OFFERING MEMORANDUM RIVERDALE SHOPPING CENTER Friars Road San Diego, CA CAPITAL MARKETS NATIONAL RETAIL PARTNERS

Transcription

1 OFFERING MEMORANDUM RIVERDALE SHOPPING CENTER Friars Road San Diego, CA CAPITAL MARKETS NATIONAL RETAIL PARTNERS

2 EXCLUSIVELY MARKETED BY NRP-WEST LEASING SAN DIEGO PARTNER PHILIP D. VOORHEES Lic KIRK BRUMMER Lic SEAN HEITZLER Lic MATT PECKHAM Lic REG KOBZI Lic PRESTON FETROW Lic MEGAN WOOD Lic BRAD WILLIAMS Lic DEBT & STRUCTURED FINANCE SCOTT PETERSON Lic CBRE-Newport Beach 3501 Jamboree Rd., Ste 100, Newport Beach, CA F CBRE, Inc. All Rights Reserved. NRP-WEST TEAM PHILIP D. VOORHEES (Team Leader) Preston Fetrow Kirk Brummer Jimmy Slusher James Tyrrell John Read Megan Wood Matt Burson Sean Heitzler For all of our available listings, please visit:

3 TABLE OF CONTENTS 1 INVESTMENT OVERVIEW 4 AREA OVERVIEW 9 PROPERTY OVERVIEW 12 TENANT SUMMARY 14 FINANCIALS Investment Summary Investment Highlights City Overview County Overview Property Description Parcel Map Site Plan Tenant Profiles Assumptions Cash Flow Rent Roll

4 PACIFIC OCEAN MISSION BAY PACIFIC BEACH LA JOLLA N STATE ROUTE 163 (±149,470 CPD) WALMART MONTGOMERY-GIBBS EXECUTIVE AIRPORT FASHION VALLEY MALL INTERSTATE 805 FREEWAY (±213,369 CPD) MISSION VALLEY MALL SIERRA MESA INTERSTATE 8 FREEWAY (±172,843 CPD) RANCHO MISSION VILLAS MISSION BASILICA SAN DIEGO DE ALCALA NAZARETH HOUSE FRIARS ROAD (±53,048 CPD) THE VILLAGE MISSION VALLEY 1,410 UNITS INTERSTATE 15 FREEWAY (±223,803 CPD) SAN DIEGO RIVER ADMIRAL BAKER GOLF COURSE RIVERDALE SHOPPING CENTER FRIARS ROAD SAN DIEGO, CA GRANTVILLE RIVERDALE STREET (±9,560 CPD) MISSION GORGE ROAD (±40,654 CPD)

5 INVESTMENT SUMMARY OFFERING PRICE: $10,750,000 PRICE PSF: $162 NOI (YEAR 1): $763,538 CAP RATE (YEAR 1): 7.10% CASH ON CASH (I/O): 11.08% CURRENT OCCUPANCY: 100% TOTAL BUILDING AREA: ±66,416 SF TOTAL LAND AREA: ±445,183 SF (±10.22 Acres) OWNERSHIP TYPE: Leasehold (46 Years Remaining)* PARKING SPACES: 350 (5.2 spaces per 1,000 SF) WEBSITE: 1 RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA INVESTMENT HIGHLIGHTS * This offering also includes 2 Fee Simple Interest parcels as detailed on page 9 of this package HIGH PERFORMING, SAN DIEGO COUNTY CVS-ANCHORED CENTER San Diego Neighborhood Center The acquisition of Riverdale Shopping Center presents an investor with an uncommon opportunity to purchase a wholly-owned (no pads sold) CVSanchored shopping center within an affluent and densely populated eastern San Diego trade area Multi-Tenant Neighborhood Center Currently 100% leased to 17 drug, food, service and retail tenants providing exceptional income stability, diversity and superior income growth compared to single-tenant, net leased assets throughout the duration of the ownership STABLE AND INCREASING CASH FLOW Established Anchor Tenant CVS Pharmacy has operated at this location for 39 years (since 1978), proving the viability and strength of this location for the tenant Very Low Existing Rent Property wide, the existing rents at Riverdale Shopping Center are nearly 35% below current market rates»» Existing rents average just $1.12 PSF/MN, resulting in an average NOI PSF of only $0.96 PSF/MN»» CVS (25,737 SF) is paying only $0.13 PSF/MN, nearly 90% below the current market rate of $1.25 PSF/MN»» Black Angus (10,800 SF) is paying only $1.60 PSF/MN, nearly 20% below the current market rate of $2.00 PSF/MN (see tenant note on rent roll for more detail) Income Stream Diversity Multi-tenant strip center with NNN leases. With the exception of CVS, no tenant accounts for more than 16% of the project s GLA or income Excellent Income Growth Due to below market rents rolling to market and embedded increases, the Net Operating Income is projected to increase more than $241,000 (32%) over the anticipated 10 year hold period, providing a strong hedge against inflation and well in excess of any ground lease increases

6 2 CAPITAL MARKETS NATIONAL RETAIL PARTNERS INVESTMENT HIGHLIGHTS (CONTINUED) HIGH IDENTITY LOCATION Coveted San Diego Location Developable land is scare due to the trade area s topography creating a highly desirable location in the affluent eastern San Diego trade area, limiting competition from construction or redevelopment Signalized Hard Corner Location Located at the signalized hard corner intersection of Friars Road and Riverdale Street Freeway Access Riverdale Shopping Center is situated only ¾ of a mile from the I-15 (247,200 cars per day), providing convenient regional accessibility Significant Frontage and Visibility Unmatched visibility with over 600 feet of frontage along Friars Road (53,000 cars per day), the trade area s primary arterial STRONG REAL ESTATE FUNDAMENTALS Below Replacement Cost Opportunity At the anticipated pricing, the property will trade at a significant discount of its replacement cost, estimated to be $220 PSF High Barriers to Entry Supply constrained, densely populated, infill trade area with limited sites available for future development, creating high barriers to entry and ensuring the center s long term growth and success Efficiently Sized Tenant Suites Conducive to high occupancy, optimal rents and low tenant improvements, limiting landlord capital expenditures year to year DENSE AND DESIRABLE SAN DIEGO SUBMARKET More than 14,600 people in a 1-mile radius with an Average Household Income exceeding $71,400 More than 182,700 people in a 3-mile radius with an Average Household Income exceeding $73,800 More than 453,300 people in a 5-mile radius with an Average Household Income exceeding $73,150 FAVORABLE LEASEHOLD INTEREST NOI/Ground Rent Ratio Riverdale offers an investor an attractive coverage ratio of 5x current ground rent No Fair Market Value Adjustments Unlike many ground leases, Riverdale Shopping Center ground lease features NO Fair Market Value adjustments, removing any ambiguity about future ground rent rates EXCELLENT 1031 EXCHANGE REPLACEMENT PROPERTY Delivered Free and Clear of Debt Debt free asset, permitting an investor to purchase for cash or with new financing at desired LTV and terms Long Term Ground Lease Accommodates 1031 Exchange guidelines having lease terms exceeding 45 years making the acquisition of Riverdale Shopping Center an excellent opportunity for exchange buyers who are looking to maximize their after tax returns Strong Inflation Hedge Scheduled rental increases and below market rents rolling to market produce massive NOI growth, enhancing future cash on cash returns and providing a strong hedge against inflation with a tangible, dependable asset

7 3 RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA

8 PETCO PARK 4 CAPITAL MARKETS NATIONAL RETAIL PARTNERS AREA OVERVIEW SAN DIEGO, CA With a total population of over 1.3 million, San Diego is the second largest city in California behind Los Angeles and the eighth San Diego is well-served by a large network of interstate freeways and state highways. The four major interstates serving San Diego include I-5, I-15, I-8, and I-805. San Diego s historic surf culture has evolved over the last 30 years into a new subculture called action sports. With hundreds of companies focused on surfing, skating, biking and other new sporting adventures, San Diego is considered the action sports capital of the world. The city of San Diego encompasses 372 square miles in Central San Diego County and includes densely populated coastal and inland communities. With over 70 miles of coastline, unique beach communities have developed their own identities from Imperial Beach near the Mexican border to Oceanside and Camp Pendleton. San Diego s pioneering mentality combined with the region s military/defense industries, a flourishing tech sector, the third largest biotech cluster in the country, and one of the world s strongest tourism industries, creates a diversified economic engine that produced a Gross Regional Product of $44.7 billion in Source: California Employment Development Department Mexico and NAFTA are key factors in San Diego s continued economic prosperity, export production, and growth. International trade accounts for more than one-third of San Diego manufacturing dollars. San Diego s biotechnology cluster is the third largest concentration of life science companies in the United States behind San Francisco and Boston. There are over 500 life sciences companies employing 36,000 people in the San Diego region with a $7.5 billion annual economic impact. Due to the region s strong concentration of life science and biotech companies, San Diego has earned the moniker Biotech Beach. DEMOGRAPHICS SAN DIEGO SAN DIEGO COUNTY 2016 ESTIMATED POPULATION 1,370,646 3,266, PROJECTED POPULATION 1,442,440 3,444, ESTIMATED AVERAGE AGE ESTIMATED HOUSEHOLDS 501,979 1,129, PROJECTED HOUSEHOLDS 526,228 1,185, EST. AVERAGE HOUSING VALUE $582,022 $551, EST. AVERAGE HOUSEHOLD INCOME $93,009 $91, PRJ. AVERAGE HOUSEHOLD INCOME $101,084 $99,488 The region is one of the largest recipients of NIH funding for new projects and advancements in life science research. Source: BIOCOM Convention booking service Cvent ranked San Diego as the fifth most popular destination for conventions in At the San Diego Convention Center, 158 total conventions and trade shows were held in 2016 with an estimated attendance of 824,276 individuals creating a $1.1 billion economic impact and $23.9 million in tax revenue. San Diego has approximately 461 hotel and motel properties with over 56,000 rooms available to visitors.source: San Diego Tourism Authority The San Diego Unified Port District was proposed a world class waterfront development called Seaport. This new waterfront development concept will be anchored with an aquarium, varieties of restaurants and retail shops, office space, an event

9 SAN DIEGO TROLLY AREA OVERVIEW (CONTINUED) COMMUNTE TO DOWNTOWN SAN DIEGO WALK SCORE 76 WALKING 60+ MINUTES TOP TOURIST ATTRACTIONS Downtown San Diego (Gaslamp Quarter) SeaWorld Old Town State Historic Park Maritime Museum BIKE SCORE 59 BIKING 53 MINUTES TRANSIT SCORE 33 Midway Aircraft Carrier Museum Seaport Village Petco Park Source: DRIVING 18 MINUTE 5 RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA center, full service hotel and a micro hotel, underground parking, a new dock for the marina, and a spire type architectural restaurant that rises 480 feet above the city containing a restaurant and observation level. San Diego is also home to the world s busiest land border crossing in San Ysidro. It connects Mexican Federal Highway 1 with Interstate 5 on the U.S. side. At the San Ysidro Port of Entry, there are more than 40 million that cross the border annually, the majority being workers that are commuting from Tijuana to San Diego and other Southern California cities. The border averages about 300,000 persons crossing the border daily including vehicle and passenger travel. National Geographic Traveler magazine selected San Diego/Tijuana as one of 20 Best of the World destinations in its December 2015/ January 2016 issue. U.S. News rated San Diego one of the Best Places to Live based on quality of life and the job market in the metro area. For additional information please view; DISTANCE TO TOP RETAIL ATTRACTIONS Fashion Valley Mall Outdoor mall with 200 stores and restaurants Seaport Village 14-acre waterfront village features over 50 specialty shops and galleries. Horton Plaza multi-level and intricate complex in San Diego s Gaslamp Quarter boasts a wide array of shops, eateries, and restaurants. Little Italy Little Italy is home to one of San Diego s most popular Farmer s Markets with a wide range of produce and products made by local artisans. Little Italy is a very upbeat, pleasant place to spend an afternoon shopping. Gaslamp Quarter 16-block section of downtown filled with over 100 specialty shops, art galleries and restaurants, as well as numerous theaters and nightclubs. La Jolla Sometimes called the Rodeo Drive of San Diego, La Jolla s Prospect Street overlooks the Pacific Ocean and is lined with small specialty shops, boutiques, antique emporiums and art galleries Carlsbad Premium Outlets This outlet mall has over 90 stores and restaurants offering an average savings of between 25%-65% off retail prices. Source: PALM SPRINGS LOS ANGELES LAS VEGAS SAN FRANCISCO SACRAMENTO 75 miles 106 miles 253 miles 449 miles 463 miles

10 10-MILES REGIONAL MAP 6 5-MILES 3-MILES CAPITAL MARKETS NATIONAL RETAIL PARTNERS AREA OVERVIEW SAN DIEGO, CA San Diego County s nearly perfect year-around weather combined with a dynamic economy make the region one of the most desirable places to live and work in the United States. San Diego s quality of life and burgeoning economy attract residents, businesses and visitors from around the world. Over the last two decades, the San Diego region has developed its own progressive identity as a premier tourist destination as well as a leader in defense development, biotechnology, sustainable energy, wireless and telecommunications technologies, and electronics manufacturing. San Diego County encompasses 4,526 square miles, with approximately 3.2 million people with a projected growth of 3.4 million by San Diego County is the second largest county in the state and the fifth largest county in the country. Zillow Home Values: *Est. $558, MILE RIVERDALE SHOPPING CENTER FRIARS ROAD SAN DIEGO, CA N Over the past five years, regional access has increased dramatically with several improvements including the creation of the I-15 Reversible Lane Control System, a system that switches the direction of traffic in several lanes from the morning commute to the afternoon rush hour to accommodate the daily changes in the north/south flow of traffic on I-15. San Diego s economic output accounts for more than 9.0% of California s Gross State Product (GSP) and 1.2% of the national Gross Domestic Product. If San Diego County were a country, it would rank as the 50th largest economy in the world. Sources: Bureau of Economic Analysis, U.S. Department of Commerce, NUSIPR The Port of San Diego is comprised of 3,415 acres of land and 3,402 acres of water located within the cities of San Diego, National City, Chula Vista, Imperial Beach and Coronado. With 63,000 jobs located at the port tidelands, the Port of San Diego created a direct economic impact of $8.3 billion. Unlike markets such as Las Vegas and Phoenix, San Diego is landconstrained resulting in a limited availability of developable land. This land shortage raises high entry barriers for new real estate development but also creates a premium for land values. San Diego attracted nearly 34.9 million visitors who spent nearly $10.4 billion at various San Diego businesses throughout their stays. The visitor industry generates more than $704.6 million annually in state and local taxes. For more information visit: TOP TOURIST ATTRACTIONS The County s general purpose revenue (GPR) is projected to increase by 4.4%, with budgeted GPR of $1,133.7 million in fiscal year 2017 compared to $1,086.2 million budgeted in fiscal year Balboa Park SeaWorld San Diego Zoo Old Town State Historic Park Point Loma and Cabrillo National Monument San Diego Museum of Art Midway Aircraft Carrier Museum Source:

11 AMENITIES MAP RIVERDALE SHOPPING CENTER FRIARS ROAD SAN DIEGO, CA 3-MILES 1-MILE N

12 8 CAPITAL MARKETS NATIONAL RETAIL PARTNERS

13 9 PROPERTY OVERVIEW LOCATION Friars Road San Diego, CA SITE Riverdale Shopping Center is located at the NWC of Friars Road and Riverdale Street in the city of San Diego, California. LAND AREA The project consists of six (6) parcels as shown in detail below totaling approximately ±10.22 acres or 445,183 square feet of land area. TRAFFIC COUNTS Friars Road ±53,048 Riverdale Street ±9,560 Mission Gorge Road ±40,654 Interstate 15 ±223,803 BUILT The property was completed in ZONING Per the city of San Diego the subject site is currently zoned as Commercial Shopping Center - C. RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA APN ADDRESS ACRES RIVERDALE ST* ± RIVERDALE ST* ± FRIARS RD ± FRIARS RD ± FRIARS RD ± FRIARS RD (Common Area) ±7.53 TOTAL ACRES ±10.22 * This offering also includes Fee Simple Interest in these parcels. PARCEL MAP BUILDING AREA Riverdale consists of three (3) retail buildings totaling approximately ±66,416 SF of net rentable area. FRONTAGE & ACCESS The site benefits from street frontage of approximately ±550 linear feet along Friars Road and ±800 linear feet along Riverdale Street. There are four (4) entrances off Riverdale Street and one (1) entrance on Friars Road, giving Riverdale Shopping Center a total of five (5) access points. PARKING The center provides 350 parking stalls, which equates to 5.2 spaces per 1,000 SF parking ratio. N

14 RIVERDALE SHOPPING CENTER FRIARS ROAD SAN DIEGO, CA ADMIRAL BAKER GOLF COURSE N SAN DIEGO RIVER FRIARS ROAD (±53,048 CPD) RIVERDALE STREET (±9,560 CPD)

15 11 HIMALAYAN FAMILY GROUP INC DORRIS CHIROPRACTIC DR. RUSS TOPPI SIGNAGE TENANT Filippi's Pizza Grotto 4,505 Himalayan Family Group Inc 3,396 Camel's Breath Inn 2,500 Dr. Russ Toppi 1,200 Mathnasium 2,220 Dorris Chiropractic, Inc. 1,200 Regency Travel 1,604 Demi Cafe Cafe 1,000 Sushi Bar Kazumi 800 Edward Jones 700 Summer Nail Spa 700 Jasmine's Hair 800 The Pilates Room 1,445 Inspire Med. Weight Loss 2,769 Armstrong Garden Center 5,040 CVS 25,737 Black Angus 10,800 Total SF 66,416 SF FRIARS ROAD SUITE REGENCY TRAVEL 118 DEMI CAFÉ 119 SUSHI BAR KAZUMI SUMMER NAIL SPA RIVERDALE ROAD JASMINE S HAIR N INSPIRE WEIGHT LOSS RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA SITE PLAN

16 12 CAPITAL MARKETS NATIONAL RETAIL PARTNERS TENANT PROFILES CVS CVS Health Corporation operates the largest United States pharmacy based on total prescription revenue as well as a chain of retail drug stores. Offering a wide variety of over-thecounter drugs, beauty and cosmetic products, greeting cards, convenience foods and photo services, CVS has 7,822 locations and serves more than 5 million customers daily. WEBSITE OWNERSHIP NYSE: CVS REVENUE $152B MARKET CAPITALIZATION $96B S&P RATING BBB+ LOCATIONS 7,600 EMPLOYEES 240,000 HEADQUARTERS Woonsocket, RI Armstrong Garden Center 100% employee owned company founded in Currently has 321 locations across California making it the largest independent retail nursery company. The company specializes in a quality selection of unique and popular plants, outdoor living, including patio furniture and BBQ s along with landscape design and installation. WEBSITE OWNERSHIP Private LOCATIONS 32 HEADQUARTERS Glendora, CA Black Angus Founded in Los Angeles in 1964, Black Angus has 45 locations across CA, WA, AZ, NM, AK, HI. The restaurants pay homage to its Western cattle roots, but offer the finest Certified Angus beef and USDA Choice steaks and burgers, in addition to seafood, salads, sides and desserts as well as craft beer and hand-crafted cocktails. WEBSITE OWNERSHIP Private LOCATIONS 45 HEADQUARTERS Los Angeles, CA

17 13 TENANT PROFILES (CONTINUED) RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA Edward Jones Founded in 1995, Edward Jones is a financial services firm operating as a broker-dealer primarily serving individual investors. The company clears and settles individual equities, municipal bonds, corporate bonds, mutual funds, and annuity transactions. It also distributes mutual fund shares; and purchases or sells securities. In addition, the company sells life insurance, long term care insurance, disability insurance, fixed and variable annuities. WEBSITE OWNERSHIP Private EMPLOYEES 36,039 HEADQUARTERS Des Peres, MO Mathnasium With over 700 locations worldwide, Mathnasium is a math-only learning center that teaches and tutors children in math while utilizing its proprietary teaching materials and techniques. WEBSITE OWNERSHIP Private LOCATIONS 700 HEADQUARTERS Los Angeles, CA ADDITIONAL TENANTS Camel s Breath Inn Demi Café Dorris Chiropractic, Inc. Dr. Russ Toppi Filipi s Pizza Grotto Himalayan Curry and Grill Inspire Weight Loss Jasmine s Hair Regency Travel Summer Nail Spa Sushi Bar Kazumi The Pilates Room

18 14 CAPITAL MARKETS NATIONAL RETAIL PARTNERS ASSUMPTIONS GLOBAL Analysis Period AVAILABLE SPACE LEASING Occupancy and Absorption Commencement Date August 1, 2017 Projected Available at 8/1/17 0 SF End Date July 31, 2027 Currently Available as of 5/1/17 0 SF Term 10 Years Percentage Available at 5/1/ % Area Measures EXPENSES Building Square Feet (SF) 66,416 SF Operating Expense Source 2017 Budget [3] Growth Rates Consumer Price Index (CPI) 3.00% Management Fee (% of EGR) 3.00% Other Income Growth Rate 3.00% Operating Expenses 3.00% Real Estate Taxes Reassessed Yes [4] Real Estate Taxes 2.00% Millage Rate 1.174% Market Rent Growth Special Assessments $339 CY % Land Levy $73,702 CY % CY % GROUND LEASE CY % CY % Ground Lease CY % Commencement Date October 16, 1981 CY % Expiration Date October 15, 2033 CY % Renewals Three (3) - Ten (10) Yr Options CY % Final Expiration Date October 15, 2063 CY % Years Remaining (with Options) Forty-Six (46) Years & Three (3) Months Total Current Rent $145,742 /Yr [5] Calori (Parcels 1 & 2) $69,612 /Yr General Vacancy Loss 5.00% [1] Ferrari (Parcels 1 & 2) $38,065 /Yr Zaluskey (Parcels 1 & 2) $38,065 /Yr Capital Reserves (CY 2017 Value) $0.25 PSF [2] Rent Adjustments Calori (Parcels 1 & 2) CPI Every 3 Years (Max 12%) Ferrari (Parcels 1 & 2) CPI Every 3 Years (Max 10%) Zaluskey (Parcels 1 & 2) CPI Every 3 Years (Max 10%) Reimbursable? No MISCELLANEOUS REVENUE Retail Sales Percent Revenue (Year 1) $5,438 [6] Signage (Year 1) $4,603 MARKET LOAN Loan Funding (as of Aug-17) $6,987,500 Loan-To-Price 65.00% Funding Date Aug-17 Maturity Date Jul-27 Loan Term 10.0 Years Amortization Period 30 Years Initial Interest Only Period (If Any) 24 Months Interest Rate 4.85% Origination Fee on Initial Loan Funding 1.00% FINANCING For customized Debt Quotations, please contact: SCOTT PETERSON Lic scott.peterson@cbre.com CBRE Debt & Equity Finance (DEF) is a division of CBRE Inc. In the US, DEF represents approximately 300 lenders including: banks, life insurance companies, pension funds, CMBS lenders and a variety of other lending sources. DEF also acts as a correspondent for over 200 life insurance companies. The Quote above is an approximation of available terms. All market rent rates are stated on calendar-year basis. [1] General Vacancy Loss factor includes losses attributable to projected lease-up, rollover downtime, and fixturing downtime. The following tenants are excluded from this loss factor for current and option terms only: Armstrong Garden Center, Black Angus, CVS and Clear Channel Billboard. [2] Capital Reserves do not inflate during the term of the analysis. [3] Operating Expenses are based on the 2017 Budget, less any owner-specific and one-time expenses. [4] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of % plus special assessments of $339 and a land levy of $73,702. [5] Ground Rent is currently $145,742 /yr and is adjusted every three (3) years by the cumulative CPI increase. Next rent adjustment commences October 2017 (assumes cumulative increases of 9.27%). [6] CVS pays percentage rent of 0.8% up to $5,000,000 and 0.5% thereafter over a $0 breakpoint less Base Rent and Tax Reimbursement. Modeled 2015 sales, $8,759,483, grown by 3% annually for You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

19 15 ASSUMPTIONS (CONTINUED) SECOND GENERATION LEASING Major Restaurants Shops Billboard Retention Ratio 80% 80% 75% 80% Financial Terms 2017 Monthly Market Rent $1.25-$2.00 PSF $1.75-$2.50 PSF $1.75-$2.50 PSF $167 /mo Rent Adjustment 10% Every 5 Yrs 3.00% Annually 3.00% Annually 3.00% Annually Lease Term 10 Years 10 Years 5 Years 10 Years Expense Reimbursement Type NNN NNN NNN GROSS [7] Tenanting Costs Rent Abatements [8] New 3 Month(s) 3 Month(s) 3 Month(s) 0 Month(s) Renewal 0 Month(s) 0 Month(s) 0 Month(s) 0 Month(s) Weighted Average 0.60 Month(s) 0.60 Month(s) 0.75 Month(s) 0.00 Month(s) RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA Tenant Improvements ($/SF) New $25.00 PSF $30.00 PSF $20.00 PSF $0.00 PSF Renewal $5.00 PSF $6.00 PSF $4.00 PSF $0.00 PSF Weighted Average $9.00 PSF $10.80 PSF $8.00 PSF $0.00 PSF Commissions New 6.00% 6.00% 6.00% 6.00% Renewal 1.20% 1.20% 1.20% 1.20% Weighted Average 2.16% 2.16% 2.40% 2.16% Downtime New 9 Month(s) 6 Month(s) 6 Month(s) 6 Month(s) Weighted Average 2 Month(s) 1 Month(s) 2 Month(s) 1 Month(s) [7] Future tenants are assumed to reimburse the same as in-place. [8] Rent Abatement includes NNN charges as well as base rent. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

20 16 CAPITAL MARKETS NATIONAL RETAIL PARTNERS CASH FLOW FISCAL YEAR 8/17-7/18 8/18-7/19 8/19-7/20 8/20-7/21 8/21-7/22 8/22-7/23 8/23-7/24 8/24-7/25 8/25-7/26 8/26-7/27 8/27-7/28 Physical Occupancy 99.82% 99.51% 99.44% 98.65% 98.74% 99.00% 99.42% 99.36% 99.64% 98.87% 98.88% Overall Economic Occupancy [1] 97.21% 96.77% 96.91% 96.36% 96.47% 96.62% 96.72% 96.76% 96.91% 96.55% 96.43% Total Operating Expenses PSF Per Year $8.18 $8.35 $8.50 $8.83 $9.02 $9.18 $9.55 $9.76 $9.93 $10.31 $10.27 REVENUES FY 2018 [2] Scheduled Base Rent $/SF/MO Gross Potential Rent $1.14 $911,156 $938,914 $970,645 $1,004,591 $1,038,414 $1,066,047 $1,088,600 $1,134,428 $1,159,209 $1,188,331 $1,211,588 Absorption & Turnover Vacancy (0.00) (3,245) (9,310) (9,421) (21,620) (25,472) (18,190) (12,616) (12,858) (7,322) (26,939) (24,110) Base Rent Abatements (6,051) (3,533) (11,550) (9,620) (7,343) (5,561) (5,548) (2,828) (8,884) (10,781) Total Scheduled Base Rent , , , ,421 1,003,322 1,040,514 1,070,423 1,116,022 1,149,059 1,152,508 1,176,697 Expense Reimbursements , , , , , , , , , , ,120 Retail Sales Percent Revenue ,475 7,142 8,865 10,646 12,487 14,389 16,355 18,386 20,485 23,194 26,742 Signage ,603 4,741 4,884 5,030 5,181 5,336 5,496 5,661 5,831 6,006 6,186 TOTAL GROSS REVENUE ,340,802 1,364,323 1,410,496 1,429,319 1,475,523 1,526,982 1,572,910 1,631,706 1,681,108 1,687,296 1,713,745 General Vacancy Loss (0.04) (34,225) (29,048) (30,869) (19,588) (17,833) (26,665) (33,837) (34,895) (42,087) (23,237) (27,133) EFFECTIVE GROSS REVENUE ,306,577 1,335,275 1,379,627 1,409,731 1,457,690 1,500,317 1,539,073 1,596,811 1,639,021 1,664,059 1,686,612 OPERATING EXPENSES Jantorial (0.02) (14,383) (14,814) (15,259) (15,717) (16,189) (16,674) (17,175) (17,690) (18,220) (18,767) (19,330) Repairs & Maintenance (0.02) (15,249) (15,706) (16,177) (16,662) (17,161) (17,678) (18,207) (18,754) (19,316) (19,895) (20,491) Landscape & Grounds (0.02) (19,403) (19,986) (20,585) (21,203) (21,839) (22,495) (23,169) (23,864) (24,580) (25,318) (26,077) Parking Lot Maintenance (0.01) (6,518) (6,713) (6,914) (7,122) (7,335) (7,555) (7,782) (8,015) (8,256) (8,503) (8,758) Trash (0.01) (11,905) (12,262) (12,630) (13,009) (13,399) (13,801) (14,215) (14,642) (15,080) (15,533) (15,999) Utilities (0.02) (13,245) (13,642) (14,051) (14,473) (14,907) (15,354) (15,815) (16,289) (16,778) (17,281) (17,800) Water (0.05) (36,150) (37,234) (38,351) (39,502) (40,687) (41,907) (43,165) (44,460) (45,793) (47,167) (48,582) Security (0.00) (3,516) (3,622) (3,731) (3,843) (3,958) (4,077) (4,199) (4,325) (4,455) (4,588) (4,726) Management Fee (0.05) (39,197) (40,058) (41,389) (42,292) (43,731) (45,010) (46,172) (47,904) (49,171) (49,922) (50,598) Insurance (0.02) (16,554) (17,050) (17,562) (18,089) (18,631) (19,190) (19,766) (20,359) (20,970) (21,599) (22,247) Real Estate Taxes (0.25) (202,613) (206,658) (210,785) (214,994) (219,287) (223,666) (228,133) (232,688) (237,335) (242,075) (229,852) Ground Lease (NR) (0.20) (157,000) (159,252) (159,252) (171,562) (174,024) (174,024) (187,474) (190,164) (190,164) (204,854) (207,792) Marketing (NR) (0.00) (204) (210) (216) (222) (229) (236) (243) (250) (258) (266) (273) R&M (NR) (0.01) (7,102) (7,315) (7,535) (7,761) (7,994) (8,233) (8,480) (8,735) (8,997) (9,267) (9,545) TOTAL OPERATING EXPENSES (0.68) (543,039) (554,522) (564,437) (586,451) (599,371) (609,900) (633,995) (648,139) (659,373) (685,035) (682,070) NET OPERATING INCOME , , , , , , , , , ,024 1,004,542 [1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements. [2] Based on 66,416 square feet. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

21 17 CASH FLOW (CONTINUED) FISCAL YEAR 8/17-7/18 8/18-7/19 8/19-7/20 8/20-7/21 8/21-7/22 8/22-7/23 8/23-7/24 8/24-7/25 8/25-7/26 8/26-7/27 8/27-7/28 CAPITAL COSTS Tenant Improvements (40,353) (18,842) (107,078) (45,975) (44,109) (39,894) (28,730) (15,083) (42,547) (61,885) Leasing Commissions (13,111) (7,118) (37,841) (19,382) (15,152) (12,272) (11,178) (5,698) (18,387) (22,133) Capital Reserves (0.02) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) (16,604) TOTAL CAPITAL COSTS (0.02) (16,604) (70,068) (42,564) (161,523) (81,961) (75,865) (68,770) (56,512) (37,385) (77,538) (100,622) OPERATING CASH FLOW $0.94 $746,934 $710,685 $772,626 $661,757 $776,358 $814,552 $836,308 $892,160 $942,263 $901,486 $903,920 ACQUISITION & RESIDUAL SALE Purchase Price ($10,750,000) All Cash Net Residual Value [3] ,404,506 IRR CASH FLOW BEFORE DEBT ($10,750,000) $746,934 $710,685 $772,626 $661,757 $776,358 $814,552 $836,308 $892,160 $942,263 $12,305, % RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA MARKET LOAN [4] Loan Funding / Payoff 6,987, (5,977,630) Loan Fees (69,875) Leveraged Annual Debt Service 0 (338,894) (338,894) (442,470) (442,470) (442,470) (442,470) (442,470) (442,470) (442,470) (442,470) IRR CASH FLOW AFTER DEBT ($3,832,375) $408,040 $371,791 $330,156 $219,287 $333,888 $372,082 $393,838 $449,690 $499,793 $5,885, % NOI Return 7.10% 7.26% 7.58% 7.66% 7.98% 8.28% 8.42% 8.82% 9.11% 9.11% UNLEVERAGED Cash Return 6.95% 6.61% 7.19% 6.16% 7.22% 7.58% 7.78% 8.30% 8.77% 8.39% LEVERAGED Cash Return [5] 11.08% 11.53% 9.73% 9.94% 10.85% 11.69% 12.07% 13.21% 14.02% 14.00% Rolling - All Cash IRR N/M N/M 2.68% 4.55% 5.76% 6.30% 7.05% 7.48% 7.56% 7.78% Rolling - Leveraged IRR N/M N/M N/M 3.42% 7.08% 8.62% 10.54% 11.52% 11.64% 12.06% [3] Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 8.50% and applying a 3.50% Cost of Sale. [4] Market Debt based on 65% Loan-to-Value, 4.85% Interest Rate, 30-Year Amortization, 24 Months Interest Only and 1.00% Loan Fee. [5] Leveraged Cash Return is based on NOI less debt service divided by equity including costs to stabilize. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

22 18 CAPITAL MARKETS NATIONAL RETAIL PARTNERS RENT ROLL Square % of Lease Term Rental Rates Recovery Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Market Assumption / Market Rent Filippi s Pizza Grotto 4, % Oct-2008 Sep-2020 Current $6,084 $1.35 $73,012 $16.21 NNN Market RENEW Oct-2017 $6,803 $1.51 $81,631 $18.12 $1.75 NNN (Restaurant) Oct-2019 $7,884 $1.75 $94,605 $21.00 Tenant has exercised one (1) - three (3) year renewal. Analysis assumes renewal rent of $1.51 NNN with rent increasing to $1.75 NNN in year three Himalayan Family Group Inc 3, % Jun-2011 May-2021 Current $5,282 $1.56 $63,382 $18.66 NNN Market Jun-2018 $5,439 $1.60 $65,271 $19.22 $1.75 NNN (Restaurant) Jun-2019 $5,603 $1.65 $67,241 $19.80 Jun-2020 $5,770 $1.70 $69,244 $20.39 Tenant has one (1) - five (5) year option at FMV Camel s Breath Inn 2, % Dec-1988 Dec-2018 Current $5,563 $2.23 $66,756 $26.70 NNN Market Jan-2018 $5,729 $2.29 $68,750 $27.50 $2.25 NNN (Restaurant) Tenant has one (1) - five (5) year option at FMV no less than prior rent. Rent increases for first two (2) years of option shall not exceed 12% of prior year s rent. Option term exercised automatically unless election to not exercise option is received by Landlord no less than 180 days and no more than 270 days from start of option. 108 Dr. Russ Toppi 1, % Nov-2016 Oct-2021 Current $2,460 $2.05 $29,520 $24.60 NNN Market Nov-2017 $2,580 $2.15 $30,960 $25.80 $2.25 NNN (Shops) Nov-2018 $2,700 $2.25 $32,400 $27.00 Nov-2019 $2,820 $2.35 $33,840 $28.20 Nov-2020 $2,940 $2.45 $35,280 $29.40 Tenant has two (2) - five (5) year options at $3,024 /mo and the greater of FMV or 103% of previous term s rent, respectively. Managment Fee shall not exceed 5% of gross revenue for the center Mathnasium 2, % Jul-2014 Jul-2019 Current $4,107 $1.85 $49,284 $22.20 NNN Market Jul-2018 $4,218 $1.90 $50,616 $22.80 $2.00 NNN (Shops) Tenant has one (1) - five (5) year option at FMV. 111 Dorris Chiropractic, Inc. 1, % Nov-2014 Jan-2022 Current $2,864 $2.39 $34,373 $28.64 NNN Market Jan-2018 $2,950 $2.46 $35,400 $29.50 $2.50 NNN (Shops) Jan-2019 $3,039 $2.53 $36,468 $30.39 Jan-2020 $3,130 $2.61 $37,560 $31.30 Jan-2021 $3,224 $2.69 $38,688 $32.24 Tenant has one (1) - seven (7) year option at the greater of FMV or 103% of prior rent. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

23 19 RENT ROLL (CONTINUED) Square % of Lease Term Rental Rates Recovery Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Market Assumption / Market Rent 112 Regency Travel 1, % Jun-1999 Jul-2021 Current $2,891 $1.80 $34,695 $21.63 NNN Market Aug-2018 $2,978 $1.86 $35,737 $22.28 $2.00 NNN (Shops) Aug-2019 $3,068 $1.91 $36,812 $22.95 Aug-2020 $3,160 $1.97 $37,919 $ Demi Cafe Cafe 1, % May-2017 Apr-2022 Current $2,250 $2.25 $27,000 $27.00 NNN Market May-2018 $2,318 $2.32 $27,810 $27.81 $2.25 NNN (Shops) May-2019 $2,387 $2.39 $28,640 $28.64 May-2020 $2,458 $2.46 $29,500 $29.50 May-2021 $2,533 $2.53 $30,390 $ Sushi Bar Kazumi % Apr-2014 Jul-2022 Current $2,000 $2.50 $24,000 $30.00 NNN Market ASSUMED Aug-2018 $2,080 $2.60 $24,960 $31.20 $2.50 NNN (Restaurant) Aug-2019 $2,163 $2.70 $25,960 $32.45 Aug-2020 $2,250 $2.81 $27,000 $33.75 Aug-2021 $2,340 $2.93 $28,080 $35.10 Analysis assumes tenant executes new five (5) year lease as of analysis start. Tenant has one (1) - five (5) year option at FMV with 4% annual rent increases. RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA 115 Edward Jones % Jun-2000 May-2018 Current $1,325 $1.89 $15,900 $22.71 NNN Market $2.25 NNN (Shops) 116 Summer Nail Spa % May-2009 Apr-2019 Current $1,552 $2.22 $18,627 $26.61 NNN Market May-2018 $1,607 $2.30 $19,278 $27.54 $2.25 NNN (Shops) 117 Jasmine s Hair % Jan-2013 Dec-2022 Current $1,531 $1.91 $18,368 $22.96 NNN Market RENEW Jan-2018 $1,712 $2.14 $20,544 $25.68 $2.25 NNN (Shops) Jan-2020 $1,800 $2.25 $21,600 $27.00 Jan-2021 $1,854 $2.32 $22,248 $27.81 Jan-2022 $1,909 $2.39 $22,912 $28.64 Tenant has exercised one (1) - five (5) year renewal at $2.14 NNN with rent increasing to $2.25 NNN in year three. Rent shall increase 3% annually thereafter. 118 The Pilates Room 1, % Nov-2015 Aug-2020 Current $2,601 $1.80 $31,212 $21.60 NNN Market Sep-2017 $2,702 $1.87 $32,426 $22.44 $2.00 NNN (Shops) Sep-2018 $2,818 $1.95 $33,813 $23.40 Sep-2019 $2,919 $2.02 $35,027 $24.24 Tenant has one (1) - five (5) year option at FMV with 3% annual increases. Managment Fee shall not exceed 5% of gross revenue for the center. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

24 20 CAPITAL MARKETS NATIONAL RETAIL PARTNERS RENT ROLL (CONTINUED) Square % of Lease Term Rental Rates Recovery Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Market Assumption / Market Rent 119 Inspire Med. Weight Loss 2, % Jan-2012 Dec-2017 Current $4,154 $1.50 $49,842 $18.00 NNN Option $1.75 NNN (Shops) Jan-2018 Dec-2022 FUTURE $4,846 $1.75 $58,149 $21.00 NNN Market RENEW Jan-2019 $4,991 $1.80 $59,893 $21.63 $1.75 NNN (Shops) Jan-2020 $5,141 $1.86 $61,693 $22.28 Jan-2021 $5,296 $1.91 $63,549 $22.95 Jan-2022 $5,455 $1.97 $65,459 $23.64 Assumes tenant exercises one (1) - five (5) year renewal at $1.75 NNN with 3% annual rent increases and no leasing costs Armstrong Garden Center 5, % Sep-2014 Aug-2024 Current $8,929 $1.77 $107,148 $21.26 NNN Option Sep-2018 $9,374 $1.86 $112,493 $22.32 (Armstrong) $2.00 NNN (Major) Sep-2020 $9,845 $1.95 $118,138 $23.44 (Armstrong) Sep-2022 $10,336 $2.05 $124,034 $24.61 Tenant has one (1) - five (5) year option at $10, /mo (modeled below). Tenant pays percetange rent of 5% over a natural breakpoint (not hitting, not modeled). Sep-2024 Aug-2029 FUTURE $10,853 $2.15 $130,240 $25.84 NNN Market OPTION Sep-2026 $11,395 $2.26 $136,735 $27.13 (Armstrong) $2.00 NNN (Major) Sep-2028 $11,966 $2.37 $143,590 $28.49 (Armstrong) Assumes tenant exercises one (1) - five (5) year option with no leasing costs CVS 25, % Jan-1978 Feb-2019 Current $3,333 $0.13 $40,000 $1.55 NNN+10% Ad Option (CVS) $1.25 NNN (Major) (CVS) T has three (3) - ten (10) year $3,333/mo. T pays % rent based on 0.8% up to $5M and 0.5% thereafter over a natural breakpoint less excess tax reimb. (modeled 2015 sales, $8,759,483, grown by 3% annually). If OpEx, less ins and tax exceeds 0.13% sales or $6,250 /yr, whichever is more, tenant has right to self maintain share of common area. Mar-2019 Feb-2029 FUTURE $3,333 $0.13 $40,000 $1.55 NNN+10% Ad Market OPTION (CVS) $1.25 NNN (Major) (CVS) Assumes tenant exercises one (1) - ten (10) year option with no leasing costs. You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

25 21 RENT ROLL (CONTINUED) Square % of Lease Term Rental Rates Recovery Market Assumption / Suite Tenant Name Feet Property Begin End Begin Monthly PSF Annually PSF Type Market Rent Black Angus 10, % Sep-1979 Aug-2029 Current $17,280 $1.60 $207,360 $19.20 NNN+10% Ad Market ASSUMED Sep-2024 $19,008 $1.76 $228,096 $21.12 (Black) $2.00 NNN (Major) (Black Angus) Tenant currently pays $8,500/mo and percentage rent of five percent (5%) less min. rent & taxes (limited to 50% of % rent less min rent) with a lease expiration of 8/19. Assumes tenant renews as of analysis start at modeled terms, which is based on tenant s LOI to extend. Sep-2029 Aug-2039 FUTURE $20,909 $1.94 $250,908 $23.23 NNN+10% Ad Market OPTION Sep-2034 $23,004 $2.13 $276,048 $25.56 (Black) $2.00 NNN (Major) (Black Angus) Analysis assumes tenant exercises two (2) - five (5) year options at 110% of prior rent with no leasing costs. BLBD Clear Channel Billboard % Jan-2017 Dec-2026 Current $167 $ $2,000 $2, GROSS Market Jan-2018 $172 $ $2,060 $2, $167 GROSS (Billboard) Jan-2019 $177 $ $2,122 $2, Jan-2020 $182 $ $2,185 $2, Jan-2021 $188 $ $2,251 $2, Jan-2022 $193 $ $2,319 $2, Jan-2023 $199 $ $2,388 $2, Jan-2024 $205 $ $2,460 $2, Jan-2025 $211 $ $2,534 $2, Jan-2026 $217 $ $2,610 $2, Note: Not a lease. Informal agreement for trimming trees and keeping visibility to billboard/signage. RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA TOTALS / AVERAGES 66,416 $74,373 $1.12 $892,478 $13.44 OCCUPIED SF 66, % AVAILABLE SF 0 0.0% TOTAL SF 66, % You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

26 22 CAPITAL MARKETS NATIONAL RETAIL PARTNERS

27 23 AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an Affiliate ) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the Property ), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s). CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property ( Owner ) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented as is without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. Pricing in this Offering Memorandum may not be accurate at any given point in time as market conditions including capitalization rates and other value indicators change frequently. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the Property of their respective owners. RIVERDALE SHOPPING CENTER :: SAN DIEGO, CA

28 EXCLUSIVELY MARKETED BY NRP-WEST PHILIP D. VOORHEES Lic KIRK BRUMMER Lic SAN DIEGO PARTNER REG KOBZI Lic SEAN HEITZLER Lic MEGAN WOOD Lic DEBT & STRUCTURED FINANCE PRESTON FETROW Lic LEASING MATT PECKHAM Lic BRAD WILLIAMS Lic SCOTT PETERSON Lic CBRE-Newport Beach 3501 Jamboree Rd., Ste 100, Newport Beach, CA F CBRE, Inc. All Rights Reserved.