FOR SALE:
WIND FARM PLUS TWO VACANT INDUSTRIAL
FACILITIES ON ±2,400 ACRES
Tehachapi, California
Edward Matevosian
First Vice President
Lic. 01358783
T + 1 818 502 6744
edward.matevosian@cbre.com
Natalie Aghaei
Client Services Specialist
Lic. 01939416
T + 1 310 948 2948
natalie.aghaei@cbre.com
THE OFFERING
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
PRICE: $9,178,186
VACANT INDUSTRIAL FACILITIES
ADDRESSES*:
13681 Chantico Road, Tehachapi, CA 93561
13000 Jameson Road, Tehachapi, CA 93561
CURRENT
USE:
100% vacant; ideally suited for a variety of industrial uses
ZONING:
M-2 PD per title report
BENEFITS:
• Value-add investment opportunity
• Adjacent to Highway 58 with great visibility and signage
possibility
• Currently vacant—Excellent relocation or expansion
opportunity for an owner-user
• Lock in today’s favorable SBA loan terms
• Highly customized manufacturing facility with office and
showrooms
*Both addresses are located in APN 224-120-14
WIND FARM – LEASED INVESTMENTS
BENEFITS:
• This wind farm site has the largest wind farm capacity in
California**
• Wind farm leased investment to NYSE listed credit tenant
• Potential upside in rent
• Outstanding cash flow
• Fully operational wind farm; Minimal maintenance
needed
• Approximately 2,400 acres leased long-term to a single,
credit NYSE tenant—tenant has significant investment in a
large inventory of expensive, state-of-the-art wind turbines
• Located in California, the number two state in the U.S.
with the most wind capacity
**Source: https://en.wikipedia.org/wiki/Wind_power_in_California
2
SITE DESCRIPTION
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
CURRENT
PROPERTY USE:
Wind Energy &
Industrial
ZONING:
M-2 PD; A WE; A;
E(20) RS G; E(2 1/2)
M; E(2 1/2) R
APN
SIZE (ACRES)
224-120-14
±336.04
224-120-13
±320.00
224-120-11
±434.96
224-311-06
±29.15
223-052-17
±195.72
224-320-03
±299.03
224-320-09
±556.36
223-052-12
±14.83
237-211-18
±13.57
237-201-06
±20.00
237-302-10
±20.00
237-302-36
±40.08
237-302-37
±40.11
237-302-38
±40.10
237-302-39
±40.09
TOTAL
±2,400.04*
*Above chart to be verified by formal land survey, which will be
given to Buyer during due diligence
3
PHOTOS | Wind Farm
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
In 2014, NRG Yield, Inc. purchased the ALTA Wind Portfolio for $923 million.
- NRG Annual Report 2014 (10-K)
4
PHOTOS | Industrial Production Facility
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Address
Tehachapi Wind Farm & Industrial Production
Facilities
BUILDING EXTERIOR PHOTOS
5
PHOTOS | Industrial Production Facility
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
BUILDING INTERIOR PHOTOS
6
PROPERTY DESCRIPTION | Parcel Map
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
T E H AC H AP
I BO
UL
EV
AR
JAMESON ROAD
ABAJO AVE
TEHACHAPI WILLOW SPRINGS RD
ORCHARD ST
Lehigh Southwest
Cement
Not
A
Part
C H AN
224-120-14
223-052-12
HIG
GE North Building
13681
Chantico Rd
T IC O
HW
Subject Industrial
Production Facilities
D
Surrounding Wind Farms
AY
58
224-120-11
RD
224-120-13
223-052-17
SCE
Substation
Not A Part
224-311-06
NN
GE South Building
13000
Jameson Rd
IS
224-320-03
ON RD
224-320-09
RO
N
ROA
D
C AM
E
DE
237-201-06
237-211-18
237-302-10
T
EH
AC
A
H
237-302-36
PI
237-302-38
237-302-37
W
IL
LO
WS
PRI
N
GS R
O AD
237-302-39
O AK C R E E K R D
SITE PLAN
Subject Property
GE Energy Parcels
FIGURE 2
EXPLANATION
7
PROPERTY DESCRIPTION | Industrial Production Facilities Site Plan
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
DESCRIPTION
SIZE
Office
±14,985
Shop
±31,720
Warehouse
±6,000
Prep Room
±750
Weld Shop
±1,050
SUB-TOTAL:
+ Auditorium
±54,505
±6,000
+ South Building
±16,880
GRAND TOTAL
±77,385
South Building
8
MARKET OVERVIEW | Industrial Production Facilities
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
CITY OF TEHACHAPI OVERVIEW
Tehachapi is a city in Kern County at an elevation of 3,970 feet between the San Joaquin
RACIAL GROUP
POPULATION
Valley and the Mojave Desert. Tehachapi is approximately 35 miles southeast of Bakersfield.
White:
9,426 (65.4%)
The city has total area of 10.0 square miles and a population of 14,414 (based on the
Hispanic/Latino:
5,466 (37.9%)
2010 US Census). In 2013, Tehachapi had a population of 13,258, which is a slight
African American:
1,297 (9%)
increase from 2000’s population of 10,957.
Native American:
206 (1.4%)
Asian:
238 (1.7%)
Tehachapi is a diverse city consisting of the following racial groups:
Pacific Islander:
Other Races:
21 (0.1%)
2,725 (18.9%)
Two or More Races:
501 (3.5%)
DEMOGRAPHICS
1 MILE RADIUS
3 MILE RADIUS
5 MILE RADIUS
Population Growth 2010-2015
5.16%
4.31%
6.25%
Population Growth 2015-2020
4.96%
4.16%
5.41%
2015 Estimated Median Age
43.11
50.23
34.12
2015 Estimated Average Age
40.91
45.49
36.46
2.63
2.45
2.75
2015 Est. Average Household Income
$61,268
$59,617
$56,348
2020 Prj. Average Household Income
$63,336
$61,354
$58,023
2.10
2.05
1.85
$278,382
$236,586
$213,353
2015 Est. Average Household Size
2015 Est. Average Number of Vehicles
2015 Est. Average Housing Value
9
MARKET OVERVIEW | Industrial Production Facilities
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Address
Tehachapi Wind Farm & Industrial Production
Facilities
AMENITIES
Convenient Access—Highway Adjacent
Tehachapi is known for several businesses, including:
The Barstow-Bakersfield Highway and Highway 58 are located adjacent to
the property. State Route 58 is a business route of California State Route 58 in
Tehachapi. Highway 58, also known as Tehachapi Boulevard, provides access to
Downtown Tehachapi. It also follows the former routing of U.S. Route 466 and is
overlapped with State Route 202.
• Tehachapi Loop (a popular railfan site)
• Tehachapi Pass Wind Farm
• The Indian Point Ostrich Ranch
• Tomo-Kahni State Historic Park
• Tomi-Kahni Resource Center (Native American)
• National Chavez Center
• California Correctional Institution maximum security
Tehachapi State Prison
• Proximity to Edwards Air Force Base
• Tehachapi Symphony Orchestra
• The Tehachapi Pops Orchestra
• The Tehachapi Community Theater
prison, also known as
California has long sought federal funds for an extension of Interstate 40 west of
Barstow; any such extension would use the general path of Route 58 as far west
at least as Bakersfield, whose rapid growth has made it a significant generator
of traffic in its own right. The desired highway is being built, at least between
Mojave and Barstow, piecemeal as Caltrans has funds available.
DRIVE TIME FROM SITE TO:
The City of Tehachapi is also known for various film production locations by
Hollywood production companies and independent filmmakers. The following
movies have been filmed in Tehachapi: The Lady of the Dugout (1918), Double
Indemnity, Batman: Revenge, Hangover Part III, The Story of Molly X, and Star
Trek Generations.
LANCASTER
45 Minutes
BAKERSFIELD
50 Minutes
DOWNTOWN LOS ANGELES
PALM SPRINGS
1 Hour, 45 Minutes
2 Hours, 45 Minutes
TEHACHAPI AIRPORT
DOWNTOWN
TEHACHAPI
13681 CHANTICO ROAD
13000 JAMESON ROAD
10
MARKET OVERVIEW | Industrial Production Facilities
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LOVE’S TRAVEL STOP
Love’s Travel Stop, located at 2000 East Tehachapi Blvd. (Highway 58), includes various amenities and fuel
for cars. The amenities offered are as follows:
• DEF Retail
• ATM
• DEF Bulk Dispensers
• CAT Scales
• Wireless Internet
• Overnight Parking
• Pay Phones
• RV Dump
• Private Showers
• RF Enabled
• Truck Tire Care
• Light Mechanical
• 24 Hour Road Service
• 24 Hour Service
• Additives Available
• Calling Cards
• Check Cashing
• Copy and Fax Service
• Driver Rewards Program
• Lighted Parking
• National Tire Account
• Paved Parking
• Permit Fax
13681 CHANTICO ROAD
13000 JAMESON ROAD
11
MARKET OVERVIEW | Wind Farm
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
WIND TURBINE MARKET
The American wind energy industry installed 214 megawatts (MW) during the
first quarter of 2014, which is more than the industry installed the first three
quarters of 2013. The U.S. now has an installed wind capacity of 61,327 MW.
There are over 13,000 MW currently under construction, an industry record.
During the first quarter of 2014, the U.S. wind industry installed 133 turbines,
totaling 214 megawatts (MW). These turbines were installed across 6 projects in
5 different states. The most wind capacity was installed in Michigan (136 MW),
followed by Minnesota (48 MW), New Mexico (20 MW) and New York (10
MW). Minnesota became the 7th state with an installed base of more than 3,000
MW. There are now 61,327 MW of installed wind capacity in the United States
and over 46,000 wind turbines.
During the first quarter of 2014, California installed 5,829 MW of winder
turbines (see table below).
Tehachapi Pass Wind Farm is one of the first large-scale wind farms installed in
the U.S. The area hosts a multitude of wind farms, comprising one of California’s
largest wind resource areas. The Pass is undergoing much repowering activity.
The area has multiple generations of wind turbine technology installed. The
Tehachapi wind resource area is a net exporter of generation to other parts of the
state of California. A state initiative to upgrade the transmission out of Tehachapi
(Tehachapi Renewable Transmission Project) began in 2008 and was expected
to be completed by 2012. This has opened the door to further regional wind
power development and multiple projects are expected to be installed to utilize
that capacity. A prime location for viewing the turbines is off of State Route 58
and from Tehachapi-Willow Springs Road.
One proponent for further regional wind power development is Southern California
Edison (“SCE”), which executed power purchase agreements for up to 1,500
megawatts (MW) or more of power generated from new projects to be built in
the Tehachapi area, of which the Alta Wind Energy Center was developed. The
2006 contract, which more than doubles SCE’s wind energy portfolio, envisions
more than 50 square miles of wind parks in the Tehachapi region, which is triple
the size of any existing U.S. wind farm.
Other well-known wind turbine locations in California include the Altamont Pass
Wind Farm and the San Gorgonio Pass Wind Farm, near Palm Springs.
The majority of wind construction activity continues to be focused within Texas
(>8,000 MW). Following Texas, California is ranked #2 in wind construction
(see table on right).
Wind energy plays an integral role in California’s electricity portfolio. In 2013,
turbines in wind farms generated 12,694 gigawatt-hours of electricity— about
6.38 percent of the state’s gross system power. Additionally, hundreds of homes
and farms are using smaller wind turbines to produce electricity.
12
MARKET OVERVIEW | Wind Farm
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
MARKET FOR PURCHASING WIND ENERGY
With the increased capacity for Wind Power, investing in U.S. Wind energy is
popular in states such as Texas, Oklahoma, and California. Large corporations,
such as Google, have invested approximately $76 million with Balko Wind Farm
in Oklahoma, $75 million with Spinning Spur Wind Farm in Texas, $75 million in
Rippey Wind Farm in Iowa, and $157 million in Alta Wind Energy in California
(Tehachapi). More specifically, Google invested in the Alta Wind Energy located
in the Mojave, by the Tehachapi Mountains, using a leveraged lease— a financial
structure new to wind but one which provides advantages to both developers
and investors. The project will also use some of the first transmission lines being
developed specifically to transport renewable energy from remote, resourcerich areas to major population centers. The power will be delivered to Southern
California Edison under long-term agreements with the first five Alta projects,
totaling 720 MW, already operational. AWEC alone will boost California’s
wind energy production by 30% and help the state meet its ambitious renewable
energy mandate of 33% clean power generation by 2020.
ADVANTAGES OF WIND ENERGY IN TEHACHAPI
State funded initiatives help grow wind power and maintain its
sustainability
Renewable— there is enough potential wind energy in the U.S. to
power the entire country
Decreased cost of energy (approximately 3.5 cents per KWH)
Because of its modular nature, it is easy to add capacity as needed
Wind energy creates jobs
Installing wind turbines is relatively quick
Private investments continue to be made in wind energy amounting to
billions of dollars
While the power is currently more expensive than that produced by
natural gas-fired plants, the price of wind power is not affected by fuel
price increases or supply disruptions
Forestalls or replaces the need to build potentially more polluting
conventional power plants
Currently, there is an attractive federal tax credit for wind
generation
Produces virtually no pollution of air, water or soil
Windiest time is during Spring season, which accounts for the
majority of wind power
13
FINANCIALS
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
PRICE: $9,178,186
PRO FORMA NET OPERATING INCOME
ESTIMATED VALUE
PRO FORMA CAP RATE
$778,570
$9,732,123
8.00%
$780,146
$9,178,186
8.50%
$781,552
$8,683,912
9.00%
$782,815
$8,240,153
9.50%
$783,954
$7,839,543
10.00%
14
FINANCIALS | Pro-Forma 8% Cap
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LEASE TERM
CURRENT/’IN-PLACE” BASE RENT
TENANT
SF
PRO-RATA
BEGIN
END
BEGIN
MONTHLY
ANNUALLY
RECOVERY
TYPE
Alta Wind
Power XI
N/A
100%
10/1/10
6/30/45
Current
$31,250
$375,000
NNN
Alta Wind
Power I
N/A
100%
10/22/09
8/22/44
Current
$1,667
$20,000
NNN
Industrial
Facility
77,385
Current
$27,085
$325,017
NNN
TOTALS/
AVERAGES
77,385
CURRENT
$60,001
$720,017
NOTES/OPTIONS
Tenant pays
percentage rent
for wind turbines.
Tenant reimburses
taxes for parcel
224-120-14.
MARKET/’PRO FORMA’
$ PER YEAR
Gross Revenue
Base Rental Revenue
Price
$88,893
Royalities
$86,241
Credit Loss/Vacancy Reserve
Effective Gross Revenue
$9,732,123
$720,017
Reimbursement Revenue
Total Gross Revenue
TARGET PRICE
$895,151
$0
Market/’Pro Forma’
Net Operating Income
Cash Flow Before Debt (Cash Return)
Cap Rate
$778,570
$778,570 (8.00%)
8.00%
$895,151
Expenses
Real Estate Taxes
Total Operating Expenses
Net Operating Income
Total Capital Expenditures
Cash Flow Before Debt
Price (8% Cap)
($116,581)
($116,581)
$778,570
$0
$778,570
$9,732,123
15
FINANCIALS | Pro-Forma 8.5% Cap
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LEASE TERM
CURRENT/’IN-PLACE” BASE RENT
TENANT
SF
PRO-RATA
BEGIN
END
BEGIN
MONTHLY
ANNUALLY
RECOVERY
TYPE
Alta Wind
Power XI
N/A
100%
10/1/10
6/30/45
Current
$31,250
$375,000
NNN
Alta Wind
Power I
N/A
100%
10/22/09
8/22/44
Current
$1,667
$20,000
NNN
Industrial
Facility
77,385
Current
$27,085
$325,017
NNN
TOTALS/
AVERAGES
77,385
CURRENT
$60,001
$720,017
NOTES/OPTIONS
Tenant pays
percentage rent
for wind turbines.
Tenant reimburses
taxes for parcel
224-120-14.
MARKET/’PRO FORMA’
$ PER YEAR
Gross Revenue
Base Rental Revenue
Price
$83,834
Royalities
$86,241
Credit Loss/Vacancy Reserve
Effective Gross Revenue
$9,178,186
$720,017
Reimbursement Revenue
Total Gross Revenue
TARGET PRICE
$890,091
$0
Market/’Pro Forma’
Net Operating Income
Cash Flow Before Debt (Cash Return)
Cap Rate
$780,146
$780,146 (8.50%)
8.50%
$890,091
Expenses
Real Estate Taxes
Total Operating Expenses
Net Operating Income
Total Capital Expenditures
Cash Flow Before Debt
Price (8.5% Cap)
($109,946)
($109,946)
$780,146
$0
$780,146
$9,178,186
16
FINANCIALS | Pro-Forma 9% Cap
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LEASE TERM
CURRENT/’IN-PLACE” BASE RENT
TENANT
SF
PRO-RATA
BEGIN
END
BEGIN
MONTHLY
ANNUALLY
RECOVERY
TYPE
Alta Wind
Power XI
N/A
100%
10/1/10
6/30/45
Current
$31,250
$375,000
NNN
Alta Wind
Power I
N/A
100%
10/22/09
8/22/44
Current
$1,667
$20,000
NNN
Industrial
Facility
77,385
Current
$27,085
$325,017
NNN
TOTALS/
AVERAGES
77,385
CURRENT
$60,001
$720,017
NOTES/OPTIONS
Tenant pays
percentage rent
for wind turbines.
Tenant reimburses
taxes for parcel
224-120-14.
MARKET/’PRO FORMA’
$ PER YEAR
Gross Revenue
Base Rental Revenue
Price
$79,319
Royalities
$86,241
Credit Loss/Vacancy Reserve
Effective Gross Revenue
$8,683,912
$720,017
Reimbursement Revenue
Total Gross Revenue
TARGET PRICE
$885,577
$0
Market/’Pro Forma’
Net Operating Income
Cash Flow Before Debt (Cash Return)
Cap Rate
$781,552
$781,552 (9.00%)
9.00%
$885,577
Expenses
Real Estate Taxes
Total Operating Expenses
Net Operating Income
Total Capital Expenditures
Cash Flow Before Debt
Price (8.5% Cap)
($104,025)
($104,025)
$781,552
$0
$781,552
$8,683,912
17
FINANCIALS | Pro-Forma 9.5% Cap
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LEASE TERM
CURRENT/’IN-PLACE” BASE RENT
TENANT
SF
PRO-RATA
BEGIN
END
BEGIN
MONTHLY
ANNUALLY
RECOVERY
TYPE
Alta Wind
Power XI
N/A
100%
10/1/10
6/30/45
Current
$31,250
$375,000
NNN
Alta Wind
Power I
N/A
100%
10/22/09
8/22/44
Current
$1,667
$20,000
NNN
Industrial
Facility
77,385
Current
$27,085
$325,017
NNN
TOTALS/
AVERAGES
77,385
CURRENT
$60,001
$720,017
NOTES/OPTIONS
Tenant pays
percentage rent
for wind turbines.
Tenant reimburses
taxes for parcel
224-120-14.
MARKET/’PRO FORMA’
$ PER YEAR
Gross Revenue
Base Rental Revenue
Price
$75,266
Royalities
$86,241
Credit Loss/Vacancy Reserve
Effective Gross Revenue
$8,240,153
$720,017
Reimbursement Revenue
Total Gross Revenue
TARGET PRICE
$881,523
$0
Market/’Pro Forma’
Net Operating Income
Cash Flow Before Debt (Cash Return)
Cap Rate
$782,815
$782,815 (9.50%)
9.50%
$881,523
Expenses
Real Estate Taxes
($98,709)
Total Operating Expenses
($98,709)
Net Operating Income
$782,815
Total Capital Expenditures
Cash Flow Before Debt
Price (8.5% Cap)
$0
$782,815
$8,240,153
18
FINANCIALS | Pro-Forma 10% Cap
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
LEASE TERM
CURRENT/’IN-PLACE” BASE RENT
TENANT
SF
PRO-RATA
BEGIN
END
BEGIN
MONTHLY
ANNUALLY
RECOVERY
TYPE
Alta Wind
Power XI
N/A
100%
10/1/10
6/30/45
Current
$31,250
$375,000
NNN
Alta Wind
Power I
N/A
100%
10/22/09
8/22/44
Current
$1,667
$20,000
NNN
Industrial
Facility
77,385
Current
$27,085
$325,017
NNN
TOTALS/
AVERAGES
77,385
CURRENT
$60,001
$720,017
NOTES/OPTIONS
Tenant pays
percentage rent
for wind turbines.
Tenant reimburses
taxes for parcel
224-120-14.
MARKET/’PRO FORMA’
$ PER YEAR
Gross Revenue
Base Rental Revenue
Price
$71,606
Royalities
$86,241
Credit Loss/Vacancy Reserve
Effective Gross Revenue
$7,839,543
$720,017
Reimbursement Revenue
Total Gross Revenue
TARGET PRICE
$877,864
$0
Market/’Pro Forma’
Net Operating Income
Cash Flow Before Debt (Cash Return)
Cap Rate
$783,954
$783,954 (10.00%)
10.00%
$877,864
Expenses
Real Estate Taxes
($93,910)
Total Operating Expenses
($93,910)
Net Operating Income
$783,954
Total Capital Expenditures
Cash Flow Before Debt
Price (8.5% Cap)
$0
$783,954
$7,839,543
19
TENANT INFORMATION | Wind Farm
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
TENANT: NRG YIELD, INC (NYSE: NRG)
NRG Yield, Inc. (“NRG”) is a Fortune 250 company and S&P 500 Index company in the power generation industry. With dual headquarters in New Jersey and Texas,
NRG has a well-known presence throughout United States. NRG is the largest competitive power generator in the United States, with over 50,000 megawatts of fossil
fuel, nuclear, solar and wind capacity at almost 150 generating facilities located in 23 states. Other than generating enough electricity to supply nearly one-third of the
U.S. population, NRG also provides retail electricity to nearly three million recurring customers. The Company’s assets include a diversified portfolio of renewable and
conventional generation and thermal infrastructure assets in the U.S.
As an emerging leader in the energy industry and a company with the largest competitive power portfolio in the nation, NRG delivers cleaner and smarter energy
choices. The power of innovation never stops with NRG— through efficient and reliable conventional generation, NRG continues to drive ground-breaking innovations
in solar and renewable power, microgrids, electric vehicles, and other energy solutions.
20
Insert Property
Address
Tehachapi Wind Farm & Industrial Production
Facilities
Affiliated Business Disclosure
Confidentiality Agreement
CBRE, Inc. operates within a global family of companies
with many subsidiaries and/or related entities (each an
“Affiliate”) engaging in a broad range of commercial real
estate businesses including, but not limited to, brokerage
services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing
interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE
Investors, Inc. or Trammell Crow Company. Those, or other,
Affiliates may express an interest in the property described
in this Memorandum (the “Property”) may submit an offer to
purchase the Property and may be the successful bidder for
the Property. You hereby acknowledge that possibility and
agree that neither CBRE, Inc. nor any involved Affiliate will
have any obligation to disclose to you the involvement of
any Affiliate in the sale or purchase of the Property. In all
instances, however, CBRE, Inc. will act in the best interest of
the client(s) it represents in the transaction described in this
Memorandum and will not act in concert with or otherwise
conduct its business in a way that benefits any Affiliate to
the detriment of any other offeror or prospective offeror, but
rather will conduct its business in a manner consistent with
the law and any fiduciary duties owed to the client(s) it
represents in the transaction described in this Memorandum.
This is a confidential Memorandum intended solely for your
limited use and benefit in determining whether you desire
to express further interest in the acquisition of the Property.
chase of the Property have been fully executed, delivered
and approved by the Owner and any conditions to the
Owner’s obligations therein have been satisfied or waived.
This Memorandum contains selected information pertaining
to the Property and does not purport to be a representation
of the state of affairs of the Property or the owner of the
Property (the “Owner”), to be all-inclusive or to contain all
or part of the information which prospective investors may
require to evaluate a purchase of real property. All financial
projections and information are provided for general reference purposes only and are based on assumptions relating
to the general economy, market conditions, competition and
other factors beyond the control of the Owner and CBRE,
Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages,
and other measurements are approximations. Additional
information and an opportunity to inspect the Property will
be made available to interested and qualified prospective
purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary
form. These summaries do not purport to be complete nor
necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such
summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum
in any manner.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that
you will hold and treat it in the strictest confidence and that
Disclaimer
you will not disclose this Memorandum or any of its contents
to any other entity without the prior written authorization of
the Owner or CBRE, Inc. You also agree that you will not
use this Memorandum or any of its contents in any manner
detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further
interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2015 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable.
While CBRE, Inc. does not doubt its accuracy, CBRE, Inc.
has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections,
opinions, assumptions or estimates used are for example
only and do not represent the current or future performance
of the property. The value of this transaction to you depends
on tax and other factors which should be evaluated by your
tax, financial and legal advisors. You and your advisors
should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the
property for your needs
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any
representation or warranty, expressed or implied, as to the
accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise
by reason of your receipt of this Memorandum or use of its
contents; and you are to rely solely on your investigations
and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to
purchase the Property, and/or to terminate discussions with
any entity at any time with or without notice which may
arise as a result of review of this Memorandum. The Owner
shall have no legal commitment or obligation to any entity
reviewing this Memorandum or making an offer to purchase
the Property unless and until written agreement(s) for the pur
21
Edward Matevosian
First Vice President
Lic. 01358783
T + 1 818 502 6744
edward.matevosian@cbre.com
Natalie Aghaei
Client Services Specialist
Lic. 01939416
T + 1 310 948 2948
natalie.aghaei@cbre.com