walnut park business center lakeview business park
WALNUT PARK BUSINESS CENTER LAKEVIEW BUSINESS PARK CO-BROKER REGISTRATION / CONFIDENTIALITY AGREEMENT We hereby advise you that Voit Real Estate Services ("Voit"), only through its agents, Alan S. Pekarcik and Daniel N. Vittone ("Listing Agents") have been retained on an exclusive basis by Foremost Airport Vegas, Ltd. (the "Owner") with respect to the offering for sale of Walnut Park Business Center located at 20507-20547 Walnut Drive and 745-831 S. Lemon Avenue in Walnut, CA and Lakeview Business Park located at 1240 & 1250 N. Lakeview Avenue in Anaheim, CA (individually, a "Property", and collectively, the “Properties”). You are further advised that the Owner has indicated that all inquiries and communications with respect to the sale of the Property be directed to Voit and its Listing Agents only. Voit and the Listing Agents have available for your review certain information concerning the sale of the Property (collectively, the "Information"). You agree that Voit and the Listing Agents will not make such information available to you unless you have executed this letter and thereby agreed to be bound by its terms. The Owner, Voit and the Listing Agents are prepared to provide the Information for your consideration, subject to the conditions set forth below. The Information will be used solely for the purposes of evaluating a possible transaction between the Owner and Prospective Purchaser and will be kept confidential by Prospective Purchaser and Co-Broker, except that Prospective Purchaser may disclose the Information or portions thereof to your directors, officers, employees, representatives or your advisors (the persons to whom such disclosure is permissible being collectively referred to herein as "Representatives") who need to know such information for the purpose of evaluating the possible acquisition of the Property. Prospective Purchaser shall inform its Representatives of the confidential nature of the Information, and prior to disclosure of the Information or any portion thereof to such Representatives, such Representatives shall agree in writing to be bound by this Co-Broker Registration/Confidentiality Agreement and Prospective Purchaser, Co-Broker and Representatives will not disclose such information to any other person. Prospective Purchaser agrees to be responsible for any breach of this Co-Broker Registration/Confidentiality Agreement by Prospective Purchaser, Co-Broker or Representatives. A.
Co-Broker: Prospective Purchaser hereby designates the undersigned Co-Broker as a buyer's broker, and authorizes Voit to enter into a Co-Broker Commission and Confidentiality Agreement with such Co-Broker. Prospective Purchaser and Co-Broker represent and warrant to Voit and Owner that Co-Broker is the only cooperating buyer's broker or agent representing Prospective Purchaser with respect to the proposed sale of the Property.
B.
Commission: Prospective Purchaser and Co-Broker (if any) understand that Owner will pay an additional commission to a properly registered Co-Broker whose Prospective Purchaser is successful in purchasing the Property. The total commission amount to the Co-Broker will be one percent (1.0%) of the net sales price (defined herein as the gross sales price minus any allowance such as repairs, or refurbishment allowance deducted from the gross sales price). Notwithstanding the above, any such Co-Broker agrees to look solely to Broker pursuant to a separate Co-Broker Commission and Confidentiality Agreement which must be entered into between Broker and Co-Broker for the payment of its fee in connection with this transaction and agrees to waive any claim it has or may have against Owner or Broker for payment of any commission, fee or compensation or any portion thereof, except as may be specifically set forth in said Co-Broker Commission and Confidentiality Agreement.
C.
Responsibility for Co-Broker: Prospective Purchaser is hereby advised that Voit is acting on behalf of Owner as its exclusive agent in connection with the proposed sale of the Property. If the Prospective Purchaser has designed a Co-Broker to act as buyer's agent in this transaction, and should the Prospective Purchaser be the purchaser of the Property, Prospective Purchaser agrees that Prospective Purchaser is solely responsible for Co-Broker's actions with regard to Prospective Purchaser's dealings regarding the Property.
E.
Indemnification; Prospective Purchaser agrees to indemnify, hold harmless and defend (by counsel acceptable to Voit and Owner) Voit, Owner and their respective affiliates, successors and assigns, advisors, agents, representatives, shareholders, employees, officers and directors against any loss, liability or expense, including reasonable attorney's fees, arising out of any claim or claims by any broker, finder or similar agent (including but not limited to a cooperating buyer's broker who is not a party to a fully executed Co-Broker Commission and Confidentiality Agreement) for commissions, fees or other compensation for bringing about any investment in the Property by Prospective Purchaser if such claim or claims are based in whole or in part on dealings with Prospective Purchaser or any of its affiliates, advisors, agents, representatives, shareholders, employees, officers or directors. Prospective Purchaser's indemnity obligations under this Agreement shall survive the termination of this Agreement or the discontinuation or the consummation of the sale of the Property by Owner.
F.
No Assignment by Co-Broker; Without the prior written consent of Voit, Co-Broker shall not have the right to assign, transfer or convey any of its rights, title, or interest hereunder, nor shall it have the right to delegate any of the obligations or duties required to be kept or performed by it hereunder, except to an entity controlled by or which controls Co-Broker. Any assignment in violation of this paragraph shall be null and void.
WALNUT PARK BUSINESS CENTER LAKEVIEW BUSINESS PARK G.
Governing Laws; This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of law considerations, and applicable federal laws and regulations.
H.
Entire Agreement; This Agreement sets forth the entire agreement and understanding between the parties regarding the subject matter of this Agreement and supersedes all prior agreements and understandings.
I.
Authority; Each of the undersigned signatories represents that he or she is duly authorized to execute this Agreement on behalf of the entity for which he or she is signing.
J.
Survival of Terms; Termination of this Agreement for any reason shall not release any party from any liabilities or obligations set forth in this Agreement which (i) the parties have expressly agreed will survive any such termination or (ii) remain to be performed or by their nature would be intended to be applicable following any such termination.
K.
Disclaimer of Warranty. Neither Broker nor Owner has made or makes any warranty, whether express, implied, or statutory, with respect to any confidential information provided to Prospective Purchaser or Co-Broker and neither Broker nor Owner accepts any responsibility for any expenses, losses, or actions incurred or undertaken by Co-Broker, Prospective Purchaser or any authorized persons as a result of the receipt or use of, or reliance on, such confidential information.
Executed to be effective as to each of the undersigned as of the date affixed to each respective signature below: Please indicate which documents you would like to receive by checking the corresponding boxes below: F
Walnut Park Business Center Offering Memorandum
F
Lakeview Business Park Offering Memorandum
F
Argus Files
Agreed by Prospective Purchaser:
Agreed by Co-Broker:
Signature:
Signature:
Name:
Name:
Title:
Title:
Company:
Company:
Address:
Address:
Phone: (
)
Phone: (
)
Fax:
)
Fax:
)
(
E-mail:
E-mail:
Date:
Date:
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PLEASE SIGN AND RETURN BOTH PAGES TO: 2020 Main Street, Suite 100 • Irvine, CA 92614 Tel: (949) 851-5100 • Fax: (949) 253-9705 NO COVER SHEET IS REQUIRED
I N V E S T M E N T
W A L N U T
O F F E R I N G
P A R K
M E M O R A N D U M
B U S I N E S S
C E N T E R
745-831 S.LEMON AVENUE 20507-20547, 20529-20847 WALNUT DRIVE WALNUT, CALIFORNIA
A Three Building Multi-Tenant Industrial Park Totaling 165,697 Rentable Square Feet
I N V E S T M E N T
O F F E R I N G
M E M O R A N D U M
Voit Real Estate Services, Services as exclusive advisor, advisor is pleased to present for sale the fee simple interest in Walnut Park Business Center, Center an approximate 165,697 165 697 square foot, multi-tenant industrial park located in Walnut, CA. This offering represents an exceptional opportunity for an investor to acquire a fundamentally strong, quality industrial asset in a high-demand submarket. The project caters to the needs of prospective tenants through varying office build-out and a wide array of unit sizes, which provide dock-high or grade level loading and quality office space. This asset is encumbered with extremely attractive, non-recourse, assumable financing, which features a mid-4% variable interest rate (ceiling not to exceed 7.50%), 2016 maturity date, no prepayment penalty and a remaining loan balance that equates to a high loan-to-value ratio at the asking price. The buyer, however, can elect not to assume the existing debt. The project is located less than one mile from the Pomona (60) Freeway and within close proximity to the Orange (57) Freeway and Interstate 10, providing for easy access to virtually all areas of Los Angeles, Orange and Riverside Counties. The city of Walnut is home to more than 600 businesses, including Sysco Corporation, and the city placed 70th on Money’s 2009 Best Places to Live list, making it the top ranked city in California to make the list. Furthermore, in April 2008, billionaire land developer and co-owner of the Los Angeles Lakers and Kings, Edward Roski, unveiled plans for the construction of an $800 million NFL stadium in the neighboring City of Industry. E X C L U S I V E LY O F F E R E D B Y:
ALAN S. PEKARCIK, SIOR
DANIEL N. VITTONE, SIOR
Executive Vice President
(949) 263-5308
Senior Vice President
PROPERTY SUMMARY Address
(949) 263-5328
[email protected]
[email protected]
2020 Main Street, Suite 100, Irvine, CA 92614
Visit us on the web: www.team-pv.com
LOCAL MARKET SPECIALIST:
Building Area Site Area Year Built Construction No. of Buildings/Units Units Sizes Office Build-out Clearance Parking Ratio
745-831 Lemon Ave. 20507 - 20547 Walnut Drive 20529 - 20847 Walnut Drive Walnut, CA ±165,697 Square Feet ±8.03 Acres 1987 Concrete Tilt-Up 3 / 46 175– 16,700 Square Feet 20-30% 19 - 20’ 1.89 : 1
JOSHUA HAYES Associate Vice President
(909) 612-2625 [email protected]
FINANCIAL SUMMARY Price In-Place NOI In-Place Capitalization Rate Percentage Occupied Assumable Debt Current Interest Rate (Loan does not have to be assumed)
$14,950,000 or $90.23 PSF $1,194,265 8.00% 91.29% $9,900,099 (balance as of 7/17/2009) 4.476% (adj. to ±3.50% on 10/1/09)
I N V E S T M E N T
L A K E V I E W
O F F E R I N G
M E M O R A N D U M
B U S I N E S S
P A R K
1240 - 1250 N. LAKEVIEW AVENUE ANAHEIM, CALIFORNIA
An Approximate 78,918 Square Foot Multi-Tenant Industrial and Office Business Park
I N V E S T M E N T
O F F E R I N G
M E M O R A N D U M
Voit Real Estate Services, as exclusive advisor, is pleased to present for sale the fee simple interest in Lakeview Business Park, an approximate 78,918 square foot, multi-tenant industrial and office business park located in Anaheim, CA. Lakeview Business Park offers an investor the opportunity to acquire a high-quality and well-maintained asset in the La Palma Industrial Corridor submarket, which is widely regarded for its historically low vacancy rate and strong fundamentals. This project caters to the needs of prospective tenants through varying office build-out and a wide array of unit sizes, which provide grade level loading and corporate office space. This asset is encumbered with extremely attractive, non-recourse, assumable financing, which currently features a mid-4% variable interest rate (ceiling not to exceed 7.50%), 2016 maturity date, no prepayment penalty and a remaining loan balance that equates to a high loan-to-value ratio at the asking price. The buyer, however, can elect not to assume the existing debt. Lakeview Business Park is an institutional-quality asset located in a highly desired submarket. The project consists of one industrial building totaling approximately 40,348 square feet and one office building totaling approximately 38,570 square feet. This project features concrete tilt-up construction and abundant surface parking. The industrial building offers grade-level rear loading, excellent truck access and turning radius. The office building offers high quality tenant improvements and a corporate-like image. The project is currently 92.84% leased. Lakeview Business Park sits just north of the N. Lakeview and E. La Palma intersection, in the heart of the La Palma Industrial Corridor. The project is located less than one mile from the Riverside (91) Freeway and within close proximity to the Costa Mesa (55) and Orange (57) Freeways, providing access to virtually all of Southern California. The city of Anaheim is home to over 15,000 businesses and has become more economically diverse with the development of service and manufacturing firms. Located within the city of Anaheim is Orange County’s largest employer, Disneyland, with over 20,000 employees. E X C L U S I V E LY O F F E R E D B Y:
PROPERTY SUMMARY Address
ALAN S. PEKARCIK, SIOR Executive Vice President
(949) 263-5308
Site Area Year Built Construction No. of Buildings/Units
1240 - 1250 N. Lakeview Avenue Anaheim, CA ±40,348 Square Feet (Industrial) ±38,570 Square Feet (Office) ±78,918 Square Feeet (Total) ±4.582 Acres 1986 Concrete Tilt-Up 2 / 39
Units Sizes Office Build-out Clearance Parking Ratio
540 – 10,600 Square Feet 20-100% 16’ 3.15:1 (Ind) / 4.1:1 (Off)
DANIEL N. VITTONE, SIOR Senior Vice President
Building Area
(949) 263-5328 [email protected]
2020 Main Street, Suite 100, Irvine, CA 92614
Visit us on the web: www.team-pv.com
LOCAL MARKET SPECIALIST:
CHARLES J. WILSON (949) 474-0707 [email protected]
FINANCIAL SUMMARY Price In - Place NOI In - Place Capitalization Rate Percentage Leased Existing Debt (Non-Recourse) Current Interest Rate (Loan does not have to be assumed)
$10,900,000 $855,032 7.84% 92.84% $7,289,913 (balance as of 7/17/09) 4.476% (adj. to ±3.50% on 10/1/09)
Co-Broker: Prospective Purchaser hereby designates the undersigned Co-Broker as a buyer's broker, and authorizes Voit to enter into a Co-Broker Commission and Confidentiality Agreement with such Co-Broker. Prospective Purchaser and Co-Broker represent and warrant to Voit and Owner that Co-Broker is the only cooperating buyer's broker or agent representing Prospective Purchaser with respect to the proposed sale of the Property.
B.
Commission: Prospective Purchaser and Co-Broker (if any) understand that Owner will pay an additional commission to a properly registered Co-Broker whose Prospective Purchaser is successful in purchasing the Property. The total commission amount to the Co-Broker will be one percent (1.0%) of the net sales price (defined herein as the gross sales price minus any allowance such as repairs, or refurbishment allowance deducted from the gross sales price). Notwithstanding the above, any such Co-Broker agrees to look solely to Broker pursuant to a separate Co-Broker Commission and Confidentiality Agreement which must be entered into between Broker and Co-Broker for the payment of its fee in connection with this transaction and agrees to waive any claim it has or may have against Owner or Broker for payment of any commission, fee or compensation or any portion thereof, except as may be specifically set forth in said Co-Broker Commission and Confidentiality Agreement.
C.
Responsibility for Co-Broker: Prospective Purchaser is hereby advised that Voit is acting on behalf of Owner as its exclusive agent in connection with the proposed sale of the Property. If the Prospective Purchaser has designed a Co-Broker to act as buyer's agent in this transaction, and should the Prospective Purchaser be the purchaser of the Property, Prospective Purchaser agrees that Prospective Purchaser is solely responsible for Co-Broker's actions with regard to Prospective Purchaser's dealings regarding the Property.
E.
Indemnification; Prospective Purchaser agrees to indemnify, hold harmless and defend (by counsel acceptable to Voit and Owner) Voit, Owner and their respective affiliates, successors and assigns, advisors, agents, representatives, shareholders, employees, officers and directors against any loss, liability or expense, including reasonable attorney's fees, arising out of any claim or claims by any broker, finder or similar agent (including but not limited to a cooperating buyer's broker who is not a party to a fully executed Co-Broker Commission and Confidentiality Agreement) for commissions, fees or other compensation for bringing about any investment in the Property by Prospective Purchaser if such claim or claims are based in whole or in part on dealings with Prospective Purchaser or any of its affiliates, advisors, agents, representatives, shareholders, employees, officers or directors. Prospective Purchaser's indemnity obligations under this Agreement shall survive the termination of this Agreement or the discontinuation or the consummation of the sale of the Property by Owner.
F.
No Assignment by Co-Broker; Without the prior written consent of Voit, Co-Broker shall not have the right to assign, transfer or convey any of its rights, title, or interest hereunder, nor shall it have the right to delegate any of the obligations or duties required to be kept or performed by it hereunder, except to an entity controlled by or which controls Co-Broker. Any assignment in violation of this paragraph shall be null and void.
WALNUT PARK BUSINESS CENTER LAKEVIEW BUSINESS PARK G.
Governing Laws; This Agreement shall be governed by and construed in accordance with the laws of the State of California, without regard to conflicts of law considerations, and applicable federal laws and regulations.
H.
Entire Agreement; This Agreement sets forth the entire agreement and understanding between the parties regarding the subject matter of this Agreement and supersedes all prior agreements and understandings.
I.
Authority; Each of the undersigned signatories represents that he or she is duly authorized to execute this Agreement on behalf of the entity for which he or she is signing.
J.
Survival of Terms; Termination of this Agreement for any reason shall not release any party from any liabilities or obligations set forth in this Agreement which (i) the parties have expressly agreed will survive any such termination or (ii) remain to be performed or by their nature would be intended to be applicable following any such termination.
K.
Disclaimer of Warranty. Neither Broker nor Owner has made or makes any warranty, whether express, implied, or statutory, with respect to any confidential information provided to Prospective Purchaser or Co-Broker and neither Broker nor Owner accepts any responsibility for any expenses, losses, or actions incurred or undertaken by Co-Broker, Prospective Purchaser or any authorized persons as a result of the receipt or use of, or reliance on, such confidential information.
Executed to be effective as to each of the undersigned as of the date affixed to each respective signature below: Please indicate which documents you would like to receive by checking the corresponding boxes below: F
Walnut Park Business Center Offering Memorandum
F
Lakeview Business Park Offering Memorandum
F
Argus Files
Agreed by Prospective Purchaser:
Agreed by Co-Broker:
Signature:
Signature:
Name:
Name:
Title:
Title:
Company:
Company:
Address:
Address:
Phone: (
)
Phone: (
)
Fax:
)
Fax:
)
(
E-mail:
E-mail:
Date:
Date:
(
PLEASE SIGN AND RETURN BOTH PAGES TO: 2020 Main Street, Suite 100 • Irvine, CA 92614 Tel: (949) 851-5100 • Fax: (949) 253-9705 NO COVER SHEET IS REQUIRED
I N V E S T M E N T
W A L N U T
O F F E R I N G
P A R K
M E M O R A N D U M
B U S I N E S S
C E N T E R
745-831 S.LEMON AVENUE 20507-20547, 20529-20847 WALNUT DRIVE WALNUT, CALIFORNIA
A Three Building Multi-Tenant Industrial Park Totaling 165,697 Rentable Square Feet
I N V E S T M E N T
O F F E R I N G
M E M O R A N D U M
Voit Real Estate Services, Services as exclusive advisor, advisor is pleased to present for sale the fee simple interest in Walnut Park Business Center, Center an approximate 165,697 165 697 square foot, multi-tenant industrial park located in Walnut, CA. This offering represents an exceptional opportunity for an investor to acquire a fundamentally strong, quality industrial asset in a high-demand submarket. The project caters to the needs of prospective tenants through varying office build-out and a wide array of unit sizes, which provide dock-high or grade level loading and quality office space. This asset is encumbered with extremely attractive, non-recourse, assumable financing, which features a mid-4% variable interest rate (ceiling not to exceed 7.50%), 2016 maturity date, no prepayment penalty and a remaining loan balance that equates to a high loan-to-value ratio at the asking price. The buyer, however, can elect not to assume the existing debt. The project is located less than one mile from the Pomona (60) Freeway and within close proximity to the Orange (57) Freeway and Interstate 10, providing for easy access to virtually all areas of Los Angeles, Orange and Riverside Counties. The city of Walnut is home to more than 600 businesses, including Sysco Corporation, and the city placed 70th on Money’s 2009 Best Places to Live list, making it the top ranked city in California to make the list. Furthermore, in April 2008, billionaire land developer and co-owner of the Los Angeles Lakers and Kings, Edward Roski, unveiled plans for the construction of an $800 million NFL stadium in the neighboring City of Industry. E X C L U S I V E LY O F F E R E D B Y:
ALAN S. PEKARCIK, SIOR
DANIEL N. VITTONE, SIOR
Executive Vice President
(949) 263-5308
Senior Vice President
PROPERTY SUMMARY Address
(949) 263-5328
[email protected]
[email protected]
2020 Main Street, Suite 100, Irvine, CA 92614
Visit us on the web: www.team-pv.com
LOCAL MARKET SPECIALIST:
Building Area Site Area Year Built Construction No. of Buildings/Units Units Sizes Office Build-out Clearance Parking Ratio
745-831 Lemon Ave. 20507 - 20547 Walnut Drive 20529 - 20847 Walnut Drive Walnut, CA ±165,697 Square Feet ±8.03 Acres 1987 Concrete Tilt-Up 3 / 46 175– 16,700 Square Feet 20-30% 19 - 20’ 1.89 : 1
JOSHUA HAYES Associate Vice President
(909) 612-2625 [email protected]
FINANCIAL SUMMARY Price In-Place NOI In-Place Capitalization Rate Percentage Occupied Assumable Debt Current Interest Rate (Loan does not have to be assumed)
$14,950,000 or $90.23 PSF $1,194,265 8.00% 91.29% $9,900,099 (balance as of 7/17/2009) 4.476% (adj. to ±3.50% on 10/1/09)
I N V E S T M E N T
L A K E V I E W
O F F E R I N G
M E M O R A N D U M
B U S I N E S S
P A R K
1240 - 1250 N. LAKEVIEW AVENUE ANAHEIM, CALIFORNIA
An Approximate 78,918 Square Foot Multi-Tenant Industrial and Office Business Park
I N V E S T M E N T
O F F E R I N G
M E M O R A N D U M
Voit Real Estate Services, as exclusive advisor, is pleased to present for sale the fee simple interest in Lakeview Business Park, an approximate 78,918 square foot, multi-tenant industrial and office business park located in Anaheim, CA. Lakeview Business Park offers an investor the opportunity to acquire a high-quality and well-maintained asset in the La Palma Industrial Corridor submarket, which is widely regarded for its historically low vacancy rate and strong fundamentals. This project caters to the needs of prospective tenants through varying office build-out and a wide array of unit sizes, which provide grade level loading and corporate office space. This asset is encumbered with extremely attractive, non-recourse, assumable financing, which currently features a mid-4% variable interest rate (ceiling not to exceed 7.50%), 2016 maturity date, no prepayment penalty and a remaining loan balance that equates to a high loan-to-value ratio at the asking price. The buyer, however, can elect not to assume the existing debt. Lakeview Business Park is an institutional-quality asset located in a highly desired submarket. The project consists of one industrial building totaling approximately 40,348 square feet and one office building totaling approximately 38,570 square feet. This project features concrete tilt-up construction and abundant surface parking. The industrial building offers grade-level rear loading, excellent truck access and turning radius. The office building offers high quality tenant improvements and a corporate-like image. The project is currently 92.84% leased. Lakeview Business Park sits just north of the N. Lakeview and E. La Palma intersection, in the heart of the La Palma Industrial Corridor. The project is located less than one mile from the Riverside (91) Freeway and within close proximity to the Costa Mesa (55) and Orange (57) Freeways, providing access to virtually all of Southern California. The city of Anaheim is home to over 15,000 businesses and has become more economically diverse with the development of service and manufacturing firms. Located within the city of Anaheim is Orange County’s largest employer, Disneyland, with over 20,000 employees. E X C L U S I V E LY O F F E R E D B Y:
PROPERTY SUMMARY Address
ALAN S. PEKARCIK, SIOR Executive Vice President
(949) 263-5308
Site Area Year Built Construction No. of Buildings/Units
1240 - 1250 N. Lakeview Avenue Anaheim, CA ±40,348 Square Feet (Industrial) ±38,570 Square Feet (Office) ±78,918 Square Feeet (Total) ±4.582 Acres 1986 Concrete Tilt-Up 2 / 39
Units Sizes Office Build-out Clearance Parking Ratio
540 – 10,600 Square Feet 20-100% 16’ 3.15:1 (Ind) / 4.1:1 (Off)
DANIEL N. VITTONE, SIOR Senior Vice President
Building Area
(949) 263-5328 [email protected]
2020 Main Street, Suite 100, Irvine, CA 92614
Visit us on the web: www.team-pv.com
LOCAL MARKET SPECIALIST:
CHARLES J. WILSON (949) 474-0707 [email protected]
FINANCIAL SUMMARY Price In - Place NOI In - Place Capitalization Rate Percentage Leased Existing Debt (Non-Recourse) Current Interest Rate (Loan does not have to be assumed)
$10,900,000 $855,032 7.84% 92.84% $7,289,913 (balance as of 7/17/09) 4.476% (adj. to ±3.50% on 10/1/09)
