OFFERING MEMORANDUM 9.6 COMMERCIAL ACRES. Hesperia, CA Offered At Only $1,995,000

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1 OFFERING MEMORANDUM 9.6 COMMERCIAL ACRES Hesperia, CA Offered At Only $1,995,000

2 OFFERING SUMMARY Ranchero & Tamarisk, Hesperia, CA PROPERTY HIGHLIGHTS One of the only parcels zoned for commercial uses along Ranchero Road; Under served trade area that needs a neighborhood commercial development; Property has flat topography making it much easier to develop; Ranchero Road is in the process of being improved to a 5 lane road; Tamarisk is scheduled to be improved by the northerly residential developer; Just west of the Tapestry project with 16,000+ proposed homes; PRICED TO SELL! ALL OFFERS CONSIDERED! OFFERING SUMMARY Sale Price: $1,995,000 Parcel Size: 9.6 Acres Gross APN: Zoning: Utilities Neighborhood Commmercial All utilities located at Ranchero Road (to be verified) 2

3 THE OPPORTUNITY Ranchero & Tamarisk, Hesperia, CA THE STORY The sale of the subject property is the result of the untimely passing of one of the City's long time developers, Michael Gallagher. Mr. Gallagher purchased the subject property many years ago with the goal of eventually developing a grocery anchored shopping center on this site. His goal was to develop a project to serve the local residents that currently have to drive a substantial distance to Main Street for almost all of their shopping needs. The Gallagher family recognizes the importance of this commercial property to the community and recognizes that it needs to be developed by an experienced commercial developer. Unfortunately, due to other family obligations, they desire to sell this property as quickly as possible to a speculator who can then either develop it in the future or sell to a commercial developer for a profit. LOCATION OVERVIEW The subject property is 9.6 acres and is zoned as Neighborhood Commercial. It is generally flat and has about 722 feet of frontage along Ranchero Road and approximately 660 feet of depth. The net property size is currently undetermined as there will be a need for dedications to allow Tamarisk Avenue to be built on the western side of the property. A traffic signal is proposed for the intersection of Tamarisk & Ranchero Road. The land east of Ranchero Road is owned by public agencies and SoCal Edison and therefore commercial development between the subject property and Maple Avenue is highly unlikely. Over $100M of infrastructure improvements have been put into motion to improve Ranchero Road to make it a major transportation corridor and reduce the congestion along Bear Valley Road & Main Street which are the other east-west corridors in Hesperia. $27M was invested to allow Ranchero to go underneath the Burlington Railroad tracks to the east and $60M was invested into the Ranchero & I-15 interchange to the west. The final segment of construction is the widening of Ranchero at a cost of approximately $34M which is in the process of being funded. The subject property is likely to benefit from substantial residential development in the future including the 16,000+ unit Tapestry project which is proposed a short distance to the east of the subject property. Construction is expected to commence soon with the first homes expected to be delivered in either 2019 or Overall, the combination of a substantial existing residential base that lacks retail services, the potential for huge future residential growth, the substantial public investment in the Ranchero corridor, and the lack of competitive sites make this location a potentially outstanding investment. 3

4 REGIONAL MAP Ranchero & Tamarisk, Hesperia, CA

5 LOCATION MAPS Ranchero & Tamarisk, Hesperia, CA VISIT INTERACTIVE MAP 5

6 LOCATION MAPS Ranchero & Tamarisk, Hesperia, CA VISIT INTERACTIVE MAP 6

7 PARCEL MAP Ranchero & Tamarisk, Hesperia, CA

8 ZONING MAP Ranchero & Tamarisk, Hesperia, CA

9 PROPOSED SITE PLAN Ranchero & Tamarisk, Hesperia, CA

10 CITY OF HESPERIA HESPERIA Hesperia is located in Southern California's Inland Empire which is comprised of San Bernardino & Riverside Counties. Hesperia is located in San Bernardino County, the nation's largest county by land mass and one of the fastest growing regions of the United States. It's location at the top of the Cajon Pass puts it in close proximity to the major employment centers of Ontario, San Bernardino & Riverside. Hesperia is a pro-business, pro-growth community that is constantly striving to take advantage of its strategic location. It is the closest city to the major employment centers, while still providing a family oriented location with affordable housing, shopping, open space, clean air, and plenty of outdoor activities. I is 1/3rd of the way to Las Vegas from Los Angeles & Orange Counties, less than 1 hour from Big Bear & Lake Arrowhead, and just a short drive to the San Bernardino Mountains. During the past decade over 700,000 SF of retail has been constructed including national businesses such as Target, Super Walmart, Aldi, & Marriot. Many restaurants have recently opened new locations including The Habit Burger, Panda Express, Starbucks, Pieology, Yogurtland, Golden Corral and many more. The City's population has grown substantially over the past few decades including a 44% growth rate from 2000 to 2010 resulting in a City with almost 100,000 residents, but a much larger trade area due to the significant population surrounding the city in Victorville, and unincorporated communities such as Oak Hills & Phelan. The largest employers in the region include the Southern California Logistics Airport, Victor Valley College, Walmart Distribution Center, CEMEX, General Atomics, County of San Bernardino, Fiber Care Baths, Federal Correctional Institution, Desert Valley Hospital. The presence of undeveloped industrial, residential and commercial land in the closest proximity to where areas are becoming built out, combined with a proactive government, bodes well for the future growth of the city. 10

11 DEMOGRAPHICS REPORT Ranchero & Tamarisk, Hesperia, CA

12 PRESENTED BY BRAD UMANSKY President T C brad@progressiverep.com BRE # PABLO VELASCO Vice President, Leasing & Sales Division T C Pablo@ProgressiveREP.com BRE # BROKER CO-OPERATION Progressive Real Estate Partners recognizes and appreciates the importance of co-operating brokers in the industry that actively represent prospective buyers. It is our goal to work closely with these brokers and share our fee with them, although this fee is not always shared equally due to certain circumstances. We are pleased inform buyer s broker of the co-operating fee for this listing or any of our other listings upon request. It is our policy to NOT share our fee with buyers/principals that are licensed brokers as our experience has been that we do just as much if not more work in these situations and then get paid substantially less as a result. 12