SingleTenant___________ABSOLUTE NNN INVESTMENT

OPPORTUNITY

Victorville, CA

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This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has

been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any

other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries

do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary

is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for

reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to

reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The

projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent

to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market

and the surrounding competitive environment.

INVESTMENT SUMMARY ............... 3

HIGHLIGHTS ................................ 4

PROPERTY DESCRIPTION ............. 5

AERIAL VIEW & SITE PLAN ........... 6

AREA OVERVIEW .........................10

RENT ROLL .................................11

TABLE OF CONTENTS

TABLE OF CONTENTS | 2 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIARE

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EXCLUSIVELY MARKETED BY

MATTHEW MOUSAVI | Managing PrincipalSRS National Net Lease Group610 Newport Center Drive, Suite 400 | Newport Beach, CA 92660DL: 949.698.1116 | M: 714.404.8849License No. 01732226

PATRICK R. LUTHER, CCIM | Managing PrincipalSRS National Net Lease Group610 Newport Center Drive, Suite 400 | Newport Beach, CA 92660DL: 949.698.1115 | M: 480.221.4221License No. 01209944

BRANDON TREVELLYAN | Vice PresidentCapital Real Estate Ventures Inc815 J Street #202 | San Diego, CA 92101DL: 619-398-8911 License No. #01750760

INVESTMENT SUMMARY | 3 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

DEL TACO - VICTORVILLE, CASRS National Net Lease Group is offering the opportunity to acquire the fee simple interest (land and building) in a freestanding, corporate guaranteed, absolute net leased, single tenant, Del Taco located in Victorville, CA. The tenant, Del Taco, LLC, recently executed a brand new 15-year lease with no landlord responsibilities. The lease features CPI adjusted rent increases every 5 years (maximum 10%) during the primary term and at the beginning of each 3 (5-year) option period, which generates steady NOI growth and hedges against inflation.

The subject property is located along Hesperia Road (24,200 vehicles per day) and near the signalized, hard corner intersection of Hesperia Road and Bear Valley Road. The subject property is well positioned within Victor Valley Town Center, anchored by Von’s and other national credit tenants. This pad-to-supermarket location generates strong consumer traffic from the immediate traffic area. Within a 5-mile radius of the subject property, there are more than 171,000 resi-dents with an annual average household income of $58,900 who support the trade area.

OFFERING Pricing: ............................................................................................................. $3,529,000

Net Operating Income: .......................................................................................... $150,000

Cap Rate: .................................................................................................................... 4.25%

Guaranty: .................................................................................................................Corporate

Lease Type:......................................................................................................... Absolute NNN

Landlord Responsibilities: ..................................................................................................None

PROPERTY SPECIFICATIONSRentable Area: ......................................................................................................... 3,260 SF

SF Land Area: .........................................................................................................0.69 Acres

Property Address: ..................................................... 12253 Hesperia Road, Victorville, CA 92395

Year Built ..................................................................................................................... 1987

Parcel Number: .................................................................................................. 3093-211-08

Ownership: ................................................................................ Fee Simple (Land and Building)

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HIGHLIGHTS | 4 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

CORPORATE GUARANTEED LEASE W/ SCHEDULED INCREASES• Del Taco, LLC corporate guaranteed lease

• CPI adjusted rent increases every 5 years (maximum 10%)

ABSOLUTE NNN LEASE / FEE SIMPLE OWNERSHIP• Extremely rare 15-year absolute NNN offering in Southern California

• No landlord responsibilities

• All expenses paid by tenant

• Ideal, management-free investment

24 HOUR DRIVE-THRU BUILDING / LONG-TERM OCCUPANCY OF OVER 23 YEARS• Del Taco operates here 24 hours a day, 7 days a week

• Drive-thru feature provides ease and convenience for customers

• On average, stores with drive-thrus have higher sales than stores without drive-thrus

• Del Taco has successfully operated at this location since it’s opening in 1991

PROMINENT OUTPARCEL TO DOMINANT GROCERY ANCHORED CENTER• Del Taco is an outparcel to Victor Valley Town Center anchored by Von’s

• Located near national tenants such as Rent-A-Center, Pizza Hut, Dollar Tree, and Aaron’s, creating strong tenant synergy and crossover traffic.

LOCATED NEAR SIGNALIZED, HARD CORNER INTERSECTION• Property is ideally located near the signalized, hard corner intersection

at Hesperia Road and Jasmine Street

PROMINENT PYLON SIGNAGE ON MAIN THOROUGHFARE• The prominent monument signage on the main thoroughfare further

increases visibility for the subject property

• Features excellent street frontage and visibility

STRONG DEMOGRAPHICS IN THE TRADE AREA• 171,000 residents with an annual average household income of $58,900

within 5-miles of subject property

• 52,100 employees within 5-miles of subject property

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ZONING

Commercial

TRAFFIC COUNTSHesperia Road: .....................................................................................................................................24,200Bear Valley Road: .................................................................................................................................66,100

PROPERTY DESCRIPTION

PROPERTY DESCRIPTION | 5 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

PARCELS

Parcel: 3091-271-06 Acres: 0.69 Square Feet: 30,056

ACCESS

There is a total of two (2) access points along Hesperia Road.

IMPROVEMENTS

There is approximately 3,260 SF of existing building area.

PARKINGThere are approximately 24 parking spaces on the owned parcel. The parking ratio is approximately 7.4 per 1,000 SF of leasable area.

YEAR BUILT

1991

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AERIAL VIEW | 6 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

AERIAL VIEW | 7 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

2015 Estimated Population1 Mile ............................................ 8,5203 Mile .......................................... 59,992

2015 Average Household Income1 Mile ........................................ $55,4903 Mile ........................................ $57,657

2015 Estimated Total Employees1 Mile ............................................ 6,0733 Mile .......................................... 20,028

LOCATION MAP | 8 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

RIVERSIDE

SUBJECT PROPERTY

LOS ANGELES

SAN BERNARDINO

VICTORVILLE

SITE PLAN | 9 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIAHe

sper

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MonumentSign

CITY OF VICTORVILLEThe City of Victorville is located along Interstate 15, 90-miles northeast of Los Angeles, with a population of approximately 121,000.

Victorville offers several advantages to other locations in region, including low utility costs, close proximity to western markets, and a fully functioning airport. The Southern California Logistics Airport is currently planning to upgrade and expand the airport for more aircrafts. It is home to the country’s second longest commercial runway.

As one of the fastest growing cities in the country, Victorville has a need for new retail stores to support its growing population. Two national retailers, Macy’s and Dick’s Sporting Goods, recently moved into the Mall of Victor Valley. Some of the country’s best known corporations have chosen Victorville as the location for their industrial activities, including Boeing, Dr. Pepper, Snapple, ConAgra Foods, and GE Aviation.

DISTANCE TO POINTS OF INTEREST

2 MILES Victor Valley College

4 MILES Mall of Victor Valley

DEMOGRAPHICS 1 Mile 3 Miles 5 Miles

2015 Estimated Population 8,520 59,992 171,1112020 Projected Population 8,779 62,067 176,3272010 Census Population 8,327 58,098 166,1902000 Census Population 5,302 42,105 122,679Projected Annual Growth 2015 to 2020 0.60% 0.68% 0.60%Historical Annual Growth 2010 to 2015 0.44% 0.61% 0.56% 2015 Estimated Households 2,701 19,542 53,6302020 Projected Households 2,767 20,121 55,0192010 Census Households 2,673 19,542 52,4202000 Census Households 1,883 14,632 41,068Projected Annual Growth 2015 to 2020 0.48% 0.59% 0.51%Historical Annual Growth 2010 to 2015 0.20% 0.47% 0.44% 2015 Estimated White 48.90% 56.00% 55.60%2015 Estimated Black or African American 13.40% 10.20% 10.60%2015 Estimated Asian or Pacific Islander 4.70% 3.90% 4%2015 Estimated American Indian or Native Alaskan 1.00% 1.00% 1.20%2015 Estimated Other Races 25.70% 22.80% 22.90%2015 Estimated Hispanic 49.10% 45.90% 47.40% 2015 Estimated Average Household Income $55,490 $57,657 $58,854 2015 Estimated Median Household Income $42,277 $42,897 $44,496 2015 Estimated Per Capita Income $17,224 $18,813 $18,565 2015 Estimated Total Businesses 669 2,451 6,2472015 Estimated Total Employees 6,073 20,028 52,095

4 MILES Mojave Narrows Regional Park

11 MILES Southern California Logistics Airport

1/4 Mile

AREA OVERVIEWS | 10 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

1/4 Mile Adjacent Adjacent

RENT ROLL | 11 DEL TACO | HESPERIA ROAD | VICTORVILLE CALIFORNIA

Del TacoDel Taco Restaurants, Inc. is an American quick service restaurant chain that specializes in American-style Mexican cuisine as well as American foods such as burgers, fries, and shakes. The company is aggressively expanding across the United States and operates close to 550 restaurants. The company was founded in 1964 and is headquartered in Lake Forest, California.

Tenant Name Square Feet Lease Start Lease End Begin Monthly Annually Recovery Type Options: 3 (5-year)

Del Taco 3,260 12/14/2015 12/31/2030 Current $12,500 $150,000 NNN Jan-2021 $13,750 $165,000 Jan-2026 $15,125 $181,500 (corporate)

CPI increase, min of then current rent & max of 10% at start of each option

-Base Rent shall increase by CPI every 5 years with minimum of then current rent and maximum increase of 10% (assumed for the analysis).-Tenant is not responsible for increase in taxes due to a sale or transfer of ownership during each consecutive 5-year period. Tenant will resume paying tax increases immediately following each subsequent period (Lease Sec 4.2).-Tenant has the Right of First Refusal during the term and any extensions or renewals, to purchase from Landlord should Landlord receive a bona fide offer. Tenant shall have 10 days to accept the offer.

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