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: : OFFER ING MEMORANDUM
Moreno Beach Plaza -Shops & PadsWalmar t Shadow Ancho red Shopp ing Cen t e r
Tr emendous I n - P l a ce 10 Yea r Non -Re cou r se Deb t
12641-12831 Mo reno Beach D r i v e
Mo reno Va l l e y, CA 92555
: : Sam AlisonLic. [email protected]
: : Dan RileyLic. [email protected]
: : Danielle BowerLic. [email protected]
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: : WWW.PCGLARETA I L .COM
MORENO BEACH DRIVE
MMM
MORENO BEACHMORENO BEACHAUTO MALLAUTO MALL
Moreno Beach Plaza - Shops & Pads
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The OfferingRegional Map
Local Map
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Long BeachAirport
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John WayneAirport
OntarioInternationalAirport
10
LOS ANGELES COUNTY
RIVERSIDE COUNTY
SAN BERNARDINO COUNTY
ORANGE COUNTY
Santa Monica
Manhattan BeachHermosa Beach
Redondo Beach TorranceCarson
Palos Verdes
San Pedro
Los Angeles/Long Beach
Harbors
LongBeach
LosAngelesBeverly Hills
Hollywood
Encino
Northridge
Chatsworth
Santa Clarita
BurbankGlendale
Seal Beach
SantaAna
Anaheim
Fullerton Placentia
WhittierLa Habra
MonroviaGlendora
Pomona
Orange
Tustin
MissionViejo
Irvine
NewportBeach
San JuanCapistranoLaguna
Beach
Corona
Temecula
RiversideOntario
Canyon Springs
PerrisNuevo San
Jacinto
Yucaipa
Calimesa
Redlands
Fontana
ArrowheadSprings
Mount Baldy
Wrightwood Summit
Apple Valley
Hesperia
Lake Castaic
Lake Mathews
Lake Elsinore
Lake Arrowhead
Silverwood Lake
Lake Perris
ANGELES NATIONAL FOREST
SAN BERNARDINO
NATIONAL FOREST
CLEVELAND
NATIONAL FOREST
105
605 BuenaPark
MorenoValley
MORENO BEACH PLAZASHOPS & PADS
Property Description
Moreno Beach Plaza – Shops & Pads offers ±30,115 SF of retail shops and restaurants located within a ±250,000 SF Walmart (NAP) anchored shopping center in the city of Moreno Valley, California. The shopping center is well-positioned with tremendous freeway visibility, situated at the southwest corner of the Moreno Valley Freeway (CA Hwy 60) and Moreno Beach Drive, with over 78,000 vehicles passing per day. Moreno Beach Plaza - Shops and Pads also benefi ts from tremendous retail synergy from Moreno Beach Auto Mall and 1.1 million square feet of neighboring retail property including tenants such as a Super Target, Best Buy, Kohl’s and Offi ce Max.
Investment Summary
Offering Price: .....................................................................................$13,225,000Cap Rate: .......................................................................................................... 7.5%Year 1 Leveraged Return: ............................................................................. 7.1%Year One NOI:...........................................................................................$991,714Occupancy: ........................................................................................................ 96%Ownership: ...............................................................................................Fee SimpleBuilding Leasable Area: ........................................................................ 30,115 SFLand Area: ........................................................................... 225,640 SF (5.18 Acres)Year Built: ............................................................................................... 2005/2006Zoning: ................................................. SP-CC (Specifi c Plan-Community Commercial)Parking: ...............................................................................252 stalls (±8/1,000 SF)Debt: ....................................................................... Buyer to assume desirable existing non-recourse debt originated 8/1/06 at $9,000,000, 6.17%, 30 year amortization, due 8/1/20, $54,947/mo P&I, projected balance of $8,665,000 as of 10/1/09, 0.5% assumption
Investment Highlights
Moreno Beach Plaza - Shops & Pads offers an investor a highly desirable retail investment opportunity for many reasons, including:
Opportunity to acquire newly constructed (2005/2006) shops and pad tenants within a highly successful community shopping center shadow anchored by Walmart.
Tremendous in place debt to assume with over 10 years remaining to loan maturity (Aug. 2020) and 6.17% interest rate.
Stable investment with 96% occupancy, 67% nationally recognized tenants including Wendy’s, El Pollo Loco, Starbucks and Payless ShoeSource.
Dominant trade area location within Moreno Valley, CA with over 1.1 million SF of retailers adjacent to the Moreno Beach Drive/CA Hwy 60 interchange.
2009 Est. Traffi c Counts Vehicles Per Day
CA Highway 60 78,200Moreno Beach Drive 16,800Eucalyptus Avenue 25,000
2009 Est. Demographics 3-Mile 5-Mile
Population 51,098 161,818Households 13,919 43,453Average Household Income $72,193 $65,729
Moreno Beach Plaza - Shops & Pads
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Aerial Photograph
NEW HOME DEVELOPMENTNEW HOME DEVELOPMENT854 NEW HOMES854 NEW HOMES
MORENO BEACH DRIVEMORENO BEACH DRIVE
MORENO VALLEYMORENO VALLEYAUTO MALLAUTO MALL
NEW HOMENEW HOMEDEVELOPMENTDEVELOPMENT
275 NEW HOMES275 NEW HOMES
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Aerial Photograph
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Moreno Beach Plaza - Shops & Pads
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Property Photographs
Moreno Beach Plaza - Shops & Pads
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Property Photographs
Moreno Beach Plaza - Shops & Pads
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Site Plan
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Not A Part223,637 SF
NOT A PARTNOT A PARTNOT A PART
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20.6820.68Acres
±±±20.68Acres
488-100-018488-100-018±1.38 Acres1.38 Acres
488-100-018±1.38 Acres
488-100-014488-100-014±1.06 Acres1.06 Acres
488-100-014±1.06 Acres
488-100-012488-100-012±0.68 Acres0.68 Acres
488-100-013±0.68 Acres
488-100-019488-100-019±0.560.56AcresAcres
488-100-19±0.56Acres
488-100-016488-100-016±0.750.75AcresAcres
488-100-016±0.75Acres
488-100-015488-100-015±0.730.73AcresAcres
488-100-015±0.73Acres
Suite Tenant Sq. Ft.
12751 Moreno Beach Dr.101 Starbucks 1,700102 Ono Hawaiian BBQ 1,575
12761 Moreno Beach Dr.101 Gamestop 1,510102 4G/GSM Wireless 1,200103 Payless Shoe Source 2,882
12831 Moreno Beach Dr.101 Mr. You’s 2,120102 Quizno’s 1,300103 Juice It Up 1,080104 Sushi Palms 1,500105 Vacant 1,200106 Angel’s Nails/Happiness Nails 1,950107 Postal Annex 1,502108 Service Plus Credit Union 3,150
12641 Moreno Beach Dr. Del Taco 2,446
12671 Moreno Beach Dr. Wendy’s 2,500
12821 Moreno Beach Dr. El Pollo Loco 2,500
Total Owned GLA 30,115
Vacant 1,200 Occupied 28,915
MORENO VALLEYAUTO MALL
Moreno Beach Plaza - Shops & Pads
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Location
Moreno Beach Plaza - Shops & Pads is located at the Moreno Beach Drive exit of the Moreno Valley Freeway (California Highway 60) in the City of Moreno Valley, within Riverside County. Moreno Beach Plaza is a ±250,000 SF shopping center anchored by Walmart, on a major retail thoroughfare also featuring Super Target, Kohl’s, Best Buy, and Offi ce Max.
Inland Empire
The Inland Empire encompasses 30,000 square miles including San Bernardino and Riverside counties, as well as a small portion of eastern Los Angeles County. The Inland Empire is one of the fastest growing metropolitan areas in the nation, with an average of almost 100,000 residents moving to the area every year.
As California’s job creation leader for more than a decade, Southern California’s Inland Empire is attracting the interest of business, real estate, and site selection executives both around the country and the world. From 1990 through 2004, the Inland Empire added 437,000 new jobs, which represented 21% of the total 2.1 million jobs created in California. The Inland Empire is projected to add 409,000 jobs between 2000 and 2010, with a projected retail growth of over 20% during that period.
The retail market in the Inland Empire continued to be impacted by strong demand and limited existing inventory for retail space in 2006. The overall vacancy rate for 3rd quarter of 2007 raised slightly to approximately 6%, with 14.13 million square feet of retail space under construction and an additional 41.47 million square feet of space planned to be developed. As a result, the Inland Empire is destined to remain the driving force in the Southern Californian economy with a 2008 projection for retail sales to be in excess of $51.6 billion.
Riverside-San Bernardino Area Economic Indicators
Total Per Capita Taxable Housing Total Population Nonfarm Unemp. Personal Personal Retail Unit Nonresid. on July 1 of Employment Rate Income Income Sales Permits Bldg. Perm. (000s) (avg., 000s) (avg.,%) ($ bil.) ($) ($ bil.) Issued ($ millions)
2000 3,281.4 988.4 5.3 74.787 22,791 24.992 21,990 1,5362001 3,393.2 1,029.7 5.5 80.406 23,696 26.699 27,541 1,4232002 3,501.6 1,064.5 6.6 84.151 24,032 28.570 33,280 1,4732003 3,636.5 1,099.2 6.7 89.500 24,612 31.936 43,001 1,7202004 3,769.1 1,160.0 6.1 97.300 25,815 37.194 52,696 2,4852005 3,899.1 1,222.0 5.3 104.100 26,698 41.960 50,818 2,3942006 4,020.9 1,271.2 4.9 111.900 27,830 45.820 39,156 2,8522007e 4,117.9 1,307.9 5.2 117.200 28,461 48.707 21,550 3,0352008f 4,196.9 1,344.7 5.4 122.500 29,188 51.629 19,900 3,2152009f 4,282.9 1,386.2 5.1 129.100 30,143 55.088 22,100 3,360
Riverside County
Riverside County is the fourth largest county in terms of area in California stretching over 7,200 square miles and recently moved into the 5th largest county in California based on population. It borders with Los Angeles, Orange, San Diego and San Bernardino counties. Created as a county in 1893, Riverside County has grown from a primarily agricultural region to a diversifi ed region offering tourism, commerce, construction, manufacturing and transportation. This diversity and affordability has resulted in tremendous population growth with an increase of almost 5% or approximately 79,000 new residents from July of 2005 to July of 2006, making Riverside the fastest growing county in the state of California for that period. Many of the new residents are said to be from neighboring counties relocating to Riverside County for its more affordable home prices and cost of living.
With the tremendous growth in the population, Riverside County has also shown strong growth in the nonagricultural wage and salary employment. Payroll employment for the Riverside/San Bernardino area is anticipated to continue to grow approximately 4% in 2008. The largest employment gain is expected in the administration and support services area, retail trade, government, and transportation and utilities.
Moreno Valley
Incorporated in 1984, Moreno Valley has been ranked as the sixth fastest growing city in California and 26th fastest growing city in the nation for the last two years. A relatively young city, its rapid growth in the 1980s and the 2000s propelled it to its current status as the second-largest city in Riverside County by population. However, despite the soaring growth over the past few years, Moreno Valley has been successful in maintaining a small town feel while building up its big city amenities. With a strong economic base, Moreno Valley is dedicated to businesses and families, creating a superb quality of life, and a true sense of community.
Retail sales within Moreno Valley have moved steadily upward with a 110% increase in sales since 2000. In addition, Moreno Valley retailers consistently produce higher sales per square foot than the state average for comparable stores. One reason for the City’s strong retail performance stems from Moreno Valley residents having an extremely high level of discretionary spending compared to residents of the neighboring four counties in Southern California, as is detailed in the graph to the right.
$10,520$10,520
$17,299$17,299 $17,497$17,497
$24,717$24,717
$30,326$30,326
$10,520
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$0
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LA County San Diego County Orange County Inland Empire Moreno Valley
Area Overview
Moreno Beach Plaza - Shops & Pads
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New Business Development Map
Sketchers Distribution Center2,400,000 sq.ft.
Moreno Beach Plaza - Shops & Pads
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Retail Competition Map
854 HOME854 HOMEDEVELOPMENTDEVELOPMENT
854 HOME854 HOMEDEVELOPMENTDEVELOPMENT
Moreno Beach Plaza - Shops & Pads
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New Housing Developments Map
Moreno Beach Plaza - Shops & Pads
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Demographic Map
Moreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno ValleyMoreno Valley
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2008 Population Density estimated by block group
1 Dot = 100 People
2008 Average Household Incomeestimated by block group
$75,000 or more$60,000 to $75,000$45,000 to $60,000$30,000 to $45,000less than $30,000
1 mile 3 miles 5 miles
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Moreno Beach Plaza - Shops & Pads
www.pcglaretail.com 12
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Demographic Report
Population 2008 Estimate 2,534 51,098 161,818 2013 Projection 3,141 62,096 190,002 2000 Census 1,582 34,430 120,861 1990 Census 1,278 28,637 102,528 Estimated Growth 2000-2008 60.19% 48.41% 33.89% Projected Growth 2008-2013 23.97% 21.52% 17.42%
2008 Estimated Population by Race and Origin 2,534 51,098 161,818 White Population 1,554 23,896 64,421 Black Population 276 9,363 33,261 Asian Population 205 3,474 11,952 Pacifi c Islander Population 7 232 874 American Indian and Alaska Native 17 434 1,563 Other Race Population 317 10,563 40,173 Two or More Races Population 158 3,137 9,574 Hispanic Population 753 21,416 75,169 White Non-Hispanic Population 1,257 16,051 39,091
Households 2008 Estimate 706 13,919 43,453 2013 Projection 866 16,676 50,160 2000 Census 441 9,469 33,135 1990 Census 363 8,221 30,102 Estimated Growth 2000-2008 60.10% 47.00% 31.14% Projected Growth 2008-2013 22.67% 19.81% 15.43%
2008 Estimated Owner Occupied Units 626 11,244 31,6752008 Estimated Renter Occupied Units 80 2,675 11,778
2008 Estimated Average Household Size 3.54 3.66 3.70
2008 Estimated Households 706 13,919 43,453 Income Less than $15,000 28 1,161 3,863 Income $15,000 to $24,999 20 1,110 4,019 Income $25,000 to $34,999 43 1,125 4,360 Income $35,000 to $49,999 54 1,944 6,810 Income $50,000 to $74,999 173 3,271 9,911 Income $75,000 to $99,999 108 2,221 6,697 Income $100,000 to $149,999 201 2,399 6,082 Income $150,000 to $249,999 51 511 1,411 Income $250,000 to $499,999 19 126 226 Income $500,000 and over 11 52 75
2008 Estimated Median Household Income $82,296 $61,899 $56,2052008 Estimated Average Household Income $100,879 $72,193 $65,7292008 Estimated Per Capita Income $28,597 $19,809 $17,807
2008 Estimated Population by Sex 2,534 51,098 161,818 Male 1,276 25,173 79,294 Female 1,258 25,925 82,525
2008 Estimated Population over 15 by Marital Status 2,064 38,958 120,782 Males Never Married 309 5,937 18,596 Males Married 635 11,454 34,872 Males Widowed 17 340 895 Males Divorced 64 1,237 3,863 Females Never Married 300 5,484 17,385 Females Married 636 11,527 35,457 Females Widowed 33 1,126 3,396 Females Divorced 71 1,853 6,318
2008 Estimated Population by Age 2,534 51,098 161,818 Aged 0 to 4 Years 137 3,508 12,721 Aged 5 to 9 Years 140 3,678 12,800 Aged 10 to 14 Years 193 4,955 15,516 Aged 15 to 17 Years 188 3,296 9,731 Aged 18 to 20 Years 143 2,726 8,455 Aged 21 to 24 Years 162 3,152 10,261 Aged 25 to 34 Years 408 8,622 28,555 Aged 35 to 44 Years 277 6,489 21,862 Aged 45 to 49 Years 238 3,860 11,366 Aged 50 to 54 Years 191 3,409 9,861 Aged 55 to 59 Years 157 2,599 7,333 Aged 60 to 64 Years 103 1,627 4,559 Aged 65 to 74 Years 116 1,815 5,061 Aged 75 to 84 Years 61 990 2,752 Aged 85 Years and Older 19 373 987
2008 Estimated Hispanic Population by Origin 753 21,416 75,169 Mexican 619 16,782 59,639 Puerto Rican 19 557 1,633 Cuban 7 168 548 All Others 107 3,909 13,349
2008 Estimated Hispanic Population by Race 753 21,416 75,169 White 360 8,864 28,104 Black 7 262 803 Am. Indian or Alaska Native 8 259 1,069 Asian 4 66 201 Native Haw. Or Pac. Islander 2 29 102 Other 314 10,496 39,889 Two or More 58 1,440 5,002
Moreno Beach Plaza - Shops & Pads
www.pcglaretail.com 13
Effective Date: 01/01/10
Area Lease Dates Scheduled Minimum Rent Market % Rent Suite Tenant Sq. Ft. Begin End Beginning Monthly $/SF/Mo. Rate Breakpoint Options Notes
Owned GLA12751 Moreno Beach Dr.101 Starbucks 1,700 03/05/06 03/31/16 Current $5,576 $3.28 $3.30 None Two 5-Year Options Includes drive thru. 04/01/11 $6,120 $3.60 1st option @ $6,698/month 2nd option @ $7,344/month 180 days notice
102 Ono Hawaiian BBQ 1,575 12/13/05 12/31/12 Current $4,174 $2.65 $3.00 None One 7-Year Option 01/01/10 $4,675 $2.97 12% increase 1/1/13 and 1/1/16 170 days notice
12761 Moreno Beach Dr.101 Gamestop 1,510 01/24/06 01/31/13 Current $4,870 $3.23 $3.25 None None 02/01/11 $5,235 $3.47
102 4G/GSM Wireless 1,200 02/08/06 02/28/11 Current $3,037 $2.53 $2.70 None One 5-Year Option 03/01/10 $3,159 $2.63 FMV 360 days notice
103 Payless Shoe Source 2,882 03/15/06 03/31/16 Current $6,480 $2.25 $2.50 5.0% Two 5-Year Options 04/01/11 $7,452 $2.59 Natural 1st option @ $8,570.04/month 2nd option @ $9,856.80/month 90 days notice12831 Moreno Beach Dr.101 Mr. You’s 2,120 01/06/06 01/31/16 Current $5,898 $2.78 $2.80 None Two 5-Year Options 01/01/11 $6,311 $2.98 7% increases every 30 months 06/01/13 $6,752 $3.19 starting with the last rent increase 11/01/15 $7,225 $3.41 360 days notice
102 Quizno’s 1,300 02/09/06 02/08/16 Current $3,686 $2.84 $2.85 None One 10-Year Option 01/01/11 $3,870 $2.98 5% increases every 30 months 06/01/13 $4,063 $3.13 starting with the last rent increase 11/01/16 $4,266 $3.28 270 days notice
103 Juice It Up 1,080 01/12/06 01/31/16 Current $2,916 $2.70 $2.75 None One 10-Year Option 01/01/11 $3,149 $2.92 8% increases every 30 months 06/01/13 $3,401 $3.15 starting with the last rent increase 11/01/15 $3,673 $3.40 360 days notice
104 Sushi Palms 1,500 01/05/06 01/31/16 Current $4,217 $2.81 $2.85 None One 10-Year Option 02/01/10 $4,474 $2.98 FMV 02/01/11 $4,608 $3.07 180 days notice 02/01/12 $4,746 $3.16 02/01/13 $4,889 $3.26 02/01/14 $5,035 $3.36 02/01/15 $5,186 $3.46
105 Available/Lease Pending 1,200 01/01/10 01/01/15 Current $0 $0.00 $2.95 None Landlord negotiating with multiple tenants. 01/01/10 $3,500 $2.92 01/01/11 $3,605 $3.00 01/01/12 $3,713 $3.09 01/01/13 $3,825 $3.19 01/01/14 $3,939 $3.28
Rent Roll
Moreno Beach Plaza - Shops & Pads
www.pcglaretail.com 14
106 Angel’s Nails/ 1,950 01/05/06 01/31/16 Current $5,434 $2.79 $2.80 None Two 5-Year Options Happiness Nails 02/01/10 $5,597 $2.87 FMV 02/01/11 $5,764 $2.96 360 days notice 02/01/12 $5,937 $3.04 02/01/13 $6,116 $3.14 02/01/14 $6,299 $3.23 02/01/15 $6,488 $3.33
107 Postal Annex 1,502 01/09/06 01/31/13 Current $4,299 $2.86 $2.85 None One 7-Year Option 02/01/10 $4,428 $2.95 3% annual increases 02/01/11 $4,561 $3.04 270 days notice 02/01/12 $4,697 $3.13
108 Service Plus 3,150 02/13/06 02/28/13 Current $9,572 $3.04 $3.75 None One 7-Year Option Credit Union 03/01/10 $9,859 $3.13 FMV 03/01/11 $10,155 $3.22 270 days notice 03/01/12 $10,459 $3.32
Service Plus 3 ATMS 02/13/06 02/28/13 Current $3,000 NA Credit Union ATM’s 03/10/10 $3,090 NA 03/10/11 $3,183 NA 03/10/12 $3,278 NA
12641 Moreno Beach Dr. Del Taco 2,446 2/30/06 02/28/26 Current $5,667 $2.32 $75,000.00 None Two 10-Year Options Tenant on ground lease of parcel ±30,443 SF 03/01/11 CPI not > 12% CPI not > 12% x 5 years Tenant built bldg at their expense 03/01/16 CPI not > 12% 150 days notice 03/01/21 CPI not > 12%12671 Moreno Beach Dr. Wendy’s 2,500 01/31/06 12/31/16 Current $6,083 $2.43 $75,000.00 None Two 10-Year Options Tenant on ground lease of parcel ±46,173 SF 01/01/11 $6,692 $2.68 1st option term Tenant built bldg at their expense Years 1-5 @ $7,360.84/month Years 6-10 @ $8,096.92/month 2nd option term Years 1-5 @ $8,906.60/month Years 6-10 @ $9,797.27/month 360 days notice12821 Moreno Beach Dr. El Pollo Loco 2,500 02/06/06 02/28/26 Current $7,250 $2.90 $95,000.00 None Two 10-Year Options Tenant on ground lease of parcel ±24,930 SF 03/01/11 $7,975 $3.19 Option 1 @ $10,614.73/month Tenant built bldg at their expense 03/01/16 $8,773 $3.51 Option 2 @ $11,676.20/month 03/01/21 $9,650 $3.86 365 days notice
Total Owned GLA 30,115
Non Owned GLA12721 Moreno Beach Dr. Owns their own parcel Walmart 223,637 Participates in CAM recovery per CC &R’s
Total GLA 253,752
Effective Date: 01/01/10
Area Lease Dates Scheduled Minimum Rent Market % Rent Suite Tenant Sq. Ft. Begin End Beginning Monthly $/SF/Mo. Rate Breakpoint Options Notes
Rent Roll (cont.)
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Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
12751 Moreno Beach Dr.101 Starbucks 1,700 03/05/06 03/31/16 CAM: Prorata share, cap of $7/SF for the fi rst lease year; expenses not to increase by more than 106% per year. Cap does not include taxes, insurance, utilities, trash, painting and grinding/slurrying the parking lot. Taxes: Prorata share Insurance: Prorata share Management Fee: None known Admin. Fee: 10% CAM Exclusive: Primary operation of a coffee store selling fresh ground and whole beans, espresso drinks and gourmet-brand identifi ed coffee (only as long as tenant operates). Does not apply to Walmart, Del Taco, Wendy’s & Arco Kick-Out: Tenant may terminate the lease in the fi rst month of the 6th lease year with 180 days notice and a payment of $45,000. Continuous Operation: None known. If tenant fails to operate for 3 months, Landlord may terminate the lease. Sublease/Assign: Landlord must consent Prop 13 Tax Protection: Tenant does not pay an increase in taxes during the fi rst 5 lease years. Co-Tenancy: None known Estoppel: Tenant must comply within 20 days Security Deposit: $0
102 Ono Hawaiian BBQ 1,575 12/13/05 12/31/12 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a Hawaiian BBQ/Japanese restaurant (not incl. sushi and Chinese food) Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $4,173.75
12761 Moreno Beach Dr.101 Gamestop 1,510 04/03/06 04/29/13 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: None known Admin. Fee: 10% CAM excl. taxes and insurance Exclusive: Primary operation of a video game and video game operations store. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 30 days Security Deposit: $0
Lease Notes
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102 4G/GSM Wireless 1,200 02/08/06 02/28/11 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a cell phone, wireless communication device and telephone store. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $2,700
103 Payless Shoe Source 2,882 03/15/06 03/31/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: None known Admin. Fee: 15% CAM excl. taxes and insurance Exclusive: Primary operation of a retail discount shoe store under 5,000 SF. Kick-Out: None known Continuous Operation: None known. Sublease/Assign: Landlord consent not required Prop 13 Tax Protection: None known Co-Tenancy: If Walmart fails to operate for one year, tenant may cancel the lease with 90 days notice starting in the 6th lease year, unless a suitable replacement tenant opens in Walmart’s space. Estoppel: Tenant must comply within 20 days Security Deposit: $0 Gross sales: Tenant must report
12831 Moreno Beach Dr.101 Mr. You’s 2,120 01/06/06 01/31/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of an Asian/Chinese food restaurant. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $5,512 Gross sales: Tenant must report
Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
Lease Notes (cont.)
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102 Quizno’s 1,300 02/09/06 02/08/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a sandwich restaurant, also salads, chips and drinks not to exceed 20% of gross sales. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $7,150 Gross sales: Tenant must report
103 Juice It Up 1,080 01/12/06 01/31/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a fruit and tea-based smoothie restaurant under 1,500 SF. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $2,700 Gross sales: Tenant must report
104 Sushi Palms 1,500 01/05/06 01/31/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a sushi restaurant under 1,500 SF. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $3,975 Gross sales: Tenant must report
Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
Lease Notes (cont.)
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106 Angel’s Nails/ 1,950 01/05/06 01/31/16 CAM: Prorata share Happiness Nails Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a nail and spa treatment establishment. Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $4,792.50
107 Postal Annex 1,502 01/09/06 01/31/13 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: None known Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 5 days Security Deposit: $4,055.40
108 Service Plus Credit Union 3,150 02/13/06 02/28/13 CAM: Prorata share, capped at $0.55/month per square foot, with annual increases capped at 105%. Cap does not include taxes, insurance, utilities, trash, painting and grinding/slurrying the parking lot. Taxes: Prorata share Insurance: Prorata share Management Fee: 3% minimum rent Admin. Fee: None known Exclusive: Primary operation of a Kick-Out: None known Continuous Operation: Tenant must operate continuously Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 10 days Security Deposit: $0
Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
Lease Notes (cont.)
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12641 Moreno Beach Dr. Del Taco 2,446 2/30/06 02/28/26 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: None known Admin. Fee: 10% CAM excl. taxes and insurance Exclusive: Primary operation of a Mexican quick-service restaurant, excl. El Pollo Loco. Kick-Out: None known Continuous Operation: None known Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 10 days Security Deposit: $0
12671 Moreno Beach Dr. Wendy’s 2,500 01/31/06 12/31/16 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: None known Admin. Fee: 12% CAM Exclusive: Primary operation of a hamburger, hamburger product and chicken sandwich restaurant. Kick-Out: None known Continuous Operation: None known Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within 15 days Security Deposit: $0
12821 Moreno Beach Dr. El Pollo Loco 2,500 02/06/06 02/28/26 CAM: Prorata share Taxes: Prorata share Insurance: Prorata share Management Fee: Prorata share Admin. Fee: 10% CAM excl. taxes and insurance Exclusive: Primary operation of a fast-food restaurant deriving 15% or more of its menu from chicken or Mexican food excl. Wendy’s and Del Taco. Kick-Out: None known Continuous Operation: None known Sublease/Assign: Landlord must consent Prop 13 Tax Protection: None known Co-Tenancy: None known Estoppel: Tenant must comply within a reasonable time frame Security Deposit: $0
Total GLA 30,115
Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
Lease Notes (cont.)
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Non Owned GLA12721 Moreno Beach Dr. Walmart 223,637 CAM: Participates in CAM reimbursements per CC&Rs as billed by the Maintenance Director. Taxes: Pays their parcel taxes direct to Assessor Admin Fee: 10% CAM (excl. any Bldg related expenses, taxes, 3rd party Mgmt Fee) Management Fee: None known
Area Lease DatesSuite Tenant Sq. Ft. Begin End Lease Notes
Lease Notes (cont.)
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Potential Gross Revenue Base Rental Revenue 1,051,282
Scheduled Base Rental Revenue 1,051,282 Absorption & Turnover Vacancy 0 Expense Reimbursement Revenue 240,661
Total Potential Gross Revenue 1,291,943 General Vacancy (46,440)
Effective Gross Revenue 1,245,503
Operating Expenses CAM 60,230 Insurance 15,057 Management Fee 37,365 Real Estate Taxes 141,137
Total Operating Expenses 253,789
Net Operating Income $991,714
First Year In-Place Net Operating Income
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Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 ReversionFor the Years Ending Dec-2010 Dec-2011 Dec-2012 Dec-2013 Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020
Potential Gross Revenue Base Rental Revenue 1,051,282 1,114,873 1,136,899 1,146,593 1,163,871 1,183,116 1,233,738 1,279,207 1,311,637 1,344,280 1,378,891
Scheduled Base Rental Revenue 1,051,282 1,114,873 1,136,899 1,146,593 1,163,871 1,183,116 1,233,738 1,279,207 1,311,637 1,344,280 1,378,891 Absorption & Turnover Vacancy 0 (3,337) 0 (28,399) 0 (4,104) (45,854) (7,687) (32,922) 0 (4,757) Expense Reimbursement Revenue 240,661 248,757 255,946 257,285 269,367 274,571 275,058 295,554 297,997 311,963 318,302
Total Potential Gross Revenue 1,291,943 1,360,293 1,392,845 1,375,479 1,433,238 1,453,583 1,462,942 1,567,074 1,576,712 1,656,243 1,692,436 General Vacancy (46,440) (45,162) (49,627) (21,694) (51,471) (48,498) (11,723) (59,166) (35,619) (70,813) (68,045)
Effective Gross Revenue 1,245,503 1,315,131 1,343,218 1,353,785 1,381,767 1,405,085 1,451,219 1,507,908 1,541,093 1,585,430 1,624,391
Operating Expenses CAM 60,230 62,037 63,898 65,815 67,789 69,823 71,918 74,075 76,298 78,586 80,944 Insurance 15,057 15,509 15,975 16,454 16,947 17,456 17,979 18,519 19,074 19,647 20,236 Management Fee 37,365 39,454 40,297 40,614 41,453 42,153 43,537 45,237 46,233 47,563 48,732 Real Estate Taxes 141,137 143,927 146,772 149,674 152,634 155,654 158,734 161,875 165,080 168,348 171,682
Total Operating Expenses 253,789 260,927 266,942 272,557 278,823 285,086 292,168 299,706 306,685 314,144 321,594
Net Operating Income $991,714 $1,054,204 $1,076,276 $1,081,228 $1,102,944 $1,119,999 $1,159,051 $1,208,202 $1,234,408 $1,271,286 $1,302,797
Leasing & Capital Costs Tenant Improvements 0 1,236 0 8,454 0 1,391 16,396 3,075 9,801 0 1,613 Leasing Commissions 0 4,252 0 36,184 0 5,229 58,425 9,794 41,948 0 6,062 Capital Reserves 3,012 3,012 3,012 3,012 3,012 3,012 3,012 3,012 3,012 3,012 3,012
Total Leasing & Capital Costs 3,012 8,500 3,012 47,650 3,012 9,632 77,833 15,881 54,761 3,012 10,687
Cash Flow Before Debt & Taxes $988,702 $1,045,704 $1,073,264 $1,033,578 $1,099,932 $1,110,367 $1,081,218 $1,192,321 $1,179,647 $1,268,274 $1,292,110
Financing Debt Service 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365
Total Financing 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365 659,365
Cash Flow After Debt & Before Taxes $329,337 $386,339 $413,899 $374,213 $440,567 $451,002 $421,853 $532,956 $520,282 $608,909
Projected Net Operating Income
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Cash Flow Assumptions
Analysis Period Commencement Date 1-Jan-10 Term 10 Years
Area Measures Building Square Feet 30,115 SF
Growth Rates Operating Expenses 3.00% Annually Property Taxes 2.00% Annually CPI 3.00% Annually Market Rent 3.00% Annually
Operating Expenses Total Operating Expenses (CY 2010) [1] $8.43 PSF Management Fee 3.0% of EGR Property Taxes Reassessed Yes Millage Rate 1.054650% Special Assessments $1,660
Capital Reserves (CY 2010) [2] $0.10 PSF
General Vacancy Loss [3] 5.00%
Assumable Financing [4] Original Loan Balance $9,000,000 Outstanding Balance $8,615,959 Loan to Purchase Price 65% Interest Rate 6.17% Loan Constant 7.33% Monthly Payment (Interest Only Period) $0 Monthly Payment $54,947 Loan Funding 8/1/2006 Number of Interest Only Payments 0 Months Loan Balance at Maturity $6,694,513 Loan Maturity 8/1/2020 Amortization Period 30 Years Loan Fee 0.50%
Vacant Lease-Up Total Vacant as of September 1, 2009 1,200 SF Projected Vacant at January 1, 2010 1,200 SF Absorption Start Date 1-Jan-10 Absorption Period 1 Month (s) Monthly Rent (CY 2010) $2.95 PSF Rent Adjustments 3.00% Annually Free Rent 0.0 Month (s) Expense Recovery Type NNN Lease Term 5 Years Tenant Improvements [5] $4.00 PSF Leasing Commissions [5] 5.00%
Second Generation Market Leasing Lease Retention Ratio 75% Monthly Rent (CY 2010) See Rent Roll Rent Adjustments 3.00% Annually Free Rent (New Tenants Only) 0 Month (s) Expense Recovery Type [6] NNN Lease Term 5 Years Tenant Improvements (Weighted) $1.00 PSF New $4.00 PSF Renewal $0.00 PSF Leasing Commissions (Weighted) 2.00% New 5.0% Renewal 1.0% Downtime (Weighted) 1 Month(s) New 3 Months
Notes:[1] Operating expenses are estimates based on the per square foot expenses from the Moreno Beach Plaza Phase II analysis.[2] Capital Reserves do not infl ate during term of analysis.[3] All tenants are subject to general vacancy loss, except Del Taco, El Pollo Loco, Starbucks and Wendys during current and, if any, assumed exercised option term. This factor includes losses attributable to projected lease-up, rollover downtime, and fi xturing downtime.[4] Existing loan matures on 8/1/20, but it is assumed buyer will be able to pay off the remaining balance at the residual sale date.[5] All leasing costs to be paid by seller.[6] Although some existing tenants pay admin fees, it is assumed all second generation tenants reimburse all expenses, including management fee but excluding admin fees, on a NNN basis.
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First Year Income Detail
Year Ending December 31, 2010
Lease Base Rent Operating Expense RecoveriesSuite Tenant Size Ends Annual $/SF/Mo. CAM Insurance Taxes Mgmt. Fee Admin. Fee Total $/SF/Mo.
Owned GLA12751-101 Starbucks Coffee 1,700 Mar-16 $66,912 $3.28 $3,400 $850 $4,891 $0 $425 $9,566 $0.4712751-102 Ono Hawaiian BBQ 1,575 Dec-12 56,100 2.97 3,150 788 7,381 1,954 0 13,273 0.7012761-101 Game Stop 1,510 Jan-13 58,440 3.23 3,020 755 7,077 0 302 11,154 0.6212761-102 GSM Wireless 1,200 Feb-11 37,664 2.62 2,400 600 5,624 1,489 0 10,113 0.7012761-103 Payless Shoe Source 2,882 Mar-16 77,760 2.25 5,764 1,441 13,507 0 865 21,577 0.6212831-101 Mr. You’s 2,120 Jan-16 70,776 2.78 4,240 1,060 9,936 2,630 0 17,866 0.7012831-102 Quizno’s 1,300 Jan-16 44,232 2.84 2,600 650 6,093 1,613 0 10,956 0.7012831-103 Juice It Up! 1,080 Jan-16 34,992 2.70 2,160 540 5,062 1,340 0 9,102 0.7012831-104 Sushi Palms 1,500 Jan-16 53,556 2.98 3,000 750 7,030 1,861 0 12,641 0.7012831-105 New Tenant 1,200 Dec-14 42,480 2.95 2,400 600 5,624 1,489 0 10,113 0.7012831-106 Angel’s / Happiness Nails 1,950 Jan-16 68,994 2.95 3,900 975 9,139 2,419 0 16,433 0.7012831-107 Postal Annex 1,502 Jan-13 56,743 3.15 3,004 751 7,039 1,864 0 12,658 0.7012831-108 Service Plus Credit Union 3,150 Feb-13 154,633 4.09 6,300 1,575 14,763 3,908 0 26,546 0.7012641 Del Taco (Pad) 2,446 Feb-26 68,000 2.32 4,892 1,223 11,463 0 489 18,067 0.6212671 Wendys (Pad) 2,500 Dec-16 73,000 2.43 5,000 1,250 11,717 0 750 18,717 0.6212821 El Pollo Loco (Pad) 2,500 Feb-26 87,000 2.90 5,000 1,250 11,717 3,102 810 21,879 0.73
Total GLA 30,115 $1,051,282 $2.91 $240,661 $0.67
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Tenant Profi les
Lessee: Starbucks CorporationNo. of Locations: 16,000 locations serving 35+ countriesHeadquarters: Seattle, WAUse: The operation of a coffee shop serving coffee beverages as well as roasted beans, coffee accessories, and teas.Website: www.starbucks.comAbout the Company: The world’s #1 specialty coffee retailer, Starbucks has more than 16,000 coffee shops in more than 35 countries. Starbucks owns more than 9,000 of its shops, which are located in about 10 countries (mostly in the US), while licensees and franchisees operate more than 7,400 units worldwide (primarily in shopping centers and airports). In fi scal year 2008, Starbucks reported sales of over $10.3 billion.
Lessee: Ono Hawaiian BBQ, Inc.No. of Locations: 47Headquarters: Diamond Bar, CAUse: The operation of a restaurant serving Hawaiian and Japanese cuisines.Website: www.onohawaiianbbq.comAbout the Company: Ono Hawaiian BBQ is a privately owned restaurant chain operating in Northern and Southern California and Arizona.Guarantor: Hua Gui Liang and Mel Chan Liang
Lessee: GameStop, Inc. dba GameStopNo. of Locations: 5,550 serving 16 countriesHeadquarters: Grapevine, TXUse: The operation of a video game store selling new and used games, hardware, entertainment software, and accessories.Website: www.gamestopcorp.comAbout the Company: GameStop is the largest retailer of the video game sales industry. A majority of sales come from new and used video games. The company also operates e-commerce Web sites (GameStop.com, ebgames.com) and publishes Game Informer, a video game magazine that reaches more than 2.9 million subscribers. The company’s 2005 purchase of rival Electronics Boutique doubled GameStop’s size. For fi scal year 2008, GameStop reported over $7.0 billion in sales.
Lessee: GSM Wireless, Inc.No. of Locations: Thousands throughout the US with more than 80 million subscribers to their servicesHeadquarters: New York, NYUse: The operation of a Verizon store selling mobile phone, telecommunications services, and cellular accessories.Website: www.verizonwireless.comAbout the Company: Verizon is the second largest US telecommunications services provider. The company’s wire-line business provides local telephone, long-distance, and Internet access services to residential and small to midsized businesses in 28 states and Washington, DC. It has about 40 million voice access lines in operation and it serves about 8 million broadband Internet customers. Verizon Wireless’ joint venture with Vodafone Group, which is known legally as Cellco Partnership, makes it the top US wireless provider, ahead of AT&T Mobility, with more than 80 million customers. Verizon reported over $97.3 billion in sales for fi scal year 2008.Guarantor: GSM Wireless, Inc.
Lessee: Payless Shoes Source, Inc.Headquarters: Topeka, KSNo. of Locations: Use: The operation ofWebsite: www.payless.comFinancials: Owned by Collective Brands Inc, the largest non-athletic footwear company in the Western Hemisphere and the largest footwear company in the Western Hemisphere based on retail stores, Payless Shoe Source specializes in fashionable yet affordable shoes and accessories. Collective Brands, Inc is a publicly-traded company on the NYSE (PSS) with 2008 fi scal year sales of over $3 billion.
Lessee: Chhoenrn You dba Mr. You’sNo. of Locations: 10Use: The operation of a Chinese cuisine restaurant that also delivers food to local customers.About the Company: Mr. You Chinese Food is a privately owned restaurant chain in Southern California.Guarantor: Chhoenrn You and Sary Samoenm
MR. YOU’SCHINESE
FOOD
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Tenant Profi les (cont.)
Lessee: H.F.Q., Inc.No. of Locations: 5,000Headquarters: Denver, COUse: The operation of store chain selling made-to-order, oven-toasted sandwiches.Website: www.quiznos.comAbout the Company: The Quiznos Master operates the #2 sub sandwich chain. The company has locations in more than 30 countries. Founder Rick Schaden and his family control the company with backing from investment fi rms JPMorgan Partners (part of JPMorgan Chase) and Cervantes Capital.Guarantor: Hiromi Harris
Lessee/Assignor: Juice It Up Franchise, Corp.Assignee: Jignesh PatelNo. of Locations: 150Headquarters: Irvine, CAUse: The operation of smoothie stand offering customers a variety of fruit and yogurt smoothies, juice drinks, power shakes, premium coffee and herbal teas.Website: www.juiceitup.comAbout the Company: Juice It Up! Franchise Corporation operates a chain of more than 150 franchised smoothie stands in California and more than half a dozen states. The Juice It Up! menu also features premium coffee and herbal teas. Larry Sidoti co-founded the chain in 1995 with three other partners.Guarantor: Juice It Up Franchise, Corp.
Lessee: Joseph C. W. Ling dba Sushi PalmsNo. of Locations: 1Headquarters: Moreno Valley, CAUse: The operation of a Japanese Sushi restaurant.About the Company: Sushi Palms is a privately owned restaurant.Guarantor: Joseph C. W. Ling and Min Ping Chen
Lessee: Hoi Tran dba Happiness NailsNo. of Locations: 1Headquarters: Moreno Valley, CAUse: The operation of nail and spa salon.About the Company: Angel’s Nails & Spa is a privately owned store.Guarantor: Hoi Tran
Lessee: Stanley King and Corazon KingNo. of Locations: 400Headquarters: San Diego, CAUse: The operation of a shipping and business services company.Website: www.postalannex.comAbout the Company: PostalAnnex+ is one of four brands operated by Annex Brands, Inc. The others are: Handle With Care-Packaging Stores, Sunshine Pack & Ship and SPS Moving. Started in 1985 by Jack Lentz as PostalAnnex+, Inc., Annex Brands has become the second largest shipping and business services company in the United States, with over 400 locations providing services throughout the world.Guarantor: Stanley King and Corazon King
Lessee: Service Plus Credit UnionNo. of Locations: 2Headquarters: Riverside, CAUse: The operation of a credit union including three ATMs.Website: www.servicepluscu.orgAbout the Company: Service Plus Credit Union was founded as a not-for-profi t, member-owned fi nancial cooperative.
SUSHI PALMS
ANGEL’SNAILS & SPA/HAPPINESS
NAILS
SERVICE PLUS CREDIT UNION
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Lessee: Del Taco, Inc.No. of Locations: 500Headquarters: Lake Forest, CAUse: The operation of a fast food chain serving Mexican-style food and traditional fast-foods such as hamburgers, French fries, and shakes.Website: www.deltaco.comAbout the Company: Del Taco is the #2 quick-service Mexican chain in the US, with locations in about a dozen, mostly western, states. Most of Del Taco’s locations are company-owned. Founded in 1964, the company was acquired in 2006 by Sagittarius Brands, parent of the Captain D’s seafood chain. It reported sales of $334.4 million in fi scal-year end 2007.
Lessee: Wendy’s International, Inc.No. of Locations: 6,600Headquarters: Dublin, OHUse: The operation of a fast food chain making made-to-order burgers and fries as well as such alternative menu items as baked potatoes, chili, and salads.Website: www.wendys.comAbout the Company: A leader in the fast food business, Wendy’s International operates the world’s #3 hamburger chain in terms of locations (behind McDonald’s and Burger King) with its Wendy’s Old Fashioned Hamburger eateries throughout the US and about 20 other countries. More than 1,400 of the restaurants are owned by the company, while the rest are franchised. Wendy’s is a subsidiary of Wendy’s/Arby’s Group (NYSE:WEN). In fi scal year-end 2008, Wendy’s/Arby’s Group reported total revenues of $1.8 billion.
Lessee: El Pollo Loco, Inc.No. of Locations: 380Headquarters: Costa Mesa, CAUse: The operation of a fast-food/casual restaurant serving Mexican style food, including chicken burritos and tacos, salads, and complete chicken dinners.Website: www.elpolloloco.comAbout the Company: El Pollo Loco Holdings operates and franchises stores under the El Pollo Loc. Most El Pollo Loco outlets are in California, while a small number can be found in more than a half dozen other states including Arizona, Nevada, and Texas. About 230 of the restaurants are operated by franchisees. Juan Francisco Ochoa started the chain in Mexico in 1975. El Pollo Loco is owned by private equity fi rm Trimaran Capital Partners.
Tenant Profi les (cont.)
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Confi dentiality Agreement
This is a confi dential Memorandum intended solely for your limited use and benefi t in determining whether you desire to express further interest in the acquisition of Moreno Beach Plaza - Shops & Pads (“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 Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All fi nancial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CB Richard Ellis. 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 qualifi ed prospective purchasers. Neither the Owner nor CB Richard Ellis, nor any of their respective directors, offi cers, affi liates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. We obtained the information contained herein from sources we believe to be reliable. However, we have not verifi ed its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or fi nancing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
The Owner expressly reserves 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 satisfi ed or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confi dential nature, that you will hold and treat it in the strictest confi dence 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 CB Richard Ellis. 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 CB Richard Ellis.
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.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CB Richard Ellis.
Exclusive Agents
Sam AlisonLic. [email protected]
Dan RileyLic. [email protected]
Danielle BowerLic. [email protected]
CB Richard Ellis, Inc.Broker Lic. 00409987111 Universal Hollywood DriveSuite 2700Los Angeles, CA 91608818.907.4720 F
September 2009
