OFFERING MEMORANDUM Minaret Road Mammoth lakes, california. Click For Property Video. The Village. at Mammoth

Transcription

1 OFFERING MEMORANDUM The Village at Mammoth 6201 Minaret Road Mammoth lakes, california Click For Property Video

2 EXCLUSIVELY LISTED BY EL WARNER EVP & NATIONAL DIRECTOR SHOPPING CENTERS DIRECT (949) MOBILE (858) LIC# (CA) BILL PEDERSEN SENIOR ASSOCIATE DIRECT (949) MOBILE (831) LIC# (CA)

3 The Village at Mammoth 6201 Minaret Road Mammoth lakes, california EXECUTIVE SUMMARY PROPERTY OVERVIEW AREA OVERVIEW FINANCIAL ANALYSIS TENANT OVERVIEW OFFERING SUMMARY PROPERTY DESCRIPTION MAMMOTH LAKES, CA RENT ROLL RESTAURANT TENANTS FINANCIAL SUMMARY SITE PLAN TOURISM INCOME & EXPENSES SHOP & SERVICE TENANTS INVESTMENT HIGHLIGHTS SURROUNDING AREA DEMOGRAPHICS SUMMARY TENANT PROFILE OLYMPIC TRAINING CASH FLOW

4 The Village at Mammoth SECTION 1 EXECUTIVE SUMMARY

5 offering summary Matthews Real Estate Investment Services is pleased to present the sale of a legacy piece of real estate that can be held for generations. The Village at Mammoth Mountain is located at the base of the gondola of the world famous Mammoth Mountain Ski Area. The offering consists of 57,925 SF of ground floor retail space with an excellent mix of restaurants and shops, all catering to the needs of an elite ski resort. The property is currently 92.4% leased and has several leases backed by credit tenants. This opportunity provides an investor to own a trophy commercial property in the heart of one of the most premier ski destinations on the west coast. With a ski season that typically lasts into June, but also boasts over 300 days of sunshine a year, visitors get the best of both worlds. With its high altitude and abundance of northern exposure, Mammoth has the right combination for excellent snow preservation, making it one of the longest snow seasons in North America. Mammoth sees 2.8 million visitors to the area annually making The Village at Mammoth one of the most visited destination centers on the west coast. The Vill THE VILLAGE AT MAMMOTH 5

6 financial summary Offering Price Best Offer NOI Year 1 $1,720,556 NOI Year 2 $1,856,560 Current Occupancy 92.4% Total Rentable Square Feet ± 57,925 6 THE VILLAGE AT MAMMOTH

7 investment HIGHLIGHTS»» Trophy asset with irreplaceable real estate at the base of the iconic Mammoth Mountain Ski Area»» Tremendous near and long-term growth due to contractual 4% increases and FMV options»» Extremely strong reported tenant sales»» Destination oriented retail lineup of shops and restaurants»» 92.4% leased»» Over 2.8 million visitors to the area annually»» Mammoth receives about 400 inches of snowfall annually and about 300 out of 365 days of sunshine»» Mammoth Mountain has one of the longest ski seasons in North America, which averages from November to June»» Located at the base of the gondola to the Canyon Lodge (primary ski lift)»» To be delivered free and clear of debt»» Future luxury condo development expansion planned THE VILLAGE AT MAMMOTH 7

8 The Village at Mammoth SECTION 2 PROPERTY OVERVIEW

9 property description PROPERTY NAME The Village at Mammoth ADDRESS 6201 Minaret Road LOCATION Mammoth Lakes, CA CROSS STREET Forest Trail SQUARE FOOTAGE (GLA) ±57,925 APN (s) YEAR BUILT 1999 OWNERSHIP Fee Simple THE VILLAGE AT MAMMOTH 9

10 site plan Site Plan ID Suite Tenant 1 W2-1b Sushi Rei 2 W2-1a Old New York Deli & Bagel Co. 3 W2-2 Bear Creek Pizza 4 W2-3 Alpine Approach 5 W2-4 First Street Leather 28 6 W2-5,6,7 Trendz 7 W2-8,9,10 Busy Beez' General Store 8 W2-11 Surefoot 27 9 W2-12 The Pita Pit 10 W Kitchen and Cocktails 11 W2-15 CAMPO Mammoth W2-16 Shirt Off My Back 13 W2-17 Mammoth Village Properties 14 W218a Hatley W2-19 Hugs Ice Cream 16 W2-20 Vacant W2-22 Simply Massage Body Boutique 18 W223a CHATO Boutique 19 W2-24 Starbucks Coffee 20 W2-25 Lakanuki Tiki Bar W3-1ab Vacant 22 W3-2 Mammoth Sports in The Village 23 W3-7 Rocky Mountain Chocolate Factory 24 W3-3 Shelter Distilling 25 W3-4 Gomez Restaurant & Tequileria 26 W3-5 Side Door Café & Wine Bar 27 W3-6 Mammoth Child Care 28 W3-9 Village Neighborhood Co. 10 THE VILLAGE AT MAMMOTH

11 SURROUNDING AREA BIGWOOD CONDOMINIUMS MAMMOTH VIEW VILLAS MAMMOTH ESTATES CONDOMINIUMS Hidden Valley Condominiums LAKE MARY ROAD ±11,000 ADT The Village at Mammoth MINARET ROAD ±10,800 ADT FUTURE LUXURY CONDO DEVELOPMENT THE VILLAGE AT MAMMOTH 11

12 The Village at Mammoth SECTION 3 AREA OVERVIEW

13 Mammoth lakes, California The town has plenty of modern conveniences including an outlet mall, a full-service hospital, numerous salons and fitness facilities. Mammoth Lakes is Mono County s most visited destination. Mammoth Lakes hosts skiers and snowboarders in winter and fishermen and hikers in summer. Mammoth is one of the largest ski resorts in North America. Mammoth is easily accessible being only 325 miles north of Los Angeles and 164 miles south of Reno., NV, averaging a 3-5 hour drive. Driving up the visitor numbers is the Mammoth Yosemite Airport which offers commercial air services on Alaska Air and United Airlines with direct flights from Los Angeles, Orange County, San Diego, and San Francisco. Throughout the year, airlines often provide incentives to drive visitors to Mammoth through reduced airfare, which as a result, pulls visitors from competing west coast resorts (i.e., Lake Tahoe). 2.8 Million ANNUAL VISITORS 4,599 RENTAL UNITS THE VILLAGE AT MAMMOTH 13

14 ECONOMY & Tourism The Town of Mammoth Lakes economy is primarily tourism-based. It is estimated that the Town of Mammoth Lakes receives close to 1.3 million visitors in the winter and 1.5 million in the summer, with an annual average of 2.8 million visitors. A survey found that an average visitors stay 5 nights per visit in the summer and 4 nights per visit in the winter for an average of 4.5 nights per visit. Approximately 7,500 people reside in the Mammoth Lakes area yearround. During the peak winter season, the population swells to over 35,000 encompassing visitors from around the states, country and world who come to ski and snowboard and take part in many other winter activities. Mammoth is California s highest four-season resort and playground with a summit at 11,053 feet above sea level. The resort offers infinite recreation and scenic beauty all year long averaging 300 days of sunshine annually. Mammoth is the premier ski destination with an average of 400 inches of snow, making the entire 3,500 plus acres of completely skiable terrain. Visitors can choose from heart-pumping steep chutes, wide open bowls, tree skiing, bumps, gullies, or wide open, well-groomed trails. 3,500 ACRES OF SKIABLE TERRAIN AVERAGE NIGHTS PER VISIT DAY OF SUNSHINE ANNUALLY 14 THE VILLAGE AT MAMMOTH

15 DEMOGRAPHICS Population 1 Mile 3 Mile 5 Mile 2010 Census 4,429 8,039 8, Estimate 4,731 8,381 8, Projection 4,892 8,604 8,746 Growth: 2010 to % 4.25% 3.58% Growth: 2018 to % 2.66% 2.47% Household 1 Mile 3 Mile 5 Mile 2010 Census 1,728 3,143 3, Estimate 1,823 3,240 3, Projection 1,884 3,323 3,385 Growth: 2010 to % 3.09% 2.35% Growth: 2018 to % 2.56% 2.36% Household Income 1 Mile 3 Mile 5 Mile 2018 Average Income $77,147 $84,693 $84, Median Income $66,165 $66,542 $66,546 THE VILLAGE AT MAMMOTH 15

16 OLYMPIC TRAINING Mammoth Mountain has become a hub for American Olympic snowboarding. The popular snow resort has been the training ground for multiple olympians including Shaun White, Chloe Kim, Dammu Lass. Greg Nretz, and Trevor Jacobs. A little over a year ago, Shaun White purchased a large steak in the company who runs Mammoth Mountain. As a part owner, White helps to oversee the operation of Mammoth Resorts. The Olympic gold-medalist has plans of expanding the base of young snowboarders along with opening the mountains to more year-round activities. In addition to White, three-time Olympic medalist Kelly Clark left her hometown of Vermont nearly 17 years ago to continue her snowboarding career. As a Mammoth local, Clark recently made her fifth Olympic appearance at the 2018 Winter Olympics in Pyeongchang. In addition to being the stomping grounds for training, Mammoth was host to the Toyota U.S. Grand Prix this year which gave athletes who had not yet qualified for the Olympics one last chance to do so. Not only is Mammoth the official training ground for the US Freeski and snowboarding teams, but each spring, the mountain is home to elite alpine training. MAMMOTH LAKES IS CALIFORNIA S WINTER OLYMPICS LAUNCHING PAD -visitmammoth.com 16 THE VILLAGE AT MAMMOTH

17 THE VILLAGE AT MAMMOTH - a year-round destination The Village at Mammoth offers an array of enticing and unique restaurants. The Village at Mammoth is the premier destination to dine, entertain, and relax. The Village at Mammoth opened in the spring of 2003 with a second phase having been completed in the fall of Visitors are abound year round with both the Village and the Westin Monache offering a wide array of condominium units for nightly rental with year-round heated swimming pools. In addition to being a top ski destination, Mammoth also offers a variety of year-round events and activities. Residents and visitors can enjoy biking, hiking, fishing, swimming and so much more! Additionally, Mammoth Lakes hosts a festival or event almost every weekend during the Summer and Fall, this includes the Mammoth Food and Wine Experience, the world-famous Festival of Beers, and the Mammoth Lakes Film Festival, just to name a few. THE VILLAGE AT MAMMOTH 17

18 The Village at Mammoth SECTION 4 FINANCIAL OVERVIEW

19 RENT ROLL Suite Tenant Lease Start Lease End Square Feet % of NRA Contract Rental Rate Rent PSF Rent Increases Year Month Year Month % Inc. Annual W2-1a Sierra Del Rey, Inc. (dba Old NY Bagel) Jan-05 Jun-19 1, % $53,044 $4,420 $28.29 $ % annual inc 2x5 years W2-1b Sushi Rei Dec-11 Dec-22 2, % $67,908 $5,659 $29.42 $2.45 4% annual inc 2x5 years W2-2 Bear Creek Pizza Den Nov-09 Dec % $19,212 $1,601 $26.32 $2.19 4% annual inc 2x5 years W2-3 Alpine Approach Jan-14 Dec-18 2, % $65,700 $5,475 $29.42 $2.45 4% annual inc 3x5 years W2-4 First Street Leather Jan-05 Jun-20 1, % $50,353 $4,196 $33.70 $2.81 4% annual inc 1x3 years W2-5,6,7 Trendz (Trendy Tots) Sep-15 May-20 2, % $56,116 $4,676 $26.57 $2.21 4% annual inc 2x5 years W2-8,9,10 Busy Beez General Store Jul-09 Dec-19 2, % $76,056 $6,338 $29.42 $2.45 4% annual inc 2x5 years W2-11 Surefoot Jan-05 May-20 1, % $29,164 $2,430 $28.29 $2.36 4% annual inc 1x3 years W2-12 The Pita Pit* Jan-05 Jun-18 1, % $33,439 $2,787 $28.29 $2.36 4% annual inc 2x5 years W Kitchen & Cocktails Dec-12 May-23 5, % $162,696 $13,558 $28.29 $2.36 4% annual inc 2x5 years W2-15 Campo Jan-10 Sep-19 4, % $126,796 $10,566 $28.29 $2.36 4% annual inc 2x5 years W2-16 Shirt Off My Back Dec-12 Nov-18 1, % $30,348 $2,529 $29.44 $2.45 4% annual inc 1x3 years W2-17 Mammoth Village Properties* Oct-13 Aug % $27,137 $2,261 $31.12 $2.59 4% annual inc 2x5 years W218a Hatley USA, Inc Nov-16 Sep-21 1, % $36,149 $3,012 $27.20 $2.27 4% annual inc 2x5 years W2-19 Hugs Ice Cream Aug-17 Apr % $18,804 $1,567 $29.43 $2.45 4% annual inc 2x5 years Options W2-20 Vacant % $23,541 $1,962 $29.50 $2.46 Lease under review with Elevacione Salon W2-22 Simply Massage Feb-11 Apr-19 1, % $47,076 $3,923 $29.42 $2.45 4% annual inc 2x5 years W223a ChaTo Jan-05 Dec % $28,104 $2,342 $28.33 $2.36 4% annual inc 1x5 years W2-24 Starbucks Jan-10 Sep-19 1, % $44,022 $3,669 $34.80 $2.90 4% annual inc W2-25 Lakanuki* Jul-13 Jun-18 3, % $94,743 $7,895 $28.29 $2.36 4% annual inc 1x5 years W3-1ab Vacant 3, % $104,980 $8,748 $29.00 $2.42 W3-2 Mammoth Sports Jan-10 Sep-19 3, % $101,809 $8,484 $27.22 $2.27 4% annual inc W3-3 Shelter Distilling, Inc Nov-16 Aug-21 3, % $0 $0.00 $0.00 2x5 years W3-4 Gomez Mexican Restaurant Jan-10 Dec-24 4, % $120,684 $10,057 $29.42 $2.45 4% annual inc 3x5 years W3-5 Side Door Bistro Jan-05 Jun-19 1, % $42,603 $3,550 $29.42 $2.45 4% annual inc 2x5 years W3-6 Village Daycare Nov-11 Sep-21 2, % $69,565 $5,797 $28.29 $2.36 4% annual inc 1x3 years W3-7 Rocky Mountain Chocolate Factory* Jan-05 May % $16,833 $1,403 $28.29 $2.36 4% annual inc 1x3 years W3-9 Mammoth Village Association Jan-05 Jun % $24,055 $2,005 $35.27 $2.94 4% annual inc 1x5 years Occupied Totals - In Place 53, % $1,442,415 $120,201 $26.96 $2.25 Vacant Totals 4, % $128,521 $10,710 $29.09 $2.42 Totals 57, % $1,570,936 $130,911 $27.12 $2.26 *Owner has received notice to renew from tenant THE VILLAGE AT MAMMOTH 19

20 LEASE EXPIRATION SCHEDULE Year Year End Sqft % of NRA Cumulative % ,262 16% 16% ,399 33% 49% ,637 8% 57% ,409 13% 70% ,308 4% 74% ,751 10% 84% ,102 7% 91% % 91% % 91% % 92% Occupied 53,507 92% Vacant 4,418 8% Total 57, % INCOME & EXPENSES Year 1 Year 2 Total $/SF Total $/SF Income Rental Income $1,491,431 $25.75 $1,596,313 $27.56 Percentage Rent $318,434 $5.50 $320,428 $5.53 General Vacancy $0 $0.00 ($6,694) ($0.12) Reimbursement Revenue $956,101 $16.51 $1,024,537 $17.69 Effective Gross Income $2,765,966 $47.75 $2,934,584 $50.66 Expenses Real Estate Taxes $217,402 $3.75 $221,750 $3.83 Insurance $27,152 $0.47 $27,967 $0.48 SQUARE FEET 25,000 20,000 15,000 10,000 5,000 0 TENANT EXPIRATIONS Tenant Expirations 19,399 9,262 7,409 4,637 5,751 4,102 2, % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Cumulative % of NRA CUMULATIVE % OF NRA CAM $680,217 $11.74 $700,624 $12.10 Management Fees $110,639 $1.91 $117,383 $2.03 EGI (%) 4.0% 4.0% Administrative / Professional Fees / NR $10,000 $0.17 $10,300 $0.18 Total Operating Expense $1,045,410 $18.05 $1,078,024 $18.61 Net Operating Income $1,720,556 $29.70 $1,856,560 $32.05 Operating Expense Ratio 37.8% 36.7% YEAR YEAR 20 THE VILLAGE AT MAMMOTH

21 SUMMARY TENANT PROFILE RESTAURANT TENANTS Tenant Sq.Ft. Lease Expiration In-Place Rent % of Revenue 2017 Sales % Rent Yr. 1 Tenant Type Credit 53 Kitchen & Cocktails 5,751 May-23 $162, % $2,237,086 $0 Restaurant National/Credit Gomez Mexican Restaurant 4,102 Dec-24 $120, % $3,008,718 $58,226 Restaurant Local/Regional Shelter Distilling, Inc 3,621 Aug-21 $0 0.0% $0 $116,063 Restaurant Local/Regional Lakanuki 3,349 Jun-18 $94, % $1,445,947 $0 Restaurant Local/Regional Sushi Rei 2,308 Dec-22 $67, % $934,685 $0 Restaurant National/Credit Sierra Del Rey, Inc. (dba Old NY Bagel) 1,875 Jun-19 $53, % $1,112,704 $12,195 Restaurant Local/Regional OCCUPANCY Occupied - 92% Vacant - 8% Side Door Bistro 1,448 Jun-19 $42, % $623,114 $0 Restaurant Local/Regional Starbucks 1,265 Sep-19 $44, % $887,923 $8,226 Restaurant National/Credit Hatley USA, Inc 1,329 Sep-21 $36, % $417,727 $0 Restaurant Local/Regional The Pita Pit 1,182 Jun-18 $33, % $530,997 $0 Restaurant Local/Regional Bear Creek Pizza Den 730 Dec-19 $19, % $185,312 $0 Restaurant Local/Regional Campo 4,482 Sep-19 $126, % $2,745,411 $34,970 Restaurant National/Credit Hugs Ice Cream 639 Apr-27 $18, % $247,508 $0 Restaurant Local/Regional Subtotal 32,081 $820, % $14,377,132 $229,680 SHOP/SERVICE TENANTS Tenant Sq.Ft. Lease Expiration In-Place Rent % of Revenue 2017 Sales % Rent Yr. 1 Tenant Type Credit Mammoth Sports 3,740 Sep-19 $101, % $1,880,703 $46,271 Shops National/Credit Village Daycare 3,349 Sep-19 $69, % $427,941 $0 Services National/Credit Busy Beez General Store 2,585 Dec-19 $76, % $1,785,841 $30,082 Shops Local/Regional Alpine Approach 2,233 Dec-18 $65, % $566,814 $0 Shops Local/Regional First Street Leather 1,494 Jun-20 $50, % $439,314 $0 Shops Local/Regional Trenz (Trendy Tots) 2,112 May-20 $56, % $194,889 $0 Shops Local/Regional Simply Massage 1,600 Apr-19 $47, % $645,434 $0 Services Local/Regional Shirt Off My Back 1,031 Nov-18 $30, % $428,120 $4,091 Shops Local/Regional Surefoot 1,031 May-20 $29, % $370,449 $0 Shops Local/Regional ChaTo 992 Dec-19 $28, % $464,770 $7,606 Shops Local/Regional TENANT BREAKDOWN Local/Regional - 63% National/Credit - 37% RENT BREAKDOWN Shops/Services - 57% Restaurant - 43% Mammoth Village Properties 872 Aug-18 $27, % $0 $0 Services Local/Regional Mammoth Village Association 682 Jun-19 $24, % $0 $0 Services Local/Regional Rocky Mountain Chocolate Factory 595 May-18 $16, % $298,773 $704 Shops Local/Regional Subtotal 22,316 $622, % $7,503,048 $88,754 THE VILLAGE AT MAMMOTH 21

22 CASH FLOW Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 For the Years Ending Apr-2019 Apr-2020 Apr-2021 Apr-2022 Apr-2023 Apr-2024 Apr-2025 Apr-2026 Apr-2027 Apr-2028 Occupancy 92.37% 95.96% 99.70% 98.82% % % 96.38% 99.70% 98.48% 99.34% Potential Gross Revenue Base Rental Revenue $1,620,798 $1,668,830 $1,716,766 $1,790,738 $1,862,681 $1,913,377 $1,954,831 $1,997,376 $2,068,955 $2,139,172 Absorption & Turnover Vacancy (129,367) (72,517) (5,287) (24,710) (278) (76,674) (6,129) (35,883) (14,555) Scheduled Base Rental Revenue 1,491,431 1,596,313 1,711,479 1,766,028 1,862,681 1,913,099 1,878,157 1,991,247 2,033,072 2,124,617 Retail Sales Percent Revenue 318, , , , , , , , , ,052 Expense Reimbursement Revenue Real Estate Taxes 200, , , , , , , , , ,092 Insurance 25,084 26,851 28,727 29,329 30,565 31,482 31,256 33,300 33,880 35,195 Management Fees 101, , , , , , , , , ,772 Village Co 142, , , , , , , , , ,296 HOA Dues 349, , , , , , , , , ,991 Salaries Admin 137, , , , , , , , , ,404 Total Reimbursement Revenue 956,101 1,024,537 1,097,724 1,118,259 1,164,194 1,195,565 1,183,078 1,259,184 1,279,047 1,325,750 Total Potential Gross Revenue 2,765,966 2,941,278 3,149,230 3,228,061 3,376,157 3,462,248 3,424,596 3,654,730 3,721,382 3,867,419 General Vacancy (6,694) (49,012) (47,700) (58,389) (60,073) (15,196) (56,507) (47,648) (67,079) Effective Gross Revenue 2,765,966 2,934,584 3,100,218 3,180,361 3,317,768 3,402,175 3,409,400 3,598,223 3,673,734 3,800,340 Operating Expenses Real Estate Taxes 217, , , , , , , , , ,816 Insurance 27,152 27,967 28,806 29,670 30,560 31,477 32,421 33,394 34,395 35,427 Management Fees 110, , , , , , , , , ,014 Village Co 153, , , , , , , , , ,617 HOA Dues 378, , , , , , , , , ,234 Salaries Admin 148, , , , , , , , , ,678 Non Reimbursable 10,000 10,300 10,609 10,927 11,255 11,593 11,941 12,299 12,668 13,048 Total Operating Expenses 1,045,410 1,078,024 1,111,252 1,141,811 1,175,439 1,207,743 1,237,783 1,275,930 1,310,412 1,347,834 Net Operating Income 1,720,556 1,856,560 1,988,966 2,038,550 2,142,329 2,194,432 2,171,617 2,322,293 2,363,322 2,452, THE VILLAGE AT MAMMOTH

23 CASH FLOW ASSUMPTIONS Timing Analysis Start May 2018 Analysis End April 2028 Hold Period 10 Years Area Measures Net Rentable Area 57,925 Inflation Market Rent Growth 3.0% Expense Growth 3.0% Real Estate Tax Growth 2.0% Leasing Assumptions Market Rent ($PSF/Annual) Restaurants and Shops: $29.00 NNN - $36.00 NNN Storage: $6.00 Gross Renewal Probability 75% Downtime 6 Months Tenant Improvement Allowance ($/PSF) New: $15.00 Renewal: $7.00 Leasing Commissions New: 6% Renewal: 3% Free Rent None Rent Increases 4% annual Reimbursements Net Term 5 Years THE VILLAGE AT MAMMOTH 23

24 The Village at Mammoth SECTION 5 TENANT OVERVIEWS

25 RESTAURANT TENANTS 53 KITCHEN & COCKTAILS 4.2/5 53 Kitchen and Cocktails is a restaurant serving American food and premium drinks. The restaurant offers visitors with weekend entertainment. GOMEZ RESTAURANT TEQUILERIA SUSHI REI 3.1/5 Sushi Rei is a vibrant setting featuring fresh sushi, noodle bowls, and sake. The restaurant is dedicated to provide customers with the freshest fish and flavors. 3.8/5 Home of the Mammoth Margarita, Gomez s Mexican Restaurant offers food in-house as well as catering. It is a full-service Mexican Restaurant with over 300 tequilas. SHELTER DISTILLING 4.4/5 OLD NEW YORK DELI & BAKERY CO. 4.4/5 Old New York Deli & Bakery Co. is a fast casual New York style bagel factory, bakery, and deli, offering a full breakfast, lunch, dinner and catering menu. Shelter Distilling is the first establishment to make wine, beer, and spirits all at one spot. They offer everything from cocktails to beer flights. CAMPO 3.4/5 Campo is a popular Italian restaurant just at the base of the Gondola. The restaurant offers woodfired pizzas, pasta, and farm-fresh produce with perfectly paired libations. LAKANUKI 3.5/5 Lakanuki is a Hawaiian-themed restaurant offering food, drinks, happy hour, DJs, and a dance floor. Lakanuki is known for bringing the islands to the mountains! THE VILLAGE AT MAMMOTH 25

26 RESTAURANT TENANTS ROCKY MOUNTAIN CHOCOLATE FACTORY 3.7/5 Rockey Mountain Chocolate Factory features the best in handmade chocolates, truffles, caramels and more. Each store preps a variety of desserts in full view of the customer. SIDE DOOR CAFE 3.7/5 Side Door Cafe features European cuisine including crepes, paninis, fondue, and a long list of wine. They also offer a variety of beer and freshly roasted coffee. THE PITA PIT 4.5/5 The Pita Pit is a healthier alternative to traditional fast food. At each location, you are able to choose exactly what you want to roll up in your fresh pita bread. STARBUCKS Starbucks offers a variety of drink options from coffee and espresso to tea and cocoa. The coffee shop additionally has a variety of breakfast sandwiches and snacks. BEAR CREEK PIZZA 3.4/5 HUGS ICE CREAM 5/5 As a locals hotspot, you can enjoy pizza by the slice or a whole pie. The dough is made fresh daily. Additionally, Bear Creek has a selection of beer customers can choose from. Hugs doesn t only offer ice cream, but fresh cookies, sorbets, shakes, sundaes, and banana splits. 26 THE VILLAGE AT MAMMOTH

27 SERVICE & SHOP TENANTS MAMMOTH SPORTS 4.0/5 FIRST STREET LEATHER 4.9/5 At Mammoth Sports, you will find the latest equipment, apparel, and accessories for woman, men, and kids. Mammoth Sports will let you test out any and all gear until you find the perfect match. First Street Leather has selections of leather and fur garments and accessories from around the globe. Along with clothing, First Street Leather offers boots, handbags, luggage, and sunglasses. BUSY BEEZ GENERAL STORE 3.4/5 Busy Beez General Store has the atmosphere of a small charming family-run store. The store carries a little bit of everything along with a variety of groceries, produce, beer, and wine. TRENDZ (TRENDY TOTS) Trendy Tots is a children s boutique with a selection of toys, games, puzzles, and crafts for little ones. ALPINE APPROACH 3.7/5 Alpine Approach provides customers with all of their mountain gear needs. They carry brand names such as Patagonia and The North Face. SIMPLY MASSAGE & BODY BOUTIQUE 4.5/5 Simply Massage offers customers with trained and certified massage therapists to adjust each massage to the customers needs. Additionally, the offer skin care specialists for any unique skin concerns and issues. THE VILLAGE AT MAMMOTH 27

28 SERVICE & SHOP TENANTS SHIRT OFF MY BACK 3.0/5 MAMMOTH VILLAGE PROPERTIES 4.2/5 Shirt Off My Back offers residents and visitors with simple and affordable apparel for all of their Mammoth resort needs. Mammoth Village Properties is a family owned real estate company who also owns the Side Door Restaurant. Mammoth Village Properties offers tours of condos or homes in the area by appointment. SUREFOOT 4.5/5 Surefoot offers customers with perfectly fitting ski boots. Surefoot Mammoth is recognized as one of the best ski boot shops in the nation. CHATO 5/5 Chato is a men and women s fashion boutique offering a large selection of name brands, fashion and accessories. 28 THE VILLAGE AT MAMMOTH

29 THE VILLAGE AT MAMMOTH 29

30 CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of The Village at Mammoth located at 6201 Minaret Road, Mammoth Lakes, CA ( Property ). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum for the Property, you agree: 1. The Offering Memorandum and its contents are confidential; 2. You will hold it and treat it in the strictest of confidence; and 3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.

31 The Village at Mammoth 6201 Minaret Road Mammoth lakes, california EXCLUSIVELY LISTED BY EL WARNER EVP & NATIONAL DIRECTOR SHOPPING CENTERS DIRECT (949) MOBILE (858) LIC# (CA) BILL PEDERSEN SENIOR ASSOCIATE DIRECT (949) MOBILE (831) LIC# (CA)