Project Description
The property consists of 2.4 acres located at 1344 Yosemite Avenue just off Highway 99 at the entrance to Spreckels Park, a new regional shopping district. It is on the southwest corner of Yosemite Ave and Commerce Way. The proposed shopping center will consist of approximately 26,000 square feet of retail space. This is one of the last undeveloped properties in the area. It is the first intersection west of Highway 99 with limited freeway exposure and easy access both northbound and southbound.

Note: a second site, Yosemite North Manteca, 67,000 SF. (Retail 37,000 SF and Medial Office 30,000 SF) is also being developed by PDP.

Spreckels Park covers over 60 acres and is quickly developing with full build-out expected by 2007. Retailers that have already opened in Spreckels Park include Home Depot, Target, Staples, T.J. Maxx, Pier 1 Imports, Petsmart, Payless Shoe Source, AT&T Wireless, Food 4 Less, and Verizon Wireless. Restaurants that have opened include Applebee's, Carl's Jr., Del Taco, In N Out Burger, IHOP, Jack In The Box, Panda Express, Subway, Starbucks Coffee and Quiznos. There is limited space for lease in a few of the multi-tenant buildings.

While this retail area has a strong group of anchor tenants, it does not have a large amount of shop space. Most of the shop space associated with the center does not have visibility or direct access to Yosemite Avenue, which is a major east west thoroughfare in the region. Our site has access to both Yosemite Avenue and Commerce Drive, which is the main access to the Target Home Depot Center.

Key Details

Purchase Contract date:	01/30/07
Land Area:	2.40 Acres
Land Purchase Price:	$2,500,000
Non-Refundable Deposit:	$50,000
Date Developer Went Nonrefundable with equity investor funds:	04/30/07
Date Developer and Equity Partner Closed on Land	6/28/07
Existing Zoning:	General Commercial
General Plan. Designation	General Commercial
Estimated Gross Leaseable Square footage at COE	26,000
Approved project GLA	26,900
Letters of intent at COE	3 (Total 9,200 Sq ft.)
(Western Dental, T-Mobile, Fed-Ex Kinko's)
Signed leases at COE	0
Signed leases as of 10/2007	4 (Total 11,800 Sq ft)
(Western Dental, T-Mobile, Fed-Ex Kinko's, Qdoba Mexican food)
New LOI's as of 10/2007	2 (Addl. 6,250 Sq ft)

Due Diligence completed prior to Close of Escrow:

• Phase 1 and Phase 2 environmental reports completed
• Confirmed zoning, availability of utilities, city fees, and design review procedures
• Land Appraisal completed
• Discussed easement agreement with adjoining property owner
• Rental rate survey and pre-leasing