C O R N I N G C R O S S R O A D S

INTERSTATE 5

CORNING ROAD

SOLANO STREET

A H i g h w a y C o m m e r c i a l D e v e l o p m en t O p p o r t u n i t y

BARHAM AVENUE

30,500 AADT

31,500 AADT

REDDING 50 MILES

SACRAMENTO 110 MILES

N o t A P a r t

T H E O F F E R I N GGallelli Real Estate is delighted to present Corning Crossroads; a 9.07 Acre site (7.22 Acre usable) ideal for highway commercial development. The unfinished land consists of 7 prime highway commercial “tentative” parcels. The individual parcels range between .75 acre to 1.32 acres. The site offers unparalleled opportunity to develop the local market’s newest premier commercial development with retail, restaurants, gas stations and hotels.

I N V E S T M E N T S U M M A R Y• This site is located within the City of Corning with excellent access and visibility to Interstate 5. Corning is 50 miles south of Redding and 110 miles north of Sacramento. • The Corning real estate market consists of 491,000 square feet of retail.• According to CoStar the current occupancy rate is 99%. The average occupancy rate for the last 10 years is 98.05%.• Corning Crossroads is a “way-stop” development opportunity with high visibility to Interstate 5 in Corning, California. The approximate 9.07 acre site is visible to approximately 62,000 cars per day, and is located at the main access point to the City. This site offers multiple opportunities to benefit from the combination of excellent freeway access and visibility to the area’s underserved retail presence and future growth potential in Corning.• Identified in the General Plan with Land Use Classification of a “Hwy 99-W Specific Plan” (HWY-99-W).• Permitted Uses (with use permits) include but not limited to retail, hotels, fuel stations, car wash, banks, office and industrial.• Approximately 804 feet of Interstate 5 frontage.• Entitled to deliver underground utilities to the site from the east side of I-5.• Site is located at the main access point to Corning’s Downtown Business District.

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Price $3,774,000

Price per foot $12.00 / Usable SF

Size9.07 Acres

7.22 acres (approximate usable)

Zoning SP

APNs069-210-43, 069-220-01069-220-08, 069-210-49

Current Status Rough Grade

Utilities Entitled to deliver from under I-5

CORNING ROAD

BARHAM A

VENUE

Lot 132,716 SF0.75 AC

Lot 257,619 SF1.32 AC

Lot 353,635 SF1.23 AC

Lot 451,642 SF1.19 AC

Lot 542,700 SF0.98 AC

Lot “A”47.115 SF1.08 AC

Lot 643,730 SF1.00 AC

Lot 732,496 SF0.75 AC

P E R M I T T E D U S E SPermitted Uses – The following is a brief list of permitted uses under the SPMU (Specific Plan Mixed Use Overlay District. All uses should be verified with the City of Corning.

• Grocery Stores• Drugstores• Retail Stores • Banks• Offices (Commercial, Business and Medical)• Restaurants• Hotels and Motels, • Movie Theater • Gas Stations• Medical Offices

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D E V E L O P M E N TThe site will become the newest retail development in Corning and is located at the start of Corning’s main retail corridor. The retail corridor runs 1 ¾ miles along Corning Avenue and Solano Street (Corning Avenue turns into Solano Street). Retailer’s, fuel stations and restaurants along the corridor include (but limited to) Safeway, Rite Aid, O’Reilly Auto Parts, Chevron, Valero, Shell, Starbucks, Taco Bell, Olive Pit Restaurant, Auto Zone, Napa Auto Parts, Ace Hardware and Dollar Tree. The site provides for retailers and restaurants a site to relocate to and better position themselves to be closer to I-5.

Additionally the site is located at the northern end of Corning’s Highway 99-W Specific Plan which is included in Corning’s General Plan. The Highway 99-W Specific Plan runs along all parcels immediately adjacent to the east side of I-5 and surrounding all four corners of the intersections of I-5 and Corning Blvd and I- 5 and South Avenue. The Specific Plan provides for residential, commercial, industrial and recreational uses to be designed and developed under a comprehensive set of plans, policies, guidelines and implementation measures for guiding and ensuring the orderly development of the Highway 99-W Specific Plan corridor with a full complement of services, facilities and utilities.

SUBJECT

Retail Corridor

L A N D U S E D E S I G N A T I O N S

Large Lot Residential

Residential

Multi-family Residential

Commercial

Industrial

Public Municipal

Hwy 99-W Specific Plan

Park

CORNING ROAD

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L O C A T I O N O V E R V I E WThis site located within the City of Corning with excellent access and visibility to Interstate 5. Corning is 17 miles south of Red Bluff and 110 miles north of Sacramento.

The shaded yellow areas on the aerial show additional areas of future development in Corning. These provide for residential, commercial, industrial and recreation uses to be designed and developed under a comprehensive set of plans, policies, guidelines, and implementation measures for guiding and ensuring the orderly development of the Highway 99W Corridor with a full compliment of services, facilities and utilities.

Corning Ford Dealer

125°W

126°W

43°N

41°N

42°N

40°N

39°N

38°N

117°W

37°N

118°W

119°W

120°W

121°W

122°W

123°W

36°N

34°N

35°N

33°N

32°N

124°W

125°W

31°N

INTERSTATE

84INTERSTATE

2103956CALIFORNIA

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FarallonIslands

Channel Islands

San NicolasIsland

CatalinaIsland

San ClementeIsland

ImperialValley

SaltonSea

MonoLake

LakeTahoe

ShastaLake

ClearLake

Mojave Desert

Mt WhitneyMt Williamson

White Mountain

Mt Shasta

Big Sur

De a t h

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Klam

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River

Sacramento River

San Joaquin River

Russian R iver

Sparks

RenoVirginiaCity

Truckee

Susanville

CARSON CITY

Leggett

Mendocino Nevada City

Grass Valley

Bishop

MammothLakes

Sonora

South Lake Tahoe

SutterCreek

Folsom

Stockton

Davis

Berkeley

Walnut Creek

SAN JOSE

SAN FRANCISCO

PaloAlto

San Rafael

Santa Rosa

Calistoga

Sonoma

SACRAMENTO

Needles

BlytheIndio

Barstow

Oceanside

Annaheim

La Jolla

TIJUANA

SAN DIEGO

PalmSprings

Ensenada

FresnoWatsonville

Carmel-by-the-SeaMonterey

Santa Cruz

Pasadena

Mojave

Bakers�eld

Newport Beach

Santa Barbara

PasoRobles

Morro Bay

San Luis Obispo

LagunaBeach

LOS ANGELES

Santa Monica

Weed

Redding

Red Bluff

Chico

ArcataEureka

CrescentCity

Medford

Klamath Falls

Alturas

Channel IslandsNational Park

Death ValleyNational Park

SequoiaNational

Park

Kings CanyonNational

Park

LassenVolcanicNationalPark

Lava BedsNational

Monument

RedwoodNational Park

YosemiteNational

Park

31,500 AADTREDDING 50 MILES

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INTERSTATE 5

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BARHAM AVENUE

Bartel’s Giant Burger

SafewayRite Aid

Dollar Tree

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H O T E L S / M O T E L S

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F U T U R E C O M M E R C I A L D E V E L O P M E N T

Corning Olive Oil Company

99 Cents Plus Grocery

O’Reilly Auto PartsStarbucks

Burger KingTaco Bell

Economy Inn

Best Western Plus

Super 8 by Wyndham

Chevron

Valero

Shell

30,500 AADT

Napa Auto Parts

Mechanics Bank 7 Inn

SACRAMENTO 110 MILES

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C I T Y O F C O R N I N G & T E H A M A C O U N T Y O V E R V I E WThe City of Corning, known as the “Olive Capital of the World” is located 110 miles north of Sacramento located immediately off Interstate 5. An agriculturally-based community with a “small town” charm. Corning is home to the largest olive processing plant in the United States as well as award winning olive oil producers and olive product retailers.

Known as the “Olive City”, Corning boasts being the home to the Bell Carter Food Company; the largest producer of table olives in the U.S. and the second largest in the world. Bell Carter employs approximately 500 full time positions. In addition, Corning is part of an extended trade area that includes the rural communities of Los Molinos, Orland and Red Bluff.

T E H A M A C O U N T YTehama County, California is located approximately 126 miles north of Sacramento and encompasses 2,962 square miles of land with a population of 63,934 residents. The majority of residents live in one of the three main cities – Corning, Red Bluff or Tehama.

P O P U L A T I O N G R O W T HOne of the primary contributors to economic expansion in the Tehama County region is population growth. Tehama County gained more than 700 new residents in a year due to the Camp Fire, according to estimates released by the State of California.

The Tehama County population increased 725 from 64,703 to 65,428, a 1.12 percent uptick, during that period.

Butte County lost more than 10,000 residents from the Camp Fire, declining from a population of 227,353 to 216,965, a decrease of 10,388 people, or 4.57 percent.

I N T E R S T A T E 5Interstate 5 (I-5) is a major north/south arterial freeway within California and runs straight through the heart of Corning from the US / Canadian border to the north to the US / Mexican Border to the south. The subject property has excellent access and visibility to approximately 62,000 vehicles on I-5 every day.

R O L L I N G H I L L S C A S I N ORolling Hills Casino is a 25,000-square-foot Indian casino conveniently located off of Interstate 5 on Everett Freeman Way. The Casino features two hotels, an RV park, two restaurants, a coffee house, 840 slot machines, a 7,000-square foot event center, and a brand new equestrian center. The new equestrian center features 300 covered stalls, a main indoor arena, an outdoor arena, 20 covered cattle pens and loading chutes, and 48 RV spaces. Rolling Hills Casino is located just 4.3 miles south of the subject property.

Radius 5-Miles 7-Miles 10-Miles

Total Population 12,811 15,151 21,481

Daytime Population 12,689 14,306 19,454

Avg. Household Income $58,617 $60,555 $61,681

C I T Y O F C O R N I N G D E M O G R A P H I C S

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4 7 5 5 C H U R N C R E E K R O A D, R E D D I N G, C A.98 Acre sold in May 2018 for $1,195,286 (28 psf / $1.2 M / per acre)

The site included curb, gutter, sidewalk. Utilities run to along Churn Creek Road. Panda Restaurant Group purchased the site. Located across the street from a brand new Save Mart/Ross anchored shopping center and across I-5 from a proposed Costco.

14 4 4 4 C O M M E R C E L A N E, O R L A N D, C A10.21 Acres sold in November 2015 for $3,624,692 ($8.15 psf / $355,014 per acre)

The site was raw land with no curb, gutter, sidewalk and all utilities stubbed to the site. Pilot Travel Centers purchased the site.22 4 6 1 A L E X A N D E R A V E N U E, A N D E R S O N, C A5.14 Acres sold in August 2019 for $950,000 ($4.24 psf / $184,824 per acre).

Although the site has visibility to I-5 it does not have easy access to the interstate. It was sold with no gas, sewer or water. Buyer purchased to develop a site for Blue Dog RV Sales.

3S P R I N G F I E L D D R I V E, C H I C O, C A 3.31 Acres sold in April 2020 for $1.6M ($11.30 psf / $492,145 / acre)

Site is located next door to Kohl’s Department store and behind Chico Mall with Highway visibility. Kumar Hotels, Inc purchased the site to develop a 148 room Hampton Inn and Suites Hotel.

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Gary Gallelli | Partner, CEOCA DRE # 01099383 | 916 784 2700 | Gary@Gallellire.com

John Welter | Vice PresidentCA DRE #01228364 | 916 784 2700 | JWelter@Gallellire.com

CONFIDENTIALITY & DISCLAIMER STATEMENT

The material contained in this Offering Memorandum is confidential,

furnished solely for the purpose of considering the purchase of Corning

Crossroads located in Corning, CA and is not to be used for any other

purpose or made available to any other person without the express

written consent of Gallelli Real Estate Services or the Owner. The material

is based in part upon information supplied by the Owner’s consultants,

architects, advisors, and in part upon information obtained by Gallelli Real

Estate from sources it deems to be reliable. Summaries contained in the

Offering Memorandum of any legal or other documents are not intended

to be comprehensive statements of the terms of such documents but

rather only outlines of some of the principal provisions contained therein.

In accordance with our standard practice, this Offering Memorandum has

been prepared solely for informational purposes and does not constitute

all or any part of an offer or contract. It is designed to assist a potential

investor in determining whether to proceed with an in-depth investigation

of the subject project. Gallelli Real Estate strongly recommends that each

potential investor review the information contained in this brochure with

its accountants, attorneys and tax advisors.

Any projections contained herein represent best estimates based on

assumptions considered reasonable under the circumstances. No

representations or warranties, expressed or implied, are made that actual

results will conform to such projections. This document is provided

subject to errors, omissions, prior sale or lease, change of price or

terms, other changes in the information and is subject to modification or

withdrawal without notice.

No Warranty Or Representation Expressed Or Implied Is Made By Gallelli

Real Estate Or Any Of Their Parent, Affiliated Or Subsidiary Entities

As To The Accuracy Or Completeness Of The Information Contained

Herein. Prospective Investors Should Make Their Own Investigations And

Conclusions Without Reliance Upon The Material Contained Herein.