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JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA EXCLUSIVE INVESTMENT OFFERING

FEATURES: • •

Trophy NNN Single Tenant Investment Brand New 15 Year Corporate Guaranteed Lease

High Identity Freestanding Building at Signalized Intersection (1st Signalized Intersection off CA-90 Freeway)

Long Term Historical Occupancy (Jerry's Deli has Operated at Subject Location Since 1991)

Strong Scheduled Rental Increases

Located at the Entrance to the Villa Marina Marketplace

(10% Rental Increase Every 5 Years) (419,000 SF Neighborhood Center Anchored by Pavilions, CVS & AMC Theaters)

Jon Selznick Pacific Commercial Investments, Inc. Phone (949) 734-0243 jon@pacificnnn.com The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA CONFIDENTIALITY This is a confidential marketing profile (the "Profile") intended solely for your limited use and benefit in determining whether you desire to express further interest in purchasing the "Property", located in Marina Del Rey, CA. This Profile has been prepared by Pacific Commercial Investments, Inc. ("PCI") on behalf of the owner of the Property (the "Owner") and has been reviewed by representatives of the Owner. It contains select information pertaining to the Property and does not purport to be an all-inclusive representation of the state of affairs of the Property, or to contain all the information, which prospective investors may require. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and PCI. The information contained herein was obtained from third parties, and it has not been independently verified by PCI. Prospective investors should have the experts of their choice inspect the Property and verify all information. PCI is not qualified to act as or select experts with respect to legal, tax, environmental, building construction, soils-drainage or other such matters. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. Neither the Owner nor PCI, nor any of their respective directors, officers, affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy of completeness of this Profile or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Profile or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers on the subject Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Profile. The Owner shall have no legal commitment or obligation to any entity reviewing this Profile or making an offer on the Property unless and until written agreement(s) for the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner's obligations therein have been satisfied or waived. By receipt of this Profile, you agree that this Profile and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Profile or any of its contents to any other entity without prior written authorization of the Owner or PCI. You also agree that you will not use this Profile or any of its contents in any manner detrimental to the interest of the Owner or PCI. PCI reserves the right to submit the Property to additional clients on terms that may or may not be identical to the terms contained herein. By receipt of this Profile, you acknowledge that competing interests may develop in connection with offers on the Property, and waive any conflict of interest that might arise as a result thereof. In such case, PCI expressly disclaims any obligation to advance the interest of any client at the expense of any other client who may receive this Profile. Dealings with each client shall remain strictly confidential and in no case will PCI disclose the terms of any actual or potential offer to any competing client.

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA LOCATION The subject property is ideally located at the NEC of Mindanao Way and the Marina (90) Freeway within the highly prestigious beachside community of Marina Del Rey, California. Positioned at the first signalized intersection coming off the Marina (90) Freeway, the subject property is the prime outparcel within the highly trafficked Villa Marina Marketplace, a 419,518 square foot shopping center anchored by Pavilions, CVS & AMC Theatres. Situated on approximately 33,420 square feet of land, the subject property benefits from unmatched consumer exposure resulting from its’ prominent placement at the signalized hard corner of the Mindanao Way & Marina (90) Freeway intersection. Consumers traveling west along the Marina (90) Freeway are brought directly in front of the subject property, providing unmatched consumer exposure and identity to Jerry’s Famous Deli. The subject property is surrounded by an affluent residential community comprised of dense multi-family units & condominiums, resulting in an infill residential consumer base within extremely close proximity of the subject property. Immediately adjacent to the north is the Marina Loft District, a collection of approximately 1,600+ new luxury condo & apartment units that are either completed, planned or currently under construction. As a result there is a heavy amount of foot traffic throughout the trade area coupled with the constant flow of vehicular traffic. This density can be clearly seen any day by looking at the constantly filled parking lot within Villa Marina Marketplace. Villa Marina Marketplace serves as the dominant grocery/drug anchored shopping center within the trade area and accordingly experiences very little vacancy due to heavy consumer traffic. Tenants within Villa Marina Marketplace include: Pavilions, CVS, AMC Theaters, Citibank, Jamba Juice, Men’s Warehouse, Hallmark, TMobile, Radio Shack, Bank of America, Panda Express, Fatburger, Quizno’s, The UPS Store, Barnes & Noble, State Farm Insurance, Sport Chalet, Ann Taylor Loft, The Gap, Express, Victoria’s Secret, GameStop, Jenny Craig, LA Fitness and Souplantation. Approximately 1/2 mile away is the Marina Del Rey Hospital (formerly Centinela Freeman Regional Medical Center) a 145-bed acute care hospital offering basic medical and surgical services as well as 24/7 emergency care. Additionally, the hospital has a rehab center which has treated a variety of celebrities in recent history. Just 1 mile south is Fisherman’s Village, one of the largest man-made small boat harbors in the world, with about 5,300 leisure boats and yachts. Within the village are a few restaurants, souvenir shops and various activity rentals. In 1997, the Los Angeles Times was quoted as saying Fisherman’s Village was “perhaps the county’s most valuable resource.” Approximately 1.5 miles south along Pacific Coast Highway is Loyola Marymount University, a premier private university with 2009 total enrollment of nearly 9,000 students. Just five miles south is the Los Angeles International Airport (LAX), the seventh busiest airport in the world, with over 59 million passengers in 2009. It is the busiest airport in California in terms of flight operations, passenger traffic and cargo and is the only U.S. airport to serve 3 or more international destinations with ridership of at least a million passengers per year.

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA TRADE AREA DEMOGRAPHICS The City of Marina Del Rey is an unincorporated area of Los Angeles County located southeast of the City of Venice and north of the City of Playa Del Rey. The surrounding trade area is comprised of a dense affluent residential base with a 2008 average household income of approximately $109,455 within a 1-mile radius of the subject property and $125,618 within a 3-mile radius of the subject property. The affluent nature of the surrounding population allows for a higher amount of disposable income, benefiting leisure activities such as restaurant dining, as evidenced by the longterm success of the subject tenant. With over 226,000 people in over 107,000 households within a 3-mile radius of the subject property, the trade area is well supported by its residential consumer base and as a result experiences very little vacancy. Additionally, the trade area boasts a strong daytime work population with over 124,000 workers within a 3-mile radius of the subject property and over 368,000 workers within a 5-mile radius of the subject property in 2008. This bodes well for the subject property as there will always be significant tenant demand for well-positioned freestanding buildings in an area sporting demographic attributes of this quality. 1-MILE RADIUS PROFILE

3-MILE RADIUS PROFILE

2008 Population:

22,774

2008 Population:

226,975

2008 Total Households:

10,851

2008 Total Households:

107,721

2008 Avg HH Income::

$125,618

2008 Avg. HH Income: 2008 Daytime Work Population:

$109,455 20,893

2008 Daytime Work Population:

124,867

THE INVESTMENT This freestanding single tenant retail investment property provides an investor with the opportunity to own a trophy retail investment on a brand new fifteen (15) year corporate guaranteed lease. This brand new fifteen (15) year lease features scheduled 10% rental increases every five (5) years, providing an ever increasing cash flow far greater than the majority of similarly priced retail investment opportunities currently available within the marketplace. Furthermore, this investment offers a new owner an extremely safe and stable income stream from an established high end Southern California operator as evidenced by the long-term historical occupancy at the subject location (nearly 20 years) and within some of the most reputable locations in Southern California (30+ years). Situated on approximately 33,420 square feet of land on the signalized hard corner of the Marina (90) Freeway and Mindanao Way, the 9,159 square foot building is the premier freestanding pad building within Villa Marina Marketplace, a 419,000+ square foot retail center anchored by Pavilions, CVS and AMC Theaters, benefiting the subject tenant with unmatched retail synergy and consumer exposure. A new owner can be confident in this investment knowing that there are no other freestanding restaurant pad buildings within Villa Marina Marketplace, ensuring future tenant demand and long-term sustainability of the income stream. Additionally, with the combination of a massive surrounding daytime work population, dense infill affluent residential population and low overall retail vacancy, the subject property is well-positioned for long-term success.

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA TENANT SUMMARY

Established in 1978, Jerry's Famous Deli, Inc. (www.jerrysfamousdeli.com) is an operator of New York deli-style restaurants, currently operating eight restaurants within Southern California (seven as Jerry's Deli and one as Solley's Deli & Bakery) and one Jerry's Famous Deli in South Beach Miami. Known as the quintessential delicatessen to local consumers, the Jerry's Famous Deli menu features over 600 traditional deli and dining favorites. Each location features a New York Broadway theme, creating a "theatrical" setting with a unique arrangement of lighting, posters and décor. Additionally, the company operates two Epicure Markets (www.epicuremarket.com) in Miami Beach, FL which serve as specialty full-service markets offering gourmet products imported from all over the world. Jerry's Famous Deli Locations • • • • • • • • •

Marina Del Rey, CA Studio City, CA Woodland Hills, CA Encino, CA Costa Mesa, CA Westwood, CA West Hollywood, CA Torrance, CA South Beach, Miami, FL

Additional Operating Locations •

Solley's Bakery & Deli Sherman Oaks, CA

Epicure Market Miami Beach, FL

Epicure Market Miami Beach, FL

The Marina Del Rey restaurant has been successfully operating in its current location for nearly 20 years.

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA INVESTMENT INFORMATION PROPERTY INFORMATION: Address:

13181 Mindanao Way, Marina Del Rey, CA 90292 (View Map)

Tenant:

Jerry’s Famous Deli, Inc.

Occupancy:

100%

Year Built:

1973

Land: Improvements: APN:

(Approx.) 33,420 Square Feet (Approx.) 9,159 Square Feet 4212-004-007

FINANCIAL INFORMATION: Price:

$5,000,000

Capitalization Rate: Terms:

6.48% All Cash or Cash to New Loan

ANNUAL OPERATING INFORMATION: Current Scheduled Gross Income: Plus Expense Recapture: Gross Operating Income: Less Expenses: Net Operating Income:

$324,000 NNN $324,000 NNN $324,000 (6.48%)

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA RENT ROLL TENANT

Jerry’s Famous Deli, Inc.

TOTALS

SQ. FT.

LEASE START

LEASE TERM

MONTHLY RENT

ANNUAL RENT

RENTAL INCREASES

RENEWAL OPTIONS

LEASE TYPE

9,159

Close of Escrow

15 Years

$27,000

$324,000

10% Every 5 Years

3 (5 Year) @ 10%

NNN

$27,000

$324,000

9,159

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA AERIAL – INTERSECTION VIEW

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA AERIAL – REGIONAL VIEW

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA PARCEL MAP

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA SITE PLAN

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


JERRY’S FAMOUS DELI MARINA DEL REY, CALIFORNIA LOCATION MAPS

The above information is for reference purposes only, is approximate, and is subject to change. It is not guaranteed as to its accuracy or completeness. Buyer should conduct its own independent investigation and consult an attorney. As of January 2010.


BR - Jerrys - Marina Del Rey