offering memorandum - matthews10 marineland village - 5215 clearwater ave, kennewick, wa 1 2 3 ˜ ˚...

1Matthews Real Estate Investment Services

O f f e r i n g M e m o r a n d u m5 2 1 5 C l e a r w a t e r A v e , K e n n e w i c k , W A

™

E X C L U S I V E L Y L I S T E D B Y :

™

EL WARNER EVP | National Director Shopping Centers Direct +1 949 873 0507Mobile +1 858 752 3078 [email protected] Lic #01890271 (CA)

JORDAN GOMEZ Associate Shopping Centers Direct +1 949 432 4503 Mobile +1 951 264 5994 [email protected] Lic #02008809 (CA)

Ken ReinschmidtBroker of Record

Lic. # 73743

C O N T E N T S :1 EXECUTIVE

SUMMARY 2 PROPERTYOverview 3 FINANCIAL

Overview 4 Area Overview

1EXECUTIVE SUMMARY

6 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA6 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA

EXECUTIVe SummaryMatthews Real Estate Investment Services is pleased to present to qualified investors the fee simple sale of Marineland village located in Kennewick, WA with prominent frontage along the major retail corridor in Clearwater Avenue. This newly redeveloped 50,916 SF neighborhood center is synergistically positioned on the hard corner of Clearwater Avenue and Edison Street to serve the demands of the growing community within the surrounding residential neighborhoods of Kennewick, WA. With leasing velocity at an all-time high, this is a tremendous opportunity to acquire a retail center with near-term upside in the Pacific Northwest.

The offering has had an extremely strong occupancy growth since the remodel in early 2017 and over 70% of the income is generated by restaurants and service-oriented businesses. Well located, service oriented retail centers have outperformed traditional retail centers as they are insulated from the E-commerce emergence.

The property consists of 3 separate assessor's parcels. Debt can be placed on the property so that the investor could sell off any pad to generate funds at any time.

Offering Price $7,900,000

NOI Year 1 $514,432

NOI Year 2 $570,575

Current Occupancy 91.0%

Total Rentable Square Feet 50,916

Total Land Area ± 4.76 Acres

Investment Summary


Investment Highlights

RARE OPPORTUNITY TO OWN A NEWLY REDEVELOPED NEIGHBORHOOD CENTER IN THE PACIFIC NORTHWEST

THREE PARCEL OPPORTUNITY WITH STRONG LEASING VELOCITY

HIGHLY VISIBLE ON CLEARWATER AVENUE WITH MULTIPLE POINTS OF INGRESS AND EGRESS

IMMEDIATE UPSIDE POTENTIAL THROUGH LEASE UP OF 4,584 SF OF VACANT SHOP SPACE

74% NOI GROWTH OVER A 10-YEAR HOLD

PARCELIZED ASSET ALLOWING FUTURE POTENTIAL SALE OF INDIVIDUAL PARCELS

LOCATED IN A RETAIL CORRIDOR THAT ALSO INCLUDES ALBERTSONS, WINCO FOODS, WALGREENS, US BANK, AUTOZONE, AND SEVERAL OTHER NATIONAL RETAILERS

THE TRI-CITY AREA, OF WHICH KENNEWICK IS A PART, HAS BEEN ONE OF THE 5 FASTEST GROWING AREAS IN THE UNITED STATES

PROVIDED FREE AND CLEAR OF DEBT

2Property Overview

10 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA

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Property Name Marineland VillageAddress 5215 W Clearwater AvenueLocation Kennewick, WASquare Footage (NRA) 50,916

APN(s)104892010424007, 104892010424006, 104892010424005

Year Built / Renovated 1987 / 2017Type of Ownership Fee Simple

Analysis Start Date 12/1/17

Analysis End Date 11/31/2017Term 10 YearsExpenses 3.0%Market Rent 3.0%Market Rent ($/PSF Annual) $15.00 Renewal Probability 75%Downtime 6 MonthsTenant Improvement Allowance ($/PSF) $10 / $5Free Rent NoneRent Increases 3% annualReimbursements NNNLease Term 5 YearsGeneral Vacancy (% of Potential Gross Revenue)

5.0%

Physical Description

PARCEL’S1: 104892010424005 2: 104892010424006 3: 104892010424007


1 1Matthews Real Estate Investment Services

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LAKESIDE APARTMENTS

KAMIAKIN HIGH SCHOOL

CLEARWATER BAY APARTMENTS IRVING PLACE APARTMENTS

N Edison Street±16,000 ADT

W Clearwater Ave ±25,000 ADT

SURROUNDING AREA

3 Area Overview


KENNEWICKW A s h i n g t o n

Kennewick is a city in Benton County in the southeastern part of the State of Washington, along the southwest bank of the Columbia River, just southeast of the confluence of the Columbia and Yakima rivers and across from the confluence of the Columbia and the Snake. It is the most populous of the three cities collectively referred to as the Tri-Cities (the others being Pasco across the Columbia and Richland across the Yakima). The nearest commercial airport is the Tri-Cities Airport in Pasco, a regional commercial and private airport.



ECONOMYDemographics, affordability and an unparalleled quality of life make Kennewick an attractive location to expand. Benefiting from a talented labor force, steady job market and low cost of living, Kennewick is a thriving city with an attractive demographic of residents, tourism and a reputation for fun.

Focus industries in Kennewick include craft beverage, grocers, and retail. Businesses locating in Kennewick find considerable value in its pacific northwest central location, affordable land, world-class infrastructure, and transportation connectivity. Water and power resources are abundant, reliable and low-cost. Data services are high quality and high capacity. Considered the shopping hub for southeastern Washington and northeastern Oregon, retail opportunities are plentiful throughout the city.

#3 FASTEST JOB GROWTH AREA IN WASHINGTON STATE

FASTEST GROWING RETAIL SALES IN WASHINGTON STATE

ONE OF THE BEST PLACES TO INVEST IN REAL ESTATE

IN WASHINGTON

Accolades:Demographics:

POPULATION 1-MILE 3-MILE 5-MILE

2022 PROJECTION 14,410 78,069 180,986

2017 ESTIMATE 13,586 72,321 166,732

GROWTH 2017-2022 6.07% 7.95% 14.22%

GROWTH 2010-2017 7.13% 11.88% 8.55%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

2022 PROJECTION 5,688 29,789 63,637

2017 ESTIMATE 5,341 27,560 58,648

GROWTH 2017-2022 6.50% 8.09% 8.51%

GROWTH 2010-2017 7.88% 12.16% 13.79%

2017 EST. AVERAGEHOUSEHOLD SIZE

2.55 2.59 2.82

INCOME 1-MILE 3-MILE 5-MILE

AVERAGE HOUSEHOLD INCOME

$53,727 $70,336 $77,123

MEDIAN HOUSEHOLD INCOME

$44,532 $52,690 $58,491

1 6 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA

POINTS OF INTERESTKennewick lies along the Columbia River and the famous Lewis and Clark Trail marked during the 1804-1806 exploration of the newly acquired Louisiana Territory, reaching to the Pacific Coast.

As of 2013, the historic downtown area is undergoing a rebirth. Historic buildings have been adapted to new uses and the compact, pedestrian-oriented area has attracted a diverse mix of businesses. These include a specialty gift boutique in a newly restored building, art galleries, wine bars and local breweries, upscale dining, and a full-service hardware center.

Kennewick is the host city of the Tri-City Americans of the Western Hockey League and the Tri-City Outlaws of the United States Premier Hockey League. They both play their home games in the Toyota Center, which hosts many other regional events. Every year during the summer, hydroplane racing takes place at the Water Follies event on the Columbia River. Residents from all southeastern Washington come to Kennewick to shop in the city's commercial district, the center point of which is Columbia Center Mall. Also, every year in August, the Benton-Franklin County Fair is held at the fairgrounds. Kennewick is the site of the annual Titanium Man (International Distance) and Plutonium Man (Half-Iron Distance) triathlons, attracting international contestants and observers.

World Trade Center Memorial MonumentA 9/11 – World Trade Center Memorial Monument is in its Southridge area. Kennewick is one of a few cities to have acquired an external vertical support column artifact salvaged from the World Trade Center. Lampson International worked in conjunction with the City of Kennewick and the Port Authorities of New York and New Jersey to facilitate the monument's fabrication. The central part of the monument is a 35-foot twisted column of steel weighing nearly 6,000 pounds.

The memorial site was dedicated on the 10th anniversary of the tragedy in memory of the 2,977 men and women who lost their lives on September 11, 2001. The memorial is located at the Southridge Sports Complex at the southern entrance to the City of Kennewick. The site includes landscaping and benches placed for reflection and contemplation, and a US flag above the steel monument.


Company Business Type # of Employees

Battelle/PNNLResearch & Development

4,365

Kadlec Regional Medical Center

Health Services 3,304

Bechtel National Government 2,898

ConAgra Food Processing 2,727

Kennewick School District

Education 2,130

Washington River Protection Solutions

Environmental Remediation Services

2,077

Pasco School District Education 2,015

Mission Support Alliance, LLC

Support Services, Hanford/DOE Site

1,928

Richland School District Education 1,500

CH2M HillEnvironmental Remediation Services

1,400

TOP EMPLOYERS (TRI-CITY)

Clover IslandIn May 2010, a 62-foot lighthouse was constructed on Clover Island (located on the Columbia River) in Kennewick. According to the Port of Kennewick, this is the first lighthouse since 1962 to be built in the United States, and the most recently constructed one in the state of Washington. The United States Coast Guard-approved lighthouse flashes a beacon every four seconds.

Clover Island is a 16-acre recreational destination near downtown Kennewick. It has restaurants, a hotel, and a yacht club, all enhanced by new public access for views of the river. By “constructing a gateway, pathway, lighthouse and public plaza on Clover Island, the Port of Kennewick created physical and visual access to the Columbia River and transformed a ‘distressed neighborhood’ into an urban waterfront destination.” Clover Island offers access to the beautiful scenery along the Columbia and continues to be a popular destination for recreation, wildlife viewing, and entertainment.

4Financial Overview

20MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA

Suite TenantLease

StartLease

EndSquare

Feet% of NRA

Contract Rental Rate Rent PSF Rent IncreasesOptions

Year Month Year Month Date$ PSF/

Yr.Month

1 Tri-City Judo Aug-14 Dec-17 2,624 5.2% $30,911 $2,576 $11.78 $0.98 2x1 yr @ $15.00, $15.45 Gross

2 Benson Lee DC Feb-16 Apr-19 1,310 2.6% $14,174 $1,181 $10.82 $0.90 1x3 yr @ $15.00 NNN

3 Chongs Custom Tailors Apr-12 Feb-18 1,020 2.0% $10,914 $910 $10.70 $0.89

4 Salon & Spa Nov-17 Oct-22 1,200 2.4% $21,600 $1,800 $18.00 $1.50 Nov-18 $18.45 $1.54 2x1 yr @$15.00, $15.45 NNN

5 AFLAC May-15 Jul-18 1,100 2.2% $15,169 $1,264 $13.79 $1.15 1x3 yr @ $15.00 Gross

6 Fresh-Out-Of-The-Box Aug-15 Sep-18 1,560 3.1% $14,898 $1,242 $9.55 $0.80 1x3 yr @ $15.00 NNN

7 A-1 Shoes Nov-15 Oct-18 3,954 7.8% $46,578 $3,882 $11.78 $0.98 1x3 yr @ $15.00 NNN

8 Tri-City Marketing Sep-16 Oct-18 1,365 2.7% $13,650 $1,138 $10.00 $0.83 1x3 yr @ $15.00 NNN

9 Medical Consultants Jan-17 Dec-18 769 1.5% $7,459 $622 $9.70 $0.81

10 Marcy Miller Feb-14 Dec-19 1,680 3.3% $18,497 $1,541 $11.01 $0.92 Feb-18 $11.34 $0.95 1x3 yr @ $15.00 NNN

11 MedCall Dec-15 Feb-19 1,490 2.9% $13,812 $1,151 $9.27 $0.77 Dec-17 $9.55 $0.80

12 Village Bistro Feb-16 Mar-19 2,446 4.8% $30,233 $2,519 $12.36 $1.03 Feb-18 $12.73 $1.06 1x3 yr @ $15.00 NNN

13 Marla June's Aug-14 Jul-19 2,700 5.3% $28,107 $2,342 $10.41 $0.87 Aug-18 $10.62 $0.89

14 Center for Massage Therapy Sep-16 Oct-19 2,038 4.0% $15,000 $1,250 $7.36 $0.61 Sep-18 $7.65 $0.64 1x3 yr @ $15.00 NNN

15 Badger Canyon Tea Dec-13 Dec-19 1,615 3.2% $16,134 $1,344 $9.99 $0.83 1x3 yr @ $15.00 Gross

16 Medical Evaluation Services Aug-17 Jul-20 890 1.7% $11,401 $950 $12.81 $1.07 Aug-18 $13.19 $1.10

17 Reality Homes Aug-17 Jul-18 1,500 2.9% $15,000 $1,250 $10.00 $0.83

18 Black Wool Apr-17 Jun-20 1,688 3.3% $13,504 $1,125 $8.00 $0.67 Apr-18 $10.00 $0.83 1x3 yr @ $15.00 NNN

19 Shelby's Floral Jul-17 Jul-20 4,388 8.6% $64,240 $5,353 $14.64 $1.22 Aug-18 $15.05 $1.25 1x3 yr @ $15.00 NNN

20 Jeffery Bernard Nail Salon Jun-17 Sep-20 1,097 2.2% $10,970 $914 $10.00 $0.83 Jun-18 $10.30 $0.86

21 The Groomery Apr-16 May-21 1,439 2.8% $14,922 $1,244 $10.37 $0.86 Apr-18 $10.84 $0.90 1x5 yr @ Fixed NNN

22 Lemon Grass Expanding Apr-11 May-21 3,968 7.8% $32,458 $2,705 $8.18 $0.68 1x5 yr @ $15.00 Gross

23 Hair Chateau Feb-11 Nov-21 1,500 2.9% $24,315 $2,026 $16.21 $1.35 Jan-18 $16.70 $1.39 1x5 yr @ $15.00 Gross

24 Touchstone Jewelry Sep-17 Aug-22 1,924 3.8% $37,191 $3,099 $19.33 $1.61 Aug-18 $19.65 $1.64 1x5 yr @ Fixed Increases Gross

25 VACANT Jan-00 Jan-00 2,616 5.1% $28,776 $2,398 $11.00 $0.92

26 VACANT Jan-00 Jan-00 1,968 3.9% $21,648 $1,804 $11.00 $0.92

27 Garage Solutions Jun-17 May-22 1,067 2.1% $11,737 $978 $11.00 $0.92 1x5 yr @ $15.00 NNN

Occupied Totals - In Place 46,332 91.0% $532,874 $44,406 $11.50 $0.96

Vacant Totals 4,584 9.0% $50,424 $4,202 $11.00 $0.92

Totals 50,916 100.0% $583,298 $48,608 $11.46 $0.95

Rent Roll

2 1Matthews Real Estate Investment Services 2 1Matthews Real Estate Investment Services


Marineland Village5215 W Clearwater Avenue Kennewick, WA

25 TENANTS 50,916 SF 91.0% OCCUPIED

1987/2017 CONSTRUCTION

2.1 YRS REMAINING TERM

10 YEAR CAGR


Year Year End Sqft % of NRA Cumulative %

1 2017 2,624 5% 5%

2 2018 11,268 22% 27%

3 2019 13,279 26% 53%

4 2020 8,063 16% 69%

5 2021 6,907 14% 83%

6 2022 4,191 8% 91%

7 2023 0 0% 91%

8 2024 0 0% 91%

9 2025 0 0% 91%

10 2026 0 0% 91%

11 2027 0 0% 91%

Occupied 46,332 91%

Vacant 4,584 9%

Total 50,916 100%

LEASE EXPIRATION SCHEDULE Tenant Expirations

0%

5%

10%

15%

20%

25%

30%

5%

22%

26%

16%

14%

8%

0% 0% 0% 0% 0%

%

of N

RA

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027


Timing Assumptions

Analysis Start Date 12/1/17

Analysis End Date 11/31/2017

Term 10 Years

Inflation Assumptions

Expenses 3.0%

Market Rent 3.0%

Leasing Assumptions

Market Rent ($/PSF Annual) $15.00

Renewal Probability 75%

Downtime 6 Months

Tenant Improvement Allowance ($/PSF) $10 / $5

Free Rent None

Rent Increases 3% annual

Reimbursements NNN

Lease Term 5 Years

Allowances

General Vacancy (% of Potential Gross Revenue) 5.0%

Cash Flow Assumptions



Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

For the Years Ending Nov-2018 Nov-2019 Nov-2020 Nov-2021 Nov-2022 Nov-2023 Nov-2024 Nov-2025 Nov-2026 Nov-2027

Potential Gross Revenue Base Rental Revenue $614,536 $674,924 $736,946 $790,114 $844,153 $865,516 $891,325 $915,868 $945,032 $982,090 Absorption & Turnover Vacancy (34,950) (12,770) (21,164) (27,054) (20,918) (27,654) (16,595) (23,004) (38,599) (49,341)

Scheduled Base Rental Revenue 579,586 662,154 715,782 763,060 823,235 837,862 874,730 892,864 906,433 932,749

Expense Reimbursement Revenue Common Area Maintenance 71,724 76,962 83,312 86,379 91,577 96,931 101,730 103,997 110,162 122,538 Insurance 7,173 7,695 8,330 8,638 9,159 9,692 10,175 10,400 11,017 12,255 Management Fee 25,297 29,002 33,258 35,437 39,357 41,743 43,703 44,624 47,509 54,247 Real Estate Tax 33,515 42,827 46,568 47,811 50,195 52,614 54,684 55,361 58,074 63,972

Total Reimbursement Revenue 137,709 156,486 171,468 178,265 190,288 200,980 210,292 214,382 226,762 253,012

Total Potential Gross Revenue 717,295 818,640 887,250 941,325 1,013,523 1,038,842 1,085,022 1,107,246 1,133,195 1,185,761 General Vacancy (2,662) (28,801) (24,257) (21,365) (30,804) (25,671) (38,486) (33,509) (19,991) (12,414)

Effective Gross Revenue 714,633 789,839 862,993 919,960 982,719 1,013,171 1,046,536 1,073,737 1,113,204 1,173,347

Operating Expenses Common Area Maintenance 101,832 104,887 108,034 111,275 114,613 118,051 121,593 125,241 128,998 132,868 Insurance 10,183 10,489 10,803 11,127 11,461 11,805 12,159 12,524 12,900 13,287 Management Fee 35,732 39,492 43,150 45,998 49,136 50,659 52,327 53,687 55,660 58,667 Real Estate Tax 47,362 59,203 60,387 61,594 62,826 64,083 65,364 66,672 68,005 69,365 Non Reimbursable Expenses 5,092 5,193 5,297 5,403 5,511 5,622 5,734 5,849 5,966 6,085

Total Operating Expenses 200,201 219,264 227,671 235,397 243,547 250,220 257,177 263,973 271,529 280,272

Net Operating Income 514,432 570,575 635,322 684,563 739,172 762,951 789,359 809,764 841,675 893,075

Leasing & Capital Costs Tenant Improvements 61,590 31,923 45,631 46,311 80,816 65,650 28,053 76,037 94,833 132,320 Leasing Commissions 16,878 15,253 21,805 22,129 38,448 31,369 13,404 36,332 45,314 63,226 Capital Reserves 7,637 7,867 8,103 8,346 8,596 8,854 9,119 9,393 9,675 9,965

Total Leasing & Capital Costs 86,105 55,043 75,539 76,786 127,860 105,873 50,576 121,762 149,822 205,511

Cash Flow Before Debt Service & Taxes $428,327 $515,532 $559,783 $607,777 $611,312 $657,078 $738,783 $688,002 $691,853 $687,564

Investment Return SummaryYear Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Cap Rate 6.51% 7.22% 8.04% 8.67% 9.36% 9.66% 9.99% 10.25% 10.65% 11.30%Cash-on-Cash 5.42% 6.53% 7.09% 7.69% 7.74% 8.32% 9.35% 8.71% 8.76% 8.70%CAGR of Net Operating Income -- 10.91% 11.13% 9.99% 9.48% 8.20% 7.40% 6.70% 6.35% 6.32%


Suite Tenant Square Feet Lease Start Lease End Type Credit In Place Rent

1 Tri-City Judo 2,624 Aug-14 Dec-17 Shops Local/Regional $30,911

2 Benson Lee DC 1,310 Feb-16 Apr-19 Shops Local/Regional $14,174

3 Chongs Custom Tailors 1,020 Apr-12 Feb-18 Shops Local/Regional $10,914

4 Salon & Spa 1,200 Nov-17 Oct-22 Shops Local/Regional $21,600

5 AFLAC 1,100 May-15 Jul-18 Shops National/Credit $15,169

6 Fresh-Out-Of-The-Box 1,560 Aug-15 Sep-18 Restaurant Local/Regional $14,898

7 A-1 Shoes 3,954 Nov-15 Oct-18 Shops Local/Regional $46,578

8 Tri-City Marketing 1,365 Sep-16 Oct-18 Shops Local/Regional $13,650

9 Medical Consultants 769 Jan-17 Dec-18 Shops Local/Regional $7,459

10 Marcy Miller 1,680 Feb-14 Dec-19 Restaurant Local/Regional $18,497

11 MedCall 1,490 Dec-15 Feb-19 Shops Local/Regional $13,812

12 Village Bistro 2,446 Feb-16 Mar-19 Restaurant Local/Regional $30,233

13 Marla June's 2,700 Aug-14 Jul-19 Shops Local/Regional $28,107

14 Center for Massage Therapy 2,038 Sep-16 Oct-19 Shops Local/Regional $15,000

15 Badger Canyon Tea 1,615 Dec-13 Dec-19 Shops Local/Regional $16,134

16 Medical Evaluation Services 890 Aug-17 Jul-20 Shops Local/Regional $11,401

17 Reality Homes 1,500 Aug-17 Jul-18 Shops Local/Regional $15,000

18 Black Wool 1,688 Apr-17 Jun-20 Shops Local/Regional $13,504

19 Shelby's Floral 4,388 Jul-17 Jul-20 Shops Local/Regional $64,240

20 Jeffery Bernard Nail Salon 1,097 Jun-17 Sep-20 Shops Local/Regional $10,970

21 The Groomery 1,439 Apr-16 May-21 Shops Local/Regional $14,922

22 Lemon Grass Expanding 3,968 Apr-11 May-21 Shops Local/Regional $32,458

23 Hair Chateau 1,500 Feb-11 Nov-21 Shops Local/Regional $24,315

24 Touchstone Jewelry 1,924 Sep-17 Aug-22 Shops Local/Regional $37,191

25 VACANT 2,616 $28,776

26 VACANT 1,968

27 Garage Solutions 1,067 Jun-17 May-22 Shops Local/Regional $11,737

Totals 27 Suites 50,916 SF

In-Place Total ($) $532,874

TENANT ROSTER


Year Year 1

Total $/SF

INCOME

Rental Income $614,536 $12.07

Other Income $0 $0.00

General Vacancy ($37,612) ($0.74)

Reimbursement Revenue $137,709 $2.70

Effective Gross Income $714,633 $10.47

EXPENSES

Real Estate Taxes $47,362 $0.93

Insurance $10,183 $0.20

CAM $101,832 $2.00

Management Fees $35,732 $0.70

EGI (%) 5.0%

Administrative / Professional Fees $5,092 $0.10

Total Operating Expense $200,201 $3.93

Net Operating Income $514,432 $10.10

Operating Expense Ratio 28%

Recovery Ratio (incl. Admin/Professional Fees) 68.8%

Recovery Ratio (ex. Admin/Professional Fees) 70.6%

Income and expenses

28 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA28 MARINELAND VILLAGE - 5215 Clearwater Ave, Kennewick, WA


CONFIDENTIALITY AND DISCLAIMER STATEMENT

This Offering Memorandum contains select information pertaining to the business and affairs of Marineland Village located at 5215 Clearwater Ave, Kennewick, WA (“Property”). It has been prepared by

Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum

is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller

or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees,

or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective

purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property,

you agree: The Offering Memorandum and its contents are confidential; You will hold it and treat it in the strictest of confidence; and You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any

fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate

discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue

negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.A prospective purchaser’s sole and exclusive rights with respect

to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective

purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or

the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

™

EXCLUSIVELY LISTED BY:EL WARNER EVP | National Director Shopping Centers Direct +1 949 873 0507Mobile +1 858 752 3078 [email protected] Lic #01890271 (CA)

JORDAN GOMEZ Associate Shopping Centers Direct +1 949 432 4503 Mobile +1 951 264 5994 [email protected] Lic #02008809 (CA)

Ken ReinschmidtBroker of RecordLic. # 73743

offering memorandum - matthews10 marineland village - 5215 clearwater ave, kennewick, wa 1 2 3 ˜ ˚...

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