HomeMy WebLinkAboutC-3018 - Balboa Boulevard East, 600 - Lease Agreement - Automated Teller Machine (ATM) at Palm Street Public Parking Lot 1994Corporate Properties Group
Southern California
333 South Grand Avenue, Suite 700
Los Angeles, CA 90071
April 12, 1999
CERTIFIED MAIL, RETURN RECEIPT REQUESTED
City of Newport Beach
3330 Newport Boulevard
Newport Beach, CA 92658
Attention: City Manager
46 WA
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Re: Wells Fargo Bank — ATM Lease (AU#99538 L200)
200 Palm Street, Newport Beach, CA
To Whom It May Concem:
(213) 253 -3275
Fax (213) 620 -0554
Reference is made to that certain ATM Lease Agreement (the "Lease ") by and between
the City of Newport Beach, a California municipal corporation, as Landlord and Wells
Fargo Bank, a national banking association, as Tenant dated September 14, 1994.
Pursuant to section 2(b) of the Lease, Wells Fargo Bank hereby exercises its five (5) year
option to extend the Lease term commencing September 14, 1999 and expiring
September 13, 2004 under the same terms and conditions.
Please note that the address stated in section 1(a) of the Lease has changed from 600 East
Balboa Boulevard, Balboa, to the address stated above.
Please contact the undersigned if you have any questions or comments concerning the
above. Thank you for your courtesy and cooperation.
truly yqurs,
ri"M"
Printed on Reevolee Paper
C -3019
THIS ATM LEASE is made as of this e— day of .J v K 1994, by and
between the CITY OF NEWPORT BEACH, a California municipal corporation
( "Landlord ") and WELLS FARGO. BANK, NATIONAL ASSOCIATION, a national
banking association ('Tenant ").
(a) Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord that space of sufficient size reasonably required for Tenant to
construct a kiosk to house up to two (2) automatic teller machines ( "ATMs ") and
one (1) night depository box, not to exceed three hundred (300) square feet,
located within that certain real property (the "Real Property ") commonly known
as 600 East Balboa Boulevard, Balboa, California, as more .particularly shown
on the site plan (the "Site Plan ") attached hereto as Exhibit A and made a part
hereof.
(b) Until Landlord elects to demolish the existing building and other
improvements located on the Premises. Tenant's now existing automated teller
machine (the "ATM ") shall remain in place on the exterior portion of the existing
building as indicated in the floor plan (the "Floor Plan ") attached hereto as
Exhibit B. If Landlord elects not to demolish the existing building and other
improvements located on the Real Property, Landlord covenants to use the
existing building for "general public purposes" and shall not enter into any lease
or other transaction granting a third party space in the existing building or other
improvements located on the Real Property to use for the operation of ATMs.
(c) When Landlord elects to demolish the existing building and other
improvements located on the Property, then Landlord shall give Tenant no less
than four (4) months notice of such election. Tenant shall be authorized to
construct the kiosk to house up to two (2) ATMs on the space indicated in the
Site Plan. In such event, that space shall then be deemed the "Premises" under
this Lease in lieu of the portion of the existing building shown in the Floor Plan.
Landlord shall use its best efforts to assist Tenant in obtaining all building and
other permits to construct, install and operate such kiosk and the ATMs. Tenant
shall use its best efforts to diligently construct the kiosk following Landlord's
notice of election to demolish the existing building and other improvements
located on the Real Property.
(d) Landlord shall designate at least one (1) stall in the parking lot on the
Real Property located nearest to the Premises for short term parking (not to
exceed fifteen (15) minutes).
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(a) T e initial term of this Lease shall commence on the /14 day of
1994, and shall expire five (5) years following that date.
(b) In addition, Tenant shall have three (3) consecutive options to extend the
initial term of the Lease for an additional five (5) year period each upon the
same terms and conditions. Each such option shall be exercised by Tenant
upon written notice to Landlord delivered at any time on or prior to the
expiration of the initial term or extended term, as the case may be. During each
extension term, all provisions of this Lease shall remain in full force and effect.
(c) Notwithstanding the foregoing, Tenant may terminate this Lease at any
time thereafter upon written notice of termination (the "notice of Termination ")
delivered to Landlord. Such Notice of Termination shall set forth the effective
date of the termination.
3. Annual Rent. Tenant shall pay the sum of One and 00/100 Dollar ($1.00)
in annual rent during the initial term of this Lease and during each extended
term thereof.
4. Mg. The Premises may only be used by Tenant for the construction and
maintenance of a free - standing kiosk for the installation and operation of (a) up
to two (2) ATMs, (b) a telephone or other support system for the ATMs, (c) trash
receptacles, and (d) such other equipment and accessories as are or become
normally provided by Tenant in connection with the operation of an ATM facility
of this type, including without limitation, a night depository box (collectively the
"Tenant Improvements "). Tenant shall make no other use of the Premises
without the prior written consent of Landlord.
5.
Promptly after the satisfaction of the condition set forth in Section 25 below,
Tenant shall diligently design and install or construct on the Premises, at
Tenant's sole cost and expense, a free - standing kiosk to house up to two (2)
ATMs, together with such other permitted uses as Tenant may desire. All such
installation and construction shall be in conformity with all applicable building
and zoning codes, and shall conform to the safety requirements set forth in AB
244 and any other applicable governmental law. The ATMs and all of Tenant's
trade fixtures and personal property shall be and at all times remain the
property of Tenant.
6. Erection of SAM. Notwithstanding anything to the contrary contained in
this Lease, Tenant may, at Tenant's sole expense, erect within the Premises
and on the exterior walls, windows and doors of the Premises, signs identifying
and advertising the ATMs and Tenant's company name. Installation of any
signs shall conform to all applicable building, zoning and other regulations of
any applicable governmental authority. All such signs shall at all times remain
the property of Tenant.
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7. Maintenance of ATMs. Once installed, Tenant shall use its best efforts
to operate the ATMs on a twenty -four (24) hour basis. Tenant shall have the
right, however, to suspend operation for periodic maintenance inspections,
balancing adjustments, servicing operations or other maintenance purposes.
Landlord acknowledges that despite Tenant's best efforts, the ATMs may be
rendered inoperative for various periods of time due to breakdowns, operations
failures or other reasons. Tenant shall have the right to service the ATMs at all
times, including times which are outside normal business hours or on days
other than normal business days. Landlord shall provide Tenant with all
necessary vehicular and pedestrian access and all authorizations, keys and
other assistance necessary to permit Tenant to service the ATMs at any time
without prior notice to Landlord. Tenant may engage an independent contractor
to perform Tenant's maintenance obligations hereunder.
Removal of ATMs. Upon the expiration or other termination of this
Lease, Tenant shall remove the free - standing kiosk, the ATMs, Tenant's signs
and Tenant's other trade fixtures and personal property from the Premises, and
restore the Premises to a clean and orderly condition, at Tenant's sole cost and
expense. Such removal shall occur not more than sixty (60) days after the
expiration or other termination of this Lease.
9. Maintenance of Premises. By taking possession of the Premises, Tenant
shall be deemed to have accepted the Premises as being in good and sanitary
order, condition and repair. Tenant shall, at all times during the term of this
Lease and any renewal or extension hereof, maintain the Premises in a clean
and orderly condition at Tenant's sole cost and expense, and shall, upon
termination of this Lease, surrender the Premises to Landlord in a clean, safe
and orderly condition. Landlord shall maintain the existing building and other
improvements located on the Real Property (other than the Premises), including
without limitation the parking lot and landscaping.
10. Alterations. Additions and Improvements. Except for the Tenant
Improvements and the signs described in Section 6 above, Tenant shall not
make any alterations, additions or improvements to the Premises without
obtaining the prior written consent of Landlord, such consent not to be
unreasonably withheld. Should Landlord consent to the making of any such
alterations, additions or improvements by Tenant, such alterations, additions or
improvements shall be made at the sole cost and expense of Tenant by a
contractor or other person selected by Tenant and approved in writing by
Landlord before the work commences. Except as provided otherwise in this
Lease, any and all alterations, additions or improvements shall on termination
of this Lease become the property of Landlord and shall remain on the
Premises.
11. Services and Utilities. Landlord shall allow Tenant, at Tenant's sole
expense, to extend to the Premises all electricity, telecommunication lines and
other utilities required for the use and occupation of the Premises and the
operation of the ATMs.
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12. Security.
(a) Tenant is solely responsible for all security with respect to AB 244
regulations as they pertain to safety for operation of ATM facilities.
13. Taxes. Tenant understands that this Lease may create a possessory
interest and shall pay any real estate tax, levy or assessment on the Premises.
14. Damage or Destruction. Should the Premises or the kiosk be damaged
or destroyed by any cause not due to the negligent or willful act of Landlord,
Tenant shall, at its own cost and expense, promptly repair the same. Should
said damage or destruction substantially impair, in the reasonable judgment of
Tenant, the satisfactory operation of the ATMs, Tenant may terminate this Lease
by providing Landlord written notice of such termination not more than thirty (30)
days following the occurrence of such damage or destruction.
15. Assignment and Subletting. Tenant may not assign this Lease or sublease
all or part of the Premises (including to any affiliated entity of Tenant or
successor of Tenant by merger or otherwise) unless first obtaining the written
consent of Landlord, which consent shall not be unreasonably withheld.
16. Insurance.
(a) General Liability Coverage -- Tenant agrees to procure and maintain at
all times during the term of this Lease, and any extensions thereof, a policy of
Commercial General Liability Insurance, which includes Broad Form Property
damage. Such policy shall provide limits of at least $1,000,000 combined
single limit per occurrence. Tenant shall be named insured and Landlord be
named additional insured in said insurance policy. Insurance provided should
be Best's Guide rated at A:VII and be admitted insurer in the State of California.
Tenant shall notify Landlord in writing at least (30) days prior to any changes or
cancellation of said policy, and shall deliver evidence of said insurance for
Landlord approval prior to commencement of the term of this Lease.
I. Reporting Provisions -- Any failure by the Tenant to comply with the
reporting provisions of this insurance policy shall not affect coverage provided
to the Landlord.
ii. Hold Harmless -- The Tenant shall indemnify and hold harmless the
Landlord and its officers, officials, employees and agents from and against all
claims, damages, losses, and expenses including attorney fees arising out of
the performance of the Lease Agreement, caused in whole or in part by any
negligent act or omission of the Tenant, anyone directly or indirectly employed
by the Tenant for whose acts any of them may be liable.
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iii. Primary Insurance -- This insurance provided by the Tenant shall provide
primary insurance to the Landlord to the exclusion of any other insurance or
self- insurance program the Landlord may carry with respects to claims and
injuries arising out of activities of the Tenant or otherwise insured hereunder.
iv. Severability of Interest -- The insurance afforded by this policy applies
separately to each insured who is seeking coverage or against whom a claim is
made or a suit is brought, except with respects to the company's limit of liability.
V. Waiver of Subrogation -- The Tenant's insurer will waive the right of
subrogation against the Landlord.
(a) Auto Liability Coverage -- This insurance is required for the use of
Tenant's business autos on the premises at limits of $1,000,000 combined
single limit per occurrence for property damage and personal injury.
(b) Worker's Compensation Coverage -- The Tenant will provide proof of
workers compensation insurance with statutory limits per California State Law
and with Employers' Liability of $1,000,000.
17. Default. The occurrence of any one ore more of the following event shall
constitute an event of default under this Lease.
(a) The failure by Tenant or Landlord to observe or perform any of the
covenants, conditions or other provisions of this Lease required to be observed
or performed by Tenant or Landlord, as the case may be, where such failure
shall continue for a period of thirty (30) days after written notice thereof by the
other party hereto.
(b) The making by Tenant or Landlord of any general assignment or general
arrangement for the benefit of creditors; or the filing by or against Tenant or
Landlord of a petition to have Tenant or Landlord adjudged a bankrupt, or a
petition for reorganization or arrangement under any law relating to bankruptcy,
unless, in the case of a petition filed against Tenant or Landlord, the same is
dismissed within sixty (60) days; or the appointment of a trustee or a receiver to
take possession of, or the attachment, execution or other seizure of substantially
all of Tenant's or Landlord's assets located at Premises, as the case may be, or
of Tenant's or Landlord's interest in this Lease, where such possessions,
attachment, execution or other seizure is not restored to Tenant or Landlord, as
the case may be, within thirty (30) days.
18. Remedies on Default. In the event of any default by Tenant or Landlord
then, in addition to any other remedies available to the other party hereto at law
or in equity, such other party may:
(a) Continue this Lease in effect and thereby be entitled to enforce all rights
and remedies under this Lease; or
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(b) Terminate this Lease by providing written notice to the defaulting party of
such intention and recover from such defaulting party any amount necessary to
compensate such other party for all detriment negligently or willfully caused by
such defaulting party's failure to perform its obligations under this Lease.
19. Notices. Any notice required or permitted by this Lease to be provided to
either party hereto by the other party hereto shall be in writing and shall be
deemed duly provided when personally delivered to the party to which it is
directed or, in lieu of such personal delivery, three (3) days after deposit in the
United States mail, sent certified mail with first -class postage prepaid, and
addressed as follows:
City of Newport Beach
3330 Newport Boulevard
Newport Beach, CA 92658
Attn: City Manager
Wells Fargo Bank
Corporate Properties Group
111 Sutter Street, 22nd Fl.
San Francisco, CA 94163
Attn: Lease Administration
with copy to:
Wells Fargo Bank
Corporate Properties Group
333 So. Grand Avenue #840
Los Angeles, CA 900771
Attn: Manager
Either party hereto may by written notice to the other party hereto specify a
different address for notice purposes or add one additional address for notice
purposes.
20. Attorneys' Fees. In the event of any litigation between Landlord and Tenant
in connection with this Lease, the prevailing party shall be entitled to recover
from the other party hereto, in addition to such other relief as may be. granted,
such reasonable attorneys' fees incurred by the prevailing party in instituting or
defending such litigation, together with such reasonable costs and expenses of
litigation as may be allowed by the court.
21. Time of Essence. Time is expressly declared to be the essence of this
Lease.
22. Waivers No waiver of either party hereto of any provision of this Lease shall
be deemed a waiver of any other provision hereof or of any subsequent breach
by such party of the same or any other provision.
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23. Entire Agreement. This Lease constitutes the entire agreement between
the parties hereto with respect to the leasing of the Land, and no prior
agreement or understanding pertaining to any such matter shall be effective for
any purpose. In the event of a conflict between the terms and provisions of this
Lease and the terms and provisions of any other agreement, instrument or
document, the terms and provisions of this Lease shall prevail. No provision of
this Lease may be amended except by an agreement in writing executed by the
parties hereto.
24. Indemnity. Landlord hereby indemnifies and holds Tenant harmless from and
against all claims, actions, costs (including, but not limited to, court costs and
attorneys' fees), judgments, liabilities or damages arising out of or resulting from
personal injury or property damage of any kind which occurs as a result of
Landlord's ownership or operation of the parking lot. Tenant hereby
indemnifies and holds Landlord harmless from and against all claims, actions,
costs (including, but not limited to, court costs and attorneys' fees), judgments,
liabilities or damage arising out of or resulting from personal injury or property
damage of any kind which occurs as a result of the operation, maintenance or
presence of the ATM, kiosk or other Tenant improvements.
25. Condition to Lease. This Lease and the parties' obligations hereunder
are conditioned upon (i) Tenant obtaining and necessary approval of the
Comptroller of Currency to the installation and operation of the ATMs on the
Premises no later than ninety (90) days after the date of this Lease; and (ii)
approval of Tenant's senior management.
IN WITNESS WHEREOF, the parties hereto have executed this Lease as of the day
and year first set forth above.
TENANT
WELLS FARGO BANK,
NATIONAL ASSOCIATION,
a national banking association
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LANDLORD
CITY OF NEWPORT BEACH,
a California Municipal
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APPRAISAL REPORT
Appraisal of
Wells Fargo Bank Site
600 East Balboa Boulevard
Newport Beach, California
Date of Value: Submitted To:
May 31, 1994 Mr. Kenneth J. Delino
Assistant City Manager
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92663-3884
Date of Report: Submitted By:
June 30, 1994 Fuller and Associates
567 San Nicolas, Suite 203
Newport Beach, California 92660
FULLER & ASSOCIATES
Real Estate Appraisers and Counselors
Richard A. Fuller, MAI
567 San Nicolas, Suite 203
Telephone 714-644-4040 Newport Beach, CA 92660 Facsimile 714-644-4065
June 30, 1994
Mr. Kenneth J. Delino
Assistant City Manager
City of Newport Beach
3300 Newport Boulevard
Newport Beach, CA 92663-3884
RE: Appraisal of Wells Fargo Bank Site, 600
East Balboa Boulevard, Newport Beach,
California
Dear Mr. Delino:
In accordance with my proposal dated May 20, 1994, and your verbal authorization, I have
made an examination of the above -referenced property, for the purpose of estimating the fair
market value range, of the land only, as of May 31, 1994.
As a result of this investigation and an analysis of matters pertinent to the property's value,
have concluded that the fair market value range, thereof, of the land only, as of said date, was
$725,000 - $825,000.
FAIR MARKET VALUE RANGE
SEVEN HUNDRED AND TWENTY FIVE THOUSAND DOLLARS
TO
EIGHT HUNDRED AND TWENTY FIVE THOUSAND DOLLARS
SCOPE OF THE ASSIGNMENT
The scope of this assignment has been to physically inspect the subject property; complete a
market data study of the comparable market data; analyze the physical characteristics of the
subject property; compare the market data to the subject property; and form an opinion as to the
fair market value range of the land only.
Fuller & Associates
Job No. 94-6 2
REPORT FORM
In the interest of brevity, and by specific instructions of the client, this report is herein submitted
in summary form. All market data, factual data, reasoning, computations, descriptions, analyses,
and discussions, from which, in part, the valuation conclusion was derived, have been retained
in my files, or are summarized within this report.
PURPOSE OF THE APPRAISAL
The purpose of this appraisal is to express an opinion of the fair market value range of the land
off, referred to as the Wells Fargo Bank site located at 600 East Balboa Boulevard, in the City
of Newport Beach, State of California, and described elsewhere in this report.
USE OF THE APPRAISAL
The function of this appraisal is for acquisition purposes.
Fee simple estate.
NATURE OF INTEREST APPRAISED
DATE OF VALUE
The date of value for this appraisement is May 31, 1994.
DEFINITIONS
Market Value:
"Market Value" means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer and
seller each acting prudently and knowledgeably, and assuming the price is not affected by
undue stimulus. Implicit in this definition is the consummation of a sale as of a specified
date and the passing of title from seller to buyer under conditions whereby:
1. Buyer and seller are typically motivated;
2. Both parties are well informed or well advised, and acting in what they consider their
own best interests;
3. A reasonable time is allowed for exposure in the open market;
Fuller & Associates
Job No. 94-6 3
4. Payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
5. The price represents the normal consideration for the property sold unaffected by
special or creative financing or sales concessions granted by anyone associated
with the sale.
Source: Office of the Comptroller of the Currency under Section 12, CRF, Part 34, Subpart
C - Appraisals, 34.42. Definitions [f].
LIMITING CONDITIONS
This appraisal has been based upon the following limiting conditions:
1) That I assume no responsibility for matters legal in character, nor do I render any
opinion as to the title, which is assumed to be good. All existing liens and
encumbrances, securing payment of money, have been disregarded and the
property is appraised as though free and clear under responsible ownership and
competent management.
2) That information obtained for use in this appraisal is believed to be true and correct
to the best of my ability; however, no responsibility is assumed for errors or
omissions, or for information not disclosed which might otherwise affect the
valuation estimate.
3) Disclosure of the contents of this appraisal report is governed by the Code of
Professional Ethics and the Standards of Professional Practice of the Appraisal
Institute and the Uniform Standards of Professional Appraisal Practice.
4) Neither all, nor any part, of the contents of this report (especially any conclusions
as to value, the identity of the appraiser, or the firm with which he is connected, or
any reference to the Appraisal Institute, or the MAI designation) shall be
disseminated to the public through advertising media, public relations, news media,
sales media, or any other public means of communication without prior written
consent and approval of the undersigned.
5) That this valuation estimate is of surface rights only, and the valuation of mineral
rights, if any, has been disregarded.
6) That no warranty is made as to the seismic stability of the subject site.
7) That the appraiser, by reason of this appraisal, is not required to give testimony, or
attendance in court with reference to the property appraised, unless arrangements
have been previously made thereof.
Fuller & Associates
Job No. 94-6 4
8) That the submission of this report constitutes completion of the services authorized.
It is submitted upon the condition that the client will provide the appraiser customary
compensation relating to any subsequent required depositions, conferences,
additional preparation, review, travel, or testimony.
9) That, by specific instructions of the client, this report will not be prepared for
litigation purposes. If this matter is adjudicated in any manner, the appraiser
reserves the right to prepare a comprehensive narrative report, at an addition fee,
and to further review and verify the data upon which the estimate of value is based.
10) That a review was made of a preliminary title report issued by Stewart Title
Insurance Company, dated June 2, 1994, and identified as No. 115984-02. It is a
premise of this appraisal report that 1) these conditions of title which encumber the
subject property, would not restrict the highest and best use of the subject property
as set out herein, and 2) the legal description set out therein is correct.
11) That there are no soil or geologic conditions which negatively affect the subject
property. The value conclusion is subject to final review by an independent soil
engineer.
12) That, as no hydrology studies were available for review, it is assumed that any
drainage sheet flow through the subject property would be contained, and the
property under appraisement would not be subject to inundation.
13) That unless otherwise stated in this report, the existence of hazardous substances,
including without limitation asbestos, urea formaldehyde, foam insulation,
polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may
or may not be present on the property, or other environmental conditions, were not
called to the attention of nor did the appraiser become aware of such during the
appraiser's inspection. The value estimated is predicated on the assumption that
there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such conditions,
nor for any expertise or engineering knowledge required to discover them.
14) That all maps and exhibits included within this report are for illustration purposes
only and are set out to assist the reader in visualizing the property. However, no
survey of the subject site has been made and no liability is assumed in connection
with such matters.
15) That the net size of the subject site as provided by the City of Newport Beach Public
Works Department is 15,428 sq.ft. and is assumed to be correct.
16) That no valuation has been made of personal property which existed within the
subject property, as of the date of value.
Fuller & Associates
Job No. 94-6 5
17) That the valuation estimate, herein expressed, is of the land only, and by instruction
of the client, the value contribution, if any, of the improvements has been
disregarded.
Community:
Social:
AREA DESCRIPTION
Newport Beach was incorporated in 1906 and established a municipal charter in
1955. The City has a population of 71,074 and 30,860 households, with an average
size of 2.16 persons per household and a median age of 40.8 years. There is a
tourist population of 20,000 to 100,000 per day.
Economic:
The City of Newport Beach has a medium household effective buying income of
$45,157, one of the nation's highest. 27% of all households have annual income
exceeding $75,000. The median home value is $499,900, and 41.5% of the City's
residents are college graduates. Overall, the economic situation has historically
been healthy; however, the current potential economic recession has generally
softened the demand for real estate.
Governmental:
Police, fire protection, and refuse collection are fully provided by the City of Newport
Beach. Streets and parks are maintained by the City.
Newport Beach's water supply and sewer are provided by the City of Newport
Beach's Water Works Department. Natural gas services are provided through the
Southern California Gas Company and electricity is provided by the Southern
California Edison Company. Telephone facilities are provided through Pacific Bell.
In general, the City's governmental forces provide all necessary forms of
governmental and utility services.
Fuller & Associates
Job No. 94-6 6
Environmental:
Newport Beach is approximately 50 miles southeast of downtown Los Angeles and
85 miles north of San Diego. Communities adjoining Newport Beach include Irvine
and Costa Mesa to the north, Laguna Beach to the east; the Pacific Ocean to the
south; and Huntington Beach to the west. Typical of the entire Southern California
area, the climate is generally mild year round. The elevation ranges from sea level
to 691 feet.
Newport Beach has excellent accessibility through a complete transportation
network. Bus service is provided by the Orange County Transit District (OCTD)
which has linkages to the Orange Metropolitan area. Three major highways; the
Pacific Coast Highway (1), Costa Mesa Freeway (55), and Corona del Mar Freeway
(73) join the City to the entire Southern California freeway system. Most major
trucking lines service Newport Beach. All air passenger and freight service is
available through three nearby airports, including, John Wayne Airport, Long Beach
Airport and Los Angeles International Airport.
Newport Beach has one hospital, Hoag Hospital, which is located east of the subject
property. There are abundant recreation activities in the City, including numerous
public parks, and public beaches. All within one hour drive are Disneyland, Knott's
Berry Farm, The Queen Mary and Anaheim Stadium.
The City has a broad range of religious denominations. Full education facilities are
provided through 6 elementary and 2 high schools. There are numerous accredited
universities within one half hours drive of the City. These include California State
University Long Beach, California State University -Fullerton, University of California -
Irvine, University of California at Los Angeles and the University of Southern
California. All shopping is available to residents through numerous neighborhood
shopping centers, including Fashion Island, a major regional shopping mall.
The environmental forces within the City are adequate, and provide a positive
setting for the subject property. All transportation, educational and shopping needs
are adequate to support the working population.
Summary:
In general, all four forces, social, economic, governmental, and environmental are
adequate and maintain a positive influence for the subject property. All four forces
contribute to make Newport Beach a desirable community and create a high
demand for real estate; however, this demand is expected to be offset by the
duration of the current economic recession.
Fuller & Associates
Job No. 94-6 7
The population base within the City of Newport Beach, while primarily in a built-up
stage, continues to grow gradually. Within the office/retail sector, the character of
the City is in a build-up stage of new and existing office/retail areas. In general,
based upon the historical growth and economic viability of the City, the future overall
outlook is positive.
Surrounding Influences:
The subject neighborhood is located on the Balboa Peninsula. It is bounded on the north
by Newport Bay, on the south by the Pacific Ocean, on the east by the Peninsula Point and
Jetty entrance, and on the west by residential and commercial uses that lie between
Newport Bay and the Pacific Ocean on both sides of Balboa Boulevard.
Significant neighborhood influences would include the Balboa Island Ferry, with vehicular
access provided from Palm Street which adjoins the westerly line of the subject site; the
Balboa Pier which is located on Main Street 2 blocks to the east of the subject site; the Fun
Zone Amusement Area which is located northeast of Bay Avenue, across from the subject
site; Newport Bay located 1 block to the north; the Pacific Ocean and beaches located 1
block to the south, and the Pavilion Historical Landmark located on the bay 2 blocks to the
east.
PROPERTY DESCRIPTION SUMMARY
Location:
The subject site is located between Balboa Boulevard and Bay Avenue, at the east of
Palm Street, in the City of Newport Beach, County of Orange, State of California.
Address:
600 E. Balboa Boulevard
Newport Beach, California
Apparent Owner:
Wells Fargo Bank acquired title on December 4, 1990 by Grant Deed identified as
Document No. 90-638231.
Legal Description:
Lots 1 to 6 inclusive in Block 7 of Balboa Tract, in the City of Newport Beach, County of
Orange, State of California, as per map recorded in Book 4, Page 11 of Miscellaneous
Maps, in the Office of the County recorder of Orange County.
More particularly described as Parcel 1, as shown on a map filed in Book 117, Page 24 of
Parcel Maps, in the Office of the County Recorder of said County.
Fuller & Associates
Job No. 94-6 8
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Parcel Size and Shape:
The subject site is a parallelogram in shape and is estimated to contain t15,428 sq.ft.
Access and Streets:
Access:
State Highway 1:
State Highway 1 (Coast Highway) extends northerly from the City of Long
Beach to the City of Dana Point and parallels the northerly shore of Newport
Bay. Access to Balboa Boulevard is available from State Highway 1 west of
the subject property.
Streets:
Balboa Boulevard:
The subject site has t 102.59 feet of frontage on Balboa Boulevard. This
street has a 70' right of way and an additional 2' easement over the subject
site. It is paved to 4 lanes, and improved with concrete curbs, gutters,
sidewalks.
Palm Street:
The subject site has t 145.83 feet of frontage on Palm Street. This street has
a 50' right of way and is paved to 2 lanes, and improved with concrete curbs,
gutters, sidewalks.
Bay Avenue:
Alley:
The subject site has t 85 feet of frontage on Bay Avenue. This street has a
40' right of way and is paved to 2 lanes, and improved with concrete curbs,
gutters, sidewalks.
The subject site has t 153.77 feet of frontage on the alley. This alley has a
10' right of way and an additional 5' easement over the subject site. It is
paved to 2 lanes, and improved with concrete paving.
Pertinent Conditions of Title:
A review was made of a Preliminary Title Report issued by Stewart Title Insurance
Company, dated January 2, 1994, and identified as No. 115984-02 which set out the
following pertinent conditions of title:
Fuller & Associates
Job No. 94-6 9
Item No. 1: Covenants, conditions and restrictions in the deed, executed by Newport Bay
Investment Company, recorded May 24, 1912, in Book 153, Page 186, of
deeds. Restrictions, if any based on race, color, religion or national origin are
deleted. Said matter affects Lot 1.
Item No. 2: Covenants, conditions and restrictions in the deed executed by Newport Bay
Investment Company, recorded October 13, 1911 in Book 153, Page 161,
of deeds. Restrictions, if any, based on race, color, religion or national origin
are deleted. Said matter affects Lot 2.
Item No. 3: Covenants, conditions and restrictions in the deed executed by Newport Bay
Investment Company, recorded October 31, 1911 in Book 153, Page 164,
of deeds. Restrictions, if any, based on race, color, religion, or national origin
are deleted. Said matter affects Lot 3.
Item No. 4: Covenants, conditions and restrictions in the deed, executed by Newport Bay
Investment Company, a corporation, recorded in Book 153, Page 125, of
deeds. Restrictions, if any, based on race, color, religion or national origin
are deleted. Said matter affects Lot 6.
Item No. 5: Covenants conditions and restrictions in the deed, executed by Newport Bay
Investment Company, a corporation recorded in Book 153, Page 155, of
deeds. Restrictions, if any, based on race, color, religion, or national origin
are deleted. Said matter affects Lot 4
Item No. 6: Covenants, conditions and restrictions in the deed, executed by Newport Bay
Investment Company, a corporation, recorded in Book 153, Page 222, of
deeds. Restrictions, if any, based on race, color, religion or national origin
are deleted. Said matter affects Lot 5
Item No. 7: Provisions of the dedication statement on the tract map which relinquish
certain rights of ingress and egress to the public street except for the general
public right to travel. Book 117, Page 24, of Parcel Maps. Street affected -
Balboa Boulevard. Said land, however, abuts on a public thoroughfare over
which rights of vehicular ingress and egress have not been relinquished.
Item No. 8: An easement affecting the portion of said land for the alley, affects the
southeast 5 feet of said land. Shown or dedicated by the map of Tract -
Parcel Map in Book 117, Page 24, of Parcel Maps, in favor of the public,
Item No. 9: An easement affecting the portion of said land street sidewalk and
pedestrian purposes, affects the southwest 2 feet of said land and over those
portions within Balboa Boulevard and Palm Street as shown on said map
shown or dedicated by the map of tract - parcel map in Book 117, Page 24,
of Parcel Maps, in favor of the public.
Fuller & Associates
Job No. 94-6 10
Contour and Drainage:
Soils:
Contour:
The subject site is generally level, lying at an elevation of t5-10' above sea level.
Drainage:
The drainage flow is generally towards the surface streets.
As no soil or geologic reports were available for review, it is assumed that there are no soil
conditions which negatively affect the subject property.
Land Use:
Jurisdiction:
City of Newport Beach
Existing Zoning:
Classification:
Intent:
RSC-R (Retail and Service Commercial - Mixed Use)
The purpose of the RSC zone is to provide for retail sales, personal service,
commercial and professional uses that offer direct services to the public, and
light marine industrial uses.
Permitted Uses:
1) Retail sales, specialty food uses with restrictions, and personal
service establishments within a building including accountants,
architects, banks, barber shops, bookstores, realtors, travel agencies,
art studios, interior decorating studios, photographic studios, copy
service, and handicraft establishments, and those uses permitted in
the Specialty Retail District and the Recreational and Marine
Commercial District.
2) Residential uses on the second floor or above, where the ground floor
is occupied by a permitted use.
Fuller & Associates
Job No. 94-6 11
3) Professional and business offices not providing direct services to the
public or not ancillary to an otherwise permitted use, such as
corporate offices shall be permitted on the second floor only.
4) Marine industrial uses or light manufacturing of marine related
products.
Permitted Uses Requiring Use Permit:
The following uses shall be permitted subject to the securing of a use permit
in each case: Restaurants (outdoor, take-out, and drive-in facilities),
bakeries, hotels, motels, "bed and breakfasts," health clubs/ aerobic studios,
music/art schools, dance studios, private instructional facilities, arcades,
commercial recreational facilities, nail salons, wedding chapels, cleaners and
laundries, day care facilities, laundromats, service/social club, marine
industrial, marine manufacturing, churches, museums, marine -related
museums, federal post offices, pet shops, animal hospitals, and animal
grooming facilities.
Development Standards:
Floor Area and Development Limits:
The total gross floor area and building bulk contained in all buildings
on a buildable site shall be consistent with the Newport Beach
General Plan.
Off -Street Parking Required:
Off-street parking shall be provided on the building site according to
the following schedule, or with City Council approval upon
recommendation of the Planning Commission, approval of an off -site
parking agreement or by the payment of an in -lieu fee.
1) Retail Stores and Commercial Uses: One parking space for
each 250 square feet of gross floor area.
2) Office Uses: One parking space for each 250 square feet of
net floor area.
3) Industrial Uses: One parking space for each 2,000 square feet
of gross floor area and one loading space for each 10,000
square feet of gross floor area.
4) Restaurants: One space for each 40 square feet of net public
area may be increased or decreased upon review.
Fuller & Associates
Job No. 94-6 12
5) Hotels and Motels: One parking space for each guest unit. The
Planning Commission may, based upon the operational
characteristics of a hotel or motel, require additional off-street
parking for ancillary uses such as restaurants, meeting rooms,
retail uses, and other commercial uses as provided in this
section.
6) Public Assembly: One parking space for each three seats or
occupants where fixed seating is provided, or one parking
space for each 35 square feet of gross floor area in the main
assembly hall where seating is not fixed: where bench seating
or pews are provided, 18 linear inches of seating shall be
considered to constitute a seat.
7) Residential Units: A minimum of two on -site parking spaces
shall be provided for each residential unit in the RSC District.
At least one on -site covered parking space and at least one
independently accessible parking space, shall be provided for
each residential unit.
Floor Elevation:
Finished floor elevation for all new structures or addition to existing
structures other than floor area used for parking, shall be nine feet
above mean low water level (6.27 feet above mean sea level).
Height Limit:
The height limit for all buildings and other structures on a building site
within the RSC District shall be 26 feet with exceptions.
Setback Requirements:
1) Front Yard: None
2) Side Yard: No side yard setback area shall be required on
properties in non-residential districts except as may be
required by the Planning Commission in approving a site plan
review or in granting a use permit, or as necessary to meet
public access requirements.
3) Rear Yard: Rear yard setback areas abutting an alley shall
have a minimum width of ten feet. A rear yard setback area of
ten feet shall be required on the second floor for residential
uses in a mixed use development.
Fuller & Associates
Job No. 94-6 13
Landscaping:
A minimum of five percent (5%) of an exterior paved parking area and a
minimum of fifty percent (50%) of the area of the required front yard setback
shall be devoted to planting areas.
General Plan:
General Plan Classification:
The City of Newport Beach Land Use Element of the General Plan as
approved designates the subject property as Retail and Service Commercial.
Retail and Service Commercial:
This land use category has been applied to areas which are predominantly
retail in character, but also accommodate some service office uses. Uses
allowed include retail sales, offices which provide goods or services to the
general public, hotels and motels, restaurants, commercial recreation, and
senior citizen housing facilities. Separate "corporate" type offices are not
allowed in these areas.
Local Coastal Program:
The subject property is designated Retail and Service Commercial. The allowed
floor area ratio is 0.5/0.75.
Proposed Balboa Specific Plan:
On June 23, 1994 the City of Newport Beach Planning Commission will consider
General Plan Amendment No. 94-1 D, Local Coastal Program Amendment No. 33,
and Amendment No. 802 to the zoning ordinance.
The subject application consists of a number of actions intended to establish a
specific area plan for the Central Balboa commercial district and adjoining
residential properties. The major goals of the specific area plan are to revitalize the
commercial district, upgrade its appearance, and minimize impacts to surrounding
residential areas.
Recommendations involve revisions to the Land Use Element of the General Plan.
These revisions include changing the land use designations on certain properties
and revising zoning district property development regulations to increase the floor
area and dwelling unit yields on commercial properties within the specific plan area.
Fuller & Associates
Job No. 94-6 14
The proposed amendments to the Local Coastal Plan (LCP) are the same as those
proposed for the Land Use Element. Revisions to the LCP Land Use Map text mirror
those proposed for the General Plan. The revisions to the LCP will require approval
by the California Coastal Commission.
Utilities:
Water:
The proposed amendment will resdesignate the area within the proposed
boundaries from the current Retail Service Commercial District with Residential
Overlay (RSC-R), Retail Service Commercial District with Residential Overlay and
Z Overlay (RSC-R-Z), Multi -Family Residential (MFR) District, Two Family (R-2)
District, Single Family (R-1) District, and Unclassified (U) District to the Specific Plan
(SP) District.
The subject site would be reclassified to SP-8 and would be designated Retail
Service Commercial.
Available, 12-inch cast iron pipe in Balboa Boulevard and a 6" A.C.P. line in the
alley.
Storm Drain:
There are no storm drains which adjoin the subject site.
Sewer:
Available, 8-inch V.P.C. line in Bay Avenue; 15" V.C.P. line in Balboa Boulevard;
8" P.V.C. line in Palm Street; and a 6" P.V.C. line in the alley.
Natural Gas:
Available, Southern California Gas Company.
Electricity:
Available, Southern California Edison Company.
Telephone:
Available, Pacific Bell.
Fuller & Associates
Job No. 94-6 15
Assessed Valuation:
The 1993-94 assessment details of the subject property are set out as follows:
Assessor's Parcel Nos.:
Assessed Valuation:
Land
Building
Total
Tax Code Area:
048-116-01, 02, & 03
01
02
$465,120
$232,560
5 100
$2,040
$470,220
$234,600
Estimated 1993-94 Property Tax:
7001
01 $4, 774
02 $2,389
03 $8,887
Total $16,050
Present Use:
03
$592,620
255 000
$847,620
Assessor's records indicate that the subject site is improved with a two story retail building
containing 4,226 sq.ft. which was constructed in 1978. By instruction of the client, the value
of these improvements, if any, have been disregarded and the valuation estimate is of the
land only.
HIGHEST AND BEST USE
Introduction:
The concept of Highest and Best Use represents the premise upon which a value estimate
is based and is an interpretation of market forces and influences that indicate which use
will result in the greatest economic benefit to the owner.
Fuller & Associates
Job No. 94-6 16
Definition:
Highest and Best Use is defined as follows:
The reasonably probable and legal use of vacant land or an improved property,
which is physically possible, appropriately supported, financially feasible, and that
results in the highest value.
Source: The Dictionary of Real Estate Appraisal, Second Edition, American
Institute of Real Estate Appraisers, 1986
Explanation:
This definition applies specifically to the Highest and Best Use of land. It is to be
recognized that in cases where a site has existing improvements on it, the Highest and
Best Use may very well be determined to be different from the existing use. The existing
use will continue; however, unless and until land value in its Highest and Best Use exceeds
the total value of the property in its existing use.
Four considerations are imposed upon a site in the estimation of Highest and Best
Use:
1. Possible Use: What uses of the site in question are physically possible?
2. Legal Use: What uses are permitted by zoning and deed restrictions on the
site in question?
3. Economic Use: Which possible and permissible uses will produce a net
return to the owner of the site?
4. Maximum Profitable Use: Among the feasible uses, which use will produce
the highest net return or the highest present worth?
By instruction of the client, consideration of the existing improvements is to be
disregarded, therefore only the land as vacant was studied to determine the highest
and best use.
Highest and Best Use "As Vacant":
Introduction:
In analyzing the Highest and Best Use for the subject site, as if vacant, the
appraiser estimates the most likely and probable uses of the site as though vacant,
and then estimates the most profitable potential use of the site.
Fuller & Associates
Job No. 94-6 17
Physically Possible:
Development constraints imposed upon a site include its configuration, size,
topography and location. The subject site is located in an area where the amenities
of the area contribute to a demand for real estate. The neighborhood consists of
the components that contribute to the demand for similar sites.
The subject site contains 15,428 sq.ft. and is considered larger than the typical
range of other sites in the neighborhood and would benefit by the assemblage of
6 lots into Parcel 1. Access is adequate. Topography is level and the site
configuration presents no apparent development constraints.
Legally Permissible:
Allowable uses under the present, private, and public restrictions are a
consideration in the development of the site. The subject site is designated Retail
Service Commercial Mixed Use in the 1) Zoning Ordinance, 2) General Plan, 3)
Local Coastal Program, and 4) the proposed Balboa Specific Plan. The existing land
use ordinances allow for a variety of retail and commercial uses with floor area
ratios varying from .3 to 1.0. It is a premise of this report that existing covenants,
conditions, and restrictions will not restrict the highest and best use.
Financially Feasible:
Existing development within the immediate neighborhood is primarily retail and
service commercial. It is concluded that the existing retail and service commercial
development, with close proximity to the subject property is a positive factor and a
strong consideration in the development of the subject site, as vacant. Consumers
are drawn to a particular market by similar uses in the same general area. A retail
and service commercial use is a financially feasible use that conforms to the first
two tests.
Maximally Productive:
There is a demand for retail and service commercial uses in the neighborhood of
the subject site. This is primarily due to the close proximity to the Fun Zone,
Newport Bay and Pacific Ocean beaches. Due to the access and exposure offered
in this location, and the retail and service commercial characteristics of the
immediate area, a retail and service commercial related use would represent the
use that would give the greatest net return to the land.
Fuller & Associates
Job No. 94-6 18
Conclusion, as Vacant:
Based on this discussion, it is concluded that the Highest and Best Use of the
subject property, as vacant, would be for a retail and service commercial use, which
would be slightly larger than surrounding developments. This demand however, is
impacted by the current recession and the difficulty in obtaining financing for similar
projects.
VALUATION SUMMARY
The Valuation Approaches:
Introduction:
The three traditional approaches to value are the Replacement Cost Approach, the
Income Approach, and the Sales Comparison Approach. Each approach
represents a technique by which market data may be processed into an indication
of value. When the purpose of the appraisal is to estimate market value, all three
approaches to value are, in essence, market data approaches because the data
inputs are market derived. Each approach is discussed briefly as follows:
Replacement Cost Approach:
The Replacement Cost Approach estimates the value of the vacant site and adds
to it the depreciated cost of the improvements. This approach in appraisal analysis
is based on the proposition that an informed purchaser will pay no more than the
cost of producing a substitute property with the same utility as the subject property.
The Replacement Cost Approach is particularly appropriate when the property being
appraised includes relatively new improvements which represent the highest and
best use of the land, or when relatively unique or specialized improvements are
located on the site, and when sales of similar properties cannot be identified.
By instruction of the client the valuation estimate herein expressed is of the land
gDly and the value contribution, if any, of the improvements has been disregarded.
This method of valuation was not utilized.
Income Approach:
The Income Approach reflects the subject property's income -producing capabilities.
This technique in appraisal analysis converts anticipated benefits (dollar income or
amenities) to be derived from the ownership of property into a value estimate.
Fuller & Associates
Job No. 94-6 19
Anticipated future income and/or reversions are discounted to a present worth
estimate through the capitalization process. Two common valuation techniques
associated with the Income Approach are direct capitalization and discounted cash
flow analysis.
Direct capitalization is the method utilized to convert a single year's estimate of
income into a value indication. In direct capitalization, a precise allocation between
return on and return of capital is not made because investor assumptions or
forecasts concerning the holding period, pattern of income, or changes in value of
the original investment are not simulated in the method. Direct capitalization is most
appropriate when analyzing a stable income stream and in estimating the reversion
at the end of the holding period.
Discounted cash flow (DCF) analysis is a detailed analysis utilized when the future
income is expected to be variant, usually as a result of numerous lease obligations
and/or anticipated changes in income and expenses. It is also particularly relevant
when institutional buyers are the most likely purchasers of the subject property,
because institutional buyers often place great weight on this analysis. The DCF
analysis specifies the quantity, variability, timing, and duration of cash flows.
Selecting the proper yield rate (discount rate) is essential. The appraiser must
consider the target yield sought by investors as well as yields derived from
comparable sales and/or market information.
As the valuation estimate is of the land only, and by instruction no estimate was to
be made of the value contribution, if any, of the improvements and as vacant sites
in this neighborhood are not typically purchased to develop net income, this method
of valuation was not utilized.
Sales Comparison Approach:
The Sales Comparison Approach provides an estimate of market value based on
analyzing transactions of similar properties located in the market area. The method
is based on the proposition that an informed purchaser would pay no more for a
property than the cost of acquiring a substitute property with the same utility. In
addition to actual sale transactions, current listings of similar properties may also
be considered. Actual transactions typically fix the lower limit of value in a static or
advancing market (price), and fix the higher limit of value in a declining market;
while listings generally set the higher limit of value in any market.
The reliability of this approach is dependent upon the following: 1) The availability
of sales data, 2) the verification of the sales data, 3) the degree of comparability or
the extent of adjustment necessary for any differences (between the sale property
and the subject property), and 4) the absence of non -typical conditions affecting the
sales price. Adjustments for such factors as property rights conveyed, market
Fuller & Associates
Job No. 94-6 20
conditions, location, size, age/quality/condition, and amenities, for example, may all
be significant in the analysis.
Subject Property Valuation Methodology:
Consideration was given to all three approaches to value. However, only the Sales
Comparison Approach was considered appropriate in the analysis of the subject
property.
Method of Valuation:
Scope of the Market Data Search:
In the valuation of the subject property, a search was made for sales of similar
properties. Special emphasis was placed on vacant properties located on the
Balboa Peninsula, which are designated for retail and service commercial uses.
Market Data:
In all, several items of market data were discovered with varying degrees of
comparability to the subject property. Of these, 4 items of market data were
considered most pertinent in this analysis. This market data varied in price from
$48/sq.ft. to $79/sq.ft. of land.
Transactions which were reviewed but disregarded, included 1) the northwest
corner of Palm Street and Balboa Boulevard which sold in April, 1994.
Conversations with the buyer indicated the price was based on an option which was
several years old and not representative of current market conditions. The buyer
also purchased the existing retail liquor business; 2) the southwest corner of Balboa
Boulevard and Palm Street which sold in December, 1992. This was substantially
improved and included a remodeled and fully equipped restaurant; and 3) the sale
of the subject property in December, 1990 wherein this was a transfer of a bank
facility from Great American Bank to Wells Fargo Bank.
The Market Data Summary on the following page sets out a summary of the details
for each transaction.
Fuller & Associates
Job No. 94-6 21
MARKET DATA SUMMARY
WELLS FARGO BANK SITE
600 EAST BALBOA BOULEVARD
M.D.
LOCATION
LOT
LAND
I
PRICE
I
PRICE/
DATE
REMARKS
NO.
SIZE
USE
SQ.FT.
1
NWC Island Ave.
2,700 sf
Retail
$165,000
$61
11-93
Improved w/ unoccupied
& Balboa Blvd.
Service
converted service station
Commercial
bldg. Balboa Blvd. frontage.
2
NEC Palm St. &
15,428 sf
Retail
$800,000
$52
Current
Reportedly in escrow to
Balboa Blvd.
Service
Ecrow
City of Newport Beach.
Commercial
Subj. prop. reportedly sold
in 12-90 for $1,279,000
when acquired from Great
American Bank.
3
NEC 28th St. &
17,772 sf
Retail
$850,000
$48
Current
Parcel has been for sale for
Newport Blvd.
Service
escrow
over 2 yrs. Vacant. Escrow
Commercial
to McDonald's. Planning
commission has approved.
To close escrow in Sept.
4
NWC 15th St. &
9,952 sf
Retail
$785,000
$79
11-89
Vacant when purchased.
Balboa Blvd.
Service
Now improved w/ 2 story
Commercial
retail and office complex.
Prior Mobile gas station
site.
Comparative Criteria:
In analyzing each item of market data, a comparison was made between the market
data and the subject property. Consideration was given to differences in property
rights conveyed, financing, conditions of sale, market conditions, and physical
differences including, parcel size, parcel shape, utility availability, land use,
topography, access, location, and site improvements.
After adjustments for these and other factors, an indicated value of the land only
was derived. A brief discussion of the market data is summarized as follows:
Market Data No. 1 is located at the northwest corner of Island Avenue and
Balboa Blvd. This parcel was nominally improved with an older service
station building. This site sold in November, 1993 for $61/sq.ft. of land. This
site is smaller in size, inferior in location and slightly superior in
improvements.
Fuller & Associates
Job No. 94-6 22
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MARKET DATA MAP
Market Data No. 2 is the subject property which is currently in escrow for
$52/sq.ft. of land. Originally listed 8 months ago for $104/sq.ft. of land. The
price has been reduced to $91/sq.ft., then $71/sq.ft. to the current escrow at
$52/sq.ft. of land.
Market Data No. 3 is located at the northeast corner of 28th Street and
Newport Boulevard. This is a vacant site which is currently in escrow for a
McDonald's restaurant at $48/sq.ft., with the escrow to close in September.
The City of Newport Beach Planning Commission has recently approved this
proposed development.
Market Data No. 4 is located at the northwest corner of 15th Street and
Balboa Boulevard and was the former site of a Mobil Gas Station. The site
was demolished and remediated prior to the sale. This parcel sold in
November, 1989 for $79/sq.ft. of land and has been developed with a 2 story
retail - commercial - office project. This is an older sale which sold near the
height of market activity.
Conclusion of Value:
After careful consideration of the foregoing data, and other factors, it is my opinion that the
fair market value range of the land only, based on the limiting conditions set out elsewhere
in this report, as of May 31, 1994, was $725,000 to $825,000.
FAIR MARKET VALUE RANGE
SEVEN HUNDRED AND TWENTY FIVE THOUSAND DOLLARS
TO
EIGHT HUNDRED AND TWENTY FIVE THOUSAND DOLLARS
Ily submitted,
RAF:bly
94-6
Fuller & Associates
Job No. 94-6 23
View northwesterly from the south line of Balboa Boulevard, showing the alley, adjoining
the east line of the subject site. The subject property is to the left. Photo taken June 17,
1994.
View southeasterly from the north line of Bay Avenue, showing the alley, adjoining the east
line of the subject site. The subject property is to the right. Photo taken June 17, 1994.
0
View northeasterly from the southwesterly corner of Palm Street and Balboa Boulevard,
showing the subject property. Balboa Boulevard is to the right. Palm Street is to the left.
Photo taken June 17, 1994.
lamp
View southeasterly from the intersection of Bay Avenue and Palm Street. The subject
property is to the left. Palm Street is to the right. Bay Avenue enters to the left. Photo taken
June 17, 1994.
View northeasterly from the northwesterly corner of Palm Street and Balboa Boulevard,
showing the subject property to the left. Balboa Boulevard is to the right. Palm Street is in
the foreground left. Photo taken June 17, 1994.
View southwesterly from the northerly line of Balboa Boulevard, showing the subject
property to the right. Balboa Boulevard is to the left. Photo taken June 17, 1994.
View southeasterly from the intersection of Bay Avenue and Palm Street showing the
subject property to the right. Palm Street is to the right. Bay Avenue is to the center left.
Photo taken June 17, 1994.
View northwesterly from the center of Bay Avenue showing the subject property to the left.
Photo taken June 17, 1994.
PRELIMINARY TITLE REPORT
STEWART TITLE
2010 MAIN STREET, #250 - IRVINE, CALIFORNIA 92714
(714) 476-0777 FAX NO. (714) 756-6077
MEMBER CALIFORNIA LAND TITLE ASSOCIATION
PRELIMINARY REPORT
OUR NO. 115984-02 YOUR NO. 8151-J
ATTN: JAN'
REMINGTON ESCROW
4425 JAMBO�EE #180
NEWPORT BE CH, CALIFORNIA
ER
71N
DATED AS OF JUNE 02, 1994 AT 7:30 A.M.
IN RESPONS$ TO THE ABOVE REFERENCED APPLICATION FOR A POLICY OF TITLE
INSURANCE, STEWART TITLE HEREBY REPORTS THAT IT IS PREPARED TO ISSUE,
OR CAUSE TO BE ISSUED, AS OF THE DATE HEREOF, A STEWART TITLE GUARANTY
COMPANY POLICY OR POLICIES OF TITLE INSURANCE DESCRIBING THE LAND AND
THE ESTATE OR INTEREST THEREIN HEREINAFTER SET FORTH, INSURING AGAINST
LOSS WHICH;MAY BE SUSTAINED BY REASON OF ANY DEFECT, LIEN OR ENCUMBRANCE
NOT SHOWN dR REFERENCED TO AS AN EXCEPTION ON SCHEDULE B OR NOT EXCLUDED
FROM COVERAGE PURSUANT TO THE PRINTED SCHEDULES, COND;TIONS, AND
STIPULATIONS OF -SAID POLICY FORMS.
THE PRINTED EXCEPTIONS AND EXCLUSIONS FROM THE COVERAGE OF SAID POLICY
OR POLICIE* ARE SET FORTH IN THE ATTACHED LIST. COPIES OF THE POLICY
FORMS SHOULD BE READ. THEY ARE AVAILABLE FROM THE OFFICE WHICH
ISSUED THI$ REPORT.
THIS REPORT, (AND ANY SUPPLEMENTS OR AMENDMENTS THERETO) IS ISSUED
SOLELY FOR THE PURPOSE OF FACILITATING THE ISSUANCE OF A POLICY OF
TITLE INSURANCE AND NO LIABILITY IS ASSUMED HEREBY. IF IT IS DESIRED
THAT LIABILITY BE ASSUMED PRIOR TO THE ISSUANCE OF A POLICY OF TITLE
INSURANCE A BINDER OR COMMITMENT SHOULD BE REQUESTED.
MARTY O'LEARY
TITLE OFFICER
115984-02
THE FORM OF THE POLICY OF TITLE INSURANCE CONTEMPLATED BY THIS REPORT IS:
1. CALIFORNIA LAND TITLE ASSOCIATION STANDARD COVERAGE POLICY (X)
2. AMERICAN LAND TITLE ASSOCIATION OWNERS POLICY FORM B
3. AMERICAN LAND TITLE ASSOCIATION RESIDENTIAL TITLE INSURANCE POLICY
4. AMERICAN LAND TITLE ASSOCIATION LOAN POLICY
SCHEDULE A
THE ESTATE OR INTEREST IN THE LAND HEREINAFTER DESCRIBED OR
REFERRED TO COVERED BY THIS REPORT IS:
A FEE
TITLE TO SAID ESTATE OR INTEREST AT THE DATE HEREOF IS VESTED IN:
WELLS FARGO BANK, NATIONAL ASSOCIATION
115984-02
SCHEDULE A (CONTINUED)
DESCRIPTION: THE LAND REFERRED TO HEREIN IS SITUATED IN THE
COUNTY OF ORANGE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
LOTS 1 TO 6 INCLUSIVE IN BLOCK 7 OF BALBOA TRACT, IN THE CITY OF
NEWPORT BE4CH, COUNTY OF ORANGE, STATE OF CALIFORNIA, AS PER
MAP RECORDMD IN BOOK 4, PAGE 11 OF MISCELLANEOUS MAPS, IN THE
OFFICE OF THE COUNTY RECORDER OF ORANGE COUNTY.
MORE PARTICULARLY DESCRIBED AS PARCEL 1, AS SHOWN ON A MAP FILED
IN BOOK 11�, PAGE 24 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY
RECORDER p SAID COUNTY.
P. 5
115984-02
SCHEDULE B
AT THE DATE HEREOF, EXCEPTIONS TO COVERAGE IN ADDITION TO THE PRINTED
EXCEPTIONS AND EXCLUSIONS CONTAINED IN SAID POLICY OR POLICIES WOULD
BE AS FOLLOWS:
A. GENERAL AND SPECIAL CITY AND/OR COUNTY TAXES FOR THE FISCAL
YEAR 1994-1995 A LIEN NOT YET DUE AND PAYABLE.
B. THE LI9N OF SUPPLEMENTAL TAXES, IF ANY, ASSESSED PURSUANT TO
THE PROVISIONS OF CHAPTER 3.5 (COMMENCING WITH SECTION 75) OF
THE REVENUE AND TAXATION CODE OF THE STATE OP CALIFORNIA.
C. THE LIEN OF ANY SPECIAL TAX RESULTING FROM THE INCLUSION OF
THE PROPMPY IN A SPECIAL ASSESSMENT DISTRICT OR MELLO-ROOS
COMMUNITY FACILITIES DISTRICT IN ACCORDANCE WITH THE CODES,
WHICH MAY EXIST BY VIRTUE OF ASSESSMENT MAPS OR NOTICES FILED
AND/OR RECORDED BY ANY SUCH DISTRICT. ASSESSMENTS, IF ANY,
ARISING FROM SUCH ASSESSMENT DISTRICTS WILL BE COLLECTED ALONG
WITH THE R GULAR ORANGE COUNTY READ ESTATE TAXES.
1. COVENANTS, CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY
RECORDED MAY 24, 1912 IN BOOK 153, PAGE 185, OF DEEDS
RESTRICTIONS, IF ANY, BASED ON RACE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
SAID MATTED AFFECTS: LOT 1
2. COVENANTS. CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY
RECORDED OCTOBER 13, 1911 IN BOOK 153, PAGE 161, OF DEEDS
RESTRICTIONS, IF ANY, BASED ON RAGE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
SAID 14ATTEP AFFECTS: LOT 2
3. COVENANTS, CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY
RECORDED OCTOBER 31, 1911 IN BOOK 153, PAGE 154, OF DEEDS
RESTRICTIONS, IF ANY, BASED ON RACE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
SAID MATTEt AFFECTS: LOT 3
4. COVENANTS CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY, A CORPORATION
RECORDED IN BOOK 153, PAGE 125, OF DEEDS
P. 6
115984-02
RESTRICTIONS, IF ANY, BASED ON RACE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
SAID MATTER AFFECTS: LOT 6
5. COVENANTS, CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY, A CORPORATION
RECORDED IN BOOK 153, PAGE 155, OF DEEDS
RESTRICTIONS, IF ANY, BASED ON RACE, COLOR, RELIGION OR NATIONAL
ORIGIN ARE,DELETED.
SAID MATTER AFFECTS: LOT 4
6. COVENANTS, CONDITIONS AND RESTRICTIONS IN THE DEED,
EXECUTED BY NEWPORT BAY INVESTMENT COMPANY, A CORPORATION
RECORDED IN BOOK 153, PAGE 222, OF DEEDS
RESTRICTIONS, IF ANY, BASED ON RAGE► COLOR, RELIGION OR NATIONAL
ORIGIN ARE DELETED.
SAID MATTER AFFECTS: LOT 5
7. PROVISIONS OF THE DEDICATION STATEMENT ON THE MAP OF THE
TRACT SHOWN BELOW, WHICH RELINQUISH CERTAIN RIGHTS OF INGRESS
AND EGRESS TO THE PUBLIC STREET HEREIN NAMED, UPON THE TERMS
THEREIN, EXCEPT FOR THE GENERAL PUBLIC RIGHT TO TRAVEL FOR THE
SAME
TRACT I PARCEL MAP IN BOOK 117, PAGE 24 OF PARCEL MAPS
STREET AFFECTED BALBOA BOULEVARD
SAID LAND, HOWEVER, ABUTS ON A PUBLIC THROUGHFARE OTHER THAN THE
STREETS REFERRED TO ABOVE, OVER WHICH RIGHTS OF VEHICULAR
INGRESS AND EGRESS HAVE NOT BEEN RELINQUISHED.
8. AN EASEMENT'AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSES STATED -HEREIN, AND INCIDENTAL PURPOSES, SHOWN OR
DEDICATED AY THE MAP OF
TRACT PARCEL MAP IN BOOK 117, PAGE 24 OF PARCEL MAPS
IN FAVOR OF THE PUBLIC
FOR ALLEY
AFFECTS THE SOUTHEAST 5 FEET OF SAID LAND
9. AN EASEMENT AFFECTING THE PORTION OF SAID LAND AND FOR THE
PURPOSES STATED HEREIN, AND INCIDENTAL PURPOSES, SHOWN OR
DEDICATED SY THE MAP OF
TRACT PARCEL MAP IN BOOK 117, PAGE 24 OF PARCEL MAPS
IN FAVOR OF THE PUBLIC
FOR STREET, SIDEWALK AND PEDESTRIAN PURPOSES
AFFECTS THE SOUTHWEST 2 FEET OF SAID LAND AND OVER
THOSE PORTIONS WITHIN BALBOA BOULEVARD AND
PALM STREET AS SHOWN ON SAID MAP
NOTES:
P. 7
115984-02
1) SHORT TERM RATE.
2) TAXES FOR THE FISCAL YEAR 1993-94 HAVE BEEN PAID. FOR YOUR
INFORMATION THE INSTALLMENTS AMOUNTS FOR THE REGULAR TAX BILL
WERE:
FIRST INSTALLMENT
$2087.19, PAID
SECOND INSTALLMENT
$2,387.19, PAID
EXEMPTION
$NONE
CODE AREA
07001
PARCEL NUMBER
048-116-01
3) TAXES OR THE
FISCAL YEAR 1993-94 HAVE BEEN PAID. FOR YOUR
INFORMATION THE INSTALLMENTS
AMOUNTS FOR THE
REGULAR TAX BILL
WERE:
FIRST INSTALLMENT
$1,194.71, PAID
SECOND INSTALLMENT
$1,194.71, PAID
EXEMPTION
$NONE
CODE AREA
07002
PARCEL NUMBER
048-116-02
4) TAXES POR THE
FISCAL YEAR 1993-94 HAVE BEEN PAID. FOR YOUR
INFORMATION THE INSTALLMENTS
AMOUNTS FOR THE
REGULAR TAX BILL
WERE:
FIRST INSTALLMENT
$4,443.41, PAID
SECOND INSTALLMENT
$4,443.41, PAID
EXEMPTION
$NONE
CODE AREA
07001
PARCEL NUMBER
048-116-03
ADDITIONAL NOTE:
DIRECT WIRE TRANSFERS TO:
FIRST INTERSTATE BANK
SANTA ANA MAIN OFFICE
1018 NORTH MAIN STREET
SANTA ANA, CALIFORNIA
(714) 647-4777
ABA ROUTING NUMBER: #122000218
CREDIT: OEWART TITLE OF CALIFORNIA
ACCOUNT NUMBER: 180-863-103
PLEASE REFERENCE:
ESCROW/TITLE OFFICER
ESCROW/TITLE NUMBER
QUALIFICATIONS
RICHARD A. FULLER, MAI
567 San Nicolas Drive, Suite 203
Newport Beach, California 92660
Telephone (714) 644-4040
Facsimile (714) 644-4065
Education: University of Southern California, B.S. 1961
University of Southern California, M.B.A. 1963
Professional: Member, Appraisal Institute 1972 - Present
Member, California Association of Realtors 1984 - 1993
Member, National Association of Realtors 1972 - 1993
Member, International Right of Way Association 1986 - Present
Expert
Witness: Superior Court of California, Circuit Court of Oregon, and United States District Court
Licenses: State of California Real Estate Broker
State of California General Building Contractor
State of California Certified General Real Estate Appraiser
Experience: Real Estate Appraiser - Associated with
American Savings and Loan Association 1964 - 1966
Real Estate Appraiser - Associated with
George Hamilton Jones, MAI 1966 - 1970
Independent Real Estate Appraiser
Fuller & Associates 1970 - Present
Faculty: Instructor: Mira Costa College, Orange Coast College, Lane Community College; Senior
Lecturer: University of Southern California; Approved Faculty Member: Appraisal Institute;
Lifetime California Community College, Real Estate Credential. Courses taught included
Advanced Appraisal Real Estate Valuation, Real Estate Development, Capitalization
Theory & Techniques, and Basic Valuation Procedures
Seminars: Chairman: Various Litigation Seminars, Appraisal Institute: Guest Speaker: Subdivision
Seminars, Discounted Cash Flow Analysis in the Home and Building Industry
Publications: "Appraisal of a Proposed Residential Subdivision Development", Encyclopedia of Real
Estate Appraising, Third Ed., Published in 1978, Prentice Hall, Inc.
Partial List of Clients:
Legal and Accounting Firms:
Anderson, McPharlin & Conners
Belcher, Henzie & Biggenzahn
Butler, Husk, Gleaves & Swearingen
Call, Clayton & Jensen
Carlile & McDonough
Cooksey, Howard, Martin, & Toolen
Cox, Castle & Nicholson
Daubney, Banche, Patterson, O'Neal
Nares, & Reed
Drummy, Garrett, King & Harrison
Endeman, Lincoln, Turek & Heater
Ernst & Whinney
Fadem & Douglas
Flint & McKay
Higgs, Fletcher & Mack
Jennings, Engstrand & Henrikson
Johnson, Bannon, Wohlwent & Johnston
Lanak & Hanna
Krusemark & Bertani
Layman, Jones & Dye
Latham & Watkins
McCormick, Kidman & Behrens
Manoukian, Scarpello & Alling, Ltd.
Martin, Bischoff, Templeton, Biggs & Ericsson
McColgan & Vanni
McCutchen, Doyle, Brown and Enersen
Minihan, Kernutt, Stokes & Co.
O'Melveny & Myers
Palmieri, Tyler, Wiener, Wilhelm & Waldron
Paone, Callahan, McHolm & Winton
Paul, Hastings, Janofsky & Walker
Penney and Penney
Poindexter & Doutre
Price Waterhouse & Company
Roberts, Cormack & Johnson
Rogers & Wells
Rutan & Tucker
Tully H. Seymour
Saxon, Alt, Dean, Mason, Brewer
& Kincannon
Simon & Sheridan
Wallace & Deatherage
Wenke, Burge & Taylor
Wright, Finley & Behrens
Lending_ Institutions:
Bank of America
Bank of California
Central Savings & Loan
Charter Savings & Loan
Coast Savings & Loan
Continental Bank
Continental Mortgage Insurance
Crocker National Bank
Farmers Savings & Loan Association
Financial Federation
First Credit Bank
Insurance Companies:
Cigna Company
Dairyland Insurance Company
Fireman's Fund
Corporations:
AMFAC Garden Products
Atlantic Richfield Corp. (Arco)
Beacon Oil Company
Best Western Hotels
Beckman Instruments
Catalina Swimwear
Celanese Corporation
Chevron U.S.A., Inc.
Chrysler First Business Credit
Corporation
Cities Services Company
Non -Profit Organizations:
Beacon Bay Community Association
Association
Father Flanagan's Boys' Home
Hospitals:
Greater El Monte Community
Hospital
Hoag Memorial Hospital
Government Agencies:
Caltrans
City of Carlsbad
City of Corvallis
City of Del Mar
City of Laguna Beach
City of Newport Beach
City of Oceanside
First Interstate Bank
San Diego Trust & Savings
Foothill Capital
Santa Ana First Federal Savings
Great Western Bank
& Loan Association
Guild Mortgage Company
Santa Monica Bank
Home Capital Corporation
Sears Savings Bank
Home Savings of America
Security Pacific National Bank
Imperial Savings & Loan Association
Sterling Savings & Loan
Investors Mortgage Insurance
Surety Savings & Loan Association
Mitsui Manufacturers Bank
Torrey Pines Bank
Mitsui Taiyo Kobe Bank
Union Bank
Newport Balboa Savings
Wells Fargo Bank
Hartford Accident & Indemnity Co. Royal Insurance Co.
Pacific Mutual Life Insurance The Travelers
Prudential Property Insurance
Deutsch Company
McKesson Corporation
DiGiorgio Corporation
Mead Instruments
Emerson International
Mobile Oil Corporation
Eugene Sand and Gravel, Inc.
Retirement Center of America
Gulf and Western Corporation
Retlaw Enterprises, Inc.
Hercules, Inc.
Salomon Brothers
Hughes Aircraft Corporation
Standard Oil Company
Interstate Brands Corporation
of California
Liggett and Myers Corporation
Stone & Youngberg
Mitsubishi Cement Corporation
U.S.Amada
McCullough Oil Corporation
Western Electric Corporation
Foundation to Assist California Sherman Foundation
Teachers Church of Jesus Christ of
Mesa Verde Country Club Latter -Day Saints
Kaiser Permanente Southcoast Medical Center
McKensie-Willamette Hospital Tri-City Hospital
Sacred Heart General Hosptial
City of Pomona Federal Savings & Loan Insurance
City of Poway Corporation
City of Roseburg Internal Revenue Service
City of Santa Ana Resolution Trust Corporation
County of San Bernardino State of California
Federal Aviation Administration United States Postal Service
Federal Deposit Insurance Corporation
2
Real Estate Development and Engineering:
American Diversified Companies
Barratt Irvine
Bentall Development
Robert, Bein, William Frost
& Associates
Betker-Fredricks Development
Company
BSI
Schools:
Eugene School District No. 4-J
Oceanside Unified School District
Brigham Young University
Mountain View School District
Title Companies:
Chicago Title Company
Lawyers Title Company
Utilities:
Costa Real Municipal Water District
Eugene Water & Electric Board
Appraisal Functions Include:
Chervron Land & Development Company
Coldwell Banker Management Corp.
Daon Corporation
DKS Associates
Hermosa Homes
Huntington Beach Company
The Irvine Company
Kemper Real Estate Management
Pepperdine University
Saddleback Community College
Scipps College
Solona Beach School District
Safeco Title Insurance Company
Title Insurance & Trust Company
Metropolitan Water District
Pacific Northwest Bell
The Lusk Company
Manchester Development
Mission Equity
Paragon Homes
Standard Pacific L.P.
Signal Landmark, Inc.
Techbuilt Construction Corporation
William Lyon Company
Transamerica Title Insurance
Company
Ramona Municipal /water District
Southern California Edison Co.
Acquisition, Asbestos Contamination, Bankruptcy, Bond Financing, Condemnation, Disposition,
Donation, Estate Tax Appeal, Exchange, Excess Land, Federal Grants, Foreclosure, Ground
Rental Revaluation, Hazardous Waste Contamination, Income Tax Appeal, Inverse
Condemnation, Litigation, Mortgage Financing, Negotiation, Park in Lieu Fees, Partnership
Dissolution, Portfolio Review, Property Tax Appeal, Redevelopment
Typical Appraisal Assignments:
Public:
Airport Extensions, Assessment Districts, Coastal Sage Mitigation Credits, Corporate Yards,
Dedicated Streets, Electrical Transmission RNVS, Flood Control Projects, Improvement
Districts, Libraries, Open Space Properties, Park Sites, Pipeline Easements, Prisons, Post
Office Sites, Proposed Jail Sites, Public Right -of -Way Dedications, Railroad R/W's,
Recreation Centers, Reservoir Sites, Sanitary Land Fills, Sanitation Line RMPs, Sanitation
Easements, School Sites, Sewer Line Easements, Sewage Treatment Sites, Storm Drain
Easements, Street Widenings, Transportation Centers, Water Line RNVs, Watershed
Projects.
Private:
Agricultural Acreage, Apartment Buildings, Automobile Dealerships, Banks, Bulk Plants,
Cement Plants, Church Sites, Commercial Buildings, Condominium Projects, Equestrian
Centers, Historical Buildings, Industrial Buildings, Industrial Subdivisions, Marinas, High Rise
Medical Buildings, Mobile Home Parks, Motels, Ocean Front Properties, High Rise Office
Buildings, Office Condominiums, Parking Lots, Private Beaches, Ranches, Residential
Subdivisions, Riverfront Properties, Sand and Gravel Lands, Service Stations, Shopping
Centers, Subdivision Acreage, Tennis Clubs, Tidelands, Trucking Facilities, Undeveloped
Acreage.
Partial List of Special Appraisal Assignments:
Cigna Apartments - Six 200-500 unit apartment projects located throughout Southern California.
(The Travelers)
Coyote Canyon Landfill - Conservation easement. (San Joaquin Hills Corridor Agency/The Irvine
Company.
Coyote Hills West - 292.6 acre residential development located in Fullerton. (Chevron Land and
Development Company)
Deutsch Ranch - 250 acre ranch located in Oceanside. (Deutsch Co.)
Eastside Pipeline Project - ±5 miles permanent easements, right of way and construction
easements located in Riverside County (Metropolitan Water District)
4-S Ranch - 634 acre Specific Plan Area in North San Diego County. (Ralphs Family)
Gypsum Canyon - Proposed County Jail Site located on 2,678 acres of undeveloped acreage in
Orange County. (The Irvine Company)
Highlands Development - Multiple phases within 7 residential subdivisions located in Anaheim
Hills. (Security Pacific National Bank)
Indian Head Ranch - Portion of a 640 acre desert subdivision located in Borrego Springs. (The
DiGiorgio Corporation)
Ivey Ranch - 750 acre planned unit development located in Oceanside. (The Estate of L.O. Ivey
and Home Federal Savings & Loan)
James Musick Facility - 100 acre prison facility with potential industrial farm uses located in El
Toro. (The Irvine Company)
John Wayne Tennis Club - Tennis club located in Newport Beach. (Ticor)
Laguna Niguel - 4,600 acre planned unit development in Southern Orange County. (Avco
Community Developers)
Lake Mathews Watershed Project - 14 parcels within the Drainage Water Quality Management
Plan located in Lake Mathews (Paragon Homes)
Long Beach Airport Business Park - 4 mid to high rise office buildings adjoining Long Beach
Airport (Call, Clayton, and Jensen)
Marblehead Development - Multiple phases within 2 residential subdivisions in San Clemente.
(Bank of America)
Montebello Town Center - Regional shopping center located in Montebello. (Chevron, U.S.A.)
Newberry Ranch - 2,260 acre remote desert parcel. (Father Flanagan's Boys' Home)
0
Newport Lido Medical Center - 5 and 7 story medical office buildings located in Newport Beach
(Mitsui Manufacturers Bank)
Norco Hills/Woodlake Development - 712 acre residential development located in Corona.
(Grant/Owen)
Port of Long Beach - Mitsubishi Cement Facility located in Port of Long Beach. (Mitsubishi
Cement Corporation)
Rancho Bernardo - 986 acres within a planned unit development in North San Diego County.
(McCullough Oil Corporation)
Rancho California Portfolio - Various commercial, industrial, residential, mixed use and
masterplanned communities located in Temecula. (Wells Fargo Bank)
Rancho San Clemente - 19 undeveloped commercial and industrial parcels located in San
Clemente (Emerson International)
Reeves Ranch - 490 acre residential development located in San Clemente. (The Church of
Jesus Christ of Latter Day Saints)
Retlaw Ranch - Six ranches totaling 3,605 acres located in Riverside, Los Angeles, and San
Diego Counties. (Retlaw Enterprises, Inc.)
San Luis Rey River Flood Control Project - 23 parcels within the Floodway and Floodplain of the
San Luis Rey River, Oceanside. (City of Oceanside)
Shadow Ridge - 189.3 acre (Phase I and II) residential development located in Vista. (Daon
Corporation)
Sunset/Vermont Medical Arts Building - 6 story medical building located in Hollywood (William
Farley, Trustee)
Sutter Square Galleria - 4 story shopping center within freeway airspace located in Sacramento.
(Caltrans)
Tech Business Center - Proposed 67 lot industrial subdivision for Mello -Roos financing. (City of
Poway)
Interests Appraised:
Fee Simple Estate
Leased Fee Estate
Leasehold Estate
Sandwich Interest
(March, 1994)
5
CERTIFICATION
I the undersigned, do hereby certify that to the best of my knowledge and belief except as
otherwise noted in this report:
1) That the statements of fact contained in this report are true and correct.
2) That the reported analyses, opinions, and conclusions are limited only by the
reported assumptions and limiting conditions, and are my personal, unbiased
professional analyses, opinions, and conclusions.
3) That I have no present or prospective interest in the property or properties
that are the subject of this report, and I have no personal interest or bias with
respect to the parties involved.
4) That my compensation is not contingent upon the reporting of a
predetermined value or direction in value that favors the cause of the client,
the amount of the value estimate, the attainment of a stipulated result, or the
occurrence of a subsequent event.
5) That, to the best of my knowledge and belief, the reported analyses, opinions
and conclusions were developed, and this report has been prepared, in
conformity with the requirements of the Code of Professional Ethics and the
Standards of Professional Practice of the Appraisal Institute and the Uniform
Standards of Professional Appraisal Practice (USPAP).
6) That I have made a personal inspection of the property or properties that
are the subject of this report.
7) That no one provided significant professional assistance to the person
signing this report.
8) That, the use of this report is subject to the requirements of the Appraisal
Institute relating to review by its duly authorized representatives.
9) As of the date of this report, I have completed the requirements of the
continuing educatt'e� ram of the Appraisal Institute.
Respec u submitted,
1
I
ichard A. Fuller,
(February, 1992)