EASTRIDGE PLAZA - PORTERVILLE, CA DuBois Gianulias www.cbre.com/dg ACCEPTING OFFERS IMMEDIATELY Exclusively Offered By Jon Gianulias Senior Vice President 916.446.8787 jon.gianulias@cbre.com John DuBois Senior Vice President 916.446.8761 john.dubois@cbre.com Mark Denholm Associate 916.446.8245 mark.denholm@cbre.com (DARK) COUNTY OF TULARE Joe DuBois Associate 916.446.8280 joe.dubois@cbre.com CB Richard Ellis, Inc. 555 Capitol Mall, Suite 100 Sacramento, California 95814 Fax: 916.446.8292 PLANO ST E OLIVE AVE For more information, please go to www.cbre.com/dgproperties
EASTRIDGE PLAZA 303 E OLIVE AVENUE PORTERVILLE, CALIFORNIA HIGHLIGHTS Neighborhood Center with Potential Repositioning Opportunity Dark Anchor Space Leased to SaveMart Through June 2010 Little Retail Competition Within Immediate Vicinity SUMMARY ACCEPTING OFFERS IMMEDIATELY Price: Best Offer CY 2007 Proforma NOI: $804,064 Property: 303 E Olive Avenue Porterville, CA Leasable Space Included: ±81,010 SF Land Included: ±5.67 Acres Year Built: 1985 Jr Anchor Space Under Long-Term Lease to County of Tulare To Be Delivered Free and Clear of Debt PROPERTY DESCRIPTION Eastridge Plaza is a neighborhood center located in the eastern portion of Porterville, less than ½ mile from Main St, a major North-South route through the city. This Offering consists of a dark anchor space of ±32,400 square feet, a junior anchor of ±19,120 SF and ±30,000 SF of in-line shops space. The anchor space is currently dark, but under lease to SaveMart Supermarkets through June 2010. This vacancy offers a potential redevelopment/repositioning opportunity to value-add buyers or owner/ users. The junior anchor space of ±19,120 is under long term lease to the County of Tulare, providing some stability for potential second generation tenants with co-tenancy concerns during SaveMart s vacancy. DEMOGRAPHICS 1 Mile 3 Mile 5 Mile 2006 Population (Est.) 16,637 54,674 68,033 Growth (2000-06) 13.3% 11.8% 12.7% Average Household Income $31,957 $43,432 $47,137 MARKET DESCRIPTION Porterville is located on State Highway 65, 165 miles north of Los Angeles. The City has a strategic central location to major markets and a ready access to major transportation routes. Porterville is an expanding trade area that has grown nearly 150% in the past two decades. There are approximately 2,476 residential units under construction, approved or in the planning stages. The City has grown into a community of over 43,000 with a trade area population of 120,000. Agriculture supplemented by the Central Valley Water Project has been the major source of economic growth in the area. The Wal-Mart Distribution Center, National Vitamin, Beckman Instruments, Standards Register, Sierra Pacific Apparel, Royalty Carpeting, and other small companies have facilities in Porterville and provide a significant employment base for the community.
FINANCIAL SUMMARY Income Calendar Year 2007 In-Place Proforma Min. Rent, In-Place 788,769 790,572 Min. Rent, Vacancy 1 53,748 Reimbursements, In-Place 85,996 85,996 Reimbursements, Vacancy 15,501 Other Income 2 79,321 79,321 Total Gross Income 954,086 1,025,138 Vacancy Allowance 3 3% (16,281) (21,547) County Offices Effective Gross Income 937,805 1,003,591 Expenses 4 CAM Expenses 117,075 117,075 Management Fees 28,134 30,108 Insurance 14,563 14,563 Property Taxes 37,781 37,781 Dark Save Mart Total Expenses (197,553) (199,527) Net Operating Income $740,252 $804,064 Footnotes: 1. Suites 319 and 341 assumed to lease at $12 and $9.00 2. Misc. revenues per Seller's budget, includes TI amort. from County 3. Total general vacancy, excluding CAM income from Raley's and County 4. Based on Seller's budget Tenant Sales information will be available to interested parties upon request. Please contact us for further information. D UBOIS GIANULIAS www.cbre.com/dg
EASTRIDGE PLAZA 303 E OLIVE AVENUE PORTERVILLE, CALIFORNIA PARCEL MAP SITE PLAN OLIVE AVE PLANO ST COUNTY OF TULARE DRIVE THRU (DARK) EASTRIDGE CIR Mexican DRIVE THRU NOT TO SCALE -- ALL DIMENSIONS ARE APPROXIMATE. = AVAILABLE
(DARK) COUNTY OF TULARE E OLIVE AVE PLANO ST D UBOIS GIANULIAS www.cbre.com/dg
EASTRIDGE PLAZA 303 E OLIVE AVENUE PORTERVILLE, CALIFORNIA RENT ROLL Rentable As of August 2006 Suite Tenant Sq Ft (±) Share Start End Annual Rent Mon. Rent $/Sq. Ft. On To Options 301 Teriyaki Restaurant 2,800 3.5% Oct-04 Apr-15 $17,472 $1,456.00 $0.52 May-07 $1,512 1, 5-yr option with 5% annual increases Annually $0.02/sf/mo 303 County of Tulare 19,120 23.6% Sep-05 Sep-25 $344,160 $28,680.00 $1.50 Oct-06 $29,254 2, 5-yr options with 2% annual increases Annually 2% 305 Save Mart 32,400 40.0% Jul-85 Jun-10 $203,083 $16,923.55 $0.52 Fixed 4, 5-yr options at formula rent; currently dark 307 Action Video 4,200 5.2% Oct-05 Sep-08 $25,200 $2,100.00 $0.50 Oct-06 $2,184 None Oct-07 $2,268 313 99 Cent Plus Discount 3,570 4.4% Oct-00 Feb-08 $30,660 $2,555.00 $0.72 Mar-07 $2,683 None 321 Prism Insurance 1,050 1.3% Jan-06 Jul-07 $10,212 $851.00 $0.81 N/A None 327 Soap Opera Coin-Op 1,750 2.2% Nov-05 Oct-10 $19,950 $1,662.50 $0.95 Nov-06 $1,746 None Nov-07 5% 329 Department of Motor Vehicles 6,438 7.9% Aug-99 Oct-09 $78,276 $6,523.00 $1.01 Nov-06 $7,077 60-Day Early Termination 349 Star Image Studio 1,050 1.3% Oct-05 Oct-08 $12,600 $1,050.00 $1.00 Nov-06 $1,082 1, 2-yr option at $1,145/mo; $1,176/mo Nov-07 $1,113 351 Family Rental Center (storage) 1,050 1.3% Mar-06 Feb-09 $3,000 $250.00 $0.24 Set LL has 30-day right to terminate 353 Family Rental Center #3 2,100 2.6% Mar-06 Feb-09 $24,996 $2,083.00 $0.99 Mar-07 $2,165 None Mar-08 $2,251 Subtotal Leased 75,528 93.2% $64,134.05 $0.85 Average In-Place Rents 319 Available 1,470 $17,640 $1,470.00 $1.00 341 Available 4,012 5.3% $36,108 $3,009.00 $0.75 Subtotal Available 5,482 $53,748 TOTAL OFFERING GLA 81,010 Increases
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 Dec-2007 Dec-2008 Dec-2009 Dec-2010 Dec-2011 Dec-2012 Dec-2013 Dec-2014 Dec-2015 Dec-2016 Potential Gross Revenue Base Rental Revenue 844,320 858,088 873,294 880,948 906,509 924,699 940,699 958,150 981,082 1,016,534 Absorption & Turnover Vacancy (1,803) (10,991) (14,734) (64,182) (10,697) (9,298) (11,971) (11,200) (5,880) Scheduled Base Rental Revenue 842,517 847,097 858,560 816,766 906,509 914,002 931,401 946,179 969,882 1,010,654 Expense Reimbursement Revenue 1.01 1.01 0.95 1.11 1.01 1.02 1.02 1.03 1.04 Management Fee 9,416 9,069 9,796 12,312 13,934 13,823 14,051 14,257 14,571 15,393 CAM 58,149 57,424 60,250 75,569 107,537 109,340 112,559 115,720 119,143 124,033 Insurance 6,834 6,810 7,229 9,302 13,377 13,602 13,999 14,394 14,820 15,428 Property Taxes 27,098 27,053 28,142 28,411 33,377 33,605 34,257 34,878 35,562 36,662 Total Reimbursement Revenue 101,497 100,356 105,417 125,594 168,225 170,370 174,866 179,249 184,096 191,516 Misc. Income 79,321 79,452 79,588 79,727 79,870 80,018 80,170 80,326 80,487 80,654 Total Potential Gross Revenue 1,023,335 1,026,905 1,043,565 1,022,087 1,154,604 1,164,390 1,186,437 1,205,754 1,234,465 1,282,824 General Vacancy (19,744) (10,822) (7,721) (17,761) (38,636) (28,581) (30,623) (28,653) (30,415) (37,474) Effective Gross Revenue 1,003,591 1,016,083 1,035,844 1,004,326 1,115,968 1,135,809 1,155,814 1,177,101 1,204,050 1,245,350 Operating Expenses Management Fee 30,108 30,482 31,075 30,130 33,479 34,074 34,674 35,313 36,121 37,360 CAM 117,075 120,587 124,205 127,931 131,769 135,722 139,794 143,987 148,307 152,756 Insurance 14,563 15,000 15,450 15,914 16,391 16,883 17,389 17,911 18,448 19,002 Property Taxes 37,781 38,536 39,307 40,093 40,895 41,713 42,547 43,398 44,266 45,152 Total Operating Expenses 199,527 204,605 210,037 214,068 222,534 228,392 234,404 240,609 247,142 254,270 Net Operating Income 804,064 811,478 825,807 790,258 893,434 907,417 921,410 936,492 956,908 991,080 Leasing & Capital Costs 1.01 1.02 0.96 1.13 1.02 1.02 1.02 1.02 1.04 Tenant Improvements 59,169 20,608 8,605 109,281 8,115 16,364 10,977 26,602 21,000 9,408 Leasing Commissions 13,486 8,753 4,264 69,915 4,039 9,758 4,662 13,140 8,919 4,682 Capital Reserves 8,344 8,594 8,852 9,118 9,391 9,673 9,963 10,262 10,570 10,887 Total Leasing & Capital Costs 80,999 37,955 21,721 188,314 21,545 35,795 25,602 50,004 40,489 24,977 Cash Flow Before Debt Service 723,065 773,523 804,086 601,944 871,889 871,622 895,808 886,488 916,419 966,103 NOI Growth 1.111147869 1.232588451 Annual Rate 1.021302445 1.021131819 D UBOIS GIANULIAS www.cbre.com/dg
PORTERVILLE, CALIFORNIA Major Retailers AVE 176 PORTERVILLE TOWN CTR. SaveMart, Anchor Blue PORTERVILLE CROSSROADS Food 4 Less, Office Max, Shops N WESTWOOD ST 190 Wal-Mart W HENDERSON AVE W MORTON AVE W OLIVE AVE N NEWCOMB ST PORTERVILLE MARKETPLACE Target, Monte Mart, Mervyn's, Big 5 POPLAR AVE 65 W WESTFIELD AVE N MAIN MAIN MAIN MAIN MAIN MAIN MAIN MAIN MAIN ST ST ST ST ST ST ST ST ST Longs Drugs Smart N Final PORTERVILLE PLAZA 99 Cent Only, Thrifty(Dark), Galaxy 9 Cinema, Factory 2U Rite Aid P O R T E R V I L L E SaveMart S MAIN ST Super Wal-Mart (Prop.) N PLANO ST JCPenney Home Depot PORTERVILLE COLLEGE Longs Drugs 190 SUBJECT PROPERTY EASTRIDGE PLAZA SUCCESS DR Lake Success PORTERVILLE MUNICIPAL AIRPORT 65 0 1 / 2 1 M i l e s John DuBois 916.446.8761 john.dubois@cbre.com Mark Denholm 916.446.8245 mark.denholm@cbre.com Jon Gianulias 916.446.8787 jon.gianulias@cbre.com Joe DuBois 916.446.8280 joe.dubois@cbre.com 2006 CB Richard Ellis, Inc. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. 90905069 Seller herby advises receiving party that Seller is not currently the owner of the property, and receiving party expressly acknowledges and understands that any transaction contemplated herein is expressly subject to and conditioned upon Seller becoming the owner of the Property pursuant to successful completion of the pending merger between seller and Pan Pacific Retail Properties, Inc.