Value-Add Retail Shopping Center Jurupa Valley (Riverside), CA · Value-Add Retail Shopping Center Jurupa Valley (Riverside), CA t 22,416 CPD d Subject Property OFFERING MEMORANDUM

Value-Add Retail Shopping Center; Jurupa Valley (Riverside), CA

Opal St

22,416 CPD

Mission Blvd

S u b j e c t P r o p e r t y

OFFERING MEMORANDUM

6322-6328 Mission Blvd., Riverside, CA 92509

Value-Add Retail Shopping CenterJurupa Valley (Riverside), CA


Exclusively Listed By:

Jonathan Selznick | Senior Vice President - [email protected]

949-734-0243CA License: 01323949


6322-6328 Mission Boulevard, Riverside, CA 92509

Offering Memorandum


This is a confidential marketing profile (the “Profile”) intended solelyfor your limited use and benefit in determining whether you desireto express further interest in purchasing the “Property”, located in Riverside, CA.

This Profile has been prepared by Lee & Associates on behalf of the owner of the Property (the “Owner”) and has been reviewed by representatives of the Owner. It contains selectinformation pertaining to the Property and does not purport to be anall inclusive representation of the state of affairs of the Property, or tocontain all the information, which prospective investors may require. Allfinancial projections and information are provided for general referencepurposes only and are based on assumptions relating to the generaleconomy, market conditions, competition and other factors beyond the control of the Owner and Lee & Associates. The information contained hereinwas obtained from third parties, and it has not been independentlyverified by Lee & Associates. Prospective investors should have the experts of their choice inspect the Property and verify all information. Lee & Associates is not qualified to act as or select experts with respect to legal, tax, environmental,building construction, soils drainage or other such matters. Therefore,all projections, assumptions and other information provided and made herein are subject to material variation. Neither the Owner nor Lee & Associates, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy of completeness of this Profile or any of its contents, and nolegal commitment or obligation shall arise by reason of your receipt ofthis Profile or use of its contents.

The Owner expressly reserves the right, at its sole discretion, to reject anyor all expressions of interest or offers on the subject Property, and/or toterminate discussions with any entity at any time with or without noticewhich may arise as a result of review of this Profile. The Owner shall haveno legal commitment or obligation to any entity reviewing this Profile ormaking an offer on the Property unless and until written agreement(s)for the Property have been fully executed, delivered and approved by theOwner and any conditions to the Owner’s obligations therein have beensatisfied or waived.

By receipt of this Profile, you agree that this Profile and its contents areof a confidential nature, that you will hold and treat it in the strictestconfidence and that you will not disclose this Profile or any of its contentsto any other entity without prior written authorization of the Owner or Lee & Associates. You also agree that you will not use this Profile or any of its contentsin any manner detrimental to the interest of the Owner or Lee & Associates.

Lee & Associates reserves the right to submit the Property to additional clients on terms that may or may not be identical to the terms contained herein.By receipt of this Profile, you acknowledge that competing interestsmay develop in connection with offers on the Property, and waive anyconflict of interest that might arise as a result thereof. In such case, Lee & Associates expressly disclaims any obligation to advance the interest of any client at the expense of any other client who may receive this Profile. Dealingswith each client shall remain strictly confidential and in no case will Lee & Associates disclose the terms of any actual or potential offer to any competing client.

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Confidentiality Agreement


S e c t i o n I - I n v e s t m e n t O v e r v i e w

A . I n v e s t m e n t H i g h l i g h t s

B . R e n t R o l l

C . I n c o m e & E x p e n s e

D . S i t e P l a n

E . A e r i a l M a p s

F . P a r c e l M a p

S e c t i o n I I - S u p p o r t i n g M a t e r i a l

A . L o c a t i o n M a p - T r a d e A r e a V i e w

B . L o c a t i o n M a p - R e g i o n a l V i e w

C . A r e a O v e r v i e w

6

7

8

9

1 0 - 1 2

1 3

1 5

1 6

1 7 - 1 8

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Table ofContents


Mission Inn Hotel & Spa Festival of Lights

Section I - Investment Overview

Value-Add Retail Shopping Center; Jurupa Valley (Riverside), CA 6

InvestmentHighlights

P r o p e r t y I n f o r m a t i o n P r o p e r t y H i g h l i g h t sAddress:

Land:

GLA:

Occupancy:

Zoning:

6322-6328 Mission Boulevard,Riverside, CA 92509

±439,956 Square Feet (10.10 Acres)

±16,250 Square Feet

100%

C-1/C-P

Price:

Price/PSF (Building):

Price/PSF (Land)

$4,500,000

$277/PSF

$10.23/PSF

F i n a n c i a l I n f o r m a t i o n

• Rare, Value-Add Retail Investment Opportunity - Under built site (currently less than .04 FAR) - 16,250 Sq Ft, 100% Occupied Retail Shopping Center on over 10 Acres• Southern California, Major Thoroughfare Location - Northwestern Inland Empire City of Jurupa Valley (Riverside) - Subject is Located on Signalized, Hard-Corner on Mission Boulevard, adjacent to SR-60 and SR-91• Low Price/PSF on both Building and Land - $277/PSF (Building), and only $10.23/PSF (Land) - Significant Future Development Opportunity with Excess Land• Excellent Ingress/Egress - Hard-Corner, Signalized Access from Mission Boulevard & Opal Street - Reciprocal Easement Agreement Provides Cross Access and Parking Throughout the Center• Several Tenants with Long-Term Historical Occupancy at Replaceable Rent - Tae Kwon Do has Operated Since 1995; Coin Laundry Since 1977 - Average Gross Rents of $1.00/PSF (Gross) with Several Small Suites Paying Less• Strong Working Class Demographics in a Growing Trade Area - Average HH Income (1-Mile) - $68,336; (3-Mile) - $70,905 - 2000-2015 Population Growth – 20% - 1-Mile Population – 15,763• Validation from Major National Credit Tenant 99 Cent Only Stores - 99 Cent Only Purchased Adjacent Property within Mission Village Shopping CenterDowntown Riverside


Rent Roll

7

6322A

6322B

6324

6326A

6326B

6328

6330

6332

6334

Tenant

Metro PCS

Barber Shop

Laundromat

Smoke Shop

Dentist

North-South Mortgage

Church

Tae Kwon Do

Medical Office

Lease Start

Lease End

Total SF: ±16,250

$211,059

$17,588 Total Monthly Rent

Total Annual Rent

Suite

06/30/17

07/01/17

01/21/04

06/12/12

04/04/13

06/22/13

09/01/18

05/01/14

04/01/15

06/30/20

06/30/23

01/20/20

11/30/22

03/21/13

MTM

08/31/20

06/30/23

01/01/19

Suite SF

±1,100

±900

±2,300

±950

±900

±3,000

±1,800

±2,800

±2,500

RentPer SF

$1.40

$1.50

$2.18

$1.58

$1.86

$0.17

$0.67

$1.00

$0.80

MonthlyRent

$1,545

$1,350

$5,018

$1,500

$1,675

$500

$1,200

$2,800

$2,000

Increases

3% Annually

$100/Mo Annually

4.5% Annually

10% Annually

None

None

$200 Every 6 Mos.

$100/Mo Annually

None

Lease Type

Gross

Gross

Gross

Gross

Gross

Gross

Gross

Gross

Gross

Options

None

None

1 (5-Year)

None

None

None

None

None

None

Total Available:Total Occupied:

±0

±16,250

0% Vacancy100% Occupancy

Original Occupancy

Date

06/30/17

07/01/17

01/01/77

06/12/12

04/01/03

01/01/87

08/20/18

12/15/95

04/01/15

ProformaRent/SF

$2.00

$2.00

$2.18

$2.00

$2.00

$1.00

$1.25

$1.00

$1.00

ProformaMonthly Rent

$2,200

$1,800

$5,018

$1,900

$1,800

$3,000

$2,250

$2,800

$2,500

$279,219

$23,268


INCOME &

EXPENSE

Annualized Operating Data

Scheduled Gross Income (SGI):

Expense Reimbursement:

Other Income (Recycle) (1):

Other Income (Swap Meet):

Other Income (Carnival):

Total Operating Income:

Vacancy (2)

Gross Operating Income:

Total Operating Expenses:

Net Operating Income (NOI):

$211,059

$0

$28,800

$2,400

$5,000

$247,259

$0

$247,259

($79,717)

$167,542

Current$279,219

$82,103

$28,800

$2,400

$5,000

$397,521

($19,876)

$377,645

($82,103)

$295,543

Proforma

Operating Expenses

Taxes (1.25%):

Insurance:

CAM:

Management (3.5% of SGI):

Total Expenses:

$56,250

$3,600

$12,480

$7,387

$79,717

Amount$3.46

$0.22

$0.77

$0.45

$4.91

$0.41

$/Square Foot

Annually Per SF

Monthly Per SF

1) Recycle tenant lease commenced August, 2009, and expires December 31, 20212) Vacancy Factor of 5% of TOI

3.72% 6.57% Cap Rate


Site Plan

9

SUBJECT PROPERTY

PROPERTY PARCEL

NOT A PART

APN: 182-031-001/002182-022-002

Mission Blvd.

Stobbs Way

Opal St.

Joyce Burger & Fries

EZFuel

Vacant Land Owned by 99 Cent

Only Store


Aerial Maps:Subject Property

View

Opal St

22,416 CPD

Mission Blvd


10


Aerial Maps:Trade Area

View

Opal St

45,572 CPD

22,416 CPD

Rubidoux High School

1,325 Students

Mission Middle School

Rubidoux Drive-In


158,000 CPD

Riverside CountySocial Services

Rubidoux Blvd

Mission Blvd

0.8 Miles to Freew

ay

Legend Shopping CenterRetail Development Site


Aerial Maps:Regional View


12

Mission Blvd.

Mission Inn A

ve.

Riverside Community College

Downtown Riverside

Fairmont Park

169,000 CPD

Future Housing Development Sites

Mission Estates• 178 Homes• Nearing Completion

Vista Rio Apartments• 39 Units Planned

TR28851 Granite Ridge• 198 Condomium Units• Preparing to Submit Plans

The Quarry• 85 Units• In Entitlement Phase

Highland Park• 398 Units• Approved by City Council 4/7/16

Mission Inn Hotel & Spa

158,000 CPD

Emerald Meadows Ranch Proposed Master Panned Community


Parcel Map


Als

o In

clud

es:

182-

022-

002

Value-Add Retail Shopping Center; Jurupa Valley (Riverside), CASection II - Supporting MaterialUniversity of California, Riverside


Location Map:Trade Area View

15

SUBJECT PROPERTY


Location Map:Regional View

SUBJECT PROPERTY


AreaOverview

Jurupa Valley was incorporated on July 1, 2011 by a group of passionate community volunteers. It is proud to be the 482nd City in California and the 28th City in Riverside County. The primary reason for incorporation was the strong desire for enhanced police services and local control over planning and zoning issues. The City covers a 44-square mile area encompassing the communities of Jurupa Hills, Mira Loma, Glen Avon, Pedley, Indian Hills, Belltown, Sunnyslope, Crestmore Heights, and Rubidoux. It borders San Bernardino County to the north, Riverside to the south and east, Eastvale and San Bernardino County to the west. Portions of the Santa Ana River traverse the southern portion of the City.

Approximately 45 miles east of Los Angeles, the City of Jurupa Valley today is a mix of high and low-density residential development, rural farming and other agricultural activities, as well as a combination of commercial retail and industrial uses. Two primary transportation corridors traverse the Jurupa Valley area, Interstate 15 which runs north and south, and State Highway 60, which runs east and west. It has been in recent years that residential development and economic activity has increased, in particular in the areas adjacent to the I-15 and SR-60. The city has several residential developments under way such as Mission Estates with 178 homes, Vista Rio Apartments with 39 Units, Granite Ridge with 198 condominium units, The Quarry with 85 homes, and finally Highland Park with 398 homes. The growth in the surrounding/adjacent communities of Riverside, Eastvale, Moreno Valley, Ontario, and Fontana has left Jurupa Valley as the most likely geographic area poised for growth. Population growth in and around the subject property has been over 20% from the years 2000-2015. Moreover, The City has significant capacity for expansion of both residential and commercial development activity in the future.

SummaryThe subject property is located at the signalized, hard-corner of Mission Boulevard and Opal Street, an intersection with 22,416 cars per day , adjacent to SR-60 with over 158,000 cars per day, and ½ mile from the intersection of Valley Way and Mission Boulevard (an on/off-ramp serving SR-60) with 46,279 cars per day. The trade area benefits from a moderately dense and established, working-class income demographic. These factors contribute to driving strong traffic in and around the subject property- day or night, and both on weekends and during the work week.

Rubidoux Drive In Theater

Jurupa Mountains Discovery Center

17

Demographics 1-Mile 3-Mile

2015 Total Population:

2015 Avg. Household Income:

15,763

$68,336

71,250

$70,905


Riverside is a rapidly growing city of 312,000 that currently ranks as the 12th largest city in California. Riverside has a large and diverse economy with the Inland Empire’s largest number of businesses and total jobs. The City is home to four internationally recognized colleges and universities, including the prestigious University of California, Riverside with an expanding student population of over 21,000. Its public schools are also among the Inland Empire’s finest. Incorporated in 1883, Riverside is a blend of historic charm and modern city features.

Riverside’s vibrant downtown, anchored by the historic Mission Inn, is the “Downtown of the Inland Empire.” It is home to many state government offices, the Riverside County Administrative Center and a legal complex consisting of county, state and federal courts. The city is an important financial and professional center with numerous legal, accounting, brokerage, architectural, engineering and software firms, as well as banking institutions with holdings exceeding $3 billion in total deposits.

Riverside’s diverse manufacturing base includes such sectors as electrical instruments, plastics, wood and metal fabrication, food processing and recreational vehicles. Technology and manufacturing companies are supported by higher educational institutions offering specialized training, research partnerships and a high-tech environment at the University Research Park. The City’s prime industrial land is located within redevelopment or enterprise zones that offer tax incentives to expanding eligible companies. Businesses benefit from excellent freeways, rail access, high-speed fiber optic telecommunications, reasonable land and building costs, city owned electrical and water systems, and the Riverside Municipal Airport.

The community is rich in history, art and culture, and its residents enjoy excellent ballet, symphony, art, museums, theater, and the Citrus State Historical Park. Riverside has a progressive outlook, and a tradition of stable, elected civic leaders committed to maintaining a diversified economy, balanced land uses, quality developments, and cultural amenities.

18

Mt. Rubidoux

Mission Inn Hotel & Spa

AreaOverview


Exclusively Listed By:

Jonathan Selznick | Senior Vice President - [email protected]

949-734-0243CA License: 01323949


6322-6328 Mission Boulevard, Riverside, CA 92509

Offering Memorandum

Documents

Value-Add Retail Shopping Center Jurupa Valley (Riverside), CA · Value-Add Retail Shopping Center Jurupa Valley (Riverside), CA t 22,416 CPD d Subject Property OFFERING MEMORANDUM