±1.23 Acres [53,697 sf] Assemblage Site for Residential Redevelopment Project Recently Completed General Plan Amendment | Potential for Multiple RD3 Lots or R2 (Duplexes or Det. Condos) 9821 White Oak Avenue & 17715-17719 Kinzie Street, Northridge (City of Los Angeles), CA 91325
DEVONSHIRE ST
LASSEN ST
LASSEN ST SUBJECT SITE STUDENTS (UNDERGRAD & GRADUATE) 64,521
FACULTY PLUMMER ST (PART-TIME & FULL-TIME)
2,025 AVE OAK WHITE WHITE OAK AVE OAK WHITE
OFFERING MEMORANDUM
Southern California Office Agent Contacts The 18881 Von Karman Avenue, Suite 150 Bryant Brislin, CA BRE #01877964 Hoffman Irvine, California 92612 *PLEASE DO NOT T 714.814.5624 | [email protected] Company T 949.553.2020 | F 949.553.8449 www.hoffmanland.com Nick Giannini, CA BRE #01849360 DISTURB OCCUPANTS* Leading the Land Brokerage Industry CALIFORNIA + NEVADA CA BRE #01473762 T 949.705.0930 | [email protected] Disclaimer
The information contained in this offering material (“Brochure”) is furnished solely for the purpose of a review by prospective purchaser of any portion of the subject property in the City of Northridge, County of Los Angeles, California (“Property”) and is not to be used for any other purpose or made available to any other person without the express written consent of Scheel Dallape Inc. d/b/a The Hoffman Company (“The Hoffman Company”). The material is based in part upon information obtained by The Hoffman Company from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, The Hoffman Company, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site.
This Brochure was prepared by The Hoffman Company. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation.
In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents.
This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by The Hoffman Company or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein.
Seller and The Hoffman Company expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller’s obligations there under have been satisfied or waived. The Hoffman Company is not authorized to make any representations or agreements on behalf of Seller.
This Brochure is the Property of The Hoffman Company and may be used only by parties approved by The Hoffman Company. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to The Hoffman Company immediately upon request of The Hoffman Company or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Hoffman Company and Seller.
Please be advised, Buyer acknowledges that The Hoffman Company Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting The Hoffman Company to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers.
POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER - DISCLOSURE AND CONSENT (C.A.R. Form PRBS, 11/14)
A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.
Multiple Buyers: Broker (individually or through its associate licensees) may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property.
Multiple Sellers: Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers.
Dual Agency: If Seller is represented by Broker, Seller acknowledges that broker may represent prospective buyers of Seller’s property and consents to Broker acting as a dual agent for both seller and buyer in that transaction. If Buyer is represented by Broker, buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both buyer and seller with regard to that property.
In the event of dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price greater than the offered price; (b) Broker, without the prior written consent of the seller, will not disclose to the buyer that seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a dual agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties.
Offers not necessarily confidential: Buyer is advised that seller or listing agent may disclose the existence, terms, or conditions of buyer’s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the listing agent’s marketing strategy and the instructions of the seller.
Buyer and seller understand that Broker may represent more than one buyer or more than one seller and even both buyer and seller on the same transaction and consents to such relationships.
The terms and conditions set forth above apply to this Brochure in its entirety. Table of Contents
1 Property Overview 4 2 Aerials, Maps & Photos 5-16 Property Overview 1 Site Detail
The subject property is located at White Oak Avenue and Kinzie Street, in Northridge. The site is located just up the street from California State University at Northridge and immediately across the street from Richmond American’s recent 27 lot Mira Bella residential subdivision. As part of the recent General Plan Amendment and Zone Change for the Mira Bella project, the subject property was re-designated with Low Medium 1 Residential General Plan, which is consistent with an RD3 or R2 zone.
PARCEL SUMMARY COUNCIL DISTRICT APN ADDRESS SFa CD 12 – Mitchell Englander (Councilman) 2755-001-016 9821 White Oak Ave, 91325 17,914.3 SCHOOLS 2755-001-015 17715-17719 Kinzie St, 91325 35,783.5 Los Angeles Unified School District Total ±53,697 Contact: www.lausd.net, (213) 241-1000 a = per city of Los Angeles (ZIMAS) GRADE SCHOOL ADDRESS API K–5 Andasol Avenue E.S. 10126 Encino Ave, 91325 860 ACRES 6–8 Oliver Wendell Holmes M.S. 9351 Paso Robles Ave, 91325 843 ±1.23
9–12 Granada Hills Charter H.S.b 10535 Zelzah Ave, 91344 880 GENERAL PLAN b,c Low Medium 1 Residential 9–12 Northridge Academy Senior H.S. 9601 Zelzah Ave, 91325 - 9–12 Valley Academy of Arts and Sciencesb,c 10445 Balboa Blvd, 91344 - ZONING b = School in Choice Area RA-1 (proposed RD3 or R2) c = Enrollment is by application only ENTITLEMENTS Un-Entitled, however General Plan designation was recently changed to Low Medium I PRICE/TERMS Residential. Please submit. Sellers will entertain an extended escrow for purposes of the entitlement process. MUNICIPALITY City of Los Angeles CONTACT Bryant Brislin Nick Giannini COMMUNITY PLAN AREA CA BRE #01877964 CA BRE #01849360 Northridge T 714.814.5624 T 949.705.0930 AREA PLANNING COMMISSION [email protected] [email protected] North Valley
NEIGHBORHOOD COUNCIL Northridge East
The OFFERING MEMORANDUM \ 4 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2 Close Up Aerial
Zone Change Application In Process
Property Owner Currently Building Second Home
NOT AVE WHITE OAK AVAILABLE SOLD OUT MIRA BELLA | 27 LOTS KINZIE STREET
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NORDHOFF ST
NORTHRIDGE ACADEMY HIGH
PLUMMER ST
SOLD OUT MIRA BELLA | 27 LOTS
WHITE OAK ASSEMBLAGE LINDLEY AVE SUPERIOR ST
ZELZAH AVE
WHITE OAK AVE
LASSSEN ST
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The OFFERING MEMORANDUM \ 7 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2
ZIMASCity Zoning of Los Angeles Map ZIMASLE EN PUBLIC Generalized Zoning 05/23/2017 Department of City Planning
ENE ALIZE ZONIN OS, GW A, RA RE, RS, R1, RU, RZ, RW1 R2, RD, RMP, RW2, R3, RAS, R4, R5 CR, C1, C1.5, C2, C4, C5, CW, ADP, LASED, CEC, USC, PVSP, PPSP CM, MR, WC, CCS, UV, UI, UC, M1, M2, LAX, M3, SL P, PB PF HILLSIDE
ENE AL PLAN LAN SE LAN SE ESI ENTIAL IN ST IAL Minimum Residential Commercial Manufacturing Very Low / Very Low I Residential Limited Manufacturing Very Low II Residential Light Manufacturing Low / Low I Residential Heavy Manufacturing Low II Residential Hybrid Industrial Low Medium / Low Medium I Residential PA IN Low Medium II Residential Parking Bu er Medium Residential PO T O LOS AN ELES High Medium Residential General / Bulk Cargo - Non Hazardous (Industrial / Commercial) High Density Residential General / Bulk Cargo - Hazard Very High Medium Residential Commercial Fishing CO E CIAL Recreation and Commercial Limited Commercial Intermodal Container Transfer Facility Site Limited Commercial - Mixed Medium Residential LOS AN ELES INTE NATIONAL AI PO T Highway Oriented Commercial Airport Landside Highway Oriented and Limited Commercial Airport Airside Highway Oriented Commercial - Mixed Medium Residential Airport Northside Neighborhood O ce Commercial OPEN SPACE P BLIC ACILITIES Community Commercial Open Space Community Commercial - Mixed High Residential Public / Open Space Regional Center Commercial Public / Quasi-Public Open Space Other Public Open Space Public Facilities A E O CO E CIAL The NeighborhoodOFFERING Commercial MEMORANDUM IN ST IAL \ 8 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman CompanyGeneral Commercial Limited Industrial Community Commercial Light Industrial Streets Copyright (c) Thomas Brothers Maps, Inc. Regional Mixed Commercial Aerials, Maps & Photos 2 Area Schools Exhibit
Andasol Avenue Great Schools 1 ELEMENTARY SCHOOL | K-5 Rating 10126 Encino Avenue 6 Los Angeles, CA out of 10 LOS ANGELES USD
118
Great Oliver Wendell Holmes 405 Schools 2 MIDDLE SCHOOL | 7-8 Rating 9351 Paso Robles Avenue AVE WHITE OAK 6 GRANADA HILLS Los Angeles, CA out of 10 CHARTER HIGH BLVD BALBOA LOS ANGELES USD ANDASOL AVENUE
4 ELEMENTARY AVE WOODLEY NorthridgeDEVONSHIRE Academy STGreat DEVONSHIRE ST Schools 3 HIGH SCHOOL | 9-12 Rating 1 9601 Zelzah Avenue WHITE OAK 6 ASSEMBLAGE Los Angeles, CA LASSEN ST out of 10 LASSEN ST LOS ANGELES USD
OLIVER WENDELL 3 MIDDLE Granada Hills Charter Great Schools NORTHRIDGE 4 HIGH SCHOOL | 9-12 Rating ACADEMY HIGH 2 10535 Zelzah Avenue 10 Los Angeles, CA out of 10 LOS ANGELES USD RESEDA BLVD RESEDA
The OFFERING MEMORANDUM \ 9 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2 Transportation Map // Freeway
3.0 Miles 10 Minutes TO CA-118 VIA WHITE OAK AVENUE
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5
405
3.3 Miles DEVONSHIRE ST 7 Minutes WHITE OAK TO I-405 VIA ASSEMBLAGE LASSEN STREET LASSEN ST WHITE OAK AVE WHITE OAK RESEDA BLVD RESEDA BLVD BALBOA AVE WOODLEY
The OFFERING MEMORANDUM \ 10 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2 Property Photos
Street Front view of 17719 Kinzie Street Property
Street Front view of 9821 White Oak Avenue Property Street Front view of 9821 White Oak Avenue Property
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View of entrance to 17719 Kinzie Street Street easterly view of perimeter of 17719 Kinzie Street
Interior view of 17719 Kinzie Street
The OFFERING MEMORANDUM \ 12 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2 Greater Northridge Area Retail Map (East Side) The Hoffman The Company Hoffman DEVONSHIRE BLVD RETAIL CENTER Company REDEVELOPMENT OPENING 2017 Future Tenants: WHITE OAK ASSEMBLAGE LASSEN ST SEPULVEDA BLVD
The The
WHITE OAK AVE BALBOA BLVD 405 Hoffman Hoffman Company 1 MILE Company + MORE!
3 NORDHOFF ST MILES The The Hoffman he T Hoffman Company offman H Company Company PARTHENIA ST
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The 3 MILES The Hoffman Hoffman Company Company
1 MILE The DEVONSHIRE BLVD Hoffman TAMPA AVE ZELZAH AVE WHITE OAK AVE Company The The Hoffman Hoffman Company The Company WHITE OAK ASSEMBLAGE Hoffman Company
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WHITE OAK ASSEMBLAGE
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The RESEDA BLVD The Hoffman CORBIN AVE Hoffman Company Company
The OFFERING MEMORANDUM \ 15 \ WHITE OAK ASSEMBLAGE | NORTHRIDGE Hoffman Company Aerials, Maps & Photos 2 METRO CONSIDERS NEW LOCATION FOR WHITE OAK ASSEMBLAGETitle NORTHRIDGE COMMUTER RAIL STOP LASSEN ST WHITE OAK AVE The existing Metrolink station could be moved a half-mile east to Reseda Blvd.
BY STEVEN SHARP ON JUNE 13, 2017, 11:00AM
A Metro presentation from last month sheds new light on a proposal to relocate the Northridge RESEDA BLVD
Metrolink Station to Reseda Boulevard, in order toCORBIN AVE provide better connections to Cal State North- ridge and the regional bus network.
The existing station, located a half-mile west at Wilbur Avenue, was initially constructed over five days in 1994 to provide an emergency stop following the Northridge earthquake. The more permanent station which is still in use today was built in 2000. 2.6 Miles Metro considered five potential sites surrounding surrounding the crossing of the Metrolink PARTHENIA ST 9 Minutes right-of-way and Reseda Boulevard, and eventually selected a narrow site at the southwest corner of Reseda and Parthenia Street for further review. The subject property offers proxim- TO POTENTIAL NEW METRO LINK LOCATION ity to CSUN and potential for future development, but also will require property equisition and potential construction impacts on the adjacent railroad right-of-way. NORDHOFF ST
The intial concept for the new Reseda Boulevard station calls for two side platforms, as well as RESEDA BLVD a park-and-ride facility for 470 cars and new access for buses and cyclists. Pedestrian access to NORTHRIDGE Reseda would be provided by a ramp. METROLINK ZELZAH AVE (Existing Location) The development site is sufficiently large to eventually allow for the development of a mixed-use project featuring residential uses above ground-floor commercial space and a bike hub. New NORTHRIDGE structured parking could also be built as part of this concept. METROLINK (Potential Location) 1/2 However, a transit oriented development has not been proposed at this point in time. MILE PARTHENIA ST
As an alternative to relocation, Metro is also considering upgrades to the existing station on Wilbur Avenue, including the addition of a bike and pedestrian walkway to provide access north of the station, a bike hub and a reconfigured drop-off area for buses.
An existing park-and-ride facility and community center would remain on the property. Concept Rendering for New Northridge Metrolink Location As with the Reseda Boulevard site, the existing park-and-ride facility could accommodate the development of a mixed-use building featuring apartments and transit amenities.
The existing Greig Smith LAPD Devonshire Youth Center would be incorporated into any devel- opment under this concept. Bryant Brislin CA BRE #01877964 A report to the Metro Board of Directors on the two alternatives is expected in September. C (714) 814-5624 Metro Tishe also studyingOFFERING potentially MEMORANDUM relocating three other Metrolink stops in Los Angeles County. \ 16 \ WHITE OAK [email protected] | NORTHRIDGE Hoffman Company THE HOFFMAN COMPANY www.hoffmanland.com
TheDisclaimer: The informationSouthern California contained Office herein is providedCoachella from Valley sources Office deemed reliable.Northern The HoffmanCalifornia CompanyOffice does not guaranteeNevada Office the accuracy Hoffmanof any of the information18881 Von Karmanherein. Avenue, All information Suite 150 should777 E Tahquitz be independently Way, Suite 200 verified. 2121 North California Blvd., Suite 290 9205 W Russell Rd, Suite 235 Company Irvine, California 92612 Palm Springs, California 92262 Walnut Creek, California 94596 Las Vegas, Nevada 89148 T 949.553.2020 | F 949.553.8449 T 760.969.7357 | F 949.553.8449 T 925.478.8429 F 949.553.8449 T 702.793.4370 Leading the Land Brokerage Industry CALIFORNIA + NEVADA