O F F E R I N G M E M O R A N D U M

27734 BASE LINE STREETHIGHLAND, CA

CAPITAL MARKETS : : NAT IONAL RETAIL PARTNERS - WEST

*Not actual property, used for representative purposes only.

OFFERING PRICE $2,847,000

NOI (YEAR 1) $121,000

CAP RATE (YEAR 1) 4.25%

CURRENT OCCUPANCY 100%

TOTAL BUILDING AREA ±2,543 SF

TOTAL LAND AREA ±31,121 SF (±0.71 acres)

PARKING SPACES ±21 (±8 spaces per 1,000 SF)

WEBSITE www.nrpwest.com/highlandjib

INVESTMENT SUMMARY

INVESTMENT HIGHLIGHTSSTABLE CASH FLOW

• Absolute NNN Lease – 100% NNN ground lease to Jack in the Box, one of America’s favorite fast-casual restaurants

» Jack in the Box (Nasdaq: JACK) has a market capitalization of $3 billion, a revenue of $2 billion, and operates 2,977 locations across 21 states and Guam

• Long-Term Lease – Jack in the Box is on a brand-new, long-term 20-year ground lease with 10% increases every 5 years, with four 5-year options to renew

• Income Growth – Due to embedded increases, the Net Operating Income is expected to grow more than $25,000 (21%) over the anticipated 10-year hold period

LOW MANAGEMENT HASSLE

• STNL Asset – Single-tenant, long term absolute NNN ground lease asset provides for essentially zero landlord obligations or oversight

• NNN Expense Pass Through – Tenant pays 100% of all repairs and maintenance making Jack in the Box an excellent investment for out-of-town or passive investors

• Long-Term Lease – Brand-new, long-term ground lease expiring in 2038 (not including options), virtually eliminating leasing responsibility and associated capital costs

• Brand New Construction – Prototype building for Jack in the Box including a drive-through, to be completed in 2018 with no deferred maintenance or near-term capital requirements that can drain cash flow

J A C K I N T H E B O X : : 2 7 7 3 4 B A S E L I N E S T R E E T , H I G H L A N D , C A1 © 2018 CBRE, Inc. All Rights Reserved.

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Pacific High School

San Gorgonio High School

San BernardinoInternational Airport

HIGH IDENTITY, HIGH TRAFFIC LOCATION

• Freeway Adjacent Location – Jack in the Box benefits from its freeway-adjacent location along the I-210 Freeway (±80,000 cars per day)

• Convenient, Well Accessed Location – The offering benefits from its tremendous location at the on-ramp of the I-210 at Base Line Road

• Hard Corner, Signalized Location – Jack in the Box is located at the signalized “hard corner” of the I-210 and Base Lane, providing exceptional visibility and signage presentation

» Jack in the Box features prominent 60 foot pylon signage, optimizing its freeway-frontage location

• Residential Location – Proximity to commercial and residential density—this location serves the higher-income level communities in Highland

SOLID INLAND EMPIRE DEMOGRAPHICS

• More than 14,522 people in a 1-mile radius with an Average Household Income exceeding $79,815

• More than 75,675 people in a 3-mile radius with an Average Household Income exceeding $76,410

• More than 188,999 people in a 5-mile radius with an Average Household Income exceeding $66,841

IDEAL 1031 EXCHANGE REPLACEMENT OR ADDITION TO A PORTFOLIO

• Trophy Asset – Brand-new Jack in the Box with no deferred maintenance or near-term cap ex

• No Existing Financing – Jack in the Box will be delivered free and clear of existing debt, allowing an investor to pay cash or obtain new financing at low Treasury rates

• Coupon Clipper – Single-tenant, NNN ground lease asset, perfect of a passive investor looking to “clip coupons”

LOCAL MAP

1-MILE3-MILE5-MILE

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C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 2

BASE LINE ST (±20,500 CPD)

BOULDER AVE (±11,300 CPD)HIGHLAND

33 MILES TO BIG BEAR LAKE, CA

WALMART SUPERCENTER

HIGHLAND VILLAGE PLAZA

HIGHLAND AVENUE PLAZA

SR-330 FREEWAY

STARBUCKS COFFEE

SR-210 FREEWAY (±80,000 CPD)

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LAKE ARROWHEAD BIG BEAR LAKE

POPULATION

+12K

ANNUAL VISITORS

2.4MPOPULATION

+11K

ANNUAL VISITORS

6M

J A C K I N T H E B O X : : 2 7 7 3 4 B A S E L I N E S T R E E T , H I G H L A N D , C A3

DEMOGRAPHICS HIGHLAND CITY SAN BERNARDINO COUNTY

2017 Est. Population 54,999 2,153,382

2022 Proj. Population 56,577 2,234,728

2017 Est. Households 15,858 640,223

2017 Avg. Household Income

$81,777 $78,051

Source: CBRE Location Analytics & Mapping, 2018

HIGHLAND, CA SAN BERNARDINO COUNTY• Highland is primarily a residential community with a population of

approximately 55,000 residents. The city is home to East Highlands Ranch, a master-planned community featuring premium housing and private recreation facilities. Currently there are six different residential developers building as well.

• Flanked by the snowcapped peaks of the San Bernardino and San Gabriel Mountains, Highland is close to an array of skiing and other mountain recreational opportunities. The community is home to an extensive system of trails that links to the popular Santa Ana River Trail, which will soon connect the San Bernardino Mountains to the Orange County Coast.

• The greater Highland/Inland Empire is home to several prestigious medical institutions. These facilities include the world-renowned Loma Linda University Medical Center (1,045 beds), Arrowhead Regional Medical (456 beds), Eisenhower Medical Center (463 beds), and Kaiser Foundation Hospitals (131).

• Highland is promximate to colleges and universities such as: University of Redlands (3,237 students), Loma Linda University (4,451 students), University of California at Riverside (23,278 students), and California State University, San Bernardino (20,461 students). The area’s community colleges include, San Bernardino Valley (12,720 students) and Crafton (5,937 students).

• The largest region of Southern California, the Inland Empire, comprised of both Riverside and San Bernardino Counties, is one of the most significant economies in the United States. It has been rated at the top of the class in growth for population, job creation, construction, and office space absorption over the last decade.

• Well poised for extreme growth, San Bernardino County has the fifth largest population in California with a total population exceeding 2,100,000 people. San Bernardino County’s population is expected to reach about 2.2 million by 2022. The county has added over half a million people in the past five years bringing its current population to 4.4 million.

• San Bernardino offers a strategic west coast location, with vast amounts of available land for future growth, a highly-skilled and educated work force, a sophisticated transportation infrastructure, and access to 27 colleges and universities, including seven research institutions. The area features a changing economic landscape with emerging technological productivity, and employing an excess of 1 million people.

• The fastest growing sectors in the region are projected to be healthcare and warehouse transportation. San Bernardino County is a major hub for logistics activity due to large ecommerce entities taking up millions of square feet of industrial warehouse space in and around Ontario International Airport.

• Each year, millions visit the Inland Empire to take advantage of the glorious desert winter, attend the Riverside County Fair (300,000 attendees), the Balloon and Wine Festival (4,000 attendees), the Palm Springs International Film Festival (135,000 attendees), the Paribas Open (439,000 people) at the Indian Wells Tennis Center, and both the Coachella (125,000 people per day) and Stagecoach (75,000 people per day) mega-concerts.

HIGHLAND

$330,000SB COUNTY

$285,000ANNUAL VISITORS (2016)

4.2 MILLION

LA/Ontario Intl. Airport (ONT)Source: Zillow.com - 5/18

For more information please visit: http://www.ci.highland.ca.us & http://www.sbcounty.gov/

C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 4

LOCATION

27734 Base Line Street Highland, CA 92346

SITE

The Jack in the Box will be located at the NW corner of Base Line Street and

Seine Avenue in the city of Highland, CA.

LAND AREA

The listing consists of 2 parcels (APN details in

chart to the right) totaling approximately ±0.71 acres or ±31,121 SF of land area.

APN ADDRESS ACRES LOT

1200-461-82-0000 27734 Base Line St ±0.71 ±31,121

PBUILDING AREA

The subject location will consist of 1 retail building

totaling approximately ±2,543 SF of net rentable

area.

FRONTAGE & ACCESS

The site benefits from approximately ±112 linear

feet of frontage along Base Line Street and

approximately ±278 linear feet of frontage along Seine

Avenue.

After construction, the property will offer 1 entrance

off Messina Street and 1 entrance off Seine Avenue.

PARKING

Jack in the Box will provide ±21 parking stalls, which equates to ±8 spaces per

1,000 SF parking ratio.

TRAFFIC COUNTS

210 Freeway ...±80,000 CPDBase Line St ...±20,500 CPDBoulder Ave.....±11,300 CPD

BUILT

The Jack in the Box is scheduled to be completed

in 2018.

ZONING

Per the City of Highland, the subject site is currently

zoned as GG – General Commercial.

PROPERTY DESCRIPTION

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PARCEL MAP

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REGIONAL MAPSITE PLAN

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MESSINA STREET

BASELINE STREET

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15Chino

Ontario

Upland

Jurupa Valley

Fontana

Rialto

Redlands

Yorba Linda

Corona

Sleepy Hollow

San Dimas

Montclair

Kaiser

Highland

Colton

Arlington

Eastvale

RanchoCucamonga

Riverside

SanBernardino

GreenValley LakeSkyforest

RunningSprings

Seven Oaks

Rimforest

Twin PeaksCrestlineKeenbrook

Lytle Creek

ScotlandMt Baldy

Mt SanAntonio

LakeArrowhead

Butler Peak

Big Bear Lake

MinnelusaFawnskin

Pomona

Glen Avon

Moreno Valley

Upland GameHunting Area

Chino HillsState Park

Chino Hills

Box SpringsMountain Park

La Verne Claremont

Alta Loma

Mira Loma

Rubidoux

San AntonioHeights Muscoy

Del Rosa

Bloomington

Valley College

Loma Linda

Cherry Valley

Hinda

MoonlightRim

Home Gardens

El Casco

Highgrove

Declezville

Mission Grove

March AirReserve Base

BeaumontBanning

Woodcrest

La Sierra

Norco

Mentone

Angelus Oaks

Forest Falls

MountainHome Village

Oak Glen

Yucaipa

Calimesa

Pinezanita

NealeysCorner

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3-MILE

5-MILE

10-MILE

(NAP)

C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 6

BASE

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(±20

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SR-210 FREEWAY (±76,000 CPD) N

J A C K I N T H E B O X : : 2 7 7 3 4 B A S E L I N E S T R E E T , H I G H L A N D , C A7

TENANT PROFILE GROUND LEASE ABSTRACT

JACK IN THE BOX LESSEE: OC FOOD EXPRESS, INC.

www.jackinthebox.com

Jack in the Box Inc. operates and franchises Jack in the Box quick-service restaurants and Qdoba Mexican Eats fast-casual restaurants primarily in the United States. It currently operates and has franchised approximately 2,251 Jack in the Box restaurants in 21 states and Guam; and approximately 726 Qdoba Mexican Eats restaurants in 47 states, the District of Columbia, and Canada.

OC Food Express, Inc - 24 Unit Jack in the Box entity, operators have additional locations, please inquiry with broker for additional details.

OWNERSHIP: NASDAQ: JACK

MARKET CAPITALIZATION: $2.7 billion

REVENUE: $1.5 billion

LOCATIONS: 2,977

EMPLOYEES 22,200

HEADQUARTERS: San Diego, CA

Tenant: OC Food Express, Inc. DBA Jack in the Box

Date Of Lease: 7/10/2017

Lease Term: 20 Years

Renewal Options: Four (4) - Five (5) year options

Rent/Yr: Years 1-5: $121,000 Years 6-10: $133,100 Years 11-15: $146,410 Years 16-20: $161,051

Option 1: $177,156.10 Option 2: $194,871.71 Option 3: $214,358.88 Option 4: $235,794.77

Permitted Use: Tenant must initially use and operate the Premises for purpose of a Jack-in-the-Box restaurant with drive-through lane featuring hamburgers and tacos. Thereafter the Premises may only be used for purposes of a restaurant for the sale of food and nonal-coholic beverages for consumption on and off the Premises, and for no other purpose, subject however to any use restrictions.

Right of First Offer:

Any sale or conveyance by Landlord to an unrelated third party of the fee interest in the Premises is subject to a right of first offer to Tenant. Tenant must give written notice of acceptance within seven (7) days. Upon consummation of the first sale of the Premises to a third party, Tenant’s ROFO shall terminate.

Insurance: Tenant shall carry and maintain at Tenant’s sole cost and expense:

Builder’s risk insurance – Required to cover the replacement of the intended improvements.

Property Insurance – For no less than 100% of the full replacement cost of the covered items.

Commercial general liability insurance – In an amount not less than $3,000,000 per occurrence.

Motor vehicle liability insurance – With combined limits of not less than $2,000,000 per occurrence.

Business Income/Interruption Insurance – With coverage amounts that will reimburse Tenant for all direct and indirect loss of income, and charges and costs incurred arising out of all named perils insured against by Tenant’s property insurance coverage.

Worker’s compensation insurance – With limits of liability not less than $1,000,000, each accident; $1,000,000, disease policy limit; and $1,000,000 disease each employee.

Real Estate Taxes:

Tenant agrees to pay 100% of all taxes and assessments on the land and improvements constituting the Premises. If a “change in ownership” occurs more than twice during any consecutive 5-year period during the Term, and if as a result the Premises are reassessed at their then current market value for real estate tax purposes by the appropriate governmental authority pursuant to Proposition 13, which reassessed current market value exceeds the previously assessed market value of the Premises, Tenant shall not be obligated to pay that portion of the increase, if any, in Impositions, taking into account the Reassessment, that is solely attributable to the Reassessment.

Utilities: Tenant agrees to pay all charges for water, gas, heat, electricity, power, telephone, sewer service, trash service, pest control, and all other services or utilities used in, upon, or about the Premises.

Repairs and Maintenance:

Tenant agrees at its sole cost and expense, to diligently maintain and repair in good order, to make all necessary replacements of the Premises and every part thereof, including, without limitation, the Building and all improvements, equipment, fixtures, furnish-ings, utilities and appurtenances, both interior and exterior, structural and non-structural, ordinary and extraordinary, located in, on, or under serving the Premises, and to whatever extent the necessity or desirability of repairs may occur.

Tenant Assignment and Subletting:

Except for “Permitted Transfers” Tenant may not either voluntarily or by operation of law, assign, mortgage, encumber or hypothecate this Lease or any interest therein, or permit the use of the Premises by any person or persons other than Tenant, its agents and employees, or sublet the Premises or any part thereof, without in each instance obtaining Landlord’s prior written consent which shall not be unreasonably withheld.

C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 8

GLOBAL AVAILABLE SPACE LEASING SECOND GENERATION LEASING

Analysis Period Occupancy and Absorption Retention Ratio 80%

Commencement Date December 1, 2018 Projected Available at 12/1/18 0 SF

End Date November 30, 2028 Currently Available as of 6/1/18 0 SF Financial Terms

Term 10 Years Percentage Available at 6/1/18 0.00% 2018 Monthly Market Rent $4.00 PSF

Rent Adjustment 3.00% Annually

Area Measures EXPENSES Lease Term 10 Years

Building Square Feet (SF) 2,543 SF Operating Expense Source NNN [1] Expense Reimbursement Type NNN

Growth Rates Management Fee (% of EGR) None Tenanting Costs

Consumer Price Index (CPI) 3.00% Rent Abatements [2]

Other Income Growth Rate 3.00% Real Estate Taxes Reassessed Yes [1] New 3 Month(s)

Operating Expenses 3.00% Millage Rate 1.290800% Renewal 0 Month(s)

Real Estate Taxes 2.00% Special Assessments $163 Weighted Average 0.60 Month(s)

Market Rent Growth

FINANCING Tenant Improvements ($/SF)

CY 2019 - 3.00% New $35.00 PSF

CY 2020 - 3.00% Renewal $7.00 PSF

CY 2021 - 3.00% Weighted Average $12.60 PSF

CY 2022 - 3.00%

CY 2023 - 3.00% Commissions

CY 2024 - 3.00% New 6.00%

CY 2025 - 3.00% Renewal 1.20%

CY 2026 - 3.00% Weighted Average 2.16%

CY 2027 - 3.00%

CY 2028+ - 3.00% Downtime

New 6 Month(s)

General Vacancy Loss None Weighted Average 1 Month(s)

Capital Reserves (CY 2018 Value) None

ASSUMPTIONS

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

Bruce Francis + 1 602 735 1781 Lic. BK-0018505 bruce.francis@cbre.com

Shaun Moothart +1 949 509 2111 Lic. 01773201 shaun.moothart@cbre.com

CBRE Debt & Equity Finance (DEF) is a division of CBRE Inc. In the US, DEF represents approxi-mately 300 lenders including: banks, life insurance companies, pension funds, CMBS lenders and a variety of other lending sources. DEF also acts as a correspondent for over 200 life insurance companies. The Quote above is an approximation of available terms.

For customized Debt Quotations, please contact:

Notes:All market rent rates are stated on calendar-year basis. [1] Tenant is NNN and pays all operating expenses.[2] Rent Abatement includes NNN charges as well as base rent.

J A C K I N T H E B O X : : 2 7 7 3 4 B A S E L I N E S T R E E T , H I G H L A N D , C A9

CASH FLOW

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

FISCAL YEAR 12/18-11/19 12/19-11/20 12/20-11/21 12/21-11/22 12/22-11/23 12/23-11/24 12/24-11/25 12/25-11/26 12/26-11/27 12/27-11/28 12/28-11/29

Physical Occupancy 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Overall Economic Occupancy [1] 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Total Operating Expenses PSF Per Year $15.64 $15.96 $16.29 $16.62 $16.97 $17.31 $17.67 $18.03 $18.40 $18.78 $16.92

[2]

FY 2019

REVENUES $/SF/MO

Scheduled Base Rent

Gross Potential Rent $3.97 $121,000 $121,000 $121,000 $121,000 $121,000 $133,100 $133,100 $133,100 $133,100 $133,100 $146,410

Absorption & Turnover Vacancy 0.00 0 0 0 0 0 0 0 0 0 0 0

Base Rent Abatements 0.00 0 0 0 0 0 0 0 0 0 0 0

Total Scheduled Base Rent 3.97 121,000 121,000 121,000 121,000 121,000 133,100 133,100 133,100 133,100 133,100 146,410

Expense Reimbursements NNN NNN NNN NNN NNN NNN NNN NNN NNN NNN NNN

TOTAL GROSS REVENUE 5.27 121,000 121,000 121,000 121,000 121,000 133,100 133,100 133,100 133,100 133,100 146,410

General Vacancy Loss 0.00 0 0 0 0 0 0 0 0 0 0 0

EFFECTIVE GROSS REVENUE 5.27 121,000 121,000 121,000 121,000 121,000 133,100 133,100 133,100 133,100 133,100 146,410

TOTAL OPERATING EXPENSES NNN NNN NNN NNN NNN NNN NNN NNN NNN NNN NNN

NET OPERATING INCOME 3.97 121,000 121,000 121,000 121,000 121,000 133,100 133,100 133,100 133,100 132,726 146,410

[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and base rent abatements.[2] Based on 2,543 square feet.

C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 10

RENT ROLL

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

SUITE TENANT NAMESQUARE

FEET% OF

PROPERTY

LEASE TERM RENTAL RATES

RECOVERY TYPEMARKET ASSUMPTION /

MARKET RENTBEGIN END BEGIN MONTHLY PSF ANNUALLY PSF

A Jack in the Box 2,543 100.00% Dec-2018 Nov-2038 Current $10,083 $3.97 $121,000 $47.58 NNN Market

ASSUMED Dec-2023 $11,092 $4.36 $133,101 $52.34 $4.00 NNN

Dec-2028 $12,200 $4.80 $146,401 $57.57

Dec-2033 $13,421 $5.28 $161,048 $63.33

Notes:

Analysis assumes tenant is in-place as of the analysis start date with seller to guarantee any downtime or leasing costs. Tenant has Right of First Offer. Tenant has Prop 13 Protection for any tax increase resulting

“from more than two sales in any consecutive five (5) year period. Tenant has four (4)- five (5) year options at 110% of prior rent.

TOTALS / AVERAGES 2,543 $10,083 $3.97 $121,000 $47.58

OCCUPIED SF 2,543 100.0%

AVAILABLE SF 0 0.0%

TOTAL SF 2,543 100.0%

J A C K I N T H E B O X : : 2 7 7 3 4 B A S E L I N E S T R E E T , H I G H L A N D , C A11

C A P I T A L M A R K E T S : : N A T I O N A L R E T A I L P A R T N E R S - W E S T 12

AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT

Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER

This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which

prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Pricing in this Offering Memorandum may not be accurate at any given point in time as market conditions including capitalization rates and other value indicators change frequently. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.

Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners.

NRP-WEST

INVESTMENT ADVISORS

JIMMY SLUSHER+1 949 725 8507Lic. 01857569jimmy.slusher@cbre.com

MEGAN WOOD+1 949 725 8423Lic. 01516027megan.wood@cbre.com

LOCAL MARKET

DEBT & STRUCTURED FINANCE

BRIAN MCDONALD +1 909 418 2020 Lic. 01002150 brian.mcdonald@cbre.com

VANESSA HADDAD +1 909 418 2143 Lic. 01926324vanessa.haddad@cbre.com

SHAUN MOOTHART +1 949 509 2111 Lic. 01773201 shaun.moothart@cbre.com

SEAN HEITZLER+1 949 725 8468Lic. 02025087sean.heitzler@cbre.com

NRP-WEST TEAM

Philip D. Voorhees Team Leader

For all of our available listings, please visit:

WWW.CBRE.COM/NRPWEST

John Read Jimmy Slusher Megan Wood James Tyrrell

Eric ShainTrent Steeves

Preston Fetrow Kirk Brummer

John EddySean Heitzler Matt Burson

CBRE-Newport Beach 3501 Jamboree Rd., Ste 100 Newport Beach, CA 92660 F + 1 949 725 8545