1

Mountain View Plaza55,000 SF ANCHORED NEIGHBORHOOD SHOPPING CENTER43372-43383 & 43418-43430 E FLORIDA AVE, HEMET, CA 92544

32

CONFIDENTIALITY AGREEMENT

Executive Summary ..................................... 4Investment Highlights ................................. 6Property Overview ..................................... 10Tenant Overview ........................................ 14Rent Roll .................................................... 18Financial Overview .................................... 20Area Overview ............................................ 22

TABLE OF CONTENTS

GEOFF TRANCHINAExecutive Vice PresidentT +1 310 694 3180geoff.tranchina@am.jll.com Lic. 1435512

JASON GRIBINVice PresidentT +1 310 694 3192jason.gribin@am.jll.com Lic. 1819611

ADAM FRIEDLANDERVice PresidentT +1 424 901 8201adam.friedlander@am.jll.com Lic. 1806555

MATTHEW BERRES Senior Vice PresidentT +1 424 901 8202matthew.berres@am.jll.com Lic. 1977909

APRIL 1, 2017 DISCLAIMER: MATERIALS CONTAINED IN THIS OF-FERING MEMORANDUM ARE CONFIDENTIAL, FURNISHED SOLE-LY FOR THE PURPOSE OF CONSIDERING THE PURCHASE OF MOUNTAIN VIEW PLAZA (THE “PROPERTY”) LOCATED IN HEMET, CALIFORNIA; DESCRIBED HEREIN AND ARE NOT TO BE USED FOR ANY OTHER PURPOSE OR TO BE MADE AVAILABLE TO ANY OTHER PERSON WITHOUT THE EXPRESS WRITTEN CONSENT OF JLL. THE MATERIAL IS BASED, IN PART, UPON INFORMATION SUPPLIED BY SELLER AND, IN PART, UPON INFORMATION OB-TAINED BY JLL FROM SOURCES THEY DEEM TO BE RELIABLE. SUMMARIES CONTAINED HEREIN OF ANY LEGAL DOCUMENTS ARE NOT INTENDED TO BE COMPREHENSIVE STATEMENT OF THE TERMS OF SUCH DOCUMENTS, BUT RATHER ARE OUT-LINES OF SOME OF THE PRINCIPAL PROVISIONS CONTAINED THEREIN. NO WARRANTY OR REPRESENTATION, EXPRESSED OR IMPLIED, IS MADE BY SELLER, JLL OR ANY OF THEIR RELAT-ED ENTITIES AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN. PROSPECTIVE INVES-TORS SHOULD MAKE THEIR OWN INVESTIGATIONS, PROJEC-

TIONS AND CONCLUSIONS. INTERESTED BUYERS SHOULD BE AWARE THAT THE SELLER IS SELLING THE PROPERTY IN “AS-IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. IT IS EXPECTED THAT PROSPECTIVE INVESTORS WILL CONDUCT THEIR OWN INDEPENDENT DUE DILIGENCE CONCERNING THE PROPER-TY, INCLUDING SUCH ENGINEERING AND ENVIRONMENTAL INSPECTIONS AS THEY DEEM NECESSARY TO DETERMINE THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR AB-SENCE OF ANY POTENTIALLY HAZARDOUS MATERIALS USED IN THE CONSTRUCTION OR MAINTENANCE OF THE PROPERTY. NO REPRESENTATIONS, EXPRESSED OR IMPLIED, ARE MADE AS TO THE FOREGOING MATTERS BY SELLER, JLL OR ANY OF THEIR OFFICERS, EMPLOYEES, AFFILIATES AND/OR AGENT. IN-FORMATION CONTAINED IN THIS OFFERING MEMORANDUM IS FURTHER GOVERNED BY THE CONFIDENTIALITY AGREEMENT AND SHALL NOT BE FORWARDED. © 2017 JONES LANG LASALLE LLC

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Jones Lang LaSalle (“JLL”) is pleased to present for sale Mountain View Plaza, a neighborhood shop-ping center with long-term investment grade guar-anteed income and prominence on a major inter-section in a tight southern California retail market. Additional significant value creation opportunities exist through the option to purchase three devel-opment pads. The 55,000 SF center is home to 16 tenants including CVS, Dollar Tree and T-Mobile.

Mountain View Plaza represents the rare opportu-nity to acquire a high-performing retail center in Southern California at below replacement cost. In-place rents average $1.10 per month, and at an ask-ing cap rate of 6.50% and a price of $160 per square foot, the combination of safety, income and growth of this Property make this an outstanding invest-ment.

Anchored by Stater Bros (NAP), which is the domi-nant grocer in this part of Southern California, the center’s junior anchors are Dollar Tree, which signed a new 10 year lease in 2013, and CVS, which recently exercised a five-year option in 2017, demonstrating their commitment to this location. Both Dollar Tree and CVS make up just over 50% of the center’s rent. These two tenants provide the center with long-term, secure cash flow.

Mountain View Plaza also offers value creation po-tential through the lease-up of both the inline space as well as three outparcels that are already zoned for accretive retail uses. These three lots are avail-able for purchase for a gross price of $1,000,000, a discount to their independent market value.

EXECUTIVE SUMMARYPROPERTY NAME Mountain View PlazaADDRESS 43372-43383 & 43418-43430 E Florida Ave,

Hemet, CA 92544APN 549-090-030, 549-090-037,

549-090-038BUILDING GLA 54,747 SFLOT SIZE 5.64 Acres (245,678 SF)

INVESTMENT OVERVIEW

PARCEL MAP

NAP NAP

NAP

NAP

NAP

549-090-030

549-090-037

549-090-038

YEAR BUILT 1991ASKING PRICE $8,790,000CAP RATE 6.50%PRICE PSF $160.56OCCUPANCY 92%

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INVESTMENT HIGHLIGHTSCVS & Dollar Tree represent 68% of the leased space and 56% of the gross rental revenue.

NATIONAL CREDIT TENANCY

PRICED BELOW REPLACEMENT COST AT $160 PSF FOR 1991 CONSTRUCTION

NEW DOLLAR TREE LEASE SIGNED IN 2013, ABOVE AVERAGE STORE SALES AT THIS LOCATION

The Property is shadow anchored by a strong performing Stater Bros, one of two stores in the submarket where Stater Bros owns their own Real Estate.

STRONG PREFORMING STATER BROS.

PRICED AT 6.50% CAP BASED ON CURRENT OCCUPANCY OF 92%

CVS EXERCISED OPTION IN 2017, EXTREMELY HEALTHY STORE WITH $7.5MM SALES REPORTED, REPRESENTING A 3.39% OCCUPANCY COST AND BELOW MARKET RENT OF $0.77/SF NNN

IN PLACE WEIGHTED AVERAGE RENTS ARE $1.06/PSF NNN, APPROXIMATELY 22% BELOW MARKET

98

1110

LAX

BUR

LBG

SNA

ONT88 MILES

75 MILES

LOS ANGELES

IRVINE

ANAHEIM

LONG BEACH

POMONA

PASADENA

SAN BERNADINO

RIVERSIDE

HEMET

TEMECULA

STATER BROS STORE LOCATIONS

FLORIDA AVE

STETSON AVE

RAMONA EXPY

ESPLANADE AVE

AB

C

D

E

F

A Mountain View Plaza 43396 State Highway 74, Hemet Corporately OwnedB Stanford Plaza 41849 State Highway 74, Hemet Privately OwnedC Stater Plaza 210 E Stetson Ave, Hemet Corporately OwnedD Village West 3125 W Florida Ave, Hemet Privately OwnedE San Jacinto Stater Bros 1537 S San Jacinto Ave, San Jacinto Privately OwnedF Village at San Jacinto 1271 N State Street, San Jacinto Privately Owned

Stater Bros. Supermarket is the major grocery chain in the area. The Stater Bros. Supermarket shadow anchoring the Mountain View Plaza is among the top performing locations in the submarket. The likelihood of Stater Bros. closing this location is minimal due to its high performance and the real estate being corporately owned.

1312

SITE PLAN

FLORIDA AVE

RAMONA EXPRESSWAY

NEW

CH

ICAG

O A

VE

SUITE TENANT SF43372A-B Dollar Tree 10,000

43384A Antonio’s Pizza 90043384B Vacant 90043384C Hair Reflections 90043384D U.S. Nails 90043384E Fresh Cut Subs 1,40843384F Vacant 9924318A CVS Pharmacy 27,462

LOT

1

LOT 2

LOT 3

LOT 4

SUITE TENANT SF43430A Dr. Roopa Dowda, DDS 1,20043430B China Garden 2,16543430C BJ’s Smoke Shop 96043430D Vacant 96043430E Vacant 1,20043430F Mt. Plaza Mail & Ship 1,20043430G Vacant 1,20043430H Abby’s Café 2,400

LOT # SFLot 2 26,571

Lots 3 & 4 48,787

NOT A PART

PARCEL MAP

* Vacant Pads Lot 2, 3 & 4 (APNs 549-090-039 & 549-090-034) can be purchased in addition to subject property for an additional

cost of $1,000,000

E FLORIDA AVE (HWY 74)

RAMONA EXPY (MOUNTAIN AVE)

NEW

CH

ICAG

O A

VE

CAN BE PURCHASED SEPARATELY*

1514

TENANT OVERVIEW

TENANT PROFILEFOUNDED 1991

HEADQUARTERS Chesapeake, VA

# OF LOCATIONS 13,600

EMPLOYEES 145,000

ANNUAL REVENUE $8.6 B

CREDIT RATING (MOODY’S/S&P) Baa1 / BBB+

SYMBOL NASDAQ - DLTR

WEBSITE www.dollartree.com

DOLLAR TREE Inc. is an American chain of discount variety stores that sells items for $1 or less. Headquartered in Chesapeake, Virginia, it is a member company of Fortune 500 and operates 13,6000 stores throughout the 48 contiguous US States and Canada. Its stores are supported by a nationwide logistics network of eleven dis-tribution centers. The company operates one-dollar stores under the names of Dollar Tree and Dollar Bills. The company also operates multi-price-point variety chains un-der the names Deals and Family Dollar.

Dollar Tree competes in the dollar store and low-end retail markets. Each Dollar Tree stocks a variety of products including national, regional, and private-label brands. Departments found in a Dollar Tree store include health and beauty, food and snacks, party, seasonal décor, housewares, glassware, dinnerware, household cleaning sup-plies, candy, toys, gifts, gift bags and wrap, stationary, craft supplies, teaching sup-plies, automotive, electronics, pet supplies, and books.

TENANT PROFILEFOUNDED 1963

HEADQUARTERS Woonsocket, RI

# OF LOCATIONS 9,600

EMPLOYEES 240,000

ANNUAL REVENUE $153.3 B

CREDIT RATING (MOODY’S/S&P) Ba1 / BB+

SYMBOL NASDAQ - CVS

WEBSITE www.cvs.com

CVS PHARMACY is a subsidiary of the American retail and healthcare compa-ny CVS health, headquartered in Woonsocket, Rhode Island. The chain is owned by its original holding company Melville Corporation since inception until its current parent company CVS Health was spun off into its own company in 1996. CVS Pharmacy is currently the largest pharmacy chain in the United States by number of locations and total prescription revenue. As the retail pharmacy division of CVS Health, it ranks as the 7th largest US corporation according to Fortune 500 in 2016.

CVS sells prescription drugs and a wide assortment of general merchandise, includ-ing over-the-counter drugs, beauty products and cosmetics, film and photo finishing services, seasonal merchandise, greeting cards, and convenience foods through their CVS Pharmacy retail stores and online through CVS.com. It also provides healthcare services through its more than 1,100 MinuteClinic medical clinics as well as their Dia-betes Care Centers. Most of these clinics are located within CVS stores.

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LEASE ABSTRACTS

DOLLAR TREESUITE NUMBER 43372A-B

SQUARE FOOTAGE 10,000

RECENT LEASE EXTENSION 2013

LEASE START 10/9/13

LEASE END 1/31/24

RENT/SF $1.00

MONTHLY RENT $10,033.00

INCREASES 11/18 - $10,867

LEASE TYPE NNN

OPTIONS REMAINING Two 5-Year

INCREASE AMOUNTS $11,283 / $11,700

CVSSUITE NUMBER 43418A

SQUARE FOOTAGE 27,462

RECENT LEASE EXTENSION 2017

LEASE START 11/6/91

LEASE END 2/1/22

RENT/SF $0.77

MONTHLY RENT $21,168.58

INCREASES 02/22 - $21,740.65

LEASE TYPE NNN

OPTIONS REMAINING Four 5-Year

INCREASE AMOUNTS $260,889 / $267,754 / $274,620 / $281,485

1918

RENT ROLLLease Rent Increase

Unit Tenant Sq FT Start End Monthly Rent Monthly CAM Charge Date Amount Options

ANTENNA OMNIPOINT COMMUNICATIONS, INC. (T-MOBILE)

3/11/10 3/10/20 2,386.91 3/1/174/1/173/1/184/1/183/1/194/1/19

2,435.422,458.522,508.482,532.272,583.732,608.24

TWO (2) FIVE (5)

43372A-B DOLLAR TREE STORES, INC. 10,000 10/09/13 01/31/24 10,033.33 2,566.67 11/01/18 10,866.67 TWO (2) FIVE (5)

43384A ASHRAF TAWDROUS 900 01/01/99 05/31/18 2,128.42 392.00 03/01/1703/01/18

2,192.282,258.05

ONE (1) FIVE (5)

43384B VACANT 900

43384C MARIA GONZALEZ 900 12/08/98 02/28/18 1,896.03 382.00 01/01/1701/01/18

1,896.031,952.91

NONE

43384D HELEN T. NGUYEN & SANG T. LA 900 11/01/12 01/31/18 1,185.03 382.00 02/01/17 1,220.58 ONE (1) FIVE (5)

43384E FRESH CUT SUB 1,408 10/19/94 08/31/21 2,040.33 592.00 12/01/1712/01/1812/01/1912/01/20

2,101.542,164.592,229.522,296.41

43384F VACANT 992

43418A CVS 27,462 11/06/91 01/31/22 21,168.58 1,921.00 02/01/22 02/01/27 02/01/3202/01/37

21,740.7522,312.8320,635.0023,457.08

FOUR (4) FIVE (5)

43430A DR. ROOPA S. GOWDA, DDS 1,200 02/20/98 05/31/19 2,291.54 510.00 03/01/1703/01/1803/01/19

2,360.292,431.102,504.03

NONE

43430B CHINA GARDEN 2,165 10/07/92 03/31/18 3,500.00 04/01/17 3,675.00 NONE

43430C SMOKE SHOP (MILAD, SIHAM, GEORGE FARAGALLA)

960 05/25/98 05/31/20 1,284.00 408.00 06/01/1906/01/19

1,285.441,324.00

NONE

43430D VACANT 960

43430E VACANT 1,200

43430F JIM & DONNA MUNSON 1,200 12/18/91 02/28/21 1,848.00 511.00 03/01/1703/01/1803/01/1903/01/20

1,903.441,960.542,019.362,079.94

NONE

43430G VACANT 1,200

43430H ABBY'S CAFÉ, LLC 2,400 03/01/10 02/28/20 3,720.00 1,080.00 03/01/1703/01/1803/01/19

3,840.003,960.004,080.00

ONE (1) FIVE (5)

LEASE EXPIRATION

TOTAL SQUARE FOOTAGE 54,747

TOTAL AVAILABLE 5,252 10% Vacancy

TOTAL OCCUPIED 49,495 90% Occupancy

Tenant SF % Total Expir. Date 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

U.S. Nail 900 1.64% Jan-18 900

Hair Reflections 900 1.64% Feb-18 900

China Garden 2,165 3.95% Mar-18 2,165

Antonio's Pizza 900 1.64% Sep-18 900

Dr. Roopa Gowda, DDS 1,200 2.19% May-19 1,200

BJ's Smoke Shop 960 1.75% May-20 960

Abby's Cafe 2,400 4.38% Feb-20 2,400

T-Mobile 0 0.00% Mar-20 0

Mt. Plaza Mail Pac & Ship 1,200 2.19% Feb-21 1,200

Fresh Cut Sub 1,408 2.57% Jul-21 1,408

CVS 27,462 50.16% Feb-22 27,462

Dollar Tree 10,000 18.27% Jan-24 10,000

TOTAL LEASED SF 49,495 90.41% 4,865 1,200 3,360 2,608 27,462 0 10,000 0 0 0

Annual Percent Leased Expiring - 9.83% 2.42% 4.85% 5.27% 55.48% 0.00% 20.20% 0.00% 0.00% 0.00%

TOTAL BUILDING SIZE 54,747 5,825 7,025 9,425 12,033 39,495 39,495 49,495 49,495 49,495 49,495

Cumulative Occupied Expiring - 11.77% 14.19% 19.04% 24.31% 79.80% 79.80% 100.00% 100.00% 100.00% 100.00%

2120

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

Year Ending May 2018 $ / PSF 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Base Rental Revenue $13.06 $716,409 $729,675 $734,293 $731,817 $738,066 $750,046 $763,733 $755,722 $757,700 $767,324 Absorption & Turnover Vacancy -$1.20 (60,443) (16,359) (1,154) (3,229) (13,052) (5,976) (4,682) (3,743)

Scheduled Base Rental Revenue $11.87 655,966 713,316 733,139 728,588 738,066 736,994 757,757 751,040 753,957 767,324

CPI & Other Adjustment Revenue $0.00 1,212 3,445 6,375 10,159 8,228 8,700 13,317 18,988 26,036

Expense Reimbursement Revenue $4.20 236,557 271,197 286,124 292,428 301,923 304,354 315,395 323,313 332,354 343,299

Other Income $0.01 515 530 546 563 580 597 615 633 652 672

TOTAL POTENTIAL GROSS REVENUE $16.08 893,038 986,255 1,023,254 1,027,954 1,050,728 1,050,173 1,082,467 1,088,303 1,105,951 1,137,331

General Vacancy $0.00 (32,954) (50,009) (48,169) (52,536) (39,457) (48,147) (49,733) (51,555) (56,867)

EFFECTIVE GROSS REVENUE $16.08 893,038 953,301 973,245 979,785 998,192 1,010,716 1,034,320 1,038,570 1,054,396 1,080,464

Operating Expenses Cleaning $0.09 5,093 5,246 5,404 5,566 5,733 5,905 6,082 6,264 6,452 6,646

Insurance - Property $0.17 9,597 9,884 10,181 10,486 10,801 11,125 11,459 11,802 12,157 12,521

Management Fee $0.48 26,791 28,599 29,197 29,394 29,946 30,321 31,030 31,157 31,632 32,414

Pest Control $0.03 1,422 1,465 1,509 1,554 1,601 1,649 1,698 1,749 1,802 1,856

Property Tax $2.08 114,467 116,757 119,092 121,474 123,903 126,381 128,909 131,487 134,117 136,799

Security & Alarm $0.08 4,386 4,517 4,653 4,792 4,936 5,084 5,237 5,394 5,556 5,722

Telephone $0.10 5,251 5,408 5,571 5,738 5,910 6,087 6,270 6,458 6,652 6,851

Trash $0.61 33,339 34,339 35,369 36,430 37,523 38,649 39,809 41,003 42,233 43,500

Utilities - Electric $0.04 2,223 2,289 2,358 2,429 2,502 2,577 2,654 2,734 2,816 2,900

Utilities - Water $0.26 14,182 14,608 15,046 15,497 15,962 16,441 16,934 17,442 17,965 18,504

Stater Bros CAM $1.72 94,760 97,603 100,531 103,547 106,654 109,853 113,149 116,543 120,040 123,641

TOTAL OPERATING EXPENSES $5.66 311,511 320,715 328,911 336,907 345,471 354,072 363,231 372,033 381,422 391,354

NET OPERATING INCOME $10.42 581,527 632,586 644,334 642,878 652,721 656,644 671,089 666,537 672,974 689,110

Leasing & Capital Costs

Tenant Improvements $0.24 18,206 13,591 1,311 3,669 10,084 7,011 5,320 4,253

Leasing Commissions $0.19 13,985 10,688 865 2,421 8,844 5,458 3,511 2,808

TOTAL LEASING & CAPITAL COSTS $0.44 32,191 24,279 2,176 6,090 18,928 12,469 8,831 7,061

CASH FLOW BEFORE DEBT SERVICE $9.98 $549,336 $608,307 $642,158 $636,788 $652,721 $637,716 $658,620 $657,706 $665,913 $689,110

GLOBALCASH FLOW START DATE 17-Nov

MANAGEMENT FEE (% OF EGR) 3.00%

CAPITAL RESERVE (PER SF/YR) N/A

GENERAL VACANCY LOSS 5%

INFLATION ASSUMPTIONSCATEGORY NAME 2019 2020 2021 2022 2023

GENERAL INFLATION 3% 3% 3% 3% 3%

TAXES 2% 2% 2% 2% 2%

VACANCY LEASE UP SCHEDULESUITE SF START DATE $/SF TI’S LC’s TERM INCREASE

43384B 900 4/30/17 $1.10 $5 5% 5 years 3%

43384F 992 8/31/17 $1.10 $5 5% 5 years 3%

43430D 960 12/31/17 $1.10 $5 5% 5 years 3%

43430E 1,200 4/30/18 $1.10 $5 5% 5 years 3%

43430G 1,200 8/31/18 $1.10 $5 5% 5 years 3%

MARKET LEASING ASSUMPTIONSCATEGORY $/SF DOWNTIME TI’S LC’S TERM INCREASE

ANCHOR $0.75-$1.00 6 Months $5 5% 10 years N/A

RESTAURANT $1.75-$2.25 3 Months $5 5% 5 years 3%

SHOPS $1.10 3 Months $5 5% 5 years 3%

MEDICAL $1.85 6 Months $5 5% 5 years 3%

CASH FLOW ASSUMPTIONS

2322

AREA OVERVIEWHemet is located in the San Jacinto Valley of Riverside County, about 45 miles west of Palm Springs and 28 miles south of Riverside. Situated at the junction of the CA-74 and CA-79, Hemet is easily accessible to both the I-10 and I-215. Hemet is neighbored by San Jacin-to (north), Winchester (west), and Mountain Center (east). In the 1960s, large-scale residential development be-gan, mostly in the form of mobile home parks and re-tirement communities, giving Hemet a reputation as a working-class retirement area. In the 1980s, subdivi-sions of single-family homes began to sprout up from former ranchland, with “big-box” retail following. Af-ter a roughly decade-long lull in development follow-ing the major economic downturn of the early 1990s, housing starts in the city skyrocketed in the early 21st century. The area’s affordability, its proximity to em-

ployment centers such as Corona, Riverside and San Bernardino, and its relatively rural character made it an attractive location for working-class families priced out of other areas of Southern California. The total population of Hemet is 81,750 and the city’s median age 36 years old. In the past few decades, there has been a shift in demographics over the past few decades from an older population to a younger one. Hemet today retains much of its retirement orien-tation but is also becoming home to significant num-bers of younger families who provide services to the senior population or who are simply fleeing the more urbanized areas of Southern California. The economy is based primarily on service to the senior communi-ty and ancillary services such as financial institutions and the health care professions.

POPULATION & DEMOGRAPHICS

1 MILE

1 MILE

3 MILE

5 MILE

POPULATION11,495 $ AVG. HH INCOME

$64,921

3 MILE

POPULATION49,620 $ AVG. HH INCOME

$63,025

5 MILE

POPULATION105,580 $ AVG. HH INCOME

$52,385

24

Mountain View Plaza

GEOFF TRANCHINAExecutive Vice PresidentT +1 310 694 3180geoff.tranchina@am.jll.com Lic. 1435512

JASON GRIBINVice PresidentT +1 310 694 3192jason.gribin@am.jll.com Lic. 1819611

ADAM FRIEDLANDERVice PresidentT +1 424 901 8201adam.friedlander@am.jll.com Lic. 1806555

MATTHEW BERRES Senior Vice PresidentT +1 424 901 8202matthew.berres@am.jll.com Lic. 1977909