly responsible for the procurement of over 800 leases and the sale of over $100,000,000 of commercial real estate in his career.

QualificationsDonald P. BrownPresident/BrokerLic. ID# 01223230

In the highly competitive world of Commercial Real Estate, Don Brown and Lee & Associates has established themselves as one of the leading companies in their field. The Business Press recently nominated Lee & Associates Inland Empire North Inc., as one of the top small businesses’ to work for in the Inland Empire, as well as nominating Don for a Lifetime Achievement Award for his Business and Civic contributions to the High Desert Community.

Page 25: REI Wise Investment Analysis Software

His firm also, serves as Leasing Agents and Property Managers for approximately 3 million square feet of Retail, Office and Industrial Property and was recently listed in the top 25 commercial real estate management firms in Southern California. The combined incomes of the three Inland Empire Offices, places Lee & Associates as one of the leading Commercial Real Estate Brokerages in the Southern California.

Active in the Commercial Real Estate Industry, Lee & Associates – Inland Empire North Inc. is an active member of International Council Of Shopping Centers, American Industrial Realtors Association, National Association Of Industrial and Office Properties, Institute Of Real Estate Management, Barstow Board of Realtors, Victor Valley Multiple Listing Service and The Adelanto, Apple Valley, Barstow, Hesperia, and Victorville Chambers of Commerce.

As a strong supporter of his community Don has served in various capacities for a multitude of public and non-profit organization including the local Building/Development Industry Association, Chairman of The City of Victorville Development Advisory Committee, Chairman of The City of Victorville Building Appeals Board, Community Bank Advisory Board, Happy Trails Children Foundation, Desert Communities United Way, Facilities Advisory Committee for Victor Valley School District, High Desert Homeless Services, High Desert Youth Center, Victor Valley College President Circle/College Advisory Board, Chairman of the Board of the High Desert Academy of Arts and Applied Sciences, and is the Past President of the Victor Valley Sunrise Rotary Club.

“I have always believed in giving back to the community and have tried to assist those organizations that are trying to make a difference”, says Don. He currently has been providing Real Estate Services at no charge for local non-profit organizations that have limited expertise in the Commercial Real Estate field. Don was recently awarded the “Paul A. Harris Fellow Award”, by The Victorville Rotary Club for outstanding “Service above Self” to the community.

“There has been tremendous growth in the High Desert in the last several years. If you look back at the Ontario area 15 years ago, you can see what the future is going to hold for our area. The High Desert is one of the last affordable area’s left in Southern California. This region is truly a “New Frontier” for the Real Estate and Development Community.”

QualificationsDonald P. BrownPresident/BrokerLic. ID# 01223230

Page 26: REI Wise Investment Analysis Software

Ron was on the faculty of Cal Poly, Pomona, where, as an Associate Professor, he taught Real Estate and Finance while getting his PhD in Real Estate and Urban Land Economics, with concentration in Statistics for technical core products from UCLA’s Graduate School of Management. His minor fields were in Finance and Architecture, where Ron completed the courses and design studios required for the professional Masters Degree in Architecture.

While at Coldwell Banker (now CBRE) he spearheaded the effort to design and market the first real estate investment fund for pension funds and insurance companies. Ron worked directly with Smith Barney’s Corporate Finance Partners in New York. He was responsible for all aspects of the fund’s activities including identifying real estate investment and development opportunities, acquiring properties, and making ownership decisions required to manage a portfolio of real estate investments. The $19 Million ($80 Million in current dollars) invested in the private placement was used to develop over $65 Million ($300 Million in current dollars) in commercial properties. The fund earned a 20% percent annual Internal Rate of Return for its institutional investors over a 10-year period. In addition to the asset management fees, property management fees and real estate brokerage commissions earned over the 10-year period, CBRE realized an incentive of 20% of the profits above an 8% annual return on the investor’s capital contribution. Upon liquidation of the fund, CB’s 20% share was $13 Million ($40 Million in current dollars).

Dr. Barbieri was the Partner-In-Charge of the San Diego operation of Equidon, a commercial real estate development and construction company. Ron developed a 125-acre office park with its 7,000 square foot glass marketing pavilion, a 283,000 square foot mid- rise office building, a 75,000 square foot R&D building and a 43,000 square foot biomedical lab for a cancer research firm.

QualificationsRonald J. Barbieri, Ph.D. Senior Vice President/BrokerLic. ID# 00344191

Dr. Barbieri has been involved in Real Estate and Finance for the last 40 years. He began his career with Arthur Young & Company (now Ernst & Young) after graduating with a Bachelor’s degree from Stanford and an MBA from Stanford Graduate School of Business. He became a Certified Public Accountant.

Page 27: REI Wise Investment Analysis Software

Ron was a consultant to the North American Savings & Loan in Orange County where he functioned as the Senior Real Estate Asset Manager, responsible for the restructuring of the S&L’s nonperforming commercial loans in California and Anchorage, Alaska. He also liquidated the financial institution’s commercial REO assets.

Dr. Barbieri was a partner at KPMG, one of the four international accounting and consulting firms. He was primarily involved in the asset evaluation of large residential development companies and commercial real estate portfolios for financial institutions. This effort was in support of the restructuring of mortgage loans or the sale of assets during the early 1990’s. Ron designed the computerized micro economic models used by KPMG to simulate the residential development of large community builders. Dr. Barbieri retired from KPMG in 1996 and moved to the High Desert where he focused on investing in real estate. He was also involved in strategic planning assignments for clients.

In 2003 Ron emerged from retirement as a “tenant rep” finding locations for 99¢ Only Stores (99 Cents) in the Inland Empire. He joined Lee & Associates as a licensed Real Estate Broker, where he continued to represent retail tenants. As a consultant to the landowner he renegotiated the CC&R’s with Target and supervised the architects and engineers to master plan the first phase of Jess Ranch Marketplace in the Town of Apple Valley, obtained the entitlements for the land owner, and was also involved in the leasing of the project. Dr. Barbieri has also sold commercial and industrial land in the High Desert to various investors, developers and municipalities. His largest transaction involved the purchase of a $20 million, 430-acre parcel by an investor/ developer in early 2007. He continues to be involved in the sale of land, commercial buildings to users and real estate investments. Within the last year Dr. Barbieri represented the buyer in the sale of the old bowling alley in the City of Barstow and the purchase of a 67-unit apartment complex by the City of Victorville.

While at Lee & Associates, Dr. Barbieri has written several research reports on the High Desert, including, “Lee Report” published in 2004, an Economic Forecasting Report published in March 2009 and a Demographic Report issued by Lee & Associates in May 2009. Ron is also the primary contributor to the Lee & Associates Quarterly Newsletters. In addition, Dr. Barbieri has prepared numerous confidential macroeconomic studies for his real estate and investor clients.

QualificationsRonald J. Barbieri, Ph.D. Senior Vice President/BrokerLic. ID# 00344191

Page 28: REI Wise Investment Analysis Software

Lee SummaryFOR SALE/LEASE2400 and 2420 West Main Street Barstow , CA 92311

Page 29: REI Wise Investment Analysis Software

Partial List of ReferencesDESERT COMMUNITY BANK CITY OF BARSTOW14800 La Paz Drive 220 East Mountain View, Suite AVictorville, CA 92392 Barstow, CA 92311Attn: Mr. Wally Linn, Vice President Attn: Mr. Richard Rowe, City Manager(760) 243-2140 (760) 255-5106

TOKAI BANK CITY OF ADELANTO534 E. 6th Street 11600 Air Expressway, P.O. Box 10Los Angeles, CA Adelanto, CA 92301Attn: Mr. Michal Green, Vice President Attn: Mr. Jim Hart, City Manager or Mr. Walter Mourajian, Vice President (760) 246-2300(213) 972-0136

COUNTY OF SAN BERNARDINOMR. BRUCE COWGILL 825 E. Third Street (Owner/Dev.: Vons Shopping Center) San Bernardino, CA 92415-0832P.O. Box 90936 Attn: Bernard Castro – Real Property Agent Long Beach, CA 90809 (909) 387-7815(562) 490-0098

AMERICAN SECURITY BANKMR. GUY WEDDINGTON McCREARY 495 E. Rincon Avenue, Suite 215(Owner: Design Center & Corona, CA 92373Carriage Square) Attn: John Beck, Senior Vice President 11222 Weddington Street (951) 372-8922No. Hollywood, CA 91607(760) 241-6106 ENTERPRISE FUNDING CORP.

300 East State Street, Suite 230WORLD PREMIER INVESTMENTS Redlands, CA 927013 Imperial Promenade, Suite 550 Attn: Mr. Jeff Sceranka, President Santa Ana, CA 92707 (909) 790-3879 Attn: Joshua Hsu(714) 724-3070 ext. 16 CHOICE MEDICAL GROUP

13010 Hesperia Road CITIZENS BUSINESS BANK Victorville, CA 9239512380 Hesperia Road Attn: Anna Sugi, CEO Victorville, CA 92392 (760) 843-7675Attn: Mr. Vince Gottuso, Senior Vice President (760) 241-5101 DR. PREM REDDY

13660 Bear Valley Road MR. GERALD R. LUNDBERG ESQ. Victorville, CA 92392(Owner: Law Offices of Lundberg) (760) 951-002314285 Amargosa Road Victorville, CA 92392 JAMES BRUCE MINTON ESQ.(760) 245-1171 (Owner of Minton Law Office)

14467 Park Avenue MR. ED MUSTAFA Victorville, CA 92392(Owner: High Desert Corp. Pointe, (760)243-5678and Sunset Park)P.O. Box 1748Victorville, CA 92392

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TestimonialsLee & Associates understands the kind of service and support our industry demands. Extremely knowledgeable professionals.-Boise Cascade Corporation

From the beginning, Lee has demonstrated an extraordinary ability to achieve our goals quickly.-Hertz-Penske Truck rental

Lee & Associates brings tremendous experience in market research to the job. We wouldn’t make a move without them.-Avis Rent-A-Car Systems

Lee & Associates provides a complete range of innovative services that enables us to achieve a competitive advantage.-Lifton Industries

Without a doubt, Lee is dedicated to serving the client’s needs. Their extensive market experience was second to none.-Nordstrom

We Chose Lee & Associates because of their enthusiasm and demonstrated ability to achieve results fast. Great job Lee!-California Lottery

Lee has been there for us time and time again. They understand our needs, and they bring us the solution. Thanks, Lee!-Wells Fargo

Lee & Associates’ real estate expertise gives us a distinct advantage in the market. We value Lee’s talent and commitment. -American Express