HE GIRARD 7598 GIRARD AVENUE

Transcription

1 7598 IRARD AVENUE

2 EXCLUSIVELY OFFERED BY: LA JOLLA The Jewel of Southern California MIKE SLATTERY CA License JASON KIMMEL CA License 08 TIM WINSLOW CA License KEVIN NOLEN CA License Executive Drive, 9th Floor San Diego, CA 9 T F IRARD AVENUE,

3 Offering Statement/Disclaimer Cushman & Wakefield (hereinafter CW ) has been retained as exclusive advisor by Prospect Street Associates, a California limited partnership (the Owner ) for the sale of 850 Prospect Street (the Property ), located in La Jolla, CA 907. This Offering has been prepared by CW for use by a limited number of parties and does not purport to provide a necessarily complete summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by CW, and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and CW, therefore, are subject to variation. No representation is made by CW or Owner as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, CW or Owner and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, CW, Owner, and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or for omission from, this Investment Offering or any other written or oral communication transmitted or made available to the recipient. This Offering does not constitute a representation that there has been no change in the business or affairs of the Property since the date of preparation of the package. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner and CW each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this Offering or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered, and approved by Owner and its legal counsel, and any conditions to Owner s obligations thereunder have been satisfied or waived. CW is not authorized to make any representations or agreements on behalf of Owner. This Offering and the contents, except such information which is a matter of public record or is provided in sources available to the public (such contents as so limited herein are called the Contents ), are of a confidential nature. By accepting the package, you agree (i) to hold and treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) not to disclose the package or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Owner or CW, (iv) not use the package or any of the contents in any fashion or manner detrimental to the interest of Owner or CW, and (v) to return it to CW immediately upon request of CW or Owner. If you have no further interest in the Property, please return this Investment Offering forthwith IRARD AVENUE 4

4 FAY AVENUE 7598 IRARD AVENUE Executive Summary THE PROPERTY MARKET OVERVIEW IRARD AVENUE TORREY PINES ROAD TORREY PINES ROAD Cushman and Wakefield, as exclusive agent for the Seller, is pleased to present to qualified investors and developers a very rare opportunity to acquire an entitled project in the heart of La Jolla located at 7598 irard Avenue entitled for a 6 unit luxury condo project including a 5,575 SF retail condo that can be demised into two or three separate spaces, and a,44 SF office suite. The irard has an expansive sun deck with sun chairs, fire pits, a BBQ and Jacuzzi. The property is located at one of the buzziest locations in all of La Jolla at the intersection of Torrey Pines Street and irard Avenue the most iconic street for shopping in all of La Jolla. The property will be a freestanding two-story project with floor to ceiling glass on the ground floor. It will consist of approximately 6,906 SF of salable or leasable square feet situated on approximately,45 SF of fee commercial / mixed-use land. The property offers walk-able shopping, dinning, art, theater, and more. The condo units will vary in size from, SF to,44 SF and the commercial condo unit is approximately 6,564 SF (not including the gross or non leasable area). Residential condos of similar size and location are selling in the range of $850 PSF with retail rents in this specific location around $4.00 NNN PSF. The property has a MTM lease with Vons (the next door neighbor) for excess parking at $,980 per month. Vons has the desire to keep this lease going. The La Jolla Village market is made up of nearly 8,500 acres, with,000 homes and over 47,000 residents. This upscale community consists of seven miles of prime coastline that boasts some of the most expensive real estate in Southern California. The average household income in La Jolla is estimated to be $44,4. The commercial real estate market in La Jolla Village emulates this wealth, commanding some of the highest rents in Southern California. La Jolla is a very strong market that caters to a unique clientele of both foreign and domestic businesses, residents and investors. Downtown La Jolla, specifically Prospect Street and irard Avenue corridors, consistently generate the highest levels of retail and office activity in the Village of La Jolla. As a preferred location for office and retail tenants seeking San Diego s premier business address, demand for space in the Village of La Jolla has increased tremendously over the past 0 years. Downtown La Jolla is home to major restaurants and hotels, high-end boutiques, galleries, law firms, securities firms, insurance firms, accounting firms and real estate offices IRARD AVENUE, LA JOLLA, CA / 7

5 Offering Summary PROPERTY OFFERIN: Fee simple interest in,45 SF of land with an approved project consisting of 6 luxury condo units, 5,575 SF of retail space and a,44 SF office suite located in the heart of La Jolla along the most iconic retail shopping street irard Avenue. TENANT: Vons excess parking (MTM lease) ADDRESS: 7598 irard Avenue, La Jolla, CA 907 LAND SIZE: ±,45 SF PROJECT SIZE: ±6,906 SF (Entitled project) ASSESSOR S PARCEL NUMBER: ZONIN: LJPD-A which allows 9 residential units per the acre (.7 FAR for projects consisting of retail and residential) HEIHT LIMIT: 0 feet F.A.R.:.7 Retail / residential mixed use (,45 SF x.7 = 0,7 SF). Office / residential mixed use (,45 SF x. = 5,98 SF) CURRENT PARKIN SPACES: 5 surface spaces LEASE TYPE: Full service gross (MTM) OFFERIN PRICE: $5,000,000 HERSCHEL AVENUE IRARD AVENUE PEARL STREET FAY AVENUE EADS AVENUE 7598 IRARD AVENUE Note: Property is being sold on the as-is, where-is condition of the Property. Qualified prospective investors will have the opportunity to inspect the Property. Each prospective investor is to rely solely upon its own independent investigation, evaluation, and judgment as to the condition of the Property. The Owner reserves the right to sell or withdraw the Property at any time without prior notice. 8

6 PROPERTY HIHLIHTS 7598 IRARD AVENUE IRARD AVENUE TORREY PINES ROAD PROVEN LOCATION / LON TERM HISTORICAL OCCUPANCY The property has been home to many long standing medical offices serving the immediate area of La Jolla. VERY RARE INVESTMENT OPPORTUNITY IN LA JOLLA This is a very rare opportunity to invest in a core asset in one of the more affluent neighborhoods in the country. DEVELOPMENT POTENTIAL The property allows a developer the ability to construct a 6,906 SF luxury condo or apartment project consisting of 6 residential units, office suite and a large ground floor retail space fronting irard Avenue. SHORT TERM LEASES The property has a MTM lease with Vons rocery Store for excess parking. YEAR-ROUND MILD CLIMATE/AFFLUENT POPULATION/DESTINATION RESORT LOCATION La Jolla is a beautiful seaside resort, bordered by Pacific Beach and Torrey Pines State Reserve. A recent Coldwell Banker study named La Jolla as one of the most affluent communities in the United States, ranked above reenwich Village and Beverly Hills. It has a down-toearth feel due to the beautiful natural scenery. In addition to fine restaurants, gorgeous beaches, hotels and art galleries, La Jolla is home to renowned educational and research institutions including the University of California San Diego and Scripps Research Institute. La Jolla is also home to the beautiful Torrey Pines olf Course, made famous by the PA tour Farmers Insurance Invitational held here in the winter. La Jolla Cove, Black s Beach, Downtown La Jolla, La Valencia Hotel and Children s Beach are just a few additional La Jolla resort and tourist attractions. SINIFICANT BARRIERS TO ENTRY The La Jolla Village commercial real estate market has significant barriers to entry due to the limited sites available for future development and there are currently no new speculative projects under construction. Due to the scarcity of commercially zoned land for development, its coastal orientation, and current zoning guidelines, these barriers to entry are heightened in La Jolla Village. With a lack of available land allocated for future mixeduse development, and increasing demand by smaller professional office users, retailers, and residents, it is very likely that prime, welllocated properties will continue to remain in high demand. STRATEIC LA JOLLA VILLAE LOCATION The Property s location offers easy access to residents and visitors alike, near the high traffic intersection of Prospect Street and irard Avenue in the heart of downtown La Jolla s retail area. Both Prospect Street and irard Avenue are major tourist and visitorserving streets serving residents, visitors and business professionals. Typical businesses include restaurants and outdoor cafes, upscale boutiques, jewelers, art galleries, financial services and brokerage houses, day spas and salons, and a wide variety of upscale specialty retailers and services. In addition, there are numerous luxury residential condominium projects, single family homes and upscale apartment projects located within close walking distance to the Property, which continue to provide a valuable source of affluent customers IRARD AVENUE, LA JOLLA, CA /

7 VD BL ST D R ES 4 PI N 7 THE CROSBY CENTER AVE FAY 5 Morgan Stanley Brooks Brothers Crab Catcher Restaurant Union Bank Chico s Tommy Bahama Chase Bank ap, Banana Republic 4 The Cottage Restaurant 4 US Bank 4 LuluLemon Athletica/Talbots 5 La Plaza La Jolla 5 Charles Schwab 5 Reebok 6 Smith Barney 6 Ralph Lauren 7 Bank of America 7 La Jolla alleria 8 La Jolla Yoga Center HOTELS 9 4hr Fitness FAY 5 VILLAE PLAZA La Valencia Hotel 0 Vons Karl Strauss Brewery rande Colonial Hotel Ferarri La Jolla Brewery CVS Pharmacy BevMo 4 Maserati 5 THE LOT La Jolla ARD ALLERIES / ARTS 4 AVE AVE 7598 IRARD AVENUE IR S EAD 0 Starbucks BREWERIES T RL S PEA 9 AVE FAY PR OS PE CT ST E ST KLIN LA JOLLA DESIN CENTER RETAIL eorge s at the Cove COFFEE SHOPS 7 BANKS 8 4 THE BISHOP S SCHOOL ST 4 6 LA JOLLA COMMUNITY PARK EY DO LANDMARK BANK BLD 5 CT RESTAURANTS R S. AVE 6 L ST WAL 5 ARD PROSPECT PLAZA ERA SILV IR CO AS TB LV D RANDE COLONIAL HOTEL E E AV ST PE WALL ST BLD. R JENN ER La Jolla Village Amenities PR OS NHO IVA CT E P COVE PLAZA OS PR MANCHESTER FINANCIAL BLD. TO T AS LA JOLLA CO ST BLVD T AS CO ELLEN BROWNIN SCRIPPS PARK San Diego Museum of AREA INFORMATION Contemporary art The Athenaeum Music & Arts Library The Conrad / La Jolla Cinema Society / La Jolla Performing N Arts Center (Under Construction) 7598 IRARD AVENUE, LA JOLLA, CA /

8 The La Jolla Village market is made up of nearly 8,500 acres, with,000 homes and over 47,000 residents. This upscale community consists of seven miles of prime coastline that boasts some of the most expensive real estate in Southern California. The average household income in La Jolla is estimated to be $44,4. The commercial real estate market in La Jolla Village emulates this wealth, commanding some of the highest rents in Southern California. La Jolla is a very strong market that caters to a unique clientele of both foreign and domestic businesses, residents and investors. EDUCATION University of California of San Diego is the most notable center for education in La Jolla. Located on the North end, you can also find the Scripps Institution of Oceanography and the headquarters for National University. There are also several research institutions located near UCSD and the Torrey Pines Science Park such as the Scripps Research Institute, the Burnham Institute (formerly called the La Jolla Cancer Research Foundation) and the Salk Institute. Market Overview 4 MARKET OVERVIEW Downtown La Jolla, specifically Prospect Street and irard Avenue corridors, consistently generate the highest levels of retail and office activity in the Village of La Jolla. As a preferred location for office and retail tenants seeking San Diego s premier business address, demand for space in the Village of La Jolla has increased tremendously over the past 0 years. Downtown La Jolla is home to major restaurants and hotels, high-end boutiques, law firms, securities firms, insurance firms, accounting firms and real estate offices. RETAIL MARKET The present retail market in La Jolla is comprised of,97,80 RSF of projects (all 5,000 SF and larger). Driven by the demand that has come from retailers of national and international stature, La Jolla retail market continues to boom. Retail lease rates currently on irard Ave and Prospect Street range from $4.50 to $7.50 per square foot triple net. Retail vacancy in Zone has historically averaged less than % for prime street level locations. OFFICE MARKET The La Jolla office market continues to outperform San Diego County. La Jolla office vacancy continues to be far below the County average, with a current inventory of,08,89 rentable square feet (RSF). La Jolla is unique in that most office space is combined with retail, creating mixed use projects, catering to the community as a whole. However, current zoning requirements limit new office projects to 5,000 square feet, curtailing the future of La Jolla office development and putting larger office spaces in high demand. La Jolla s preparatory schools are: La Jolla Country Day School, The Bishop s School and the Preuss School UCSD. La Jolla High School is part of the San Diego City School district and is home to several famous alumni, including Raquel Welch and regory Peck. ATTRACTIONS & ACTIVITIES La Jolla is the home to the beautiful Torrey Pines olf Course, made famous by the PA tour Farmers Insurance Invitational held here in the winter. Just down the steps from the golf course is the more infamous nude beach, Black s Beach. Walking along the beach, especially at sunset, is popular recreation. Those ambling along may be able to get a glimpse of the green flash. Downtown La Jolla is another tourist attraction. Downtown is made up of gourmet delis and markets, boutique hotels, and numerous worldclass boutiques and restaurants. Notable for its architectural and historical presence is the La Valencia Hotel. There s also the Children s Beach, a quaint manmade cove near downtown which has unfortunately been taken over by harbor seals. The seals are protected animals under federal law, so removing them has become a difficult and controversial issue IRARD AVENUE, LA JOLLA, CA / 5

9 6 AREA DESCRIPTION DESCRIPTION MILES RADIUS % MILES RADIUS % MILES RADIUS Population 07 Projection 7,05 54,646 66,57 0 Estimate 6,86 5,67 60,44 00 Census 6,8 5,094 58,90 Households 07 Projection,66,6 7,40 0 Estimate,546 0,796 69, Census,5 0,56 69,5 rowth % 0.8% 0.6% 0 Avg. Household Size Occupied Housing Units Owner Occupied,76,89 8,99 Renter Occupied,80 8,977 4,496 0 Est. Population by Single Classification Race White Alone 9, , , Black or African American Alone ,7.4 American Indian and Alaska Native Alone Asian Alone , ,4 5.8 Native Hawaiian and Other Pacific Islander Alone Some Other Race Alone 69.6,06.9 7, Two or More Races 97.8,99.7 7, Hispanic Origin (Any Race) ,878 9.,50.9 Source: US Bureau and Census; made with ESRI Business Analyst % DESCRIPTION MILES RADIUS % MILES RADIUS % DEMORAPHICS MILES RADIUS 0 Est. Households by Household Income 5,4 4,7 7,48 Income 00,000+,74.0 4, 7.4 6, Income $50,000-$99, ,47. 6, Income $00,000-$49, ,48 8.4,47 7. Income $75,000-$99, ,79. 8,997.4 Income $50,000 - $74, ,47 4., Income <$49,999, , , Proj. Households by Household Income 5,59 5,66 75,065 Income 00,000+,6 4. 4, , Income $50,000-$99, , , Income $00,000-$49, , , Income $75,000-$99, ,474.7, Income $50,000 - $74, ,08.7, 6. Income <$49,999, , , Est. Average Household Income $,70 $,09 $95,84 07 Proj. Average Household Income $6,89 $45,670 $0,459 Source: US Bureau and Census; made with ESRI Business Analyst POPULATION BY EDUCATION The educational attainment of the population aged 5 years or older in the area was distributed as follows: 7.5% had earned a Master s/professional/doctorate Degree (0.4% in the US).% had a Bachelor s degree (7.7% in the US) 6.4% had completed an Associate degree (7.7% in the US).5% were high school graduates only (9.6% in the US) 4.4% had not earned a high school diploma (4.8% in the US) POPULATION BY EMPLOYMENT The occupational distribution of the employed population is: 80.% in white collar jobs (compared to 6.6% of the US employment).6% in service jobs (compared to 7.% of the US employment) 7.% in blue collar jobs (compared to.% of the US employment) % 7598 IRARD AVENUE, LA JOLLA, CA / 7

10 Zone PROSPECT ST Zone IVANHOE AVE LA JOLLA PLANNED DISTRICT ORDINANCE The La Jolla submarket has a distinguishable reputation in San Diego County. In order to preserve its unique characteristics, the city of San Diego Planning and Zoning Department has developed district zones within the village of La Jolla that have strict regulations on its commercial and residential areas. These zones play an integral part in the design and existence of the La Jolla economy as stated in the San Diego Municipal Code: LA JOLLA BLVD These regulations are intended to improve traffic circulation and access to recreation, visitor-serving retail, cultural and residential uses through specific restrictions on office development and the provision of off-street parking standards. The office restrictions and parking standards are consistent with the need to maintain the pedestrian scale of the commercial areas, reduce peak hour traffic congestion, and assure that office uses do not come dominate such areas nor adversely affect the retail continuity of the major commercial streets. Additionally, these regulations are intended to ensure that new residential development and redevelopment is compatible with the traditional scale and character of the multi-family area and complementary to the Cultural Zone. ZONIN DESCRIPTION DRAPER AVE Zone 4 FAY AVE EADS AVE Zone PEARL ST IRARD AVE HERSCHEL AVE TORREY PINES RD Before one moves their business or invests in La Jolla, they must understand the dynamics of the La Jolla office and retail markets and the La Jolla Planned District Ordinance. The following is a partial summary of the La Jolla Planned District Ordinance which is detailed in Chapter 0 of the San Diego Municipal Code. For a complete copy of the La Jolla Planned District Ordinance, please visit: CH0Art0Division ZONE : IRARD AVENUE & PROSPECT STREET This is the core area of La Jolla. It includes primary retail and visitor oriented commercial area. This area is characterized by high levels of pedestrian activity. Standards for this zone are designed to maintain that pedestrian scale and continuity, and preserve and enhance the retail development pattern of department stores, and small retail shops and restaurants. * Residential development shall be limited to 9 dwelling units per acre IRARD AVENUE, LA JOLLA, CA / 9

11 Zoning Description ROUND FLOOR AND STREET FRONTAE REQUIREMENTS: MAXIMUM BASE DENSITY: PROPERTY DEVELOPMENT REULATIONS MAXIMUM BASE FLOOR The maximum development density shall be as follows: All open spaces, streets, sidewalks, street furniture, street signs, etc. are to conform to the intent of the Planned Districts to maintain the scale and character of the community. This includes all aesthetics of properties. Some examples of the regulations are as follows: Not more than 40% of any exterior building elevation above the first story shall consist of glass of any other material that resembles glass. Surface materials that are not in keeping with the existing character of the community are prohibited. RETAIL ZONE MINIMUM PERCENTAE (%) OF ROSS ROUND FLOOR AREA 50% 75% MINIMUM PERCENTAE (%) OF STRUCTURE S STREET FRONTAE LENTH No minimum required No minimum required 50% 50% 4 50% 50% OFFICE ZONE MAXIMUM ROUND FLOOR AREA RESTRICTIONS 5% 5% MAXIMUM STREET FRONTAE LENTH RESTRICTIONS No ground floor restriction No ground floor restriction 50% 50% 4 50% 50% 0 ZONE AREA RATIO (FAR) PERMITTED PER LOT MAXIMUM OFFICE FAR OR AREA PERMITTED WITHIN MAXIMUM BASE FAR. 0.5 or 5,000 gross SF, whichever is less..0 or 5,000 gross SF, whichever is less. 0.7r 5,000 gross SF, whichever is less ,000 gross SF, whichever is less 5.5 Not applicable 6 No Restriction Not applicable MAXIMUM BONUS DENSITY: A residential/retail mixed use project (with no office uses), shall contain a minimum of 6 percent to a maximum of 50 percent of the total gross floor area in retail use, and the remainder of the total gross floor area in residential use, the maximum building floor area ratio shall be: ZONE MAXIMUM FLOOR AREA RATIO (INCLUDIN BONUS) 5 Not permitted 6 Not permitted The following regulations are applicable to all Planned District Zones and development permits. MINIMUM LOT AREA AND DIMENSIONS In all zones, the minimum lot area size shall be,500 square feet, with a minimum frontage of 5 feet and a minimum lot depth of at least 00 feet. Lot Splits: Where any lot legally existing as of October, 984, is subsequently divided into two or more lots, the maximum total combined area of office use on all lots resulting from the division shall not exceed the square footage limitation listed for the zone in which the lots are located prior to subdivision. The parking requirements of this Division shall apply. No parking exceptions shall be provided for newly created lots smaller than 6,000 square feet. MAXIMUM HEIHT ON PROPERTIES The maximum height of any point on any structure has to be 0 feet. In addition to the height limit, the following areas within the planned district are limited to structures containing a maximum of two stories: All portions of Zone All portions of Zone 4 Those portions of Zone are generally bounded by Herschel Avenue to the east, the alley parallel to the west of irard Avenue to the west, Pear Street to the south and Prospect Street to the north. All portions of Zone south of Silverado Street. The small portion of Zone 5 and Coast Boulevard, generally west of the intersection of La Jolla Boulevard and Coast Boulevard South. The unique zoning and development regulations created for La Jolla bring distinctive opportunities and challenges for investors and tenants. A clear understanding of the complexities of real estate in La Jolla is critical for real estate professionals practicing in La Jolla. ZONIN DESCRIPTION 7598 IRARD AVENUE, LA JOLLA, CA /

12 Office Sale Comparable Transactions Retail Sale Comparable Transactions 700 irard Ave. SALE DATE: /9/ Ivanhoe Ave. SALE DATE: 0/0/0 90 Prospect St. SALE DATE: //0 00 Prospect St. SALE DATE: 4/4/05 95 Prospect St. SALE DATE: 9/9/ Fay Ave. SALE DATE: 5/0/ Draper Ave. SALE DATE: 7// irard Ave. SALE DATE: 0//05 COMPARABLE TRANSACTIONS SALE PRICE: $6,50,000 SALE PRICE: $,00,000 SALE PRICE: $6,00,000 SALE PRICE: $7,900,000 SALE PRICE: $5,800,000 SALE PRICE: $9,85,000 SALE PRICE: $,000,000 SALE PRICE: $,690,000 9,994 SF 7,000 SF,999 SF,5 SF 5,0 SF,799 SF 9,05 SF 7,000 SF LAND PRICE/SF: $5.5 LAND PRICE/SF: $00.00 LAND PRICE/SF: $, LAND PRICE/SF: $,86.0 LAND PRICE/SF: $,5.6 LAND PRICE/SF: $08.97 LAND PRICE/SF: $.4 LAND PRICE/SF: $, BUILDIN SIZE: 4,055 SF BUILDIN SIZE:,080 SF BUILDIN SIZE: 5,6 SF BUILDIN SIZE: 44,744 SF BUILDIN SIZE: 0,0 SF BUILDIN SIZE:,07 SF BUILDIN SIZE:,6 SF BUILDIN SIZE: 7,500 SF BUILDIN $/SF: $46.54 BUILDIN $/SF: $68.8 BUILDIN $/SF: $,0.6 BUILDIN $/SF: $6.55 BUILDIN $/SF: $ BUILDIN $/SF: $ BUILDIN $/SF: $,5.67 BUILDIN $/SF: $ IRARD AVENUE, LA JOLLA, CA /

13 Retail Sale Comparable Transactions Condominium Sale Comparable Transactions Full Site Address SF BR BA Last Sale Amount Price/SF Last Sale Date Year Built 00 enter St # 4H,06 $,650,000 $ /4/ Playa Del Norte # 955 $765,000 $80.05 /0/ ravilla St # 5 64 $95,000 $80.44 /8/ ravilla St,4 $,975,000 $8.09 0/9/ Eads Ave #,67 $,60,000 $8.9 9// Coast Blvd # 4D,88 $,45,000 $ /8/ Coast Blvd S,4 $,800,000 $ /5/ Prospect St,8 $,00,000 $9.59 /5/6 00 COMPARABLE TRANSACTIONS 784 irard Ave. SALE DATE: // irard Ave. SALE DATE: /5/ irard Ave. SALE DATE: /8/ enter St # $64,500 $ // El Paseo rande,94 $,86,500 $ // Coast Blvd # E 57 $585,000 $,0.7 // Prospect St,70 $,780,000 $, /0/5 007 SALE PRICE: $8,896,000 SALE PRICE: $6,500,000 SALE PRICE: $6,575, Coast Blvd # 7E,774 $,880,000 $, // ,0 SF,04 SF 7,000 SF 4 58 Prospect St # A,58 $,75,000 $,090.9 //5 990 LAND PRICE/SF: $,68.47 LAND PRICE/SF: $8.88 LAND PRICE/SF: $ ravilla Pl 76 $870,000 $,8.07 9/8/5 958 BUILDIN SIZE:,0 SF BUILDIN SIZE: 6,745 SF BUILDIN SIZE:,600 SF 6 Coast Blvd #,48 $,600,000 $,86.94 /8/5 986 BUILDIN $/SF: $7.66 BUILDIN $/SF: $7.9 BUILDIN $/SF: $, Prospect St # 50, $,400,000 $,50.00 /4/ Coast Blvd # A,77 $,0,000 $,98.78 /8/ Fay Ave 86 $,00,000 $,48.04 /6/ Coast Blvd S, $5,00,000 $,4.0 9// Coast Blvd # A,640 $,45,000 $, /4/ IRARD AVENUE, LA JOLLA, CA / 5

14 Map of Condominium Sale Comparable Transactions 0 Land Sale Comparable Transactions IRARD AVENUE 6767 Neptune Pl. SALE DATE: /5/0 70 Silver St. SALE DATE: 7//04 67 Vista Del Mar SALE DATE: /8/0 COMPARABLE TRANSACTIONS 9 9 SALE PRICE: $7,600,000 4,94 SF LAND PRICE/SF: $7.49 # OF UNITS: 0 SALE PRICE: $6,800,000,807 SF LAND PRICE/SF: $94.54 # OF UNITS: N/A SALE PRICE: $6,000,000 7,47 SF LAND PRICE/SF: $ # OF UNITS: 7 PRICE/UNIT: $880,000 PRICE/UNIT: N/A PRICE/UNIT: $857, IRARD AVENUE, LA JOLLA, CA / 7

15 MIKE SLATTERY CA License JASON KIMMEL CA License 08 TIM WINSLOW CA License KEVIN NOLEN CA License Executive Drive, 9th Floor San Diego, CA 9 T F