OFFERING MEMORANDUM
BRADDOCK CENTER DEL REY 4800 S CENTINELA AVE LOS ANGELES, CALIFORNIA 90066
Capital Markets | Investment Properties 1 AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
CBRE, Inc. Operates within a global family of authorization of the owner of the Property contained herein, to consult with independent companies with many subsidiaries and related (“Owner”) or CBRE, Inc., and (iv) you will not use legal and financial advisors, and carefully entities (each an “Affiliate”) engaging in a broad any part of this Memorandum in any manner investigate the economics of this transaction and range of commercial real estate businesses detrimental to the Owner or CBRE, Inc. Property’s suitability for your needs. ANY RELIANCE including, but not limited to, brokerage services, ON THE CONTENT OF THIS MEMORANDUM IS property and facilities management, valuation, If after reviewing this Memorandum, you have no SOLELY AT YOUR OWN RISK. investment fund management and development. further interest in purchasing the Property, kindly At times different Affiliates, including CBRE Global return it to CBRE, Inc. The Owner expressly reserves the right, at its sole Investors, Inc. Or Trammell Crow Company, may discretion, to reject any or all expressions of interest This Memorandum contains select information have or represent clients who have competing or offers to purchase the Property, and/or to pertaining to the Property and the Owner, and interests in the same transaction. For example, terminate discussions at any time with or without does not purport to be all-inclusive or contain all Affiliates or their clients may have or express an notice to you. All offers, counteroffers, and or part of the information which prospective interest in the property described in this negotiations shall be non-binding and neither investors may require to evaluate a purchase of Memorandum (the “Property”), and may be the CBRE, Inc. nor the Owner shall have any legal the Property. The information contained in this successful bidder for the Property. Your receipt of commitment or obligation except as set forth in a Memorandum has been obtained from sources this Memorandum constitutes your acknowledgment fully executed, definitive purchase and sale believed to be reliable, but has not been verified of that possibility and your agreement that neither agreement delivered by the Owner. for accuracy, completeness, or fitness for any CBRE, Inc. nor any Affiliate has an obligation to particular purpose. All information is presented disclose to you such Affiliates’ interest or “as is” without representation or warranty of any involvement in the sale or purchase of the Property. kind. Such information includes estimates based In all instances, however, CBRE, Inc. And its on forward-looking assumptions relating to the Affiliates will act in the best interest of their general economy, market conditions, competition respective client(s), at arms’ length, not in concert, and other factors which are subject to uncertainty or in a manner detrimental to any third party. and may not represent the current or future CBRE, Inc. and its Affiliates will conduct their performance of the Property. All references to respective businesses in a manner consistent with acreages, square footages, and other the law and all fiduciary duties owed to their measurements are approximations. This respective client(s). Memorandum describes certain documents, Your receipt of this Memorandum constitutes your including leases and other materials, in summary acknowledgment that (i) it is a confidential form. These summaries may not be complete nor Memorandum solely for your limited use and accurate descriptions of the full agreements benefit in determining whether you desire to referenced. Additional information and an express further interest in the acquisition of the opportunity to inspect the Property may be made Property, (ii) you will hold it in the strictest available to qualified prospective purchasers. You confidence, (iii) you will not disclose it or its are advised to independently verify the accuracy contents to any third party without the prior written and completeness of all summaries and information
© 2020 CBRE, Inc. All Rights Reserved. 4800 S CENTINELLA AVE
ASSET OVERVIEW The Centinela north-south corridor between Venice and Jefferson Blvds. was historically a conspicuously underdeveloped section of the Westside. Over the past 3-4 years this has quickly changed, with new high-quality residential and commercial developments popping up on nearly every block in the corridor.
4800 S Centinela Ave currently operates as a six-tenant shopping center in Del Rey, Los Angeles. Neighboring Playa Vista, 4800 S Centinela is in a highly desirable area of Los Angeles’ westside market that has seen tremendous growth due to the birth of Silicon Beach. Sharing a city block with two market rate redevelopment projects, 4800 S Centinela is set to be the next build in the area. An astute investor and/or developer can build up to 28 units by right and enjoy some of the highest market rents in Los Angeles.
$4,500,000 LIST PRICE
28 $160,714 $393.29 1986 6,007 SF BUILDABLE UNITS BY RIGHT PRICE PER BUILDABLE PPSF LAND YEAR BUILT BUILDING SF
11,442 SF 4221-018-038 LAC2 12 (TWO PER SUITE) 100% LOT SF APN ZONING PARKING CURRENT OCCUPANCY
3 RENT ROLL
PROFORMA
TENANT SIZE (SF) BEGIN END MONTHLY ANNUALLY PSF/MONTH RECOVERY TYPE PSF/MONTH MONTHLY ANNUALLY LOSS TO LEASE
Centinela Café 1,600 Jul-15 Jun-20 $4,656.62 $55,879.44 $2.91 Modified Gross* $5.00 $8,000.00 $96,000.00 41.79%
Precious Paws Grooming 1,800 Aug-12 M-to-M $3,820.27 $45,843.24 $2.12 Gross $5.00 $9,000.00 $108,000.00 57.55%
Los Cocos 800 Jan-06 M-to-M $2,575.00 $30,900.00 $3.22 Modified Gross* $5.00 $4,000.00 $48,000.00 35.63%
Corner Cleaners 800 Sep-15 Aug-20 $2,430.30 $29,163.60 $3.04 Gross $5.00 $4,000.00 $48,000.00 39.24%
Family Source Center 500 Nov-18 M-to-M $2,300.00 $27,600.00 $4.60 Gross $5.00 $2,500.00 $30,000.00 8.00% Car Insurance (Seguros de 500 Nov-18 M-to-M $1,400.00 $16,800.00 $2.80 Gross $5.00 $2,500.00 $30,000.00 44.00% Auto) Lamar Billboard N/A Jan-06 M-to-M $150.00 $1,800.00 N/A Gross
LEASED 100%
TOTALS/AVERAGES 6,007 $17,332.19 $207,986.28 $3.11 $5.00 $30,000.00 $360,000.00 37.70%
* Restaurant tenants reimburse Landlord for 100% of trash expense.
4 You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK 4800 S CENTINELLA AVE
THE OFFERING
By-Right Proposed Redevelopment Purchase Price $4,500,000 Land Area 11,442 SF Zoning LAC2 Buildable Units 28 Price per Buildable Unit $160,714 Price per Land SF $393.29
PARCEL MAP
You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK 5 CENTINELA DEVELOPMENTS
1 2 3 4 5
4706 S CENTINELA AVE 4856 S CENTINELA AVE 4910 S CENTINELA AVE 4980 S CENTINELA AVE 4971 S CENTINELA AVE
4706 S Centinela Ave is a 4856 S Centinela Ave is a 4910 S Centinela Ave will 4980 S Centinela Ave is 4971 S Centinela is a 25K proposed 18-unit building “smart” duplex built in 2018 be known as the “Centau- a 12-unit townhome style sf luxury multifamily building just north of the subject. by Payson Denney Architects rus Apartments.” Another building built to in 2019. currently under construction. The project is slated for and sold in March for “smart” project being built by All units are two-story luxury The developer highlights state completion in 2021 and $2.1MM. Both units consist Payson Denney, the building townhomes currently for rent. of the art finishes throughout, includes 2 units allocated for of 3 beds and 3.5 units baths, is under construction and will The site has subterranean rooftop amenities, eco-driven affordable housing. and one separate storage boast eight 3 bed and 2.5 parking providing 12 total fixtures, and subterranean unit. The site was built with 5 bath townhome units for sale, spots. parking. total parking spots. plus additional recreational rooftop space. Subterranean parking will provide 16 total parking spots.
6 4800 S CENTINELLA AVE
CENTINELA DEVELOPMENTS MAP
4 S CENTINELA AVE 4 1 S CENTINELA AVE 4 5 S CENTINELA AVE Br o Dr
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v B CA n so er Je 0 250 500 F ¯ 385709 7 PROPERTY PICTURES
8 4800 S CENTINELLA AVE
PROPERTY PICTURES
9 N S B S D D C C 10 POINTS¦¨§ 20 S OF INTEREST AERIAL P B N B S S B CULVER CITYD A PALMS S M C S B S M A S P
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R P V HHLA MARINA DEL REY Y T V M P A PLAYA VISTA
L M U W 80 S
S S B MOS#372682 10 AREA OVERVIEW
Silicon Beach generally refers to the stretch of cities on LA’s Westside where tech companies ranging from Fortune 500s to entrepreneurial start-ups are based in the communities of Santa Monica, Venice, Marina del Rey, Playa Vista, Mar Vista, Palms, Culver City, Playa del Rey, El Segundo, Manhattan Beach and Hermosa Beach. Silicon Beach is at the heart of the LA tech and startup scene with more than 500 companies calling the area home. In 2016, LA startups raised $4.2 billion with Santa Monica-based Snap Inc. pulling in a staggering $1.2 billion Series F, while The Trade Desk, based in El Segundo, went public with a $1.1 billion valuation. Notable companies of Silicon Beach include Amazon, Google, Microsoft, Apple, Snapchat, Hulu, Facebook, Uber, TaskUs, Headspace, ChowNow, The Honest Company, YouTube,, Gem, System1, Wevr, Wpromote, Chef’d, Yahoo, BuzzFeed, AOL, Tinder, and Nativo. The proximity to the beach and access to LA’s vibrant entertainment and cultural scene are effective recruiting tools for companies looking to land top talent.
DEMOGRAPHICS:
2020 BUSINESSES INDUSTRY EMPLOYMENT* 1 Mile: 1,376 businesses Office Admin 11% 3 Miles: 14,391 businesses Sales 11% 5 Miles: 47,571 businesses 2020 # OF Management 11% 2020 EMPLOYEES HOUSEHOLDS Food Prep and Serving 8% 1 Mile: 22,436 employees 1 Mile: 15,399 Arts and Entertainment 7% 3 Miles: 135,627 employees LA JOBS 3 Miles: 119,979 within 1 Mile-Radius 5 Miles: 481,588 employees Business and Finance 7% Education 6% 2020 POPULATION 2020 AVERAGE Grounds and Maintenance 5% 1 Mile: 37,263 HOUSEHOLD INCOME Healthcare 5% 3 Miles: 263,456 1 Mile: $114,683 5 Miles: 647,647 Personal Care and Service 5% 3 Miles: $129,607 Other 24%
Q3 TOTALS
30.7 K (65.2 K) 6.8% -1.9% 12 MO DELIVERIES 12 MO NET VACANCY RATE 12-MONTH IN SF ABSORPTION IN SF ASKING RENT GROWTH PLAYA VISTA – MAJOR EMPLOYERS
Sepulve a lv ve lan Ave M au lin Ave MOS#362370 N S Centinela Ave
Sa telle lv ean a lv
a in ton lv al lv Jeffe on lv al ove Ave MA S A 30,333 SF 4t St ¦¨§405 a in ton l 55,354 SF 11,520 SF Main St o e Ave UV1 80,886 SF 36,392 SF eni e lv 82,249 SF a o 50,072 SF A ot inne lv Califo nia Ave 131,071 SF 36,438 SF 49,000 SF
Culve lv
N C 58,000 SF UV90 Jeffe on lv
130,000 SF 135,182 SF 260,000 SF
a in ton lv Centinela Ave 30,300 SF A A S A 21,116 SF 30,000 SF a ifi Ave Jeffe on lv ia Ma ina 122,000 SF o a u e
17,784 SF 5,680 SF 229,496 SF 46,000 SF
33,456 SF 92,000 SF 16,500 SF 9,223 SF
a i e a lv
o ola lv 40,121 SF 17,900 SF Man e te Ave 319,000 SF 34,044 SF
e in 40,889 SF i ta el Ma
1:39,250 e t e te 0 0.5 mi S Sepulve a lv 12 4800 S CENTINELLA AVE
13 CONTACT US
ADAM PETERSON ALEX FRAPECH DANNY VENEGAS First Vice President Associate Associate +1 310 550 2592 +1 310 228 2105 +1 310 550 2551 [email protected] [email protected] [email protected] Lic. 01815802 Lic. 02026469 Lic. 02091905
Capital Markets | Investment Properties