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Offering Memorandum SAFEWAY MOUNTAINFreddy’s RANCH MARKETPLACE Frozen Custard 9890Lakewood, S ESTRELLA CO PARKWAY GOODYEAR, AZ 85338 AERIAL PHOTO SAFEWAY

Walgreens S ESTRELLA PKWY 15,135 CPD McDonald’s

W ELLIOT RD 8,915 CPD

STARPOINTE RESIDENTS CLUB

E E F F 8 19 218 19 21 12 12 13 13 4 4 16 10 20 16 10 20 1 1 2 6 2 6 14 14 D D 3 3 MOUNTAIN RANCH MOUNTAIN RANCH E E The original community with North and South lakes, The original community with North and South lakes, F Starpointe Residents Club and the Golf Club of Estrella.TM Starpointe Residents Club and the Golf Club of Estrella.TM F 19 21 19 21 12 12 13 13 A Golf Canyon David Weekley Homes A Golf Canyon David Weekley Homes 5 4 The Enclave5 • 480.768.4995 The Enclave • 480.768.4995 4 16 10 20 16 10 20 1 The Reserve • 480.768.4997 The Reserve • 480.768.4997 1 Golf Ridge William Ryan Homes • 623.386.8871 Golf Ridge William Ryan Homes • 623.386.8871 2 6 B B 2 6 C B C B A 14 A C Inspire Shea Homes • 480.367.3655 C Inspire Shea Homes • 480.367.3655 14 3 D D Overlook Beazer Homes • 623.399.4760 D Overlook Beazer Homes • 623.399.4760 3 D MOUNTAIN RANCH MOUNTAIN RANCH Custom Home Sites Custom Home Sites The original community with North and South lakes, The original community with North and South11 lakes, Sonoran Vistas • 623.386.1000 11 Sonoran Vistas • 623.386.1000 E Starpointe Residents Club and the Golf Club of Estrella.E TM Starpointe Residents Club and the Golf Club of Estrella.TM F Hidden Hills • 623.386.1000 F Hidden Hills • 623.386.1000 18 18 A Golf Canyon David Weekley Homes A Golf Canyon David Weekley Homes 17 5 17 The Enclave • 480.768.4995 The Enclave • 480.768.4995 5 The Reserve • 480.768.4997 The Reserve • 480.768.4997 B Golf Ridge William Ryan Homes • 623.386.8871 C B B Golf Ridge William Ryan Homes • 623.386.8871 C B A 9 9 C Inspire Shea Homes • 480.367.3655 A C Inspire Shea Homes • 480.367.3655 D Overlook Beazer Homes • 623.399.4760 D Overlook Beazer Homes • 623.399.4760 Custom Home Sites Custom Home Sites 11 11 E Sonoran Vistas • 623.386.1000 15E Sonoran Vistas • 623.386.1000 15 F Hidden Hills • 623.386.1000 F Hidden Hills • 623.386.1000 18 18 22 22 MONTECITO MONTECITO G J 17 G J Showcases the natural beauty of the Sonoran Desert with Showcasesmiles the natural beauty of the Sonoran Desert with miles 8 17 of natural trails connecting Presidio, neighborhoods and openof naturalspace. trails connecting Presidio, neighborhoods and open space. I I H H 9 G Tranquility William Ryan Homes • 623.386.8871 G Tranquility William Ryan Homes • 623.386.8871 9 H Palazzo Gehan Homes • 602.441.5885 H Palazzo Gehan Homes • 602.441.5885 I Mirador Terrata Homes • 877.968.3688 I Mirador Terrata Homes • 877.968.3688 AERIALCOMMUNITY PHOTO MAP SAFEWAYJ Stone Canyon KB Home • 623.217.2372 J Stone Canyon KB Home • 623.217.2372 15 15 E 22 22 MONTECITO F MONTECITO Showcases the natural beauty of the Sonoran Desert with miles 19 21 G Showcases theJ natural beauty of the Sonoran Desert with miles ®† ®† G J 7 CANTAMIAof natural7 trails connecting Presidio, neighborhoodsCANTAMIA and open space. 1212 23 of natural trails connectingK Presidio, neighborhoods23 and open space. K 13 Our active adult community features its own Village CenterOur†† active adult community features its own Village Center†† I 4 I H and culture that blends seamlessly with the Estrella community.and culture that blends seamlessly with the Estrella community. 16 10 20 H G Tranquility William Ryan Homes • 623.386.8871 1 G Tranquility William Ryan Homes • 623.386.8871 H Palazzo Gehan Homes • 602.441.5885 H Palazzo Gehan Homes • 602.441.5885 2 6 K CantaMia AV Homes (55–Plus) • 623.474.6960 K CantaMia AV Homes (55–Plus) • 623.474.6960 I Mirador Terrata Homes • 877.968.3688 14 I Mirador Terrata Homes • 877.968.3688 D J Stone Canyon KB Home • 623.217.2372 3 MOUNTAIN RANCH J Stone Canyon KB Home • 623.217.2372 The original community with North and South lakes, 2/17 2/17 TM Starpointe ResidentsMap not Clubto scale. and This the artist Golf rendering Club isof for Estrella. illustration purposes only based uponMap current not to development scale. This artist concepts rendering which is are for subjectillustration to changepurposes without only basednotice. upon Actual current development development may vary concepts from developer’swhich are subject vision. toNo change guarantee without can notice.be made Actual that developmentdevelopment maywill proceedvary from as developer’s described. vision. No guarantee can be made that development will proceed as described.

®† A Golf CanyonAMENITIES David Weekley Homes AMENITIES ®† 7 CANTAMIA 7 23 CANTAMIA K †† 5 The 23Enclave • 480.768.4995 K Our active adult community features its own Village Center Our active adult community features its own Village Center†† The Reserve1 • 480.768.4997 Information Center 9 Bougainvillea1 Information Park Center 9 17 Bougainvillea Westar Elementary Park School and culture that blends17 Westar seamlessly Paths Elementary & Trailswith the School Estrella community. Paths & Trails and culture that blends seamlessly with the Estrella community. B Golf Ridge William Ryan Homes • 623.386.8871 C B 2 North Lake 10 D-Votion2 Field North Lake 10 18 D-Votion Estrella Field Foothills High School 18 Estrella Proposed Foothills Commercial High School Proposed Commercial A C Inspire Shea Homes • 480.367.3655 3 South Lake 11 Foothills3 Community South Lake Park 11 19 Foothills Phoenix Community Children’s Park Academy K CantaMia AV19 Homes Phoenix (55–Plus) Planned Children’s •Commercial 623.474.6960 Academy Planned Commercial D Overlook Beazer Homes • 623.399.4760 K CantaMia AV Homes (55–Plus) • 623.474.6960 4 Starpointe Residents Club 12 Mountain4 StarpointeRanch Marketplace Residents Club 12 20 Mountain Estrella Ranch Mountain Marketplace Preschool 20 Estrella Proposed Mountain Park Preschool Proposed Park Custom Home Sites & Community Church & Community Church 11 ††† 13 ††† 13 Water/Waste Water Campus Water/Waste Water Campus E Sonoran Vistas5 •Golf 623.386.1000 Club of Estrella Elliot Market5 Golf Club of Estrella Elliot Market 21 Banner Health Center 21 Banner Health Center F Hidden Hills6 • 623.386.1000Estrella Yacht Club 14 Estrella6 Mountain Estrella YachtRanch Club 14 Estrella Mountain Ranch Industrial 2/17 Industrial Map not to scale. This artist rendering is for illustration purposes only based upon current development concepts which are subject to changeat without Mountain notice. Actual Ranch development Medical2/17 may varyCommons from developer’s vision. No guaranteeat Mountain can be made Ranchthat development Medical will proceed Commons as described. Map not to scale. This artist rendering is18 for illustration purposes only based upon current development concepts which are subject to change without notice. ActualPublic development Safety mayFacility vary from developer’s vision. No guarantee can be madePublic that development Safety Facilitywill proceed as described. 7 CantaMia Village Center 7 CantaMia Village Center 22 Elementary School (proposed) 22 Elementary School (proposed) 17 AMENITIES 15 Presidio 15 Presidio AMENITIES 8 Star Tower 8 Star Tower 23 Future Fire Station (proposed) 23 Future Fire Station (proposed) 16 Estrella Mountain Elementary School 16 Estrella Mountain Elementary School 1 Information Center 9 Bougainvillea Park 17 Westar Elementary School Paths & Trails 1 Information Center 9 Bougainvillea Park 17 Westar Elementary School Paths & Trails 9 2 North Lake 10 D-Votion Field 2/17 18 Estrella Foothills High School Proposed Commercial

2 North Lake 10 D-Votion Field 18 Estrella Foothills High School Proposed Commercial 3 South Lake 11 Foothills†† Community Park 19 Phoenix Children’s Academy Planned Commercial

TM 3 South Lake 11 Foothills Community Park 19 Phoenix Children’s Academy Planned Commercial 4 Starpointe Residents Club 1212 Mountain Ranch Marketplace 20 Estrella Mountain Preschool Proposed Park Proposed Park 4 Starpointe Residents Club 12 Mountain Ranch Marketplace 20 Estrella Mountain Preschool & Community Church 15 5 Golf Club of Estrella††† & Community13 Elliot Church Market Water/Waste Water Campus 5 ††† 13 Water/Waste Water Campus Golf Club of Estrella Elliot Market 21 Banner Health Center 22 6 Estrella Yacht Club 21 Banner14 Health Estrella Center Mountain Ranch Industrial 6 14MONTECITO Industrialat Mountain Ranch Medical Commons Estrella Yacht Club Estrella Mountain Ranch 623.386.8871 623.386.8871 • Water/Waste Campus Water Industrial • at MountainPublic Ranch Safety Medical Facility Commons

Showcases the natural beauty of the Sonoran Desert with miles

623.474.6960

Proposed Park G J Paths & Trails Proposed Commercial Commercial Planned Public Safety Facility7 CantaMia Village Center • 7 CantaMia Village Center of natural trails connecting Presidio, neighborhoods and open space. 22 Elementary School (proposed)

8 22 Elementary15 Presidio School (proposed)

623.399.4760 8 15 Presidio Star Tower 623.217.2372 877.968.3688 •

• 23 Future Fire Station (proposed) 602.441.5885

I 8 Star Tower •

•

H 23 Future Fire16 EstrellaStation (proposed)Mountain Elementary School 480.367.3655 G Tranquility William Ryan Homes • 623.386.8871

• 16 (55–Plus)

Estrella Mountain Elementary School H Palazzo Gehan Homes • 602.441.5885 623.386.1000 •

KB Home 623.386.1000 480.768.4997 480.768.4995 • • David Weekley Homes Weekley David • I Mirador Terrata Homes 877.968.3688 ®† •

William Ryan Homes William Ryan Homes AV Homes AV Beazer Homes J Stone Canyon KB Home • 623.217.2372 Terrata Homes Gehan Homes Shea Homes Shea Hidden Hills Overlook Palazzo Sonoran Vistas CantaMia Golf Canyon Golf Ridge Inspire Tranquility Mirador Stone Canyon I J F E K B C A D H G MOUNTAIN RANCHMOUNTAIN The original community with North and South lakes, Starpointe Residents Club and the Golf Club of Estrella. CANTAMIA Our active adult community features its own Village Center and culture that blends seamlessly with the Estrella community. The Enclave The Reserve Custom Home Sites MONTECITO Showcases the natural beauty of the Sonoran Desert with miles of natural trails connecting Presidio, neighborhoods and open space. ®†

(proposed) 7 CANTAMIA (proposed) 23 K Our active adult community features its own Village Center†† and culture that blends seamlessly with the Estrella community.

K CantaMia AV Homes (55–Plus) • 623.474.6960 11 18 at Mountain Ranch Medical Commons Banner Health Center Phoenix Children’s Academy Estrella Mountain Preschool & Community Church Estrella Foothills High School Elementary School

Westar Elementary School Future Fire Station 21 22 D 17 23 20 19 18 20 14 21 2/17 Map not to scale. This artist rendering is for illustration purposes only based upon current development concepts which are subject to change without notice. Actual development may vary from developer’s vision. No guarantee can be made that development will proceed as described. 1 E 12

7 CantaMia Village Center B 22 Elementary School (proposed) G 15 Presidio H

8 Star Tower 23 Future Fire Station (proposed) 23 16 Estrella Mountain Elementary School C Bougainvillea Park D-Votion Field Foothills Community Park Mountain Ranch Marketplace Elliot Market Estrella Mountain Ranch Public Safety Facility Presidio

Estrella Mountain Elementary School 9 11 12 15 14 16 13 10 ††† CantaMia Village Center Star Tower Information Center North Lake South Lake South Starpointe Residents Club Estrella Club Yacht

Golf of Estrella Club 8 3 6 7 4 5 1 2 AMENITIES Map not to scale. This artist rendering is for illustration purposes only based upon current development concepts which are subject to change without notice. Actual development may vary from developer’s vision. No guarantee can be made that development will proceed as described. will proceed can be made that development No guarantee vision. developer’s vary from may development Actual change without notice. subject to concepts which are development purposesThis artist based upon current illustration only is for rendering scale. Map not to EXECUTIVE SUMMARY SAFEWAY

SAFEWAY 9890 S Estrella Parkway Goodyear, AZ 85338

FINANCIAL SUMMARY ANNUALIZED OPERATING DATA Price $10,362,000 LEASE YEARS ANNUAL RENT CAP RATE Down Payment 100% $10,362,000 6 - 10 $518,102.00 5.00% Cap Rate 5.0% 11 - 20 $567,444.50 5.48% Building SF 49,343 SF 21 - 25 $616,787.50 5.95% Net Cash Flow 5.0% $518,102 OPTIONS ANNUAL RENT CAP RATE Year Built 2009 Option 1 $647,626.88 6.25% Lot Size 4.486 Acres Option 2 $680,008.22 6.56% Option 3 $714,008.63 6.89%

LEASE SUMMARY Option 4 $749,709.06 7.24% Lease Type Triple-Net (NNN) Lease (1) Option 5 $787,194.51 7.60%

Tenant Safeway Option 6 $826,554.24 7.98%

Guarantor Albertsons Co. BASE RENT $518,102 Lease Commencement Date December 1, 2010 Net Operating Income $518,102 Lease Expiration Date January 31, 2035 Total Return 5.0% $518,102 Lease Term Remaining 17 Years

9.5% in Years 6-10 Rental Increases 8.7% in Years 11-20, 21-25 5% in Each Option Period

Renewal Options 6, 5 Year Options

(1) Landlord responsible for structure only.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are 4 approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 TENANTAERIAL OVERVIEWPHOTO SAFEWAY

Founded in 1915, Safeway is an American supermarket chain and a subsidiary of Albertsons Companies. Safeway stores typically have a deli counter, meat department, produce section, flower department, bakery, pharmacy, liquor section, and/or many aisles of nonperishable items. The stores offer many in-house private label brands as well as name brands across all product categories. Albertsons Companies is one of the largest food and drug retailers in the United States, with both a strong local presence and national scale. Albertsons Companies operates across 35 states and the District of Columbia under 20 well-known banners including Alb- ertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen and Carrs, as well as meal kit company Plated based in New York City. Albertsons Companies is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. In 2016 alone, along with the Al- bertsons Companies Foundation, the company gave nearly $300 million in food and financial support. These efforts helped millions of people in the areas of hunger relief, education, cancer research and treatment, programs for people with disabilities and veterans outreach.

Company Type Subsidiary Founded 1915 Locations 2,200+ Employees +/- 137,000 Website www.safeway.com

Albertsons Companies, LLC Company Highlights

Founded in 1939 and based in Boise, Idaho, Albertsons Companies, LLC (“Albertsons”, or the “Company”) is the 2nd largest traditional grocer in the United States serving over 34 million customers per week and generating $60 billion in sales annually. In January 2015, Albertsons merged with Safeway, creating a best-in-class organization dedicated to bringing a better shopping experience to customers across the country. The Company’s powerful combination of strong local presence and national scale, vast range of brands and products, and service-oriented staff enable them to meet evolving shopping preferences. As of June 2017, the Company operated 2,329 stores across 35 states under 20 well-known banners with long operating histories. Albertsons has grown through a series of strategic acquisitions in recent years into a $2.8 billion adjusted EBITDA company as of fiscal year 2016 ended February 25, 2017, and as of Q1 2017 the Company had already generated $771.7 million in adjusted EBITDA. #1 / #2 nd By market share 2 largest Operates in 34 million in 66% of the traditional 2,300+ 35 states $59.7 billion customers 122 MSAs grocer in the US retail stores including Washington, DC annual sales per week in which it operates

th $ 4 largest Home delivery in Experienced management $2.8 billion Currently executing e-commerce 8 of top 10 500 new items with 32 years adj. EBITDA launched every year $800 million platform US markets in FY 2016 in retail on average synergy realization plan in the US by end of FY 2017

One of the largest Nation’s largest brand retail employers 1,700+ in-store 380+ fuel 28 distribution 18 food and of USDA-certified 273,000 jobs pharmacies stations centers beverage plants organic products

COMPANY BANNERS

Company Highlights 2

Albertsons Companies, LLC is one of the largest food retailers and the second largest traditional grocer in the United States.

TOP 10 US FOOD RETAILERS: STORE COUNT 5,000 4,672 4,000 2,800 3,000 2,324 2,076 1,802 2,000 1,146 756 1,000 508 370 229 0

TOP 10 USE FOOD RETAILERS: GROCERY SALES ($ BILLIONS)

$200 $169 $150 $98 $100 $56 $49 $48 $50 $32 $31 $23 $16 $12 $0

Note: - Store counts based on publically available information - Walmart, Costco, and Target grocery sales based on a percentage of total sales as of the latest fiscal year. - Kroger and Albertsons sales exclude fuel sales of ~$14 billion and ~$3 billion, respectively

Competitive Landscape

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 7 performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 AERIALPROPERTY PHOTO DESCRIPTION SAFEWAY INVESTMENT HIGHLIGHTS LOCATION OVERVIEW • Triple-Net (NNN) Lease with Safeway The subject property is situated in Mountain Ranch Marketplace, ideally located • 17 Years Remaining on Lease Term at the northeast corner of Estrella Parkway and Elliot Road in Goodyear, Arizona. Mountain Ranch Marketplace offers excellent visibility and access and is situated • Cap Rate Increases to 5.48% in November 2020 amongst some of the most affluent demographics in the Phoenix market. • Anchors Mountain Ranch Marketplace, a 105,287 Sq. Ft. LEED Gold Certified Neighborhood Center Mountain Ranch Marketplace is nestled within the Estrella Master-Planned Community, named one of the Top-Selling Master-Planned Communities of 2016. It • Sales Have Increased Over the Life of the Lease (6% Increase from 2016-2017) is also the largest master-planned community in Arizona. Opened in 2013, Banner • Situated at the Double Entry to the Estrella Master-Planned Community Health - Estella Medical Commons (EMC) is a 13,000 SF Class A medical office • Close Proximity to Lucero – a New Housing Development Expected to Open Late building complete with primary care physicians, a pediatrician, and laboratory/ April 2019 x-ray services. Banner Health is the largest healthcare operator and is the #2 • Across from Starpointe Residents Club – Includes Water Park, Fitness Center, employer in the state of Arizona. Amphitheater, and Library Lucero is a new development at the entrance to Estrella. The first phase has 1,050 • Adjacent to Banner Health - Estrella Medical Commons (EMC) - 13,000 SF Class lots, 535 of which are under development. All 535 lots are either under contract or A Medical Office Building LOI with six different homebuilders. The first Lucero models are expected to open • Surrounding Area Population & Households Expecting a 30% Increase by 2022 in late April 2019 with initial home deliveries in July 2019. • Average Household Income Exceeds $127K in 3-Mile Radius Estrella offers distinctive homes and neighborhoods with vibrant parks, action- packed trails and a championship golf course. The Estrella community currently • 30 Miles from Downtown Phoenix & Phoenix Sky Harbor International Airport has approximately 5,000 homes built with approximately 52,000 homes expected at full build-out, covering over 20,000 acres. There are 8 active home builders in DEMOGRAPHICS the community and 331 new homes have been sold through October 2017. Estrella Population 3-Miles 5-Miles 10-Miles consists of traditional single family homes, custom homes, and Canta Mia - a 55+ active adult community. 2022 Projection 14,427 30,167 243,507 2017 Estimate 11,228 23,899 195,897 Goodyear is the 6th fastest growing city in the United States, as recently named by the United States Census Bureau. As a leader in the Phoenix metro area’s West Growth 2017 - 2022 28.49% 26.23% 24.30% Valley, Goodyear provides opportunities for businesses and families. Nestled near the Households 3-Miles 5-Miles 10-Miles Estrella Mountains and a mere 20 minutes west of downtown Phoenix, the city offers 2022 Projections 4,965 9,892 76,529 all the advantages of a growing community, with all the cultural and entertainment 2017 Estimate 3,812 7,629 59,832 resources that the Phoenix metro area has to offer. Growth 2017 - 2022 30.25% 29.67% 27.91% Income 3-Miles 5-Miles 10-Miles 2017 Est. Average Household Income $127,132 $102,221 $77,964 2017 Est. Median Household Income $100,953 $82,047 $62,956 2017 Est. Per Capita Income $43,163 $32,733 $24,159

Set in the spectacular High Sonoran Desert, Estrella is a new kind of small town. GOLF CLUB OF ESTRELLA Everywhere you turn, you’ll find distinctive homes, and vibrant neighborhoods with The Golf Club of Estrella is a par-72, 18-hole championship golf course designed lush parks and action-packed trails. Located in Goodyear, AZ, Estrella offers a rare by award-winning Nicklaus Design. After every round, you can recap each play at balance: a serene community with spectacular mountain views close to creature the Player’s Grill & Patio. comforts and big-city excitement. Dining, shopping, work, outdoor recreation, you name it—in Estrella, you’re surrounded by your favorite things, places, and people. PRESIDIO Presidio, is an approximately 18,500 sq. ft. residents club is a stylish gathering place AMENITIES and center of activity for Estrella residents of all ages. Noteworthy features include THE YACHT CLUB stunning mountain views, a café and beer/wine bar overlooking the pool, teaching/ North Lake is where the community meets for adventure on the water. And demonstration kitchen, a great room with fireplace, a sports lounge with televisions Estrella’s Yacht Club that fuels these adventures, providing lessons and supplies and pool table, and a state-of-the-art fitness facility. Outdoor living features include for kayaking, canoeing, paddle boating, and sailing alongside family and friends. a large patio, quaint sitting areas, a covered barbecue area, an event lawn, pool, and splash pad. Be sure to check out the featured art in the gallery by the veranda STARPOINTE Located on the shore of North Lake, the Starpointe Residents Club is 24,400 square feet of fun for all ages—featuring the StarSplash Water Park, heated lap SCHOOLS pool, and fitness center. Get social during community celebrations at the lakeside Education is a priority in Estrella, home to two K-8 schools, one high school, and amphitheater, or enjoy some quiet time at the library. Starpointe offers a variety onsite preschool programs. Estrella Mountain (with a cutting edge International of ways to explore your hobbies with like-minded neighbors—from jogging and Baccalaureate program) and Westar (with an innovative STEM program) elementary sailing meet-ups to book, cooking, and art events. schools are both part of the Liberty Elementary School District. With its distinguished Performing Arts Center, Estrella Foothills High School is a member of the Buckeye MILES OF NATURAL DESERT TRAILS Union High School District. More than 20 miles of paths and trails invite you to lead an active life. (Whether Curricula combine rigorous academics with exceptional teaching and a wide range you’re into hiking, mountain biking, or taking relaxing strolls.) The Park Avenue trail of clubs and sports. After graduation, students can look forward to applying to provides steep pathways with spectacular views, connecting to the 19,000- acre respected higher education institutions convenient to Estrella, like Arizona State Estrella Mountain Regional Park. Even more trails—up mountains and through University, Estrella Mountain Community College, Rio Salado Community College, ravines, creeks, and open space—are planned for the community! or Thunderbird School of Global Management.

Phase II

Future11,483 Shops SF C Phase II Future Major C 12,000 SF

Animal Hospital Available

Available

Nail Salon

Available

Available 49,343 SF Available

Family + Cosmetic Available

Dentistry Estrella

Available

Estrella Parkway FUTURE

Phase II Shops G Phase II 6,871 SF Shops F Elliot Road 7,367 SF

Peoria Sports Complex

Surprise Stadium Thunderbird School of Global Management

Arizona State University West Scottsdale Municipal Airport Challenger Space Center

Butterfly Wonderland

OdySea Aquarium Glendale Community College Piestewa Peak Westgate Entertainment District Salt River Fields at Talking Stick Tanger Outlet Grand Canyon University Wildlife World Zoo & Aquarium Luke Air Force Base Gila River Arena Camelback Mountain University of Phoenix Stadium

Banner Estrella Medical Center Phoenix Children’s Hospital

Phoenix Art Museum Heard Museum Estrella Mountain Community College Phoenix Zoo Arizona Science Center Desert Botanical Garden Cancer Treatment Centers of America Abrazo West Campus Estrella Falls Mall Maryvale Stadium

Symphony Hall Canyon Trails Town Center Main Event Entertainment Phoenix Sky Harbor Orpheum Theater International Airport Tempe Town Lake Goodyear Ballpark

Arizona State University

ASU Gammage Auditorium Chase Field Phoenix Goodyear Airport Talking Stick Resort Arena CLOSE TO EVERYTHING.

Phoenix International Raceway Tempe Diablo Stadium Gila River Casino ENTERTAINMENT HEALTH CARE/SHOPPING/SERVICES Sea Life Arizona HIGHER EDUCATION TRANSPORTATION Chandler Fashion Center

Located approximately 17 miles west of Phoenix, the Estrella™ community offers a unique Phoenix Premium Outlets Rawhide balance: tucked away but with Wild Horse Pass Casino most modern conveniences right here. And everything else is just down the hill.

This information has been secured from sources we believe to be reliable, but we make noMap representations not to scale. This communityor warranties, map and expressed illustrations areor forimplied, illustration as purposes to the only, accuracy of the information. References to square footage or age are This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections,based upon current opinions, development assumptions concepts, which or estimatesare subject to used change herein without are notice. for example purposes only and do not represent the current or future approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 12 No guarantee is made that the features depicted will be built, or, if built, will be as depicted. performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 LOCALAERIAL MAP PHOTO SAFEWAY

CANTAMIA VILLAGE CENTER PRESIDIO (OPENING FALL 2016) BOUGAINVILLEA PARK ESTRELLA FOOTHILLS HIGH SCHOOL WESTAR ELEMENTARY SCHOOL FOOTHILLS COMMUNITY PARK

GOLF CLUB OF ESTRELLA ESTRELLA MOUNTAIN RANCH

GOODYEAR FIRE DEPARTMENT STATION #182

ESTRELLA MOUNTAIN PRESCHOOL & COMMUNITY CHURCH ESTRELLA YACHT CLUB

STARPOINTE RESIDENTS CLUB

INFORMATION CENTER

PHASE II ELLIOT ROAD ELLIOT MARKET

ESTRELLA PKWY

BANNER HEALTH CENTER AT MOUNTAIN RANCH MEDICAL PHASE II COMMONS

14 | This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future 13 performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID Z0070474 Confidentiality Agreement Net Leased Disclaimer

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus By accepting this Marketing Brochure, you agree to treat the information contained herein & Millichap and it should not be made available to any other person or entity without regarding the lease terms as confidential and proprietary and to only use such information the written consent of Marcus & Millichap. By taking possession of and reviewing the to evaluate a potential purchase of this net leased property. information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy The information contained in this Marketing Brochure has been obtained from sources we or duplicate any part of the offering memorandum. If you have no interest in the subject believe to be reliable. However, Marcus & Millichap has not and will not verify any of this in- property at this time, please return this offering memorandum to Marcus & Millichap. formation, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the This offering memorandum has been prepared to provide summary, unverified accuracy or completeness of any information provided. financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm not a substitute for a thorough due diligence investigation. Marcus & Millichap has not the accuracy and completeness of all material information before completing any purchase. made any investigation, and makes no warranty or representation with respect to the This Marketing Brochure is not a substitute for your thorough due diligence investigation of this income or expenses for the subject property, the future projected financial performance investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due of the property, the size and square footage of the property and improvements, the diligence examination of this Property for Buyer. presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for thereon, or the financial condition or business prospects of any tenant, or any tenant’s example only and do not represent the current or future performance of this property. The plans or intentions to continue its occupancy of the subject property. The information value of a net leased property to you depends on factors that should be evaluated by you and contained in this offering memorandum has been obtained from sources we believe to be your tax, financial and legal advisors. reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, matters and makes no warranty or representation whatsoever regarding the accuracy or independent investigation of any net leased property to determine to your satisfaction with the completeness of the information provided. All potential buyers must take appropriate suitability of the property for your needs. measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other loca- ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & tions is an important consideration, it is not a guarantee of future success. Similarly, the lease MILLICHAP AGENT FOR MORE DETAILS. rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services as well as the Property Owner and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property. exclusivelyExclusively listed by: listed

JAMIE MEDRESS MARK RUBLE CHRIS LIND Executive Managing Director Senior Managing Director Vice President OFFICES NATIONWIDE PHOENIX OFFICE PHOENIX OFFICE PHOENIX OFFICE www.marcusmillichap.com Tel: (602) 687-6778 Tel: (602) 687-6766 Tel: (602) 687-6780 Fax: (602) 687-6717 Fax: (602) 687-6710 Fax: (602) 687-6710 [email protected] [email protected] [email protected]