SHOPPING CENTER

1820-1842 W. 182ND STREET TORRANCE, 90504

OFFERING MEMORANDUM SHOPPING CENTER

1820-1842 W. 182ND STREET TORRANCE, CALIFORNIA 90504

EXCLUSIVELY LISTED BY:

ALEX KOZAKOV ERIC ROY First Vice President Associate +1 213 613 3031 +1 213 613 3410 Lic. 01416489 Lic. 01943774 [email protected] [email protected]

PATRICK WADE First Vice President +1 213 613 3071 Lic. 01454690 [email protected]

© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its 400 South Hope Street accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only 25th Floor and do not represent the current or future performance of the property. The value of this transaction to , Ca 90071 you depends on tax and other factors which should be evaluated by your 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. Torrance Western Shopping Center OM

OFFERING MEMORANDUM Table of Contents

Investment Summary 4 Property Description 8 Financial Overview 12 Tenant Profiles 24 Location Overview 26 Demographics 32 Investment Summary Investment Summary Investment Highlights

TORRANCE WESTERN SHOPPING CENTER STABLE, SOUTHERN CALIFORNIA SHOPPING CENTER WITH STRONG 1820 - 1842 West 182nd Street ANCHOR AND DIVERSE TENANT MIX Torrance, CA 90504 • Torrance Western Shopping Center is anchored by 99 Cents Only Stores, a top performing store at this location PURCHASE PRICE: $10,700,000 • National & International credit tenants make up over 78% of the GLA IN-PLACE CAP RATE: 5.40% for this shopping center creating greater stability and certainty of income for investors IN-PLACE NOI: $578,224 • Below Market rents – allowing for future upside to investors PRO FORMA CAP RATE: 5.73% • 99 Cents Only Stores is approximately 20% - 30% below market rents PRO FORMA NOI: $613,314 for this type of building and location

GLA: 30,279 SF • All tenants are on triple-net leases (including reimbursement for management fees) with rental increases and staggered lease expirations LAND AREA: 115,566 SF providing greater ease of management

ZONING: TOCC - GEN • New 7-Eleven strip center (NAP) under development adjacent to the center at rents significantly higher than existing shop space and will YEAR BUILT: 1967 increase consumer traffic to the center

PARKING: 203 Spaces (Recripocal) • 7-Eleven Strip Center is under construction and NAP but available separately. Contact listing broker for details 44,000 CPD at Intersection TRAFFIC COUNTS: 15,724: 182nd St. 28,358: S. Western Ave. • New parking lot re-paving and painting of shop space scheduled for Q1 2016

• Delivered free & clear of debt – ability to finance at today’s historically low interest rates or purchase all cash

4 OFFERING MEMORANDUM Investment Summary

Investment Highlights

DENSELY POPULATED TORRANCE LOCATION (LOS ANGELES COUNTY) WITH SIGNIFICANT BARRIERS TO ENTRY

• Professionally managed with low deferred maintenance

• Strong Demographics – Over 200,000 people live within a 3-mile radius

• Within blocks from numerous global companies and international headquarters including, Honda, Exxon Mobil and Honeywell Aerospace, having a combined total of over 2,000 employees

• Center benefits from the signalized corner location of South Western Avenue and West 182nd Street, an intersection that sees over 44,000 cars daily

• Excellent ingress and egress with multiple access points on Western Ave and 182nd St.

• Kula Sushi making significant tenant improvements including new state-of- the art touch-screen conveyor delivery system - Financially strong, 380+ unit operator listed on the Tokyo Stock Exchange, 1st Section. http://www.kura-corpo.co.jp/eng/

5 Kaizen Dojo Francisco’s Heart Hair Advanced Miss Donuts Dry Cleaners Salon Chiro Care & Bakery

SANSEI CENTER NAP - Available STATUS: Separately

YEAR BUILT: 2016 Shin Sen Gumi EST. DELIVERY April, 2016 Under LOI Under LOI  CONTACT AGENT FOR DETAILS 6 OFFERING MEMORANDUM Investment Summary

Investment Summary

CBRE is pleased to offer for sale Torrance Western Shopping Center, a stabilized retail center anchored by 99 Cents Only Stores in the densely populated South Bay community of Torrance, California.

The center offers investors a 95.05% occupied, 99 Cents Only Stores anchored shopping center consisting of 30,279 square feet of GLA on over two and a half acres of land. Torrance Western Shopping center benefits from a complimentary and diverse tenant mix, including 99 Cents Only Stores and many other very popular regional tenants. The center features embedded rental increases from multiple tenants, acting as a hedge against potential future inflation. 99 Cents Only Stores is said to be a high performing store at this location, and is paying a rent that is approximately 20% - 30% below current market rates. All tenants are on triple-net leases and include reimbursements for management fees.

Torrance Western Shopping Center is strategically located at the signalized intersection of South Western Avenue and West 182nd Street, an intersection that sees over 44,000 cars per day. It is situated in a densely populated trade area, with over 200,000 people living within a 3-mile radius. Torrance Western will also soon be joined by a newly constructed (NAP) 7-Eleven anchored strip center (Sansei Center), currently finishing development with delivery expected April of 2016. 7-Eleven will share space with Shin Sen Gumi, a drive-thru Japanese concept that operates 16 locations throughout California and Japan.

7 Property Description Property Description Tax Map

PROPERTY ADDRESS: 1820 - 1842 W. 182nd Street

BUILDING AREA: 30,279 SF

LAND AREA: 115,566 SF

PARKING: 203 Spaces (Recriprocal)

YEAR BUILT: 1967

ZONING: TOCC - GEN

4096 - 019 - 075 PARCEL NUMBERS: 4096 - 019 - 079

LOCATION Torrance Western Shopping Center is located in the densely populated South Bay community of Torrance, California.

IMPROVEMENTS Torrance Western consists of two retail buildings totaling 30,279 square feet of gross leasable area

8 OFFERING MEMORANDUM West 182nd Street - 15,724 CPD

7-Eleven Strip Center (NAP) Under Development*

South Western Ave - 28,358 CPD

*7-Eleven NAP but available separately Contact listing broker for details 9 10 OFFERING MEMORANDUM Property Description Property

t Site Plan W 182nd St - 15,724 CPD

Shin Sen Gumi

Under LOI

Under LOI * Inline Shop Space S. Western Ave - 28,358 CPD Ave S. Western

*NAP but available separately. Contact listing broker for details Total Parking: 203 Stalls tNot to Scale

11 12 Financial Overview In-Place and Projected NOI Summary

CURRENT "IN-PLACE" PER SF PROFORMA PER SF Gross Revenue In-Place Rental Revenue $594,450 $19.63 $630,296 $20.82 Reimbursement Revenue - CAM Estimated 100.00% $183,425 $6.06 $183,425 $6.06 Reimburement Revenue - Admin 99cents Estimated $2,950 $0.10 $2,950 $0.10 Reimbursement Revenue - Mgmt Shops Estimated $5,300 $0.18 $5,620 $0.19 Parking $1,650 $0.05 $1,650 $0.05 Total Gross Revenue $787,776 $26.02 $823,941 $27.21 Credit Loss / Vacancy Reserve 3.0% ($8,293) ($0.27) ($8,293) ($0.27) Effective Gross Revenue $779,483 $25.74 $815,648 $26.94 Expenses Inline-Maint. Actual $1,523 $0.05 $1,523 $0.05 Inline-Pest Control Actual $3,700 $0.12 $3,700 $0.12 Janitorial Actual $4,200 $0.14 $4,200 $0.14 Landscaping Actual $6,025 $0.20 $6,025 $0.20 Lighting Actual $7,111 $0.23 $7,111 $0.23 Pest Control Actual $836 $0.03 $836 $0.03 Security Camera Actual $3,735 $0.12 $3,735 $0.12 Steam Clean Actual $1,500 $0.05 $1,500 $0.05 Trash Actual $5,780 $0.19 $5,780 $0.19 Electricity Actual $10,006 $0.33 $10,006 $0.33 Water Actual $8,057 $0.27 $8,057 $0.27 TOTAL CAMS $52,473 $52,473 Insurance Actual $13,840 $0.46 $13,840 $0.46 Property Tax Estimated 1.0945% $117,112 $3.87 $117,112 $3.87 Management Fee Estimated 3.00% $17,834 $0.59 $18,909 $0.62 Total Operating Expenses ($201,258) ($6.65) ($202,334) ($6.68) Net Operating Income $578,224 $19.10 $613,314 $20.26 Total Capital Expenditures $0.20 ($6,056) ($0.20) ($6,056) ($0.20) Cash Flow Before Debt $572,168 $18.90 $607,259 $20.06 *Pro-Forma Rent assumes 99 cents pays 10% rent increase at option and each scheduled rent increase for remaining tenants in 2016. *Vacancy factor is 3% of gross rent, excluding 99cents only. 13 Financial Overview Rent Roll

LEASE TERM BASE RENT PROFORMA PSF/ Increases/ Market Market Suite Tenant SqFt Pro-Rata Begin End Begin Monthly Annually PSF/Yr Type Mo Options Annual PSF Annual 1820 99 Cents Only 21,279 70.28% 8/15/07 7/31/17 Current $26,829 $1.26 $321,951 $15.13 NNN 4-5 Yr $16.64 $353,870 Option 1 8/1/17 $29,489 $1.39 $353,870 $16.63 Option 2 8/1/22 $32,415 $1.52 $388,980 $18.28 Option 3 8/1/27 $35,642 $1.68 $427,708 $20.10 Option 4 8/1/32 *90% of the then prevailing Fair Market Rent

1824 The Kaizen Dojo 1,750 5.78% 11/1/14 10/31/17 Current $3,238 $1.85 $38,850 $22.20 NNN 3% Annually $23.55 $41,216 10/1/16 $3,435 $1.96 $41,216 $23.55

Francisco's Dry 1828 750 2.48% 11/1/11 10/31/16 Current $1,477 $1.97 $17,727 $23.63 NNN CPI or 3% $23.63 $17,724 Cleaners

Vacant - Seller 1 Year 1830-32 1,500 4.95% COE Current $3,375 $2.25 $40,500 $27.00 NNN $27.00 $40,500 Rent Guarantee From COE 8/1/16 $2,627 $1.75 $31,518 $21.01 8/1/17 $2,705 $1.80 $32,464 $21.64 8/1/18 $2,786 $1.86 $33,437 $22.29 8/1/19 $2,870 $1.91 $34,441 $22.96

14 OFFERING MEMORANDUM Financial Overview

Rent Roll (Continued)

LEASE TERM BASE RENT PROFORMA PSF/ Increases/ Market Market Suite Tenant SqFt Pro-Rata Begin End Begin Monthly Annually PSF/Yr Type Mo Options Annual PSF Annual 1834 Devon Hart 750 2.48% 10/1/15 9/30/18 Current $1,313 $1.75 $15,750 $21.00 NNN CPI or 2% $21.42 $16,065 $1,339 $1.79 $16,065 $21.42 $1,366 $1.82 $16,386 $21.85

Linda Nguyen 1836 900 2.97% 9/16/15 9/15/20 Current $2,069 $2.30 $24,825 $27.58 NNN 3% Annually $28.41 $25,570 Chiropractic

3 - 5 Year 1838-40 Kula Sushi USA 2,100 6.94% 4/1/12 3/31/17 Current $6,496 $3.09 $77,952 $37.12 NNN $37.12 $77,952 Options

Miss Donuts & 1842 1,250 4.13% 4/1/13 3/31/18 Current $4,644 $3.72 $55,729 $44.58 NNN CPI or 3% $44.58 $55,729 Bakery 4/1/17 $4,783 $3.83 $57,401 $45.92

Occupied 28,779 95.05% $46,163 $1.60 $553,950 $19.25 $27.96 $589,796 Vacant 1,500 4.95% $3,375 $2.25 $40,500 $27.00 $40,500 TOTALS/ 30,279 100.00% $49,538 $1.64 $594,450 $19.63 $27.96 $630,296 AVERAGES

*Current Rent assumes rent increases effective April 1, 2016 & seller rent guarantee of unit 1832 at $2.25/sf/month plus NNN for 12 months. *Pro-Forma Rent assumes 99 cents pays 10% rent increase at option and each scheduled rent increase for remaining tenants in 2016.

15 16 OFFERING MEMORANDUM Tenant Profiles

Tenant Profile

99 Cents Only Stores is a premier deep- 99 Cents Only is an exciting shopping destination 2012 marked a turning point for the Company discount retailer that primarily carries name- for price-sensitive consumers, and a fun treasure- when it celebrated its 30th anniversary and brand consumable and general merchandise. 99 hunt shopping experience for other value decided to go private by partnering with Ares Cents Only Stores dates back to the 1960’s when conscious consumers. The stores are attractively Management and the Canadian Pension the company’s founder, Dave Gold, inherited a merchandised, clean, full-service shopping Plan Investment Board. This partnership has tiny liquor store in downtown Los Angeles and destinations that offer customers significant value been instrumental in the company’s continued decided to run a test by selling bottles of wine on a wide selection of quality products from expansion, both in the number of new stores and at a fixed price-point of 99 cents. The test was everyday household items to fresh produce to new markets. instant success, and Dave thought that selling an exciting assortment of seasonal and party everything in the store for 99 cents would be merchandise including decorations, costumes hugely popular. He finally put this idea to work in and gifts. Merchandise encompasses name- 1982, when he spotted a building for lease and brand closeouts and regularly available food 99 CENTS ONLY QUICK FACTS decided it would be a great location for the first and beverage products such as produce, deli, TYPE Private 99 Cents Only Stores. and other basic grocery items. INDUSTRY Discount, Variety FOUNDED 1969 Over the years, the Company grew with new With more than 350 stores in four states and two stores in California, and after the Company went distribution centers in California and , 99 HEADQUARTERS Commerce, CA public in 1996, 99 Cents Only Stores began Cents Only Stores became the leading extreme NUMBER OF LOCATIONS 359 opening locations in new markets including value retail chain in the Western . NUMBER OF EMPLOYEES 11,500+ , and Texas. WEBSITE 99only.com

17 Location Overview Location Overview

SOUTH BAY (LOS ANGELES COUNTY) From the industrial heart of El Segundo, just south of LAX, to the beauty of the Palos Verdes Peninsula, the South Bay is one of the most culturally, economically, and ethnically diverse areas in the United States. Industries such as aerospace, technology, global communications, medicine, military, and business applications are key areas of excellence in the South Bay. The South Bay is the traditional home of Southern California’s aerospace industry. SpaceX, located in Hawthorne, represents a major economic force employing thousands in high-skill, high-wage engineering positions and generating enormous amounts of tax revenue. SpaceX is the world’s fastest-growing provider of launch services and currently under a $1.6 billion contract with NASA. Profitable and cash-flow positive, the company has nearly 50 launches on its market, representing close to $5 billion in contacts. In addition to aerospace, Honda maintains their North American headquarters in the South Bay, in the city of Torrance. As well as key divisions or headquarters for Raytheon, Lockheed Martin, Computer Sciences Corporation, Boeing, Chevron, British Petroleum, Mattel, Northrop Grumman, and Xerox and many others. Other areas of specialization include global telecommunications, media production, advanced manufacturing, financial services, biomedical research, and international trade. Los Angeles County’s South Bay communities offer an outstanding quality of life amidst a thriving economic engine. Blessed with a temperate coastal climate, the South Bay enjoys cleaner air, warmer winters, and cooler summers than surrounding areas. The Palos Verdes Peninsula and Manhattan Beach are two of the wealthiest communities in the United States.

18 OFFERING MEMORANDUM Location Overview

Location Overview (cont’d)

LOS ANGELES COUNTY Los Angeles County contains more than one quarter of total California residents, this is one of the most ethnically diverse counties in the state and country. As of the 2010 U.S. Census, the county has a population of 9,818,605, making it the most populous county in the United States. Los Angeles County alone is more populous than 43 individual U.S. states. Nicknamed the City of Angels, Los Angeles is a global city with a diverse economy in entertainment, culture, media, fashion, science, sports, technology, education, medicine and research. It has been ranked sixth in the Global Cities Index and 9th Global Economic Power Index. The city is home to renowned institutions covering a broad range of professional and cultural fields and is one of the most substantial economic engines within the United States. The Los Angeles combined statistical area has a gross metropolitan product of $831 billion, making it the third-largest in the world, after the Greater Tokyo and New York metropolitan areas. It is home to more than 244,000 businesses, with more minority- and women-owned businesses than any other in the nation. It is the nation’s top international trade center and manufacturing center. Los Angeles County’s 37 departments and $24.2 billion budget provide extensive business opportunities to the private sector, both in contracts for goods and services. More than 1 million of the 10.4 million residents live in unincorporated areas, whose municipal services are provided by the County. The other 9.3 million live in 88 cities, located throughout a 4,084-square-mile area. Los Angeles County is a diverse county, with more than 140 cultures and as many as 224 languages.

19 Location Overview Location Overview

TORRANCE, CA The city of Torrance is located in the southwest region of Los Angeles County. Large housing developments began construction in the 1950s and 1960s Torrance is the eight largest city by population in the county and is home to to accommodate the new population and were quickly occupied by over 150,000 residents. residents attracted to the city’s prime positioning in the county. Torrance strongly survived the deindustrialization, regional economic slowdowns and national recessions in the 1970s to 2000s. Spanning 21 square miles, the city was initially founded in 1912 with earlier settler attracted to its positioning along the pacific coastline. Torrance would later go onto become an integral part of the South Bay regional area. The city has continued to be a thriving community and its large-scale Asian immigration in the past couple of decades has transformed Torrance into a diverse and multicultural city. This residential and light high-tech industries city has over 90,000 street trees and 30 city parks. Known for its low crime rates, Torrance is consistently ranked among the safest cities in Los Angeles County and has become the TORRANCE, CA - TOP EMPLOYERS home of the second highest percentage of Japanese in North America. COMPANY EMPLOYEES Additionally, Torrance is the birthplace of the American Youth Soccer Organization (AYSO). AMERICAN HONDA MOTOR CO INC. 4,001

TORRANCE MEMORIAL MEDICAL CTR 3,001 Since its incorporation in 1921, Torrance has grown rapidly. City growth exploded after World War II as wartime industries transformed into Post- HONDA R&D AMERICAS 2,000 war Aerospace manufacturers and related technology industries which that region is greatly known for. ALLIED SIGNAL AEROSPACE 1,200

ROBINSON HELICOPTER CO 1,200

20 OFFERING MEMORANDUM Torrance Western Shopping Center

21 1 Mile 3 Mile 5 Mile

22 OFFERING MEMORANDUM Demographics Demographics

ONE-MILE RADIUS THREE-MILE RADIUS FIVE-MILE RADIUS

2015 ESTIMATED POPULATION 15,934 219,308 673,959

2020 PROJECTED POPULATION 16,386 226,645 697,108

2010 CENSUS POPULATION 15,606 213,424 655,351

2000 CENSUS POPULATION 15,749 207,027 636,542

GROWTH 2010-2015 2.10% 2.76% 2.84%

POPULATION GROWTH 2015-2020 2.84% 3.35% 3.43%

2015 ESTIMATED MEDIAN AGE 44.88 38.23 37.51

2015 ESTIMATED AVERAGE AGE 43.65 38.75 38.13

2015 ESTIMATED HOUSEHOLDS 6,057 74,152 226,459

2020 PROJECTED HOUSEHOLDS 6,244 76,696 234,445

2010 CENSUS HOUSEHOLDS 5,917 72,199 220,150

2000 CENSUS HOUSEHOLDS 6,105 70,829 216,156

GROWTH 2010-2015 2.36% 2.71% 2.87% HOUSEHOLDS GROWTH 2015-2020 3.09% 3.43% 3.53%

2015 EST. AVERAGE HOUSEHOLD SIZE 2.64 2.92 2.95

2015 EST. AVERAGE HOUSEHOLD INCOME $76,297 $71,158 $80,482

2020 PRJ. AVERAGE HOUSEHOLD INCOME $78,877 $73,675 $83,376

INCOME 2015 EST. MEDIAN HOUSEHOLD INCOME $61,476 $55,509 $59,011

WHITE POPULATION 27.49% 33.14% 37.11%

AFRICAN AMERICAN POPULATION 4.49% 13.02% 17.97%

ASIAN POPULATION 48.31% 26.80% 19.31%

PACIFIC ISLANDER 0.41% 0.87% 0.87%

AMERICAN INDIAN / ALASKA NATIVE 0.58% 0.57% 0.57% RACE & ORIGIN OTHER RACE POPULATION 11.85% 20.13% 18.91%

TWO OR MORE RACES POPULATION 6.87% 5.47% 5.25%

23 SHOPPING CENTER

1820-1842 W. 182ND STREET TORRANCE, CALIFORNIA 90504

PREPARED BY:

Affiliated Business Disclosure ALEX KOZAKOV CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”), engaging in a broad range of commercial real estate businesses First Vice President including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management, and development. At times different Affiliates may represent +1 213 613 3031 various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammel Crow Company. Lic. 01416489 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 [email protected] bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. 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, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum PATRICK WADE 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 busi- ness 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. First Vice President +1 213 613 3071 Confidentiality Agreement Lic. 01454690 This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. [email protected] This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information ERIC ROY are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Associate Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, +1 213 613 3410 and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate Lic. 01943774 descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the con- [email protected] tents of this Memorandum in any manner. Neither the Owner or CBRE, Inc., nor any of their respective directors, officers, Affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memo- randum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence, and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If, after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

DISCLAIMER ©2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or esti- mates 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 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. CBRE and the CBRE logo are service marks of CBRE Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. 2/15 PMC0004481