strong-performing grocery anchor of a core, … · 2017-08-30 · chula vista, california long...

CHULA VISTA, CALIFORNIA

LONG TERM, ABSOLUTE TRIPLE NET LEASE WITH 2% ANNUAL INCREASES

STRONG-PERFORMING GROCERY ANCHOR OF A CORE, REGIONAL SHOPPING CENTER IN SAN DIEGO COUNTY

S I N G L E T E N A N T I N V E S T M E N T O P P O R T U N I T Y

NICK FOSTER949.798.4135

[email protected] Lic. #01831851

GLEB LVOVICH949.798.4115


MICHAEL GEORGE469.232.1906

[email protected]

INVESTMENT SALES ADVISORS DEBT GUIDANCEDANIEL TYNER

[email protected]

CA RE Lic. #01959818

REAL ESTATE ANALYST

TABLE OF CONTENTSEXECUTIVE SUMMARY ............3

PROPERTY OVERVIEW ..........12

AREA & MARKET OVERVIEW .............................16

PACIFICOCEAN

SAN DIEGO BAY

DOWNTOWN SAN DIEGOCORONADO

ISLAND

H STREET

2 | INTRODUCTION |

EXECUTIVE SUMMARY

3 | EXECUTIVE SUMMARY |

INVESTMENT OVERVIEW

YEAR 1 NOI (1) $942,299 ($25.33 PSF/Annual)

LEASE TYPE Absolute NNN

REMAINING LEASE TERM Over 17 Years

RENT ESCALATIONS 2.0% Annual

RENT COMMENCEMENT February 2015

LEASE EXPIRATION DATE February 2035

OPTIONS

Two, 10-Year Options at Contractual Rent2% Annual Increases through Options

TENANT Smart & Final Stores, LLC

PROPERTY DETAILS

ADDRESS 360 E. H StreetChula Vista, CA 91910

RENTABLE BUILDING AREA 37,196 SF

LAND AREA ±3.72 Acres

YEAR BUILT 1986 (Renovated 2016)

TYPE OF OWNERSHIP Fee Simple

DEBT Unencumbered: Available for New Market Rate Financings

PRICE: $17,949,000CAP RATE: 5.25%

INVESTMENT OVERVIEWHFF, as exclusive advisor, is pleased to offer the extraordinary opportunity to purchase the fee simple interest in Smart & Final (the “Property”), located in Chula Vista, one of the most dynamic and densely populated cities of San Diego County. The Property was recently renovated in 2016, and Smart & Final’s lease is Absolute NNN with over 17 years left of original term and 2% annual increases. Since opening for business in March of 2016, Smart & Final has achieved strong sales performance that has trended upward. The Property is strategically located at the center of Terra Nova Plaza, a 98% leased, 306,226 SF core, regional shopping center that includes an exceptional national tenant roster comprising Dick’s Sporting Goods, CVS, Chase Bank, Marshalls, and Bed Bath and Beyond among others.

(1) Annual NOI as of November, 1 2017


NNN LEASE TO A LEADING SUPERMARKET OPERATOR

Smart & Final is leading publically traded (NYSE:SFS) supermarket chain headquartered in California. In business for over 145 years, the company operates 308 stores in the US and Mexico.

LONG TERM LEASE WITH ATTRACTIVE RENT INCREASES

Smart & Final’s 20 year lease currently has over 17 years of fixed lease term remaining offering stability for an investor. The lease features fixed 2% annual increases throughout the initial lease term and option periods.

INVESTMENT HIGHLIGHTS

STRONG SALES WITH UPWARD TREND

Smart & Final has only been operating since March 2016 and has achieved strong, upward trending sales performance. This will provide further commitment to this location.

HIGH TRAFFIC, REGIONAL RETAIL DESTINATION

Smart & Final is the focal tenant within Terra Nova Plaza. This institutional-quality, core regional center is 98% leased across 308,226 SF and includes national tenants such as Dick’s Sporting Goods, CVS, Chase Bank, Marshalls, and Bed Bath and Beyond among others. Terra Nove Plaza is located off of the 805 Freeway, which is one of San Diego’s most important and heavily trafficked North/South arterials, connecting the store to a broad customer base.


NO OWNER RESPONSIBILITIES

Smart & Final is a single tenant, NNN Property with no landlord responsibilities or management requirements.

RECENTLY RENOVATED

Smart & Final performed an extensive renovation in 2016 and is responsible for all repairs and maintenance throughout the lease term.

INVESTMENT HIGHLIGHTS (CONTINUED)

STRONG INFLATION HEDGE

Scheduled annual fixed rental increases produce high NOI growth, enhancing future cash on cash returns and providing a strong hedge against inflation.

UNENCUMBERED ASSET

Smart & Final is marketed free and clear of existing financing, creating the opportunity to place new financing tailored to an investor’s desired returns.


Headquartered in Commerce, CA and founded over 145 years ago, Smart & Final operates more than 300 grocery and foodservice stores under the “Smart & Final,” “Smart & Final Extra!” and “Cash & Carry Smart Foodservice” banners in California, Oregon, Washington, Arizona, Nevada, Idaho and Utah. The company stores offer everyday products, such as produce, meat and deli, dairy and cheese, grocery, beverages and household items. The company employs approximately 10,000 people across all operations.

• Net sales increase of 3.9% to $1,078.3 million • Comparable store sales increase of 1.3%• Gross Margin increase of 3.2% to $162.3 million • Opened 31 New Stores Since 2Q2016

NYSE: SFSCredit: B (S&P)Annual Revenue: $4.3 Billionsmartandfinal.com

SMART & FINALTENANT OVERVIEW

COMPETITIVE ADVANTAGE

2Q2017 HIGHLIGHTS

Smart & Final is well known for meeting the needs of both business and household customers with quality warehouse-club sized and private label products, plus a unique assortment of items for small businesses. The company has a differentiated position in their value-priced and convenient stores with strong digital capabilities. With a broad range of online and delivery options to serve their customers, Smart & Final is well positioned for continued success in an evolving marketplace.


TENANT:SMART & FINAL STORES LLC, a California limited liability company

ADDRESS: 360 E. H Street, Chula Vista, CA

DATE OF LEASE: February 12, 2015

LEASE EXPIRATION: February 28, 2035

LEASE TERM: Twenty (20) Years

RENEWAL OPTIONS: Two (2) Extensions of Ten (10) Years

RENT SCHEDULE:

Current Annual Rent as of March, 1 2017: $929,900 ($25.00 PSF)2% Annual IncreasesAnnual Rent Adjustment Date: March 1

Option Periods:Two (2) extensions of ten (10) years2% Annual Increases Throughout Option Periods

PERCENTAGE RENT: None

RIGHT OF FIRST REFUSAL:No purchase option or right of first refusal

ESTOPPEL:

Tenant is required to execute an estoppel certificate within twenty (20) days upon receipt from the Landlord, Landlord’s lender, or potential purchaser of the subject Property.

TENANTS PRO RATA SHARE:

Common Area Charges: Pro Rata Share equal to 100%Real Estate Taxes: Equal to the amount of Tenant’s Tax Parcel, or the Pro Rata Share equal to 100%

LEASE ABSTRACT NOI SCHEDULENOI SCHEDULE - CHULA VISTA SMART & FINAL

RENT START MONTHLY MONTHY/SF ANNUAL ANNUAL/SF

MARCH 1, 2017 $77,492 $2.08 $929,900 $25.00

MARCH 1, 2018 $79,042 $2.13 $948,498 $25.50

MARCH 1, 2019 $80,622 $2.17 $967,468 $26.01

MARCH 1, 2020 $82,235 $2.21 $986,817 $26.53

MARCH 1, 2021 $83,879 $2.26 $1,006,554 $27.06

MARCH 1, 2022 $85,557 $2.30 $1,026,685 $27.60

MARCH 1, 2023 $87,268 $2.35 $1,047,218 $28.15

MARCH 1, 2024 $89,014 $2.39 $1,068,163 $28.72

MARCH 1, 2025 $90,794 $2.44 $1,089,526 $29.29

MARCH 1, 2026 $92,610 $2.49 $1,111,317 $29.88

MARCH 1, 2027 $94,462 $2.54 $1,133,543 $30.47

MARCH 1, 2028 $96,351 $2.59 $1,156,214 $31.08

MARCH 1, 2029 $98,278 $2.64 $1,179,338 $31.71

MARCH 1, 2030 $100,244 $2.70 $1,202,925 $32.34

MARCH 1, 2031 $102,249 $2.75 $1,226,983 $32.99

MARCH 1, 2032 $104,294 $2.80 $1,251,523 $33.65

MARCH 1, 2033 $106,379 $2.86 $1,276,553 $34.32

MARCH 1, 2034 $108,507 $2.92 $1,302,084 $35.01


LEASE ABSTRACT (CONTINUED)

REAL ESTATE TAXES:TENANT RESPONSIBLE

Tenant shall pay all taxes and assessments of every type or nature assessed against or imposed upon the subject Property

COMMON AREA EXPENSES:TENANT RESPONSIBLE

Tenant shall solely be responsible for performing maintenance, repair, replacement, and other activities as required for the Common areas and shall be fully responsible for paying all related expenses.

INSURANCE:TENANT RESPONSIBLE

Tenant shall maintain, with respect to the Property, at Tenant’s sole expense, Property insurance, commercial liability insurance, workers compensation insurance, rental value insurance, equipment breakdown insurance, automobile liability insurance, builders risk insurance, and any other insurance customarily carried by owners or tenants with respect to improvements and personal Property.

UTILITIES:TENANT RESPONSIBLE

Tenant shall contract, in its own name, for and pay when due all charges for the connection and use of water, gas, electricity, telephone, garbage collection, sewer use and other utility services supplied to the Property during the lease term.

REPAIRS AND MAINTENANCE:TENANT RESPONSIBLE

Tenant shall, as its sole cost and expense keep all building, structures and improvements erected at the subject Property in good working order and repair including without limitation, the roof and the HVAC and other electrical and mechanical systems. Tenant shall also at its sole cost and expenses repair or reconstruct any building, structure or improvement at the subject Property that has been damaged or destroyed by a casualty. Tenant shall make all necessary structural, non-structural, exterior and interior repairs to the subject Property. Tenant waives any right to require Landlord to maintain, repair or rebuild any part of the subject Property or make repairs at the expense of the Landlord.

REASSESSMENT PROTECTION:

Tenants shall have reassessment protection during the first 5 years following the first landlord transfer that occurs after the effective date of the lease. THIS CLAUSE DOES NOT AFFECT THIS SALE.


PACIFICOCEAN

SAN DIEGO BAY

CORONADO ISLAND

H S

TR

EET

475,000 RESIDENTS IN A 5-MILE RADIUS


E H ST


SITE PLAN: TERRA NOVA PLAZA

THE CENTER IS CURRENTLY 98% LEASED. A PARTIAL LIST OF NOTABLE TENANTS

ARE IDENTIFIED ABOVE.

PROPERTY OVERVIEW

12 | PROPERTY OVERVIEW |

DEMOGRAPHICS

POPULATION

1-MILE 3-MILE 5-MILE

2016 TOTAL POPULATION: 14,898 200,165 474,340

2021 POPULATION: 15,726 210,710 500,933

POP GROWTH 2016-2021: 5.56% 5.27% 5.61%

AVERAGE AGE: 39.3 37 36.1

HOUSEHOLDS

2016 TOTAL HOUSEHOLDS: 5,048 64,107 139,919

HH GROWTH 2016-2021: 5.84% 5.55% 5.81%

AVERAGE HH INCOME: $97,337 $75,889 $78,176

HOUSING

MEDIAN HOME VALUE: $402,342 $362,348 $352,067

MEDIAN YEAR BUILT: 1970 1973 1976

H STREET


LOCATION MAP

DRIVE TIME ANALYSIS:INTERSTATE 5(California’s major North/South Arterial) 2 minutes

DOWNTOWN SAN DIEGO 15 minutes

SAN YSIDRO BORDER CROSSING 15 minutes

SAN DIEGO INT’L AIRPORT 20 minutes

MISSION BAY 23 minutes


PROPERTY OVERVIEWSITE DETAILS

ADDRESS 360 East H Street Chula Vista, California 91910

PROPERTY USE Single-Tenant Grocery Store

PARCEL SIZE (ACRES) ±3.72

NUMBER OF BUILDINGS One

NET RENTABLE AREA (SF) 37,196

YEAR BUILT 1986 (Renovated in 2016)

FOUNDATION / SUBSTRUCTURE Concrete slab-on-grade with perimeter and interior footings under load bearing structures

SUPERSTRUCTURE CMU perimeter walls and interior steel framing

FAÇADE Painted CMU with painted stucco and stacked stone accents

ROOF SYSTEM Low-slope, tar and gravel built-up roofing; Pitched, clay tile roofing at front entry canopy

SITE DETAILSPARKING AREA Asphalt pavement at grade

PARKING SPACE COUNT ±114

ADA-COMPLIANT PARKING COUNT Five designated spaces, none van-accessible

HEATING SYSTEM One built-up interior package unit and four rooftop package units with gas-fired furnaces

COOLING SYSTEM One built-up interior package unit and four rooftop package units

WATER SUPPLY PIPING Copper

ELECTRICAL SUPPLY WIRING Copper

NUMBER OF ELEVATORS None

FIRE SUPPRESSION Wet-pipe sprinkler system


AREA & MARKET OVERVIEW

16 | AREA & MARKET OVERVIEW |

21

SAN DIEGO TRENDS: ATTRACTING INSTITUTIONAL CAPITAL

85WALKSCORE

Average income with 3 mile radius is

8% above the San Diego County average

$825,901Average home value within a 3 mile radius

of residents hold a bachelors degree or higher (SD County is 36%)54%

HIGHLY EDUCATED WORKFORCE

ACCESS TO AMEN IT I ES

POIN

T LOM

A

4 Minutes – to Airport8 Minutes – to Harbor Island10 Minutes – to Ocean Beach11 Minutes – to Downtown17 Minutes – to UTC20 Minutes – to La Jolla

largest venture capital investment per capita ($434). There are 155 startups per every 100,000 residents.5thin venture capital investment into San Diego startups in 2016

$1.07BILL ION

Top 10FOR JOB SEEKERSby Forbes in 2017

#1 city for MILLENNIALS

in San Diego5 FORTUNE 500 , 1000 & GLOBAL 500 COMPAN IES

$220BILL ION IN GDP

SAN

DIEG

O

+13.0%San Diego County Job Growth since 2010

+55,224Additional jobs since 2011

+4.90%Financial Services Growth (through 2016)

+7.70%Construction Growth

(through 2016)

+3.10%Education/Health Sector Growth(through 2016)

BEST C I T I ES

by Rankings.com in 2016

21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A4 Minutes – to Airport8 Minutes – to Harbor Island10 Minutes – to Ocean Beach11 Minutes – to Downtown17 Minutes – to UTC20 Minutes – to La Jolla


$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A4 Minutes – to Airport8 Minutes – to Harbor Island10 Minutes – to Ocean Beach11 Minutes – to Downtown17 Minutes – to UTC20 Minutes – to La Jolla


$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O+13.0%

San Diego County Job Growth since 2010




(through 2016)


BEST C I T I ES


21


85WALKSCORE







POIN

T LOM

A



$1.07BILL ION




$220BILL ION IN GDP

SAN

DIEG

O





(through 2016)


BEST C I T I ES


SAN DIEGO TRENDS:


San Diego County, is one of 58 counties in the state of California. San Diego stretches 65 miles from north to south, and 86 miles from east to west. Covering 4,261 square miles makes San Diego close to the size of the state of Connecticut. To the north are Orange and Riverside Counties, to the east is Imperial County, to the west is the Pacific Ocean, and to the south is the state of Baja California, Mexico. San Diego County includes 18 incorporated cities and 17 unincorporated communities. San Diego is the second largest county in the State of California with a total population of over 3,300,000.

SAN DIEGO LIFESTYLE

San Diego is recognized as one of the best places to live in Southern California. Having mild temperatures year-round, it is easy to attend major league sporting events, shop at the well-known Westfield Horton Plaza, and enjoy the maritime and resort activities along the 70 miles of local beaches.

San Diego County is also home to a number of amusement parks, including: Sea World, the San Diego Zoo Safari Park and Legoland California. The 100-year-old Balboa Park is home to more than a dozen museums, art galleries, and botanical gardens as well as the world-class San Diego Zoo. Two of California’s 21 Missions, Mission San Diego Alcala and Mission San Luis Rey, are also located in San Diego County. San Diego is home to nearly 100 breweries and is known as “The Craft Beer Capital of America”.

TRANSPORTATION

San Diego International Airport (a.k.a. Lindbergh Field) is a major commercial airport with both domestic and international flights that service routes to destinations within Canada and Mexico. San Diego also has a wide-ranging freeway system in addition to heavy rail services including Amtrak, Metrolink (which connects Oceanside with Los Angeles, Orange, Riverside, and San Bernardino counties), and the “Coaster” between Oceanside and San Diego. The San Diego Metropolitan Transit System also offers an easy-to-use network of public transportation that consists of both bus and trolley stops throughout the greater San Diego area.

EDUCATION

Education is a major strength of San Diego County. There are currently 64 college and university campuses, including the University of California, San Diego (UCSD). UCSD is one of the major driving forces for the technology industry in San Diego. Other major universities include San Diego State University and Cal State San Marcos, whose graduates also provide significant contributions to the overall region.

SAN DIEGO COUNTY


Chula Vista is the second largest city in San Diego County with a population in excess of 250,000. The city boasts more than 50 square miles of coastal landscape, canyons, rolling hills, mountains and parks. The area attracts many residents looking to enjoy the temperate year round climate, which consistently ranks as one of the most desirable in the nation. Chula Vista is located only seven miles from downtown San Diego and Tijuana, the highest trafficked land border crossing in the United States, and is serviced by Interstates 5 and 805, and State Routes 125 and 54. As one of the safest cities in the country, Chula Vista is home to a diverse multi-national residential base and a growing and well-educated population.

The city is committed to establishing a 4-year research university and Innovation District on approximately 375 acres in eastern Chula Vista. The primary focus of the university will be to engage students, faculty, and corporations in the economic, social, and cultural development of cross-border relations between the United States and Mexico. The future site of the university and Innovation District is located on an ecological preserve, proximate to several master planned communities and less than 2 miles from the United States-Mexico border. The city of Chula Vista and their development partner are currently undergoing a recruitment process to identify qualified universities for the site. Once completed, this institution will serve over 20,000 students.

CITY OF CHULA VISTA, CA INNOVATION DISTRICT

+10 YEARS

CHULA VISTA OFFERS NUMEROUS PRO-BUSINESS INCENTIVES FOR LOCAL BUSINESSES INCLUDING:EXPEDITED PERMITTING Facilitates building permits for projects that are energy efficient and meet LEED standards.

ENERGY EFFICIENT BUSINESS REBATES Allows businesses to offset the cost to install energy efficient equipment.

PACE PROGRAM Property Assessed Clean Energy (PACE) allows Property owners to make energy efficient improvements to their Property and repay the costs over time through Property taxes.

COMMUNITIES FACILITIES DISTRICT (CFD) Allows for the deferral of development impact fees for 10 years.


SAN DIEGO RETAIL MARKET

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

(600)

(400)

(200)

0

200

400

600

800

Vacancy %Net Absorption

(SF)

Thou

sand

s

Net Absorption vs Vacancy

Net Absorption SF Total Vacancy %

EXISTING INVENTORY VACANCY YTD DELIVERIES

UNDER CONST SF

QUOTED RATESMARKET # BLDS TOTAL GLA VACANT SF VAC %

CENTRAL SAN DIEGO MARKET 4,522 39,253,179 1,123,359 2.90% 50,278 98,969 $26.08

EAST COUNTY MARKET 2,074 20,288,310 549,824 2.70% 0 14,322 $19.95

I-15 CORRIDOR MARKET 481 6,479,497 339,410 5.20% 0 0 $34.98

NORTH COUNTY MARKET 2,773 33,153,700 1,623,926 4.90% 2,231 49,606 $18.59

NORTH SAN DIEGO MARKET 1,375 17,283,268 613,312 3.50% 13,324 428,792 $34.16

SOUTH BAY MARKET 1,736 19,240,683 801,830 4.20% 0 134,075 $21.36

TOTALS 12,961 135,698,637 5,051,661 3.90% 65,833 725,764 $25.85

SAN DIEGO RETAIL MARKET 2Q2017

TOTAL RBA: 139,714,163

# OF BUILDINGS: 13,608

VACANCY: 3.7%

UNDER CONSTRUCTION (SF): 683,562

2016 DELIVERIES (SF): 555,334

2016 NET ABSORPTION (SF): 867,190

GROSS ASKING RENT/SF/YR: $22.58

Source: CoStar


SMART & FINAL SALE COMPARABLES

PROPERTY PRICE CAP SALE DATE GLA (SF) LEASE TERM REMAINING RENTAL BUMPS

SMART & FINAL15055 Mulberry DriveWhittier, CA

$6,720,000 5.58% Jun-17 30,567 7 Years Flat through original term

SMART & FINAL3400 White LaneBakersfield, CA

$5,875,000 5.25% Mar-17 23,055 10 Years 10% every 5 Years

SMART & FINAL7945 Madison AveCitrus Heights, CA

$11,800,000 5.15% Dec-16 28,340 20 Years 10% every 5 Years

SMART & FINAL49978 Harrison StreetCoachella, CA

$8,350,092 5.28% Sep-15 33,363 19 Years 10% every 5 Years

SMART & FINAL7205 Freeport BlvdSacramento, CA

$10,025,000 5.35% Apr-15 27,870 20 Years 10% every 5 Years

SMART & FINAL770 W San Marcos BlvdSan Marcos, CA

$8,117,982 5.25% Sep-14 20,725 18 Years 10% every 5 Years

SALE COMPARABLES


This Offering Memorandum has been prepared by HFF for use by a limited number of recipients. All information contained herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. Further, the Offering Memorandum does not constitute a representation that no change in the business or affairs of the Property or the Owner has occurred since the date of the preparation of the Offering Memorandum. All analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the recipient. HFF and Owner and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained in this Offering Memorandum.

Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and HFF each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any recipient reviewing this Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Owner, a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient (“Recipient”) agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum, which is a matter of public record, or is provided from sources available to the public (b) the Recipient, the Recipient’s employees, agents and consultants (collectively, the “need to know parties”) will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not, directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without the prior written authorization of HFF and the Owner, and (c) the Recipient and the need to know parties will not use or permit to be used this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Owner or HFF or for any purpose other than use in considering whether to purchase the Property. The Recipient and the need to know parties agree to keep this Offering Memorandum and all confidential information contained herein permanently confidential and further agree to use this Offering Memorandum for the purpose set forth above. If the Recipient has no interest in the Property, or if in the future the Recipient or owner discontinue such negotiations, the Recipient will return this Offering Memorandum to HFF.

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

CONFIDENTIALITY AND CONDITIONS


hff lp.com

Holliday Fenoglio Fowler, L.P. (“HFF”) a licensed Arizona real estate broker. HFF has been engaged by the owner of the Property to market it for sale. Information concerning the Property described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other Property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.

©2017 Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

ATLANTA AUSTIN BOSTON CAROLINAS CHICAGO DALLAS DENVER HOUSTON INDIANAPOLIS LOS ANGELES MIAMI NEW JERSEY NEW YORK CITY ORANGE COUNTY ORLANDO PHILADELPHIA PHOENIX PITTSBURGH PORTLAND SAN DIEGO SAN FRANCISCO TAMPA WASHINGTON D.C. LONDON

NICK FOSTER949.798.4135


GLEB LVOVICH949.798.4115


MICHAEL GEORGE469.232.1906

[email protected]

INVESTMENT SALES ADVISORS DEBT GUIDANCE

DANIEL TYNER949.798.4125

[email protected] RE Lic. #01959818

REAL ESTATE ANALYST

strong-performing grocery anchor of a core, … · 2017-08-30 · chula vista, california long...

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