Embed Size (px)
Citation preview
SHOPPING CENTER – ANCHOR SPACE | 632 Lindero Canyon Rd, Oak Park, CA 91377
OFFERING MEMORANDUM
DAVID RUSHSenior Vice PresidentLic. 01058118T +1 805 288 [email protected]
NICK GREGGSenior Vice PresidentLic. 00860894T +1 805 288 [email protected]
CBRE, INC.2761 Park View CourtOxnard, CA 93036
Exclusively Listed By:
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
2
Investment Summary .................................. 4 Investment Highlights ......................... 6 The Offering........................................... 8 Area Overview .............................................. 9 Regional Map ......................................... 10 Demographic Map ................................ 13 Demographic Report ........................... 14 Competitive Centers ................................... 15 Property Description .................................. 19 Local Map ............................................... 20 Site & Improvements Description ..... 21 Site Plan .................................................. 25 Tenant Information ...................................... 26 Tenant Profile ........................................ 27 Rent Roll ................................................. 28 Financial Analysis ........................................ 29 Replacement Cost ................................ 31 Operating Expenses ............................ 32
Table of Contents
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
3
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
4
Investment Summary
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
5
Price $9,800,000
NOI (Year 1) 290,823.40
Building Area ±45,000 SF
Land Area
Parking
Occupancy
172,933 SF (3.97 acres)
5.2 per 1,000 sq ft (234)
Approximately 33%
Parcel #s 685-0-330-035
Year Built 1990
Zoning CPD
Investment Summary
Investment Highlights
´ Immediate upside with CVS 10% increase (November 2018) adding an additional value of
$518,647.
´ Rare CVS opportunity with fixed rent increases.
´ Great value add opportunity with a Developer that has a tenant in tow.
´ Located in the middle of the highly sought after Conejo Valley
´ Very few anchor opportunities in the Conejo Valley.
´ Outstanding Value for an Owner/User needing up to 30,000 square feet of retail space
´ Good trade property opportunity.
´ Offered at Below Replacement Cost.
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
6
Investment Highlights
SEASONED RETAIL CENTER WITHIN THE AFFLUENT TRADE AREA OF OAK PARK
This center was the first large retail center developed in Oak Park and still remains the most vibrant.
This center has shown consistent success throughout its life.
Starbucks recent lease (NAP), in the surrounding center, is a relocation from across the street. This demonstrates their commitment to the market, the strength of this center and their expectation for robust sales.
The clean facade and modern architecture help to create an inviting presence at the center.
The line-up of local, regional and national tenants, many of which have been located in the center for over 10 years, provide a complementary mix of goods and services.
STRATEGIC LOCATION OFFERING EXCELLENT RETAIL FUNDAMENTALS
Positioned at the primary intersection of the market, Lindero Canyon Ave and Kanan Road, Oak Park Shopping Center draws from surrounding areas such as Agoura Hills, North Ranch, Westlake Village and Thousand Oaks, in addition to Oak Park.
Extremely supply constrained Ventura County location within a mature trade area, creating significant barriers to entry for any new retail development
Very affluent immediate trade area with average household incomes exceeding $192,708 within a 1-mile radius and $161,847 within a 3-mile radius
Strong future rent growth due to shop tenant rental increases within their primary term and renewal options
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
7
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
8
The Offering
Oak Park Shopping Center – Anchor Building is an approximately 45,000 square foot retail building (with CVS) in the affluent Ventura County community of Oak Park, and is offered for sale by CBRE. Located at the primary intersection of Lindero Canyon Road and Kanan Road, the subject offering includes a long-term CVS lease with rent increases and upside with an opportunity for a 30,000 sq. ft. anchor tenant or approximately 8,000 sq. ft. of shops with storage space. The tenants and customers of the center are served by an abundant parking field, offering a ratio of 6.9 spaces per 1000 square feet of building, ensuring easy access and convenience. The inviting layout, convenient parking and appealing architecture have all contributed to Oak Parking Shopping Center consistently out-performing the competing centers in the market, maintaining high levels of both occupancy and rental rates through the most recent economic downturn.
´
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
9
Area Overview
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
10
Regional Map
´
SUBJECT
2017 Estimated Population 802,811
2022 Projected Population 828,657
2010 Census Population 766,560
2000 Census Population 706,347
Annual Growth 2010-2017 0.64%
Annual Growth 2017-2022 0.64%
2017 Estimated Median Age 37.2
2017 Estimated Households 258,340
2022 Projected Households 265,630
2010 Census Households 249,100
2000 Census Households 228,649
Annual Growth 2010-2017 0.50%
Annual Growth 2017-2022 0.56%
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
11
Ventura County
Ventura County, located in the northwest part of Southern California, is located on California’s Pacific coast adjacent to Los Angeles County. Ventura’s reputation of being one of the country’s safest populated places has allowed it to also become one of the country’s most affluent places as well. Ventura County is conveniently an hour’s drive from Los Angeles and thirty minutes from Santa Barbara. It is ranked as one of the 100 highest-income counties in the country and the sixth wealthiest county in California by per capita income. The Tech Coast Area of the County has a large population of technology corporations such as telecommunications, healthcare and biotech companies.
As of the 2017 census, Ventura County has a total population of approximately 802,811. Ventura County consists of a total area of 2,208 square miles and is compiled of ten incorporated cities, six nationally protected areas, and twenty-four unincorporated communities with the largest city being Oxnard. Downtown Ventura is also home to the Majestic Ventura Theater, a beautiful 1920’s-built theater and concert venue, which is situated about two blocks away from city hall. The
Channel Islands National Park lies just off shore of Ventura County, as does a National Marine Sanctuary. The Los Padres National Forest is found in Ventura’s foothills while two of California’s longest flowing open rivers help to form the county’s boundaries.
Ventura County can be separated into two major areas: East County and West County. The East County is home to the Tech Coast Area as well as other major districts like Conejo Valley and Simi Valley. It consisted of more suburban areas in its earlier days and is now compiled of more developed residential and planned community- style cities. It has a private, low-key location with a more country feel yet is in close proximity to Los Angeles, making it a desirable area to reside. The West County is home to some of the first developed cities in Ventura County like Camarillo and Oxnard. The West County contains Ventura County’s largest beach communities and the coastline of the Channel Islands Harbor. Most of the population of Ventura County lives in the southern portion of the county. The major population centers are the Oxnard Plain and the Simi and Conejo Valleys.
Ventura County’s location is one of its more attractive aspects for businesses. Its proximity to Los Angeles makes it the perfect location for companies that need access to large metropolitan areas in addition to harbor access. Ventura County is home to Port Hueneme Harbor which is the fourth busiest port in the state, and the gateway to the rest of the world. Ventura County is home to 65 technology jobs per 1,000 workers and ranks sixth in high-tech jobs in the state, ahead of the other major metropolitan areas like Los Angeles and San Francisco.
´́
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
12
Oak Park
Agoura Hills
Westlake Village
Oak Park is a census-designated place located in the Simi Hills of Ventura County, California. As of the 2017 census, Oak Park had a population of 13,811. It is located in the Conejo Valley, north from Malibu and Agoura Hills. Among residents age 25 or greater, 53% have a bachelor degrees or higher. There are numerous reasons for Oak Park’s desirability as a place to live. Safety, affordability of homes, and climate are some, however one of the most compelling is that Newsweek Magazine listed Oak Park Unified School District as one of the best in the county. Several of the schools have been named “Distinguished Schools” because of the quality of their academic and related programs.
The city of Westlake Village is a desirable suburban city located in the northwestern portion of Los Angeles County adjacent to Ventura County. An affluent master planned community encompassing 5.4 square miles, Westlake Village benefits from its location in the heart of the “Technology Corridor” stretching along the Ventura Freeway (US Hwy 101) from Calabasas westward through the Oxnard plain. The area is recognized as one of Southern California’s major R&D and technology growth areas. With relatively close proximity to both the Pacific Ocean and downtown Los Angeles, Westlake Village attracts residents and businesses such as Dole Food Company, K-Swiss, Guitar Center and Homestore.com. In 2006, a 267- room Four Seasons Hotel and the 180,000 square foot Westlake Landmark office complex opened on Lindero Canyon Road. Residents of Westlake Village enjoy the serenity of being in a “city in the country” due to its proximity to the Los Angeles Basin and access to heavily-wooded communities, Westlake Lake, an abundance of golf courses, Santa Monica Mountains for hiking, camping, horseback riding and great public and private educational systems make this a unique community. Westlake Village residents are well educated with 44% having 16 or more years of education. The median price is over $1,200,000 for homes sold in Westlake Village in August 2016. The median household income is one of the highest in LA County at $120,089.
Agoura Hills is located in Los Angeles County, in the eastern Conejo Valley between the Simi Hills and the Santa Monica Mountains. Agoura Hills is located off the 101 Freeway just 35 miles northwest of downtown Los Angeles. It is 45 miles from Los Angeles International Airport and 22 miles from Burbank Airport. The city borders the Santa Monica Mountains National Recreation Area and is 13 miles from the beaches in Malibu. It is 5 miles from the San Fernando Valley, 30 miles from Santa Monica, and 58 miles from Santa Barbara. Agoura Hills boasts a surrounding transportation infrastructure supported by major freeway routes, airports, rail lines and commercial seaports. With a population of over 22,000, there are more than 200,000 people living within 10 miles of Agoura Hills. Agoura Hills attracts innovative businesses throughout a wide range of industries. Some of the major employers that have made Agoura home are Teradyne, J.D. Power and Associates, Mann Theatres, Envicom, and Heritage Insurance.
The location of Agoura Hills provides easy access to cultural, shopping and recreational opportunities, with Downtown Los Angeles and Los Angeles International Airport within a 45-minute drive. Several top-rated universities and the home of the world’s foremost entertainment industry are right next door. California’s famous beaches are within a 10-minute drive. Endowed with an abundance of natural open space, Agoura Hills features numerous equestrian, bicycle and jogging trails. In addition, the San Fernando Valley, West Side communities such as Beverly Hills, Santa Monica and Century City offer major metropolitan opportunities
´́
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
13
Demographic Map
´
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
14
Demographic Report
Demographic Report
Population6,176 44,799 119,5226,287 45,799 122,7126,073 43,753 122,7126,349 44,747 112,7160.23% 0.33% 0.44%
2017 Estimated Population 2022 Projected Population 2010 Census Population 2000 Census Population Growth 2010-2017 Growth 2017-2022 0.36% 0.43% 0.53%
2017 Estimated Population by Race and Origin
6,176 44,799 119,522 White Population 4,849 36,777 96.089 Black Population 84 546 1,673 Asian Population 971 4,885 11,014 Paci c Islander Population 3 32 135
American Indian and Alaska Native 11 84 375Other Race Population 68 876 5,455Two or More Races Population 190 1,600 4,781
Hispanic Population 394 3,789 18,362White Non-Hispanic Population 4,561 34,160 84,652
Households2,371 16,417 43,8052,406 16,712 44,7852,345 16,150 42,7592,371 15,784 40,3590.15% 0.23% 0.33%
2017 Estimated Households 2022 Projected Households 2010 Census Households 2000 Census Households Growth 2010-2017 Growth 2017-2022 0.29% 0.36% 0.44%
2.60 2.72 2.722017 Estimated Average Household Size
Household Income
2017 Households 2,371 16,417 43,805
87 554 2,01144 434 1,72335 514 1,791
79 894 2,848266 1,651 4,906259 1,628 5,350506 3,082 8,369356 2,289 5,781739 5,371 11,027
Income Less than $15,000 Income $15,000 - $24,999 Income $25,000 - $34,999 Income $35,000 - $49,999 Income $50,000 - $74,999 Income $75,000 - $99,999 Income $100,000 - $149,999 Income $150,000 - $199,999 Income $200,000 and over
$137,810 $138,063 $115,003$192,708 $189,740 $161,847
2017 Estimated Median Household Income 2017 Estimated Average Household Income 2017 Estimated Per Capita Income $73,219 $69,319 $59,528
1 Mile 3 Miles 5Miles
2017 Estimated Population by Sex 6,176 44,799 119,522 Male 2,935 21,795 58,418 Female 3,241 23,004 61,104
2017 Estimated Pop. over 15 by Marital Status 6,227 37,249 98,028840 5,436 14,330
73 352 1,6951,794 10,770 27,233
73 328 973
Never Married MarriedWidowedDivorced
2017 Estimated Hispanic Population by Origin 428 3,539 16,968
Cuban 65 203 473 Mexican 250 2,088 11,126 Other 113 1,139 4,772 Puerto Rican 0 109 596
2017 Estimated Hispanic Population by Race 428 3,539 16,968
White 310 2,374 10,269 Black 2 11 121
Am. Indian or Alaska Native 7 39 180 Asian 2 20 86
Native Haw. Or Pac. Islander 0 3 19 Other 69 804 5,084
Two or More 38 287 1,209
1 Mile 3 Miles 5Miles
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
15
Competitive Centers
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
16
Competitive Centers
´ Oak Park Shopping Center 632 Lindero Canyon Road
Oak Park Plaza 702 Lindero Canyon Road
North Ranch Gateway 30819 Thousand Oaks Blvd.
Twin Oaks Shopping Center 5727 Kanan Road
Agoura Hills City Mall 5875 Kanan Road
North Ranch Pavilion 1125 Lindero Canyon Road
Westlake Village Marketplace 5727 Kanan Road
Agoura Meadows 5589 Kanan Road
Shoppes at Westlake Village 30770 Russell Ranch
1
1
2
3
4
5
6
7
8
5
2 3
76
8
´
4
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
17
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
18
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
19
Property Description
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
20
Local Map
´
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
21
Site & Improvements DescriptionLOCATIONThe anchor building is in the center of the Oak Park Shopping Center, which is located at the southeast corner of Lindero Canyon Road and Kanan Road in the Oak Park community within the County of Ventura, California. The center is located in eastern Conejo Valley, an affluent residential and commercial area. The center is convenient to homes and businesses in Oak Park, Agoura Hills, Westlake and North Ranch.
OFFERING IMPROVEMENTSA retail building containing ±45,000 square feet of leaseable area and appurtenances (not including shops and pads) on 3.97 acres (172,933 SF) of land.
PARKINGThe property provides ±515 parking spaces (5.2 stalls/1,000 SF). The parking is in compliance with governing ordinances and meets or exceeds tenant lease requirements.
ACCESSThe property has five public entrances, two from Kanan Road and two from Lindero Canyon Road.
TRAFFIC COUNTSLindero Canyon Road: 20,260 VPD Kanan Road: 17,400 VPD
ZONINGThe shopping center is zoned CPD.
ROOFThe primary roofs of the property are wood framed roof systems that consist of plywood sheathing on wood beams and joists framing covered with a smooth surfaced BUR system with a mineralized cap sheet. There are parapets around the perimeters of the flat roofs capped with a metal coping. Pop-up decorative and entry canopy roofs are covered with clay tile materials.
STOREFRONTRetail storefronts are typically glass in full height aluminum mullions.
FIRE PROTECTIONThe building is equipped with automatic fire sprinklers.
´́
SUBJECT
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
22
PARCELOak Park Shopping Center Anchor Building is situated on one parcel of land. Ventura County Assessor’s Parcel Number: 685-0-330-035
TOPOGRAPHYThe property is slightly sloped and at street level. Engineered grades have been established for drainage purposes.
UTILITIESElectricity: Southern CA Edison Water: Oak Park Water Services Sewer: County of Ventura Sewer Department Gas: Southern CA Gas
FOUNDATION/FLOORSThe foundation support for the structures consists primarily of shallow continuous and pad concrete footings under walls and isolated columns, respectively. Concrete masonry unit stem walls are located in selected locations to accommodate gentle sloped land. The floors are concrete slab-on-grade.
STRUCTUREThe structural frame is wood frame and stucco.
´́
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
23
Possible Leasing Plan
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
24
Possible Floor Plan
Site Map
Site Plan
WellsFargo
LINDER
O C
ANYO
N R
D
KA
NA
N RD
NOT A PART
NOT A PART
NOT A PART
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
25
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
26
Tenant Information
Parent Corporation: CVS
No. of Locations: Over 9,700
Headquarters: Woonsocket, Rhode Island
Founded: 1963
S & P Credit Rating: BBB+
Moody’s Credit Rating: BAA1
Use: A full service drug and sundries retailer
Website: www.cvs.com
About the company: CVS (NYSE: CVS) is one of the two largest pharmacy/drug store operators in the United States. CVS Pharmacies are known Nationwide as a high service drug store with many of their pharmacies including a drive-through, to assist patients that are ill or parents with small children to be able to pick up their prescription without having to walk through the store. Since opening the original store in Lowell, MA in 1963, CVS (Consumer Value Store) has steadily grown. CVS made their big splash in California a few years later by purchasing SavOn and Long Drug retail stores. When Fresh & Easy Grocery went out of business in 2014, CVS was able to take over several leases in California, to once again gain market share.
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
27´́
Tenant Profile
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
28
Rent Roll
´́
SUITETENANT
NAMESQUARE
FEETLEASE START
LEASE EXPIRATION
RENTAL RATES RECOVERY
TYPEBEGIN MONTHLY PSF ANNUALLY PSF
632 CVS 15,375 Nov-08 Oct-33 Current $24,235.28 $1.58 $290,823.40 $18.92 NNN
Nov-18 $26,658.81 $1.73 $319,905.74 $20.81 NNN
Nov-23 $29,324.69 $1.91 $351,896.31 $22.89 NNN
Nov-28 $32,257.16 $2.10 $387,085.94 $25.18 NNN
CURRENT TOTALS/AVGS
OCCUPIED SQ. FT. 15,375 34.2%
VACANT SQ. FT. 29,625 65.8%
Total Sq. Ft. 45,000 100.0%
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
29
Financial Analysis
Many new CVS single tenant net lease investments sell for a 4.5% to a 5% CAP Rate. Most of these have no rent increases for 20+ years.
There will be 15 years remaining in this Lease, starting November 1, 2018. Increases of 10% of the Minimum Rent shall take place November 1st in
2018, 2023 and 2028 (also 2033 and 2038 if options are exercised). The CAP Rate used for the subject CVS leased property
is a 5.5% CAP Rate on current rent.
CVS Current NNN Rent: $319,905.74 (Annual $20.81 psf) 5.5% CAP = $5,816,468
REMAINING 29,625 SQ FT VALUED AT $134.47 PSF ´ Outstanding Value for Owner Users
´ Great Value for a Value-Added Developer´ If a Developer leased for $12.00/sf/year and CAP’ed the Lease at 7%,
that would add an additional $5,078,571 of value, allowing up to $1,000,000 in improvements
Capitalization of CVS Lease
´́
´́
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
30
REPLACEMENT COSTS
Land Size 172,933 Square Feet 3.97 Acres
Net Rentable SF 45,000 Square Feet
LAND / HARD COSTS
Land Acquisition Cost $30.00 PSF of Land* $5,187,990 $115.29
Building Cost $125.00 PSF $5,625,000 $125.00
Contingency Costs 5% of Hard Costs excluding Land $281,250 $6.25
Total Hard Cost $11,094,240 $246.54
SOFT COSTSIncludes architectural, structural, civil, landscape plumbing and mechanical, city permits and fees financing (construction, permanent and carry cost)
30% of Hard Costs $3,388,272 $23.86
Total Development Costs $14,482,512 $321.84
Developer Profit 10% of Development Costs $1,448,251 $32.18
Total Replacement Cost $15,930,763 $354.02
Replacement Cost
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
31
OPERATING EXPENSES
Electricity $2,783.51
Insurance $3,153.00
Property Taxes $120,126.48
CAM $101,597.69
Total $227,660.68
CVS Pays 34.90% (approximately 15,375 sf / 45,000 sf-subject building)*
2017 Operating Expenses
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
32
*Entire Oak Park Shopping Center is 118,381 sf and CVS occupies 12.99%
OA
K P
AR
K |
OFF
ER
ING
ME
MO
RA
ND
UM
33
OFFERING MEMORANDUM
OAK PARK SHOPPING CENTER
Affiliated Business Disclosure
CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
Confidentiality Agreement
Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
Disclaimer
This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully inves-tigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
© 2019 CBRE, Inc. All Rights Reserved.
EXCLUSIVE AGENTS
DAVID RUSHSenior Vice PresidentLic. 01058118T +1 805 288 [email protected]
NICK GREGGSenior Vice PresidentLic. 00860894T +1 805 288 [email protected]
CBRE, INC.Broker Lic. 004099872761 Park View CourtOxnard, CA 93036
