Agenda packet — Menifee City Council, July 16, 2025 (part 7 of 10)

H:\2022\22-0186\Drawings\Mapping\Legals & Plats\Offsite RoW\APN 331-110-010, & -011\22-0186-R.O.W._APN 329-110-011 LEGAL.docx Albert A. Webb Associates
EXHIBIT “A”

PUBLIC STREET AND UTILITY EASEMENT

LEGAL DESCRIPTION

THAT PORTION OF THE EASTERLY 265.44 FEET OF LOT 64 OF TRUMBLE FARMS, AS SHOWN BY MAP ON FILE IN BOOK 11, PAGE 38 OF MAPS, RECORDS OF RIVERSIDE

COUNTY, STATE OF CALIFORNIA, LYING WITHIN THE CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, IN SECTION 15, TOWNSHIP 5 SOUTH, RANGE 3 WEST, SAN BERNARDINO MERIDIAN , MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE CENTERLINE INTERSECTION OF ETHANAC ROAD (30.00 SOUTHERLY HALF WIDTH) WITH SHERMAN ROAD (60.00 FULL WIDTH) AS SHOW BY SAID MAP;

THENCE ALONG SAID CENTERLINE OF ETHANAC ROAD, NORTH 89°16’49” WEST, A DISTANCE OF 265.45 FEET TO THE WESTERLY LINE OF SAID EASTERLY 265.44 FEET OF LOT 64;

THENCE LEAVING SAID CENTERLINE, SOUTH 00°10’34” WEST, ALONG SAID WESTERLY LINE , A DISTANCE OF 30.00 FEET TO A POINT ON THE SOUTHERLY

RIGHT-OF-WAY LINE OF SAID ETHANAC ROAD FOR THE TRUE POINT OF BEGINNING;

THENCE ALONG SAID SOUTHERLY RIGHT-A-WAY LINE, SOUTH 89°16’49” EAST, A DISTANCE OF 235.45 FEET TO A POINT ON THE WESTERLY RIGHT-A-WAY LINE OF SAID SHERMAN ROAD;

THENCE ALONG SAID WESTERLY RIGHT-A-WAY LINE, SOUTH 00°10’34” WEST, A DISTANCE OF 48.52 FEET;

THENCE LEAVING SAID WESTERLY RIGHT -A-WAY LINE AT RIGHT ANGLES , NORTH 89°49’26” WEST, A DISTANCE OF 2.00 FEET TO THE BEGINNING OF A NON - TANGENT CURVE, CONCAVE WESTERLY, HAVIN G A RADIUS OF 49.00 FEET, A RADIAL LINE TO SAID POINT CURVE BEARS SOUTH 89°47’34” EAST;

THENCE NORTHERLY ALONG SAID CURVE TO THE LEFT, THROUGH A CENTRAL ANGLE OF 19°55’18”, AN ARC DISTANCE OF 17.04 FEET;

THENCE NORTH 89°49’26” WEST, A DISTANCE OF 3.92 FEET;
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 171

Menifee Mayor and City Council
July 16, 2025
Page
1409 of 2087

Page 2 of 2 ends

H:\2022\22-0186\Drawings\Mapping\Legals & Plats\Offsite RoW\APN 331-110-010, & -011\22-0186-R.O.W._APN 329-110-011 LEGAL.docx Albert A. Webb Associates
THENCE NORTH 37°54’22” WEST, A DISTANCE OF 30.60 FEET TO A POINT ON A LINE PARALLEL WITH AND DISTANT SOUTHERLY 8.00 FEET, MEASURED AT RIGHT ANGLES, FROM SAID SOUTHERLY RIGHT-A-WAY LINE OF ETHANAC ROAD;

THENCE ALONG SAID PARALLEL LINE, NORTH 89°16’49” WEST, A DISTANCE OF 207.74 FEET TO SAID WESTERLY LINE OF SAID EASTERLY 265.44 FEET OF LOT 64 OF TRUMBLE FARMS;

THENCE ALONG SAID WESTERLY LINE, NORTH 00°10’34” EAST, A DISTANCE OF

8.00 FEET TO THE TRUE POINT OF BEGINNING.

CONTAINING 2,370 SQUARE FEET, MORE OR LESS.

SEE PLAT ATTACHED HERETO AS EXHIBIT “B” AND MADE A PART HEREOF.

PREPARED UNDER MY SUPERVISION

______________________________ _______________
Jason K. Ardery, L.S. 9329 Date

Prepared By: CGS
Checked By: JKA

02/19/2025
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 172

Menifee Mayor and City Council
July 16, 2025
Page
1410 of 2087

EXHIBIT ”B”

PUBLIC ROAD AND UTILITY EASEMENT
LEGEND:
( ) INDICATES RECORD
INFORMATION PER MB 11/38
‘ R.O.W. ACCEPTED BY RESOLUTION
SUPERVISOR’S MINUTE BOOK 40, PAGE 51, S
ADOPTED 2/24/1948, AMENDED 5/3/1948

by V
TO C/L INT W/TRUMBLE RD. © N89°16'49"W 1324.87’ ___ | -P.0.€. = T.P.0.B. 2 ETHANAC ROAD CL
L2 Q -
ss — 2) x
i ‘ol ©) mA
2,370+ SQ. FT HKs|2 2. 8g
APN: 331-110-010 APN: 331-110-011 Zoe
N70"17’09"E (R) O ane moO om
$89°47'34"E_(R) ro
RMS | 8 TRUMBLE FARMS 30’ %O
MB 11/38 LOT 64 f
265.44
Pw 133.44
OF ELY 10 C/LNt 265.44 LOT 64 P—W’LY LINE W/ROUSE RD.

OF E'LY —
133.44 LOT 64

*SEE SHEET 2 OF 2 FOR

LINE/CURVE DATA &
EASEMENT NOTES*
1” _ 50’

25 0 50

AL BERT A.

WEBB CITY OF MENIFEE
H:\2022\22—0186\Drawings\Mapping\Legals & Plats\Offsite RoW\APN 331-110-010, & ASSOCIATES | _044\99-0186 R.O.W._APN 331-110-010, & -O11.dwg 2/19/2025 11:17 AM Jason

W.O. THIS PLAT IS SOLELY AN AID IN LOCATING THE PARCEL(S) IN THE ATTACHED DOCUMENT. SHEET 1 OF 2 99-0186 ALL PRIMARY CALLS ARE LOCATED IN THE WRITTEN DOCUMENT.
” , CGS 2/05/2025 SCALE: 1” = 50° [25 EY ae AE 54087008| SUBJECT: PUBLIC ROAD AND UTILITY EASEMENT

WEBBNWES
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 173

Menifee Mayor and City Council
July 16, 2025
Page
1411 of 2087

EXHIBIT “B”

PUBLIC ROAD AND UTILITY EASEMENT
EASEMENT NOTES:
(1) AN EASEMENT FOR ALL WATER AND WATER RIGHTS, RIGHTS OF WAY, WEELS, PUPMPING PLANTS AND PIPE LINES AND INCIDENTAL PURPOSES, RECORDED JANUARY 06,1927 IN BOOK 699, PAGE 480 AND JULY 19, 1933 IN BOOK 129, PAGE 50 BOTH OF DEEDS.

IN FAVOR OF: WATSON WATER COMPANY [BLANKET IN NATURE]

LINE DATA
LINE #| DIRECTION | LENGTH
L1 S00°10°34"W | 30.00’

L2 $89°16'49"E | 235.45’
L3 S00°10'34"W | 48.52’
L4 N89°49’26"W 2.00’
LS N89°49°26"W 3.92’
L6 N37°54'22°wW | 30.60'
L7 N89°16'49"W | 207.74’
L8 NO0°10'34"E 8.00’

CURVE DATA ATaNo SS Sy KEEVING Ys
iS) O,
CURVE # RADIUS | DELTA | LENGTH g 2 RK
C1 49.00 | 19°55’'18" | 17.04’ No. 1S 9529
ae OF ay
SEC. 15, T5S, R3W, SBM
AL BERT A.

WEBB CITY OF MENIFEE
H:\2022\22-0186\Drawings\Mapping\Legals & Plats\Offsite RoW\APN 331-110-010, & ASSOCIATES | _044\09-0186 R.O.W._APN 331-110-010, & —011.dwg 2/19/2025 11:17 AM Jason THIS PLAT IS SOLELY AN AID IN LOCATING THE PARCEL(S) IN THE ATTACHED DOCUMENT. SHEET OF W.0.

ALL PRIMARY CALLS ARE LOCATED IN THE WRITTEN DOCUMENT. 2 2 22-0186

SCALE: N/A Soe ae roe72008 | SUBJECT: PUBLIC ROAD AND UTILITY EASEMENT Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 174

Menifee Mayor and City Council
July 16, 2025
Page
1412 of 2087

Page 1 of 2 ends

H:\2022\22-0186\Drawings\Mapping\Legals & Plats\TCE\331-110-010 & -011\22-0186-TCE_APN 329-110-010 & -011 LEGAL.docx Albert A. Webb Associates
EXHIBIT “A”

TEMPORARY CONSTRUCTION EASEMENT

LEGAL DESCRIPTION

THAT PORTION OF THE EASTERLY 265.44 FEET OF LOT 64 OF TRUMBLE FARMS, AS SHOWN BY MAP ON FILE IN BOOK 11, PAGE 38 OF MAPS, RECORDS OF RIVERSIDE

COMMENCING AT THE CENTERLINE INTERSECTION OF ETHANAC ROAD (30.00 SOUTHERLY HALF WIDTH) WITH SHERMAN ROAD (60.00 FULL WIDTH) AS SHOW BY SAID MAP;

THENCE ALONG SAID CENTERLINE OF ETHANAC ROAD, NORTH 89°16’49” WEST, A DISTANCE OF 265.45 FEET TO THE WESTERLY LINE OF SAID EASTERLY 265.44 FEET OF LOT 64;

THENCE LEAVING SAID CENTERLINE, SOUTH 00°10’34” WEST, ALONG SAID WESTERLY LINE , A DISTANCE OF 30.00 FEET TO A POINT ON THE SOUTHERLY RIGHT-OF-WAY LINE OF SAID ETHANAC ROAD;

THENCE CONTINUING ALONG SAID WESTERLY LINE, SOUTH 00°10’34” WEST, A DISTANCE OF 8.00 FEET FOR THE TRUE POINT OF BEGINNING;

THENCE CONTINUING ALONG SAID WESTERLY LINE, SOUTH 00°10’34” WEST, A DISTANCE OF 15.00 FEET;

THENCE LEAVING SAID WESTERLY LINE, SOUTH 89°16’49” EAST, A DISTANCE OF 200.38 FEET;

THENCE SOUTH 37°54’22” EAST, A DISTANCE OF 32.54 FEET;

THENCE SOUTH 00°10’34” WEST, A DISTANCE OF 15.24 FEET;

THENCE SOUTH 89°49’26” EAST, A DISTANCE OF 15.0 0 FEET TO A POINT ON THE WESTERLY RIGHT-OF-WAY LINE OF SAID SHERMAN ROAD;

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 175

Menifee Mayor and City Council
July 16, 2025
Page
1413 of 2087

Page 2 of 2 ends

H:\2022\22-0186\Drawings\Mapping\Legals & Plats\TCE\331-110-010 & -011\22-0186-TCE_APN 329-110-010 & -011 LEGAL.docx Albert A. Webb Associates
THENCE ALONG SAID WESTERLY RIGHT-OF-WAY LINE, NORTH 00°10’34” EAST, A DISTANCE OF 15.00 FEET;

THENCE LEAVING SAID WESTERLY RIGHT -A-WAY LINE, NORTH 89°49’26” WEST, AT RIGHT ANGLES, A DISTANCE OF 2.00 FEET TO THE BEGINNING OF A NON - TANGENT CURVE, CONCAVE WESTERLY, HAVIN G A RADIUS OF 49.00 FEET, A RADIAL LINE TO SAID POINT BEARS SOUTH 89°47’34” EAST;

THENCE NORTHERLY ALONG SAID CURVE TO THE LEFT, THROUGH A CENTRAL ANGLE OF 19°55’18”, AN ARC DISTANCE OF 17.04 FEET;

THENCE NORTH 89°49’26” WEST, A DISTANCE OF 3.92 FEET;

THENCE NORTH 37°54’22” WEST, A DISTANCE OF 30.60 FEET TO A POINT ON A LINE PARALLEL WITH AND DISTANT SOUTHERLY 8.00 FEET, MEASURED AT RIGHT ANGLES FROM SAID SOUTHERLY RIGHT-A-WAY LINE OF ETHANAC ROAD;

THENCE ALONG SAID PARALLEL LINE, NORTH 89°16’49” WEST, A DISTANCE OF 207.74 FEET TO THE TRUE POINT OF BEGINNING;

CONTAINING 3,910 SQUARE FEET, MORE OR LESS.

SEE PLAT ATTACHED HERETO AS EXHIBIT “B” AND MADE A PART HEREOF.

PREPARED UNDER MY SUPERVISION

______________________________ _______________
Jason K. Ardery, L.S. 9329 Date

Prepared By: CGS
Checked By: JKA

02/19/2025
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 176

Menifee Mayor and City Council
July 16, 2025
Page
1414 of 2087

EXHIBIT ”B”

TEMPORARY CONSTRUCTION EASEMENT

LEGEND:
() = INDICATES RECORD
INFORMATION PER MB 11/38
= R.O.W. ACCEPTED BY RESOLUTION
/\ SUPERVISOR’S MINUTE BOOK 40, PAGE 51,
ADOPTED 2/24/1948, AMENDED 5/3/1948 | cbt y
TO C/L INT W/TRUMBLE RD. © N89°16'49"W 1324.87’ _ P.0.C — 365.45" (N89°43'W 1324.88”) ava — “}— . YY ¢ a ._| ETHANAC ROAD —_ a T.P.O.B. ° we
La oi io De) is) . ~ N
NI a so! io aS
L4 P06 3,910+ SQ. FT we
TRUMBLE FARMS ns Sa MB 11/38 N70°17°09"E _(R) oe
LOT 64 S$89°47'34E_(R) 8
APN: 331-110-011 30’ 30’
APN: 331-110-010 pF
A 265.44’
Nee 133.44’ Aen TO C/L INT.
265.44 LOT 64 P— Ly LINE W/ROUSE RD. OF E’LY ———=
133.44 LOT 64 *SEE SHEET 2 OF 2 FOR

LINE/CURVE DATA &
EASEMENT NOTES*
1” _ 50’

25 0 50

AL BERT A.

WEBB CITY OF MENIFEE
H:\2022\22—0186\Drawings\Mapping\Legals & Plats\TCE\331-110—010 & —011\22—0186-T.C.E.

ASSOCIATES | apy 331-110-010 & -011.dwg 2/19/2025 1:20 PM Jason

W.O. THIS PLAT IS SOLELY AN AID IN LOCATING THE PARCEL(S) IN THE ATTACHED DOCUMENT. SHEET 1 OF 2 99-0186 ALL PRIMARY CALLS ARE LOCATED IN THE WRITTEN DOCUMENT.

SCALE: 1” = 50° [BRN By Gee oe ooeo50De, | SU&ECT: TEMPORARY CONSTRUCTION EASEMENT

WEBBNWES
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 177

Menifee Mayor and City Council
July 16, 2025
Page
1415 of 2087

EASEMENT NOTES:
@
IN FAVOR OF: WATSON WATER COMPANY [BLANKET IN NATURE]
EXHIBIT “B”

TEMPORARY CONSTRUCTION EASEMENT

AN EASEMENT FOR ALL WATER AND WATER RIGHTS, RIGHTS OF WAY, WEELS, PUPMPING PLANTS AND PIPE LINES AND INCIDENTAL PURPOSES, RECORDED JANUARY 06,1927 IN BOOK 699, PAGE 480 AND JULY 19, 1933 IN BOOK 129, PAGE 50 BOTH OF DEEDS.

LINE DATA
LINE #| DIRECTION | LENGTH
L1 S00°10734”W | 30.00’
L2 S00°10'34”W | 8.00’
L3 S00°10734"W | 15.00’
L4 S89°16'49"E | 200.38’
L5 S37°54'22"E | 32.54’
L6 S00°10'34"W | 15.24’
L7 S89°49'26"E | 15.00’
L8 NOO'10'34"E | 15.00’
L9 N89°49'26"W | 2.00’
L10 | N89°49’26"W | 3.92’
L11 N37°54'22"W | 30.60’
L12 N89°16'49°W | 207.74’

CURVE DATA
CURVE #) RADIUS) DELTA | LENGTH
C1 49.00 | 19°55’'18” | 17.04’

|e -" 0. LS 9329 N x Ii
Sy A xf 4 SY Ze oF cart
SEC. 15, T5S, R3W, SBM
AL BERT A.

WEBB ASSOCIATES

CITY OF MENIFEE

H:\2022\22—0186\Drawings\Mapping\Legals & Plats\TCE\331—110—010 & —011\22—0186-T.C.E.

APN 331-110-010 & —O11.dwg 2/19/2025 1:20 PM Jason
THIS PLAT IS SOLELY AN AID IN LOCATING THE PARCEL(S) IN THE ATTACHED DOCUMENT.

ALL PRIMARY CALLS ARE LOCATED IN THE WRITTEN DOCUMENT.

W.O.

SHEET 2 OF 2 | 99-0186

SCALE: N/A
DRWN BY CGS _
CHKD BY JKA _
DATE 2/4/2025
DATE 2/9/2025 SUBJECT: TEMPORARY CONSTRUCTION EASEMENT Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 178

Menifee Mayor and City Council
July 16, 2025
Page
1416 of 2087

Singh Property, Addenda
Addendum D

OWNER NOTIFICATION LETTERS

Singh Property, Addenda

Addendum D

OWNER NOTIFICATION LETTERS
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 179

Menifee Mayor and City Council
July 16, 2025
Page
1417 of 2087

VALUATION & ADVISORY SERVICES

CBRE, Inc.
5291 Owensmouth
Avenue Woodland Hills,
CA 91367

Adam M. Bogorad, MAI
First Vice President
January 23, 2025

Harvinder Singh
28179 Cobbler Court
Romoland, CA 92585

RE: Notice of Decision to Appraise
Ethanac Road Improvements
APN: 331-110-010 and 331-110-011
Client Reference: CB25US003506-1

Property Address: 27471 - 27491 Ethanac Road, Menifee, CA 92585

Dear Mr. Singh:

CBRE has been retained by the City of Menifee to provide a fair market value appraisal of your property as it relates to proposed Ethanac Road improvements, also known as City Project PW ‐TR‐16 (Project). We understand that this Project will include the construction of improvements to Ethanac Road and Sherman Road in the vicinity of your above-referenced property. The road improvements are expected to enhance vehicular access along the Ethanac Road corridor.

As a result of the Project, a permanent easement and temporary construction easement are required on your property. These acquisitions will be located over a portion of APN 331-110-011 (not the entire parcel) and are generally located in the nort heastern portion of your property, near the intersection of Ethanac Road and Sherman Road. The purpose of our appraisal is to determine the fair market value of th ese proposed acquisitions. To complete our appraisal, we will need to physically inspect your property.

I would like to schedule a time in February 2025 to inspect the property when you can accompany us . Please contact Adam Bogorad at CBRE at (818) 251-3668 if you would like to be present at the inspection . You may also send an email to [email protected]. If you do not wish to attend the inspection, we can also view the property from the public right of way, but we would like to speak with you either way if possible.

Please also feel free to contact us with any questions you have regarding the appraisal process or if you have any information regarding your property or issues related to the Project that you would like to share. For questions regarding the overall project, please contact Steve Strapac with the City of Menifee Department of Public Works at (951) 723 -3773 or via email at [email protected]. We greatly appreciate your attention to this matter and cooperation in this process.

Best regards,
CBRE, INC.

Valuation & Advisory Services

Adam M. Bogorad, MAI
First Vice President
(818) 251-3668
[email protected]

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 180

Menifee Mayor and City Council
July 16, 2025
Page
1418 of 2087

VALUATION & ADVISORY SERVICES

CBRE, Inc.
5291 Owensmouth
Avenue Woodland Hills,
CA 91367

Adam M. Bogorad, MAI
First Vice President
January 23, 2025

Harvinder Singh
23101 Sky Mesa Road
Homeland, CA 92548

RE: Notice of Decision to Appraise
Ethanac Road Improvements
APN: 331-110-010 and 331-110-011
Client Reference: CB25US003506-1

Property Address: 27471 - 27491 Ethanac Road, Menifee, CA 92585

Dear Mr. Singh:

Best regards,
CBRE, INC.

Valuation & Advisory Services

Adam M. Bogorad, MAI
First Vice President
(818) 251-3668
[email protected]

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 181

Menifee Mayor and City Council
July 16, 2025
Page
1419 of 2087

VALUATION & ADVISORY SERVICES

CBRE, Inc.
5291 Owensmouth
Avenue Woodland Hills,
CA 91367

Adam M. Bogorad, MAI
First Vice President
January 23, 2025

Gurmeet Singh
23101 Sky Mesa Road
Homeland, CA 92548

RE: Notice of Decision to Appraise
Ethanac Road Improvements
APN: 331-110-010 and 331-110-011
Client Reference: CB25US003506-1

Property Address: 27471 - 27491 Ethanac Road, Menifee, CA 92585

Dear Mr. Singh:

Best regards,
CBRE, INC.

Valuation & Advisory Services

Adam M. Bogorad, MAI
First Vice President
(818) 251-3668
[email protected]

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 182

Menifee Mayor and City Council
July 16, 2025
Page
1420 of 2087

Singh Property, Addenda
Addendum E

TITLE REPORT

Singh Property, Addenda

Addendum E

TITLE REPORT
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 183

Menifee Mayor and City Council
July 16, 2025
Page
1421 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 1

First American Title Insurance Company

First American Title Insurance Company
National Commercial Services
3455 Peachtree Road NE, SUite 1700
Atlanta, GA 30326

Jon Kelly
Core5 Industrial Partners LLC
1230 Peachtree Street NE, Suite 1000
Atlanta, GA 30309

Phone: (949)467-3290

Customer Reference: APN 331-110-011

Title Officer: Irma Duran
Phone:

Email: [email protected]

Buyer: To Be Determined

Owner: Harvinder Singh

Property: 27491 Ethanac Road, Menifee, CA

PRELIMINARY REPORT
In response to the above referenced application for a policy of title insurance, this company hereby reports that it is prepared to issue, or cause to be issued, as of the date hereof, a 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 or referred to as an Exception below or not excluded from coverage pursuant to the printed Schedules, Conditions and Stipulations of said Policy forms.

The printed Exceptions and Exclusions from the coverage and Limitations on Covered Risks of said policy or policies are set forth in Exhibit A attached. The policy to be issued may contain an arbitration clause. When the Amount of Insurance is less than that set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. Limitations on Covered Risks applicable to the CLTA and ALTA Homeowner's Policies of Title Insurance which establish a Deductible Amount and a Maximum Dollar Limit of Liability for certain coverages are also set forth in Exhibit A. Copies of the policy forms should be read. They are available from the office which issued this report.

Please read the exceptions shown or referred to below and the exceptions and exclusions set forth in Exhibit A of this report carefully. The exceptions and exclusions are meant to provide you with notice of matters which are not covered under the terms of the title insurance policy and should be carefully considered.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 184

Menifee Mayor and City Council
July 16, 2025
Page
1422 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 2

First American Title Insurance Company
It is important to note that this preliminary report is not a written representation as to the condition of title and may not list all liens, defects, and encumbrances affecting title to the land.

This report (and any supplements or amendments hereto) 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.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 185

Menifee Mayor and City Council
July 16, 2025
Page
1423 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 3

First American Title Insurance Company

Dated as of September 19, 2023 at 7:30 A.M.

The form of Policy of title insurance contemplated by this report is:

To Be Determined
A specific request should be made if another form or additional coverage is desired.

Title to said estate or interest at the date hereof is vested in:

Harvinder Singh, a married man as his sole and separate property and Gurmeet Singh, a married man as his sole and separate property, as tenants in common The estate or interest in the land hereinafter described or referred to covered by this Report is:

FEE
The Land referred to herein is described as follows:

(See attached Legal Description)

At the date hereof exceptions to coverage in addition to the printed Exceptions and Exclusions in said policy form would be as follows:

1. General and special taxes and assessments for the fiscal year 2023-2024.

First Installment: $1,393.17, OPEN
Penalty: $0.00
Second Installment: $1,393.17, OPEN
Penalty: $0.00
Tax Rate Area: 026-232
A. P. No.: 331-110-011

The amount(s) must be verified prior to close of escrow.

2. Assessment liens, if applicable, collected with the general and special taxes, including but not limited to those disclosed by the reflection of the following on the tax roll:
1915 Bond for Eastern MWD #5; Sewers.

3. The lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5 commencing with Section 75 of the California Revenue and Taxation Code.

4. The terms and provisions contained in the document entitled "Supplemental Agreement" recorded March 27, 1924 in Book 600 of Deeds, Page 490.

5. The perpetual and exclusive right to all underground water, as reserved by Temescal Water Company in Deed to Milon J. Trumble and wife dated April 30, 1924 and recorded May 27, 1924 in Book 609 Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 186

Menifee Mayor and City Council
July 16, 2025
Page
1424 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 4

First American Title Insurance Company

Page 46 ends

dig or drill wells and take such water therefrom as may be reasonably necessary for domestic use and watering of stock on said land, but not elsewhere, and for no other purpose. Also, a right of way across said property, or any part thereof, for such pipe lines as may be necessary for the conveyance of water, according to the demands of Temescal Water Company, its successors or assigns; subject to the condition that said pipe lines shall be buried beneath the surface of the ground at such depths as will not interfere with the reasonable cultivation of said land, with the right to enter upon said property at all reasonable and proper times for the maintenance of said pipe line.

6. An easement for all water and water rights, rights or way, wells, pumping plants and pipe lines and incidental purposes, recorded January 06, 1927 in Book 699, Page 480 and July 19, 1933 in Book 129, Page 50, both of Deeds.

In Favor of: Watson Water Company
Affects: As described therein

7. The effect of a deed executed by Floyd W. Bridges, an unmarried man to Floyd W. Bridges, Trustee, Floyd W. Bridges Revocable Trust, UDT 8/30/00, recorded September 05, 2000 as Instrument No. 2000-346811 of Official Records.

At the date of recording of the document, the grantor had no record interest in the land.

8. The fact that the land lies within the boundaries of the Romoland Community Redevelopment Project Area, as disclosed by the document recorded July 25, 2002 as Instrument No. 02-408044 of Official Records.

9. A certified copy of a judgment or an abstract thereof, recorded October 29, 2013 as Instrument No. 2013-0512351 of Official Records.

Court: Superior Court of California, County of Riverside Case No.: MVS10002545
Debtor: Gurmeet Singh
Creditor: James E. Pinkerton
Amount: $3,770.00, and any other amounts due thereunder.

10. Any lien, assessment, and /or violation or enforcement of any law, ordinance, permit or governmental regulation arising from the document entitled Notice of Pendency of Administrative Proceedings recorded August 29, 2014 as Instrument No. 2014-0328706 of Official Records.

11. A deed of trust to secure an original indebtedness of $162,000.00 recorded December 17, 2015 as Instrument No. 2015-0546209 of Official Records.

Dated: December 08, 2015
Trustor: Harvinder Singh, a married man as his sole and separate property
Trustee: Worldwide Lenders, Inc., a Delaware corporation Beneficiary: Val-Chris Investments, Inc., a California corporation

Affects: The land and other property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 187

Menifee Mayor and City Council
July 16, 2025
Page
1425 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 5

First American Title Insurance Company
According to the public records, the beneficial interest under the deed of trust was assigned to Richard J. Walter and Dawn-Michelle Walter, Trustees of the Richard J. and Dawn-Michelle Walter Trust dated June 26, 1998 by assignment recorded December 17, 2015 as Instrument No. 2015- 0546210 of Official Records.

A document recorded November 15, 2021 as Instrument No. 2021-0675964 of Official Records provides that Richard J. Walter and Dawn-Michelle Walter, Trustees of the Richard J. and Dawn- Michelle Walter Trust dated June 26, 1998 was substituted as trustee under the deed of trust.

The effect of a document entitled "Substitution of Trustee and Full Reconveyance", recorded November 15, 2021 as Instrument No. 2021-0675964 of Official Records.

Note: The Company will require satisfactory proof of full payment of the debt secured by said mortgage or deed of trust prior to removing this exception or insuring the contemplated transaction.

12. Any defects, liens, encumbrances or other matters which name parties with the same or similar names as Harvinder Singh. The name search necessary to ascertain the existence of such matters has not been completed. In order to complete this preliminary report or commitment, we will require a statement of information.

13. Rights of the public in and to that portion of the Land lying within Ethanac Road.

14. Water rights, claims or title to water, whether or not shown by the Public Records.

15. Additional matters, if any, following review by the Company's Waterways and Boundaries Underwriters.

16. An ALTA/NSPS survey of recent date which complies with the current minimum standard detail requirements for ALTA/NSPS land title surveys.

17. Any facts, rights, interests or claims which would be disclosed by a correct ALTA/NSPS survey.

18. Rights of parties in possession.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 188

Menifee Mayor and City Council
July 16, 2025
Page
1426 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 6

First American Title Insurance Company

INFORMATIONAL NOTES

ALERT - CA Senate Bill 2 imposes an additional fee of $75 up to $225 at the time of recording on certain transactions effective January 1, 2018. Please contact your First American Title representative for more information on how this may affect your closing.

1. According to the latest available equalized assessment roll in the office of the county tax assessor, there is located on the land a(n) Commercial Structure known as 27491 Ethanac Road, Menifee, CA.

2. According to the public records, there has been no conveyance of the land within a period of twenty four months prior to the date of this report, except as follows:

A document recorded July 25, 2022 as Instrument No. 2022-0329788 of Official Records.

From: Harwinder Kaur, spouse of grantee
To: Gurmeet Singh, a married man as his sole and separate property

A document recorded July 25, 2022 as Instrument No. 2022-0329789 of Official Records.

From: Harvinder Singh, a married man as his sole and separate property To: Harvinder Singh, a married man as his sole and separate property and Gurmeet Singh, a married man as his sole and separate property, as tenants in common

3. This preliminary report/commitment was prepared based upon an application for a policy of title insurance that identified land by street address or assessor's parcel number only. It is the responsibility of the applicant to determine whether the land referred to herein is in fact the land that is to be described in the policy or policies to be issued.

4. Should this report be used to facilitate your transaction, we must be provided with the following prior to the issuance of the policy:

A. WITH RESPECT TO A CORPORATION:

1. A certificate of good standing of recent date issued by the Secretary of State of the corporation's state of domicile.

2. A certificate copy of a resolution of the Board of Directors authorizing the contemplated transaction and designating which corporate officers shall have the power to execute on behalf of the corporation.

3. A certificate of revivor and a certificate of relief from contract voidability issued by the Franchise Tax Board of the State of California.

4. Requirements which the Company may impose following its review of the above material and other information which the Company may require.

B. WITH RESPECT TO A CALIFORNIA LIMITED PARTNERSHIP:

1. A certified copy of the certificate of limited partnership (form LP-1) and any amendments thereto (form LP-2) to be recorded in the public records;

2. A full copy of the partnership agreement and any amendments;

3. Satisfactory evidence of the consent of a majority in interest of the limited partners to the contemplated transaction;
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 189

Menifee Mayor and City Council
July 16, 2025
Page
1427 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 7

First American Title Insurance Company

4. A certificate of revivor and a certificate of relief from contract voidability issued by the Franchise Tax Board of the State of California.

5. Requirements which the Company may impose following its review of the above material and other information which the Company may require.

C. WITH RESPECT TO A FOREIGN LIMITED PARTNERSHIP:

1. A certified copy of the application for registration, foreign limited partnership (form LP-5) and any amendments thereto (form LP-6) to be recorded in the public records;

2. A full copy of the partnership agreement and any amendment;

3. Satisfactory evidence of the consent of a majority in interest of the limited partners to the contemplated transaction;

4. A certificate of revivor and a certificate of relief from contract voidability issued by the Franchise Tax Board of the State of California.

5. Requirements which the Company may impose following its review of the above material and other information which the Company may require.

D. WITH RESPECT TO A GENERAL PARTNERSHIP:

1. A certified copy of a statement of partnership authority pursuant to Section 16303 of the California Corporation Code (form GP-I), executed by at least two partners, and a certified copy of any amendments to such statement (form GP-7), to be recorded in the public records;

2. A full copy of the partnership agreement and any amendments;

3. Requirements which the Company may impose following its review of the above material required herein and other information which the Company may require.

E. WITH RESPECT TO A LIMITED LIABILITY COMPANY:

1. A copy of its operating agreement and any amendments thereto;

2. If it is a California limited liability company, a certified copy of its articles of organization (LLC-1) and any certificate of correction (LLC-11), certificate of amendment (LLC-2), or restatement of articles of organization (LLC-10) to be recorded in the public records;

3. If it is a foreign limited liability company, a certified copy of its application for registration (LLC-5) to be recorded in the public records;

4. With respect to any deed, deed of trust, lease, subordination agreement or other document or instrument executed by such limited liability company and presented for recordation by the Company or upon which the Company is asked to rely, such document or instrument must be executed in accordance with one of the following, as appropriate:

(i) If the limited liability company properly operates through officers appointed or elected pursuant to the terms of a written operating agreement, such documents must be executed by at least two duly elected or appointed officers, as follows: the chairman of the board, the president or any vice president, and any secretary, assistant secretary, the chief financial officer or any assistant treasurer;
(ii) If the limited liability company properly operates through a manager or managers identified in the articles of organization and/or duly elected pursuant to the terms of a written operating agreement, such document must be executed by at least two such managers or by one manager if the limited liability company properly operates with the existence of only one manager.

5. A certificate of revivor and a certificate of relief from contract voidability issued by the Franchise Tax Board of the State of California.

6. Requirements which the Company may impose following its review of the above material and other information which the Company may require.

F. WITH RESPECT TO A TRUST:

1. A certification pursuant to Section 18100.5 of the California Probate Code in a form satisfactory to the Company.

2. Copies of those excerpts from the original trust documents and amendments thereto which designate the trustee and confer upon the trustee the power to act in the pending transaction.

3. Other requirements which the Company may impose following its review of the material require Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 190

Menifee Mayor and City Council
July 16, 2025
Page
1428 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 8

First American Title Insurance Company
herein and other information which the Company may require.

G. WITH RESPECT TO INDIVIDUALS:

1. A statement of information.

The map attached, if any, may or may not be a survey of the land depicted hereon. First American Title Insurance Company expressly disclaims any liability for loss or damage which may result from reliance on this map except to the extent coverage for such loss or damage is expressly provided by the terms and provisions of the title insurance policy, if any, to which this map is attached.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 191

Menifee Mayor and City Council
July 16, 2025
Page
1429 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 9

First American Title Insurance Company

LEGAL DESCRIPTION

Real property in the City of Menifee, County of Riverside, State of California, described as follows:

THE EAST 133.44 FEET OF LOT 64 OF TRUMBLE FARMS, IN THE CITY OF MENIFEE, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS SHOWN BY MAP ON FILE IN BOOK 11, PAGE 38 OF MAPS, RECORDS OF RIVERSIDE COUNTY, CALIFORNIA.

EXCEPTING THEREFROM THAT PORTION WITHIN SHERMAN ROAD.

APN: 331-110-011

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 192

Menifee Mayor and City Council
July 16, 2025
Page
1430 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 10

First American Title Insurance Company

NOTICE

Section 12413.1 of the California Insurance Code, effective January 1, 1990, requires that any title insurance company, underwritten title company, or controlled escrow company handling funds in an escrow or sub-escrow capacity, wait a specified number of days after depositing funds, before recording any documents in connection with the transaction or disbursing funds. This statute allows for funds deposited by wire transfer to be disbursed the same day as deposit. In the case of cashier's checks or certified checks, funds may be disbursed the next day after deposit. In order to avoid unnecessary delays of three to seven days, or more, please use wire transfer, cashier's checks, or certified checks whenever possible.

If you have any questions about the effect of this new law, please contact your local First American Office for more details.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 193

Menifee Mayor and City Council
July 16, 2025
Page
1431 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 11

First American Title Insurance Company
Privacy Policy

We Are Committed to Safeguarding Customer Information
In order to better serve your needs now and in the future, we may ask you to provide us with certain information. We understand that you may be concerned about what we will do with such information - particularly any personal or financial information. We agree that you have a right to know how we will utilize the personal information you provide to us. Therefore, together with our parent company, The First American Corporation, we have adopted this Privacy Policy to govern the use and handling of your personal information.

Applicability
This Privacy Policy governs our use of the information which you provide to us. It does not govern the manner in which we may use information we have obtained from any other source, such as information obtained from a public record or from another person or entity. First American has also adopted broader guidelines that govern our use of personal information regardless of its source. First American calls these guidelines its Fair Information Values, a copy of which can be found on our website at www.firstam.com.

Types of Information
Depending upon which of our services you are utilizing, the types of nonpublic personal information that we may collect include:
 Information we receive from you on applications, forms and in other communications to us, whether in writing, in person, by telephone or any other means;  Information about your transactions with us, our affiliated companies, or others; and  Information we receive from a consumer reporting agency.

Use of Information
We request information from you for our own legitimate business purposes and not for the benefit of any nonaffiliated party. Therefore, we will not release your information to nonaffiliated parties except: (1) as necessary for us to provide the product or service you have requested of us; or (2) as permitted by law.

We may, however, store such information indefinitely, including the period after which any customer relationship has ceased. Such information may be used for any internal purpose, such as quality control efforts or customer analysis. We may also provide all of the types of nonpublic personal information listed above to one or more of our affiliated companies. Such affiliated companies include financial service providers, such as title insurers, property and casualty insurers, and trust and investment advisory companies, or companies involved in real estate services, such as appraisal companies, home warranty companies, and escrow companies. Furthermore, we may also provide all the information we collect, as described above, to companies that perform marketing services on our behalf, on behalf of our affiliated companies, or to other financial institutions with whom we or our affiliated companies have joint marketing agreements.

Former Customers
Even if you are no longer our customer, our Privacy Policy will continue to apply to you.

Confidentiality and Security
We will use our best efforts to ensure that no unauthorized parties have access to any of your information. We restrict access to nonpublic personal information about you to those individuals and entities who need to know that information to provide products or services to you. We will use our best efforts to train and oversee our employees and agents to ensure that your information will be handled responsibly and in accordance with this Privacy Policy and First American's Fair Information Values. We currently maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 194

Menifee Mayor and City Council
July 16, 2025
Page
1432 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 12

First American Title Insurance Company

CLTA/ALTA HOMEOWNER'S POLICY OF TITLE INSURANCE (02-03-10)

EXCLUSIONS

In addition to the Exceptions in Schedule B, You are not insured against loss, costs, attorneys' fees, and expenses resulting from:

1. Governmental police power, and the existence or violation of those portions of any law or government regulation concerning:
(a) building; (d) improvements on the Land; (b) zoning; (e) land division; and (c) land use; (f) environmental protection.

This Exclusion does not limit the coverage described in Covered Risk 8.a., 14, 15, 16, 18, 19, 20, 23 or 27.

2. The failure of Your existing structures, or any part of them, to be constructed in accordance with applicable building codes. This Exclusion does not limit the coverage described in Covered Risk 14 or 15.

3. The right to take the Land by condemning it. This Exclusion does not limit the coverage described in Covered Risk 17.

4. Risks:
(a) that are created, allowed, or agreed to by You, whether or not they are recorded in the Public Records; (b) that are Known to You at the Policy Date, but not to Us, unless they are recorded in the Public Records at the Policy Date; (c) that result in no loss to You; or
(d) that first occur after the Policy Date - this does not limit the coverage described in Covered Risk 7, 8.e., 25, 26, 27 or 28.

5. Failure to pay value for Your Title.

6. Lack of a right:
(a) to any land outside the area specifically described and referred to in paragraph 3 of Schedule A; and (b) in streets, alleys, or waterways that touch the Land.

This Exclusion does not limit the coverage described in Covered Risk 11 or 21.

7. The transfer of the Title to You is invalid as a preferential transfer or as a fraudulent transfer or conveyance under federal bankruptcy, state insolvency, or similar creditors' rights laws.

LIMITATIONS ON COVERED RISKS

Your insurance for the following Covered Risks is limited on the Owner's Coverage Statement as follows: For Covered Risk 16, 18, 19, and 21 Your Deductible Amount and Our Maximum Dollar Limit of Liability shown in Schedule A.

Your Deductible Amount Our Maximum Dollar
Limit of Liability
Covered Risk 16: 1% of Policy Amount or $2,500.00 (whichever is less) $10,000.00 Covered Risk 18: 1% of Policy Amount or $5,000.00 (whichever is less) $25,000.00 Covered Risk 19: 1% of Policy Amount or $5,000.00 (whichever is less) $25,000.00 Covered Risk 21: 1% of Policy Amount or $2,500.00 (whichever is less) $5,000.00

ALTA RESIDENTIAL TITLE INSURANCE POLICY (6-1-87)

EXCLUSIONS

In addition to the Exceptions in Schedule B, you are not insured against loss, costs, attorneys' fees, and expenses resulting from:

1. Governmental police power, and the existence or violation of any law or government regulation. This includes building and zoning ordinances and also laws and regulations concerning:
(a) and use
(b) improvements on the land
(c) and division
(d) environmental protection
This exclusion does not apply to violations or the enforcement of these matters which appear in the public records at Policy Date.

This exclusion does not limit the zoning coverage described in Items 12 and 13 of Covered Title Risks.

2. The right to take the land by condemning it, unless:
(a) a notice of exercising the right appears in the public records on the Policy Date (b) the taking happened prior to the Policy Date and is binding on you if you bought the land without knowing of the taking

3. Title Risks:
(a) that are created, allowed, or agreed to by you
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 195

Menifee Mayor and City Council
July 16, 2025
Page
1433 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 13

First American Title Insurance Company
(b) that are known to you, but not to us, on the Policy Date -- unless they appeared in the public records (c) that result in no loss to you
(d) that first affect your title after the Policy Date -- this does not limit the labor and material lien coverage in Item 8 of Covered Title Risks

4. Failure to pay value for your title.

5. Lack of a right:
(a) to any land outside the area specifically described and referred to in Item 3 of Schedule A OR (b) in streets, alleys, or waterways that touch your land This exclusion does not limit the access coverage in Item 5 of Covered Title Risks.

2006 ALTA LOAN POLICY (06-17-06)

EXCLUSIONS FROM COVERAGE

The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:

1. a. Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to

i. the occupancy, use, or enjoyment of the Land;
ii. the character, dimensions, or location of any improvement erected on the Land; iii. the subdivision of land; or
iv. environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.
b. Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.

2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.

3. Defects, liens, encumbrances, adverse claims, or other matters a. created, suffered, assumed, or agreed to by the Insured Claimant; b. not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy;
c. resulting in no loss or damage to the Insured Claimant; d. attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 13, or 14); or
e. resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.

4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business laws of the state where the Land is situated.

5. Invalidity or unenforceability in whole or in part of the lien of the Insured Mortgage that arises out of the transaction evidenced by the Insured Mortgage and is based upon usury or any consumer credit protection or truth-in-lending law.

6. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is
a. a fraudulent conveyance or fraudulent transfer, or
b. a preferential transfer for any reason not stated in Covered Risk 13(b) of this policy.

7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the Insured Mortgage in the Public Records. This Exclusion does not modify or limit the coverage provided under Covered Risk 11(b).

The above policy form may be issued to afford either Standard Coverage or Extended Coverage. In addition to the above Exclusions from Coverage, the Exceptions from Coverage in a Standard Coverage policy will also include the following Exceptions from Coverage:

EXCEPTIONS FROM COVERAGE

This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of:

1. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records.

2. Any facts, rights, interests, or claims that are not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land.

3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.

4. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 196

Menifee Mayor and City Council
July 16, 2025
Page
1434 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 14

First American Title Insurance Company

5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records.

6. Any lien or right to a lien for services, labor or material not shown by the public records.

2006 ALTA OWNER'S POLICY (06-17-06)

EXCLUSIONS FROM COVERAGE

The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:

1. a. Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to

i. the occupancy, use, or enjoyment of the Land;
ii. the character, dimensions, or location of any improvement erected on the Land; iii. the subdivision of land; or
iv. environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5.
b.Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6.

2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.

3. Defects, liens, encumbrances, adverse claims, or other matters a. created, suffered, assumed, or agreed to by the Insured Claimant; b. not Known to the Company, not recorded in the Public Records at Date of Policy, but known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy;
c. resulting in no loss or damage to the Insured Claimant; d. attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or
e. resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title.

4. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors’ rights laws, that the transaction vesting the Title as shown in Schedule A, is
a. a fraudulent conveyance or fraudulent transfer; or
b. a preferential transfer for any reason not stated in Covered Risk 9 of this policy.

5. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A.

EXCEPTIONS FROM COVERAGE

This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of:

3. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records.

6. Any lien or right to a lien for services, labor or material not shown by the public records.

ALTA EXPANDED COVERAGE RESIDENTIAL LOAN POLICY (07-26-10)

EXCLUSIONS FROM COVERAGE

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 197

Menifee Mayor and City Council
July 16, 2025
Page
1435 of 2087

Order Number: NCS-1M9KCA06-ATL
Page Number: 15

First American Title Insurance Company
The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of:

1. a. Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to

i. the occupancy, use, or enjoyment of the Land;
ii. the character, dimensions, or location of any improvement erected on the Land; iii. the subdivision of land; or
iv. environmental protection;
or the effect of any violation of these laws, ordinances, or governmental regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5, 6, 13(c), 13(d), 14 or 16. b. Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 5, 6, 13(c), 13(d), 14 or 16.

2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8.

3. Defects, liens, encumbrances, adverse claims, or other matters

a. created, suffered, assumed, or agreed to by the Insured Claimant; b. not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy;
c. resulting in no loss or damage to the Insured Claimant; d. attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 11, 16, 17, 18, 19, 20, 21, 22, 23, 24, 27 or 28); or e. resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Insured Mortgage.

4. Unenforceability of the lien of the Insured Mortgage because of the inability or failure of an Insured to comply with applicable doing-business laws of the state where the Land is situated.

6. Any claim of invalidity, unenforceability or lack of priority of the lien of the Insured Mortgage as to Advances or modifications made after the Insured has Knowledge that the vestee shown in Schedule A is no longer the owner of the estate or interest covered by this policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11.

7. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching subsequent to Date of Policy. This Exclusion does not modify or limit the coverage provided in Covered Risk 11(b) or 25.

8. The failure of the residential structure, or any portion of it, to have been constructed before, on or after Date of Policy in accordance with applicable building codes. This Exclusion does not modify or limit the coverage provided in Covered Risk 5 or 6.

9. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction creating the lien of the Insured Mortgage, is
a. a fraudulent conveyance or fraudulent transfer, or
b. a preferential transfer for any reason not stated in Covered Risk 27(b) of this policy.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 198

Menifee Mayor and City Council
July 16, 2025
Page
1436 of 2087

Enclosure 3
Enclosure 3
Enclosure 3
Enclosure 3
Enclosure 3
Enclosure 3

Enclosure 3
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 199

Menifee Mayor and City Council
July 16, 2025
Page
1437 of 2087

ACQUISITION/EMINENT DOMAIN INFORMATION BROCHURE
4922-9954-0026.1/
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ACQUISITION/EMINENT DOMAIN INFORMATION BROCHURE
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 200

Menifee Mayor and City Council
July 16, 2025
Page
1438 of 2087

TABLE OF CONTENTS
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WHAT RIGHT DOES THE CITY HAVE TO ACQUIRE MY PROPERTY? ................................... 1 WHO MAKES THE DECISION TO BUY MY PROPERTY? ........................................................... 1 HOW DID THE CITY DETERMINE HOW MUCH TO OFFER ME FOR MY PROPERTY? ........ 1 WHAT IS FAIR MARKET VALUE? .................................................................................................. 1

HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY? ........................................................................................................................................ 1 WHAT IS IN THE CITY’S STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION? ................................................................................................................... 2 MUST I ACCEPT THE CITY’S INITIAL OFFER? .......................................................................... 2 MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS? ................................... 2 IF I AGREE TO ACCEPT THE CITY’S OFFER, HOW SOON WILL I BE PAID? ......................... 2

WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY? ................................................................................................................................................... 2 WHAT HAPPENS IF THE CITY CONDEMNS MY PROPERTY? .................................................. 3 WHAT IS AN ORDER OF POSSESSION? ........................................................................................ 3 WHAT CAN I DO IF I AM NOT SATISFIED WITH THE COURT’S DETERMINATION? .......... 3 WILL I HAVE TO PAY ANY SETTLEMENT COSTS? ................................................................... 4

MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY? ........................................................................................................................................ 4 CAN THE CITY TAKE ONLY A PART OF MY PROPERTY? ........................................................ 4 WILL I HAVE TO PAY RENT TO THE CITY AFTER MY PROPERTY IS ACQUIRED? ............ 4 HOW SOON MUST I MOVE? ............................................................................................................ 5 I AM A VETERAN, HOW ABOUT MY GI LOAN?.......................................................................... 5 WHAT IS TITLE II OF THE UNIFORM ACT? ................................................................................. 5 MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT ...................................... 5 IS IT POSSIBLE TO DONATE PROPERTY TO THE CITY? ........................................................... 6 WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS? ............................................... 6 Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 201

Menifee Mayor and City Council
July 16, 2025
Page
1439 of 2087

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WHAT RIGHT DOES THE CITY HAVE TO ACQUIRE MY PROPERTY?
Every public entity has certain powers which are necessary for it to operate effectively. For example, States have the power to levy taxes and the power to maintain order. Another power is the power to acquire private property for public purposes. This is known as the power of the eminent domain.

The rights of each of us are protected by the Fifth and Fourteenth Amendments of the U.S. Constitution and by State Constitutions and eminent domain laws which guarantee that if a privately-owned public utility takes private property it must pay “just compensation” to the owner.

Further, under the Uniform Relocation Assistance and Real Property Acquisitions Policy Act of 1970 (Uniform Act), the owner has additional protections, some of which are explained in this brochure.

WHO MAKES THE DECISION TO BUY MY PROPERTY?
The decision to acquire a specific property for a public project usually involves many persons and many decisions. The final decision to proceed with the project is made by the City of Menifee’s City Council after a thorough review.

If you have any questions about the project or the selection of your property for acquisition, you should contact the representative for the project listed in the offer letter.

HOW DID THE CITY DETERMINE HOW MUCH TO OFFER ME FOR MY PROPERTY? Before preparing your offer, the City obtained an appraisal of your property. The appraisal was done by a qualified real property appraiser who is familiar with local property values. The appraiser inspected your property and stated his professional opinion of its current fair market value in an appraisal report.

The City is required to offer you “just compensation” for your property. This amount cannot be less than the fair market value of your property, as determined by the City on the basis of its appraisal.

WHAT IS FAIR MARKET VALUE?
Fair market value is sometimes defined as that amount of money which would probably be paid for a property in a sale between a willing seller, who does not have to sell, and a willing buyer, who does not have to buy.

The fair market value of a property is generally considered to be “just compensation.” Fair market value does not take into account intangible elements such as sentimental value, good will, business profits, or any other “special” value that your property may have for you as an individual.

HOW DOES AN APPRAISER DETERMINE THE FAIR MARKET VALUE OF MY PROPERTY?

Each parcel or real property is different and therefore no single formula can be devised to appraise all properties. Among the factors an appraiser typically considers in estimating the value of real property are:

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 202

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• How it compares with similar properties in the area that have been sold recently. • How much it would cost to reproduce the buildings and other structures, less any depreciation. • How much rental income it could produce.

WHAT IS IN THE CITY’S STATEMENT OF THE BASIS FOR ITS DETERMINATION OF JUST COMPENSATION?
The City’s statement of the basis for its determination of just compensation must be provided to you with the written purchase offer. Among other things, this statement must include:
• An accurate description of the property to be acquired. • The amount of the offer.
• An indication that the offer does not reflect any relocation payments or other relocation assistance which you may receive under other regulations.
• The recognized definition of the term “fair market value” or the equivalent term.

MUST I ACCEPT THE CITY’S INITIAL OFFER?
NO. You are entitled to present your evidence as to the amount you believe is the value of your property and to make suggestions for changing the terms and conditions of the offer. The City must make reasonable efforts to consider and respond to your evidence and suggestions. When fully justified by the available evidence of value, an adjustment in the offer may be made.

MAY I HAVE SOMEONE REPRESENT ME DURING NEGOTIATIONS?
YES. If you would like an attorney or anyone else to represent you during negotiations, please inform the City in writing. However, there are no provisions for the City to pay the costs of any such representation.

IF I AGREE TO ACCEPT THE CITY’S OFFER, HOW SOON WILL I BE PAID? If you reach a voluntary agreement to sell your property and your ownership (title) is clear, payment will be made at a mutually acceptable time. Generally, this should be possible within 30 to 60 days after you sign a purchase contract. If the title evidence obtained by the City indicates that further action is necessary to show that your ownership is clear, you may be able to hasten the payment by helping the City to obtain the necessary proof. (Title evidence is a legal record of ownership of the property. It identifies the owners of record and lists the restrictive deed covenants and recorded mortgages, liens and other instruments affecting your ownership of the property.) WHAT HAPPENS IF I DO NOT AGREE TO THE FINAL PURCHASE OFFER BY THE CITY? If you do not agree with the property valuation you may be eligible to receive reimbursement of up to $5,000 for the reasonable cost of an independent appraisal. The reimbursement is based on:
• The appraisal must be initiated by the owner.
• The selected appraiser must be licensed with the Office of Real Estate Appraisers.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 203

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• To ensure the appraisal costs are reasonable and justifiable, the City should approve the amount of reimbursable cost prior to beginning the appraisal process.

If you are unable to reach a voluntary agreement through negotiations or fail to respond to the City’s offer, the City may file a suit in court to acquire your property through an eminent domain proceeding.

Eminent domain proceedings are often referred to as condemnations. If your property is to be acquired by condemnation and you would like it done promptly, the City must file the condemnation suit without unreasonable delay.

WHAT HAPPENS IF THE CITY CONDEMNS MY PROPERTY?
You will be notified of the action if the City files a condemnation suit.

During the condemnation proceeding, you will be provided an opportunity to introduce your evidence as to the value of your property. Of course, the City will have the same right. After hearing the evidence of all parties, the court will determine the amount of just compensation.

To help you in presenting your case in a condemnation proceeding, you may wish to consider employing an attorney and an appraiser. However, the costs of these professional services and other costs which you incur in presenting your case to the court are your responsibility.

WHAT IS AN ORDER OF POSSESSION?
An order of possession is a process within a condemnation action which allows the City to have the use of your property prior to a negotiated settlement or an award of just compensation in court. This procedure is used typically only where the use of your property is necessary to accomplish timely construction of the project for which your property is required.

To obtain an order of possession, the City must deposit with the court (or in an escrow account) an amount not less than its appraisal of the fair market value of the property. Ordinarily, the owner or lessees are then permitted to withdraw their share of this amount, LESS any amounts necessary to pay off any mortgage or other liens on the property and sums necessary to resolve any special ownership problems. Early withdrawal of your share of the money will not affect your right to seek additional compensation for your property. It is recommended that you have the help of an attorney if you intend to do this. Should the negotiated settlement or court award exceed the amount deposited by the City, you will be paid the difference plus any interest that may be provided by California law.

WHAT CAN I DO IF I AM NOT SATISFIED WITH THE COURT’S DETERMINATION? If you are not satisfied with the court judgment, you may file an appeal with the appropriate Appellate Court for the area where your property is located. The City may also file an appeal if it believes the amount of the judgment is too high.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 204

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July 16, 2025
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WILL I HAVE TO PAY ANY SETTLEMENT COSTS?
You will be responsible for the payment of the balance on any mortgage on your property. Also, if your ownership is not clear, you may have to pay the cost of clearing it. You will not be responsible for the reasonable and necessary costs of:
• Typical legal and other services required to complete the sale, recording fees, transfer taxes and any similar expenses which are incidental to transfer ownership to the City. • Penalty costs and other charges necessary to permit prepayment of an earlier recorded mortgage on the property which was entered into in good faith. Real property taxes covering the period after the City acquires your property.

The City will identify these items in a Settlement Cost Statement to be given to you at the time of settlement or soon after the court award of compensation, if the property is acquired by condemnation.

Ordinarily, if you have paid any of these expenses yourself, you will be repaid at that time. If you later discover other costs for which you should be repaid, you should request repayment from the City within six months after the acquisition. The City will assist you in filing a claim for these costs. Finally, if you believe that you were not properly repaid, you may appeal first to the City, and if not satisfied, then to the courts.

MAY I KEEP ANY OF THE BUILDINGS OR OTHER IMPROVEMENTS ON MY PROPERTY? Sometimes improvements on a property are not required by the City. This might include such items as a fireplace mantel, your favorite shrubbery, or even an entire house. If you wish to keep any improvements, please let your Acquisition Agent know as soon as possible.

If you do arrange to keep any improvement(s), the City will deduct its salvage value from the purchase price you would otherwise receive. (The salvage value of an item is its probable selling price if offered for sale on the condition that the buyer will remove it at his own expense.) If you arrange to keep any real property improvement (such as a fireplace mantel or a shrub), you will not be entitled to receive a relocation payment for the cost of moving it to a new location.

CAN THE CITY TAKE ONLY A PART OF MY PROPERTY?
YES. But, if the purchase of only a part of your property reduces the value of the remaining part(s), you must be paid for the loss in value. Also, if any remaining part would have little or no utility or value to you, the City must offer to buy that remaining part from you.

WILL I HAVE TO PAY RENT TO THE CITY AFTER MY PROPERTY IS ACQUIRED? If you remain in the property after acquisition, you will be required to pay a fair rent to the City.

Generally, such rent will not be more than that charged as rent for the use of a property similar to yours in a similar area.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 205

Menifee Mayor and City Council
July 16, 2025
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HOW SOON MUST I MOVE?
Every reasonable effort will be made to give you ample time to relocate after the acquisition of your property. In most cases, a mutually satisfactory arrangement can be worked out. Except in an unusual instance where there is an urgent need for your property for construction, you cannot be required to move from your residence or to move your business or farm operation without at least 90 days advance written notice of the date by which your move is required.

If you reach a voluntary agreement to sell your property, you cannot be required to move before you receive the agreed purchase price. In the case of a condemnation, you cannot be required to move before the estimated fair market value of the property has been deposited with the court (or into escrow) so that you can withdraw your share.

If you are being displaced from your residence, decent, safe and sanitary replacement housing must be available before you can be required to move.

I AM A VETERAN, HOW ABOUT MY GI LOAN?
After your GI home mortgage loan has been repaid, you will be permitted to obtain another GI loan to purchase another property. Check on such arrangements with your nearest VA office.

WHAT IS TITLE II OF THE UNIFORM ACT?
Title II (Uniform Relocation Assistance) of the Uniform Act specifies certain relocation payments and other assistance which the City must provide to families, individuals, businesses, farms and nonprofit organizations when they are displaced.

The City must furnish you with a full explanation of the relocation benefits to which you may be entitled.

If you have any questions about these benefits, or your right to receive them, please contact the City. In order for the City to fulfill its relocation obligations to you, you must keep the City informed of your plans.

MY PROPERTY IS WORTH MORE NOW THAN WHEN I BOUGHT IT. MUST I PAY CAPITAL GAINS TAX ON THE INCREASE?
In most cases when the City acquires real property, the property owner may postpone the payment of Federal capital gains taxes on any profit from the sale if the profit is reinvested in similar property within a certain replacement period. To take advantage of this right, you should file the details in a statement with your Federal income tax return for the tax year in which you realize the gains.

Internal Revenue Service (IRS) Publication 549, “Condemnations of Private Property for Public Use,” is available from the IRS. It explains how the Federal income tax would apply to a gain or loss resulting from the condemnation of real property or its sale under the threat of condemnation for public purposes.

If you have any questions about the IRS rules, you should discuss your particular circumstances with your personal tax advisor or your local IRS office.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 206

Menifee Mayor and City Council
July 16, 2025
Page
1444 of 2087

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IS IT POSSIBLE TO DONATE PROPERTY TO THE CITY?
YES. However, prior to accepting any donation of real property, the City must inform the owner in writing of the amount it believes to be just compensation for the property. The property owner must indicate in writing that, although they understand that they cannot be required to sell their property for less than just compensation, they voluntarily agree to do so.

WHAT IF I HAVE OTHER QUESTIONS ABOUT THE PROCESS?
Contact the City’s designated representative directly. The representative will answer your questions and provide any needed additional information.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 207

Menifee Mayor and City Council
July 16, 2025
Page
1445 of 2087

VIA FEDEX AND U.S. MAIL
April 28, 2025
Gurmeet Singh
23101 Sky Mesa Road
Homeland, CA 92548

Re: Offer to Purchase Permanent and Temporary Construction Easement Ethanac Road Improvements
27471-27491 Ethanac Road
Menifee, California 92585

Dear Mr. Singh:

By this letter, the City of Menifee presents a statutory offer, under Government Code section 7267.2, to purchase a permanent public road and utility easement and temporary construction easement across portions of your property located at 27471 -27491 Ethanac Road, and further identified as Riverside County Assessor Parcel Numbers 331-110-010 and 331-110-011. These portions of your property are required for the construction of improvements to Ethanac Road.

The property interests that the City seeks to acquire are a 2,370 -square-foot permanent public street and utility easement and a 3,910-square-foot temporary construction easement.

Adam Bogorad, MAI, a licensed real estate appraiser with CBRE’s Valuation & Advisory Services, inspected and appraised your property for the purpose of determining fair market value of the easements. Based on this appraisal, the City has determined that t he just compensation for the permanent public road and utility easement and temporary construction easement across portions of your property is $76,000. Enclosed with this letter is a copy of the Appraisal Report dated April 2, 2025, which is the basis for the amount established as just compensation.

Based on the determined just compensation, the City hereby offers to purchase a 2,370-square-foot permanent public street and utility easement and a 3,910 -square-foot temporary construction easement across portions of your property for $76,000. This is an offer to purchase the easements free of all liens and other encumbrances, except as may be agreed to by the City. This offer is also based on the assumption that the property is free of contamination and requires no remediation. If contamination is found, this offer will be subject to amendment.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 208

Menifee Mayor and City Council
July 16, 2025
Page
1446 of 2087

The City has approved an incentive payment if you accept this offer within 30 days of receipt.

Specifically, in addition to the $76,000 amount of just compensation, the City offer you an additional $15,200 incentive, representing a total payment of $91,200. While the incentive payment of an additional $15,200 expires 30 days from receipt of this offer, the just compensation amount of $76,000 will remain after the 30 days has expired.

If you do not agree with the appraised value determined by the City’s appraisal, please also be advised that under Code of Civil Procedure section 1263.025, the City will reimburse the owner of the property reasonable costs, up to $5,000, to secure his or her own independent appraisal. If you wish to take advantage of this reimbursement, there are conditions and various qualifications that must be met. If you wish to pursue this appraisal reimbursem ent, please contact Brian English at Allen Matkins Gamble Leck Mallory & Natsis LLP if you have any questions: by phone at (949) 851- 5563, or by e-mail at [email protected].

If you accept this offer, the City will transmit to you a purchase -and-sale agreement for the easements prior to opening escrow. The acquisition of the easements is subject to ratification of the offer by execution of the purchase -and-sale agreement by the City and subject to the City’s review of the preliminary title report, if any, and accepting the conveyance document. The City will pay all incidental expenses associated with the closing of escrow, including any recording fees. Please note that the proceeds related to the purchase of the easements may be subject to payment demands for county taxes, assessment liens, federal and state tac liens, creditor judgments, and beneficiaries of trust deeds.

In the event negotiations fail to result in an agreement, and City Council ultimately decides to authorize attempted acquisition of the property through eminent domain, you will have the right to have the amount of just compensation to be paid by the City for the Property fixed by a court of law.

Please be advised that in such event, the terms of this offer and the contents of this letter may be excluded from consideration as an offer of settlement, under California Evidence Code sections 1152, 1154, or other applicable provisions of law. California law requires that you be provided with an informational brochure regarding eminent domain, which is enclosed for your review. This is provided to you for informational purposes only and is not to be construed as legal advice.

If you choose to accept the City’s offer, please sign this letter below the heading “Offer Accepted” and return it to the legal counsel for the Ethanac Road improvements using the pre -paid envelope enclosed with this letter at your earliest convenience.

In summary, this letter encloses the following documents:
• A duplicate copy of this letter for your records (Enclosure 1); • An Appraisal Report for your property (Enclosure 2); and • An informational brochure regarding eminent domain (Enclosure 3).

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 209

Menifee Mayor and City Council
July 16, 2025
Page
1447 of 2087

Thank you for your careful consideration of this letter. Please contact Brian English at Allen Matkins Gamble Leck Mallory & Natsis LLP if you have any questions: by phone at (949) 851-5563, or by e- mail at [email protected].

Sincerely,

– OFFER ACCEPTED –

OFFER ACCEPTED BY: Gurmeet Singh

Signature:

Name:

Dated:

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 210

Menifee Mayor and City Council
July 16, 2025
Page
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Enclosure 1
Enclosure 1
Enclosure 1
Enclosure 1
Enclosure 1
Enclosure 1

Enclosure 1
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 211

Menifee Mayor and City Council
July 16, 2025
Page
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VIA FEDEX AND U.S. MAIL
April 28, 2025
Gurmeet Singh
23101 Sky Mesa Road
Homeland, CA 92548

Re: Offer to Purchase Permanent and Temporary Construction Easement Ethanac Road Improvements
27471-27491 Ethanac Road
Menifee, California 92585

Dear Mr. Singh:

The property interests that the City seeks to acquire are a 2,370 -square-foot permanent public street and utility easement and a 3,910-square-foot temporary construction easement.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 212

Menifee Mayor and City Council
July 16, 2025
Page
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The City has approved an incentive payment if you accept this offer within 30 days of receipt.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 213

Menifee Mayor and City Council
July 16, 2025
Page
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Sincerely,

– OFFER ACCEPTED –

OFFER ACCEPTED BY: Gurmeet Singh

Signature:

Name:

Dated:

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 214

Menifee Mayor and City Council
July 16, 2025
Page
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Enclosure 2
Enclosure 2
Enclosure 2
Enclosure 2
Enclosure 2
Enclosure 2

Enclosure 2
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 215

Menifee Mayor and City Council
July 16, 2025
Page
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SINGH PROPERTY

ETHANAC ROAD IMPROVEMENT PROJECT
274 71 -274 91 ETHANAC R OA D
MENIFEE , CALIFORNIA 92585

CBRE GROUP, INC. FILE NO. CB25US003506 -1

RUTAN & TUCKER, LLP

VALUATION & ADVISORY SERVICES

APPRAISAL
REPORT

CBRE VALUATION & ADVISORY SERVICES
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 216

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July 16, 2025
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5921 Owensmouth Avenue
Woodland Hills, CA 91367

T 818.251.3668

www.cbre.com

Date of Report: April 22, 2025

Mr. Joseph D. Larsen, Esq.

RUTAN & TUCKER, LLP
18575 Jamboree Road, 9th Floor
Irvine, California 92612

RE: Appraisal of Property Affected by :

Ethanac Road Improvement Project
Singh Property
27471-27491 Ethanac Road
Menifee, Riverside County, California
CBRE, Inc. File No. CB25US003506-1

Dear Mr. Larsen:

At your request and authorization, CBRE, Inc. has prepared an appraisal of the market value of the referenced property. The purpose and intended use of the appraisal is to develop an opinion of the fair market value of the fee simple interest in the property and to analyze the value and impact of property rights to be acquired for the project. Our analysis is presented in the following appraisal report.

The City of Menifee is requiring a widening of Ethanac Road. This is in conjunction with a project to improve Ethanac Road in the vicinity of the subject property . As a result, we are preparing this appraisal for the City of Menifee to acquire the appropriate right of way for th e required e street improvements. The subject is being impacted by the acquisitions associated with the project in the form of a permanent and temporary easement.

The subject larger parcel in this analysis is located at the southwest corner of Ethanac Road and Sherman Road. It contains two contiguous parcels that have a total of 70,200 square feet. The corner parcel is improved with a 1, 092± square foot structure that is utilized as a tire shop and leased to a tenant . The portion of the larger parcel not improved with the tire shop is primarily utilized as truck parking. The easement acquisitions are located near the tire shop, but do not directly overlap any area with structural improvements.

It is noted that there is an ultimate 100 -foot right of way easement dedication requirement from centerline for Ethanac Road, per the City of Menifee Planning Department. The acquisition in this analysis is within that area, but it does not constitute the entirety of that requirement. The County Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 217

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July 16, 2025
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© CBRE, Inc. iv
of Riverside has dedicated Ethanac Road as a six -lane expressway and there will ultimately be a larger acquisition at the subject property.

The tire shop is not directly located within the easement areas and will remain in the after condition.

In this analysis , we have considered impacts to site improvements impacted by the proposed acquisition, and we have analyzed potential permanent and temporary severance damages to the overall remainder parcel in the analysis. Access to the site will be maintained at all times, including during construction. Please refer to the valuation section for more detail.

As a result of the project in the manner proposed, a permanent easement acquisition and a temporary construction easement are required at the subject property for the purpose of the road widening for the Ethanac Road. The proposed acquisition is summarized in the following table.

PROPOSED ACQUISITION SUMMARY
Acquisition Purpose Land Area Affected (SF)
Permanent Public Street and Utility Easement Street Improvement 2,370 Temporary Construction Easement Construction 3,910
Compiled by CBRE

The report, in its entirety, including all assumptions and limiting conditions, is an integral part of, and inseparable from, this letter.

The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed based on, and this report has been prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP), the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute, Uniform Relocation Assistance and Real Property Acquisition Policies Act and its implementing regulation, 49 CFR 24, the California Code of Civil Procedure, and the Caltrans Right -of-Way Manual. To report the assignment results, we use the Appraisal Report option of Standards Rule 2-2(a) of USPAP.

Based on the valuation analysis in the accompanying report, and subject to the definitions, assumptions, and limiting conditions expressed in the report, our opinion of value for the proposed acquisitions is summarized as follows:

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Menifee Mayor and City Council
July 16, 2025
Page
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VALUATION SUMMARY
Date of Value: April 02, 2025
Permanent Property Rights
Larger Parcel (Land Only) $1,073,150
Value of Permanent Land Acquired (Land Only) $30,810
Value of Impacted Site Improvements $11,372
Permanent Parts Acquired $42,182 $42,182
Remainder as Part of the Whole (Land Only) $1,030,968
$1,019,200
Severance Damages $11,768
Benefits $0
Net Severance Damages $11,768 $11,768
Mitigation Costs $1,945 $1,945
Temporary Property Rights
Temporary Construction Easement - Land Rent $12,198
Temporary Severance Damages $7,371
Total Value of Temporary Easements $19,569 $19,569
Total Fair Market Value of Proposed Acquisition $75,464 Rounded $76,000
Compiled by CBRE
Remainder in the After Condition (Land Only)

Item Title: 11.2
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July 16, 2025
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© CBRE, Inc. vi
It has been a pleasure to assist you in this assignment. If you have any questions concerning the analysis, or if CBRE can be of further service, please contact us.

Respectfully submitted,

CBRE - VALUATION & ADVISORY SERVICES

Adam M. Bogorad, MAI
First Vice President
License No. AG038741
Phone: (818) 251-3668
Email: [email protected]

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 220

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July 16, 2025
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Singh Property Certification
© CBRE, Inc. 1
Certification
We certify to the best of our knowledge and belief:

1. The statements of fact contained in this report are true and correct.

2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are our personal, impartial , and unbiased professional analyses, opinions, and conclusions.

3. We have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

4. Adam M. Bogorad , MAI, has previously provided appraisal services regarding the property that is the subject of this report within the three -year period immediately preceding acceptance of this assignment. The prior appraisal was for a different client.

5. We have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

6. Our engagement in this assignment was not contingent upon developing or reporting predetermined results.

7. Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

8. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Uniform Standards of Professional Appraisal Practice.

9. Adam M. Bogorad made a personal inspection of the property that is the subject of this report, with more details included in the body of the report.

10. Brian M. DeGuzman provided significant real property appraisal assistance in developing the market analysis and gathering and analyzing comparable sales . Brandon Min provided significant real property appraisal assistance in researching zoning, data entry, and confirming comparable sales.

11. 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 Standards of Professional Appraisal Practice of the Appraisal Institute.

12. The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.

13. As of the date of this report, Adam M. Bogorad, MAI, has completed the continuing education program for Designated Members of the Appraisal Institute.

14. No Candidates/Practicing Affiliates of the Appraisal Institute have signed this report.

15. The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the State of California.

Adam Bogorad, MAI
License No. AG038741
Item Title: 11.2
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Subject Photographs

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Aerial View of Larger Parcel
© CBRE, Inc.

Subject Photographs
Singh Property

Singh Property Subject Photographs
© CBRE, Inc. 2
Subject Photographs

Aerial View of Larger Parcel
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Singh Property
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Photo 1 – Southerly view of improvements

Photo 2 – Southeasterly view of larger
parcel

Photo 3 – Westerly view of improvements –
acquisition area
Photo 4 – Southerly view of Sherman Road

Photo 5 – Easterly view of Ethanac Road

Photo 6 – Westerly view of Ethanac Road

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Singh Property
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Photo 7 – Acquisition area

Photo 8 – Acquisition area

Photo 9 – Acquisition area

Photo 10 – Tire shop improvements

Photo 11 – Tire shop improvements

Photo 12 – Tire shop improvements

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Singh Property Executive Summary
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Executive Summary

EXECUTIVE SUMMARY
Property Name
Location
Parcel Number
Client
Highest and Best Use
As If Vacant
As Improved
Property Rights Appraised
Larger Parcel Land Area 1.61 AC 70,200 SF
Zoning
Improvements
Property Type
Number of Stories 1
Gross Building Area 1,092 SF
Year Built 1971
BP, Business Park
Singh Property
Continued BP zone Industrial Use
Industrial Use - Business Park
27471-27491 Ethanac Road
Menifee, Riverside County, CA 92585

RUTAN & TUCKER, LLP
331-110-010, 331-110-011
Fee Simple - Larger Parcel
Easement Rights - Acquisition
Industrial - Automotive - Tire Shop and Excess Land

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Singh Property Executive Summary
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MARKET VOLATILITY
We draw your attention to a combination of inflationary pressures (leading to higher interest rates) and recent failures/stress in banking systems which have significantly increased the potential for constrained credit markets, negative capital value movements and enhanced volatility in property markets over the short-to-medium term.

Experience has shown that consumer and investor behavior can quickly change during periods of such heightened volatility. Lending or investment decisions should reflect this heightened level of volatility and the potential for deteriorating market conditions.

It is important to note that the conclusions set out in this report are valid as at the valuation date only. Where appropriate, we recommend that the valuation is closely monitored, as we continue to track how markets respond to evolving events.

SOUTHERN CALIFORNIA WILDFIRES
In January 2025, the Southern California region was impacted by several wildfires including two particularly catastrophic events: The Palisades Fire in the Pacific Palisades and the Eaton Fire in the Altadena/Pasadena area.

The analysis and valuation conclusions herein reflect the effective date of value and inspection which occurred after the fires. The property and immediate surrounding area were not affected by the fires and are located far away from impacted areas. Nonetheless, the full extent of Item Title: 11.2
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Singh Property Executive Summary
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economic impacts and timeline for recovery were unknown as of the effective date of value.

Projections and assumptions herein were based on best available information as of the valuation date.

SPECIAL ASSUMPTIONS
• We have relied on acquisition areas that have been determined based on the Ethanac Road street improvement plans and SCE power pole relocation designs. We assume that these are correct.

The areas have also been defined in part by exhibits presented in this report. • We have been instructed that the perimeter fence and electrical conduit to the gates will be protected in place or repaired/replaced in like kind during construction at no cost to the property owner. This will preclude the property owner from financial responsibility for the cost of realigning. the fence. As such, our analysis does not consider the cost of realigning or replacing portions of the fence.
• Section 1263.330 of the California Code of Civil Procedure requires the appraiser to not consider any effect on the value of the property from the project, the eminent domain proceeding, or any preliminary actions of the acquiring agency. The appraisers investigated the real estate market for any influence these issues may have had in the market data selected and analyzed and could not find any. Therefore, we have prepared the appraisal analysis of the subject property in the “before" condition under the extraordinary assumption that these activities have no effect on the value conclusions stated in this appraisal report. The use of this extraordinary assumption may have affected the assignment results.
• The valuation of the "after" condition of the larger parcel requires the hypothetical condition that as of the date of value, the project has been completed per the descriptions, plans and specifications presented in this appraisal report. This may have affected the selection and analysis of comparable market data, the discussion of market trends and the description of the property.

The use of this hypothetical condition may have affected the assignment results.

EXTRAORDINARY ASSUMPTIONS:

An extraordinary assumption is defined as “an assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions.”
HYPOTHETICAL CONDITIONS:

The intended use and user of our report are specifically identified in our report as agreed upon in our contract for services and/or reliance language found in the report. As a condition to being granted the status of an intended user, any intended user who has not entered into a written agreement with CBRE in connection with its use of our report agrees to be bound by the terms and conditions of the agreement between CBRE and the client who ordered the report. No other use or user of the report is permitt ed by any other party for any other purpose. Dissemination of this report by any party to any non -intended users does not extend reliance to any such party, Item Title: 11.2
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Singh Property Executive Summary
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and CBRE will not be responsible for any unauthorized use of or reliance upon the report, its conclusions or contents (or any portion thereof).

Item Title: 11.2
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Singh Property Executive Summary
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OWNERSHIP AND PROPERTY HISTORY
The larger parcel is owned by Harvinder Singh, a married man as his sole and separate property and Gurmeet Singh, a married man as his sole and separate property, as tenants in common.

The property was purchased on December 17, 2015. The seller was Ralph J. Allen and Wendy B.

Allen, Husband and Wife as Joint Tenants. CBRE is unaware of any arm’s length ownership transfers of the property within five years of the date of appraisal. The property is not reportedly being offered for sale as of the current date.

A portion of the property (improved with the tire shop at the northeast corner of the larger parcel) is currently leased to Miranda Tires & Wheels. The remaining area of the larger parcel is individually leased for truck parking and storage.

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Singh Property Table of Contents
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Table of Contents
Certification ...................................................................................................................... 1 Subject Photographs .......................................................................................................... 2 Executive Summary ........................................................................................................... 5 Table of Contents ............................................................................................................ 10 Scope of Work ................................................................................................................ 11 Area Analysis .................................................................................................................. 15 Neighborhood Analysis ................................................................................................... 18 Site Analysis .................................................................................................................... 24 Improvements Description ............................................................................................... 28 Tax and Assessment Data ................................................................................................ 29 Highest and Best Use ...................................................................................................... 35 Valuation Methodology ................................................................................................... 37 Land Value ..................................................................................................................... 38 Improved Industrial Use Value – Tire Shop ....................................................................... 43 Income Capitalization Approach ...................................................................................... 49 Value Indication for the Larger Parcel .............................................................................. 58 Valuation of the Parts Acquired ........................................................................................ 60 Valuation Summary ......................................................................................................... 70 Assumptions and Limiting Conditions ............................................................................... 72

ADDENDA
A Qualifications
B Land and Improved Sale Data Sheets
C Legal Descriptions and Maps of Acquistion Areas
D Owner Notification Letter
E Title Report

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Singh Property Scope of Work
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Scope of Work
This Appraisal Report is intended to comply with the real property appraisal development and reporting requirements set forth under Standards Rule 1 and 2 of USPAP, the Uniform Relocation Assistance and Real Property Acquisition Policies Act and its implementing regulations, 49 CFR 24, California Code of Civil Procedure, and the Caltrans Right-of-Way Manual. The scope of the assignment relates to the extent and manner in which research is conducted, data is gathered, and analysis is applied.

INTENDED USE OF REPORT
This appraisal is to be used for partial acquisition purposes and no other use is permitted.

CLIENT
The client is Rutan & Tucker, LLP on behalf of the City of Menifee.

INTENDED USER OF REPORT
This appraisal is to be used by the City of Menifee and Rutan & Tucker, LLP , and no other user may rely on our report unless as specifically indicated in the report.

Intended users are those who an appraiser intends will use the appraisal or review report. In other words, appraisers acknowledge at the outset of the assignment that they are developing their expert opinions for the use of the intended users they identify. Although the client provides information about the parties who may be intended users, ultimately it is the appraiser who decides who they are. This is an important point to be clear about: The client does not tell the appraiser who the intended users will be. Rather, the client tells the appraiser who the client needs the report to be speaking to, and given that information, the appraiser identifies the intended user or users. It is important to identify intended users because an appraiser’s primary responsibility regarding the use of the report’s opinions and conclusions is to those users. Intended users are those parties to whom an appraiser is responsible for communicating the findings in a clear and understandable manner.

They are the audience. 1

RELIANCE LANGUAGE
Reliance on any reports produced by CBRE under this Agreement is extended solely to parties and entities expressly acknowledged in a signed writing by CBRE as Intended Users of the respective reports, provided that any conditions to such acknowledgement required by CBRE or hereunder have been satisfied. Parties or entities other than Intended Users who obtain a copy of the report or any portion thereof (including Client if it is not named as an Intended User), whether as a result of its direct dissemination or by any other means, may not rely upon any opinions or

1 Appraisal Institute, The Appraisal of Real Estate, 15th ed. (Chicago: Appraisal Institute, 2020), 40.

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Singh Property Scope of Work
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conclusions contained in the report or such portions thereof, and CBRE will not be responsible for any unpermitted use of the report, its conclusions or contents or have any liability in connection therewith.

PURPOSE OF THE APPRAISAL AND EFFECTED DATE OF VALUE
The purpose of this appraisal is to develop an opinion of fair market value of the acquisitions proposed for the subject, benefitting the street improvements project along Ethanac Road.

DEFINITION OF FAIR MARKET VALUE
“Fair Market Value”, as defined pursuant to Part 3, Title 7, Chapter 9, Article 4, of the California Code of Civil Procedure, entitled: Eminent Domain Law, is as follows:

Fair Market Value . . . Article 4.

Measure of Compensation for Property Taken.
1263.320 (a) The fair market value of the property taken is the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity for so doing, nor obliged to sell, and a buyer, being ready, willing and able to buy but under no particular necessity for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available.

(b) The fair market value of the property taken for which there is no relevant, comparable market is its value on the date of valuation as determined by any method valuation that is just and equitable.

1263.330 The fair market value of the property taken shall not include any increase or decrease in the value of the property that is attributable to any of the following:
(a) The project for which the property is taken.
(b) The eminent domain proceeding in which the property is taken. (c) Any preliminary actions of the plaintiff relating to the taking of the property.

1263.410 (a) Where the property acquired is part of a larger parcel, in addition to the compensation awarded pursuant to Article 4 (commencing with Section 1263.310) for the part taken, compensation shall be awarded for the injury, if any, to the remainder.
(b) Compensation for injury to the remainder is the amount of the damage to the remainder reduced by the amount of the benefit to the remainder. If the amount of the benefit to the remainder equals or exceeds the amount of the damage to the remainder, no compensation shall be awarded under this article. If the amount of the benefit to the remainder exceeds the amount of damage to the remainder, such excess shall be deducted from the compensation provided in Section 1263.510, if any, but shall not be deducted from the compensation Item Title: 11.2
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Singh Property Scope of Work
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required to be awarded for the property taken or from the other compensation required by this chapter.
1263.420 Damage to the remainder is the damage, if any, caused to the remainder due to either or both of the following:
(a) The severance of the remainder from the part taken. (b) The construction and use of the project for which the property is taken in the manner proposed by the plaintiff whether or not the damage is caused by a portion of the project located on the part taken.
1263.430 Benefit to the remainder is the benefit, if any, caused by the construction and use of the project for which the property is taken in the manner proposed by the plaintiff whether or not the benefit is caused by a portion of the project located on the part taken.

INTEREST APPRAISED
The larger parcel value estimated represents the fee simple estate, as defined below:

Fee Simple Estate - Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat. 2
Extent to Which the Property is Identified
The property is identified through the following sources:
• Postal address
• Assessor’s records
• Legal description
Extent to Which the Property is Inspected
Adam Bogorad inspected the subject on April 2, 2025. This was a complete interior and exterior inspection, and the appraiser was accompanied by the owner of the property, Harvin der Singh and Mr. Singh’s son, R.J.

Type and Extent of the Data Researched
CBRE reviewed the following:
• Applicable tax data
• Zoning requirements
• Flood zone status
• Demographics
• Comparable data
• Industry data related to the respective property type

2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th ed. (Chicago: Appraisal Institute, 2022).

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Singh Property Scope of Work
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Type and Extent of Analysis Applied
CBRE, Inc. analyzed the data gathered through the use of appropriate and accepted appraisal methodology to arrive at a probable value indication via each applicable approach to value. The steps required to complete each approach are discussed throughout the report and in the methodology section.

PRIOR APPRAISAL SERVICES
Adam M. Bogorad, MAI, has previously provided appraisal services regarding the property that is the subject of this report within the three -year period immediately preceding acceptance of this assignment. The prior appraisal was for a different client.

STATEMENT OF COMPETENCY
The appraisers signing this report have the appropriate knowledge, education and experience to complete this assignment competently.

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Singh Property Area Analysis
Area Analysis
EE wie (Ream er ,
‘ Py 4

Singh Property Area Analysis
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Area Analysis

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Singh Property Area Analysis
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POPULATION
Compiled by CBRE; Source: Esri
The subject is located in Riverside-San Bernardino-Ontario, CA Metropolitan Statistical Area.

Key information about the area is provided in the following tables.

The area has a population of 4,699,076 and
a median age of 35, with the largest
population group in the 20-29 age range and
the smallest population in the 80+ age range.

Population has increased by 474,225 since
2010, reflecting an annual increase of 0.82%.

Population is projected to increase by an
additional 85,335 by 2028, reflecting 0.36%
annual population growth. 4,224,851
4,699,076 4,784,411
3,800,000
4,000,000
4,200,000
4,400,000
4,600,000
4,800,000
5,000,000
2010 2023 2028

POPULATION BY YEAR
0 200,000
400,000
600,000
800,000
0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 80+

AREA POPULATION BY AGE

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Singh Property Area Analysis
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INCOME

EDUCATION

EMPLOYMENT
Compiled by CBRE; Source: Esri
The area includes a total of 2,100,213 employees and has a 5.5% unemployment rate. The top three industries within the area are Health Care/Social Assistance, Retail Trade and Transportation/Warehousing, which represent a combined total of 34% of the population.

The area features an average household
income of $108,105 and a median household
income of $79,972. Over the next five years,
median household income is expected to
increase by 14.1%, or $2,254 per annum.

A total of 25.0% of individuals over the age of
24 have a college degree, with 16.3% holding
a bachelor's degree and 8.6% holding a
graduate degree.
$79,972
$91,241
$70,000
$75,000
$80,000
$85,000
$90,000
$95,000
2023 2028

MEDIAN INCOME BY YEAR

16.3%

8.6%

75.0%

POPULATION BY DEGREE
Bachelor's Degree
Graduate Degree
Other
0% 2% 4% 6% 8% 10% 12% 14%
Prof/Scientific/Tech Services
Admin/Support/Waste Mgmt Srvcs
Public Administration
Accommodation/Food Services
Manufacturing
Educational Services
Construction
Transportation/Warehousing
Retail Trade
Health Care/Social Assistance

In summary, the subject is forecasted to experience an increase in population, an increase in household income, and an increase in household values.

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Singh Property Neighborhood Analysis
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Neighborhood Analysis

CITY OF MENIFEE
The City of Menifee features a variety land uses that include residential, commercial, and industrial zones, with a trend towards residential developments. The boundaries are irregular and the major highways are I -215, which traverses through the center of Menifee, and SR -74, which is configured toward the northern side of the city. Newport Road, Scott Road, and McCall Item Title: 11.2
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Singh Property Neighborhood Analysis
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Boulevard are all major roadways that traverse the area from east to west. Neighboring areas are Perris, Romoland, Winchester, and French Valley.

Land Use
The City of Menifee is largely made up of low-density residential uses. However, there are sectors of the region that contain commercial and industrial uses. Commercial uses are primarily located along arterial roads. Whereas, industrial uses are generally proximate to major highways.

Industries
The primary sectors in Menifee include education and health care . The Menifee Union School District and Mt. San Jacinto Community College District are the largest employers, highlighting the area's emphasis on education. Additionally, healthcare providers such as Menifee Valley Medical Center.

Transportation
Interstate 215 runs through the center of the city, connecting it to other parts of the Inland Empire. Newport Road and Bradley Road are among the major corridors in the city, serving as arterial routes for local traffic. On a broader scale, t he city is in proximity to several major airports, including the Ontario International Airport and San Diego International Airport, providing ideal connectivity for both residents and businesses . The area is also serviced by the Riverside Transit Agency (RTA), in which the most proximate stop is located at Jackson Avenue and Ethanac Road.

The general plan for the County of Riverside has Ethanac Road slated to eventually expand to a six-lane expressway in the vicinity of the subject property.

Item Title: 11.2
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Singh Property Neighborhood Analysis
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DEMOGRAPHICS
Selected neighborhood demographics in from the subject are shown in the following table:

Population
2029 Total Population 6,321 47,462 156,031 39,717,178 4,814,321 2,576,865 2024 Total Population 5,980 45,236 151,538 39,530,491 4,719,812 2,504,036 2010 Total Population 4,497 31,555 111,946 37,253,959 4,224,851 2,189,652 2000 Total Population 2,710 19,191 69,349 33,871,651 3,254,840 1,545,395 Annual Growth 2024 - 2029 1.12% 0.97% 0.59% 0.09% 0.40% 0.58% Annual Growth 2010 - 2024 2.06% 2.61% 2.19% 0.42% 0.79% 0.96% Annual Growth 2000 - 2010 5.20% 5.10% 4.91% 0.96% 2.64% 3.55% Households
2029 Total Households 1,727 17,233 49,036 13,903,885 1,525,258 822,584 2024 Total Households 1,612 16,427 47,379 13,641,471 1,479,684 794,085 2010 Total Households 1,228 12,438 35,778 12,577,497 1,297,878 686,265 2000 Total Households 826 8,889 24,876 11,502,868 1,034,817 506,221 Annual Growth 2024 - 2029 1.39% 0.96% 0.69% 0.38% 0.61% 0.71% Annual Growth 2010 - 2024 1.96% 2.01% 2.03% 0.58% 0.94% 1.05% Annual Growth 2000 - 2010 4.05% 3.42% 3.70% 0.90% 2.29% 3.09% Income
2024 Median Household Income $92,230 $76,856 $83,346 $97,646 $86,112 $89,700 2024 Average Household Income $116,003 $100,675 $106,919 $139,308 $114,061 $118,925 2024 Per Capita Income $34,421 $36,135 $33,567 $48,206 $35,834 $37,777 2024 Pop 25+ College Graduates 512 5,491 17,890 10,659,207 809,208 446,719 Age 25+ Percent College Graduates - 2024 12.8% 16.8% 17.7% 38.8% 25.8% 26.6% Source: ESRI

SELECTED NEIGHBORHOOD DEMOGRAPHICS
California
Riverside-San
Bernardino-
Ontario, CA
Metropolitan
Statistical Area
Riverside County1 Mile Radius 3 Mile Radius 5 Mile Radius

As shown above, the population within the subject neighborhood has experienced an increase over the past several years. The neighborhood is expected to experience population slight growth over the next five years. As a result, the demand for existing developments is expected to be average to good. The neighborhood appears to be well established and favorably accepted.

CONCLUSION
Based on the foregoing, values are expected to be increasing in the near future. In keeping with the principle of conformity, we expect neighborhood land uses to continue to be suburban, similar to the present use.

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Singh Property Neighborhood Analysis

AERIAL OUTLINE

Singh Property Neighborhood Analysis
© CBRE, Inc. 21

AERIAL OUTLINE

Item Title: 11.2
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Singh Property Neighborhood Analysis

PLAT MAP

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ASSESSOR'S MAP BK331 PG. 11 ge SBE MAPS 148-33-32,328 MB 11/38 TRUMBLE FARMS anes 0 ne Riverside County, Calif. jtobin May 2018
© CBRE, Inc. 22 Cc B R E

Singh Property Neighborhood Analysis
© CBRE, Inc. 22

PLAT MAP

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 242

Menifee Mayor and City Council
July 16, 2025
Page
1480 of 2087

Singh Property Neighborhood Analysis

FLOOD PLAIN MAP
National Flood Hazard Layer FIRMette 117°11'10"W 33°44'49"N

D06065¢2060H
eff..8/18/2014
PIRCTIDER Toss aoaw sisANMIEOOT

Feet —_1:6,000 0 250 500 1,000 1,500 2,000
Basemap Imagery Source: USGS National Map 2023
© CBRE, Inc. 23

Legend ‘SEE FIS REPORT FOR DETAILED LEGEND AND INDEX MAP FOR FIRM PANEL LAYOUT Without Base Flood Elevation (BFE)
Zone A, V, A99
SPECIAL FLOOD With BFE or Depth Zone AE, AO, AH, VE, AR HAZARD AREAS Regulatory Floodway

0.2% Annual Chance Flood Hazard, Areas
of 1% annual chance flood with average
depth less than one foot or with drainage
areas of less than one square mile Zone x
Future Conditions 1% Annual
Chance Flood Hazard Zone x
Area with Reduced Flood Risk due to
"Lb ) OTHER AREAS OF Levee. See Notes. Zone x
FLOOD HAZARD |") Area with Flood Risk due to Levee zone 0 NO SCREEN Area of Minimal Flood Hazard Zone x
C—] Effective LOMRs
OTHER AREAS Area of Undetermined Flood Hazard Zone D
GENERAL Channel, Culvert, or Storm Sewer

STRUCTURES |111 1111 Levee, Dike, or Floodwall
Cross Sections with 1% Annual Chance
—1Z5 Water Surface Elevation
«— — — Coastal Transect
~~ s}~~ Base Flood Elevation Line (BFE)
=} Limit of Study
——— Jurisdiction Boundary
Coastal Transect Baseline
OTHER |~ —— Profile Baseline
FEATURES Hydrographic Feature

Digital Data Available
No Digital Data Available
MAP PANELS Unmapped

9 The pin displayed on the map is an approximate point selected by the user and does not represent an authoritative property location.

This map complies with FEMA's standards for the use of
digital flood maps if it is not void as described below. The basemap shown complies with FEMA's basemap accuracy standards
The flood hazard information is derived directly from the authoritative NFHL web services provided by FEMA. This map was exported on 5/22/2024 at 5:59 PM and does not
reflect changes or amendments subsequent to this date and time. The NFHL and effective information may change or
become superseded by new data over time.

This map image is void if the one or more of the following map elements do not appear: basemap imagery, flood zone labels, legend, scale bar, map creation date, community identifiers, FIRM panel number, and FIRM effective date. Map images for unmapped and unmodernized areas cannot be used for
regulatory purposes.

CBRE

Singh Property Neighborhood Analysis
© CBRE, Inc. 23

FLOOD PLAIN MAP

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 243

Menifee Mayor and City Council
July 16, 2025
Page
1481 of 2087

Singh Property Site Analysis
© CBRE, Inc. 24
Site Analysis
Identification of the Larger Parcel
The value of a property cannot be estimated without a determination of the property to be appraised. In some cases, multiple tracts are utilized together in one use or a larger tract of land may be legally, economically and physically divisible into smaller economic units. The three tests to determine the “larger parcel” to be valued in an appraisal are:
• Unity of Title - control by a single entity, individual, or group. Title is largely a legal question. • Unity of Use - an integrated highest and best use separate from surrounding land. Multiple tracts can have the same use but be separate tracts, such as platted lots. Use is an economic question that is dependent upon supply and demand, availability of substitutes and other economic principles.
• Proximity - contiguous tracts or proximate tracts that are used together. Subordinate to Unity of Use.

In this case, the larger parcel identified for valuation purposes of this assignment is 1.6115 acres 70,200 square feet of land that is under similar ownership and use. It consists of two contiguous assessor’s parcels owned by the same family. The related property owners fall under the category of group ownership of the overall larger parcel. While the tire shop improvements are located primarily on one of the APNs, the excess land comprises the majority of the remaining site and is used for a similar truck storage/parking business. The use of the land is not divided by the assessor’s parcel boundaries.

The three standards of larger parcel are therefore met with this overall subject site.

The following chart summarizes the salient characteristics of the subject site.

SITE SUMMARY AND ANALYSIS
Physical Description
Gross Site Area 1.61 Acres 70,200 Sq. Ft.

Primary Road Frontage Ethanac Road 234 Feet
Secondary Road Frontage Sherman Road 300 Feet
Shape
Topography
Parcel Number(s)
Zoning District
Flood Map Panel No. & Date 06065C2060H 18-Aug-14
Flood Zone Zone X (Unshaded)
Various sources compiled by CBRE
Rectangular
Generally level
BP, Business Park
331-110-010, 331-110-011

Utility availability is typical for the area.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 244

Menifee Mayor and City Council
July 16, 2025
Page
1482 of 2087

Singh Property Site Analysis
© CBRE, Inc. 25
ZONING
The following chart summarizes the subject’s zoning requirements.

ZONING SUMMARY
Current Zoning
Legally Conforming
Uses Permitted
Zoning Change
General Plan/Future Land Use
Category Zoning Requirement
Minimum Lot Size 20,000 Sq. Ft.

Minimum Lot Width 100 Ft.

Maximum Height 40 Ft.

Minimum Setbacks
Front Yard 15 to 25 Ft.

Street Side Yard 15 to 25 Ft.

Interior Side Yard 0 Ft.

Rear Yard 10 Ft.

Maximum Bldg. Coverage 40%
Maximum FAR/Density 0.6:1
Source: Planning & Zoning Dept.

BP, Business Park
Yes
Industrial related uses that include light manufacturing, repair facilities, business parks, and corporate offices. Employee-intensive uses, including research and development, technology centers, clean industry, and supporting hotel and ancillary retail uses are also permitted.

Not Likely
Business Park

The subject is zoned for industrial use and th e configuration of the site as vacant is legally conforming.

RIGHT OF WAY DEDICATION REQUIREMENTS
There is an ultimate right of way dedication planned for the subject property that extends significantly beyond the acquisitions being considered in this analysis.

We interviewed a planner with the City of Menifee, Chet Robinson. He stated that the subject property is already restricted by a 100-foot street dedication requirement (from the centerline of Ethanac Road), and the City would not allow redevelopment of the site without the complete dedication of the right of way requirements.

Mr. Robinson stated that the County is planning on utilizing Ethanac Road as the future Highway 74, which will become a six-lane expressway with a median. He stated that any future permitting will be required the dedication of land that falls within a 100-foot south perimeter of the center point of Ethanac Road, a 59-foot west perimeter from Sherman Road, and a corner cutback along the northeast corner of the site (at the southwest corner of the Ethanac Road and Sherman Road intersection).

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 245

Menifee Mayor and City Council
July 16, 2025
Page
1483 of 2087

Singh Property Site Analysis
© CBRE, Inc. 26
Based on these requirements, Mr. Robinson stated that the future right of way would pass through the structural improvements. The current improvements represent an under-improvement of the site. It is noted that if the site is developed with the future right of way street improvements, it will result in an elimination of the current tire shop improvements and a smaller overall site. However, the property owner will be compensated for that loss of land. Therefore, that land contributes to the overall value of the larger parcel in the before condition.

EASEMENTS AND ENCROACHMENTS
We have reviewed a title report for the subject site, prepared by First American Title Insurance Company and dated September 19, 2023. The title report identifies exceptions to title, including pre-existing easements, that are commonly found and do not adversely impact our value conclusion in the before condition. Our valuation assumes no adverse impacts from easements, encroachments, or restrictions and further assumes that the subject has clear and marketable title.

We do note that we have been informed that the City of Menifee has already designated a large portion of the site as being part of the eventual widening of Ethanac Road. This area will not be required in the foreseeable unless triggered by a permit application for redevelopment of the site.

ENVIRONMENTAL ISSUES
Although CBRE was not provided an Environmental Site Assessment (ESA), a n inspection of the site from the public right of way did not reveal any obvious issues regarding environmental contamination or adverse conditions.

ADJACENT PROPERTIES
The adjacent land uses are summarized as follows:

North: Vacant Land
South: Nonconforming residential and industrial uses
East: Industrial use
West: Industrial use s, followed by commercial uses further to the west

CONCLUSION
Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by zoning.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 246

Menifee Mayor and City Council
July 16, 2025
Page
1484 of 2087

Singh Property Site Analysis
© CBRE, Inc. 27

ZONING MAP

The arrow identifies the subject property, according to the 2023 City of Menifee zoning map, and the blue shading for the site refers to the BP zone described in this report , which applies to both the subject property and the adjacent parcel to the west.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 247

Menifee Mayor and City Council
July 16, 2025
Page
1485 of 2087

Singh Property Improvements Description
© CBRE, Inc. 28
Improvements Description
The subject property is currently improved with a 1,092± square foot structure that is utilized as a tire shop and leased to a tenant, Miranda Tire & Wheels . The area associated with the tire shop includes parking and storage for the tire shop business. We have estimated , based on our inspection and meeting with the property owner, that 12,850 square feet of land in the northeast corner of the site are carved out and dedicated to the industrial improvements.

The remaining land area is used for truck parking and is primarily vacant with respect to structural improvements that contribute value to the larger parcel. There is a non-contributory structure at the southern boundary of the site. The excess land area is used for truck parking and storage.

The industrial building (tire shop) was built in 1971. It is made of Class C construction and is in average condition. It is configured for automotive repair with an office space and bathrooms.

There is an additional structure next to the building that is a modular covered carport. This structure was erected by the tire shop tenant, at the expense of the tenant.

The entire parcel is enclosed with perimeter fencing. The fence along Ethanac Road and Sherman Road includes gates that are manually operated. However, the property owner stated that electrical conduits have been run to each gate to allow for the eventual implementation of automated gate systems. In this analysis, we have assumed that the fencing will be relocated at the new right of way boundary, along the newly carved perimeter of the site , and all electrical wiring will be relocated if necessary to accommodate the new perimeter of the site in the after condition.

We note that the current improvements represent an under -improvement of the overall larger parcel, which can support a much larger ultimate development. However, if permitted development is attempted at the site, it will trigger the ultimate right -of-way requirement which requires 100 feet of clearance from the center line of Ethanac Road. This would pass through a portion of the existing tire shop improvements. Therefore, any additional development of the site would require losing the existing tire shop improvements.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 248

Menifee Mayor and City Council
July 16, 2025
Page
1486 of 2087

Singh Property Tax and Assessment Data
© CBRE, Inc. 29
Tax and Assessment Data
Real estate tax assessments are administered by the Assessor of Riverside County and are estimated by jurisdiction on a county basis for the subject. The property is subject to the property tax rules of the State of California, which control the activities and policies of local assessment jurisdictions. These laws were significantly modified on June 7, 1978, when the State’s voters passed Proposition 13, amending Article XIII of the State Constitution.

Proposition 13 abolished the practice of periodic reassessment of properties based on market value appraisals. Instead, real property is subject to reassessment (i.e., revaluation at full or partial current market value) only when changes in ownership or new construction take place.

Otherwise, increases in assessed value are limited to a general rate of 2%, plus the rates needed to service any bonded indebtedness. Special assessments can also be added, and are often related to the installation of infrastructure. Generally speaking, property taxes in Riverside County tend to range from 1.1% to 1.4% of a property’s assessed value. Due to California’s tax laws, most properties within Riverside County have very similar effective tax rates.

The following summarizes the local assessor’s estimate of the subject’s market value, assessed value, and taxes, and does not include any furniture, fixtures or equipment.

AD VALOREM TAX INFORMATION
Assessor's Parcel No. Land Improvements 2025
1 331-110-010 $80,440 $5,743 $86,183
2 331-110-011 $103,424 $120,663 $224,087
Subtotal $310,270
% of Assessed Value 100%
Final Assessed Value $310,270
General Tax Rate (per $100 A.V.) 1.078180
General Tax: $3,345
Special Assessments: $542
Total Taxes $3,887
Source: Assessor's Office

Due to the tax structure post proposition 13 assessments generally do not equate to market value.

Actual sizes may vary from those reported by tax offices. Our concluded larger parcel land value is significantly higher than the assessed value for the property as it has not recently sold.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 249

Menifee Mayor and City Council
July 16, 2025
Page
1487 of 2087

Singh Property Tax and Assessment Data
© CBRE, Inc. 30

METROPOLITAN INLAND EMPIRE - CA USA WAREHOUSE MARKET OVERVIEW Recent Performance
The subject property larger parcel has a highest and best use as industrial use and, therefore, we have included this overview of the regional and local industrial market. The following table summarizes historical and projected performance for the overall metropolitan Inland Empire - CA USA warehouse market, as reported by Costar.

INLAND EMPIRE - CA USA WAREHOUSE MARKET
Year Ending Inventory
(SF)
Completions
(SF)
Occupied Stock
(SF) Occupancy Asking Rent
($/SF NNN)
Asking Rent
Change
Net Absorption
(SF)
Transaction
Price Per Area
(SF)
2015 574,290,092 20,154,999 544,464,192 94.8% $6.54 8.97% 18,468,146 $92.73 2016 593,746,866 19,250,240 568,881,664 95.8% $7.17 9.58% 24,210,932 $99.92 2017 616,971,187 23,224,321 585,871,680 95.0% $7.83 9.21% 16,676,811 $106.24 2018 643,689,648 26,718,461 614,256,960 95.4% $8.52 8.84% 28,385,304 $122.71 2019 669,651,930 25,962,282 640,009,920 95.6% $9.25 8.50% 25,750,992 $123.21 2020 689,884,979 20,233,049 664,564,288 96.3% $10.10 9.25% 24,554,370 $165.72 2021 705,321,008 15,436,029 695,372,480 98.6% $11.36 12.47% 30,808,340 $235.11 2022 725,253,134 19,932,126 710,954,112 98.0% $12.76 12.34% 15,576,826 $213.85 Q1 2023 735,249,598 9,996,464 713,592,128 97.1% $13.08 2.50% 2,642,851 $248.76 Q2 2023 738,305,289 3,055,691 710,019,456 96.2% $13.32 1.85% -3,578,496 $246.26 Q3 2023 741,159,125 2,853,836 705,482,816 95.2% $13.54 1.63% -4,536,661 $262.37 Q4 2023 755,363,347 14,204,222 713,878,528 94.5% $13.68 1.01% 8,395,762 $258.66 2023 755,363,347 30,110,213 713,878,528 94.5% $13.68 7.17% 2,923,456 $258.66 Q1 2024 763,715,051 8,351,704 712,131,520 93.2% $13.70 0.15% -1,747,003 $249.76 Q2 2024 774,646,474 10,931,423 720,354,624 93.0% $13.66 -0.24% 8,223,048 $246.19 Q3 2024 780,158,780 5,512,306 719,597,760 92.2% $13.69 0.18% -756,861 $321.32 Q4 2024 782,464,830 2,306,050 724,733,824 92.6% $13.61 -0.58% 5,136,116 $237.63 2024 782,464,830 27,101,483 724,733,824 92.6% $13.61 -0.50% 10,855,300 $237.63 2025* 793,237,136 10,772,306 733,126,080 92.4% $13.95 2.50% 8,415,492 - 2026* 802,305,099 9,067,963 747,759,744 93.2% $14.75 5.71% 14,649,581 - 2027* 814,665,028 12,359,929 763,702,720 93.7% $15.65 6.16% 15,951,937 - 2028* 829,978,666 15,313,638 779,841,024 94.0% $16.54 5.62% 16,158,117 - 2029* 846,547,104 16,568,438 796,989,632 94.1% $17.39 5.20% 17,167,672 - * Future Projected Data according to Costar
Source: Costar, 4th Quarter 2024

The Inland Empire - CA USA industrial warehouse market consists of approximately 782,464,830 square feet of warehouse space. The following observations are noted from the table above:
• As of 4th Quarter 2024, there was approximately 724,733,824 square feet of occupied warehouse space (including sublet space), resulting in an occupancy rate of 92.6% for the metro area. This reflects an increase from the previous quarter’s occupancy of 92.2%, and a decrease from an occupancy rate of 94.5% from last year. • The area experienced positive 5,136,116 square feet of net absorption for the current quarter. This indicates an improvement from the previous quarter’s negative 756,861 square feet of net absorption, and an improvement from the positive 2,923,456 square feet of net absorption from last year.
• The area had completions of positive 2,306,050 square feet for the current quarter, which indicates a decrease from the previous quarter’s completions of positive 5,512,306 Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 250

Menifee Mayor and City Council
July 16, 2025
Page
1488 of 2087

Singh Property Tax and Assessment Data
© CBRE, Inc. 31
square feet, and indicates a decline from completions of positive 30,110,213 square feet from last year.
• The area achieved average asking rent of $13.61 per square foot , which indicates a decrease from the previous quarter’s asking rent of $13.69 per square foot , and a decrease from the asking rent of $13.68 per square foot from last year.

SUBMARKET SNAPSHOT
The following table summarizes the supply of warehouse square footage for each submarket within the Inland Empire - CA USA market as of 4th Quarter 2024.

SUBMARKET SNAPSHOT
Submarket Inventory (SF) Completions* (SF) Asking Rent ($/SF NNN) Occupancy Airport Area 255,844,020 13,898,850 $14.34 92.8%
Beaumont/Hemet 14,521,069 0 $11.79 95.5%
Chino/Chino Hills 57,986,427 819,399 $14.54 94.8%
Coachella Valley 18,287,004 341,787 $17.94 96.5%
Corona/Eastvale 39,866,154 203,823 $15.33 92.5%
Mojave River Valley 31,112,163 145,244 $13.12 93.2%
Moreno Valley/Perris 108,263,330 4,840,879 $11.66 88.2% Redlands/Loma Linda 32,891,486 38,740 $11.59 91.6%
Riverside 81,958,816 3,761,040 $13.63 94.8%
Riverside Outlying 603,100 0 $14.13 89.2%
San Bernardino 105,038,255 2,171,967 $11.96 92.9%
San Bernardino Outlying 378,898 0 $15.31 99.2%
South Riverside 24,975,351 724,679 $16.36 93.0%
Twentynine Palms 458,120 0 $17.97 96.0%
Upland/Montclair 10,280,637 155,075 $16.80 92.6%
*Completions include trailing 4 quarters
Source: Costar, 4th Quarter 2024

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 251

Menifee Mayor and City Council
July 16, 2025
Page
1489 of 2087

Singh Property Highest and Best Use
© CBRE, Inc. 32
South Riverside Submarket
Important characteristics of the South Riverside warehouse market are summarized below:

SOUTH RIVERSIDE WAREHOUSE SUBMARKET
Year Ending Inventory
(SF)
Completions
(SF)
Occupied Stock
(SF) Occupancy Asking Rent
($/SF NNN)
Asking Rent
Change
Net Absorption
(SF)
2015 22,009,615 -6,098 21,438,716 97.4% $8.51 8.12% 135,927 2016 22,110,641 101,026 21,508,316 97.3% $9.26 8.81% 69,599 2017 22,351,308 240,667 21,650,544 96.9% $10.04 8.43% 142,772 2018 22,771,276 419,968 22,114,576 97.1% $10.82 7.76% 464,033 2019 23,028,867 257,591 22,203,652 96.4% $11.57 6.93% 89,076 2020 23,532,814 503,947 22,697,776 96.5% $12.46 7.76% 494,124 2021 23,452,162 -80,652 22,406,548 95.5% $13.70 9.89% -291,230 2022 23,858,937 406,775 22,316,892 93.5% $15.17 10.78% -89,656 Q1 2023 24,104,888 245,951 22,304,244 92.5% $15.51 2.21% -12,647 Q2 2023 24,198,578 93,690 22,955,136 94.9% $15.80 1.85% 650,893 Q3 2023 24,198,578 0 22,999,362 95.0% $16.06 1.64% 44,225 Q4 2023 24,250,672 52,094 23,182,788 95.6% $16.23 1.09% 183,425 2023 24,250,672 391,735 23,182,788 95.6% $16.23 6.96% 865,896 Q1 2024 24,844,053 593,381 23,125,452 93.1% $16.32 0.52% -57,335 Q2 2024 24,919,483 75,430 23,229,020 93.2% $16.31 -0.02% 103,567 Q3 2024 24,975,351 55,868 23,254,852 93.1% $16.37 0.37% 25,834 Q4 2024 24,975,351 0 23,218,172 93.0% $16.36 -0.06% -36,680 2024 24,975,351 724,679 23,218,172 93.0% $16.36 0.81% 35,386 2025* 25,052,454 77,103 23,418,900 93.5% $16.84 2.93% 202,085 2026* 25,172,595 120,141 23,772,500 94.4% $17.82 5.77% 354,831 2027* 25,393,220 220,625 24,095,404 94.9% $18.92 6.22% 324,306 2028* 25,669,018 275,798 24,371,552 94.9% $20.00 5.68% 277,941 2029* 25,968,066 299,048 24,664,980 95.0% $21.05 5.24% 295,268 *Future Projected Data according to Costar
Source: Costar, 4th Quarter 2024

The South Riverside warehouse submarket consists of approximately 24,975,351 square feet of warehouse space. The current submarket inventory represents approximately 3.2% of the overall market inventory. The following observations were noted from the table above:
• As of 4th Quarter 2024, there was approximately 23,218,172 square feet of occupied warehouse space (including sublet space), resulting in an occupancy rate of 93.0% for the submarket. This reflects a small decrease from the previous quarter’s occupancy of

93.1%, and a decrease from an occupancy rate of 95.6% from last year. The submarket occupancy is above the 92.6% market occupancy.
• The submarket experienced negative 36,680 square feet of net absorption for the current quarter. This indicates a decline from the previous quarter’s positive 25,834 square feet of net absorption, and a decline from the positive 865,896 square feet of net absorption from a year ago. Overall, the submarket has experienced positive 35,386 square feet of net absorption for the current year -to-date period.The submarket’s current net absorption of negative 36,680 square feet is below the overall market net absorption of positive 5,136,116 square feet.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 252

Menifee Mayor and City Council
July 16, 2025
Page
1490 of 2087

Singh Property Highest and Best Use
© CBRE, Inc. 33
• The submarket had zero completions for the current quarter, which indicates a decrease from the previous quarter’s completions of positive 55,868 square feet , and a decrease from the completions of positive 52,094 square feet from last year. • The submarket achieved average asking rent of $16.36 per square foot, which indicates a small decrease from the previous quarter’s asking rent of $16.37 per square foot, and an increase from the asking rent of $16.23 per square foot from last year. The submarket’s current asking rent of $16.36 per square foot compares favorably with the overall market asking rent of $13.61 per square foot.

Historical Net Absorption - Submarket

Net absorption in the submarket is projected to be positive 35,386 square feet at the end of the current year, reflecting a decline from the previous year’s net absorption of positive 865,896 square feet . Net absorption for next year is projected to be positive 202,085 square feet , indicating an improvement from the current year.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 253

Menifee Mayor and City Council
July 16, 2025
Page
1491 of 2087

Singh Property Highest and Best Use
© CBRE, Inc. 34
Historical Asking Rent - Submarket

The submarket is projected to achieve average asking of $16.36 per square foot at the end of the current year, which represents an increase from the previous year’s asking rent of $16.23 per square foot. The submarket is projected to achieve average asking rent of $16.84 per square foot, reflecting an increase from the current year.

CONCLUSION
The subject property is located in a high demand industrial area within the city of Menifee. We believe the subject is well positioned for an industrial use. It is in close proximity to major highways that provide access to regions throughout the Inland Empire.

Despite the relative strength of demand in the area, occupancy, rents and values have decreased slightly over the past two years. The growth seen in the market slowed significantly and values have begun to flatten in mid -year 2022 as transactional activity slowed significantly resulting from rising interest rates. Beginning in 2023, the market growth slowed and eventually flattened through the date of value in this analysis.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 254

Menifee Mayor and City Council
July 16, 2025
Page
1492 of 2087

Singh Property Highest and Best Use
© CBRE, Inc. 35
Highest and Best Use
Highest and Best Use Analysis
In appraisal practice, the concept of highest and best use represents the premise upon which value is based. The four criteria the highest and best use must meet are:
• legally permissible;
• physically possible;
• financially feasible; and
• maximally productive.

The highest and best use analysis of the subject is discussed below.

AS VACANT
Legal Permissibility
The legally permissible uses were discussed in the Site Analysis and Zoning Sections. As stated, there is ability to develop an array of industrial uses at the subject site as permitted by zoning.

Given the prevailing variety of land use patterns in the area, only industrial use is given further consideration in determining highest and best use of the site, as though vacant.

It is noted that the larger parcel has street dedication requirements that preclude it from being redeveloped without losing a significant portion of land, including the area with the tire shop .

According to the Menifee Planning Department, the future Ethanac Road right of way will traverse through the portion of the larger parcel where the tire shop is currently configured.

Physical Possibility
The larger parcel is adequately served by utilities, and has an adequate shape and size, sufficient access, etc., to be a developable site. There are no known physical reasons why the subject site would not support any legally probable development (i.e. it appears adequate for development).

Existing structures on similar sites provides additional evidence for the physical possibility of development.

Financial Feasibility
The determination of financial feasibility is dependent primarily on the relationship of supply and demand for the legally probable land uses versus the cost to create the uses. Development of new industrial properties has occurred in the past few years, in close proximity to the subject.

Maximum Productivity - Conclusion
The final test of highest and best use of the site as if vacant is that the use be maximally productive, yielding the highest return to the land.

Development of the overall larger parcel site to an industrial use meets the four tests of highest and best use.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 255

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July 16, 2025
Page
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Singh Property Highest and Best Use
© CBRE, Inc. 36

AS IMPROVED
The current use of the subject site is consistent with the highest and best use of the site as if vacant. Continued use of the auto service improvements is financially feasible. We are valuing the site with consideration of the improvements contributing to the overall value of the site.

We note that the tire shop improvements represent an interim use. They are an under improvement for the overall site and will be lost to the ultimate right of way requirement if permits are required to build on the undeveloped portion of the site. Nonetheless, the improvements are leased and generate income to the property as of the date of value. Furthermore, the additional land at the site (not used by the tire shop) generates income from truck storage and parking.

HIGHEST AND BEST USE – AFTER CONDITION
The fee acquisition only impacts perimeter site improvements and does not directly impact the structural improvements. As such, the highest and best use of the subject is generally similar in the after condition , although the new perimeter of the site results in a smaller overall area.

Impacts to the remainder are discussed in the valuation section of this report.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 256

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July 16, 2025
Page
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Singh Property Highest and Best Use
© CBRE, Inc. 37
Valuation Methodology
The first step in our valuation of the acquisition is to value the larger parcel. The sales comparison approach for land is utilized to develop an opinion of land value because market participants rely on this method. Being vacant land, the cost approach, sales comparison approach, and income approach for improved property are not applicable.

The summation method for valuation of a partial acquisition is utilized. Total appraised value is estimated as the value of the partial acquisition, plus damages to the remainder immediately after the acquisition (as if the project were complete), plus any necessary costs to cure and temporary easements if they are part of the scope of the assignment. In the summation method, benefits to the remainder may only offset severance damages, but not the value of the acquisition.

After the larger parcel is valued, we then value the permanent acquisition as a portion of the overall larger parcel. Our analysis of the permanent acquisition and the potential severance damages and project benefits that may accrue to the remainder parcel are considered in the following sequence:
• Property rights that represent the permanent parts acquired are distinguished from the consequential impact to the remainder parcel.
• The property rights of the parts acquired are appraised, and our opinion of value for the parts acquired is expressed.
• The potentially adverse consequences of the permanent acquisitions and the project on the remainder parcel are examined, quantified, and expressed as our opinion regarding potential severance damages.
• The potentially beneficial consequences of the project on the remainder parcel are examined, quantified, and expressed as our opinion regarding potential project benefits. • The results of these studies are reflected in the value of the remainder parcel, and in the conclusions, we express with regard to severance damages and project benefits. • Consideration is given to costs to cure, if necessary. • Lastly, the impacts of the temporary acquisition are valued, based on the after -condition value.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 257

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July 16, 2025
Page
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Singh Property Land Value
© CBRE, Inc. 38
Land Value
The following map summarizes the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 258

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July 16, 2025
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© CBRE, Inc. 39

SUMMARY OF COMPARABLE LAND SALES
Interest Actual Sale Size Size Price
No. Property Location Type Date Transferred Zoning Price (Acres) (SF) Per SF 1 4.19-Acre Industrial Land
27960 Jackson Avenue
Menifee, CA 92585
Sale Oct-24 Fee
Simple/Freehold
BP, Business Park $1,920,000 4.19 182,591 $10.52
2 An Industrial Site
25775 Sherman Road
Perris, CA 92570
Sale Mar-24 Fee
Simple/Freehold
LI, Light Industrial $3,500,000 5.49 239,144 $14.64
3 An Industrial Site
Antelope Road between Ethanac Road &
McLaughlin Road
Menifee, CA 92585
Sale Mar-23 Fee
Simple/Freehold
Planning Area 2
(MNSP) - Industrial
(Menifee North
Specific Plan)
$1,835,000 6.71 292,288 $6.28
4 Industrial Land Site
Matthews Road E/O Jackson Avenue
Menifee, CA 92585
Sale Sep-22 Fee
Simple/Freehold
BP, Business Park $43,000 0.15 6,534 $6.58
5 Raw Industrial Land
26277 Antelope Rd
Menifee, CA 92585
Sale Jan-22 Fee
Simple/Freehold
Planning Area 2
(MNSP) - Industrial
(Menifee North
Specific Plan)
$1,476,000 4.84 210,830 $7.00
6 Land Wheat & Corsica
25104 Corsica Lane
Menifee, CA 92585
Sale Aug-21 Fee
Simple/Freehold

EDC-NG,
Economic
Development
Corridor - North
Gateway
$1,373,500 4.85 211,266 $6.50
7 Industrial Site
Palomar Road S/O SR-74
Menifee, CA 92585
Sale Jul-20 Fee
Simple/Freehold
BP, Business Park $159,000 1.13 49,223 $3.23
Subject 27491 Ethanac Rd
Menifee, CA 92585
--- --- BP, Business Park --- 1.61 70,200 ---
1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE
Transaction

Market Conditions
Based on the market analysis in this report, the Menifee industrial market has been experiencing modest but steady increases in asking rents (approximately 8% to 12% annually, since 202 0).

Our market analysis indicates that the rate of growth significantly slowed down by 2023. Gordon Mize, a broker with Lee & Associates, stated that within the area of Menifee there is a higher demand for industrial land, depending on its capability. He also stated that this demand has warranted a 2 -5% increase in value per year in recent years. Given the flattening of sales throughout 2024, this trend extended into the beginning of 2025. Fabrice Vuillemey, Chairman of FC Group Realty, noted that demand for industrial properties around Riverside County has remained consistently steady with activity.

We have concluded that the market has increased at a rate of 10% annually until rising interest rates in Q2 2022. We have also concluded that the rate of growth dropped to 2.5% between the last half of 2022 and all of 2023, but flattened throughout the year of 2024 and extending onto the beginning of 2025.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 259

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July 16, 2025
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Singh Property Land Value
© CBRE, Inc. 40

DISCUSSION/ANALYSIS OF LAND SALES
Land Sale One
This is the sale of a 4.19 -acre, or 182,591 square foot three -parcel site that is located at 27960 Jackson Avenue, in Menifee. The property is located midblock on Jackson Avenue and north of Ethanac Road. The rectangularly shaped site sold in October 2024 for $1,920,000, or $10.52 per square foot. The site is zoned BP, Business Park, and is surrounded by vacant land, and legally non-conforming residential properties. The property sold as unentitled land. There are no atypical adverse conditions that impacted the sale price of the property.

Land Sale Two
This is the sale of a 5.49 -acre, or 239,144 square foot two -parcel site that is located at 25775 Sherman Road, in Perris. The property is located mid -block between SR-74 and Ethanac Road.

The irregularly shaped site sold in March 2024 for $3,500,000, or $14.64 per square foot. The site is zoned LI, Light Industrial, which allows for more intensive uses and a higher floor -to-area ratio. The property is surrounded by vacant land, industrial, and single -family residential uses.

The property sold as unentitled land. The agent stated that the site was already graded at the time of sale and the buyer plans to park trucks on the site. There are no atypical adverse conditions that impacted the sale price of the property.

Land Sale Three
This is the sale of a 6.71 -acre, or 292,288 square foot , sale located mid -block on Antelope Road, north of McLaughlin Road and south of Ethanac Road, in Menifee. The property is rectangularly shaped and sold in March 2023 for $1,835,000, or $6.28 per square foot. The site is located within the Menifee North Specific Plan and is categorized as Planning Area 2, or Industrial. The site is surrounded by vacant land and industrial uses. The pr operty sold as unentitled land. There are no atypical adverse conditions that impacted the sale price of the property.

Land Sale Four
This is the sale of a 0.15 -acre,or 6,534 square foot, sale located along the north side of Matthews Road, to the west of Jackson Avenue, in Menifee. The property also sides the A.T. & S.F.

Rail Corridor to the east. The property sold in September 2022 for $43,000, or $6.58 per square foot. The site is zoned BP, or Business Park, and is surrounded by similarly zoned vacant parcels.

The site has a utility pole within the boundaries of the site that limit the development potential.

The agent stated that the buyer plans to park cars on the site and sold as unentitled land. There are no other atypical adverse conditions that impacted the sale price of the property.

Land Sale Five
This is the sale of a 4.84-acre, or 210,830 square foot, sale located at 26277 Antelope Road, in Menifee. The property is located mid -block between McLaughlin Road and Ethanac Road. The rectangularly shaped site is located within the Menifee North Specific Plan and is categorized as Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 260

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July 16, 2025
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© CBRE, Inc. 41
Planning Area 2, or Industrial. The site is surrounded by vacant land and industrial uses. The property sold as unentitled land. The buyer owns multiple adjacent parcels and purchased this property for assemblage purposes. They intend to develop the site with an industrial use. There are no atypical adverse conditions that impacted the sale price of the property.

Land Sale Six
This is the sale of a 4.85 -acre, or 211,266 square foot, sale located at 25104 Corsica Lane, in Menifee. The property is located on the southwest corner of Wheat Street and Corsica Lane, in Menifee. The rectangularly shaped site is zoned EDC -NG, or Economic Development Corridor – North Gateway, and is surrounded by vacant land sites and large lot improved rural residential sites. The buyer owns an adjacent parcel and purchased this as an assemblage.

Land Sale Seven
This is the sale of a 1.13 -acre, or 49,223 square foot, site located on Pal omar Road, mid-block between SR-74 and Case Road, in Menifee. The property is located on a local road, within close proximity to a major arterial road. The rectangularly shaped and is zoned BP, or Business Park, and is surrounded by both vacant land and industrial uses.

Analysis
In this analysis, quantitate adjustments are given for market conditions and the other property characteristics are considered qualitatively. Not all characteristics are given the same weight or consideration. After analysis, the sales are arrayed to conclude a value for the subject property.

LAND SALES ADJUSTMENT GRID
Comparable Number 1 2 3 4 5 6 7 Subject
Transaction Type Sale Sale Sale Sale Sale Sale Sale --- Transaction Date Oct-24 Mar-24 Mar-23 Sep-22 Jan-22 Aug-21 Jan-20 --- Interest Transferred Fee
Simple/Freehold
Fee
Simple/Freehold
Fee
Simple/Freehold
Fee
Simple/Freehold
Fee
Simple/Freehold
Fee
Simple/Freehold
Fee
Simple/Freehold
Zoning BP, Business
Park
LI, Light
Industrial
Planning Area 2
(MNSP) -
Industrial
(Menifee North
Specific Plan)
BP, Business
Park
Planning Area 2
(MNSP) -
Industrial
(Menifee North
Specific Plan)

EDC-NG,
Economic
Development
Corridor - North
Gateway
BP, Business
Park
BP, Business
Park
Actual Sale Price $1,920,000 $3,500,000 $1,835,000 $43,000 $1,476,000 $1,373,500 $159,000 --- Size (Acres) 4.19 5.49 6.71 0.15 4.84 4.85 1.30 1.61
Size (SF) 182,591 239,144 292,288 6,534 210,830 211,266 49,223 70,200 Price Per Acre $213,504 $435,407 $101,877 $550,000 $150,629 $196,499 $122,026 --- Price Per SF $4.90 $10.00 $2.34 $12.63 $3.46 $4.51 $3.23 --- Price ($ PSF) $10.52 $14.64 $6.28 $6.58 $7.00 $6.50 $3.23 Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Terms 1 Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale None None None None None None None
Market Conditions (Time) 0.0% 0.0% 2.0% 3.2% 8.2% 12.8% 29.2% Subtotal $10.52 $14.64 $6.41 $6.79 $7.57 $7.33 $4.17
Location Similar Slightly Superior Slightly Inferior Similar Slightly Inferior Sig. Inferior Sig. Inferior Size Superior Superior Superior Sig. Inferior Superior Superior Slightly Inferior Access/Exposure Slightly Inferior Slightly Inferior Inferior Similar Inferior Sig. Inferior Sig. Inferior Shape Similar Similar Similar Sig. Inferior Similar Similar Similar Topography Similar Similar Similar Similar Similar Similar Similar Zoning/Density Similar Superior Slightly Inferior Similar Slightly Inferior Slightly Inferior Similar Entitlements Similar Similar Similar Similar Similar Similar Similar Economic Characteristics Similar Similar Similar Similar Similar Similar Similar Overall Comparison Similar Superior Inferior Inferior Inferior Inferior Sig. Inferior Value Indication for Subject $10.52 $14.64 $6.41 $6.79 $7.57 $7.33 $4.17 Indicated Value
1 Adjusted sale price for cash equivalency and/or development costs (where applicable) Compiled by CBRE
$13.00

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 261

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July 16, 2025
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Singh Property Land Value
© CBRE, Inc. 42

CONCLUSION
Based on the foregoing discussion of comparability, the subject property may be arrayed with the comparables as shown:

Item No. Overall Compatibility Cumulative Adjusted Price Per Square Foot
2 Superior $14.64
Subject Property
1 Similar $10.52
5 Inferior $7.57
6 Inferior $7.33
4 Inferior $6.79
3 Inferior $6.41
7 Sig. Inferior $4.17
Compiled by CBRE

LAND SALE ARRAY

The preceding analysis indicates a value within a range of $3.98 per square foot to $14.64 per square foot. Greatest consideration to sales 2 and 1 as they are both located close to the subject.

While Sale 1 is generally similar, Sale 2 is located in the City of Perris with a zoning designation that carries higher demand, according to market participants.

Although Sale 2 is proximate to the subject, this property is located in the City of Perris, which is a superior market with superior zoning. In addition, its Light Industrial use provides it expanded capabilities for development. The selling broker for Sale 2 stated that his property had a higher pool of potential buyers based on its larger size and achieved a far greater price per square foot than could be achieved at the subject location.

Accordingly, our opinion of the fair market unit value of the fee simple interest in the underlying land of the larger parcel, as of the date of this report, is as follows:

VALUE INDICATION BY SALES COMPARISON - LAND
Indicated Value per SF $13.00
Compiled by CBRE

In addition to the land value, we also consider the contributory value of the tire shop improvements located at the northeast corner of the larger parcel.

This is done in the following section of the report.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 262

Menifee Mayor and City Council
July 16, 2025
Page
1500 of 2087

Singh Property Improved Industrial Use Value – Tire Shop

CBRE VALUATION & ADVISORY SERVICES 43 © 2025 CBRE, INC
Improved Industrial Use Value – Tire Shop
The following map summarizes the comparable data used in the valuation of the subject site. A detailed description of each transaction is included in the addenda.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 263

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July 16, 2025
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Singh Property Improved Industrial Use Value – Tire Shop

SUMMARY OF COMPARABLE INDUSTRIAL SALES
Interest Land Land Year Property GBA Floor to Area Actual Sale Price No. Property Name Type Date Transferred (Acres) (SF) Built Type (SF) Ratio (FAR) Price Per SF 1 1 Light Industrial Auto Repair Shop
24004 State Street
San Jacinto, CA 92545
Sale Dec-24 Leased Fee 0.22 9,583 1978 Industrial 2,800 0.29 $600,000 $214.29 2 Auto Repair Shop
2475 San Jacinto Avenue
San Jacinto, CA 92583
Sale Aug-24 Leased Fee 0.89 38,768 1960 Industrial 4,896 0.13 $350,000 $71.49 3 Auto Repair & Tire Service Station
222 North State Street
Hemet, CA 92543
Sale Aug-23 Leased Fee 0.45 19,602 1963 Industrial 6,032 0.31 $1,091,000 $180.87 4 Industrial Warehouse/Manufacturing
Facility
27915 Ethanac Road
Menifee, CA 92585
Sale Sep-22 Leased Fee 0.93 40,510 1987 Industrial 3,200 0.08 $950,000 $296.88 5 Industrial Building
27235 Watson Road
Menifee, CA 92585
Sale Aug-22 Leased Fee 0.89 38,768 1982 Industrial 11,250 0.29 $2,100,000 $186.67 6 Mortuary/Crematorium Property
26245 Palomar Road
Menifee, CA 92585
Sale Dec-21 Leased Fee 0.90 38,987 1998 Industrial 8,000 0.21 $750,000 $93.75 7 Industrial Warehouse
3060 Sherman Road
Perris, CA 92570
Sale Dec-21 Leased Fee 0.89 38,768 1985 Industrial 10,800 0.28 $2,200,000 $203.70 Subj.

Pro
Forma
Singh Property
27491 Ethanac Rd
Menifee, CA 92585
--- --- --- 0.29 12,850 1971 Industrial 1,092 0.08 --- --- 1 Adjusted sale price for cash equivalency, lease-up and/or deferred maintenance (where applicable) Compiled by CBRE
Transaction

To value the tire shop improvements, we have estimated that 12,850 square feet of land in the northeast corner of the site are carved out and dedicated to the industrial improvements. The remaining area of the site is industrial land, with development potential (or to be used as storage, as in its current configuration). This section of the report independently values the 12,850 square foot tire shop “site”.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 264

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July 16, 2025
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Singh Property Improved Industrial Use Value – Tire Shop

DISCUSSION/ANALYSIS OF LAND SALES
Sale One
This is the sale of a 0.22-acre, or 9,583 square-foot one-parcel site that is located at 24004 State Street, in San Jacinto. The site contains a single -story building that was built in 1978, with type -S metal frame construction, and the improvement is 2,800-square foot in size. The purchase of the sale was so the buyer can operate the property as an auto repair shop as the sole owner -user.

The property is located at the southeast corner of State Street and Esplanade Avenue. The irregularly shaped site sold in December 2024 for $600,000, or $214.29 per square foot. The site is zoned IL, Light Industrial, and is surrounded by industrial uses. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The broker stated that no rent was being collected at the date of sale and that it was an unoccupied facility.

Sale Two
This is the sale of a multi -tenant 0.89-acre, or 38,768 square-foot one-parcel site that is located at 2475 San Jacinto Avenue, in San Jacinto. The site contains a type -C masonry construction, single story building that was built in 1960, with the improvement being 4,896 -square foot in size. The property is located mid -block on San Jacinto Avenue and north of East Menlo Avenue.

The irregularly shaped site sold in August 2024 for $350,000, or $71.49 per square foot. The site is zoned CG, Commercial General, and is surrounded by public institutional & industrial uses. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The property is still operating as an auto repair facility at the date of this report.

Sale Three
This is the sale of a multi-tenant, 0.45-acre, or 19,602 square-foot one-parcel site that is located at 222 North State Street, in Hemet. The site contains a type -C masonry construction, single story building that was built in 1963, and the size of the improvement is 6,032 -square foot. The property is located mid -block on State Street and is north of Latham Avenue. The irregularly shaped site sold in August 2023 for $1,091,000, or $180.87 per square foot. The site is zoned SP 16-001, Downtown Hemet Specific Plan, and is surrounded by industrial uses. The property sold unentitled at the date of sale. The listing broker stated that this property sold with a local owner user 15-month NNN lease at the date of sale. The broker stated this property sold at an actual cap rate of 5% at the date of sale.

Sale Four
This is the sale of a single -tenant, 0.93 -acre, or 40,510 square -foot one -parcel site that is located at 27915 Ethanac Road, in Menifee. The site contains a single story, type -S metal constructed, 3,200-square foot building that was built in 1987. The property is located mid-block on Ethanac Road and east of Dawson Road. The rectangularly -shaped site sold in September 2022 for $950,000, or $296.88 per square foot. The site is zoned BP, Business Park, and is Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 265

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July 16, 2025
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Singh Property Improved Industrial Use Value – Tire Shop

CBRE VALUATION & ADVISORY SERVICES 46 © 2025 CBRE, INC
surrounded by legally non -conforming residential properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The buying broker stated that there was an actual cap rate of 5% at the date of sale. and the property was going to be using the property as a manufacturing facility. The building also included at the date of sale, new plumbing, electrical panels, 800 Amperage, 480 - volt power supply, and a fenced yard.

Sale Five
This is the sale of a 0.89 -acre, or 38,768 square -foot one-parcel site that is located at 27235 Watson Road, in Menifee. The site contains a 15 feet clear height, single story, type - S metal construction, and 11,250-square foot building that was built in 1986. The property is located at the southeast corner of Watson Road and Trumble Road. The irregularly shaped site sold in August 2022 for $2,100,000, or $186.67 per square foot. The site is zoned EDC -NG, Economic Development Corridor-Northern Gateway, and is surrounded by industrial properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property.

Sale Six
This is the sale of a owner -user occupied, 0.89-acre, or 38,987 square -foot one-parcel site that is located at 26245 Palomar Road, in Menifee. The site contains a single story, type -C masonry constructed, 8,000-square foot building that was built in 1998. The property is located mid-block and south of state route 74. The rectangularly-shaped site sold in December 2021 for $750,000, or $93.75 per square foot. The site is zoned BP, Business Park, and is surrounded by industrial properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The purpose of the sale was to continue the previous use as a mortuary and crematorium.

Sale Seven
This is the sale of a 0.89 -acre, or 38,768 square -foot one-parcel site that is located at 3060 Sherman Road, in Perris. The site contains a 1985 built office/showroom in the easterly portion of the parcel, and a warehouse in the westerly portion of the property. The total building size of the warehouse and easterly office/showroom building is 10,800 -square foot. The property is located mid-block on Sherman Road and north of Ethanac Road. The rectangularly -shaped site sold in December 2021 for $2,200,000, or $203.70 per square foot. The site is zoned LI, Light Industrial, and is surrounded by legally non -conforming residential properties and vacant land.

The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 266

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July 16, 2025
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Singh Property Improved Industrial Use Value – Tire Shop

CBRE VALUATION & ADVISORY SERVICES 47 © 2025 CBRE, INC
Analysis
In this analysis, quantitate adjustments are given for market conditions and the other property characteristics are considered qualitatively. Not all characteristics are given the same weight or consideration. After analysis, the sales are arrayed to conclude a value for the subject property.

IMPROVED SALES COMPARISON APPROACH
Comparable Number 1 2 3 4 5 6 7
Transaction Type Sale Sale Sale Sale Sale Sale Sale
Transaction Date Dec-24 Aug-24 Aug-23 Sep-22 Aug-22 Dec-21 Dec-21 Interest Transferred Leased Fee Leased Fee Leased Fee Leased Fee Leased Fee Leased Fee Leased Fee Year Built 1978 1960 1963 1987 1982 1998 1985
GBA (SF) 2,800 4,896 6,032 3,200 11,250 8,000 10,800
Actual Sale Price $600,000 $350,000 $1,091,000 $950,000 $2,100,000 $750,000 $2,200,000 Sale Price Per SF $214.29 $71.49 $180.87 $296.88 $186.67 $93.75 $203.70 Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Fee Simple Financing Terms 1
Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Cash to Seller Conditions of Sale None None None None None None None
Market Conditions (Time) 0.0% 0.0% 0.8% 3.2% 3.3% 8.4% 8.6% Subtotal - Price Per SF $214.29 $71.49 $182.32 $306.38 $192.83 $101.63 $221.22 Location Similar Similar Similar Similar Similar Similar Superior Size Slightly Superior Slightly Superior Slightly Superior Slightly Superior Superior Superior Superior Age/Condition Similar Similar Similar Similar Similar Superior Similar Quality of Construction Inferior Slightly Inferior Similar Inferior Inferior Similar Inferior Access/Exposure Similar Inferior Inferior Inferior Similar Inferior Inferior Floor to Area Ratio (FAR) Inferior Similar Inferior Similar Inferior Inferior Inferior Economic Conditions Similar Similar Similar Similar Similar Similar Similar Overall Comparison Inferior Sig. Inferior Inferior Slightly Superior Inferior Sig. Inferior Inferior Indicated Value Per SF $214.29 $71.49 $182.32 $306.38 $192.83 $101.63 $221.22 Indicated Value
1 Adjusted for cash equivalency, lease-up and/or deferred maintenance (where applicable) Compiled by CBRE
$300.00

CONCLUSION
Based on the foregoing discussion of comparability, the subject property may be arrayed with the comparables as shown:

Item No. Overall Compatibility Cumulative Adjusted Price Per Square Foot
4 Slightly Superior $306.38
Subject Property
7 Inferior $221.22
1 Inferior $214.29
5 Inferior $192.83
3 Inferior $182.32
6 Significantly Inferior $101.63
2 Significantly Inferior $71.49
Compiled by CBRE

IMPROVED SALE ARRAY

The preceding analysis indicates a value within a range of $71.49 per square foot to $306.38 per square foot. Greatest consideration to sales 4 and 7 as they are both the two most proximate sales. Despite the similarities, Sale 7 is superior for location in Perris and inferior for its higher Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 267

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July 16, 2025
Page
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Singh Property Improved Industrial Use Value – Tire Shop

CBRE VALUATION & ADVISORY SERVICES 48 © 2025 CBRE, INC
floor area ratio (FAR). These two properties also have varying degrees of superior size, while also being inferior for quality of construction as they are both comprised of metal sheet construction materials when compared to the subject masonry construction. Additionally, these two properties are inferior for access and exposure as they both have one frontage road when compared to the subject’s corner orientation.

Accordingly, our opinion of the fair market unit value of the fee simple interest for the improved portion of the subject property, as of the date of this report, is as follows:

VALUE INDICATION BY SALES COMPARISON
Indicated Value per SF $300.00
Subject Improved Square Feet 1,092
Indicated Value $327,600
Compiled by CBRE

This is the value that is applied to the 12,850 square foot tire shop “site”.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 268

Menifee Mayor and City Council
July 16, 2025
Page
1506 of 2087

Singh Property Income Capitalization Approach

CBRE VALUATION & ADVISORY SERVICES 49 © 2025 CBRE, INC
Income Capitalization Approach
The following map and table summarize the primary comparable data used in the valuation of the subject. A detailed description of each transaction is included in the addenda.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 269

Menifee Mayor and City Council
July 16, 2025
Page
1507 of 2087

Singh Property Income Capitalization Approach

SUMMARY OF COMPARABLE INDUSTRIAL RENTALS
No. Property Name Location
YOC /
Reno'd
Property
Type Occ.

Distance
from
Subj
GBA
(SF)
Lease
Area
(SF)
Clear
Height
Lease
Term
Starting
Rent
$PSF
Expense
Basis
1 Multi-Tenant Auto Repair Facility 1200 West Florida Avenue 1997 Auto Repair 100% 11 Miles 41,540 1,160 15' 12 $12.00 Modified Gross Hemet, CA 92543
2 Single-Tenant Industrial Warehouse 27235 Watson Road 1982 Industrial 100% 0.5 Miles 11,250 11,250 16' 60 $13.20 Industrial Gross Menifee, CA 92585
3 Multi-Tenant Auto Repair Facility 147 N Gilbert Street 1977 Auto Repair 100% 12 Miles 9,696 3,628 18' 15 $14.88 Modified Gross Hemet, CA 92543
4 Single-Tenant Auto Repair Facility 31700 Casino Drive 1990 Auto Repair 100% 8.8 Miles 2,483 2,483 15' 36 $14.50 Modified Gross Lake Elsinore, CA 92530
Subj. Singh Property 27491 Ethanac Rd
Menifee, CA 92585
1971 Industrial 100% --- 1,092 0 15' --- --- ---
Compiled by CBRE

The comparable rentals in this analysis represent the best data available for comparison with the subject.

They were selected from our research within the greater riverside area within a 12-mile radius of the subject. These comparable rentals were chosen based upon relatable uses as an auto repair shop.

Rents are indicated on an annual basis per square foot.

DISCUSSION/ANALYSIS OF RENT COMPARABLES
Rent Comparable One
The site is a 2.62 -acre, or 114,127 square -foot, five-unit, multi -tenant, auto repair facility constructed in 1997, located at 1200 West Florida Avenue in the city of Hemet. The unit leased was unit G and is operating as a motorcycle repair shop, which is a 1,160 -square foot unit, and has a clear height of 15’ feet . This unit includes a one-story wood construction building and 70 surface parking spaces. The property also has 20'x14' grade level roll up doors, high visibility on Florida Avenue, and roughly 34,788 cars per day in traffic. The leasing broker stated that the landlord likes to keep one year lease terms for new tenants, which includes 3% escalation s per year. The starting rent is $12.00 per square -foot on an annual basis of rent, or $1.00 per square-foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Rent Comparable Two
The site is a 0.89-acre, or 38,768 square-foot property that consists of a type-S metal warehouse facility, constructed in 1982 and located at 27235 Watson Road in the city of Menifee. The single-tenant warehouse consists of 11,250 SF, includes 5 grade -level loading doors, and is fully gated with a secured yard. The property includes an office finish of approximately 7.1%, a clear height of 16’ feet, and a power of 400a/277 - 480v. The property was leased with a 5 -year term, new direct lease, and a starting rate of $13.20/SF/year or $1.10/SF/month, industrial gross. Escalations are at 3% per year. Information regarding the listing was gathered from the leasing representative.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 270

Menifee Mayor and City Council
July 16, 2025
Page
1508 of 2087

Singh Property Income Capitalization Approach

Rent Comparable Three
The site is a 0.47 -acre, or 20,435 square -foot property that consists of two type -C masonry constructed buildings built in 1977. The multi -tenant, auto repair facility is located at 147 North Gilbert Street in the city of Hemet. The unit leased was unit A -2, which is a 3,628 -square foot auto repair unit. This unit includes a one -story masonry constructed building that was leased for 15 months on a new direct lease. The unit has 18' feet clear height and one level only. The leasing broker stated that the landlord included a 3% escalation per year. The starting rent is $14.88 per square-foot on an annual basis of rent, or $1.24 per square -foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Rent Comparable Four
The property is a 0.40 -acre, 17,424 square -foot property that consists of a one unit, single - tenant, auto repair facility constructed in 1990 located at 31700 Casino Drive in the city of Lake Elsinore. The unit leased is a 2,483-square foot auto repair unit for a 36 month new direct lease term. This unit includes a one -story wood frame construction building. The unit has 15' feet clear height and one level only. The leasing broker stated that the landlord included a 3% escalation per year. The starting rent is $14.50 per square -foot on an annual basis of rent, or $1.21 per square-foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 271

Menifee Mayor and City Council
July 16, 2025
Page
1509 of 2087

Singh Property Income Capitalization Approach

INDUSTRIAL RENT ADJUSTMENT GRID
Comparable Number 1 2 3 4 Subject
Building Information
Year Built 1997 1982 1977 1990 1971
Property Type Industrial Industrial Industrial Industrial Industrial Occupancy 100% 100% 100% 100% 100%
GBA (SF) 41,540 11,250 9,696 2,483 1,092
Clear Height 15' 16' 18' 15' 15'
Annual Rental Rate $12.00 $13.20 $14.88 $14.50 $0.00
Expense Basis Modified Gross Industrial Gross Modified Gross Modified Gross Lease Specific Information
Tenant Name J.T Auto
Transmission
Auto Repair
Inland Products Griffith
Company, Inc.

Industrial Tenant
Meineke
Lease Area (SF) 1,160 11,250 3,628 2,483
Lease Date Jan-25 Dec-24 Aug-23 Apr-23
Lease Term (Years) 1 5 1 3
Base Rent $12.00 $13.20 $14.88 $14.50
Reimbursements Modified Gross Industrial Gross Modified Gross Modified Gross Escalations 3.00% 3.00% 3.00% 3.00%
Rent Per SF/Mo $1.00 $1.10 $1.24 $1.21
Conditions of Lease Similar Similar Similar Similar
Market Conditions (Time) 0.4% 0.6% 3.9% 4.8%
Subtotal $1.00 $1.11 $1.29 $1.27
Location Similar Similar Similar Similar
Size Similar Sig. Inferior Inferior Inferior
Age/Condition Superior Slightly Superior Slightly Superior Superior Quality of Finish Slightly Superior Similar Similar Slightly Superior Parking Superior Similar Superior Superior
Access/Exposure Slightly Inferior Inferior Inferior Inferior Other Similar Similar Similar Similar
Overall Comparison Inferior Inferior Superior Superior
Indicated Rent Per SF / Mo $1.00 $1.11 $1.29 $1.27
Indicated Rent
Source: CBRE
$1.25

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 272

Menifee Mayor and City Council
July 16, 2025
Page
1510 of 2087

Singh Property Income Capitalization Approach

CONCLUSION
Based on the foregoing discussion of comparability, the subject property may be arrayed with the comparables as shown:

Item No. Overall Compatibility Cumulative Adjusted Price Per Square Foot
3 Superior $1.29
4 Superior $1.27
Subject Property
2 Inferior $1.11
1 Inferior $1.00
Compiled by CBRE

RENTAL ARRAY

The preceding analysis indicates a value within a range of $1.00 per square foot per month to $1.29 per square foot per month. The subject is bracketed between rents 2 and 4. Rent 2 is significantly inferior for its size and access but is offset by its slightly superior condition. Rent 4 is superior for condition and parking and is slightly superior for quality. These points of superiority are only partially offset by its inferior size related to the economies of scale, as well as access.

Accordingly, our opinion of the fair market rent per square foot per month, as of the date of this report, is as follows:

RENTAL VALUE INDICATION
Indicated Rent Per SF/Mo $1.25
Compiled by CBRE

Documentation was requested related to the existing lease at the site for the tire shop and the owners declined to provide the lease or rent roll. We have based the analysis on market- supported rental conclusions.

OPERATING EXPENSE ANALYSIS
Expense Comparables
The following chart summarizes expenses obtained from recognized industry publications and/or comparable properties.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 273

Menifee Mayor and City Council
July 16, 2025
Page
1511 of 2087

Singh Property Income Capitalization Approach

Comparable Number 1 2 3 4
Location Carson Van Nuys Chino Azusa
Vintage 1970's 1950's 1980's 1990's
Period 2024 2024 2023 2022
Revenues $/SF $/SF $/SF $/SF
Potential Rental Income $23.84 $18.44 $11.81 $19.80
Vacancy $0.00 $0.00 $0.00 $0.00
Credit Loss $0.00 $0.00 $0.00 $0.00
Net Rental Income $23.84 $18.44 $11.81 $19.80
Expense Reimbursements $2.19 $0.00 $0.52 $0.00
Vacancy & Credit Loss $0.00 $0.00 $0.00 $0.00
Subtotal Effective Other Income $2.19 $0.00 $0.52 $0.00 Other Income $0.00 $0.00 $0.00 $0.00
Total Other Income $2.19 $0.00 $0.52 $0.00
Effective Gross Income $26.03 $18.44 $12.33 $25.89
Expenses
Real Estate Taxes $0.96 $2.16 $0.98 $1.29
Property Insurance $0.53 $0.27 $0.47 $0.62
Administrative & General $0.18 $0.06 $0.08 $0.02
Building Maintenance $0.52 $0.00 $0.32 $0.70
Common Area Maintenance $0.00 $0.00 $0.00 $0.00
Management Fee $0.84 $0.00 $0.00 $0.37
Other $0.00 $0.00 $0.00 $0.00
Replacement Reserves $0.00 $0.00 $0.00 $0.00
Total Operating Expenses $3.03 $2.49 $1.85 $3.00
Operating Expenses Excluding Taxes $2.07 $0.33 $0.87 $1.71 Operating Expense Ratio 11.6% 13.5% 15.0% 11.6%
Management Fee (% of EGI) 3.2% 0.0% 0.0% 1.4%
² The median total differs from the sum of the individual amounts.

Compiled by CBRE

A discussion of each expense category is presented on the following pages.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 274

Menifee Mayor and City Council
July 16, 2025
Page
1512 of 2087

Singh Property Income Capitalization Approach

EXPENSE ANALYSIS
A summary of our conclusions is provided below:

COMPARABLE EXPENSE ANALYSIS
Subject
Period Comp 1 Comp 2 Comp 3 Comp 4 Conclusion
Location Carson Van Nuys Chino Azusa
Year Built 1979 1959 1989 1997
Period 2024 2024 2023 2022
Range Names $/SF/Yr $/SF/Yr $/SF/Yr $/SF/Yr $/SF/Yr Effective Gross Income $26.03 $18.44 $12.33 $25.89 $14.70 Expenses
Real Estate Taxes $0.96 $2.16 $0.98 $1.29 $3.20
Property Insurance $0.53 $0.27 $0.47 $0.62 0.40
Administrative & General $0.18 $0.06 $0.08 $0.02 -
Building Maintenance $0.52 $0.00 $0.32 $0.70 -
Common Area Maintenance $0.00 $0.00 $0.00 $0.00 -
Management Fee $0.84 $0.00 $0.00 $0.37 3.00% 0.44
Other $0.00 $0.00 $0.00 $0.00 -
Replacement Reserves $0.00 $0.00 $0.00 $0.00 -
Total Operating Expenses $3.03 $2.49 $1.85 $3.00 $4.04
Operating Expenses Excluding Taxes $2.07 $0.33 $0.87 $1.71 $0.84 Operating Expense Ratio 11.6% 13.5% 15.0% 11.6% 27.5%
Management Fee 3.2% 0.0% 0.0% 1.4% 3.0%
Compiled by CBRE
Comparables

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 275

Menifee Mayor and City Council
July 16, 2025
Page
1513 of 2087

DIRECT CAPITALIZATION
Direct capitalization is a method used to convert a single year’s estimated stabilized net operating income into a value indication. The following subsections represent different techniques for deriving an overall capitalization rate.

Comparable Sales
The overall capitalization rates (OARs) confirmed for the comparable sales analyzed in the sales comparison approach are as follows:

COMPARABLE CAPITALIZATION RATES
Sale Sale Price
Sale Date Address City $/SF Occupancy OAR
1 Jan-25 27437 E. 5th Street Highland $188.24 100% 6.57% 2 Nov-24 2570 S. Santa Fe Avenue Vista $481.27 100% 6.47% 3 Nov-24 859-869 W. 18th Street Costa Mesa $330.25 100% 4.56% 4 Sep-24 2911 N. Orange Olive Road Orange $119.72 100% 5.84% 5 Apr-24 15151-15167 Moran Street Westminster $309.42 100% 4.00% 6 Nov-23 1131-1135 W. 1st Street Santa Ana $296.49 100% 4.71% 7 Aug-23 596 Apollo Street Brea $401.69 100% 7.25%
8 Jun-23 6141 Quail Valley Court Riverside $467.59 100% 5.95% Indicated OAR: 4.00%-7.25%
Compiled by CBRE

The overall capitalization rates for these sales were derived based upon the actual income characteristics of the property. All sales occurred within the past two years. Therefore, primary emphasis has been placed upon the more recent data, which is generally reflective of current market trends, interest rates, and buyer’s expectations and motivation in the market. Each of these sales shows a similar tenancy structure with regard to stability and credit rating, whereby little if any adjustment adjustments are required when compared with the subject.

OVERALL CAPITALIZATION RATE - CONCLUSION
Source Indicated OAR
Comparable Sales 4.00%-7.25%
PWC Pacific Region 5.41%
CBRE Estimate 4.25%
Compiled by CBRE

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 276

Menifee Mayor and City Council
July 16, 2025
Page
1514 of 2087

Singh Property Income Capitalization Approach
CBRE VALUATION & ADVISORY SERVICES 57 © 2025 CBRE, INC
Direct Capitalization Summary
A summary of the direct capitalization is illustrated in the following chart.

DIRECT CAPITALIZATION SUMMARY
Income $/SF/Yr Total
Potential Rental Income $15.00 $16,380
Vacancy & Credit Loss 2.00% (0.30) (328)
Net Rental Income $14.70 $16,052
Other Income 0.00 0
Total Other Income $0.00 $0
Effective Gross Income $14.70 $16,052
Expenses
Real Estate Taxes $3.20 3,494
Property Insurance 0.40 437
Management Fee 3.00% 0.44 482
Total Operating Expenses $4.04 $4,413
Operating Expense Ratio 27.49%
Net Operating Income $10.66 $11,640
OAR ÷ 4.25%
Matrix Analysis Cap Rate Value

4.25% $273,874
Compiled by CBRE

IMPROVED VALUE INDICATION
The subject is a single-unit tire shop in a market that is less investor driven than other submarkets in the inland empire region. Therefore, we have concluded that the sales comparison approach, as indicated in the following table, is the appropriate indicated value for the improved area.

Sales Comparison Approach Income Approach
Tire Shop Site $327,600 $273,874
Compiled by CBRE

IMPROVED VALUE INDICATION

We have concluded to the value indicated by the sales comparison approach, as the local market is far more likely to find owner user buyers for this asset category than investor buyers. This is the value that is applied to the 12,850 square foot tire shop “site”.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 277

Menifee Mayor and City Council
July 16, 2025
Page
1515 of 2087

Singh Property Value Indication for the Larger Parcel
CBRE VALUATION & ADVISORY SERVICES 58 © 2025 CBRE, INC
Value Indication for the Larger Parcel
The overall value of the larger parcel is indicated as the sum of the value of the partitioned tire shop area, the value excess land, and the value of the site improvements, which is detailed in the following section.

IMPROVED TIRE SHOP AREA
The tire shop improvements at the subject property make up a floor -to-area ratio (FAR) of .016:1 and are configured along the northeasterly quadrant of the overall site. This is portion is directly impacted by the proposed acquisitions. As a result, we have partitioned the northeast quadrant and have estimated that approximately 12,850 square feet of land can be applied to the tire shop, effectively increasing the FAR to .085:1 , which is slightly more common for the area . The remainder of the unimproved site area is considered to be excess land, in which we apply the price per square foot value from the land valuation section in the subsequent table.

VALUE OF THE IMPROVED TIRE SHOP
Indicated Value of Tire Shop Site $327,600
Compiled by CBRE

EXCESS LAND
As a result of the partitioning of the tire shop area, the remaining excess land is 57,350 square feet. The price per square foot indicated in the land valuation section is applied directly to the excess land area in the following table.

VALUE OF THE EXCESS LAND
Indicated Value Per Square Foot (Land) $13.00
Excess Land Area 57,350
Indicated Value $745,550
Compiled by CBRE

This land is given full redevelopment value and is currently configured as a site for parking and storing trucks, which generates rental revenue.

SITE IMPROVEMENTS
The site improvements include a wrought iron fence and gate along the Ethanac Road and Sherman Road frontages. Many of the comparable land and improved comparable sales include perimeter fencing in the respective indicated price per square foot . It is also noted that the fencing is protected in place or will be replaced in like kind by the acquiring agency.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 278

Menifee Mayor and City Council
July 16, 2025
Page
1516 of 2087

INDICATED VALUE OF THE LARGER PARCEL
As stated earlier, we consider the value of the larger parcel to be the sum of the partitioned improved tire shop area and the excess land.

LARGER PARCEL VALUE CONCLUSION
Tire Shop Site $327,600
Excess Land $745,550
Indicated Value $1,073,150
Compiled by CBRE

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 279

Menifee Mayor and City Council
July 16, 2025
Page
1517 of 2087

Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 60 © 2025 CBRE, INC
Valuation of the Parts Acquired
Having developed an opinion of the highest and best use and the fair market value of the subject larger parcel, we now proceed to analyze the rights to be acquired, and to consider the impacts that the project may have on the portion of the property that is not within the boundaries of the easement (i.e., the unencumbered remainder parcel).

METHODOLOGY FOR VALUATION OF PARTS ACQUIRED
The first step in determining the fair market value associated with the parts acquired is to value the permanent parts to be acquired as part of the larger parcel. This includes the permanent acquisitions that exist into perpetuity. The next step in the analysis is to determine the net severance damages, if any, that accrue to the remainder by reason of the acquisition and the construction of the project in the manner proposed. This analysis involves determining the value of the remaining property before and after the acquisition. Severance damages that are calculated are then offset by project benefits, if any, resulting in net severance damages to the remainder parcel.

Our valuation analysis concludes with a summary that presents the opinions derived from the preceding studies, and specifically identifies our conclusions regarding the fair market value of the proposed acquisition.

THE PROPOSED RIGHT OF WAY PROJECT
The City of Menifee is requiring a widening of Ethanac Road to accommodate an expected increase in vehicular traffic. This is a smaller widening than the overall eventual widening planned for Ethanac Road. The subject is being impacted by the acquisitions associated only with this initial project.

There will be an eventual requirement of 100 feet from the center line of Ethanac Road.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 280

Menifee Mayor and City Council
July 16, 2025
Page
1518 of 2087

PROPOSED ACQUISITION
As a result of the project in the manner proposed, a permanent acquisition is required on the subject property for the purpose of street widening. The permanent easement acquisition will be located at the northeasterly corner of the subject larger parcel, extending along the intersection at Ethanac Road and Sherman Road . This acquisition reduces the area of the northeast corner of the larger parcel and is 2,370 square feet in size. The purpose of this acquisition is for street widening and redevelopment of the Ethanac Road and Sherman Road right of way. There is also a temporary construction easement.

The acquisitions required at the subject property are indicated in the following table.

The intended use of the acquisition will be in conjunction with the widening of Ethanac Road.

Permanent Parts Acquired
The permanent acquisition impacting the larger parcel consists solely of a permanent acquisition of the fee rights of the impacted area. This area will be severed from the remainder and is valued at 100% of the concluded unit value (per square foot) for the overall larger parcel. We note that this area is located along the perimeter of the site and does not impact the structural improvements at the site.

PERMANENT ACQUISITION VALUE CONCLUSION
The value of the proposed easement is based upon its pro-rata contributory value to the whole property. Easements of this type are usually valued as percentage of fee value. The following chart illustrates typical encumbrances, and their impact based on the degree of rights affected.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 281

Menifee Mayor and City Council
July 16, 2025
Page
1519 of 2087

Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 62 © 2025 CBRE, INC
The easement is intended to allow constructing, maintaining and repairing the right-of-way, over, across, under, and through the Easement Area. The following easement matrix includes consideration for the type of impact the proposed acquisition has on the impacted areas.

Easement Valuation Matrix
Percentage of Fee Impact Potential Types of Easements
90% - 100% Severe impact on surface use
Conveyance of future uses
Overhead electric, flowage
easements, railroad right of way,
irrigation canals, exclusive access
easements
75% - 89% Major impact on surface use
Conveyance of future uses
Overhead electric, pipelines,
drainage easements, railroad right
of way, flowage easements
51% - 74% Some impact on surface use
Conveyance of ingress/egress rights Pipelines, scenic easements 50% Balanced use by both owner and
easement holder
Water or sewer lines, cable lines,
telecommunications
26% - 49% Location along a property line location
across non-usable land area Water or sewer line, cable lines 11% - 25%
Subsurface or air rights with minimal
effect on use and utility
Location with a setback
Air rights, water or sewer line
0% - 10% Nominal effect on use and utility Small subsurface easement Right of Way Magazine, “The Valuation of Easements”, Sherwood, November/December 2014

We note that the permanent acquisition will result in severe impacts to the property rights. This results in a complete loss of contributory value for the permanent acquisition area.

PERMANENT ACQUISITIONS
Item
Land Area
(SF)
Land Value
($/SF)
Indicated
Rights Acquired Indicated Value
Permanent Public Street
and Utility Easement 2,370 $13.00 100% $30,810
Total 2,370 $30,810
Compiled by: CBRE

Site Improvements
There is a wrought iron fence and a sliding wrought iron gate that will be impacted by the proposed acquisition. These are the only site improvements located within the acquisition area.

The fence was reportedly built within the past 6 years and is high quality construction.

In the before condition, the fence is 534 linear square feet along the Ethanac and Sherman road frontages.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 282

Menifee Mayor and City Council
July 16, 2025
Page
1520 of 2087

In the before condition, there are 284± linear feet of fencing that will be realigned to match up with the newly formed perimeter. In the after condition, only 261± feet of fencing will be required, much of it unchanged from the original configuration and some of it realigned with the new boundary. We have been instructed by the client that the realignment of the fence will be completed at no cost to the property owner. There is a loss of 23 linear feet of fencing that is included in our compensation estimate. There are also additional site improvements included in our analysis.

We utilized Marshall Valuation Service (MVS) for the cost estimate for the impacted site improvements. The cost for wrought iron fencing can be found on Page 4 of Section 66. We utilized an above average base cost for both improvements. The unit indicated in the following table is based on the planimetric measurement of each improvement. The cost for concrete curbs and aprons can be found on Page 2 of Section 66. We utilized an above average cost for this improvement.

The size and depreciation of the site improvements in the proposed acquisition area was measured based on estimations from the inspection and acquisition exhibits provided by the client.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 283

Menifee Mayor and City Council
July 16, 2025
Page
1521 of 2087

VALUATION OF SITE IMPROVEMENTS
Site Improvement Quantity Unit Cost Depreciation
Replacement
Cost New
Wrought Iron Fence SF 138 $30.76 10% $3,820.39
Concrete Apron SF 265 $9.84 20% $2,086.08
Concrete Curb LF 174 $22.15 20% $3,083.28
Subtotal $8,989.75
Add Indirect Costs @ 10% $898.98
Subtotal $9,888.73
Add Entrepreneurial Profit @ 15% $1,483.31
Total Depreciated Site Improvements $11,372.04
Rounded $11,372
*Source: Marshall Valuation Service; Includes local and current multipliers Compiled by: CBRE

Mitigation Costs
It is important to note that the client has stated the perimeter fence can be realigned or replaced at no cost to the property owner. Mitigation efforts related to the fence are therefore not included as a line item in the analysis.

The mitigation cost includes a replacement of the concrete apron at the location of the new driveway, the cost of which can be found in MVS Section 66, Page 1. An above average cost was utilized for grading purposes.

We have concluded that the cost of new site improvements in the after condition exceed the depreciated cost of the site improvements in the before condition.

MITIGATION COST ANALYSIS
Site Improvement Quantity Unit Cost
Replacement
Cost New
Grading SF 250 $0.98 $245.00
Concrete Apron SF 265 $9.84 $2,607.60
Concrete Curb LF 174 $22.15 $3,854.10
Subtotal $6,706.70
Add Indirect Costs @ 10% $670.67
Subtotal $7,377.37
Add Entrepreneurial Profit @ 15% $1,106.61
Total Depreciated Site Improvements $8,483.98
Rounded $8,484
*Source: Marshall Valuation Service; Includes local and current multipliers Compiled by: CBRE

The difference between the cost for a new driveway and the loss of the original driveway result in mitigation costs, necessary to restore the property to a similar condition after the acquisition. We have therefore included mitigation costs in the following table to offset the higher cost to replace the depreciated driveway improvements in the before condition with a new fence in the after condition. The cost of the fence is not included.

In the before condition, the gate and curb cut are approximately 25 feet from the corner of the larger parcel. As indicated in the previous acquisition exhibit, we estimate that the gate and curb Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 284

Menifee Mayor and City Council
July 16, 2025
Page
1522 of 2087

Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 65 © 2025 CBRE, INC
cut will be reconfigured with the appropriate 25 -foot distance from the new corner of the site in the after condition.

MITIGATION COSTS
Cost New Site Improvements (After Condition) $8,484
Depreciated Cost (Before Condition) $6,539
Indicated Value $1,945
Compiled by CBRE

The mitigation costs are added to the overall compensation after consideration of damages. It is noted that the existing fence may potentially be realigned, but we have included costs assuming that new lengths of fence will be used in the after condition.

Overall Value of the Permanent Parts Acquired
The value of the site improvements is based on information compiled from MVS and is indicated in the previous table. The value of the underlying land is combined with the value of the impacted site improvements in the following table.

OVERALL VALUE OF THE PERMANENT PARTS ACQUIRED
Parts Acquired Indicated Value
Land in Acquisition Area $30,810
Improvements in the Acquisition Area $11,372
Total $42,182
Compiled by: CBRE

Value of the Remainder as a Portion of the Whole
By deducting the value of the permanent acquisition from the value of the larger parcel, the value of the remainder as part of the whole is concluded.

REMAINDER AS A PORTION OF THE WHOLE
Tire Shop Value Per Sales Comparison Approach $327,600
Excess Land $745,550
Less: Permanent Acquisition (Land Only) -$42,182
Remainder as a Portion of the Whole $1,030,968
Compiled by CBRE

The figure above is useful for comparison purposes, with the value of the remainder in the after condition, as the method for estimating severance damages to the remainder. Only the land value is considered in this analysis.

Value of the Remainder in the After Condition
To make a determination of the value of the remainder in the after condition before consideration of benefits, we consider the impact of the permanent acquisitions on the remainder.

There is a permanent loss of land that is part of the tire shop site in the before condition. In the after condition, we have assumed that this land area will be replaced by using additional excess Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 285

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July 16, 2025
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Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 66 © 2025 CBRE, INC
land and applying it to the shop site . It is again noted that th e structural improvements are not directly impacted by the proposed acquisition. However, the site devoted to the tire shop will be initially reduced in the after condition.

The size of the dedicated tire shop “site” area is 12,850 square feet in the before condition . We are ensuring in this analysis that, in the after condition, the tire shop has a similar amount of land devoted to it to allow for the improvements to maintain the same value. That land can be added along the eastern or southern boundaries of the tire shop site. In order to accomplish this , we are reducing even further the area of the additional excess land.

The tire shop site is losing its rectangular shape and land located along Ethanac Road.

Therefore, we are not only restoring, but also increasing the area of the site devoted to the tire shop to offset the loss. We are increasing the tire shop “site” from 12,850 square feet to 14,630 square feet, which allows the tire shop improvements to conform to more typical floor to area ratios (FARs) throughout the market. We have concluded that the superior FAR in the after condition offsets the slightly irregular shape and configuration in the after condition. The primary change in the after condition is that the 8 feet of frontage being lost will be replaced a larger amount of land to the east and south of the structural improvements.

This results in an additional loss of excess land in the after condition and results in a conclusion of severance damages.

Item Land Area
(SF)
Price Per
Square Foot
Remaining
Interest
Indicated
Value
Tire Shop Site 14,630 N/A 100% $327,600
Unencumbered Remainder - Excess Land 53,200 $13.00 100% $691,600 Fee Acquisition 2,370 $13.00 0% $0
Total 70,200 $1,019,200
Compiled by: CBRE

REMAINDER IN THE AFTER CONDITION BEFORE CONSIDERING BENEFITS

It is again noted that the existing structural improvements are not directly impacted by the acquisition. The future potential development of the site is proportionally decreased by the size of the acquisition area.

Severance Damages
Severance damages are equal to the difference between the remainder as a portion of the whole and the value of the remainder in the after condition.

SEVERANCE DAMAGES
Value of the Remainder as Part of the Whole $1,030,968 Value of the Remainder in the After Condition $1,019,200 Total $11,768
Compiled by: CBRE

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 286

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Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 67 © 2025 CBRE, INC
The highest and best use of the remainder as vacant in both the before and after conditions remains the same and functional utility, in the after condition, is considered to be generally similar.

Benefits
We have not concluded that the site will have any quantifiable benefits from the project, particularly because this project does not fulfil the ultimate right of way requirement for the eventual complete redevelopment of Ethanac Road.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 287

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FAIR MARKET VALUE OF THE TEMPORARY EASEMENTS
Based on our understanding of the requirements for this project, a temporary construction easement will be required at the subject property. The TCE will be needed during the construction of road and utility improvements and will be non -exclusive, even during the construction.

A temporary easement reflects a transaction equivalent to a rental of the land for the period of construction. It can be evaluated on the basis of negotiated land rental transactions, or (in the absence of directly relevant market transactions) a rate of return may be applied to the value of the underlying land. In this appraisal, we have relied on the latter.

The value of the subject land encumbered by the TCE is expressed as the value per square foot based on the unit value of the larger parcel.

Public agencies are among the more active lessors of land. For many years many public agencies have publicly stated that they seek up to 10% land capitalization rates when they lease land. The reality is that this is typically a starting point for negotiations and actual rates are often lower. The rates at the high end of the range in the table below are asking rates, not rates that are achieved.

Due to the numerous requests for anonymity by the public agency personnel whom we interviewed, we summarize our findings in the following table.

SUMMARY OF REPORTED LAND LEASING PRACTICES - SOUTHERN CALIFORNIA No. Agency
1 City of Pasadena 5.0% - 6.0%
2 City of Riverside 8.0% - 10.0%
3 County of Orange 7.0% - 10.0%
4 County of San Diego 6.5% - 8.0%
5 Los Angeles County Metropolitain Transportation Authority 6.0% - 10.0% 6 Port of Long Beach 6.0% - 10.0%
7 Port of Los Angeles 10.0%
8 Port of San Diego 9.5%
9 U.S. Bureau of Land Management 5.27% +
10 Los Angeles Department of Water and Power 5.0%
¹ Quoted as a percentage of underlying land value.

Rate of Return Requirement¹

The current rates of return on land leases have led us to conclude that the fair market land capitalization rate range is 6% to 10% of the value of the land per year, inclusive of real estate taxes. Due to the relative ly short duration of the proposed TCE in comparison to long term leases, the rate is considered to be within the middle of the range prior to adding approximately 120 basis points to account for real estate taxes during the use period. This is concluded in conjunction with our interpretation of fair market value.

The TCE will have a duration of 36 months, or 3 years. The construction period will last for 9 months, and will be non -exclusive even during construction, allowing shared use of the areas between the acquiring agency and the property owner.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 288

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Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 69 © 2025 CBRE, INC
An application of the appropriate value per square foot is applied to the concluded rate of return for the land area affected by the TCE area. The indicated value of the land rental component is calculated in the following table.

TEMPORARY EASEMENT INTEREST
AreaAcquisition Area (SF)
Land Value
($/SF)
TCE Land
Value
Annual Rate
of Return
Annual Easement
Value
Duration
(Years)
Indicated
Value
TCE 3,910 $13.00 $50,830 8% $4,066 3 $12,198
Compiled by CBRE

Potential present value discounting is offset by anticipated projected rental increases over the duration of the rental period.

In addition to the land rental value of the TCE, we have concluded that there will be a potential disruption to the business operations for the tire shop tenant during the actual 9 -month construction period. As stated earlier in this report, the fair market concluded rent per month at the tire shop is $1.25 per square foot, per month. Given the non -exclusive nature of the TCE during construction, we have estimated the impact at 50% of the monthly rental rate for the 9 - month construction period.

Property Component Quantity Unit
Rent Per
Month
Contruction
Period
(Months)
Impact
Percentage
Concluded
Temporary
Severance
Damage
Tire Shop SF 1,092 $1.50 9 50% $7,371
Concluded Temporary Severance Damages $7,371
Compiled by: CBRE

TEMPORARY SEVERANCE DAMAGES

Overall Value - Temporary Property Rights
The total value of the TCE area is indicated in the following table.

TEMPORARY EASEMENT INTEREST
AreaItem Indicated Value
Land Rental Component $12,198
Temporary Severance Damages $7,371
Fair Market Value of Temporary Property Rights $19,569
Compiled by CBRE

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 289

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July 16, 2025
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Singh Property Valuation of the Parts Acquired
CBRE VALUATION & ADVISORY SERVICES 70 © 2025 CBRE, INC
Valuation Summary
On the preceding pages, we have developed opinions concerning the larger parcel and the components of it which are relevant to proposed acquisitions. The following valuation summary presents our conclusions of the total fair market value of property rights proposed for acquisition from the subject property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 290

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July 16, 2025
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The use of this hypothetical condition may have affected the assignment results.

EXTRAORDINARY ASSUMPTIONS:

A hypothetical condition is defined as “a condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results but is used for the purposes of analysis.”
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 291

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Singh Property Assumptions and Limiting Conditions
CBRE VALUATION & ADVISORY SERVICES 72 © 2025 CBRE, INC
Assumptions and Limiting Conditions

1. CBRE, Inc. through its appraiser (collectively, “CBRE”) has inspected through reasonable observation the subject property. H owever, it is not possible or reasonably practicable to personally inspect conditions beneath the soil and the entire interior and exterior of the improvements on the subject property . Therefore, no representation is made as to such matters.

2. The report, including its conclusions and any portion of such report (the “Report”), is as of the date set forth in the letter of transmittal and based upon the information, market, economic, and property conditions and projected levels of operation existing as of such date. The dollar amount of any conclusion as to value in the Report is based upon the purchasing power of the U.S. Dollar on such date. The Report is subject to change as a result of fluctuations in any of the foregoing. CBRE has no obligation to revise the Report to reflect any such fluctuations or other events or conditions which occur subsequent to such date.

3. Unless otherwise expressly noted in the Report, CBRE has assumed that:
(i) Title to the subject property is clear and marketable and that there are no recorded or unrecorded matters or exceptions to title that would adversely affect marketability or value. CBRE has not examined title records (including without limitation liens, encumbrances, easements, deed restrictions, and other conditions that may affect the title or use of the subject property) and makes no representations regarding title or its limitations on the use of the subject property . Insurance against financial loss that may arise out of defects in title should be sought from a qualified title insurance company.
(ii) Existing improvements on the subject property conform to applicable local, state, and federal building codes and ordinances, are structurally sound and seismically safe, and have been built and repaired in a workmanlike manner according to standard practices; all building systems (mechanical/electrical, HVAC, elevator, plumbing, etc.) are in good working order with no major deferred maintenance or repair required; and the roof and exterior are in good condition and free from intrusion by the elements. CBRE has not retained independent structural, mechanical, electrical, or civil engineers in connection with this appraisal and, therefore, makes no representations relative to the condition of improvements. CBRE appraisers are not engineers and are not qualified to judge matters of an engineering nature , and furthermore structural problems or building system problems may not be visible. It is expressly assumed that any purchaser would, as a precondition to closing a sale, obtain a satisfactory engineering report relative to the structural integrity of the property and the integrity of building systems.
(iii) Any proposed improvements, on or off-site, as well as any alterations or repairs considered will be completed in a workmanlike manner according to standard practices.
(iv) Hazardous materials are not present on the subject property. CBRE is not qualified to detect such substances.

The presence of substances such as asbestos, urea formaldehyde foam insulation, contaminated groundwater , mold, or other potentially hazardous materials may affect the value of the property. (v) No mineral deposit or subsurface rights of value exist with respect to the subject property , whether gas, liquid, or solid, and no air or development rights of value may be transferred . CBRE has not considered any rights associated with extraction or exploration of any resources, unless otherwise expressly noted in the Report. (vi) There are no contemplated public initiatives, governmental development controls, rent controls , or changes in the present zoning ordinances or regulations governing use, density, or shape that would significantly affect the value of the subject property.
(vii) All required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, nor national government or private entity or organization have been or can be readily obtained or renewed for any use on which the Report is based.
(viii) The subject property is managed and operated in a prudent and competent manner, neither inefficient ly or super-efficiently.
(ix) The subject property and its use, management, and operation are in full compliance with all applicable federal, state, and local regulations, laws, and restrictions, including without limitation environmental laws, seismic hazards, flight patterns, decibel levels/noise envelopes, fire hazards, hillside ordinances, density, allowable uses, building codes, permits, and licenses.
(x) The subject property is in full compliance with the Americans with Disabilities Act (ADA) . CBRE is not qualified to assess the subject property’s compliance with the ADA, n otwithstanding any discussion of possible readily achievable barrier removal construction items in the Report.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 292

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July 16, 2025
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Singh Property Assumptions and Limiting Conditions
CBRE VALUATION & ADVISORY SERVICES 73 © 2025 CBRE, INC
(xi) All information regarding the areas and dimensions of the subject property furnished to CBRE are correct, and no encroachments exist. CBRE has neither undertaken any survey of the boundaries of the subject property nor reviewed or confirmed the accuracy of any legal description of the subject property.

Unless otherwise expressly noted in the Report, no issues regarding the foregoing were brought to CBRE’s attention, and CBRE has no knowledge of any such facts affecting the subject property. If any information inconsistent with any of the foregoing assumptions is discovered , such information could have a substantial negative impact on the Report. Accordingly, if any such information is subsequently made known to CBRE , CBRE reserves the right to amend the Report, which may include the conclusions of the Report . CBRE assumes no responsibility for any conditions regarding the foregoing , or for any expertise or knowledge required to discover them. Any user of the Report is urged to retain an expert in the applicable field(s) for information regarding such conditions.

4. CBRE has assumed that all documents, data and information furnished by or behalf of the client, property owner, or owner’s representative are accurate and correct, unless otherwise expressly noted in the Report. Such data and information include, without limitation, numerical street addresses, lot and block numbers, Assessor’s Parcel Numbers, land dimensions, square footage area of the land, dimensions of the improvements, gross building areas, net rentable areas, usable areas, unit count, room count, rent schedules, income data, historical operating expenses, budgets, and related data. Any error in any of the above could have a substantial impact on the Report.

Accordingly, if any such errors are subsequently made known to CBRE , CBRE reserves the right to amend the Report, which may include the conclusions of the Report. The client and intended user should carefully review all assumptions, data, relevant calculations, and conclusions of the Report and should immediately notify CBRE of any questions or errors within 30 days after the date of delivery of the Report.

5. CBRE assumes no responsibility (including any obligation to procure the same) for any documents, data or information not provided to CBRE, including without limitation any termite inspection, survey or occupancy permit.

6. All furnishings, equipment and business operations have been disregarded with only real property being considered in the Report, except as otherwise expressly stated and typically considered part of real property.

7. Any cash flows included in the analysis are forecasts of estimated future operating characteristics based upon the information and assumptions contained within the Report. Any projections of income, expenses and economic conditions utilized in the Report, including such cash flows, should be considered as only estimates of the expectations of future income and expenses as of the date of the Report and not predictions of the future. Actual results are affected by a number of factors outside the control of CBRE, including without limitation fluctuating economic, market, and property conditions. Actual results may ultimately differ from these projections, and CBRE does not warrant any such projections.

8. The Report contains professional opinions and is expressly not intended to serve as a ny warranty, assurance or guarantee of any particular value of the subject property. Other appraisers may reach different conclusions as to the value of the subject property. Furthermore, market value is highly related to exposure time , promotion effort, terms, motivation, and conclusions surrounding the offering of the subject property . The Report is for the sole purpose of providing the intended user with CBRE’s independent professional opinion of the value of the subject property as of the date of the Report. Accordingly, CBRE shall not be liable for any losses that arise from any investment or lending decisions based upon the Report that the client, intended user, or any buyer, seller, investor, or lending institution may undertake related to the subject property, and CBRE has not been compensated to assume any of these risks. Nothing contained in the Report shall be construed as any direct or indirect recommendation of CBRE to buy, sell, hold, or finance the subject property.

9. No opinion is expressed on matters which may require legal expertise or specialized investigation or knowledge beyond that customarily employed by real estate appraisers. Any user of the Report is advised to retain experts in areas that fall outside the scope of the real estate appraisal profession for such matters.

10. CBRE assumes no responsibility for any costs or consequences arising due to the need, or the lack of need, for flood hazard insurance. An agent for the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance.

11. Acceptance or use of the Report constitutes full acceptance of these Assumptions and Limiting Conditions and any special assumptions set forth in the Report. It is the responsibility of the user of the Report to read in full, comprehend and thus become aware of all such assumptions and limiting conditions. CBRE assumes no responsibility for any situation arising out of the user’s failure to become familiar with and understand the same.

12. The R eport applies to the property as a whole only , and any pro ration or division of the title into fractional interests will invalidate such conclusions , unless the Report expressly assumes such pro ration or division of interests.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 293

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July 16, 2025
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13. The allocations of the total value estimate in the Report between land and improvements apply only to the existing use of the subject property . The allocations of values for each of the land and improvements are not intended to be used with any other property or appraisal and are not valid for any such use.

14. The maps, plats, sketches, graphs, photographs , and exhibits included in this Report are for illustration purposes only and shall be utilized only to assist in visualizing matters discussed in the Report. No such items shall be removed, reproduced, or used apart from the Report.

15. The Report shall not be duplicated or provided to any unintended users in whole or in part without the written consent of CBRE, which consent CBRE may withhold in its sole discretion . Exempt from this restriction is duplication for the internal use of the intended user and its attorneys, accountants, or advisors for the sole benefit of the intended user. Also exempt from this restriction is transmission of the Report pursuant to any requirement of any court, governmental authority, or regulatory agency having jurisdiction over the intended user, provided that the Report and its contents shall not be published, in whole or in part, in any public document without the written consent of CBRE, which consent CBRE may withhold in its sole discretion . Finally, the Report shall not be made available to the public or otherwise used in any offering of the property or any security, as defined by applicable law. Any unintended user who may possess the Report is advised that it shall not rely upon the Report or its conclusions and that it should rely on its own appraisers, advisors and other consultants for any decision in connection with the subject property. CBRE shall have no liability or responsibility to any such unintended user.

16. CBRE, Inc. is not qualified to detect the existence of any potentially hazardous materials such as lead paint, asbestos, urea formaldehyde foam insulation, or other potentially hazardous construction materials on or in the land or improvements. The existence of such substances may affect the value of the property. For the purpose of this assignment, we have assumed there are no hazardous materials that would cause a loss in value to the subject.

17. A soils analysis for the site has not been provided for the preparation of this appraisal. In the absence of a soils report, it is a specific assumption that the site has adequate soils to support the highest and best use.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 294

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July 16, 2025
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Singh Property, Addenda

ADDENDA

Singh Property, Addenda

ADDENDA
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 295

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July 16, 2025
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Singh Property, Addenda
Addendum A

QUALIFICATIONS

Singh Property, Addenda

Addendum A

QUALIFICATIONS
Item Title: 11.2
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July 16, 2025
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PROFILES

Pro Affiliations /
Accreditations
Member: Appraisal Institute
(MAI No. 479923)
Licensed: California Certified
General Real Estate Appraiser
No. AGO38741
Licensed: California Real Estate
Salesperson No. 01423238
Qualified: Expert Witness in the
Superior Court of California
President: Southern California
Chapter of the Appraisal
Institute - 2024 Executive Board
Education
B.A., Communication,
University of California,
Santa Barbara
Certified by the Appraisal
Institute’s program of
continuing education for its
designated members
CBRE

VALUATION & ADVISORY SERVICES
Adam M. Bogorad, MAI
First Vice President
Woodland Hills, CA
E [email protected]
Professional Experience
Adam M. Bogorad, MAI, is a First Vice President for CBRE's Valuation & Advisory Services (VAS). He is also a lead for the Southern California Right of Way practice, specializing in appraisals for infrastructure projects and litigation support.

Mr. Bogorad has completed a diverse range of appraisals for retail, industrial, office, multi-residential, and special-use properties. With over 17 years of experience specifically in the field of right of way appraisal and litigation support, Mr. Bogorad has performed hundreds of appraisals on a wide array of complex assignments and has testified in trial as an expert witness. He has worked on high-profile properties across Southern California from the United States Border Crossing Facility to the High-Speed Rail Project throughout the San Joaquin Valley. He has performed appraisal and consulting in the form of expert witness testimony, deposition, feasibility studies, deposit appraisals for major transportation projects, and analyses for use in tax appeals. In addition to banks, property owners, and attorneys, notable clients have included the United States Department of the Interior, Ports of Los Angeles and Long Beach, State of California, County Transportation Agencies of Los Angeles, Orange, Riverside and San Bernardino, numerous cities throughout Southern California, major utility companies, school districts, and major corporations including Walmart and McDonalds. Mr. Bogorad has extensive experience in the valuation of easements, partial acquisitions, temporary acquisitions, and damage studies related to condemnation, having been retained by both the acquiring agency and the property owner.

Mr. Bogorad has the MAI designation from the Appraisal Institute and has been recognized for his expertise and achievements, including receiving the Integra Realty Resources Excellence Award and being invited to present at the International Right of Way Association Annual Education Conference. Mr. Bogorad is an active member of the Southern California Chapter of the Appraisal Institute, having served as a Regional Representative, Education Committee Chair and Executive Board Member. Mr.

Bogorad was given the honor of being elected to serve as President of the Southern California Chapter of the Appraisal Institute in 2024. Prior to joining CBRE in 2023, he was a partner, principal, and shareholder of Integra Realty Resources - Los Angeles. ©2025 CBRE, INC.
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Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 297

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July 16, 2025
Page
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PROFILES CBRE
Mr. Bogorad has completed high-profile right-of-way projects, including the California High Speed Rail project, the Los Angeles Metro Expo and Purple Line expansions, and the Redondo Beach King Harbor revitalization, among many others.

His experience encompasses litigation support related to value diminution, loss of use, eminent domain, and other issues related to real property.

His prior experience in the financial services industry offers Mr. Bogorad an insight into economic factors that impact the real estate markets. Mr. Bogorad has qualified as an expert witness in the Superior Court of California and has testified during trial. This list of representative appraisal assignments is Representative Appraisal Assignments
Metropolitan Transportation Authority of the County of Los Angeles - Purple Line Corridor: Completed appraisals for over a dozen properties in Beverly Hills and West Los Angeles that were impacted in various ways by the proposed subterranean Purple Line Metro corridor. Some of the high-profile properties included the station sites at the Veterans Administration (VA) Campus, the Westfield Century City Shopping Center, and a proposed station site at Westwood Boulevard and Wilshire Boulevard.

California High Speed Rail Project: Completed appraisals of full acquisitions and partial acquisitions (with severance and mitigation damage studies) for various property types including agricultural, commercial, industrial, residential, railroad corridors, and other special purpose property appraisals, throughout the Central Valley in California.

I-5 Widening, Mission Viejo: Completed appraisals for various property types, including commercial, residential, industrial, and special purpose, prepared directly for Caltrans. This involved preparation of “in lieu of staff” appraisals for Caltrans. 1-405 Widening, Westminster: Completed appraisals for various property types, including parcels within the Westminster Mall for the freeway widening project, with OCTA as the client. Complex analyses were required for partial acquisitions and severance damage studies.

I-10 Widening, Ontario: Completed over 20 appraisals for various property types, including the analysis of complex partial acquisitions, both temporary and permanent.

City of Riverside Metrolink Station: Completed acquisition appraisals of residential and industrial properties for the purpose of expanding a Metrolink station in the City of Riverside.

Port of Los Angeles: Retained in multiple assignments for the purpose of resetting rental rates at major terminal locations throughout the Port. The clients have included direct retention by the Port of Los Angeles and Mr. Bogorad was also selected as a third appraiser for independent analysis in instances that required a third appraisal for the Board of Harbor Commissioners.

Port of Long Beach: Set benchmark values for various properties throughout the Port, with consideration made for size, waterfront access, and orientation relative to the Gerald Desmond Bridge. Mr. Bogorad has also been engaged on assignments related to partial acquisitions within the Port of Long Beach.

Numerous NNN Leased Portfolios: These assignments have included the valuation of fast-food restaurants, shopping centers, gas stations, casual dining restaurants, surgery centers and various standalone retail stores.

AMC Movie Theater Portfolio: Appraisals and consultation for multiple AMC movie theaters across Southern California for the purposes of tax appeal.

McDonalds USA: Numerous valuation assignments for the purposes of negotiating purchases and leases for McDonalds restaurants throughout Southern California.

Hollywood and Highland / Dolby Theater: Tax appeal appraisal and consulting assignment for one of the largest landmark properties in Los Angeles. The analysis included the mixed-use development at Hollywood Boulevard and Highland Avenue and the Dolby Theater, the venue for the Academy Awards ceremony and telecast.

Carrizo Plain National Monument: Valuation services for the United States Department of the Interior of privately-owned land for federal acquisition, consistent with the Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book). ©2025 CBRE, INC.
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Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 298

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July 16, 2025
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PROFILES CBRE
— Brightline I-15 High Speed Rail Analysis: Valuation and consulting services for the planning stages of a corridor that would align within the I-15 Freeway right of way between Rancho Cucamonga and Apple Valley, as a component of a high speed rail corridor between Los Angeles and Las Vegas.
— Aliso Canyon Gas Leak Litigation: Appraisal, consulting, damage studies, and market analyses for the purpose of litigation support in multiple lawsuits related to the Aliso Canyon gas leak. This was the largest methane leak in U.S. history and the assignment involved consideration of multiple property types and submarkets in the San Fernando Valley. The client was Morgan, Lewis & Bockius LLP on behalf of Sempra Energy and Southern California Gas Company. — Numerous Court Cases in Los Angeles, Riverside, Orange, and San Diego Counties: Litigation support and preparation of appraisals. Qualified as designated expert witness with trial and deposition experience.

Expert Testimony
Mr. Bogorad is qualified as an expert witness in real estate valuation matters and has testified before the Superior Court of California. He has testified in jury trial and deposition. ©2025 CBRE, INC.
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Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 299

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July 16, 2025
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Singh Property, Addenda
Addendum B

LAND AND IMPROVED SALE DATA SHEETS

Singh Property, Addenda

Addendum B

LAND AND IMPROVED SALE DATA SHEETS
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 300

Menifee Mayor and City Council
July 16, 2025
Page
1538 of 2087

Sale Land - Industrial No. 1

4.19-Acre Industrial Land
27960 Jackson Avenue
Menifee, CA 92585
Riverside
329-141-008, -003 & 329-173-011

4.192 ac/ 182,591 sf

4.192 ac/ 182,591 sf
Raw
At Site
Rectangular
Generally Level
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA)
Land Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Topography
Zoning BP, Business Park
Transaction Details
Type Sale Public Records
Interest Transferred Fee Simple 10/24/2024
Condition of Sale None 10/24/2024
Recorded Buyer NWB Menifee LLC, a Washington limited
liability company
$1,920,000
Buyer Type Other Cash to Seller
Recorded Seller HAS Investment LLC, a California Limited Liability Company
$1,920,000
Marketing Time N/A
Listing Broker Voit Real Estate Services Andrew Shirk (909) 545-8009
Doc # 2024-0321116
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
$0
100%
$1,920,000
$458,048 / $10.52
Comments
This is the sale of a 4.19-acre, or 182,591 square foot three-parcel site that is located at 27960 Jackson Avenue, in Menifee. The property is located midblock on Jackson Avenue and north of Ethanac Road. The rectangularly shaped site sold in October 2024 for $1,920,000, or $10.52 per square foot. The site is zoned BP, Business Park, and is surrounded by vacant land, and legally non-conforming residential properties. The property sold as unentitled land. There are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 301

Menifee Mayor and City Council
July 16, 2025
Page
1539 of 2087

Sale Land - Industrial No. 2
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA)
Land Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Primary Frontage
Secondary Frontage
Topography
Flood Zone Class
Flood Panel No./ Date
Zoning
Proposed Use or Development
An Industrial Site
25775 Sherman Road
Perris, CA 92570
Riverside
Multiple

5.490 ac/ 239,144 sf

5.490 ac/ 239,144 sf
Raw
Available
Irregular
230 ft on Sherman Road
N/A
Level, At Street Grade
Zone X (Unshaded)
06065C2060H/ Aug 2014
LI, Light Industrial
Continued IOS - No Improvements
Transaction Details
Type Sale
Interest Transferred Fee Simple
Condition of Sale None
Recorded Buyer PSLQ, INC., a California corporation
Buyer Type N/A
Recorded Seller CEMEX USA Land Company, f/k/a Sunbelt
Acquisition, Inc.

Marketing Time N/A
Listing Broker Cody Clayton - JLL - 909-467-6857
Doc # 91199
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Interview with Cody Clayton on
05/24/2024
03/28/2024
03/28/2024
$3,500,000
Cash to Seller
$3,500,000
$0
100%
$3,500,000
$637,523 / $14.64
Comments
This is the sale of a 5.49-acre, or 239,144 square foot two-parcel site that is located at 25775 Sherman Road, in Perris. The property is located mid-block between SR-74 and Ethanac Road. The irregularly shaped site sold in March 2024 for $3,500,000, or $14.64 per square foot. The site is zoned LI, Light Industrial, and is surrounded by vacant land, industrial, and single-family residential uses. The property sold as unentitled land.

The agent stated that the buyer plans to park trucks on the site. There are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 302

Menifee Mayor and City Council
July 16, 2025
Page
1540 of 2087

Sale Land - Industrial No. 3
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA) Land
Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Primary Frontage
Topography
Zoning
Entitlement Status
Proposed Use or Development
An Industrial Site
Antelope Road between Ethanac Road &
McLaughlin Road
Menifee, CA 92585
Riverside
331-150-037

6.710 ac/ 292,288 sf

6.710 ac/ 292,288 sf
Raw
All to Site
Rectangular
467 ft on Antelope Road
Generally Level
Planning Area 2 (MNSP) - Industrial
(Menifee North Specific Plan)
None
Unknown
Transaction Details
Type Sale
Interest Transferred Fee Simple
Condition of Sale None
Recorded Buyer Motte Business Center Llc
Buyer Type End User
Recorded Seller Motte Town Center One LLC
Marketing Time N/A
Listing Broker None Known
Doc # 0069056
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Assessor Records, Land Vision, & Grant
Deed
03/09/2023
03/09/2023
$1,835,000
Cash to Seller
$1,835,000
$0
100%
$1,835,000
$273,472 / $6.28Comments
This is the sale of a 6.71-acre, or 292,288 square foot, sale located mid-block on Antelope Road, north of McLaughlin Road and south of Ethanac Road, in Menifee. The property is rectangularly shaped and sold in March 2023 for $1,835,000, or $6.28 per square foot. The site is located within the Menifee North Specific Plan and is categorized as Planning Area 2, or Industrial. The site is surrounded by vacant land and industrial uses. The property sold as unentitled land. There are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 303

Menifee Mayor and City Council
July 16, 2025
Page
1541 of 2087

Sale Land - Industrial No. 4
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA)
Land Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Primary Frontage
Topography
Flood Zone Class
Flood Panel No./ Date
Zoning
Entitlement Status
Industrial Land Site
Matthews Road E/O Jackson Avenue
Menifee, CA 92585
Riverside
329-120-026

0.150 ac/ 6,534 sf

0.150 ac/ 6,534 sf
Raw
Available
Irregular
130 ft on Ethanac Road
Level, At Street Grade
Zone X (Shaded)
06065C2060H/ Aug 2014
BP, Business Park
None
Transaction Details
Type Sale
Interest Transferred Fee Simple
Condition of Sale None
Recorded Buyer Fortino Mendez, a single man
Buyer Type N/A
Recorded Seller Lumos Communities, LLC
Marketing Time N/A
Listing Broker Julie Stevens - Jarrod Whitehorn, Broker - 951-258-3771
Doc # 410049
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Interview with Listing Agent
09/28/2022
09/28/2022
$43,000
Cash to Seller
$43,000
$0
100%
$43,000
$286,667 / $6.58
Comments
This is the sale of a 0.15-acre,or 6,534 square foot, sale located along the north side of Matthews Road, to the west of Jackson Avenue, in Menifee. The property also sides the A.T. & S.F. Rail Corridor to the east. The property sold in September 2022 for $43,000, or $6.58 per square foot. The site is zoned BP, or Business Park, and is surrounded by similarly zoned vacant parcels. The site has a utility pole within the boundaries of the site that limit the development potential. The agent stated that the buyer plans to park cars on the site and sold as unentitled land. There are no other atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 304

Menifee Mayor and City Council
July 16, 2025
Page
1542 of 2087

Sale Land - Industrial No. 5
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA)
Land Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Primary Frontage
Secondary Frontage
Topography
Flood Zone Class
Flood Panel No./ Date
Zoning
Entitlement Status
Proposed Use or Development
Raw Industrial Land
26277 Antelope Rd
Menifee, CA 92585
Riverside
331-150-044

4.840 ac/ 210,830 sf

4.840 ac/ 210,830 sf
Raw
To site
Rectangular
315 ft on Antelope Rd
0 ft
Generally Level
Zone X (Shaded)
06065C2060H/ Aug 2014
Planning Area 2 (MNSP) - Industrial
(Menifee North Specific Plan)
N/A
Commercial/Industrial
Transaction Details
Type Sale
Interest Transferred Fee Simple
Condition of Sale None
Recorded Buyer Menifee Commerce Ctr Ph Ii LLC
Buyer Type Developer
Recorded Seller Courtney Family Trust
Marketing Time 17 Month(s)
Listing Broker Lee & Associates Commercial Real Estate
Services Gordon Mize (951) 445-4504
Doc # 0044836
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Public Records, CoStar
01/27/2022
01/27/2022
$1,476,000
Cash to Seller
$1,476,000
$0
100%
$1,476,000
$304,959 / $7.00
Comments
This is the sale of a 4.84-acre, or 210,830 square foot, sale located at 26277 Antelope Road, in Menifee. The property is located mid-block between McLaughlin Road and Ethanac Road. The rectangularly shaped site is located within the Menifee North Specific Plan and is categorized as Planning Area 2, or Industrial. The site is surrounded by vacant land and industrial uses. The property sold as unentitled land. The buyer owns multiple adjacent parcels and purchased this property for assemblage purposes. They intend to develop the site with an industrial use. There are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 305

Menifee Mayor and City Council
July 16, 2025
Page
1543 of 2087

Sale Land - Planned Development No. 6
Land Wheat & Corsica
25104 Corsica Lane
Menifee, CA 92585
San Diego
330-180-010

4.850 ac/ 211,266 sf

4.850 ac/ 211,266 sf
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA) Land
Area Net
Land Area Gross
Shape
Topography
Zoning
Rectangular
Generally Level
EDC-NG, Economic Development Corridor
- North Gateway
Transaction Details
Type Sale N/A
Interest Transferred Fee Simple 08/16/2021
Condition of Sale None 08/16/2021
Recorded Buyer CDRE Holdings 20, LLC $1,373,500
Buyer Type N/A Cash to Seller
Recorded Seller Jesse Shank $1,373,500
Marketing Time N/A $0
Listing Broker N/A 100%
Doc # 20210488957 $1,373,500
$283,196 / $6.50
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Comments
This is the sale of a 4.85-acre, or 211,266 square foot, sale located at 25104 Corsica Lane, in Menifee. The property is located on the southwest corner of Wheat Street and Corsica Lane, in Menifee. The rectangularly shaped site is zoned EDC-NG, or Economic Development Corridor ² North Gateway, and is surrounded by vacant land sites and large lot improved rural residential sites. The buyer owns an adjacent parcel and purchased this as an assemblage.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 306

Menifee Mayor and City Council
July 16, 2025
Page
1544 of 2087

Sale Land - Industrial No. 7
Property Name
Address
County
Govt./Tax ID
Area Measurement(NRA)
Land Area Net
Land Area Gross
Site Development Status
Utilities
Shape
Primary Frontage
Secondary Frontage
Topography
Flood Zone Class
Flood Panel No./ Date
Zoning
Entitlement Status
Industrial Site
Palomar Road S/O SR-74
Menifee, CA 92585
Riverside
331-190-043

1.130 ac/ 49,223 sf

1.130 ac/ 49,223 sf
Raw
Available
Rectangular
115 ft on Palomar Road
330 ft on Bishop Lane
Level, At Street Grade
Zone X (Unshaded)
06065C2060H/ Aug 2014
BP, Business Park
None
Transaction Details
Type Sale
Interest Transferred Fee Simple
Condition of Sale None
Recorded Buyer Marin Concrete Construction, Inc., a
California Corporation
Buyer Type N/A
Recorded Seller Maybelyn Pettyjohn, a Widow
Marketing Time N/A
Listing Broker Christopher Fogleman - Westcoe Realtors
Inc. - 951-966-6714
Doc # 321679
Primary Verification
Transaction Date
Recording Date
Sale Price
Financing
Cash Equivalent
Capital Adjustment
% Interest Purchased
Adjusted Price
Adjusted Price / ac
and / sf
Secondary Verification via Tax
Records/Deeds/Assessor's Maps
07/21/2020
07/21/2020
$159,000
Cash to Seller
$159,000
$0
100%
$159,000
$140,708 / $3.23
Comments
This is the sale of a 1.13-acre, or 49,223 square foot, site located on Palmoar Road, mid-block between SR-74 and Case Road, in Menifee. The property is located on a local road, within close proximity to a major arterial road. The rectangularly shaped and is zoned BP, or Business Park, and is surrounded by both vacant land and industrial uses.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 307

Menifee Mayor and City Council
July 16, 2025
Page
1545 of 2087

Sale Industrial - Other No. 1
Property Name Light Industrial Auto Repair Shop
Address 24004 State Street
San Jacinto, CA 92545
County Riverside
Govt./Tax ID 439-070-001
2,800 sf
Good
1 Surface
1978
Existing

1.00 Gross Building Area (GBA)
Condition
Number of Buildings
Parking Type
Year Built/Renovated
Status
Floor Count
Occupancy Type
Owner/User

3.42:1

0.220 ac/ 9,583 sf

0.220 ac/ 9,583 sf
Irregular
Level, At Street Grade
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Actual FAR
Zoning

0.29 IL, Light Industrial
Transaction Details
Type Sale Primary Verification Public Records, listing broker Interest Transferred Leased Fee Transaction Date 12/02/2024 Condition of Sale None Recording Date 12/02/2024
Recorded Buyer Christopher Herrera and Jessica Leon,
husband and wife as joint tenants
Sale Price $600,000
Buyer Type Other Financing Cash to Seller
Recorded Seller David Hunter Shoppe and Linda Sue
Shoppe, Trustees of the David Hunter
Shoppe and Linda Sue Shoppe Revocable
Trust
Cash Equivalent $600,000
Seller Type N/A Capital Adjustment $0
Marketing Time 17 Month(s) % Interest Purchased 100%
Listing Broker FC Group Realty Fabrice Vuillemey (951)
852-4128
Adjusted Price $600,000
Doc # 2024-0367745 Adjusted Price / sf $214.29
Comments
This is the sale of a 0.22-acre, or 9,583 square-foot one-parcel site that is located at 24004 State Street, in San Jacinto. The site contains a single story building that was built in 1978, with type-S metal frame construction, and the improvement is 2,800-square foot in size. The purchase of the sale was so the buyer can operate the property as an auto repair shop as the sole owner-user. The property is located at the southeast corner of State Street and Esplanade Avenue. The irregularly shaped site sold in December 2024 for $600,000, or $214.29 per square foot. The site is zoned IL, Light Industrial, and is surrounded by industrial uses. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The broker stated that no rent was being collected at the date of sale and that it was an unoccupied facility.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 308

Menifee Mayor and City Council
July 16, 2025
Page
1546 of 2087

Sale Industrial - Other No. 2
Property Name Auto Repair Shop
Address 2475 San Jacinto Avenue
San Jacinto, CA 92583
County Riverside
Govt./Tax ID 439-170-020
4,896 sf
Good
Surface
1960
Existing
Gross Building Area (GBA)
Condition
Parking Type
Year Built
Status
Occupancy Type Multi-tenant
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Utilities
Actual FAR
Zoning
Construction Class/Type
Exterior Finish

7.92:1

0.890 ac/ 38,768 sf

0.890 ac/ 38,768 sf
Irregular
Level, At Street Grade At
Site

0.13 CG, Commercial General
C/ Good
Masonry
Transaction Details
Type Sale Primary Verification Public Record
Interest Transferred Leased Fee Transaction Date 08/21/2024 Condition of Sale None Recording Date 08/21/2024
Recorded Buyer Lizbeth Suarez, a married woman as her sole and separate property
Sale Price $350,000
Buyer Type N/A Financing Cash to Seller
Recorded Seller Liane Bral and T. Lawrence Jett, Co Trustees Cash Equivalent $350,000 Seller Type N/A Capital Adjustment $0
Marketing Time N/A % Interest Purchased 100%
Listing Broker No Broker on Public Records Adjusted Price $350,000 Doc # 2024-0250428 Adjusted Price / sf $71.49
Comments
This is the sale of a multi-tenant 0.89-acre, or 38,768 square-foot one-parcel site that is located at 2475 San Jacinto Avenue, in San Jacinto. The site contains a type-C masonry construction, single story building that was built in 1960, with the improvement being 4,896-square foot in size. The property is located mid block on San Jacinto Avenue and north of East Menlo Avenue. The irregularly shaped site sold in August 2024 for $350,000, or $71.49 per square foot. The site is zoned CG, Commercial General, and is surrounded by public institutional & industrial uses. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The property is still operating as a auto repair facility at the date of this report.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 309

Menifee Mayor and City Council
July 16, 2025
Page
1547 of 2087

Sale Industrial - Other No. 3
Property Name Auto Repair & Tire Service Station
Address 222 North State Street
Hemet, CA 92543
County Riverside
Govt./Tax ID 443-201-011
6,032 sf
Good
1 Surface
1963
Existing
Gross Building Area (GBA)
Condition
Number of Buildings
Parking Type/Ratio
Year Built/Renovated
Status
Occupancy Type Multi-tenant
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Utilities
Actual FAR
Zoning
Construction Class/Type

3.25:1

0.450 ac/ 19,602 sf

0.450 ac/ 19,602 sf
Irregular
Level, At Street Grade
At Site

0.31 SP 16-001, Downtown Hemet
Specific Plan
C/ Good
Transaction Details
Type Sale Primary Verification Public Records, listing broker Interest Transferred Leased Fee Transaction Date 08/30/2023 Condition of Sale None Recording Date 08/30/2023
Recorded Buyer Herbert M Cadaoas and Josephine D
Cadaoas, Trustees
Sale Price $1,091,000
Buyer Type N/A Financing Cash to Seller
Recorded Seller TCH Investments LLC Cash Equivalent $1,091,000 Seller Type N/A Capital Adjustment $0
Marketing Time 15 Month(s) % Interest Purchased 100%
Listing Broker CBRE Edward Matevosian (818) 823-8967 Adjusted Price $1,091,000 Doc # 2023-0256738 Adjusted Price / sf $180.87
Comments
This is the sale of a multi-tenant, 0.45-acre, or 19,602 square-foot one-parcel site that is located at 222 North State Street, in Hemet. The site contains a type-C masonry construction, single story building that was built in 1963, and the size of the improvement is 6,032-square foot. The property is located mid block on State Street and is north of Latham Avenue. The irregularly shaped site sold in August 2023 for $1,091,000, or $180.87 per square foot. The site is zoned SP 16-001, Downtown Hemet Specific Plan, and is surrounded by industrial uses. The property sold unentitled at the date of sale. The listing broker stated that this property sold with a local owner user 15 month NNN lease at the date of sale.

The broker stated this property sold at an actual cap rate of 5% at the date of sale.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 310

Menifee Mayor and City Council
July 16, 2025
Page
1548 of 2087

Sale Industrial - Manufacturing / Factory No. 4
Property Name Industrial Warehouse/Manufacturing
Facility
Address 27915 Ethanac Road
Menifee, CA 92585
County Riverside
Govt./Tax ID 331-150-017
Gross Building Area (GBA) 3,200 sf
Condition Excellent
Number of Buildings 1
Parking Type/Ratio Surface
Year Built/Renovated 1987
Status Existing
Floor Count 1.00
Occupancy Type Single Tenant
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Utilities
Actual FAR
Zoning
Construction Class/Type

12.66:1

0.930 ac/ 40,510 sf

0.930 ac/ 40,510 sf
Rectangular
Level, At Street Grade
At Site

0.08 BP, Business Park
Metal
Transaction Details
Type Sale Primary Verification Public Records, listing broker Interest Transferred Leased Fee Transaction Date 09/23/2022 Condition of Sale None Recording Date 09/23/2022
Recorded Buyer Luis Reyes, A married man Sale Price $950,000 Buyer Type End User Financing Market Rate Financing
Recorded Seller P & L Investment Group LLC Cash Equivalent $950,000 Seller Type Private Investor Capital Adjustment $0
Marketing Time N/A % Interest Purchased 100%
Listing Broker Above Standards Realty Elizabeth Rivera
(424) 206-8008
Adjusted Price $950,000
Doc # 2022-0406159 Adjusted Price / sf $296.88
Comments
This is the sale of a single-tenant, 0.93-acre, or 40,510 square-foot one-parcel site that is located at 27915 Ethanac Road, in Menifee. The site contains a single story, type-S metal constructed, 3,200-square foot building that was built in 1987. The property is located mid block on Ethanac Road and east of Dawson Road. The rectangularly-shaped site sold in September 2022 for $950,000, or $296.88 per square foot. The site is zoned BP, Business Park, and is surrounded by legally non-conforming residential properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The buying broker stated that there was an actual cap rate of 5% at the date of sale. and the property was going to be using the property as a manufacturing facility. The building also included at the date of sale, new plumbing, electrical panels, 800 Amperage, 480 volt power supply, and a fenced yard.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 311

Menifee Mayor and City Council
July 16, 2025
Page
1549 of 2087

Sale Industrial - Manufacturing / Factory No. 5
Property Name Industrial Building
Address 27235 Watson Road
Menifee, CA 92585
County Riverside
Govt./Tax ID 329-240-045
Gross Building Area (GBA) 11,250 sf
Condition Average
Number of Buildings 1
Parking Type/Ratio Surface/ 1.78:1,000 sf
Year Built/Renovated 1982/ N/A
Status Existing
Floor Count 1.00
Occupancy Type Owner/User
Actual Land to Bldg Ratio 3.45:1
Land Area Net 0.890 ac/ 38,768 sf
Land Area Gross 0.890 ac/ 38,768 sf
Shape Irregular
Topography Level, At Street Grade
Utilities To site
Actual FAR 0.29
Rail Access N/A
Loading 5 GL
Zoning
% Office
Clear Ceiling Height
Construction Class/
Type
Exterior Finish
Fire Protection
EDC-NG, Economic Development
Corridor-Northern Gateway
7%
15 ft
S/ Average
Metal
No
Transaction Details
Type Sale Primary Verification CoStar, Public Record
Interest Transferred Leased Fee Transaction Date 08/30/2022 Condition of Sale None Recording Date 08/30/2022
Recorded Buyer Southland Properties CA LLC Sale Price $2,100,000 Buyer Type N/A Financing Cash to Seller
Recorded Seller Ryan & Danielle Coats Cash Equivalent $2,100,000 Seller Type N/A Capital Adjustment $0
Marketing Time N/A % Interest Purchased 100%
Listing Broker Kevin Vernon Listing broker with keller
williams Director/Broker (858) 345-6975 (p)
Adjusted Price $2,100,000
Doc # 2022-0377564 Adjusted Price / sf $186.67
Buyer's Primary Analysis Owner/Occupier
Occupancy at Sale 100%
Comments
This is the sale of a 0.89-acre, or 38,768 square-foot one-parcel site that is located at 27235 Watson Road, in Menifee. The site contains a 15 feet clear height, single story, type- S metal construction, and 11,250-square foot building that was built in 1986. The property is located at the southeast corner of Watson Road and Trumble Road. The irregularly-shaped site sold in August 2022 for $2,100,000, or $186.67 per square foot.

The site is zoned EDC-NG, Economic Development Corridor-Northern Gateway, and is surrounded by industrial properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 312

Menifee Mayor and City Council
July 16, 2025
Page
1550 of 2087

Sale Industrial - Other No. 6
Property Name Mortuary/Crematorium Property
Address 26245 Palomar Road
Menifee, CA 92585
County Riverside
Govt./Tax ID 331-190-045
8,000 sf
Average
Surface
1998
Existing

1.00 Gross Building Area (GBA)
Condition
Parking Type/Ratio
Year Built/Renovated
Status
Floor Count
Occupancy Type Owner/User
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Utilities
Actual FAR
Zoning
Construction Class/Type

4.87:1

0.895 ac/ 38,987 sf

0.895 ac/ 38,987 sf
Rectangular
Level, At Street Grade
At Site

0.21 BP, Business Park
C/ Average
Transaction Details
Type Sale Primary Verification Public Records
Interest Transferred Leased Fee Transaction Date 12/28/2021 Condition of Sale None Recording Date 12/28/2021
Recorded Buyer SCI California Funeral Services, Inc. Sale Price $750,000 Buyer Type End User Financing Cash to Seller
Recorded Seller NHJ Enterprises, LLC Cash Equivalent $750,000 Seller Type Other Capital Adjustment $0
Marketing Time N/A % Interest Purchased 100%
Listing Broker NO BROKER ON COSTAR Adjusted Price $750,000 Doc # 12/28/2021 Adjusted Price / sf $93.75
Comments
This is the sale of a owner-user occupied, 0.89-acre, or 38,987 square-foot one-parcel site that is located at 26245 Palomar Road, in Menifee.

The site contains a single story, type-C masonry constructed, 8,000-square foot building that was built in 1998. The property is located mid block and south of state route 74. The rectangularly-shaped site sold in December 2021 for $750,000, or $93.75 per square foot. The site is zoned BP, Business Park, and is surrounded by industrial properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property. The purpose of the sale was to continue the previous use as a mortuary and crematorium.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 313

Menifee Mayor and City Council
July 16, 2025
Page
1551 of 2087

Sale Industrial - Other No. 7
Property Name Industrial Warehouse
Address 3060 Sherman Road
Perris, CA 92570
County Riverside
Govt./Tax ID 329-240-054
10,800 sf
Good
2 Surface
1985
Existing
Gross Building Area (GBA)
Condition
Number of Buildings
Parking Type/Ratio
Year Built/Renovated
Status
Actual Land to Bldg Ratio
Land Area Net
Land Area Gross
Shape
Topography
Utilities
Actual FAR
Zoning
Construction Class/Type

3.59:1

0.890 ac/ 38,768 sf

0.890 ac/ 38,768 sf
Rectangular
Level, At Street Grade
At Site

0.28 LI, Light Industrial
S/ Good
Transaction Details
Type Sale Primary Verification Public Record
Interest Transferred Leased Fee Transaction Date 12/21/2021 Condition of Sale None Recording Date 12/21/2021
Recorded Buyer Wesley Jacob Wise and Grace Lynn Wise Sale Price $2,200,000 Buyer Type N/A Financing Cash to Seller
Recorded Seller Raymond Glenn Woodruff Cash Equivalent $2,200,000 Seller Type N/A Capital Adjustment $0
Marketing Time N/A % Interest Purchased 100%
Listing Broker NO BROKER ON COSTAR Adjusted Price $2,200,000 Doc # 2021-0749111 Adjusted Price / sf $203.70
Comments
This is the sale of a 0.89-acre, or 38,768 square-foot one-parcel site that is located at 3060 Sherman Road, in Perris. The site contains a 1985 built office/showroom in the easterly portion of the parcel, and a warehouse in the westerly portion of the property. The total building size of the warehouse and easterly office/showroom building is 10,800-square foot. The property is located mid block on Sherman Road and north of Ethanac Road. The rectangularly-shaped site sold in December 2021 for $2,200,000, or $203.70 per square foot. The site is zoned LI, Light Industrial, and is surrounded by legally non-conforming residential properties and vacant land. The property sold unentitled at the date of sale, and there are no atypical adverse conditions that impacted the sale price of the property.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 314

Menifee Mayor and City Council
July 16, 2025
Page
1552 of 2087

Rental Survey Industrial - Other No. 1
Property Name Multi-Tenant Auto Repair Facility
Address 1200 West Florida Avenue
Hemet, CA 92543
County Riverside
Govt./Tax ID 442-073-022
Gross Building Area (GBA)
Condition
Number of Buildings
Parking Type/Ratio
Year Built/Renovated
Investment Class
Floor Count
Occupancy Type
41,540 sf
Good
5 Surface/ 1.69:1,000 sf
1997
B

1.00 Multi-tenant

2.75:1

2.620 ac/ 114,127 sf
Irregular
Actual Land to Bldg Ratio
Land Area Net
Shape
Actual FAR 0.36
C-2, General Commercial
15 ft
C/ Good
Zoning
Clear Ceiling Height
Construction Class/
Type
Quoted Terms
Reimbursements Modified Gross Rent Changes/Steps 3%
Occupancy 100% TI Allowance N/A
Tenant Size 1,160 sf Reimbursement Amount N/A
Lease Term 12 Mo(s). Annual Base Rent $12.00 per sf
Survey Date 01/2025
Verification Public Records and Luanne Palmer / (951)
491-6321 (p) / [email protected]
Actual Leases
Tenant Name
Tenancy
Use Type Size (sf)
Term
(Mo.)
Type of
Lease Start Date Reimbs.

Rent Changes /
Steps
Free
Rent
(Mo.)
TI
Allowance
per sf
Annual
Base
Rate per
sf
J.T Auto
Transmission
Auto Repair
Industrial 1,160 12 New Jan 2025 Modified Gross 3 N/A N/A $12.00 Comments
The site is a 2.62-acre, or 114,127 square-foot, five-unit, multi-tenant, auto repair facility constructed in 1997, located at 1200 West Florida Avenue in the city of Hemet. The unit leased was unit G and is operating as a motorcycle repair shop, which is a 1,160-square foot unit, and has a clear height of ·feet. This unit includes a one-story wood construction building and 70 surface parking spaces. The property also has 20'x14' grade level roll up doors, high visibility on Florida Avenue, and roughly 34,788 cars per day in traffic. The leasing broker stated that the landlord likes to keep one year lease terms for new tenants, which includes a 3% escalation per year. The starting rent is $12.00 per square-foot on an annual basis of rent, or $1.00 per square-foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 315

Menifee Mayor and City Council
July 16, 2025
Page
1553 of 2087

Rental Survey Industrial - WH / Distribution / Logistics No. 2 Property Name Single-Tenant Industrial Warehouse
Address 27235 Watson Road
Menifee, CA 92585
County Riverside
Govt./Tax ID 329-240-045
Gross Building Area (GBA) 11,250 sf
Condition Average
Number of Buildings 1
Parking Type/Ratio Surface/ 1.78:1,000 sf
Year Built/Renovated 1982/ N/A
Investment Class C
Floor Count 1.00
Occupancy Type Single Tenant
Actual Land to Bldg Ratio 3.45:1
Land Area Net 0.890 ac/ 38,768 sf
Shape Rectangular
Actual FAR 0.29
Rail Access None
Loading 5 GL
Zoning EDC-NG
% Office 7%
Percent AC 7%
Clear Ceiling Height 16 ft
Construction
Class/Type
S/ Average
Exterior Finish Metal
Fire Protection None
Quoted Terms
Reimbursements Industrial Gross Rent Changes/Steps 3%
Occupancy 100% TI Allowance N/A
Tenant Size 11,250 sf Reimbursement Amount N/A
Lease Term 60 Mo(s). Annual Base Rent $13.20 per sf
Survey Date 12/2024
Verification Jerry Palmer - WestMar Commercial Real
Estate / 951 491 6322
Actual Leases
Tenant Name
Tenancy
Use Type Size (sf)
Term
(Mo.)
Type of
Lease Start Date Reimbs.

Rent Changes /
Steps
Free
Rent
(Mo.)
TI
Allowance
per sf
Annual
Base
Rate per
sf
Inland Products Industrial 11,250 60 New Dec 2024 Industrial Gross 3% N/A N/A $13.20 Comments
The site is a 0.89-acre, or 38,768 square-foot property that consists of a type-S metal warehouse facility, constructed in 1982 and located at 27235 Watson Road in the city of Menifee. The single-tenant warehouse consists of 11,250 SF, includes 5 grade-level loading doors, and is fully gated with a secured yard. The property includes an office finish of approximately 7.1%, a clear height of ·feet, and a power of 400a/277 - 480v. The property was leased with a 5 year term, new direct lease, and a starting rate of $13.20/SF/year or $1.10/SF/month, industrial gross.

The estimated NNN rate option was $10.10/SF or $0.84/SF. Escalations are at 3% per annum. Information regarding the listing was gathered from the leasing rep.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 316

Menifee Mayor and City Council
July 16, 2025
Page
1554 of 2087

Rental Survey Industrial - Other No. 3
Property Name Multi-Tenant Auto Repair Facility
Address 147 N Gilbert Street
Hemet, CA 92543
County Riverside
Govt./Tax ID 443-183-022
Gross Building Area (GBA) 9,696 sf
Condition Good
Number of Buildings 2
Parking Type/Ratio Surface
Year Built/Renovated 1977
Investment Class C
Floor Count N/A
Occupancy Type Multi-tenant

2.11:1

0.469 ac/ 20,435 sf
Rectangular
Actual Land to Bldg Ratio
Land Area Net
Shape
Actual FAR
Zoning
Clear Ceiling Height
Construction Class/Type
Exterior Finish

0.47 C-2, General Commercial
18 ft
C/ Average
Masonry
Quoted Terms
Reimbursements 3%Rent Changes/Steps
TI Allowance N/A
Reimbursement Amount N/A
Occupancy
Tenant Size
Lease Term Annual Base Rent $14.88 per sf
Survey Date
Verification
Modified Gross
100%
3,628 sf
15 Mo(s).
08/2023
Scott Forest Senior Vice President / (760) 310
-4965 (p) / [email protected]
Actual Leases
Tenant Name
Tenancy
Use Type Size (sf)
Term
(Mo.)
Type of
Lease Start Date Reimbs.

Rent Changes /
Steps
Free
Rent
(Mo.)
TI
Allowance
per sf
Annual
Base
Rate per
sf
Griffith
Company, Inc.

Industrial 3,628 15 New Aug 2023 Modified Gross 3 N/A N/A $14.88 Comments
The site is a 0.47-acre, or 20,435 square-foot property that consists of two type-C masonry constructed buildings built in 1977. The multi-tenant, auto repair facility is located at 147 North Gilbert Street in the city of Hemet. The unit leased was unit A-2, which is a 3,628-square foot auto repair unit. This unit includes a one story masonry constructed building that was leased for 15 months on a new direct lease. The unit has 18' feet clear height and one level only. The leasing broker stated that the landlord included a 3% escalation per year. The starting rent is $14.88 per square-foot on an annual basis of rent, or $1.24 per square-foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 317

Menifee Mayor and City Council
July 16, 2025
Page
1555 of 2087

Rental Survey Industrial - Other No. 4
Property Name Single-Tenant Auto Repair Facility
Address 31700 Casino Drive
Lake Elsinore, CA 92530
County Riverside
Govt./Tax ID 363-171-026
Gross Building Area (GBA)
Condition
Number of Buildings
Parking Type/Ratio
Year Built/Renovated
Investment Class
Floor Count
Occupancy Type
2,483 sf
Good
N/A
Surface/ 6.04:1,000 sf
1990
B-

1.00 Single Tenant

7.02:1

0.400 ac/ 17,424 sf
Rectangular
Actual Land to Bldg Ratio
Land Area Net
Shape
Actual FAR
Zoning
Clear Ceiling Height
Construction Class/Type

0.14 C1 - Neigborhood Commercial
15 ft
D
Quoted Terms
Reimbursements Modified Gross 3%
100%
Rent Changes/Steps
TI Allowance N/A
2,483 sf Reimbursement Amount N/A
Occupancy
Tenant Size
Lease Term Annual Base Rent $14.50 per sf
Survey Date
Verification
36 Mo(s).
04/2023
NICK CORBELL / 951 .44 5.45
22 / [email protected]
Actual Leases
Tenant Name
Tenancy
Use Type Size (sf)
Term
(Mo.)
Type of
Lease Start Date Reimbs.

Rent
Changes /
Steps
Free
Rent
(Mo.)
TI
Allowance
per sf
Annual
Base
Rate per
sf
Industrial
Tenant Meineke
Industrial 2,483 36 New Apr 2023 Modified Gross 3 N/A N/A $14.50 Comments
The property is a 0.40-acre, 17,424 square-foot property that consists of a one unit, single-tenant, auto repair facility constructed in 1990 located at 31700 Casino Drive in the city of Lake Elsinore. The unit leased was is a 2,483-square foot auto repair unit for a 36 month new direct lease term. This unit includes a one story wood frame construction building. The unit has 15' feet clear height and one level only. The leasing broker stated that the landlord included a 3% escalation per year. The starting rent is $14.50 per square-foot on an annual basis of rent, or $1.21 per square-foot on a monthly basis of rent. The expense structure is modified gross, and there were no credits given to the tenant.

Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 318

Menifee Mayor and City Council
July 16, 2025
Page
1556 of 2087

Singh Property, Addenda
Addendum C

LEGAL DESCRIPTIONS AND MAPS OF

ACQUISTION AREAS

Singh Property, Addenda

Addendum C

LEGAL DESCRIPTIONS AND MAPS OF

ACQUISTION AREAS
Item Title: 11.2
Resolution of Necessity Authorizing the Condemnation of Property for Right-of-Way Purposes on Ethanac Road Item Page Number: 319

Menifee Mayor and City Council
July 16, 2025
Page
1557 of 2087

Page 1 of 2 ends

Menifee City CouncilJuly 16, 2025

Menifee City Council
July 16, 2025