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Marin Gateway Shopping Center Marin City, California Confidential Offering Memorandum Marin Gateway Shopping Center Marin City, California

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Marin Gateway Shopping Center Marin City, California Confidential Offering Memorandum Marin Gateway Shopping Center Marin City, California BELOW-MARKET ASSUMABLE FINANCING CONFIDENTIAL OFFERING MEMORANDUM Marin Gateway Shopping Center MARIN CITY, CALIFORNIA CONFIDENTIAL OFFERING MEMORANDUM Marin Gateway Shopping Center MARIN CITY, CALIFORNIA Exclusively Listed By: TABLE OF CONTENTS: M. Daniel Wald Partner - Investments 415-677-0461 TAB I: Disclaimer & Confidentiality Agreement i TAB V: Market Analysis 29 [email protected] - Marketing Process - Local Market Overview LIC #01173111 - Anticipated Project Timeline - Marin County Retail Vacancy & Asking Rates - Recent Marin County Lease Comparables David Nord - Sales Comparables Investment Associate TAB II: Investment Overview 1 - Investment Opportunity 415-677-0460 TAB VI: Financial Analysis 43 [email protected] - Investment Summary - Financial Overview LIC #01378405 - Financial Highlights - Below Market, In-Place Financing - 10-Year Projection of NOI & Cash Flow Steve Holm - Investment Highlights - Refinance Sensitivity Investment Associate - Property Overview - Financial Model Assumptions 415-568-3403 - Market Overview - Investment Assumptions [email protected] - Demographic Summary - Tenant Expense Reimbursement Schedule LIC #01502110 - Market Leasing Assumptions - In-Place Rents/Market Leasing Assumptions Site Plans 4 TAB III: Location - Market Leasing Assumptions - Aerials Market Leasing Advisors: - Rent Roll - Bay Area Regional Overview Mark Koenig - Marin County Overview Partner 415-451-2404 [email protected] TAB IV: Property Description 12 LIC #00848131 - Property Photographs - Tenant Roster & Site Plan John Schaefer - Parcel Map Partner - Site Data 415-451-2407 - Improvements Data [email protected] - Major Tenant Profiles LIC #01251740 - Discussion of Significant Lease Provisions & Property Matters 201 California Street, Suite 800 - Lease Expirations San Francisco, California 94111 - Under vs. Over Market Rents Analysis www.ctbt.com MARIN GATEWAY SHOPPING CENTER Marin City, CA Disclaimer & Confidentiality Agreement This confidential Offering Memorandum (“Memorandum”) is being delivered Seller expressly reserves the right, at its sole discretion, to reject any offer to subject to the terms of the Confidentiality Agreement signed by you (“Confiden- purchase the Property or to terminate any negotiations with any party at any tiality Agreement”) and constitutes part of the confidential property information time with or without written notice. Seller shall have no legal commitment or (“Confidential Information”). It is being given to you for the sole purpose of obligation to any prospective purchaser unless and until a written sale agree- evaluating the possible acquisition of Marin Gateway Shopping Center, Marin ment has been fully executed, delivered and approved by Seller and any condi- City, California (“Property”) and is not to be used for any other purpose or tions to Seller’s obligations thereunder have been satisfied or waived. made available to any other party without the prior written consent of the seller Seller has retained Broker as its exclusive broker and will be responsible for any (“Seller”) or Cassidy Turley BT Commercial (“Broker”). commission due to Broker in connection with a sale of the Property pursuant This Memorandum was prepared by Broker based on information supplied by to separate agreement. Broker is not authorized to make any representation or Seller and Broker. It contains selected information about the Property and the agreement on behalf of Seller. real estate market, but does not contain all the information necessary to evalu- This Memorandum is the property of Seller and Broker and may be used only ate the acquisition of the Property. The financial projections contained herein by parties approved by Seller or Broker. No portion of this Memorandum may (or in any other Confidential Information) are for general reference only. The be copied or otherwise reproduced or disclosed to anyone except as permitted projections are based on assumptions relating to the general economy and local under the Confidentiality Agreement. competition, among other factors. Accordingly, actual results may vary materi- ally from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents. While the information contained in this Memorandum and any other Confiden- tial Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information, which may include engineering, environmental or other reports, may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineering, environmental, and other experts. i MARIN GATEWAY SHOPPING CENTER Marin City, CA Marketing Process Review Period & Deadline for Offers Cassidy Turley BT Commercial has been authorized to prepare and distribute After an initial review period, we will announce a deadline for offers and the enclosed data for the purpose of soliciting offers to purchase from inter- expressions of interest. At that point, the Owner may selectively distrib- ested and qualified parties. You are invited to review this opportunity and make ute additional data to interested parties who have submitted compelling, an offer to purchase based upon your analysis. qualified proposals by the bid deadline. Asking Price Buyer Negotiation & Selection The Property is being offered without an asking price. Each investor should If your offer results in the Seller choosing to open negotiations with you, base its offer on the “As Is, Where Is” condition of the property. you may be asked to provide financial references. The eventual Buyer will be chosen based on an assessment of price, terms, and a demon- strated ability to close the transaction. Anticipated Project Timeline Due Diligence Period April May June July 5 12 19 26 3 10 17 24 31 7 14 21 28 5 12 19 26 The selected Buyer will be afforded a fixed period of time 1 Distribute Offering Memorandum to perform its due diligence 2 Property Tours on the Property and will be encouraged to begin due dili- 3 Call for Offers gence upon the execution of an 4 Review Offers accepted letter of intent. The Buyer will be provided a draft 5 Select Buyer purchase & sale agreement by 6 Negotiate Purchase and Sales Agreement the Seller. The executed pur- chase and sale agreement will 7 Buyer’s Due Diligence Period and Removal of Contingencies be accompanied by an initial deposit. A significant additional 8 Estoppels and Removal of Final Closing Conditions deposit will be required with 9 CLOSING the Buyer’s removal of contin- gencies prior to the end of the due diligence period. ii Marin Gateway Shopping Center, Marin City, CA EXECUTIVE SUMMARY Investment Opportunity Investment Summary The acquisition of Marin Gateway Shopping Center will provide an investor the Property: Marin Gateway Shopping Center opportunity to own a regionally-drawing, high-quality promotional/community shopping center with significantly below-market, in-place assumable debt. Its Price: Best Offer location provides a very-high-income market area with extremely high barriers In-Place Assumable Financing $28,940,000 to the development of new competition. Maturity Date: March 6, 2015 Due to its high-leverage below-market-rate financing, Marin Gateway will pro- vide an investor a very attractive leveraged yield. Interest Rate: 5.47% Aptly named, the Property is located immediately north of the Golden Gate Year Built: 1996 Bridge at the gateway to Marin County, one of the nation’s wealthiest commu- Total Square Footage: 181,700 SF nities. Offering excellent visibility and access from US Highway 101 and its *Leasable Square Footage: 177,700 SF * 115,000 cars per day traffic, Marin Gateway offers its retailers an unparalleled location for capturing regional shoppers. A sample of the tenants Include: Address: 100 Donahue Street Marin City California Anchors: Jr. Anchors: Pad & In-Line Tenants: Number of Parcels: Four • Best Buy • Sleep Train • Starbucks • Ross • Dollar Tree • Burger King Parcel Numbers: 052-490-03, 05, 06, 07 • CVS • Panda Express Site Area: 21.15 Acres • Babies R’ Us • Outback Steakhouse Since its original development in 1996 as a grocery-anchored center, the Prop- * Difference between total square footage and leasable square footage due to erty has experienced a steady enhancement of its tenancy and market position. long-term lease with public library which does not pay rent but does reimburse Given the growth of disposable income in Marin Gateway’s trade area and the CAM charges. Property’s competitive position within it, the potential exists for a continued and substantial improvement in the tenancy and income stream. This upside potential adds to the attractiveness of the offering. 1 EXECUTIVE SUMMARY / Marin Gateway Shopping Center Financial Highlights Investment Highlights: Price: Best Offer • A 181,700 square foot regionally-drawing promotional/community shopping In-Place NOI $2,782,566 center Projected Year-1 NOI $3,029,939 • Anchored by Best Buy, Ross, Babies R Us, and CVS Projected Year-2 NOI $3,246,592 • Over 93% leased with high-identity,
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