INVESTMENT HIGHLIGHTS
 

VALUE-ADD, MULTI-TENANT OFFICE INVESTMENT IN IRVINE SPECTRUM-ADJACENT LOCATION WITH ATTRACTIVE IN-PLACE CASH FLOW
►	23072 Lake Center is an exceptional low-rise office offering in one of the most dynamic real estate markets in the nation. The 2-story, free-standing building features a corner lot location with attractive signage opportunities and freeway adjacency; subterranean parking with convenient building access; and exceptional ingress/egress and surrounding amenities.
►	The 74.0% leased Property contains a diverse combination of professional services tenants. 30% of the space is leased long-term and the existing rents are 7.3% below market rents offering an in-place leveraged cash on cash return of 3.8%. Leasing up the vacant spaces will provide a 8.6% leveraged cash on cash return with a mark-to-market cash-on-cash return of almost 9.8%.
►	The below market rents, in a sub-market with high rent-growth velocity, provides significant income growth potential and mark-to-market upside. During the 10-year holding period, in-place rents would increase by ±39%, thus providing an attractive inflation-protected income stream.
►	Flexible floor plates and highly divisible suite sizes, ranging from ±622 to ±6,511 square feet, fit most tenant requirements in the market and, given their lower lease-up costs in the event of tenant roll-over, bolster 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 next to I-5, 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.