9346 corbin Avenue A VALUE-ADD MULTI-TENANT STRIP CENTER WITH BELOW MARKET RENTS AND UPSIDE THROUGH Northridge, ca 91324 STABILIZATION IN NORTHRIDGE, CA INVESTMENT ADVISORS

BRANDON MICHAELS Senior Managing Director Investments Senior Director, National Retail Group Tel: (818) 212-2794 Property Overview [email protected] 1 License: CA #01434685 www. BrandonMichaelsGroup .com

STEVEN SCHECHTER First Vice President Investments Director, National Retail Group Tel: (818) 212-2793 [email protected] Investment Highlights License: CA #01089464 2 www. BrandonMichaelsGroup .com

3 Financials

Area Overview SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 4

16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com

2 3 9346 Luxury corbin Avenue The Village Apartment at Community Northridge, ca 91324 Northridge PORTER RANCH

NORTHRIDGE

Brand new mixed-use development & single family residential development

CHATSWORTH

MGA ENTERTAINMENT CAMPUS 24 acre master planned office/ housing campus with 660 apartments, retail and restaurants PRAIRIE STREET

WINNETKA AVENUE

4 5 9346 A VALUE-ADD MULTI-TENANT STRIP CENTER WITH BELOW MARKET RENTS AND UPSIDE THROUGH corbin Avenue STABILIZATION IN NORTHRIDGE, CA Northridge, ca 91324

Marcus & Millichap has been selected to exclusively market for sale 9346 – 9350 Corbin Avenue, a 12,500 square foot multi-tenant strip center situated on 23,274 square feet of land zoned C2 in Northridge, CA. 9346 – 9350 Corbin Avenue is located along Corbin Avenue, just south of Plummer Street and just north of Prairie Street. The center benefits from the dense residential surrounding the subject property in the form of single family residences and newly developed luxury apartments, as well as the dense office, industrial, and retail properties surrounding the subject property which bring a large captive audience to the well-seasoned mix of local tenants. Over 30,000 vehicles per day pass the subject property.

9346 – 9350 Corbin Avenue is currently 62% occupied. The current tenant mix includes a Nail Spa, a highly trafficked Liquor Store, and a well-known Peruvian restaurant, Las Dunas. There is currently one 5,000 square foot unit vacant, which is grandfathered in for medical use. Upon stabilization, the center will perform at north of a 7% CAP rate and provide a stable and secure cash flow. The current vacant space also creates an opportunity for an owner-user Buyer to purchase the property and occupy the space for their own business use.

9346 – 9350 Corbin Avenue sits adjacent to Terrena Apartment Homes, a brand new luxury apartment community which was built in 2013 and has 402 units. The Village at Northridge, a luxurious senior assisted living community with 125 units, is located on the corner of Corbin Avenue and Prairie Street, just three parcels south of the subject property. The subject property is less than 1 mile away from the MGA Entertainment Campus, a 24 acre master planned 1.2 million square foot office/housing campus with 660 apartment units, retail, and restaurants.

9346 – 9350 Corbin Avenue is ideally located 1.5 miles from Cal State Northridge and its centralized San Fernando Valley location offers excellent access to all major freeways, including less than 5 Miles to the Interstate 405 San Diego Freeway, the Interstate 101 Ventura Freeway, and the 118 Freeway. The Metro Line 243 is right down the street and it is less than a mile to Northridge Metrolink. Northridge is a densely populated San Fernando Valley submarket which boasts high end demographics, high barriers to entry and strong market fundamentals yielding significant growth potential. Northridge is the home to a strong local residential market with multi-million dollar homes and trendy, up-scale restaurants and retailers. There are over 493,000 people within a 5 mile radius, and the average household income is over $107,000 within a one-mile radius. 6 7 9346 corbin Avenue Northridge, ca 91324

FINANCIAL INFORMATION Price $3,650,000

Current Cap Rate 3.84%

Pro Forma CAP Rate 10.09%

Price SF (Building) $292 PRAIRIE STREET Price SF (Land) $157 MELVIN AVENUE Current Occupancy 62% 9346 PROPERTY INFORMATION corbin Avenue 9346 Corbin Avenue Address Northridge, ca 91324 Northridge, CA 91324

APN Number 2761-036-049

Year Built 1972

Building SF 12,500 SF

Lot Size 23,274 SF

Zoning C2

Parking Spaces 41 CORBIN AVENUE Parking Ratio 3.42 Spaces per 1,000 SF

9 VALUE-ADD MULTI-TENANT STRIP CENTER DENSE LOS ANGELES COUNTY SUB- MARKET ◆ 62% current occupancy allows for significant upside through stabilization ◆ Over 480,000 people within a five mile radius ◆ Strong mix of local tenants which cater to the dense ◆ Affluent submarket with average household income immediate population north of 107,000 within a 1-mile radius ◆ Current vacant space is grandfathered in for medical use ◆ Strong local residential market with multi-million dollar homes, trendy restaurants and a plethora of ◆ Current rents are below market, and Seller is not collecting national retailers NNN charges ◆ Significant growth projections and new ◆ Upon stabilization, the center will generate a stable and PRAIRIE STREET developments in the immediate and surrounding secure cash flow with upside in rent in the existing tenant base areas CORBIN AVENUE

EXCELLENT NORTHRIDGE LOCATION WITH $107,917 SIGMIFICANT NEW DEVELOPMENT 9346 Average Household Income Within 1-mile Radius MELVIN AVENUE ◆ Adjacent to a brand new, 402 unit luxury apartment corbin Avenue development and a 125 unit senior assisted living community Northridge, ca 91324 ◆ Strong daily traffic counts north of 30,000 vehicles per day ◆ Excellent access to the 101, 405, and 118 freeways 493,499 ◆ Less than a mile from the MGA Entertainment Campus, a 1.2 Population Within 5-mile Radius million square foot development with 660 apartment units ◆ Within close proximity to Cal State Northridge, Metro Line 243, and the Northridge Metrolink ◆ Strong immediate population growth has created an increased demand in the immediate area for residential, which 160,961 creates upside potentials for retail rents Households Within 5-mile Radius

11 SUMMARY OF TERMS

INTEREST OFFERED: 100% fee simple interest in a 23,274 SF retail center located at 9346 Corbin Avenue, Northridge, CA 91324. TERMS OF THE SALE: Property is being offered on a free and clear basis.

PROPERTY TOURS: 9346 Prospective purchasers are encouraged to visit the site prior to submitting corbin Avenue offers. All property tours must be coordinated through the listing broker. Northridge, ca 91324 * PLEASE NOTE: Any prospective buyer should be aware that, pursuant to court order, the CORBIN AVENUE Court appointed Referee under whose authority the property is being partitioned by sale is not liable for risks or obligations of the property PRAIRIE STREET created prior to or that have occurred since his appointment as Referee. In addition, any prospective buyer should be aware that any sale of the property is subject to Court approval. The Referee shall use best efforts to ensure that any reasonably acceptable offer is approved by the Court. As with all fiduciary sales, the sale is subject to a Court auction and overbid procedure at the time of the Court hearing to approve such sale.

NORTHRIDGE MELVIN AVENUE

12 13 LOCATION 9346-9350 Corbin Avenue Northridge, CA 91324

SITE The subject property is located on the southeast corner of Corbin Avenue and Prairie Street.

SQUARE FOOTAGES The total building SF is 12,500 SF. The total lot size is 23,274 SF (0.53 acres). MELVIN AVENUE CROSS STREETS The cross streets are Corbin Avenue (North/South) and Prairie Street (East/West). 9346 PARKING corbin Avenue Northridge, ca 91324 41 spaces are available PARKING RATIO 3.42 Parking Spaces per 1,000 SF

YEAR BUILT The property was built in 1972

ZONING The zoning is C2

APN NUMBER CORBIN AVENUE The APN number is 2761-036-049

14 15 RENT ROLL ANNUALIZED OPERATING DATA PRICING LEASE LEASE LEASE PRO FORMA PRO FORMA PRO FORMA INCOME AND EXPENSE CURRENT PROFORMA TENANT SF BLDG % START EXP RENT RENT/SF TYPE RENT RENT/SF LEASE TYPE Scheduled Lease Income $229,175 $368,400 PRICE $3,650,000 Vacant 5,000 38% - - - - - $11,250.00 $1.75 NNN

Nail Spa 1700 13% 5/1/2010 4/30/2020 $3,472.88 $2.04 Gross $3,825.00 $2.04 NNN NNN Charges - $89,040 CURRENT CAP RATE 3.84%

Liquor Store 2010 15% 8/1/2016 7/31/2025 $5,375.00 $2.67 Gross $5,375.00 $2.67 NNN Effective Gross Income $229,175 $457,440 PRO FORMA CAP RATE 10.09% Las Dunas Restaurant 4490 34% 10/6/2017 10/31/2022 $10,250.00 $2.28 Gross $10,250.00 $2.28 NNN Expenses $89,040 $890,040 PRICE/SF $292 TOTAL 13,200 100% - - $19,097.88 $2.33 - $30,700.00 $2.46 - Net Operating Income $140,135 $368,400 PRICE/SF (LAND) $157

BUILDING SF 12,500 RENTAL INCREASES EXPENSE BREAKDOWN PER YEAR PER SF LAND SF 23,274 LIQUOR STORE LA DUNAS RESTAURANT Taxes @ 1.25% $45,625 $3.65

8/1/2019 $5,500.00 1/1/2019 $10,557.50 Insurance $9,300 $0.74

8/1/2020 $5,650.00 1/1/2020 $10,874.23 Electric $11,865 $0.95

8/1/2021 $5,800.00 1/1/2021 $11,200.45 Water & Sewer $4,414 $0.35

8/1/2022 $5,950.00 1/1/2022 $11,536.46 Repairs & Maintenance $3,100 $0.25

8/1/2023 $6,100.00 Management $14,736 $1.18

8/1/2024 $6,250.00 Total $89,040 $7.12 / $0.59

16 17 PRICE/SF PRICE/SF CLOSE OF 6800 BALBOA BLVD 19744 - 19762 SHERMAN WAY 8332 SEPULVEDA BLVD # ADDRESS SALE PRICE BLDG SF LAND SF CAP RATE ZONING (BUILDING) (LAND) ESCROW

6800 Balboa Blvd 1 $3,900,000 $403.56 $208.21 9,664 18,731 5.95% LAC2 3/30/2017 Van Nuys, CA 91406

Sherman Way Station P, Los 2 19744-19762 Sherman Way $4,500,000 $352.22 $134.41 12,776 33,480 5.69% 1/10/2017 Angeles Winnetka, CA 91306 6800 Balboa Blvd 19744-19762 Sherman Way 8332 Sepulveda Blvd 8332 Sepulveda Blvd C2, Los Address Address Address 3 $5,000,000 $380.66 $139.98 13,135 35,719 7. 23% - Van Nuys, CA 91406 Canoga Park, CA 91306 North Hills, CA 91343 North Hills, CA 91343 Angeles Sales Price $3,900,000 Sales Price $4,500,000 Sales Price $5,000,000 CAP Rate 5.95% CAP Rate 5.69% CAP Rate 7. 23% Average $4,466,667 $378.81 $160.87 11,858 29,310 6.29% - - Price/SF $404 Price/SF $352 Price/SF $381 Building SF 9,664 Building SF 12,776 Building SF 13,135 Lot SF 18,731 Lot SF 33,480 Lot SF 35,719 Close of Close of Close of 3/30/2017 1/10/2017 - Escrow Escrow Escrow

1 8930-89686800 Balboa Corbin Blvd. AveVan. NuysNorthridge 2 872719744-19762 Tampa Ave Sherman. Northridge Way. Winnetka 3 8920-90688332 Sepulveda Tampa Blvd. Ave. North Northridge Hills 4 93019346 TampaCorbin Ave. Northridge 9346 Corbin Ave. Northridge 4 3

1 2 1 SUBJECT 3 PROPERTY $292

18 19 1 8930-89688920-9068 CorbinTampa Ave. Northridge 2 872719545 Tampa Parthenia Ave .St Northridge. Northridge # ADDRESS SF LEASED RENT/SF/MONTH RENT/SF/YEAR RENTABLE AREA LEASE TYPE 3 8920-90689201 Winnetka Tampa Ave. Ave. Chatsworth Northridge 4 93019346 TampaCorbin Ave. Northridge 9346 Corbin Ave. Northridge 8920-9068 Tampa Ave 3 1 11,482 $2.25 $27.00 106,883 NNN 4 Northridge, CA 91324 1

2 1 3 19545 Parthenia St 2 3,000 $2.00 $24.00 20,823 NNN Northridge, CA 91324 2

9201 Winnetka Ave 3 1,432 $2.60 $31.20 110,093 NNN Chatsworth, CA 91311

Average 5,305 $2.28 $27.40 79,266 -

20 21 NORTHRIDGE Northridge is a neighborhood of Los Angeles, California in the San Fernando Valley. It is the home of California State University, $107,917 481,696 $84,447 Northridge, as well as eleven public and eight private schools. Average HH income within 1-m radius Daytime Population within 5-m radius Median HH income within 1-m radius

Originally named Zelzah, the community was renamed North Los Angeles in 1929 to emphasize its closeness to the booming city. This created confusion with Los Angeles and North Hollywood. At the suggestion of a civic leader, the community was renamed Northridge in 1938. Northridge can trace its history back to the Gabrielino (or Tongva) people and to Spanish explorers. Its territory was later sold by the Mexican governor to Eulogio de Celis, whose heirs divided it for sale. The area has been the home of notable people, and it has notable attractions and points of interest. Residents have access to 90,230 70,730 160,961 a municipal recreation center and a public swimming pool. Owner Occupied Housing within 5-m radius Renter Occupied Housing within 5-m radius Households within a 5-m radius

Northridge is located in close proximity to the Ronald Reagan Freeway (118) which connects to the San Diego Freeway (405) and provides access to all of Los Angeles County.

NORTHRIDGE DEMOGRAPHICS 22 23 MGA ENTERTAINMENT CAMPUS MGA ENTERTAINMENT CAMPUS 1.2 million square feet set to break ground by the beginning of 2017:  Office – Remodel Existing 250,000 SF (MGA’s Headquarters – 250+ employees) ABOUT MGA ENTERTAINMENT  New Cafeteria, Daycare, Patio – 7,500 Sf MGA Entertainment (Micro-Games America Entertainment) produces proprietary and licensed products including  New Creative Office Space, Production/Showroom Space – 43,000 sf toys and games, dolls, consumer electronics, home décor, stationary and sporting goods. MGA Entertainment’s award-  Proposed Buildings (Building A, B, C and D) range from 5 to 7 story structures – up winning brands include Little Tikes®, Lalaloops y™, Bratz®, Bratzillaz™, Novi Stars™, Moxie Girlz™, and Zapf Creation®. to 700 residential units MGA Entertainment was founded in 1979 and employs upwards of 1,100 employees.  Residential Buildings contain a mixture of one, two and three bedroom apartments, supplemented by individual club houses and fitness rooms  Residents would also have access to various communal amenities, including SITE PLAN swimming pools and a 350-seat amphitheater. MGA ENTERTAINMENT CAMPUS  Building C includes the project’s retail component (14,000 sf) of stores and The Los Angeles City Council has recently approved restaurants. MGA Entertainment’s proposed development  A shaded outdoor courtyard will be the centerpiece providing outdoor dining space.

in Chatsworth, which will bring 660 market-rate  Parking will be located in three separate garages housing approximately 1,467 apartments, retail and restaurants to 24 acres near parking spaces Prairie Street and Winnetka Avenue. The project will  Vehicular access will be provided via Prairie Street and a new bridge connecting to break ground beginning of 2017 and will be designed Winnetka Avenue. by Killefer Flammang Architects. The toymaker,

which sells Bratz dolls, is also relocating its Van Nuys  Private shuttle service connecting residents/guests to local transportation hubs and headquarters to the site. Supporters are calling the Orange Line stations. manufacturing, office and residential proposal the first of its kind in the city. MGA Entertainment’s vice-president of business “ development Jason Larian said the company’s 280 local employees will be encouraged to live in the new housing. MGA will also do light manufacturing and design work on the new campus, but continue to manufacture its Bratz fashion doll line in China.

The Valley’s first live-work campus – combining light industrial and commercial space with retail, residential and community amenities. “24 25 MAJOR EMPLOYEES CALIFORNIA STATE UNIVERSITY NORTHRIDGE

Northridge is home to nearly 20,000 businesses employing approximately 212,000 people. Over 500,000 people are employed within an California State University, Northridge (also approximately 20-mile radius of Northridge. With retail and wholesale being the most common industry classification, the Northridge community is known as CSUN) is a public university in the particularly known for its strong presence in the technology sector. Major employers in Northridge and adjacent communities include: 3M Company, Northridge neighborhood of Los Angeles, Health Net, Nestle USA, Farmers Insurance, Universal Music Group, Woodland Hills Medical Center, and Gen Corp. Chatsworth is also proximate California, United States, in the San Fernando to Warner Center, the downtown and office hub of the San Fernando Valley. Warner Center is home to many high profile employers and serves as a Valley. With a total enrollment of 41,548, it has major employer hub. the largest student body of the 23-campus California State University system, and is one of the largest comprehensive Major employers in Northridge and the surrounding communities include: universities in the State of California (behind UCLA) in terms of enrollment. As of Fall 2014, the school had 2,096 faculty, of which between 745 and 784 (or about 40%) were on the tenure track.

It was founded first as the Valley satellite campus of Cal State Los Angeles. It then became an independent college in 1958 as San Fernando Valley State College, with major campus master planning and construction. The University adopted its current name of California State University, Northridge in 1972.

CSUN offers a variety of programs including 134 different bachelor's degrees, master's degrees in 70 different fields, 3 doctoral degrees including two Doctor of Education and a Doctor of Physical Therapy, and 24 teaching credentials. CSUN enrolls more than 40,000 students and ranks 10 in the U.S. in bachelor's degrees awarded to underrepresented minority students. The university has over 200,000 alumni.

26 27 TRANSPORTATION

Northridge is easily accessibe by freeways, Metro transit, rail and airport transportation. The 405, 101, and 118 Freeways provide access to the greater Los Angeles metropolis area and beyond to Orange and Ventura Counties. The Metro Orange Line dedicated bus transit way provides access from the Northridge Metrolink station to the Warner Center transit hub in Woodland Hills, then along the east- west length of the San Fernando Valley connecting to the North Hollywood Red Line Station. Rail service continues to Downtown Los Angeles, Pasadena, Long Beach and West Los Angeles. Amtrak long distance rail lines from Chatsworth Station proceed to Ventura County, Santa Barbara, Northern California and San Diego. The San Fernando’s Valley’s two major airports are Burbank Bob Hope Airport and Van Nuys Airport. METRO ORANGE LINE STOPS

METROLINK The Metrolink Ventura County Line is a commuter rail line serving Ventura County and the San Fernando Valley in Los Angeles County and the City of Los Angeles, in the Southern California system. Three trains each weekday run to Chatsworth Station (western SFValley) — major transit hub, with the Amtrak Pacific Surfliner, the Metro Orange Line (6-2012) and Metro Local valley bus lines, the LADOT Commuter Express service; and buses from Santa Clarita Transit, and Simi Valley Transit. Trains of the six East Ventura and four Moorpark runs also stop here.

28 29 BRANDON MICHAELS STEVEN SCHECHTER Senior Managing Director Investments First Vice President Investments Senior Director, National Retail Group Director, National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2793 [email protected] [email protected] License: CA #01434685 License: CA #01089464 www. BrandonMichaelsGroup .com www. BrandonMichaelsGroup .com