NIKE JUMPMAN PACIFIC PALISADES VILLAGE
THE WESTSIDE CENTER 26TH & WILSHIRE
CBRE SOCAL RETAIL AMAZON SANTA BARBARA
BILL DUSLAG Investment Sales SENIOR VICE PRESIDENT DAN RILEY SENIOR VICE PRESIDENT & Leasing SIMON MATTOX VICE PRESIDENT AUSTIN WOLITARSKY Advisory Services SENIOR ASSOCIATE SAM AARON ASSOCIATE KYLE WOODS ASSOCIATE CAROL SUH CLIENT SERVICES COORDINATOR CBRE Whether you need to maximize in-place revenue streams or monetize the highest possible sale HOW WE DO IT SOCAL RETAIL value, every requirement is unique—and yet one thing is for certain: your leasing decisions Investment Sales today set the course for your returns upon an exit. & Leasing DUAL PERSPECTIVE. Advisory Services The biggest advantage we offer our clients is our applied duality of leasing SINGULAR FOCUS. and sales expertise, and our FULL SERVICE PARTNERSHIP approach. CONSULTATIVE APPROACH.
LEASING SALES • Far-reaching retailer relationships • Global, proprietary database EXCEPTIONAL of active capital and requirements • Expert understanding of physical fit and demand drivers CLIENT • Active Connection To 1031 Exchange Capital • Extensive negotiating experience OUTCOMES • Experience representing and negotiating • Upfront advisory on how various with all levels of investor sophistication lease attributes impact Property (institutional to mom/pop). Value • Unmatched national/international exposure via the CBRE network
When we solve for your needs today, we engineer As advisors, facilitators and negotiators, we are the maximum success of your goals tomorrow. true business partners to our clients. CBRE SOCAL RETAIL INVESTMENT SALES & LEASING ADVISORY SERVICES TRACK RECORD ADVISORY & TRANSACTIONS LEASING
YEARS LEASING 45+ EXPERIENCE SF CAREER LEASING 200M+ ADVISORY CAPITAL MARKETS SALES 2020 TEAM HIGHLIGHTS (CLICK HERE) 250 PROPERTIES SOLD $3.0B IN CONSIDERATION
SALES
Product Type Geography LEASING
Multi-Tenant (CA) Product Type Geography
Value Add (CA) Landlord Rep LA County
Single Tenant (Nationwide) Tenant Rep LA County Account Mgmt. Nationwide (LL or Tenant) WHO WE ARE
BILL DAN SIMON AUSTIN SAM KYLE CAROL DURSLAG RILEY MATTOX WOLITARSKY AARON WOODS SUH SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT VICE PRESIDENT SENIOR ASSOCIATE ASSOCIATE ASSOCIATE CLIENT SERVICES COORDINATOR
Team Administrative PRIMARY FOCUS Leasing Advisory Sales Advisory Sales Advisory Sales Advisory Leasing Advisory Leasing Advisory Support & Client Reporting
SECONDARY FOCUS Sales Advisory – Leasing Advisory Leasing Advisory – Sales Advisory –
EXPERIENCE 30+ Yrs. 20+ Yrs. 20+ Yrs. 6+ Yrs. 7+ Yrs. 3+ Yrs. 1+ Yrs.
Leasing Advisory Partner Leasing Advisory Leader Investment Sales Co-Leader Investment Sales Partner Leasing Advisory Support Leasing & Sales Advisory Investment Sales Co-Leader Lease Marketing / Administrate Support Team Strategy Leader Client Relations / Sale Financial Analysis / Leasing Marketing Critical Negotiations Business Development ROLE Marketing Leader Leader Material Leader Team & Client Reporting Corporate Accounts Leader Leader Leader Marketing, Tech, & Bus CBRE Platform, Marketing, Lead Generation / Database / Marketing Lease Negotiation & Sale Execution Lease Marketing & Dev Expert & Sale Execution Database Expert Tools Expert Execution Expert Execution Expert
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Dad Was nationally Family Developed Early Former Army Officer & Lost 80 Lbs With Lifestyle Former Fashion Blogger syndicated Hall of Fame Two Career Golf DID YOU KNOW? WalMart Anchored Blackhawk Helicopter Change & Mountain Former Professional Surfer. Born in Indiana Sportswriter for LA Times & Hole In Ones. Centers in CA. Pilot. Biking. Fluent in Korean LA Herald Examiner.
SEE FULL BIO SEE FULL BIO SEE FULL BIO SEE FULL BIO SEE FULL BIO SEE FULL BIO SOME OF OUR SELECT As the business of retail becomes more complex, our clients need TRUSTED CLIENTS advice they can rely on. Advice that cuts through complexity, adds INSTITUTIONAL value and delivers tangible business results. CLIENTS
SELECT TENANT CLIENTS
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CLIENT TESTIMONIAL
“Working with the CBRE SoCal Retail Team was a pleasure right from the start. We had a situation where we couldn’t advertise the property for sale as we didn’t want our clients finding out that the business and property were being sold. The team was fully understanding and worked hard to find us a buyer through old fashioned calling on clients. 150+ Within hours, we had our first bid and ended up with 3 great offers. I can’t think of another Broker that would go the extra mile like that!“ PRIVATE INDIVIDUALS Scott Osborn, Owner & DEVELOPERS Re: Sale of 1001 S. Pacific Coast Hwy, Redondo Beach, CA CASE STUDIES (WHAT WE DO)
01 02 03 PORTFOLIO FULL SERVICE SELLER OPTIMIZATION RETAIL REPRESENTATION
METLIFE CHASE LOMITA – 2301 PCH THE WESTSIDE CENTER BANK PORTFOLIO (7-ELEVEN REPOSITION) (CALIFORNIA) TESLA, BRENTWOOD
04 05 06 BUYER GROUND UP REDEVELOPMENT REPRESENTATION DEVELOPMENT PALISADES VILLAGE INGLEWOOD DAVITA CHICK-FIL-A & ORCUTT STARBUCKS
NORTHEAST VIEW
07PREL IMINARY RENDERINGS 08 09 MIXEDAvalo nUSE @ Car so n Plaza (Carson, CA) TENANT LANDLORD File Name: 04518 Avalon @ Carson Plaza_Color Elevations 06-26-19 07-05-19 09-27-19 EXPERTISE 12-02-19 REPRESENTATION REPRESENTATION
WILSHIRE 7-ELEVEN NIKE JUMPAN BY CRESCENT HEIGHTS FOOTLOCKER CITY! DOG CLUB (LOS ANGELES, CA) 01 PORTFOLIO OPTIMIZATION METLIFE CHASE BANK PORTFOLIO Address: Various, California | Name of Client: MetLife
In 2017 The Team was approached by MetLife with a complex three (3) year assignment involving the company’s forty-five (45) building Chase Bank portfolio. The Team was tasked with developing a strategy to retain the tenant, maximize value in each branch, while simultaneously maintaining a positive relationship with the tenant which had been damaged during the previous renewal.
CHALLENGES
• Portfolio Manager left MetLife leaving the current leadership team with extremely limited information on the forty-five (45) branches.
• Majority of the branches were drastically oversized in comparison to current retail banking standards causing major rent reduction requests from the Tenant.
• The entire portfolio had an upcoming renewal option at Fair Market Value which included a complicated arbitration cause if the two parties were not able to come to an agreement.
SOLUTIONS RESULTS
• In conjunction with CBRE Property Management, The Team In September 2020 The Team gathered and organized in-depth information on each branch completed the complex renewal within the portfolio to educate the client on Current Status with extreme satisfaction from both heading into the renewal. MetLife and Chase. Key Highlights Included: • The Team leveraged the CBRE broker network to gain insights and data on market rent metrics for each site. Negotiated The Tenant Up Significantly From • The Team utilized CBRE Dimension mapping technology to Their Initial Renewal Rent analyze each branch under multiple layers of data including Proposal demographics, tapestry segmentation, availability reports, FDIC branch deposits, competitive banks / other Chase banks within the trade area to fully understand MetLife’s negotiation position. Created $11,000,000 Additional Value The Team worked strategically with Client (MetLife) and Tenant • and $33,000,000 (Chase) to view the negotiation from a macro level and ensure additional secured both sides preserved and improved their bigger picture business revenue via ten (10) year relationship. This created mutually beneficial scenarios such as renewals on nineteen executing ten (10) year renewals on certain branches that were (19) branches. advantageous to both parties.
• The Team developed and maintained a comprehensive portfolio matrix which contained all pertinent information that made it easy for the client to understand and present to their portfolio management team in HQ (New Jersey). 02 FULL SERVICE RETAIL 7/11 SITE REPOSITIONING Address: 2301 Pacific Coast Hwy, Lomita, CA | Name of Client: Local Developer
The Team was engaged by the Landlord, a private developer client looking to re-position a piece of under-utilized property (a former Auto Repair Site) on Pacific Coast Highway in Lomita. The Team sourced the Tenant (7-Eleven) through their deep retailer relationships and tenant site criteria knowledge.
CHALLENGES
• Contested entitlement process created major challenges for 7-Eleven to gain ABC (Liquor) License and CUP (conditional use permit) which were contingencies to the deal.
• The development required Cal-Trans to give approval for a wider driveway which was crucial for making the overall site function.
SOLUTIONS RESULTS
• The CBRE Team worked closely with the Fully Approved Site / city council and local ABC office to get full Non-Contingent 15 Year entitlements and approvals for CUP and Liquor Lease License.
• The Team worked with the 7-Elevens Engineers Secured Buyer & Put and Cal Trans to develop an acceptable Property In Escrow Pre- solution to site access issues. Construction At A Record Cap Rate
$3 Million Dollar Net Value Increase For Client Created By The Team 03 SELLER REPRESENTATION
THE WESTSIDE TESLA CENTER Address: 1641 Westgate Circle, Brentwood, TN Address: 10831 West Pico Boulevard, Los Angeles, CA Name of Client: Private Investor
Name of Client: TOPA Equities The Team represented the seller of this Single Tenant Tesla Dealership in Brentwood, TN. The seller, a Los The Team represented the sellers of this trophy, high street Angeles based client relied on the Team’s National retail property located at the NEC of Westwood Blvd. and Reach through the CBRE network and proprietary Deal Pico Blvd, in the heart of West Los Angeles. Located directly Flow Database as well as the Teams deep connections to Los across from the Former Westside Pavilion (New Google HQ), Angeles based private capital, a buyer pool which is beginning the asset was owned by a prominent LA based family business to seek higher yield on out of state Single Tenant properties. conglomerate (TOPA Management).
CHALLENGES RESULTS CHALLENGES RESULTS
• 82% occupied at time of sale by a financially challenged chain store tenant, • The Tenant, Tesla, had a short-term lease with under two years remaining. Guitar Center, with under two (2) years remaining. Highest Bidder Was Secured Los Angeles Based Selected From 10 + Offers • At time of sale, Tesla was experiencing high volatility and negative Capital Buyer seeking higher • Property related physical deficiency issues found during escrow. publicity in the national news media. yield out of state.
Aggressive Sale Price SOLUTIONS Achieved For Ownership SOLUTIONS Drove Competitive Pricing by: At Low In-Place Cap Rate • Getting Buyer comfortable with Tenants • The Team created a custom “multiple scenario” marketing campaign to illustrate • Sold against perceived tenant risk by educating buyer community on the business model three unique scenarios for the future of the property, leading to a wide range of intrinsic value of the real estate. Transaction Closed With private, institutional, and international investors viewing the offering Illustrating the potential First Buyer – Re-trades & • future upside in the real Executed a well-orchestrated “managed bid” marketing campaign that generated Delays Were Avoided • estate. six (6) best and final competitive offers. The team utilized their signature managed bid process to create a competitive pricing environment and tighten up due diligence timeframes / closing terms.
• Overcame property related physical deficiency issues that required the team to interact directly with the top officials at the City of Los Angeles Building & Safety Dept, Guitar Center Real Estate Dept. and both Seller and Buyer parties to remedy several potential deal killing issues. 04 BUYER REPRESENTATION DAVITA (INGLEWOOD) & STARBUCKS (ORCUTT) Address: Various, CA | Name of Client: EFC Leasing LLC (Family Trust)
CHALLENGES
• Family Trust client sold Porsche dealership on Santa Monica Blvd to Tenant which exercise their Right To Purchase at the expiration of lease.
• Trustee needed to replace or improve cash flow on $12,500,000 proceeds for the Trust via 1031 exchange.
• With no transaction experience in +/- 20 years The Trustee required education on the current drivers of the STNL market.
• As a pre-technology era professional, The Trustee did not use email or cell phone which created a need to devise another system of efficient communication between the team and the client.
SOLUTIONS RESULTS
• Due to principal profile the team created very Completed specific criteria for the Uplegs that would $12,500,000 Exchange satisfy return metrics and ease of management w/ two Quality Credit requirements for the Trust. STNL Investments • The Team created an efficient process to compile, filter, and review deals with the Trustee Maintained Passive despite technology challenges. Mgmt. Free Lease Structures Desired By • The Team served as a full-service strategic Trustee advisor in helping the Trustee select the ideal assets to satisfy the goals of the trust. The Team Increased Annual Cash oversaw LOI & PSA negotiations, as well as Flow For The Trust By third party contractors / reports. Over 15% • The Team assisted ownership with post close issues such as streamlining tenant tax bill payments, rent payments, etc. to ensure that the Trustee had a management responsibility that was as minimal as possible. 05 GROUND UP DEVELOPMENT CHICK-FIL-A REDEVELOPMENT Address: 20501 Avalon Blvd, Carson, CA | Name of Client: Private Investor
The Team represented the Landlord of a vacant commercial building in Carson, CA. The Client engaged the Team to assess the property and provide a valuation and/or potential repositioning solutions.
CHALLENGES
• The building had suffered a long history of vacancies and under performance. • The market demand and metrics for this type of office product in Carson were weak resulting in a “as-is” value that was not profitable to ownership.
SOLUTIONS RESULTS
• After visiting the real estate, and performing a Record Breaking Ground thorough analysis, the Team recognized that Lease Rent With Top Tier the highest and best use of the site would be Credit Tenant a redevelopment of the property as a Single Tenant Net Lease National Drive Thru Tenant Win/Win/Win Deal • The team leveraged their tenant relationships For Landlord, Tenant, and local market knowledge to engage multiple and City national fast food chains to submit ground lease offers on the site $4.5 Million Dollar Net Value Increase For Client The team successfully negotiated a twenty (20) • Created By The Team year Ground Lease with Chick-Fil-A, the deal established a new high-water mark for Ground Lease rents in the market.
NORTHEAST VIEW
PRELIMINARY RENDERINGS Avalon @ Carson Plaza (Carson, CA)
File Name: 04518 Avalon @ Carson Plaza_Color Elevations 06-26-19 07-05-19 09-27-19 12-02-19 06 REDEVELOPMENT PALISADES VILLAGE Address: 15229-15245 W. Sunset Blvd & 1012-1051 Swarthmore Ave, Pacific Palisades, CA Name of Client: Caruso Affiliated
The Team represented the sellers of a multi-generation owned assemblage of properties that make up a majority of the Palisades Village, in the highly affluent city of Pacific Palisades, CA. Overcame multiple challenges which included:
CHALLENGES
• Challenging ownership/seller structure consisting of sixteen (16) people and four (4) separate legal teams with varying opinions on multiple matters throughout the entire marketing campaign to close of escrow.
• Extensive former dry cleaner contamination issue found during due diligence
SOLUTIONS RESULTS
• Executed a well-orchestrated marketing Selected the correct campaign that generated over twenty-two (22) developer with offers capabilities to complete • Extensive former dry cleaner contamination issue highly complex deal. was found at the property during Buyer due Issues Were Resolved diligence – Worked with all parties to establish & Redevelopment By a property/tenant oversight solution while the Caruso was completed remediation plan was created and ultimately in 2018. approved by the governing agency. Highly experienced Buyer (Caruso Affiliated Holdings) Best In Class Project Is A agreed to handle the oversight and completion Huge Improvement For of the remediation post close of escrow with Pacific Palisades Retail escrowed Seller hold-back funds. Market. • Worked directly with previously uncooperative tenants to achieve sale required cooperation/ documentation in order to close the transaction. Negotiated and contracted for two (2) tenant relocations, oversaw and contracted for relocation space interior improvements, and achieved 100% executed tenant estoppels. 07 MIXED USE EXPERTISE WILSHIRE CRESCENT HEIGHTS Address: 6250 Wilshire Boulevard, Los Angeles, CA | Name of Client: UDR
The Team was engaged by Institutional Landlord client UDR to address a string of vacancies in the ground floor retail component of the prestigious Wilshire Crescent Heights project. The team developed a merchandising strategy to compliment the overall project and “unlock” value upstairs through desirable ground floor retail.
CHALLENGES
• The retail suites are located two blocks off the main retail corridor. • Limited existing retail synergy in the neighborhood. • Providing the project with a desirable, self-sufficient retail component became a key piece to driving demand and value for the residential portion of the project.
SOLUTIONS RESULTS
• The Team developed multiple merchandising Secured Restaurant strategies designed to target tenants with strong Tenancy With Strong balance sheets that would appeal to the upstairs Balance Sheet Adding residential tenancy. Value To Project • The primary focus was directed at unique Created the synergy restaurant concepts, in particular the Team needed to activate the developed a strategy to target operators with retail with the mixed-use multiple brands under one umbrella. component • This strategy resulted in the team approaching Sugarfish. The Team structured a deal in “Unlocked” value for which they put in three (3) of their concepts: UDR by creating an (Italian, Hamburger, and Sushi) within the retail amenity for residents component of the project. through the retail. 08 TENANT REPRESENTATION
7-ELEVEN LA TERRITORY EXPANSION Address: Multiple Sites (See Below) | Name of Client: 7- Eleven The Team was engaged by 7-Eleven to produce new store locations within a portion of the Los Angeles territory where CITYDOG! CLUB the tenant had struggled to find opportunities. The Team created numerous custom outreach and prospecting strategies in conjunction with an intimate understanding of 7-Eleven’s site criteria. EXPANSION Address: Multiple Sites CHALLENGES Name of Client: CITYdog! CLUB
• Tenant had experienced slow growth of new stores in the subject territory in recent years due to market factors and a lack of The founders of Citydog! Club, a doggy day care tenant, detailed site selection outreach plan. engaged the team with the need for an expansion strategy. The client looked to the team for guidance on specific 1600 SANTA MONICA BLVD, 2002 WILSHIRE BLVD, markets, asset types, and landlords to pursue expansion with. SANTA MONICA SANTA MONICA Location Success Strategy & Result Location Success Strategy & Result • Reconciled projected sales at this location with the • Employed a void analysis of the West LA submarket Tenant’s rental targets to facilitate site selection CHALLENGES • Worked out complex contingency period timeframe • Successfully negotiated a rental rate that would allow with the City of Santa Monica for significant profit at the location • Citydog! Club established an expansion goal of 1 to 2 new sites per year. RESULTS
• Negotiated the termination of an existing lease to • Worked out complex contingency period timeframe • The requirement for the team was to find a way to secure new locations facilitate a brand-new 10-year lease for 7-Eleven with the City of Santa Monica where the tenant would not be required to produce significant capital Opened up seven (7) outlay to open as new locations are funded solely by the company’s profits new locations in six (6) in existing sites. 3032 WILSHIRE BLVD, 12337-12423 W WASHINGTON BLVD, years SANTA MONICA LOS ANGELES • At the same time the locations needed to be in very specific trade areas Developed a Location Success Strategy & Result Location Success Strategy & Result with immediate access to Citydog! Club’s profiled customer demographics. programmatic system • Employed a void analysis of the West LA submarket to • Showcased 7-Eleven’s brand-new, high-end concept/ to create partnerships facilitate site selection finishes/offerings in order to achieve approval to between Citydog! & lease space • Successfully worked through complicated issues SOLUTIONS Mixed-Use Landlords/ pertaining to store layout • Negotiated with both a private developer and the Developers. city of Culver City in order to secure a location in a • Finalized and executed a lease that provided ample highly desired submarket • The Team developed a strategy to present the tenant to mixed-use multifamily Implemented the system time to eliminate all contingencies retail developers who saw Citydog! Club as an amenity for leasing the successfully around the apartment portion of their projects faster and at higher rates. country with multiple RESULTS • The strategy was backed by research and CBRE proprietary data which developers. revealed that a significant percentage of multi-family dwellers in these units owned a small dog. Therefore the Team was able to sell City!dog to Created Exponential YOY Established A Repeatable Awarded Additional Landlords as an amenity for the project which put the capital outlay for new New Store Growth within Site Selection System With Territory By The Client Due sites on the Landlords. the Territory The Tenant For Ongoing To Strong Process & Results 09 LANDLORD REPRESENTATION NIKE JUMPMAN BY FOOTLOCKER Address: 622 S Broadway, Los Angeles, CA | Name of Client: Private Investor
The Team was originally brought into the deal during the client’s acquisition of the building. The client, a local Los Angeles business owner planned to occupy the upstairs of the property and lease out the ground floor as retail/restaurant. However, after looking at the building the team leveraged the CBRE network to procure a leasing offer from Footlocker. The company saw the building as the perfect place to launch their Nike Jumpman (Air Jordan) flagship store, one (1) of only four (4) in North America. The proposal called for all 27,000 SF of the building to be leased.
CHALLENGES
• Due to the high profile nature of this location the lease was extremely complicated and required the constant oversight and management of the team between the tenant and landlord.
• The front of the building was historically protected by the City of Los Angeles which added an additional layer of hurdles to overcome.
• The team had to present their case to a local city council to get the key piece of the deal approved – A Basketball Court on the roof!
RESULTS
Created $660,000 of annual cash flow for the client
Improved the value of the building by over $7,000,000 in a span of two years.
Created a Landmark Retail Site By Leveraging The CBRE Network SOCAL RETAIL
INVESTMENT SALES & BILL DUSLAG SENIOR VICE PRESIDENT LEASING Lic. 00498427 | 213 613 3106 ADVISORY SERVICES [email protected] DAN RILEY SENIOR VICE PRESIDENT Lic. 1057519 | 310 363 4899 [email protected]
SIMON MATTOX VICE PRESIDENT Lic. 01732008 | 310 363 4809 [email protected]
AUSTIN WOLITARSKY SENIOR ASSOCIATE Lic. 01957206 | 310 363 4922 [email protected]
SAM AARON ASSOCIATE Lic. 01828428 | 310 550 2571 [email protected]
KYLE WOODS ASSOCIATE Lic. 02034325 | 310 363 4785 [email protected]
CAROL SUH CLIENT SERVICES COORDINATOR 310 363 4905 © 2021 CBRE, Inc. All rights reserved. This information [email protected] has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.