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Capital markets National retail investment group4235 university parkwaysan bernardino, californiaoffering memorandum
Exclusively Marketed byNRIG-WestPhilip D. Voorhees 1 949 725 8521Lic. 01252096phil.voorhees@cbre.comBrad Rable 1 949 725 8468Lic. 01940290brad.rable@cbre.comMegan Read 1 949 725 8423Lic. 01516027megan.read@cbre.comJames Slusher 1 949 725 8507Lic. 01857569james.slusher@cbre.comJohn Read 1 949 725 8606Lic. 01359444john.read@cbre.comCBRE-Newport Beach3501 Jamboree Rd., Ste 100Newport Beach, CA 92660F 1 949 725 8545 2014 CBRE, Inc. The information contained in this document has been obtainedfrom sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE,Inc. has not verified it and makes no guarantee, warranty or representation aboutit. It is your responsibility to independently confirm its accuracy and completeness.Any projections, opinions, assumptions or estimates used are for example only anddo not represent the current or future performance of the property. The value ofthis transaction to you depends on tax and other factors which should be evaluatedby your tax, financial and legal advisors. You and your advisors should conduct acareful, independent investigation of the property to determine to your satisfaction thesuitability of the property for your needs.CBRE, and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or relatedcompanies in the United States and other countries. All other marks displayed on thisdocument are the property of their respective owners.Capital Markets National Retail Investment Group
Table of Contents15141622Investment SummaryArea OverviewProperty OverviewTenant ProfileFinancialsInvestment HighlightsCity OverviewCounty OverviewParcel MapSite PlanAssumptionsCash FlowRent Rollshops at university village 4235 university parkway, san bernardino
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Investment SummaryOffering Price 2,320,000Cap Rate (Year 1)6.00%NOI ( Year 1) 139,229Occupancy100%Total Building Area4,950 SFTotal Land Area21,344 SF (0.49 lageInvestment HighlightsStable Cash Flow with Impressive Income Growth»» The Shops at University Village is 100% leased to a synergistic mix of retailtenants in a fast growing and affluent sub-market of the Inland Empire»» Tenants have scheduled rental increases enhancing future cash oncash returns»»Net Operating Income is projected to increase 56,530 (41%) over theanticipated hold periodExcellent Retail Location»» Situated along the freeway off-ramp of Interstate 215 and UniversityParkway (72,000 cars per day), one of the dominant intersections in thetrade area»» Located at the gateway entrance to California State University, SanBernardino with a total campus population greater than 21,000»» The intersection of University Parkway at the I-215 serves California StateUnivertsity, San Bernardino’s daily commuter population»» Synergistic surrounding tenant mix creates a point of destination locationand satisfies daytime and evening customer demands»» Yogurtland at the Shops at University Village is a top 20 store out ofmore than 350 stores worldwideStrong Real Estate Fundamentals»» Established Inland Empire location within the Shandin Hills communitylimits future competition from new construction; developable commercialland is scarce to due the topography of the trade area»» Shallow and efficiently sized tenant suites are conducive to high occupancy,optimal rents, and low-tenant improvement costs, keeping capitalexpenditures to a minimum year to yearshops at university village 4235 university parkway, san bernardino1
Investment Highlights (continued)Low Management Hassle»» 3-tenant strip center with NNN leases; minimal managementobligation»» Regional and national tenants each with custom built, impeccable interiors»» Pride of ownership, professionally maintained asset with limited deferredmaintenance or near-term capital expendituresStrong Inland Empire Demographics»» More than 12,000 people in a 1-mile radius with an Average HouseholdIncome exceeding 57,600»» More than 89,000 people in a 3-mile radius with an Average HouseholdIncome exceeding 55,300»» More than 244,000 people in a 5-mile radius with an Average HouseholdIncome exceeding 51,200Pride of Ownership & Ideal 1031 Exchange Property»» Delivered free and clear of debt permitting an investor to purchase forcash or with new financing at desired LTV and terms»» Synergistic tenant mix with local favorites catering to the demands of thelocal customer»» Recent, high quality construction with minimal deferred maintenance,limited near term capital requirements to drain future cash flow»» Low management NNN leases with rental increases and improvingcash on cash returns»» Available for a year-end close!2Capital Markets National Retail Investment Group
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Area OverviewCity of San BernardinoSan Bernardino is located in the heart of Southern California, nestled at thebase of the San Bernardino Mountains and at the crossroads of the I-215 andI-10 Freeways. The city of San Bernardino is the most populous city in SanBernardino County.Demographics»» One of the major cities of the Inland Empire, San Bernardino is the 17thlargest city in California and the 99th largest city in the United States basedon population.»» The city’s population exceeds 246,800 people and, since 2000, the city’spopulation has grown approximately 30%.San Bernardino City Demographics2014 Estimated Population2019 Projected Population212,935218,8972010 Census Population2000 Census PopulationGrowth 2010-2014Growth 2014-20192014 Estimated Median Age2014 Estimated Average Age2014 Estimated Households2019 Projected Households2010 Census Households2000 Census HouseholdsGrowth 2010-2014Growth 1,46159,02256,5611.44%2.65%shops at university village 4235 university parkway, san bernardino5
Area Overview (continued)EconomyTourism»» Government, retail and service industries dominate the economy of the»» The quality of life in San Bernardino blends old traditions with new»» The city’s strategic location, proximate to the Cajon and San Gorgonio»» San Bernardino is home to the nation’s original McDonald’s location.»» Annual City events include, the award-winning annual Route 66city of San Bernardino.passes and at the convergence of the I-10, I-215, and SR-210 freeways,positions San Bernardino as an intermodal logistics hub.»» The city hosts the Burlington Northern and Santa Fe Railway’s intermodalRendezvous classic car event, the Area Youth Sports Alliance for regional,national and international tournament sports.freight transport yard, the Yellow Freight Systems’ cross-docking truckingcenter and Pacific Motor Trucking.»» Sturges Center Theater and Junior University for youth performing arts»» Large warehouses for Kohl’s, Mattel, Pep Boys and Stater Bros. Markets»» San Bernardino is within proximate driving distance to beaches, deserts,are proximate to San Bernardino International Airport (SBD).»» San Bernardino is a vital contributor to the local region’s economic vitality,providing competitive rates for aviation companies and local businesses.With extensive stretches of runway and acres of prime land ready fordevelopment, SBD is an economic engine for the surrounding community.San Bernardino Top EmployersRankEmployer1Stater Bros. Markets18,0002County of San Bernardino17,39534567San Bernardino City Unified School DistrictCalifornia State University, San BernardinoCity of San BernardinoSaint Bernardine Medical CenterCommunity Hospital of San BernardinoSan Bernardino Community CollegeDistrict, San BernardinoThe Sun NewspaperBlood Bank of San Bernardino89106concepts and community involvement.Capital Markets National Retail Investment Group# of Employees8,5743,0121,7601,4001,200862562340and the International Children’s Choir are present in San Bernardino.and mountain resorts.route 66 rendezvous
Colleges and Universities»»»»»»»»»»California State University, San BernardinoSan Bernardino Valley CollegeNational University, San BernardinoITT Technical InstituteThe Art Institute of California - Inland Empire»»»»»»»»»»Argosy University-Inland EmpireEverest CollegeAmerican Sports UniversityInland Empire Job Corps CenterUEI Collegeshops at university village 4235 university parkway, san bernardino7
Area Overview (continued)Top Tourist Attractions in San Bernardino CitySan Bernardino County»» San Manuel Amphitheater»» Silverwood Lake»» Shandin HillsIncorporated in 1853 and situated along the eastern edge of the Los Angelesmetropolitan area, San Bernardino is made up of more than 20,100 squaremiles, which makes it the largest county, by land area, in the United States.Robert and Frances Fullerton Museum of ArtDemographics»» The fast growing county has a population of 2.1 million with a projected2018 population of 2.2 million (12th in the country and 4th in the state).»» Its southwestern portions (the more urbanized part of San Bernardinoshandin hills golf courseCounty) are considered to be part of the Inland Empire region of SouthernCalifornia, a bi-county area with Riverside County.»» Land is cheaper in San Bernardino than in neighboring Los Angeles, makinghousing more affordable and more abundant. Residents pay an average ofjust 350,000, which is remarkably low considering the higher prices inmuch of Southern California.»» Overall, the cost of living in San Bernardino is 24% above the nationalaverage, but with a combined city and state sales tax rate of less than 10%,goods and services are readily affordable.San Bernardino County Demographics2013 Estimated Population2018 Projected PopulationGrowth 2010-2013Growth 2013-20182013 Estimated Median Age2013 Estimated Average Age2013 Estimated Households2018 Projected HouseholdsGrowth 2010-2013Growth 2013-20182013 Estimated Household Income8Capital Markets National Retail Investment 658,0832.63%4.84% 68,068
Area Overview (continued)EducationEconomy»» San Bernardino County is also home to 14 colleges and universities»» A robust local economy has created a draw to businesses to the area.»» Traditionally based on agriculture (avocados, truck crops, and dates), theincluding California State University, San Bernardino, University ofRedlands and the well-known health sciences; Loma Linda University.Loma Linda University has an annual enrollment of more than 4,000students and 1,500 faculty members and is partnered with Loma LindaUniversity Medical Center that has more than 400 physicians and seesmore than 33,000 inpatients annually from around Southern California.Loma»» Linda University Medical Center is the only level one regional traumacenter servicing Inyo, Mono, Riverside and San Bernardino counties.local economy still produces an abundance of citrus fruit in the nearbyfertile valleys.»» With the County’s aforementioned abundant and convenient highwaysystem, auto dealerships, industrial complexes, and office parks attest thatthe lifestyle is quite urban and sophisticated.»» The lower cost of real estate, labor, and business in general has attractedmany Los Angeles businesses to set up shop in San Bernardino.Manufacturing, light industry, and high-tech computer software andhardware companies are all prominent in the city business scene.Freeways»» San Bernardino County acts as the gateway between Southern Californiaand the continental United States.»» San Bernardino enjoys the benefits of over two dozen interstates,loma linda university medical centerhighways, and freeways Traversing the county that provide access west toLos Angeles, north to the national forests, mountains, and ski areas of theSierra Nevada, east to the desert resort of Palm Springs, and south towardfertile agricultural valleys.San Bernardino mountainsshops at university village 4235 university parkway, san bernardino9
Area Overview (continued)Tourism»» Like all of Southern California, the county of San Bernardino basks innearly perpetual sunshine as witnessed by the many outdoor shoppingcenters, outdoor theaters and entertainment destinations, and convertibleautomobiles. Many visitors come to San Bernardino County for thesepopular “year round” attractions: 10Auto Club Speedway: A two mile track located in Fontana whichhosts two major events annually: NASCAR and INDYCAR WorldChampionships which attracted nearly 90,000 each in 2012 and2013. Auto Club Speedway has over 320 days of track activity eachyear including NASCAR and INDYCAR as well as television andmovie filming, photo shoots, new car testing and other qualifyingevents. Victoria Gardens: A mixed-use, open air retail center locatedoff Interstate 15 and Foothill Blvd. Victoria Gardens is anchored byMacy’s and JCPenney and is home to major restaurants: CaliforniaPizza Kitchen, P.F. Chang’s China Bistro, T.G.I. Friday’s and the YardHouse. Also located at Victoria Gardens is California’s first Bass ProShops Outdoor World which occupies more than 180,000 squarefeet. Big Bear Mountain: Located 100 miles northeast of LosAngeles, Big Bear offers a variety of recreational activities includingfishing, hiking, skiing, water sports and winter sports. Big Bear ishome to Big Bear Lake, a seven mile lake lined with a variety ofhotels and cabins for rent making it a popular summer destination.Bear Mountain occupies 748 acres in Big Bear and is a major skidestination with 12 chair lifts.Capital Markets National Retail Investment Group Lake Arrowhead: Lake Arrowhead is a popular year-roundresort, featuring boating, fishing, swimming, and watersports duringthe summer. From Lake Arrowhead village residents can take acruise around the 2 1/2-mile long, mile-wide lake, taking in thehistory of the area and watching boats drift by. In the winter, themain attraction becomes Snow Valley, a ski resort with high-speedlifts and more than two dozen runs. Joshua Tree National Park: A desert oasis in SouthernCalifornia that is known for its popular hiking, bouldering and rockclimbing. It is conveniently located within a three hour drive tomore than 18 million people.big bear mountain
lake arrowheadArea Overview (continued)Top Tourist Attractions in San Bernardino County»»»»»»»»»»»»»»»»The Mojave National PreserveAuto Club SpeedwayCalico Ghost TownJoshua Tree National ParkLake Arrowhead LakeGoldstone Deep Space Communications ComplexSnow Summit and Bear MountainVictoria Gardensvictoria gardensshops at university village 4235 university parkway, san bernardino11
local mapMAPregional map4235 university parkway, san bernardino, california
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Property DescriptionLocationBuiltAdjacent Properties4235 University ParkwaySan Bernardino, California 92407The subject was constructed in 2000.North: The subject is bordered to the north by residential.South: The subject is bordered to the south by a McDonalds.The subject site consists of 21,344 SF or0.49 acres of land area.University Parkway 46,640I-215 72,000North State Street 5,120West: The subject is bordered to the west by UniversityParkway.Building AreaParcelThe subject site consists of approximately4,950 SF of building area.The assessor parcel number is 0266-561-200000.Land AreaFrontage & AccessThe subject is immediately accessible with one(1) access point from North State Street.ParkingThe subject has 25 parking stalls on-site whichequates to a 5.75:1,000 SF parking ratio.14East: The subject is bordered to the east by residential.Traffic CountsCapital Markets National Retail Investment Groupparcel map
site planExisting 01NAP102Century 21101Century 21102Bratworks103YogurtlandTotal Existing Square FeetN STATE STIVEYRSITUNYPKWshops at university village 4235 university parkway, san bernardino15
Tenant ProfileYogurtland, headquartered in Irvine, CA, is an international franchise frozenyogurt chain that creates custom, hand-crafted flavors that taste just likethe real thing. Each store offers up to 16 flavors of self-serve frozen yogurt,including at least one tart flavor, a dairy-free, and a gluten-free option. To topit off there are 33 toppings to choice from, including fresh-cut fruits, nuts,candy and syrups. Yogurtland has a team of Flavorologists, who develop theproprietary recipes for the brand’s more than 150 different and customizedflavors. Whether traditional or exotic, each flavor uses real ingredientssourced from their original locations. All of Yogurtland’s frozen yogurt flavorsmeet the National Yogurt Association Criteria for “live and active culturefrozen yogurt” and are produced in a kosher-certified facility. Yogurtland wasfounded by Phillip Chang in 2006. Presently there more than 350 locationsacross the US, Australia, Dubai, Guam, Mexico and Venezuela, with plans toexpand to over 550 stores by 2015.Yogurtland located at the Shops at University Village is a top 20 store out ofmore than 350 stores worldwide. With 168% growth from 2010-2013,the company was named 2,201 on the prestigious Inc. 500/5000 list amonghigh quality companies. It is the only frozen yogurt brand on the list and isamong the top six restaurant/food service brands included that year.Lessee: Individual dba Yogurtland16Capital Markets National Retail Investment Group
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Tenant ProfileCENTURY 21 Real Estate LLC is an American real estate agent franchisecompany. The System consists of approximately 7,100 independentlyowned and operated franchised broker offices in 74 countries and territoriesworldwide with over 102,000 sales professionals. CENTURY 21 RealEstate has ranked highest in overall customer satisfaction by the J.D. Power2014 Home Buyer/Seller Satisfaction StudySM. The study was fieldedbetween March 2014 and May 2014. It swept the awards by receivingthe highest ranking among national real estate companies across all fourcustomer satisfaction segments in the study, including First-Time HomeBuyer Satisfaction, Repeat Home-Buyer Satisfaction, First-Time HomeSeller Satisfaction and Repeat Home-Seller Satisfaction. CENTURY 21 wasfounded by two Orange County real estate agents in 1971.Headquarters: Madison, New JerseyLocations: 7,100Employees:102,000Lessee: TNC Inc., a California corporation18Capital Markets National Retail Investment Group
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Tenant ProfileBrätworks is the newest fast casual dining experience that provides itscustomers with a uniquely customizable hot dog, complete with a fullyloaded toppings bar, in a contemporary and sophisticated setting. Brätworksis known for its uniquely customized hot dog, fully loaded toppings bar andfriendly staff, located in a contemporary and sophisticated, casual diningenvironment.Prior to opening Brätworks, the current lessee had developed successfulmulti-unit franchises including Jack-In-The-Box, CVS, McDonald’s,Yogurtland and Chevron.Lessee: Married man as his sole and separate property dba Brätworks20Capital Markets National Retail Investment Group
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AssumptionsGLOBALAVAILABLE SPACE LEASINGSECOND GENERATION LEASINGAnalysis PeriodOccupancy and AbsorptionRetention RatioShopsRestaurants75%75%Commencement DateFebruary 1, 2015Projected Available at 2/1/150 SFEnd DateJanuary 31, 2025Currently Available as of 10/1/140 SFFinancial TermsTerm10 YearsPercentage Available at 10/1/140.00%2015 Monthly Market Rent 2.25 PSF 2.75 PSFRent Adjustment3.00% Annually3.00% AnnuallyLease Term5 Years5 YearsExpense Reimbursement TypeNNNNNNArea MeasuresBuilding Square Feet (SF)EXPENSES4,950 SFOperating Expense SourceGrowth RatesConsumer Price Index (CPI)3.00%Other Income Growth Rate3.00%Operating Expenses3.00%Real Estate Taxes2.00%Market Rent GrowthManagement Fee (% of EGR)5.80%CY 2017 -5.80%CY 2018 -5.00%CY 2019 -4.10%CY 2020 -3.00%CY 2021 -3.00%CY 2022 -3.00%CY 2023 -3.00%CY 2024 -3.00%CY 2025 -3.00%[3]Tenanting CostsRent Abatements[1]CY 2016 -2014 YTD Actuals3.00%Real Estate Taxes ReassessedYesMillage Rate1.339%Special Assessments 89Notes:All market rent rates are stated on calendar-year basis.[1] Market Rent Growth is based on CBRE Econometric Advisors 2014 Q2Retail Outlook for the Riverside East San Bernardino submarket.[2] Capital Reserves do not inflate during the term of the analysis.[3] Operating Expenses are based on the 2014 YTD Actuals, grown 3%annually for 2015.[4] Real Estate Taxes have been reassessed at the estimated purchase pricebased on a millage rate of 1.339400% plus special assessments of 89.[5] Rent Abatement includes NNN charges as well as base rent.[4][5]New2 Month(s)2 Month(s)Renewal0 Month(s)0 Month(s)Weighted Average0.50 Month(s)0.50 Month(s)Tenant Improvements ( /SF)New 15.00 PSF 20.00 PSFRenewal 3.00 PSF 4.00 PSFWeighted Average 6.00 PSF 8.00 PSFNew6.00%6.00%Renewal1.20%1.20%Weighted Average2.40%2.40%New6 Month(s)6 Month(s)Weighted Average2 Month(s)2 Month(s)CommissionsDowntimeGeneral Vacancy LossCapital Reserves (CY 2015 Value)22None 0.15 PSFCapital Markets National Retail Investment Group[2]
Assumptions (continued)MARKET LOANLoan Funding (as of Feb-15) 1,508,314Loan-To-Price65.00%Funding DateFeb-15Maturity DateLoan TermAmortization PeriodInitial Interest Only Period (If Any)Jan-2510.0 Years30 Years36 MonthsInterest Rate4.60%Origination Fee on Initial Loan Funding1.00%[1] Leveraged analysis is based on financing that a particular investor may or may not be ableto obtain.For a debt quote customized to meetyour specific requirements, please call:Bruce Francis 1 602 735 1781bruce.francis@cbre.comCBRE Debt & Structured Finance (DSF)is a division of CBRE Inc. In the US, DSFrepresents approximately 300 lendersincluding: banks, life insurance companies,pension funds, CMBS lenders and avariety of other lending sources. DSF alsoacts as a correspondent for over 200 lifeinsurance companies. The Quote aboveis an approximation of available terms.shops at university village 4235 university parkway, san bernardino23
Cash FlowFiscal Year Ending - January ical %100.00%100.00%100.00%91.72%100.00%Overall Economic Occupancy 0%100.00%100.00%92.21%100.00% 12.97 13.30 13.63 13.96 14.29 14.66 15.02 15.38 15.75 16.05 16.86Total Operating Expenses PSF Per YearREVENUESScheduled Base RentFY 2016 [2] /SF/MOGross Potential Rent 2.28 135,148 140,202 143,728 145,727 147,776 153,276 157,129 159,218 161,477 180,687 192,920Absorption & Turnover Vacancy0.00000000000(15,702)0Base Rent Abatements0.00000000000(3,925)0Total Scheduled Base 157,129159,218161,477161,060192,920Expense ,14679,06580,92882,78375,14186,290TOTAL GROSS 422236,194240,146244,260236,201279,210General Vacancy Loss0.0000000000000EFFECTIVE GROSS 2)(4,709)(4,850)(4,996)OPERATING )(1,294)(1,332)License agement (1,996)(2,056)(2,118)(2,181)Real Estate OTAL OPERATING 1)NET OPERATING 71161,847164,017166,299156,731195,759[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.[2] Based on 4,950 square feet.24Capital Markets National Retail Investment Group
Cash Flow (continued)Fiscal Year Ending - January TAL COSTSTenant Improvements0.00000000000(19,258)0Leasing Commissions0.00000000000(11,910)0Capital 742)(742)(742)(742)TOTAL CAPITAL )(742)(31,910)(742)OPERATING CASH FLOW 2.33 138,487 143,652 147,295 149,367 151,503 157,129 161,105 163,275 165,557 124,821 195,017( 2,320,483)000000000000000000002,755,127All CashIRR( 2,320,483) 138,487 143,652 147,295 149,367 151,503 157,129 161,105 163,275 165,557 2,879,9487.75%(1,315,459)ACQUISITION & RESIDUAL SALEPurchase PriceNet Residual Value [3]CASH FLOW BEFORE DEBTMARKET LOAN [4]Loan Funding / PayoffLoan FeesAnnual Debt ServiceCASH FLOW AFTER ,787)(92,787)(92,787)LeveragedIRR( 827,252) 69,105 74,270 77,913 56,580 58,716 64,342 68,318 70,488 72,770 1,471,70112.19%NOI %6.75%UNLEVERAGED Cash %5.38%LEVERAGED Cash Return 73%Rolling - All Cash %Rolling - Leveraged ] Net Residual Value is calculated by dividing Year 11 NOI by the Residual Cap Rate of 6.75% and applying a 5.00% Cost of Sale.[4] Market Debt based on 65% Loan-to-Value, 4.60% Interest Rate, 30-Year Amortization, and 1.00% Loan Fee.[5] Leveraged Cash Return is based on NOI less debt service divided by equity including costs to stabilize.shops at university village 4235 university parkway, san bernardino25
Rent RollSuiteTenantName101Century 21Lease TermRental RatesSquareFeet% ryType2,46049.70%Jun-2012May-2016Current 4,920 2.00 59,040 24.00NNN (Century 21)Market Assumption /Market RentOption 2.25 NNN (Shops)Tenant has two (2) - four (4) year options at 5,314 /mo and 5,739 /mo, respectively (modeled below). Tenant pays Management Fee of 5% of Base Rent and Reimbursements.Jun-2016May-2024OPTIONFUTURE 5,314 2.16 63,768 25.92Jun-2020 5,740 2.33 68,880 28.00NNN (Century 21)Market 2.25 NNN (Shops)Assumes tenant exercises two (2) - four (4) year options with no leasing nt 2,318 2.25 27,810 27.00Jul-2015 2,376 2.31 28,510 27.68 2.75 NNN(Restaurants)Jul-2016 2,435 2.36 29,221 28.37Jul-2017 2,496 2.42 29,952 29.08NNN (Bratworks)OptionTenant has four (4) - four (4) year options at continued 2.5% annual increases (modeled below). Tenant pays Management Fee of 5% of Base Rent and Reimbursements.Jul-2018Jun-2026OPTIONFUTURE 2,558Capital Markets National Retail Investment Group 30,697 29.80NNN (Bratworks)MarketJul-2019 2,622 2.55 31,467 30.55 2.75 NNNJul-2020 2,687 2.61 32,249 31.31(Restaurants)Jul-2021 2,754 2.67 33,053 32.09Jul-2022 2,824 2.74 33,887 32.90Jul-2023 2,894 2.81 34,732 33.72Jul-2024 2,966 2.88 35,597 34.56Jul-2025 3,041 2.95 36,493 35.43Assumes tenant exercises first two (2) options with no leasing costs. Tenant has two (2) - four (4) year options remaining.26 2.48
Rent Roll (continued)SuiteTenantName103YogurtlandLease TermSquareFeet% l RatesBeginMonthlyPSFAnnuallyPSFRecoveryTypeNNN (Yogurtland)Market Assumption /Market RentCurrent 3,950 2.71 47,398 32.46Sep-2015 4,049 2.77 48,589 33.28 2.75 NNNSep-2016 4,150 2.84 49,801 34.11(Restaurants)Sep-2017 4,253 2.91 51,042 34.96Sep-2018 4,359 2.99 52,312 35.83Sep-2019 4,469 3.06 53,626 36.73Sep-2020 4,581 3.14 54,969 37.65Sep-2021 4,695 3.22 56,341 38.59OptionTenant has two (2) - five (5) year options at continued 2.5% annual increases (modeled below). Tenant pays Management Fee of 5% of Base Rent and Reimbursements.Oct-2022Sep-2027OPTIONFUTURE 4,812 3.30 57,750 39.55Oct-2023 4,932 3.38 59,188 40.54NNN (Yogurtland) 2.75 NNNMarketOct-2024 5,056 3.46 60,678 41.56(Restaurants)Oct-2025 5,183 3.55 62,196 42.60Oct-2026 5,312 3.64 63,744 43.66 11,187 2.26 134,248 27.12Assumes tenant exercises first option with no leasing costs. Tenant has one (1) - five (5) year option remaining.TOTALS / AVERAGES4,950OCCUPIED SF4,950AVAILABLE SFTOTAL SF100.0%00.0%4,950100.0%shops at university village 4235 university parkway, san bernardino27
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AFFILIATED BUSINESS DISCLOSURECBRE operates within a global family of companies with many subsidiaries and/or related entities (each an“Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerageservices, property and facilities management, valuation, investment fund management and development. At timesdifferent Affiliates may represent various clients with competing interests in the same transaction. For example,this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company.Those, or other, Affiliates may express an interest i
san bernardino, california offeriNg memoraNdum. exClusively marketed by nriG-west philip d. voorhees 1 949 725 8521 lic. 01252096 phil.voorhees@cbre.com James slusher 1 949 725 8507 lic. 01857569 james.slusher@cbre.com JohN read 1 949 725 8606 lic. 01359444 john.read@cbre.com brad rable 1 949 725 8468
