ASHLEY FURNITURE - Matthews Real Estate Investment Services

ASHLEY
FURNITURE
Fairfield, CA
TWO UNIT PORTFOLIO
FA I R F I E L D & R O H N E R T PA R K , C A
Offering Memorandum
Rohnert Park, CA
™
Fairfield, CA
Ashley Furniture | Plano, TX
EXCLUSIVELY LISTED BY:
GARY CHOU
V P & D I R E C TO R
SINGLE TENANT NET LEASED
D I R E C T + 1 . 3 1 0. 9 1 9. 5 8 2 7
M O B I L E + 1 .7 1 4 . 9 2 8 . 8 0 1 6
G a r y. C h o u @ m a t t h e w s . c o m
C A LV I N S H O R T
V P & S E N I O R D I R E C TO R
SINGLE TENANT NET LEASED
D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 7 0
M O B I L E + 1 . 3 1 0. 5 6 7. 3 5 2 5
[email protected]
BROKER OF RECORD
Ky l e M a t t h e w s
D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 5 7
Ky l e . M a t t h e w s @ m a t t h e w s . c o m
License No. 01469842
Mathews Retail Advisors
2
Offering Memorandum
Ashley Furniture Portfolio
F a i r f i e l d & Ro h n e r t P a r k , C A
TA B L E O F C O N T E N T S
4
EXECUTIVE SUMMARY
TENANT SUMMARY
9 PROPERTY OVERVIEW 1 7
FINANCIAL OVERVIEW
SITE DESCRIPTION
L E A S E A B S T R AC T
DEBT ASSUMPTION
REGIONAL MAP
ASHLEY FURNITURE
1 0 Y E A R C A S H F LOW
TENANT MAPS
INVESTMENT HIGHLIGHTS
FA I R F I E L D, C A OV E R V I E W
R O H N E R T PA R K , C A OV E R V I E W
Matthews Retail Advisors
3
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
± 5 9 ,7 0
9 VPD
±143,287 VPD
Fairfield, CA
EXECUTIVE SUMMARY
4
Matthews Retail Advisors
Offering Memorandum
E X E CUT I VE S U MMA RY
DEBT A SSU MPTION
List Price
$17,610,997
Servicer
UBS
Cap Rate
5.80%
Maturity
December 2022
Interest Rate
4.70%
Current NOI
$510,458.00
$489,481.00
Term
10 Years
Nov 2016 NOI (1)
$521,432.85
$500,004.84
Amortization
25 Years
4865 Auto Plaza Ct.
6001 Redwood Dr.
Annual Debt Service
Fairfield, CA
Rohnert Park, CA
Balance
± 45,914
± 45,910
4.12 Acres
3.71 Acres
2006
2006
Address
Square Footage
Lot Size
Year Built
Assumption Fee
$435,952.80
$5.9MM
0.50%
*DEBT MUST BE ASSUMED
(1) Assumes 2.15% increase. List price based off of projected November 2016 rental increase.
Tenant Summary
Tenant Trade Name
Ashley Furniture HomeStore
Type of Ownership
Fee Simple
Operator
Lease Type
Roof and Structure
Lease Commencement Date
Lease Expiration Date
Term Remaining on Lease
Increases
Options
Corporate
NNN
Tenant Responsible
10/1/2012
10/31/2027
11+
Annually, lesser of 2.5% or 1.25x CPI
Three (3), 5-Year Options
Note: CPI increase of 2.15% was calculated by taking the average over the past 10 years.
Matthews Retail Advisors
5
Ashley Furniture Portfolio | Fairfield
Ashley
& Rohnert
Furniture
Park,
Portfolio
CA | Fairfield & Rohnert Park, CA
10 Y E AR C A S H F L O W
6001 Redwood Dr, Rohnert Park, CA
Schedule Of Prospective Cash Flow
In Inflated Dollars for the Fiscal Year Beginning 11/1/2016
For the Years Ending
Potential Gross Revenue
Base Rental Revenue
Scheduled Base Rental Revenue
Net Operating Income
Year 1
Oct-2017
___________
Year 2
Oct-2018
___________
Year 3
Oct-2019
___________
Year 4
Oct-2020
___________
Year 5
Oct-2021
___________
Year 6
Oct-2022
___________
Year 7
Oct-2023
___________
Year 8
Oct-2024
___________
Year 9
Oct-2025
___________
Year 10
Oct-2026
___________
$500,005
___________
500,005
___________
500,005
___________
$510,755
___________
510,755
___________
510,755
___________
2.15%
$521,736
___________
521,736
___________
521,736
___________
2.15%
$532,954
___________
532,954
___________
532,954
___________
2.15%
$544,412
___________
544,412
___________
544,412
___________
2.15%
$556,117
___________
556,117
___________
556,117
___________
2.15%
$568,073
___________
568,073
___________
568,073
___________
2.15%
$580,287
___________
580,287
___________
580,287
___________
2.15%
$592,763
___________
592,763
___________
592,763
___________
2.15%
$605,508
___________
605,508
___________
605,508
___________
2.15%
Year 1
Oct-2017
___________
Year 2
Oct-2018
___________
Year 3
Oct-2019
___________
4865 Auto Plaza Court, Fairfield, CA
Year 4
Year 5
Year 6
Oct-2020
Oct-2021
Oct-2022
___________
___________
___________
Year 7
Oct-2023
___________
Year 8
Oct-2024
___________
Year 9
Oct-2025
___________
Year 10
Oct-2026
___________
$521,433
___________
521,433
___________
521,433
___________
521,433
___________
521,433
$532,644
___________
532,644
___________
532,644
___________
532,644
___________
532,644
$544,095
___________
544,095
___________
544,095
___________
544,095
___________
544,095
$555,794
___________
555,794
___________
555,794
___________
555,794
___________
555,794
$592,419
___________
592,419
___________
592,419
___________
592,419
___________
592,419
$605,156
___________
605,156
___________
605,156
___________
605,156
___________
605,156
$618,166
___________
618,166
___________
618,166
___________
618,166
___________
618,166
$631,457
___________
631,457
___________
631,457
___________
631,457
___________
631,457
CPI Increase
For the Years Ending
Potential Gross Revenue
Base Rental Revenue
Scheduled Base Rental Revenue
Total Potential Gross Revenue
Effective Gross Revenue
Net Operating Income
CPI Increase
$579,950
___________
579,950
___________
579,950
___________
579,950
___________
579,950
2.15%
2.15%
2.15%
2.15%
2.15%
2.15%
2.15%
2.15%
2.15%
$1,021,438
$1,043,399
$1,065,831
$1,088,748
$1,112,155
$1,136,067
$1,160,492
$1,185,443
$1,210,929
$1,236,965
Annual Debt Service
$435,953
$435,953
$435,953
$435,953
$435,953
$435,953
$320,010
$296,821
$296,821
$296,821
Free Cash Flow
$585,485
$607,446
$629,878
$652,795
$676,202
$700,114
$840,482
$888,622
$914,108
$940,144
5.00%
5.19%
5.38%
5.57%
5.77%
5.98%
7.18%
7.59%
7.81%
8.03%
Combined NOI
Cash on Cash
6
$567,743
___________
567,743
___________
567,743
___________
567,743
___________
567,743
Matthews Retail Advisors
Offering Memorandum
I N VE S T M ENT HIG HL IG HT S - FA IRF IE LD, CA
PRIDE OF OWNERSHIP NORTHERN CALIFORNIA INVESTMENT
•
Stabilized Long-Term Investment - The current master lease has 11+ years remaining on its original 15 year term
•
A subsidiary of Ashley Furniture recently bought out the previous operator and assumed the lease, showing great commitment to the location
•
Absolute NNN Investment - Zero landlord responsibilities - tenant is responsible for maintenance, taxes and insurance
•
Strong hedge against inflation - Annual rental increases throughout the base term and option periods (see page 5 for additional info)
•
Fantastic historical store performance - investor will also benefit from required financial reporting per the lease (see broker for additional info)
LEADING NATIONAL BRAND
•
Ashley Furniture tops the Forbes list at #105 of “America’s Largest Private Companies”. With more than 600 locations in 28 countries, and over $4 billion in annual
revenue, Ashley Furniture HomeStore is the largest retail brand of home furniture accessories
•
Growth Driven Brand - Ashley Furniture is committed to drawing new business to its stores - Most recently, the brand introduced unique shopping experience concepts
that display enhanced lifestyle environments to make the shopping experience inviting, warm and inspiring. Stores are “strategically designed to embrace new ways to
purchase home furnishings,” according to Dave Mattea, Vice President of Global Visual for Ashley HomeStores
EXCELLENT IDENTITY AND VISIBILITY
•
The Property is located in Fairfield, at the dominant retail intersection of HWY I-80 and HWY I-680, immediately accessible to both Northern California Interstate
Highways
•
Heavy Traffic Counts - The Property is located in the southwest quadrant of HWY I-80 and HWY-680, supporting over 202,900 cars per day
•
Strong Retail Corridor - National retailers in the area include Costco, T.J. Maxx, CVS, Safeway, Chase Bank, and Bank of America to name a few
AFFLUENT DEMOGRAPHICS AND STRONG POPULATION GROWTH
•
Average household income in the 1-mile is in excess of $129,940, with projected population growth over the next 5 years of 10.45%
•
Average household income in the 3-mile is in excess of $124,300, with projected population growth over the next 5 years of 11.01%
•
Average household income in the 5-mile is in excess of $116,360, with projected population growth over the next 5 years of 8.90%
Matthews Retail Advisors
7
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
INV E S T M E NT HIG HL IG HT S - ROH N ERT PA RK, CA
PRIDE OF OWNERSHIP NORTHERN CALIFORNIA INVESTMENT
•
Stabilized Long-Term Investment - The current master lease has 11+ years remaining on its original 15 year term
•
A subsidiary of Ashley Furniture recently bought out the previous operator and assumed the lease, showing great commitment to the location
•
Absolute NNN Investment - Zero landlord responsibilities - tenant is responsible for maintenance, taxes and insurance
•
Strong hedge against inflation - Annual rental increases throughout the base term and option periods (see page 5 for additional info)
•
Healthy historical store performance - investor will also benefit from required financial reporting per the lease (see broker for additional info)
LEADING NATIONAL BRAND
•
Ashley Furniture tops the Forbes list at #105 of “America’s Largest Private Companies”. With more than 600 locations in 28 countries, and over $4 billion in annual
revenue, Ashley Furniture HomeStore is the largest retail brand of home furniture accessories
•
Growth Driven Brand - Ashley Furniture is committed to drawing new business to its stores - Most recently, the brand introduced unique shopping experience concepts
that display enhanced lifestyle environments to make the shopping experience inviting, warm and inspiring. Stores are “strategically designed to embrace new ways to
purchase home furnishings,” according to Dave Mattea, Vice President of Global Visual for Ashley HomeStores
STRONG CENTRALIZED LOCATION
•
The offering is ideally position a short 3-miles from Sonoma State University which plays host to over 9,400 undergraduate and postgraduate students, of which a large
portion likely visit the store for permanent and temporary housing needs
•
Ashley Furniture sits just off of Interstate 101 (94,257 cars per day), adjacent to the only Costco serving Rohnert Park, and is surrounded by a strong mix of national
retailers including Walmart, Target, Home Depot, Safeway, 24 Hour Fitness, Chase Bank, Wells Fargo and Walgreens to name a few
8
Matthews Retail Advisors
Offering Memorandum
Fairfield, CA
PROPERTY OVERVIEW
Matthews Retail Advisors
9
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
S I T E D E S C R IP T IO N
Actual Site
Actual Site
Address
4865 Auto Plaza Ct, Farfield, CA
6001 Redwood Drive, Rohnert Park, CA
0180-110-260
143-040-119
2006
2006
Gross Leasable Area (GLA)
± 45,911 SF
± 45,914 SF
Lot Size
4.12 Acres
3.71 Acres
Type of Ownership
Fee Simple
Fee Simple
244 Surface Spaces
200 Surface Spaces
APN
Year Built
Parking
10
Matthews Retail Advisors
Offering Memorandum
Offering Memorandum
RE G I ON AL M A P
Ashley Furniture
Rohnert Park, CA
Ashley Furniture
Fairfield, CA
Matthews Retail Advisors
11
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
TE N A N T M A P
RO H N ER T PA RK , C A
12
Matthews Retail Advisors
Offering Memorandum
TE N A N T M A P
FA I R FI EL D, C A
Matthews Retail Advisors
13
Ashley
Furniture Portfolio | Fairfield & Rohnert Park, CA
Rohnert Park,
CA
±94,515 VPD
14
Matthews Retail Advisors
S O N O M A S TAT E
UNVIERSITY
Offering Memorandum
FA I RFI E LD, C A
The city of Fairfield is a vibrant and diverse community with respect for its heritage and
POPULATION
1 Mile
3 Miles
5 Miles
2021 Projection
5,918
21,453
34,585
room for growing businesses, and a large and talented work force, Fairfield is a place
2016 Estimate
5,358
19,326
31,758
to be seriously considered for establishing a business.
2010 Census
4,628
16,519
28,109
Growth 2016 - 2021
10.45%
11.01%
8.90%
Francisco and Sacramento, the San Francisco Bay Area, and the California Delta
Growth 2010 - 2016
15.78%
16.99%
12.98%
and Napa Valley. Located along the Interstate-80 corridor, Fairfield is almost halfway
HOUSEHOLDS
1 Mile
3 Miles
5 Miles
between San Francisco and Sacramento. Travis Air Force Base lies three miles east of
2021 Projection
1,838
6,606
11,070
2016 Estimate
1,689
6,009
10,220
2010 Census
1,537
5,312
9,202
2000 Census
719
2,778
6,109
Growth 2016 - 2021
8.87%
9.95%
8.31%
Growth 2010 - 2016
9.83%
13.12%
11.06%
jobs in the area of Clean Energy & Transportation at a faster rate than the carbon-based
INCOME
1 Mile
3 Miles
5 Miles
energy industry, or even the overall economy. Both carbon-based energy and clean
2016 Est. Average
Household Income
$129,949
$124,315
$116,368
a vision for the future. As the county seat of Solano County, the city has a population
of about 109,000 people. With a combination of prime commercial real estate location,
It is conveniently situated at the crossroads of three major routes connecting to San
the central business district of Fairfield. This Air Force Base handles more cargo and
passenger traffic through its airport than any other military air terminal in the United
States, making it a very important part of the local economy.
Solano County’s strong California quality of life, world-class universities, technical
colleges, and growing pool of high-skilled workers make it one of the most attractive
locations within Northern California for high-tech companies. Solano County is growing
energy sectors and businesses continue to grow. Together, these sectors employ over
1,500 people across more than 60 establishments. They include companies in oil and
gas drilling and petroleum refining, as well as clean-energy generation (e.g., solar and
wind), energy conservation products and services, and clean transportation.
#
EMPLOYER
EMPLOYEES
1
Travis Air Force Base
14,353
2
Kaiser Permanente
3,906
3
Solano County
2,850
4
California State Prison Solano
2,200
5
Fairfield—Suisun Unified School District
2,000
Matthews Retail Advisors
15
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
The City of Rohnert park is located in Sonoma County, California approximately 50
POPULATION
1 Mile
3 Miles
5 Miles
2021 Projection
9,753
60,914
102,803
communities nationwide. Today, it’s home to a number of businesses, a campus of the
2016 Estimate
9,264
58,635
97,947
state university, and about 41,000 residents. Rohnert Park is located within the Santa
2010 Census
8,757
56,457
92,699
Rosa-Petaluma Metropolitan Statistical Area.
Growth 2016 - 2021
5.28%
3.89%
4.96%
Rohnert Park has a diverse business base with small to medium sized businesses as
Growth 2010 - 2016
5.79%
3.86%
5.66%
well as large national and international companies. Large businesses have a significant
HOUSEHOLDS
1 Mile
3 Miles
5 Miles
presence in Rohnert Park. State Farm Insurance, SBC, Motorola, and Parker Hannifin
2021 Projection
4,179
23,216
36,480
2016 Estimate
3,936
22,168
34,688
2010 Census
3,662
21,041
32,753
2000 Census
3,232
20,118
29,633
Growth 2016 - 2021
6.19%
4.73%
5.17%
Growth 2010 - 2016
7.47%
5.36%
5.91%
far enough away to preserve the amazing quality of life. Sonoma County represents
INCOME
1 Mile
3 Miles
5 Miles
the best of Northern California — premium wine, farm-to-table dining, unique resorts
2016 Est. Average
Household Income
$67,094
$77,430
$77,752
miles north of San Francisco. Rohnert Park is the third largest city in Sonoma County.
Laid out in the 1950s, family-friendly Rohnert Park was one of the first planned
Compumotor are among the major employers. There are also a number of smaller
businesses in the city and a number of media companies, such as KRCB FM, the local
public radio station.
Sonoma County is a hub for economic activity in northern California’s wine country.
Sonoma County is a traveler’s dream vacation spot in California. Part of the North SF
Bay Area, Sonoma County is close to major cities, airports and commerce zones, just
and spas, and over 50 state and regional parks. Sonoma County has a dynamic and
well-balanced economy, anchored by strengths in tourism, high-tech manufacturing,
and retail. Sonoma County is home to several vineyards with world-class wines, rich
histories and beautiful surroundings.
#
16
EMPLOYER
EMPLOYEES
1
Kaiser Permanente
2,555
2
Graton Resort & Casino
2,000
3
Sutter Santa Rosa Regional Hospital
1,797
4
St. Joseph Health Sonoma County
1,740
5
Keysight Technologies
1,200
Matthews Retail Advisors
Offering Memorandum
±14
3,2
87
VP
D
Fairfield, CA
FINANCIAL OVERVIEW
Matthews Retail Advisors
17
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
LEA S E ABS T R AC T
18
Tenant
Stoneledge Furniture, LLC a Wisconsin limited liability company
Size
Approximately 45,914 (Fairfield) & 45,910 (Rohnert Park) square feet
Date of Lease
October 1, 2012
Lease Commencement
October 1, 2012
Lease Expiration
October 31, 2027
Lease Term
Fifteen (15) years
Renewal Options
Three (3) Five (5) year
Current Rent
$510,458 (Fairfield) & $489,481 (Rohnert Park)
Rental Increases
Lesser of (i) 2.5% or (ii) 1.25x change in CPI. Next adjustment 11/1/2016 (list price based off of 2016 projection)
Option Rent
Lesser of (i) 2.5% or (ii) 1.25x change in CPI.
Real Estate Taxes
Lessee shall pay, prior to the earliest of delinquency or the accrual of interest on the unpaid balance, all taxes and assessments of
every type or nature assessed against or imposed upon the properties.
Maintenance and Repair
Lessee shall, at its sole cost and expense, be responsible for keeping all building, structures and improvements erected on each of
the properties in good order and repair. Lessee is responsible for all structural repairs and maintenance as well.
Insurance
Lessee shall maintain, at its sole expense, the following types of insurance, in addition to such other insurance as Lessor may
reasonably require from time to time, insurance against loss or damage to real property and personal property under an “all risk” or
“special form” insurance policy. Must also carry general liability, workers’ comp, rental value insurance, etc.
Self-Insurance
Tenant has the right to self-insure provided that Tenant maintains a minimum net worth equal to or greater than $50,000,000.
Utilities
Tenant pays directly.
Financial Information
Within 45 days after the end of each fiscal quarter and 120 days after the end of each fiscal year, lessee shall deliver (i) complete
financial statements of the lessee entities, including balance sheet, P&L, and statement of changes in financial condition.
Estoppel Certificate
Lessee shall, promptly and in no event later than ten (10) days after a request by lessor or any lender or mortgagee of lessor, execute,
acknowledge and deliver a certificate in the form supplied by lessor, certifying (a) that lessor has accepted the properties; (b) that this
lease is in full force and effect and has not been modified, etc.
Assignment and Subletting
Lessee shall not assign, transfer, convey or pledge this lease or any interest herein or in lessee, without prior written consent of lessor.
Lessee shall not sublet any or all of the properties or any portion thereof without the prior written consent of Lessor, which consent
will not be unreasonably withheld.
Notices
All notices, demands, designations, certificates, requests, offers, consents, approvals, appointments and other instruments given
pursuant to the lease shall be in writing and given by any one of the following (a) hand delivery, (b) overnight express delivery, (c)
certified or registered mail, or (d) facsimile transmission
Right of First Refusal
None
Matthews Retail Advisors
,51
5 V
PD
Offering Memorandum
±94
Offering Memorandum
Matthews Retail Advisors
19
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
Brand Overview
Trade Name
Ashley Furniture
Ashley Furniture Industries, doing business as The Ashley Companies, is a top-selling
furniture store brand to retail partners in 120-plus countries and the #1 US furniture
and bedding retailer. It makes and imports upholstered furniture, as well as leather and
hardwood pieces. It licenses its name to some 500 Ashley Furniture HomeStores located
in the US, as well as in Canada, Mexico, Central America, and Japan. These stores are
independently owned and sell only Ashley Furniture-branded products.
Operations
The company boasts three operating divisions: Ashley Casegoods, Ashley Upholstery,
and Millennium. While some furniture is made through Asian contractors, Ashley Furniture
Industries maintains 3 million sq. ft. of manufacturing facilities at half a dozen locations.
The company sells furniture through its own brands, such as Carlyle, Cross Island, Emory,
Hamlyn, Kenwood Loft, Key Town, Martini Suite, and Wisteria.
Strategy
As part of its global expansion, Ashley Furniture Industries in 2012 opened its first Ashley
Furniture HomeStore showroom -- spanning some 35,000 sq. ft. -- in Shanghai, China.
The company has made plans to open 1,000 stores in China during the next 10 years. The
company opened an Ashley Furniture HomeStore, which is 40,000-sq.-ft., in the center
of Amman, Jordan, in 2012. The showroom is one of four stores that will open in the next
three years. Ashley Furniture plans to open 50 additional HomeStore locations.
20
Matthews Retail Advisors
Ownership
Revenue
No. of Locations
No. of Employees
Headquartered
Web Site
Year Founded
Private
$4 B
± 520
± 16,300
Arcadia, WI
www.ashleyfurniture.com
1970
Offering Memorandum
CONFIDENTIALITY AND DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of Ashley Furniture located at 4865 Auto Plaza Ct., Fairfield, CA and 6001
Redwood Drive, Rohnert Park, CA (“Property”). It has been prepared by Matthews Retail Advisors. This Offering Memorandum may not be all-inclusive or contain all of the
information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review
by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Retail Advisors. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable.
Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form
their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1.
The Offering Memorandum and its contents are confidential;
2. You will hold it and treat it in the strictest of confidence; and
3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the
interest of the Seller.
Owner and Matthews Retail Advisors expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property
and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials
relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the
sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Retail Advisors or any of their affiliates or any of their respective officers, Directors, shareholders,
owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of
affairs of the Property since the date this Offering Memorandum.
Matthews Retail Advisors
21
Ashley Furniture Portfolio | Fairfield & Rohnert Park, CA
™
GARY CHOU
V P & D I R E C TO R
SINGLE TENANT NET LEASED
D I R E C T + 1 . 3 1 0. 9 1 9. 5 8 2 7
M O B I L E + 1 .7 1 4 . 9 2 8 . 8 0 1 6
G a r y. C h o u @ m a t t h e w s . c o m
C A LV I N S H O R T
V P & S E N I O R D I R E C TO R
SINGLE TENANT NET LEASED
D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 7 0
M O B I L E + 1 . 3 1 0. 5 6 7. 3 5 2 5
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BROKER OF RECORD
Ky l e M a t t h e w s
D I R E C T + 1 . 3 1 0. 9 1 9. 5 7 5 7
Ky l e . M a t t h e w s @ m a t t h e w s . c o m
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OFFERING MEMORANDUM
4865 Auto Plaza Ct. | Fairfield, CA 94534
6 0 0 1 Re d w o o d D r. | Ro h n e r t P a r k , C A 9 4 9 2 8