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100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
100% OCCUPIED MULTI-TENANT RETAIL CENTER

           890 Renz Lane, Gilroy, CA 95020

                                             PACHECOPASS
                                               CENTER
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
INVESTMENT CONTACTS           TABLE OF CONTENTS

ERIC CARLTON
Executive Vice President     04   Property Overview
License No. 01809955               Offering Summary
949.724.5561                       Investment Highlights
eric.carlton@colliers.com

JEREME SNYDER                10   Property Overview
Executive Vice President           Site Plan
License No. 01360233
                                   Tenant Overview
949.724.5552
jereme.snyder@colliers.com

JOHN MACHADO
                             16   Location Overview
Executive Vice President
                                   Gilroy, CA
License No. 00876747               Retail Market
408.282.3862                       Aerial
john.machado@colliers.com          Demographics

                              PACHECOPASS
                                   CENTER
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
FINANCIAL SUMMARY

                                                    $6,795,775                   $385,094                         5.67%
                                                    LIST PRICE              NET OPERATING                       CAP RATE
                                                                               INCOME

                                           PROPERTY OVERVIEW
                                           We are pleased to offer to qualified investors an opportunity to purchase
                                           fee simple, a 100% occupied 11,835 SF multi-tenant retail investment
                                           leased to AAA, L&L Hawaiian BBQ and more. Positioned next to
                                           Walmart Supercenter and in front of Costco this offering provides
                                           investors an opportunity to acquire a proven retail asset with a diverse
                                           tenant mix (restaurant, dental, education, and insurance) with NNN
                                           leases and minimal landlord obligations.

                                                    PARCEL DETAILS
                                           Parcel                    841-18-075

                                           Bulding Size              11,835 SF

                                           Land Size                 3.94 Acres

PG. 4 | PACHECO PASS CENTER | GILROY, CA                                          PACHECO PASS CENTER | GILROY, CA | PG. 5
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RENT ROLL
                     Lease                  Lease        Lease       Current     Annual            Rental                 Option
     Tenant                         SF
                     Type                   Start      Expiration     Rent      Rent PSF        Adjustments               Periods

                                                                                             3% Annual Increases       1 - 10 Year Option
     Dany's           NNN          1,875   7/1/2012    11/30/2022    $63,225     $33.72    (Next Bump - 12/1/2019:   3% Annual Increases
   Restaurant                                                                                     $65,250)            12/1/2022: $63,310

                                                                                                                       2 - 5 Year Options
                                                                                                                     2% Annual Increases
      AAA             NNN         3,810    10/1/2014   1/31/2020     $121,310    $31.84             None                  Each Option
                                                                                                                      2/1/2020: $126,187
                                                                                                                     2/1/2025: $139,332

  L&L Hawaiian        NNN         1,500    3/1/2006    2/28/2021     $66,375     $44.25             None                    None
      BBQ

                                                                                            3% Annual Increases        1 - 4 Year Option
      Icicles         NNN          1,331   9/1/2017    2/28/2021     $51,120     $38.41    (Next Bump - 9/1/2019:    3% Annual Increases
                                                                                                  $52,560)            3/1/2021: $44,948

  Sunny Smiles        NNN          1,725   4/1/2006    9/30/2021     $73,002     $42.32             None
                                                                                                                      1 - 5 Year Option
                                                                                                                        15% Increase
                                                                                                                                                    INCOME & EXPENSES
    Dentistry
                                                                                                                     10/1/2021: $83,956     Annual Rent                          $405,637
                                                                                                                                            Expense Reimbursements + Admin Fee   $107,965
                                                                                                                      1 - 4 Year Options
  Mathnasium          NNN         1,594    1/1/2016    5/31/2021    $30,605      $19.20      2/1/2020: $31,752       4% Annual Increases    Vacancy Factor @ 4%                  ($20,544)
                                                                                                                      6/1/2021: $33,028
                                                                                                                                            Operating Expenses

     Totals                      11,835                             $405,637                                                                Taxes                                 $59,316
                                                                                                                                            Insurance                             $3,149
                                                                                                                                            CAM                                  $45,499
                                                                                                                                            Roof & Structure                     Landlord
                                                                                                                                            Net Operating Income                 $385,094

PG. 6 | PACHECO PASS CENTER | GILROY, CA                                                                                                                                                     PACHECO PASS CENTER | GILROY, CA | PG. 7
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
GILROY
                                                                                                                                                                                                                             PREMIUM OUTLETS

 INVESTMENT HIGHLIGHTS
 • 100% Occupied 11,385 SF Multi-Tenant NNN Retail Center
                                                                                GILROY                                                                       EAGLE RIDGE
 • Diverse Tenant Mix - Restaurant, Dental, Education, and Insurance          High School                                                                      Golf Club              SOUTH VALLEY
                                                                                                                                                                                       Middle School
 • Adjacent to Walmart Supercenter and In Front of Costco                                                                          GLEN VIEW
                                                                                                                                Elementary School                                                        GILROY
 • Major Traffic Generators: Include Lowe’s, Costco and Walmart Supercenter                                                                                                                            Prep School

 • Exceptional Location - Intersection of Hwy 101 & Hwy 152
    (Pacheco Pass Hwy)
 • Approximately 110,400 AADT @ Hwy 101 & Hwy 152                                                                                     80,900
                                                                                                                                   Vehicles Per Day

 • Close Proximity to Silicon Valley (One of the Highest Priced                                                                                       101                                                              E. 6TH
                                                                                                    S. VALLEY FWY.                                                                                                               ST.
    Housing Markets in the U.S.)
 • Part of a Class “A” Regional Power Center Anchored by Costco, Lowe’s,
    Walmart, Marshalls and More                                                                                 29,500
                                                                                                             Vehicles Per Day                                         23,600
                                                                                                                                                                   Vehicles Per Day
 • Over 53,300 Residents within a 3 Mile Radius
 • Affluent Demographics - AHHI Over $100,200 within a 3 Mile Radius
                                                                                                          Y.
 • Rapid Growth - Over 17% Population Growth within a 3 Mile Radius                                     HW
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PG. 8 | PACHECO PASS CENTER | GILROY, CA                                                                                                                                                                             PACHECO PASS CENTER | GILROY, CA | PG. 9
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PACHECOPASS
                                                   CENTER

                                                                                                             NAP

                                                                        Mathnasium

                                            Sunny Smiles Dentistry
                                                                                     Icicles
                                                    Hawaiian BBQ

                                                Danny’s Restaurant

                                                                                                                                     Taqueria
                                                                                                                                     Cancun

                                                                                                CAMINO ARROYO 23,600 VPD
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                                                                     US HWY 1
                                                                              01 80,900
PG. 10 | PACHECO PASS CENTER | GILROY, CA                                                 VPD                                            PACHECO PASS CENTER | GILROY, CA | PG. 11
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
PACHECO PASS CENTER DESCRIPTION                                                               PARCEL MAP                          APN: 841-18-075
                                                                                                                                                                               ±3.94 ACRES
                                                                       Pacheco Pass I & II is located in the north-east
                                                                       quadrant of US Highway 101 and Pacheco Pass
                                            LOCATION:                  Highway (152) on Camino Arroyo and Renz Lane
                                                                       in Gilroy, California, approximately 30 miles east of
                                                                       downtown San Jose in Santa Clara County.
                                                                       850 – 950 Renz Lane and 7011 – 7210 Camino Arroyo
                                            ADDRESS:
                                                                       Gilroy, CA 95020

                                            PROPERTY SIZE (SF):        194,304 SF

                                                                                                                                                                                      CA
                                                                                                                                                                                         M
                                                                                                                                                                          APN: 841-18-061

                                                                                                                                                                                            IN
                                                                       APN: 841-18-

                                                                                                                                                                                            O
                                            ASSESSOR’S PARCEL NUMBER                                                                                                        ±0.7 ACRES
                                                                       059/061/062/070/071/072/075/077/078/079

                                                                                                                                                                                             AR
                                            AND SITE AREA:

                                                                                                                                                                                                 RO
                                                                       27.41 Acres

                                                                                                                                                                                                   YO
                                                                                                                                                         APN: 841-18-59                                  APN: 841-18-077
                                            ZONING:                    C3 (Shopping Center Commercial)                                                                                                     ±1.4 ACRES
                                                                                                                                                          ±3.62 ACRES
                                                                       The center has approximately 2,203 linear feet of                                                                                     23,600
                                                                                                                                                                                                          Vehicles Per Day
                                            FRONTAGE:                  frontage along Camino Arroyo Drive and approximately                                                                                                  APN: 841-18-078
                                                                       887 linear feet along Pacheco Pass.                                                                                                                    ±1.84 ACRES            APN: 841-18-079
                                                                                                                                   80,900                                                   APN: 841-18-062                                           ±7.63 ACRES
                                                                       Phase I: 2003 & 2004                                     Vehicles Per Day
                                            YEAR BUILT:                                                                                                                                      ±1.03 ACRES
                                                                       Phase II: 2004 & 2005

                                                                       Approximately 23,600 cars daily on Camino Arroyo

                                                                                                                                    S. V
                                            TRAFFIC COUNTS:            Drive, 28,500 cars on Pacheco Pass and 80,900 cars
                                                                       per day on US Highway 101.                                                                                                       APN: 841-18-071

                                                                                                                                        ALL
                                                                                                                                                                                                         ±2.39 ACRES

                                                                                                                                         EY
                                                                       There are thirteen entry points to the property. There
                                            ACCESS:                    are eight access points along Camino Arroyo and five

                                                                                                                                            F
                                                                                                                                            WY
                                                                       along Renz Lane

                                                                                                                                              .
                                                                                                                                                                                                          APN: 841-18-070
                                                                       The center provides striped surface parking for                                                                                      ±2.9 ACRES
                                            PARKING:                   approximately 1,130 vehicles including 43 disabled                          101
                                                                       accessible for a ratio of 5.8/1,000.                                                                      APN: 841-18-072                                                             29,500
                                                                                                                                                                                                                                                          Vehicles Per Day
                                                                                                                                                                                  ±1.33 ACRES
                                                                                                                                                                                                                     PACHECO PASS HWY.
PG. 12 | PACHECO PASS CENTER | GILROY, CA                                                                                                                                                                                           PACHECO PASS
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                                                                                                                                                                                                                                                    BUY | GILROY, CA | PG. 13
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
TENANT OVERVIEWS
                                            The American Automobile Association, more commonly                          Mathnasium (also Mathnasium Learning Center) is an education
                                            known as AAA, is a federation of motor clubs throughout North America.      brand and supplemental learning franchise consisting
                                            As North America’s largest motoring and leisure                             of over 900 learning centers in North America, South America,
                                            travel organization, AAA provides more than 58                              Europe, the Middle East, and Asia that
                                            million members with travel, insurance, financial, and                      provides instruction in mathematics to
                                            automotive-related services. AAA has more than 1,100                        students in pre-kindergarten through
                                            offices in the U.S. and Canada and offers personal
                                                                                                                        high school. As of March 11, 2017, there
                                            service through its network of more than 40,000 full time employees.
                                                                                                                        are 800 Mathnasium locations within the United States.
                                            The AAA Club Alliance, Inc. is the 3rd largest of 50 individual AAA clubs
                                            throughout the United States and Canada. AAA Club Alliance Inc, serves      Icicles is an American-owned dessert cafe specializing in hand-
                                            more than 6,000,000 members, providing automobile, travel, and insurance    rolled ice cream treats. Icicles’ original cafe opened July 2016
                                            services to in 14 states across the U.S.                                    in San Jose, California. As of August 2018, Icicles cafes are
                                                                                                                        located in 10 locations across two states
                                            L&L Hawaiian BBQ, or simply L&L, is a Hawaiian-                             (8 in northern California, and 2 in New
                                            themed franchise restaurant chain based in Honolulu,                        Mexico) with a new cafe projected to
                                            Hawaii, centered on the Hawaiian plate lunch. Today,                        open late 2018 in Berkley, California.
                                            there are approximately 200 locations in Alaska, Arizona,                   The dessert concept originates from Thailand and is known as
                                            Colorado,Nevada, New York, Oregon, Tennessee, Texas,                        stir-fried ice cream or “I-Tim-Pad” (ice pan ice cream).

                                            Florida, Utah, Washing, and Guam.In 2002, L&L was
                                                                                                                        Sunny Smiles Denistry is an American privately-owned dental
                                            named one of the “50 Regional Powerhouse Chains” by Nation’s Restaurant
                                                                                                                        practice specializing in family dentistry services.
                                            News. Additionally, Restaurant Business magazine ranked L&L #15 of its 50
                                            Top Growth Chains in the Nation in 2005. Entrepreneur Magazine has also     Dany’s Restaurant is an privately-owned family-friendly
                                            ranked L&L’s parent company, L&L Franchise, Inc. at #165 out of the top     restaurant specializing in American fare.in family dentistry
                                            500 franchises in 2005.                                                     services.

PG. 14 | PACHECO PASS CENTER | GILROY, CA                                                                                                           PACHECO PASS CENTER | GILROY, CA | PG. 15
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
Industry & Economy
                                                                                                                                       Historically, Gilroy’s economy has been based in agricultural products and
                                                                                                                                       processing. Over the years, prunes, tomatoes, flowers, onions and, of course,
                                                                                                                                       garlic, have contributed to the economic health of the agricultural industries. Food
LOCATION OVERVIEW                                                                                                                      processing centers have also established themselves in Gilroy, and government
Gilroy is centrally located within a short driving distance of Monterey Bay, Santa                                                     centers also employ many local residents. The Outlets at Gilroy, a five-phase retail
Cruz, the San Joaquin Valley, and the San Francisco Bay Area. Gilroy is situated                                                       complex, draws shoppers from all over the Bay Area and Central Coast regions.
in South Santa Clara County at the crossing of U.S. Highway 101 and State
Highway 152.                                                                                                          150 MILES        • Projected job growth in Gilroy is expected to average between 0.8 and 1.6
                                                                                                                                       percent annually over the next decade. Much of this job growth is expected to
The city is known for its peaceful residential environment, its award-winning
                                                                                                           11 MILES                    occur in retail, transportation, construction, hospitality, information, and health
parks, golf course and recreation programs, and for its urban forest, for which
                                                                                                                                       care.
the city has won Tree City USA awards annually since 1979.                                                                  88 MILES
                                                                                                                                       • Gilroy’s proximity to Silicon Valley makes it an attractive location for operations
                                                                                     80 MILES
Population Trends                                                                                                                      looking for lower cost locations for expansion.
Gilroy is a growing community with a population of about 51,544.
                                                                                                25 MILES                               • Given the employment indicators and Gilroy’s worker profile, target industries
• Between 2000 and 2010, Gilroy’s population increased by 15 percent.                                                                  potentially include wholesale/distribution; food manufacturing; sheet metal
Following Dublin with a 35 percent population increase, Gilroy was the fastest                                                         manufacturing; machine shops; communications equipment manufacturing; other
growing city among the comparison cities and the fastest among all cities in                                                           electrical equipment and component manufacturing; professional, scientific and

Santa Clara County. The trend continued between 2010 and 2013, with Gilroy                                                             technical services; and health services.

adding about 2,700 new residents.
                                                                                                                                       Education
• Between 2010 and 2013, Gilroy’s population continued to accelerate,                                                                  There are 15 public schools in the Gilroy Unified School District. Enrollment in
                                                                                                                                       the district is about 11,400 students. The School Board, which sets policy, adopts
increasing close to 6 percent over three years, to a current total of 51,544.
                                                                                                                                       the budget and hires personnel, is made up of seven members elected to 4-year
Compared to the other cities in the list, Gilroy was still the second fastest                                                          terms. The district has about 1,100 employees. Five private schools serve an
growing city after Dublin.                                                                                                             additional 400 students, and approximately 4,500 students attend Gavilan College.

PG. 16 | PACHECO PASS CENTER | GILROY, CA                                                                                                                                              PACHECO PASS CENTER | GILROY, CA | PG. 17
100% OCCUPIED MULTI-TENANT RETAIL CENTER - PACHECOPASS - LoopNet
Pacheco Pass
                                                                                                                                                                                                                                                   Shopping Center

  RETAIL MARKET                                                         RETAIL MARKET
                                                                                                                                                                                                   Gilroy Outlets
                                                                        • Gilroy currently has a net capture of regional sales in all retail

                                                                                                                                                                                              D
  • Much of Gilroy’s retail support includes regional spending from

                                                                                                                                                                                     2,565 VP
  residents living in surrounding communities, overnight visitors and   categories except for florists, nurseries, second hand stores,
  day travelers.                                                        specialty food stores, and full-service restaurants (including both

                                                                                                                                                                                   EY RD
                                                                        restaurants with full bar service, and restaurant sales from hotels)

                                                                                                                                                                                 LEAVESL
  • The strongest performing categories in Gilroy are apparel stores,   .

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  service stations, eating places, and general merchandise stores.      • With full-service restaurants, the leakage is not especially large,

                                                                                                                                                                                                                                                                                                                           ,00
                                                                        and fast-food and limited-service restaurants show a large net

                                                                                                                                                                                                                                                                                                                    23
                                                                                                                                                                                                                                                                                   RROYO
                                                                                                                                                                                                                                                                          CAMINO A
  • Geographically, Premium Outlets, Gilroy Crossing, and Pacheco       capture of sales. However, with Gilroy’s large net capture in other       SAN YSIDRO AVE   6,593 VPD

                                                                                                                                                                                                                                                                                                        PACHECO PASS HWY
                                                                        retail categories, full-service restaurants could be a potential area

                                                                                                                                                                                                                                                          6,92 TH ST
                                                                                                                                                                                                                                                                   D
  Pass Center alone account for half of Gilroy’s total taxable sales.

                                                                                                                                                                                                                                                              2 VP
                                                                        of focus.                                                                                                                                      ARROYO C

                                                                                                                                                                                                                                                           E6
                                                                                                                                                                                                                               IRCLE   4,913 VPD
                                                                                                                                                                                                          80,900 VPD
  • The Premium Outlets represent Gilroy’s largest taxable sales
  generator with nearly $287 million in 2012. The outlet center         • The outlets in particular are a significant visitor attraction, while
  also showed strong growth, even during the recession and now          Gilroy Crossing and Pacheco Pass Center function as highway                                                                                                                                    Gilroy Crossing

  accounts for 23.6 percent of the citywide taxable sales.              commercial centers for travelers heading along CA-152.

                                                                                                                                                                                                                                                                                                                                  South Valley
                                                                                                                                                                                                                                                                                                                                     Plaza

                                                                                                                                                                               MONTERE
                                                                                                                                                                                            Y RD

PG. 18 | PACHECO PASS CENTER | GILROY, CA                                                                                                                                                                                                                                                PACHECO PASS
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DEMOGRAPHICS                                         POPULATION DENSITY                DEMOGRAPHICS                                 HOUSEHOLD INCOME
               GILROY, CA                                       53,374+ RESIDENTS                     GILROY, CA                                 $100,295 AHHI
  POPULATION                    1-MILE      3-MILE    5-MILE      WITHIN 3-MILE RADIUS   INCOME 2019               1-MILE    3-MILE    5-MILE    WITHIN 3-MILE RADIUS

  Estimated Population (2019)    6,473       53,374   66,386                             Avg. Household Income     $72,153   $100,295 $113,035

  Projected Population (2024)    6,226       51,197   63,877                             Median Household Income   $52,747   $78,598   $89,822

  HOUSEHOLDS                    1-MILE      3-MILE    5-MILE                             BUSINESS FACTS 2019       1-MILE    3-MILE    5-MILE

  Estimated Households (2019)     1,565      15,055   19,047                             Total # of Businesses       426      1,948     2,119

  Projected Households (2024)     1,636      15,760    19,861                            Total # of Employees       5,874     23,031    24,614

PG. 20 | PACHECO PASS CENTER | GILROY, CA                                                                                                          MATTRESS
                                                                                                                                                       PACHECO
                                                                                                                                                            FIRM
                                                                                                                                                               PASS
                                                                                                                                                                 - WINGSTOP
                                                                                                                                                                     CENTER | GILROY, CA | PG. 21
INVESTMENT CONTACTS
    This Offering Memorandum contains select information pertaining to                                             Owner and Colliers International expressly reserve the right, at their                                  ERIC CARLTON                JEREME SNYDER                JOHN MACHADO
    the business and affairs of Pacheco Pass Center - Gilroy, CA. It has                                           sole discretion, to reject any and all expressions of interest or offers to                             Executive Vice President    Executive Vice President     Executive Vice President
    been prepared by Colliers International. This Offering Memorandum                                              purchase the Property and to terminate discussions with any person
    may not be all-inclusive or contain all of the information a prospective                                       or entity reviewing this Offering Memorandum or making an offer                                         License No. 01809955        License No. 01360233         License No. 00876747
    purchaser may desire. The information contained in this Offering                                               to purchase the Property unless and until a written agreement for                                       949.724.5561                949.724.5552                 408.282.3862
    Memorandum is confidential and furnished solely for the purpose of                                             the purchase and sale of the Property has been fully executed and                                       eric.carlton@colliers.com   jereme.snyder@colliers.com   john.machado@colliers.com
    a review by a prospective purchaser of the Property. It is not to be                                           delivered.
    used for any other purpose or made available to any other person
    without the written consent of Seller or Colliers International. The                                           If you wish not to pursue negotiations leading to the acquisition of
    material is based in part upon information supplied by the Seller and                                          Pacheco Pass Center - Gilroy, CA or in the future you discontinue
    in part upon financial information obtained from sources it deems                                              such negotiations, then you agree to purge all materials relating to this
    reliable. Owner, nor their officers, employees, or agents makes any                                            Property including this Offering Memorandum.
    representation or warranty, express or implied, as to the accuracy or                                          A prospective purchaser’s sole and exclusive rights with respect to
    completeness or this Offering Memorandum or any of its contents and                                            this prospective transaction, the Property, or information provided
    no legal liability is assumed or shall be implied with respect thereto.                                        herein or in connection with the sale of the Property shall be limited
    Prospective purchasers should make their own projections and form                                              to those expressly provided in an executed Purchase Agreement and
    their own conclusions without reliance upon the material contained                                             shall be subject to the terms thereof. In no event shall a prospective
    herein and conduct their own due diligence.                                                                    purchaser have any other claims against Seller or Colliers International
    By acknowledging your receipt of this Offering Memorandum from                                                 or any of their affiliates or any of their respective officers, Directors,
    Colliers, you agree:                                                                                           shareholders, owners, employees, or agents for any damages, liability,
                                                                                                                   or causes of action relating to this solicitation process or the marketing
          1. The Offering Memorandum and its contents are confidential;                                            or sale of the Property.
          2. You will hold it and treat it in the strictest of confidence; and                                     This Offering Memorandum shall not be deemed to represent the state
                                                                                                                   of affairs of the Property or constitute an indication that there has
          3. You will not, directly or indirectly, disclose or permit anyone                                       been no change in the state of affairs of the Property since the date
             else to disclose this Offering Memorandum or its contents in                                          this Offering Memorandum.
             any fashion or manner detrimental to the interest of the Seller.

                                                                       Colliers International | 3 Park Plaza, Suite 1200 | Irvine, CA 92614 | USA
  Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability.
                                                 This publication is the copyrighted property of Colliers International and /or its licensor(s) 2015. All rights reserved

PG. 22 | PACHECO PASS CENTER | GILROY, CA
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