™ OFFERING MEMORANDUM
PHASE IV
EXCLUSEVLY LISTED BY KYLE MATTHEWS BROKER OF RECORD Direct +1 949 873 0270 Mobile +1 310 880 8418 [email protected] Lic # ER.100070690 CONTENTS
OFFERING SUMMARY 4
PHYSICAL DESCRIPTION 6
AREA OVERVIEW 12
FINANCIAL OVERVIEW 24
TENANT OVERVIEW 30 OFFERING SUMMARY ABILENE MARKET PHASE IV AURORA, CO
Matthews Shopping Center Practice Group – West is pleased to present the fee simple INVESTMENT HIGHLIGHTS sale of Abilene Market Phase IV, a fully leased ±55,925 neighborhood shopping center located at the southeast corner of East Mississippi Avenue and South Abilene Street in >> Double digit cash-on-cash return of 10.62% for a stabilized Denver Aurora, CO. The property is leased to a mix of national, regional and local tenants and has MSA shopping center enjoyed high historical occupancy above 90%. >> Fully leased with a strong tenant mix of national, regional, and Located in the Denver MSA at a high traffic signalized intersection that sees ±75,000 local tenants vehicles per day, the property is perfectly situated in a strong retail corridor on the major arterial of E Mississippi Ave. The Denver metro area is a dynamic megaplex of growth, >> 58% of the income is generated by national or credit tenants being the 19th most populous metro area in the United States and the most populous city in Colorado. For the second year in a row, Denver was ranked #1 in 2016 on Forbes’ list of >> High traffic signalized corner location that sees a combined ±75,000 the “Best Places for Business and Careers” while according to the BLS the Denver area vehicles per day continues to enjoy a low unemployment rate of 2.1% compared to the national rate of 4.1% >> Located along Interstate 225 with direct on/off ramp access as of April 2017. >> Excellent visibility including several monument signs Abilene Market is perfectly positioned along Interstate 225 with direct on/off ramp access to serve the dense and growing community of Aurora. Aurora is the 3rd most populous >> Great access with multiple points of ingress and egress city in Colorado and the 54th most populous in the United States. Surrounded by residential neighborhoods, higher learning institutions and the nearby Medical Center of >> Densely populated trade area with ±184,000 people in a 3-mile radius Aurora, the property benefits from a population of over 420,000 in a 5-mile radius which is and ±423,000 in a 5-mile radius projected to grow more than 8% over the next five years. >> Growing community with positive double digit population growth This property provides an excellent double-digit cash on cash return within a dominant over the past seven years and a projected 8% growth over the Colorado trade area poised for long-term growth. next five years >> Situated along the dominant East Mississippi retail corridor with strong neighboring tenants in the trade area including: Home Depot, Walmart Supercenter, Target, Ross, Hobby Lobby, and the Town Center at Aurora among others
>> Provided free and clear of debt
4 • ABILENE MARKET FINANCIAL SUMMARY
Price $10,950,000 DEBT ASSUMPTIONS
Property Size (NRA) 55,925 SF Principle Loan Amount $7,665,000 Price Per SF $195.80 Loan to Value 70% Year Built/Renovated 1987 Interest Rate 4.50% Current Occupancy 100.0% Term 10 Years Investment Returns Amortization 30 Years
Cap Rate - Year 1 7.45% Annual Debt Service - Amortized $466,049 Cap Rate - Year 5 8.50% Cash on Cash - Year 1 10.62% Loan quote provided by Barrington Capital based on market conditions at this time. Actual rates and terms will vary based on market conditions at closing. Please contact Cash on Cash - Year 5 14.17% Brian Krebs or Mike McCabe at the information below:
Debt Brian Krebs: (949) 777-5988 or Debt $7,665,000 [email protected] Mike McCabe: (310) 919-5793 or Required Equity $3,285,000 [email protected] Operating Data Effective Gross Income $1,204,228 Operating Expenses $389,363 Net Operating Income $814,865 Cash Flow Before Taxes $348,816 Major Tenants K&G Men's Store 17,909 SF
America's Best Contacts & Eyeglasses 5,167 SF
CiCi's Pizza 4,136 SF
Cricket Communication 3,232 SF
AURORA, CO • 5 6 • ABILENE MARKET PHYSICAL DESCRIPTION
AURORA, CO • 7 PROPERTY DESCRIPTION Property Name Abilene Marketplace Phase IV Address 14000 E Mississippi Ave Location Aurora, CO 80012 Cross Street S Abilene St. Square Footage (GLA) ±55,925 Land Area ±191,554 SF (±4.40 Acres) APN(s) 1975-19-2-34-001 Year Built / Renovated 1987 Type of Ownership Fee Simple Zoning B-1: Retail Business District Number of Stories 1 Parking Spaces ±244 Parking Ratio ±4.36:1,000
8 •8 ABILENE• ABILENE MARKET MARKET • physical description • SITE PLAN
TENANT ROSTER
Unit Tenant Square Feet 13918 13916 Azzy Liquor 2,721 13918 The UPS Store 1,416 13922 Charming Nails & Spa 1,971 13940 K&G Men's Store 17,909 13960 Catherines, Inc. 3,375 13980 EM Leather 1,496 13982 Think! Toner & Ink 816 NAP 13990 Liberty Tax 1,315 14000 CiCi's Pizza 4,136 14004 Subway 1,637 14000 14010 - 14016 America's Best Contacts & Eyeglasses 5,167 14044 Barber 2,400 14046 Dollar Store 3,010
14010 - 14048 Red Wing Shoe Company 1,864 14016 14068 Yakety Yak 995 14080 Aurora Hills Animal Hospital 2,465 14088 Cricket Communication 3,232
Total 55,925
NAP NAP
LEGEND
SUBJECT PROPERTY
NOT A PART
AURORA, CO • 9 PROXIMITY TO DENVER
DENVER
CommonGround Golf Course
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Wheeling Elementary School
2016 Sales $/SF ABILENE MARKET ±122,000 ADT
Gateway High School T
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10 • ABILENE MARKET DENSE RETAIL CORRIDOR SURROUNDED BY RESIDENTIAL
Town Center at Aurora ® Gateway High School ABILENE MARKET ± 122,000 ADT
Medical Center Of Aurora
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AURORA, CO • 11
AREA OVERVIEW
AURORA, CO • 13 ADVENTURE AWAITS IN DENVER Denver is the capital and most populous city in the state of ADVENTURE AWAITS IN DENVER Colorado. Denver is full of panoramic and scenic views, in the South Platte River Valley on the western edge of the High From downtown amusement parks to fascinating museums, Plains and just east of the Front Range of the beautiful Rocky Denver’s attractions deliver unique and unforgettable Mountains. Denver has been ranked as a Beta-world city by the experiences. Denver has numerous art districts around the city, Globalization and World Cities Research Network. The ten including Denver’s Arts District on Santa Fe and the River North county metro area has an estimated population of almost 3 Art District. The city is also a hub for skiers, with ski slopes million people. located in the Rocky Mountains.
14 • ABILENE MARKET ACCOLADES #1 Best Places for Business and Career Forbes 2nd Best Place to Live US News & World Report ECONOMY 18th The Denver economy is based partially on its geographic position and its connection to some of the country’s major transportation systems. As the largest city within 500 miles, Denver has become a natural hub for goods and services largest economy in to the Mountain States, Southwest States, as well as all western states. Many well-known companies are located and the united states headquartered in Denver including Samsonite, Molson Coors Brewing Company, Aimco, Chipotle, Quiznos, and Big O Tires to name a few. Additionally, Denver is home to the Newmont Mining Corporation, the world's second largest producer of gold. Denver is strategically located equidistant from large cities in the Midwest, such as Chicago and St. ±3 Million Louis and some large West Coast cities, such as Los Angeles and San Francisco. While Denver continues to grow, it is 10-county metro already one of the largest economies in the United States with a gross metropolitan production of $178.2 billion. population DENVER TO AURORA Top Year-round Destination ±15 miles Allianz Global Assistance
AURORA, CO • 15 SPORTS
Denver Broncos Colorado Avalanche Colorado Rockies The Bronco’s, Denver’s home NFL team, gains plenty of National Hockey League’s Avalanche plays at the The Colorado Rockies, Denver’s Major League Basketball attention at Invesco field located just west of downtown. 18,000-seat Pepsi Center. The Avalanche has won nine team, plays in Denver’s Lower Downtown Coors Field. On average Denver stays loyal to the Broncos and the division titles (including their first eight in a row in Denver, The Rockies have won one National League has over 76,000 fans in attendance per game. the longest streak in NHL history) and qualified for the championship and see a season total of 2.6 million fans. playoffs in each of their first ten seasons.
16 • ABILENE MARKET TRANSPORTATION:
Denver International Airport AMTRAK Denver International Airport (DEN) is the largest Airport in the United States by total Amtrak, the national passenger rail system, provides service to Denver, operating its land area. The airport features 133 gates and is the 6th busiest airport in the world California Zephyr daily in both directions between Chicago and Emeryville, California, servicing over 54 million passengers. DEN is the main hub for Frontier Airlines and across the bay from San Francisco. Amtrak Thruway service operated by private bus Great Lakes Airlines and has non-stop services to destinations throughout North companies links the Denver station with Rocky Mountain points. A bill was just America, Latin America, Europe and Asia. introduced into the state legislature to connect towns and cities along the Front Range with an additional Amtrak line or state-funded alternative.
AURORA, CO • 17 AURORA, COLORADO GATEWAY TO THE ROCKIES Aurora Colorado, once a budding frontier town of farmers and QUALITY OF LIFE ranchers, is now Colorado’s third largest city with a diverse population of more than 351,000. It is one of the most vibrant, Aurora has a strategic and comprehensive plan the emphasizes exciting, and energetic destinations in America. Aurora has the formation of livable, full-service neighborhoods. People established itself as a driving force in Colorado and the West. It continue to call Aurora home for its tree-lined streets, open is a place where people want to live and developers want to prairie, majestic views of the mountains and ample build. Aurora is one of the principal cities in the Denver neighborhood parks. Aurora is one of the safest large cities in Metropolitan Statistical Area. The city currently leads the nation the United States. Aurora also provides ample access to quality in redevelopment, with the creation of new housing and education including four school districts and 12 higher learning recreation and technical-business plazas in and around the institutions that not only meet the needs of Aurora residents, former airfields. but those beyond the city limits.
18 • ABILENE MARKET AURORA DEVELOPMENTS
Stapleton Aurora Stanley Marketplace A neighborhood of 322 single-family attached and detached A food-centric, community inspired marketplace in the old 22-acres homes. This development also includes the completion of a park Stanley Aviation campus near East 25th Avenue and Dallas Street. that is planned east of Westerly Creek. A residential subdivision Stanley features 50+ independently owned Colorado businesses with homes starting in the high-300’s under one roof. Stanley Marketplace will be filled with restaurants and shops.
Regatta Plaza Development The Heights at Westerly Creek A 21.5-acre mixed us site adjacent to I-225 and the nine-mile light A seven story mixed-use building (retail and up to 115 dwelling rail station, at the intersection of two very busy roadways. The units). A condominium development with 10,000 square feet of plaza will include a massive central office tower, 100,000 square space on the ground floor for a Nourish Community Market. feet of retail space and as many as 350 units. AURORA, CO • 19 NEW RTD R LINE LIGHT RAIL SYSTEM
ABILENE MARKET
The Regional Transportation District (RTD) provides public transportation in eight counties including all of Boulder, Broomfield, Denver and Jefferson counties, parts of Adams, Arapahoe and Douglas Counties, and a small portion of Weld County.
The highly anticipated RTD light rail R Line that opened in February 2017 provides 10.5 miles of new light rail through the heart of Aurora along Interstate 225 connecting the existing Nine Mile Station to the Peoria Station. It provides easy connections to the University of Colorado A Line and the H Line, making Downtown Denver, the Denver International Airport, and the Denver Tech Center easier to get to and more accessible than ever. A fantastic regional connector, the line creates new hassle-free mobility and commute options to access many work centers in lots of different directions.
Abilene Market is perfectly positioned to take full advantage of the R Line with Florida Station located at East Florida Avenue and South Abilene Street only 0.5 miles from the Property. The new line has significantly increased traffic and the area has been busier than ever.
20 • ABILENE MARKET CLOSE PROXIMITY TO ABILENE MARKET
tOWN cENTER AURORA AURORA METRO CENTER STATION
ABILENE MARKET
E FLORIDA AVENUE FLORIDA STATION
ABILENE Street
AURORA, CO • 21 Vibrant Business Climate University of Colorado Anschutz – Medical Campus Aurora has a vibrant and diverse business environment, including major industries such As the largest academic health center in the Rocky Mountain region. CU Anschutz as aerospace and defense, renewable energy, bioscience and healthcare, and Medical Campus is the only place in the state of Colorado that offers medical degrees. transportation and logistics. Aurora continues to attract, welcome, and nurture large As one of the nation’s newest health sciences campus, CU Anschutz integrates world- and small business through programs like the Aurora Advantage 4 Business and the class education, research, and patient care. The campus aims to prepare the region’s Aurora-South Metro Small Business Development Center. Aurora has an excellent track top future health care professionals to provide the best available health care at two record for competitive rates of return and takes a pro-business stance making nationally recognized hospitals. development an attractive proposition.
DEMOGRAPHICS
POPULATION 1 Mile 3 Mile 5 Mile HOUSEHOLD 1 Mile 3 Mile 5 Mile 2022 Projection 28,510 198,422 456,918 2022 Projection 11,020 80,820 187,150 2017 Estimate 26,431 184,529 423,013 2017 Estimate 10,201 74,793 172,510 2011 Census 23,685 166,629 375,589 2011 Census 9,101 66,814 151,636 2001 Census 22,064 156,200 344,562 2001 Census 9,362 65,381 142,160 Growth 2017 - 2022 7.87% 7.53% 8.02% Growth 2017 - 2022 8.03% 8.06% 8.49% Growth 2011 - 2017 11.60% 10.74% 12.63% Growth 2011 - 2017 12.09% 11.94% 13.77% Growth 2001 - 2011 7.34% 6.68% 9.00% 2017 Average Household Income $57,695 $62,709 $70,368
22 • ABILENE MARKET AURORA ATTRACTIONS There is plenty to do and explore in Aurora with more than 100 parks, 50 miles of trails, six public golf course and two gorgeous reservoirs. Beyond the 6,000 acres of open space Aurora offers international fare for all at one of the hundreds of independently operated restaurants. There are many theaters, museums, and family-friendly attractions to experience the abundance of Aurora. Shopping aficionados can enjoy the mix of retail destination, ranging from independent, locally owned boutiques to well-known, national brands.
5 MILE DEMOGRAPHICS 423K 173K 13.77% 12.63% $70K
2017 POPULATION NUMBER OF HOUSEHOLD GROWTH POPULATION GROWTH 2017 AVERAGE HOUSEHOLDS 2017 2010 – 2017 2010 – 2017 HOUSEHOLD INCOME
AURORA, CO • 23 24 • ABILENE MARKET FINANCIAL OVERVIEW
AURORA, CO • 25 INCOME & EXPENSES In Place Total $/SF Income Rental Income $852,144 $15.24 Signage Income1 $9,000 $0.16 Expense Reimbursements $370,401 $6.62 Vacancy Factor (5%)2 ($27,317) ($0.49) Effective Gross Income $1,204,228 $21.53 Expenses Real Estate Taxes $181,643 $3.25 Property Insurance $9,200 $0.16 CAM/R&M $156,800 $2.51 Management $36,127 $0.65 EGI (%) 3.00% Non-Reimbursable Expenses 5,593 $0.10 Operating Expenses $389,363 $6.96 Net Operating Income $814,865 $14.57 Operating Expense Ratio 32%
Notes: 1. Sign agreements are on a month-to-month basis. America's Best, Red Wing, and Cricket each pay $250/month. 2. The Vacancy Factor of 5% excludes K&G Men's Store.
RECENT LEASES AND RENEWALS Rental Rate Tenant Name Unit # Terms Start Date Size (SF) Lease Escalations Expense Reimb. $/SF/Yr. $/SF/Mo. EM Leather 13980 Renewal May-15 1,496 $15.91 $1.33 3 Years Annual 3.00% NNN excl MGMT Oct-17 $22,355 Liberty Tax 13990 New Nov-16 1,315 $17.00 $1.42 3 Years NNN excl MGMT Oct-18 $23,670 America's Best Contacts 14016 Expansion Jun-15 1,559 $16.00 $1.33 10 Years Jun-20 10% NNN excl MGMT & Eyeglasses Barber 14044 New Apr-17 2,400 $17.00 $1.42 5 Years Annual 3.00% NNN excl MGMT Aurora Hills Animal 14080 New Jul-16 2,465 $22.00 $1.83 10 Years Annual $0.50/SF NNN excl MGMT Hospital 9,235 $17.99 $1.50
26 • ABILENE MARKET SUMMARY TENANT PROFILE Tenant Name In Place Rent % of Income Expiration Date National/Credit Tenants K&G Men's Store $185,358 21.80% Feb-21 The UPS Store $28,632 3.37% Feb-23 Cricket Communication $64,517 7.59% Sep-19 Liberty Tax $22,355 2.63% Apr-20 CiCi's Pizza $72,372 8.51% Nov-22 Subway $35,196 4.14% Jul-21 America's Best Contacts & Eyeglasses $82,672 9.72% May-25 Subtotal $491,101 57.77% Local/Regional Tenants National/Credit Tenant - 58% Azzy Liquor $47,645 5.60% Jun-21 Slick Nails Corp. $32,305 3.80% Feb-20 Local/Regional Tenant - 42% Catherines, Inc. $50,625 5.96% Jan-20 EM Leather $23,807 2.80% May-18 Think! Toner & Ink $13,676 1.61% Mar-18 Stilo Salon $40,800 4.80% Apr-20 Dollar Store $45,150 5.31% May-19 Red Wing Shoe Company $31,632 3.72% Apr-20 Yakety Yak $17,910 2.11% Sep-17 Aurora Hills Animal Hospital $55,463 6.52% Jan-27 Subtotal $359,012 42.23% Total $850,113 100.00%
AURORA, CO • 27 CASH FLOW
Year 1 Year 2 Year 3 Year 4 Year 5 For the Years Ending Aug-2018 Aug-2019 Aug-2020 Aug-2021 Aug-2022 ______Potential Gross Revenue Base Rental Revenue $858,483 $876,350 $898,926 $942,691 $981,498 Absorption & Turnover Vacancy -6,339 -17,066 -18,169 -3,224 ______Scheduled Base Rental Revenue 852,144 876,350 881,860 924,522 978,274 Expense Reimbursement Revenue 370,401 383,352 389,361 401,257 417,992 Signage Income 9,000 9,000 9,000 9,000 9,000 ______Total Potential Gross Revenue 1,231,545 1,268,702 1,280,221 1,334,779 1,405,266 General Vacancy (27,317) (34,550) (18,612) (18,999) (35,186) ______Effective Gross Revenue 1,204,228 1,234,152 1,261,609 1,315,780 1,370,080 ______Operating Expenses Trash Disposal 35,000 36,050 37,131 38,245 39,393 Roofing 3,000 3,090 3,183 3,278 3,377 Real Estate Taxes 181,643 187,092 192,705 198,486 204,441 Electricity 9,000 9,270 9,548 9,835 10,130 Water/Sewer/Irrigation 23,000 23,690 24,401 25,133 25,887 Janitorial 7,200 7,416 7,638 7,868 8,104 Maintenance/Repairs 4,500 4,635 4,774 4,917 5,065 Porter 5,500 5,665 5,835 6,010 6,190 Parking Lot Repairs 9,000 9,270 9,548 9,835 10,130 Plumbing 1,500 1,545 1,591 1,639 1,688 Security 20,000 20,600 21,218 21,855 22,510 Signs/Directory 800 824 849 874 900 Power Wash 800 824 849 874 900 Insurance 9,200 9,476 9,760 10,053 10,355 Landscape 7,200 7,416 7,638 7,868 8,104 Landscape Improvement 4,000 4,120 4,244 4,371 4,502 Tree Trimming 600 618 637 656 675 Lighting 4,000 4,120 4,244 4,371 4,502 Snow Removal 18,700 19,261 19,839 20,434 21,047 Sweeping 3,000 3,090 3,183 3,278 3,377 Management Fee 36,127 37,025 37,848 39,473 41,102 Non Reimbursable 5,593 5,760 5,933 6,111 6,294 ______Total Operating Expenses 389,363 400,857 412,596 425,464 438,673 ______Net Operating Income 814,865 833,295 849,013 890,316 931,407 ______
Cap Rate 7.44% 7.61% 7.75% 8.13% 8.51% Cash-on-Cash Return 10.62% 11.18% 11.66% 12.92% 14.17%
28 • ABILENE MARKET CASH FLOW ASSUMPTIONS Analysis Period Cash Flow Projection Begin Date September 1, 2017 Holding Period for Net Present Value 5 Years Area Measures Net Rentable Area in SF 55,925 SF General Projection Assumptions Cost of Living Growth per Annum 3.00% General Expense Growth per Annum 3.00% Real Estate Tax Growth per Annum 3.00% Market Rent Growth per Annum 3.00% Exit Cost of Sale 1.00% Leasing Assumptions Market Rent $10.50 - $22.50/SF/Yr Renewal Probability 75.00% Downtime 6-9 Months Tenant Improvement Allowance $10N / $5R Leasing Commissions 6%N / 3%R Free Rent None Escalations Annual 3% - 10% Mid Term Increases Operating Expenses NNN (excluding MGMT) + Admin Fee Term 5-10 Years Debt Assumptions Principle Loan Amount $7,665,000 Loan to Value 70% Interest Rate 4.50% Term 10 Years Amortization 30 Years Annual Debt Service - Amortized $466,049
AURORA, CO • 29 30 • ABILENE MARKET TENANT OVERVIEW
AURORA, CO • 31 www.kgstores.com K&G Fashion Superstore operates about 85 deep-discount career apparel superstores in nearly 30 states. Its stores feature brand-name and private-label tailored and casual clothing, footwear, and accessories for men, women, and children.
Ownership Private Revenue $166.53M
www.subway.com Subway is the world’s largest quick-service restaurant chain with 33,749 locations, having surpassed burger giant McDonald’s. Today, the Subway brand is the world’s largest submarine sandwich chain around the world and has become the leading choice for people seeking quick, nutritious meals that the whole family can enjoy.
Ownership Private Revenue $59.14M
www.cicispizza.com Cici’s is an American buffet specializing in pizza with approximately 500 franchised and corporately owned restaurants in 35 states.
Ownership Private Revenue $1.90M
32 • ABILENE MARKET www.americasbest.com America’s Best Contacts & Eyeglasses is a subsidiary of National Vision, one of the largest optical retailers in the U.S. With over 450 retail stores across the country, and more locations being added every day, America’s Best delivers thousands of quality eyeglasses, contact lenses and safety glasses to customers. Ownership Private Revenue NA
www.cricketwireless.com
Cricket Wireless is the AT&T subsidiary that provides prepaid wireless voice and data services to some 4.5 million customers in 49 US states and the District of Columbia. It primarily targets the youth and minority markets with no-contract, flexible payment plans that are a key component of its marketing message.
Ownership Public Revenue 2.9B
www.theupsstore.com The UPS Store is a leading franchisor of postal, shipping, document, and business services retail centers. With some 4,800 locations in the US, Puerto Rico, and Canada, it offers copying and printing, mailboxes, office supplies, packaging, parcel shipping, and other postal and business products and services.
Ownership Private Revenue $90M
AURORA, CO • 33 CONFIDENTIALITY AND DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of Circle K located at Abilene Market, 14000 E Mississippi Ave, Aurora, CO 80012 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the informa- tion a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to pur- chase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a pro- spective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. ™
PHASE IV LISTED BY: KYLE MATTHEWS BROKER OF RECORD Direct +1 949 873 0270 Mobile +1 310 880 8418 [email protected] Lic # ER.100070690