227 Shoreline Highway | Mill Valley CA 94941 OFFERING MEMORANDUM Purchase Price: sausalito $8,250,000

NOI: $392,000 Cap Rate: 4.75% Rentable Sq. Ft.: 13,905 Coyote Creek Rent/Sq. Ft.: $28.19 Total Term Remaining: 51+ years

2 COLLIERS INTERNATIONAL TABLE OF CONTENTS

EXECUTIVE SUMMARY 4

LEASE ABSTRACT 8

TENANT PROFILE 10

LOCATION OVERVIEW 12

EXCLUSIVELY OFFERED BY:

MEHDI STAR BRAD LAGOMARSINO + 1 415 288 7805 + 1 415 288 7847 [email protected] [email protected] Lic: 01972933 Lic: 01058500

JAMES DEVINCENTI KOUROSH BAKHTVAR + 1 415 288 7848 + 1 415 510 4718 [email protected] [email protected] Lic: 00951916 Lic: 02062547

WALGREENS | MILL VALLEY, CA 3 EXECUTIVE SUMMARY

4 COLLIERS INTERNATIONAL EXECUTIVE SUMMARY EXECUTIVE SUMMARY

Colliers International, as Exclusive Advisor to the Seller, is pleased to present the opportunity to acquire a 100% fee simple interest in the Walgreens located at 227 Shoreline Highway, Mill Valley, CA 94941 (the “Property”), a 13,905 square foot single tenant retail building.

The Property was a build-to-suit for Walgreens, who has been a tenant at this location since 2000. Walgreens entered into a seventy (70) year lease expiring on December 31, 2070 and retains options to terminate the lease beginning in year 20 and every five (5) years thereafter. Currently, Walgreens’ first option to terminate the lease must be exercised on or before December 31, 2019. Walgreens is currently paying a below market rent, as a new lease could command upwards of $36 per square foot. Reported sales at this location exceed twice the national average. The combination of below market rents and exceptional store sales suggests Walgreens will not leave this location anytime soon. For the investor, the Property provides a great vehicle for capital preservation, with the opportunity for significant upside potential once the tenant’s lease expires and a new lease is executed at market rents.

INVESTMENT HIGHLIGHTS LEASE OVERVIEW PROPERTY NAME WALGREENS RENT COMMENCEMENT DATE December 16, 2000 STREET ADDRESS 227 Shoreline Highway TERM 70 years CITY, STATE, ZIP Mill Valley, CA 94941 EXPIRATION December 31, 2070 ASKING PRICE $8,250,000 TERM REMAINING 51+ years CAP RATE 4.75% OPTIONS TO TERMINATE Every five (5) years beginning December 31, 2020 RENT/SF $28.19 STRUCTURE NNN NOI $392,000 RIGHT OF FIRST REFUSAL Yes OWNERSHIP Fee Simple INCREASES Percentage Rent YEAR BUILT 2000 GUARANTOR Corporate RENTABLE SF 13,905 S&P RATING Investment Grade (BBB) LOT SIZE 1.44 AC PARKING 61 Stalls

WALGREENS | MILL VALLEY, CA 5 128 Cloverdale

29 101 Healdsburg 128 Sacramento Davis

St. Helena 128 80 PROPERTY STRENGTHS

Rutherford 505 Santa Rosa • Only drugstore before leaving Mill Valley and heading 12 2929 towards Stinson Beach, Muir Woods, and Mt. Tamalpais Bodega 12 121 Bay via Shoreline Highway

Sonoma Napa odeg B a B Next closest drugstore located99 in Marin Gateway a • y Petaluma 1212 116 Fairfield Shopping Center - a CVS located 1.5 miles from the

121 subject property. 5 680 Lodi 35 Vallejo • Once over the , the nearest Novato San Pablo Benicia Bay isun Walgreens to the Subject Property is located Bay Su MILL VALLEY, CA Pittsburg Antioch approximately 8 miles away in San Rafael. Pinole rake 80 Martinez D s B San San a Hercules 4 y Rafael Pablo Point Reyes Concord • The lack of competition in the market, along with its Lighthouse 1 580 El Cerrito strategic positioning on Shoreline Highway, has allowed Mill Richmond Walnut Creek Valley Lafayette Stockton Bolinas Berkeley Walgreens4 to thrive at this location. Tiburon 24 Marin Alamo City Emeryville Point Bonita Sausalito 13 Danville • Current rent is significantly below market, offering an Manteca Lighthouse Oakland San Ramon investor future upside potential to extend the lease San Francisco 185 San Alameda Leandro without making any landlord concessions. 101 Castro Dublin Tracy 99 OAK Valley Daly So. San 580 San City Francisco Pleasanton Livermore Lorenzo Hayward • Priced below net580 present value of the future upsideModesto a San Bruno San Francisco SFO 84 landlord would recognize once a new lease is signed at Pacifica Bay Union Milbrae 92 880 City 0 15 Miles Burlingame market rents. San Foster City Turlock Moss Mateo Beach 2013 DeNador Design & Photography, Sausalito Point Montara Belmont Lighthouse Redwood Newark Fremont San City 84 M 92 Carlos lf o East a o Half92 Moon Palo Alto 680 Pacific H n B Bay Palo Alto 6 COLLIERS INTERNATIONALa Ocean y Woodside Mt. Milpitas View 237 SJO 5 82 Sunnyvale

La Honda Santa 280 Clara 84 84 35 Cupertino Pescadero Saratoga San Jose 85 Campbell EXECUTIVE SUMMARY SAN FRANCISCO SAN FRANCISCO FINANCIAL DISTRICT 13 - MINUTE DRIVE 21 - MINUTE DRIVE

BELVEDERE

SAUSALITO GOLDEN GATE NATIONAL RECREATION AREA 80,000 FEDERALLY PROTECTED ACRES

TAMALPAIS VALLEY SCHOOL, K-5th GRADE y lle Va ill wn M wnto o Do T

.

AERIAL LOOKING SOUTHEAST WALGREENS | MILL VALLEY, CA 7 LEASE ABSTRACT

WALGREENS

Lease Type Triple Net (NNN) Lease Term 70 Years Rent Commencement December 16, 2000 Expiration Date December 31, 2070 Increases Percentage Rent Termination Options Every five (5) years beginning December 31, 2020 Termination Notice Requirement Twelve (12) months

Roof & Structure Tenant Responsible Utilities Tenant Responsible Taxes Tenant Responsible Insurance Tenant Responsible Percentage Rent Paragraph 2(b): Tenant pays additional rent in the amount of 2% of gross sales excluding food and drug plus 0.5% of gross sales of food and drug in excess of the annual rent paid; not to exceed $800,000 in any lease year. Gross sales are subject to certain deductions and exclusions Right of First Refusal Paragraph 25(a): 30 days

REGIONAL DEMOGRAPHICS TRAFFIC COUNTS Population 1-MILE 3-MILE 5-MILE STREET CROSS STREET DISTANCE VOLUME 2017 9,928 49,658 83,608 Redwood Hwy Waldo Pt 0.69 mi 131,000 2022 9,897 49,786 83,249 Shoreline Hwy Tennessee Valley Rd 0.03 mi 31,000 Shoreline Hwy Redwood Hwy 0.08 mi 32,000 2017 Income Average $149,193 $172,559 $175,804

8 COLLIERS INTERNATIONAL PROPERTY HIGHLIGHTS 9 Mill Valley, CA Mill Valley, WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS PARCEL MAP PARCEL TENANT PROFILE Walgreens Founded in 1901 as a single drugstore, Walgreens today is a provider of trusted care in communities around the U.S. Through constant innovation, Walgreens has a history of Company Overview - Walgreens breaking new ground to meet its customers’ needs and improve their health, from offering TYPE Subsidiary self-service stores beginning in the 1950s to developing a 5-star rated mobile app today. INDUSTRY Retail In its pharmacies, Walgreens was the first major drugstore chain to put prescriptions into child-resistant containers in the 1960s (long before it was required by law) and in 2016 S&P BBB was the first to offer safe medication disposal kiosks in its stores. NASDAQ WBA This drive to innovate led Walgreens to merge with European-based Alliance Boots FOUNDED 1901, Chicago, IL in 2014 to form Walgreens Boots Alliance, Inc., the first global pharmacy-led, health and well-being enterprise. Combining Walgreens with the Boots pharmacy chain and FOUNDER Charles Rudolph Walgreen

pharmaceutical distributor Alliance Healthcare has created opportunities to bring global HEADQUARTERS Deerfield, IL beauty brands to Walgreens U.S. customers and offer more value to pharmacy patients through global pharmaceutical supply chains and group purchasing. LOCATIONS 9,560

During the first phase of this transformation, significant progress was made to bring AREA SERVED United States pharmacy services to more patients, improve the shopping experience in stores and PRODUCTS Drug Store, Pharmacy manage costs across the company. Most recently, Walgreens completed the acquisition PARENT Walgreens Boots Alliance of more than 1,900 Rite Aid drugstores in the U.S., making Walgreens quality health care accessible to more customers and patients. WEBSITE walgreens.com With its brand as a foundation, Walgreens is building its business in four areas: pharmacy, front end, health care services and consumer services. These areas are being enabled through partnerships, new store layouts and product assortments, new approaches to pricing and promotion to unlock value and by helping team members better serve customers by eliminating unproductive work and putting more decisions in their hands.

Source: walgreens.com

10 COLLIERS INTERNATIONAL PROPERTY HIGHLIGHTS 11 WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS LOCATION OVERVIEW BAY AREA OVERVIEW The San Francisco Bay Area consists of nine counties with a total population of KNOWLEDGE-BASED ECONOMY approximately 7.34 million people, representing almost 20% of ’s total With its longstanding reputation for cutting-edge innovation, the Bay Area has always population. The Bay Area has the unique distinction of being the most innovative required one of the most specialized and educated workforces in the country. The place in America, and is one of the most inventive, competitive economies in the Bay Area has the highest share of population with a bachelor’s degree and the largest world based on a productive and educated workforce, deep venture capital pool, number of top 10 graduate programs. For the more specialized industries, academic concentration of research organizations, culture of innovation and receptivity to new excellence ensures an ongoing supply of highly-educated researchers. In fact, one in ideas. four of California’s biotech firms were founded by University of California scientists. • Over 7.2 million residents and the highest percentage of graduate and Acclaimed author, Dr. Richard Florida, credits the knowledge workers of the Bay professional degrees in the nation Area as the main catalyst for economic growth in his publication, “Who’s Your City?” • Home to 29 Fortune 500 companies and 32 of Inc. 500’s fastest growing private He cites the Bay Area as the premier location for this “creative class,” with its companies established demographic talent, diverse and tolerant community, and the advanced technology infrastructure necessary to fuel an entrepreneurial culture. Those, he • Superb quality of life with a Mediterranean climate, world-famous wine country, claims, who can “create outcomes in new ideas” will bring any region to great world-class cultural resources, and the stunning natural beauty of the Pacific economic power and growth. Ocean and the Sierra Nevada Mountains • Highest concentration of venture capital firms in the world which have invested an average of $10 billion annually in 1,100 local area firms MARIN COUNTY • Proximity to outstanding education and research institutions at Stanford Marin County is the most affluent of the San Francisco Bay Area’s nine counties. University, University of California at Berkeley, University of California at San Beginning at the northern terminus of the Golden Gate Bridge, Marin County is Francisco, University of California at Davis, Santa Clara University and San Jose bordered on the north by Sonoma County, on the east by the San Francisco Bay, and State University the west by the Pacific Ocean. Renowned for its abundant natural attractions and dramatic scenery, Marin County offers residents world-class level amenities through its proximity to outdoor recreation venues and ease of access to major employment centers, including one of the primary financial centers on the West Coast, San Francisco.

12 COLLIERS INTERNATIONAL Six Flags Discovery Kingdom Turlock Modesto 5

99 Manteca

99 Lodi 5 Stockton 580 Tracy

4 Sacramento Livermore Davis 80

84 Antioch Milpitas Pleasanton

680 Dublin Fremont Campbell 505 SJO San Ramon San Jose Pittsburg

y

Santa Clara

85

a 237 B Union City

LOCATION OVERVIEW 580 Cupertino

Concord n

Walnut Creek

u

128

Sunnyvale s

280 i

Danville u Hayward Alamo

Alto 880

Fairfield S Newark alley 13

82 Castro V iew East Palo Mt. V San Leandro

84 Saratoga 680

4 Martinez Benicia

35 Lafayette

92 185 San Lorenzo

24 Redwood City Oakland Vallejo

13

Palo Alto 121 Foster City Bay Hercules OAK 80 Alameda San Carlos Berkeley El Cerrito San Francisco Burlingame 14 MILES|32 MINS 14 MILES|32 MINS 25 MILES|36 MINS 44 MILES|40 Pinole

84 Belmont La Honda Woodside SFO Napa

29 Milbrae

29 San Mateo

84 So. San Francisco San Bruno Emeryville

12

12 Bay San Pablo

92 101

92 Half Moon Bay Richmond Tiburon Pescadero San Pablo

Daly City y Sonoma Ba

121 n

Sausalito o

580 o

Mf

l a Moss Beach H Rutherford

35

16 1

12 WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS

12 Marin City Mill Pacifica Valley

29 San Rafael St. Helena Lighthouse Lighthouse Novato

Point Bonita 128 Point Montara San Francisco Santa Rosa Bolinas

1 COMMUTING TIMES FROM MILL VALLEY TO: VALLEY MILL FROM TIMES COMMUTING centers of San Francisco and Oakland. of San Francisco centers Petaluma

y SAN FRANCISCO ...... FRANCISCO SAN BERKELEY/OAKLAND ...... BERKELEY/OAKLAND ...... ROSA SANTA

being within close proximity to major business business major to close proximity being within a Mill Valley has a high quality of life, small town town of life, small quality has a high Mill Valley B ambiance, and breathtaking natural beauty, while beauty, natural and breathtaking ambiance,

Healdsburg s e

101 k

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Cloverdale y Ba Lighthouse a Point Reyes eg

Bodega Bay

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128 Ocean 0 Pacific 2013 DeNador Design & Photography, Sausalito 2013 DeNador Design & Photography, – Sonoma-Marin Area Rail Transit Transit Rail – Sonoma-Marin Area (SMART) Transit Rail Sonoma-Marin Area travel, option for transportation newest Area’s Bay the San Francisco is (SMART) initial 43 miles SMART’s counties. rail service in Sonoma and Marin offering passenger San to Downtown Airport the Sonoma County includes 10 stations, from corridor of rail in 2019; be completed to which is scheduled include: Larkspur, extensions Future Rafael. 70 miles of passenger will provide The full project and Cloverdale. Windsor; Healdsburg; hubs and retail with jobs, education centers, passengers SMART service, connecting rail pathway. and a bicycle-pedestrian the Sonoma-Marin corridor, housing along – The Larkspur Ferry Terminal, located just 6 miles south of the Property, the Property, located just 6 miles south of Terminal, Ferry Service – The Larkspur Ferry as well in San Francisco Terminal Ferry the Embarcadero to access immediate provides Service. Golden Gate Ferry by Park operated to AT&T as access – Highway 101 provides immediate access to San Francisco to San Francisco access immediate 101 provides – Highway Airport Access Airport located 43 miles Sonoma County International Airport just 34 miles south, Private and San Rafael just 12 miles north in Novato Airport located north, Marin County International Airport is Oakland the Bay, Across miles north. Airport located just 2.5 south. 580, 35 miles via Interstate accessible TRANSPORTATION the to access providing of San Francisco, well located, just north very is Marin County Richmond-San 101, to Highway access excellent through the East Bay and North Bay the Golden Gate Bridge. 580), and (Interstate Bridge Rafael Marin County also offers residents access to top-rated public schools and some of the of schools and some public top-rated to residents access also offers Marin County town centers vibrant with communities residential most affluent suburban Area’s Bay the of The completion and Larkspur. Ross, Anselmo, Mill San Valley, such as downtown - 20 (15 San Francisco from to and access easy for Bridge in 1937 allowed Golden Gate executives and enticed senior appeal which enhanced Marin County’s minute drive) in county the wealthiest turn created that has in in Marin to reside and professionals California. LOCATION OVERVIEW VALLEY MILL LOCAL OVERVIEW

14 COLLIERS INTERNATIONAL LOCATION OVERVIEW 15 WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS wind among the trees to Cathedral Grove and Bohemian and Bohemian Grove to Cathedral trees the wind among Trails The Ben Johnson and Creek. and along Redwood Grove, climb the views Dipsea trails a of the treetops, hillside for Tamalpais in adjacent Mount Pacific Ocean and Mount State Park. Tamalpais in race the oldest the Dipsea is run in 1905, First in June. Sunday the second on year America. It is run every Beach to Stinson Mill Valley from mile course The scenic 7.4 the in the most beautiful courses to be one of is considered it a grueling and make trails and steep The stairs world. has system And its unique handicapping race. treacherous of all ages. Because of its of men and women made winners and because event, popular very and challenge, it is a beauty of runners the number concerns and environmental of safety to about 1,500. is limited is held each year in October, and is a showcase showcase in October, and is a year is held each Film Festival The Mill Valley than more festival welcomes 11-day cinema. The and world independent for years the world. Over the around from attendees and 60,000 200 filmmakers as and earned a reputation critical success has enjoyed Film Festival Mill Valley by Screen US film festival Top 10 It has been named a festival.” a “filmmakers’ International. Golden Gate National National Monument is part of California’s Woods Muir the national of the father to Dedicated north of San Francisco. Area, Recreation the first coast is the Pacific along forest this redwood 1908, parks, John Muir, in donation from because of a land solely that was created National Monument redwoods, to protect the land donated William Kent a individual. Congressman boom. He also industry the logging old, from 150 years over some of which are John Muir. insisted it be named for is an imposing presence that presides over, and can be seen and can be seen over, that presides is an imposing presence (called Mt. Tam Mount Tamalpais of The East Peak Mill in Valley. anywhere from County the highest point in Marin It is sea level. rises 2,571 feet above residents) by Farallon to hills and up the surrounding view of 360-degree a stunning and offers day. Islands on a clear Mill Valley is somewhat of an artisan community characterized by a mixture of a mixture by characterized of an artisan community is somewhat Mill Valley plays and art festivals and markets, farmer’s and restaurants, high end boutiques the to and is home mountain biking for also is famous Mill Valley beauty. natural Highlights and the country. in race trail the oldest Dipsea Race, renowned world include: attractions The Walgreens is located in the community of Mill Valley, located just 14 miles north just 14 miles north located of Mill Valley, community the in is located The Walgreens of Richardson shores and northern the western and situated on of San Francisco of Mount Tamalpais. the shadow in Bay, CITY OF MILL VALLEY VALLEY CITY OF MILL VALLEY The subject property is a free-standing building adjacent to the Tam Junction Center, a 20-acre commercial strip wedged between Tamalpais Valley and Almonte. Driving north from San Francisco, the first gateway to Mill Valley, Muir Woods and the coastal beaches of Tamalpais Valley, the Tam Junction retail shops offer a diverse mix of restaurants, resident- serving business and retail.

16 COLLIERS INTERNATIONAL FINANCIAL OVERVIEW 17 WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS A Marin canine daycare and boarding facility facility and boarding A Marin canine daycare nly drugstore before leaving Mill before drugstore the only is Walgreens Opened in July 1986, the locally owned and operated cafe and operated owned the locally 1986, Opened in July

Valley and heading towards Stinson Beach, Muir Woods, and Mt. Tamalpais via and Mt. Tamalpais Woods, Stinson Beach, Muir towards and heading Valley Highway Shoreline providing outdoor group play, grooming services. A certified Green Business. services. A certified Green grooming play, group outdoor providing was named for the 7-mile Dipsea trail which begins in downtown Mill Valley, Mill Valley, which begins in downtown trail Dipsea the 7-mile was named for lunch and dinner. homestyle breakfast, and offers DIPSEA CAFE: DIPSEA DOG LODGING: ALPHA TAMALPIAS: MT. Tam Junction is made up of an array of independently owned and owned of independently Junction is made up of an array Tam for community the Mill Valley served have that local businesses operated 10 years. over DEMOGRAPHICS

1 Mile 3 Miles 5 Miles Population: 2000 Total Population 9,645 47,532 82,195 2010 Total Population 9,745 48,402 82,121 2017 Total Population 9,928 49,658 83,608 2022 Total Population 9,897 49,786 83,249 Population Change 2000 to 2017 2.9% 4.5% 1.7% Population Change 2010 to 2022 1.6% 2.9% 1.4% Population Change 2017 to 2022 -.3% .3% -.4% Households: 2000 Households 4,573 21,572 35,067 2010 Households 4,594 21,568 34,945 2017 Households 4,614 21,840 35,457 2022 Households 4,635 22,020 35,812 Household Change 2000 to 2017 .9% 1.2% 1.1% Household Change 2010 to 2022 .9% 2.1% 2.5% Household Change 2017 to 2022 .5% .8% 1.0% Income: 2017 Average Household Income $149,193 $172,559 $175,804 $60,000 to $74,999 5.9% 5.6% 6.0% $75,000 to $99,999 8.8% 9.1% 10.2% $100,000 to $124,999 9.4% 9.5% 9.7% $125,000 to $149,999 4.5% 7.3% 7.2% $150,000 to $199,999 13.1% 11.7% 10.8% $200,000 or more 24.9% 29.0% 29.4%

18 COLLIERS INTERNATIONAL LOCATION OVERVIEW 19 Owner reserve the right to engage at any engage at any to the right reserve Owner or the or WALGREENS | MILL VALLEY, CA VALLEY, MILL | WALGREENS time in discussions or negotiations with one or more recipients of this Memorandum and/or other prospective prospective other and/or this Memorandum of recipients more negotiations with one or or time in discussions the Recipient. to obligation other without notice or the Property of purchasers DISCLAIMER presented and prepared been has “Memorandum”) (the Memorandum Offering This Confidential to efforts part of Colliers’ as International (“Colliers”) Colliers by (the “Recipient”) the recipient to (the “Property”). CA Mill Highway, Valley, 227 Shoreline located at property the real sale for market Colliers (the “Owner”). the Property of the owner(s) for agent and broker the exclusive is Colliers the to assist solely Recipient the to in it the material contained and this Memorandum is providing part all or purchasing potentially in interested is Recipient the in determining whether Recipient the Recipient to the material in it and this Memorandum also is providing Colliers the Property. of it deems that those matters investigate will independently the Recipient that understanding the with on its only will rely the Recipient that and the Property to evaluate and appropriate necessary to whether in determining this Memorandum, or the Owner not on Colliers, and investigation, own the Property. purchase agents, employees, respective their and the Owner : Colliers, THE FOLLOWING PLEASE NOTE managers, members, shareholders, directors, officers, managers, property representatives, and assigns affiliates, subsidiaries, entities, controlling or parents corporate venturers, join partners, the accuracy, about warranties or no representations make and successors-in-interest predecessors is Recipient The this Memorandum. in contained information the of completeness or correctness an independent to make and this Memorandum in contained the information on to rely not urged the Property. to relating of all matters investigation the Owner and/or to Colliers or by and estimates provided includes statements This Memorandum correct accurate, not be may or may Those statements and estimates the Property. regarding as a representation be construed should this Memorandum in Nothing contained complete. or and estimates. of such statements completeness or correctness the accuracy, about warranty or warranty or as representation should be construed Memorandum this in nothing contained Further, or (1) past, current the Property’s including, without limitation, the Property, aspect of about any tenants, (3) physical prospective or (2) past, current occupancy, uses or income, performance, future rule, guideline permit, license, law, regulation, with any non-compliance or (4) compliance condition, occupancy. use or purpose, investment, particular any for (5) appropriateness or ordinance, or it in estimates and statements the and Memorandum this on rely to not urged is Recipient the Again, and estimates the statements and the Property regarding an independent investigation to make and herein. contained the nature, of, summaries to, or references include statements regarding, may This Memorandum Those statements, the Property. to documents relating other and/or of contracts content or scope Colliers Additionally, complete. or correct not be accurate, may or may summaries or references document other and/or contract of each and every included summaries or referenced not have may Nothing contained the Property. of to its evaluation might determine is relevant the Recipient that the accuracy, about warranty or as a representation should be construed this Memorandum in and On request summaries. or statements, representations of such completeness or correctness of all with copies the Recipient will provide Colliers consent, the Owner’s to as available, and subject modify or supplement to obligation no assumes documents. Colliers other and contracts referenced after on or conditions occurring or events to reflect this Memorandum in contained the information the anticipated regarding detailed information More this Memorandum. of the date of its preparation in will be provided the Property to relating the Owner by offering timing of any and terms, conditions and/ Colliers communication. separate by due course Accelerating success.

MEHDI STAR BRAD LAGOMARSINO JAMES DEVINCENTI KOUROSH BAKHTVAR COLLIERS INTERNATIONAL

+ 1 415 288 7805 + 1 415 288 7847 + 1 415 288 7848 + 1 415 510 4718 101 SECOND STREET, 11TH FLOOR [email protected] [email protected] [email protected] [email protected] SAN FRANCISCO, CA 94105 Lic: 01972933 Lic: 01058500 Lic: 00951916 Lic: 02062547 www.colliers.com