24903 AVENUE KEARNY

LARGEST INDUSTRIAL BUILDING FOR SALE IN THE LA NORTHWEST REGION

24903 AVENUE KEARNY SANTA CLARITA, 91355 214,436 ± SF CONTACT TABLE OF CONTENTS

JAMES ABBOTT EXECUTIVE SUMMARY PAGE 3 EXECUTIVE DIRECTOR (213) 892-8881 X 288 [email protected] PROPERTY OVERVIEW PAGE 4 ID 00769697 Building Specifications Page 5 LA Northwest Regional Map Page 6 JAMES EBANKS 24903 Avenue Kearny Gallery Page 7 SENIOR DIRECTOR Site Plan Page 8 (661) 702-8880 X 12 Site Plan Visuals Page 9 [email protected] Points of Interest Map Page 10 ID 00880338

LAUREN HUNT REGION & DEMOGRAPHICS PAGE 11 DIRECTOR Demographics Page 12 (661) 702-8880 X 18 Regional Map Page 14 [email protected] Doing Business in the SCV Page 15 ID 01820732 Master-Planned Community Page 18 Business Parks Map & Corporate Neighbor Occupants Page 19 DAVID BINSWANGER MANAGING DIRECTOR (215) 448-6095 SCV INDUSTRIAL MARKET OVERVIEW PAGE 20 [email protected] CoStar’s Market Snapshot Page 21 Example of Institutional Interests in the SCV Market Page 22 Absorption Chart Page 23 Building Sales Comp Profile Page 24 RAGINC.COM Land Sales Comp Profile Page 25

CONTACT INFORMATION PAGE 26

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF EXECUTIVE SUMMARY

Binswanger/Realty Advisory Group is pleased to represent In 2018, the City was recognized in a Cost of Doing Business Survey AmerisourceBergen, a Fortune 100 company, in the sale of its by Kosmont-Rose Institute as being among the “Most Business- facility located at 24903 Avenue Kearny, Santa Clarita, CA 91355 Friendly” cities in County. Santa Clarita is also the (“the Property”). third largest municipality in LA County. The has a population of nearly 300,000 residents. This institutional-grade Property is the largest industrial facility for sale in the entire LA North Region. If the LA North Region The Property features an appealing street elbow location in the was a stand-alone city, it would be the seventh largest city in the master-planned Valencia Industrial Center (“VIC”) that is on the United States. The Property is immediately adjacent to Highway east side of Interstate 5. It is within 2 miles of just about any 126, which along with service streets provides convenient (less desired community amenities such as Westfield Valencia Town than 1.6 miles) access to Interstate 5 (“I-5”). I-5 is the busiest Center, and many others. The bottom- commercial transportation corridor on the West Coast between line is the area features a wide array of attractive shopping and Canada and Mexico. dining opportunities, places to entertain clients and visitors from out of town. The building is approximately 214,436 square feet, concrete tilt up construction, has a minimum interior clear height range of From its institutional-grade design, premier location within the Santa 27’ – 30’, is situated on approximately 10.091 acres and has Clarita Valley and access to the region’s transportation corridors, full drive around access with car parking on all four sides of this unique property is an opportunity for an institutional investor the building. The entire Property is fully fenced / secured and or owner/user to own one of the largest assets in the region. has convenient access to the City of Santa Clarita’s (“City”) master planned commercial and residential communities.

3 PROPERTY OVERVIEW

24903 AVENUE KEARNY SANTA CLARITA, CALIFORNIA 91355 214,436 ± SF

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF PROPERTY OVERVIEW BUILDING SPECIFICATIONS

Total Building Square Feet ± 214,436* Land Area ± 10.091 Acres Amperage 2,000 Construction Type Concrete Tilt Up Interior Clear Height 27’ to 30’ Sprinkler System Fully Sprinklered Warehouse Floor 8” Reinforced Concrete 27 Loading Doors 9 Dock High Doors with Load Levelers Loading 17 Step Van High Doors (Interior) 1 Ground Level Door Truck Apron Concrete and Secure Truck Apron Truck Access Exclusive Truck Access Through Separate Driveway/Security Gate Office Access Exclusive Employee Access Through Separate Driveway/Security Gate Site Site Perimeter Fully Secured and Gated Zoning SCBP (Santa Clarita Business Park) Car Parking Spaces 323 ± Could Possibly be Improved APN 2866-018-056 PROPERTY OVERVIEW Freeways Easy Access to Interstate 5, Highway 126 & Highway 14 Mezzanine 40,000 SF of Warehouse Mezzanine (Not Included in the Square Footage Amount) * In addition to this square footage, there is approximately 40,000 square feet of freestanding/removable mezzanine area – “Bonus Area.”

5 PROPERTY OVERVIEW LA NORTHWEST REGION: SANTA CLARITA VALLEY & SAN FERNANDO VALLEY

PORT OF LOS ANGELES

MALIBU

SANTA MONICA THOUSAND OAKS

LOS ANGELES SIMI VALLEY

GLENDALE BURBANK PASADENA SAN FERNANDO VALLEY

SANTA CLARITA VALLEY 24903 AVENUE KEARNY

LARGEST INDUSTRIAL BUILDING FOR SALE IN THE LA NORTHWEST REGION

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF PROPERTY OVERVIEW 24903 AVENUE KEARNY GALLERY

7 PROPERTY OVERVIEW SITE PLAN

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF PROPERTY OVERVIEW SITE PLAN VISUALS

MINIMUM CLEAR ABUNDANT HEIGHT RANGE: PARKING 27’-30’

OFFICE AREA

ELBOW STREET FENCED CONCRETE LOCATION WITH 27 DOCK TRUCK COURT FENCED PROPERTY HIGH DOORS

9 PROPERTY OVERVIEW POINTS OF INTEREST MAP 1. City of Santa Clarita City Hall 2. Westfield Valencia Town Center 3. Los Angeles County Office 4. 5. Hyatt Regency Valencia 6. Henry Mayo Newhall Hospital 7. Regal Edwards Valencia & IMAX 8. The Cheesecake Factory 9. California Pizza Kitchen 10. BJ’s Restaurant & Brewhouse 11. Lazy Dog Restaurant & Bar 12. Salt Creek Grille Valencia 13. The Habit Burger Grill 14. Starbucks - Industrial Center 15. Chipotle Mexican Grill 16. Peet’s Coffee 17. Chick-fil-A 18. Jamba Juice 19. Rubio’s 20. Hook Burger 21. Whole Foods Market 22. Target 23. Walmart 24. The Home Depot 25. The UPS Store 26. LA Fitness 27. 28. California Institute of the Arts 29. SCVEDC 30. The Oaks Club at Valencia 31. Valencia High School 32. 33. Paseo Club 34. US Post Office 35. Starbucks - Commerce Center 36. Jack in the Box

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF REGION & DEMOGRAPHICS

24903 AVENUE KEARNY SANTA CLARITA, CALIFORNIA 91355 214,436 ± SF

11 REGION & DEMOGRAPHICS DEMOGRAPHICS

▶▶ THE CITY OF SANTA CLARITA RANKS AS ONE OF THE SAFEST CITIES OF ITS SIZE IN THE NATION BY FBI DATA. ▶▶ LOCATED JUST NORTH OF THE SAN FERNANDO VALLEY, WHICH WOULD BE THE 7TH LARGEST CITY IN THE U.S. IF IT WERE A STAND-ALONE CITY.

Located within Los Angeles County, 30 miles northwest of Downtown The majority of the population has some college education and is of Los Angeles and contiguous to the San Fernando Valley, the Santa working age. The SCV boasts one of the highest median incomes Clarita Valley (“SCV”) encompasses approximately 520 square per household in Los Angeles County at $106,834 (compared miles. The SCV is located adjacent to California’s main north-south to $71,024 in the San Fernando Valley and $66,931 transportation corridor, Interstate 5 (I-5), as well as California across Los Angeles County). The City of Santa Clarita Highways 126 (CA 126) and 14 (CA 14). The SCV includes the is consistently ranked one of the safest cities of its City of Santa Clarita, the 3rd largest city in Los Angeles County. size in the nation. Among its accolades, the City Also, included within the City of Santa Clarita are Canyon Country, was also voted one of the 25 healthiest cities Newhall and Saugus. In addition to communities within the City, in the U.S. and the best place to raise a the adjacent unincorporated communities of Castaic, Stevenson family on the West Coast. Ranch, Westridge, Sunset Pointe, Tesoro del Valle, Val Verde, and Agua Dulce are also part of the SCV.

SCV residents enjoy the benefits of thriving civic centers, world- class recreational facilities, top-performing schools and colleges, and impressive dining and shopping amenities. From the nearly 10,000 acres of protected open space and 80 miles of hiking and biking trails to the Six Flags Magic Mountain theme park, the Santa Clarita Valley is home to some of Southern California’s best outdoor recreation spots. The SCV’s institutions of higher learning include College of the Canyons, Cal Arts, Masters College and a satellite of Cal State Northridge.

SAFEST CITY / BEST PLACE TO START A FAMILY MOST BUSINESS-FRIENDLY CITY / HAPPIEST CITY / HEALTHIEST CITY

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF REGION & DEMOGRAPHICS DEMOGRAPHICS

NEARLY 300,000 RESIDENTS. / POPULATION GROWTH FORECASTED TO AVERAGE 1.3% THROUGH 2024. 70% OF RESIDENTS HAVE SOME COLLEGE EDUCATION. / 35% HAVE A 4-YEAR DEGREE OR HIGHER. / THE MEDIAN HOUSEHOLD INCOME IS OVER $106,000, AMONG THE HIGHEST IN LOS ANGELES COUNTY. / MORE THAN 40% OF ALL HOUSEHOLDS EARN $125,000 OR GREATER. / 35,310 RESIDENTIAL UNITS ARE IN VARIOUS STAGES OF PLANNING.

13 REGION & DEMOGRAPHICS REGIONAL MAP

1. Van Nuys Airport 2. Hollywood Burbank Airport 3. Los Angeles International Airport 4. Universal Studios Hollywood 5. Downtown Los Angeles 6. Santa Clarita Valley 7. Ventura County 8. San Fernando Valley 9. Port of Long Beach 10. Port of Los Angeles

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF REGION & DEMOGRAPHICS DOING BUSINESS IN THE SCV

The City of Santa Clarita enjoys easy access to LAX and Hollywood Burbank Located within the 30-Mile Zone (“TMZ”) Airports as well as the Ports of Los Angeles and Long Beach. Among the many and encompassing over 30 sound reasons that have stimulated such strong growth in the region is the fact that stages as well as several movie the City has been recognized as the “Most Business Friendly” community ranches, the SCV is quickly in Los Angeles County. For example, the City imposes no Gross Receipts Tax becoming, “Hollywood (which is imposed in the City of Los Angeles, including the majority of the San North.” With film being Fernando Valley), no Utility User Tax or any other taxes, making it one of the a top business in fastest growing hubs for technology and innovation in Los Angeles County. the area, the Q2 (FY Companies doing business in the City are eligible to enjoy benefits that may 2018 -2019) estimated flow from being within Federal Foreign Trade Zone #191. Additionally,the economic impact including Property is located within the Thirty Mile Zone (“TMZ”), a feature coveted jobs, wages and economic by studios and other service providers to the robust entertainment industry output generated from filming and headquartered in Southern California. post-production activities as well as spending associated with film tourism, A substantial amount of the City’s growth is because of its very close proximity infrastructure investments and value from to the San Fernando Valley (“SFV”). The symbiotic relationship between media exposure in the Santa Clarita Valley is these two markets has fueled high quality developments of commercial, $11,068,000. The City tracks film stats by fiscal industrial and residential projects in and around the City. Situated in a corner year, and a total of 812 permits were given in the Santa location within the master planned Valencia Industrial Center on the east Clarita Valley from July 2018 to June 2019. Hollywood North side of Interstate 5, the Property was designed to exemplify quality and to Photo by SCVEDC efficiently serve a variety of industrial operations. The Santa Clarita Valley is Large employers in the SCV include: home to companies in each of its target industry clusters, and each cluster is supported by an industry coalition, customized workforce training programs, ▶▶ Six Flags Magic Mountain ▶▶ ITT Aerospace Controls and other support services. ▶▶ ▶▶ Pharmavite ▶▶ Boston Scientific ▶▶ Remo, Inc. Major industries and businesses in the area include: ▶▶ Woodward ▶▶ Cardinal Health ▶▶ Advanced Bionics ▶▶ Aerospace & Defense ▶▶ Advanced Manufacturing ▶▶ Precision Castparts ▶▶ Bioscience & Mechanical ▶▶ Film Studios Corporation (PCC a Berkshire Devices ▶▶ Corporate Headquarters Hathaway company) ▶▶ Scorpion

15 REGION & DEMOGRAPHICS DOING BUSINESS IN THE SCV

“WITH A STRONG BUSINESS

INFRASTRUCTURE SET AT THE

CROSSROADS OF LOS ANGELES,

VENTURA AND KERN COUNTIES,

SANTA CLARITA IS WITHIN

EASY REACH OF THE WESTERN

UNITED STATES AND THE PACIFIC

RIM, OFFERING OPPORTUNITIES FOR

BUSINESSES TO WORK EASILY WITH

COMPANIES AROUND THE GLOBE.”

- THE CITY OF SANTA CLARITA REGION & DEMOGRAPHICS DOING BUSINESS IN THE SCV

Cost Comparison Chart Santa Clarita Valley Cost-Savings Comparison With no gross receipts tax, business tax, or utility taxes, Santa Clarita is the cost-e¡ective alternative.

Los Angeles Palmdale Pasadena San Fernando Comparison Cities Taxes & Fees Los San Santa Clarita Glendale Pasadena Palmdale Santa Clarita Angeles Fernando Overall $$ $$$$$ $$ $$$$$ $$$$$ Overall Cost Rating $$ $$$$$ $$$$ $$$$$ $$$$$ $$ Cost Rating Gross Receipts Tax General O„ce $0.00 $5.28 $0.00 $0.21 $1.32 $0.03 Gross Receipts Business Taxes Gross Receipts # EMPL Gross Receipts Professional O„ce $5.28 $0.00 $1.14 $1.32 $0.25 None + # EMPL $0.00 Retail $0.00 $1.32 $0.00 $0.21 $0.66 $0.03 Wholesale $0.00 $1.05 $0.00 $0.21 $0.53 $0.03 Utility User Tax Rates None Yes None Yes None Manufacturing $0.00 $1.05 $0.00 $0.21 $0.53 $0.03 Personal Service $0.00 $3.70 $0.00 $0.21 $1.32 $0.03 Commercial Property $0.00 $1.32 $0.00 $0.80 $1.25 $0.10 Residential Property $0.00 $1.32 $0.00 $1.46 $3.00 $0.28 Other Taxes & Fees $$ $$$$ $$ $$ $ Utility User Tax Rates Cable 0.00% 0.00% 7.00% 9.40% 0.00% 0.00% Cellular 9.00% 0.00% 8.28% 0.00% 0.00% Source: 2018 Kosmont-Rose Institute Cost of Doing Business Survey 0.00% Electric 0.00% 12.50% 7.00% 7.67% 0.00% 0.00% Gas 0.00% 10.00% 7.00% 7.90% 0.00% 0.00% Telephone 0.00% 9.00% 7.00% 8.28% 0.00% 0.00% Water 0.00% 0.00% 7.00% 7.67% 0.00% 0.00% Other Tax Rates Sales Tax Rate 9.5% 9.50% 10.25% 10.25% 10.00% 9.5% Est Ad Valorem Property Tax Rate 1.22% 1.22% 1.07% 1.13% 1.49% 1.10% Transient Occupancy Tax Rate 10.00% 14.00% 10.00% 12.10% 0.00% 10.00% Parking Tax Rate 0.00% 10.00% 0.00% 0.00% 0.00% 0.00% Documentary Transfer Tax Rate (per $1000) $1.10 $5.60 $0.55 $1.10 $1.10 $1.10 Development Impact Fees Development Impact Fees Yes Yes Yes Yes No Yes Public Facilities Fees Yes Yes No No No es Y Scheduled Tra„c Impact/Trip Fees No Yes No Yes No Yes Signalization Fees No No No No No Yes Major Thoroughfare/Bridge Fees Yes No No No No Yes Art in Public Places Fees No Yes Yes Yes No No

Source: 2018 Kosmont-Rose Institute Cost of Doing Business Survey

17 REGION & DEMOGRAPHICS MASTER-PLANNED COMMUNITY

SIX FLAGS MAGIC MOUNTAIN

The SCV is a diverse and vibrant community in North Los Angeles County. The development of a sustainable environment where people can live near their work is a planning concept with broad appeal. The concept is attractive on many levels, not only to people already living and working in the SCV, but also to those who are not.

Near the intersection of Interstate 5 and California State Highway 126 is the east end of a 15,000 acre master planned community now under development. This project is expected to yield as many as 21,500 new residential units.

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF REGION & DEMOGRAPHICS BUSINESS PARKS MAP & CORPORATE NEIGHBOR OCCUPANTS

NEW HOUSING DEVELOPMENT 21,500 +/- HOMES

1. Princess Cruises 13. LA North Studios 25. Lavi Industries 37. Lorac Cosmetics Inc 49. TA Aerospace - Transdigm 2. PCC (Berkshire Hathaway) 14. Santa Clarita Studios 26. Quest Diagnostics 38. Curtiss-Wright Defense Solutions 50. King Henry’s 3. Woodward, Inc. 15. Valencia Studios 27. FMI Aerostructures 39. Vision Media Management 51. Lamsco West - Shimtech 4. Lockheed Martin 16. B & B Manufacturing 28. Pharmavite LLC 40. Crissair, Inc. 52. Nasmyth Group 5. PPG Industries 17. Southern California Edison Co 29. Landscape Development Inc 41. Lief Labs 6. Honda Performance Development 18. Triscenic Productions Services 30. Shield HealthCare 42. Regent Aerospace Corporation 7. Cardinal Health 19. ITT Aerospace Controls 31. Triumph Group 43. United States Postal Service 8. Advanced Bionics 20. Contractors Wardrobe 32. Arvato-Bertlesman 44. AMS Fulfillment 9. Stratasys Direct Manufacturing 21. POOLCORP 33. Remo Inc. 45. Iron Mountain 10. Boston Scientific 22. Whitmor/Wirenetics 34. Sunkist Growers, Inc. 46. ASC Process Systems 11. Donaldson Co. 23. Magic Plastics, Inc. 35. Chic-fil-A 47. Scorpion 12. RAH Industries Inc 24. US Health Works 36. Mechanix Wear 48. Logix Federal Credit Union HQ 19 SCV INDUSTRIAL MARKET OVERVIEW

24903 AVENUE KEARNY SANTA CLARITA, CALIFORNIA 91355 214,436 ± SF SCV INDUSTRIAL MARKET OVERVIEW COSTAR’S MARKET SNAPSHOT – JANUARY 1, 2020

23.9M SF 1.3M SF 4.5% $1.07 393K 12 MO. NET MARKET SIZE CONSTRUCTION VACANCY RATE RENT/SF ABSORPTION SF

SCV INDUSTRIAL MARKET OVERVIEW

21 REGION & DEMOGRAPHICS EXAMPLE OF INSTITUTIONAL INTERESTS IN THE SCV MARKET

REXFORD INDUSTRIAL / LBA REALTY / RREEF PROPERTY TRUST | DWS FIRST INDUSTRIAL REALTY TRUST / ARKA PROPERTIES GROUP, INC. / IDS REAL ESTATE GROUP

24903 AVENUE KEARNY, SANTA CLARITA, CALIFORNIA 91355 / 214,436 ± SF SCV INDUSTRIAL MARKET OVERVIEW ABSORPTION CHART

2017 - 2019 ANNUAL ABSORPTION OF SPACES OVER 100,000 SF

YEAR ADDRESS SF DATE LEASED/SOLD MONTHS ON MARKET & MISC. INFORMATION

2019 27811 Hancock Parkway 105,047 10/15/19 Sold 5

28305 Livingston Avenue 167,990 9/1/19 Leased 15 27420 Avenue Scott 166,359 3/29/19 Leased Multi-tenant bldg leased off-market to a single tenant. Bldg listed for lease-only. 29125 Avenue Valley View 187,540 2/6/19 Sold Sold off-market to owner/user. TOTAL SF: 626,936 17% Absorption Increase Over 2018

2018 25045 Avenue Tibbitts 142,392 12/1/18 Leased 17 28901 Avenue Paine 111,935 10/1/18 Leased 8 28210 Avenue Stanford 109,379 8/28/18 Leased 37 Bldg offered for lease March, 2017. 28545 Livingston Avenue 173,056 4/30/18 Sold Sold off-market to an investor in April, 2018. Bldg delivered vacant. TOTAL SF: 536,762 42% Absorption Increase from 2017

2017 27420 Avenue Scott 164,784 5/5/17 Sold Investor purchased property fully leased. 28901 Avenue Paine 111,935 2/21/17 Sold 21 28936 Avenue Williams 101,255 2/16/17 Leased Tenant extended lease term. TOTAL SF: 377,974

AVERAGE 2017 - 2019 17 Annual Absorption of Spaces Over 100,000 SF: 513,891

23 SCV INDUSTRIAL MARKET OVERVIEW BUILDING SALE COMP PROFILE

29125 AVENUE VALLEY VIEW This brand-new concrete tilt up 187,540 square foot facility in the Valencia Commerce Center, on the west side of I-5, that was on the market “For Lease” only was sold to Chic-fil-A in 2019 for $197.00 per square foot.

BUILDING SIZE: 187,540 SF SALE PRICE: $197.00 PER SQUARE FOOT SALE DATE: 2/5/19 SCV INDUSTRIAL MARKET OVERVIEW LAND SALE COMP PROFILE

510 PARK AVENUE, SAN FERNANDO In October of 2019, development company Overton Moore Properties sold a 7.6 acre industrial land site at 510 Park Avenue in the City of San Fernando (10+/- miles south of SCV), which is part of the LA North Region to Monster Beverage Corp. The purchase price of the land was $101.00 per square foot.

LAND SIZE: 7.6 ACRES SALE PRICE: $101 PER SQUARE FOOT SALE DATE: 10/10/19

CLOSE OF ESCROW DATE: OCTOBER 2019 PHOTO DATE: JANUARY 2020

25 BINSWANGER / REALTY ADVISORY GROUP

JAMES ABBOTT JAMES EBANKS LAUREN HUNT DAVID BINSWANGER Executive Director Senior Director Director Managing Director (213) 892-8881 x 288 (661) 702-8880 x 12 (661) 702-8880 x 18 (215) 448-6095 [email protected] [email protected] [email protected] [email protected] ID 00769697 ID 00880338 ID 01820732

LA NORTH OFFICE, 28338 CONSTELLATION ROAD, SUITE 950, SANTA CLARITA, CA 91355 P. (661) 702-8880 | ID. 01301202 | RAGINC.COM DISCLAIMER & DISCLOSURE Affiliated Business Disclosure: Binswanger Int. / Realty Advisory Group, Inc. (“BR”) operate in conjunction with each other and other companies with many subsidiaries and/or 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 may represent various clients with competing interests in the same transaction. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither BR nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, BR will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

Disclaimer: The information contained in this memorandum has been obtained from sources believed reliable, but has not been verified. All information has been presented without representation or warranty of any kind. All references to measurements are approximations. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your environmental, tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Any reliance on the content of this memorandum is solely at your own risk.