11355 South St
Cerritos, CA 90703

The property is located on the NWC corner of South and Gridley, a prime out parcel of the highly successful Macerich owned Super Regional shopping mall "Los Cerritos Center", a 1.367 million square foot mall with 180 stores (anchored by Nordstroms, Forever 21, Dick's Sporting Goods, and Macy's). Retail rents have increased by 8.9% since last year. Comerica Bank has been a tenant since 2006. They do a tremendous amount of business with Cerritos Auto Square, the largest auto mall in the world, located just down the street. They have until the end of February 2022 remaining on their current lease term. They have one more five year option that is at no less than the last year of the current term's rent with fixed annual increases of 3%. Comerica Bank is required to replace the mezzanine prior to the end of their lease term, estimated to cost $800K to $1M. The owner of the property may ask that they cut them a check instead of replacing it. This money can then be used for building or tenant improvements of whatever the then owner may desire.