THE FUTURE IS

ARRIVING
FIRST CLASS.

EXCLUSIVE MULTIFAMILY OFFERING

 THE FUTURE IS ARRIVING
FIRST CLASS.

INVESTMENT ADVISORS

ED ROSEN
858.257.4715
ed.rosen@berkadia.com
CA BRE License #01010225

JOHN CHU
858.257.4713
john.chu@berkadia.com
CA BRE License #00966982

TYLER SINKS
858.257.4706
tyler.sinks@berkadia.com
CA BRE License #01910220

FINANCING

TOM WOLFF
858.257.4722
tom.wolff@berkadia.com

SAN DIEGO OFFICE

4275 Executive Square, Suite 900
La Jolla, CA 92037
Phone: 858.683.7930
Fax: 858.683.7931
Berkadia.com
The Opportunity����������������4
The Property������������������� 12
Financials������������������������� 20
The Location�������������������� 30
Comparable Rentals����� 58
Comparable Sales���������64
The Opportunity
 Executive Summary
Berkadia, as exclusive advisor, is pleased to present
the exceptionally rare opportunity to acquire the fee
simple interest in AV8 (the “Property”). AV8 is a newly
constructed Class-A, transit-oriented apartment
community, made up of 129 luxury apartment
homes and 7,794 square-feet of ground floor retail.
Boasting a 94 walk score and located in the heart
of Downtown San Diego’s Little Italy neighborhood,
AV8 is just steps from the most vibrant urban center
in Southern California, providing immediate access
to the Downtown Financial District and San Diego’s
most iconic arts and entertainment landmarks
including Petco Park, The Historic Gaslamp
District, Balboa Park, San Diego Bay and Southern
California’s most beautiful beaches.

AV8 was designed to stand out from the

competition, both in terms of construction quality
and common-area amenities. These market-
leading design characteristics, which include first-
rate interior finishes and thoughtfully designed
landscape/hardscape, are particularly appealing to
the young, skilled professionals that are drawn by
the area’s booming economy and idyllic lifestyle.
In a housing constrained market with excellent
apartment fundamentals, AV8 is truly a once-in-
a-lifetime opportunity for an investor seeking an
irreplaceable asset located in Southern California’s
most desirable location.
**
AV8 is being offered free and clear of any debt,
allowing investors to take advantage of today’s
historically low interest rates.

6 The Opportunity | AV8 | SAN DIEGO, CA BERKADIA®

BERKADIA® SAN DIEGO, CA | AV8 | The Opportunity 7
 Investment Highlights Summary

8 The Opportunity | AV8 | SAN DIEGO, CA BERKADIA®

 •• Rare Legacy Investment

•• Extremely High Barriers to Entry

•• Irreplaceable Location
•• Strong Property-Level Demographics
+ Surrounded by Top Employers
•• Room to Grow —
Minimize the Rent Gap

BERKADIA® SAN DIEGO, CA | AV8 | The Opportunity 9

 Investment Highlights
RARE LEGACY INVESTMENT Pedestrian & Transit-Oriented | AV8 offers
AV8 presents an extremely rare opportunity authentic metropolitan living by providing
to acquire a best-in-class trophy asset, located quick access to all major expressways and
in the premier rental submarket of Little Italy. public transit lines, accommodating residents
Since 2000, San Diego has averaged just who work nearby, or throughout the San
one “Class A” transaction per year and only Diego Metro Area.
5 single-asset transactions have taken place •• 5-minutes to San Diego’s International
in Downtown San Diego during the past Airport (1.7 mi)
decade. With core investment opportunities
•• 10-minute walk to the Financial District
in Downtown so hard to come by, AV8
(+11M SF)
represents an exciting and rare opportunity
to access this outstanding Southern California •• Directly adjacent to the Metro bus
market and acquire a brand new, high-quality line, which connects to several transit
and best located apartment community. stations across San Diego.
•• 3 blocks to Little Italy Trolley Station and
Unparalleled Design | AV8 features the latest in
less than a mile from the Santa Fe Depot
technology and design. Completed in 2018, AV8
transportation hub, providing additional
features core physical attributes comparable
services to the San Diego Coaster and
to high-end luxury condos. Designed to
Amtrak.
meet LEED Platinum specifications, AV8
was designed to maximize occupant health •• Adjacent (less than 3 blocks) from the I-5
and productivity, use fewer resources, reduce Freeway and less than 3 miles from the
waste and negative environmental impacts, SR 94, SR 163, and I-8 Freeways
and lower operating costs.
Vibrant Ground-Floor Retail | AV8 includes
EXTREMELY HIGH BARRIERS nearly 7,794 square-feet of prime, ground-
TO ENTRY floor retail that adds meaningful depth and
Little Italy is known as one of the most convenience to an already outstanding
sought after, yet most challenging locations amenity package. Led by the popular Los
for ground-up development. With the lack Angles based French Restaurant & Wine
of developable land, combined with the Bar, Zinque, the residents of AV8 enjoy the
ever-rising cost of construction, the arduous convenience of urban living without ever
entitlement process and other locational having to leave the property. Other retail
challenges including the San Diego Airport tenants include the popular fitness studio
Authority, The Port of San Diego, and the F45, Award Winning Seafood Restaurant,
California Coastal Commission, AV8’s location Supernatural Sandwiches, and La Jolla based
and size truly make it an irreplaceable asset. Bobboi Natural Gelato.

IRREPLACEABLE LOCATION
AV8 is located in the heart of the vibrant
Little Italy neighborhood of Downtown San
Diego. Featuring a walk score of 94, AV8 is
a “Walker’s Paradise” connecting residents
to a plethora of distinguished restaurants
and dining options, countless bars, and a
growing collection of the most popular social
and entertainment venues in San Diego—all
accessible without the use of a car.

10 The Opportunity | AV8 | SAN DIEGO, CA BERKADIA®

 STRONG PROPERTY-LEVEL
DEMOGRAPHICS + SURROUNDED
BY TOP EMPLOYERS
Attractive Resident Base:
AV8 has some of the best demographics of any
multifamily community in the city. The affluent tenant
profile with an average annual household income of
nearly $126,000 creates a strong income to rent ratio
of 26%, which clearly demonstrates income stability
and the ability to achieve future rent growth for a new
owner.

Additionally, most of the residents are between the

ages 30-41 with white collar jobs in the professional,
medical and defense sectors.

Major Downtown Developments:

Downtown San Diego is experiencing exponential
growth in the office and sector. With over 4M square feet
of development/redevelopment currently underway,
the prospects for future job growth downtown are
strong. Some of Downtown’s most notable projects
include:
•• 2100 Kettner (190,000 SF)
•• The Campus at Horton (1,000,000+ SF)
•• Manchester Pacific Gateway ($1.5B)
•• Seaport Village Redevelopment ($1.6B)
•• Courthouse Commons (250,000 SF)

ROOM TO GROW | MINIMIZE THE

RENT GAP
As illustrated in the rent chart below, there is an average
rent differential of $959 between AV8 and its nearby
market comparables, which clearly demonstrates a
strong opportunity for a new owner to take advantage
of ever improving market fundamentals, increase
rents, and grow value.

MARKET RENT GAP

PROPERTY RENT TO AV8
Vici $4,065 +$1,301
Luma $4,025 +$1,288
Broadstone Balboa Park $3,444 +$680
Broadstone Little Italy $3,331 +$567
AV8 $2,764 —

BERKADIA® SAN DIEGO, CA | AV8 | The Opportunity 11

The Property
 Property Description
AV8’s finely curated apartment homes have
distinctive and sophisticated features such as
9-foot ceilings, full-height tile backsplashes, quartz
countertops, gas stoves, full-size washer / dryer,
designer bathrooms with quartz slab counters, stylish
Moen fixtures and porcelain tile shower surrounds,
and large patios or balconies with waterfront views
in select units. The property also features the well-
styled amenities of a premier boutique resort
including rooftop cabanas with designer fireplaces,
an indoor / outdoor clubroom complete with TV’s, a
pool table and panoramic views of Downtown San
Diego, San Diego Bay and San Diego’s International
Airport. The property also has a state-of-the-art
fitness center open 24-hours a day, complete with
the latest in training and exercise equipment.

14 The Property | AV8 | SAN DIEGO, CA BERKADIA®

 PROPERTY SUMMARY
2155 Kettner Boulevard
ADDRESS
San Diego, CA 92101
UNITS 129
YEAR BUILT 2018
SITE 0.69 Acres
AVERAGE SIZE 760 SF
TOTAL NET
105,767 SF
RENTABLE
BUILDINGS One
STORIES Six
ELEVATORS Two
ASSESSOR’S
533-124-01, 02, 04, 10, 11
PARCEL
ELECTRICITY SDG&E
WATER City of San Diego Water & Sewer
GAS SDG&E
CABLE / INTERNET AT&T / Cox
TRASH SERVICES Waste Management
Water, sewer and trash through
RUBS Billing third party vendor – conservice.
Method Electricity and gas with individual
meters.

UNIT MIX
Studio 34
1 Bed / 1 Bath 70
2 Bed / 2 Bath 24
3 Bed / 2.5 Bath 1
Total 129 Units

PARKING
Resident 116
Handicap 5
Tandem 38
Total 159

STORAGE
There are a total of 51 storage spaces available for rent.

BERKADIA® SAN DIEGO, CA | AV8 | The Property 15

 Onsite Retail Overview

Tenant Name
Bobboi Natural Gelato
Lease Commencement
TBD
Lease Term
10 Years
Square Feet
933
Base Rent
$5,132
Percentage Rent
5% of gross sales
Options to Extend
Two (2) 5-Year Options
Lease Type
NNN Lease
Utilities
Sub-Metered

Known for both its traditional and untraditional gelato

flavors, Bobboi Natural Gelato is inspired by California yet
rooted in the timeless gelato techniques of Italy. Its flavors
are made from local, seasonal ingredients and the menu
rotates constantly to reflect what’s available and in season.

16 The Property | AV8 | SAN DIEGO, CA BERKADIA®

Tenant Name
F45 Training
Lease Commencement
August 1, 2018
Lease Term
10 Years
Square Feet
2,459
Base Rent
$9,467
Options to Extend
Two (2) 5-Year Options
Lease Type
NNN Lease
Utilities
Sub-Metered

The latest fitness craze claiming to have trained more than

one million people worldwide, F45 studios all over the world
offer a 45-minute-High-Intensity, Circuit Training workout
class for studio members. They have developed 27 different
45-minute workouts, with more currently in development.
F45 studios offer the same class at different times
throughout the day. Every day throughout the week offers
a different 45-minute workout. The workouts are created by
the F45 Athletics and Peak Performance Department from
a database of over 3,000 different exercises, so members
never get the same workout twice.

BERKADIA® SAN DIEGO, CA | AV8 | The Property 17

 Onsite Retail Overview

Tenant Name
Supernatural Sandwiches
Little Italy
Lease Commencement
June 1, 2018
Lease Term
10 Years
Square Feet
1,433
Base Rent
$5,988
Options to Extend
Two (2) 5-Year Options
Lease Type
NNN Lease
Utilities
Sub-Metered
Voted Best Sandwich in 2015 by San Diego Magazine,
Supernatural Sandwiches is known for their mouthwatering
seafood stuffed sandwiches. Since originally opening for
business in 2011, Supernatural Sandwiches has expanded to
5 different locations around San Diego and plans to bring
their recipe for success to other parts of Southern California
later this year. Supernatural Sandwiches’ Little Italy location
features an outdoor seating, an amazing happy hour, and
countless beers on tap.

18 The Property | AV8 | SAN DIEGO, CA BERKADIA®

Tenant Name
Zinqué
Lease Commencement
February 1, 2019
Lease Term
10 Years & 10 Months
Square Feet
2,959
Base Rent
$12,867
Annual Rent Increases
5% gross sales
Options to Extend
One (1) 10-Year Option
Lease Type
NNN Lease
Utilities
Sub-Metered

Expected to open in mid-August, Zinqué is a top rated

wine bar & bistro from Los Angeles, with existing locations
in Venice and West Hollywood, as well as Newport Beach.
Zinqué’s newest location in AV8 will feature a central wine
bar and offer modern and traditional French-inspired
dishes for brunch, lunch and dinner, as well as fresh baked
breads and pastries.

BERKADIA® SAN DIEGO, CA | AV8 | The Property 19

Financials
 Unit Mix and Rent Schedule
Berkadia Pro Berkadia
Unit Total Market
Units Type Forma Rent Proforma
SF SF Rent
(Trended by 4%) Rent/SF
3 Studio (av8e10a) 457 1,371 $2,185 $2,272 $4.97
2 Studio (av8e10b) 472 944 $2,445 $2,543 $5.39
5 Studio (av8e10c) 511 2,555 $2,258 $2,348 $4.60
3 Studio (av8e10d) 542 1,626 $2,375 $2,470 $4.56
3 Studio (av8e10e) 595 1,785 $2,370 $2,465 $4.14
9 Studio (av8e10f) 612 5,508 $2,401 $2,497 $4.08
5 Studio (av8e10g) 612 3,060 $2,413 $2,510 $4.10
4 Studio (av8e10h) 691 2,764 $2,502 $2,602 $3.76
2 1Bed / 1 Bath (av8a10a) 635 1,270 $2,518 $2,618 $4.12
1 1Bed / 1 Bath (av8a10b) 635 635 $2,506 $2,606 $4.10
3 1Bed / 1 Bath (av8a10c) 646 1,938 $2,502 $2,602 $4.03
11 1Bed / 1 Bath (av8a10d) 677 7,447 $2,576 $2,679 $3.96
5 1Bed / 1 Bath (av8a10e) 679 3,395 $2,548 $2,650 $3.90
1 1Bed / 1 Bath (av8a10f) 687 687 $2,530 $2,631 $3.83
1 1Bed / 1 Bath (av8a10g) 688 688 $2,470 $2,569 $3.73
38 1Bed / 1 Bath (av8a10h) 710 26,993 $2,575 $2,678 $3.77
4 1Bed / 1 Bath (av8a10i) 736 2,944 $2,550 $2,652 $3.60
4 1Bed / 1 Bath (av8a10j) 790 3,160 $2,640 $2,746 $3.48
4 2 Bed / 2 Bath (av8b20a) 950 3,800 $3,520 $3,661 $3.85
3 2 Bed / 2 Bath (av8b20b) 1,048 3,144 $3,545 $3,687 $3.52
2 2 Bed / 2 Bath (av8b20c) 1,063 2,126 $3,500 $3,640 $3.42
1 2 Bed / 2 Bath (av8b20d) 1,087 1,087 $4,829 $5,022 $4.62
1 2 Bed / 2 Bath (av8b20e) 1,192 1,192 $3,850 $4,004 $3.36
8 2 Bed / 2 Bath (av8b20f) 1,206 9,648 $4,213 $4,382 $3.63
2 2 Bed / 2 Bath (av8b20g) 1,260 2,520 $5,443 $5,661 $4.49
2 2 Bed / 2 Bath (av8b20h) 1,374 2,748 $6,185 $6,432 $4.68
1 2 Bed / 2 Bath (av8b20i) 1,378 1,378 $5,645 $5,871 $4.26
1 3 Bed / 2.5 Bath (av8c25a) 1,567 1,567 $6,035 $6,276 $4.01

129 760 97,980 $2,864 $2,978 $3.92

22 Financials | AV8 | SAN DIEGO, CA BERKADIA®

Pro Forma
Berkadia
Income Pro Forma

Scheduled Market Rent $4,610,262

Less: Loss to Lease 1.00% ($46,103)
Less: Vacancy 5.00% ($230,513)
Less: Concessions - -
Less: Non-Revenue Units & Bad Debt 1.00% ($46,103)
Net Rental Income $4,287,543

Plus: Fee Income $600 $77,400

Plus: RUBS Income $850 $109,650
Plus: Other Income $220 $28,380
Retail Income $401,454
Retail CAM $79,499
Total Operating Income (EGI) $4,983,926

Berkadia
Expenses Per Unit Pro Forma
Administrative $275 $35,475
Advertising & Promotion $372 $48,000
Payroll $2,219 $286,308
Repairs & Maintenance/Turnover $400 $51,600
Management Fee 2.25% $869 $112,138
Utilities $1,000 $129,000
Contracted Services $898 $115,848
Real Estate Taxes Reassessed at Sale
Special Assessments $49 $6,368
Insurance $300 $38,700
Replacement Reserves $200 $25,800
Total Expenses $849,237

Net Operating Income Before Taxes $4,134,689

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not
be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for
use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes
have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for
reproduction and distribution. Not responsible for errors and omissions. © 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC.
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia
Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts
business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit:
http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

BERKADIA® SAN DIEGO, CA | AV8 | Financials 23

 Footnotes
INCOME ASSUMPTIONS
Scheduled Market Rent: The Berkadia Pro Forma Rent represents the gross potential rent (GPR) during
Year 1 of the Investors full year of ownership. The Berkadia Pro Forma Rent reflects the property’s current
market rent trended by 4%.

Loss to Lease: The Pro Forma assumes loss-to-lease equal to 1%.

Vacancy / Occupancy: Based on recent market trends and economic forecasts, the Pro Forma assumes a
5% vacancy rate.

Concessions: The Pro Forma rents are priced on a net effective basis, therefore the Pro Forma assumes no
concessions are given.

Non-Rev Units / Bad Debt / Adjustments: Non-Revenue Units and Bad Debt are estimated at 1% of
Scheduled Market Rents and include one non-revenue unit and bad debt. The Pro Forma assumes the
model unit is brought online and rented at market rent.

Fee Income: Pro Forma Fee Income assumes $600 per unit which is in-line with comparable properties in
the submarket. Fee income includes application fees, club room rental fees, damages, late charges, lease
cancellation fees, NSF fees, storage rent, month to month premiums, and transfer fees.

RUBS Income: Pro Forma RUBS income assumes 85% of the Utility costs are recouped on an annual basis.
The RUBS income includes reimbursement for water, sewer, and trash.

Other Income: Pro Forma Other Income assumes $220 per unit which is in-line with comparable properties
in the submarket. Other Income includes pet rent, access gate remote income, deposit forfeitures, guest
suite income, legal fees, locks/key income, short term premiums, and vendor rebates.

Retail Income: Pro Forma Retail Income was estimated by annualizing the Total Market Rent.
AV8 Retail Income Summary
Tenant Type Unit SF Market Rent/ Market Rent/SF Yr. 1 CAM
Month Estimates
F45 Commercial 2,459 $9,467 $3.85 $0.85
Zinqué Restaurant & Wine Bar Commercial 2,959 $12,867 $4.35 $0.85
Bobboi Natural Gelato Commercial 933 $5,132 $5.50 $0.85
Supernatural Sandwiches Commercial 1,443 $5,988 $4.15 $0.85
7,794 $8,364 $4.46 $0.85
Retail CAM: The CAM Income category is based off the in-place lease agreements for Zinqué Restaurant
& Wine Bar and Bobboi Natural Gelato and estimates for F45 and Supernatural Sandwiches. CAM charge
projections are shown in the Retail Summary above.

24 Financials | AV8 | SAN DIEGO, CA BERKADIA®

EXPENSE ASSUMPTIONS
Administrative: Administrative Expenses are estimated at $275 per unit.

Advertising & Promotion: The Advertising and Promotion expenses are estimated at $4,000 per month,
consistent with comparable properties in the market.

Payroll: The Pro Forma Payroll is based on the following assumptions outlined in the table below:

Payroll Position # of Employees Pay Salary Housing

Community Manger 1 $80,000 100% Housing - $2,978/mos.
Asst Community Manager 1 $22/hr $45,000
Leasing Professional (Part-Time) 1 $18/hr $28,080
Service Supervisor 1 $28/hr $58,240
Total Salaries 4 $212,080

Bonuses (10%) $21,208

Payroll Taxes & Benefits (25%) $53,020
Total Payroll Expense $286,308
Per Unit $2,219

Repairs & Maintenance / Turnkey: The Pro Forma assumes Repairs & Maintenance expense of $400 per
unit, which is in-line with comparable properties in the market.

Management Fee: The Pro Forma assumes a Management Fee of 2.25% of Total Operating Income.

Utilities: Utilities are projected at $1,000 per unit, which is in-line with conventional underwriting standards
for properties of this size and vintage.

Contracted Services: The Pro Forma Contracted Services assumes expenses in-line with historical
operations. Contracted Services at the property include: elevator contract, intrusion alarm contract,
janitorial contract, landscaping contract, parking lot sweeping contract, security contract, pest contract,
and trash/recycling contract.

Real Estate Taxes: AV8 is located in San Diego County and is subject to its taxing authority. We strongly
recommend consulting a tax professional regarding this line item.

Real estate taxes can be estimated by applying 1.17461% tax rate to the sales price.

Special Assessments: The Pro Forma assumes an expense for Special Assessments based on the 2018/2019
property tax bill. The tax bill includes “Little Italy Maintenance”, which goes towards providing beneficial
services to property owners in Little Italy.

Insurance: Pro Forma insurance is underwritten at $300 per unit.

Replacement Reserves: The Pro Forma assumes replacement reserves equal to $200 per unit.

BERKADIA® SAN DIEGO, CA | AV8 | Financials 25

 Interior Features
•• 9-Foot Ceilings
•• Stainless-Steel, Whirlpool
Appliances with Five
Burner Gas Cooktop
•• Wilsonart Classic Linen and
Slate Grey Cabinets
•• Quartz Slab Countertops with Full-
Height Porcelain Backsplash
•• Designer Bathrooms with
Quartz Slab Counters, Stylish
Moen Fixtures and Porcelain
Tile Shower Surrounds

26 Financials | AV8 | SAN DIEGO, CA BERKADIA®

 •• Full-Size Energy Star
Washer and Gas Dryer
•• Wood Plank Style Flooring
•• Large Walk-In Closets*
•• Large View, Dual-Pane
Energy-Efficient Windows
•• USB Charging Outlets
•• Spacious Private Balconies or Patios*
•• Waterfront Views and Penthouses*
*Select Units

BERKADIA® SAN DIEGO, CA | AV8 | Financials 27

 Community Features
MAIN LOBBY
•• Uber / Lyft Waiting Area for
Residents and Guests
•• Complimentary Wi-Fi
•• Charging Stations
•• Grab-and-Go Coffee Bar
•• Convenient and Secure Fob Entry Access
•• Historic Aviation Façade

SKY LOUNGE
•• 5th Floor Viewing and Entertainment Areas
•• Cabanas with Personalized Speakers
•• Designer Fireplaces
•• Comfortable Seating Areas
with Lounge Furniture

COMMUNITY DINING
•• Two Outdoor Barbecues
•• Indoor Prep Kitchen
•• Outdoor & Indoor Community
Tables with Seating for 14

28 Financials | AV8 | SAN DIEGO, CA BERKADIA®

 CLUB ROOM
•• Indoor / Outdoor Clubroom
with Pull-Away Doors for
Views of Waterfront Park
•• Indoor Fireplace and
Modern Seating
•• Pool Table and TV Lounge
FITNESS CENTER
•• On-Demand Fitness
Available 24/7
•• Cardio and Strength Machines
•• TRX
OTHER
•• Underground Bike Storage
•• Animal Friendly Community
•• Pet Spa with Washing
and Drying Station
•• Kombucha Bar

BERKADIA® SAN DIEGO, CA | AV8 | Financials 29

The Location
 Past
HISTORY OF LITTLE ITALY
Little Italy San Diego dates back to
the late 1890s when a community
of primarily Genovese & Sicilian
immigrants began settling in
San Diego to be close to the city’s
booming tuna industry. For a time,
San Diego was known as the “tuna
capital” of the entire west coast,
and the 6,000 immigrant families
populating Little Italy were a
huge reason why. The waterfront
community they developed today
represents San Diego’s oldest
continually active district.

32 The Location | AV8 | SAN DIEGO, CA BERKADIA®

BERKADIA® SAN DIEGO, CA | AV8 | The Location 33
 Present
LITTLE ITALY TODAY
Today the 48-block community is a
model urban neighborhood in the
City of San Diego; with new Italian-
American and non-Italian business
owners alike maintaining and opening
retail and professional spaces. As well
as creative builders and architects
building beautiful new developments.
The Little Italy Association of San
Diego has been reviving this once
thriving neighborhood for the past 20
years; while telling the story of Little
Italy to its visitors through public art
displays and amazing piazzas. San
Diego’s Little Italy is not only a model
urban neighborhood for the City of
San Diego, but is also serving as a
model for the handful of Little Italys
remaining throughout the country.

34 The Location | AV8 | SAN DIEGO, CA BERKADIA®

Little Italy is one of the more active
downtown neighborhoods and has
frequent festivals and events including
a weekly farmers market, also known as
the Mercato (the Market, in Italian).
•• 85+ restaurants, breweries, and cafes
•• 70+ shops
•• Little Italy Mercato Farmer’s Market
•• 200+ merchants

BERKADIA® SAN DIEGO, CA | AV8 | The Location 35

 LITTLE ITALY ASSOCIATION
The Little Italy Association of San Diego is a 501(c)(3) public benefit corporation that was
established in 1996 to oversee and expedite the revitalization and beautification of the Little
Italy neighborhood in Downtown San Diego. The Association pledges to advocate on behalf
of its members’ best interests in the areas of public safety, beautification, promotion, and
economic development while preserving the unique cultural resources that exist in our
neighborhood.

The Association’s annual revenue exceeded $2.5 million in FY15. Funds generated come from
three different sources; the Little Italy Maintenance Assessment District (MAD), the Little
Italy Business Improvement District (BID), and the Little Italy Parking District.

The MAD generated approximately $938,000 in FY15. These funds provide for the services
of maintenance workers and management staff who oversee regular sidewalk sweeping,
installation and maintenance of trees and landscaping in the public right-of-way, evening
maintenance workers, maintenance of public areas and piazzas, hanging of banners and
decorations, and all beautification efforts. The MAD boundaries are defined by South-side of

36 The Location | AV8 | SAN DIEGO, CA BERKADIA®

W. Laurel Street on the North, Interstate-5 freeway/West-side of Front Street on the East, the
North-side of W. Ash Street on the South and the East-side of Pacific Highway on the West.

The BID generated approximately $120,000 in FY15. The BID funds provide for administration
the revenues needed to promote and publicize the business district, coordinate community
events and advocate on behalf of businesses. The BID boundaries are defined by South-side
of W. Laurel Street on the North, Interstate-5 freeway/West-side of Front Street on the East,
the North-side of W. A Street on the South and the East-side of Pacific Highway on the West.

The Little Italy Parking District generated approximately $375,000 in FY15. The Parking
District funds are used to create parking solutions for the Little Italy District via a community-
wide valet program, 2-hours free parking on Saturdays, collaborating with the City of San
Diego to maximize surface street parking by restriping streets from parallel to diagonal or
perpendicular, and other parking management programs.

An additional $1.1 million in revenues were generated in FY15 from grants, income from
special events, the Little Italy Mercato (Farmers’ Market), contributions from the community
supporters and carry-forward from previous FY.

BERKADIA® SAN DIEGO, CA | AV8 | The Location 37

 Future Developments

1
4 3
8 6

2
5

DEVELOPMENT SF DEVELOPER DELIVERY

1 2100 Kettner 190,000 Kilroy Realty Corporation Q3 2020
2 Campus at Horton 1,000,000+ Stockdale Capital Partners Q2 2020
3 Courthouse Commons 250,000 Holland Partner Group Q1 2023
4 Manchester Pacific Gateway 1,100,000 Manchester Financial Group Q2 2021
5 Tower 180 260,000 Hammer Ventures Q4 2019
6 777 Front Street 162,000 BOSA Development Q4 2019
7 7th & Market 160,000 Cisterra Development Q1 2022
8 Seaport Village 426,000 Gafcon, Inc. Q1 2024

TOTAL SF 3,548,000+

38 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 2100 Kettner Building
• 190,000 SF Office Space
• 15,000 SF Retail
• Largest Class-A Office in Little Italy
• Asking Rents: $5.00-$5.50 FSG

2100 KETTNER The award-winning realty firm, Kilroy Realty Corporation,

will be expanding it’s 13.2 million square feet of class
Dubbed 2100 Kettner, the mixed-
A office space when it opens its latest eco-friendly
use development will encompass
office project dubbed 2100 Kettner. With nearly 70
an entire city block in San Diego’s years of experience owning, developing, acquiring and
coveted Little Italy neighborhood. managing real estate assets in West Coast real estate
•• Six-story building markets, Kilroy Realty Corporation, a publicly traded real
estate investment trust and member of the S&P MidCap
•• 190,000 SF of office space 400 Index, is one of the region’s premier landlords. The
•• No. 1 largest office building 2100 Kettner building, designed by Gensler Architects,
in Little Italy will be a green carbon-neutral architectural masterpiece
that will consist of 190,000 feet of flexible office space,
•• Completion: 2020 six street-level restaurant or retail areas, 267 parking
spaces and a 10,688-square-foot rooftop deck.

BERKADIA® SAN DIEGO, CA | AV8 | The Location 39

 Future Developments

The Campus at Horton is the brainchild of Stockdale Capital

Partners, a commercial real estate firm based in Los Angeles,
CAMPUS AT HORTON which is currently in the process of transforming the existing
property into The Campus at Horton. The project will be a
In May 2019, the San Diego
thriving innovation hub, comprised of creative office space,
City Council approved a captivating entertainment options, urban lifestyle retail choices
redevelopment plan to and contemporary food and beverage experience, catering to
transform Horton Plaza into a leading technology and biotechnology employers, locally and
tech hub. nationally. The Campus at Horton will create Downtown San
Diego’s leading retail and creative office campus with a bright
•• $275 million investment
and open boardwalk ornamented with boutique retail, green
•• 4,000 new high-tech jobs space and public seating areas. This boardwalk will run through
the site and spill out onto a reactivated Horton Plaza Park which
•• $1.8 billion annual
will offer multiple food and beverage options utilizing the best
economic impact of San Diego’s local talent. The Campus at Horton is expected
•• 1,000,000 SF of to generate over $1.8 billion in annual regional economic
mixed-use space activity annually and create 3,000 – 4,000 high-paying jobs
for Downtown San Diego. The first phase of construction is
•• Completion: late 2020 expected to begin in early 2019 and be completed in fall 2020.

40 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 COURTHOUSE COMMONS
Holland Partner Group has proposed
to replace the former San Diego
Central Courthouse with a mixed-
use, high-rise building.
•• $233 million project
•• 37-story building
•• 250,000 SF of office space
•• 15,969 SF of retail space
•• 436,120 SF of residential space
•• 1,900 SF of open space on
amenity deck
•• 580 permanent jobs

Holland Partner Group and Carrier Johnson

+ CULTURE are in the process of designing
Downtown San Diego’s latest skyscraper.
The project will replace the now vacant 3
block courthouse and jail with a 35 story
retail, office, and residential community. The
project is set to start construction in 2020
and be completed by 2023.

BERKADIA® SAN DIEGO, CA | AV8 | The Location 41

 Future Developments

MANCHESTER PACIFIC GATEWAY The internationally-acclaimed Manchester

Financial Group is aiming to create America’s
Currently under construction,
premier waterfront development: Manchester
the Manchester Pacific Gateway
Pacific Gateway. This one-of-a-kind property will
redevelopment of the U.S. Navy’s transform San Diego’s renowned port district
downtown property is the largest private into an iconic waterfront opportunity; a strategic,
real estate project in San Diego. stunning, luxurious development that will
immediately and globally enhance our region’s
•• $1.5 billion project
reputation as one of the world’s most desirable
•• $15 economic impact on the region destinations. Manchester Pacific Gateway
includes Class A office space, iconic hotels, Lifestyle
•• 13.5 acres
& luxury retail shopping, exquisite dining, plaza
•• 3 million SF of total space and cultural space, entertainment, public parking,
•• 1.1 million SF of office space and overlooks the most beautiful waterfront
in the United States. Envisioned by Doug
•• 391,000 SF of retail space Manchester, father of the San Diego Convention
•• U.S. Navy Regional Headquarters Center, the triple five-star Fairmont Grand Del
Mar, Manchester Grand Hyatt and the San Diego
•• Completion: 2021 Marriott Marquis & Marina, the development
is a gateway to San Diego’s booming upscale
downtown and tourist economy. Manchester
Pacific Gateway will be substantial, accessible,
exciting, energetic, exhilarating and coastal. This
is the place you want to be in America’s finest city.

42 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 TOWER 180°
•• Total Project Size of 360,000
Square Feet
•• 25-Story, Mixed-Use Tower
•• 260,000 SF Class A Office Space
•• 10,000 SF Amenity Deck

Tower 180° is nearing completion at the

corner of First Avenue and Broadway, across
the street from the Spreckles Theater. The
25-story multi-use complex will feature
office units and retail spaces. Developed by
Hammer Ventures, Tower 180° is slated to
be completed later this year and will include
a large rooftop venue that will be available
for receptions, corporate events.

BERKADIA® SAN DIEGO, CA | AV8 | The Location 43

 Future Developments
777 FRONT STREET
BOSA Development is currently
redeveloping a vacant property
adjacent to Horton Plaza into
a tech-friendly creative office
building.
•• $30 million project
•• Four-story building
•• 162,000 SF of class A
office space
•• Completion: 4Q19

BOSA Development is redeveloping

a vacant building located at 777 Front
St. in San Diego into a new Class A,
162,000-square-foot office building
adjacent to Horton Plaza. The
building will be able to accommodate
a variety of requirements ranging
from approximately 10,000 to
162,000 square feet of contiguous
space. Completion is scheduled for
the Q4 2019. Designed by Joseph
Wong Design Associates, the existing
building will be stripped to its steel
frame and redeveloped into an
atrium-style creative office building
with floor-to-ceiling glass providing
abundant natural light. It will feature
43,000-square-foot floorplates,
a large courtyard amenity space
complete with outdoor seating,
games and modern landscape,
1.5/1,000 parking ratio, and an on-
site fitness center with shower and
locker facilities.

44 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 7TH & MARKET
•• Projected Completion Date of Q1 2022
•• 763,000 SF Mixed-Use Project
•• LEED Gold Rating
•• Designed by Carrier Johnson + CULTURE
•• 153-Room Ritz Carlton Hotel
•• 59 Ritz Residences Condominiums
•• 160,000 SF Class A Office
•• 159 Apartment Units
•• Signature Rooftop Restaurant
•• 30,000 SF Specialty Grocer

Cisterra Development’s 7th & Market project is

estimated to be delivered in Q1 of 2022. This 39-story,
$400M project combines a mix of residential, retail,
office, hotel and public uses. It includes the city’s first
five-star Ritz-Carlton hotel, which will include 160
rooms and 58 Ritz-Carlton-branded condominiums,
and a 40k SF Whole Foods market. Designed by Carrier
Johnson + Culture architects, the residential tower,
which has 147 units, includes a rooftop terrace. 7th &
Market will also feature 160k SF of Class-A office space;
a restaurant and street-level retail; 6k SF of public open
space, including a public plaza with a public art space
at the corner of 8th and Island avenues.

BERKADIA® SAN DIEGO, CA | AV8 | The Location 45

 Future Developments

SEAPORT SAN DIEGO A stunning makeover is in the works for San

Diego’s downtown waterfront. The proposed
A plan to redevelop 36-year-old Seaport Village
$1.6 billion project would replace Seaport
into a mixed-use property dubbed Seaport San
Village, a popular but aging collection
Diego was approved by the Port of San Diego. of bayfront shops and restaurants along
•• $1.6 billion investment Harbor Drive. Developer Yehudi Gaffen
and his partners proposed a complete
•• 70 acres
teardown and rebuild of Seaport Village.
•• Three hotels It would also have a vast extension of the
•• 1,325 total hotel rooms existing property to encompass 70 acres of
land and water. This would span from north
•• 151,000 SF OdySea San Diego Aquarium of the Midway Museum down to the area
•• 19,000 SF of office space around Embarcadero Park. Plans include an
observation tower, aquarium with butterfly
•• 390,000 SF of retail / restaurant space
exhibit, public space, hotel rooms, retail, office
•• Anticipated construction start date: 2024 space, educational center and parking.

46 The Location | AV8 | SAN DIEGO, CA BERKADIA®

BERKADIA® SAN DIEGO, CA | AV8 | The Location 47
 Downtown San Diego

Downtown San Diego is a diverse and DOWNTOWN SAN DIEGO KEY

vibrant community that serves as the DEMOGRAPHICS
economic engine to Greater San Diego.
By 2050, the San Diego region is expected Growing Population
to support 500,000 jobs, majority of •• Forecast to surpass 42,270 residents
which will be centered around the city’s by 2024, up 10.9% from 2019
core, ensuring that Downtown San Diego Sophisticated Workforce
will become a catalyst for growth and
innovation throughout the metro area. •• 79% of workers are in white-collar
positions
•• 4,000+ businesses
•• 81,000+ employees in downtown
•• 62,000+ new jobs by 2030
•• $2 billion+ in investments currently
underway
•• 120+ tech startup companies

48 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 DOWNTOWN SAN DIEGO OFFICE SUBMARKET
Downtown San Diego is shifting from a submarket dominated by law, financial, and
government offices to one that is enticing to tech startups and the younger crowd seeking
a live-work-play environment, evident by the WeWork presence in the submarket, offering
collaborative and networking space.
•• 13.4 million SF of office space
•• 14.5 million+ SF of office space by 2023
Major Office Tenants (SF Occupied)
•• U.S. Navy – 350,999 SF (moving in 11/20)
•• Sempra Energy – 320,000 SF
•• City of San Diego – 295,100 SF
•• Robbins Geller Rudman & Dowd LLP – 117,000 SF
•• City of San Diego Engineering Branch – 107,299 SF
•• Procopio – 93,325 SF
•• WeWork – 85,680 SF
•• Office of the Attorney General – 77,150 SF
•• DLA Piper LLP – 76,630 SF
•• Arrowhead General Insurance Agency Inc. – 71,290 SF

BERKADIA® SAN DIEGO, CA | AV8 | The Location 49

 Area Highlights

Gaslamp Quarter – 1.6 miles from the property.

Showcasing rich Victorian architecture and an
electric nightlife, the Gaslamp Quarter is the
historic heart of San Diego and one of West
Coast’s premier entertainment districts.
•• 16-block walkable district
•• 180+ restaurants
•• 50+ bars
•• 10 nightclubs

50 The Location | AV8 | SAN DIEGO, CA BERKADIA®

Balboa Park – 1.1 miles from the property.
The largest urban cultural park in North
America, Balboa Park is home to the
world-famous San Diego Zoo and was
named one of 15 Great Places in America.
•• 1,200 acres
•• 15+ museums / cultural institutions
•• 19 gardens
•• $356.4 million annual economic
impact
•• San Diego Zoo
•• Record 4 million+ annual visitors
in 2018

BERKADIA® SAN DIEGO, CA | AV8 | The Location 51

 San Diego Beaches
San Diego boasts 70 miles of coastline
across 19 beaches with some of its
most popular seaside destinations
located within minutes of the city’s
downtown.
•• Mission Beach
6.9 miles from the property
•• Pacific Beach
8.0 miles from the property
•• Coronado beach
6.7 miles from the property

52 The Location | AV8 | SAN DIEGO, CA BERKADIA®

Petco Park
Petco Park is home to Major
League Baseball’s (MLB) San
Diego Padres, the city’s only
professional sports franchise.
•• 42,445-seat capacity
•• 1.1 million SF
•• 2.1 million+ Padres’ home
game attendees during
the 2018 MLB season

BERKADIA® SAN DIEGO, CA | AV8 | The Location 53

 Transportation

Downtown San Diego Pacific Surfliner

•• Approx. 25% of residents walk or commute Amtrak’s Pacific Surfliner offers
via public transportation to work daily round-trip service connecting
•• 40+ bike-sharing stations Downtown San Diego to San Luis
Obispo with stops in Los Angeles
•• 20+ miles of bike paths
and Santa Barbara.

Little Italy •• 31 stations

•• Little Italy is a walker’s paradise where •• 351-mile route

most daily errands do not require a vehicle •• 2.7 million passengers in 2018
•• No. 3 most walkable neighborhood in San
Diego

54 The Location | AV8 | SAN DIEGO, CA BERKADIA®

COASTER San Diego Trolley
North County Transit District’s (NCTD) Metropolitan Transit System’s (MTS)
COASTER runs north and south through Trolley connects Downtown San
San Diego County, connecting Downtown Diego to the county’s east and south
San Diego and Oceanside. communities.
•• 8 stations •• 128 trolley cars
•• 41-mile route •• 37.0 million passengers in 2018
•• 1.5 million passengers in FY18

BERKADIA® SAN DIEGO, CA | AV8 | The Location 55

 Mid-Coast Trolley Extension
Construction reached the
halfway point in March 2019 on
the Mid-Coast Trolley extension
that will extend services from
Downtown San Diego to the
University City community.
•• $2.2 billion investment
•• 9 new stations
•• 10.9-mile extension
•• 20,000 additional transit
riders per day
•• Completion: 2021

56 The Location | AV8 | SAN DIEGO, CA BERKADIA®

 SAN Expansion
San Diego County Regional
Airport Authority approved
a multiphase proposal to
renovate and expand the
San Diego International
Airport.
•• $3 billion investment
•• Terminal 1
Replacement
•• 1.5 million SF facility
•• Increase the total
number of gates
San Diego International Airport (SAN) from 51 to 61
Situated adjacent to Little Italy, San Diego •• Estimated
International Airport (SAN) plays a key role completion: 2026
in the regional economy. •• Improvements to
•• $12 billion annual economic impact Terminal 2
•• 118,000 total jobs supported •• New parking structure

BERKADIA® SAN DIEGO, CA | AV8 | The Location 57

Comparable Rental
Properties
 Comparable Rental Properties

S 1 2

Vici Luma

3 4

Broadstone Broadstone
AV8 Balboa Park Little Italy

60 Comparable Rental Properties | AV8 | SAN DIEGO, CA BERKADIA®

2

AVG MARKET AVG

PROPERTY DISTANCE UNITS BUILT OCCUPANCY
SF AVG RENT RENT / SF

AV8 129 2018 95% 760 $2,764 $3.64

Vici 0.3 Miles 97 2018 97% 922 $4,065 $4.41

Luma 0.5 Miles 220 2019 75% 920 $4,025 $4.37

Broadstone Balboa Park 1.5 Miles 100 2015 91% 922 $3,444 $3.73

Broadstone Little Italy 0.1 Miles 199 2013 97% 871 $3,331 $3.83

Averages 154 909 $4,407 $4.09

BERKADIA® SAN DIEGO, CA | AV8 | Comparable Rental Properties 61

 Comparable Rental Analysis
$2,800
STUDIO

$2,700
Average $2,654

$2,600

$2,500

$2,400

$2,650
$2,360

$2,750
$2,300

$2,795
$2,415

$2,200

$2,100
AV8 Broadstone Balboa Park Broadstone Little Italy Luma Vici

$4,000 1-BEDROOM

$3,500 Average $3,448

$3,000

$2,500

$2,000

$1,500
$2,645

$3,350

$3,575
$3,325

$3,415

$1,000

$500

$0
AV8 Broadstone Little Italy Vici Broadstone Balboa Park Luma

62 Comparable Rental Properties | AV8 | SAN DIEGO, CA BERKADIA®

 2-BEDROOM

$6,000

$5,000
Average $4,574

$4,000

$3,000
$4,085

$4,450
$2,000
$3,545

$4,918

$5,127
$1,000

$0
AV8 Broadstone Little Italy Broadstone Balboa Luma Vici
Park

$14,000
3-BEDROOM

$12,000

$10,000
Average $8,969

$8,000

$6,000
$12,650
$6,035

$4,000
$8,221

$2,000

$0
AV8 Vici Luma

BERKADIA® SAN DIEGO, CA | AV8 | Comparable Rental Properties 63

Comparable Sale
Properties
 Comparable Sale Properties
S 1 2

PROPERTY AV8 Gibson Santa Monica  The Highland Residences 

ADDRESS 2155 Kettner Boulevard 1317 7th Street 1411 North Highland Avenue
San Diego, CA 92101 Santa Monica, CA 90401 Los Angeles, CA 90028
BUILT 2018 2015 2016
UNITS 129 106 76
RETAIL /
COMMERCIAL 4 (7,794 SF Total) 4 (7,800 SF Total) 2 (2,500 Total)
SPACES
PRICE / UNIT — $783,019 $684,211
PRICE / SF — $1,184 $763
AVG SF 759 661 897
SOLD FOR $83,000,000 $52,000,000
CLOSED 12/27/2016 7/24/2018
Studio - 26% Studio - 24%
Studio - 32%
One Bedroom - 54% One Bedroom - 22%
UNIT MIX One Bedroom - 60%
Two Bedroom - 19% Two Bedroom - 50%
Two Bedroom - 8%
Three Bedroom - 1% Three Bedroom - 4%

$900,000
PRICE PER UNIT
$800,000

$700,000

Average $614,928
Average $614,928
$600,000

$500,000

$400,000
$600,000
$560,000
$547,264

$300,000
$783,019
$515,075

$684,211

$200,000

$100,000

$0
Broadstone Little Italy Olympic & Olive The Andalucia Desmond at Wilshire The Highland Gibson Santa Monica
Residences

66 Comparable Sale Properties | AV8 | SAN DIEGO, CA BERKADIA®

3 4 5 6

Desmond at Wilshire  The Andalucia  Olympic & Olive  Broadstone Little Italy 
5520 Wilshire Boulevard 686 East Union Street 1001 South Olive Street 1980 Kettner Boulevard
Los Angeles, CA 90036 Pasadena, CA 91101  Los Angeles, CA 90015 San Diego, CA 92101
2016 2016 2017 2013
175 118 201 199

N/A 5 (7,500 SF Total) 2 (4,126 SF Total) 5 (9,500 SF Total)

$600,000 $560,000 $547,264 $515,075

$698 $631 $741 $592
859 888 738 871
$105,000,000 $66,080,000 $110,000,000 $102,500,000
1/31/2017 6/15/2018 4/24/2017 9/10/2014

Studio - 19% Studio - 21% Studio - 32% Studio - 34%

One Bedroom - 41% One Bedroom - 40% One Bedroom - 54% One Bedroom - 35%
Two Bedroom - 40% Two Bedroom - 39% Two Bedroom - 14% Two Bedroom - 31

$1,200.00 PRICE PER SQUARE FOOT

$1,000.00

$800.00 Average $768

Average $768.23

$600.00

$400.00
$1,184.16
$630.78

$698.37
$591.58

$741.32

$763.17

$200.00

$0.00
Broadstone Little Italy The Andalucia Desmond at Wilshire Olympic & Olive The Highland Gibson Santa Monica
Residences

BERKADIA® SAN DIEGO, CA | AV8 | Comparable Sale Properties 67

 THE FUTURE IS ARRIVING
FIRST CLASS.

INVESTMENT ADVISORS

ED ROSEN
858.257.4715
ed.rosen@berkadia.com
CA BRE License #01010225

JOHN CHU
858.257.4713
john.chu@berkadia.com
CA BRE License #00966982

TYLER SINKS
858.257.4706
tyler.sinks@berkadia.com
CA BRE License #01910220

FINANCING

TOM WOLFF
858.257.4722
tom.wolff@berkadia.com

SAN DIEGO OFFICE

4275 Executive Square, Suite 900
La Jolla, CA 92037
Phone: 858.683.7930
Fax: 858.683.7931
Berkadia.com
 ALBUQUERQUE, NM LEXINGTON, KY DISCLAIMER &
CONFIDENTIALITY
AGREEMENT
AMBLER, PA LOS ANGELES, CA

ATLANTA, GA MEMPHIS, TN
The material contained in this document is confidential,
furnished solely for the purpose of considering investment
AUSTIN, TX MIAMI, FL in the property described therein and is not to be copied
and/or used for any purpose or made available to any
other person without the express written consent of
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Estate Advisors Inc. In accepting this, the recipient agrees
to keep all material contained herein confidential.
BATON ROUGE, LA MURRIETA, CA This information package has been prepared to provide
summary information to prospective purchasers and to
establish a preliminary level of interest in the property
BIRMINGHAM, AL NEW YORK, NY described herein. It does not, however, purport to present
all material information regarding the subject property,
and it is not a substitute for a thorough due diligence
investigation. In particular, Berkadia Real Estate Advisors
BOCA RATON, FL NEWPORT NEWS, VA LLC, Berkadia Real Estate Advisors Inc. and Seller have not
made any investigation of the actual property, the tenants,
the operating history, financial reports, leases, square
BOSTON, MA ORLANDO, FL footage, age or any other aspect of the property, including
but not limited to any potential environmental problems
that may exist and make no warranty or representation
BRENTWOOD, TN PASADENA, CA whatsoever concerning these issues. The information
contained in this information package has been obtained
from sources we believe to be reliable; however, Berkadia
Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc.
CAMAS, WA PHILADELPHIA, PA and Seller have not conducted any investigation regarding
these matters and make no warranty or representation
whatsoever regarding the accuracy or completeness of
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opinions, assumptions or estimates used are for example
only and do not necessarily represent the current or future
performance of the property.
CHATTANOOGA, TN PORTLAND, OR
Berkadia Real Estate Advisors LLC and Berkadia Real
Estate Advisors Inc. and Seller strongly recommend that
CHEVY CHASE, MD RALEIGH, NC prospective purchasers conduct an in-depth investigation
of every physical and financial aspect of the property
to determine if the property meets their needs and
expectations. We also recommend that prospective
CHICAGO, IL RICHMOND, VA purchasers consult with their tax, financial and legal
advisors on any matter that may affect their decision to
purchase the property and the subsequent consequences
CLEARWATER, FL SALT LAKE CITY, UT of ownership.

All parties are advised that in any property the presence

CLEVELAND, OH SAN ANTONIO, TX of certain kinds of molds, funguses, or other organisms
may adversely affect the property and the health of
some individuals. Berkadia Real Estate Advisors LLC
and Berkadia Real Estate Advisors Inc. recommend, if
COLORADO SPRINGS, CO SAN CLEMENTE, CA prospective buyers have questions or concerns regarding
this issue, that prospective buyers conduct further
inspections by a qualified professional.
COLUMBUS, OH SAN DIEGO, CA
The Seller retains the right to withdraw, modify or cancel
this offer to sell at any time and without any notice or
obligation. Any sale is subject to the sole and unrestricted
DALLAS, TX SAN FRANCISCO, CA approval of Seller, and Seller shall be under no obligation to
any party until such time as Seller and any other necessary
parties have executed a contract of sale containing terms
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of Seller shall only be those in such contract of sale.

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