THE VILLAGES HIGHLAND, CA Infill Single Family Building Opportunity

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1 THE VILLAGES HIGHLAND, CA Infill Single Family Building Opportunity MINUTES TO EVERYTHING Base Line Palm Ave The Villages Boulder Ave Greenspot Rd LIVE WORK EXCLUSIVE OFFERING MEMORANDUM Les Whittlesey x14 BRE Lic No.: WD Land 94 Discovery Irvine, CA BRE # Brian King x22 bking@wdland.com BRE Lic No.:

2 TABLE OF CONTENTS PROJECT AT A GLANCE... 3 EXECUTIVE SUMMARY... 8 PROCESS & TIMING... 9 LOCATION MAPS High Aerial... Low Aerial Regional Map Local Map Amenities MAPS, SITE PLANS AND RENDERINGS Planning Areas DEVELOPMENT Development Overview Assigned Schools Exhibit Street Utilities Site Photos Due Diligence Materials MARKET Inland Empire Demographic Information Employment Centers East Valley Logistics Center Single Family Housing Single Family Inventory Forecast Actively Selling Communities Map Actively Selling Communities Pricing Graph Actively Selling Communities Inland Empire Metrolink Projects DISCLOSURE AND DISCLAIMER WD LAND CONTACT INFORMATION THE VILLAGES HIGHLAND, CA 2

3 PROJECT AT A GLANCE The Villages is minutes from everything, whether it s work, play, shop, or learning! LOCATION Great location with easy access to 2 and freeways Adjacent to the desirable East Highlands Ranch Directly North of the City of Redlands PROJECT SIZE 12.5 acres in an 800-unit master-planned community. Proposed density of UPA. ENTITLEMENTS Approved EIR and Specific Plan MARKET Limited availability of first-time homebuyer product in this submarket Low quantity of new home product coming to market in the next few years Strong demand from buyers BENEFITS minutes to s of thousands of jobs minutes to s of thousands of students minutes to s of millions of square feet of logistical centers Approved Parcel Map and The current specific plan requires a minimum density of 20 units per acre for PA-2 and 25 units per acre for PA-3. For single family detached product, a modification to the Specific Plan will need to be completed to allow for the lower density. LIVE WORK DEVELOPMENT All utilities are available at the property Site is level and offers low development risk Excellent edge conditions and primary frontage has been fully improved THE VILLAGES HIGHLAND, CA 3

4 EMPLOYMENT CENTERS Over Longer Drive Time 80,000 Jobs Due to Terrain at Minute Drive The Villages Top Private & Public Employers MINUTES TO WORK THE VILLAGES HIGHLAND, CA 4

5 ENTERTAINMENT & RECREATION Little League Western Headquarters Lake Arrowhead Big Bear San Manuel Amphitheater San Manuel Casino Longer Drive Time Due to Terrain Club Soccer Complex The Villages Mountain Gateway Minute Drive Harkins Movie Theaters (Under Construction) Hulda Crooks Park Mountain Bike & Hiking Trails Krikorian Redlands Cinema 14 Redlands Sports Complex Splash Kingdom Water Park MINUTES TO THE VILLAGES HIGHLAND, CA 5

6 RETAIL & PING CENTERS Longer Drive Time Due to Terrain The Villages Minute Drive Neighborhood Shopping Mountain Grove Retail Center Highland Crossing Retail Center Citrus Plaza Retail Center MINUTES TO THE VILLAGES HIGHLAND, CA 6

7 COLLEGE & UNIVERSITIES Cal State San Bernardino (19,000 students) Longer Drive Time Due to Terrain Over 57,000 Students San Bernardino Valley Community College (25,000 Students) Minute Drive The Villages Nearby Loma Linda University (5,000 students) Crafton Hills College (6,0 Students) University of Redlands (2,4 students) MINUTES TO THE VILLAGES HIGHLAND, CA 7

8 EXECUTIVE SUMMARY PROJECT OVERVIEW Nestled against the beautiful San Bernardino Mountain, the City of Highland offers an ideal residential dwelling location in the Inland Empire. On the southeast edge of the city, The Village is surrounded by Southern California s top ski resorts, some of the best universities in the region, and a booming industrial market. With a community of over 54,000 individuals, low crime, high safety, and an emphasis on community beautification, it s easy to see why Highland is one of the most desirable communities of the Inland Empire. Key benefits include: 1.) LOW ENTITLEMENT RISK: The property has an approved EIR and an approved Specific Plan. 2.) STRONG EDGE CONDITIONS AND WINDOW: Greenspot Road recently underwent a complete curb to curb improvement including landscaped median islands and traffic signals. The property frontage along Greenspot has a finished look and a strong highly visible marketing window. Boulder Avenue is a major north-south throughway and will provide direct access to the site. 3.) STRONG LOCATION: The property has quick access to retail, schools, and 2 freeways and job centers. The City of Redlands and the Citrus Plaza and Mountain Grove regional retail center is less than 3 miles to the south. 4.) EMPLOYMENT BASE: The Highland Redlands Loma Linda area enjoys a large employment base compared to other areas of the Inland Empire, and job growth is projected to increase at a fast rate. Higher education, medical and logistic centers provide this large base and keeps the employment levels high. Loma Linda University, Cal State San Bernardino, University of Redlands, and two Junior Colleges, all within a 15 minute drive from The Villages, create a large need for housing. 5.) CONSTRAINED MARKET: This is a great time to be building homes in the Inland Empire, and more specifically the East Valley. With limited new home construction in the cities of Highland, Redlands and Loma Linda, demand among homebuyers is growing. In first quarter of 2017 there will be an estimated 5 projects actively selling in the Redlands-Highland-Loma Linda area, and only 2 of these projects will be actively selling in Highland. 6.) AMENITIES: Close to the Metrolink, which is only 6 miles to the west. A short drive to the mountain communities of Big Bear, Lake Arrowhead or Crestline opens up opportunities for hiking, skiing and watersports. Highland Crossings retail center to the south contains Lowe s Home Improvement Center, Staples, LA Fitness and In-N-Out Burger. The joining and improving of bike trails will serve students in the east Highland area in need of access to local schools. A proposed bikeway will connect Redlands and Highland via Orange Street and Boulder Avenue. 7.) SCHOOLS: The Villages are served by the high ranking Redlands Unified School District. Highland Grove Elementary School and Beattie Middle School are adjacent to the Villages and Redlands Citrus Valley High School is nearby in Redlands. LES WHITTLESEY BRIAN KING Founding Partner Land Advisor x x22 les.w@wdland.com bking@wdland.com BRE Lic No.: BRE Lic No.: THE VILLAGES HIGHLAND, CA 8

9 PROCESS AND TIMING OFFER PREPARATION Seller is seeking a Buyer who has a strong understanding of the market and property and has the financial resources to complete a transaction. Seller understands that Buyer needs time for additional entitlements. Offers should be made with the following information provided by Buyer: Number of lots/units proposed and acreage needed to complete a transaction. Timeline and milestones for processing of the entitlements. Finished Lot Value for each product type based on Seller s Definition of a Finished Lot. Product Size, Mix and Pricing Assumptions. DEPOSITS Buyer to open escrow with a refundable deposit of $250,000. Upon the end of the appeal period for new entitlements, the deposit shall be increased to 5% of the purchase price, which shall become non-refundable and be applicable to the purchase price CLOSE OF ESCROW Close of escrow will be 15 days after the end of the appeal period of the following approvals: Specific Plan Amendment Tentative Tract Map Parcel Map recordation in order to convey the property SELLER Greenspot Village & Marketplace, LLC Assumption for Direct Costs for house construction. PRICE Submit TERMS All cash at close FEASIBILITY PERIOD Buyer will have 45 days from a signed LOI and being provided access to all available due diligence materials to complete a feasibility analysis of the property and remove all contingencies not directly related to entitlements. Buyer will have a negotiated period of time for entitlements, based on timeline and milestones provided by Buyer. THE VILLAGES HIGHLAND, CA 9

10 LOCATION MAPS HIGH AERIAL Highland Ave Boulder Ave Base Line Palm Ave The Villages Church st Greenspot Rd THE VILLAGES HIGHLAND, CA

11 LOCATION MAPS LOW AERIAL Boulder Ave The Villages Eucalyptus Ave NAP PA-2 EAST PA-3 NORTH PROJECT ALTERNATIVES Greenspot Rd THE VILLAGES HIGHLAND, CA 11

12 LOCATION MAPS REGIONAL MAP The Villages HIGHLAND RIALTO SAN BERNARDINO FONTANA LOMA LINDA REDLANDS YUCAIPA JURUPA VALLEY THE VILLAGES HIGHLAND, CA 12

13 LOCATION MAPS LOCAL MAP The Villages Greenspot Village & Marketplace Specific Plan THE VILLAGES HIGHLAND, CA 13

14 LOCATION MAPS AMENITIES Little League Western Headquarters Lake Arrowhead Big Bear San Manuel Amphitheater San Manuel Casino The Villages Club Soccer Complex Redlands Metrolink Mountain Grove Retail Center Highland Crossing Retail Center Sports Complex Citrus Plaza Retail Center THE VILLAGES HIGHLAND, CA 14

15 LOCATION MAPS RETAIL/ENTERTAINMENT AMENITIES HIGHLAND CROSSING RETAIL CENTER Boulder Ave Greenspot Rd The Villages CITRUS PLAZA RETAIL CENTER MOUNTAIN GROVE RETAIL CENTER Orange St THE VILLAGES HIGHLAND, CA 15

16 MAPS, SITE PLANS AND RENDERINGS PLANNING AREAS GREENSPOT VILLAGE & MARKETPLACE SPECIFIC PLAN NAP WEST PA-2 EAST PROJECT SFD ALTERNATIVES PA-3 NORTH THE VILLAGES HIGHLAND, CA 16

17 DEVELOPMENT OVERVIEW NUMBER OF UNITS AND MINIMUM LOT SIZE Planning Area 2 (Residential Villages) and Planning Area 3 (Village Center) will allow up to 800 total units between the two planning areas. PA-2 allows a maximum density of 700 units, while PA-3 allows a maximum density of 300 units. Density transfers are allowed between the two planning areas. ENTITLEMENT SUMMARY The project is fully entitled and has the following entitlements: Approved EIR and Specific Plan SCHOOL DISTRICT The site lies within the well-regarded Redlands Unified School District. Existing Schools that will service this community will be: Elementary: Highland Grove Elementary API: 855 Great Schools: 7 Middle School: Beattie Middle School API: 820 Great Schools: 7 High School: Citrus Valley High School API: 794 Great Schools: 7 Approved Parcel Map and The current specific plan requires a minimum density of 20 units per acre for PA-2 and 25 units per acre for PA-3. For single family detached product, a modification to the Specific Plan will need to be completed to allow for the lower density. CFD/ASSESSMENT None HOA No HOA is proposed. THE VILLAGES HIGHLAND, CA 17

18 DEVELOPMENT ASSIGNED SCHOOLS EXHIBIT The Villages PLANNED BIKE TRAIL (Estimated Completion Fall 2018) HIGHLAND GROVE ELEMENTARY API: 855 Great Schools: 7 BEATTIE MIDDLE SCHOOL API: 820 Great Schools: 7 CITRUS VALLEY HIGH SCHOOL API: 794 Great Schools: Orange St Highland, CA Orange St Highland, CA W Pioneer Ave Redlands, CA THE VILLAGES HIGHLAND, CA 18

19 DEVELOPMENT STREET UTILITIES OVERVIEW WATER Water supply is provided by the East Valley Water District (EVWD). New water lines are proposed within the Villages and will connect to existing water lines in Boulder Avenue and stubbed out in Greenspot Road. SEWER Sewer services are provided by EVWD and San Bernardino City Waste Water Treatment facility. New sewer lines will tie to an existing sewer line stubbed out in Greenspot Road. STORM DRAIN The Villages area will have storm drain facilities consisting of drainage pipes, infiltration facilities and vegetated swales. In addition to serving as a recreational amenity, the Village Paseo would be designed for stormwater treatment and retention purposes. Swales and surface drainage will ultimately drain to a storm drain in Greenspot Road. CABLE Cable service is offered in the area of The Villages by numerous companies including Comcast Cablevision and Southland Cable Television. STREETS Greenspot Road Public, Primary Arterial At full improvement, Greenspot Road, a Primary Arterial, will be a six-lane, divided roadway with a twenty-six to thirty foot wide landscaped, raised median. The street has been fully improved up to the northern curb by the City, who spent $17 million to complete the work. ELECTRIC The Villages will be served by Southern California Edison (SCE). New electrical lines will be placed underground along portions of Boulder Avenue and Webster Street fronting the Villages. NATURAL GAS The Southern California Gas Company will provide natural gas to the Villages. TELECOMMUNICATIONS The Villages will be serviced by SBC with fiber optic lines under Greenspot Road. TELEPHONE AT&T services the area of the Villages. Boulder Avenue Public, Modified Primary Arterial The portion of Boulder Avenue along The Villages frontage is a four-lane, divided roadway with a twenty-two foot median. At full improvement, Boulder Avenue has a one hundred and sixty feet right-of-way consisting of two roadway sections, each thirty-eight feet wide with two travel lanes and one bike lane in each direction. There is a thirty-one foot parkway on each side of the street. THE VILLAGES HIGHLAND, CA 19

20 DEVELOPMENT SITE PHOTOS Looking North over Property from Greenspot Road Looking South from Property along Greenspot Road THE VILLAGES HIGHLAND, CA 20

21 DEVELOPMENT DUE DILIGENCE MATERIALS Due Diligence materials are available via dropbox.com. Please contact the Broker or Marketing Coordinator to request access. The items available are as follows: Final Specific Plan Final Environmental Impact Report Preliminary Site Plan & Renderings for PA-2 Staff Report & Draft Development Agreement Draft Development Agreement (not executed) Conditions of Approval PA-2 (not approved) Conditions of Approval Parcel Map & Fee Schedule Soil Reports Phase 1 Title Report Improvement Plans for Perimeter Streets (Stub-Outs) THE VILLAGES HIGHLAND, CA 21

22 MARKET INLAND EMPIRE DEMOGRAPHIC INFORMATION JOB GROWTH From the job market in the Inland Empire increased 2.7%, a faster rate than any part of California except the Bay Area. That s more than double the rate of Los Angeles County and nearly triple the pace of Orange County. That same year, the California state avg. was only in the high 1%-low 2%. San Bernardino County boasts a 2015 labor force of almost 920,000 (as of May). Up 3.5% from their 20 labor force of 889,000. From the job market in the Inland Empire increased 4% (51,800 jobs), while California experienced an avg. increase of 2.3%. According to a report by the LA Times, the Inland Empire will continue to add jobs at the fast rate of 3.4% annually over the next five years. It s projected that from 2014 to 2019, job growth will increase by 12.3% with construction and professional service as the fastest growing job sectors. UNEMPLOYMENT San Bernardino County has seen a drop in their unemployment rate from 14.2% in 20 to 6.3% in Highland boasts a low unemployment rate of 5.3%. Adjacent to Highland, the city of Redlands has an even lower unemployment rate of 3.7%; Down from their record-high 20 rate of.5%. Unemployment is moving in a downward trend. It is forecasted to stay low due to continuing job growth in the area. POPULATION GROWTH Population in the Inland Empire is predicted to grow at an annual avg. rate of 1.5%, almost double the forecasted annual growth rate of California at.8%. In Highland, the population is on the rise. from 50,283 in 2005 to 53,4 in THE VILLAGES HIGHLAND, CA 22

23 MARKET INLAND EMPIRE DEMOGRAPHIC INFORMATION INDUSTRY The Inland Empire is a hot-spot for large logistic centers which provide large quantities of new jobs. A short minute drive from The Village lies the East Valley Logistic Center containing upwards of 35 high-profile logistics warehouses such as: Amazon, Home Depot, BMW/Mini, Clorox, Bayer Advanced, Stater Bros., Ashley Furniture, and more. Some of the region s biggest employers include: Loma Linda University Medical Center, a top-rated hospital and Level One Trauma Center, employs over 13,400 individuals. They operate some of the largest clinical programs in the U.S. and are consider the international leader in infant heart transplantation and proton treatments for cancer; Located less than 15 minutes from The Village. Esri, one of the largest GIS software suppliers, is headquartered in Redlands and employs over 3,000 individuals. Located less than minutes from The Village. Jerry Pettis Memorial VA Medical Center employs 2,0 individuals and is located less than 15 minutes from The Village. Loma Linda is opening a new VA clinic in 2016 that will employee an additional 500 individuals. Amazon.com opened its fifth major California fulfillment center in Redlands this year, opening new jobs for more than 1,000 employees. The facility serves as a hub for delivery of merchandise throughout the region. Located less than minutes from The Village. ADVANCED EDUCATION The cities immediately surrounding Highland are home to some of the Inland Empire s highest educational facilities: University of Redlands. 2,4 students and almost 200 faculty members. Located Minutes from The Village. Loma Linda University. Around 5,000 students and almost 1,300 faculty. Specializes in a wide variety of medical fields. Located 13 Minutes from The Village. Cal State San Bernardino. Almost 19,000 students, of which, over 16,000 live in the Inland Empire. Located 13 Minutes from The Village. UC Riverside. Over 22,000 students enrolled. Ranked #12 in the nation for Diversity and # in the world for Natural Sciences and Humanities. Located 20 minutes from The Village. EPIC Management L.P. Provides management and consulting services to physician groups and IPAs across Southern California. Employs over 1,400 people throughout the IE. Located less than minutes from The Village. THE VILLAGES HIGHLAND, CA 23

24 MARKET EMPLOYMENT CENTERS Cal State San Bernardino (2,0 employees) Longer Drive Time Due to Terrain EAST VALLEY EMPLOYMENT CENTERS St. Bernardine Medical Center (1,600 employees) San Manuel Casino (3,000 employees) EPIC Management L.P. (1,400 employees) The Villages Arrowhead Medical Center (2,4 employees) Minute Drive Stater Brothers (7,900 employees) Pettis VA Medical Center (2,0 employees) Amazon (2,300 employees) ESRI (3,000 employees) University of Redlands OVER 80,000 JOBS NEARBY Loma Linda University Medical Center (13,400 employees) VA Clinic (500 employees) LA-Z Boy West (380 employees) Redlands Hospital (1,575 employees) Crafton Hills College THE VILLAGES HIGHLAND, CA 24

25 MARKET EAST VALLEY LOGISTICS CENTER The Villages Clorox 2. Kimberly Clark 3. Prologis Performance Team 4. Prologis Performance Team 5. Mars Petcare 6. Prologis Performance Team 7. Home Meridian International 8. Becton Dickinson 9. MGA Entertainment. Colgate-Toms 11. Precision Pet 12. Hapalambos Beverage Co. 13. Lamps Plus 14. Payless Shoe Source ,000 sf Spec 16. Post/Kenco 17. M. Block & Sons 18. Prologis Performance 19. Sleep Innovations 20. Prime Line Products 21. Bayer Advanced 22. Precision Screen & Security 23. Home Depot Distribution 24. Burlington Coat Factory Distribution 25. (2) 500,000+ sf Spec 26. Ashley Furniture 27. Salton 28. Icon Health & Fitness 29. Amazon 30. M. Block & Sons 31. M. Block & Sons ,000 sf Spec 33. 1,000,000 sf Spec 34. (2) 500,000+ sf Spec/ Ashley ,000 Spec 36. Prologis/Spec 37. BMW/Mini Parts Distribution 38. Mountain Grove/Citrus Plaza 39. Pepsico 40. Amazon Fulfillment Center 41. Golden State F C 42. Stater Brothers LIVE WORK THE VILLAGES HIGHLAND, CA 25

26 MARKET SINGLE FAMILY HOUSING This is a great time to be building homes in the Inland Empire, and more specifically the East Valley. Currently there are 4 projects under construction in Redlands and Highland, with 2 of those actively selling in Redlands and 2 in Highland. In first quarter of 2017 there will be an estimated 6 projects actively selling in the Redlands-Highland-Loma Linda area. HOUSING PERMITS In 2008, San Bernardino County sat at 3,0 for a total of 7,200 permits, and Riverside County permitted 4,0 new residential homes. In 2015, both counties have increased their new residential permits to a total of almost,0. Before the recession we saw almost 50,000 new permits between the two counties. Current permits are nowhere close to these astounding numbers. Permits are down 80% from what they were during the peak in However, according to forecasts, we are seeing the early stages of an uphill trend. This combined total between San Bernardino and Riverside Counties is forecasted to climb up to 25,000 new permits by Since the recession we re seeing a drop in the unemployment rate, thus increasing the housing demand and quickly outrunning the rate at which new housing is being built. The total jobs-to-housing ratio is.87-to-1.0. The incremental jobs-to-housing ratio is at Housing demand is growing MUCH quicker than housing supply. You ll find similar incremental ratio s in Orange County ( ). THE VILLAGES HIGHLAND, CA 26

27 MARKET SINGLE FAMILY INVENTORY FORECAST REDLANDS/HIGHLAND/LOMA LINDA // MARKET INVENTORY FORECAST Redlands - Highland - Loma Linda Builder/Developer Community Lot Size # of Lots Monthly Sales Rate Selling Diversified Pacific Highland Hills (Highland), Richmond American Glenrose Ranch (Highland) 6 Pac Cluster Diversified Pacific Judson Ranch (Redlands) Melia Charleston Estates (Redlands) 20, AVG: Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Future Diversified Pacific Judson Ranch (Redlands) Inland Communities Reservoir Road (Redlands) Newland Communities Pioneer Ave (Redlands) Ampert Pioneer Village (Redlands) Centerstone Woodbridge Trails (Highland) Sunland Communities Mediterra (Highland) Sunland Communities Mediterra (Highland) Sunland Communities Mediterra (Highland) Sunland Communities Mediterra (Highland) Sunland Communities Mediterra (Highland) PUD Mastercraft Christianson Ranch (Highland) Lewis Harmony (Highland) Highpointe California Street (Loma Linda) Total Units Total Tracts THE VILLAGES HIGHLAND, CA 27

28 MARKET ACTIVELY SELLING COMMUNITIES MAP Highland Hills Diversified Pacific The Villages Serrano Richmond American Judson Ranch Diversified Pacific THE VILLAGES HIGHLAND, CA 28

29 MARKET ACTIVELY SELLING COMMUNITIES PRICING GRAPH $550,000 $500,000 $450,000 BASE SALES PRICE $400,000 $350,000 $300,000 1,500 1,750 2,000 2,250 2,500 2,750 3,000 3,250 3,500 SQ FT ORCHARD COLLECTION at HIGHLAND HILLS - Diversified Pacific (Highland) Typical Lot:,000 SF, Tax Rate: 1.27%, HOA: None ORCHARD COLLECTION at JUDSON RANCH - Diversified Pacific (Redlands) Typical Lot: 7,700 SF, Tax Rate: 1.4%, HOA: None SERRANO at GLENROSE RANCH - Richmond American (Highland) Typical Lot: 4,000 SF, Tax Rate: 1.6%, HOA: $0/mo THE VILLAGES HIGHLAND, CA 29

30 MARKET ACTIVELY SELLING COMMUNITIES The Orchard Collection at Highland Hills by Diversified Pacific - Highland Product Type: Detached Total Units: 78 Open Date: Sold Units: 42 Typical Lot Size:,000 sf Remaining Units: 36 Tax Rate: 1.27% Overall Absorption Rate: 1.51/mo HOA: None Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $473,6 2,396 $ $457,900 2,743 $ $487,900 3,300 $ The Orchard Collection at Judson Ranch by Diversified Pacific - Redlands Product Type: Detached Total Units: 81 Open Date: Sold Units: 75 Typical Lot Size: 7,700 sf Remaining Units: 6 Tax Rate: 1.4% Overall Absorption Rate: 2.41/mo HOA: None Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $461,900 2,129 $ $482,900 2,721 $ $518,900 3,021 $ THE VILLAGES HIGHLAND, CA 30

31 MARKET ACTIVELY SELLING COMMUNITIES Serrano at Glenrose Ranch by Richmond American - Highland Product Type: Detached Total Units: 118 Open Date: Sold Units: 35 Typical Lot Size: 4,000 sf Remaining Units: 83 Tax Rate: 1.26% Overall Absorption Rate: NA HOA: $0 Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $331,990 1,566 $ $348,990 1,832 $ $338,990 1,843 $ $371,990 1,945 $ THE VILLAGES HIGHLAND, CA 31

32 MARKET INLAND EMPIRE METROLINK PROJECTS Metrolink located only 6 miles from The Villages Improvements to the Metrolink Downtown San Bernardino and Redlands Passenger Rail Projects: Expanding passenger rail transit service between San Bernardino and Redlands utilizing the Redlands Subdivision rail corridor. The Downtown San Bernardino First-Mile project will extend Metrolink trains from the historic Santa Fe Depot one mile east, where it will join with the San Bernardino Transit center project which is under construction. Extension and Santa Fe Depot modifications are scheduled for completion by Summer of Redlands corridor upgrades are slated to begin construction late 2015 and be operational by The Villages THE VILLAGES HIGHLAND, CA 32

33 DISCLOSURE AND DISCLAIMER POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER A real estate broker (Broker), whether a corporation, partnership, or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker s or salespersons (associate licensees) acting under the Broker s license. The associate licensees may be working our of the same or different office locations. Multiple Brokers: Broker (individually or through its associate licensees) may be working with may prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property. Multiple Seller: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers. Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers or property that Buyer is interested in acquiring and consents to Broker acting as a duel agent for both buyer and seller with regard to that property. In the event of dual agency, seller and buyer that: (a) Broker, without the prior written consent of the Buyer, will not disclose to the seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less that the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties. QUALIFICATIONS AND DISCLAIMER This sales information package and contents hereof, is provided for informational purposes only. Nothing contained herein is deemed to constitute an offer of sale or to impose upon Seller, or any of their affiliates, any obligation to negotiate the sale of any parcel or property, and all offers to purchase this property must be accepted by the Seller in writing. No representation or warranty, expressed or implied, is made regarding the information set forth herein, the factual accuracy or completeness of any such information or other materials contained herein. Seller reserves the right to make changes from time to time to any of the information contained or referred to herein, to change the price and/or terms and may withdraw the property from the market all without any obligations to notify the recipients of this sales information package. Any party which may enter into any written agreement to purchase the subject property shall make its own independent investigation regarding all aspects of the subject property and the development contemplated thereon without complete reliance upon the materials contained herein. Nothing contained herein is intended in any way to limit or mitigate the need for any independent investigation, which a prudent buyer would be required to undertake in order to determine all facts which could have any effect upon the acquisition or development of the subject property. Any prospective buyers ( Buyer ) are strongly advised to investigate the condition and suitability of all aspects of the property and all matters affecting the value or desirability of the property, including but not limited to the following items: size, lines, access and boundaries; zoning and land use; any conditions of approval, cost and fees to develop the site; utilities and services; environmental hazards; geological conditions; natural hazard zone; property damage; neighborhood, area and property conditions; common interest subdivisions and owner associations; and, specialty tax. If Buyer does not exercise these rights, Buyer is acting against the advice of WD Land. Buyer understands that although conditions are often difficult to locate and discover, all 7ject to changes or withdrawals without notice and does not constitute a recommendation, endorsement or advice as to the value of the subject property by WD Land or the Seller. This sales information package is the absolute property of WD Land and may only be used by parties approved by WD Land. No portion of this sales information package may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of WD Land and Seller. Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent s marketing and strategy and the instructions of the seller. Buyer and seller understand that Broker may represent more than buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationship. (C.A.R. FORM PRBS, 11/14) THE VILLAGES HIGHLAND, CA 33

34 THE VILLAGES HIGHLAND CONTACT US FOR MORE INFORMATION LES WHITTLESEY Founding Partner x14 BRE Lic No.: BRIAN KING Land Advisor x22 BRE Lic No.: