PACIFIC OCEAN MALIBU
VENICE SANTA MONICA
Westgate Santa Monica Future Target with ±147 Multifamily Units Developer: CIM Group Anticipated Delivery Date: March 2019 OHIO AVE
S BARRINGTON AVE Proposed Whole Foods with SANTA MONICA BLVD ±180 Multifamily Units Developer: United El Segundo Anticipated Start of Construction: Fall 2019 BARRY AVE
WEST LOS ANGELES 11600 SANTA MONICA BLVD LOS ANGELES, CALIFORNIA
FEDERAL AVE
Mixed-Use Development Site Offers Due: Friday, February 8, 2019 Santa Monica Blvd. at Federal Ave. by 5:00 PM ±.65 Acres of Land West Los Angeles: www.11600SantaMonica.com ±96 Residential Units and ±7,150 SF of Retail Space WESTWOOD
UCLA
SITE
FEDERAL AVE
SANTA MONICA BLVD
BARRY AVE
Proposed Whole Foods with ±180 Multifamily Units Developer: United El Segundo Anticipated Start of Construction: Fall 2019 AREA LOCATION MAP
Westwood Century City
SITE
PACIFIC OCEAN
Los Angeles International Airport
www.11600SantaMonica.com 3 LAURIE LUSTIG-BOWER Executive Vice President Table of Contents +1 310 550 2556 [email protected] Lic. 00979360 Executive Summary P. 5
KADIE PRESLEY WILSON Vice President Rent and Sales P. 8 +1 310 550 2575 [email protected] Comparables Lic. 01476551
Area Overview P. 17 www.11600SantaMonica.com EXECUTIVE SUMMARY THE OPPORTUNITY CBRE, Inc., as exclusive advisor, is pleased to present a mixed-use nearest Expo Line stop, Expo/Bundy, is approximately 1.3 miles from the subject development opportunity at the southwest corner of Santa Monica site, or an eight minute bicycle ride. To the northeast of the site by approximately Boulevard and Federal Avenue in the eclectic neighborhood of West Los one mile, the terminus of the Purple Line at Wilshire/VA Hospital is expected Angeles. 11600 Santa Monica Boulevard, a development site suitable to open by 2026. The Wilshire/VA Hospital station is a five minute bicycle ride for up to 96 residential units, which includes eight affordable units, and from 11600 Santa Monica Boulevard and will serve to connect the West Los approximately 7,150 square feet of retail space sits on ±0.65 acres of Angeles community to Westwood/UCLA as well as Century City, Beverly Hills land. and Downtown Los Angeles.
The site is currently home to the Blue Wave Hand Car Wash, which is The West Los Angeles submarket adjoins some of LA’s most sought after owned and operated by the seller of the property. Operations can be neighborhoods. The site is situated west of the 405 freeway, south of the affluent closed to coincide with the close of escrow, or the seller could lease back Brentwood submarket and just east of the coastal City of Santa Monica. The the property while the developer obtains entitlements. The billboard on University of California Los Angeles (UCLA) in the Westwood neighborhood is the property is currently leased to Outfront Media through 2028 with located less than 2 miles from 11600 Santa Monica Boulevard, and Santa Monica Lessor termination rights in the event of redevelopment. There is also a Community College is approximately 2.5 miles from the site. Surrounding ±680 square foot restaurant on the property operated by Benito’s Taco demographics within a one-mile radius are very strong with an Average Shop. They payPROPERTY $4,000 per month in rent and OVERVIEW are month-to-month. Household Income of $119,456 in 2018 projected to rise to $148,535 by 2023.
11600 Santa Monica Boulevard is located approximately four blocks from WESTWOOD WILSHIRE BLVD VILLAGE WESTWOOD Holmby Hills CIM’s future mixed-use project at Santa Monica Boulevard and Granville 11600 Santa Monica Boulevard is offered to the market on an unpriced basis. 11602-11618 SANTA MONICA BLVD Avenue. The project will be anchored by Target and is anticipated to Offers are due on Friday, February 8, 2019 by 5:00 PM. LOS ANGELES, CA 90025 open in March 2019. In addition, just one block from 11600 Santa Monica Boulevard, a mixed-use project is proposed for the ±2.67 acre lot at the intersection ofPROPERTY Barrington INFORMATION Avenue and Santa Monica Boulevard, which is slated to include a Whole Foods Market. 11602-11618 Santa Monica Blvd ADDRESS Los Angeles, CA 90025 The site is also located just blocks to celebrated Sawtelle Japantown, PRICE $17,000,000 home to four of famed food critic Jonathan Gold’s “101 Best Restaurants in LA”. The sitePRICE/SF is also (LAND) strategically located$604.04 between two major metro rail lines. To the south is the Expo Line connecting Santa Monica to the UniversityLOT of SouthernSIZE California 27,882and Downtown Los Angeles. The www.11600SantaMonica.comPROPERTY TYPE Redevelopment EXECUTIVE SUMMARY 6
APN 4262-009-001 | 4262-009-002
ZONING C2-1VL SANTA MONICA BOULEVARD TRANSIT ORIENTED FEDERAL AVENUE Tier 1 1 3 5 COMMUNITY (TOC) MILE MILE MILE
LOT SIZE (ACRES) 0.64 Acres POPULATION POPULATION POPULATION 53,797 287,561 581,608 AVERAGE HH INCOME AVERAGE HH INCOME AVERAGE HH INCOME TYPE OF OWNERSHIP Fee Simple $107,708 $120,646 $121,407
8 11602-11618 SANTA MONICA BLVD | LOS ANGELES MARKET POSITIONING & PRICING ANALYSIS 9 PROPERTY INFORMATION
11600 Santa Monica Blvd. PARCEL MAP Address Los Angeles, CA 90025
4262-009-001 Assessor Parcel Numbers 4262-009-002
Lot Size ±28,356 Square Feet
Zoning c2-1VL
Transit Oriented Tier 1 Community
Entitled No
www.11600SantaMonica.com
www.11600SantaMonica.com EXECUTIVE SUMMARY 7 RENT AND SALES COMPARABLES
www.11600SantaMonica.com Rent and Sales Comparables 8 MULTIFAMILY RENT SURVEY 1160011600 Santa SantaMonicaMonica
1
2
Source: CBRE Inc.
Layout ID:L01 MapId:6000460 © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Metro Rail Connects
Westwood/UCLA, Century City, M1 - Wilshire/VA Hospital Station ±1 mile 5 minutes Beverly Hills, Miracle Mile, Koreatown, (2026 Expected Opening) Downtown LA
3rd Street Promenade (Santa Monica), Layout ID:L01 MapId:6000460 M2 - Expo/Bundy Station ±1.3 miles 8 minutes © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness,Culver or suitability City,of, or decisions USC, based upon Downtown or in connection with, the Information. LAThe recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
www.11600SantaMonica.com Rent and Sales Comparables 9 MULTIFAMILY RENT SURVEY
1 The BW 78 Units 1168 South Barrington A enue Los Angeles, CA 90049 310 479-6200
Completed Improvement Rating A Date anuary, 2014 Location Rating A Occupancy 98 7 Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clu house, 1 Spa, ental Office - Stand Alone Parking - otal Par ing - 112 Spaces, Par ing ype - Su terranean Functional Characteristics - Pri ate Balcony/Patio, Construction ype - Steel Frame Other Factor - Ma or Street E posure - Barrington A enue and Wilshire Bl d, iew - Downtown Los Angeles Apartment Interior Amenities - Internet Access, Optional Monitored Security, A o e Standard Ceiling eight, Microwa e Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
One Bedroom 44 87 35 679 23,769 $3,426 $5 04
wo Bedroom/ wo Bath 42 31 33 1,165 38,429 $4,717 $4 05
hree Bedroom/ wo Bath 5 13 4 1,475 5,900 $6,394 $4 33
Penthouse - One Bedroom/ wo Bath 2 56 2 1,204 2,408 $4,430 $3 68
Penthouse - wo Bedroom/ wo Bath 3 85 3 1,579 4,738 $6,246 $3 95
Penthouse - hree Bedroom/ wo Bath 1 28 1 1,500 1,500 $6,553 $4 37
Total/Average 100% 78 984 76,744 $4,298 $4.37
2 The Adler 125 Units 11950 Idaho A enue Los Angeles, CA 90025 310 826-3100
Completed Date Improvement Rating A anuary, 2009 Location Rating B Phase II Decem er, 2014 Occupancy 88 8 Prior Names Ele en 950/ wel e 000 Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clu house, 1 Swimming Pool, 1 Spa, ental Office - Stand Alone Parking - otal Par ing - 173 Spaces, Par ing ype - Su terranean Functional Characteristics - Pri ate Balcony/Patio, Construction ype - Frame Apartment Interior Amenities - Internet Access, Included Monitored Security, Partial Fireplaces A aila le In 623 S uare Foot Units, A o e Standard Ceiling eight, Microwa e O ens
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
One Bedroom 16 80 21 643 13,510 $3,397 $5 28
wo Bedroom/ wo Bath 49 60 62 974 60,410 $4,033 $4 14
wo Bedroom/ wo Bath 11 20 14 1,134 15,878 $4,071 $3 59
hree Bedroom/ hree Bath 6 40 8 1,321 10,571 $5,351 $4 05
hree Bedroom/ hree Bath 16 00 20 1,401 28,016 $5,531 $3 95
Total/Average 100% 125 1,027 128,385 $4,254 $4.14 www.11600SantaMonica.com Rent and Sales Comparables 10
Source Occupancy data deri ed from USPS records Page 1 of 3 MULTIFAMILY RENT SURVEY
3 Notting Hill 52 Units 1900 Sawtelle Bl d Los Angeles, CA 90025 310 477-7777
Completed Improvement Rating A- Date une, 2017 Location Rating B- Occupancy 100 0 Common Area Amenities - Controlled Access, Fitness Center, ental Office - Stand Alone Parking - otal Par ing - 78 Spaces, Par ing ype - Su terranean Functional Characteristics - Pri ate Balcony/Patio, Construction ype - Steel Frame Apartment Interior Amenities - Internet Access, A o e Standard Ceiling eight, Microwa e O ens
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
One Bedroom/Alco e 13 46 7 475 3,328 $1,887 $3 97
One Bedroom 46 15 24 634 15,214 $2,293 $3 97
wo Bedroom/ wo Bath 21 15 11 925 10,173 $3,321 $3 59
Penthouse - One Bedroom/One Bath 15 38 8 606 4,844 - -
Penthouse - wo Bedroom/ wo Bath 3 85 2 843 1,685 - -
Total/Average 100% 52 678 35,244 $2,631 $3.75 NMS 1759
4 61 Units 1759 Beloit A enue Los Angeles, CA 90025 310 477-6655
Completed Improvement Rating B DateOcto er, 2009 Location Rating B- Occupancy 82 6 Prior Names Lu e 1759 Common Area Amenities - Controlled Access, ental Office - Stand Alone Parking - otal Par ing - 75 Spaces, Par ing ype - Su terranean Functional Characteristics - Pri ate Balcony/Patio, Construction ype - Steel Frame Apartment Interior Amenities - Internet Access, A o e Standard Ceiling eight, Microwa e O ens
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
One Bedroom 50 82 31 587 18,195 $2,777 $4 73
wo Bedroom/ wo Bath 27 87 17 1,004 17,060 $3,118 $3 11
hree Bedroom/ wo Bath 6 56 4 1,150 4,600 $4,116 $3 58
hree Bedroom/ ownhouse/ wo Bath 3 28 2 1,100 2,200 $3,099 $2 82
hree Bedroom/ ownhouse/ hree Bath 11 48 7 1,381 9,665 $4,531 $3 28
Total/Average 100% 61 848 51,720 $3,171 $3.74
www.11600SantaMonica.com Rent and Sales Comparables 11
Source Occupancy data deri ed from USPS records Page 2 of 3 MULTIFAMILY RENT SURVEY
The Plaza at Westwood 5 112 Units 10983 Wellworth Avenue Los Angeles, CA 90024 (310) 479-6205
Completed Date Improvement Rating B- January, 1985 Location Rating A- Occupancy 100.0% Common Area Amenities - Controlled Access, One Laundry Facilities, Fitness Center, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 204 Spaces, Parking Type - Above Ground and Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Frame Apartment Interior Amenities - Internet Access, Partial Fireplaces Available In Two Bedroom Units, Above Standard Ceiling Height, Microwave Ovens
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
One Bedroom 17.86% 20 705 14,100 $3,103 $4.40
Two Bedroom/Two Bath 82.14% 92 1,100 101,200 $3,785 $3.44
Total/Average 100% 112 1,029 115,300 $3,663 $3.56
C on Pico
6 94 Units 12301 West Pico Blvd Los Angeles, CA 90064 (310) 979-8600
Completed Date Improvement Rating B+
April, 2014 Location Rating B+ Occupancy 98.9%
Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, Rental Office - Stand Alone Parking - Total Parking - 140 Spaces, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
Studio 17.02% 16 407 6,517 $2,626 $6.45
One Bedroom 32.98% 31 607 18,811 $2,959 $4.88
Two Bedroom/Two Bath 50.00% 47 839 39,420 $3,234 $3.86
Total/Average 100% 94 689 64,748 $3,039 $4.41
www.11600SantaMonica.com Rent and Sales Comparables 12
Source: Occupancy data derived from USPS records Page 3 of 4 MULTIFAMILY RENT SURVEY
7 Heampstead Health 71 Units 11650 West Pico Blvd Los Angeles, CA 90064 (310) 477-7777 Completed Date Improvement Rating B+ September, Location Rating B 2017 Occupancy 100.0%
Common Area Amenities - Controlled Access, Rental Office Parking - Total Parking - 105 Spaces, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame Other Factor - Major Street Exposure - Pico Blvd
Unit Type % of Unit Size (SqFt) Market Rent Unit Description Total Count Unit Total Total SqFt
Studio 8.45% 6 392 2,352 $2,089 $5.35
One Bedroom/Alcove 16.90% 12 445 5,340 $2,066 $4.64
One Bedroom 42.25% 30 600 18,002 $2,761 $4.58
Two Bedroom/Two Bath 9.86% 7 984 6,890 $3,426 $3.46
Penthouse 9.86% 7 420 2,937 $2,390 $5.70
Penthouse - One Bedroom/One Bath 9.86% 7 508 3,556 $2,850 $5.61
Penthouse - Two Bedroom/Two Bath 2.82% 2 906 1,812 $3,434 $3.79
Total/Average 100% 71 576 40,889 $2,644 $4.60
www.11600SantaMonica.com Rent and Sales Comparables 13
Source: Occupancy data derived from USPS records Page 4 of 4 APARTMENT SALES COMPARABLES
Select Apartment Sales Comparables of $590 PSF orCostar Higher Apartment Sale Comparables Sold June 1, 2017 to January 9, 2019 Los Angeles County Los Angeles County, 30 Units or More 30 Units or More Source: CoStar; Sorted by Price Per SF Sold June 1, 2017 to January 30, 2019 Sorted by Price Per SF Bldg Cap Bldg Address City Zip Code Units Sale Price $/Unit $/SF Yr Blt Sale Date Address City Zip Code Units Sale Price CapSF Rate GRMRate $/Unit $/SF BldgSF SF Yr Blt Sale Date 1318-1320 2nd St Santa Monica 90401 53 $56,784,000 - - $1,071,396 $1,352 42,000 2016 09/12/17 313 W California Ave Glendale 91203 183 $86,200,000 4.30% - $471,038 $1,121 76,893 2017 08/01/18 12700 Elliott Ave El Monte 91732 421 $72,500,000 4.27% - $172,209 $967 75,000 1966 02/28/18 8500 W Sunset Blvd Los Angeles 90069 110 $97,378,930 - - $885,263 $885 110,000 2017 06/27/17 801 S Olive St Los Angeles 90014 363 $280,000,000 - - $771,349 $875 320,000 2017 05/19/18 1411 N Highland Ave Hollywood 90028 76 $52,000,000 3.60% - $684,211 $763 68,137 2016 07/24/18 801 S Hope St Los Angeles 90017 290 $220,000,000 - - $758,621 $733 300,000 2014 12/01/18 5550 Hollywood Blvd Los Angeles 90028 280 $148,000,000 - - $528,571 $715 206,863 2017 10/12/18 3584 S Figueroa St Los Angeles 90007 56 $66,250,000 - - $1,183,035 $693 95,639 2012 05/22/18 5825 Camerford Ave Los Angeles 90038 34 $19,200,000 3.87% 16.12 $564,706 $688 27,896 2017 - 770 S Grand Ave Los Angeles 90017 700 $374,000,000 - - $534,285 $648 577,000 2015 05/19/18 530 W 27th St Los Angeles 90007 161 $96,250,000 - - $597,826 $633 152,000 2011 05/22/18 10944 Bluffside Dr Studio City 91604 40 $12,600,000 3.65% 17.23 $315,000 $611 20,628 1983 10/18/17 680 S Berendo St Los Angeles 90005 321 $117,000,000 4.80% - $388,704 $598 195,545 2014 09/21/17 707 E Ocean Blvd Long Beach 90802 223 $132,850,000 - - $595,740 $590 225,000 2016 07/07/17
www.11600SantaMonica.com Rent and Sales Comparables 14 CONDOMINIUM SALES COMPARABLES
SITE
2 3126 Broadway
1235 24th St 3 1237 24th St 5 8 1552 Harvard St
4 2308 Schader Dr
1912 Broadway 6
7 1433 14th St 1 2025 Cloverfiled Blvd SANTA MONICA
Condominium Sales Comparable Key on next page
www.11600SantaMonica.com Rent and Sales Comparables 15 CONDOMINIUM SALES COMPARABLES
1 2025 Cloverfiled Boulevard Unit No. Bed Bath SqFt Sales Price $/SF Yr Blt Sale Date MLS A 1 1 474 $535,000 $1,129 1953 10/01/18 18-377484 2 3126 Broadway Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS - 1 1 526 $585,00 $1,112 1930 10/13/18 18-379922 3 1235 24th Street Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 1 2 2 992 $1,050,000 $1,058 1975 03/15/18 18-302504 4 2308 Schader Drive Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 303 1 1 613 $620,000 $1,011 1972 9/21/17 17-258718
5 1237 24th Street Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 2 2 3 985 $995,000 $1,010 2007 11/16/17 17-274962
6 1912 Broadway Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 205 1 1 722 $750,000 $1,039 2008 9/15/17 17-264158 206 1 1 722 $760,000 $1,053 2008 8/22/18 18-366774 311 2 2 991 $998,00 $1,007 2008 3/19/18 18-304442 7 1433 14th Street Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 1 2 2 1,090 $1,158,000 $1,062 2017 09/13/17 17-251140 2 2 2 1,080 $1,138,000 $1,054 2017 09/29/17 17-261724 3 2 2 1,083 $1,130,000 $1,043 2017 09/15/17 17-251452 5 2 3 1,080 $1,150,000 $1,065 2017 10/8/2018 18-375068 7 2 2 1,082 $1,148,000 $1,061 2017 08/04/17 17-251164 11 3 3 1,700 $1,738,000 $1,022 2017 8/23/2017 17-251176 17 3 3 1,767 $1,788,000 $1,012 2017 8/4/2017 17-251190 18 3 3 1,660 $1,668,000 $1,005 2017 9/13/2017 17-251482 8 1552 Harvard Street Unit No. Bed Bath SqFt SP $/SF Yr Blt Sale Date MLS 3 2 2 1,147 $1,150,000 $1,003 1972 06/20/18 18-342666
www.11600SantaMonica.com Rent and Sales Comparables 16 AREA OVERVIEW WEST LOS ANGELES
West Los Angeles is one of the most desirable residential and business locations in Los Angeles County. The submarket of West Los Angeles is generally defined as the area north of the 10 freeway, west of Century City/Rancho Park, south of Wilshire Boulevard and east of Centinela Avenue. With its proximity to the Pacific Ocean, this location provides superior weather conditions compared to other (inland) areas of the county. Freeway access to the area is considered good with several points of ingress/egress to the 405 freeway as well as the 10 freeway. Housing prices along with apartment, retail, and office rents in the area are generally higher than most other regions in the county. Over the long term, the area is expected to retain its highly desirable reputation, establishing the benchmark for the remainder of the region. The long-term outlook for the West Los Angeles region is positive.
www.11600SantaMonica.com AREA OVERVIEW 18 THE PROPERTY HAS A WALKSCORE OF 93
TRAFFIC COUNTS
Santa Monica Blvd. @ Barry Ave 33,240 (MPSI - 2013) Santa Monica Blvd. @ S. Barrington Ave. 33,750 (MPSI- 2017) Santa Monica Blvd. @ I-405 317,000 (AADT - 2013)
www.11600SantaMonica.com AREA OVERVIEW 19 LOCAL RETAIL MAP
Future Retail
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:5984004 © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
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www.11600SantaMonica.com AREA OVERVIEW 20
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L03 MapId:5988273
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:5984004 © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:5984004
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:5984004
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:5988316 LOCAL RETAIL
SAWTELLE JAPANTOWN
Approximately one mile away from the Property, Sawtelle Boulevard hosts a number of unique restaurants that have solidified the neighborhood culture, comprised of the coolest cuisines inspired by various parts of Asia. As the street and restaurant scene has grown, Sawtelle’s designation as a Core Neighborhood in Los Angeles ensures lasting impact for generations to come.
The neighborhood of Sawtelle Japantown (formerly known as Little Osaka) is a true gem of West Los Angeles. The historic area is home to a sizable Japanese American population and is known for the trendy shops and restaurants centered on Sawtelle Boulevard. -Discover Los Angeles
www.11600SantaMonica.com AREA OVERVIEW 21 DEMOGRAPHICS 1 Mile Radius
1 Mile 2018 Employment
57,480 Employees
5,169 Businesses
2018 Education 27% Master’s/Professional/Doctorate 31.9% Bachelor’s Other
41.2%
68% of the population has a Bachelor’s or Master’s/Professional/Doctorate Degree.
www.11600SantaMonica.com AREA OVERVIEW 22 DEMOGRAPHICS 1 Mile Radius
Population by Year
Generations
2018 Population 50,089
Generation Alpha 834 (1.7%) % Annual Population Growth (Born 2017 or Later)
Generation Z 4,725 (9.4%) (Born 1999-2016)
Millennials 22,270 (44.5%) 1 Mile from the Property (Born 1981-1998)
US Generation X 10,510 (21.0%) (Born 1965-1980)
Baby Boomers 8,193 (16.6%) (Born 1946-1964)
Greatest Generations (Born 1945 or Earlier) 3,431 (6.9%) www.11600SantaMonica.com AREA OVERVIEW 23 DEMOGRAPHICS
Housing Value (3 Miles Radius) $119,456 $1,362,703 2018 Average Value of Owner Occupied Housing Units 2018 Average Household Income (1 mile radius)
$148,535 Household Income (3 Miles Radius) 2023 Projected Household Income (1 mile radius) 45.9% of Households make an Income of $100,000 or more
www.11600SantaMonica.com AREA OVERVIEW 24 SITE Downtown DRIVE TIMES from 11600 Santa Monica Blvd.
Santa Monica 3 minutes
Westwood 7 minutes
Century City 8 minutes
Venice 9 minutes
Beverly Hills 10 minutes PACIFIC OCEAN LAX Airport 12 minutes
Hollywood 18 minutes
Downtown Los Angeles 20 minutes
Malibu 30 minutes www.11600SantaMonica.com AREA OVERVIEW 25 TRANSPORTATION LINKAGES The Property is approximately one mile away from the Westwood/VA Hospital Metro Station which will be serviced by the Purple Line. Metro Rail is the rapid transit rail system consisting of six separate lines (the Blue, Red, Purple, Green, Gold and Expo Lines) which cumulatively serve 80 stations throughout Los Angeles County. The Purple Line currently terminates at Wilshire/Western Station in the heart of Koreatown. The currently under construction Purple Line Expansion will eventually extend to West Los Angeles, offering a dependable alternative for commuters traveling between Downtown Los Angeles, Beverly Hills, Century City and Westwood/UCLA. It is anticipated that the Westwood/VA Hospital Metro Station will be operational by 2026.
The Expo Line extends the Metro Rail system west to the Pacific Ocean. Starting at Downtown Santa Monica Station near Third Street Promenade, nine stations serve Santa Monica and Culver City, including the Expo/Bundy Station, which is 1.3 miles to the Property. From Expo/Bundy Station, it is an approximate 29 minute ride to the USC Campus (Jefferson/USC Station) or 38 minutes to Downtown Los Angeles (7th Street Metro Center).
www.11600SantaMonica.com AREA OVERVIEW 26 SANTA MONICA
Less than a mile from the subject site, the City of Santa Monica offers a plethora of retail and cultural amenities, and is an employment hub for nearly 290,000 daytime employees. Santa Monica attracts a large daytime workforce due to a large concentration of media and entertainment companies, such as Yahoo!, HBO, Hulu, Universal Music, Amazon, CBS, Riot Games, Red Bull, Google, Sony and Lionsgate Entertainment, inhabiting more than five million square feet of Class A and creative office space.
Santa Monica is centered on three miles of wide, sandy white beaches making it the ultimate beach destination in Southern California for residents and visitors alike. The city is the perfect beach town with a plethora of attractions. With its excellent economic and demographic fundamentals, Santa Monica is one of the nation’s most desirable locations for residents, companies, and retailers.
www.11600SantaMonica.com AREA OVERVIEW 27 WESTWOOD
Westwood is approximately 7 minutes by car from the Property. It is home to UCLA and the popular shopping area of Westwood Village. Westwood Village tenants include Whole Foods, Trader Joe’s, Target, Ralph’s, Urban Outfitters, Victoria’s Secret, American Apparel, Chipotle, Starbucks, Peet’s, The Coffee Bean & Tea Leaf, CVS, Veggie Grill and Market. Along Wilshire Boulevard, the Westwood office market is comprised of 12 office buildings comprising 3.6 million square feet of gross leasable area, housing nearly 10,000 jobs.
UCLA Statistics • 52% UCLA students live off-campus (2018) • 44,947 UCLA enrollment (2018) • 9th in the Times Higher Education World Reputation Rankings (2018) • 13th in Global Ranking 2018. (U.S. News & World Report ranked) • First among public universities (2018–19) • Tied for 19th overall among national universities. www.11600SantaMonica.com AREA OVERVIEW 28 SILICON BEACH
Silicon Beach - along with Los Angeles, is a magnet for entrepreneurs and is a flourishing breeding ground for technology, gaming and media innovation. In 2016 Los Angeles ranked as the third-most active city in the US for entrepreneurs beating San Francisco and San Jose according to the Ewing Marion Kauffman Foundation. Companies in the Los Angeles area pulled in $4.5 billion in funding in 2015 – up 40 percent from 2014, according to the National Venture Capital Association.
Silicon Beach (named after its proximity to the Pacific Ocean) is an approximate 10 minute drive from 11600 Santa Monica Blvd. It is home to more than 500 tech startups along with incubators and accelerators. Greater Los Angeles accelerators include Startup UCLA, Amplify, and Disney Accelerator, in addition to incubators, tech studios, and hacker spaces. “THE RELOCATION OF TECH COMPANIES As more and more people pursue a mobile, on-demand TO SOUTHERN CALIFORNIA IS PART OF A lifestyle, there has been an explosion of digital video content. Globally, hundreds of millions of people watch billions of GROWING MOVEMENT OF U.S. CITIES SEEKING online videos daily, and online videos account for almost 75 TO DUPLICATE THE FORMULA THAT TURNED percent of all web traffic. This puts Los Angeles at the right place at the right time due to its proximity to the largest NORTHERN CALIFORNIA’S SILICON VALLEY INTO pool of media talent in the world: Hollywood. Companies are A MECCA OF SOCIETY-SHIFTING INNOVATION capitalizing on the city’s unique position. AND IMMENSE WEALTH.”
– THE MERCURY NEWS
www.11600SantaMonica.com AREA OVERVIEW 29 AFFILIATED BUSINESS DISCLOSURE or future performance of the Property. All references to acreages, square footages, CBRE, Inc. operates within a global family of companies with many subsidiaries and and other measurements are approximations. This Memorandum describes certain related entities (each an “Affiliate”) engaging in a broad range of commercial real documents, including leases and other materials, in summary form. These summaries estate businesses including, but not limited to, brokerage services, property and may not be complete nor accurate descriptions of the full agreements referenced. facilities management, valuation, investment fund management and development. Additional information and an opportunity to inspect the Property may be made At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow available to qualified prospective purchasers. You are advised to independently verify Company, may have or represent clients who have competing interests in the same the accuracy and completeness of all summaries and information contained herein, transaction. For example, Affiliates or their clients may have or express an interest to consult with independent legal and financial advisors, and carefully investigate the in the property described in this Memorandum (the “Property”), and may be the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE successful bidder for the Property. Your receipt of this Memorandum constitutes ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or The Owner expressly reserves the right, at its sole discretion, to reject any or all involvement in the sale or purchase of the Property. In all instances, however, CBRE, expressions of interest or offers to purchase the Property, and/or to terminate Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ discussions at any time with or without notice to you. All offers, counteroffers, and length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have its Affiliates will conduct their respective businesses in a manner consistent with the any legal commitment or obligation except as set forth in a fully executed, definitive law and all fiduciary duties owed to their respective client(s). purchase and sale agreement delivered by the Owner.
CONFIDENTIALITY AGREEMENT © 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Your receipt of this Memorandum constitutes your acknowledgement that (i) it is You should conduct a careful, independent investigation of the property and verify all a confidential Memorandum solely for your limited use and benefit in determining information. Any reliance on this information is solely at your own risk. CBRE and the whether you desire to express further interest in the acquisition of the Property, (ii) CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies you will hold it in the strictest confidence, (iii) you will not disclose it or its contents in the United States and other countries. All other marks displayed on this document to any third party without the prior written authorization of the owner of the Property are the property of their respective owners. Photos herein are the property of their (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in respective owners and use of these images without the express written consent of any manner detrimental to the Owner or CBRE, Inc. the owner is prohibited. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current PACIFIC OCEAN MALIBU
VENICE SANTA MONICA
Westgate Santa Monica Future Target with ±147 Multifamily Units Developer: CIM Group Anticipated Delivery Date: March 2019 OHIO AVE
S BARRINGTON AVE Proposed Whole Foods with SANTA MONICA BLVD ±180 Multifamily Units Developer: United El Segundo Anticipated Start of Construction: Fall 2019 BARRY AVE
WEST LOS ANGELES 11600 SANTA MONICA BLVD LOS ANGELES, CALIFORNIA
FEDERAL AVE
Mixed-Use Development Site Offers Due: Friday, February 8, 2019 Santa Monica Blvd. at Federal Ave. by 5:00 PM ±.65 Acres of Land West Los Angeles: www.11600SantaMonica.com ±96 Residential Units and ±7,150 SF of Retail Space