Offering Memorandum. Matthews Real Estate Investment Services

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1 Offering Memorandum C l e a r w a t e r A v e, K e n n e w i c k, W A Matthews Real Estate Investment Services 1

E X C L U S I V E L Y L I S T E D B Y : EL WARNER EVP

Mobile +1 858 752 3078 el.warner@matthews.

Centers Direct +1 949 432 4503 Mobile +1 951 264 5994

2 E X C L U S I V E L Y L I S T E D B Y : EL WARNER EVP National Director Shopping Centers Direct Mobile el.warner@matthews.com Lic # (CA) JORDAN GOMEZ Associate Shopping Centers Direct Mobile jordan.gomez@matthews.com Lic # (CA) Ken Reinschmidt Broker of Record Lic. # 73743

3 CONTENTS: 1 EXECUTIVE SUMMARY 2 PROPERTY Overview 3 FINANCIAL Overview 4 Area Overview

5 1 EXECUTIVE SUMMARY

EXECUTIVe Summary Matthews Real Estate Investment Services is pleased to present to qualified investors the fee simple sale of Marineland village located in Kennewick, WA with prominent frontage

6 EXECUTIVe Summary Matthews Real Estate Investment Services is pleased to present to qualified investors the fee simple sale of Marineland village located in Kennewick, WA with prominent frontage along the major retail corridor in Clearwater Avenue. This newly redeveloped 50,916 SF neighborhood center is synergistically positioned on the hard corner of Clearwater Avenue and Edison Street to serve the demands of the growing community within the surrounding residential neighborhoods of Kennewick, WA. With leasing velocity at an all-time high, this is a tremendous opportunity to acquire a retail center with near-term upside in the Pacific Northwest. The offering has had an extremely strong occupancy growth since the remodel in early 2017 and over 70% of the income is generated by restaurants and service-oriented businesses. Well located, service oriented retail centers have outperformed traditional retail centers as they are insulated from the E-commerce emergence. Investment Summary Offering Price $7,900,000 NOI Year 1 $514,432 NOI Year 2 $570,575 Current Occupancy 91.0% Total Rentable Square Feet 50,916 The property consists of 3 separate assessor's parcels. Debt can be placed on the property so that the investor could sell off any pad to generate funds at any time. Total Land Area ± 4.76 Acres 6 MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

Investment Highlights RARE OPPORTUNITY TO OWN A NEWLY REDEVELOPED NEIGHBORHOOD CENTER IN THE PACIFIC NORTHWEST IMMEDIATE UPSIDE POTENTIAL THROUGH LEASE UP OF 4,584 SF OF VACANT SHOP SPACE LOCATED IN

7 Investment Highlights RARE OPPORTUNITY TO OWN A NEWLY REDEVELOPED NEIGHBORHOOD CENTER IN THE PACIFIC NORTHWEST IMMEDIATE UPSIDE POTENTIAL THROUGH LEASE UP OF 4,584 SF OF VACANT SHOP SPACE LOCATED IN A RETAIL CORRIDOR THAT ALSO INCLUDES ALBERTSONS, WINCO FOODS, WALGREENS, US BANK, AUTOZONE, AND SEVERAL OTHER NATIONAL RETAILERS THREE PARCEL OPPORTUNITY WITH STRONG LEASING VELOCITY 74% NOI GROWTH OVER A 10-YEAR HOLD THE TRI-CITY AREA, OF WHICH KENNEWICK IS A PART, HAS BEEN ONE OF THE 5 FASTEST GROWING AREAS IN THE UNITED STATES HIGHLY VISIBLE ON CLEARWATER AVENUE WITH MULTIPLE POINTS OF INGRESS AND EGRESS PARCELIZED ASSET ALLOWING FUTURE POTENTIAL SALE OF INDIVIDUAL PARCELS PROVIDED FREE AND CLEAR OF DEBT Matthews Real Estate Investment Services 7

9 2 Property Overview

10 Physical Description Property Name Marineland Village Address 5215 W Clearwater Avenue Location Kennewick, WA Square Footage (NRA) 50,916 APN(s) , , Year Built / Renovated 1987 / 2017 Type of Ownership Fee Simple Analysis Start Date 12/1/17 Analysis End Date 11/31/2017 Term 10 Years Expenses 3.0% Market Rent 3.0% Market Rent ($/PSF Annual) $15.00 Renewal Probability 75% Downtime 6 Months Tenant Improvement Allowance ($/PSF) $10 / $5 Free Rent None Rent Increases 3% annual Reimbursements NNN Lease Term 5 Years General Vacancy (% of Potential Gross Revenue) 5.0% PARCEL S 1: : : MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

11 SURROUNDING AREA KAMIAKIN HIGH SCHOOL LAKESIDE APARTMENTS W Clearwater Ave ±25,000 ADT N Edison Street ±16,000 ADT IRVING PLACE APARTMENTS CLEARWATER BAY APARTMENTS Matthews Real Estate Investment Services 11

13 3 Area Overview

KENNEWICK W A s h i n g t o n Kennewick is a city in Benton County in the southeastern part of the State of Washington, along the southwest bank of the Columbia River, just southeast of the

14 KENNEWICK W A s h i n g t o n Kennewick is a city in Benton County in the southeastern part of the State of Washington, along the southwest bank of the Columbia River, just southeast of the confluence of the Columbia and Yakima rivers and across from the confluence of the Columbia and the Snake. It is the most populous of the three cities collectively referred to as the Tri-Cities (the others being Pasco across the Columbia and Richland across the Yakima). The nearest commercial airport is the Tri-Cities Airport in Pasco, a regional commercial and private airport. 14 MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

15 ECONOMY Demographics, affordability and an unparalleled quality of life make Kennewick an attractive location to expand. Benefiting from a talented labor force, steady job market and low cost of living, Kennewick is a thriving city with an attractive demographic of residents, tourism and a reputation for fun. Focus industries in Kennewick include craft beverage, grocers, and retail. Businesses locating in Kennewick find considerable value in its pacific northwest central location, affordable land, world-class infrastructure, and transportation connectivity. Water and power resources are abundant, reliable and low-cost. Data services are high quality and high capacity. Considered the shopping hub for southeastern Washington and northeastern Oregon, retail opportunities are plentiful throughout the city. Demographics: Accolades: POPULATION 1-MILE 3-MILE 5-MILE 2022 PROJECTION 14,410 78, , ESTIMATE 13,586 72, ,732 GROWTH % 7.95% 14.22% GROWTH % 11.88% 8.55% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2022 PROJECTION 5,688 29,789 63, ESTIMATE 5,341 27,560 58,648 GROWTH % 8.09% 8.51% GROWTH % 12.16% 13.79% 2017 EST. AVERAGE HOUSEHOLD SIZE FASTEST GROWING RETAIL SALES IN WASHINGTON STATE ONE OF THE BEST PLACES TO INVEST IN REAL ESTATE IN WASHINGTON INCOME 1-MILE 3-MILE 5-MILE AVERAGE HOUSEHOLD $53,727 $70,336 $77,123 INCOME MEDIAN HOUSEHOLD INCOME $44,532 $52,690 $58,491 #3 FASTEST JOB GROWTH AREA IN WASHINGTON STATE Matthews Real Estate Investment Services 15

World Trade Center Memorial Monument POINTS OF INTEREST Kennewick lies along the Columbia River and the famous Lewis and Clark Trail marked during the 1804-1806 exploration of the newly acquired

Historic buildings have been adapted to new uses and the compact, pedestrian-oriented area has attracted a diverse mix of businesses.

16 World Trade Center Memorial Monument POINTS OF INTEREST Kennewick lies along the Columbia River and the famous Lewis and Clark Trail marked during the exploration of the newly acquired Louisiana Territory, reaching to the Pacific Coast. As of 2013, the historic downtown area is undergoing a rebirth. Historic buildings have been adapted to new uses and the compact, pedestrian-oriented area has attracted a diverse mix of businesses. These include a specialty gift boutique in a newly restored building, art galleries, wine bars and local breweries, upscale dining, and a full-service hardware center. Kennewick is the host city of the Tri-City Americans of the Western Hockey League and the Tri-City Outlaws of the United States Premier Hockey League. They both play their home games in the Toyota Center, which hosts many other regional events. Every year during the summer, hydroplane racing takes place at the Water Follies event on the Columbia River. Residents from all southeastern Washington come to Kennewick to shop in the city's commercial district, the center point of which is Columbia Center Mall. Also, every year in August, the Benton-Franklin County Fair is held at the fairgrounds. Kennewick is the site of the annual Titanium Man (International Distance) and Plutonium Man (Half-Iron Distance) triathlons, attracting international contestants and observers. A 9/11 World Trade Center Memorial Monument is in its Southridge area. Kennewick is one of a few cities to have acquired an external vertical support column artifact salvaged from the World Trade Center. Lampson International worked in conjunction with the City of Kennewick and the Port Authorities of New York and New Jersey to facilitate the monument's fabrication. The central part of the monument is a 35-foot twisted column of steel weighing nearly 6,000 pounds. The memorial site was dedicated on the 10th anniversary of the tragedy in memory of the 2,977 men and women who lost their lives on September 11, The memorial is located at the Southridge Sports Complex at the southern entrance to the City of Kennewick. The site includes landscaping and benches placed for reflection and contemplation, and a US flag above the steel monument. 16 MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

TOP EMPLOYERS (TRI-CITY) Company Business Type # of Employees Battelle/PNNL Research & Development 4,365 Kadlec Regional Medical Center Health Services 3,304 Bechtel National Government 2,898 ConAgra

17 TOP EMPLOYERS (TRI-CITY) Company Business Type # of Employees Battelle/PNNL Research & Development 4,365 Kadlec Regional Medical Center Health Services 3,304 Bechtel National Government 2,898 ConAgra Food Processing 2,727 Kennewick School District Education 2,130 Washington River Protection Solutions Environmental Remediation Services 2,077 Pasco School District Education 2,015 Clover Island In May 2010, a 62-foot lighthouse was constructed on Clover Island (located on the Columbia River) in Kennewick. According to the Port of Kennewick, this is the first lighthouse since 1962 to be built in the United States, and the most recently constructed one in the state of Washington. The United States Coast Guard-approved lighthouse flashes a beacon every four seconds. Clover Island is a 16-acre recreational destination near downtown Kennewick. It has restaurants, a hotel, and a yacht club, all enhanced by new public access for views of the river. By constructing a gateway, pathway, lighthouse and public plaza on Clover Island, the Port of Kennewick created physical and visual access to the Columbia River and transformed a distressed neighborhood into an urban waterfront destination. Clover Island offers access to the beautiful scenery along the Columbia and continues to be a popular destination for recreation, wildlife viewing, and entertainment. Mission Support Alliance, LLC Support Services, Hanford/DOE Site 1,928 Richland School District Education 1,500 CH2M Hill Environmental Remediation Services 1,400 Matthews Real Estate Investment Services 17

19 4 Financial Overview

20 Rent Roll Suite Tenant Lease Start Lease End Square Feet % of NRA Contract Rental Rate Rent PSF Rent Increases Year Month Year Month Date 1 Tri-City Judo Aug-14 Dec-17 2, % $30,911 $2,576 $11.78 $0.98 2x1 $15.00, $15.45 Gross 2 Benson Lee DC Feb-16 Apr-19 1, % $14,174 $1,181 $10.82 $0.90 1x3 $15.00 NNN 3 Chongs Custom Tailors Apr-12 Feb-18 1, % $10,914 $910 $10.70 $ Salon & Spa Nov-17 Oct-22 1, % $21,600 $1,800 $18.00 $1.50 Nov-18 $18.45 $1.54 2x1 $15.45 NNN 5 AFLAC May-15 Jul-18 1, % $15,169 $1,264 $13.79 $1.15 1x3 $15.00 Gross 6 Fresh-Out-Of-The-Box Aug-15 Sep-18 1, % $14,898 $1,242 $9.55 $0.80 1x3 $15.00 NNN 7 A-1 Shoes Nov-15 Oct-18 3, % $46,578 $3,882 $11.78 $0.98 1x3 $15.00 NNN 8 Tri-City Marketing Sep-16 Oct-18 1, % $13,650 $1,138 $10.00 $0.83 1x3 $15.00 NNN 9 Medical Consultants Jan-17 Dec % $7,459 $622 $9.70 $ Marcy Miller Feb-14 Dec-19 1, % $18,497 $1,541 $11.01 $0.92 Feb-18 $11.34 $0.95 1x3 $15.00 NNN 11 MedCall Dec-15 Feb-19 1, % $13,812 $1,151 $9.27 $0.77 Dec-17 $9.55 $ Village Bistro Feb-16 Mar-19 2, % $30,233 $2,519 $12.36 $1.03 Feb-18 $12.73 $1.06 1x3 $15.00 NNN 13 Marla June's Aug-14 Jul-19 2, % $28,107 $2,342 $10.41 $0.87 Aug-18 $10.62 $ Center for Massage Therapy Sep-16 Oct-19 2, % $15,000 $1,250 $7.36 $0.61 Sep-18 $7.65 $0.64 1x3 $15.00 NNN 15 Badger Canyon Tea Dec-13 Dec-19 1, % $16,134 $1,344 $9.99 $0.83 1x3 $15.00 Gross 16 Medical Evaluation Services Aug-17 Jul % $11,401 $950 $12.81 $1.07 Aug-18 $13.19 $ Reality Homes Aug-17 Jul-18 1, % $15,000 $1,250 $10.00 $ Black Wool Apr-17 Jun-20 1, % $13,504 $1,125 $8.00 $0.67 Apr-18 $10.00 $0.83 1x3 $15.00 NNN 19 Shelby's Floral Jul-17 Jul-20 4, % $64,240 $5,353 $14.64 $1.22 Aug-18 $15.05 $1.25 1x3 $15.00 NNN 20 Jeffery Bernard Nail Salon Jun-17 Sep-20 1, % $10,970 $914 $10.00 $0.83 Jun-18 $10.30 $ The Groomery Apr-16 May-21 1, % $14,922 $1,244 $10.37 $0.86 Apr-18 $10.84 $0.90 1x5 Fixed NNN 22 Lemon Grass Expanding Apr-11 May-21 3, % $32,458 $2,705 $8.18 $0.68 1x5 $15.00 Gross 23 Hair Chateau Feb-11 Nov-21 1, % $24,315 $2,026 $16.21 $1.35 Jan-18 $16.70 $1.39 1x5 $15.00 Gross 24 Touchstone Jewelry Sep-17 Aug-22 1, % $37,191 $3,099 $19.33 $1.61 Aug-18 $19.65 $1.64 1x5 Fixed Increases Gross 25 VACANT Jan-00 Jan-00 2, % $28,776 $2,398 $11.00 $ VACANT Jan-00 Jan-00 1, % $21,648 $1,804 $11.00 $ Garage Solutions Jun-17 May-22 1, % $11,737 $978 $11.00 $0.92 1x5 $15.00 NNN Occupied Totals - In Place 46, % $532,874 $44,406 $11.50 $0.96 Vacant Totals 4, % $50,424 $4,202 $11.00 $0.92 Totals 50, % $583,298 $48,608 $11.46 $0.95 $ PSF/ Yr. Month Options 20MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

21 Matthews Real Estate Investment Services 21

22 Marineland Village 5215 W Clearwater Avenue Kennewick, WA 25 TENANTS 50,916 SF 91.0% OCCUPIED 1987/2017 CONSTRUCTION 2.1 YRS REMAINING TERM 10 YEAR CAGR 22MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

23 LEASE EXPIRATION SCHEDULE Tenant Expirations Year Year End Sqft % of NRA Cumulative % ,624 5% 5% ,268 22% 27% ,279 26% 53% ,063 16% 69% ,907 14% 83% ,191 8% 91% % 91% % 91% % 91% % 91% % 91% Occupied 46,332 91% Vacant 4,584 9% Total 50, % % of NRA 30% 25% 20% 15% 10% 5% 0% 26% 22% 16% 14% 8% 5% 0% 0% 0% 0% 0% Matthews Real Estate Investment Services 23

24 Cash Flow Assumptions Timing Assumptions Analysis Start Date 12/1/17 Analysis End Date 11/31/2017 Term 10 Years Inflation Assumptions Expenses 3.0% Market Rent 3.0% Leasing Assumptions Market Rent ($/PSF Annual) $15.00 Renewal Probability 75% Downtime 6 Months Tenant Improvement Allowance ($/PSF) $10 / $5 Free Rent Rent Increases Reimbursements Lease Term None 3% annual NNN 5 Years Allowances General Vacancy (% of Potential Gross Revenue) 5.0% 24MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

25 Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Nov-2018 Nov-2019 Nov-2020 Nov-2021 Nov-2022 Nov-2023 Nov-2024 Nov-2025 Nov-2026 Nov-2027 Potential Gross Revenue Base Rental Revenue $614,536 $674,924 $736,946 $790,114 $844,153 $865,516 $891,325 $915,868 $945,032 $982,090 Absorption & Turnover Vacancy (34,950) (12,770) (21,164) (27,054) (20,918) (27,654) (16,595) (23,004) (38,599) (49,341) Scheduled Base Rental Revenue 579, , , , , , , , , ,749 Expense Reimbursement Revenue Common Area Maintenance 71,724 76,962 83,312 86,379 91,577 96, , , , ,538 Insurance 7,173 7,695 8,330 8,638 9,159 9,692 10,175 10,400 11,017 12,255 Management Fee 25,297 29,002 33,258 35,437 39,357 41,743 43,703 44,624 47,509 54,247 Real Estate Tax 33,515 42,827 46,568 47,811 50,195 52,614 54,684 55,361 58,074 63,972 Total Reimbursement Revenue 137, , , , , , , , , ,012 Total Potential Gross Revenue 717, , , ,325 1,013,523 1,038,842 1,085,022 1,107,246 1,133,195 1,185,761 General Vacancy (2,662) (28,801) (24,257) (21,365) (30,804) (25,671) (38,486) (33,509) (19,991) (12,414) Effective Gross Revenue 714, , , , ,719 1,013,171 1,046,536 1,073,737 1,113,204 1,173,347 Operating Expenses Common Area Maintenance 101, , , , , , , , , ,868 Insurance 10,183 10,489 10,803 11,127 11,461 11,805 12,159 12,524 12,900 13,287 Management Fee 35,732 39,492 43,150 45,998 49,136 50,659 52,327 53,687 55,660 58,667 Real Estate Tax 47,362 59,203 60,387 61,594 62,826 64,083 65,364 66,672 68,005 69,365 Non Reimbursable Expenses 5,092 5,193 5,297 5,403 5,511 5,622 5,734 5,849 5,966 6,085 Total Operating Expenses 200, , , , , , , , , ,272 Net Operating Income 514, , , , , , , , , ,075 Leasing & Capital Costs Tenant Improvements 61,590 31,923 45,631 46,311 80,816 65,650 28,053 76,037 94, ,320 Leasing Commissions 16,878 15,253 21,805 22,129 38,448 31,369 13,404 36,332 45,314 63,226 Capital Reserves 7,637 7,867 8,103 8,346 8,596 8,854 9,119 9,393 9,675 9,965 Total Leasing & Capital Costs 86,105 55,043 75,539 76, , ,873 50, , , ,511 Cash Flow Before Debt Service & Taxes $428,327 $515,532 $559,783 $607,777 $611,312 $657,078 $738,783 $688,002 $691,853 $687,564 Investment Return Summary Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Cap Rate 6.51% 7.22% 8.04% 8.67% 9.36% 9.66% 9.99% 10.25% 10.65% 11.30% Cash-on-Cash 5.42% 6.53% 7.09% 7.69% 7.74% 8.32% 9.35% 8.71% 8.76% 8.70% CAGR of Net Operating Income % 11.13% 9.99% 9.48% 8.20% 7.40% 6.70% 6.35% 6.32% Matthews Real Estate Investment Services 25

26 TENANT ROSTER Suite Tenant Square Feet Lease Start Lease End Type Credit In Place Rent 1 Tri-City Judo 2,624 Aug-14 Dec-17 Shops Local/Regional $30,911 2 Benson Lee DC 1,310 Feb-16 Apr-19 Shops Local/Regional $14,174 3 Chongs Custom Tailors 1,020 Apr-12 Feb-18 Shops Local/Regional $10,914 4 Salon & Spa 1,200 Nov-17 Oct-22 Shops Local/Regional $21,600 5 AFLAC 1,100 May-15 Jul-18 Shops National/Credit $15,169 6 Fresh-Out-Of-The-Box 1,560 Aug-15 Sep-18 Restaurant Local/Regional $14,898 7 A-1 Shoes 3,954 Nov-15 Oct-18 Shops Local/Regional $46,578 8 Tri-City Marketing 1,365 Sep-16 Oct-18 Shops Local/Regional $13,650 9 Medical Consultants 769 Jan-17 Dec-18 Shops Local/Regional $7, Marcy Miller 1,680 Feb-14 Dec-19 Restaurant Local/Regional $18, MedCall 1,490 Dec-15 Feb-19 Shops Local/Regional $13, Village Bistro 2,446 Feb-16 Mar-19 Restaurant Local/Regional $30, Marla June's 2,700 Aug-14 Jul-19 Shops Local/Regional $28, Center for Massage Therapy 2,038 Sep-16 Oct-19 Shops Local/Regional $15, Badger Canyon Tea 1,615 Dec-13 Dec-19 Shops Local/Regional $16, Medical Evaluation Services 890 Aug-17 Jul-20 Shops Local/Regional $11, Reality Homes 1,500 Aug-17 Jul-18 Shops Local/Regional $15, Black Wool 1,688 Apr-17 Jun-20 Shops Local/Regional $13, Shelby's Floral 4,388 Jul-17 Jul-20 Shops Local/Regional $64, Jeffery Bernard Nail Salon 1,097 Jun-17 Sep-20 Shops Local/Regional $10, The Groomery 1,439 Apr-16 May-21 Shops Local/Regional $14, Lemon Grass Expanding 3,968 Apr-11 May-21 Shops Local/Regional $32, Hair Chateau 1,500 Feb-11 Nov-21 Shops Local/Regional $24, Touchstone Jewelry 1,924 Sep-17 Aug-22 Shops Local/Regional $37, VACANT 2,616 $28, VACANT 1, Garage Solutions 1,067 Jun-17 May-22 Shops Local/Regional $11,737 Totals 27 Suites 50,916 SF In-Place Total ($) $532,874 26MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

27 Income and expenses Year Year 1 Total $/SF INCOME Rental Income $614,536 $12.07 Other Income $0 $0.00 General Vacancy ($37,612) ($0.74) Reimbursement Revenue $137,709 $2.70 Effective Gross Income $714,633 $10.47 EXPENSES Real Estate Taxes $47,362 $0.93 Insurance $10,183 $0.20 CAM $101,832 $2.00 Management Fees $35,732 $0.70 EGI (%) 5.0% Administrative / Professional Fees $5,092 $0.10 Total Operating Expense $200,201 $3.93 Net Operating Income $514,432 $10.10 Operating Expense Ratio 28% Recovery Ratio (incl. Admin/Professional Fees) 68.8% Recovery Ratio (ex. Admin/Professional Fees) 70.6% Matthews Real Estate Investment Services 27

28 28MARINELAND VILLAGE Clearwater Ave, Kennewick, WA

CONFIDENTIALITY AND DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Marineland Village located at 5215 Clearwater Ave, Kennewick,

29 CONFIDENTIALITY AND DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of Marineland Village located at 5215 Clearwater Ave, Kennewick, WA ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: The Offering Memorandum and its contents are confidential; You will hold it and treat it in the strictest of confidence; and You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum. Matthews Real Estate Investment Services 29

30 EXCLUSIVELY LISTED BY: EL WARNER EVP National Director Shopping Centers Direct Mobile Lic # (CA) JORDAN GOMEZ Associate Shopping Centers Direct Mobile Lic # (CA) Ken Reinschmidt Broker of Record Lic. # 73743

OFFERING MEMORANDUM LAKESHORE DRIVE STRIP LAKESHORE DRIVE LAKE ELSINORE, CA

OFFERING MEMORANDUM LAKESHORE DRIVE STRIP 16746 LAKESHORE DRIVE LAKE ELSINORE, CA 2 MATTHEWS REAL ESTATE INVESTMENT SERVICES LAKESHORE DRIVE STRIP 16746 LAKESHORE DRIVE LAKE ELSINORE, CA I II III 04-05