Offering Memorandumpabloproperties.com/metroplazavictorville/metroplazaom.pdfPrice $2,530,000 Down...

Representative Photo

Offering Memorandum

Metropolitan PlazaVictorville, CA

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 ON MARKET COMPARABLES

Section 5 RENT COMPARABLES

Section 6 MARKET OVERVIEW

Section 7 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

Metropolitan PlazaVICTORVILLE, CA


PRICING AND FINANCIAL ANALYSIS

Price $2,530,000

Down Payment 40% $1,012,000

Price per Square Foot (GLA) $119.29

Gross Leasable Area (GLA) 21,208

Year Built/Renovated 1980 / 2014

Lot Size 2.13 Acres

Parking 4.9/1000 Square Feet

VITAL DATA

CAP Rate - Current 7.51%

Net Operating Income - Current $189,985

Net Cash Flow After Debt Service - Current $81,381

Total Return - Current 11.61% / $117,452

1

Major Tenants


Tenant Name

KARE Medical Group

Launderville Coin Laundry

GridIron Pizza

Autobahn Driving School

M&H Health Care


Major Employers

CompanyLocal

Employees

UPS 1,710

Walmart 600

Victor Valley College 588

The Home Depot 551

City of Victorville 428

Victorville Fire Department 400

United States Department of Navy 350

Target 327

Desert Valley Medical Group 300

Goodman Manufacturing Company 292

US Department of Air Force 254

Ascon Recy 250

Demographics

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 V0080482 Marcus &Millichap. All rights reserved.

1-Mile 3-Miles 5-Miles

2013 Total

Population9,363 61,125 141,309

2018 Total

Population9,531 67,803 157,066

2013 Total

Households2,666 19,191 42,640

2018 Total

Households2,713 21,278 47,598

Median HH Income $33,120 $42,133 $50,098

Per Capita Income

(based on Total

Population)

$12,960 $17,789 $19,484

Average (Mean) HH

Income$43,623 $56,157 $63,648

OFFERING SUMMARY

2



Existing Financing

Loan Type Free and Clear


Proposed Financing

First Trust Deed

Loan Amount $1,518,000

Loan Type Proposed New

Interest Rate 4.5%

Amortization 25 Years

Debt Coverage Ratio 1.75

FINANCING

3

M&H Health Care: 5.29% Autobahn Driving School: 4.07%Frankies Smoke Shop: 3.75%

Excalbur Laundry: 16.70%

Grid Iron Pizza: 13.22%

Hair Care 4 U: 5.30%Desserts & More: 5.32%

Grid Iron Pizza: 6.60%

Lease Pending: 7.71%

S&H Donuts: 9.62%

Find Your P's & Q's: 10.57% Kare Medical Group: 11.85%



Current Per SF Pro Forma Per SF

Real Estate Taxes (1.2007%) $30,378 $1.43 $30,378 $1.43

Insurance $7,935 $0.37

Utilities/Sanitation $19,027 $0.90

Utilities/Electricity $4,910 $0.23

Utilities/Water Bill $4,200 $0.20

Hi Desert Alarm $2,160 $0.10

Management Fee (% of EGI) $8,336 $0.39

Reserves / Replacements $7,171 $0.34

AT&T $1,363 $0.06

Maintenance $2,400 $0.11

TOTAL EXPENSES $87,880 $4.14 $30,378 $1.43


Tenants (% OF GLA)

EXPENSES

Gross Leasable Area (GLA)21,208Square Feet

4



Current Per SF Pro Forma Per SF

Base Rent

Occupied Space $270,106 $12.74

GROSS POTENTIAL RENT $270,106 $12.74

Expense Reimbursements 21,264 1.00

GROSS POTENTIAL INCOME $291,370 $13.74

Vacancy/Collection Allowance (% of GPR) 5% / $13,505 $0.64

EFFECTIVE GROSS INCOME $277,865 $13.10

Total Expenses $87,880 $4.14 $30,378 $1.43

NET OPERATING INCOME $189,985 $8.96


INCOME & EXPENSES

Gross Leasable Area (GLA) 21,208 Square Feet

5




Suite Tenant GLA % of

GLA

Lease

Commence

Lease

Expire

Annual

Rent

Rent/

SF

Expense

Reimbs.

Other:

Options/ %

Rent

Lease

Type

1A-1B Grid Iron Pizza 3,000 14.15% 1/1/2014 9/1/2019 $42,000.00 $14.00 NNN

2 S&H Donuts 2,185 10.30% 4/1/2014 4/30/2019 $18,240.00 $8.35 $228.00 One 5-Yr MG

3 Excalbur Laundry 3,793 17.88% 9/16/2014 9/31/2024 $55,800.00 $14.71 $9,357.00 Two 5-Yr NNN

5A Frankies Smoke Shop 850 4.01% 12/1/2013 11/30/2014 $15,300.00 $18.00 MG

5B Hair Care 4 U 1,205 5.68% 1/1/2014 12/31/2015 $14,288.00 $11.86 $5,048.00 NNN

6 Kare Medical Group 2,691 12.69% 11/1/2006 MTM $32,400.00 $12.04 MG

7 Lease Pending 1,750 8.25% 1/1/2015 1/1/2016 $21,630.00 $12.36 $6,631.00 NNN

8 Autobahn Driving

School

924 4.36% 7/1/2012 6/30/2017 $11,394.00 $12.33 MG

9 Desserts & More 1,209 5.70% 3/1/2013 2/28/2018 $17,304.00 $14.31 MG

10 M&H Health Care 1,200 5.66% 7/1/2012 6/30/2015 $16,550.00 $13.79 MG

11 Find Your P's & Q's 2,401 11.32% 9/1/2014 8/31/2017 $25,200.00 $10.50 MG

TOTAL VACANT

TOTAL OCCUPIED 21,208 100.00% $270,106.00 $21,264.00

TOTAL 21,208 100.00% $270,106.00 $21,264.00

TENANT SUMMARY

6



For The Year Beginning Year 1

Jan 2015

Year 2

Jan 2016

Year 3

Jan 2017

Year 4

Jan 2018

Year 5

Jan 2019

Year 6

Jan 2020

Year 7

Jan 2021

Year 8

Jan 2022

Year 9

Jan 2023

Year 10

Jan 2024

Tenant(s) Name Hair Care 4

U

M&H Health

Care

Lease

Pending

Autobahn

Driving

School

Find Your

P's & Q's

Desserts &

More

Grid Iron

Pizza

S&H Donuts

Total Number of Tenants 2 1 2 1 2

Total Square Feet 2,405 1,750 3,325 1,209 5,185

Total Percentage 11.3% 8.3% 15.7% 5.7% 24.5%

Cumulative Percentage 11.3% 19.6% 35.3% 41.0% 65.4%


Percentage of SF Expiring Number of Tenants Expiring Cumulative % of SF Expiring

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

To

tal P

roje

ct S

qu

are

Fo

ota

ge

0

1

2

Nu

mb

er

of T

en

an

tsJan 2015

11%Jan 2016

8%Jan 2017

16%Jan 2018

6%Jan 2019

24%Jan 2020

0%Jan 2021

0%Jan 2022

0%Jan 2023

0%Jan 2024

0%

LEASE EXPIRATION SUMMARY

Any projections, opinions, assumptions or estimates used here within are for example purposes only and do not represent the current or future performance of the property.

15080 Seventh Street

Victorville, CA 92395

Price $2,530,000

Down Payment 40% $1,012,000

Gross Leasable Area (GLA) 21,208

Price/SF $119.29

CAP Rate - Current 7.51%

Lot Size 2.13 Acres

Year Built /Renovated 1980/2014

FIRST TRUST DEED

Loan Amount $1,518,000

Loan Type Proposed New

Interest Rate 4.5%

Amortization 25 Years

Annualized Operating Data

Income Current Pro Forma

Base Rent

Occupied Space $270,106

Gross Potential Rent $270,106

Expense Reimbursements $21,264

Gross Potential Income $291,370

Vacancy/Collection Allowance 5% / $13,505

Effective Gross Income $277,865

Total Expenses $87,880 $30,378

Net Operating Income $189,985

Debt Service $108,604

Debt Coverage Ratio 1.75

Net Cash Flow After Debt Service 8.04% / $81,381

Principal Reduction $36,071

Total Return 11.61% / $117,452

7

Location


Financing


Expenses

Real Estate Taxes $30,378 $30,378

Insurance $7,935

Utilities/Sanitation $19,027

Utilities/Electricity $4,910

Utilities/Water Bill $4,200

Hi Desert Alarm $2,160

Management Fee (% of EGI) 3% / $8,336

Reserves / Replacements $7,171

AT&T $1,363

Maintenance $2,400

TOTAL EXPENSES $87,880 $30,378

EXPENSES/SF $4.14 $1.43


Loan information is time sensitive and subject to

change. Contact your local Marcus & Millichap Capital

Corporation representative.

FINANCIAL OVERVIEW


PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present Metropolitan Plaza, a 21,208 square foot multi-tenant retail shopping center located in the city of Victorville, California. The subject property is located along Seventh Street, which is the main arterial road in Victorville that houses several retail shops of all spectrums. Seventh Street receives traffic counts of nearly 19,000 vehicles per day. Nearby retailers include Costco, O’Reilly Auto Parts, Bank of America, H&R Block, Wendy’s, IHOP, McDonald’s, In-N-Out Burger and much more. The subject property features multiple ingress and egress points from 7th Street and is within close proximity to Interstate 15, which has an average daily traffic of over 84,000 cars per day.

Metropolitan Plaza is currently occupied by 10 service oriented businesses with a dynamic tenant mix including a pizza shop, coin-op laundromat, driving school and medical office among others. Many tenants have been in business for at least 10 years with growing demographics tenants will continue business for years to come. With one, 1,750 square-foot unit currently available, this property provides a value-add opportunity for investors to add to the synergy.

The city of Victorville is a part of the Riverside-San Bernardino County Metropolitan Statistical Area, also known asthe Inland Empire, which is expected to be one of the fastest growing markets in the nation due to the robust population growth. The area spans 28,000 square miles and houses 4.4 million residents and counting.

Investment Highlights

■ Strong Traffic Counts with Over 18,000 Vehicles Passing theSite Per Day

■ High Growth Area - Over 12 Percent Growth ProjectedOver the Next Four Years

■ E-Commerce Resistant Tenant Mix - Majority of Businessesare Service Oriented

■ Ability to Increase Cash Flow Through Leasing of the Vacant1,750 Square Foot Unit

■ Located in Major Retail Hub with Nearby RetailersIncluding Costco, Bank of America and Much More

9




INVESTMENT OVERVIEW

The Offering

Property Metropolitan Plaza

Property Address 15080 Seventh Street


Assessor's Parcel Number 0477-041-44; 0477-041-43

Zoning C-2-General Commercial

Site Description

Number of Stories Single

Year Built/Renovated 1980 / 2014

Gross Leasable Area (GLA) 21,208 Square Feet

Lot Size 2.13 Acres

Type of Ownership Fee Simple

Parking 4.9/1000 Square Feet

Parking Ratio 4.9 / 1000

Landscaping Astroturf

Topography Elevated

10




PROPERTY SUMMARY

11




PROPERTY PHOTOS

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PROPERTY PHOTOS

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AREA MAPS

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AERIAL PHOTO


RECENT SALES

1)

2)

3)

4)

5)

6)

7)

8)

Metropolitan Plaza

Vista Bros. Plaza

Mojave Center

Victorville Pavilion II

4050 Phelan Road

Bear Valley Plaza

5379 Arlington Avenue

171-197 West 40th Street

El Cielo Center

19

RECENT SALES



RECENT SALES MAP

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

200.00

Subject VistaBros.Plaza

MojaveCenter

VictorvillePavilion

II

4050PhelanRoad

BearValleyPlaza

5379ArlingtonAvenue

171-197West40th

Street

ElCielo

Center

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

Subject VistaBros.Plaza

MojaveCenter

VictorvillePavilion

II

4050PhelanRoad

BearValleyPlaza

5379ArlingtonAvenue

171-197West40th

Street

ElCielo

Center

Average Price per Square Foot

20

RECENT SALES


Average Cap Rate


CAP RATE AND PRICE PER SF

1

2

Metropolitan Plaza



Vista Bros. Plaza

10759 Magnolia Avenue

Riverside, CA 92505

Mojave Center

15770 Mojave Drive


Comments

This property consists of 10 retail units, sits on a 33,977 square foot corner lot and has plenty of on-site parking. It is located

directly across from Kaiser Permanente Hospital, generating significant traffic along Magnolia Boulevard.

Comments

Mojave Center is a neighborhood strip center consisting of 14,410 square feet located off the Interstate 15 Mojave Drive exit.

The property features a diverse mix of tenants, is 85 percent occupied and features conservative rental rates with some long

term leases.

Close of Escrow: 5/30/2014 Major Tenants

Year Built/Renovated: N/A Mullen's Flowers

Gross Leasable Area (GLA): 10,981 SF Norma's Hair 'N Nails

Sale Price: $1,820,364 Lota's Kitchen

Percent Down: 100% Desert Nights Cafe

CAP Rate: 7.07% Mike's Chicken

Price/SF (GLA): $165.77

Lot Size: 0.78 AC

Subject Property

Year Built/Renovated: 1980 / 2014

Gross Leasable Area (GLA): 21,208 Square

Offering Price: $2,530,000

Percent Down 40%

CAP Rate: 7.51%


Lot Size: 2.13 Acres

21

Close of Escrow: Pending Major Tenants

Year Built: 1980 Beauty Salon

Gross Leasable Area (GLA): 14,410 SF Donuts & Deli

Sale Price: $1,950,000 Liquor Mart

Percent Down: 100%

CAP Rate: 6.22%


Lot Size:

RECENT SALES



RECENT SALES

boxdfsdfsdf

5

4

3 Victorville Pavilion II

12133 Mall Boulevard


4050 Phelan Road

Phelan, CA 92371

Bear Valley Plaza

15923 Bear Valley Road

Hesperia, CA 92345

Comments

This property is a multi-tenant retail shopping center with high visibility fronting Phelan Road. The building is a part of a major

retail hub, across from a Stater Bros. shopping center.

Comments

Bear Valley Plaza is a two-story, multi-tenant retail building in Hesperia, California. Situated on Bear Valley Road, the main

road artery for the city, the center receives excellent visibility and high traffic counts (60,000 cars per day). The property sold

all cash within two weeks of being listed.

Comments

Victorville Pavilion is a 37,000 square foot offering consisting of two separate buildings. Best Buy occupies most of the space

while smaller retail shops occupy the remaining.


Year Built: 2007 Allstate Insurance

Gross Leasable Area (GLA): 21,539 SF Maxel Realty

Sale Price: $2,800,000 Liquor Mart

Percent Down: 100% Optometry

CAP Rate: 7.50% Acupuncture


Lot Size: 1.32 AC


Year Built: 1991 Donut Shop

Gross Leasable Area (GLA): 12,960 SF Zimbro Realty

Sale Price: $1,500,000 Mexican Food

Percent Down: 100% Low Cost Smoke Shop

CAP Rate: 7.00%


Lot Size: 1.01 AC

22


Year Built: 2004 The UPS Store

Gross Leasable Area (GLA): 37,331 SF Nail Spa

Sale Price: $4,750,000 Picture Framing

Percent Down: 100% Best Buy

CAP Rate: 7.00%


Lot Size: 3.09 AC

RECENT SALES



RECENT SALES

8

7

65379 Arlington Avenue

Riverside, CA 92504

171-197 West 40th Street

San Bernardino, CA 92407

El Cielo Center

440 South El Cielo Road

Palm Springs, CA 92262

Comments

This multi-tenant retail building is situated on 40th Street, boasting amazing visibility. Directly across the street is Cardenas

Market Shopping Center.

Comments

Subject property is a neighborhood retail shopping center located on 3.22 acres and consisting of approximately 21,688

square feet. The building consists a wood frame and is located on the signalized Northeast Corner of East Ramon Road and

South El Cielo Road in the City of Palm Springs, California.

Comments

Anchored by La Noria Market, the subject property is located in a retail oriented area in the city of Riverside, which houses

over 300,000 residents and is rapidly growing.


Year Built: 1980 Boost Mobile

Gross Leasable Area (GLA): 8,403 SF Fast 5 Pizza

Sale Price: $1,650,000 Starlight Nails

Percent Down: 100% Mago's Beauty Salon

CAP Rate: 6.40% Mike's Market & Liquor


Lot Size: 0.53 AC


Year Built: 1970 Chic Hair Studio

Gross Leasable Area (GLA): 10,148 SF Lindsey Nail & Spa

Sale Price: $1,400,000 Healthy 1 Life

Percent Down: 100%

CAP Rate: 7.50%


Lot Size: 0.96 AC

23


Year Built: 1990 Discount Cleaners

Gross Leasable Area (GLA): 21,688 SF Shoe Repair

Sale Price: $2,800,000 Aly's Hair Salon

Percent Down: 100% Time Warner Cable

CAP Rate: 8.00%


Lot Size: 3.22 AC

RECENT SALES



RECENT SALES


ON MARKET COMPARABLES

1)

2)

3)

4)

Metropolitan Plaza

Indian Hills Plaza

546 Indian Hills Circle

Mount Vernon Plaza

Walnut Village Center

25




ON MARKET COMPARABLES MAP

0.00

30.00

60.00

90.00

120.00

150.00

180.00

210.00

240.00

Subject IndianHills

Plaza

546IndianHills

Circle

MountVernonPlaza

WalnutVillageCenter

0.00

1.00

2.00

3.00

4.00

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6.00

7.00

8.00

Subject IndianHills

Plaza

546IndianHills

Circle

MountVernonPlaza

WalnutVillageCenter

Average Price per Square Foot

26



Average Cap Rate


CAP RATE AND PRICE PER SF

2

1

Metropolitan Plaza



Indian Hills Plaza

540 West 4th Street

Perris, CA 92570

546 Indian Hills Circle

Perris, CA 92570

Comments

Established retail center with very stable triple-net lease, long term tenants and 100 percent occupied.

Comments

This is a newly built community center in a great location with over 20,000 square feet of retail space. The property is well

positioned off of Highway 74, with an average daily traffic count of 80,000 cars per day.

Status: On Market Major Tenants

Year Built: 2007 La Favorita Market

Gross Leasable Area (GLA): 22,000 SF Guidance Insurance

List Price: $3,850,000 Fresca Spring Water

Percent Down: 40% La Estrella Bakery

CAP Rate: 7.50% All Seasons Party

Price/SF (GLA): $175.00 Hakam Othman

Lot Size: 1.68 AC


Year Built/Renovated: N/A Corona Tacos

Gross Leasable Area (GLA): 10,403 SF Highway 74 Donuts

List Price: $2,500,000 Green Dragon

Percent Down: 40% Health Mart Pharmacy

CAP Rate: 7.00%


Lot Size: 0.97 AC

Subject Property

Year Built/Renovated: 1980 / 2014

Gross Leasable Area (GLA): 21,208 Square

Offering Price: $2,530,000

Percent Down 40%

CAP Rate: 7.51%



27




<Text Box>


4

3 Mount Vernon Plaza

1292 West Mill Street

San Bernardino, CA 92410

Walnut Village Center

17070 Walnut Village Parkway

Fontana, CA 92336

Comments

Walnut Village Center is a multi-tenant retail building located on the northwest corner of Walnut Village Parkway and Mango

Avenue. The subject property is easily accessible from Interstate 210 and is one block from the main retail corridor of Sierra

Avenue.

Comments

This shopping center is fully leased with three major tenants on five-year leases and one long-term tenant with a 10-year

lease. The subject property is strategically located on the primary intersection of Mount Vernon Avenue and Mill Street just

off Interstates 215 and 10.


Year Built/Renovated: N/A Liquor Mart

Gross Leasable Area (GLA): 18,956 SF Smoke Shop

List Price: $2,350,000

Percent Down: 40%

CAP Rate: 7.72%


Lot Size: 1.98 AC


Year Built/Renovated: N/A Mini Mart

Gross Leasable Area (GLA): 9,608 SF

List Price: $2,388,000

Percent Down: 40%

CAP Rate: 6.00%


Lot Size: 0.75 AC

28






RENT COMPARABLES

1)

2)

3)

4)

Metropolitan Plaza

Jalco Plaza

Former Johnny Rebs Restaurant

Mojave Center

Old Town Plaza

30

RENT COMPARABLES



RENT COMPARABLES MAP

0

10

20

30

40

50

60

70

80

90

100

Subject JalcoPlaza

MojaveCenter

OldTownPlaza

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

1.10

Subject JalcoPlaza

FormerJohnnyRebs

Restaurant

MojaveCenter

OldTownPlaza

31

RENT COMPARABLES


Average Rent per Square Foot


OCCUPANCY AND AVERAGE RENT PER SF

Average Occupancy

2

1

Subject Property

Jalco Plaza

14725 7th Street


Former Johnny Rebs Restaurant

15051 7th Street


Comments

Strip retail center located on Seventh Street with available space including medical, retail and office space.

Comments

Former McDonald's restaurant prior to the current tenant.

Date Surveyed: 8/2014

Occupancy: 0%

Year Built: 1980


Rent/SF (GLA): $1.00

Available SF: 5,081

Lot Size: 2.07

Lease Type: Gross


Occupancy: 91%

Year Built: 1989



Available SF: 1,950

Lot Size: 0.48

Lease Type: Gross

Date Surveyed:8/2014Occupancy:100%Year Built/Renovated:1980/2014Gross Leasable Area (GLA):21,208 Square FeetRent/SF (GLA):$1.02Available SF:0Lot Size:2.13 AcresLease Type:MG

Metropolitan Plaza



32

RENT COMPARABLES



RENT COMPARABLES


Occupancy: 100%

Year Built/Renovated: 1980/2014



Available SF: 0


Lease Type: Gross

4

3 Mojave Center

15770 Mojave Drive


Old Town Plaza

15538 7th Street


Comments

Space is in shell condition. Estimated triple-net lease is $0.35 per square foot.

Comments

Older center located on a less trafficked part of Seventh Street. Space has been available since March of 2010 and is three

separate units.


Occupancy: 78%

Year Built: 1959



Available SF: 6,276

Lease Type: NNN


Occupancy: 74%

Year Built: 1990



Available SF: 3,700

Lot Size: 1.20

Lease Type: NNN

33

RENT COMPARABLES



RENT COMPARABLES


MARKET OVERVIEW

35

MARKET OVERVIEW


The city of Victorville is a 73.2 square-mile region located in the Victor Valley, San Bernardino County, California. The

city is at the southwestern edge of the Mojave Desert, approximately 100 miles from Los Angeles and 34 miles from

Barstow. The Mojave River flows sporadically throughout Victorville. Victorville is home to a large and diverse pool of

workers and has many educational opportunities to ensure a qualified supply of workers for the future. In 2013, the

residential population of Victorville was around 115,000. Estimates suggest that this figure more than doubles during

business hours to accommodate the needs of the more than 300,000 people. There are 900,000 workers within a

one-hour drive, 34 area universities, colleges and technical schools, as well as affordable and elegant housing.

Victor Valley includes the communities of Adelanto, Apple Valley, Hesperia, Lucerne Valley, Oak Hills, Phelan,

Victorville and Wrightwood. Victorville is the business hub of the area and draws consumers from well beyond its

immediate area. By being situated along Interstate 15, the primary transportation corridor and interstate commerce

route, the city of Victorville is the largest commercial center between San Bernardino and the Nevada border.

Local Attractions

California Route 66 Museum is devoted to the representation of U.S. Highway 66 in both historic and contemporary

exhibition. The museum intends to continually promote, preserve and educate the public throughout the world

bringing relative weight to the cultural influences.

San Bernardino County Fairgrounds is home to numerous annual events catering to the entire San Bernardino

County. Events includes a weekly swap meet, annual 4th of July Celebration, The San Bernardino County Fair,

various music festivals and much more.

The Mall of Victor Valley is the largest enclosed regional shopping center between San Bernardino and Las Vegas. It

is anchored by major department stores such as J.C. Penney, Kohl’s Department Store and Sears.

Mojave Narrows Regional Park Camping Grounds include 1,500 species of wildlife call this lush stretch of habitat

along the Mojave River home, making it a magnet for bird-watchers, horseback riders and campers. The park’s two

lakes not only attract migratory birds but also make it a popular fishing spot.

Top Employers

Southern California Logistics Airport 2,000

The Mall of Victor Valley 1,100

Victor Valley Union High School District 1,000

Desert Valley Hospital/Medical Group 950

Victor Elementary School District 948


LOCATION OVERVIEW

36

Market Highlights

Dynamic industrial market

■ The metro currently leads the nation in sales,

construction, and absorption of industrial

property.

Strong demographic trends

■ The Inland Empire is expected to add nearly

350,000 new residents through 2018.

Growing distribution market

■ Many Fortune 500 companies have recently

opened massive distribution centers in the area.

MARKET OVERVIEW

Geography

The Riverside-San Bernardino metro, also

referred to as the Inland Empire, is a 28,000-

square-mile region in Southern California

comprised of San Bernardino and Riverside

counties. Valleys in the southwestern portion

of the region, adjacent to Los Angeles, Orange

County and San Diego County, are the most

populous in the metro. These areas abut the

San Bernardino and San Jacinto mountains,

behind which lies the high desert area of

Victorville/Barstow to the north and, to the

east, the low desert Coachella Valley, home of

Palm Springs.



RIVERSIDE-SAN BERNARDINO

Riverside-San Bernardino counties

Metro

The Riverside-San Bernardino metro contains a

population of nearly 4.4 million. The largest city is

Riverside with 316,400 residents, followed by San

Bernardino. Although population growth has slowed

compared with the previous five years, the metro is still

expected to increase by 1.5 percent annually through

2018, well above the nation.

37

Largest Cities in Metro by Population

MARKET OVERVIEW

Airports

■ Ontario International

■ Palm Springs International

■ 33 smaller airports

Major Roadways

■ Interstates 10, 15 and 215

■ Highways 60 , 71, 91 and 210

Rail

■ Freight - BNSF and Union Pacific

■ Passenger - Amtrak

■ Commuter - MetroLink

The Riverside-San Bernardino Metro is:

■ 60 miles from Los Angeles

■ 100 miles from San Diego

■ 113 miles from Tijuana

■ 400 miles from San Francisco


Infrastructure

Riverside-San Bernardino features three interstate

freeways — I-10, I-215 and I-15 — that form a

triangle around one of the region’s core growth centers.

Also, completion of the 210 freeway extension makes

commuting to and from Rialto and San Bernardino

considerably easier.

The Riverside-San Bernardino metro has two major

airports: Ontario International and Palm Springs

International. The region also has a cargo dedicated

facility, the Southern California Logistics Airport,

located just north of Victorville in the High Desert.

Two rail lines serve Riverside-San Bernardino, and the

region boasts one of the largest and most modern

intermodal facilities in the nation. Amtrak provides

passenger rail service, and MetroLink connects the area

to Orange County and Los Angeles. Local transit

agencies run bus service throughout the area.


Sources: Marcus & Millichap Research Services, Experian


Riverside 316,400

San Bernardino 215,700

Fontana 202,600

Moreno Valley 202,400

Rancho Cucamonga 170,900

Ontario 168,600

38

MARKET OVERVIEW



Economy

The Riverside-San Bernardino metro has one of the

largest economies in the United States. While the

region’s economic expansion has been fueled by a

number of factors, robust population growth has been

the primary demand driver. Despite pull backs in

housing costs, still-high home prices throughout much

of Southern California leave residents seeking more

affordable options in the Inland Empire. The resulting

increase in population will continue to heighten the

need for housing, retail goods, personal services and

government services.

There has also been exceptional growth in wholesale

trade and warehousing as the area is an important

distribution hub for the Southwest. Riverside-San

Bernardino is the premier location in the Los Angeles

Basin for new distribution facilities. This is due to its

large pool of experienced workers, relatively inexpensive

land, and highly efficient intermodal transportation

system that reduces the cost of both aggregating and

distributing shipments. Amazon and Deckers have

recently constructed huge warehouses in the region,

and growth in the distribution industry is expected to

drive all other sectors.

During the past year, the Riverside-San Bernardino

metro recorded higher industrial absorption than most

other industrial markets in the state. The distribution

system also benefits two major cargo airports: Ontario

International and the Southern California Logistics

Airport in Victorville.


39

MARKET OVERVIEW


Labor

The Riverside-San Bernardino metro employment base contains nearly 1.2 million workers and new jobs are

projected to be generated at an annual average pace of 1.3 percent through the next five years, just above the

national growth rate. Traditionally, area residents who relocated from neighboring Los Angeles County or

Orange County continued to commute to these markets for work. In recent years though, a rise in commercial

development in the Inland Empire has generated more local jobs. As such, the job pool is becoming increasingly

diverse, and many of the metro’s population-serving industries are growing.

The metro’s infrastructure and proximity to the Los Angeles and Long Beach ports attract companies seeking

West Coast distribution hubs. As a result, the trade, transportation and utilities sector accounts for 24 percent of

all metro jobs. Employment in this segment is expected to remain steady during the coming five years.

Given the prevalence of military installations and numerous cities and municipalities in the region, the

government sector makes up another 19 percent of area jobs. After slightly contracting over the last five years,

the government sector is now poised to grow by 1.7 annually throughout 2018.

Additionally, freeway improvements that provide easier access to the eastern part of the metro and cities,

including Moreno Valley, Palm Springs and Palm Desert, should promote healthy employment growth as

companies move into these areas in the years ahead.



40

Employers

Government entities account for some of the largest

employers in the region, including Fort Irwin and

March Air Reserve Base. As the base downsized,

unused land was transformed into the March Inland

Port, a 350-acre aviation-based industrial business park.

March Inland Port Airport is a public joint-use airport

and its 13,000-foot runway is one of the longest

runways on the West Coast.

Another significant employer is Ontario International

Airport. The facility provides thousands of jobs at the

airport and more than 50,000 indirect, off-site

positions. Strong growth will continue at the airport,

given the limits to expansion placed on neighboring

airports in Los Angeles and Orange counties.

Major healthcare providers such as Loma Linda

University Medical Center and Kaiser Permanente also

maintain a big portion of the region’s jobs. Demand for

medical services is projected to rise rapidly in the

coming years due to the area’s increasing population

and the baby-boomer generation’s move into its

retirement years.

While Riverside-San Bernardino has a significant share

of large employers, the majority of companies are small.

This emphasis on small firms encourages innovation

and flexibility and is positive for the area’s long-term

outlook, as most of the growth taking place in the

economy is occurring in the small business sector.

MARKET OVERVIEW


Major Employers



San Bernardino County

Riverside County

Stater Bros.

Loma Linda University Medical Center

Kaiser Permanente

Wal-Mart Stores, Inc.

University of California, Riverside

Fort Irwin

Ontario International Airport

March Air Reserve Base

41

MARKET OVERVIEW

Demographics

The Riverside-San Bernardino metro consists of more

than 1.5 million households and nearly 4.4 million

residents, making it one of the largest metropolitan

areas in the nation. While expansion will slow from

earlier in the decade, the Inland Empire is still on pace

to grow 1.5 percent per year during the next five years,

above the national rate of 0.7 percent annually. This

population growth is driving new housing construction.

The majority of recent growth in the area was due to

in-migration rather than natural increases. Factors

fueling in-migration include the strong local economy;

relatively affordable housing; large parcels of vacant,

developable land; and a lack of available land in Los

Angeles County. The median existing home price in

Riverside-San Bernardino, at $237,600, also remains

much lower than medians in adjacent counties,

affording more than 63 percent of households to own

their home.

Residents are becoming more educated, as more than

50 percent of adults in the metro have at least some

college education, and almost 20 percent of those aged

25 years and above have attained a bachelor’s degree or

higher. Increasing education levels have helped to raise

household earnings. The median household income

stands at $54,500 per year, higher than the annual

national median of $52,400. Over the next five years,

the most significant income gains will be among those

earning $150,000 or more annually.




42

MARKET OVERVIEW


Quality Of Life

Riverside-San Bernardino offers a diversity of

landscapes, including the palm tree-lined and pool-

studded Coachella Valley, the mountain communities

of Big Bear and Lake Arrowhead, the rolling hills and

wineries of Temecula Valley, and the suburban

communities of the West San Bernardino Valley and

Moreno Valley. A temperate climate offers moderate

winters, warm summers and generally low humidity.

One of the greatest draws of the metro is relatively

affordable housing. The median home price in

Riverside-San Bernardino is 40 percent lower than in

Los Angeles County and more than 60 percent lower

than in Orange County.

The Inland Empire provides a number of cultural

opportunities, including the Riverside Metropolitan

Museum, the Mission Inn Museum, and the Museum

of History and Art in Ontario. The California Theatre

of Performing Arts in San Bernardino stages a number

of performances throughout the year, as does the

refurbished Fox Center for the Performing Arts, which

reopened in 2010. The Riverside County Philharmonic

provides classical music concerts throughout the area.

Shopping opportunities are plentiful no matter where

you live in the metro, as are parks and golf courses.

The region features an impressive offering of more than

20 college campuses, including the University of

California, Riverside; two campuses of California State

University; and nine community colleges.


The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.


43

MARKET OVERVIEW

Broad-Based Job Growth, Housing Drive Retail Demand

Economic growth supported by a strengthening housing market in the Inland Empire will boost retail spendingthis year. Total employment in the metro sits just 3.5 percent below the pre-recession peak through the firstquarter, with growth being driven by the education and health services and trade, transportation and utilitiessectors. As payrolls expand, a healthier housing market is taking shape, boosting the outlook for retail sales andretailers alike. Home sales reached the 2005 level last year, and housing starts are projected to be more than 10,000annually for the first time since 2007 this year. As a result, retail space demand is increasing in the market, withmore than 1 million square feet absorbed during each of the past two years. Although the vacancy rate remainsabove 9 percent, retailers will continue filling dark space alongside positive regional economic trends,underpinning a recovering retail market.

As operations improve in the Inland Empire retail market, investors are becoming confident in the strength of therecovery, opening the way for increased sales activity. A light supply of listings in the adjacent coastal markets isboosting demand for the higher-yielding assets available in the two-county metro. In the multi-tenant segment,grocery-anchored shopping centers are particularly sought-after, with first-year returns starting in the 6 percentrange for Class A assets. On the single-tenant side, properties leased to high-credit tenants will trade in the 5percent range, while yields for assets occupied by noncredit tenants can move above 7 percent. Overall, the gap incap rates between properties in the western and eastern portions of the market will remain sizeable until theeconomic recovery gains traction in the high desert. Though buyers have enjoyed stabilizing interest rates over thepast six months, in the near-term, slowly rising interest rates will maintain slight upward pressure on cap rates.Moving forward, a lift in retail transactions will occur as owners list assets while buyer demand remains high andcap rates low.


Employment: After adding 44,100 jobs last year, employers are expected to create27,500 positions in 2014, easing growth to 2.2 percent. All but three sectors areforecast to expand this year, with the professional and business services sectoranticipated to generate nearly 11,000 jobs and expand by more than 8 percent.

Construction: Development will be limited once again this year as builders remaincautious amid slowly improving operations. As a result, only 680,000 square feet ofspace will come online this year. In 2013, 660,000 square feet was delivered.

Vacancy: Limited development activity and a third consecutive year of more than 1million square feet of absorption will push vacancy down 40 basis points to 9.1percent by year end, the lowest level since 2009. Last year, vacancy decreased 50 basispoints.

Rents: Average asking rents in Riverside-San Bernardino are expected to dip 2 percentto $15.40 per square foot this year as operators continue lowering rates to attract arearetailers. Last year, asking rents slipped 3.5 percent.

2014 Annual Retail Forecast



44

MARKET OVERVIEW


Economy

■ Approximately 31,000 new hires were made in the Inland Empire during the 12-month period that ended inthe first quarter, a 2.6 percent increase. Despite solid additions in the prior annual period, growth is slowing, aspayrolls held flat in the first quarter of the year.

■ Retail sales have steadily advanced since the beginning of 2010, and are expected to grow 4.3 percent by theend of 2014. Robust job growth over the past two years boosted incomes in the metro, as the medianhousehold income is projected to sit less than 2 percent off the pre-recession high by year end.

■ The transportation and utilities sector led employment growth over the past 12 months, adding nearly 9,000jobs and expanding 3 percent. Supported by the region’s rapid industrial growth, the sector surpassed its pre-recession level of total employment.

■ Outlook: After adding 44,100 jobs last year, employers are expected to create 27,500 jobs in 2014, easinggrowth to 2.2 percent. All but three sectors are forecast to expand this year, with the professional and businessservices sector anticipated to generate nearly 11,000 jobs and expand by more than 8 percent.


Construction

■ During the last 12 months, developers added 535,000 square feet of retail space in the market, including200,000 square feet in the first quarter of this year. The largest project completed in the last 12 months was a170,000 square foot Wal-Mart in Yucca Valley, which came online in the second half of 2013.

■ Slightly more than 460,000 square feet is underway in the metro, representing a 0.3 percent increase to stock.Nearly half of the space under construction is in the North San Bernardino submarket. The largest projectunderway is a 186,000-square foot Wal-Mart Supercenter in Victorville.

■ A total of nearly 4.7 million square feet is in the planning pipeline, consisting mainly of small projects less than100,000 square feet.

■ Outlook: Development will be limited once again this year as builders remain cautious amid slowly improvingoperations. As a result, only 680,000 square feet of space will come online this year.


* ForecastSource: CoStar Group, Inc.

45

MARKET OVERVIEW


Vacancy

■ Retail vacancy dipped 40 basis points over the past 12 months to 9.4 percent in the first quarter, the lowest rate

since mid-2009.

■ Multi-tenant average vacancy slipped 50 basis points to 9.3 percent year over year in the first quarter of 2014,

although the rate remains more than 300 basis points above the pre-recession level.

■ Vacancy in the Inland Empire West submarket retreated 70 basis points to 8.8 percent during the one yearending in the first quarter, while Inland Empire East recorded a 30-basis point decline to 9.6 percent.

■ Outlook: Limited development activity and a third consecutive year of more than 1 million square feet of

absorption will push vacancy down 40 basis points to 9.1 percent by year end, the lowest level since 2009.

Rents

■ Rents have yet to reverse course and record growth since the economic downturn, as persistently slow advances

in vacancy have added to a lack of leverage among owners to bump rents. Average rents declined 3.1 percent to

$15.77 per square foot on a year-over-year basis in the first quarter.

■ Multi-tenant average asking rents were $15.65 per square foot in the first quarter, a drop of 1.5 percent fromone year ago, which is a sharp slowdown from losses in prior recent years.

■ Average asking rents dropped 9 percent to $16.03 per square foot in the west portion of the metro in the 12months ending in the first quarter. On the east side of the Inland Empire, rents dipped 0.1 percent to $15.65

per square foot over the same period.

■ Outlook: Average asking rents in Riverside-San Bernardino are expected to dip 2 percent to $15.40 per squarefoot this year as operators continue attracting area retailers. Last year, asking rents slipped 3.5 percent.



* ForecastSource: CoStar Group, Inc.

46

MARKET OVERVIEW


Single-Tenant Sales Trends**

■ During the most recent 12-month period, single-tenant transaction velocity declined nearly 20 percent, as

activity waned throughout the Inland Empire, particularly in Riverside and East San Bernardino.

■ Although deal velocity eased slightly over the one-year period ending in the first quarter, average prices rose as

the quality of properties changing hands increased. During the period, fast-food restaurants traded at an

average of $420 per square foot, while drugstores traded at nearly $350 per square foot.

■ Average cap rates for single-tenant properties have compressed around 25 basis points to the mid-6 percent

range over the past 12 months. First-year returns can dip below 5 percent for fast-food assets with the highest

credit tenants.

■ Outlook: Buyers have welcomed stabilizing rates in the market as the 10-year Treasury has remained relatively

flat over the past six months. In the near-term, slowly rising interest rates will maintain slight upward pressure

on cap rates.

Multi-Tenant Sales Trends**

■ Sales activity in the Inland Empire’s multi-tenant sector increased by 75 percent over the past 12 months as

Coachella Valley, East San Bernardino, and Riverside saw greater activity than the prior annual period.

■ During the most recent one-year period, the average multi-tenant asset price jumped 30 percent to $176 per

square foot as larger, high-quality properties were traded.

■ Multi-tenant cap rates begin in the 6 percent range for the highest quality grocery-anchored neighborhood

centers, and can move above 8 percent for smaller strip centers.

■ Outlook: Buyer demand will rise as improving fundamentals encourage investors to own assets offering higher

returns in the multi-tenant arena. Investor interest will continue spreading to outside areas such as South

Riverside and Coachella Valley with the solidifying retail landscape.



** Trailing 12-Month PeriodSources: CoStar Group, Inc., Real Capital Analytics

47

MARKET OVERVIEW



Capital Markets

■ The Fed continues to feel confident about the economic recovery and projects it will improve, notwithstanding

the disappointing growth in this year’s first quarter, which they believed to be impacted by the harsh winter

weather. The withdrawal of stimulus continues; at the end of April, the FOMC voted to reduce its monthly

bond purchases by an additional $10 billion. The yield on the 10-year U.S. Treasury remained in the mid- to

high-2 percent range throughout the first quarter, and is projected to stay in this range over the next few

months.

■ The national retail sector posted a solid performance in the first quarter this year. The vacancy rate ticked

down 20 basis points to 7.0 percent in the first three months of this year as total employment and retail

spending grew, generating new demand for retail space. Completions were also subdued, as only 6.9 million

square feet was brought online. This year, new demand will exceed completions and support a further drop in

the national vacancy rate.

■ Regional and local banks increased their share of lending on retail properties to 13 percent this year as they

escalated lending throughout 2013. Greater liquidity enhanced investors’ ability to obtain loans for the

purchase of small unanchored shopping centers. Across all lending institutions, the rising confidence in the

strengthening economy is generating an abundance of capital, which, in turn, is providing more leverage in

secondary and even tertiary markets.


Local Highlights

■ Though home price appreciation is projected to slow in 2014 following a nearly 30 percent surge in the

median home price last year, building activity is forecast to increase. Single-family housing permits and starts

are expected to more than double in 2014 as builders come off the sidelines to capture demand from newly

employed residents.

■ The education and health services and trade, transportation and utilities sectors have accounted for more than

half of the job gains in the Inland Empire since beginning of 2012. Future growth in these sectors appears

favorable due to the region’s position as a warehousing and transportation hub, as well as increased demand for

medical care from the Affordable Care Act.

■ Buoyed by the addition of more than 93,000 combined jobs in 2012 and 2013, the Inland Empire

unemployment rate sits at 9.3 percent, the lowest level since mid-2008. Though still above the California rate

of 8.1 percent, the two-county metro unemployment rate is nearly 500 basis points below the 2010 peak.

■ The 244-room Ritz-Carlton Rancho Mirage is slated to re-open in the second quarter of this year after

undergoing a remodelling process delayed five years due to the financial crisis.

■ Developers broke ground in the first quarter on the Mountain Grove at Citrus Plaza shopping center, with a

proposed size of 670,000 square feet of space. Several retailers are slated to anchor Mountain Grove, including

Nordstrom Rack, TJ-Maxx, and HomeGoods, upon its slated completion date of summer 2015. The center

will join its adjacent sister development, the 520,000-square-foot Citrus Plaza, located just south of the new

construction site.


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 7,982 40,011 90,473

2010 Population 9,119 59,164 136,762

2013 Population 9,363 61,125 141,309

2018 Population 9,531 67,803 157,066

2000 Households 2,536 13,875 30,547

2010 Households 2,579 18,520 41,158

2013 Households 2,666 19,191 42,640

2018 Households 2,713 21,278 47,598

2013 Average Household Size 3.37 3.13 3.20

2013 Daytime Population 5,577 22,025 34,484

2000 Median Housing Value $0 $98,676 $100,694

2000 Owner Occupied Housing Units 45.40% 53.16% 60.90%

2000 Renter Occupied Housing Units 46.64% 37.31% 31.87%

2000 Vacant 12.53% 8.51% 7.44%



2013 Vacant 10.30% 9.04% 7.91%



2018 Vacant 10.14% 9.20% 8.07%

$ 0 - $14,999 22.5% 17.0% 13.4%

$ 15,000 - $24,999 17.7% 14.9% 12.2%

$ 25,000 - $34,999 12.5% 11.0% 10.5%

$ 35,000 - $49,999 13.3% 14.5% 13.9%

$ 50,000 - $74,999 17.8% 19.1% 20.5%

$ 75,000 - $99,999 10.4% 11.4% 13.2%

$100,000 - $124,999 3.2% 5.4% 7.4%

$125,000 - $149,999 1.3% 2.7% 3.7%

$150,000 - $199,999 0.7% 2.3% 3.3%

$200,000 - $249,999 0.2% 0.9% 0.9%

$250,000 + 0.3% 0.9% 1.1%

2013 Median Household Income $33,120 $42,133 $50,098

2013 Per Capita Income $12,960 $17,789 $19,484

2013 Average Household Income $43,623 $56,157 $63,648

Demographic data © 2012 by Experian.

49




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2013, the population in your selected geography was 141,309. The population has changed by 56.18% since 2000. It is estimated

that the population in your area will be 157,066 five years from now, which represents a change of 11.15% from the current year.

The current population is 50.0% male and 49.9% female. The median age of the population in your area is 31.4, compare this to the

U.S. average which is 37. The population density in your area is 1,265.53 people per square mile.

Households

There are currently 42,640 households in your selected geography. The number of households has changed by 39.58% since 2000.

It is estimated that the number of households in your area will be 47,598 five years from now, which represents a change of 11.62%

from the current year. The average household size in your area is 3.20 persons.

Income

In 2013, the median household income for your selected geography is $50,098, compare this to the U.S. average which is currently

$53,535. The median household income for your area has changed by 33.61% since 2000. It is estimated that the median household

income in your area will be $57,076 five years from now, which represents a change of 13.92% from the current year.

The current year per capita income in your area is $19,484, compare this to the U.S. average, which is $28,888. The current year

average household income in your area is $63,648, compare this to the U.S. average which is $75,373.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 54.03% White, 14.05% African American, 1.45% Native American

and 4.18% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.20% White, 12.65% African American, 0.96%

Native American and 5.01% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 44.46% of the current year

population in your selected area. Compare this to the U.S. average of 16.55%.

Housing

The median housing value in your area was $100,694 in 2000, compare this to the U.S. average of $110,781 for the same year. In

2000, there were 20,090 owner occupied housing units in your area and there were 10,512 renter occupied housing units in your

area. The median rent at the time was $505.

Employment

In 2013, there are 34,484 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 53.7% of employees are employed in white-collar occupations in this geography, and 46.2% are employed in blue-collar

occupations. In 2013, unemployment in this area is 5.96%. In 2000, the median time traveled to work was 22.0 minutes.


50




SUMMARY REPORT

Number of people living in a given area per square mile.


51




POPULATION DENSITY

The number of people employed in a given area per square mile.


52




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


53




AVERAGE HOUSEHOLD INCOME

Two-way, average daily traffic volumes.

54




Traffic Count data © 2012 by TrafficMetrix. All rights reserved.

TRAFFIC COUNTS

* Traffic Count Estimate

Average Daily Traffic Counts:

7th Street- 18,705 Vehicles per Day (2008)

Mojave Drive- 14,353 Vehicles per Day (2005)

OFFICES NATIONWIDE

www.marcusmillichap.com

PABLO RODRIGUEZNational Retail GroupONTARIO OFFICETel: (909) 456-7032Fax: (909) [email protected] License: CA 01870757

RICHARD VINCENTNational Retail GroupONTARIO OFFICETel: (909) 456-3491Fax: (909) [email protected] License: CA 01930526

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