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HomeMy WebLinkAbout13 DEVELOPER SELECTION TO NEGOTIATE FOR THE DISPOSITION AND DEVELOPMENT OF 52 ACRES WITHIN THE TUSTIN LEGACY SPECIFIC PLANDocusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E MEETING DATE TO: FROM: SUBJECT: ��Il►�iIJi1_1:�'A Agenda Item 13 AGENDA REPORT Reviewed: afs City Manager Finance Director N/A MARCH 17, 2026 ALDO E. SCHINDLER, CITY MANAGER BRIAN MONCRIEF, DEPUTY CITY MANAGER — REAL PROPERTY DEVELOPER SELECTION TO NEGOTIATE FOR THE DISPOSITION AND DEVELOPMENT OF 52 ACRES WITHIN THE TUSTIN LEGACY SPECIFIC PLAN Consideration to select developer ALMQUIST Development & Investments to negotiate for the disposition and development of approximately 52 acres of City -owned real property within the Tustin Legacy Specific Plan. The staff supported recommendation is made by an Ad Hoc Committee composed of Councilmember Gallagher and Mayor Lumbard. RECOMMENDATION: That the City Council authorize staff and the City's broker, CCP Real Estate Advisors and SRS Real Estate Partners, to negotiate an Exclusive Negotiating Agreement with ALMQUIST Development & Investments for future City Council consideration. FISCAL IMPACT: There is no fiscal impact associated with this item. CORRELATION TO THE STRATEGIC PLAN: Selection of a developer to negotiate the disposition and development of approximately 52 acres within Tustin Legacy contributes to the fulfillment of the City's Strategic Plan Goal A: Economic and Neighborhood Development. Specifically, this item implements Strategy 1, which is to develop critical phases of Tustin Legacy. BACKGROUND AND DISCUSSION: On May 20, 2025, the City Council authorized staff to release a competitive offering for approximately 52 acres of City -owned real property within Neighborhood E (Planning Areas 9-12) of the Tustin Legacy Specific Plan pursuant to the procedures approved by the City Council in Resolution 25-10. On June 30, 2025, an Offering Memorandum (OM) for the Site was released by CCP Real Estate Advisors and SRS Real Estate Partners (Broker). The OM (included as Attachment Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191 E City Council Agenda Report Tustin Legacy 52 ac. Developer Selection March 17, 2026 Page 2 1) included a general overview of the site, the proposed timeline and process for the offering, and submittal requirements. The OM noted that the site is "currently zoned for retail, service commercial, entertainment, hospitality, office, and research and development uses within the Tustin Legacy Specific Plan; however, proposals for other uses such as complimentary residential that may require Specific Plan or General Plan amendments will be considered." Accordingly, many potential developers expressed interest in a mixed -use residential component. A total of twelve (12) responses were received by the offer deadline (September 12, 2025), which proposed projects that varied in scope and land use. The proposed responses were comprised of the following: • Eight (8) responses proposed projects that utilize the full site area (approximately 52 acres) with a mix of retail, entertainment, office, hospitality, and residential (for -sale as well as rental uses); • Two (2) responses proposed projects that utilize the full site (approximately 52 acres) for exclusively commercial use; • One (1) response proposed a project that utilizes a portion of the site (approximately 11 acres) for entertainment use; and • One (1) response expressed interest in the site for an entertainment use without specific project details. City staff, the Broker and the Mayor appointed Ad -Hoc Committee composed of Mayor Austin Lumbard and Council Member Ryan Gallagher (Ad -Hoc) met on October 15, 2025, to review all responses. The Broker identified six (6) of the twelve (12) responses received as being best aligned with the City's vision for the site. After receiving feedback from the Broker and City staff, the Ad -Hoc recommended that three (3) of those twelve (12) responses proceed to Round Two. The three (3) recommended responses proposed projects with a range of uses that consisted of a mix of retail, entertainment, office, hospitality, and residential uses on the entirety of the approximately 52-acre site. On November 4, 2026, the City Council accepted and approved the Ad Hoc's recommendation and advanced the three (3) recommended proposals to a Round Two. Upon reviewing a second round of refined proposals on December 18, 2026, the Ad Hoc requested a best and final offer from two (2) of the proposers. After reviewing the best and final proposals and receiving feedback from staff, the Ad Hoc is recommending to select ALMQUIST Development & Investments to negotiate an Exclusive Negotiating Agreement for the disposition and development of approximately 52 acres of vacant, City -owned land at Tustin Legacy based on the following preliminary conceptual components, which are typically refined and finalized in subsequent steps of the remaining negotiation and entitlement process: Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E City Council Agenda Report Tustin Legacy 52 ac. Developer Selection March 17, 2026 Page 3 1. Vision — A community gathering place rooted in authenticity, scale, and experience with mixed -use retail and residential living opportunities. 2. Retail Experience - A curated mix of restaurants, shops, fitness, service, and health and wellness uses oriented around common outdoor space where higher levels of programming and activities will occur. 3. Housing — Both market rate and affordable for -sale and rental housing components with 15% of the total residential units affordable to lower income households. 4. Open Space — Portions of Tustin Legacy Park would be reimagined to incorporate play area components to activate the park adjacent to the retail uses within the project. Operations of the retail component of the project would focus on the programming of community gathering space to provide an authentic sense of place and generate consistent foot traffic. 5. Design - The design inspiration is derived from the site's history and the authentic character of Tustin which is reflective of a classic Main Street Americana environment. The anticipated timeline of the remainder of the offering process for the site is as follows: - Q2 2026 City Council open session: Exclusive Negotiation Agreement (ENA) consideration - Q1 2027 City Council open session: Disposition and Development Agreement (DDA) and entitlements consideration jVtatn DtilbvtVitF .ay, �W' kt tt Brian Moncrief Ryan Swiontek Deputy City Manager — Real Property Deputy Director of Real Property Attachment: 1. Offering Memorandum .. —._ t� _':..F � . � � y�l � i `[ 'f s S .. 1 - -. , ��', _ -ru ���,�, �,s"'� .i �,�,s " - - � .�� ""� -z ,....� a �► _ _ _ r —r � � �,QQ -. F �� �.' _ r "�- �- -- - ANU .r _ PPQTiJNITY - FORALE=-OvLEA f 1 ± - -� �, r t `. - — or I' �- �15�- -ETA _ _ N D H O TASTY - i,4.-• .r4 - r lrr "�� �,7r. i ~ems �• i 1� 4111 -, ' } �� - - i- ���e� ` �� � y ,� � -fir �"�'} I' F - � =f� r� � �.}.. � ; - ���•-'y_- �'- - 't- � _ �_ s r -� ' . �, - :�--�-'. w� _ ri Jo ZQ ��� � _� , r Tex- _�-T� .., �� �= ��•-: _ � ................... . ..r AW Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 SITE OVERVIEW • Available for commercial, retail, entertainment, hotel, and mixed -use development. • Located within the 1,600 acre Tustin Legacy Master Plan which includes parks, commercial development and various densities of housing totaling 4,258 units. • Tustin Legacy's main shopping center "The District" opened in 2007 and covers 1 M square feet and is home to Costco, Target, Lowe's and many more. It attracts 1.3M visitors a month (source: Placer Labs, Inc.). • The site is adjacent to the Irvine Business Complex which is home to 4,500 businesses employing 110,000 people. • Across Tustin Legacy Park and the newly built Bark Barracks dog park lies the Flight creative office complex comprising 386,000 square feet. • Located across the street from The Row at Redhill totaling 1,100 units and Broadstone totaling 1,221 units. F7 SRS r r I-1 REAL ESTATE ADVISORS 2 - -... - AF .. fhT - --- -- '• - � _ It Jf . 4 :ate _.r .�.�-.- _ � _ '; ' ; �'3:• - � i � -� �.� .. ;y 1."•Y - Ids l It w;� f I wo: ..` , ar it f THE LANDING 4U0 SINGLE FAMILY HOMES - COMPLETED AND OCCUPIED i 1-+1-i l 7 SOUTH OC COMMUNITY COLLEGE frACRES - 2 EDUCATIONAL ENTITLED MULTI -FAMILY " IRVINE COMPANY - 1,336 UNITS jJAL 1 r co�eniryW Court '• .''� Columbus Square j;•`ri 1,075 Units _ ento"ry' 1'r *- •,...,..------- f .. _ �. .d3 �' ,Y f.�..a •' :T i Tustin Field II: �� �fustln• •.- Veterans.:: FamilY :,:.S170 s Par Leg cy 189 Units �.1d i aen Crpus a g t } ... WS, I. WWI 4cad Q 3 fit, cA. - % ocrzrn Reuse �, . I• P- •eI1 Levity 8 units-_., ., Greenwood . 1 } 375 Units _ Victory Columbus Tustin Legacy - �•~ Pork Grove OE �:. sL TEP irnol Core �enta� 465 Units I 9 y i �f,p iµ► R R f 4.•:�. - --- �..�• Present Status 25 Units �1 Ew rm Sheriff + j ❑ Residential (4,258 units) Re e.71 Ll r Aeo erny ; a' •ren IF y el The Row at Eo" luent ❑ Commercial (1.6M SF) o + �. ■ ' Red Hill e a Amalfi 01 .� j- ,� �� 1, ,1,100 Units °� I 33 Units ® Public & Institutional -" " _ 1,336 Units w ` _ 8 ': k ~ + �1 _ _,f''.`Y0r Columbus The Irvine Co : The r Grovedin g _ .Dist'ric � ! (Irvine) �� Units ®Park (over 90 acres) 00 �j , r 4 402 Units ,ter Broadstone �:• '•.� �`s Arden 1 Tustin ; .:'"'��' a ` .� .4s 6.. a71, F� 1,'� 1,221 Units Legacy' II.}� ��-nueycrove ^,. g i„ ❑ - _ Undeveloped & 1 Not Controlled by City M .. `.. P'r Ph F } } ...... LIFOC (Navy Property) t r _ -1�.. I ��•1 � 4 •`sue �r _ -y. •�' � � ��n ^w �� � �� � � �:` . � � �tff A+�-�. � Boundary f r r > 4' "� ,� a W'5 y Q c i s i Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191 E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 Population 1 Mile 3 Miles 5 Miles 2024 Estimated Population 4,010 228,328 623,174 2029 Projected Population 4,302 234,846 632,372 Projected Annual Growth 2024 to 2029 1.42% 0.56% 0.29% 2024 Daytime Population Daytime Population 26,046 331,157 743,352 Workers 24,522 222,801 437,537 Residents 1,524 108,356 305,815 2024 Income Average Household Income $154,069 $134,077 $144,820 Median Household Income $113,202 $102,252 $105,713 Households & Growth 2024 Estimated Households 1,879 74,751 199,835 2029 Projected Households 2,119 80,389 210,842 Projected Annual Growth 2024 to 2029 1.88% 1.16% 0.89% 2024 Race & Ethnicity White 39.90% 26.45% 30.79% Black or African American 2.72% 1.92% 1.87% Asian or Pacific Islander 39.08% 21.46% 23.41% Other Race 6.43% 31.21 % 26.19% Two or More Races 11.02% 16.29% 15.46% Hispanic 16.81 % 53.81 % 46.90% > Want more? Contact us for a complete demographic, SOURCE (Oesri" foot -traffic, and mobile data insights report. mimN Chaplplo at Madlson Elemeneary NCH 5chool 9t ems t _ h S _i i �1 . _ t< 1 `— V L Anaheim •�rYe inn Garden Grove r Sapoa Inn p5:el Wes Grove Va/ lle '67 A villa Park lrvlpe Rgg.�R�i v #tli •, Orange +1 4 f 1 j-• � # oy' rl'y 1 Edna rk % f North Tuscan oat t. y Wlndfor pg�:Itv^':�1 Village W. Fountain Valley WAK�N ann a costa p.}.fin'. 3Nn Cosa Mesa ntingdon de Beach C LA- er� Cf esa unl+e!sny r'a!k ua LJ . rrrh 73 Tul+le RI^.]^ L—ei r'eleis Canyon vlalnu3 Ell amino Real . rga ft Newport S eath r r56 ft' San Corona del Mar FeJICan ,J a alp",n tat 5e &each NrJI k Nir115r, ^ � Fm�rgJtl r'an inn C Un. 'r 11 �Fn l �a • /�� r' f Toro ola Springs 7 VLI I,dgR Foothill Ranch Lake Forest rlvine 6' 5pe:n um �� m Sr r -3 Laquoa Hurs a Mission Vie, 73i \ eY r Ali5o Vkge) )<>SRS REAL ESTATE ADVISORS HIGHLIGHTS Prime Location The intersection of Red Hill Avenue and Warner Avenue in Tustin, CA, combines accessibility, commercial activity, and residential charm. Close to major freeways like 1-5, 55, 405, and John Wayne Airport, it offers excellent connectivity. This commercial hub, with its shopping centers, restaurants, offices, and thriving industries, supports a strong job market. Ongoing development enhances its growth potential, making it attractive for investors and homeowners. Highly Amenitized Located at the intersection of Red Hill & Warner in Tustin, CA, the + area offers numerous amenities that enhance community living and leisure. Residents enjoy access to parks ideal for recreation, / Z community centers fostering social engagement, and nearby shopping hubs with diverse retail and dining options. Families benefit from proximity to excellent schools in the Tustin Unified School District, while recreational opportunities include Tustin Ranch Golf Club and The District at Tustin Legacy, providing premium experiences for entertainment and relaxation. Zoning The Property is currently zoned for retail, service commercial, entertainment, hospitality, office, and research and development uses within the Tustin Legacy Specific Plan; however, proposals for other uses such as complimentary residential that may require Specific Plan or General Plan amendments will be considered. 5 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191 E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 THE OFFERING: As directed by Ownership (The City of Tustin), CCP is offering the Tustin Legacy Retail, Entertainment, and Hospitality Mixed -Use Opportunity on an unpriced basis to pre -qualified investors/developers. We are pleased to present the opportunity to ground lease or acquire. The site is an exceptionally located development opportunity. The Property is currently vacant land with high visibility along Red Hill & Warner in Tustin, CA. Web Based Due Diligence Documents: The Property's Deal Flow Document Center contains a preliminary title report, development fee calculations, environmental studies, the Tustin Legacy Specific Plan, and other related documents which are intended to provide as much information as possible and allow potential bidders to effectively analyze and underwrite the property. Property Conditions: The City of Tustin is the property owner and is subject to the Surplus Land Act (SLA). A Notice of Availability process for the property has been completed and there will be a covenant on the property requiring 15% affordability to lower income households if 10 or more residential units are ever developed on the property. The selected Developer will accept the parcel(s) in a mass graded with supporting infrastructure in place. Developer should anticipate installation of necessary infrastructure to serve the proposed development. The Developer will contribute to the Tustin Legacy Fair Share (backbone) program. SRS ESTATE PREAL ADVISORS 0 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191 E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 Project Vision: The City of Tustin envisions a curated retail -led blended -use development that becomes a defining destination for the region. Anchored by experiential retail, the project should feature a mix of charming boutiques and stylish shops, gourmet fare and crafted beverages, engaging entertainment options, and thoughtfully integrated residential and hospitality components. The development should serve as a dynamic community gathering place- activating the public realm through a mix of programmed outdoor spaces, vibrant park edges, enhanced view corridors, and seamless pedestrian connections to Legacy Park. The City welcomes creative, market -driven proposals that establish a unique and memorable identity for the site that enhances the broader Tustin Legacy vision. The City is committed to a collaborative partnership with the selected development team to refine and implement a shared vision —one that reflects community goals, meets market demand, and ensures long-term success for both the project and the City. Developer Qualifications: The City of Tustin is seeking qualified Developers to realize the vision of the project. Developers must meet the requirements outlined below and will be verified by CCP & SRS. • Proven success in executing and operating projects of comparable scale • Robust financial capabilities and consistent on -time project delivery Submission Process: The City of Tustin and CCP & SRS will assess submitted proposals based on the criteria outlined in this offering memorandum. Following this evaluation, a recommendation may be made to the City Council for Developer selection. Upon selection, the City Council will enterinto an ENA with the chosen Developer. This ENA will serve as the framework for negotiating the transaction details and entitlements. City Expectations: Developer and City Expenses - The City of Tustin will expect developers to provide a deposit at ENA execution that will be replenished throughout negotiation and closing through certificate of compliance (project completion). This deposit is separate and distinct from any entitlement or construction deposits. Developer will be responsible for all development costs and expenses, including but not limited to the cost of design preparation, entitlement, and City transaction expenses, inclusive of, but not limited to, City staff expenses and third -party City project consultants, including City legal counsel. Conveyance - The Property will be conveyed or leased on an "as -is, where -is and with all faults" basis to Developer. Conveyance will occur subject to conditions within the DDA or Ground Lease, one of which will include approved permit -ready plans. Project Performance - Developer will be selected for its ability to timely close and/ or execute on the project. No speculation about land holding will be permitted. Project and schedule performance standards will be included within the Disposition and Development Agreement (DDA) or Ground Lease to ensure timely execution. SRS ESTATE PREAL ADVISORS 7 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 OFFERING TIMELINE CCP & SRS will market the property for an approximately 60-day period. Following the marketing launch, questions will be due within 3-weeks. Answers will be sent out to all Developers simultaneously. ±60 DAYS • • • • • • • • • • • • • • ' Based on review of proposals, CCP & SRS may reach out to a specific group of qualified Developers and ask them to submit additional information and participate in interviews with the City. Developers are expected to submit an improved offer, including but not limited to the following: - Offer price and detailed financial information - Due diligence process & timeline -Advanced design and architectural information • • • • • • • • • • A call for offers date requesting Developers to submit a letter of intent and conceptual design proposal following the marketing period. CCP & SRS & The City of Tustin to review qualified proposals. CCP & SRS to notify qualified Developers to proceed to Round Two. ±30 DAYS • • • . • . • • . • • Following Round Two, select Developers will be asked to submit a best & final offer. Developers are asked to further improve their offering position based on the expectations outlined in the Round Two offer section. 0 0 0 0 0 0 0 0 • 0 0 SRS r I-1 REAL ESTATE �` ADVISORS �1 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191 E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 SUBMITTAL REQUIREMENTS Round One - Letter of Intent & Conceptual Design Proposal: Format - Developers must submit proposals that adhere to the follow- ing format and organizational structure, as outlined below. Proposals should not exceed twenty (20) pages in total. 1. Investment Entity • Organizational Structure: Detail the investment entity, its structural organization, and the role of the primary negotiator. • Affiliations: Describe whether the investment entity has any associated subsidiary entities or related organizations. • Project Completion Guarantor: Specify the entity responsible for guaranteeing project completion, including its financial strength and existing obligations. 2. Experience/Qualifications/References • Relevant Project History: Showcase successful completion of comparable mixed -use projects within California, limit examples to three projects completed in the last 5 years, clearly stating the Developer's role. • Key Personnel: Outline the backgrounds of key project team mem- bers and their roles (Project Lead/staff, Consultant Team - Architect, General Contractor, Legal Counsel, etc.). • Prior Public Sector Land Transfer Experience: Describe the Devel- oper's/legal team's experience in previous negotiations with government bodies regarding land conveyance. • Legal Matters: Disclose any ongoing or past (within the last 10 years) legal actions involving a local, state, or federal agency, and explain. • Architectural and Design Expertise: Provide details about the ar- chitectural and design team, along with examples of constructed or entitled projects. 3. Business Offer/Project Feasibility • Proposal: Provide a summary of purchase price or Ground Lease terms. For purchase, include purchase price information on a single or multiple closings. For Ground Leases, include information such as initial term, extension options, right to purchase, right of first refus- al/right of first offer, rent escalations, Fair Market Value resets, etc. • One Time and/or Ongoing Benefits: Provide a summary of any profit participation proposals, or other one-time or ongoing benefits to the City from the proposed land use/transaction. 4. Project Financing/Financial Capacity • Capitalization Structure: Project financing details, including specific sources of funds. • Equity Contribution: Specify the equity component and its role within the project (passive vs. active; preferred vs. common equity; internal vs. external Developers). • Debt Financing: If applicable, provide information regarding the lender and loan terms. 5. Narrative • Project Overview: A comprehensive project description articulating the Developer's vision. The Developer is expected to deliver the proj- ect as represented in their proposal. 6. Conceptual Vision/Architecture • Preliminary Site Layout: Illustrate building footprints, parking areas, open spaces, and amenities. • Design Inspiration: A collection of images representing the design intent and suggested materials. • Parking Provisions: Provide information on required parking, provided parking, parking dimensions, as well as any additional parking information based on land use (guest parking, accessible parking, public parking, etc.) 7. Developer Terms • Contingencies: If any, please describe. Round Two - Refined Design & Business Plan (Qualified Developers Only) Following Round One, qualified Developers will participate in the design and planning -focused Round Two with updated project financials reflecting a refined project design. Developers and their project team will have the opportunity through the interview process to ask questions and receive feedback on their project proposal. There will be an opportunity to adjust the proposal to reflect City feedback before final Developer selection. 1. Architecture • Detailed Site Plan • Floor Plans • Elevations/Renderings • Circulation Diagram • Unique Design Elements: Depict distinctive aspects and spaces within the project. • Material Selection: Specify proposed materials and finishes, including examples of similar applications in completed projects. • Landscaping Plan JSRS REAL ESTATE ADVISORS • Amenity Layout • Technical Project Summary: Include project information, compliance with relevant standards, and any proposed deviations on the site plan. 2. Refined Business Plan • Updated Financial Model: A financial model reflecting the proposed design, including a working quarterly cash flow projection from pre -development through completion, along with a static summary at build -out. (Submit a functioning Excel model with protected cells marked). Excel model should clearly state all underlying assumptions and provide a breakdown of land/lease costs, soft costs, hard costs and financing expenses in total and on a per -unit basis. Financial information should also include the metrics utilized in project underwriting (ROC, IRR, NPV, ROE, ROI, etc) • Funding Sources: Identify all sources and applications of project funding. • Updated Pricing: Please provide updated pricing that aligns with your refined Round Two proposed concept/proposal. • Project Timeline: Outline key milestones from the start of pre - development through project completion. Best & Final - Final Proposal (Select Developers Only) Following Round Two, select Developers will be asked to submit a Best & Final offer. Developers will be asked to improve their offering position based on the expectations outlined in the Round Two section. 0 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 Exceptionally Low Vacancy in a High -Demand Trade Area Tustin, CA, located in Orange County, is a thriving retail hub blending historic charm with modern amenities. Anchored by major centers like The District at Tustin Legacy and Tustin Marketplace, the City offers a variety of shopping options, from upscale chains to locally -owned boutiques. Historic Old Town Tustin adds a nostalgic touch with its antique shops and artisan stores, while sustainability efforts, such as farmers' markets and eco-friendly businesses, resonate with modern •t•Ti1 6T WiiMI 1143 With a strategic location near major highways, a diverse and affluent population, and trends like tech integration, experiential retail, and a focus on health and wellness, Tustin's retail sector continues to grow. However, challenges such as competition from nearby cities and the rise of e-commerce demand innovation. Looking ahead, ongoing developments and support for local businesses position Tustin's retail market for a prosperous future. City of Tustin Market Vacancy Rates 8.000% 1 1 7.000% 1 6.000% I 1 I . RECASAM 5.000% 1 1 4.000% 1 3.000% 1 1 1 2.000% 1.000% 1 0.000% 1 IF N M N M t N M It N M N M N M Q M N M a Cr Cr a a a a a a a a a a a a Cr a a Cr a a Cr a a a Iw H Cr a a Cr a a 6� O� 6� 6� O N N N N N N N 0oao000000oaooaooao00000o N N N N N N N N N N N N N N I aa000000 N N N N N N Ln N O Ln N N 0 Tustin (South of 1-5) Irvine/Tustin Legacy — Tustin (North of 1-5) Orange County SRS r I-1 RED' .T yr` Ar i15G, '; 10 a ~r fi.�A ■ ■ � �� ,.r.. g� �� .rl��.r�: �� ,, s. �,. ,-� ,�.�•� -.'� __ ��:. '��• - '.a-y_ .: ,�'r,� i' .•�. p !vl ;1 r"r �:l .,r. .4+e .t:...i.�� Ur :�r f-• I i:. "-!°4 �� wA rr. jjw'� '-y A`.F ` a k t,i b �r k'-`-•{{'l - -.:r{., .'.i ■•1[:y ...J m"` It I 5 .1 ;�� { .'.'Tr •r y f }.� r br}A '+ _ ':7.. /�. ' 1 � @a �� �';'�.� '�'r. �'� '9j '�`'gy�, �•�e. _�.tw� - ��� �"� `�,'. y�?. WO A I,,jjs�+n$'.M�1:��Siea,R; .� ? as �•,� ,f� �� I �' �..i 4 ,. s }A 1 "e" A it % -..Santa Ana+:: r ��` `$� ..� •;,* .. -- ..� - - - �a�l+r. w i.k:.:'s$:- yY�[' t ��O+.�,� lYa�o,}�,iz;.r M. 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'P,* . f4W.COU 'r ' ,"-i..? ° ` " ..x . :s` •,. ;. 1 �. y it ..� '�•�` .•1.., � '' - .y�:. 67� �.�Y'' ,R �. `�..�fi r �. �� � ,•n. >.':'.. yG. jp * 4� tt# a{pub � . �R �w� ,Y_•.^ '. f• rf � ;' .. k �a��, $'a �: •, t ^1 •H a '�# "` a ���,fl'•�x�^ � .�� � '`� 9 �.}�+Rif t �. g •.� ��C: � �y .,r�; ' 4 , f }� , " p�'� ;�; * .�°"r' °:'� .�" �• _ ~ � � •�' ig . 7 1 4 Docusign Envelope ID: A07665AE-FOOC-47ED-8EB4-FE8E2F62191E Tustin Legacy I Red Hill Ave & Warner Ave I Tustin, CA 92782 Affiliated Business Disclosure CCP Real Estate Advisors & SRS Real Estate Properties engages in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different CCP Real Estate Advisors & SRS Real Estate Properties may have or represent clients who have competing interests in the same transaction. For example, CCP Real Estate Advisors & SRS Real Estate Properties or their clients may have or express an interest in the property described in this Memorandum (the "Property") and may be the successful bidder for the Property. Your receipt of this document constitutes your acknowledgment of that possibility and your agreement that neither CCP Real Estate Advisors nor SRS Real Estate Properties has an obligation to disclose to you such Affiliates' interest or involvement in the sale or purchase of the Property. In all instances, however, CCP Real Estate Advisors & SRS Real Estate Properties will act in the best interest of their respective client(s), at arms' length, not in concert, or in a manner detrimental to any third party. CCP Real Estate Advisors & SRS Real Estate Properties will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s). Confidentiality Agreement Your receipt of this document constitutes your acknowledgment that (i) it is a confidential document solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property ("Owner") or CCP Real Estate Advisors & SRS Real Estate Properties, and (iv) you will not use any part of this Brochure in any manner detrimental to the Owner or CCP Real Estate Advisors & SRS Real Estate Properties. SRS r I-1 REAL ESTATE �` ADVISORS Disclaimer This Memorandum contains select information pertaining to the Property and the Owner and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this document has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented "as is" without representation or warranty of any kind. Such information includes estimates based on forward -looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This document contains information that may not be complete nor accurate. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property's suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS DOCUMENT IS SOLELY AT YOUR OWN RISK. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non -binding and neither CCP Real Estate Advisors & SRS Real Estate Properties nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. © CCP Real Estate Advisors & SRS Real Estate Partners 12 G � t Lnris rreariCK CCP Real Estate Advisors 0 Newport Center Dr, #18 Newport Beach, CA 92660 chris@ccprea.com 949.717.7711 x12 CA Lic. #01042804 y.� r onn rew ;RS Real Estate Partners i10 Newport Center Dr, Suite1500 Newport Beach, CA 92660 ohn.few@srsre.com )49.698.1100 :A Lic. #01378936