883 ATRIOT DRIVE PMoorpark, CA 883 ATRIOT P DRIVE New Los Angeles Avenue
883 ATRIOT P DRIVE
3 OFFERING SUMMARY
Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to acquire 883 Patriot Drive, Suite A, Moorpark, CA (“the Property”). Built in 2009, this best-in-class flex condo is situated within Building G of the Patriot Commerce Center, a Class A business park in Moorpark. Centrally located along Los Angeles Avenue, one of the city’s major thoroughfares, the Property benefits from attractive architecture, numerous walkable amenities, and easy access to the Ronald Reagan (118), Moorpark (23), and Ventura (101) Freeways.
OWNER-USER OPPORTUNITY PRICE 883 Patriot offers an owner-user the opportunity to occupy all or a portion of the building within the first $1,850,000 year, allowing prospective buyers to obtain attractive SBA financing. Earn income in the interim from a publicly- traded company and a successful medical practice. SQUARE FEET 6,237 INVESTMENT OVERVIEW The Property is currently 100% leased to two tenants, publicly traded 2K Games and Journey’s Counseling PER SQUARE FOOT Center. Both tenants’ leases expire in approximately one $297 year, allowing an investor the opportunity to lease the entire space to 2K Games on a long term basis, creating a highly desirable single-tenant leased asset in an affluent, Southern California location. CAP RATE 6.46%
883 ATRIOT P DRIVE 5 PROPERTY OVERVIEW
Property Address 883 Patriot Dr., Suite A, Moorpark, CA
Building SF 6,237 SF
Property Type Industrial Flex Condo
Year Built 2009
APN 512-0-460-055
Zoning SP92-1
Type of Ownership Fee Simple
Lease Type Modified Gross
Guarantee Corporate
Association Fee $890/MO
Warehouse Clear Height 24’
Loading Doors 1 Ground Level
Power 208 Amps
Parking 18 Spaces
Construction CTU
883 ATRIOT P DRIVE 2,244 SF MEZZANINE OFFICE 2,452 SF GROUND FLOOR OFFICE 1,541 SF WAREHOUSE
7 OFFERING HIGHLIGHTS
High Quality, High-Image Building • 2009 construction • Attractive architecture in professional business park • 1 GB fiber connection internet • Ideal for creative office users, showrooms
Strategic Location • Located directly next to interchange of the 118 and 23 Freeways • Centrally located along marjor transportation arteries connecting West Ventura County, the Conejo Valley, Simi Valley, and the San Fernando Valley • Highly affluent area with numerous executive housing options
Walkable Amenities
• Numerous walkable amenities in the adjacent Moorpark Marketplace Shopping Center • Extensive dining and service amenities nearby along Los Angeles Avenue
883 ATRIOT P DRIVE 9 FLOOR PLAN
GROUND FLOOR
WAREHOUSE 1,541 SF
JOURNEY’S COUNSELING CENTER
883 ATRIOT P DRIVE 2ND FLOOR
MEZANINE OFFICE SPACE OPEN TO BELOW 2,244 SF
11 883 ATRIOT P DRIVE 13 The City Of Moorpark
DEMOGRAPHICS
36,828 $736,873 $102,145 Population Median Home Value Median Household Income 37 20,340 11,081 Median Age Workforce Population Total Households *Costar 2018 Estimate
883 ATRIOT P DRIVE 15 Driving Distance Miles
Downtown Los Angeles 50 Santa Monica 41 Santa Barbara 63 Ventura 28 Malibu Beach 38 Burbank Airport 42 883 LAX 50 ATRIOT P DRIVE
883 ATRIOT P DRIVE 883 ATRIOT P DRIVE TENANT OVERVIEW
2k Games is a videogame publisher managing some of the most creative, respected and premium brands in games today. Founded in 2005 by the publicly-traded parent company Take-Two Interactive (TTWO), 2K Games develops and publishes interactive entertainment for PC, console and mobile platforms. Their world-class team of engineers, developers, graphic artists and publishing professionals are stewards of a growing library of critically-acclaimed franchises such as Battleborn, BioShock, Borderlands, The Darkness, Mafia, NBA 2K, Sid Meier’s Civilization, WWE 2K, and XCOM. 2K is Take Two Interactive’s second publishing label, after Rockstar Games, and houses all of Take- Two Interactive’s development studios, apart from Social Point and those suborganized under Rockstar Games.
FOUNDED January 2005
MARKET CAP $12.24 Billion
2018 REVENUE $1.79 Billion CARNIVAL GAMES
EMPLOYEES 4,492
883 ATRIOT P DRIVE STARSHIPS BIOSHOCK
WWE 2K19
CIVILIZATION NBA 2K19
BORDERLANDS NHL SUPERCARD 19 TENANT OVERVIEW
Tenant % of Monthly Monthly Annual Annual Start Expiration Suite # SF Name Building Rent Rent/SF Rent Rent/SF Date Date
A 2K Games 4,237 68% $10,593 $2.50 $139,302 $32.88 Jun-2018 May-2020
B Therapist 2,000 32% $3,500 $1.75 $42,000 $21.00 Jun-2012 May-2020
Total 6,237 100% $14,093 $2.26 $181,302 $29.07
JOURNEY’S COUNSELING CENTER
Square Feet 4,237 Square Feet 2,000
Lease Commencement Jun-2018 Lease Commencement Jun-2012
Lease Expiration May-2020 Lease Expiration May-2020
% of Building 68% % of Building 32%
Current Lease Rate Per SF $2.50 Current Lease Rate Per SF $1.75
Annual Rental Revenue $139,302 Annual Rental Revenue $42,000
Lease Type Modified Gross Lease Type Full Service
883 ATRIOT P DRIVE INCOME AND EXPENSES
IN-PLACE INCOME Scheduled Base Rental Revenue $163,110 Expense Reimbursement 12,192 EFFECTIVE GROSS INCOME (EGI) $175,302
EXPENSES Property Taxes (1.09%) 20,082 Supplemental Taxes 1,574 Management Fee (2.5% of EGI) 4,383 Insurance 1,247 Association Fee 10,680 Janitorial 14,592 Repairs and Maintenance 2,100 Administrative 1,200 TOTAL EXPENSES $55,858
NET OPERATING INCOME $119,444
21 RECENT SALE COMPARABLES
882 Patriot Drive, Suite G 874 Patriot Drive, Suite A
Closing Date Dec-2018 Closing Date Feb-2018
Sale Price $1,311,750 Sale Price $1,075,000
Square Feet 4,500 Square Feet 3,520
Price PSF $292 Price PSF $305
Interior Condition Shell Interior Condition Shell
883 ATRIOT P DRIVE 874 Patriot Drive, Suites C & D 862 Patriot Drive, Suites A & B
Closing Date Dec-2017 Closing Date Oct-2017
Sale Price $1,219,000 Sale Price $1,012,735
Square Feet 4,277 Square Feet 3,521
Price PSF $285 Price PSF $288
Interior Condition Shell Interior Condition Shell
23 883 ATRIOT P DRIVE 25 SALE CONTACTS
BENTLEY MCKEAN JAMES DEBUISER GARY COHEN Associate Senior Associate Senior Associate 805.351.7157 805.351.7144 805.351.7143 [email protected] [email protected] [email protected] Lic. 02080641 Lic. 01965942 Lic. 00988655
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883 ATRIOT P DRIVE CONFIDENTIALITY & DISCLAIMER The information contained herein 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 material 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 independent due diligence investigation. Marcus & Millichap,as a Real Estate Licensee is not qualified to discuss or advise on legal, accounting, or other matters outside of those permitted by state law. 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, PCBs 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 herein 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. All references to Marcus & Millichap include its officers, partners, agents, sub-agents, and employees. 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.
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