100%-leased retail center on one of Sacramento’s busiest …€¦ · CBRE is proud to present the opportunity to acquire the fully-leased Ardendale Shopping Center on Arden Way,

100%-leased retail center on one of Sacramento’s

busiest commercial corridors

Capital Markets | Investment Properties

2901-2989 Arden WaySacramento, California

$7,100,000($142 psf)

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Executive Summary ...............03

Property Overview .................07

Financial ...............................10

Tenancy ................................19

Market Overview & Trends ......22

RANDY GETZ

Executive Vice PresidentLic. 00828903 +1 916 446 [email protected]

CBRE, Inc.500 Capitol MallSuite 2400Sacramento, CA 95814

INVESTMENT CONTACT LOCAL MARKET CONTACT

RICK MARTINEZ

Senior Vice PresidentLic. 00991459 +1 916 446 [email protected]

mailto:rick.martinez%40cbre.com?subject=

Executive SummarySacramento

CBRE is proud to present the opportunity to acquire the fully-leased Ardendale Shopping Center on Arden Way, one of Sacramento’s busiest commercial corridors. The

property contains a little more than 50,000 square feet and is leased to seven tenants, two of which have operated at the Center since the mid-1990s. Ardendale enjoys

a superb retail location on the north side of Arden Way where Average Daily Traffic exceeds 28,000 vehicles.

The asset is priced at $7,100,000 which equates to $142 per square foot with an initial capitalization rate of 7.6%. All leases are triple-net or modified net with expense

recoveries exceeding 90%. Prospective investment yields are attractive. If debt is utilized as modeled in our 10-year discounted cash flow analysis, the projected annual

IRR is 15.0%. On a cash basis the 10-year projected IRR is 10.2% annually.

The property is leased to a synergistic mix of tenants offering food, services and products. Tenants include California Backyard, Total Beauty Experience, Crossroads Trading

Company, and others. The Center’s newest tenant, with its Grand Opening slated for the end of June, is Falling Prices which has been featured in multiple news reports

because of the huge crowds drawn to its first two stores in Carmichael and Folsom. Falling Prices is a liquidation specialty store with a novel twist. The store is completely

restocked every week with fresh merchandise from retailers such as Target and Amazon. Huge lines form in anticipation of the Tuesday morning openings when all items

are priced at $6.00. On Wednesday, and each day thereafter, the price is reduced until everything is sold. Shopper enthusiasm has exceeded projections, and Ardendale’s

other tenants stand to benefit from an anticipated surge in traffic when this store opens.

Executive Summary

* Photo shows Falling Prices’ Carmichael store

4

Investment Highlights

• Well-located retail center on one of Sacramento’s busiest commercial

corridors

• 100%-leased to a diverse mix of internet-resistant retail tenants

• New tenant, Falling Prices, is Sacramento’s hottest new retailer,

drawing large crowds

• Total Beauty Experience and Crossroads Trading have occupied for

25 and 23 years, respectively

• Offered at $7,100,000 which equates to $142 per sqauare foot

• Attractive yields: 7.6% going-in capitalization rate; 15.0% 10-year

projected annual leveraged return

• High visibility and robust traffic count: 28,051 ADT on Arden Way

• New roof installed on both buildings in May 2019

PROPERTY TYPE Neighborhood Retail Center

PROPERTY NAME Ardendale

ADDRESS 2901-2989 Arden Way, Sacramento, CA 95825

NET RENTABLE AREA 50,021 square feet

NUMBER OF TENANTS Seven

CURRENT OCCUPANCY 100%

OFFERING PRICE (PSF) $7,100,000 ($142 psf)

CAPITALIZATION RATE Actual: 7.6%

PROJECTED 10-YEAR YIELDSCash: 10.2% Leveraged: 15.0%

Offering Summary

5

Area OverviewThe Arden-Arcade area is bounded on the west by the Capital

City Freeway and American River, on the south by the American

River, on the east by Mission Ave. and on the north by, again,

the Capital City Freeway. The Arden/Arcade U.S. Post Office is

adjacent to Ardendale on the west. Only a few minutes northeast

of downtown Sacramento, the area is a rich mixture of residential,

office and retail uses. There are no less than 19 shopping centers

that contain a minimum of 65,000 square feet each. The largest

is Arden Fair Mall with more than 1.1 million square feet of

retail space anchored by Nordstrom, JC Penney, and Macy’s.

Popular national brand shops include Apple, Coach, Abercrombie

Kids, Aeropostale, Forever 21, American Eagle, Disney, Banana

Republic, Tumi, Victoria’s Secret and Pink, just to name a few.

Arden-Arcade’s retail centers draw from the many affluent

neighborhoods along Fair Oaks Boulevard and benefit from the

fact that downtown Sacramento does not have a regional mall. For

East Sacramento residents and the rapidly-growing populations of

Midtown and Downtown, Arden-Arcade is the most convenient

retail choice.

Traffic flow is excellent – served by Watt and Howe Avenues,

major north/south arterials that bridge the American River. Major

east/west thoroughfares are Arden Way and Fair Oaks Boulevard.

These high-traffic routes provide convenient access to both the

Capital City Freeway and Highway 50.

Downtown

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Property OverviewSacramento

Property Summary

Name Ardendale

Address2901-2989 Arden Way Sacramento, California 95825

County Sacramento

Parcel numbers 279-0243-010; -011

Land area ±3.9 acres

Parking total / ratio 263 spaces / 5.25:1,000 sf

Zoning LC-Limited Commercial

Year built 1972; renovated 2007

Construction type Wood frame and stucco

Exterior Stucco; decorative awnings

Foundation Reinforced concrete slab

RoofBoth buildings received new roofs in May 2019

HVAC Refer to due diligence site

Fire Safety Wet fire suppression system

Confidentiality Agreement and Due Diligence Access

A website containing documents and additional information about the property has been created. Please contact us to receive a link to the Confidentiality Agreement and access to the due diligence site.

8

Site Description

The two parcels that comprise the site total approximately 3.9 acres at the northwest corner of Arden Way and Avondale Ave. in unincorporated Sacramento County. The

front parking lot wraps around the east side of the center and then opens up to an even larger lot behind. Ingress and egress are excellent with three driveways on Arden

and a fourth serving the rear lot from Avondale Ave. Altogether there are 263 parking stalls, a parking ratio of 5.25:1,000 sf. The west building, soon to be occupied by

Falling Prices, also features a loading dock and separate store entry at the rear.

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FinancialSacramento

Financial Summary

The asset is priced at $7,100,000 which equates to $142 per square foot with an initial

capitalization rate of 7.6%. All leases are net, but two contain limitation clauses. Recoveries,

however, are projected to exceed 90% of total expenses.

Anticipated yields are attractive: Our 10-year discounted cash flow analysis projects annual returns

averaging 10.2% on a cash basis, and 15.0% leveraged.

Following are several documents that provide additional information about the current and projected

financial performance of the asset.

Price $7,100,000

Price per Square Foot $142

Net Rentable Area 50,021

Potential Financing:

Type Proposed

Interest Rate 4.75%

Principal Amount @ 70% LTV $4,970,000

Down Payment $2,130,000

Amortization (years) 30

Maturity (years) 7

Estimated Monthly Payment $25,926

Estimated Annual Payment $311,110

Occupancy > 100%

Scheduled Gross Income $610,505

plus expense reimbursements $253,276

Adjusted Scheduled Gross Income $863,781

less vacancy and collection ($43,189)

Effective Gross Income $820,592

less Operating Expenses ($280,833)

Net Operating Income $539,759

per square foot $10.79

Estimated Annual Debt Service ($311,110)

Pre-Tax Cash Flow $228,649

Initial Capitalization Rate 7.6%

Initial Cash-on-Cash Return 10.7%

Argus Cash IRR 10.2%

Argus Leveraged IRR 15.0%

The Income/Expense statement at right details the estimated NOI following sale. Note that the

7.6% projected cap rate is achieved with taxes adjusted to reflect the sale and with a 5% vacancy

allowance, even though the center is 100% leased.

11

Rent Roll

The rent roll shows lease commencement and expiration dates, timing and amounts of the next scheduled rent increase, and which tenants have options to extend.

Estimated reimbursement amounts are taken from the Argus™ DCF analysis. There are two columns for Pro Rata Share because there are two parcels and each tenant

reimburses its pro rata share of taxes for the parcel on which it is located. CAM charge prorations are done based on the square footage of the entire center.

Annual rents are for the 12 months commencing July 1, 2019 including scheduled increases

Lease Term Current Base RentEst.

Expense Recovery

Escalations Options Pro Rata Share

Space TenantRentable

Sq. Ft. Start End Monthly PSF Annual Lease Type Date

New Mo. Rent PSF

No. x Term

Option Rent Center Bldg.

2901 Falling Prices (1) 14,100 Jul-19 Dec-26 $10,575 $0.75 $126,900 nnn $67,959 Jan-21 $10,857 0.77 1x7-yr. fmr 28.2% 100%

2929 Total Beauty Experience (2) 9,257 Oct-94 Jul-20 $12,668 $1.37 $155,183 Mod. nnn $43,101 Sep-19 $12,985 $1.40 none - 18.5% 25.8%

2933-35 Crossroads Trading (3) 6,664 Feb-96 Jan-23 $9,151 $1.37 $111,179 nnn $27,998 Feb-20 $9,425 $1.41 3x5-yr. (3) 13.3% 18.6%

2939 Sav On Cleaners 3,470 Aug-17 Jul-27 $4,685 $1.35 $58,123 nnn $19,820 Aug-19 $4,858 $1.40 2x5-yr. fmr 6.9% 9.7%

2947 California Backyard (4) 6,930 Jun-19 Jun-24 $5,000 $0.72 $60,000 nnn $39,583 Dec-20 $5,346 $0.77 none - 14% 19.3%

2951 World of Stereo (5) 4,800 Dec-18 May-22 $3,840 $0.80 $46,560 nnn $27,415 Jun-20 $4,320 $0.90 1x3-yr. $5,040 9.6% 13.4%

2989 Pita Kitchen 4,800 May-09 Mar-22 $4,320 $0.90 $52,560 nnn $27,415 Apr-20 $4,560 $0.95 none - 9.6% 13.4%

Total Property 50,021 $50,239 $610,505 $253,291 100%

Footnotes:(1) Tenant reimburses expenses semi-annually. Responsible for property taxes only on the parcel where premises are located (sole tenant on parcel 279-0243-11). Any unamortized rent abatement will be credited

to Purchaser at COE. (2) Rent increases are tied to CPI, projected 2.5% annually. Base CPI year is August 2014-July 2015. Tenant is exempt from property tax increases caused by sale or transfer of the property. (3) Reimbursements and rent increases are tied to CPI with a 3% minimum, 5% maximum. Reimbursement cap increases annually (Section 2 j.) 2018 cap will be $2.46 psf/year and increases 3% annually; current

expenses are below the cap. Option rents follow annual CPI pattern with 3% min. and 5% max.(4) Tenant has an option to terminate lease 18 months after initial occupancy on three months’ written notice. Effective 18 months after first occupancy rent shall increase annually by $0.05 psf/month.(5) Any unamortized rent abatement will be reimbursed by Seller at COE. Tenant to reimburse Landlord’s maintanance and repair costs semi-annually (para 5.3). Tenant also reimburses property taxes and property

(but not liability) insurance.

12

Expenses

Expenses are projected based on actual 2018 operations, but with property taxes adjusted to reflect

approximate reassessment following sale. Management fees are estimated at a typical market rate of

3.0% of effective gross income.

2018 Argus Input Post-sale

Ad Valorem Taxes parcel -010 - 1.00042% 71,030

Ad Valorem Taxes parcel -011 35,282 0.21198% 15,050

Direct Levies -011 - 247 247

Direct Levies -010 - 2,819 2,819

Gas & Electricity 6,596 6,596 6,596

Sewer, Water, Trash 20,457 20,457 20,457

Insurance 16,569 16,569 16,569

Management (3% of EGI) $0 3.0% 24,618

Repairs and Maintenance 35,008 35,008 35,008

Cleaning-common area 3,570 3,570 3,570

HVAC 24,090 $0.25 12,505

Security 57,100 57,100 57,100

Landscaping / Parking 15,263 15,263 15,263

TOTAL OPERATING EXPENSES $213,935 n/a 280,833

$4.28 $5.61

$0.47

13

Argus Reports

We have included in this offering memorandum selected reports from the Argus™ DCF analysis. For interested parties that have Argus™ software and execute the

confidentiality agreement we will make the native file available on our due diligence website.

14

Argus Assumptions

This table contains the underlying assumptions that were used in the Argus™ 10-year discounted cash flow (DCF) analysis.

Analysis term and starting date: Ten years commencing July 2019

Inflation Rates:

General: 2.5%

Market rent: 2.5%

Operating expenses: 2.5%

Property taxes: 2.0%

Current Market Rent: Market rent varies between $12.00-$15.60 psf/year depending on location.

Reserves: $0.10 psf/year. Both buildings re-roofed in 2019.

Operating Expenses:Based on actual operating expenses with property taxes adjudted for post-sale reassessment and imputed Management Fee modeled at 3% of Effective income

Expense Reimbursements

Current:NNN. Total Beauty has Prop 13 tax protection. Reimbursements for Crossroads Trading are capped with annual CPI increase (2019 cap will be $0.211 psf/month).

Future: Same. Total Beauty's Prop.13 protection continues throughout the analysis.

Rollover Assumptions

Renewal probability: 75%

Options: Assumes options to extend are exercised.

Months dark: 6

Starting rent: 100% of fair market rent when the lease commences.

Escalations: Assumes rent is increased annually by 2.5%.

T.I. Allowance: $10 per rentable square foot on new leases; none on renewals.

Concessions: None

Term length: 5 years.

Leasing commissions: 6.0% of base rent on the first five years of term; 3.0% on renewals

Minimum stabilized vacancy: 5.0%

Debt / Refinancing: 70% LTV, 4.75% interest, 30-year amortization, due in seven years.

Reversion:

Terminal capitalization rate: 7.5%

Present value discounting method: Annually, midpoint on cash flow, endpoint on sale.

Costs of Sale: 3.0% of reversion price

15

Argus Reports: Cash Flow

Schedule Of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Beginning 7/1/2019 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11

For the Years Ending Jun-2020 Jun-2021 Jun-2022 Jun-2023 Jun-2024 Jun-2025 Jun-2026 Jun-2027 Jun-2028 Jun-2029 Jun-2030Potential Gross Revenue Base Rental Revenue $610,505 $612,087 $637,119 $668,880 $685,029 $703,480 $729,147 $743,584 $745,225 $742,535 $760,998 Absorption & Turnover Vacancy (22,843) (12,856) (18,898) (31,518) (7,295) (7,310) (15,158)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Scheduled Base Rental Revenue 610,505 589,244 624,263 668,880 685,029 684,582 697,629 736,289 737,915 742,535 745,840 Base Rental Step Revenue 4,166 9,960 18,394 26,828 17,899 24,063 26,095 41,327 39,475 Expense Reimbursement Revenue 253,276 252,350 261,660 272,514 278,349 275,106 282,048 297,645 304,565 314,674 313,960

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Potential Gross Revenue 863,781 841,594 890,089 951,354 981,772 986,516 997,576 1,057,997 1,068,575 1,098,536 1,099,275 General Vacancy (43,189) (20,379) (32,291) (47,568) (49,089) (31,373) (19,937) (45,970) (46,484) (54,927) (40,564)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Effective Gross Revenue 820,592 821,215 857,798 903,786 932,683 955,143 977,639 1,012,027 1,022,091 1,043,609 1,058,711

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Operating Expenses Ad Valorem taxes - All 86,080 87,802 89,558 91,349 93,176 95,040 96,941 98,879 100,857 102,874 112,715 Direct levies -010 2,819 2,819 2,819 2,819 2,819 2,819 2,819 2,819 2,819 2,819 2,819 Direct levies -011 247 247 247 247 247 247 247 247 247 247 247 Gas & electricity 6,596 6,761 6,930 7,103 7,281 7,463 7,649 7,841 8,037 8,238 8,443 Sewer, water, trash 20,457 20,968 21,493 22,030 22,581 23,145 23,724 24,317 24,925 25,548 26,187 Insurance 16,569 16,983 17,408 17,843 18,289 18,746 19,215 19,695 20,188 20,692 21,210 Management 24,618 24,636 25,734 27,114 27,980 28,654 29,329 30,361 30,663 31,308 31,761 Repairs & maintenance 35,008 35,883 36,780 37,700 38,642 39,608 40,599 41,614 42,654 43,720 44,813 Cleaning-common area 3,570 3,659 3,751 3,844 3,941 4,039 4,140 4,244 4,350 4,458 4,570 HVAC 12,505 12,818 13,138 13,467 13,803 14,148 14,502 14,865 15,236 15,617 16,007 Security 57,100 58,527 59,991 61,490 63,028 64,603 66,218 67,874 69,571 71,310 73,093 Landscaping/parking 15,263 15,645 16,036 16,437 16,847 17,269 17,700 18,143 18,596 19,061 19,538

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Operating Expenses 280,832 286,748 293,885 301,443 308,634 315,781 323,083 330,899 338,143 345,892 361,403

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Net Operating Income 539,760 534,467 563,913 602,343 624,049 639,362 654,556 681,128 683,948 697,717 697,308

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Debt Service Interest Payments 234,420 230,696 226,793 222,699 218,407 213,906 209,187 Principal Payments 76,691 80,414 84,318 88,411 92,704 97,204 101,923 Origination Points & Fees 49,700

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Debt Service 360,811 311,110 311,111 311,110 311,111 311,110 311,110

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Leasing & Capital Costs Tenant Improvements 23,721 12,608 19,602 40,754 14,621 22,177 Leasing Commissions 27,860 15,588 16,616 44,998 17,562 18,665 Reserves @ $0.10 psf/year 5,002 5,002 5,002 5,002 5,002 5,002 5,002 5,002 5,002 5,002 5,002

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Total Leasing & Capital Costs 5,002 56,583 33,198 5,002 5,002 41,220 90,754 5,002 37,185 5,002 45,844

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________Cash Flow After Debt Service $173,947 $166,774 $219,604 $286,231 $307,936 $287,032 $252,692 $676,126 $646,763 $692,715 $651,464 But Before Taxes ======= ======= ======= ======= ======= ======= ======= ======= ======= ======= =======

Revenue/Expense Notes Ad valorem prop taxes -011 Direct input; for reimbursements only. Ad valorem prop taxes -010 Direct input; for reimbursements only. Current -010 ad valorem taxes Total Beauty is exempt form increases due to sale or transfer. This is 2018/2019 ad valorem taxes on parcel -010. 16

Argus Reports: Resale & IRR

Prospective Property Resale

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

For the Years Ending Jun-2020 Jun-2021 Jun-2022 Jun-2023 Jun-2024 Jun-2025 Jun-2026 Jun-2027 Jun-2028 Jun-2029

Resale Amount

Gross Proceeds from Sale $7,126,227 $7,518,840 $8,031,240 $8,320,653 $8,524,827 $8,727,413 $9,081,707 $9,119,307 $9,302,893 $9,297,440

Commissions & Adjustments (213,787) (225,565) (240,937) (249,620) (255,745) (261,822) (272,451) (273,579) (279,087) (278,923)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Net Proceeds From Sale 6,912,440 7,293,275 7,790,303 8,071,033 8,269,082 8,465,591 8,809,256 8,845,728 9,023,806 9,018,517

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Outstanding Debt Retirement

Total Principal Balances (4,893,309) (4,812,895) (4,728,577) (4,640,166) (4,547,462) (4,450,258)

___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________

Net Resale Proceeds After Debt $2,019,131 $2,480,380 $3,061,726 $3,430,867 $3,721,620 $4,015,333 $8,809,256 $8,845,728 $9,023,806 $9,018,517

======= ======= ======= ======= ======= ======= ======= ======= ======= =======

Unleveraged Annual IRR 5.08% 8.76% 10.54% 10.80% 10.75% 10.64% 10.69% 10.47% 10.41% 10.23%

Leveraged Annual IRR 3.09% 16.24% 21.38% 21.61% 21.03% 20.37% 18.92% 17.00% 15.93% 14.95%

Note: All resale values are calculated using the following year Proposition 13 expense value as shown on the Schedule of Prospective Cash Flow Report.

17

Argus Reports: Property Summary

Timing & Inflation

Reporting Period: July 1, 2019 to June 30, 2029; 10 years

Inflation Month: Analysis Start

General Inflation Rate: 2.50%

Property Size & Occupancy

Property Size: 50,021 Square Feet

Alternate Size: 1 Square Foot

Number of rent roll tenants: 7

Total Occupied Area: 50,021 Square Feet, 100.00%, during first month of analysis

General Vacancy

Method: Percent of Potential Gross Revenue

Rate: 5.00%

Debt Financing

Number of Notes: 1

Beginning Principal Balance: $4,970,000

Average Year 1 Interest Rate: 4.75%

Property Purchase & Resale

Purchase Price: $7,100,000

Resale Method: Capitalize Net Operating Income

Cap Rate: 7.50%

Cap Year: Year 11

Commission/Closing Cost: $278,923

Net Cash Flow from Sale: $9,018,517

Present Value Discounting

Discount Method: Annually (Midpoint on Cash Flow/Endpoint on Resale)

Unleveraged Discount Rate: 10.20%

Unleveraged Present Value: $7,113,691 at 10.20%

Unleveraged Annual IRR: 10.23%

Leveraged Discount Rate: 15.00%

Value of Equity Interest: $2,120,931 at 15.00%

Leveraged Annual IRR: 14.95%

18

TenancySacramento

Tenant Profiles

www.fallingprices.com

Falling Prices is a Sacramento-based company specializing in the liquidation of overstocks and unsold inventory of other retailers,

including Target and Amazon. Their unique approach has captured the imagination of many Sacramento shoppers and generated

a storm of media attention. Encouraged by overwhelming crowds at the first store in Carmichael, the company recently opened

its second location in Folsom, and the store at Ardendale, expected to open in late June, will be its third. The business model is

simple and irresistible to bargain-hunters: Each week the store is restocked with new merchandise and on Tuesday morning the

stores open with every item priced at $6.00. The next day all items cost $4.00; then $2.00; then $1.00; then on Saturday any

remaining items are priced at $0.25. On Sunday and Monday the store is restocked and the cycle begins again Tuesday morning.

Members of the group that started the company are experienced liquidators, and once worked on the A&E channel’s television

show “Storage Wars”.

www.pitakitchenplus.com

Pita Kitchen Plus opened in June 2008 to provide the Sacramento region with authentic Mediterranean Cuisine - healthy natural

food made from scratch, along with outstanding service. With over 25 years in the food business in Chicago, the owners had

moved to Sacramento and discovered there were few restaurants offering wholesome, authentic Middle Eastern food. With a

dedication to fresh, natural ingredients, the owners take seriously their goal to create food in which the flavor of each ingredient

comes through. All items are made from scratch, in their kitchen, with no additives or preservatives. Fresh pita is baked daily,

as are savory pies, desserts, and more.

www.totalbeautyexp.com

Catering to both men and women, TBE is a mega-salon with nearly 10,000 square feet devoted to haircare, makeup, fragrances,

skincare, nails, bath & body, and personal care services. Well-attended special events tailored to the needs and preferences of

its customers are held frequently. Demonstrating just how well they know their customers, one section of the salon is devoted

exclusively to high-quality pet care products.

Total Beauty Experience has been a tenant at Ardendale since 1994.

(continued on next page)

20

http://www.fallingprices.com

http://www.pitakitchenplus.com

http://www.totalbeautyexp.com

Tenant Profiles

Sav-On Cleaners #25

www.saveon25.com

Sav On is a full-service dry cleaner operating on the premise that top-quality cleaning and laundry services do not have to be

expensive. Sav On offers tailoring services and top-tier garment care for comforters, wedding gowns, tuxedos, furs, fine cloths

and fabrics, table cloths / runners, and drapes / curtains. Sav On does not use perchloroethylene in its dry cleaning process.

They opened at this location in 2017.

www.californiabackyard.com

California Backyard is a lifestyle store specializing in outdoor furniture, hot tubs, outdoor kitchens and grills, with a seasonal

transition to holiday specialty items during the winter months. The company has been turning backyard dreams into reality for

Sacramento home owners for more than 30 years. The experienced service staff is focused on customer satisfaction and takes

pride in having their customers tell friends and family about the great deals and personal service at California Backyard.

In addition to its Arden store which opened in 2010, California Backyard has locations in Elk Grove, Roseville, Gold River, and

Reno.

www.crossroadstrading.com

Crossroads Trading is a soft goods retailer with a difference. They buy, sell, trade and consign fashion, and by recycling used

clothing, help the planet by cutting down on what goes into landfills. In addition to the Arden store they have 36 other locations

around the country. With constantly changing inventory and attractive prices, some customers find shopping at Crossroads akin

to a treasure hunt. Crossroads Trading Company has been a valued tenant at Ardendale since 1996.

www.worldofstereo.com

Established in 1988, World of Stereo had humble beginnings on Market Street in San Francisco. Originally they sold records and

electronics to locals and tourists but eventually migrated to specializing in the professional DJ and Pro Audio equipment that is

now their hallmark. World of Stereo offers expertise in DJ equipment, professional audio, lighting and recording gear, sales, and

equipment rentals. They also handle repairs and have a full-service website where customers can find and purchase a variety of

equipment from major manufacturers.

21

http://www.saveon25.com

http://www.californiabackyard.com

http://www.crossroadstrading.com

http://www.worldofstereo.com

Market Overview & TrendsSacramento

Downtown

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AVONDALE AVE

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Inventory:

7.1 million SF

New construction:

4,800 SFVacancy rate:

10.3%, trending ↓

Average NNN rent:

$21.79 psf, trending ↑

Demographics

ARDENDALE, 2901-2989 ARDEN WAY 1 MILE RADIUS 3 MILE RADIUS 5 MILE RADIUS

POPULATION

2018 Population - Current Year Estimate 20,827 135,564 350,117

2023 Population - Five Year Projection 21,689 141,095 365,438

2010 Population - Census 19,477 128,676 331,744

2000 Population - Census 19,664 130,481 336,362

2010-2018 Annual Population Growth Rate 0.82% 0.63% 0.66%

2018-2023 Annual Population Growth Rate 0.81% 0.80% 0.86%

HOUSEHOLDS

2018 Households - Current Year Estimate 9,145 58,392 142,045

2023 Households - Five Year Projection 9,492 60,451 147,588

2010 Households - Census 8,554 56,023 135,831

2000 Households - Census 8,763 58,472 139,379

2010-2018 Annual Household Growth Rate 0.81% 0.50% 0.54%

2018-2023 Annual Household Growth Rate 0.75% 0.70% 0.77%

2018 Average Household Size 2.23 2.28 2.42

HOUSEHOLD

INCOME

2018 Average Household Income $61,265 $82,923 $77,287

2023 Average Household Income $70,963 $97,530 $91,257

2018 Median Household Income $42,540 $53,381 $52,876

2023 Median Household Income $48,593 $61,508 $60,363

2018 Per Capita Income $27,690 $36,212 $31,928

2023 Per Capita Income $31,793 $42,262 $37,404

HOUSING

UNITS

2018 Housing Units 10,070 63,723 154,220

2018 Vacant Housing Units 925 9.2% 5,331 8.4% 12,175 7.9%

2018 Occupied Housing Units 9,145 90.8% 58,392 91.6% 142,045 92.1%

2018 Owner Occupied Housing Units 2,699 26.8% 26,188 41.1% 64,995 42.1%

2018 Renter Occupied Housing Units 6,446 64.0% 32,204 50.5% 77,050 50.0%

EDUCATION

2018 Population 25 and Over 14,071 93,478 239,483

HS and Associates Degrees 8,176 58.1% 48,372 51.7% 129,372 54.0%

Bachelor's Degree or Higher 4,143 29.4% 35,701 38.2% 80,878 33.8%

PLACE OF WORK2018 Businesses 1,144 6,777 15,622

2018 Employees 11,470 69,044 190,715

23

Lease CompsRe: Ardendale

FOR INFORMATION: Retail Lease Transactions

Lease Comp InformationProperty Information Additional Information

Sunrise Plaza Shopping Center

7861 - 7885 Greenback Lane

Citrus Heights, CA 95610

Suite: N/A

Strip/In-Line Center

Year Built / Renovated:

1

Lease Term:

Lease Exp Date:

Sublease:

TIs:

16,640 SF

Transaction SF: 3,200

$1.83 NNN

01/23/19 : 02/20/19

$25.00/sf

60 Months

02/20/24

Property Dev Type:

Property Status: Existing

Bldg / Site Size:

1111

Park Ratio:

Lessee:

Lessor: JFL LLC

Bridge Locations, LLC dba Xfinity and/or Comcast

No

Actual Rate:

Trans / Occ Date:

NNN Charges: $0.65/sf

Activity Type: New Lease

Trans ID: 100572183

Property Class:

TL Floors: Tenant Rep: Beta Retail Incorporated, Matthew Lux

Landlord Rep: CBRE, Scott Carruth

Rent Steps: 1-60: $1.83

Notes: Electronics

Loc Type:

Promenade at Sacra Gateway

Truxel Rd

Sacramento, CA 95834

Suite:

Neighborhood Center


2

Lease Term:

Lease Exp Date:

Sublease:

TIs:

665,600 SF


$1.25 NNN

12/10/18 : 02/01/19

$30.00/sf

126 Months

07/30/29

Property Dev Type:


Bldg / Site Size:

2006

Park Ratio:

Lessee:

Lessor: CLPF Promenade, LP c/o Clarion Partners

Jade Korean BBQ, JL & BL

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100563157

Property Class:

TL Floors: Tenant Rep: Keller Williams Realty Elk Grove,

Tuan Nguyen

Landlord Rep: CBRE, Jon Schultz

Free Rent: 6 Months

Rent Steps: 7-30: $1.25, 31-54: $1.33, 55-60:

$1.40, 61-78: $1.40, 79-102: $1.49, 103-120:

$1.58, 121-126: $1.58

Notes: Restaurant (full service)

Loc Type:

Stone Creek Center

1587 W El Camino Avenue

South Natomas, CA 95833

Suite: 101

Neighborhood Center


3

Lease Term:

Lease Exp Date:

Sublease:

TIs:

50,000 SF / 5.2 acres


$1.85 NNN

12/07/18 : 12/01/18

65 Months

04/30/24

Property Dev Type:


Bldg / Site Size:

1992

Park Ratio:

Lessee:

Lessor: R.E.B. Enterprises V, LLC

Mya Kohart and Seth Kohart

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100563163

Property Class:

TL Floors: Tenant Rep: CBRE, Rick Martinez

Landlord Rep: CBRE, Rick Martinez

Free Rent: 4 Months

Rent Steps: 5-6: $0.93, 7-18: $1.85, 19-30:

$1.90, 31-42: $1.95, 43-54: $2.00, 55-64:

$2.05, 65-65: $2.05

Notes: Restaurant (quick serve)

Loc Type:

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.

Retail Lease Transactions (Image) 1 of 7 5/6/2019


24

Lease Comps (continued)Re: Ardendale



Sylvan Corners Plaza

7084 - 7144 Auburn Boulevard


Suite: 100



4

Lease Term:

Lease Exp Date:

Sublease:

TIs:

21,568 SF


$1.30 NNN

11/09/18 : 05/01/19

As Is

60 Months

04/30/24

Property Dev Type:


Bldg / Site Size:

2007

Park Ratio:

Lessee:

Lessor: RC Consulting, Inc.

Ukrainian Federal Credit Union

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100560343

Property Class:

TL Floors: Tenant Rep: USKO Realty, Stephan Skots

Landlord Rep: CBRE, Josh Schmidt

Rent Steps: 1-12: $1.30, 13-24: $1.35, 25-36:

$1.39, 37-48: $1.44, 49-60: $1.49

Notes: Bank/Financial Services.

Loc Type:

Sylvan Corners Plaza

7084 - 7144 Auburn Boulevard


Suite: 7084-100



5

Lease Term:

Lease Exp Date:

Sublease:

TIs:

21,568 SF


$1.30 NNN

11/09/18 : 05/01/19

60 Months

04/30/24

Property Dev Type:


Bldg / Site Size:

2007

Park Ratio:

Lessee:

Lessor: RC Consulting Inc.

Ukrainian Federal Credit Union

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100560364

Property Class:

TL Floors: Tenant Rep: USKO Realty, Stephan Skots


Rent Steps: 1-12: $1.30, 13-24: $1.35, 25-36:

$1.39, 37-48: $1.44, 49-60: $1.49

Notes: Bank/ Financial Services

Loc Type:

Citrus Town Center



Suite:

Community Center


6

Lease Term:

Lease Exp Date:

Sublease:

TIs:

118,007 SF


$1.70 NNN

09/20/18 : 09/20/18

87 Months

12/31/25

Property Dev Type:


Bldg / Site Size:

1975 / 2012

Park Ratio:

Lessee:

Lessor: Peter P. Bollinger 2003 LLC

Ben's Barketplace

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100555853

Property Class:

TL Floors: Tenant Rep: FGP Commercial Leasing, Inc., Scott

Simcik

Landlord Rep: CBRE, Craig Burress

Free Rent: 3 Months

Notes: Pet Supply Store

Loc Type:

2214 - 2216 Arden Way


Suite: 2216



7

Lease Term:

Lease Exp Date:

Sublease:

TIs:

6,900 SF


$1.50 NNN

09/14/18 : 10/01/18

64 Months

01/31/24

Property Dev Type:


Bldg / Site Size:

1111

Park Ratio:

Lessee:

Lessor: May Mar & Sue Lim

Molina Insurance Agency

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100554411

Property Class:

TL Floors: Tenant Rep: ProEquity Asset Management, Race

Merritt


Free Rent: 4 Months

Rent Steps: 5-16: $1.50, 17-28: $1.55, 29-40:

$1.59, 41-52: $1.64, 53-64: $1.69

Notes: Insurance Services

Loc Type:






25

Re: Ardendale



Park Place II

4690 - 4780 Natomas Boulevard

Natomas, CA 95835

Suite: 100

Community Center


8

Lease Term:

Lease Exp Date:

Sublease:

TIs:

165,559 SF


$1.50 NNN

07/25/18 : 09/30/18

$1.75/sf

60 Months

09/23/23

Property Dev Type:


Bldg / Site Size:

2004

Park Ratio:

Lessee:

Lessor: B33 Park Place JV LLC

US Army Recruiting Center

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100547869

Property Class:

TL Floors: Tenant Rep:


Notes: Other - Miscellaneous

Loc Type:

Fair Oaks Pointe

8525 Madison Avenue

Fair Oaks, CA 95628

Suite: 110

Neighborhood Center


9

Lease Term:

Lease Exp Date:

Sublease:

TIs:

56,664 SF / 4.8 acres


$1.40 NNN

07/11/18 : 07/15/18

$20.00/sf

62.1 Mnths

09/15/23

Property Dev Type:


Bldg / Site Size:

1986 / 2004

Park Ratio:

Lessee:

Lessor: CSS Properties, LLC

Fidelity National Title Company

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100546545

Property Class:

TL Floors: Tenant Rep: Cornish & Carey, Richard Ellsworth

Landlord Rep: CBRE, Chris Campbell

Free Rent: 1 Month

Rent Steps: 2-2: $0.70, 3-12: $1.40, 13-24:

$1.44, 25-36: $1.48, 37-48: $1.51, 49-62:

$1.55

Notes: Real Estate Services

Loc Type:

Promenade at Sacra Gateway

Truxel Rd


Suite: S-1C

Power Center


10

Lease Term:

Lease Exp Date:

Sublease:

TIs:

665,600 SF


$1.81 NNN

07/06/18 : 07/01/18

$20.00/sf

64 Mths

10/31/23

Property Dev Type:


Bldg / Site Size:

2006

Park Ratio:

Lessee:

Lessor: CLPF- Promenade, LP, c/o Clarion Partners

Sweaty Shelly, Sweaty Shelly LLC

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100547839

Property Class:

TL Floors: Tenant Rep: Kidder Mathews-Roseville, Jay Richter


Free Rent: 4 Months

Rent Steps: 4-12: $1.81, 13-14: $1.81, 16-24:

$1.81, 25-36: $1.86, 37-48: $1.92, 49-60:

$1.98, 61-64: $2.04

Notes: Fitness Center

Loc Type:

Howe Former Verizon

1417 Howe Ave


Suite:

Free-Standing(non food)


11

Lease Term:

Lease Exp Date:

Sublease:

TIs:

5,000 SF


$1.75 NNN

04/06/18 : 06/01/18

63 Months

08/31/23

Property Dev Type:


Bldg / Site Size:

1979

Park Ratio:

Lessee:

Lessor: 4Swan Properties LP, Karen G. Swanson and RDKJ, In

Sleep Choice LLC

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100532881

Property Class:



Free Rent: 3 Months

Rent Steps: 4-15: $1.75, 16-27: $1.80, 28-39:

$1.86, 40-51: $1.91, 52-63: $1.97

Notes:

Loc Type:






Lease Comps (continued)

26

Re: Ardendale



Fair Oaks Pointe

8525 Madison Avenue

Fair Oaks, CA 95628

Suite:

Neighborhood Center


12

Lease Term:

Lease Exp Date:

Sublease:

TIs:

56,664 SF / 4.8 acres


$1.10 NNN

02/16/18 : 02/01/18

65 Months

07/01/23

Property Dev Type:


Bldg / Site Size:

1986 / 2004

Park Ratio:

Lessee:

Lessor: CSS Properties, LLC

Tres Babes, LLC aba Kaia Fit

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100523089

Property Class:

TL Floors: Tenant Rep: Nor Cal Commercial, David Macko


Free Rent: 5 Months

Rent Steps: 6-17: $1.10, 18-29: $1.13, 30-41:

$1.16, 42-53: $1.18, 54-65: $1.21

Notes: Fitness Center

Loc Type:

Arden Howe Plaza

1566 - 1612 Howe Avenue


Floor: 1 Suite: 2230D



13

Lease Term:

Lease Exp Date:

Sublease:

TIs:

30,297 SF


$1.10 NNN

02/01/18 : 02/05/18

As Is

120 months

01/31/28

Property Dev Type:


Bldg / Site Size:

1980

Park Ratio:

Lessee:

Lessor: Arden Howe LLC

Thai Terrace

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100520275

Property Class:

TL Floors: Tenant Rep: Century 21 Select Real Estate, Brian

Serina


Free Rent: 6 months

Rent Steps: 7-12: $0.63, 13-24: $1.10, 25-36:

$1.13, 37-48: $1.17, 49-60: $1.24, 61-72:

$1.28, 73-84: $1.31, 85-96: $1.35, 97-108:

$1.39

Notes: Full Service. 6 months free. 6 months at 1/2

rent

Loc Type:

Park Place II


Natomas, CA 95835

Suite: 170

Community Center


14

Lease Term:

Lease Exp Date:

Sublease:

TIs:

165,559 SF


$1.63 NNN

01/01/18 : 01/01/18

As Is

60 months

12/31/22

Property Dev Type:


Bldg / Site Size:

2004

Park Ratio:

Lessee:

Lessor: WCBMT 2005-C21 Retail LP

Leslie's Swimming Pool Supplies

No

Actual Rate:

Trans / Occ Date:


Activity Type: Renewal

Trans ID: 100518261

Property Class:

TL Floors: Tenant Rep: NONE


Rent Steps: 1-36: $1.63, 37-48: $1.77, 49-60:

$1.83

Notes: Other

Loc Type:

San Juan Village

3291 Truxel Road

South Natomas, CA 95833

Suite: 18

Neighborhood Center


15

Lease Term:

Lease Exp Date:

Sublease:

TIs:

109,106 SF


$1.75 NNN

11/07/17 : 05/01/18

As Is

60 months

04/30/23

Property Dev Type:


Bldg / Site Size:

1987 / 2002

Park Ratio:

Lessee:

Lessor: Westcore Croydon LP

Natomas Fabric and Grocery

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100518259

Property Class:



Rent Steps: 1-12: $1.75, 13-24: $1.80, 25-36:

$1.86, 37-48: $1.91, 49-60: $1.97

Notes: Quick Serve

Loc Type:







27

Re: Ardendale



Frazee Paints

2285 Arden Way


Suite:



16

Lease Term:

Lease Exp Date:

Sublease:

TIs:

6,336 SF


$1.35 NNN

11/01/17 : 11/01/17

$10.00/sf

Property Dev Type:


Bldg / Site Size:

1965

Park Ratio:

Lessee:

Lessor: Demas Enterprises

Hustler Hollywood

No

Actual Rate:

Trans / Occ Date:

NNN, CAM:


Trans ID: 100520099

Property Class:


Landlord Rep:

Free Rent: 6 months Escalations: 3%

Notes:

Loc Type:

Natomas Town Center

2851 Del Paso Road

Natomas, CA 95835

Suite: 160

Neighborhood Center


17

Lease Term:

Lease Exp Date:

Sublease:

TIs:

130,000 SF


$1.75 NNN

10/10/17 : 10/01/17

$50.00/sf

120 months

09/30/27

Property Dev Type:


Bldg / Site Size:

2005

Park Ratio:

Lessee:

Lessor: North Natomas Town Center, LLC

Dos Coyotoes Border Cafe

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100492172

Property Class:

TL Floors: Tenant Rep: CBRE, Heath Kastner


Rent Steps: 1-60: $1.75, 61-120: $1.93

Notes: Quick Serve

Loc Type:

Natomas Landing

E Commerce Way

Natomas, CA 95834

Suite: B100



18

Lease Term:

Lease Exp Date:

Sublease:

TIs:

20,525 SF


$1.75 NNN

09/20/17 : 09/20/17

$60.00/sf

131 months

09/01/28

Property Dev Type:


Bldg / Site Size:

2008

Park Ratio:

Lessee:

Lessor: Natomas Landing

Sukhraman Dhillom and Gora Thind

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100489766

Property Class: B

TL Floors: Tenant Rep: CCP Real Estate, Sam Moore


Free Rent: 11 months

Rent Steps: 12-23: $1.75, 24-35: $1.79, 36-47:

$1.84, 48-59: $1.88, 60-71: $1.93, 72-83:

$1.98, 84-95: $2.03, 96-107: $2.08, 108-119:

$2.13, 120-131: $2.19

Notes: Full Service

Loc Type:

Sunriver Village

2202 - 2286 Sunrise Boulevard

Rancho Cordova, CA 95670

Suite:

Neighborhood Center


19

Lease Term:

Lease Exp Date:

Sublease:

TIs:

104,125 SF / 15.62 acres


$1.50 NNN

08/18/17 : 08/18/17

$10.00/sf

60 months

08/17/22

Property Dev Type:


Bldg / Site Size:

1990

Park Ratio:

Lessee:

Lessor: REB Enterprises V, LLC

T-Mobile

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100485077

Property Class:

TL Floors: Tenant Rep: TRI Commercial, Christina Snyder


Rent Steps: 1-12: $1.50, 13-24: $1.55, 25-36:

$1.60, 37-48: $1.65, 49-60: $1.70

Notes: Telephone

Loc Type:







28

Re: Ardendale



Natomas Village

3810 - 3890 Truxel Road

Natomas, CA 95834

Suite:



20

Lease Term:

Lease Exp Date:

Sublease:

TIs:

49,756 SF


$1.63 NNN

08/10/17 : 09/01/17

$18.00/sf

120 months

08/31/27

Property Dev Type:


Bldg / Site Size:

2005

Park Ratio:

Lessee:

Lessor: Fairway Plaza, LLC

Nothing Bundt Cakes

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100485496

Property Class: B

TL Floors: Tenant Rep: ProEquity Asset Management, Keith

Mellor


Free Rent: 6 months

Rent Steps: 7-60: $1.62, 61-120: $1.79

Notes: Bakery

Loc Type:

2243 Arden Way


Suite:

Free Standing(food)


21

Lease Term:

Lease Exp Date:

Sublease:

TIs:

6,000 SF


$1.30 NNN

07/13/17 : 02/01/18

As Is

126 months

07/31/28

Property Dev Type:


Bldg / Site Size:

1111

Park Ratio:

Lessee:

Lessor: Paul Jorjorian et al

Culici Town

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100484679

Property Class:

TL Floors: Tenant Rep: H&R Realty, Nora Herrera


Free Rent: 6 months

Rent Steps: 7-18: $1.30, 19-30: $1.35, 31-42:

$1.45, 43-66: $1.50, 67-78: $1.60, 79-90:

$1.63, 91-102: $1.65, 103-114: $1.68,

115-126: $1.70

Notes: Full Service

Loc Type:

Greenback Square



Suite:



22

Lease Term:

Lease Exp Date:

Sublease:

TIs:

45,300 SF


$1.20 NNN

07/12/17 : 08/01/17

As Is

64 months

11/30/22

Property Dev Type:


Bldg / Site Size:

1111

Park Ratio:

Lessee:

Lessor: Peter Bollinger Investment Company

Sleep Choice Mattress Center

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100481246

Property Class:

TL Floors: Tenant Rep: CBRE, Dave White


Free Rent: 4 months

Rent Steps: 5-10: $1.20, 11-28: $1.60, 29-40:

$1.65, 41-52: $1.70, 53-64: $1.75

Notes: Mattress

Loc Type:

Park Place II


Natomas, CA 95835

Suite: 140

Community Center


23

Lease Term:

Lease Exp Date:

Sublease:

TIs:

165,559 SF


$1.75 NNN

06/29/17 : 07/01/17

$10.00/sf

126 months

12/30/27

Property Dev Type:


Bldg / Site Size:

2004

Park Ratio:

Lessee:

Lessor: WBCMT 2005-C21 Retail 4726 LP

Sourdough & Co

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100483199

Property Class:



Free Rent: 6 months

Rent Steps: 7-12: $1.75, 13-24: $1.80, 25-36:

$1.86, 37-48: $1.91, 49-60: $1.97, 61-72:

$2.03, 73-84: $2.09, 85-96: $2.15, 97-108:

$2.22, 109-120: $2.28, 121-126: $2.35

Notes: Quick Serve

Loc Type:







29

Re: Ardendale



Quail Pointe

5303 - 5347 Sunrise Boulevard

Fair Oaks, CA 95628

Suite:

Community Center


24

Lease Term:

Lease Exp Date:

Sublease:

TIs:

97,868 SF / 9 acres


$1.80 NNN

06/09/17 : 01/01/18

As Is

60 months

12/31/22

Property Dev Type:


Bldg / Site Size:

1987

Park Ratio:

Lessee:

Lessor: Madison Sunrise Associates

Performance Bicycle

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100478222

Property Class:



Rent Steps: 1-12: $1.80, 13-24: $1.85, 25-36:

$1.91, 37-48: $1.96, 49-60: $2.02

Notes: Sporting Goods

Loc Type:

8042 Greenback Lane


Suite:



25

Lease Term:

Lease Exp Date:

Sublease:

TIs:

4,200 SF


$1.18 NNN

06/07/17 : 08/01/17

As Is

62 months

09/30/22

Property Dev Type:


Bldg / Site Size:

1975

Park Ratio:

Lessee:

Lessor: Pat Kennelly

Mathew's Mattress

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100477438

Property Class:



Free Rent: 2 months

Rent Steps: 3-26: $1.18, 27-62: $1.30

Notes: Mattress

Loc Type:

6542 Fair Oaks Boulevard

Carmichael, CA 95608

Suite:No Image Available

Other Retail


26

Lease Term:

Lease Exp Date:

Sublease:

TIs:

3,000 SF / 0.4 acres


$1.42 NNN

06/01/17 : 06/01/17

60 Months

05/31/22

Property Dev Type:


Bldg / Site Size:

1993

Park Ratio:

Lessee:

Lessor: Polady Family Trust

Broadbase Inc. (Jiffy Lube Franchisee)

No

Actual Rate:

Trans / Occ Date:

NNN, CAM:


Trans ID: 100563927

Property Class:


Landlord Rep:

Notes: 6 bays total with 2 drive through pits. Three,

5-year Options to Renew.

Loc Type:

2220 Gold Springs Court

Gold River, CA 95670

Suite: 109No Image Available

Mixed Use Retail


27

Lease Term:

Lease Exp Date:

Sublease:

TIs:

5,419 SF


$1.37 NNN

05/01/17 : 05/01/17

As Is

126 months

10/31/27

Property Dev Type:


Bldg / Site Size:

1989

Park Ratio:

Lessee:

Lessor: Gold River Village Associates

Mountain Mike's

No

Actual Rate:

Trans / Occ Date:



Trans ID: 100475656

Property Class:

TL Floors: Tenant Rep: Turton Commercial, Jon Lang


Free Rent: 6 months

Rent Steps: 7-18: $1.37, 19-30: $1.42, 31-42:

$1.46, 43-54: $1.50, 55-66: $1.55, 67-78:

$1.59, 79-90: $1.64, 91-102: $1.69, 103-114:

$1.74, 115-126: $1.79

Notes: Full Service

Loc Type:

TOTAL Transactions: 27 Transaction SF: 102,942






30

Sale Comps

2901-2989 ARDEN WY. SACRAMENTO 95825

2300-2330 NORTHGATE BL. SACRAMENTO

2917-2999 FULTON AVE. SACRAMENTO 95821

4141 MANZANITA AVE. CARMICHAEL

2648 WATT AVE. SACRAMENTO 95821

6406-6472 FAIR OAKS BL. CARMICHAEL

SUBMARKET TBD 2/28/19 5/8/18 10/23/17 9/27/17 5/15/17

DATE SOLD Investment Investment Investment Investment Investment

PURCHASER TBDRedwood Properties

TracyEpona Investment Group

StocktonConrad Properties

VHZ Investments Rancho Cordova

C. Tran San Jose

TENANT(S)California Backyard, Total

Beauty Experience, more…Nine Multi Four Four

Multiple, Subway, Papa Murphy's

YEAR BUILT 1972 2009 1951 1985 1992 1988

OCCUPANCY 100% 100% 40% 75% 90% 50%

PRICE $7,100,000 $3,600,000 $13,000,000 $2,549,500 $3,176,500 $5,475,000

CAP RATE ACTUAL 7.60% 6.1% n/a 4.7% 7.5% unreported

PROPERTY SIZE 50,021 16,720 125,600 20,263 14,288 69,388

PRICE/SF $142 $215 $104 $126 $222 $79

ADJUSTMENTS TO VALUE

MARKET TIMING - 0% 0% 5% 5% 5%

LOCATION - 10% 0% 5% 0% 10%

AGE/CONDITION - -25% 15% -5% -5% -5%

OCCUPANCY - -5% 30% 10% 0% 35%

TOTAL ADJUST. - -20% 45% 15% 0% 45%

ADJUSTED VALUE $7,100,000 $2,880,000 $18,850,000 $2,931,925 $3,176,500 $7,938,750

ADJ. VALUE PSF $142 $172 $150 $145 $222 $114

NOTES REO

1 2 3 4 5

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Sale Comps: Map

1

2

3

45

MAP PROPERTY

Subject - Ardendale, 2901-2989 Arden Wy., Sacramento

1 2300-2330 Northgate Blvd, Sacramento

2 2917-2999 Fulton Ave., Sacramento

3 4141 Manzanita Ave., Carmichael

4 2648 Watt Ave., Sacramento

5 6406-6472 Fair Oaks Blvd., Carmichael

NMAP NOT TO SCALE

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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.

COPYRIGHT NOTICE

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. 20524193-274301

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RANDY GETZ

Executive Vice PresidentLic. 00828903 +1 916 446 [email protected]

CBRE, Inc.500 Capitol MallSuite 2400Sacramento, CA 95814

INVESTMENT CONTACT

LOCAL MARKET CONTACT

RICK MARTINEZ

Senior Vice PresidentLic. 00991459 +1 916 446 [email protected]

2901-2989 Arden WaySacramento, California

mailto:rick.martinez%40cbre.com?subject=

Documents

100%-leased retail center on one of Sacramento’s busiest …€¦ · CBRE is proud to present the opportunity to acquire the fully-leased Ardendale Shopping Center on Arden Way,