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Warner Center Mixed-Use Development Opportunity

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Warner Center Mixed-Use Development Opportunity WARNER CENTER MIXED-USE DEVELOPMENT OPPORTUNITY 6636 V ARIEL A V ENUE | 6629 I NDEPENDENCE A V ENUE | 6617 I NDEPENDENCE A V ENUE CAN OG A PAR K , CA The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 2 Presented by: Chase Cohen Martin D. Agnew Ryan R-Serling John Lally Associate First VP Investments Senior Investment Associate Senior Investment Associate Senior Director, NOIPG Member, NOIPG Member, NRG 16830 Ventura Blvd, Ste 100 16830 Ventura Blvd, Ste 100 16830 Ventura Blvd, Ste 100 16830 Ventura Blvd, Ste 100 Encino, CA 91436 Encino, CA 91436 Encino, CA 91436 Encino, CA 91436 (818) 212-2695 direct (818) 212-2744 direct (818) 212-2725 direct (818) 212-2734 direct (818) 212-2710 fax (818) 212-2710 fax (818) 212-2710 fax (818) 212-2710 fax [email protected] [email protected] [email protected] [email protected] License CA: 02032851 License CA: 01339034 License CA: 01920619 License CA: 0190040 3 4 DEVELOPMENT OVERVIEW 5 Development Summary Marcus & Millichap is pleased to present 6636 Variel Ave, 6629 Independence Ave, and 6617 Independence Ave, a rare high- profile, mixed-use development opportunity, located on Kittridge St, stretching block to block from Variel Ave to Independence Ave, just west of De Soto Ave and south of Vanowen St. The subject property is 2.86 acres and falls within the Warner Center 2035 Specific Plan (North Village District). The North Village District is encouraged to be a predominantly residential, mixed-use gateway between Independence Ave and De Soto Ave. 6636 Variel Ave is walking distance from “Uptown at Warner Center”, a 47 acres mixed use development project, including retail, office space, hotel, research and development, assisted living and community center, and a 5 acre open park. It is also located near the third largest shopping center in the United States, (Westfield Topanga, The Village, and Westfield Promenade). Warner Center 2035 Plan The site is surrounded by an immediate dense population as 6636 VARIEL AVENUE | CANOGA PARK, CA well as affluent neighborhoods, including West Hills and Hidden Hills, which have some of the strongest demographics in Los Suggested Asking Price: Request for Offer Angeles County ($106,089 to $269,000 average household Land SF: 124,559 SF (2.86 Acres) income), giving way for a developer/investor to capitalize on the significant growth potential. Zoning: (WC)NORTHVILLAGE-SN-RIO FAR: 6.:1 • Rare Warner Center Development APN: 2148-029-029 • Block to Block Development Opportunity 2148-029-021 2148-029-022 • North Village District • Multi-Billion Dollar Submarket *SEE PAGE 14 & 17 FOR FAR DETAILS • Proximity to Metro Orange Line 6636 Variel Avenue Development Highlights AN IDEAL TRANSIT ORIENTED DEVELOPMENT IN WARNER CENTER • With a potential FAR of 6:1* this development has the ability to house upwards of 764 apartment units, with a mix of studios, 1+1, and 2+2 bedrooms* • Proposed 5,000 square feet of ground floor retail space and 554,250 square feet of residential apartment homes • Surrounded by the 3rd largest shopping center in the u.s. with approximately 2.7 million square feet of retail space at the Westfield Project • Set within the promenade 2035 - “NORTH VILLAGE” - This plan is set to provide real opportunities to be connected in everyday life, work, play and entertainment - all within your own backyard • Massive growth in the immediate area - working to revitalize the west san fernando valley • Dozens of new and planned apartment home communities - with units totaling in the thousands • Subject Property is located directly adjacent to the Metro Orange Line • The Warner Center is a rapidly growing TOD (Transit Oriented Development) with a very supportive local government and resident base *See Page 14 & 17 For FAR Details 7 CLOSE PROXIMITY TO: THE VILLAGE TOPANGA THE PROMENADE 8 6636 Variel Avenue 6636 Variel Avenue PROMENADE UPTOWN AT WARNER CENTER TOPANGA THE VILLAGE PROPOSED DEVELOPMENT 9 10 6636 Variel Avenue Site Overview 3 Parcels Total 6636 Variel Ave 6629 Independence Ave 6617 Independence Ave BUILDING SF: 56,954 BUILDING SF: 13,755 BUILDNG SF: 9,216 LAND SF: 68,246 (1.56 Acres) LAND SF: 30,001 SF (0.69 Acres) LAND SF: 26,312 SF (0.60 Acres) ZONING: (WC)NORTHVILLAGE-SN-RIO ZONING: (WC)NORTHVILLAGE-SN-RIO ZONING: (WC)NORTHVILLAGE-SN-RIO APN: 2148-029-029 APN: 2148-029-021 APN: 2148-029-022 FAR: 6:1* FAR: 6:1* FAR: 6:1* CLEAR HEIGHT: +/- 20’ CLEAR HEIGHT: +/- 13’ CLEAR HEIGHT: +/- 14’ BUILD OUT: OFFICE, R&D, WAREHOUSE BUILD OUT: OFFICE, R&D, WAREHOUSE BUILD OUT: OFFICE, R&D, WAREHOUSE *SEE PAGE 14 & 17 FOR FAR DETAILS Rent Roll & Pro Forma Income During Entitlement Process 11 1 VANOWEN ST 5 SUBJECT PROPERTY 4 2 7 OWENSMOUTH AVE VICTORY BLVD 6 AVE VARIEL 11 10 3 9 8 12 TOPANGA CANOYON BLVD 13 14 ERWIN AVE SHOUP AVE 16 CANOGAAVE 17 15 OXNARD BLVD 18 DE SOTO AVE 19 BURBANK BLVD CALIFORNIA STATE RD 27 20 21 12 6636 Variel Avenue WARNER CENTER DEVELOPMENTS & FEATURES VANOWEN ST SUBJECT PROPERTY - 6636 VARIEL AVENUE 1. 6801 CANOGA WARNER CENTER - 149 Units M/U 2. WESTFIELD TOPANGA MALL VICTORY BLVD 3. WESTFIELD TOPAGNA - THE VILLAGE 4. UPTOWN AT WARNER CENTER - M/U HIGH RISE DEVELOPMENT 5. AMLI 522 UNITS / REVEAL 438 UNITS / ALTA 298 UNITS 6. SAKS OFF 5TH / NORDSTROM RACK / LA FITNESS 22 7. DSW / BED BATH & BEYOND / BEVMO / PETSMART 8. ALURA APARTMENT HOMES 9. TRILLIUM TOWERS 10. THE HOME DEPOT 11. OCEANA - 244 UNITS 12. CARILLON APARTMENT HOMES - 264 UNITS 13. MOTIF - 397 UNITS 14. WESTFIELD PROMENADE 2035 15. ANTHEM BLUE CROSS BLUE SHIELD 16. FRY’S ELECTRONICS & PANAVISION 17. WARNER CENTER TOWERS - ALMOST 2 MILLION SF OF OFFICE 18. PROPOSED HOTEL - 170 ROOMS 23 19. WARNER CENTER CORPORATE PARK - PROPOSED 2.6 MILLION SF RE-DEVELOPMENT 20. NORTHROP GRUMMAN 21. KAISER PERMENANTE WOODLAND HILLS 22. PIERCE COLLEGE 23. CHALK HILLS METRO ORANGE LINE 101 FREEWAY 13 North Village District Standards for the North Village District • Floor Area Ratio: Base maximum FAR of 4.5:1 is permitted on all lots within this district • Permitted Development by Floor Area: There are no use restrictions on any project by floor area (i.e. restrictions that require certain percentage of floor area to be devoted to a certain use) • Building Height: All projects shall be permitted an unlimited building height subject to the following exceptions: • Street Wall: All projects with frontage along a public street or highway shall be required to have a minimum building height of 35 feet along that public street or highway. • Any project over 75 feet in height shall be subject to additional submittal requirements as set forth in the Mitigation Monitoring Program. Setbacks: • All projects shall observe a front setback area of no less than 12 feet and no more than 15 feet • Any project not located on an Active Street Frontage shall be permitted a front setback are up to 20 feet • A minimum of 30% of the requires setback shall be landscaped Residential Parking Requirements: • Base Parking Rate for Residents: Any residential use within the plan area shall provide parking for residents at the rate of at least one parking space per unit but no more than two parking spaces per unit • Guest Parking Requirement: Any residential use equal to or less than 100 units in size shall also provide a minimum of .25 parking spaces per unit for guest parking.
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