4 BUILDING MULTI-TENANT INDUSTRIAL PARK TOTALING 36,715 SF * MAJOR RENOVATION COMPLETE | New roof, HVAC, skylights, parking lot, landscaping, signage program, and exterior paint. No capex required for a new owner. * MAJOR “MARK TO MARKET” UPSIDE | In-place rents are only $1.19/PSF NNN, 18% below market (proven with a recent lease signed at $1.45/PSF NNN) providing a “mark to market” cap rate of 6.61%. New ownership will have the ability to continue renewals/new leases at market rents given the lack of vacancy and “sticky” rent roll. UNIQUE PROJECT CHARACTERISTICS * Excellent ratio of office to warehouse (5% office / 95% warehouse) | Highly visible and desirable location off the 15 and 78 Freeway * Both the 2109 and 2121 buildings have front and rear roll up doors allowing drive through capability | Multiple units have fenced yards | Very flexible “general commercial” zoning allowing retail, industrial, auto, etc. * Well established tenants such as The Royal Collison, perform all the autobody repairs for BMW and Mercedes of Escondido | Well balanced average tenant size of 2,824 SF, perfect for the North San Diego tenant mix. * Priced 39% below replacement cost and well under owner/user pricing which is well over $300/psf. EXTREMELY STRONG MARKET FUNDAMENTALS SUPPORTING UPSIDE / NOI INCREASE * The greater Escondido industrial market has one of the lowest vacancy rates in all Southern California currently sitting at only 1.0%. This submarket has the lowest vacancy within all North County San Diego comprising of over 51M SF of industrial product. * Within the greater Escondido market, “Low Finish Industrial” within Escondido also has a vacancy rate of 1.0%. * The 1, 3, 5, and 10 year average industrial vacancies rates in Escondido are all under 2.0% (the lowest averages in San Diego County).