Polito Farms 14 LOT SUBDIVISION VALLEY CENTER, CA

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1 Polito Farms 14 LOT SUBDIVISION VALLEY CENTER, CA

2 CONFIDENTIALITY & CONDITIONS This Offering Memorandum was prepared by The Land Group ( Cushman & Wakefield or Advisors ) on behalf of Owner and is confidential and furnished to prospective purchasers of the Property described herein subject to the terms of the Confidentiality Agreement previously provided to and executed by such prospective purchasers. This Offering Memorandum is intended solely to assist prospective purchasers in their evaluation of the Property and their consideration of whether to purchase the Property. It is not to be used for any other purpose or made available to any other person without the prior written consent of Advisors. This Offering Memorandum is subject to errors, omissions, changes or withdrawal without notice and does not constitute a recommendation or endorsement as to the value of the Property by Owner/Advisors and their sources. Financial projections are provided as a reference and are based on assumptions made by Owner/ Advisors and their sources. Prospective purchasers should make their own projections and reach their own conclusions of value. Certain portions of this Offering Memorandum merely summarize or outline property information and are in no way intended to be complete nor necessarily accurate descriptions. This Offering Memorandum was prepared on the basis of information available to the Owner and Advisors in connection with the sale of the Property. It contains pertinent information about the Property and the surrounding area but does not contain all the information necessary for a complete evaluation of the Property. The projected cash flow and other financial information contained herein are for general reference only. Although the information contained in this Offering Memorandum is believed to be accurate and reliable, neither the Owner nor its Advisors guarantees its accuracy or completeness. Because of the foregoing and because the Property will be sold on an as-is basis, prospective purchasers should make their own independent assessments, investigations, and projections regarding the Property. Although additional material, which may include engineering, environmental, or other reports, may be provided to certain prospective purchasers as appropriate, such parties should confer with their own engineering and environmental experts, counsel, accountants, and other advisors and should not rely upon such material provided by Owner or Advisor. Neither Owner nor Advisors nor any of their respective officers, advisors, agents, shareholders or principals has made or will make any representation or warranties, express or implied, as to the accuracy or completeness of the Offering Memorandum or any of the contents, and no legal commitment or obligation shall arise by reason of the Offering Memorandum or the contents. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser. The Owner expressly reserves the right, in its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time, with or without notice. The Owner shall have no legal commitment or obligation to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed and delivered and any and all conditions to the Owner s obligations there under have been fully satisfied or waived. The Owner is responsible for any commission due its Advisors in connection with the sale of the Property. The Owner shall not be responsible for any commission claimed by any other agent or broker in connection with a sale of the Property. No other party, including the Owner s Advisor, is authorized to make any representation or agreement on behalf of the Owner. This Memorandum remains the Property of the Owner and its Advisors and may be used only by parties approved by the Owner and its Advisor. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as provided herein and as permitted by the express terms of the Confidentiality Agreement. TABLE OF CONTENTS Overview 4 Property Information 6 Location 10 Single Family Market Activity 12 Offering Terms 14 Cushman & Wakefield CA License No Executive Drive, 9th Floor San Diego, CA TERRY JACKSON (858) terry.jackson@cushwake.com CA License No MATT DAVIS (858) matt.davis@cushwake.com CA License No

3 57 ACRES VALLEY CENTER CALIFORNIA 14 LOT SUBDIVISION AERIAL MAP Not A Part OVERVIEW The Land Group of Cushman & Wakefield is pleased to offer for sale Polito Farms, a 14 lot estate subdivision on approximately 57 acres of property in the community of Valley Center, California. The total subdivision consists of 16 lots on approximately 65 acres and the Seller will retain two of the parcels where residences currently exist and sell the remaining 14 lots in bulk. The project includes an approved final map and will be delivered with grading permits in place. Polito Farms has a long successful history of producing high quality citrus and avocados with continued production to this day. The lot design honors this rich agricultural past, benefits from the unique characteristics of the site and is designed to support large upscale home product while minimizing development costs. The rolling topography provides for desirable grade changes between lots and offers spectacular views of the surrounding landscape. 4 POLITO FARMS CUSHMAN & WAKEFIELD 5

4 PROPERTY INFORMATION Tax Assessors Map Address NWC of Betsworth Road & Cepin Drive, Valley Center, CA Size The below table includes lot sizes and total project size. APN Size (Acres) * * 2.59 Total Total Less Retained Parcels *Retained parcels not a part (NAP) Subdivision Map Final Map No TM 5001 is fully vested and a preliminary grading and development plan has been completed by Piro Engineering. The current large lot subdivision configuration is the result of a modification of an original map filed in Grading Permit (#PDS ) has been secured providing a window during which the development will be exempt from the recently adopted stormwater requirements. Approved improvement plans are available. Utilities Natural gas and electrical service provided by San Diego Gas & Electric. Water is provided by Valley Center Municipal Water District. Wastewater will be handled by private septic systems. School District - Not A Part The property is served by the Valley Center - Pauma Unified School District which includes Lilac Elementary School, Valley Center Middle School, and Valley Center High School. 6 POLITO FARMS CUSHMAN & WAKEFIELD 7

5 PROPERTY INFORMATION Conceptual Grading Plan Plotted Easements PAR 1B 18 6 PAR 1A PAR 1C PAR 1D PAR 1A - Not A Part CLICK HERE FOR ZOOMED IN VERSION CLICK HERE FOR ZOOMED IN VERSION 8 POLITO FARMS CUSHMAN & WAKEFIELD 9

6 OCEANSIDE VISTA VALLEY CENTER LOCATION LOCATION MAP CARLSBAD Location 5 ESCONDIDO The Community of Valley Center is located in the scenic hills of north San Diego County just northeast of Escondido, 40 miles northeast of San Diego, and 20 miles east of the coast. The current population within the 100 square mile planning area is currently estimated to be 20,000 and the recently updated County General Plan has resulted in growing interest and activity in the Valley Center area. The project site is conveniently located a short distance from services, while being in an exclusive rural setting surrounded by citrus and avocado groves, as well as private estates. The location at the southern end of Valley Center affords the project excellent access to the City of Escondido and Interstate 15 via El Notre Parkway or Bear Valley Parkway. Polito Farms History The Polito Family Farm was established in It is recognized as one of the most acclaimed growers of citrus in Southern California and is known for its varied and unusual orange, grapefruit, mandarin and lemon crops. Pioneers in the now robust farmer s market culture, the family and this farm are known for their high quality citrus by individuals visiting their farmer s market stands and some of the most acclaimed chefs and restaurateurs in the region. PACIFIC OCEAN ENCINITAS 5 SOLANA BEACH DEL MAR TORREY PINES LA JOLLA RANCHO SANTA FE UCSD PACIFIC BEACH 805 SORRENTO MESA KEARNY MESA 15 SABRE SPRINGS SCRIPPS RANCH 52 8 RANCHO BERNARDO LA MESA 125 EL CAJON SAN DIEGO INT L AIRPORT POINT LOMA DOWN TOWN CORONADO SAN DIEGO SAN DIEGO BAY 54 CHULA VISTA POLITO FARMS CUSHMAN & WAKEFIELD 11

7 SINGLE FAMILY MARKET ACTIVITY Valley Center Market The Valley Center market has seen strong single family home sales over the last few years. Below are selected Valley Center single family sales from the 6 month period between November 1, 2015 and February 1, 2016 showing a median home sale price of $620,000 with an average per square foot price of approximately $234. The resale market consists mostly of homes over 10 years old with many built over 20 years ago. The sales of newer homes (built in the last 24 months) have generally been in the high $600 s to mid $700 s. Address Sale Date Year Built Size Sold Price Price / Sq Ft Via Del Venado 12/18/ ,162 $515, $ VIA PIEDRA 1/29/ ,350 $540, $ Lilac 11/20/ ,600 $550, $ Santee Ln 12/24/ ,230 $555, $ Twain Way 1/22/ ,472 $555, $ Hilldale Rd 11/18/ ,330 $562, $ W Oak Glen Road 1/15/ ,755 $578, $ Cool Valley Ranch 11/9/ ,219 $580, $ The Yellow Brick Rd 12/28/ ,822 $595, $ Spearhead Trail 12/16/ ,514 $614, $ Nagorski 12/14/ ,748 $615, $ Crescent Moon 1/14/ ,630 $620, $ Couser Canyon Road 1/21/ ,527 $620, $ Fruitvale Lane 1/25/ ,714 $620, $ Sage Brush Trail Lot 14 1/4/ ,109 $659, $ Winged Foot Circle 12/22/ ,804 $663, $ Red Ironbark Lot 116 1/14/ ,310 $689, $ Red Ironbark Drive 11/4/ ,109 $725, $ Winged Foot Circle 12/30/ ,400 $728, $ Winged Foot Circle 11/25/ ,804 $730, $ Red Mountain 1/6/ ,432 $732, $ Ridge Ranch Rd 12/23/ ,162 $850, $ Winged Foot Circle 1/8/ ,001 $856, $ Cedar Trails Lane 12/16/ ,515 $875, $ Dendy Sky Lane 1/27/ ,063 $969, $ Hilltop View Court 1/25/ ,012 $1,150, $287 Min ,162 $515, $208 Max ,063 $1,150, $287 Median ,780 $620, $234 Average ,915 $682, $ POLITO FARMS CUSHMAN & WAKEFIELD 13

8 OFFERING TERMS Price The property is offered for sale for $1,500,000 for 14 lots. Conditions The Seller will retain parcels 12 and 13. Sellers will be responsible for the onsite development costs for the retained parcels. Development Restrictions Seller wants to prohibit the use of Mobile/ Manufactured homes on the parcels and prohibit the construction of tracks for ATV or similar recreational vehicles. Offers are to be submitted to: SR Polito Family Partnership, LTD C/O: Cushman & Wakefield Attn: Terry Jackson Matt Davis 4747 Executive Way, 9th Floor San Diego, CA TERRY JACKSON (858) CA License No MATT DAVIS (858) CA License No Cushman & Wakefield CA License No Executive Drive, 9th Floor San Diego, CA POLITO FARMS CUSHMAN & WAKEFIELD 15

9 FOR MORE INFORMATION, PLEASE CONTACT: TERRY JACKSON (858) CA License No MATT DAVIS (858) CA License No Cushman & Wakefield CA License No Executive Drive, 9th Floor San Diego, CA 92121