1-Block North of San Diego Bay/1-Mile from Downtown San Diego

1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National

NAP OFFERING MEMORANDUM 1-Block north of San Diego Bay/1-mile from downtown San Diego

CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST INVESTMENT ADVISORS

NRP-WEST Debt & structured finance CBRE-NEWPORT BEACH PRESTON FETROW MEGAN WOOD ERIC SHAIN ARTHUR FLORES BRUCE FRANCIS SHAUN MOOTHART 3501 Jamboree Rd., Ste 100 +1 949 725 8538 +1 949 725 8423 +1 949 809 3758 +1 949 725 8625 +1 602 735 1781 +1 949 509 2111 Newport Beach, CA 92660 Lic. 00923282 Lic. 01516027 Lic. 02050566 Lic. 01423821 Lic. BK-0018505 Lic. 01773201 F + 1 949 725 8545 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] © 2019 CBRE, Inc. All Rights Reserved

NRP-WEst team

PHILIP D. VOORHEES (Team Leader)

Preston Fetrow John Read Kirk Brummer Jimmy Slusher John Eddy Catherine Zhong Megan Wood James Tyrrell Sean Heitzler Matt Burson Eric Shain Trent Steeves

For all of our available listings, please visit: WWW.CBRE.COM/NRPWEST 1 6 10 12 16 INVESTMENT AREA PROPERTY TENANT FINANCIAL OVERVIEW OVERVIEW OVERVIEW OVERVIEW OVERVIEW

Investment Summary City Overview Site Plan Tenant Profiles Assumptions Investment Highlights County Overview Parcel Map Cash Flow Rent Roll N

PACIFIC OCEAN LA JOLLA TORREY PINES MISSION BAY POINT LOMA SAN DIEGO NAVAL AIR STATION INTERNATIONAL AIRPORT NORTH ISLAND USS MIDWAY MUSEUM MUSEUM MUSEUM OF MAN SEAPORT OF ART DOWNTOWN AIR & SPACE MUSEUM VILLAGE SAN DIEGO CORONADO BALBOA PARK GASLAMP QUARTER CORONADO BEACH SAN DIEGO BAY SAN DIEGO NAVAL MEDICAL CITY COLLEGE CENTER SAN DIEGO SAN DIEGO CENTRAL LIBRARY CONVENTION CENTER PETCO PARK

TH & IMPERIAL SR SSA MARINE TRANSIT CENTER I ±, CPD SAN DIEGO

NATIONAL AVE

PERKINS ELEMENTARY SCHOOL CESAR CHAVEZ PARK

CESAR E. CHAVEZ CAMPUS SAN DIEGO CONTINUING EDUCATION CESAR E. CHAVEZ PKWY ±, CPD CORONADO BRIDGE ESTRELLA SR ±, CPD DEL MERCADO APARTMENTS

MERCADO APARTMENTS CHICANO PARK N

PACIFIC OCEAN LA JOLLA TORREY PINES INVESTMENT HIGHLIGHTS MISSION BAY POINT LOMA SAN DIEGO NAVAL AIR STATION INTERNATIONAL AIRPORT Urban San Diego Mixed-Use Neighborhood Center NORTH ISLAND USS MIDWAY MUSEUM MUSEUM MUSEUM OF MAN • Mixed-Use, Entertainment-Focused Neighborhood Center – Mercado SEAPORT OF ART DOWNTOWN AIR & SPACE MUSEUM VILLAGE Del Barrio represents a unique opportunity to purchase the high-yielding SAN DIEGO CORONADO BALBOA PARK shops and pads portion to an extremely successful Northgate Market GASLAMP QUARTER CORONADO BEACH SAN DIEGO BAY SAN DIEGO NAVAL MEDICAL (NAP) anchored shopping center, leased to internet-resistant, entertainment- CITY COLLEGE CENTER SAN DIEGO related (food, brewery, and personal services) tenants totaling ±47,578 SF SAN DIEGO CENTRAL LIBRARY CONVENTION CENTER PETCO PARK »» Also within this mixed-use development is a 3-story, 91-unit apartment community (NAP) situated directly above one of the retail buildings, offering daily support to the center, keeping the property busy TH & IMPERIAL SR SSA MARINE TRANSIT CENTER throughout the day and evening hours I ±, CPD »» The property features live music during the summer months and SAN DIEGO community events throughout the year, establishing itself as the

NATIONAL AVE entertainment capital in the trade area

PERKINS CA San Diego, Ave, 1900 Main St & 1985 National ELEMENTARY SCHOOL • Tremendous Pride of Ownership Asset – Highly attractive, timeless CESAR CHAVEZ INVESTMENT SUMMARY PARK architecture asset with tremendous visibility along Cesar E. Chavez Parkway and adjacent to the prominent Barrio Logan gateway sign; Mercado Del CESAR E. CHAVEZ CAMPUS Barrio is the most recent premier destination for customers and tenants SAN DIEGO CONTINUING EDUCATION Offering Price $19,157,000 CESAR E. CHAVEZ PKWY ±, CPD in this trade area CORONADO BRIDGE current occupancy 93% ESTRELLA SR ±, CPD DEL MERCADO NOI (year 1) Income Stability with Significant NOI Growth APARTMENTS $1,273,966 Cap Rate (Year 1) 6.65% • Excellent Cash Flow Growth – Through fixed rental increases, lease up of MERCADO NOI (Year 3 - Stabilized) $1,408,476 available space, and below-market rents resetting to market, the Net Operating APARTMENTS CHICANO PARK Income is projected to grow over $575,000 (45%), representing a 3.8% CAGR Cap Rate (Year 3 - Stabilized) 7.25% over the anticipated hold period, providing a hedge against inflation

Total Building Area ±47,578 SF • Below Market Rents – Virtually the whole center is leased at rates below total land area ±195,942 SF (±4.49 acres) current market rates—property-wide, CBRE estimates the current lease rates to be approximately 7% below market parking Spaces ±324 (±6.81 spaces per 1,000 SF) • Income Stream Diversity – Multi-tenant strip center with NNN leases—no Website www.nrpwest.com/mercadodelbarrio tenant accounts for more than 11% of the project’s square footage or income 1 INVESTMENT HIGHLIGHTS (CONTINUED)

CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL High Identity Retail Location • Residential and Commercial Proximity – Proximity to both residential and • High-Visibility, High-Traffic Location – Mercado Del Barrio enjoys excellent access and commercial density keeps the property line of sight visibility along Cesar E. Chavez Parkway (±17,500 cars per day at the intersection busy during all days of the week of National Avenue) • High-Growth Trade Area – Barrio Logan, »» Barrio Logan Station – Directly adjacent to the property, the Barrio Logan Station is already having seen a major overhaul over part of the Blue Line on the San Diego Trolley. The Blue Line has the highest ridership the past 5 years, has positioned itself to be of the San Diego Trolley’s three regular lines, transporting over 16.5 million riders per the next major growth area in San Diego, as year the neighboring Downtown communities offer limited future redevelopment • Convenient Regional and Local Accessibility – Mercado Del Barrio is located immediately opportunities off the I-5 freeway via Commercial Street (±161,000 CPD), providing convenient regional access • Target Retailer Demographic – San Diego County’s diverse economy, master- • Destination Location – Located in the heart of Barrio Logan, an art-centric neighborhood planned communities, nearly perfect just south of downtown and at the foot of the famous Coronado Bridge. An epicenter of San climate, and high quality of life make it one Diego’s Mexican-American culture, Barrio Logan is rapidly becoming a hot spot for cutting- of the most desirable locations for retailers edge art and authentic local culture in the country »» 3-minute drive to Petco Park/San Diego Convention Center

»» 5-minute drive to downtown San Diego’s business district

»» 15-minute drive to San Diego’s Lindbergh Airport 2 INVESTMENT HIGHLIGHTS (CONTINUED)

Excellent Real Estate Fundamentals

• Internet Resistant/ “Daily Needs” Tenants – A vast majority of • Significant Frontage and Visibility – Unmatched visibility tenants at Mercado Del Barrio either provide beverage or dining services, with over 690 feet of frontage along Cesar E. Chavez Parkway, sell perishable food and beverage items, or offer daily needs services not the trade area’s primary arterial conducive to internet transactions, thereby providing a bulwark against • – A desirable and urban trade- internet competition. The food and service uses are particularly well- Synergistic Tenant Roster area-appropriate tenant mix, coupled with a Hispanic grocery suited to this location given the synergistic nature of the shopping center shadow-anchor, generate high-frequency foot traffic and its proximity to residential and commercial density

NAP 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National

3 CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL INVESTMENT HIGHLIGHTS (CONTINUED)

Extremely Dense, Infill San Diego County Demographics Ideal 1031 Exchange Replacement Property • Desirable San Diego County Demographics – San Diego County is the 5th most populous county in the US with a population of more than 3.3 million people and an • Branded Experience – Mercado Del average household income exceeding $101,300 Barrio delivers exceptional site ambience and a “sense of place” for the local • More than 28,300 people in a 1-mile radius, with an Average Household Income patrons, creating a destination retail exceeding $59,300 project attracting locals and tourists alike

• More than 187,600 people in a 3-mile radius, with an Average Household Income • No Existing Financing – Delivered free exceeding $84,700 and clear of debt, permitting an investor to purchase for cash to obtain new financing • More than 471,200 people in a 5-mile radius, with an Average Household Income at desire LTV and terms exceeding $75,900 • High-Quality NNN Investment – • More than 297,300 daytime workers in a 3-mile radius Grocery shadow-anchored neighborhood »» Naval Base San Diego – Barrio Logan is home to Naval Base San Diego, also known center with NNN leases provide for limited as 32nd Street Naval Station, the second largest Surface Ship base of the US Navy expense leakage with a total on-base population of over 34,000 people

»» NASSCO/General Dynamics – 13,400 San Diego maritime jobs 4 CESAR E. CHAVEZ PKWY ±, CPD ±, PKWY CHAVEZ E. CESAR

I ±, CPD SR ±, CPD ±, SR N 5 1900 Main St & 1985 National Ave, San Diego, CA 0

0 Tompkins Gilette

07th 06th Gilette

12th and Imperial East Village

MTS Transit Center 25th 22th 17th Commercial Commercial 19th

Logan Irving 25th and Commercial 32nd and Commercial Imperial To Downtown Station Station National Julian

Newton Logan Heights Mountain View o5 p Cesar E Chavez Sigsbee CENTRE CITY PLANNED Beardsley Perkins Dewey

Main 31st

28th 30th DISTRICT Elementary 32nd School Ocean View Ocean View Tenth Avenue Burbank Marine Terminal Elementary SOUTHEASTERN Evans School SAN DIEGO Chicano Logan Park Preschool Memorial PLANNED Park DISTRICT Cesar E Chavez

0 Logan 1 Sampson Harbor 0 Recreation

37th

35th

36th 38th

39th

40th 0 Newton Center Barrio Logan Tompkins Gilette

07th 15 06th Gilette Station Tompkins Gilette

07th 06th National Memorial Gilette Sicard Academy 12th and Imperial East Village

12thMTS and Transit Imperial Center 25th 22th 17th Commercial East CommercialVillage 19th

Cesar MTS Transit Center Evans Logan 25th Logan Logan 22th 17th Commercial BARRIOCommercial LOGAN19th Chavez Logan Park PLANNED 25th and Commer k 32nd and Commercial Logan Irving cial e Imperial To Downtown e DISTRICT Irving 25th and CommerStationcial r 32nd and CommercialStation Imperial C ROSCOE'STo Downtown CHICKEN AND WAFFLES RESTAURANT National National Julian National National National Station s Station

a Julian l SAN DIEGO'S BARRIO LOGAN 1694 NATIONAL AVE National l o Permit to demolish 4 existing detached commercial h Southcrest PPORORTO OOF Newton C Logan Heights single-story structures, existing residential studio space as Emerson Newton Newton L Logan Heights Newton Mountain View to remain, and existing commercialSASANANN DIDIED buildingEGOE renovation Sicard Elementary o5 Mountain View for a total of 8,101 SF. Barrio Logan p Cesar E Chavez Barrio Logan is a redevelopment / opportunity zone district Sigsbee o5 p Cesar E Chavez Sigsbee Boston Boston Boston in south central San Diego, CA. As shown in the facing map, CENTRE CITY Sampson Beardsley CENTRE CITY St. Jude PLANNED Beardsley it is bordered by the neighborhoods of East Village and Perkins 26th Dewey Academy Main 31st

28th 30th

29th Belt 27th

32nd 30th 28th PLANNED Elementary 31st DISTRICT Perkins Dewey 32nd

Main 31st 28th Ocean View 30th Logan Heights to the north, Shelltown and Southcrest to Main 32nd Ocean View DISTRICT ElementarySchool Tenth Avenue Ocean View the east, San Diego's Gaslamp Quarter and San Diego Bay School Burbank Ocean View TenthMarine Avenue Term inal BurbankElementary SOUTHEASTERN Marine Terminal Evans ElementarySchool to the southwest, and National City to the southeast. Harborside Main Las ChollaSOUTHEASTERNs Creek Chicano S. SAN DIEGOChavez 75 Station Evans School Logan Alpha Park SAN DIEGO Elementary LOS PATIOS Chicano LoganPreschool PLANNED For years, the Barrio Logan District of San Diego has Park Memorial School 1776 NATIONAL AVE Preschool MemorialPark PLANNEDDISTRICT Four-story development plan for a mixed-use building Harbor Cesar E Chavez Logan Sampson ParkRecreation DISTRICT

37th

been an epicenter of the city’s Mexican-American culture. 35th Cesar E Chavez 36th 38th Logan 39th

Sampson 40th with 2,100 square feet of commercial space on the Harbor Newton RecreationCenter

37th

35th Harbor 36th 38th Barrio Logan 39th The neighborhood continues its rapid transformation, ground floor and 20 living units above. Newton CenterRigel 15 40th Barrio LoganStation 15 becoming a hotspot for “hip” cutting-edge art and authentic National Memorial Station Sicard National MemorialAcademy Sicard CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL local culture. Academy op5 Siva Una Shel ltown

Cesar Evans Logan Logan Logan Barrio Logan’s change into an art and "foodie-centric" BARRIO LOGAN Dalbergia CesarChavez Evans Logan Logan Logan BARRIO LOGAN ta neighborhood began as far back as the 1960s, at the point CESAR CHAVEZ PARKING GARAGE ChavezPark PLANNED k e Ves Thor e 1936 NATIONAL AVE Park PLANNED k r DISTRICT e C

in time when the Coronado Bridge was developed. During National National e r National National Parking structure associated with the s DISTRICT a C l National National l National National s en its development, land was encroached on a local park, o Cesar Chavez Educational Facility. a

l 32nd h Southcrest l Balboa C o Wod Una h Elementary 41st Southcrest and the neighboring residents of Barrio Logan enhanced PPORORTO OOF as Newton C L Emerson To City of PPORORTO OOF School Newton SASANANN DIDIED EGOE as Elementary the park by paintingCoronado enormous, colorful murals on the Sicard Newton NNAVAL STATION L Emerson Newton SASANANN DIDIED EGOE Sicard Elementary San Diego Bay Barrio Logan S AN DIEGO ta bridge’s pillars. The murals depict the life of San Diego’s Barrio Logan Paciﬁc Fleet Boston Station Boston Ves Sampson Boston Mexican community. Today, this neighboring art-filled Boston Boston Boston La P Sampson Main St. Jude park houses the largest collection of Mexican murals in RECENT CONSTRUCTION 26th en St. JudeAcademy

29th Belt 27th 30th

28th 31st

26th 32nd Academy

29th Belt Main 27th 30th 28th Wod the world and is situated directly adjacent to Mercado 31st FUTURE CONSTRUCTION Main 32nd Del Barrio, and it is the site of many cultural celebrations 1900 Main St & 1985 National Ave, San Diego, CA throughout the year. These popular festivals celebrate Harborside Main S. Las Chollas Creek 75 Main Chavez Alpha THIS MAP IS PROVIDED WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF HarborsStationide O Las Chollas Creek 75 IEGGOG S. ChavezElementary Alpha Mexican culture,MERCHANTABILITY both ANDtraditional FITNESS, FOR A PARTICULAR and PURPOSE. contemporary. Copyright SanGIS. All Rights In Reserved. Station N DID Y This product may contain information from the SANDAG Regional Information System which cannot be reproduced without written permission of SANDAG. SSA A N D I E G OCCIITTY ElementarySchool This product may contain information which has been reproduced with permission granted by Thomas Bros. Maps. AALL connection with these events, Mercado Del Barrio offers ONN School AT IO live music at various times during the summer months, NA Harbor Rigel LEGEND Harbor further enhancing demand at the property. Mercado Del Redevelopment Subdistrict Subdistrict A Subdistrict C IH-2-1 Rigel Barrio Logan Community • Residential (single/multi-family) • Residential (single/multi-family) • Residential (single/multi-family) N Barrio and many other businesses and residential buildings Freeway/Ramp A Plan Area • Commercial Uses • Uses permitted in IL-3-1 that existed 0 500 1000Rav 2000 feet 02ndo5 Hoo I-5 Doyle I-5 p ck Siva Una Shel ltown in the neighborhood are perfect examples of this growing • Commercial/Limited light industrial ....prior to 7-5-1983 o5 Sb O Private enscroft Sb p ver City Boundary Inchon SDMTS Trolley and Station Siva Una Shel ltown Rav Hoover amenity to reflect beautiful art displays on the many • Mixed use encouraged Pauna Subdistrict B Subdistrict D RM-3-9 Mc Dalbergia CESAR CHAVEZ EDUCATION CENTER 03rd n Private Eniwetok ensc ta building frontages. Inchon 1901 MAIN ST • Residential (single/multi-family) • Uses permiteed in IH-2-1 Can Dalbergia ta Private • Uses permiteed in IH-2-1 except Mc Cand Thor Ves Newly developed 3-story continuing rof Eniwetok dle ....chrome plating Vesta Cummings Thor Ves t 04th Zoning educational facility Roo PrivateTarawa ss July 2008 04th en wa 32nd les seve en Balboa Wod Attu 41st Barrio Logan Community Plan Update 32nd s Una BalboaElementary Woden 05th 6 To City of 04th Wod u 04th Una ElementarySchool 41st Ri To CityCoronado of NNAVAL STATION Att o School Coronado San Diego Bay Paciﬁc Fleet NNAVALS AN STATION DIEGO h ta San Diego Bay Paciﬁc StationFleet S AN DIEGO taVes Station Ves La P Main La P Main en en Wod Wod

THIS MAP IS PROVIDED WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF GOG O MERCHANTABILITY AND FITNESS, FOR A PARTICULAR PURPOSE. Copyright SanGIS. All Rights Reserved. DID IEG THIS MAP IS PROVIDED WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF N GOG O TYY MERCHANTABILITYThis product ANDmay containFITNESS, information FOR A PARTICULAR from the PURPOSE. SANDAG Regional Copyright Information SanGIS. All System Rights Reserved.which cannot be reproduced without written permission of SANDAG. SSA ADID N IEG D I E G OCCIIT This product may contain information which has been reproduced with permission granted by Thomas Bros. Maps. N L Y This product may contain information from the SANDAG Regional Information System which cannot be reproduced without written permission of SANDAG. SSA A N D I E GN OALA ITTY T IOONL CCI This product may contain information which has been reproduced with permission granted by Thomas Bros. Maps. NAA N AAL T IOON NAA LEGEND IH-2-1 LEGEND Redevelopment Subdistrict Subdistrict A Subdistrict C Barrio Logan Community Redevelopment • Residential Subdistrict (single/multi-family) Subdistrict • Residential A (single/multi-family) Subdistrict • Residential C (single/multi-family) IH-2-1 N Freeway/Ramp N A BarrioPlan Logan Area Community • Residential • Commercial (single/multi-family) Uses • Residential • Uses permitted (single/multi-family) in IL-3-1 that existed • Residential (single/multi-family) 0 500 1000Rav 2000 feet 02nd Hoo I-5 A Freeway/Ramp Doyle ck I-5 Plan Area • Commercial • Commercial/Limited Uses light industrial • Uses permitted in IL-3-1 that existed 0 500 1000Rav 2000 feet 02nd Hoo I-5 Sb O Private ....prior to 7-5-1983 enscroft Doyle ck I-5 Sb ver City Boundary Inchon SDMTS Trolley and Station Sb O • Commercial/Limited light industrial Rav Hoover Private • Mixed use encouraged ....prior to 7-5-1983 enscroft Pauna ver City Boundary Inchon SDMTS Trolley and Station Subdistrict B Subdistrict D RM-3-9 Mc Sb • Mixed use encouraged Rav Hoover 03rd n Private Eniwetok RM-3-9 Pauna ensc Mc Subdistrict • Residential B (single/multi-family) Subdistrict • Uses permiteedD in IH-2-1 Can Inchon 03rd n Private Eniwetok Private ensc Inchon • Residential • Uses permiteed (single/multi-family) in IH-2-1 except • Uses permiteed in IH-2-1 Mc Cand Can rof dle Eniwetok Private • Uses....chrome permiteed plating in IH-2-1 except Vesta CummingsMc Cand rof t 04th Zoning dle Roo ss July 2008 Eniwetok PrivateTarawa ....chrome plating Vesta Cummings t 04th Zoning 04th Roo wa PrivateTarawa ss July 2008 les 04th seve wa Attu Barrio Logan Community Plan Update seve Woden les s 04th 05th Attu Barrio Logan Community Plan Update s 04th u Ri Woden 04th 05th u Att o 04th Ri h Att o h 0

0 Tompkins Gilette

07th 06th Gilette

12th and Imperial East Village

MTS Transit Center 25th 22th 17th Commercial Commercial 19th

Logan Irving 25th and Commercial 32nd and Commercial Imperial To Downtown Station Station National Julian In addition, formerly vacant Newton Logan Heights warehouses have turned over into Mountain View o5 creative spaces for art exhibitions, p Cesar E Chavez Sigsbee music performances, and much CENTRE CITY Beardsley more. Examples of this are the PLANNED Perkins Dewey

Main 31st FAMILY COUNSELING CENTER 28th 30th Elementary 32nd former commercial bakery building, DISTRICT Ocean View School 2130 NATIONAL AVE “Bread & Salt,” which is now aOcean View Tenth Avenue NewlyBurbank developed two-story family counseling Marine Terminal centerElementary facility totaling 8,129 square feet SOUTHEASTERNpopular spot for cutting-edge art Evans School SAN DIEGO Chicano Logan shows, and “La Bodega,” another Park Preschool Memorial of PLANNEDBarrio Logan’s warehouse- Park DISTRICT Harbor Cesar E Chavez Logan Sampson Recreation N turned galleries. Artists ranging

37th

35th

36th 38th

39th Newton Center 40th Barrio Logan from musicians15 to various clothing Station National Memorial designers are making their home in Sicard Academy this district.

Based on its richly vibrant and Cesar EvansBARRIO LOGAN Logan Logan Logan Chavez authentic concentrations of art, Park PLANNED k e e DISTRICT r culture, and creativity, Barrio C National National National National

a CA San Diego, Ave, 1900 Main St & 1985 National

l l Logan has been designed as one o h Southcrest C of 14 California Culture Districts, PPORORTO OOF as Newton L Emerson Newton SASANANN DIDIED EGOE Sicard which showcase someElementary of the Barrio Logan unique artistic identities that drive Boston Boston Sampson California’s culture. Barrio District Boston helps promote authentic grassroots St. Jude 26th Academy

29th Belt 27th 30th

28th 31st Main 32nd arts and cultural opportunities, increasing the visibility of local

Harborside Main artists and community participation Las Chollas Creek S. Chavez 75 Station Alpha in local arts and culture. Elementary School With new galleries, breweries,

Harbor restaurants,Rigel and more popping up every day in Barrio Logan, it U-STOR-IT BARRIO FLATS won’t be long before this district 2209 NATIONAL AVE 2257-2275 LOGAN AVE op5 Siva Una Shel ltown Permit to demolish an existing commercial 38,375 SF development plan of San Diego becomes known as a building for the development of a new for a four-story, mixed-use worldwide destination for Dalbartergia and 3-story 68,878 SF self-storage building over building with 24 residential ta culture explorers. 2 levels and 90,297 SF of underground units, 10 hotel rooms, and 5 Thor Ves basement retail spaces en

32nd Balboa Wod Una Elementary 41st To City of 7 School Coronado NNAVAL STATION San Diego Bay Paciﬁc Fleet S AN DIEGO ta Station Ves La P Main en

Wod

O THIS MAP IS PROVIDED WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF IEGGOG MERCHANTABILITY AND FITNESS, FOR A PARTICULAR PURPOSE. Copyright SanGIS. All Rights Reserved. N DID Y This product may contain information from the SANDAG Regional Information System which cannot be reproduced without written permission of SANDAG. SSA A N D I E G O ITTY L CCI This product may contain information which has been reproduced with permission granted by Thomas Bros. Maps. N ALA T IOON NAA LEGEND Redevelopment Subdistrict Subdistrict A Subdistrict C IH-2-1 Barrio Logan Community • Residential (single/multi-family) • Residential (single/multi-family) • Residential (single/multi-family) N Freeway/Ramp A Plan Area • Commercial Uses • Uses permitted in IL-3-1 that existed 0 500 1000Rav 2000 feet 02nd Hoo I-5 Doyle ck I-5 • Commercial/Limited light industrial Sb O Private ....prior to 7-5-1983 enscroft City Boundary Inchon SDMTS Trolley and Station Sb ver • Mixed use encouraged Rav Hoover Subdistrict B Subdistrict D RM-3-9 Pauna Mc 03rd n Private Eniwetok ensc Inchon • Residential (single/multi-family) • Uses permiteed in IH-2-1 Can Private • Uses permiteed in IH-2-1 except Mc Cand rof dle Eniwetok ....chrome plating Vesta Cummings t 04th Zoning Roo ss July 2008 PrivateTarawa 04th wa les seve Barrio LoganAttu Community Plan Update Woden s 04th 05th u Ri 04th Att o h SAN DIEGO HARBOR

AREA SNAPSHOT: SAN DIEGO AREA

San Diego is one of California’s most populated, highest producing, and oldest cities. The city is second only to Los Angeles in terms of population and draws in over 35 million visitors a year. It accomplishes this popularity through its mild year-round climate, extensive beaches, diverse retail, and multiple entertainment venues. Tourists are able to enjoy San Diego’s 70 miles of pristine beaches, its ethnically diverse cuisine, and popular tourist destinations like The San Diego Zoo & Wild Animal Park and SeaWorld, and in turn they bring almost $11 billion IN THE NEWS - SAN DIEGO to the city, annually. Residents benefit from these amenities as well but also gain access to the area’s strong job market that hosts the headquarters of a number # # # of top-tier companies like MobilOne, Scripps Health, Petco, LPL Financial, and 1 2 12 many others. Even with all of this, San Diego is continuing to grow. San Diego’s

CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL downtown area has seen a boom over the recent years, as younger, workers BEST FAMILY SPRING BEST CALIFORNIA BEST FOODIE CITY have become attracted to the area’s vibrant urban environment and live-work- BREAK DESTINATION VACATIONS IN USA play culture. This has been further influenced by the influx of high-tech firms IN USA drawn toward Downtown’s “creative space” creating new jobs and businesses in # # the area. San Diego is an important cultural center for Southern California that 35 40 continues to adapt and grow.

EDUCATION BEST PLACE FOR COUNTY METRO IN USA BUSINESS AND CAREER IN USA San Diego San Diego County Metro SAN DIEGO COUNTY #5 #30 #251 WEATHER 263 70˚ 58˚ Sunny Average Average Days High Low IN POPULATION AND BEST PLACES TO IN MEDIAN HOUSEHOLDS LIVE 2018 HOUSEHOLD INCOME IN USA IN USA IN USA

8 LOCAL MAP

5-MILES

3-MILES

San Diego Bay

1-MILE

1900 Main St & 1985 National Ave, San Diego, CA

N REGIONAL MAP

AREA SNAPSHOT: SAN DIEGO (CONTINUED)

SAN DIEGO TOP EMPLOYMENT

INDUSTRY EMPLOYMENT Government 17.11% Professional and Business Services 16.71% Trade, Transportation, and Utilities 15.68% Education and Health Services 14.21% Leisure and Hospitality 12.91% Manufacturing 7.68% Construction 5.26% Financial Activities 4.93% Other Services 3.87% Information 1.61% CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL

1900 Main St & 1985 National Ave, San Diego, CA

TALENT TALKS 45% 32% Percentage of persons with San Diego United bachelor’s degree or higher States

MAJOR EMPLOYERS SAN DIEGO COUNTY

10 N AREA SNAPSHOT: SAN DIEGO (CONTINUED)

SAN DIEGO DEMOGRAPHICS

2018 1,405,422 Population 3,344,185

2018 723,715 Workforce 1,611,245

2018 521,249 Households 1,169,119

2018 Average $102,953 HH Income $101,373 San Diego San Diego MSA 2018 Home $633,500 Values (Zillow) $592,700 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National 0 500K 1M 1.5M 2M 2.5M 3M 3.5M

SAN DIEGO COUNTY FACT FILE 22M 25 min 35.7 2.9% (2017) passengers Average Median Unemployment served at San Diego Commute Age Rate International airport Time 16 3 4 13.6 MILES naval and military public state major private San Ysidro is the installations universities universities busiest land border crossing in the world

11 PROPERTY DESCRIPTION

Location Building Area Traffic Counts

1900 Main Street The subject consists of 2 retail buildings National Avenue ±3,500 CPD 1985 National Avenue totaling approximately ±47,578 SF of net Main Street ±3,000 CPD San Diego, CA 92113 rentable area. Cesar E. Chavez Parkway ±14,084 CPD Coronado Bridge ±76,000 CPD Site Frontage & Access Built

Mercado Del Barrio is located off State The site benefits from approximately Mercado Del Barrio was built in 2012. Highway 75 on Cesar E. Chavez Parkway ±224 linear feet of frontage along Main CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL between Main Street and National Street, ±690 linear feet of frontage along Zoning Avenue in the city of San Diego, CA. Cesar E. Chavez Parkway, ±334 linear feet of frontage along Newton Avenue Per the City of San Diego, the subject Land Area and ±334 linear feet of frontage along site is currently zoned as Barrio Logan National Avenue. Access points into the Planned District Redevelopment The offering consists of 6 parcels center include 1 entrance off Main Street, Subdistrict. (APN details in chart below) totaling 1 entrance off National Avenue, and 3 approximately ±4.49 acres or ±195,942 entrances off Newton Avenue. SF of land area.

Parking APN ADDRESS CITY ACRES SF 538-511-10-00 1985 National Avenue San Diego 1.39 60,548 P 538-511-12-00 1900 Main Street San Diego 0.55 23,958 Mercado Del Barrio is provided with ±324 538-511-14-00 Main Street San Diego 1.36 59,242 parking stalls, ±199 of which are surface 538-511-17-00 National Avenue San Diego 0.39 17,176 related with an additional ±86 within 538-511-18-00 Cesar E. Chavez Pkwy San Diego 0.52 22,651 the 1.5 level of the 3-story enclosed 538-511-19-00 Cesar E. Chavez Pkwy San Diego 0.28 12,367 Total ±4.49 ±195,942 parking garage. There are an additional ±39-perimeter stalls on Main Street, Cesar Chavez Parkway and National Avenue. Total parking equates to ±6.81 spaces per 1,000 SF parking ratio.

PARCEL MAP 12 N SITE PLAN

CES AR CH AV E Z PA R K WAY

Dough Nations Attitude Patio Mariscos Asia Brewing Co. E Eldahmy Salon Spa Wellness Smart Set El Pulpo Pharmacy Nail Lounge Aesthetics Patio - 266 SF Wok FADE FACTORY Posh & Polished G Pho Bo ARKIN G P Little Tocumbo PLAZA/COURTYARD Sally VE NU E Oi Asian Fusion E Caesars T-Mobile Patio Beauty Ice Cream A OLL E G pizza and Tortas Mailbox & More Restrooms Iron Fist N Brewing O Y C Patio Partners T Company T OLL E I T Personnel W E N E VE NU E Y C

N 1123

1,425 SF T TR E I L A MM U N O Liberty Call 1125 C Distilling 2,077 SF MM U TION A MA IN S O National A C Maggie's Cafe Laundry N & Dry Cleaning 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National

NAP

C ORONADO BRID G E

SUITE TENANT SF SUITE TENANT SF SUITE TENANT SF 101 Mariscos El Pulpo 4,764 1105 Smart Set Aesthetics Salon Spa 1,646 1127 National Laundry and Dry Cleaners 4,232 105 Asia Wok 1,887 1107 Fade Factory 1,095 1129 Maggie's Cafe 3,254 109-111 Tocumbo Ice Cream & Tortas 1,892 1109 Posh & Polished Nail Lounge 1,014 1131 Liberty Call Distilling 2,857 113 T-Mobile 1,263 1111-1113 Attitude Brewing Co. 4,475 1132 Iron Fist Brewing Company 2,976 115 Sally Beauty Supply 1,512 1117 Mailbox & More 982 1133 Oi Asian Fusion 1,185 117 Little Caesars Pizza 1,313 1121 Partners Personnel 1,869 1134 Pho Bo 1,691 1101 Dough Nation 2,511 1123 AVAILABLE (1123) 1,425 Available SF ±3,502 1103 Eldahmy Wellness Pharmacy 1,658 1125 AVAILABLE (1125) 2,077 Total SF ±47,578 13 TENANT OVERVIEW

Attitude Brewing Co.

www.attitudebrewing.com

Attitude Brewing Co. brews its beers on site with a 7.5 barrel system and a restaurant serving 22 craft beers on tap, gourmet wraps and burgers. The Attitude kitchen offers a variety of custom-made Peruvian-style tortillas to go along with any of its unique burger-wraps, hot wraps, or cold wraps. Private Ownership CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL 1 Locations

DOUGH NATIONS

www.doughnationsd.com

Dough Nations is the 7th concept to join GBOD Hospitality Group’s portfolio of restaurants and bars in San Diego. Dough Nations menu includes classic Italian and internationally-inspired appetizers, salads, sandwiches, pizzas and pastas along with a full bar complete with cocktails, wine, and beer.

GBOD Hospitality Group was founded in 2012 by brothers Raymond and Patrick Davoudi in San Diego with the opening of Mezé Greek Fusion in San Diego’s Gaslamp Quarter. With the aim to build a portfolio of dynamic hospitality brands, the partners initiated a large-scale expansion in 2017. GBOD now aims to take its portfolio of hospitality brands and expand them into new neighborhoods and markets with each concept refined through its culture, cuisine, cocktails and atmosphere. Private Ownership 1 Locations 14 TENANT OVERVIEW (CONTINUED)

Iron Fist Brewing Company www.ironfistbrewing.com

Iron Fist Brewing Company started as a family passion for the best hand-crafted beer in the world. With the family born and still residing in San Diego County, Iron Fist has a style steeped in tradition, along with a healthy thirst for experimentation that allows it to collaborate and concoct limited brews alongside its main lineup. The Iron Fist vision is to push its brewing forward using traditional methods to create all-time classics that will rule taste buds for years to come. Private Ownership 2 Locations 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National Liberty Call Distilling www.libertycalldistilling.com

Liberty Call Distilling crafts spirits locally in San Diego using quality ingredients indigenous to California. Spirit lovers yearn for distinguished tastes that stand out from the rest, and Liberty Call has answered. Its family of spirits delight the most discerning palates with flavors derived from earth’s most naturally delicious ingredients through a labor of love. Whether choosing from its single malt whiskey, 4 grain whiskey, gin, white rum, spiced rum, or its highly anticipated bourbon, West Coast spirit lovers will be hooked. Private Ownership 2 Locations Spring Valley, CA Headquarters 15 TENANT OVERVIEW (CONTINUED)

Little Caesars

www.littlecaesars.com

Headquartered in Detroit, Michigan, Little Caesars is the largest carryout-only pizza chain and fastest growing pizza chain in America. Founded in 1959 as a single, family-owned restaurant, Little Caesars has become the 3rd largest pizza chain in the world and today operates in all 50 U.S. states, as well as 21 countries and territories worldwide. CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Private Ownership 5,463 Locations Detroit, MI Headquarters

16 TENANT OVERVIEW (CONTINUED)

Mariscos El Pulpo Sally Beauty Supply www.elpulposd.com www.sallybeauty.com

Mariscos El Pulpo is one of the only traditional Mexican seafood restaurants Sally Beauty Supply is the world’s largest retailer of professional beauty supplies. in all of downtown San Diego. The namesake dish is pulpo, or octopus in Sally Beauty currently owns and operates more than 2,800 Sally Beauty Supply Spanish, and it is prepared in a variety of different ways: grilled, spiced, or stores worldwide, with stores in every state in the United States, Puerto Rico, sautéed. Mariscos El Pulpo has a daily happy hour that runs until closing, and Canada. Sally Beauty offers over 7,000 professional quality products for making it more than just an in-and-out eatery. hair, skin, and nails to retail customers as well as salon professionals. Private NYSE: SBH $2 B 14,035 Ownership Ownership Market Capitalization Employees 2 $4 B BBB+ 3,763 Locations Revenue S&P Locations

Denton, TX CA San Diego, Ave, 1900 Main St & 1985 National Headquarters T-Mobile

www.t-mobile.com | Franchisee: MFM, LLC

As America's Un-carrier, T-Mobile US, Inc. is redefining the way consumers and businesses buy wireless services through leading product and service innovation. Its advanced nationwide 4G LTE network delivers outstanding wireless experiences to 72.6 million customers who are unwilling to compromise on quality and value. Based in Bellevue, Washington, T-Mobile US provides services through its subsidiaries and operates its flagship brands, T-Mobile, and MetroPCS. NASDAQ: TMUS $58 B 51,000 Ownership Market Capitalization Employees $43 B BB+ 20,100 Revenue S&P Locations Bonn, Germany Headquarters 17 ASSUMPTIONS

GLOBAL AVAILABLE SPACE LEASING MARKET LOAN Analysis Period Occupancy and Absorption Initial/Original Loan Funding $11,494,000 Commencement Date September 1, 2019 Projected Available at 9/1/19 3,502 SF Loan-To-Price 60.00% End Date August 31, 2029 Currently Available as of 5/1/19 3,502 SF Funding Date Sep-19 Term 10 Years Percentage Available at 5/1/19 7.36% Maturity Date Aug-29 Absorption Period 12 Month(s) Loan Term 10.0 Years Area Measures Absorption Period Start Date September 1, 2019 Amortization Period 30 Years Building Square Feet (SF) 47,578 SF First Absorption Occurs On September 1, 2020 Initial Interest Only Period (If Any) 24 Months Last Absorption Occurs On September 1, 2020 Interest Rate 4.85% Growth Rates Origination Fee on Initial Loan Funding 1.00% Consumer Price Index (CPI) 3.00% Financial Terms Shops Other Income Growth Rate 3.00% 2019 Monthly Market Rent See Rent Roll FINANCING CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Operating Expenses 3.00% Rent Adjustment 3.00% Annually For customized Debt Quotations, please contact: Real Estate Taxes 2.00% Lease Term 5 Years Bruce Francis Shaun Moothart Market Rent Growth Expense Reimbursement Type NNN [3] +1 602 735 1781 +1 949 509 2111 CY 2020 - 3.00% Rent Abatements 0 Month(s) Lic. BK-0018505 Lic. 01773201 [email protected] [email protected] CY 2021 - 3.00% Tenant Improvements ($/SF) $40.00 PSF CBRE Debt & Equity Finance (DEF) is a division of CBRE Inc. In the CY 2022 - 3.00% Commissions 6.00% US, DEF represents approximately 300 lenders including: banks, CY 2023 - 3.00% life insurance companies, pension funds, CMBS lenders and a variety of other lending sources. DEF also acts as a correspondent CY 2024 - 3.00% **Available Space Tenant Improvements include an additional $15 PSF for over 200 life insurance companies. The Quote above is an approximation of available terms. CY 2025 - 3.00% CY 2026 - 3.00% EXPENSES COSTS TO STABILIZE CY 2027 - 3.00% Operating Expense Source 2018 Actuals [4] Tenant Improvements 140,080 CY 2028 - 3.00% Leasing Commissions 31,608 CY 2029+ - 3.00% Management Fee (% of EGR) 3.00% Misc. CapEx 100,000 Total Costs to Stabilize $271,688 Real Estate Taxes Reassessed Yes [5] General Vacancy Loss 5.00% [1] Millage Rate 1.174610% Special Assessments $23,804 Capital Reserves (CY 2019 Value) $0.25 PSF [2] MISCELLANEOUS REVENUE Direct Billed Utilities (Year 1) $19,590 [6]

You are solely responsible for independently verifying the information in this Memorandum. 18 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. ASSUMPTIONS (CONTINUED)

SECOND GENERATION LEASING Restaurants Shops Retention Ratio 75% 75%

Financial Terms 2019 Monthly Market Rent See Rent Roll See Rent Roll Rent Adjustment 3.00% Annually 3.00% Annually Lease Term 10 Years 5 Years Expense Reimbursement Type NNN NNN [3]

Tenanting Costs Rent Abatements [7] New 3 Month(s) 3 Month(s) Renewal 0 Month(s) 0 Month(s) Weighted Average 0.75 Month(s) 0.75 Month(s)

Tenant Improvements ($/SF) CA San Diego, Ave, 1900 Main St & 1985 National New $40.00 PSF $25.00 PSF Renewal $4.00 PSF $5.00 PSF Weighted Average $13.00 PSF $10.00 PSF Notes: All market rent rates are stated on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fix- Commissions [8] turing downtime. The following tenants are excluded from this loss factor for current and option terms only: New 6.00% 6.00% Little Caesars Pizza and Sally Beauty. Renewal 1.20% 1.20% [2] Capital Reserves do not inflate during the term of the analysis. Weighted Average 2.40% 2.40% [3] Future tenants are assumed to reimburse the same as in-place. [4] Operating Expenses are based on the 2018 Actuals grown by 3% annually for 2019, less any owner-specific Downtime and one-time expenses. New 9 Month(s) 6 Month(s) [5] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.174610% plus special assessments of $23,804. Weighted Average 2 Month(s) 2 Month(s) [6] Analysis models Direct Billed Utilities as a direct offset to the Direct Billed Water expense, paid by tenants who are separately metered. [7] Rent Abatement includes NNN charges as well as base rent. [8] Leasing Commissions are calculated by applying 100% of the rates shown above for lease years 1-5, and 50% of the above rates for lease years 6 and beyond.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 19 CASH FLOW

FISCAL YEAR 9/19-8/20 9/20-8/21 9/21-8/22 9/22-8/23 9/23-8/24 9/24-8/25 9/25-8/26 9/26-8/27 9/27-8/28 9/28-8/29 9/29-8/30 Physical Occupancy 92.12% 98.45% 100.00% 98.24% 98.40% 97.22% 98.43% 100.00% 98.33% 92.72% 97.89% Overall Economic Occupancy [1] 94.71% 94.68% 95.29% 94.97% 94.81% 94.64% 94.14% 95.14% 94.75% 92.77% 94.57% Total Operating Expenses PSF Per Year $13.05 $13.40 $13.75 $14.08 $14.43 $14.81 $15.20 $15.61 $15.98 $16.35 $17.30

[2]

FY 2020 REVENUES $/SF/MO Scheduled Base Rent Gross Potential Rent $2.53 $1,443,336 $1,488,123 $1,528,581 $1,569,971 $1,623,431 $1,700,010 $1,781,402 $1,830,056 $1,881,194 $1,972,115 $2,053,124 Absorption & Turnover Vacancy (0.19) (105,926) (21,454) 0 (32,272) (28,685) (62,009) (24,607) 0 (32,716) (135,596) (43,604) Base Rent Abatements 0.00 0 (12,779) 0 (7,015) (10,721) (13,227) (24,586) 0 (10,295) (53,050) (12,124) CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Total Scheduled Base Rent 2.34 1,337,410 1,453,890 1,528,581 1,530,684 1,584,025 1,624,774 1,732,209 1,830,056 1,838,183 1,783,469 1,997,396 Expense Reimbursements 0.94 537,812 585,258 615,271 615,907 632,153 638,818 660,648 697,471 696,838 662,947 746,388 Direct Billed Utilities 0.03 19,590 20,178 20,783 21,407 22,049 22,710 23,391 24,093 24,816 25,561 26,327 TOTAL GROSS REVENUE 3.32 1,894,812 2,059,326 2,164,635 2,167,998 2,238,227 2,286,302 2,416,248 2,551,620 2,559,837 2,471,977 2,770,111 General Vacancy Loss 0.00 0 (76,523) (102,057) (71,455) (78,270) (50,717) (93,937) (123,980) (93,210) 0 (97,082) EFFECTIVE GROSS REVENUE 3.32 1,894,812 1,982,803 2,062,578 2,096,543 2,159,957 2,235,585 2,322,311 2,427,640 2,466,627 2,471,977 2,673,029

OPERATING EXPENSES R&M (0.08) (43,373) (44,674) (46,014) (47,395) (48,816) (50,282) (51,789) (53,342) (54,942) (56,591) (58,290) Landscaping (0.01) (3,283) (3,382) (3,483) (3,588) (3,695) (3,806) (3,921) (4,038) (4,159) (4,284) (4,413) Janitorial (0.00) (1,680) (1,730) (1,782) (1,836) (1,891) (1,948) (2,006) (2,066) (2,128) (2,192) (2,258) Utilities (0.07) (38,401) (39,554) (40,739) (41,962) (43,221) (44,517) (45,854) (47,229) (48,645) (50,104) (51,608) Direct Billed Water (NR) (0.03) (19,590) (20,178) (20,783) (21,407) (22,049) (22,710) (23,391) (24,093) (24,816) (25,561) (26,327) Administrative (NR) (0.04) (24,566) (25,304) (26,062) (26,845) (27,650) (28,479) (29,334) (30,214) (31,121) (32,054) (33,015) Association Fees (0.31) (175,449) (180,713) (186,134) (191,718) (197,470) (203,394) (209,495) (215,780) (222,254) (228,921) (235,789) Management Fee (0.10) (56,844) (59,484) (61,877) (62,896) (64,799) (67,068) (69,669) (72,829) (73,999) (74,159) (80,191) Insurance (0.01) (5,830) (6,005) (6,186) (6,371) (6,563) (6,759) (6,962) (7,171) (7,386) (7,607) (7,835) Real Estate Taxes (0.44) (251,830) (256,391) (261,042) (265,787) (270,627) (275,563) (280,598) (285,734) (290,973) (296,316) (323,500) TOTAL OPERATING EXPENSES (1.09) (620,846) (637,415) (654,102) (669,805) (686,781) (704,526) (723,019) (742,496) (760,423) (777,789) (823,226) NET OPERATING INCOME 2.23 1,273,966 1,345,388 1,408,476 1,426,738 1,473,176 1,531,059 1,599,292 1,685,144 1,706,204 1,694,188 1,849,803

[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. [2] Based on 47,578 square feet.

You are solely responsible for independently verifying the information in this Memorandum. 20 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. CASH FLOW (CONTINUED)

FISCAL YEAR 9/19-8/20 9/20-8/21 9/21-8/22 9/22-8/23 9/23-8/24 9/24-8/25 9/25-8/26 9/26-8/27 9/27-8/28 9/28-8/29 9/29-8/30 CAPITAL COSTS Tenant Improvements 0.00 0 (205,974) 0 (35,251) (58,317) (66,146) (127,842) 0 (58,773) (337,509) (60,478) Leasing Commissions 0.00 0 (58,517) 0 (14,133) (27,732) (32,949) (67,684) 0 (25,195) (145,823) (24,427) Capital Reserves (0.02) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) (11,894) Misc. CapEx (0.18) (100,000) 0 0 0 0 0 0 0 0 0 0 TOTAL CAPITAL COSTS (0.20) (111,894) (276,385) (11,894) (61,278) (97,943) (110,989) (207,420) (11,894) (95,862) (495,226) (96,799) OPERATING CASH FLOW $2.04 $1,162,072 $1,069,003 $1,396,582 $1,365,460 $1,375,233 $1,420,070 $1,391,872 $1,673,250 $1,610,342 $1,198,962 $1,753,004

ACQUISITION & RESIDUAL SALE Purchase Price ($19,157,000) 0 0 0 0 0 0 0 0 0 0 Tenant Improvements (140,080) 0 140,080 0 0 0 0 0 0 0 0 Leasing Commissions (31,608) 0 31,608 0 0 0 0 0 0 0 0 Misc. CapEx (100,000) 100,000 0 0 0 0 0 0 0 0 0 All Cash Net Residual Value [3] 0 0 0 0 0 0 0 0 0 0 24,749,088 IRR CASH FLOW BEFORE DEBT ($19,428,688) $1,262,072 $1,240,691 $1,396,582 $1,365,460 $1,375,233 $1,420,070 $1,391,872 $1,673,250 $1,610,342 $25,948,050 8.90% 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National

MARKET LOAN [4] Loan Funding / Payoff 11,494,000 0 0 0 0 0 0 0 0 0 (9,832,827) Loan Fees (114,940) 0 0 0 0 0 0 0 0 0 0 Leveraged Annual Debt Service 0 (557,459) (557,459) (727,835) (727,835) (727,835) (727,835) (727,835) (727,835) (727,835) (727,835) IRR CASH FLOW AFTER DEBT ($8,049,628) $704,613 $683,232 $668,747 $637,625 $647,398 $692,235 $664,037 $945,415 $882,507 $15,387,389 13.21%

NOI Return 6.56% 6.92% 7.25% 7.34% 7.58% 7.88% 8.23% 8.67% 8.78% 8.72% UNLEVERAGED Cash Return 6.50% 6.39% 7.19% 7.03% 7.08% 7.31% 7.16% 8.61% 8.29% 6.17% LEVERAGED Cash Return [5] 8.90% 9.79% 8.46% 8.68% 9.26% 9.98% 10.83% 11.89% 12.15% 12.00% Rolling - All Cash IRR N/M 4.98% 6.13% 7.08% 7.74% 8.25% 8.67% 8.67% 8.47% 8.90% Rolling - Leveraged IRR N/M 4.37% 7.45% 9.80% 11.30% 12.33% 13.09% 12.99% 12.52% 13.21%

[3] Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 7.25% and applying a 3.00% Cost of Sale. [4] Market Debt based on 60% Loan-to-Value, 4.85% Interest Rate, 30-Year Amortization, 24 Months Interest Only and 1.00% Loan Fee. [5] Leveraged Cash Return is based on NOI less debt service divided by equity including costs to stabilize.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 21 RENT ROLL

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 101 Mariscos El 4,764 10.01% Jan-2014 Jun-2025 Current $14,935 $3.13 $179,220 $37.62 NNN (Mariscos) Market Pulpo Jul-2020 $15,384 $3.23 $184,605 $38.75 $3.60 NNN Jul-2021 $15,844 $3.33 $190,131 $39.91 (Restaurant) (Pulpo) Jul-2022 $16,321 $3.43 $195,848 $41.11 Jul-2023 $16,809 $3.53 $201,708 $42.34 Jul-2024 $17,313 $3.63 $207,758 $43.61 Notes: Tenant has two (2) - five (5) year options at the greater of FMV or 3% inc. over prior rent. Sales are based on 3/18 - 2/19 Actuals grown by 3% for 2019.

105 Asia Wok 1,887 3.97% Jul-2014 Jun-2024 Current $5,359 $2.84 $64,309 $34.08 NNN (Asia Wok) Market Jul-2020 $5,519 $2.93 $66,234 $35.10 $3.25 NNN CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Jul-2021 $5,685 $3.01 $68,215 $36.15 (Restaurant) (Wok) Jul-2022 $5,854 $3.10 $70,253 $37.23 Jul-2023 $6,031 $3.20 $72,366 $38.35 Notes: Tenant pays percentage rent of 6% over a natural breakpoint. Sales are based on 4/18 - 3/19 Actuals grown by 3% for 2019.

109-111 Tocumbo Ice 1,892 3.98% Jul-2013 Jun-2023 Current $5,760 $3.04 $69,115 $36.53 NNN (Tocumbo) Market Cream & Tortas Jul-2020 $5,933 $3.14 $71,196 $37.63 $3.25 NNN Jul-2021 $6,111 $3.23 $73,334 $38.76 (Restaurant) (Torta) Jul-2022 $6,294 $3.33 $75,529 $39.92 Notes: Tenant pays percentage rent of 5% over a natural breakpoint. Sales are based on 1/18 - 10-18 Actuals grown by 3% for 2019.

113 T-Mobile 1,263 2.65% May-2013 May-2023 Current $4,029 $3.19 $48,348 $38.28 NNN Market Jun-2020 $4,130 $3.27 $49,560 $39.24 ($0.04 PSF H20) $3.25 NNN (Shops) Jun-2021 $4,233 $3.35 $50,798 $40.22 Shops 4 H2O Jun-2022 $4,399 $3.48 $52,793 $41.80 Notes: Sales are based on 2018 Actuals grown by 3% for 2019.

You are solely responsible for independently verifying the information in this Memorandum. 22 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 115 Sally Beauty 1,512 3.18% Feb-2015 Jan-2020 Current $3,780 $2.50 $45,360 $30.00 NNN Option Supply (Sally Beauty) $3.00 NNN (Shops) (Sally) Notes: T has 2-5 year opts. at $4,158/mo and the greater of 110% prior rent or FMV (1st modeled below). T has a go dark & co-tenancy clause (see lease for detail). T has a 5% cumulative cap on controll. exp. excl. RET, Ins, & Util. (not hitting, not modeled). Mgmt fee is not to exceed 3.5% of GR. Sales are based on 2018 Actuals grown by 3% for 2019.

Feb-2020 Jan-2025 FUTURE $3,402 $2.25 $40,824 $27.00 NNN Market OPTION (Sally Beauty) $3.00 NNN (Shops) (Sally) Notes: Assumes tenant exercises one (1) - five (5) year option at modeled terms with no leasing costs.

117 Little Caesars 1,313 2.76% Nov-2013 Oct-2023 Current $3,548 $2.70 $42,581 $32.43 NNN Option Pizza Nov-2019 $3,655 $2.78 $43,854 $33.40 (Little Caesars) $3.25 NNN Nov-2020 $3,764 $2.87 $45,167 $34.40 (Restaurant) Caesars Nov-2021 $3,878 $2.95 $46,533 $35.44 1900 Main St & 1985 National Ave, San Diego, CA San Diego, Ave, 1900 Main St & 1985 National Nov-2022 $3,994 $3.04 $47,925 $36.50 Notes: T has one (1) - five (5) yr opt. at $4,080.64 /mo with 3% ann. increases (modeled below). T has a 4% cap on controll. exp. excl. Taxes, Ins, & Util. (not hitting, not modeled). T has a co-tenancy clause (see lease). If center becomes <75% occupied, T shall pay reduced rent (see lease). Sales are based on 2017 Actuals grown by 3% ann. for 2019.

Nov-2023 Oct-2028 FUTURE $4,081 $3.11 $48,968 $37.29 NNN Market OPTION Nov-2024 $4,203 $3.20 $50,432 $38.41 (Little Caesars) $3.25 NNN Nov-2025 $4,330 $3.30 $51,955 $39.57 (Restaurant) Caesars Nov-2026 $4,459 $3.40 $53,505 $40.75 Nov-2027 $4,593 $3.50 $55,120 $41.98 Notes: Assumes tenant exercises one (1) - five (5) year option at modeled terms with no leasing costs.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 23 RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 1101 Dough Nation 2,511 5.28% Dec-2017 Feb-2029 Current $6,026 $2.40 $72,317 $28.80 NNN Market Mar-2020 $6,780 $2.70 $81,356 $32.40 ($0.10 PSF H20) $2.50 NNN Mar-2021 $7,282 $2.90 $87,383 $34.80 Shops (Restaurant) 10 H20 Mar-2024 $7,479 $2.98 $89,743 $35.74 Mar-2025 $7,679 $3.06 $92,154 $36.70 Mar-2026 $7,887 $3.14 $94,640 $37.69 Mar-2027 $8,100 $3.23 $97,201 $38.71 Mar-2028 $8,320 $3.31 $99,837 $39.76 Notes: T has 1 - 10 yr opt at the greater of FMV or 103% prior rent with 3% ann. inc. and 1 - 5 yr opt at the greater of FMV or 103% prior rent w/ 3% ann. inc. T pays % rent of 6% over a natural BP. If gross sales >$75,000 in any mo. for 1st 24 mos of renewal (3/19) then in lieu of rent,T will pay $3.00 PSF. Sales are based on 4/19 Actuals annualized. CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL

1103 Eldahmy 1,658 3.48% Nov-2017 Oct-2023 Current $3,896 $2.35 $46,756 $28.20 NNN Market Wellness Nov-2019 $4,256 $2.57 $51,066 $30.80 ($0.04 PSF H20) $2.50 NNN (Shops) Pharmacy Nov-2020 $4,372 $2.64 $52,459 $31.64 Shops 4 H20 Nov-2021 $4,504 $2.72 $54,051 $32.60 Nov-2022 $4,620 $2.79 $55,444 $33.44 Notes: Tenant has one (1) - six (6) year option at the greater of FMV or 103% prior rent. Sales are based on 1/18 - 11/18 Actuals annualized and grown by 3% for 2019.

1105 Smart Set 1,646 3.46% Nov-2017 Apr-2025 Current $4,164 $2.53 $49,973 $30.36 NNN Market Aesthetics Nov-2019 $4,289 $2.61 $51,470 $31.27 ($0.10 PSF H20) $2.60 NNN (Shops) Salon Spa Nov-2020 $4,418 $2.68 $53,018 $32.21 Shops 10 H20 Nov-2021 $4,551 $2.77 $54,614 $33.18 Nov-2022 $4,687 $2.85 $56,244 $34.17 Nov-2023 $4,828 $2.93 $57,939 $35.20 Nov-2024 $4,972 $3.02 $59,668 $36.25 Notes: Sales are based on 4/18 - 3/19 Actuals grown by 3% annually for 2019.

You are solely responsible for independently verifying the information in this Memorandum. 24 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 1107 Fade Factory 1,095 2.30% Sep-2014 Nov-2027 Current $2,425 $2.21 $29,099 $26.57 NNN (No Mgmt) Market Dec-2019 $2,498 $2.28 $29,970 $27.37 +10%Ad (Fade) $2.25 NNN (Shops) Dec-2020 $2,572 $2.35 $30,868 $28.19 (Fade) Dec-2021 $2,650 $2.42 $31,799 $29.04 Dec-2022 $2,729 $2.49 $32,751 $29.91 Dec-2023 $2,811 $2.57 $33,737 $30.81 Dec-2024 $2,895 $2.64 $34,744 $31.73 Dec-2025 $2,982 $2.72 $35,785 $32.68 Dec-2026 $3,071 $2.81 $36,858 $33.66 Notes: Sales are based on 4/18 - 3/19 Actuals grown by 3% for 2019.

1109 Posh & Polished 1,014 2.13% Jun-2017 Aug-2023 Current $2,298 $2.27 $27,571 $27.19 NNN Market Nail Lounge Sep-2020 $2,367 $2.33 $28,402 $28.01 ($0.10 PSF H20) $2.25 NNN (Shops) Sep-2021 $2,438 $2.40 $29,254 $28.85 Shops 10 H2O

Sep-2022 $2,511 $2.48 $30,136 $29.72 CA San Diego, Ave, 1900 Main St & 1985 National Notes: Tenant has one (1) - five (5) year option at the greater of FMV or 103% prior rent. Sales are based on 4/18 - 3/19 Actuals grown by 3% for 2019.

1111- Attitude Brewing 4,475 9.41% Oct-2018 Sep-2028 Current $8,503 $1.90 $102,030 $22.80 NNN Market 1113 Co. Oct-2020 $9,174 $2.05 $110,085 $24.60 ($0.10 PSF H20) $2.00 NNN Oct-2021 $9,450 $2.11 $113,397 $25.34 Shops (Restaurant) Oct-2022 $9,733 $2.18 $116,798 $26.10 10 H2O Oct-2023 $10,024 $2.24 $120,288 $26.88 Oct-2024 $10,326 $2.31 $123,913 $27.69 Oct-2025 $10,636 $2.38 $127,627 $28.52 Oct-2026 $10,953 $2.45 $131,431 $29.37 Oct-2027 $11,281 $2.52 $135,369 $30.25 Notes: T has 2 - 5 yr opts with the 1st opt at the lessor of FMV or $3.50 /sf/mo with 3% ann. inc. and the 2nd opt at the greater of 103% of prior rent or FMV with 3% ann. inc. T has pays percentage rent of 5% over a natural breakpoint. Sales are based on 9/18-3/19 Actuals.

1117 Mailbox & More 982 2.06% Apr-2018 Aug-2020 Current $1,011 $1.03 $12,138 $12.36 NNN Vacate VACATE May-2020 $1,042 $1.06 $12,501 $12.73 ($0.04 PSF H20) $2.25 NNN (Shops) Shops 4 H20 Lease expires 4/23. Tenant currently pays 50% rent. Assumes tenant vacates after the first year of the analysis. Sales are based on 5/18 - 3/19 Actuals, annualized and Notes: grown by 3% annually for 2019. Tenant has one (1) - five (5) year option at the greater of 103% of prior rent and FMV with 3% annual increases.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 25 RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 1121 Partners 1,869 3.93% Oct-2017 Oct-2022 Current $4,043 $2.16 $48,512 $25.96 NNN Market Personnel Nov-2019 $4,163 $2.23 $49,958 $26.73 ($0.04 PSF H20) $2.25 NNN (Shops) Nov-2020 $4,289 $2.30 $51,472 $27.54 Shops 4 H20 Nov-2021 $4,417 $2.36 $53,005 $28.36 Notes: Tenant has a 5% cap on controllable expenses (not hitting, not modeled).

AVAILABLE 1123 1,425 3.00% Sep-2020 Aug-2025 Sep-2020 $3,669 $2.58 $44,033 $30.90 NNN Market (1123) Sep-2021 $3,780 $2.65 $45,358 $31.83 ($0.04 PSF H20) $2.50 NNN (Shops) Sep-2022 $3,893 $2.73 $46,712 $32.78 Shops 4 H2O

CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Sep-2023 $4,010 $2.81 $48,122 $33.77 Sep-2024 $4,130 $2.90 $49,562 $34.78

AVAILABLE 1125 2,077 4.37% Sep-2020 Aug-2025 Sep-2020 $4,600 $2.21 $55,194 $26.57 NNN Market (1125) Sep-2021 $4,737 $2.28 $56,847 $27.37 ($0.04 PSF H20) $2.15 NNN (Shops) Sep-2022 $4,879 $2.35 $58,551 $28.19 Shops 4 H20 Sep-2023 $5,026 $2.42 $60,316 $29.04 Sep-2024 $5,177 $2.49 $62,123 $29.91

1127 National Laundry 4,232 8.89% Feb-2014 Jan-2024 Current $9,078 $2.15 $108,932 $25.74 NNN Option and Dry Cleaners (Nat'l Laundry) $2.25 NNN (Shops) (Natl) Notes: Tenant has two (2) - five (5) year options at $9,983.99 /mo and FMV, respectively (1st modeled below). Sales are based on 3/18 - 2/19 Actuals grown by 3% for 2019.

Feb-2024 Jan-2029 FUTURE $9,984 $2.36 $119,808 $28.31 NNN Market OPTION (Nat'l Laundry) $2.25 NNN (Shops) (Natl) Notes: Assumes tenant exercises one (1) - five (5) year option at modeled terms with no leasing costs.

You are solely responsible for independently verifying the information in this Memorandum. 26 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / SUITE TENANT NAME ASSUMPTION / FEET TYPE FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 1121 Partners 1,869 3.93% Oct-2017 Oct-2022 Current $4,043 $2.16 $48,512 $25.96 NNN Market 1129 Maggie's Cafe 3,254 6.84% Mar-2019 Feb-2029 Current $8,460 $2.60 $101,525 $31.20 NNN + 10% Market Personnel Nov-2019 $4,163 $2.23 $49,958 $26.73 ($0.04 PSF H20) $2.25 NNN (Shops) ASSUMED Apr-2020 $8,715 $2.68 $104,584 $32.14 Admin $2.75 NNN Nov-2020 $4,289 $2.30 $51,472 $27.54 Shops 4 H20 Apr-2021 $8,976 $2.76 $107,707 $33.10 (Restaurant) Nov-2021 $4,417 $2.36 $53,005 $28.36 Apr-2022 $9,244 $2.84 $110,929 $34.09 Notes: Tenant has a 5% cap on controllable expenses (not hitting, not modeled). Apr-2023 $9,523 $2.93 $114,280 $35.12 Apr-2024 $9,808 $3.01 $117,697 $36.17 AVAILABLE 1123 1,425 3.00% Sep-2020 Aug-2025 Sep-2020 $3,669 $2.58 $44,033 $30.90 NNN Market Apr-2025 $10,101 $3.10 $121,212 $37.25 (1123) Apr-2026 $10,405 $3.20 $124,856 $38.37 Sep-2021 $3,780 $2.65 $45,358 $31.83 ($0.04 PSF H20) $2.50 NNN (Shops) Apr-2027 $10,717 $3.29 $128,598 $39.52 Sep-2022 $3,893 $2.73 $46,712 $32.78 Shops 4 H2O Apr-2028 $11,039 $3.39 $132,470 $40.71 Sep-2023 $4,010 $2.81 $48,122 $33.77 Notes: Assumes tenant is in-place as of 3/19 with seller to credit any downtime, leasing costs and free rent. Tenant has two (2) - five (5) year options. Tenant pays percentage rent Sep-2024 $4,130 $2.90 $49,562 $34.78 of 5% over a natural breakpoint. Tenant has ROFO of adjacent Premises available for lease. AVAILABLE 1125 2,077 4.37% Sep-2020 Aug-2025 Sep-2020 $4,600 $2.21 $55,194 $26.57 NNN Market (1125) 1131 Liberty Call 2,857 6.00% Sep-2019 Oct-2029 Current $6,885 $2.41 $82,624 $28.92 NNN + 15% Market Sep-2021 $4,737 $2.28 $56,847 $27.37 ($0.04 PSF H20) $2.15 NNN (Shops) Distilling ASSUMED Nov-2020 $7,085 $2.48 $85,024 $29.76 Admin $2.50 NNN (Shops) CA San Diego, Ave, 1900 Main St & 1985 National Sep-2022 $4,879 $2.35 $58,551 $28.19 Shops 4 H20 Nov-2021 $7,285 $2.55 $87,424 $30.60 Sep-2023 $5,026 $2.42 $60,316 $29.04 Nov-2022 $7,485 $2.62 $89,824 $31.44 Sep-2024 $5,177 $2.49 $62,123 $29.91 Nov-2023 $7,685 $2.69 $92,224 $32.28 Nov-2024 $7,914 $2.77 $94,967 $33.24 1127 National Laundry 4,232 8.89% Feb-2014 Jan-2024 Current $9,078 $2.15 $108,932 $25.74 NNN Option Nov-2025 $8,142 $2.85 $97,709 $34.20 and Dry Cleaners (Nat'l Laundry) $2.25 NNN (Shops) Nov-2026 $8,371 $2.93 $100,452 $35.16 (Natl) Nov-2027 $8,600 $3.01 $103,195 $36.12 Notes: Tenant has two (2) - five (5) year options at $9,983.99 /mo and FMV, respectively (1st modeled below). Sales are based on 3/18 - 2/19 Actuals grown by 3% for 2019. Nov-2028 $8,857 $3.10 $106,280 $37.20

Feb-2024 Jan-2029 FUTURE $9,984 $2.36 $119,808 $28.31 NNN Market Notes: LCD is 11/19. Assumes tenant is in-place as of 9/19 at modeled terms with seller to guarantee any outstanding downtime, free rent, and leasing costs. Tenant has a $85,710 OPTION (Nat'l Laundry) $2.25 NNN (Shops) TI Allowance. Tenant pays percentage rent of 5% over a natural breakpoint. (Natl) 1132 Iron Fist Brewing 2,976 6.25% Aug-2015 Jul-2020 Current $8,702 $2.92 $104,420 $35.09 NNN (Iron Fist) Market Notes: Assumes tenant exercises one (1) - five (5) year option at modeled terms with no leasing costs. Company $2.50 NNN (Restaurant) (Iron) Notes: T has 1 - 5 yr opt. at $9,571.81, $9,859.07, $10,154.70, $10,458.70, and $10,773.86 /mo respectively. Sales are based on 4/18 - 3/19 Actuals grown by 3% for 2019. T pays % rent of 8% over a natural breakpoint. T has 5% cap on controll. exp. excl. Taxes & Ins. (not modeled).

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 27 RENT ROLL (CONTINUED)

LEASE TERM RENTAL RATES MARKET SQUARE % OF RECOVERY SUITE TENANT NAME ASSUMPTION / FEET TYPE PROPERTY BEGIN END BEGIN MONTHLY PSF ANNUALLY PSF MARKET RENT 1133 Oi Asian Fusion 1,185 2.49% Dec-2017 Apr-2028 Current $3,851 $3.25 $46,215 $39.00 NNN Market Jan-2020 $3,967 $3.35 $47,601 $40.17 ($0.10 PSF H20) $3.25 NNN Jan-2021 $4,086 $3.45 $49,035 $41.38 Shops (Restaurant) 10 H2O Jan-2022 $4,209 $3.55 $50,505 $42.62 Jan-2023 $4,334 $3.66 $52,010 $43.89 Jan-2024 $4,464 $3.77 $53,574 $45.21 Jan-2025 $4,599 $3.88 $55,185 $46.57 Jan-2026 $4,737 $4.00 $56,844 $47.97 Jan-2027 $4,878 $4.12 $58,539 $49.40 Jan-2028 $5,025 $4.24 $60,305 $50.89 CAPITAL MARKETS | NATIONAL RETAIL PARTNERS-WEST MARKETS | NATIONAL RETAIL CAPITAL Notes: Tenant has two (2) - five (5) year options at $5,175.76 and $5,331.03 /mo, respectively. Tenant pays percentage rent of 6% over a $1M breakpoint. Sales are based on 3/18 - 2/19 Actuals grown by 3% for 2019.

1134 Pho Bo 1,691 3.55% May-2018 Sep-2028 Current $4,228 $2.50 $50,730 $30.00 NNN Market May-2020 $4,354 $2.58 $52,252 $30.90 ($0.10 PSF H20) $2.75 NNN May-2021 $4,485 $2.65 $53,825 $31.83 Shops (Restaurant) 10 H2O May-2022 $4,619 $2.73 $55,431 $32.78 May-2023 $4,759 $2.81 $57,105 $33.77 May-2024 $4,901 $2.90 $58,813 $34.78 May-2025 $5,048 $2.99 $60,572 $35.82 May-2026 $5,200 $3.08 $62,398 $36.90 May-2027 $5,355 $3.17 $64,258 $38.00 May-2028 $5,515 $3.26 $66,186 $39.14 Notes: Tenant has two (2) - five (5) year options at the greater of 103% of prior rent or FMV with 3% annual increases. Tenant pays percentage rent of 6% over a $1,000,000 break point. Sales are based on 6/18 - 10/18 Actuals annualized and grown by 3% for 2019.

TOTALS / AVERAGES 47,578 $110,981 $2.52 $1,331,771 $30.22

OCCUPIED SF 44,076 92.6% AVAILABLE SF 3,502 7.4% TOTAL SF 47,578 100.0%

You are solely responsible for independently verifying the information in this Memorandum. 28 ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

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

DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner and does not purport to be all-inclusive or contain all or part of the information that prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed

to be reliable but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or CA San Diego, Ave, 1900 Main St & 1985 National warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors that are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete or accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, as well as to carefully investigate the economics of this transaction andthe Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves 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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be nonbinding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase, and sale agreement delivered by the Owner.

Pricing in this Offering Memorandum may not be accurate at any given point in time, as market conditions including capitalization rates and other value indicators change frequently. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property.

Photos herein are the property of their respective owners, and use of these images without the express written consent of the owner is prohibited.

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 in this document are the Property of their respective owners.

29 INVESTMENT ADVISORS

NRP-WEst team

PHILIP D. VOORHEES (Team Leader)

Preston Fetrow John Read Kirk Brummer Jimmy Slusher John Eddy Catherine Zhong Megan Wood James Tyrrell Sean Heitzler Matt Burson Eric Shain Trent Steeves

For all of our available listings, please visit: WWW.CBRE.COM/NRPWEST