investment offering memorandum sierra center

© 2021 Sally Forster Jones Group - Confidential and Proprietary

An Incredible Investment Offering in Southern California.A 100,253 SF Grocery-Anchored Community Center in the city of Baldwin Park, California.

SIERRA CENTERINVESTMENT OFFERING MEMORANDUM


PROPERTY OVERVIEWINVESTMENT SUMMARY

Offering Price $34,000,000Occupancy 90 PercentBuilding Leasable Area 100,253 Square FeetTotal Land Area 18.20 Acres - Total / 7.34 Acres

- Offering / 220,766 sqft gross building

CAP Rate 5.85%Net Operating Income $1,988,487Parking 1,135 stalls (5.17 spaces per 1,000

SF) - Total; 487 stalls (4.86 spaces per 1,000 SF) - Offering

Year Built 1997

Financing Assumable loan of approximately $17,919,347

INVESTMENT HIGHLIGHTS• Food 4 Less, Target, Bob’s Discount Furniture and Party City, serve as

co-anchors• Target, McDonalds, Chevron are their own parcel and pay CAM only • Jack in the Box is a separate project and only pays for Pylon sign• Very high traffic count with over 200,000 vehicles passing daily (Source:

ESRI 2015). Excellent visibility and accessibility from Interstate 10 via the Baldwin Park Boulevard off ramp which is directly adjacent to the property.

• Densely populated area with strong retail submarket.• Highly functional site plan.• Historically always fully occupied.

DISCLOSURES & CONFIDENTIALITY

The information contained herein has been carefully compiled from sources we consider reliable, and while not guaranteed as to com-pleteness or accuracy, we believe it to be correct as of this date. The proforma revenues and expenses set froth in this brochure do not constitute a representation, warranty, or guaranty of any of the numbers set forth herein or of any economic value attributable to the property or income that may be derived therefrom. Independent estimates of proforma revenues and expenses should be developed before any decision is made on whether to invest in the property.

CONTACT INFORMATION Sally Forster JonesCompass - SFJ Group9454 Wilshire Blvd4th FloorBeverly Hills, CA 90212

CALL: 310-579-2200EMAIL: [email protected]

Compass does not guarantee the accuracy of square footage, lot size or other information concerning the condition or features of the property provided by the seller or obtained from public records and other sources. The buyer is advised to independently verify the accuracy of the information. Compass and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the present or future performance of the property. Sally Forster Jones CalBRE# 00558939 | Compass CalBRE# 01991628


SIERRA CENTER AERIAL VIEW


PROPERTY OVERVIEW

TENANTS:No. Tenant Area SF

1 Bob’s Discount Furniture 23,5002 Party City 10,1473 T-Mobile (Hit Mobile) 2,300

4 VACANT 6,5005 Supercuts 1,2316 Eyebrow Image 8087 VACANT 2,5208 Food 4 Less 53,4709 Taco Bell

(C&R Restaurant Group) 2,095

Total Square Feet: 100,476

PARCELS:Assessor’s Parcel # Appx. Acres Square Feet8555-006-034 64,1208555-006-035 12,9348555-006-036 12,3758555-006-037 3,3198555-006-038 205,1668555-006-039 24,954TOTAL OFFERING 322,868

YEAR BUILT: Sierra Center was completed in 1997

LOCATION: Sierra Center is located in the central San Gabriel Valley re-gion of Los Angeles County. Baldwin Park is easily accessible to several major freeways servicing Southern California including Interstates 10 (San Bernardino Freeway, 605 (San Gabriel Freeway) and 210 (Foothill Freeway).

ACCESS: Sierra Center has 3 points of access off of Baldwin Park Blvd. and 2 points of access off of Francisquito Avenue. The property is ideally located just off of the I-10 freeway which is a major Southern California thoroughfare.

ZONING: FC (Freeway Commercial) PARKING: The parking is shared with Target in accordance to a Recip-rocal Easement Agreement. There are a total of 1,135 parking spaces. The Offering contains approximately 487 stalls. (Subject to change)

PROPERTY OVERVIEW



Tenant Name Lessee No. of Locations Use Website

Bob’s Dis-count Furni-ture

Bob’s Discount Furniture, LLC, a Massachusetts limit-ed liability company

83 showrooms in 15 states in the Northeast, Mid-Atlantic and Midwest regions.

Everyday low price furniture store.

www.mybobs.com

Party City Party City Corpo-ration, a Delaware corporation

Approx. 900 throughout the U.S., Canada & Puerto Rico

Operation of a retail party goods and seasonal mer-chandise.

www.partycity.com

Hit Mobile Hit Mobile, Inc., a California corpora-tion

Over 2,200 locations across the U.S. Operation of a cellular service provider and carrier outlet for mobile devices

www.t-mobile.com

Eyebrow Image

Eyebrow Image, Inc., a California corpo-ration

3 locations in West Covina, CA. Mont-clair, CA & Baldwin Park

Operation of a salon www.eyebrowimage.com

Super Cuts Supercuts Corpo-rate Shops, Inc., a Delaware corpora-tion

Over 2,400 locations across the U.S.

Operation of a ‘no-appoint-ment required’ salon for men and women

www.supercuts.com

Food 4 Less Food 4 Less of California, Inc., a California corpora-tion

Over 250 locations across the U.S.

Operation of a discount warehouse-style grocery store

www.food4less.com

C&R Restau-rant Group

Taco Bell Corp., a California Corpora-tion

Collectively, nearly 10,000 locations across the U.S.

Operation of a fast food com-bination restaurant serving Mexican food and pizza

www.tacobell.com

TENANT PROFILES



Unit # Tenant Actual Rent SqFt Rent/

SqFt Move-In Lease End Date

Current Option

Options Left Notes

3000 Food 4 Less of California, Inc. $62,334.13 53,470 1.16 7/2/97 7/31/22 0 5 (5) 5-yr renewal options, each renewal increases rent by 10%

3100 Target Corporation - 115,685 0.00 7/1/97 12/31/2027 NA Own parcel and only pays Common Area Mainte-nance Charges

3120 C&R Restaurant Group, LP (Taco Bell) $7,930.54 2,095 3.79 6/22/97 11/30/34 2 3

Lease extended 20-yrs from Dec 2014, (3) 5-yr renewal options remaining. Rental adjustments: 2019-2024 +10%, 2024-2029 FMV, 2019-2034 110% of the FMV from preceding 5-yr period

3160 McDonald's #19375 - 4,800 0.00 7/1/97 12/31/2027 NA Own parcel and only pays Common Area Mainte-nance Charges

B100 Bob's Discount Furniture, LLC $41,125.00 23,500 1.75 2/1/18 2/9/2028 0 0

C100 Party City Corporation $25,942.49 10,147 2.56 6/23/97 12/31/2024 0 1 (1) 5-yr renewal option at a 10%+

D100 Keivan Sarraf DDS, Inc $11,650.55 6,500 1.79 8/15/11 8/31/21 0 2 Every 30 months increase of 6% and also applies to (2) 5-yr options

D101 Hit Mobile, Inc $7,426.52 2,300 3.23 8/16/11 8/31/21 1 0 Every 24 months increase of 6%, termed out in 2021

D105 Super Cuts $3,224.15 1,231 2.62 10/27/97 10/31/22 1 0 Lease expired Oct 2016. Lease extended to Oct 2019.

D106 Eyebrow Image, Inc. $2,698.47 808 3.34 12/1/09 9/30/24 1 0

SUNSET SUNSET $1,500.00 - - 8/1/20 7/31/22

T-MOBILE ROYAL $2,346.00 - - 2/28/08 7/21/22

E100 VACANT MARKET $5,670.00 2,520 - - -

TOTAL $166,267.85

2021 RENT SUMMARY



NOI 2021GROSS POTENTIAL RENT INCOME $1,995,214EFFECTIVE RENTAL INCOME $1,995,214PLUS NNN $359,035GROSS OPERATING INCOME $2,354,249LESS OPERATING EXPENSES $365,762NET OPERATING INCOME $1,988,487LESS BANK LOAN* $1,519,332

Loan Interest Only $896,196

Principal Paydown $293,544

SALES PRICE $34,000,000 CAP RATE 5.85%

2021 INVESTMENT OVERVIEW

* Amount includes interest and principal

FINANCING DETAILS- Buyer to assume loan. Assumable for 1 point.- LENDER: Argentic Real Estate Finance LLC (Serviced by Wells Fargo)- LOAN AMOUNT: Approximately $17,919,347.50- INTEREST RATE: 4.84%- MATURITY DATE: September 2027- PAYMENT: Interest + Principal is $126,611/mo- Lender has impounds for taxes and insurance



SITE IMAGES


LOCATION ANALYSIS & DEMOGRAPHICSTRAFFIC COUNT

Location of The Sierra Center: Over 200,000 vehicles passing daily(Source: ESRI 2015)



LOCATION ANALYSIS & DEMOGRAPHICS

investment offering memorandum sierra center

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