the Outlets at the Border
San Diego, CA 92173

INVESTMENT HIGHLIGHTS • Point of Destination, “Gateway to the United States” Location – The Outlets at the Border is situated along the San Ysidro/Tijuana border, the busiest land port of entry in the world, and is ideally positioned directly between the PedWest Border Crossing from Mexico via the San Ysidro Port of Entry (±25,000 pedestrian crossings daily), and Simon’s Las Americas Premium Outlets (±654,000 SF), making The Outlets at the Border a premier shopping destination for shoppers from across San Diego County and Mexico • Strong Tenant Sales Growth – Since the opening of the PedWest border crossing directly adjacent to Outlets at the Border, overall tenant sales at the property have increased tremendously, with many tenants experiencing sales growth exceeding 30% over the last 2 years (many exceeding 80%!) • Strong Income Growth – Due to lease up of vacant space, below market rents rolling to market, growing percentage rent due to increased tenants sales, and embedded increases, the Net Operating Income is projected to increase more than $4,335,079 (133%) over the anticipated hold period • Immediate Leasing Upside – At 74% current economic occupancy, 26% of the property (35,315 SF of vacant and temp space) is available for lease, resulting in approximately $3,000,000 of additional NOI, providing an immediate opportunity to add significant value to the project • Below Market Rent – 77% of the in-place GLA is leased at rents significantly below prevailing market rates • Convenient Freeway Accessibility and Visibility – Easily accessible from the I-5 and I-805, two of the primary north/south interstates through California and San Diego, with more 116,000 cars per day, less than ½ mile from Outlets at the Border. » The I-5 Realignment Project, scheduled for completion in the fall of 2019, will provide 10 southbound and 8 northbound lanes directly adjacent to Outlets at the Border providing excellent freeway visibility and accessibility to the property