BRANDON A WEST SAN FERNANDO VALLEY INVESTMENT OPPORTUNITY MICHAELS WITH EXCELLENT FREEWAY VISIBILITY SITUATED ON GROUP 37,786 SF OF LAND IN WOODLAND HILLS, CA INVESTMENT ADVISORS PROPERTY OVERVIEW BRANDON MICHAELS 1 Senior Managing Director of Investments Senior Director, National Retail Group Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA #01434685 www.BrandonMichaelsGroup.com 2 FINANCIAL ANALYSIS

3 COMPARABLE ANALYSIS

BRANDON MICHAELS GROUP www.BrandonMichaelsGroup.com 4 AREA OVERVIEW

16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com

2 3 WARNER CENTER THE CLARENDON 80,000 New Jobs Projected WOODLAND HILLS A 335-unit, 385,978 SF Class A apartment living community

VENTURA FWY Over 250,000 vehicles per day

VENTURA BLVD VENTURA FWY ON-RAMP Over 50,000 vehicles per day

4 EXECUTIVE SUMMARY

Over 250,000 vehicles per day VENTURA FWY

VENTURA BLVD Over 50,000 vehicles per day the down, buildingisknocked the structure. zoning variance iseliminated. The variance with the lives existing the building. Theof P-1VLD If structure. zoning that structurewas runs the then through existing azoning variance issued the inorder existing toexpand andruns through aportion the property of The P-1VLD the site. portion the parking zoningcovers the goal istore-develop if beunderstood which must and of C4-1VLD consisting zoning P-1VLD, has amixed of 300,000. The property with the freeway daily combined north counts trafficcar creates daily along counts high traffic from per VenturaThis highvolume40,000 vehicles day benefits over by with the property. driving Boulevard, property subject Ventura Boulevard is the main commercial thoroughfare through Fernando the San Valley, The and the world’s avenue business. longest contiguous of tenants multiple anduses. be easily toaccommodate divided showroom allowauto the points The buildingto layoutthe the buildingallows onetenant of entire whilethe space. for space access multiple tooccupy display including auto or the buildingisgrandfathered of auto-use, infor Westerly the most of portion square feet 8,480 Approximately vehicle access. allows whichalso for the the from rear building, points of the access buildingandmultiple the of from front upgraded ADA There restrooms. isaccess and offices, glass portioned beautiful interiorlighting, excellent the The high ceilings, building has plan, interiorof natural anopenfloor beautiful light. liningVentura glass façade afull frontage, of the the building to interiorof Boulevard linear feet whichcreate astrongwith 178 impressionandexpose along Ventura visibility excellent from Boulevard benefits Ventura The property structurethat Boulevard square foot isa19,970 iscurrently22223 vacant. create amemorable environment business that daily. pass by people thousands hundreds of of allowing onthe anoperator and location tocapitalize appeal, the accentuates assets perday. vehicles 250,000 signage further only exceeding Excellent amajor from highway, onthe tremendous counts car daily tocapitalize that visibility available of come assets with this type creating auniqueopportunity alongthe frontage freeway. of with over350feet directions, There andSouthbound are few Northbound both from incredible freewayfrom visibility totheadjacent Interstate 101 Ventura Freeway on-ramp, with the rear andWest the the buildingfronting side101 of Freeway. benefits property The subject Canyon Boulevard and East of Fallbrook in Woodland Hills, CA. The subject property sits directly directly sits property Canyon Boulevard Fallbrook The of subject andEast inWoodland CA. Hills, situated land commercial West buildingideally on37,786 of square foot Topanga square feet of

Marcus &Millichap

has been selected to market for sale 22223 Ventura a19,970 Boulevard, sale22223 for tomarket has selected been A West Fernando San Valley Investment Opportunity with Excellent Freeway Situatedwith Excellent on Visibility 37,786 CA inWoodland Land of SF Hills, 7 THE CLARENDON WOODLAND HILLS A 335-unit, 385,978 SF Class A WARNER CENTER apartment living community 80,000 New Jobs Projected

ONE OF SOUTHERN CALIFORNIA’S FASTEST GROWING SUBMARKETS WITH OVER 80,000 NEW JOBS AND 37 MILLION SQUARE FEET OF RESIDENTIAL AND BUSINESS BUILDINGS PROJECTED BY 2037 VENTURA FWY Woodland Hills is a high-end, amenity rich submarket in the San Fernando Valley. Well known for its plethora of strong national Over 250,000 vehicles per day and local retailers, Woodland Hills offers a extensive array of restaurants and local hotspots and a strong local economy home to a wide range of national companies and corporate headquarters, Class A office and retail properties, large commercial offices, and a variety of residential options from newly built multi-family buildings to multi-million dollar residences.

22223 Ventura Boulevard is within close proximity to Warner Center, known as the central business district of the San Fernando Valley. Warner Center is one of Los Angeles’ largest urban developments, offering a sweeping complex of office parks, high-rise office towers, apartments, and shopping centers including Westfield Topanga and the Village at Westfield Topanga. The multi- billion dollar submarket is home to substantial development, including the $1.5 billion renovation the Westfield Promenade is undergoing which will include retail, Class A office, two hotels, 14,000 residential units, and an entertainment and sports center. Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development. Significant growth is projected in the immediate area, with 37 million square feet of business and residential buildings, 14 million square feet of non- VENTURA BLVD Over 50,000 vehicles per day residential building area, 200,000 residential units, and 80,000 new jobs.

The high-end affluent submarket benefits from tremendous population and significant growth projections. There are over 350,000 people within a five mile radius and continued growth projected over the next five years. The median household income is over $85,000, and median home values exceed $700,000. LOCATION OVERVIEW LOCATION

8 9 IRREPLACEABLE WOODLAND HILLS LOCATION HIGH-GROWTH SUBMARKET

ƒƒ 350 feet of frontage along the Interstate 101 Ventura Freeway THE CLARENDON ƒƒ Over 80,000 new jobs, 37 million square feet of business and creating unbelievable freeway visibility accentuated by WOODLAND HILLS residential buildings, 14 million square feet of non-residential excellent signage A 335-unit, 385,978 SF Class A building area, 200,000 residential units projected in the immediate apartment living community area ƒƒ High daily traffic counts with over 250,000 vehicles per day along the 101 Freeway and over 50,000 vehicles per day ƒƒ A plethora of strong national and local retailers, a wide array of along Ventura Boulevard restaurants and local hotspots cater to local tenants ƒƒ Strong local economy is the home to a wide range of national ƒƒ Rare opportunity to acquire an asset with this type of visibility companies and corporate headquarters, Class A office and retail from a major highway properties, large commercial offices ƒƒ 178 linear feet of frontage along Ventura Boulevard, the ƒƒ A vast range of residential options from newly built multi-family world’s longest avenue of contiguous business and main units to multi-million dollar residences thoroughfare through the San Fernando Valley

ƒƒ West of Topanga Canyon Boulevard and East of Fallbrook WARNER CENTER – MULTI-BILLION DOLLAR SUBMARKET within close proximity to Warner Center, the central business ƒƒ $1.5 billion renovation the Westfield Promenade - retail, Class A district of the San Fernando Valley office, two hotels, 14,000 residential units, and an entertainment and sports center ƒƒ Directly adjacent to the Interstate 101 Ventura Freeway onramp, allowing for easy freeway access ƒƒ Uptown at Warner Center is receiving a $3 billion capital infusion to complete a mixed-use development ƒƒ Average household income in a one-mile radius north of $109,850 VENTURA BLVD ƒƒ Warner Center 2035 Specific Plan offers significant by-right VENTURA FWY Over 50,000 vehicles per day development and will experience significant growth over the next ƒƒ Dense immediate population with over 350,000 people within Over 250,000 vehicles per day decade a five mile radius UNIQUE ASSET WITH A MULTITUDE OF OPTIONS ƒƒ 19,970 square feet of existing structure on a large 37,786 square foot parcel of land

ƒƒ Beautiful glass façade runs the entire scope of the property and creates a memorable impression

ƒƒ High interior ceilings and upgraded restrooms

ƒƒ Multiple access points

ƒƒ Easily divisible building

INVESTMENT HIGHLIGHTS INVESTMENT ƒƒ 8,480 square feet grandfathered in for auto use

10 11 12 PROPERTY HIGHLIGHTS PROPERTY INFORMATIONPROPERTY Z TYPE OF OWNERSHIP YEAR BUILT APN NUMBER SF LAND BUILDING SF ONING ZONING MAP C4-1VLD/P-1VLD 2128-031-153 Fee Simple 19,970 37,786 1964 listing team. portal. Allproperty toursmustbecoordinated throughthe offers. Access toanoutlinedue dilligenceisavailable and review allduedilligence materialspriortosubmitting Prospective purchasesare encouraged tovisitthesite Property Tours: Property isbeingofferedonafreeandclearbasis. Terms oftheSale: 19,970 SFretailpropertyinWoodland Hills,CA 100% feesimpleinterestin22223Ventura Boulevard, a Interest Offered: FINANCIAL INFORMATION SUMMARY OFTERMS PRO FORMACAPRATE OPERATING INCOME PRO FORMA NET PRICE/SF (LAND) PRICE/SF PRICE $6,000,000 $389,988 6.50% $159 $300 13 ADDRESS 22223 Ventura Boulevard Woodland Hills, CA 91364 SITE The property is located of the south side of Ventura, directly adjacent to the 300,000+ Interstate 101 Freeway Ventura Boulevard on-ramp. Traffic Volume Counts of Over 300,000 on Ventura Fwy and SQUARE FOOTAGES Ventura Blvd The total building square footage is approximately 19,970 square feet. The total land square footage is approximately 37,786 square feet. CROSS STREETS The cross streets are Ventura Freeway (North/South) and Ventura Boulevard (East/West) TRAFFIC COUNTS 344,483 VENTURA FWY 344,483 Businesses in a Over 250,000 vehicles per day The traffic counts at the signalized corner of Ventura Freeway and Ventura 5-mile Radius PROPERTY DETAILS Boulevard are over 50,000 vehicles per day. The traffic counts along the Interstate 101 Ventura Fwy are over 250,000 vehicles per day. PARKING VENTURA FWY ON-RAMP The property offers 42 surface parking spaces, a parking ratio of 2.10 per 1,000 SF. YEAR BUILT 42 The property was built in 1964 42 Surface Spaces Ratio of 1.11/1,000 SF ZONING VENTURA BLVD The zoning is C4-1VLD/P-1VLD. Please note, the P-1VLD zoning runs Over 50,000 vehicles per day through a portion of the building. APN NUMBER The APN number is 2169-026-107 SEWER OWNER-USER The property is on a septic tank and not connected to the LA City sewer. Excellent Owner-user 15 There is no service charge from the LADWP. Investment Opportunity 16 FINANCIAL ANALYSIS

RENT ROLL PRICING

TENANT SF % BLDG PRO FORMA RENT PRO FORMA RENT/SF LEASE TYPE

Vacant - Automotive Use 8,480 42% $15,264 $1.80 NNN 22223 Ventura Boulevard Address Vacant 11,490 58% $17,235 $1.50 NNN Woodland Hills, CA 91364

Total 19,970 100% $32,499 $1.63 - Price $6,000,000

Price/SF $300

PRO FORMA OPERATING DATA PRO FORMA OPERATING EXPENSES Price/SF (Land) $159

PRO FORMA PER YEAR PER SF Pro Forma CAP Rate 6.50% Scheduled Lease Income: $389,988 Taxes @1.25% $75,000 $3.76 Building SF 19,970 SF NNN Charges $144,519 Insurance $6,990 $0.35 Effective Gross Income: $534,507 Utilities $24,963 $1.25 Land SF 37,786 SF Expenses: $144,519 Trash Removal $7,988 $0.40 Net Operating Income: $389,988 Repairs & Maintenance $13,979 $0.70 Loan Payment: $185,447 Management $15,600 $0.78 Pre-Tax Cash Flow: 6.93% $204,541

Principal Reduction: $48,197 Total $144,519 $7.24/$0.60

Total Return Before Taxes: 8.57% $252,738

16 16 SALES COMPARABLES SALES COMPARABLES | PRICE/SF

PRICE/SF PRICE/SF CLOSE OF 22223 # ADDRESS SALE PRICE BLDG SF LAND SF (BUILDING) (LAND) ESCROW % BELOW

21918-21920 Ventura Blvd 1 $2,200,000 $320.05 6,874 $139.98 15,716 7/31/2017 6.26% Woodland Hills, CA 91364 $489.13 $490.20 $500.00 $482.50 21300 Ventura Blvd $471.70 2 $2,250,000 $489.13 4,600 $232.87 9,662 1/30/2017 38.67% $459.56 Woodland Hills, CA 91364

$406.43 22150 Ventura Blvd 3 $1,320,000 $376.28 3,508 $202.70 6,512 6/9/2017 20.27% Woodland Hills, CA 91364 $400.00 $376.28 $370.83 22753 Ventura Blvd 4 $1,500,000 $471.70 3,180 $235.37 6,373 9/26/2017 36.40% Woodland Hills, CA 91364 $320.05 $323.10

$300.00 21926 Costanso St 5 $1,600,000 $323.10 4,952 $262.36 6,098 1/9/2019 7.15% Woodland Hills, CA 91364

21410-21414 Ventura Blvd 6 $1,780,000 $370.83 4,800 $273.88 6,499 11/29/2018 19.10% Woodland Hills, CA 91364 $200.00

21914 Ventura Blvd 7 $965,000 $482.50 2,000 $254.34 3,794 9/27/2018 37.82% Woodland Hills, CA 91364

22148 Ventura Blvd 8 $1,100,000 $490.20 2,244 $338.05 3,254 2/21/2018 38.80% $100.00 Woodland Hills, CA 91364

22708 Ventura Blvd 9 $500,000 $459.56 1,088 $153.87 3,250 10/15/2018 34.72% Woodland Hills, CA 91364

$0.00 Average $1,468,333 $420.37 3,694 $232.60 6,795 - 28.63% 21918-21920 21300 22150 22753 21926 21410-21414 21914 22148 22708 AVERAGE Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Costanso St Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd

18 19 SALES COMPARABLES

1 2 3 4 5

21918-21920 VENTURA BOULEVARD 21300 VENTURA BLVD 22150 VENTURA BLVD 22753 VENTURA BLVD 21926 COSTANSO ST ADDRESS ADDRESS ADDRESS ADDRESS ADDRESS WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364

Sales Price $2,200,000 Sales Price $2,250,000 Sales Price $1,320,000 Sales Price $1,500,000 Sales Price $1,600,000

Price/Sf $320.05 Price/Sf $489.13 Price/Sf $376.28 Price/Sf $471.70 Price/Sf $323.10

8 Bldg SF 6,874 Bldg SF 4,600 Bldg SF 3,508 Bldg SF 3,180 Bldg SF 4,952 1 7 3 2 Lot Size 15,716 Lot Size 9,662 Lot Size 6,512 Lot Size 6,373 Lot Size 6,098 4 9 5 Close of Escrow 7/31/2017 Close of Escrow 1/30/2017 Close of Escrow 6/9/2017 Close of Escrow 9/26/2017 Close of Escrow 1/9/2019

6 7 8 9

6

21410-21414 VENTURA BLVD 21914 VENTURA BLVD 22148 VENTURA BLVD 22708 VENTURA BLVD ADDRESS ADDRESS ADDRESS ADDRESS WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364 WOODLAND HILLS, CA 91364

Sales Price $1,780,000 Sales Price $965,000 Sales Price $1,100,000 Sales Price $500,000

Price/Sf $370.83 Price/Sf $482.50 Price/Sf $490.20 Price/Sf $459.56

Bldg SF 4,800 Bldg SF 2,000 Bldg SF 2,244 Bldg SF 1,088

Lot Size 6,499 Lot Size 3,794 Lot Size 3,254 Lot Size 3,250

Close of Escrow 11/29/18 Close of Escrow 9/27/18 Close of Escrow 2/21/18 Close of Escrow 10/15/18

20 21 RENT COMPARABLES

# ADDRESS RENT/MO RENT/YR LEASABLE SF SPACE AVAIL LEASE TYPE

21720 Ventura Blvd 1,475 SF Available 1 $3.25 $39.00 11,839 NNN Woodland Hills, CA 91364 in 1 Space 6 5 8 7 1 9 2 21838 Ventura Blvd 1,293 SF Available 2 $3.00 $36.00 6,228 NNN 4 Woodland Hills, CA 91364 in 1 Space 10 22982 Ventura Blvd 1,220 SF Available 3 $2.25 $27.00 14,464 NNN 11 Woodland Hills, CA 91364 in 1 Space 3 5,850 SF 21326 Ventura Blvd 4 $3.15 $37.80 5,850 Available in 1 NNN Woodland Hills, CA 91364 Space $6.00

21737-21841 Ventura Blvd 1,475 SF Available 5 $5.00 $60.00 101,576 NNN Woodland Hills, CA 91364 in 1 Space $5.00 $5.00 1,385 - 4,122 SF 21911-21937 Ventura Blvd 6 $3.50 $42.00 56,275 Available in 2 NNN Woodland Hills, CA 91364 Spaces $4.00 2,400 SF 21926-21928 Ventura Blvd $3.50 7 $3.25 $39.00 3,970 Available in 1 NNN $3.25 $3.25 Woodland Hills, CA 91364 $3.15 Space $3.00 $3.00 $3.00 $3.10 $3.00 22026-22030 Ventura Blvd 250 SF Available 8 $2.42 $29.04 8,007 +UTIL $2.42 Woodland Hills, CA 91364 in 1 Space $3.25 $2.28 1,500 - 3,000 SF 22631-22645 Ventura Blvd $2.00 9 $3.00 $36.00 39,867 Available in 1 NNN Woodland Hills, CA 91364 Space

22841-22843 Ventura Blvd 1,750 SF Available 10 $2.28 $27.36 1,750 NNN $1.00 Woodland Hills, CA 91364 in 1 Space

22845-22849 Ventura Blvd 1,000 SF Available 11 $3.00 $36.00 2,961 MG $0.00 21720 21838 22982 21326 21737-21841 21911-21937 21926-21928 22026-22030 22631-22645 22841-22843 22845-22849 Woodland Hills, CA 91364 in 1 Space Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd AVERAGE

Average $3.10 $37.20 22,981 - - 22 23 WOODLAND HILLS An exceptional destination for live, work, and play

Woodland Hills is an affluent neighborhood in the southwestern region of the San Fernando Valley , which is located East of Calabasas and West of Tarzana. On the North it is bordered by West Hills, Canoga Park, and Winnetka, and on the South by the Santa Monica mountains. The community’s location provides easy access to the many business districts of Los Angeles, including Tarzana, Warner Center, Hollywood, West Los Angeles, Downtown Los Angeles, Universal City, and the Tri-Cities areas. Neighborhood residents in Woodland Hills have convenient options to numerous restaurants and nightlife, shopping centers, retail shops, grocery stores, pharmacies, schools, open spaces, parks, sports fields, and walking trails within minutes of their home.

Woodland Hills is accessible to all of Los Angeles. The 101 Ventura Freeway provides East to West travel, and easily connects to the 405 San Diego Freeway for North to West travel. Ventura Boulevard, which stretches 18 miles lon throughout the San Fernando Valley, is the longest contiguous avenue of businesses and home to multiple retailers and amenities.

22223 Ventura Boulevard is situated between two wealthy communities in Los Angeles County, Calabasas to the West and Tarzana to the east. Woodland Hills is home to Warner Center, which is one of Los Angeles County’s largest master-planed business developments, and considered the central business district of the San Fernando Valley. Warner Center offers a sweeping complex of office parks, high-rises, apartments and shopping centers. It is home to the massive Westfield Topanga and brand new The Village at Westfield Topanga, providing consumers a large array of retail options. Multiple luxury apartment communities have sprung up in Warner Center, creating a fashionable and trendy place for residents to live, AREA OVERVIEW AREA work and play. 24 25 THE CLAREDON APARTMENT

Indoor amenities will include: a double volume state-of- the-art fitness center complete with the latest on-demand fitness classes for individual or group workouts; a high-tech business center with conference room and work-ready office spaces for non-commuting, live/work residents; a 24-hour clubhouse with fireplace, TVs, billiards, multiple seating areas and a demonstration kitchen outfitted with commercial-grade appliances expanding out to an outdoor dining veranda; and a leasing office.

Twenty-six or 7.5% of the 335 apartments will be rented to very low-income Section 8 voucher holders. A variety of unit THE CLAREDON - WOODLAND HILLS plans are provided to accommodate different living style preferences. The property will be professionally managed by Greystar. On-site, full-time staff will include: a property larendon Apartment is a 385,978-square-foot Class A apartment living community located on 4.3 acres in the heart of Woodland manager, two leasing agents, a maintenance supervisor and Hills, California, approximately 22 miles northwest of downtown Los Angeles and 12 miles north of the world famous Pacific Coast Highway C two maintenance technicians. and its gorgeous Malibu and Santa Monica beaches. The apartment community consists of 335 modern studio, one-, two- and three-bedroom apartments in a five-story building and a central six-tier parking structure with 562 resident and guest spaces (1.7 spaces/unit).

More than an acre of unique and varied outdoor amenities will include: a resort-style pool and spa deck with a sunning lawn, chaise lounges under palm trees and fire pit terrace surrounded by landscaping and a frameless glass pool enclosure; an entertainment terrace with BBQ, fireplace and communal dining table in a private courtyard with a play turf area for lawn bowling or just playing catch; a 3,725-square-foot dog run area with benches, shade trees and pet stations; a half-court basketball court, multi-purpose turf area and a 14,900-square-foot walking trail/exercise circuit around the perimeter of the community; and a 500-square-foot landscaped observation point on the top-tier of the parking structure with city and mountain views.

Among the building’s many green technology features, 28 parking spaces will be equipped with electric vehicle charging stations and rooftop trellis solar panels will shade the top deck of the parking garage and offset a portion of common area energy costs. The apartment building and the parking structure combined will provide 335 long-term and 34 short-term secure bicycle parking for residents and their guests.

Leasing will begin in early summer 2019.

26 27 THE VILLAGE Q WEST WARNER CENTER A Multi-Billion Dollar Submarket

Warner Center is one of Los Angeles’ largest urban developments, offering a sweeping complex of office parks, high-rises, apartments, and shopping centers. It is home to approximately 20,000 residents and employs more than 50,000 peo- ple. Known as the central business district of the San Fernando Valley, the dis- trict combines a mix of office buildings, hotels, world class restaurants, shopping centers, and business parks.

The forner Rocketdyne site, named Uptown at Warner Center, located at Vanowen Street and Owensmouth Avenue is slated for a $4 billion, six million square foot development by United Technologies Corporation and Boston Global. The six million square feet project will include 3.95 million square feet of residential space and 1.1 million square feet of Class A office space. The project will also

include 310,000 square feet of cultural and public space, 240,000 square feet of PROMENADE 2035 assisted living space, 200,000 square feet of high-end retail, and 155,000 square feet of hotel space.

Warner Center is poised to undergo profound changes as commercial develop- ment expands over the next two decades. With the advent of the Warner Cen- ter 2035 Plan, Warner Center is quickly becoming one of the fastest growing sub-markets in the country.

Trillium Towers

WESTFIELD$1.5 BILLION PROMENADE UPTOWN$3.0 ATBILLION WARNER CENTER AREA OVERVIEW AREA RENOVATION MIXED USE PROJECT 28 29 WARNER CENTER OFFICE TOWERS OF WARNER CENTER The Premier Business District of The Valley

Warner Center’s central location and excellent freeway access make the sub-market a desirable and burgeoning office hub. Due to its outstanding living accomadations, desirable lifestyle amenities, and convenient access to public transportation, Woodland Hills/Warner Center has become a leading commercial center as well as a desirable place to live for residents.

Warner Center employs a diverse range of sectors and is home to many high profile employers:

The Trillium is among the most prestigious Built in stages between 2001 and 2005, LNR Warner Center Towers is a 1,937,959 square office campuses in Woodland Hills combining Warner Center is comprised of four five-story foot office campus comprised of six prestigious for 660,669 square feet of Class-A office space. buildings containing approximately 808,274 office towers strategically located in the heart of Warner Center. Warner Center Towers is one of The Trillium features an attractive stone and square feet in total. Tenants include Health Los Angeles’ largest office campuses and offers tinted glass exterior, accentuated by lavish Net, UMG Recordings and Viking River interior finishes and on-site amenities. a park-like setting with landscaped plazas, Cruises. attractive fountains, high-end amenities, and breathtaking views.

30 31 SHOPPING & RETAIL

WESTFIELD TOPANGA Westfield Topanga and the brand new The Village at Westfield Topanga is one of South- ern California’s largest shopping complexes. Westfield Topanga is the only center in the United States with a Neiman Marcus and flagship Nordstrom alongside Target, and is a a power shopping paradise with a luxury lineup including Gucci, Tiffany & Co., Salvatore Ferragamo, Louis Vuitton, Cartier, Burberry, Jimmy Choo alongside Apple, Tesla, Tony Burch, Anthropolgie, Free People, OMEGA, Splendid, Urban Outfitters and Lacoste.

THE VILLAGE AT WESTFIELD TOPANGA The Village showcases trendy local fashion and lifestyle brands, sensational restaurants offering al fresco patio dining, a full-service gym, spa and yoga studio, along with Costco, Crate & Barrel, a weekly farmer’s market and more, all under a canopy of native trees and vegetation. With a combined square footage of over 2.5 million, Westfield offers the retail consumer a laundry list of high-end retailers and restaurant choices. It has trans- formed into a central gathering place for shopping, dining, entertainment and leisure and provides local residents and visitors a destination experience unlike any other in the San Fernando Valley.

VENTURA BOULEVARD Ventura Boulevard is one of the primary east-west thoroughfares in the San Fernando Valley. Running 18 miles, Ventura Boulevard is the world’s longest avenue of contiguous businesses. It has always been a concentrated location for mom and pop shops and small businesses in the Valley; nowadays it has pockets of housing, mini malls, and shops, along with a wide assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities, executives, ath- letes, and entertainers alike.

32 33 WESTFIELD PROMENADE 2035

WARNER CENTER 2035 PLAN

A stylish, yet casual neighborhood - A vibrant district where the streets buzz ‘round the clock

Warner Center is poised to undergo profound changes as commercial development expands over the next two decades. With the advent of the Warner Center 2035 Plan, Warner Center is quickly becoming one of the fastest growing sub-markets in the country. The Warner Center 2035 Plan increases the floor area ratio of sites within the designated boundaries to 4.5 : 1 FAR with unlimited heigh restrictions. The plan is a development blueprint for Warner Center that emphasizes mixed-use and transit-oriented development, walkability, and sustainability. The Plan seeks to create an environmentally, socially, and economically sustainable center for the West Valley.

The Warner Center 2035 Plan will allow the addition of more than 37 million square feet of business and residential buildings to Warner Center by 2035. Within the immediate area, over 14 million square feet of nonresidential building area and 200,000 residential units are projected, along with the creation of over 80,000 new jobs.

34 35 UPTOWN AT WARNER CENTER

Uptown at Warner Center is a one-of-a-kind development opportunity consisting of nearly 47 acres located in the mature market of Warner Center in the San Fernando Valley, surrounded by the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade 2035), numerous high profile office projects, and residential developments.

The development will produce a state of the art “Live/Work/Play” environment that will be a walkable community featuring a cobination of residential and commercial uses including retail, office, hotel, research & development, assisted living and community center space surrounding a 5 acre open park. It will be the San Fernando Valley’s most desirable, sustainable destination with expedient access to every convenience including numerous shopping, dining, and public transportation options. The San Fernando Valley consists of approximately 260 square miles making it the largest geographic component of the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area, that as a standalone city, would be the seventh largest city in the United States. Arclight Cinemas

36 37 HOUSING MARKET WESTFIELD TOPANGA A 1.6 million square foot two-level indoor shopping center com- Woodland Hills market trends indicate an increase of $65,000 (10%) in median prised of high-end retail and restauraunts such as Ruth’s Chris home sales over the past year. The average price per square foot for this same Steak House, Apple, Cheesecake Factory, Gap, Nordstrom, Tar- period rose to $381, up from $351. In general, single-family homes and condo- get, and many others. miniums located south of Ventura Boulevard are the most expensive in the Valley. These areas benefit from convenient access to the 101 Ventura Freeway, the pri- THE VILLAGE AT WESTFIELD TOPANGA mary covering the San Fernando Valley. In addition, many of these homes are lo- A brand new central gathering place for shopping, dining, cated within the Santa Monica Mountains and provide breathtaking views of the events, entertainment and leisure. The open-air destination entire Los Angeles MSA. In particular, the communities of Hidden Hills, Wood- offers al fresco patio dining, a full-service gym, spa and yoga land Hills, Tarzana, Encino, Sherman Oaks, and Studio City have some of the most studio, along with a weekly farmer’s market. There are also chil- exclusive homes in the area, with sale prices well in excess of $1,000,000. dren’s play areas, bocce ball courts and outdoor lounges.

Due to the high single-family residential prices, and a continuing demand for AREA AMENITIES WOODLAND HILLS COUNTRY CLUB housing in the San Fernando Valley, there is strong demand for the development Woodland Hills Country Club is a private equity golf club in the of higher density apartment buildings and condominiums. Most new apartment foothills of the Santa Monica Mountains. They offer an array of development is occuring from redevelopment of older, low-density projects. His- social activities such as musical events, Easter brunch, summer torically, apartment demand has been strong, and has been influenced by high BBQ’s, etc. home prices and the central location of the Valley relative to employment centers. As a result, the San Fernando Valley area has become one of the most densely populated areas in Los Angeles County. Warner Center has a large concentration of high-end, resort style apartment communities. These luxury apartments cater BOB HOPE AIRPORT to the large and growing workforce population in Warner Center and Woodland A public airport which serves the northern Greater Los Angeles Hills area located in Burbank, CA.

PIERCE COLLEGE Pierce College is a two-year public institution in Southern Cal- ifornia providing opportunities for transfer education, occupa- $700,000 $381 10% $3,800 tional training and life long learning. Median Sales Price Price per SF Increase in Median Home Sales Median Rent Per Month

38 39 $132,447 119,961 $99,120 Average HH income within 1-m radius Daytime Population within 5-m radius Median HH income within 1-m radius

DEMOGRAPHICS 59% 41% 101,287 Owner Occupied Housing within 5-m radius Renter Occupied Housing within 5-m radius Households within a 5-m radius

Warner Center is a community of students, 1 MILE 3 MILES 5 MILES entrepreneurs, residents, and tourists living in the 2018 Population 14,659 121,667 284,944 Valley’s Live/ Work / Play district. 2018 Households 5,585 47,376 101,287 2018 Average Household Size 2.62 2.56 2.78 2018 Daytime Population 8,419 80,892 119,961 ƒƒ Continued demand for retail properties is driven by local jobs, educational institutions and accessible public transit. 2018 Owner Occupied Housing Units 71.63% 61.04% 59.01% ƒ ƒ Large mixed-use projects are serving residents who take advantage of 2018 Renter Occupied Housing Units 28.37% 38.96% 40.99% Warner Center’s booming economy. 2018 Vacant 1.78% 3.29% 2.74% ƒƒ A population increase of 38.7% is estimated for the years 2019 to 2025. 2018 Median Household Income $99,120 $78,069 $69,685 2018 Per Capita Income $50,608 $46,191 $38,632 2018 Average Household Income $132,447 $118,318 $108,215

40 41 BRANDON MICHAELS BRANDON Senior Managing Director of Investments MICHAELS Senior Director, National Retail Group GROUP Tel: (818) 212-2794 [email protected] License: CA #01434685 www.BrandonMichaelsGroup.com