Rare Mid-Counties Value-Add Industrial

Investment Opportunity

SANTA FE SPRINGS / CALIFORNIA

OM
IN
ER
ACTIVE

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 PRIVATE CAPITAL PARTNERS

MARK SHAFFER ANTHONY DELORENZO

Lic. 01253743 Lic. 01706686 CONTENTS
+1 213 613 3758 +1 949 725 8425
[email protected] [email protected]

GERARD POUTIER DYLAN RUTIGLIANO INVESTMENT OVERVIEW

Lic. 02035565 Lic. 02123151
+1 818 907 4629 +1 310 550 2543
[email protected] [email protected]

BRYAN JOHNSON NICK WILLIAMS PROPERTY OVERVIEW

Lic. 02018612 Lic. 02081572
+1 949 809 3762 +1 949 725 8446
[email protected] [email protected]

AREA OVERVIEW
LOCAL MARKET EXPERTS

RICK MCGEAGH JOSH BONWELL

Lic. 00912627 Lic. 01324803 TENANT OVERVIEW
+1 310 363 4878 +1 714 371 9207
[email protected] [email protected]

TRENT PETERSON
Lic. 01986333
MARKET OVERVIEW
+1 714 371 9431
[email protected]

DEBT & FINANCE FINANCIAL OVERVIEW

SHAUN MOOTHART
Lic. 01773201
+1 949 509 2111
[email protected]
 CBRE Broker Lic. 004009987

© 2024 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent
investigation of the property and verify all information. Any reliance on this information is solely at your own risk. Photos herein are the property of their respective owners. Use of these images without the express
written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. All marks displayed on
this document are the property of their respective owners.
4
1 INVESTMENT OVERVIEW

ADDRESS

12439-12455 FLORENCE AVE,

SANTA FE SPRINGS, CA 90670
WEBSITE

IPSOCAL.COM/FLORENCEAVE

OFFERING PRICE BUILDING SIZE LAND SIZE

$12,800,000 ± 44,856 SF ± 92,523 SF /

(38,062 SF WAREHOUSE; ± 2.12 ACRES
6,794 SF OFFICE AREA)
12439-12455 FLORENCE, CALIFORNIA

MARK-TO-MARKET NOI IN-PLACE NOI WALT OCCUPANCY

$829,061 $526,000 ± 1.89 REMAINING YEARS 100%

 5

INVESTMENT HIGHLIGHTS

5
R A R E M I D - C O U N T I E S LO S A N G E L E S VA L U E -A D D I N D U S T R I A L I N V E S T M E N T –
S A N TA F E S P R I N G S

100% Leased Multi-Tenant Industrial Property Located in Top

Performing Industrial Market with In-Place Rents Approximately 45%
Below Market

Simplicity of Ownership with Leasing Flexibility – Currently Leased to

Two Tenants with Ability to Divide Down to Four Separate Units with
Office Pods and Restrooms Already in Place

Modern 20’ Clear Concrete-Tilt-Up Industrial Building with High Pile

Storage .60/2,000 SF Calculated Fire Sprinkler System Demised as
Follows:

- 12439 Florence: 14,000 SF with 1,131 SF Office, 4 Dock High

positions
- 12441 Florence: 10,080 SF with 2,003 SF Office, 4 Dock High
positions
- 12453 Florence: 10,080 SF with 1,560 SF Office, 1 Dock High
and 1 Metal Ground Level Ramp
- 12455 Florence: 10,698 SF with 2,100 SF Office, 2 Dock High

12439-12455 FLORENCE, CALIFORNIA

positions and 1 Ground Level Ramp

Recent ~$300K Capital Improvement to Parking Area.

Ability to Purchase ±23% Below Replacement Value Estimated to be

$16,500,000

Investment Strategy Optionality - Enjoy Cash Flow and Mark-to-

Market or Sell to an Owner/User Once Leases Expire
 INVESTMENT HIGHLIGHTS

6 STRATEGIC INFILL LOCATION BETWEEN

C O M P E L L I N G M A R K E T F U N DA M E N TA L S ORANGE AND LOS ANGELES COUNTIES
W I T H S T R O N G P R OJ E CT E D G R O W T H WITH GLOBAL ACCESS

Los Angeles has one of the top investment markets in the Americas Santa Fe Springs offers a strategic location that borders two major
for the eight consecutive year in 2023, with industrial as the leading counties with significant economic impact. With more than 13 million
product type, according to CBRE’s Investor Survey. The region’s people and a $1 trillion economy, Orange and Los Angeles Counties
industrial fundamentals are among the tightest in the country, aided provide an intrinsic value that is immeasurable.
by strong demand and dwindling supply. The current overall market
vacancy is among the lowest in the country, at 3.4% in 2Q24. Santa Fe Springs is exceptionally served by a multimodal
transportation network that includes direct access to nearby I-5 and
Santa Fe Springs, due to its central location, has one of the most I-605, Metrolink stations, LAX/Long Beach Airports and seaports.
sought-after real estate markets in the region. In 2Q24, industrial For commuters, the city offers ease of commute to all corners of the
vacancy has remained low at 3.8%. LA Basin. The property taps into the regional logistics network that
extends from the ports of Los Angeles, through the Inland Empire and
Los Angeles industrial rents are poised for significant growth, to the Southwestern United States.
according to CBRE’s Econometric Advisors. Rent growth is
forecasted to be more than ±30% over the next 5 years, offering The property is well-served by an exceptional workforce, attractive
significant upside potential. housing options at all price points and abundant surrounding
amenities.
12439-12455 FLORENCE, CALIFORNIA
 7

12439-12455 FLORENCE, CALIFORNIA

 PADDISON SQUARE
8

DOWNEY LANDING

BL
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STONEWOOD CENTER

EL
12439-12455 FLORENCE, CALIFORNIA

D
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 PORT OF TORRANCE 9
LOS ANGELES LONG BEACH
PALOS VERDES

9
STONEWOOD CENTER

DOWNEY LANDING
PADDISON
SQUARE

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12439-12455 FLORENCE, CALIFORNIA

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 2
PROPERTY DESCRIPTION

10 PROPERTY OVERVIEW

ADDRESS
12439-12455 FLORENCE AVE,
SANTA FE SPRINGS, CA 90670

APN
8009-015-039

ZONING CODE
M-2 (HEAV Y INDUSTRIAL) –
CITY OF SANTA FE SPRINGS

LAND SIZE
± 92,523 SF / ± 2.12 ACRES

BUILDING SIZE
± 44,856 SF (38,062 SF WAREHOUSE;
6,794 SF OFFICE AREA)
12439-12455 FLORENCE, CALIFORNIA

NO. OF BUILDINGS
ONE (1)

YEAR BUILT
1977
 11

FLOOR PLAN

11

Temporary

Temporary
Ramp Up

Ramp Up

Ramp Up

Ramp Up
Unit F Unit G Unit H
Unit E
12441 E Florence Ave 12453 E Florence Ave 12455 E Florence Ave
12439 E Florence Ave
Unit Area - 10,080 SF Unit Area - 10,080 SF Unit Area - 10,696 SF
Unit Area - 14,000 SF
Office Area - 2,003 SF Office Area - 1,560 SF Office Area - 2,100 SF
Office Area - 1,131 SF

100’ 72’ 72’ 76’-5”

140’

UP

12439-12455 FLORENCE, CALIFORNIA

UP UP UP

UP UP
 PROPERTY DESCRIPTION SITE PLAN
12

STORIES
ONE (1)

PARKING
92 S U R FAC E S PAC E S

SITE ACCESS
T H E P R O P E RT Y I S AC C E S S I B L E V I A

FOREST ST
T H R E E (3) E G R E S S / I N G R E S S P O I N T S ,
O N E (1) O F F E . F LO R E N C E AV E . A N D
T W O (2 ) O F F F O R E S T S T.

12439-12455
ROOFING SYSTEM Florence Ave

FLAT ROOF

FOUNDATION
POURED CONCRETE SLAB ON GRADE
12439-12455 FLORENCE, CALIFORNIA

STRUCTURE
FLORENCE AVE
CONCRETE MASONRY (TYPE III-A)

CLEAR HEIGHT
±20’
 13
SITE PLAN

13

DOORS LIFE SAFETY/FIRE PROTECTION HVAC SYSTEM

6 STEEL ROLL UP DOORS STANDARD, UP-TO-CODE LIFE PACKAGED ROOFTOP UNITS
(20’W X 10’H) / 2 STEEL ROLL UP SAFETY AND PROTECTION.
DOORS (10’W X 10’H) WET SPRINKLER.
UTILITIES PROVIDERS
GAS:
EXTERIOR IMPROVEMENTS SOCAL GAS

12439-12455 FLORENCE, CALIFORNIA

CONCRETE BLOCK WALLS WITH METAL-FRAMED GLASS WINDOWS AND DOORS. ELECTRIC:
BROWN STONE DETAILS ABOVE EACH ENTRANCE AT FRONT OF BUILDING, SOUTHERN CALIFORNIA EDISON
ALONG WITH PLANTED SMALL TREES.
WATER:
CITY OF SANTA FE SPRINGS
INTERIOR IMPROVEMENTS ELECTRICAL/POWER SYSTEM WASTE SERVICES:
E FLORENCE AV
E 800A/277 – 480V 3P 4W HEAVY CR&R ENVIRONMENTAL SERVICES
STANDARD IMPROVEMENTS FOR
WAREHOUSE/INDUSTRIAL USES. (COSTAR) TELECOMMUNICATIONS:
VARIOUS PROVIDERS
 CITADEL OUTLETS
14

COMMERCE CENTER

PICO RIVERA TOWNE CENTER

PICO RIVERA PLAZA

12439-12455 FLORENCE, CALIFORNIA

CROSSROADS PLAZA
 15

DOWNTOWN, PICO RIVERA

LA CITADEL OUTLETS PLAZA
PICO RIVERA
TOWNE CENTER 15
CROSSROADS
COMMERCE CENTER PLAZA

L K B LVD
NO RWA
E
FL
O
R
EN
C
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12439-12455 FLORENCE, CALIFORNIA

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3 AREA OVERVIEW

The City of Santa Fe Springs, incorporated in 1957, is considered one

of the “Gateway Cities” of southeast Los Angeles County. Totaling
approximately nine square miles, the city is strategically located along the
border between Los Angeles and Orange Counties, with access to major
seaports, airports, and transportation corridors. Selected as a “North
American City of the Future,” by the Financial Times, the city is home to
100 acres of recreational space and miles of greenbelts and parkways. A
cultural and environmental oasis, it is one of the few cities with its own
public artwork program and an annual Arts Festival.

Santa Fe Springs is an important commercial hub, with the daytime

population that typically is five times more than the full-time residential
population. Approximately 84% of the city’s land is zoned for commercial
use, reflecting a thriving business community, supportive government, and
an active chamber of commerce.

17,624 36.4 8,664

POPULATION MEDIAN AGE LABOR FORCE
12439-12455 FLORENCE, CALIFORNIA

5,839 3,624
COLLEGE-EDUCATED
NUMBER OF EMPLOYERS
POPULATION

6TH 2ND
LARGEST COUNTY HIGHEST DENSITY
IN U.S.A. IN CALIFORNIA
 17

17

TOP EMPLOYERS
$84,437
AVERAGE HOUSEHOLD • McMaster-Carr Supply Company • 7-Eleven Distribution Company
INCOME • L.A. Specialty Produce Company • Harbor Distribution
• Fashion Nova • Shaw Diversified Services
• Trojan Battery Company • FedEx

$387M • Southern Wines & Spirits

ANNUAL HOUSEHOLD SURROUNDING UNIVERSITIES

SPENDING BUDGET

$492,589
AVERAGE PROPERTY MAJOR TRANSPORTATION INFRASTRUCTURES
VALUE
PORTS OF LONG
BEACH/ LOS ANGELES

12439-12455 FLORENCE, CALIFORNIA

NEARBY MAJOR ATTRACTIONS (PLACES AND EVENTS)
ALOHA FESTIVAL ART WALK SANTA FE SPRINGS SWAP MEET KNOTT’S BERRY FARM DISNEYLAND
18
4 TENANT OVERVIEW

https://www.associatedpackaging.com/

Associated Packaging, Inc. is one of the nation’s largest

complete packaging systems and materials companies,
providing customers with high-quality total packaging
solutions since 1977. The company identifies the customer
packaging needs and finds the most cost-effective equipment
and packaging materials to meet those needs. It uses state-of-
the-art CAD programs to provide its customers with document
drawings and schematics for various projects. Additionally,
the company offers continuous technical support to ensure the
smooth running of packaging operations for their customers.

Its professional team includes more than 140 highly-trained

tenured packaging specialists who develop innovative
products, services, and packaging solutions. Associated
Packaging, Inc. also employs several technical service teams
12439-12455 FLORENCE, CALIFORNIA

who understand the performance capabilities of all equipment

sold by the company and 12 customer service teams across
the United States to handle the placement and shipment of
POLY WHOLESALES MARKET SUPPLIES, INC. orders. Products and services offered by the company cater
to small, medium, and large-scale production requirements. It
Poly Wholesales Market Supplies, Inc. is a small-scale plastics-finished
sells packaging materials such as bags, carded and corrugated
wholesale and manufacturing company. They offer plastic products and packaging, labels, protective packaging, ribbons, and shrink
also specialize in packaging and labeling services. It was established in films. It also offers packaging equipment services, including
2003 by Peter Chen and currently has three full-time staff. shrink packaging and bundling, case loading, stretch and pallet
wrapping, bag sealing systems, and more.
 19

12439-12455 FLORENCE, CALIFORNIA

19
 GATEWAY PLAZA - SANTA FE SPRINGS
20

SANTA FE SPRINGS PLAZA

WHITTWOOD TOWN CENTER

12439-12455 FLORENCE, CALIFORNIA
 21
WHITTWOOD TOWN
CENTER BREA
FULLERTON

GATEWAY PLAZA
LA MIRADA
21
- SANTA FE
SPRINGS

SANTA FE SPRINGS
PLAZA

BLOOMFIELD AVE

EF
LOR
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12439-12455 FLORENCE, CALIFORNIA

EA
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22
5 MARKET OVERVIEW

FIGURES | GREATER LOS ANGELES INDUSTRIAL | Q2 2024

FIGURES | GREATER LOS ANGELES INDUSTRIAL | Q2 2024

Uptick in leasing activity outpaced

by greater space give-backs
3.4% (3.9M) 6.7M $1.54 6.0%
Vacancy Rate SF Net Absorption SF Under Construction NNN / MO Lease Rate Unemployment Rate
LA and Ventura County
Note: Arrows indicate change from previous quarter.
FIGURE 1: Vacancy & Net Absorption Trend
Net Net Absorption Vacancy Vacancy Rate
MARKET HIGHLIGHTS Absorption SF

• The vacancy rate increased to 3.4% in Q2 2024 driven by 3.9 million sq. ft. of 7M 5%
negative net absorption.
5M
• The availability rate increased by 170 basis points (bps) year-over-year to 5.6% 4%
from 4.9% in Q2 2023. 3M

Vacancy
• Sublease space retreated, measuring just 0.3% of vacancy and 1.0% of availability
12439-12455 FLORENCE, CALIFORNIA

1M 3%
in Q2 2024.
• The average direct asking rate decreased by $0.02 to $1.54 NNN quarter-over- -1 M
2%
quarter. Since reaching its peak in Q3 2022, the average asking rate has declined by
7.8%. -3 M
1%
• Third-party logistics and apparel firms together accounted for nearly one-half of -5 M
the top 25 leases in Q2 2024.
-7 M 0%
• The top sale transaction of the quarter was Invesco’s acquisition of 8901-8945 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Canoga Ave in Canoga Park from AEW Capital Management for $57M or $369 per Source: CBRE Research, Q2 2024.
sq. ft.
1 CBRE RESEARCH © 2024 CBRE, INC.
 23

MARKET OVERVIEW
23

FIGURES | GREATER LOS ANGELES INDUSTRIAL | Q2 2024

MARKET OVERVIEW
FIGURE 2: Submarket Statistics
The Greater Los Angeles (GLA) closed Q2 2024 with mixed results. The
market continued to see some large blocks of new vacant space come to Overall
Direct Overall Net Avg. Direct
market, but at a slower rate than the previous quarter. A recent give-back Bldg. Availabilit Total Gross Gross Under Deliverie
Submarket NRA Vacancy Vacancy Absorptio Asking
was driven by a recent discount chain closure, which brought a sizeable Count y Activity Absorption Const. s
Rate Rate n Rate NNN
Rate
block of space to the market, while the balance of the market witnessed
some slippage in terms of occupancy. Notably, the GLA region maintained Commerce/Vernon 2,901 164,799,007 3.6% 4.5% 7.4% (1,635,575) 1,186,399 696,869 $1.41 574,093 210,347
one of the lowest vacancy rates along the West Coast given its stable
fundamentals. Downtown Los Angeles 2,670 107,018,641 2.8% 2.9% 4.2% (567,397) 531,110 519,110 $1.27 253,318 0

The average direct asking lease rate saw a slight increase of $0.02 quarter-
Mid-Counties 2,156 105,219,595 3.6% 3.9% 7.1% (791,005) 1,864,958 961,851 $1.65 572,135 0
over-quarter, moving from $1.52 NNN per square foot (PSF) to $1.54 NNN
PSF. The South Bay reported the highest average rates at $1.66 NNN, Greater San Fernando 1,228,83
4,885 177,814,463 1.4% 1.6% 3.0% (227,985) 1,563,189 837,478 $1.60 168,676
followed by the Mid-Counties at $1.65 NNN, and the Greater San Valley 0
Fernando Valley at $1.60 NNN. In contrast, Downtown Los Angeles and
Ventura recorded more economical average direct asking lease rates at San Gabriel Valley 3,073 164,040,745 4.0% 4.2% 6.1% (369,204) 2,228,097 2,017,673 $1.51 706,035 1,661,872
$1.27 NNN and $1.14 NNN, respectively. 2,483,80
South Bay 4,172 203,897,485 3.8% 3.9% 6.7% (169,782) 2,513,438 1,564,359 $1.66 408,210
8
Net absorption in Greater LA was negative 3.9 million sq. ft. in Q2 2024.
5,818,21
Despite the occupancy losses in Q2 2024, this was an improvement over Los Angeles County 19,857 922,789,936 3.2% 3.5% 5.8% (3,760,948) 10,372,177 6,597,340 $1.57 2,449,105
9
Q1 2024. Both overall vacancies and availabilities increased quarter-over-
quarter in GLA, with vacancy rising from 2.8% to 3.4%, and availability Ventura County 1,806 68,271,244 2.1% 2.4% 3.7% (136,862) 848,909 241,319 $1.14 902,012 51,234
rising from 4.8% to 5.6%.
6,720,23
Greater L.A. 21,663 991,061,180 3.1% 3.4% 5.6% (3,897,810) 10,736,100 6,838,659 $1.54 2,500,339
1
Total sales volume in Q2 2024 was $425 million, with an average sale price
of $7.9 million. Despite the decelerated sales figures since the passing of Source: CBRE Research, Q2 2024.
measure ULA and interest rate hikes, owner-user acquisitions emerged as
a bright spot accompanying some larger investment transactions.

12439-12455 FLORENCE, CALIFORNIA

New construction deliveries in the GLA amounted to 2.5 million sq. ft. The
submarket with the most delivered space in Q2 2024 was the San Gabriel
Valley with 1.67 million sq. ft. A remaining 6.7 million sq. ft. was under
construction at the close of Q2 2024.

Looking ahead, the GLA industrial market will likely continue to face
headwinds due to the current elevated interest rates impacting the entire
industrial ecosystem. Still, the region benefits from unparalleled
fundamentals including its prime location in the State of CA, fifth largest
economy in the world, and its status as one of the largest metros in the
U.S.
2 CBRE RESEARCH © 2024 CBRE, INC.
 24 MARKET OVERVIEW

FIGURES | GREATER LOS ANGELES INDUSTRIAL | Q2 2024

FIGURE 3: Notable Lease Transactions Q2 2024 FIGURE 5: Direct Asking Lease Rates FIGURE 7: Development Pipeline

Sq. Ft.
Tenant Address SF Leased Type Asking Rate
NNN Asking Rate (Millions) Under Construction Deliveries
($/SF)
$1.75 10.0
Confidential 1650 Glen Curtis St 338,932 New Lease
$1.54

Confidential 2501 W Rosecrans 300,217 New Lease $1.50 7.5 6.72M

Prime Freight Int. 18120 Bishop Ave 290,034 New Lease $1.25 5.0
3.30M
Agron 18055 Harmon Ave 258,414 New Lease $1.00 2.5

Confidential 810 E 23rd St 204,000 Renewal

$0.75 0.0
nd
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023 2024 (YTD)
Reformation 5801 S 2 St 185,089 New Lease
2019 2020 2021 2022 2023 2024
Source: CBRE Research, Q2 2024. Source: CBRE Research, Q2 2024. Source: CBRE Research, Q2 2024.

FIGURE 4: Notable Sale Transactions Q2 2024 FIGURE 6: Direct Availability & Sublease Vacancy FIGURE 8: Top 25 Leases of the Quarter by Industry
Direct Sublease
Direct Sublease
Buyer Address SF Sold Sale Price
6% 1.0%
4.60%
5% 5% 4% 3PL
12439-12455 FLORENCE, CALIFORNIA

Invesco Advisors 8901-8945 Canoga Ave 154,328 $57.0MM 0.8%

7% Apparel
4% 33%
0.6%
ElmTree Funds 2401 N Chain Dr 140,508 $50.6MM 8% Manufacturing
3%
0.32% 0.4% 4.1M Other
Arrow Hwy Business 2% SQ. FT. Food
Rexford Industrial 134,542 $48.5MM 12%
Park (Portfolio) 0.2%
1% Business Services
Lankershim Blvd 15% 16% Medical
Captiva Partners 66,400 $15.7MM 0% 0.0%
(Portfolio) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Aerospace
2019 2020 2021 2022 2023 2024
Mid Valley Prop. Sturgis Rd (Portfolio) 49,641 $10.0MM

Source: CBRE Research, Q2 2024. Source: CBRE Research, Q2 2024. Source: CBRE Research, Q2 2024.

3 CBRE RESEARCH © 2024 CBRE, INC.

 E FLORENCE AVE
25

12439-12455 FLORENCE, CALIFORNIA

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26 MARKET OVERVIEW

SF SF TOTAL DIRECT SUBLEASE TOTAL SUBLEASE DIRECT TOTAL BLENDED LEASE # OF

BLDG SF AVAIL GROSS ACTIVITY GROSS ACTIVITY GROSS NET NNN LEASE RATE SF
MARKET AREA AVAIL AVAIL SF GROSS ACTIVITY SF SF SF VACANCY VACANCY VACANCY U/C RATE COMPLETION
COUNT NRA RATE 10K-100K 100K + ABSORPTION ABSORPTION $/SF/MO COMPLETIONS
10K-100K 100K + AVAIL VACANT VACANT VACANT RATE RATE RATE $/SF/MO S

Bell 79 5,349,440 76,241 124,520 200,761 3.8% 16,885 0 16,885 16,885 22,956 0 22,956 0.0% 0.4% 0.4% 70,121 0 $1.87 $1.87 0 0
Bell Gardens 77 2,691,527 33,219 119,347 152,566 5.7% 0 0 0 0 119,347 0 119,347 0.0% 4.4% 4.4% 0 0 $1.30 $1.30 0 0
Commerce 843 53,677,900 1,706,129 2,894,496 4,600,625 8.6% 463,505 637,927 1,101,432 631,042 2,257,285 260,693 2,517,978 0.5% 4.2% 4.7% (858,027) 245,705 $1.32 $1.33 0 0
Montebello 203 11,844,510 400,922 823,544 1,224,466 10.3% 68,082 0 68,082 48,942 959,020 0 959,020 0.0% 8.1% 8.1% 34,114 0 $1.81 $1.77 0 0
Monterey Park 95 2,253,656 177,652 0 177,652 8.0% 0 0 0 0 110,767 0 110,767 0.0% 4.9% 4.9% 0 0 $1.15 $1.15 0 0
Pico Rivera 189 10,571,405 526,303 495,754 1,022,057 9.7% 0 0 0 0 210,604 388,971 599,575 3.7% 2.0% 5.7% (406,900) 0 $1.50 $1.50 0 0
COMMERCE (Submarket) 1,486 86,388,438 2,920,466 4,457,661 7,378,127 8.5% 548,472 637,927 1,186,399 696,869 3,679,979 649,664 4,329,643 0.8% 4.3% 5.0% -1,160,692 245,705 $1.46 $1.44 0 0
Cudahy 38 1,418,300 110,615 0 110,615 7.8% 0 0 0 0 99,595 11,020 110,615 0.8% 7.0% 7.8% (79,520) 0 $0.00 $0.00 0 0
Huntington Park 163 6,032,245 263,076 0 263,076 4.4% 0 0 0 0 142,045 55,500 197,545 0.9% 2.4% 3.3% (15,800) 0 $1.30 $1.30 0 0
Maywood 29 873,420 15,259 0 15,259 1.7% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
South Gate 247 11,775,716 474,801 374,779 849,580 7.2% 0 0 0 0 498,344 0 498,344 0.0% 4.2% 4.2% (209,250) 0 $1.32 $1.32 0 0
Vernon 938 58,310,888 1,810,944 1,700,910 3,511,854 6.1% 484,986 0 484,986 398,686 1,514,839 699,420 2,214,259 1.2% 2.6% 3.8% (170,313) 328,388 $1.37 $1.37 1 210,347
VERNON (Submarket) 1,415 78,410,569 2,674,695 2,075,689 4,750,384 6.1% 0 0 0 0 2,254,823 765,940 3,020,763 1.0% 2.9% 3.9% -474,883 328,388 $1.35 $1.31 1 210,347
COMMERCE/VERNON 2,901 164,799,007 5,595,161 6,533,350 12,128,511 7.4% 548,472 637,927 1,186,399 696,869 5,934,802 1,415,604 7,350,406 0.9% 3.6% 4.5% -1,635,575 574,093 $1.41 $1.39 1 210,347
Los Angeles 2,670 107,018,641 3,739,797 699,122 4,438,919 419.5% 416,098 115,012 531,110 519,110 2,959,709 101,376 3,061,085 0.1% 2.8% 2.9% (567,397) 253,318 $1.27 $1.32 0 0
DOWNTOWN LOS ANGELES 2,670 107,018,641 3,739,797 699,122 4,438,919 4.1% 416,098 115,012 531,110 519,110 2,959,709 101,376 3,061,085 0.1% 2.8% 2.9% -567,397 253,318 $1.27 $1.32 0 0
CENTRAL LOS ANGELES 5,571 271,817,648 9,334,958 7,232,472 16,567,430 6.1% 964,570 752,939 1,717,509 1,215,979 8,894,511 1,516,980 10,411,491 0.6% 3.3% 3.8% -2,202,972 827,411 $1.37 $1.36 1 210,347
Artesia 16 301,507 18,466 0 18,466 6.1% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $1.45 $1.45 0 0
Bellflower 27 511,296 0 0 0 0.0% 17,504 0 17,504 17,504 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Cerritos 261 13,741,372 809,289 404,919 1,214,208 8.8% 119,336 122,514 241,850 214,854 547,098 35,520 582,618 0.3% 4.0% 4.2% (68,591) 0 $1.46 $1.46 0 0
Downey 115 5,405,964 176,175 0 176,175 3.3% 56,765 335,704 392,469 56,765 142,459 0 142,459 0.0% 2.6% 2.6% 33,636 0 $1.38 $1.42 0 0
La Mirada 182 13,282,746 440,419 987,305 1,427,724 10.7% 109,423 142,560 251,983 99,423 611,752 65,367 677,119 0.5% 4.6% 5.1% 51,092 0 $1.61 $1.61 0 0
Lakewood 17 672,318 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Norwalk 63 2,929,857 84,040 0 84,040 2.9% 0 0 0 0 84,040 0 84,040 0.0% 2.9% 2.9% 0 0 $1.67 $1.67 0 0
Paramount 261 8,578,889 271,656 0 271,656 3.2% 96,935 0 96,935 38,240 145,205 20,000 165,205 0.2% 1.7% 1.9% (51,762) 0 $1.44 $1.47 0 0
Santa Fe Springs 1,136 55,022,853 1,796,345 2,020,512 3,816,857 7.0% 332,927 366,376 699,303 370,151 2,116,794 129,931 2,246,725 0.2% 3.8% 4.1% (593,770) 572,135 $1.77 $1.77 0 0
Whittier 78 4,772,793 85,130 314,690 399,820 8.4% 11,834 153,080 164,914 164,914 171,610 0 171,610 0.0% 3.6% 3.6% (161,610) 0 $1.62 $1.62 0 0
MID-COUNTIES 2,156 105,219,595 3,681,520 3,727,426 7,408,946 7.0% 744,724 1,120,234 1,864,958 961,851 3,818,958 250,818 4,069,776 0.2% 3.6% 3.9% -791,005 572,135 $1.65 $1.66 0 0
Arleta/Sun Valley 392 12,357,823 364,101 168,000 532,101 4.6% 53,920 181,635 235,555 33,592 144,567 90,887 235,454 0.7% 1.2% 1.9% 106,260 0 $1.87 $1.87 0 0
Burbank 394 15,112,609 360,026 0 360,026 2.4% 12,500 0 12,500 12,500 306,893 0 306,893 0.0% 2.0% 2.0% (21,532) 0 $1.90 $1.92 0 0
Glendale 587 19,140,036 293,617 0 293,617 1.6% 149,320 0 149,320 53,000 179,807 0 179,807 0.0% 0.9% 0.9% (106,997) 0 $1.61 $1.74 0 0
North Hollywood 495 14,240,517 356,660 0 356,660 2.6% 64,210 0 64,210 36,116 168,232 0 168,232 0.0% 1.2% 1.2% 172 106,750 $1.64 $1.70 0 0
Pacoima 130 5,628,326 85,394 0 85,394 1.5% 56,028 0 56,028 56,028 29,880 0 29,880 0.0% 0.5% 0.5% (29,880) 68,145 $1.53 $1.53 0 0
Pasadena 116 4,248,327 116,286 0 116,286 2.7% 11,020 0 11,020 0 105,266 0 105,266 0.0% 2.5% 2.5% (16,443) 0 $1.82 $1.82 0 0
San Fernando 152 5,455,563 122,880 132,936 255,816 4.7% 0 132,936 132,936 0 93,775 10,000 103,775 0.2% 1.7% 1.9% 164,616 0 $1.76 $1.76 1 168,676
Sunland/Tujunga 6 228,467 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Sylmar 162 7,814,776 192,530 0 192,530 2.5% 15,000 0 15,000 15,000 114,945 0 114,945 0.0% 1.5% 1.5% (36,962) 143,529 $1.53 $1.53 0 0
EAST SAN FERNANDO VALLEY 2,434 84,226,444 1,891,494 300,936 2,192,430 2.6% 361,998 314,571 676,569 206,236 1,143,365 100,887 1,244,252 0.1% 1.4% 1.5% 59,234 318,424 $1.75 $1.78 1 168,676
12439-12455 FLORENCE, CALIFORNIA

Agoura Hills 26 751,349 17,434 0 17,434 3.5% 0 0 0 0 5,384 0 5,384 0.0% 0.7% 0.7% (1,535) 0 $1.51 $1.62 0 0
Calabasas 33 1,506,867 155,008 0 155,008 10.3% 0 128,700 128,700 128,700 0 71,170 71,170 4.7% 0.0% 4.7% 0 0 $1.65 $1.65 0 0
Canoga Park 216 5,769,778 122,565 0 122,565 2.3% 10,141 0 10,141 0 92,925 0 92,925 0.0% 1.6% 1.6% 32,938 0 $1.84 $1.84 0 0
Chatsworth 609 22,317,053 745,507 122,984 868,491 4.0% 200,540 0 200,540 79,340 362,069 43,787 405,856 0.2% 1.6% 1.8% (115,290) 79,539 $1.54 $1.56 0 0
Granada Hills 2 43,598 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Mission Hills 4 126,781 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Northridge 137 3,514,188 69,268 0 69,268 2.4% 59,784 0 59,784 47,584 69,060 0 69,060 0.0% 2.0% 2.0% (29,748) 0 $1.42 $1.42 0 0
Panorama City 73 2,663,791 44,726 0 44,726 1.9% 0 0 0 0 33,579 0 33,579 0.0% 1.3% 1.3% 5,800 0 $1.41 $1.41 0 0
Reseda 20 439,927 22,973 0 22,973 5.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Sepulveda 27 1,225,032 130,356 0 130,356 10.6% 0 0 0 0 98,000 32,356 130,356 2.6% 8.0% 10.6% 0 0 $1.89 $1.89 0 0
Sherman Oaks 2 38,817 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Tarzana 22 564,981 0 0 0 1.1% 0 0 0 0 6,000 0 6,000 0.0% 1.1% 1.1% (406) 0 $1.75 $1.75 0 0
Van Nuys 545 20,016,123 219,379 175,660 395,039 2.1% 113,969 0 113,969 94,469 346,979 29,030 376,009 0.1% 1.7% 1.9% (167,400) 0 $1.70 $1.70 0 0
Woodland Hills 64 2,664,203 46,768 0 46,768 1.8% 0 0 0 0 46,768 0 46,768 0.0% 1.8% 1.8% (15,935) 0 $1.92 $1.92 0 0
WEST SAN FERNANDO VALLEY 1,780 61,642,488 1,573,984 298,644 1,872,628 3.0% 384,434 128,700 513,134 350,093 1,060,764 176,343 1,237,107 0.3% 1.7% 2.0% (291,576) 79,539 $1.64 $1.62 0 0
Canyon Country 19 513,424 11,300 0 11,300 2.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Castaic 2 96,253 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Santa Clarita 52 4,095,398 0 167,809 167,809 4.1% 85,802 107,522 193,324 193,324 51,500 0 51,500 0.0% 1.3% 1.3% 0 604,407 $0.92 $0.92 0 0
Valencia 465 20,448,067 650,397 124,800 775,197 3.8% 180,162 0 180,162 87,825 199,292 98,700 297,992 0.5% 1.0% 1.5% 4,357 126,607 $1.39 $1.39 0 0
SANTA CLARITA (SUBMARKET) 538 25,153,142 661,697 292,609 954,306 3.8% 265,964 107,522 373,486 281,149 250,792 98,700 349,492 0.4% 1.0% 1.4% 4,357 731,014 $1.29 $1.27 0 0
Lancaster 80 4,049,914 76,260 0 76,260 1.9% 0 0 0 0 10,400 16,960 27,360 0.4% 0.3% 0.7% 0 0 $0.85 $0.97 0 0
Palmdale 53 2,742,475 115,605 0 115,605 4.9% 0 0 0 0 38,187 22,680 60,867 0.8% 1.4% 2.2% 0 99,853 $1.04 $1.06 0 0
ANTELOPE VALLEY 133 6,792,389 191,865 0 191,865 2.8% 0 0 0 0 48,587 39,640 88,227 0.6% 0.7% 1.3% 0 99,853 $1.01 $1.03 0 0
GREATER SAN FERNANDO VALLEY 4,885 177,814,463 4,319,040 892,189 5,211,229 2.9% 1,012,396 550,793 1,563,189 837,478 2,503,508 415,570 2,919,078 0.2% 1.4% 1.6% -227,985 1,228,830 $1.60 $1.60 1 168,676
Azusa 169 7,985,903 365,272 0 365,272 4.6% 0 0 0 0 197,856 74,000 271,856 0.9% 2.5% 3.4% (196,296) 0 $1.27 $1.35 0 0
City of Industry 1,096 84,386,674 2,088,159 4,791,927 6,880,086 8.2% 562,499 901,207 1,463,706 1,448,089 4,762,526 160,213 4,922,739 0.2% 5.6% 5.8% (294,136) 306,192 $1.61 $1.62 2 1,300,880
 San Fernando 152 5,455,563 122,880 132,936 255,816 4.7% 0 132,936 132,936 0 93,775 10,000 103,775 0.2% 1.7% 1.9% 164,616 0 $1.76 $1.76 1 168,676
Sunland/Tujunga 6 228,467 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Sylmar
EAST SAN FERNANDO VALLEY
162
2,434
7,814,776
84,226,444
192,530
1,891,494
0
300,936
192,530
2,192,430
2.5%
2.6%
15,000
361,998
0
314,571
15,000
676,569
15,000
206,236
114,945
1,143,365
0
100,887
114,945
1,244,252
0.0% 1.5% 1.5%
0.1% 1.4% 1.5%
(36,962)
59,234
143,529
318,424
$1.53
$1.75
$1.53
$1.78 1
0 0
168,676
27
Agoura Hills 26 751,349 17,434 0 17,434 3.5% 0 0 0 0 5,384 0 5,384 0.0% 0.7% 0.7% (1,535) 0 $1.51 $1.62 0 0
Calabasas 33 1,506,867 155,008 0 155,008 10.3% 0 128,700 128,700 128,700 0 71,170 71,170 4.7% 0.0% 4.7% 0 0 $1.65 $1.65 0 0
Canoga Park 216 5,769,778 122,565 0 122,565 2.3% 10,141 0 10,141 0 92,925 0 92,925 0.0% 1.6% 1.6% 32,938 0 $1.84 $1.84 0 0
Chatsworth 609 22,317,053 745,507 122,984 868,491 4.0% 200,540 0 200,540 79,340 362,069 43,787 405,856 0.2% 1.6% 1.8% (115,290) 79,539 $1.54 $1.56 0 0
Granada Hills 2 43,598 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Mission Hills 4 126,781 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0

27
Northridge 137 3,514,188 69,268 0 69,268 2.4% 59,784 0 59,784 47,584 69,060 0 69,060 0.0% 2.0% 2.0% (29,748) 0 $1.42 $1.42 0 0
Panorama City MARKET OVERVIEW 73 2,663,791 44,726 0 44,726 1.9% 0 0 0 0 33,579 0 33,579 0.0% 1.3% 1.3% 5,800 0 $1.41 $1.41 0 0
Reseda 20 439,927 22,973 0 22,973 5.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Sepulveda 27 1,225,032 130,356 0 130,356 10.6% 0 0 0 0 98,000 32,356 130,356 2.6% 8.0% 10.6% 0 0 $1.89 $1.89 0 0
Sherman Oaks 2 38,817 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Tarzana 22 564,981 0 0 0 1.1% 0 0 0 0 6,000 0 6,000 0.0% 1.1% 1.1% (406) 0 $1.75 $1.75 0 0
Van Nuys 545 20,016,123 219,379 175,660 395,039 2.1% 113,969 0 113,969 94,469 346,979 29,030 376,009 0.1% 1.7% 1.9% (167,400) 0 $1.70 $1.70 0 0
Woodland Hills 64 2,664,203 46,768 0 46,768 1.8% 0 0 0 0 46,768 0 46,768 0.0% 1.8% 1.8% (15,935) 0 $1.92 $1.92 0 0
WEST SAN FERNANDO VALLEY 1,780 61,642,488 1,573,984 298,644 1,872,628 3.0% 384,434 128,700 513,134 350,093 1,060,764 176,343 1,237,107 0.3% 1.7% 2.0% (291,576) 79,539 $1.64 $1.62 0 0
Canyon Country 19 513,424 11,300 0 11,300 2.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Castaic 2 96,253 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Santa Clarita 52 4,095,398 0 167,809 167,809 4.1% 85,802 107,522 193,324 193,324 51,500 0 51,500 0.0% 1.3% 1.3% 0 604,407 $0.92 $0.92 0 0
Valencia 465 20,448,067 650,397 124,800 775,197 3.8% 180,162 0 180,162 87,825 199,292 98,700 297,992 0.5% 1.0% 1.5% 4,357 126,607 $1.39 $1.39 0 0
SANTA CLARITA (SUBMARKET) 538 25,153,142 661,697
SF
292,609
SF
954,306
TOTAL
3.8% 265,964 107,522 373,486 281,149 250,792
DIRECT
98,700
SUBLEASE
349,492
TOTAL
0.4%
SUBLEASE
1.0%
DIRECT
1.4%
TOTAL
4,357 731,014 $1.29 $1.27
BLENDED LEASE
0
# OF
0
BLDG SF AVAIL GROSS ACTIVITY GROSS ACTIVITY GROSS NET NNN LEASE RATE SF
Lancaster MARKET AREA 80
COUNT 4,049,914
NRA 76,260
AVAIL 0
AVAIL 76,260
SF 1.9%
RATE 0
10K-100K 0
100K +
GROSS 0
ACTIVITY 0
ABSORPTION 10,400
SF 16,960
SF 27,360
SF 0.4% VACANCY
VACANCY 0.3% VACANCY
0.7% 0
ABSORPTION 0
U/C $0.85
$/SF/MO $0.97
RATE 0
COMPLETION 0
COMPLETIONS
10K-100K 100K + AVAIL VACANT VACANT VACANT RATE RATE RATE $/SF/MO S
Palmdale 53 2,742,475 115,605 0 115,605 4.9% 0 0 0 0 38,187 22,680 60,867 0.8% 1.4% 2.2% 0 99,853 $1.04 $1.06 0 0
Bell
ANTELOPE VALLEY 79
133 5,349,440
6,792,389 76,241
191,865 124,520
0 200,761
191,865 3.8%
2.8% 16,885
0 00 16,885
0 16,885
0 22,956
48,587 0
39,640 22,956
88,227 0.0% 0.7%
0.6% 0.4% 1.3%
0.4% 70,121
0 0
99,853 $1.87
$1.01 $1.87
$1.03 00 00
Bell Gardens
GREATER SAN FERNANDO VALLEY 77
4,885 2,691,527
177,814,463 33,219
4,319,040 119,347
892,189 152,566
5,211,229 5.7%
2.9% 0
1,012,396 0
550,793 0
1,563,189 0
837,478 119,347
2,503,508 0
415,570 119,347
2,919,078 0.0% 1.4%
0.2% 4.4% 1.6%
4.4% -227,985
0 0
1,228,830 $1.30
$1.60 $1.30
$1.60 0
1 0
168,676
Commerce
Azusa 843
169 53,677,900
7,985,903 1,706,129
365,272 2,894,496
0 4,600,625
365,272 8.6%
4.6% 463,505
0 637,927
0 1,101,432
0 631,042
0 2,257,285
197,856 260,693
74,000 2,517,978
271,856 0.5% 2.5%
0.9% 4.2% 3.4%
4.7% (858,027)
(196,296) 245,705
0 $1.32
$1.27 $1.33
$1.35 0 00
Montebello
City of Industry 203
1,096 11,844,510
84,386,674 400,922
2,088,159 823,544
4,791,927 1,224,466
6,880,086 10.3%
8.2% 68,082
562,499 0
901,207 68,082
1,463,706 48,942
1,448,089 959,020
4,762,526 0
160,213 959,020
4,922,739 0.0% 5.6%
0.2% 8.1% 5.8%
8.1% 34,114
(294,136) 0
306,192 $1.81
$1.61 $1.77
$1.62 0
2 0
1,300,880
Monterey
El Monte Park 95
208 2,253,656
11,654,153 177,652
180,295 00 177,652
180,295 8.0%
1.5% 0
23,000 0
194,807 0
217,807 0
23,000 110,767
167,934 00 110,767
167,934 4.9% 1.4%
0.0% 1.4% 4.9% 0
274,822 00 $1.15
$0.92 $1.15
$0.92 0
1 0
360,992
Pico Rivera
Irwindale 189
252 10,571,405
14,930,601 526,303
376,031 495,754
318,256 1,022,057
694,287 9.7%
4.7% 0
60,273 0
184,879 0
245,152 0
245,152 210,604
323,008 388,971
100,201 599,575
423,209 3.7% 2.2%
0.7% 2.0% 2.8%
5.7% (406,900)
(24,190) 0
130,063 $1.50
$1.37 $1.50
$1.37 0 00
COMMERCE
Monrovia/Duarte (Submarket) 1,486
189 86,388,438
6,364,179 2,920,466
391,888 4,457,661
0 7,378,127
391,888 8.5%
6.2% 548,472
10,268 637,927
0 1,186,399
10,268 696,869
10,268 3,679,979
220,671 649,664
0 4,329,643
220,671 0.8% 3.5%
0.0% 4.3% 3.5%
5.0% -1,160,692
(34,615) 245,705
0 $1.46
$1.50 $1.44
$1.50 0 00
Cudahy
Pomona 38
431 1,418,300
20,029,077 110,615
723,510 00 110,615
723,510 7.8%
3.6% 0
96,502 00 0
96,502 0
96,502 99,595
366,914 11,020
11,205 110,615
378,119 0.8% 1.8%
0.1% 7.0% 1.9%
7.8% (79,520)
(58,415) 0
269,780 $0.00
$1.37 $0.00
$1.37 0 00
Huntington
South Park
El Monte 163
321 6,032,245
6,991,997 263,076
107,493 00 263,076
107,493 4.4%
1.5% 0
39,327 00 0
39,327 0
39,327 142,045
77,862 55,500
0 197,545
77,862 0.9% 1.1%
0.0% 2.4% 1.1%
3.3% (15,800)
(40,031) 00 $1.30
$1.29 $1.30
$1.36 0 00
Maywood
Baldwin Park 29
144 873,420
4,634,648 15,259
97,199 0
301,572 15,259
398,771 1.7%
8.6% 0
14,811 00 0
14,811 0
14,811 0
341,990 00 0
341,990 0.0% 7.4%
0.0% 7.4% 0.0% 0
(27,449) 00 $0.00
$1.54 $0.00
$1.54 0 00
South Gate
Walnut 247
34 11,775,716
642,094 474,801
111,424 374,779
0 849,580
111,424 7.2%
17.4% 0 00 0 0 498,344
44,485 00 498,344
44,485 4.2% 6.9%
0.0% 6.9% 4.2% (209,250)
(33,838) 00 $1.32
$1.76 $1.32
$1.76 0 00
Vernon
Glendora/San Dimas/La Verne 938
229 58,310,888
6,421,419 1,810,944
130,385 1,700,910
0 3,511,854
130,385 6.1%
2.0% 484,986
140,524 00 484,986
140,524 398,686
140,524 1,514,839
101,805 699,420
0 2,214,259
101,805 1.2% 1.6%
0.0% 2.6% 1.6%
3.8% (170,313)
64,944 328,388
0 $1.37
$1.51 $1.37
$1.51 1
0 210,347
0
VERNON
SAN GABRIEL(Submarket)
VALLEY 1,415
3,073 78,410,569
164,040,745 2,674,695
4,571,656 2,075,689
5,411,755 4,750,384
9,983,411 6.1% 0
947,204 0
1,280,893 0
2,228,097 0
2,017,673 2,254,823
6,605,051 765,940
345,619 3,020,763
6,950,670 1.0% 4.0%
0.2% 2.9% 4.2%
3.9% -369,204
-474,883 328,388
706,035 $1.35
$1.51 $1.31
$1.56 1
3 210,347
1,661,872
COMMERCE/VERNON
Carson 2,901
660 164,799,007
44,349,068 5,595,161
1,158,673 6,533,350
2,617,296 12,128,511
3,775,969 7.4%
8.5% 548,472
202,670 637,927
420,052 1,186,399
622,722 696,869
316,176 5,934,802
2,722,883 1,415,604
113,714 7,350,406
2,836,597 0.9% 6.1%
0.3% 3.6% 6.4%
4.5% -1,635,575
(226,613) 574,093
979,411 $1.41
$1.70 $1.39
$1.70 1
2 210,347
278,910
Los Angeles
Compton 2,670
354 107,018,641
22,052,685 3,739,797
1,204,295 699,122
1,230,886 4,438,919
2,435,181 419.5%
11.0% 416,098
40,866 115,012
334,150 531,110
375,016 519,110
10,618 2,959,709
1,079,590 101,376
10,000 3,061,085
1,089,590 0.1% 4.9%
0.0% 2.8% 4.9%
2.9% (567,397)
185,297 253,318
0 $1.27
$1.60 $1.32
$1.60 0 00
DOWNTOWN
El Segundo LOS ANGELES 2,670
144 107,018,641
6,130,514 3,739,797
49,290 699,122
0 4,438,919
49,290 4.1%
0.8% 416,098
38,192 115,012
0 531,110
38,192 519,110
38,192 2,959,709
49,290 101,376
0 3,061,085
49,290 0.1% 0.8%
0.0% 2.8% 0.8%
2.9% -567,397
0 253,318
0 $1.27
$2.25 $1.32
$2.25 0 00
CENTRAL
GardenaLOS ANGELES 5,571
489 271,817,648
14,956,534 9,334,958
381,647 7,232,472
124,912 16,567,430
506,559 6.1%
3.4% 964,570
94,785 752,939
0 1,717,509
94,785 1,215,979
68,865 8,894,511
196,800 1,516,980
0 10,411,491
196,800 0.6% 1.3%
0.0% 3.3% 1.3%
3.8% -2,202,972
67,098 827,411
190,860 $1.37
$1.41 $1.36
$1.41 1
0 210,347
0
Artesia City
Harbor 16
110 301,507
3,559,058 18,466
188,168 0
328,789 18,466
516,957 6.1%
14.5% 0
142,819 0 0
142,819 0
129,976 0
327,311 0 0
327,311 0.0% 9.2%
0.0% 9.2% 0.0% 0
(4,991) 00 $1.45
$1.84 $1.45
$1.84 0 0
Bellflower
Hawthorne 27
179 511,296
7,285,501 0
199,185 0 0
199,185 0.0%
2.7% 17,504
71,954 0 17,504
71,954 17,504
49,201 0
44,000 0
37,561 0
81,561 0.0% 0.6%
0.5% 0.0% 1.1%
0.0% 0
35,080 0
30,595 $0.00
$1.65 $0.00
$1.76 0 0
Cerritos
Inglewood 261
142 13,741,372
4,044,759 809,289
58,410 404,919
114,357 1,214,208
172,767 8.8%
4.3% 119,336
12,140 122,514
0 241,850
12,140 214,854
0 547,098
13,000 35,520
32,460 582,618
45,460 0.3% 0.3%
0.8% 4.0% 1.1%
4.2% (68,591)
(1,335) 00 $1.46
$1.95 $1.46
$1.95 0 0
Downey
LA Unincorporated 115
388 5,405,964
15,142,850 176,175
772,928 0
321,561 176,175
1,094,489 3.3%
7.2% 56,765
154,513 335,704
0 392,469
154,513 56,765
154,513 142,459
515,705 0 142,459
515,705 2.6% 3.4%
0.0% 3.4% 2.6% 33,636
(91,395) 00 $1.38
$1.39 $1.42
$1.39 0 0
La Mirada
Lawndale 182
11 13,282,746
167,202 440,419
10,000 987,305
0 1,427,724
10,000 10.7%
6.0% 109,423
0 142,560
0 251,983
0 99,423
0 611,752
10,000 65,367
0 677,119
10,000 0.5% 6.0%
0.0% 4.6% 6.0%
5.1% 51,092
0 00 $1.61
$1.95 $1.61
$1.95 0 0
Lakewood
Long Beach 17
472 672,318
19,036,313 0
476,927 0
730,248 0
1,207,175 0.0%
6.4% 0
21,087 0 0
21,087 0
21,087 0
692,035 0 0
692,035 0.0% 3.6%
0.0% 3.6% 0.0% 0
52,930 0
1,077,567 $0.00
$1.87 $0.00
$1.87 0
1 0
129,300
Norwalk
LAX 63
132 2,929,857
5,077,850 84,040
303,039 0 84,040
303,039 2.9%
6.1% 0 0 0 0 84,040
166,949 0
5,000 84,040
171,949 0.0% 3.3%
0.1% 2.9% 3.4%
2.9% 0
14,000 00 $1.67
$2.31 $1.67
$2.31 0 0
Paramount
Rancho Dominguez 261
305 8,578,889
20,523,089 271,656
601,458 0
852,028 271,656
1,453,486 3.2%
7.1% 96,935
287,052 0 96,935
287,052 38,240
287,052 145,205
513,174 20,000
95,696 165,205
608,870 0.2% 2.5%
0.5% 1.7% 3.0%
1.9% (51,762)
(49,354) 0
205,375 $1.44
$1.53 $1.47
$1.53 0 0
Santa Fe Springs
Redondo Beach 1,136
32 55,022,853
2,453,948 1,796,345
0 2,020,512
0 3,816,857
0 7.0%
0.0% 332,927
125,376 366,376
0 699,303
125,376 370,151
0 2,116,794
0 129,931
0 2,246,725
0 0.2% 0.0%
0.0% 3.8% 0.0%
4.1% (593,770)
0 572,135
0 $1.77
$0.00 $1.77
$0.00 0 00
Whittier
San Pedro 78
24 4,772,793
3,096,687 85,130
0 314,690
338,899 399,820
338,899 8.4%
10.9% 11,834
0 153,080
0 164,914
0 164,914
0 171,610
338,899 0 171,610
338,899 3.6% 10.9%
0.0% 10.9% 3.6% (161,610)
(338,899) 00 $1.62
$0.00 $1.62
$2.05 0 00
MID-COUNTIES
Signal Hill 2,156
113 105,219,595
2,421,325 3,681,520
45,546 3,727,426
0 7,408,946
45,546 7.0%
1.9% 744,724
43,744 1,120,234
0 1,864,958
43,744 961,851
43,744 3,818,958
0 250,818
0 4,069,776
0 0.2% 0.0%
0.0% 3.6% 0.0%
3.9% -791,005
22,958 572,135
0 $1.65
$0.00 $1.66
$0.00 0 0
Arleta/Sun Valley
Torrance 392
537 12,357,823
30,024,338 364,101
427,199 168,000
1,093,719 532,101
1,520,918 4.6%
5.1% 53,920
300,173 181,635
0 235,555
300,173 33,592
221,070 144,567
926,559 90,887
0 235,454
926,559 0.7% 3.1%
0.0% 1.2% 3.1%
1.9% 106,260
165,442 00 $1.87
$2.12 $1.87
$2.12 0 00
Burbank
Wilmington 394
80 15,112,609
3,575,764 360,026
0 00 360,026
0 2.4%
0.0% 12,500
0 0
223,865 12,500
223,865 12,500
223,865 306,893
0 00 306,893
0 2.0% 0.0%
0.0% 0.0% 2.0% (21,532)
0 00 $1.90
$0.00 $1.92
$0.00 0 00
Glendale
SOUTH BAY 587
4,172 19,140,036
203,897,485 293,617
5,876,765 0
7,752,695 293,617
13,629,460 1.6%
6.7% 149,320
1,535,371 0
978,067 149,320
2,513,438 53,000
1,564,359 179,807
7,596,195 0
294,431 179,807
7,890,626 0.0% 3.7%
0.1% 0.9% 3.9%
0.9% (106,997)
-169,782 0
2,483,808 $1.61
$1.72 $1.74
$1.72 0
3 0
408,210
North
LA COUNTYHollywood
TOTALS 495
19,857 14,240,517 27,783,939
922,789,936 356,660 0
25,016,537 356,660
52,800,476 2.6%
5.7% 64,210
5,204,265 0
4,682,926 64,210
9,887,191 36,116
6,597,340 168,232
29,418,223 0
2,823,418 168,232
32,241,641 0.0% 3.2%
0.3% 1.2% 3.5%
1.2% (3,760,948)
172 106,750
5,818,219 $1.64
$1.57 $1.70
$1.56 80 0
2,449,105
Pacoima
Camarillo 130
286 5,628,326
10,980,006 85,394
343,499 00 85,394
343,499 1.5%
3.3% 56,028
173,820 0 56,028
173,820 56,028
13,373 29,880
223,518 0 29,880
223,518 0.5% 2.0%
0.0% 2.0% 0.5% (29,880)
(105,675) 68,145
181,500 $1.53
$0.95 $1.53
$1.10 0 0
Pasadena
Moorpark 116
92 4,248,327
4,135,068 116,286
175,210 00 116,286
175,210 2.7%
10.4% 11,020
0 0 11,020
0 0 105,266
186,480 0
115,538 105,266
302,018 0.0% 4.5%
2.8% 2.5% 7.3%
2.5% (16,443)
0 0
48,787 $1.82
$1.34 $1.82
$1.35 0 0
San Fernando
Oxnard 152
497 5,455,563
21,989,428 122,880
373,489 132,936
0 255,816
373,489 4.7%
2.6% 0
210,418 132,936
250,979 132,936
461,397 0
114,010 93,775
193,906 10,000
0 103,775
193,906 0.2% 0.9%
0.0% 1.7% 0.9%
1.9% 164,616
(28,565) 0 $1.76
$0.87 $1.76
$1.10 1
0 168,676
0
Sunland/Tujunga
Simi Valley 6
225 228,467
9,053,919 0
455,489 00 0
455,489 0.0%
5.2% 0
43,000 0 0
43,000 0
43,000 0
380,702 0 0
380,702 0.0% 4.2%
0.0% 4.2% 0.0% 0
(9,093) 0
537,826 $0.00
$1.41 $0.00
$1.42 0
1 0
51,234
Sylmar Oaks
Thousand 162
214 7,814,776
8,626,265 192,530
363,247 0
250,538 192,530
613,785 2.5%
4.5% 15,000
131,344 0 15,000
131,344 15,000
31,588 114,945
339,853 0
23,668 114,945
363,521 0.0% 3.9%
0.3% 1.5% 4.2%
1.5% (36,962)
29,094 143,529
120,290 $1.53
$1.35 $1.53
$1.38 0 0
EAST SAN FERNANDO VALLEY
Ventura 2,434
375 84,226,444
9,714,883 1,891,494
181,963 300,936
140,185 2,192,430
322,148 2.6%
2.3% 361,998
27,942 314,571
0 676,569
27,942 206,236
27,942 1,143,365
118,062 100,887
0 1,244,252
118,062 0.1% 1.2%
0.0% 1.4% 1.2%
1.5% 59,234
(18,823) 318,424
13,609 $1.75
$0.85 $1.78
$1.02 10 168,676
0

12439-12455 FLORENCE, CALIFORNIA

Agoura Hills
Westlake Village 26
117 751,349
3,771,675 17,434
45,002 00 17,434
45,002 3.5%
1.9% 0
11,406 0 0
11,406 0
11,406 5,384
23,686 0 5,384
23,686 0.7% 0.6%
0.0% 0.6% 0.7% (1,535)
(3,800) 0 $1.51
$1.77 $1.62
$1.95 0 0
CalabasasCOUNTY
VENTURA 33
1,806 1,506,867
68,271,244 155,008
1,937,899 0
390,723 155,008
2,328,622 10.3%
3.4% 0
597,930 128,700
250,979 128,700
848,909 128,700
241,319 0
1,466,207 71,170
139,206 71,170
1,605,413 4.7% 2.1%
0.2% 0.0% 2.4%
4.7% 0
-136,862 0
902,012 $1.65
$1.14 $1.65
$1.26 10 0
51,234
Canoga Park
GREATER LA AREA TOTALS 216
21,663 5,769,778
991,061,180 122,565
29,721,838 0
25,407,260 122,565
55,129,098 2.3%
5.6% 10,141
5,802,195 0
4,933,905 10,141
10,736,100 0
6,838,659 92,925
30,884,430 0
2,962,624 92,925
33,847,054 0.0% 3.1%
0.3% 1.6% 3.4%
1.6% (3,897,810)
32,938 0
6,720,231 $1.84
$1.54 $1.84
$1.54 90 0
2,500,339
Chatsworth 609 22,317,053 745,507 122,984 868,491 4.0% 200,540 0 200,540 79,340 362,069 43,787 405,856 0.2% 1.6% 1.8% (115,290) 79,539 $1.54 $1.56 0 0
Granada Hills 2 43,598 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Mission Hills 4 126,781 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Northridge 137 3,514,188 69,268 0 69,268 2.4% 59,784 0 59,784 47,584 69,060 0 69,060 0.0% 2.0% 2.0% (29,748) 0 $1.42 $1.42 0 0
Panorama City 73 2,663,791 44,726 0 44,726 1.9% 0 0 0 0 33,579 0 33,579 0.0% 1.3% 1.3% 5,800 0 $1.41 $1.41 0 0
Reseda 20 439,927 22,973 0 22,973 5.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Sepulveda 27 1,225,032 130,356 0 130,356 10.6% 0 0 0 0 98,000 32,356 130,356 2.6% 8.0% 10.6% 0 0 $1.89 $1.89 0 0
Sherman Oaks 2 38,817 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Tarzana 22 564,981 0 0 0 1.1% 0 0 0 0 6,000 0 6,000 0.0% 1.1% 1.1% (406) 0 $1.75 $1.75 0 0
Van Nuys 545 20,016,123 219,379 175,660 395,039 2.1% 113,969 0 113,969 94,469 346,979 29,030 376,009 0.1% 1.7% 1.9% (167,400) 0 $1.70 $1.70 0 0
Woodland Hills 64 2,664,203 46,768 0 46,768 1.8% 0 0 0 0 46,768 0 46,768 0.0% 1.8% 1.8% (15,935) 0 $1.92 $1.92 0 0
WEST SAN FERNANDO VALLEY 1,780 61,642,488 1,573,984 298,644 1,872,628 3.0% 384,434 128,700 513,134 350,093 1,060,764 176,343 1,237,107 0.3% 1.7% 2.0% (291,576) 79,539 $1.64 $1.62 0 0
Canyon Country 19 513,424 11,300 0 11,300 2.2% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Castaic 2 96,253 0 0 0 0.0% 0 0 0 0 0 0 0 0.0% 0.0% 0.0% 0 0 $0.00 $0.00 0 0
Santa Clarita 52 4,095,398 0 167,809 167,809 4.1% 85,802 107,522 193,324 193,324 51,500 0 51,500 0.0% 1.3% 1.3% 0 604,407 $0.92 $0.92 0 0
Valencia 465 20,448,067 650,397 124,800 775,197 3.8% 180,162 0 180,162 87,825 199,292 98,700 297,992 0.5% 1.0% 1.5% 4,357 126,607 $1.39 $1.39 0 0
SANTA CLARITA (SUBMARKET) 538 25,153,142 661,697 292,609 954,306 3.8% 265,964 107,522 373,486 281,149 250,792 98,700 349,492 0.4% 1.0% 1.4% 4,357 731,014 $1.29 $1.27 0 0
Lancaster 80 4,049,914 76,260 0 76,260 1.9% 0 0 0 0 10,400 16,960 27,360 0.4% 0.3% 0.7% 0 0 $0.85 $0.97 0 0
Palmdale 53 2,742,475 115,605 0 115,605 4.9% 0 0 0 0 38,187 22,680 60,867 0.8% 1.4% 2.2% 0 99,853 $1.04 $1.06 0 0
ANTELOPE VALLEY 133 6,792,389 191,865 0 191,865 2.8% 0 0 0 0 48,587 39,640 88,227 0.6% 0.7% 1.3% 0 99,853 $1.01 $1.03 0 0
GREATER SAN FERNANDO VALLEY 4,885 177,814,463 4,319,040 892,189 5,211,229 2.9% 1,012,396 550,793 1,563,189 837,478 2,503,508 415,570 2,919,078 0.2% 1.4% 1.6% -227,985 1,228,830 $1.60 $1.60 1 168,676
Azusa 169 7,985,903 365,272 0 365,272 4.6% 0 0 0 0 197,856 74,000 271,856 0.9% 2.5% 3.4% (196,296) 0 $1.27 $1.35 0 0
City of Industry 1,096 84,386,674 2,088,159 4,791,927 6,880,086 8.2% 562,499 901,207 1,463,706 1,448,089 4,762,526 160,213 4,922,739 0.2% 5.6% 5.8% (294,136) 306,192 $1.61 $1.62 2 1,300,880
12439-12455 FLORENCE, CALIFORNIA

28
6
FINANCIAL OVERVIEW
 29
12439 E Fl oren c e Av e
EXECUTIVE SUMMARY 4-Year Hold Period

EXEC U TI VE S U MMARY
P R O P E R TY D E SC R IP TIO N
29
Property Address 12439 E Florence Ave Size of Improvements 44,856 SF
Santa Fe Springs, CA Currently Vacant as of 7/1/24 0 SF
Current Occupancy as of 7/1/24 100.00%
Property Type Industrial Projected Occupancy as of 11/1/24 100.00%

A C Q U ISITIO N A N D R E SIDU A L SU M M A R Y L E V E R A G E SU M M A R Y [1]

MARKET LOAN
Pu r c h a s e Pr i c e a s o f N o v e m be r 1 , 2 0 2 4 $ 2 8 5 PS F $ 1 2 ,8 0 0 ,0 0 0 Initial Loan Funding (as of Nov-24) $6,400,000
Loan-To-Value Ratio (Initial Funding) 50.00%
Funding Date Nov-24
Maturity Date Oct-28
Remaining Loan Term During Analysis 4.0 Years
In Place Year 1 Year 3 Amortization Period 30 Years
Physical Occupancy 100.00% 100.00% 87.31% Initial Interest Only Period (If Any) -
Capitalization Rate [2] 4.11% 4.00% 5.61% Interest Rate 6.95%
Leveraged Cash Return 0.27% -0.01% -0.70% Origination Fee on Total Loan Funding 1.00%
Loan Constant 7.94%
Initial Debt Yield 8.22%
Debt Service Coverage Ratio (NOI) 1.03x
Debt Service Coverage Ratio (CF) 1.00x

Gross Residual Value as of October 31, 2028 $421 PSF $18,878,000 Purchase Price as of November 1, 2024 $12,800,000
Net Residual Value as of October 31, 2028 $400 PSF $17,934,000 Total Initial Loan Principal (6,400,000)
Gross Residual Value Adjusted For Inflation $374 PSF $16,772,858 Total Initial Loan Fees 64,000
Net Residual Value Adjusted For Inflation $355 PSF $15,934,127 Holdbacks and Escrows 0
Residual Capitalization Rate 5.25% Initial Equity $6,464,000
Residual Cost of Sale 5.00%

A LL C A S H IRR 1 2 .7 6 % L EV ER A GED I R R 1 7 .0 2 %
A LL C A S H EQ U I TY M U LTIPLE 1 .5 9 x LEV ERA GED EQ U I TY M U LTIPLE 1 .8 7 x

[1] Leveraged analysis is based on financing that a particular investor may or may not be able to obtain.
[2] All Capitalization Rates, except for In-Place, are based on Total Investment.

12439-12455 FLORENCE, CALIFORNIA

C as h Flo w P r o je c tio ns B as e d o n A r gu s E nte r pr is e V e r s io n 1 4 .0 .2
© 2023 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. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and
other countries. This is an opinion of value or comparative market analysis and should not be considered an appraisal. In making any decisions that rely upon this analysis, it should be noted that we have not followed the guidelines for development of an appraisal or analysis contained in the Uniform
Standards of Professional Appraisal Practice of The Appraisal Foundation.

7/16/2024 8:55 AM
CBRE Financial Consulting Group 2
 12439 E Florence Ave
ASSUMPTIONS
4-Year Hold Period

30 SU M M AR Y O F F I N AN C I AL ASSU M PTI O N S

GLOB AL V A C A N T S PA C E L E A S I N G S ECON D GEN ERATION LEAS IN G

A na l y s i s Pe ri o d Oc c u p a nc y a nd A b s o rp t i o n R e t e nt i o n R a t i o 75%
Commencement Date November 1, 2024 Projected Vacant at 11/1/24 0 SF
End Date October 31, 2028 Currently Vacant as of 7/1/24 0 SF Fi n a n c i a l Te rm s
Term 4 Years Percentage Vacant at 7/1/24 0.00% 2024 Monthly Market Rent $1.60 PSF
Rent Adjustment 4.00% Annually
Are a M e a s u re s ( N R S F) Lease Term 5 Years
Rentable Square Feet 44,856 SF Expense Reimbursement Type NNN
EX PENS ES
Te na nt i ng C o s t s
G ro w t h R a t e s Op e ra t i n g E x p e n s e S o u rc e 2023 Projected [3] Free Rent
Consumer Price Index (CPI) 3.00% New 2.0 Month(s)
Other Income Growth Rate 3.00% M anage me nt Fe e ( % of EGR) 3.00% Renewal 0.0 Month(s)
Operating Expenses 3.00% Weighted Average 0.50 Month(s)
Real Estate Taxes 2.00% R e a l Es t a t e Ta x e s R e a s s e s s e d Yes [4]
Market Rent Growth [1] Millage Rate 1.156114% Tenant Improvements ($/NRSF)
CY 2025 - 3.50% Special Assessments $7,837 New $5.00 PSF
CY 2026 - 3.80% Renewal $2.00 PSF
CY 2027 - 4.00% Weighted Average $2.75 PSF
CY 2028 - 4.20%
CY 2029 - 4.30% Leasing Commissions
CY 2030 - 3.00% New 6.00%
CY 2031 - 3.00% Renewal 3.00%
CY 2032 - 3.00% Weighted Average 3.75%
CY 2033 - 3.00%
CY 2034+ - 3.00% Downtime
New 6 Month(s)
Ge ne ra l V a ca ncy Lo s s 3.00% [2] Weighted Average 2 Month(s)

Capital Re s e rve s ( CY 2024 V alu e ) $0.10 PSF

N o t es :
All market rates are stated on calendar-year basis.
[1] Market Rent Growth projections are based upon CBRE Econometric Advisors’ 2024 Q3 Industrial forecast for Santa Fe Springs, CA through CY 2029, with 3.0% annual increases modeled thereafter.
[2] General Vacancy Loss factor includes losses attributable to projected lease-up or rollover downtime.
All tenants are subject to this loss factor.
12439-12455 FLORENCE, CALIFORNIA

[3] Operating Expenses are based on CY 2023 Budgeted Estimates, less one-time and owner related expenses, inflated 3.0% once for CY 2024 amounts and 3.0% annually thereafter.
[4] Real Estate Taxes have been reassessed at the estimated purchase price based on a millage rate of 1.156114% plus special assessments of $7,837.

This page is part of a package and is subject to the disclaimer on the Executive Summary. 7/16/2024 8:55 AM
CBRE Financial Consulting Group 3
 31
12439 E Flor e nce Ave
4-Year Hold Period
CASH FLOW
C A SH FL OW PROJ EC TIONS

Fi s c al Ye ar E n di n g - O c tobe r 31 2025 2026 2027 2028 2029 31

Ph y s i c al O c c u pan c y 100.00% 96.03% 87.31% 100.00% 100.00%
O v e r al l E c on om i c O c c upan c y [ 1] 97.00% 94.26% 85.99% 97.00% 97.00%
W e i gh te d A v e r age M ar k e t R e n t $1.65 $1.71 $1.78 $1.85 $1.93
W e i gh te d A v e r age In Pl ac e R e n t [ 2] $1.07 $1.09 $1.60 $1.84 $1.91
Total O pe r ati n g E x pe n s e s PS F Pe r Ye ar $4.56 $4.66 $4.88 $5.13 $5.25
[ 3]
FY 2 0 2 5
R EV ENU ES $ /S F/YR
Scheduled Base Rent
Gross Potential Rent $12.86 $576,624 $606,960 $903,583 $989,451 $1,029,029
Absorption & Turnover Vacancy 0.00 0 (35,425) (122,135) 0 0
Free Rent 0.00 0 (9,193) (30,534) 0 0
Total Scheduled Base Rent 12.86 576,624 562,342 750,915 989,451 1,029,029
Expense Recoveries 3.62 162,241 170,750 186,264 229,325 235,392
TO TA L G R O S S R E V E NU E 16.47 738,865 733,091 937,179 1,218,776 1,264,421
General Vacancy Loss (0.49) (22,166) 0 0 (36,563) (37,933)
E FFE C TIV E G R O S S R E V E NU E 15.98 716,699 733,091 937,179 1,182,213 1,226,488
O PE R A TIN G E XPE N S E S
Landscaping (0.06) (2,483) (2,558) (2,634) (2,713) (2,795)
Repairs & Maintenance (0.15) (6,928) (7,136) (7,350) (7,570) (7,797)
Management Fee (0.48) (21,501) (21,993) (28,115) (35,466) (36,795)
Insurance (0.34) (15,363) (15,824) (16,299) (16,788) (17,292)
Real Estate Taxes (3.53) (158,311) (161,320) (164,389) (167,520) (170,713)
TO TA L O PE R A TIN G E XPE N S E S (4.56) (204,586) (208,830) (218,788) (230,058) (235,391)
NE T O PE R A TING INC O ME 11.42 512,113 524,261 718,391 952,155 991,097
C A PITA L C O S TS
Tenant Improvements 0.00 0 (31,205) (102,651) 0 0
Leasing Commissions 0.00 0 (44,467) (147,697) 0 0
Capital Reserves (0.10) (4,598) (4,736) (4,878) (5,024) (5,175)
TO TA L C A PITA L C O S TS (0.10) (4,598) (80,408) (255,226) (5,024) (5,175)
O PE R A TING C A S H FL O W $11.31 $507,515 $443,853 $463,165 $947,131 $985,922
A C Q U IS ITIO N & R E S ID U A L S A L E
Purchase Price ($12,800,000) 0 0 0 0 A l l C as h
Net Residual Value [4] 0 0 0 0 17,934,137 IR R
C A S H FL O W B E FO R E D E B T ( $12,800,000) $507,515 $443,853 $463,165 $18,881,268 12.76%
M A R KE T L O A N [ 5]
Loan Funding / Payoff 6,400,000 0 0 0 (6,107,800)
Escrow and Holdbacks 0 0 0 0 0
Loan Fees (64,000) 0 0 0 0 L e v e r age d

12439-12455 FLORENCE, CALIFORNIA

Annual Debt Service 0 (508,376) (508,376) (508,376) (508,376) IR R
C A S H FL O W A FTE R D E B T ( $6,464,000) ( $861) ( $64,523) ( $45,211) $12,265,092 17.02%

NO I R e tur n on Total In v e s tm e n t of $12,800,000 4.00% 4.10% 5.61% 7.44%

R e tu r n on C os t 4.00% 4.07% 5.47% 7.24%
U N L E V E R A G E D C as h R e tu r n 3.96% 3.47% 3.62% 7.40%
L E V E R A G E D C as h R e tu r n -0.01% -1.00% -0.70% 189.74%
D e bt S e r v i c e C ov e r age R ati o ( N O I) 1.01x 1.03x 1.41x 1.87x
D e bt S e r v i c e C ov e r age R ati o ( C F) 1.00x 0.87x 0.91x 1.86x
R ol l i n g - A l l C as h IR R N/M 4.48% 13.78% 12.76%
R ol l i n g - L e v e r age d IR R N/M 1.58% 19.09% 17.02%

[1] This figure takes into account vacancy/credit loss, absorption vacancy, turnover vacancy, and rent abatements.
[2] This figure does not include any amount related to expense reimbursements. Only Scheduled Base Rent and Fixed/CPI Increases are included in this calculation, which is based on the
weighted-average physical occupancy during each fiscal year.
[3] Based on 44,856 square feet.
[4] Net Residual Value is calculated by dividing Year 5 NOI by the Residual Cap Rate of 5.25% and applying a 5.00% Cost of Sale.
[5] Market Debt based on 50% Loan-to-Value, 6.95% Interest Rate, 30-Year Amortization, and 1.00% Loan Fee.
C a s h F l ow Pr oj ec t i on s Ba s ed on A r g u s E n t er p r i s e V er s i on 1 4 . 0 . 2
 12439 E F lorence A ve
4-Year Hold Period
IN-PLACE VS MARK-TO-MARKET
IN-PLACE vs. PRO FORMA vs. MARKI-N
TO-P-LM
AACREKvEsT. PNRO
OI FSO
UMRM
MAAR
vsY. MARK-TO-MARKET NOI SUMMARY
32 1 0 0 % a t M a r k e t R e nt s 1 0 0 % a t M a r k e t R e nt s
I n- P la c e N OI IPnr-oPlFaocremNaONI OI PrPoroFoFrom rm
a aNNOO I I Pro FoYrm eaar N4OI
N o v - 2 4 , A nnu a liz e d $ PSF NoN
v-o2v4-2 , 4AntonuO
aclitz-e2d5 $$PPSSFF NNoovv--2244,toAO
nncut-a2li5zed $ P$SPFSF N ovN-2
ov4-,2A7ntnouOaliczte-2
d8 $ P$SPFSF No
Size of Impr ov ements 44,856 SF 44,856SF
44,856 SF 44,856
44,856 SFSF 44,856
44,856
12439 E FlorSF
enSF
ce A ve
RE V E N U E S 4-Year Hold Period
Scheduled Base Rent
Gross Potential Rent$567,444 $12.65 N$576,624
I$567,444 $12.86
-PLACE vs. PRO FO$12.65 E$861,235
RMA vs. MARK-TO-MARK$576,624 $19.20
T NOI SUMMARY $12.86 $989,451
$861,235 $22.06
$19.20
Absorption & Turnover Vacancy
0 0.00 00 0.00
0.00 00 0.00
0.00 00 0.00
0.00
Free Rent 0 0.00 00 0.00
0.00 0000% at Market Rents0.00
1 0.00 00 0.00
0.00
I n- P la c e N OI P r o F o r ma N OI P r o F o r ma N OI Year 4
Total Scheduled Base Rent
567,444 12.65
N o v - 2 4 , A nnu a liz e d 567,444
576,624
$ PSF Nov-212.65
412.86
t o Oc t - 2 5 $ PSF 576,624
861,235
N ov-24, Annualize12.86
d 19.20 $ PSF No861,235
v-989,451
2 7 t o Oc t - 2 8 19.20
22.06
$ PSF
Size Expense
of ImproveRecoveries
ments 159,720 3.56 159,720
162,241
44,856 SF 3.56
3.62 44,856 SF 162,241
211,223 3.62
4.71 44,856 SF 211,223
229,325 4.71
5.11
44,856 SF
RTEOVETN
AULEG
S ROSS RE V E N U727,164
E [ 1] 16.21 727,164
738,865 [1] 16.21
16.47 738,865
1,072,459 [3] 16.47
23.91 1,072,459
1,218,776[3] 23.91
27.17
General Base
Scheduled Vacancy
Rent Loss 0 0.00 (22,166)
0 (0.49)
0.00 (32,174)
(22,166) (0.72)
(0.49) (36,563)
(32,174) (0.82)
(0.72)
Gross Potential Rent $567,444 $12.65 $576,624 $12.86 $861,235 $19.20 $989,451 $22.06
EFFAbsorption
E C T IV E &
GTurnover EV727,164
ROSS RVacancy
ENUE 16.21 0
716,699
727,164
0.00
15.98
16.21 0 0.00
1,040,285
716,699 0
23.19
15.98 0.00
1,182,213
1,040,285 0
26.36
23.19
0.00
OPFreeERARent T IN G E X P E N SE S 0 0.00 0 0.00 0 0.00 0 0.00
Landscaping
Total Scheduled Base Rent (2,423) (0.05) 567,444 (2,483)
(2,423)
12.65 (0.06)
(0.05)
576,624 12.86 (2,423)
(2,483) 861,235 (0.05)
(0.06) 19.20 (2,713)
(2,423)989,451 (0.06)
(0.05)
22.06
Repairs & Maintenance (6,759)
Expense Recoveries (0.15) 159,720 (6,928)
(6,759)
3.56 (0.15)
(0.15)
162,241 3.62 (6,759)
(6,928) 211,223 (0.15)
(0.15) 4.71 (7,570)
(6,759)229,325 (0.17)
(0.15)
5.11
TOManagement
TAL GROSS REVFee ENUE (21,150) (0.47) 727,164 [1] (21,501)
(21,150)
16.21 (0.48)
(0.47)
738,865 (31,209)
16.47 (21,501) 1,072,459 (0.70)
(0.48)
[ 3] 23.91 (35,466)
(31,209)
1,218,776 (0.79)
(0.70)
27.17
General
Insurance Vacancy Loss (14,989) (0.33) 0 0.00
(15,363)
(14,989) (22,166)
(0.34)
(0.33) (0.49) (15,363)
(14,989) (32,174) (0.33)
(0.34) (0.72) (36,563)
(16,788)
(14,989) (0.82)
(0.37)
(0.33)
E F F E C T I V E G ROSS RE V E N U E 727,164 16.21 716,699 15.98 1,040,285 23.19 1,182,213 26.36
Real Estate Taxes (155,845) (3.47) (158,311)
(155,845) (3.53)
(3.47) (155,845)
(158,311) (3.47)
(3.53) (167,520)
(155,845) (3.73)
(3.47)
OP E RA T I N G E X P E N SE S
TO TAL OPERATING EX(201,165)
Landscaping P E N SE S [ 2] (4.48) (2,423) (201,165)
(0.05) [ 2]
(204,586) (4.48)
(4.56)
(2,483) (0.06) (204,586)
(211,223) (4.56)
(2,423) (4.71) (0.05) (211,223)
(230,058)
(2,713) (4.71)
(5.13)
(0.06)
NRepairs
ET OP&EMaintenance
RATING INC$O 5M
26E,000 $11.73 (6,759) $$552162,(0.15)
0,10103 $$1111.7 (6,928)
.432 (0.15)$5$1822,1
91,0361 (6,759)
$1$11.482
.48 (0.15) $8$2995,0
26,115(7,570)
5 (0.17)
$1$82.4
1 8
.23
Management Fee (21,150) (0.47) (21,501) (0.48) (31,209) (0.70) (35,466) (0.79)
Capitalization Rate
Insurance 4.11% (14,989) 4.11%
4.00%
(0.33) (15,363) (0.34) 4.00%
6.48% (14,989) (0.33) 6.48%
7.44%
(16,788) (0.37)
Real Estate Taxes (155,845) (3.47) (158,311) (3.53) (155,845) (3.47) (167,520) (3.73)
MBER 1, 2024 TTO
OTTAA
L LOPIN
ERVAETISNTG
MEEXN
$PE1TN2A SS0O
S,E8 0,F0N
00OVEMBER 1,$28
052.436 (201,165) [2$
]$1122,8
,80000,(4.48)
0,00000 $$228855.3
.366
(204,586) $1$21,8
(4.56) 20,800,00
,0000 $2$8258.3
(211,223) 56.36 (4.71) $1$21,8
20,800,00
,0000
(230,058) $2$8258.3
5 6
.36
(5.13)
N E T OP E RA T I N G I N C OM E $526,000 $11.73 $512,113 $11.42 $829,061 $18.48 $952,155 $21.23
ECapitalization
QU I T Y Rate
$6,464,000 4.11%
$6,464,000 4.00%
$6,464,000 6.48%
$6$,4
66,446,0
40,00007.44%
T OT A L I N V E S T M E N T A S OF N OV E M B E R 1 , 2 0 2 4 $12,800,000 $285.36 $12,800,000 $285.36 $12,800,000 $285.36 $12,800,000 $285.36
Annual Debt Service($508,376)
(Year 1) ($508,376) ($508,376) ($508,376)
($508,376)
E QU I T Y $6,464,000 $6,464,000 $6,464,000
BT STABILIZED CASH FLO$W17A,F6T2E4R DEBT $17,624 $320,685 $3$2404,6
38,7579
Annual Debt Service (Year 1) ($508,376) ($508,376) ($508,376)

STLeveraged
ABILIZED CASCash-on-Cash DReturn
H FLOW AFTER 0.27%
EBT [4] $17,624 0.27% 4.96% $320,685 4.96%
6.87%
$443,779

Leveraged Cash-on-Cash Return [4] 0.27% 4.96% 6.87%

12439-12455 FLORENCE, CALIFORNIA

ysis With No VIna-cPalanct eLeO

acsceu-U
papn
) cy (At Start of Analysis Wi1th00
N.o
00V%acant Lease-Up) 110000.0
.000%% 10100.00
.0%0% 10100.00
.0%0%
t Lease-Up anIAnd-vPeRlaroa
cleg
loO
evceO
cru)cpcau Ac
ncpya(n ty
Sta( Irn
tocfluAdnealsysVisaWca
ithntNLoeVaascea-nU
t Lpeaasn
e-dU
- pR)ollover) 100.00% 100.00-% 100.00% 10100.00
.0%0% 100.00% 101010.0000
..00%00%%
A v e r a g e Oc c u p a nc y ( I nc lu d e s V a c a nt L e a s e - U p a nd R o llo v e r ) - 100.00% 100.00% 100.00%
E c o no mic Oc c u p a nc y 100.00% 100.00% 97.00% 979.0
70.0%0%
E c o no mic Oc c u p a nc y 100.00% 97.00% 97.00%

Nootetes:s:
N

[1]
calculated using In-Place
[1] contractual
In-PlaceNetNet
Operating
rents Income
Operating
and is calculated
expense
Income using contractual
reimbursements
is calculated using
as ofrents and expense
contractual
November reimbursements
rents
2024, andAnnualized
expenseas ofreimbursements
November
(with 2024, Annualized
no General as
Vacancy (with
of November no General
Loss). 2024,Vacancy Loss). (with no General Vacancy Loss).
Annualized
In-Place NOI does not include vacant lease-up revenue, downtime due to near-term expirations, or future rent increases for existing tenants.
ant lease-up revenue,In-Place
downtime
NOI does
due not
to near-term
include vacant
expirations,
lease-up or revenue,
future rentdowntime
increases due
for to
existing
near-termtenants.
[2] Real Estate Taxes are reassessed based on the sales price. See 'Summary of Financial Assumptions' for details.
expirations, or future rent increases for existing tenants.
based on the sales
[2] 100%
[3] Real
price.
atEstate
See Taxes
Market'SummaryareForma
Rents Pro reassessed
of Financial based
Assumptions'
Net Operating on the
Income sales
for details.
assumes price.
all Seetenants
in-place 'Summary of Financial
and vacant Assumptions'
suites are paying forand
market rents details.
recoveries.
Net Operating[4]
[3]
Income
100%assumes
Leveraged atCash-on-Cash
Marketall Rents
in-place
Pro tenants
returns Forma
are basedNet
and Operating
vacant suites
on respective NOIIncome
are paying
before assumes
any belowmarket
theall in-place
line rents and
tenants
costs (capitalrecoveries.
and vacant
expenditures, suites
leasing are paying
commissions, tenantmarket rents and
improvements, recoveries.
etc.) less debt service divided by Equity including, if applicable, any Costs to Stabilize.
are based on respective
[4] Leveraged NOI Cash-on-Cash
before any below returns
the line
are costs
based(capital
on respective
expenditures,
NOI before
leasing any
commissions,
below the line tenant
costsimprovements,
(capital expenditures,
etc.) lessleasing
debt service
commissions,
divided by tenant
Equityimprovements,
including, if applicable,
etc.) less debt
anyservice
Costs divided
to Stabilize.
by Equity including, if applicable, a
 33
1 2 4 3 9 E F l o r enc e A v e
RENT ROLL 4-Year Hold Period

33
Re nt Ro l l a s o f 1 1 / 1 / 2 0 2 4

M a rk e t Pe rc e nt a g e
S q u a re % of Le a se T e rm Re nt a l Ra t e s Fre e Re nt Re c o v e ry Te na nt L e a si n g A ssu m p t i o n / A b o v e / ( Be lo w)
S u it e T e n a n t Na m e Fe e t Pro p e rt y Be g in E nd Be g in M o nt hly PS F A nnu a lly PS F Date # Mos Ty p e I mp ro v e me nt s C o m m i ssi o n s M a rk e t Re nt M a rk e t

12439/12441/12453 A sso cia t e d Pa ck a g ing , I nc. 34,160 76.15% Jan-2022 Dec-2026 Current $30,601 $0.90 $367,212 $10.75 - MG ($40,592 RET/INS) + - - Market - 75.00%
Jan-2025 $31,519 $0.92 $378,228 $11.07 3.00% CAM - - $1.60 NNN -50.20%
Jan-2026 $32,464 $0.95 $389,568 $11.40 3.00% -
No t e s:
T e n a n t i s r e sp o n si b l e f o r i n c re a se s i n p ro p e rt y t a x o v e r $34, 163. 91/ y r, i n c re a se s i n i n su ra n c e o v e r $6, 428/ y r, a n d a l l C A M n e t .

12455 P o l y W h o l e sa l e s M a rk e t S u p p l i e s, I n c . 10,696 23.85% Nov-2019 Oct-2025 Current $16,044 $1.50 $192,528 $18.00 - MG ($44,167 RET/INS) + - - Market - 75.00%
Nov-2024 $16,686 $1.56 $200,232 $18.72 4.00% CAM - - $1.60 NNN -27.76%
-
No t e s:
T e n a n t i s r e sp o n si b l e f o r i n c re a se s i n p ro p e rt y t a x o v e r $36, 122. 07/ y r, i n c re a se s i n i n su ra n c e o v e r $8, 045/ y r, a n d a l l C A M n e t . G u a ra n t o r: C h e u k W i n g C h a n a n d Ha n n a h Ha k L i n g T u n C h a n .

TO TA LS / A V E RA G E S 44,856 $46, 645 $1. 04 $559, 740 $12. 48

O C C UPI E D S q Ft 44,856 100. 0%

V A C A NT S q F t 0 0. 0%
TO TA L S q Ft 44,856 100. 0%

W E I G HT E D - A V E RA G E LE A S E T E RM RE M A I NI NG : 1. 89 Y e a rs
W E I G HT E D - A V E RA G E LE A S E T E RM LA PS E D : 3. 35 Y e a rs
W E I G HT E D - A V E RA G E LE A S E T E RM F RO M I NC E PT I O N: 5. 24 Y e a rs

12439-12455 FLORENCE, CALIFORNIA

This page is part of a package and is subject to the disclaimer on the Executive Summary. 7/16/2024 8:55 AM
CBRE Financial Consulting Group 10
12439-12455 FLORENCE, CALIFORNIA

34
 35

AFFILIATED BUSINESS DISCLOSURE DISCLAIMER

CBRE, Inc. operates within a global family of companies with many subsidiaries and This Memorandum contains select information pertaining to the Property and
35
related entities (each an “Affiliate”) engaging in a broad range of commercial real the Owner, and does not purport to be all-inclusive or contain all or part of the
estate businesses including, but not limited to, brokerage services, property and information which prospective investors may require to evaluate a purchase of
facilities management, valuation, investment fund management and development. the Property. The information contained in this Memorandum has been obtained
At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow from sources believed to be reliable, but has not been verified for accuracy,
Company, may have or represent clients who have competing interests in the same completeness, or fitness for any particular purpose. All information is presented
transaction. For example, Affiliates or their clients may have or express an interest “as is” without representation or warranty of any kind. Such information includes
in the property described in this Memorandum (the “Property”), and may be the estimates based on forward-looking assumptions relating to the general
successful bidder for the Property. Your receipt of this Memorandum constitutes economy, market conditions, competition and other factors which are subject
your acknowledgment of that possibility and your agreement that neither CBRE, to uncertainty and may not represent the current or future performance of the
Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or Property. All references to acreages, square footages, and other measurements are
involvement in the sale or purchase of the Property. In all instances, however, CBRE, approximations. This Memorandum describes certain documents, including leases
Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ and other materials, in summary form. These summaries may not be complete nor
length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and accurate descriptions of the full agreements referenced. Additional information
its Affiliates will conduct their respective businesses in a manner consistent with the and an opportunity to inspect the Property may be made available to qualified
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completeness of all summaries and information contained herein, to consult with
independent legal and financial advisors, and carefully investigate the economics
CONFIDENTIALITY AGREEMENT of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE
CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a
confidential Memorandum solely for your limited use and benefit in determining The Owner expressly reserves the right, at its sole discretion, to reject any or all
whether you desire to express further interest in the acquisition of the Property, (ii) expressions of interest or offers to purchase the Property, and/or to terminate
you will hold it in the strictest confidence, (iii) you will not disclose it or its contents discussions at any time with or without notice to you. All offers, counteroffers, and
to any third party without the prior written authorization of the owner of the Property negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have
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any manner detrimental to the Owner or CBRE, Inc. purchase and sale agreement delivered by the Owner.

If after reviewing this Memorandum, you have no further interest in purchasing the
Property, kindly return it to CBRE, Inc.

12439-12455 FLORENCE, CALIFORNIA

© 2024 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent
investigation of the property and verify all information. Any reliance on this information is solely at your own risk.

Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.
CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. All marks displayed on this document are the property of their
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SANTA FE SPRINGS / CALIFORNIA