walmart outparcel | retail multi-tenant free-standing building w shaw ave fresno ca-omp… · 3656...
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Walmart Outparcel | Retail Multi-Tenant Free-Standing Building
3656 W. SHAW AVENUE | FRESNO, CA
PRESENTED BY
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BRETT VISINTAINER, CCIMSenior Associate, Investment DivisionNewmark Grubb Pearson Commercial7480 N Palm Ave, Suite 101Fresno, CA 93711bvisintainer@pearsonrealty.com559.447.6265 | Office559.916.0370 | CellCA BRE #01792092
GERI WONG, CCIMSenior Vice PresidentNewmark Cornish & Carey2804 Mission College Blvd, Suite 120Santa Clara, CA 95054gwong@ccareynkf.com408.987.4134 | OfficeCA BRE #01142432
TABLE OF CONTENTS
Investment Summary | Property Description
Assumptions |
Cash Flow Projections
10 Year Investment Summary
Fiscal Year 1 NOI |
Rent Roll
Location Maps |
Parcel Map
Sale Comps |
Demographics
County of Fresno
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3656 W SHAW AVE | FRESNO
LISTED PROPERTY3656 SHAW AVE
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3656 W SHAW AVE | FRESNO
Investment Summary
Offering Price $2,973,000| $211.75 PSF
NOI (FY1) $282,454
Actual Cap Rate 9.50%
Total Building Area 14,040 SF
Total Land Area 1.34 acres
Unleveraged IRR 10.19%
Leveraged IRR 14.30%
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Investment Highlights
Walmart Outparcel and Located on Retail Corridor
Well located property in a Walmart Shopping Center on Shaw Avenue, one of the main retail corridors of Fresno. National tenants in the center and in close proximity
include Panda Express, Office Depot, Applebee’s, Kohl’s, Foods Co, Toys R Us and Party City.
Property has Seller Guarantee
Seller will guarantee rent and NNN for one year on both vacant suites. Also, seller will pay $10 psf for the vacant suites to cover tenant improvements and $5 psf
for leasing commission. This will allow an investor time to lease suites while collecting rent for one year as well as any costs to lease the suites.
3656 W SHAW AVE | FRESNO
Property Description
Address 3656 W. Shaw Avenue
Fresno, CA 93711
Year Built 2000
Total Building Area 14,040 SF
Total Land Area 1.34 Acres | 58,370 SF
Occupancy 69%
Zoning C-2 | Community Shopping Center
APN Parcel # 415-044-47
Parking Ratio 5.06 : 1,000 PSF
Parking Stalls 71 Surface Parking Stalls
Traffic Count 57,041 Cars Per Day at W. Shaw Ave
and N. Brawley Ave
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3656 W SHAW AVE | FRESNO
Analysis Period
1st Fiscal Year (FY1) of Ownership 2/1/2015 – 1/31/2016
Term 10 years
Annual Growth Rates
Operating Expenses 2.0%
Market Rent after Initial Lease Term 2.0%
Market Rent after Initial Lease Term – Payless Flat for 5 years after lease exp,
10% Every 5 years after
Reimbursements 2.0%
Operating Expenses [1-2]
Total Operating Expenses FY1 $5.75 PSF
Management Fee 3.00% GRI
Annual Reserves
Commission and Tenant Improvements $1.50 PSF
Vacancy SF Lease Information [3]
Monthly Rent $1.50 PSF
Annual Increase 2.0%
Lease Term 5 Years
Lease Type NNN
TI Allowance $10 PSF
Commission $5 PSF
[1] FY 1 Operating Expenses are based 2014 budget [2] Property taxes are 1.2% of $2,973,000[3] Seller Guarantees 1 Year of Rent, NNN, $10 PSF for TI, and $5 PSF for commission at close of escrow
Assumptions
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3656 W SHAW AVE | FRESNO
Cash Flow Projections
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Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11Year Ending January 2016 January 2017 January 2018 January 2019 January 2020 January 2021 January 2022 January 2023 January 2024 January 2025 January 2026
Potential Rental Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$
Vacancy & Credit Loss -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Effective Rental Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$
Expense Reimbursements 80,754.24$ 82,369.32$ 84,016.71$ 85,697.05$ 87,410.99$ 89,159.21$ 90,942.39$ 92,761.24$ 94,616.46$ 96,508.79$ 98,438.97$
Gross Operating Income 363,208.08$ 367,002.83$ 371,974.49$ 378,202.84$ 384,563.17$ 393,488.34$ 404,981.27$ 411,754.95$ 418,672.43$ 425,736.86$ 435,624.41$
Operation Expenses
Management Fees 10,896.24$ 11,114.16$ 11,336.45$ 11,563.18$ 11,794.44$ 12,030.33$ 12,270.94$ 12,516.35$ 12,766.68$ 13,022.02$ 13,282.46$
Insurance 2,100.00$ 2,142.00$ 2,184.84$ 2,228.54$ 2,273.11$ 2,318.57$ 2,364.94$ 2,412.24$ 2,460.48$ 2,509.69$ 2,559.89$
Property Tax 35,676.00$ 36,389.52$ 37,117.31$ 37,859.66$ 38,616.85$ 39,389.19$ 40,176.97$ 40,980.51$ 41,800.12$ 42,636.12$ 43,488.84$
Utilities 10,840.00$ 11,056.80$ 11,277.94$ 11,503.49$ 11,733.56$ 11,968.24$ 12,207.60$ 12,451.75$ 12,700.79$ 12,954.80$ 13,213.90$
Security 3,150.00$ 3,213.00$ 3,277.26$ 3,342.81$ 3,409.66$ 3,477.85$ 3,547.41$ 3,618.36$ 3,690.73$ 3,764.54$ 3,839.83$
Fire Alarm Monitoring 1,440.00$ 1,468.80$ 1,498.18$ 1,528.14$ 1,558.70$ 1,589.88$ 1,621.67$ 1,654.11$ 1,687.19$ 1,720.93$ 1,755.35$
Janitorial 1,500.00$ 1,530.00$ 1,560.60$ 1,591.81$ 1,623.65$ 1,656.12$ 1,689.24$ 1,723.03$ 1,757.49$ 1,792.64$ 1,828.49$
Gardening 6,200.00$ 6,324.00$ 6,450.48$ 6,579.49$ 6,711.08$ 6,845.30$ 6,982.21$ 7,121.85$ 7,264.29$ 7,409.57$ 7,557.77$
Gardening Supplies 860.00$ 877.20$ 894.74$ 912.64$ 930.89$ 949.51$ 968.50$ 987.87$ 1,007.63$ 1,027.78$ 1,048.34$
Irrigation Repairs 500.00$ 510.00$ 520.20$ 530.60$ 541.22$ 552.04$ 563.08$ 574.34$ 585.83$ 597.55$ 609.50$
Lot Sweeping 3,888.00$ 3,965.76$ 4,045.08$ 4,125.98$ 4,208.50$ 4,292.67$ 4,378.52$ 4,466.09$ 4,555.41$ 4,646.52$ 4,739.45$
Pressure Washing 360.00$ 367.20$ 374.54$ 382.03$ 389.68$ 397.47$ 405.42$ 413.53$ 421.80$ 430.23$ 438.84$
Pest Control 576.00$ 587.52$ 599.27$ 611.26$ 623.48$ 635.95$ 648.67$ 661.64$ 674.88$ 688.37$ 702.14$
Roofing 1,200.00$ 1,224.00$ 1,248.48$ 1,273.45$ 1,298.92$ 1,324.90$ 1,351.39$ 1,378.42$ 1,405.99$ 1,434.11$ 1,462.79$
Electrical/Lighting 100.00$ 102.00$ 104.04$ 106.12$ 108.24$ 110.41$ 112.62$ 114.87$ 117.17$ 119.51$ 121.90$
General Maintenance 1,200.00$ 1,224.00$ 1,248.48$ 1,273.45$ 1,298.92$ 1,324.90$ 1,351.39$ 1,378.42$ 1,405.99$ 1,434.11$ 1,462.79$
Business Tax 268.00$ 273.36$ 278.83$ 284.40$ 290.09$ 295.89$ 301.81$ 307.85$ 314.00$ 320.28$ 326.69$
Total Operating Expenses (80,754.24)$ (82,369.32)$ (84,016.71)$ (85,697.05)$ (87,410.99)$ (89,159.21)$ (90,942.39)$ (92,761.24)$ (94,616.46)$ (96,508.79)$ (98,438.97)$
Net Operating Income 282,453.84$ 284,633.51$ 287,957.77$ 292,505.80$ 297,152.19$ 304,329.14$ 314,038.88$ 318,993.71$ 324,055.97$ 329,228.06$ 337,185.44$
Commission & TI Reserves (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$ (21,060.00)$
Cash Flow Before Debt Service 261,393.84$ 263,573.51$ 266,897.77$ 271,445.80$ 276,092.19$ 283,269.14$ 292,978.88$ 297,933.71$ 302,995.97$ 308,168.06$ 316,125.44$
Interest Payment 69,922.91$ 68,380.32$ 66,762.84$ 65,066.83$ 63,288.49$ 61,423.81$ 59,468.61$ 57,418.49$ 55,268.83$ 53,014.82$ 50,651.37$
Principal Payment 31,774.62$ 33,317.21$ 34,934.69$ 36,630.70$ 38,409.04$ 40,273.72$ 42,228.92$ 44,279.05$ 46,428.70$ 48,682.72$ 51,046.16$
Annual Debt Service (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$ (101,697.53)$
Cash Flow After Debt Service 159,696.31$ 161,875.97$ 165,200.24$ 169,748.26$ 174,394.65$ 181,571.60$ 191,281.34$ 196,236.17$ 201,298.44$ 206,470.53$ 214,427.91$
Fiscal Year (FY) of Ownership
3656 W SHAW AVE | FRESNO
Ten Year Investment Summary
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LEVERAGED INVESTMENT SUMMARY
INVESTMENT DETAIL PROPOSED LOAN TERMS [1]
UNLEVERAGED INVESTMENT SUMMARY
Purchase Price $2,973,000
FY 1 NOI $282,454
Acquisition Cap Rate 9.50%
Acquisition Price SF $211.75
Disposition Price (EOY 10) $3,549,083
Disposition Cap Rate 9.50%
Disposition Price SF $252.78
Cost of Sale 5.00%
Initial Investment $2,973,000
FY 1 Cash Flow $261,394
FY 1 Cash on Cash 8.79%
Unleveraged IRR 10.19%
Initial Investment $1,501,365
FY 1 Cash Flow After ADS $159,696
FY 1 Cash on Cash 10.64%
Leveraged IRR 14.30%
Down Payment $1,486,500
Loan Amount $1,486,500
LTV 50%
Interest Rate 4.75%
Amortization 25 years
Term 10 years
Loan Origination Fee $14,865
Monthly Payment $8,474
Annual Debt Service $101,697
[1] Proposed Loan Terms provided by Matt Renney - Broker | California Realty Capital, Inc. | 559-222-5070 | mattrenney@carealtycap.com | Loan quote is subject to typical duediligence, underwriting, financial strength, experience of borrower and third party reports. Rates change daily.
3656 W SHAW AVE | FRESNO
Rent Roll
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FISCAL YEAR 1 RENT SUMMARY | February 1, 2015 - January 31, 2016
Suite Tenant SF Annual Rent Annual PSF Monthly Rent[ 1] Monthly PSF Lease Exp
3656 Payless 2,820 $72,900.00 $25.85 $6,075.00 $2.15 11/31/2015
3660 Angels Family Dental 1,260 $24,948.00 $19.80 $2,079.00 $1.65 10/31/2015
3664 Central State Insurance 1,260 $23,671.92 $18.79 $1,972.66 $1.57 9/30/2020
3668 KK Nails 1,260 $27,098.16 $21.51 $2,258.18 $1.79 11/31/2016
3670 Govind Jewelers 1,080 $19,355.76 $17.92 $1,612.98 $1.49 6/30/2015
3672 Kaiser Permanente 1,988 $35,784.00 $18.00 $2,982.00 $1.50 2/29/2016
3676 Vacant (Seller Guarantee) 3,360 $60,480.00 $18.00 $5,040.00 $1.50 1 Yr COE [2]
3678 Vacant (Seller Guarantee) 1,012 $18,216.00 $18.00 $1,518.00 $1.50 1 Yr COE [2]
Total 14,040 $282,454.84 $29.22 $23,538.82 $1.68
Occupied SF 9,668
Occupancy 68.9%
NOTES:[1] Monthly Rent reflects Monthly Average of Fiscal Year[2] Seller Guarantees Rent and NNN for 1 year, $10 psf for TI and $5 psf for commission on vacant suites at close of escrow
3656 W SHAW AVE | FRESNO
Rent Roll
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Payless ShoeSource 2,820 20.09% 12/1/2000 11/30/2015 6,075.00$ 2.15$ NNN
Angels Family Dental 1,260 8.97% 10/18/2000 10/17/2015 2,079.00$ 1.65$ NNN 2 x 5 yrs 10/18/2015 2,472.12$ 1.96$
10/18/2020 2,691.86$ 2.14$
Central State Insurance 1,260 8.97% 6/1/2005 9/30/2020 1,972.66$ 1.57$ NNN 10/1/2016 2,031.84$ 1.61$
10/1/2017 2,092.79$ 1.66$
10/1/2018 2,155.58$ 1.71$
10/1/2019 2,220.25$ 1.76$
KK Nails 1,260 8.97% 12/1/2006 11/30/2016 2,241.37$ 1.78$ NNN 12/1/2015 2,308.61$ 1.83$ 1 x 5 yr TBD
Govind Jewelers 1,080 7.69% 7/1/2010 6/30/2015 1,612.98$ 1.49$ NNN 2 x 5 yrs TBD
Kaiser Permanente 1,988 14.16% 9/1/2013 2/29/2016 2,982.00$ 1.50$ NNN
Vacant 3,360 23.93%
Vacant 1,012 7.21%
Total SF 14,040
Occupied SF 9,668 Occupancy 68.9%
Vacancy 31.1%
All Tenants pay pro-rata share of CAM, Taxes, and Insurance
PSF MoLease Type
Rent Increase Date
Rent Increase Amount
Tenant SF% of
Building
Lease Term Jan 2015 Base Rent
PSF Mo
Option Details
TermRent Increase
AmountRent Increase
PSF
Rent Increase
Date
3656 W SHAW AVE | FRESNO
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Fresno-Clovis
Merced
Sacramento
OaklandSan Francisco Modesto
San Jose
Stockton
Madera
HanfordLemoore
Visalia
Tulare
Los Angeles
San Diego
Riverside
San Bernardino
Bakersfield
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3656 W SHAW AVE | FRESNO
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Location Map
LISTED PROPERTY3656 SHAW AVE
3656 W SHAW AVE | FRESNO
LISTED PROPERTY3656 SHAW AVE
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3656 W SHAW AVE | FRESNO
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3656 W SHAW AVE | FRESNO
Sale Comps
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Sale Address City Sale Date SF Occupancy Purchase Price Price PSF Cap Rate Comments/Tenants
1 243-281 E Bellevue Rd Atwater Aug-13 7,900 100% $3,425,000 $433.54 7.53% Wells Fargo, UPS, Starbucks, Wireless Store
2 4021 S Mooney Blvd Visalia Nov-13 14,730 100% $6,175,730 $419.26 6.21% ULTA, Picture Perfect, Round Table
3 5300 Stockdale Hwy Bakersfield Jan-14 8,110 100% $5,300,000 $653.51 6.41% Chick-Fil-A and The Vitamin Shoppe
4 6825 N Willow Ave Fresno Mar-14 7,500 83% $2,950,000 $393.33 6.50% T-Mobile, and local tenants. Owner guaranteed rent for 1 year @ $1.85 psf NNN
5 5120 Stockdale Hwy Bakersfield Mar-14 8,850 100% $4,400,000 $497.18 6.55% Panda Express, Mikes Subs, Pacific Dental
6 3235 N First St Fresno May-14 6,000 100% $2,200,000 $366.67 6.45% Payless Shoes, FoodsCo Fuel, GameStop, Metro PCS
7 2450 N Brawley Ave Fresno Jul-14 12,430 100% $3,600,000 $289.62 7.77% Wells Fargo, Papa Murphy's, and local tenants.
8 1398 Shaw Ave Clovis Sep-14 8,448 100% $2,430,000 $287.64 7.27% Verizon, Clovis Bicycle, Aqua Nails
9 1511 Bell Dr Atwater Oct-14 5,428 100% $2,605,000 $479.92 5.50% Togos, Verizon, 7-Eleven
8,822 98% $3,676,192 $416.72 6.69%Average
City Sale Date SF Occupancy Sale Price Price PSF Cap Rate Comments/Tenants
Fresno N/A 14,040 69% $2,973,000 211.75$ 9.50%Payless, Angels Family Dental, Central State Insurance, KK Nails, Govind Jewelry, Kaiser Permanente
Address
3656- 3678 W Shaw Ave
Subject Property | 3656 W. Shaw Avenue
3656 W SHAW AVE | FRESNO
Demographics
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HOUSEHOLDS
2010 Census 5,749 43,104 79,806
2013 Total 5,840 43,640 80,360
2018 Projected 6,071 45,112 82,696
2013 Avg Household Size 2.70 2.97 2.87
2013 Owner Occupied 2,014 24,943 42,773
2013 Renter Occupied 3,826 18,697 37,587
2013 HOUSEHOLD INCOME
< $15,000 14.3% 11.4% 13.2%
$15,000 - $24,999 11.0% 10.4% 10.8%
$25,000 - $34,999 16.5% 11.2% 12.0%
$35,000 - $49,999 20.1% 15.8% 14.9%
$50,000 - $74,999 18.5% 18.1% 18.1%
$75,000 - $99,999 10.0% 12.8% 12.3%
$100,000+ 9.7% 20.3% 18.7%
2013 Median HH Income $39,761 $51,153 $48,680
2013 Avg HH Income $51,900 $70,431 $66,631
2013 Per Capita Income $19,228 $23,666 $23,197
POPULATION
2010 Census 15,419 127,746 228,746
2013 Total 15,815 130,137 231,790
2018 Projected 16,545 135,098 239,664
2013 POPULATION BY AGE
0 - 9 17.0% 16.2% 15.5%
10 - 19 16.0% 16.2% 14.5%
20 - 24 9.6% 7.3% 8.0%
25 - 34 20.2% 14.8% 15.7%
35 - 44 12.3% 12.2% 11.9%
45 - 54 10.6% 12.4% 11.8%
55 - 64 9.0% 10.2% 10.8%
65+ 7.5% 10.6% 11.8%
Median Age 29.0 32.1 32.6
2013 RACE & ETHNICITY
White 54.4% 53.9% 54.3%
Black 12.4% 9.1% 7.7%
Asian 8.2% 9.8% 9.4%
Hispanic 23.3% 25.4% 26.7%
Other 1.7% 1.8% 1.9%
1 MILE 3 MILES 5 MILES 1 MILE 3 MILES 5 MILES
2 MILES
1 MILE
3 MILES
3656 W SHAW AVE | FRESNO
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$0 - $50,601
$50,601 - $73,088
$73,088 - $99,410
$99,410 - $137,019
$137,019+
Average Household Income
3656 W SHAW AVE | FRESNO
Fresno County
Fresno is the 5th largest city in California with a population of 509,039
200 miles north of Los Angeles and 170 miles south of Sacramento
California State University, Fresno was listed on Forbes “America’s Best College List of 2013”
As of 2013 the enrollment is 22,500 for undergraduates, graduates, and post-baccalaureate
Home of the Houston Astros AAA affiliate
Southern entrance to Yosemite National Park - 65 miles to the north
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Economy
Richest and most productive agricultural county in the world
Fresno County grossed over $6.8 billion from 350 crops+ (2011)
One in every five jobs in the county relates to agriculture
500+ trucking & warehousing firms operate in the area due to the central location in the state of California
Some of the top businesses in Fresno recognized worldwide are: Quickie Design – Largest wheelchair manufacturer worldwide Pelco – Worldwide distributor of surveillance equipment Duncan Enterprises – Worlds largest ceramics manufacturer Nisshinbo – Leading Japanese textile manufacturer
DISCLOSURE AGREEMENTThe information contained in this Offering Memorandum is strictly confidential, furnished solely for the purpose of review by a ProspectivePurchaser for 3656 W. Shaw Ave, Fresno (Property) and is not to be used for any other purpose or made available to any other withoutthe expressed written consent of Newmark Grubb Pearson Commercial (NGPC).
The material is based in part upon information supplied by the Owner and in part upon information obtained by NGPC from sources itdeems reasonably reliable. Summaries and documents are not intended to be comprehensive or all inclusive but rather only an outline ofsome of the provisions contained therein.
No warranty or representation, expressed or implied, is made by Owner, NGPC as to the accuracy or of the information contained hereinor any other written or oral communication transmitted to Prospective Purchaser in the course of its evaluation of the Property. No liabilityis assumed in connection with the information or such other communication limiting the generality of the foregoing, the information shallnot be deemed a representation of the state of affairs of the Property of constitute an indication that there has been no change in thebusiness or affairs of the Property since the date of the preparation of the information.
Prospective Purchase should make their own projections and conclusions without reliance upon the materials and information containedherein and conduct their own independent due diligence, including engineering and environment inspection, to determine the condition ofthe Property and its feasibility for the intended use of Prospective Purchaser and the existence of any potentially hazardous material locatedat the site.
This Offering memorandum was prepared by NGPC and has been reviewed by the Owner. It contains select/limited information pertainingto the Property and does not purport to be all inclusive or to contain all of the information which a Prospective Purchaser may desire. Allfinancial projections are provided for general reference purposes only and are based on assumptions relating to the general economy,competition, and other beyond control and, therefore, are subject to material change or variation. An opportunity to inspect the Propertywill be made available to qualified Prospective Purchasers.
In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to benor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interestparties are expected to independently review all documents with their/its advisors.
This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitutean endorsement or advice as to the value of the own investigation, evaluation, and judgment as to the advisability of purchasing the Propertydescribe herein. Owner and NGPC expressly reserve the right, at their sole discretion, to reject any party at any time with or without notice.Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum or making an offer topurchase the Property unless a written agreement for the purchase of the Property Owner’s obligations there under have been satisfied anddelivered by the Owner and such part and any conditions to Owner’s obligations there under have been satisfied or waived and then onlyto the extent expressly provided to therein. NGPC is not authorized to make any representations or agreements on behalf of the Owner.
This Offering Memorandum is the property of NGPC and may be used only by the parties approved by NGPC. BY accepting deliver of thisOffering Memorandum, the party in possession hereof agrees (i) to return it to NGPC immediately upon request of NGPC or Owner and(ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. Noportion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorizationof NGPC and Owner.
The terms and conditions set forth above apply to the Offering Memorandum in its entirely.
BRETT VISINTAINER, CCIMNewmark Grubb Pearson CommercialSenior Associate, Investment DivisionCA BRE# 01792092
GERI WONG, CCIM
Senior Vice PresidentCA BRE #01142432
Newmark Cornish & Carey
3656 W. SHAW AVENUE | FRESNO, CA
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