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OFFERING MEMORANDUM 34295 Monterey Ave Rancho Mirage, CA

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OFFERING MEMORANDUM 34295 Monterey Ave Rancho Mirage, CA OFFERING MEMORANDUM SINGLE-TENANT 34295 Monterey Ave Rancho Mirage, CA a fully owned subsidiary of 34295 Monterey Ave | Rancho Mirage, CA 1 TRI-PALM ESTATES & COUNTRY CLUB ±93,000 VPD DINAH SHORE DRIVE - ±23,133 VPD MONTEREY AVENUE - ±40,800 VPD 34295 Monterey Ave | Rancho Mirage, CA Table of Contents 2 Executive Summary 5 Property Description Offering Summary Tenant Aerial Investment Summary Property Summary Investment Highlights Site Plan 9 Financial Overview 14 Area Overview Rent Roll Coachella Valley Lease Abstract Rancho Mirage Tenant Overview Exclusively Listed By El Warner Clint McMorris Jordan Gomez Charley Simpson Caitlin Zirpolo Executive Vice President Senior Vice President Associate Vice President Senior Vice President Associate Vice President Lic. 01890271 Lic. 00414186 Lic. 02008809 Lic. 01302079 Lic. 01987844 Mobile +1 858 752 3078 Mobile +1 310 614 8563 Mobile +1 951 264 5994 Mobile +1 949 275 8807 Mobile +1 760 685 6873 Direct +1 949 724 5690 Direct +1 310 321 1810 Direct +1 949 724 5610 Direct +1 949 724 5680 Direct +1 949 724 5640 [email protected] [email protected] [email protected] [email protected] [email protected] 34295 Monterey Ave | Rancho Mirage, CA 1 EXECUTIVE SUMMARY 34295 Monterey Ave | Rancho Mirage, CA 2 Offering Summary Colliers’ Retail Capital Markets Team is pleased to present the opportunity to acquire the Pacific Sales Kitchen & Bath (a Best Buy Company) portion of Monterey Market Place, a Home Depot and Regal Cinemas anchored community shopping center located in the Coachella Valley. The Rancho Mirage Pacific Sales Kitchen & Bath is an exceptional opportunity to secure a stable cash flow from an investment grade credit tenant with rental increases in the lease term that has been operating out of this location for almost 15 years. Recently extended the lease 5 more years, showing a Located at an intersection with over 500,000 SF of strong commitment to the location National Retailers present Guaranteed by an investment grade credit company in Exceptional Coachella Valley location Best Buy Co., Inc. (NYSE: BBY) Rental increases every 2.5 years, a strong hedge against Desirable demographic profile inflation Nestled between a dominant Home Depot and Regal Delivered Free & Clear of Debt Cinemas Nearly 15 years of operating history at this store The Property is ideally situated at the lighted intersection of Monterey Ave and Dinah Shore Dr within the vibrant Coachella Valley city of Rancho Mirage, California. The property benefits from its prominent location within a very strong retail corridor and direct access to the heavily trafficked 10 Freeway (93,000 VPD). INVESTMENT SUMMARY Asking Price: $6,545,000 Term Remaining: ±5.5 years (3/6/2026 Exp) Cap Rate: 5.50% Rental Increases: CPI Index Based Increase Every 2.5 Years Tenant: Pacific Sales Kitchen & Bath Centers Total Rentable Square Feet: ±30,000 Square Feet Guarantor: Best Buy Company, Inc. Total Land Area: ±152,460 SF (3.5 Acres) In-Place NOI: $360,000 Parking Spaces / Ratio: 107 spaces (3.57:1,000 SF) 34295 Monterey Ave | Rancho Mirage, CA 3 Investment Highlights Secure and stable income stream with newly extended lease to Pacific Sales Kitchen & Bath Centers which is a wholly owned subsidiary of Best Buy Co., Inc. (NYSE: BBY) Long term track record at this location with almost 15 years of historical occupancy Irreplaceable Southern California Location in the desirable Coachella Valley community of Rancho Mirage, CA Anchor to Monterey Market Place, which is one of the dominant Community Centers anchored by Home Depot and Regal Cinemas on the main retail thoroughfare in Rancho Mirage Synergistic mix of surrounding National Retailers including Home Depot, Walmart, Costco, Sam’s Club, Kohl’s, Ashley Furniture, Regal Cinemas and many others Rapidly growing and affluentpopulation of 22,844 residents with an average household income of $111,787 living within a three-mile radius of the Property Excellent visibility and access from the heavily trafficked intersection of Monterey Avenue and Dinah Shore Drive with a combined 63,933 cars per day 34295 Monterey Ave | Rancho Mirage, CA 4 PROPERTY DESCRIPTION 34295 Monterey Ave | Rancho Mirage, CA 5 TRI-PALM ESTATES & ±93,000 VPD COUNTRY CLUB MONTEREY AVENUE - ±40,800 VPD DINAH SHORE DRIVE - ±23,133 VPD 34295 Monterey Ave | Rancho Mirage, CA 6 Property Summary Location Summary Property Name Pacific Sales Kitchen & Bath Centers The Subject is located at the southwest corner of the intersection of Monterey Address 34295 Monterey Ave, Rancho Mirage, CA 92270 Avenue (±40,800 VPD) and Dinah Shore Drive (±23,133 VPD) in the city of Rancho Square Footage (GLA) ±30,000 Mirage, Coachella Valley, in the state of California. Land Area ±152,460 SF (3.5 Acres) NORTH Building Height 1 Story - 35 Feet The subject is bordered to the North by the heavily trafficked 10 freeway (93,000 VPD) and a Costco anchored shopping center. Cross Street Dinah Shore Dr SOUTH Parking 107 Spaces (3.57:1,000 SF) The subject is bordered to the South by golf courses and single-family residential subdivisions. APN 685-070-011 EAST Year Built 2004 The subject is bordered to the East by over 300,000 SF of retail anchored by Property Type STNL Walmart Supercenter. Type of Ownership Fee Simple WEST The subject is bordered to the West by additional commercial retail and single-family Term Remaining ±5.5 Years residential subdivisions. MONTEREY AVENUE - ±40,800 VPD 34295 Monterey Ave | Rancho Mirage, CA 7 Site Plan DINAH SHORE DR - ±23,133 VPD LIQUOR DRY CLEANERS MONTEREY PALMS THE SLICE PIZZERIA & RISTORANTE BURGERS & BEER DESERT PATIO MONTEREY AVE - ±40,800 VPD SUBJECT 34295 Monterey Ave | Rancho Mirage, CA 8 FINANCIAL OVERVIEW 34295 Monterey Ave | Rancho Mirage, CA 9 Rent Roll Contract Rental Rate Rent Per Sq. Ft. Lease Lease Square % of Tenant Start End Feet GLA Year Month Year Month Rent Increases Options CPI Index Based Pacific Sales Mar-06 Mar-26 30,000 100.0% $360,000 $30,000 $12.00 $1.00 Increase Every 1x5 Year 2.5 Years 34295 Monterey Ave | Rancho Mirage, CA 10 Lease Abstract Lessor TPX, L.P. Expiration Date 3/6/2026 Lessee Pacific Sales Kitchen and Bath Centers, Inc. Initial Lease Term 60 months Remaining Lease Term Tenant Name Pacific Sales 65 Months (Current-3/6/2026) Guarantor Best Buy Co. Inc. No. & Term of Options 1 x 5 Year Options Contractual Rental Rate Tenant Size (SF) ±30,000 $30,000 (Current-3/6/2026) 2.5 Yrs after extension commences: Lease Effective Date 3/7/2006 Rent Increase Schedule CPI Index Based Increase This Lease is intended to be a net lease of the Premises. Except as expressly provided in this Lease, Tenant shall pay for all costs and expenses Common Area Costs and of maintaining, repairing, operating and insuring the Premises. If Tenant fails to perform any maintenance, repair or replacement for which it is Management Fee responsible, Landlord may perform such work and Tenant shall be obligated to reimburse Landlord for the costs incurred by Landlord (together with a 10% administrative fee). Tenant shall contract directly and pay for all water, gas, heat, light, power, telephone, telecommunications, sewer, fire sprinkler charges and other Utilities utilities used on or from the Premises together with any taxes, penalties, surcharges or similar charges relating to such utilities. Tenant shall pay at least ten (10) days before due all taxes, assessments and governmental charges that accrue against the Premises during the Lease Taxes Term and deliver to Landlord receipts or other evidence of payment before the due date thereof. Tenant shall at its own expense keep and maintain in full force and effect the following policies, each of which shall be endorsed as needed to provide that the insurance afforded by these policies is primary and that all insurance carried by Landlord is strictly excess and secondary and shall not Property Insurance contribute with Tenant’s liability insurance: Commercial General Liability Insurance, Property Insurance on Tenant’s Property, Business Interruption Insurance, Worker’s Compensation Insurance & Automobile Liability Insurance. Landlord shall not have any obligation to maintain or repair the Premises or any part of it, and Tenant, at Tenant’s sole cost and expense, shall repair, replace and maintain in good condition and in compliance with all Legal Requirements all portions of the Premises, including without limitation the Repairs & Maintenance roof, foundation, exterior walls, and structural components of the Building, dock and loading areas, truck doors, plumbing, water and sewer lines, fire sprinklers and fire protection systems, entries, doors, ceilings, windows, interior walls, HVAC, parking areas and all other aspects of the Premises. Landlord shall first be required to notify Tenant of Landlord's desire to sell before selling, or agreeing to sell, the Premises to anyone other than a Family Transferee, and Tenant shall have the exclusive right for a period of thirty (30) days after delivery of Landlord's notice of desire to sell to negotiate an Right of First Negotiation agreement with Landlord to sell the Premises to Tenant. Landlord shall not have any obligation to accept terms of purchase proposed by Tenant or any obligation to negotiate in good faith with Tenant. 34295 Monterey Ave | Rancho Mirage, CA 11 Tenant Overview Tenant Name: Pacific Sales Kitchen and Bath Centers, Inc. Pacific Sales Kitchen and Bath Centers is a wholly owned subsidiary of Best Buy Co., Inc (NYSE: BBY). They were originally opened with one store in Torrance, California. They offer Tenant Ownership: Best Buy Co., Inc. high to mid-range kitchen appliances and bathroom fixtures. The company was purchased by Best Buy in 2006. Since then, the company has opened over 35 stores in California, Nevada Revenue: $42.87 Billion and Arizona, and had opened stores within existing Best Buy stores in Texas and Hawaii as well as California, Nevada, Oregon, Georgia, and Arizona to offer higher end appliances than Headquarters: Richfield, Minnesota are currently available in Best Buy.
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