1. United Taste of America | FOOD HALL
HUYNHING RESTAURANT DEVELOPMENT GROUP | 2015
2550 Alton Parkway | Irvine, California

2. Project Overview

3. United Taste of America food hall features a multicultural, homemade, local diverse food hub
serving the City of Irvine and the entire Orange County region.
The project site is located in the Irvine Business Complex - an area of Irvine, CA currently
experiencing rapid growth and residential developments. Major freeways, John Wayne airport,
UC Irvine and Diamond Jamboree Plaza are within 2 miles of the proposed site location. The site is
surrounded by office towers, industrial warehouses and apartment complexes - making it an ideal
site with ample daytime and nighttime traffic.
2550 Alton Parkway

4. United Taste of America is a 10, 020 sq. ft. multicultural food hall with 7-9 tenant spaces
for local Orange County food and drink vendors. Food halls are the latest culinary trend,
born of an era in which the old way of buying and consuming is new again. Unlike
traditional mall food courts, food halls offer a unique dining experience that highlights
small, local vendors combined with communal seating, which allow for social interaction.
United Taste of America will feature local and artisanal food vendors and will be
anchored by a craft beer tasting room. The concept of the food hall is to be fast, casual
yet provide quality gourmet meal options. The food hall is two stories with food tenants
on the first floor and a beer tasting room located on the top floor. Seating is communal
with long benches and tables and outdoor lounge seating on the second floor.
Project Proposal

5. The building design concept of United Taste of America is
an industrial, warehouse vibe – keeping in theme with the
industrial and commercial history of IBC.
Building design elements include: open and exposed
ceilings; roll-up garage doors to allow for natural lighting;
and wood panels.
Architecture Details

6. total area: 77,101.2 sf
building street setback line
building side setback
alton pkwy
millikanave.
1inch ≈ 38.5 ft
parking lot: 83 spaces
loading zone
building area: around 10,020 SF
two-story food hall
(see details in floor plan)
30ft.25ft.
24ft.24ft.
40ft.
26ft.26ft.
166.7ft.
60 ft. x 167 ft.
36ft.36ft.
25 ft.25 ft.
Proposed Site Plan

7. Proposed Floor Plan
60 ft. x 167 ft.
20”x25”
98 ft x 40 ft
First Floor
Second Floor

8. CAP RATE 7%
NET CASH FLOW / NOI $ 180,645 / $322,677 **
TOTAL LAND AREA 77,101 SF (1.77 ACRES)
TOTAL BUILDING AREA 10,020 SF
TOTAL RENTABLE AREA 7,400 SF
PARKING SPACES 83
ZONING 5.1 IBC MULTI-USE
TARGETED TENANTS
Brodard’s – Vietnamese spring rolls
Bayhawk Ales – Local brewery
Local food trucks - i.e. The Burnt Truck, Dos Chinos
El Toro Bravo – Homemade tortillas
Strickland’s Ice Cream - local, homemade small batch
Slapfish – seafood shack
Kean Coffee – specialty coffee
** Details in Appendix A
Project Profile

11. • 67% of IBC residents have a Bachelor’s degree
or higher indicating a well-educated population.
• IBC is an upper-middle class neighborhood
with a median household income of $77, 289.
IBC Neighborhood Highlights
• IBC is experiencing growth with
as much as 15,000 residential
units planned for the mixed-use
neighborhood.
• Unlike other planning villages in
Irvine with traditional single-family
homes set around green space,
IBC is geared towards the young
working professional population
(20-30 age group) who desire a
more urban lifestyle with food and
shops all within a short distance.
• The total population of IBC
is currently about 9,000 with
that number expected to grow
as more and more residential
developments are completed.
• Daily vehicle trips (both daytime
and nighttime) on Alton Pkwy is
about 6,000 – Alton Parkway being
one of the busiest streets in Irvine.
Alton Parkway connects Irvine
to adjacent cities – Costa Mesa,
Santa Ana, and Tustin.

12. PROFORMA HIGHLIGHTS**
TOTAL DEVELOPMENT COSTS $ 3,953,000
EFFECTIVE GROSS INCOME $ 358,530
UNLEVERAGED RETURN 9.07%
EXIST CAP RATE 7.00%
SPREAD 2.07%
IRR 33.72%
CASH ON CASH RETURN 5.71%
Financials
DEBT & EQUITY HIGHLIGHTS**
TOTAL CONSTRUCTION $ 3,953,000
Bank Loan
LOAN AMOUNT @ 80% LTC $ 3,162,400
RATE 6%
TERM 3 years
MONTHLY PAYMENT (INT-ONLY) $ 15,812.00
200 bps margin over 6 month LIBOR
*P&I option avail, 30 yr amort, floor rate of 4.5%
**Details in Appendix A & B
Private Equity Loan (80/20 pari-passu)
LOAN AMOUNT (PRIVATE LENDER) $ 632,480
EQUITY (DEVELOPER) $ 158,120
RATE 12%
TERM 2 years
MONTHLY PAYMENT (INT-ONLY) $ 6,324.80
*6 month extension avail w/25 bps fee

13. • Bank debt paid off at point of stabilization (90% occupancy
for 90 days)
• Pari passu (80/20) until the capital investors have received a
12.00% cumulative annual return (compounded quarterly); then
• 70% to “limited partners” (i.e., capital investors – split 70/30
between BGP/Developer) and 20% to Developer as “general
partner” until LP’s have received both a 16% cumulative IRR
(compounded quarterly) and a 70% profit margin on their total
capital invested; then
• 60% to LP’s; 40% to GP thereafter.
Cash Flow Distribution (Waterfall)

14. Huynhing Retail Development
Investment Analysis
2/11/15
Proforma
Rental Income / Return on Costs
RSF Rent/Mo/SF Rent/YR/SF Expenses Annual Income
Lease 7,400 $4.25 $51.00 NNN $377,400
Vacancy 5% (370) $4.25 $51.00 NNN ($18,870)
Net Rental Income 7,030 $4.25 $51.00 $358,530
Total Development Costs $3,953,000
Unleveraged Return / Return on Total Costs (Going In or Build to Cap Rate) 9.07%
Spread 2.07%
Sale Analysis @ Completion
Estimated Value (current cap rates are lower)Sale or Exit Cap Rate 7.00% $5,121,857
Cost of Sale 2.00% ($102,437)
Net Proceeds from Sale $5,019,420
Less:
Total Development Costs (Includes Capital Investment) $3,953,000
Net Profit from Sale $1,066,420
Total Distribution to Capital Partner upon Sale
Capital Partner Initial Investment 40% $1,581,200
Profit Distribution to Capital Partner 50% $533,210
Total Distribution to Capital Partner (Includes Capital Investment) $2,114,410
IRR on Equity Investment @ Stabilization (1 year) 33.72%
Cash Flow Analysis
LTC Equity Capital Loan Debt Constant
Net Rental Income (Year 1) $358,530
Debt Service (assumes refinance) 60% $2,371,800 7.50% ($177,885)
Net Cash Flow $180,645
Distributions:
Distribution to Capital Partner @ $1,581,200 50% $90,323
Distribution to General Partner @ 50% $90,323
Total Cash Flow Distribution to Capital Partner $90,323
Total Cash on Cash Return to Capital Partner 5.71%
Appendix A

15. Appendix B

16. FOR LEASING INFORMATION CONTACT:
HUYNHING RESTAURANT DEVELOPMENT GROUP
NANCY HUYNH | LEASING DIRECTOR
NANCY.HUYNH@HUYNHINGRESTAURANTDEVELOPMENT.COM
888.888.8888