redevelopment opportunity

OFFERING MEMORANDUM 820N. CENTRAL AVENUE | GLENDALE, CA contents investment summary property overview market overview area overview

Offering Summary Property Details Market Summary Glendale Overview Location Aerial Specific Plan Regional Map Overview Property Aerial Land Use Landmarks Aerial Hight & FAR Limits Metrolink Map

EXCLUSIVELY LISTED BY:

DONALD ELLIS MICHELLE SCHIERBERL CHAD DIXON Senior Vice President Executive Vice President Senior Associate License No. 01878316 License No. 01000058 License No.02053108 +1 949.656.7051 +1 949.203.3060 +1 949.203.3047 [email protected] [email protected] [email protected]

820 N. CENTRAL AVENUE | GLENDALE, CA offering summary

PROPERTY SUMMARY THE OFFERING Stream Realty is proud to present the opportunity to acquire 820 North Central Price BEST OFFER Avenue in Glendale, CA. This 0.83 acre site is currently occupied by Conrads Land Size 0.83 Acres Restaurant, which has been a staple for the community for over 39 years. 820 N. Central is located in the Gateway District of the Downtown Specific Plan for the 250 Units per Acre Density City of Glendale and is currently zoned DSP/GAT. The Gateway district features the (up to 35% bonus available) most visibly noted skyline of Downtown Glendale with the focus of this area on 820 North Central Avenue continued promotion and location of corporate headquarters, new hotels, mixed Address Glendale, CA use and residential. Therefore, this particular zoning allows a future developer to 5644-003-081 develop up to 18 stories in height for residential, office or hotel and up to 25 stories APN 5644-003-073 with incentives. This location is minutes from the 134 freeway and is in the heart of 5644-003-033 the downtown specific plan which has seen a revitalization of development in the past few years. Zoning DSP/GAT The site sees an average of 23,894 cars per day and is surrounded by both high- Daytime Employment (3-miles) 154,200 rise office and multiple hotel uses as well as recently built multi-family. With strong supporting demographics, this offering allows an investor to create their own vision CARS PER DAY for the site moving forward. This is an opportunity to develop in an urban core with Resident Population (3-miles) 212,637 24-hour activity benefiting from the mix of uses. 19,100

N BRAND BOULEVARD 19,100

820 N. CENTRAL AVENUE -4- location aerial

CAL IFOR NIA 134 VENTURA FREEWAY

230,004 CARS PER DAY

CARS PER DAY

19,100 ARDEN AVENUE Y DA R PE 3,663 S AR CARS PER DAY 4 C ,89 23 BRAND BOULEVARD UE N BRAND BOULEVARD L AVEN TRA EN W N C

28,959 CARS PER DAY

-5- property aerial

820 N. CENTRAL AVENUE -6- landmarks aerial

NTERTATE 5 SAN FERNADO ROAD RetailRETAIL COLORADO BLVD

MULTIFAMILY

Eleve Lofts & HOTEL Skydeck W BR OAD WAY

PACIFIC AVE

E V A AVE E L A D N AMLI E L RESIDENTIAL G S

BRAND AVENUE CENTRAL AVENUE DORAN ST MODERA | GLENDALE

BY MILL CREEK

CALIFORNIA 134

GLENOAKS BOULEVARD

-7- property overview

820 N. Central Avenue SEC N Central Avenue & Conrads Restaurant Glendale, CA 91203 Arden Avenue 7,336 SF PROPERTY NAME ADDRESS LOCATION BUILDING AREA

P/GAT “Gateway District” 0.83 AC 100% 1979 See Zoning: % https://bit.ly/glendale-zoning LAND AREA OCCUPANCY YEAR BUILT ZONING

*

5644-003-081, 5644-003-073, 5644-003-033 APN

820 N. CENTRAL AVENUE -8- downtown specific plan

820 N Central Avenue is within the Gateway District area of Downtown Glendale’s specific plan. Located at the northern portion of the Downtown Specific Plan area, the Gateway district features the most visibly noted skyline of Downtown Glendale. Characterized by high-rise development, the district is home to numerous corporate headquarters and businesses whose multi-storied towers are visible from the various viewpoints throughout the city and the 134 Freeway. The focus of the area is the continued promotion and location of corporate headquarters, new hotels, mixed-use and residential buildings, complementary/accessory service and retail businesses at the street level, as well as the introduction of appropriate night-time entertainment uses. » Between Brand and Central, a “lid” could be built over the 134 Freeway in the form of a transit plaza. This deck would create a significant open space resource, restore north-south pedestrian connections in the Gateway area, and serve as terminal for transfers between local transit service and a future regional east-west transit line. » The preferred land uses in this district are high rise office and residential, hotels, and other uses which support the adjacent office uses and employees. » The Gateway area includes Glendale’s highest concentration of high rise, high intensity regional office uses. Many of Glendale’s leading corporations are located at this highly visible location along the 134 Freeway. The area includes high rise residential uses, hotels and distinctive headquarters buildings, and creates the dominant visual image of Glendale for freeway users.

Amended by Ord. Nos. 5738, 5776, 5815, 5865 GLENDALE DOWNTOWN SPECIFIC PLAN 2-3 -9- land use

KEY TO PERMIT REQUIREMENTS EDUCATION, PUBLIC ASSEMBLY USE SERVICE, OFFICE USES

Convention Centers P Banks and Financial Institutions P A Administrative Use Permit P Permitted Use Cultural Arts Centers Business Support Services C Conditional Use Permit P P T Temporary Use N Use Not Allowed Gyms and Health Clubs P Contractor’s Office and/or Storage T Gyms and Health Clubs P Daycare Centers A (Existing prior to June 1, 2003)

RESIDENTIAL USES Indoor Recreation Centers P Hotel and Motels P

Live/Work Units P Museums P Medical and Dental Laboratories P Live/Work Units with Conditionally C Permitted Uses Places of Worship P Medical and Dental Offices P Mixed Use Development (Provided that Places of Worship P Offices P all uses are permitted in zone which the P (Existing prior to June 1, 2003) project is located) Mixed Use Development (Where at least Private Clubs and Lodges P Personal Services P C one use is conditionally permitted) Public Dances P Pet Grooming P Multiple Residential Dwelling Units P Repair and Maintenance - Consumer Schools - Physical Instruction P P Residential Congregate Living - Limited C Products

Residential Congregate Living - Schools - Private P P Non-Medical Schools - Private Specialized P Senior Housing P Education/Training

Theaters P

820 N. CENTRAL AVENUE -10- height & FAR limits

MAXIMUM HEIGHT AND FAR MAXIMUM HEIGHT AND FAR 2.1.2 GATEWAY BYDISTRICT RIGHT WITH INCENTIVES

Height in StoriesLocated at the northern 18portion of theHeight Downtown in SpecificStories Plan area, the Gateway district25 features the most visibly noted skyline of Downtown Glendale. Characterized by high-rise development, the district is home to numerous corporate headquarters and businesses Height in Feet whose multi-storied towers275’ are visibleHeight from the invarious Feet viewpoints throughout the city380’ and the 134 Freeway. The focus of the area is the continued promotion and location of corporate headquarters, new hotels, mixed-use and residential buildings, complementary/accessory Permitted FAR service and retail businesses7.25 at the streetMaximum level, as well FAR as the introduction of appropriate7.50 night-time entertainment uses.

Density (Units/Acre) 250 Density (Units/Acre) 337.5

Building height of 25 stories or 380’ is available only to projects qualifying for the Signature Design incentive. All other incentives or combination of incentives are limited to a maximum height / density of 22 stories or 305’ and a FAR of 7.50. 2-6 GLENDALE DOWNTOWN SPECIFIC PLAN

-11- Amended by Reso. No. 09-37; Ord. Nos. 5738, 5776, 5815 GLENDALE DOWNTOWN SPECIFIC PLAN 4-9 metrolink map

Lancaster

Palmdale

Vincent Grade/Acton

Via Princessa VENTURA LOS ANGELES SAN BERNARDINO Santa Clarita CO. CO. CO. Newhall

Sylmar/San Fernando

Sun Valley APU/Citrus College Burbank Airport - North Future Station

Ventura Ventura - East Burbank/ Oxnard CamarilloMoorparkSimi ValleyChatsworthNorthridgeVan Nuys Bob Hope A irport Burbank - Downtown The site is 2.5 miles to the Glendale Trans- San Bernardino - Glendale Cal StateEl L.A. MonteBaldwin CovinaPark PomonaClaremont - North MontclairUpland Rancho CucamongaFontana Rialto San BernardinoDowntown North GLENDALE portation center, providing easy access to L.A. Union Station Atlantic Chatsworth Wilshire/ other regions. The Glendale Transporta- Western 7th/Metro tion Center is an Amtrak and Metrolink rail Montebello/ Commerce Pomona - Jurupa Valley/ station in the City of Glendale, California. Santa Monica Industry Downtown Ontario - East Pedley Riverside- This multi/modal station serves as a central transportation hub for Hunter Park/

Commerce Riverside- UCR Placentia Corona - the City of Glendale. Several public transportation systems includ- Norwalk Downtown Future Station Corona - West North Main ing Amtrak, Metrolink, Greyhound, Metro, and the Glendale Beeline Riverside- Moreno Valley/ La Sierra March Field Redondo Beach Buena Park Anaheim utilize the Glendale Transportation Center as a transfer point and/or Canyon Fullerton RIVERSIDE layover. Ten Pacific Surfliner trains serve the station daily and 54 Norwalk/Santa Fe Springs Perris - Long Beach CO. Metrolink trains serve the station each weekday, as well as serving Anaheim Orange Downtown ORANGE Santa Ana the Antelope Valley Line on Saturdays. CO. Tustin Irvine Perris - South

Laguna Niguel/ Mission Viejo Antelope Valley Line Station Served by Multiple Lines San Juan Capistrano Inland Empire-Orange County Line Amtrak Paci c Suriner Orange County Line San Clemente SAN DIEGO Riverside Line Metro Rail/Metro Bus CO. Escondido San Bernardino Line LAX FlyAway Bus

Solana Ventura County Line Coaster Beach Oceanside to San Diego 91/Perris Valley Line San Diego Sprinter San Clemente PierOceanside Future Station Oceanside to Escondido

820 N. CENTRAL AVENUE -12- -13- market overview

Glendale retail has been on a hot streak as the local Glendale is one of LA’s hotspots for new multifamily to attract CBD-type tenants; banks, law firms, economy has been growing faster than its historical construction. Vacancies have held at or near 5% insurance companies, and corporate headquarters rate. Retail demand has significantly outpaced new for several consecutive years despite the delivery are found in abundance here. Also like the CBD, supply almost every year this decade, driving steadily of more than 3,600 units since 2013. The average it is quite accessible to many parts of the metro, decreasing vacancies and outsized rental growth. The price per unit in multifamily sales remains at or near especially the , the San Gabriel city appears to be weathering the retail downtown record highs, and while average cap rates have held Valley, and Downtown LA. Glendale also boasts no better than the nation as a whole. Retailers in the below 4.2% for several straight years. gross receipts or business license taxes, giving it a area are supported not only by strong household In addition to thriving retail and multifamily more pro-business feel than the neighboring City of incomes and families, but by population growth and markets, strong demand drivers and an absence Los Angeles. Amenities here include high-end retail a burgeoning supply of multifamily developments, of new development keeps Glendale’s office (the Americana at Brand and the Glendale Galleria which provide an option for both young working market fundamentally sound. The ongoing appeal are two of the more prestigious shopping centers in professionals and established, successful families. of the submarket is evident in 2019’s record- the metro). Homes and apartments in Glendale are in high setting investment totals with more than $500M demand and the retail in the region is supported by in multifamily trades recorded.. Glendale tends the strong population base.

» RETAIL MARKET BUILDINGS SF GLA VACANCY VACANT SF $/PSF/MO. GLENDALE 2,314 16,300,000 2.50% 407,000 $2.99

LOS ANGELES 46,883 445,000,000 4.7% 21,000,000 $2.78

» OFFICE MARKET BUILDINGS SF GLA VACANCY VACANT SF $/PSF/MO. GLENDALE 826 13,400,000 8.9% 1,200,000 $2.97

LOS ANGELES 17,331 423,000,000 10.1% 42,600,000 $3.44

» MULTIFAMILY UNITS UNDER MARKET UNITS VACANCY VACANT UNITS RENT/UNIT CONSTRUCTION GLENDALE 35,644 5.1% 1,800 $2,009 0

LOS ANGELES 959,649 5.2% 50,000 $1,944 25,587

820 N. CENTRAL AVENUE -14- regional map

CITY BOUNDARY

CALIFORNIA 2

RNIA LIFO CA 134

NTERTATE BRAND BOULEVARD CENTRAL BOULEVARD 5 BROADWAY

COLORADO STREET

-15- glendale overview

Glendale is located at the southern base of the , in a valley Within the city of Glendale, Downtown is the convergence of a number of prima- “bowl” also bounded on the west by the and and ry local streets - Brand Boulevard, Central Avenue, Glendale Avenue, Colorado to the east by the . This valley is also referred to as the “Golden Street, Broadway, and Glenoaks Avenue - that lead to surrounding neighbor- Triangle” and further defined by the 2, 134, and 5 Freeways, from which Glen- hoods and districts. The South Brand “Boulevard of Cars” is a regional con- dale has unique and immediate regional access to neighboring communities centration of auto dealerships. South Brand also links Downtown to the historic such as Burbank, Pasadena, North Hollywood, La Crescenta, and Downtown Tropico town site, now a burgeoning mixed-use and residential neighborhood Los Angeles. Glendale has evolved in the last 50 years from a suburban main centered around the Metrolink station and Glendale Memorial Hospital. The Ad- street to an urban center with a skyline. But the skyline is only a part of Glen- ams Hill neighborhood and the Forest Lawn Memorial Park cemetery are also to dale’s urban design quality. Distinctive districts, streets and places make the the south. The North Brand district, a localized retail area, serves the residential city a diverse and interesting destination. neighborhoods north of Downtown and the 134 Freeway.

820 N. CENTRAL AVENUE -16- glendale highlights

CONVENIENT ACCESS 1-MILE 3-MILES 5-MILES

Glendale is 9 miles north of Los Angeles, 7.5 miles from the Burbank Airport, 2025 Projection 58,648 213,372 506,517 5.5 miles from Pasadena, 9.5 miles from Hollywood and 25 miles from the Los Angeles International Airport. It is surrounded by 4 major freeways and 2020 Estimate 57,616 212,637 506,661 is well connected to regional and local trains and buses. 2010 Census 50,834 204,000 496,216 MAJOR COMPANIES HEADQUARTERED IN GLENDALE These headquarters located in the City of Glendale contribute to the city’s POPULATION 2010 - 2020 Growth 13.34% 4.23% 2.10% thriving economy. Average Age 42.10 41.30 40.80 » Avery Dennison » Disney Consumer Products 2025 Projection 23,669 79,732 193,391 » DreamWorks Studios » KABC-7 2020 Estimate 23,286 79,543 193,747 » Public Storage » LegalZoom 2010 Census 20,736 76,816 191,506 » Univision Communications » Walt Disney Animation Studios HOUSEHOLDS Average HH Income $86,353 $92,060 $101,479 » Whole Foods Market Median HH Income $62,504 $66,225 $73,341 WORLD CLASS AMENITIES Glendale visitors and residents enjoy daytime, nightlife, and family options White 73.37% 74.61% 74.26% including: luxury shopping at The Americana at Brand or the Glendale Galle- African American 1.78% 1.86% 2.35% ria, fine dining in downtown Glendale, theaters including the legendary Alex Theatre, Laemmle Theatre, and the Antaeus Theatre. Glendale is known for Asian 19.85% 18.69% 18.58% its depth of restaurant selection with cuisines representing virtually any eth- nic preference and price range. A selection ranging from white tablecloth ETHNICITY Mixed/Other 4.49% 4.08% 3.78% dining to trendy fast food concepts can be found throughout the city. With a vibrant worker and resident population, Glendale has a wide range of health Hispanic or Latino 14.86% 23.91% 30.57% and fitness offerings. Workout gyms and dance studios, yoga and Pilates stu- dios, and martial arts studios provide indoor opportunities for workers and High School/GED 19.85% 18.00% 16.04% residents to stay fit. Outdoor options include acres of parks and open space, Some College 25.08% 25.51% 24.37% tracks and trails, and safe city streets for walking and jogging. Bachelor's Degree 23.69% 23.02% 24.85% EDUCATION Advanced Degree 11.62% 11.10% 12.73%

-17- los angeles overview

4.2% $628B 4.4M 10.1M FEB. 2020 2019 COUNTY GDP JOBS IN LABOR MARKET 2019 POPULATION UNEMPLOYMENT RATE

With 4,084 square miles, Los Angeles County is one of the nation’s largest Los Angeles is the largest manufacturing center in the . The most counties, an area some 800 square miles larger than the combined area of the important sectors are computer & electronic products, apparel, transportation states of Delaware and Rhode Island. With a total population of 10.1 million, if products, fabricated metal products, and food products. the County (Los Angeles – Long Beach - Glendale Metro Division) were a state, International trade is a major driver of the area’s economy. The “Los Angeles it would be the eighth largest state in the nation. Customs District” (including the ports of Long Beach and Los Angeles, Port Los Angeles is a world center of business, international trade, entertainment, Hueneme, and Los Angeles International Airport) is the nation’s largest, based culture, media, technology and education. As the home base of Hollywood, it on value of two-way trade. In 2013, this totaled $414.5 billion, a new record high is known as the “Entertainment Capital of the World,” leading the world in the that enabled the LACD to overtake the New York-New Jersey Customs District creation of motion pictures, television production, video games, and recorded and regain its top ranking. With a gain of 4.3%, two-way trade through the LACD music. It is estimated that one in every six of the city’s residents works in a grew somewhat faster than the US as a whole. As the entertainment capital of creative industry. the world, most of this country’s film, television and recording stars live and work in the Los Angeles area.

820 N. CENTRAL AVENUE -18- Residents and visitors enjoy classic theme parks, The Los Angeles Convention Center holds 320 Home to one of the largest retail sales markets in the movie premieres, beaches, mountains, parks and events annually hosting over 2 million attendees. United States. Los Angeles County’s taxable sales spectator sports with world champions and celeb- totaled $151 billion in 2015. rities!

As the entertainment capital of the world, most of Los Angeles County has 200 college and university There are 379 parks in the Los Angeles area (com- this country’s film, television and recording stars live campuses. These range from California Institute of prising 15,686 acres). Griffith Park, encompassing and work in the Los Angeles area. Technology, the Claremont Colleges, UCLA, and USC, 4,014 acres of land, is the largest city-run park in to specialized institutions such as the California In- the country. Los Angeles today has one of the most stitute for the Arts, the Art Center College of Design, diverse populations in the nation. People from about the Fashion Institute of Design and Merchandising, 140 countries, speaking approximately 6 different and the Otis Art Institute. languages, currently call Los Angeles home.

-19- 820 N. CENTRAL AVENUE | GLENDALE, CA