INVESTMENT HIGHLIGHTS
 

MULTI-TENANT OFFICE INVESTMENT IN SOUTH ORANGE COUNTY WITH SMALL TENANTS AND STRONG CASH FLOW
►	22471 Aspan is a high-image, low-rise office offering in one of the most dynamic real estate markets in the nation. It features a corner lot location at a signalized intersection with attractive signage opportunities; surface parking with convenient building access and ingress/egress.
►	The 77.02%-leased Property contains a diverse combination of business-to-business and professional service tenants. The in-place leveraged cash-on-cash return is 4.27%, increasing to 8.37% once the vacancy is leased.
►	In-place rental rates currently average 6.11% below market, in a sub-market with high rent-growth velocity, providing a mark-to-market leveraged cash-on-cash return of 9.10%. During the 10-year holding period, in-place rents would increase by ±50%, thus providing an attractive inflation-protected income stream.
►	Flexible floor plates and highly divisible suite sizes, ranging from ±225 to ±4,393 square feet, fits most tenant requirements in the market. Also, the tenant improvement rollover costs are significantly lower on small tenant spaces resulting in lower lease up costs and increased cash flow durability.
EXCEPTIONAL MARKET FUNDAMENTALS & ATTRACTIVE IRVINE SPECTRUM-ADJACENT LOCATION
►	Orange County is the top investment market in the Americas among investors for the fifth consecutive year in 2020. With robust rent growth driven by strong employment and an attractive quality of life, Orange County is a highly sought-after gateway office market.
►	South Orange County is consistently a top-performing market for Orange County. It is home to many long-established and start-up companies that make up the “Technology Coast,” where low-rise office product has experienced robust growth, out-pacing high-rise product in the last decade.
►	The Property has an exceptional location, surrounded by South Orange County's best amenities: Irvine Spectrum Center, Orange County Great Park, Foothill Ranch Towne Center and the Lake Forest/El Toro Road retail corridors. The surrounding vicinity is undergoing tremendous growth, with more than 20,000 new homes to be added.
►	Lake Forest is at the heart of South Orange County, well-served by an extensive transportation network providing ease of commute: I-5, I-405, SR-133, SR-73 and SR-241; Metrolink; and John Wayne Airport.