Updated 1.3.17 No Boxes.Indd

Opportunity to Convert an Existing 10-Story Office Building to Residential FOR SALE OR JOINT VENTURE Units and Keep, or Redevelop, the Adjacent Existing Parking Structure

E. OCEAN BLVD. 401 LONG BEACH, CALIFORNIA

www.401eOcean.com OFFER DUE DATE: FRIDAY, FEBRUARY 24, 2017 BY 5:00PM PST FOR SALE OR JOINT VENTURE PLEASE DO NOT DISTURB OR CONTACT TENANTS for more information contact:

Laurie Lustig-Bower Executive Vice President Lic. 00979360 310.550.2556 [email protected]

Gary Stache Executive Vice President Lic. 00773736 949.725.8532 [email protected]

Kadie Presley Wilson Senior Sales Director Lic. 01476551 310.550.2575 [email protected]

OFFER DUE DATE: FRIDAY, FEBRUARY 24, 2017 BY 5:00PM PST www.401eOcean.com

© 2017 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Pacific Ocean

east ocean boulevard 401 long beach Pacific Ocean

east ocean boulevard 401 long beach east ocean boulevard 401 long beach east ocean boulevard 401 long beach

Executive Summary 1

Property Description 5 Rent Survey and Sales Comparables 14 Area Description 22 CATALINA ISLAND

PORT OF LONG BEACH

710 SEASIDE FREEWAY

QUEENSWAY BAY

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VICTORY PARK

EAST SHORELINE DRIVE

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EAST BROADWAY

EAST OCEAN BOULEVARD

EAST 3RD STREET

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Cerritos Corona Torrance Buena Park Anaheim Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Lakewood Blvd Carson LONG BEACH AIRPORT Cypress Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach Beach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Blvd BlvdBeach BlvdBeach BlvdBeach BlvdBeach BlvdBeach Beach BlvdBeach San Pedro Bay Beach Blvd Orange Queensway Bay Garden Grove Long Beach Westminster Santa Ana Huntington Beach PACIFIC OCEAN Irvine

JOHN WAYNE AIRPORT Costa Mesa Lake Forest

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E Ocean Blvd y residential conversion, as well as the adjacent parking structure, which err VictoryVictoryVictory ParkParkPark h C could also be redeveloped into a residential building. 401 E. Ocean PalmPalmPalm BeachBeachBeach ParkParkParParkk THE PIKE AT Boulevard is only two blocks to the beautiful Pacific Ocean, and is RAINBOW HARBOR walking distance to numerous business, tourism and entertainment y RainbowRainbowRainbow LagoonLagoonLagoon ParkParkPark E Shoreline Dr a venues that encompass the core of Downtown Long Beach. W s ShorelineShorelineShoreline AquaticAquaticAquatic ParkParkPark n ShorelineShorelineShoreline AquaticAquaticAquatic ParkParkPark e e u In the event of a joint venture, owner will retain a minimum 50% stake Q SHORELINE VILLAGE along with joint decision making and signature rights. The property is also available on an outright 100% sale basis.

San Pedro Bay Queensway Bay Offers are due Friday, February 24, 2017 at 5:00pm For more information visit www.401eOcean.com

• 304240 2 401 east ocean boulevard / long beach investment highlights “MAIN AND MAIN LOCATION” WALKABILITY AND LIFESTYLE FAVORABLE IN-PLACE ZONING

Situated on a prominent corner on E. Ocean 401 E. Ocean Boulevard is situated in an 401 E. Ocean Boulevard is located in PD- Boulevard and located at the epicenter of amenity rich location. The property is only 30 of the Downtown Plan. Residential and a vibrant 24-7 community, 401 E. Ocean two blocks from the beautiful Pacific Ocean, Mixed-Use redevelopment and conversion Boulevard is truly located at the focal point the 1st Street Metro Station, four blocks are allowed by-right. PD-30 has no density of the market. It’s easy access to the Metro, from Von’s Supermarket and sits among restrictions other than designating a minimum freeways, and major local arterials provides approximately 105 restaurants and bars in unit size of 600 square feet for residential, ideal routes of transportation to anywhere in Downtown Long Beach. Numerous shops however it also allows for units as small as the region for work or play. and destinations like The Aquarium of the 450 square feet for no more than 15% of the Pacific, The Pike at Rainbow Harbor, Pine total units in a project. PD-30 has an existing PERFECTLY POSITIONED IN THE HEART OF Avenue and 4th Street’s Retro Row are within EIR in place, and therefore no environmental DOWNTOWN LONG BEACH easy walking distance. Its proximity to the review process is required for residential Downtown Long Beach’s central location multitude of praised culinary hot-spots and projects which can be submitted directly to amongst Downtown LA, West Los Angeles entertainment venues will provide residents Plan Check. and Orange County make it ideal for with highly desirable lifestyle amenities right commuters and businesses alike. outside their front door. 401 east ocean boulevard / long beach 3 east ocean boulevard 401 long beach 401 east ocean boulevard / long beach 5 property description

EXISTING IMPROVEMENTS Office Building Adjacent Parking Structure Number of Stories: 10 Number of Spaces: 324 Total Area: ±134,773 SF Levels: Five levels above grade One level of YEAR BUILT subterranean parking

1983 & Renovated 1996/2001 COUNTY Los Angeles APN 7281-025-261 LOT SIZE ± 42,375 SF (± 0.97 Acres) ZONING PD-30 (Residential and Mixed-Use allowed by-right) TAX RATE 1.15625% SPECIAL ASSESSMENT $34,093.60 6 401 east ocean boulevard / long beach

property description (continued) EXISTING TENANTS: • Property is currently 38% leased to a variety of tenants. (Owner has been vacating building in preparation for conversion.) • JP Morgan Chase is the tenant in the ground floor retail space. The City will allow JP Morgan Chase to remain in the building during construction for the conversion of the above office space to residential units. • City allows the Owner the right to convert the building while office tenants are in place, as long as basic life safety guidelines are followed. (A) LANDLORD’S TERMINATION RIGHTS: Apart from Chase Bank, Landlord has the right to terminate Leases of any Tenant by giving one month prior Termination Notice, except the following Tenants who need longer prior notice, as shown below: • John Romundstand: 4 months prior termination notice. Lease ends Sept 15, 2017. • The Uthoff Firm: 6 months termination notice. Lease ends Feb 24, 2017. • BioPhase: 6 months termination notice. Lease ends Nov 30, 2018. • Metzger Law Group: 18 months termination notice. Lease ends Dec 31, 2019. (B) UNITED STATE DEPARTMENT OF AGRICULTURE: BUYER CAN TERMINATE LEASE ANYTIME AS LEASE IS NULL AND VOID BECAUSE: • Lease executed after the Trust Deed’s date (November 14, 2006) and before Foreclosure Sale (November 6, 2012). • Lease does not include Subordination Article. • Lender did not sign Subordination and Non-Disturbance Agreement. The above information is given without liability on the Seller’s Part. Buyer should rely on their own attorney to confirm the accuracy of this information.

DEVELOPMENT REQUIREMENTS: RESIDENTIAL PARKING FOR THE FOLLOWING UNIT TYPES : Dwelling Unit, Shopkeeper Unit or Live/Work Unit: 1 Space and 1 Guest Space per every 4 units. Half of the required guest parking can be shared with any commercial use. RETAIL PARKING FOR THE FOLLOWING TYPES: Retail, Restaurant and Bars: 1.0 Space/1,000 SF (projects containing less than 6,000 SF are exempt) BICYCLE SPACES: 1 bike parking space per every 5 dwelling units and 1 bike space per 7,500 SF of commercial STORAGE SPACES: Residential developments consisting of 21-units or more shall provide storage space subject to the discretion of the Site Plan Review Committee. Each storage space shall be a minimum of 25 SF in area and shall contain not less than 175 cubic feet. A garage shall not count as a storage space. 8

Redevelopment Potential

The FAR for 81% of the parcel is 11:1 and the Height Total Lot Area per LA County Assessor: 40,244 SF Limit is 500 ft with incentives. Lot Area of Rear Portion of Garage: ±7,500 SF Lot Area of Remaining Parcel: ±32,744 SF The FAR for the Rear Portion of the Garage– 19% of the parcel – is 4:1 and the Height Limit is 80 ft. Existing Office Building: ±134,773 SF Covered Walkway/Patio FAR Used: ±3,660 SF According to the City of Long Beach, the 80 foot height limit on the Rear Portion of the Garage would Available FAR square footage if a buyer were to most likely be enforced. However, during the entitle- redevelop the entire parcel: ±390,184 SF ment process, the developer might be granted additional height on this portion because of the dramatic Available FAR square footage if a buyer were to

difference between an 80 foot height limit and a 500 east ocean boulevard redevelop the Existing Garage Structure and leave foot height limit. 401 long beach the Existing Office Building: ±251,751 SF Available FAR SF if a buyer were to redevelop the Existing Office Building and leave the Existing Garage: ±386,524 SF*

*According to the Long Beach Development Depart- ment, up to 400 SF of parking area per unit is exempt from FAR. REAR

ELM AVENUE

Seller and Broker make no representations or warranty with respect to the development potential of the parcel. Buyer to conduct a thorough investigation, including checking with the City of Long Beach, to confirm the property’s development potential. 8 401 east ocean boulevard / long beach 8 parcel map 9 401 east ocean boulevard / long beach rent roll

401401 E EOcean Ocean Blvd Blvd RentRent RollRoll 12/1/201612/01/16 Lease Terms Rent Increases Comments Suit No. Tenant Start End SF Deposit Rent Date Amount

GF1 JP Morgan Chase 9/1/2001 2/28/2024 9,438 $ 20,763.60 3/1/2019 $ 23,878.14

GF2 Vacant 5,423

Mezzanine Vacant 2,129 M100 M125-150 Vacant 1,346

Landlord has the right to terminate lease M200 Nostrum 2/1/2007 MTM 4,196 $ 7,762.60 by giving (1) month prior notice.

200 Vacant 2,058

201 Vacant 203

202 Vacant 1,595

203 Vacant 2,033

Landlord has the right to terminate lease 204 10/6/2007 MTM 938 $ 1,989.52 $ 1,657.94 Bob Blake & Associates by giving (1) month prior notice.

Landlord has the right to terminate lease 205-206 Alternative Healthcare Systems 7/1/2005 MTM 2,745 $ 4,941.00 $ 2,343.80 by giving (1) month prior notice.

207-208 Vacant 1,123

210 Vacant 1,367

300 Vacant 10,040

310 Vacant 2,336

Landlord has the right to terminate lease 400 John Romundstad 5/16/2003 9/15/2017 581 $ 1,254.96 $ 1,016.75 by giving (4) months prior notice.

Landlord has the right to relocate tenant. 401 east ocean boulevard / long beach 10 rent roll

401 E Ocean Blvd Rent Roll 12/01/16 Lease Terms Rent Increases Comments Suit No. Tenant Start End SF Deposit Rent Date Amount

401 Blue Star Capital, Inc. 8/1/2006 3/31/2018 1,670 $ 8,562.00 $ 3,096.18 4/1/2017 $ 3,189.06 Landlord has the right to terminate lease 440 Additional Space 1/1/2016 3/31/2018 500 $ 575.00 4/1/2017 $ 600.00 by giving (4) months prior notice.

410 Vacant 1,151

415 Vacant 1,198 420 Vacant 3,479

420 Vacant 3,479 430 Vacant 2,632

440 430Vacant Vacant 1,234 2,632

440 Vacant 1,234 500 US Dept of Agriculture 4/16/2013 4/15/2023 6,878 $ 15,131.58 4/15/2018 $ 16,507.17 N/A N/A

500 US Dept of Agriculture 4/16/2010 4/15/2020 6,878 $ 15,131.58 4/15/2018 $ 16,507.17Landlord has the tight to Terminate 503 Stark, Friedman and Chapman LLP 8/1/2014 MTM 2,096 $ 3,248.80 $ 3,346.26 6/1/2016 $ 3,772.80 N/A Lease by giving (1) month prior notice.

509 Vacant 1,440 Landlord has the right to terminate lease 503 8/1/2014 MTM 2,096 $ 3,248.80 $ 3,346.26 6/1/2016 $ 3,772.80 Stark, Friedman and Chapman LLP by giving (1) month prior notice.

Landlord has the tight to Terminate 510 BioPhase Incorporated 11/1/2015 11/1/2018 1,800 $ 3,465.96 $ 2,970.00 N/A 509 Vacant 1,440 Lease by giving (6) months prior notice.

600 Vacant 12,302 Landlord has the right to terminate lease 510 BioPhase Incorporated 11/1/2012 11/30/2018 1,800 $ 3,465.96 $ 2,970.00 700 Vacant 2,684 by giving (6) months prior notice.

705 600Vacant Vacant 4,120 12,302

700 2,684 Vacant Landlord has the tight to Terminate 710 The Uthoff Firm 1/25/2007 2/23/2017 1,292 $ 2,740.36 $ 2,390.20 2/24/2017 $ 2,454.80 N/A Lease by giving (6) months prior notice. 705 Vacant 4,120 720 Vacant 3,893

Landlord has the right to terminate lease 710 The Uthoff Firm 1/25/2007 2/23/2017 1,292 $ 2,740.36 $ 2,390.20 2/24/2017 $Landlord 2,454.80 has the right to terminate by 800-815 Metzger Law Group 1/1/2010 12/31/2019 12,172 $ 18,503.40 $ 24,325.36 2/1/2017 $26,757.90 N/A by giving (6) months prior notice. giving Tenant (18) months prior notice. 720 Vacant 3,893 900 Vacant 6,457

915 Vacant 791 Landlord has the right to terminate lease 800-815 9/1/2002 12/31/2019 12,172 $ 18,503.40 $ 24,325.36 2/1/2017 $26,757.90 Metzger Law Group by giving (18) months prior notice. 920 Vacant 4,894

900 Vacant 6,457 Tenant Informed Landlord that they will 1000 Archstone Foundation 7/22/1997 MTM 5,041 $ 8,800.00 N/A vacate at End of December 2016. 915 Vacant 791 1010 Vacant 4,598 920 Vacant 4,894 1040 Vacant 1,135

Total Leased Sqft 37.67% 49,347 $ 44,706.00 $ 94,179.27 Tenant informed Landlord that they will 1000 Archstone Foundation 7/22/1997 MTM 5,041 $ 8,800.00 Not Leased Sqft 62.33% 81,661 vacate at end of December 2016. Total Sqft 100.00% 131,008 1010 Vacant 4,598

1040 Vacant 1,135

Total Leased Sqft 37.67% 49,347 $ 44,706.00 $ 94,179.27 Not Leased Sqft 62.33% 81,661 Total Sqft 100.00% 131,008 Lease Terms Rent Increases Comments Suit No. Tenant Start End SF Deposit Rent Date Amount

410 Vacant 1,151

415 Vacant 1,198

420 Vacant 3,479

430 Vacant 2,632

440 Vacant 1,234

500 US Dept of Agriculture 4/16/2010 4/15/2020 6,878 $ 15,131.58 4/15/2018 $ 16,507.17

Landlord has the right to terminate lease 503 8/1/2014 MTM 2,096 $ 3,248.80 $ 3,346.26 6/1/2016 $ 3,772.80 Stark, Friedman and Chapman LLP by giving (1) month prior notice.

509 Vacant 1,440

Landlord has the right to terminate lease 510 BioPhase Incorporated 11/1/2012 11/30/2018 1,800 $ 3,465.96 $ 2,970.00 by giving (6) months prior notice.

600 Vacant 12,302 10 401 east ocean boulevard / long beach 11 700 Vacant 2,684

rent705 roll Vacant 4,120

401401 E E Ocean Ocean Blvd Blvd Landlord has the right to terminate lease 710 The Uthoff Firm 1/25/2007 2/23/2017 1,292 401RentRent$ E 2,740.36 Ocean Roll Roll Blvd $ 2,390.20 2/24/2017 $ 2,454.80 by giving (6) months prior notice. 11/3/201612/01/16Rent Roll 720 Vacant Lease Terms 3,893 11/03/16 Rent Increases Comments Suit No. Tenant Start End SF Deposit Rent Date Amount

Landlord has the right to terminate lease 800-815 9/1/2002 12/31/2019 12,172 $ 18,503.40 $ 24,325.36 2/1/2017 $26,757.90 GF1 MetzgerJP Morgan Law Chase Group 9/1/2001 2/28/2024 9,438 $ 20,763.60 3/1/2019 $ 23,878.14 by giving (18) months prior notice.

GF2 Vacant 5,423 900 Vacant 6,457

Mezzanine Vacant 2,129 915 791 M100 Vacant M125-150 Vacant 1,346 920 Vacant 4,894

Landlord has the right to terminate lease M200 Nostrum 2/1/2007 MTM 4,196 $ 7,762.60 Tenant informed Landlord that they will 1000 Archstone Foundation 7/22/1997 MTM 5,041 $ 8,800.00 by giving (1) month prior notice. vacate at end of December 2016. 200 Vacant 2,058 1010 Vacant 4,598

201 Vacant 203 1040 Vacant 1,135

202 1,595 Total VacantLeased Sqft 37.67% 49,347 $ 44,706.00 $ 94,179.27 Not Leased Sqft 62.33% 81,661 203 TotalVacant Sqft 100.00% 131,0082,033

Landlord has the right to terminate lease 204 10/6/2007 MTM 938 $ 1,989.52 $ 1,657.94 Note: Landlord canBob terminate Blake & Associates all leases or relocate all tenants by providing prior written notice, with the exception of: by giving (1) month prior notice.

Landlord has the right to terminate lease 1. 205-206JP MorganAlternative Chase Healthcare Bank Systems on the ground7/1/2005 floor; andMTM 2,745 $ 4,941.00 $ 2,343.80 by giving (1) month prior notice.

207-208 Vacant 1,123 2. United States Department of Agriculture. However, buyer may be able to terminate this lease due to the following conditions:

210 a. ExecutedVacant after the Trust Deed’s date (November 14,1,367 2006) and before Foreclosure Sale (November 6, 2012), b. Does not include Subordination Article, 300 Vacant 10,040 c. Lender did not sign Subordination and Non-Disturbance Agreement. 310 Vacant 2,336

The above information is given without liability on the Seller’s part. Buyer should rely on their own attorney to confirm the accuracy of this information. 400 John Romundstad 5/16/2012 9/15/2017 581 $ 1,254.96 $ 1,016.75 Landlord has the right to terminate lease

east ocean boulevard 401 long beach 401 east ocean boulevard / long beach 13 existing floor plans

FIRST FLOOR SECOND FLOOR

To see all existing floor plans please visit: www.401EOcean.com 401 east ocean boulevard / long beach 14

rent survey and sales comparables 14 401 east ocean boulevard / long beach 15

Rentselect Comparables apartment Map Rentrent comparables Comparables Map

Layout ID:L01 MapId:4407936 © 2016 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L01 MapId:4325824 © 2016 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Rent Comparables Map

401 east ocean boulevard / long beach 16

SELECT RENT COMPARABLES

COMPARABLE 1 select apartment THE EDISON 2 + 2.5 PH 2 + 2.5 PH 100 Long Beach Blvd 2% TH 2 + 2 Loft Long Beach, CA 90802 7% 1% rent comparables Year Built: 1960 (Converted to Resi in 2016) Units: 156 2 + 2 0 + 1 PHOTO 15% Occupancy: 16% (In Lease-Up) 29% Leased: 24% (In Lease-Up) Phone: 866.809.7997 2 + 2 Loft Owner: RatkovichConcession: Properties 2 to 6 weeks free on all units, depending on unit. Not reflected in rents above.Den 1 + 1.5 1 + 1 1% Manager: Waterton - The Edison 1% 44% Type Number of Units Asking Rent Unit Square Feet Rent per SF 0 + 1 45 $1,880 - $2,470 485 - 630 $3.88 - $3.92 1 + 1 69 $2,110 - $3,235 620 - 1,103 $2.93 - $3.40 1 + 1.5 1 $3,210 890 $3.61 2 + 2 23 $3,070 - $3,635 1,140 - 1,170 $2.69 - $3.11 2 + 2 Loft 1 $3,105 - $3,930 1,090 $2.85 - $3.61 2 + 2 Loft Den 2 $3,080 - $3,155 1,000 - 1,180 $2.67 - $3.08 24% (In2 + Lease-Up) 2.5 PH 4 $5,450 - $5,600 1,130 - 1,345 $4.16 - $4.82 2 + 2.5 PH TH 11 $5,850 - $5,900 1,360 $4.30 - $4.34 Concession:Concession: 2 to2 to6 weeks6 weeks free free on on all all units, units, depending depending on on unit. unit. Not Not reflectedreflected in rents above. Amenities: In-Unit Washer/Dryer Polished Concrete Floors Electronic Door Locks Bicycle Storage Floor-to-Ceiling Windows Soft-Closing Cabinets Rooftop Pool and Lounge Dog-Washing Station Stone Countertops Tiled Showers Fitness Center and Yoga Studio Electric Car Stations Up To 12ft Ceilings USB Charging Outlets Resident Lounge Historic Lobby Tile Backsplash Category 6 Wiring Outdoor Kitchen and Grill Station

16 401 east ocean boulevard / long beach 17

SELECT RENT COMPARABLES

COMPARABLE 2 select apartment THE CURRENT 0 + 1 707 E Ocean Blvd 2 + 2.5 11% Long Beach, CA 90802 2% Year Built: 2016 1 + 1 rent comparables 21% Units: 223 PHOTO Occupancy: 70% (In Lease-Up) 2 + 2 27% Phone: 888.522.3994 Owner: AndersonPacific LLC Manager: Current Living LP 1 + 1.5 39% Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 25 $2,415 - $2,425 673 - 702 $3.45 - $3.59 1 + 1 48 $2,500 - $2,810 702 - 891 $3.15 - $3.56 1 + 1.5 86 $2,700 - $3,200 839 - 882 $3.22 - $3.63 2 + 2 60 $3,700 - $3,900 1,128 - 1,405 $2.78 - $3.28 2 + 2.5 4 $5,900 - $6,100 1,258 - 1,441 $4.23 - $4.69

Amenities: Granite or Quartz Countertops Modern Cabinetry Skyline Terrace Fitness Room Full Size W/D In-Unit Fiber Optic Wired BBQ Area Designer Community Kitchen Stainless Steel Appliances Personal Patio/Balcony Available Rooftop Pool Bike Maintenance Workspace 9-13 Ft Ceilings Available Large Private Terrace Available LEED Certified Wood-Style Flooring Electric Vehicle Charging Station Outdoor Resident Entertainment Plaza Plush Carpeting Outdoor Living Room with Fire Pit Pet Spa

401 east ocean boulevard / long beach 18

SELECT RENT COMPARABLES

COMPARABLE 3 CAMDEN HARBOR VIEW 1 + 1 select apartment 2 + 2 + D 250 W Ocean Blvd 14% Loft Long Beach, CA 90802 7% 1 + 1 + D rent comparables Year Built: 2004 15% Units: 538 2 + 2 + D PHOTO 7% 1 + 1 Loft Occupancy: 95% 7% Phone: 562.495.2559 Owner: Camden Property Trust 2 + 2 Loft 2 + 1 4% Manager: Camden Property Trust 21% 2 + 2 2 + 1 Loft 21% 4% Type Number of Units Effective Rent Unit Square Feet Rent per SF 1 + 1 78 $1,899 - $2,409 585 - 725 $3.25 - $3.32 1 + 1 + D 80 $2,679 - $2,839 860 - 973 $2.92 - $3.12 1 + 1 Loft 39 $2,599 - $3,029 841 $3.09 - $3.60 2 + 1 21 $2,609 - $2,849 950 $2.75 - $3.00 2 + 1 Loft 21 N/A 1,057 N/A 2 + 2 111 $2,559 - $2,939 1,000 - 1,128 $2.56 - $2.61 2 + 2 Loft 112 $2,679 - $2,709 1,112 - 1,280 $2.12 - $2.41 2 + 2 + D 38 $3,209 1,290 $2.49 2 + 2 + D Loft 38 N/A 1,442 N/A

Amenities: W/D In-Unit Stainless Steel Appliances Queen Mary Views (Select Units) Clubhouse Hardwood/Carpet Floors Double-Sink Vanities Pools/BBQ Area Movie Theater Granite Counters Patio Balcony On-Site Retail Fitness Center

18 401 east ocean boulevard / long beach 19

SELECT RENT COMPARABLES

COMPARABLE 4 select apartment GALLERY421 2 + 2.5 TH 421 W Broadway 4% Long Beach, CA 90802 rent comparables Year Built: 2010 Units: 291 2 + 2 1 + 1 PHOTO Occupancy: 94% 42% 50% Phone: 562.202.5125 Owner: Lyon Capital Ventures Manager: Lyon Mgt. Group 1 + 1 + D 4%

Type Number of Units Effective Rent Unit Square Feet Rent per SF 1 + 1 144 $1,999 - $2,315 720 $2.78 - $3.22 1 + 1 + D 12 $2,399 - $2,700 1,128 $2.13 - $2.39 2 + 2 123 $2,299 - $3,015 1,056 - 1,161 $2.18 - $2.60 2 + 2.5 TH 12 $3,115 1,354 $2.30

Amenities: W/D In-Unit Granite Counters Patio/Balcony Fitness Center Hardwood/Carpet Floors 9' Ceilings Pool/Spa/BBQ Area Game Room Stainless Steel Appliances Walk-In Closets On-Site Retail Movie Theater

select sold 401 401E. O E.C EOceanAN B LBlvd,VD, LLongON GBeach, BEAC CAH, 90802CA 90802 apartment SSELECTELECT SSOLDOLD MULTI-FAMILYMULTI-FAMIL YPROPERTIES PROPERTIES Criteria: Los Angeles County, 50 Units or More, $440 or higher, sold from 01/01/15 to 11/03/16 comparables Source: CoStar, Sorted by Price Per Square Foot Property Address City Zip Units Sale Price CAP $/Unit $/SF SF Built Sale Date 10700 Wilshire Blvd Los Angeles 90024 58 $63,536,000 3.30% $1,095,448 $744 85,355 2010 09/14/15 3770-3782 S Figueroa St Los Angeles 90007 120 $87,250,000 - $727,083 $679 128,560 2006 06/28/16 801 S Hope St Los Angeles 90017 290 $200,000,000 - $689,655 $667 300,000 2014 03/03/15 635 S Hobart Blvd Los Angeles 90005 159 $73,500,000 4.00% $462,264 $540 136,088 2008 03/01/16 4141 Santa Monica Blvd Los Angeles 90029 55 $14,550,000 5.36% $264,545 $518 28,087 1986 07/22/16 220 San Vicente Blvd Santa Monica 90402 90 $45,800,000 2.05% $508,889 $493 92,957 1972 06/12/15 12301 W Pico Blvd Los Angeles 90064 94 $45,200,000 4.00% $480,851 $476 95,000 2014 09/28/16 1320 N Sierra Bonita Ave Los Angeles 90046 52 $18,500,000 3.25% $355,769 $470 39,348 1987 01/14/16 6487 Cavalleri Rd Malibu 90265 68 $62,000,000 3.00% $911,765 $468 132,520 1993 09/11/15 269 S La Fayette Park Pl (Part of Portfolio) Los Angeles 90057 147 $56,700,000 - $385,714 $465 121,917 1970 02/27/15 1360-1534 S Figueroa St Los Angeles 90015 247 $99,000,000 4.25% $400,810 $464 213,395 2014 06/18/15 5659 W 8th St Los Angeles 90036 60 $41,000,000 3.50% $683,333 $458 89,593 2008 08/27/15 727 W 7th St (Part of Portfolio) Los Angeles 90017 221 $150,976,909 - $683,153 $454 332,832 1926 12/08/15 1710 N Fuller Ave Los Angeles 90046 298 $98,000,000 4.40% $328,859 $452 216,950 1987 03/23/16 5700 W Olympic Blvd Los Angeles 90036 71 $23,550,000 3.76% $331,690 $451 52,218 1972 02/18/15 6138 Franklin Ave Los Angeles 90068 146 $63,000,000 3.40% $431,507 $441 142,785 2010 04/10/15 6600 Beachview Dr Rancho Palos Verdes 90275 215 $105,500,000 - $490,698 $440 239,519 1968 05/12/16

© 2016 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property40 1for Eyour401. O needs. CE. EOceanAN B LBlvd,VD, LLongON GBeach, BEA CCAH ,90802 CA 90802 sold office SSOLDOLD OFFICEOFFIC EPROPERTIES PROPERTIES Criteria: Office buildings located in the Long Beach Market, 5 floors or more, sold from 11/25/15 to 11/03/16 building Source: CoStar, sorted by price per square foot comparables Property Address City Zip Sale Price CAP SF $/SF Floors Class Vacancy Built Sale Date 650 Pine Ave (Part of Portfolio) Long Beach 90802 $52,075,114 - 120,000 $434 6 B 0% 1924/2013 12/24/15 604 Pine Ave (Part of Portfolio) Long Beach 90844 $30,424,886 - 70,110 $434 5 B 0% 1924/2013 12/24/15 5150 E Pacific Coast Hwy Long Beach 90804 $25,765,000 7.50% 119,517 $216 7 A 1% 1982 08/03/16 100 Oceangate St Long Beach 90802 $46,115,000 - 229,007 $201 15 B 7% 1971 09/28/16 100 W Broadway Long Beach 90802 $35,200,000 - 209,882 $168 6 A 24% 1986 11/25/15 AVERAGE: $253 © 2016 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. 401 east ocean boulevard / long beach 21

401 E. OCEAN BLVD LONG BEACH, CA 90802 401SO E.LD Ocean CON Blvd,DOM LongINIU Beach,M PRO CAPE R90802TIES select sold condo SOLD CONDOMINIUM PROPERTIES Criteria: Units located in 90802, $600 or more, sold from 01/01/15 to 10/24/16 comparables Source: The MLS, Sorted by Price Per Square Foot

Property Address City Zip Br Ba Sale Price SF $/SF Built Sale Date MLS 1500 Ocean Blvd #101 Long Beach 90802 3 2 $1,250,000 1,500 $833 2000 08/31/16 PW16156976MR 1750 E Ocean Blvd #1612 Long Beach 90802 0 1 $399,900 487 $821 1975 01/06/16 PW15226873MR 1400 E Ocean Blvd #1406 Long Beach 90802 3 2 $1,050,000 1,322 $794 2001 10/22/15 PW15202084MR 1000 E Ocean Blvd #301 Long Beach 90802 3 2 $1,305,000 1,663 $785 2004 02/10/16 PW15239417MR 1500 E Ocean Blvd #303 Long Beach 90802 3 2 $1,030,000 1,340 $769 2000 05/11/16 PW16070133MR 23 4th Pl #3 Long Beach 90802 3 3 $1,250,000 1,650 $758 2011 12/02/15 PW15247943MR 1400 E Ocean Blvd #1303 Long Beach 90802 2 2 $940,000 1,259 $747 2001 06/30/15 RS15097526MR 1000 E Ocean Blvd #305 Long Beach 90802 3 2 $1,105,000 1,510 $732 2004 06/10/16 PW16100608MR 488 Ocean Blvd #1517 Long Beach 90802 1 1 $430,000 600 $717 2004 07/29/16 RS16087268MR 1000 E Ocean Blvd #206 Long Beach 90802 3 2 $1,000,000 1,409 $710 2004 04/30/15 PW15024343MR 1750 E Ocean Blvd #1413 Long Beach 90802 2 2 $714,000 1,008 $708 1975 01/21/16 PW15235068MR 1000 E Ocean Blvd #202 Long Beach 90802 3 2 $987,500 1,409 $701 2004 08/28/15 NP15120489MR 1400 E Ocean #1101 Long Beach 90802 3 2 $1,245,000 1,794 $694 2001 10/07/16 16-153444 1750 E Ocean Blvd #1213 Long Beach 90802 2 2 $695,000 1,008 $689 1975 03/23/16 PW16028453MR 388 Ocean Blvd #1702 Long Beach 90802 1 1 $412,777 600 $688 2004 08/29/16 PW16150717MR 388 Ocean Blvd #1217 Long Beach 90802 1 1 $410,000 600 $683 2004 07/22/16 PW16100441MR 1000 E Ocean #307 Long Beach 90802 3 2 $1,070,000 1,568 $682 2004 07/10/15 15-887107 1000 E Ocean Blvd #203 Long Beach 90802 3 2 $1,020,000 1,510 $675 2004 12/08/15 PW15172882MR 1000 E Ocean Blvd #104 Long Beach 90802 3 2 $950,000 1,409 $674 2004 10/02/15 PW15153117MR 1140 E Ocean Blvd #240 Long Beach 90802 1 1 $452,000 672 $673 1973 10/04/16 316008184IT 1750 Ocean Blvd #813 Long Beach 90802 2 2 $670,000 1,008 $665 1975 09/22/16 PW16159266MR 1750 Ocean Blvd #205 Long Beach 90802 2 2 $735,000 1,116 $659 1975 07/29/16 PW16115676MR 1750 Ocean Blvd #608 Long Beach 90802 1 1 $450,000 689 $653 1975 08/12/16 OC16120649MR 850 Ocean Blvd #1410 Long Beach 90802 1 1 $476,000 736 $647 1992 09/13/16 OC16154889MR 800 Ocean Blvd #501 Long Beach 90802 2 2 $797,450 1,239 $644 1928 09/09/16 OC16108384MR 1140 Ocean Blvd #342 Long Beach 90802 1 1 $440,000 684 $643 1973 08/12/16 PW16152512MR 1 3rd Pl #102 Long Beach 90802 1 1 $500,000 779 $642 1976 08/12/16 RS16108401MR 850 E Ocean Blvd #1310 Long Beach 90802 1 1 $470,000 736 $639 1992 06/15/16 DW16017697MR 1750 E Ocean Blvd #1005 Long Beach 90802 2 2 $700,000 1,116 $627 1975 08/14/15 PW15103317MR 30 3rd Pl Long Beach 90802 2 2 $664,000 1,062 $625 1953 10/31/16 16-977671 400 W Ocean Blvd #2902 Long Beach 90802 3 3 $1,100,000 1,760 $625 2007 09/22/15 PW15030304MR 850 E Ocean Blvd #1405 Long Beach 90802 2 2 $870,000 1,400 $621 1992 06/22/16 RS16042121MR 700 E Ocean Blvd #1106 Long Beach 90802 2 2 $670,000 1,080 $620 1965 04/12/16 PW16044772MR 388 E Ocean Blvd #502 Long Beach 90802 1 1 $370,000 600 $617 2004 06/15/16 PW15247245MR 1 3rd Pl #703 Long Beach 90802 1 1 $500,000 816 $613 1976 11/01/16 OC16053295MR 1140 E Ocean Blvd #141 Long Beach 90802 1 1 $418,500 684 $612 1973 06/01/16 PW16057351MR 411 Seaside Way #2103 Long Beach 90802 3 2 $1,010,000 1,670 $605 2007 07/15/16 PW16056508MR 700 E Ocean Blvd #2806 Long Beach 90802 2 2 $649,000 1,080 $601 1965 09/06/15 PW15197527MR 22 401 east ocean boulevard / long beach

city of long beach Long Beach is California’s 7th largest city, and urban synergies creating the heart of a Downtown Long Beach is one of Southern walkable city-Pine Avenue, The Pike at California’s top waterfront destinations. Rainbow Harbor and Shoreline Village; each Scenic Downtown Long Beach and waterfront offers an array of activities and add their own marina set the standard for “walkability.” distinct, local flavor. Harbor cruises alongside Within conveniently close proximity there breathtaking ocean bays, and biking or are first-class hotel accommodations, walking on dedicated paths next to 5.5 miles shopping, numerous entertainment options of sandy beaches provide serenity in a truly and more than 100 restaurants within an urban setting. Long Beach boasts sunny eight-block area. Downtown Long Beach skies and moderate climate year-round. This residents and visitors can experience it all, centralized coastal location is a quick drive from a deep sea adventure at the Aquarium to Long Beach Airport, a pleasant cruise to of the Pacific right on the bay and a voyage Catalina Island and a short distance from in time aboard the historic Queen Mary, to other Southern California attractions like lively guided tours through Downtown and Disneyland and Universal Studios Hollywood. the colorful East Village. Long Beach is a Long Beach truly has it all in an amazing cultural and entertainment hotspot with centralized coastal location. numerous attractions like the regal Queen Mary, stirring Broadway shows, live music venues and hundreds of exclusive dining destinations. Long Beach boasts dynamic 401 east ocean boulevard / long beach 23

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city of long beach (continued) Named for its lovely seven-mile-long, 500-foot- Like all of Southern California, Long Beach basks in wide beach, Long Beach is said to be Los Angeles nearly perpetual sunshine. The ocean breezes from County’s ocean side playground. Long Beach the Pacific keep the temperatures mild throughout communities occupy a wide range of economic the year. Snow falls in the far-off mountain ranges, and social differences. The City of approximately bringing great skiing opportunities just a few hours 52 square miles was once a turn-of-the-century away. resort now thrives on the aerospace, health care, and tourism industries.

Long Beach residents take advantage of their Long Beach Demographics Southern California climate, enjoying their proximity 2016 Estimated Population 476,253 2021 Projected Population 491,060 to the ocean and to some of the best healthcare, 2010 Census Population 462,257 higher education, restaurants, and entertainment 2016 Average Household Income $77,223 anywhere. With a lifestyle that is part seaside resort 2021 Projected Averge Household Income $83,948 and part urban sophisticate, Long Beach residents 2016 Average Value of Occ. Housing Units $543,064 know that they have the best of both worlds. % of 2016 Households who made $100,000 25% or more From the beach to the nearby mountains, residents % of 2016 Population who have an have an almost unlimited choice of activities. A Associates degree or better (Bachelor, 38% Graduate or Professional) bike ride, a jog on the beach, a karate class, or a mountain hike can all be a part of daily routines. As can tennis, a round of golf, or a weekend ski trip. 401 east ocean boulevard / long beach 25 long beach top employers COMPANY NAME NO. OF EMPLOYEES Uti Worldwide Inc. 21,077 Long Beach Unified School Dist 15,000 Western Territorial Of The Salvation Army 12,094 Memorial Health Services - University Of California At Irvine Center 10,000 Molina Healthcare, Inc. 8,200 California State University, Long Beach 7,500 City Of Long Beach 5,000 Myriad Group Inc 5,000 Aecom Technical Services, Inc. 4,655 Audio Visual Services Group, Inc. 4,000 Daniel D Whitcraft Iii Md 4,000 Long Beach Memorial Medical Center 3,500 Audio Visual Services Corporation 3,400 Acapulco Restaurants, Inc. 3,000 Alumni Assoc Of Delta Chi 3,000 Mullikin Medical Center, A Medical Group, Inc 3,000 Avsc Intellectual Property Management, Inc 2,968 multifamily occupancy & Audio Visual Services Group, Inc. 2,968 Molina Helathcare Of California Partner Plan, Inc 2,800 Computer Sciences Corporation 2,716 Maintenance Staff, Inc. 2,600 inventory statistics Retirement Housing Foundation Inc 2,500 WEST LONG BEACH Star-Kist Samoa Inc 2,500 Xerox Education Services, Llc 2,350 Occupancy 4 Yr Avg (All Product) 95.25% U.S. Epson, Inc. 2,225 Foundation Property Management Inc 2,200 Inventory (Units) 27,885 St Mary Medical Center Inc 2,000 Boeing 1,800 Earth Tech Inc 1,800 Occupancy 4 Yr Avg (High-Rise) 95.43% Long Beach Community College District 1,725 Buffums Inc 1,500 Continued population growth, lack of supply and difficulty in assembling land parcels Earth Tech (Infrastructure) Inc. 1,500 Kit Manufacturing Company 1,476 large enough to sustain new development have resulted in tremendous demand for new St. Mary Medical Center 1,400 Eastman, Inc. 1,226 units, especially along the coast on Ocean Boulevard where 401 E. Ocean Boulevard Long Beach Community Hospital Association 1,050 Molina Information Systems, Llc 1,022 is located. Apartment vacancy in the West Long Beach submarket hovered at 4% in Bragg Investment Company Inc. 1,000 Hr Serve Enterprises 1,000 2015, and rents were up 6.9% from the previous year according to the USC Casden Irwin Industries Inc. 1,000 Lasorda/Ses, Inc 1,000 Forecast. YEARS: 2012-2015 SOURCE: ECONOMETRIC ADVISORS U.S. Skillserve Inc 1,000 25 401 east ocean boulevard / long beach 26

east ocean boulevard 401 long beach 27 401 east ocean boulevard / long beach

education economy The Long Beach Unified School The Long Beach economy is a blend of District has won several county, state, high-tech industry and tourism as well and national awards for its innovative as a being a leading commercial center, programs, such as mandatory uniforms and banking, petroleum, and computer for public school students. The district industries all thrive in the area. One provides education for close to 100,000 small piece of petroleum-rich real students at nearly 100 schools, and is estate known as Signal Hill is among the one of the largest employers in the the wealthiest pieces of land anywhere Long Beach area. The diverse Long in the world. Beach community exposes students to The medical facilities in Long Beach are all the exciting elements of city life. consistently ranked among the best in Long Beach is also an educational the nation. The Long Beach Memorial utopia for adults. Long Beach is home Medical Center was ranked as one to California State University, Long of the 50 most affordable facilities in Beach; Brooks College, a fashion and the United States. It offers a state-of- design school; and Long Beach City the-art cancer center, 24-hour urgent College. Several other University of care, maternity care, and quality senior California campuses are located within care. Saint Mary Medical Center is the commuting distance. The continuing second largest facility in the city. It is a education programs, adult education, church-run non-profit that offers short- and multiple price ranges makes Long term acute care. Saint Mary’s offers Beach an inexhaustible source of the full gamut of services, from cardiac education. care and rehabilitation services, to organ transplants and psychiatric care. 401 east ocean boulevard / long beach 28 economy Long Beach is also home to the Miller 3,200 acres in Long Beach with 10 2020. This will allow the docked ships Children’s Hospital and the VA Long piers. Internationally ranked, the Port of to plug into the land-based electrical Beach Healthcare System. Long Beach is the second busiest port utility instead of burning diesel fuel in the United States. A major economic to run their auxiliary engines, cutting Boeing is the largest regional employer, force, the Port supports more than down the source of pollution. The first anchoring the local aerospace industry. 30,000 jobs in Long Beach, 316,000 shore powered terminal is scheduled Other high-tech companies and jobs throughout Southern California to be completed in 2014. There are equipment manufacturers are affiliated and 1.4 million jobs throughout the special opportunities in Long Beach for with this industry, giving the city a United States. It generates about $16 bilingual employees, especially Spanish, strong technological and industrial billion in annual trade-related wages Japanese, and Chinese speakers. base. Tourism is also a major draw to statewide. The Port of Long Beach the area. Many local businesses thrive operates under a Green Port Policy in the city’s marina, offering fishing guiding efforts to minimize or eliminate excursions and yacht charters, as negative environmental impacts. It also well as hotel, restaurant, and service serves as a model for ports around businesses for tourists. the world pioneering such programs Sea-based trade also plays a major role as the Green Flag vessel speed in the economy. Long Beach is a major reduction air quality program, and the seaport, and the Port of Long Beach San Pedro Bay Ports Clean Air Action moves more freight than any port in Plan. Currently the port is moving North or South America. The Port was aggressively to have all container founded in 1911 and is comprised of terminals outfitted with shore power by east ocean boulevard 401 long beach 401 east ocean boulevard / long beach 30 transportation Known as the region’s “Easy In, Easy Out” airport, Long Beach Airport (LGB) hosts Alaska Airlines, Delta, JetBlue Airways and US Airways. It stays true to its history as one of the world’s busiest general aviation airports, providing a degree of ground and air transportation convenience that is unparalleled in Southern California. LGB is included in the National Plan of Integrated Airport Systems for 2011–2015, which categorized it as a primary commercial service airport. In December of 2012, the new passenger concourse opened to the public. LGB’s new passenger concourse is modern, comfortable and inviting. This project brings the overall terminal area to 77,850 square feet, while accentuating the historic terminal building.

Long Beach Transit was formed in 1963 and currently serves over 27 million passengers per year with regular bus service. In addition to its own bus system, the MetroRail light rail station travels from Downtown Long Beach to Staples Center in Downtown Los Angeles where it connects with Hollywood and Pasadena. Downtown Long Beach also excels in connecting public transportation options with public parking and pedestrian mobility. In addition, several freeways run through Long Beach, connecting it with the greater Los Angeles and Orange County areas. 401 east ocean boulevard / long beach 31 GoGo MetroMetro metro.netmetro.net

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tourism Long Beach benefits from its proximity scuba diving to whale-watching, there RMS Queen Mary, the historic ship that to Los Angeles in more ways than is fun to be had by all. A short drive made hundreds of Atlantic crossings. A one. The cultural scene here is great, puts residents in the Santa Monica combination hotel, museum, and tourist providing residents with the best in arts Mountains or Angeles Crest, where they attraction, the Queen Mary testifies to and entertainment. Hundreds of artistic can mountain bike along thousands the city’s multiplicity. It also features and cultural events take place in Long of miles of dirt roads and trails, seeing the shimmering kid-friendly Long Beach every year. The local Cal State deer, an occasional mountain lion, and Beach Aquarium of the Pacific, which Long Beach School of Fine Arts not diverse bird life. A dozen excellent has taken its place as one of Southern only provides topnotch instruction in rock climbing spots are also within an California’s must-see attractions. Other these areas, but also performs more hour of town, some of them right on attractions include whale-watching than 200 dance, music, and theater the beach. While a short drive to Los excursions, fishing off Belmont Pier, productions each year. Long Beach Angeles puts you within reach of all the and swimming and boating at Alamitos is home to the only museum in the recreation and nightlife that a major Bay. In addition, the Gondola Getaway Western United States that exclusively metropolis can offer. brings the charm of Italy to Long Beach features contemporary art from Mexico, as real Venetian gondolas float the Downtown Long Beach is clustered Central America, South America, and waterways of Naples Island. with restaurants, galleries, and shops. the Spanish-speaking Caribbean at the The city’s harbor and marina are home Museum of Latin America. to many private ships, charter boats and Beach and ocean activities are ferries, and sport-fishing outfits. The favorites, from sand volleyball to city is also the permanent home of the 401 east ocean boulevard / long beach 33

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long beach restaurants and nightlife Long Beach is jeweled with a vast world of great Popular Eating and Drinking Establishments food, exotic dining and memorable restaurants • The Federal Bar Restaurant from romantic hideaways, sidewalk cafes and • Padre neighborhood favorites to those serving up • L’Opera • Michael’s Pizzeria elegance, spectacular city and harbor views • Beachwood Brewing & BBQ and seaside charm. You will find more than • Cafe Sevilla 100 quality restaurants within an eight block • ASHA Moroccan Mediterranean radius in Downtown, serving everything from • BO-beau Kitchen & Roof Tap • The Sky Room hot wings to haute cuisine. Long Beach is also • 555 East where world-class arts and cultural exhibition • James Republic complement a spectacular seaside locale. • La Traviata • Gaucho Grill Musical masterpieces are performed at the • Fuego waterside Long Beach Performing Arts Center, • Berlin home to the Long Beach Symphony Orchestra, • George’s Greek Cafe Long Beach Opera and International City • Pier 76 Fish Grill • King’s Fish House Theater. Downtown Long Beach boasts one of Los Angeles County’s largest concentrations of restaurants, nightclubs, and entertainment venues making it one of LA’s most exciting neighborhoods. 401 east ocean boulevard / long beach 35

east ocean boulevard 401 long beach 36 401 east ocean boulevard / long beach 401 east ocean boulevard / long beach Financial Analysis 37

Affiliated Business Disclosure or the owner of the Property (the “Owner”), to be Memorandum or making an offer to purchase the all-inclusive or to contain all or part of the information Property unless and until written agreement(s) for the CBRE, Inc. operates within a global family of which prospective investors may require to evaluate purchase of the Property have been fully executed, companies with many subsidiaries and/or related a purchase of real property. All financial projections delivered and approved by the Owner and any entities (each an “Affiliate”) engaging in a broad range and information are provided for general reference conditions to the Owner’s obligations therein have been of commercial real estate businesses including, but not purposes only and are based on assumptions relating satisfied or waived. limited to, brokerage services, property and facilities to the general economy, market conditions, competition management, valuation, investment fund management and other factors beyond the control of the Owner By receipt of this Memorandum, you agree that this and development. At times different Affiliates may and CBRE, Inc. Therefore, all projections, assumptions Memorandum and its contents are of a confidential represent various clients with competing interests in and other information provided and made herein nature, that you will hold and treat it in the strictest the same transaction. For example, this Memorandum are subject to material variation. All references to confidence and that you will not disclose this may be received by our Affiliates, including CBRE acreages, square footages, and other measurements Memorandum or any of its contents to any other entity Investors, Inc. or Trammell Crow Company. Those, or are approximations. Additional information and an without the prior written authorization of the Owner or other, Affiliates may express an interest in the property opportunity to inspect the Property will be made CBRE, Inc. You also agree that you will not use this described in this Memorandum (the “Property”) may available to interested and qualified prospective Memorandum or any of its contents in any manner submit an offer to purchase the Property and may be purchasers. In this Memorandum, certain documents, detrimental to the interest of the Owner or CBRE, Inc. including leases and other materials, are described the successful bidder for the Property. You hereby If after reviewing this Memorandum, you have no acknowledge that possibility and agree that neither in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions further interest in purchasing the Property, kindly return CBRE, Inc. nor any involved Affiliate will have any this Memorandum to CBRE, Inc. obligation to disclose to you the involvement of any of the full agreements referenced. Interested parties Affiliate in the sale or purchase of the Property. In all are expected to review all such summaries and other Disclaimer instances, however, CBRE, Inc. will act in the best documents of whatever nature independently and interest of the client(s) it represents in the transaction not rely on the contents of this Memorandum in any manner. © 2017 CBRE, Inc. The information contained in described in this Memorandum and will not act in this document has been obtained from sources concert with or otherwise conduct its business in a way believed reliable. While CBRE, Inc. does not doubt its that benefits any Affiliate to the detriment of any other Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or accuracy, CBRE, Inc. has not verified it and makes no offeror or prospective offeror, but rather will conduct its guarantee, warranty or representation about it. It is your business in a manner consistent with the law and any representatives make any representation or warranty, expressed or implied, as to the accuracy responsibility to independently confirm its accuracy and fiduciary duties owed to the client(s) it represents in completeness. Any projections, opinions, assumptions the transaction described in this Memorandum. or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall or estimates used are for example only and do not arise by reason of your receipt of this Memorandum represent the current or future performance of the Confidentiality Agreement or use of its contents; and you are to rely solely on property. The value of this transaction to you depends your investigations and inspections of the Property in on tax and other factors which should be evaluated evaluating a possible purchase of the real property. by your tax, financial and legal advisors. You and This is a confidential Memorandum intended solely for your advisors should conduct a careful, independent your limited use and benefit in determining whether The Owner expressly reserved the right, at its sole investigation of the property to determine to your you desire to express further interest in the acquisition satisfaction the suitability of the property for your of the Property. discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate needs. This Memorandum contains selected information discussions with any entity at any time with or pertaining to the Property and does not purport to be without notice which may arise as a result of review a representation of the state of affairs of the Property of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this

east ocean boulevard 401 long beach FOR SALE OR JOINT VENTURE PLEASE DO NOT DISTURB OR CONTACT TENANTS for more information contact:

Laurie Lustig-Bower Executive Vice President Lic. 00979360 310.550.2556 [email protected]

Gary Stache Executive Vice President Lic. 00773736 949.725.8532 [email protected]

Kadie Presley Wilson Senior Sales Director Lic. 01476551 310.550.2575 [email protected]

OFFER DUE DATE: FRIDAY, FEBRUARY 24, 2017 BY 5:00PM PST www.401eOcean.com