Investment Or Owner/User Opportunity in Agoura Hills
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Canwood Street Agoura Hills, CA 29209 INVESTMENT OR OWNER/USER OPPORTUNITY IN AGOURA HILLS Michael D. Foxworthy, EVP Craig Cahow, VP CA BRE: 00773787 CA BRE: 00498717 O: 805.384.8830 | C: 805.657.5007 O: 818.449.1637 | C: 818.469.9942 751 E. Daily Drive, Suite 105 21820 Burbank Blvd. Suite 201 Camarillo, CA 93010 Woodland Hills, CA 91367 D/AQ Corp. # 01129558 [email protected] [email protected] O N C O R I N T E R N A T I O N A L Canwood Street Agoura Hills, CA 29209 D/AQ Corp. # 01129558 O N C O R I N T E R N A T I O N A L 2 TABLE OF CONTENTS 9 Executive Summary I 2 Property Description II 0 Area & Market Overview III 9 Agoura Hills, Street, CA Canwood D/AQ Corp. # 01129558 O N C O R I N T E R N A T I O N A L DAUM | CONFIDENTIAL MEMORANDUM AND DISCLAIMER DAUM Commercial Real Estate Services has been retained as the exclusive prospective investors. Owner and DAUM each expressly reserve the right, at advisor and broker regarding the sale of 29209 Canwood Street, Agoura their sole discretion, to reject any and all expressions of interest or offers Hills, California (the “Property”). regarding the Property and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or This Offering Memorandum has been prepared by DAUM for use by a obligation to any entity reviewing this Offering Memorandum or making an limited number of parties and does not purport to provide a completely offer to purchase the Property unless and until a written agreement for the accurate summary of the Property or any of the documents related thereto, purchase of the Property has been fully executed, delivered, and approved nor does it purport to be all-inclusive or to contain all of the information by Owner and its legal counsel, and any conditions to Owner’s obligations which prospective investors may need or desire. thereunder have been satisfied or waived. DAUM is not authorized to make any representations or agreements on behalf of Owner. All projections have been developed by DAUM, and are based upon assumptions relating to the general economy, competition, and other This Offering Memorandum and the contents, except such information factors beyond the control of the DAUM or the Owner and, therefore, are which is a matter of public record or is provided in sources available to the subject to variation. No representation is made by DAUM or Owner as to the public (such contents as so limited herein are called the “Contents”), are of accuracy or completeness of the information contained herein, and a confidential nature. By accepting the package, you agree (i) to hold and nothing contained herein is, or shall be relied on as, a promise or treat it in the strictest confidence, (ii) not to photocopy or duplicate it, (iii) representation as to the future performance of the Property. Although the not to disclose the package or any of the contents to any other entity information contained herein is believed to be correct, DAUM, Owner and (except to outside advisors retained by you, if necessary, for your Owner’s employees disclaim any responsibility for inaccuracies and expect determination of whether or not to make a proposal and from whom you prospective purchasers to exercise independent due diligence in verifying have obtained an agreement of confidentiality) without the prior written all such information. Further, DAUM, Owner, and Owner’s employees authorization of Owner or DAUM, (iv) not use the package or any of the disclaim any and all liability for representations and warranties, expressed or contents in any fashion or manner detrimental to the interest of Owner or implied, contained in, or omission from, this Offering Memorandum or any DAUM, and (v) to return it to DAUM immediately upon request of DAUM or other written or oral communication transmitted or made available to the Owner. recipient. This Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or If you have no further interest in the Property, please return this Offering the Owner since the date of preparation of the Offering Memorandum. Memorandum forthwith. Analysis and verification of the information contained in this package is solely the responsibility of the prospective purchaser. DAUM Commercial Real Estate Services 751 E. Daily Drive, Suite 105 | Camarillo, CA | 93010 Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified O N C O R I N T E R N A T I O N A L DAUM | INVESTMENT HIGHLIGHTS RARE OFFICE INVESTMENT OR The City of Agoura Hills, situated in the heart of the Conejo Valley, has experienced sustained growth over the past two decades with OWNER/USER OPPORTUNITY companies migrating from the greater Los Angeles area in search of a better quality of life, lower costs of conducting business (no gross AGOURA HILLS, CA receipts business tax), cleaner air, safe suburban neighborhoods, top-flight primary and secondary public schools, and access to a DAUM Commercial Real Estate Services, as exclusive advisor to the owner, highly-educated labor pool from five nearby major universities. is pleased to present an ideal opportunity for an investor or potential owner/occupant to acquire the leased fee interest in 29209 Can- From an investment standpoint, competition from new office projects in wood Street, Agoura Hills, California. This office building is centrally located the Conejo Valley is limited due to a huge barrier to entry because of a in the upscale Agoura Hills community north of Los Angeles in an area lack of developable land coupled with very difficult and lengthy known as the Conejo Valley. The building is 2-stories, entitlement processes in Agoura Hills and the neighboring cities of containing 21,436 rentable square feet and is 56% leased, generating year- Calabasas, Thousand Oaks and Westlake Village. ly net operating income of $211,455 and affording an owner with the op- portunity to occupy 8,813 rentable square feet of office space. The Property is located within a block of the Kanan Road on/off ramps to THE OFFERING U.S. Highway 101 (Ventura Freeway). With its hillside setting, the Property provides spectacular views of the Santa Monica mountain range and the Conejo Valley. Lushly landscaped free surface parking for 74 vehi- Offering Price ……………………………….$4,750,000 cles is available along with reciprocal rights to parking with Proforma NOI (1st year)…………………… $211,455 adjacent properties. Proforma NOI (2nd year)………………….. $377,537 The building is leased and occupied by Novastor Corporation, who Total Building Rentable Area………………21,436 Sq. Ft. develops and markets backup software and data protection solutions; and Whiting-Turner Contracting who provides construction Total Land Area………………………………1.77 Acres management, general contracting, and design/build services, primarily for large commercial, institutional, and infrastructure projects throughout the United States. O N C O R I N T E R N A T I O N A L DAUM | PROPERTY DESCRIPTION PROPERTY SUMMARY County: Los Angeles Parcel #: 2053-001-804 Lot Size: Approximately 1.77 acres (to be veri- fied) of leased land. The building is on a parcel that also includes the SCE power station. Building Size: 21,436 rentable square feet 24,079 SF of gross building area Year Built: 2008 Stories: 2 Building Class: B Parking: 74 surface spaces at a ratio of 3.45/1,000 RSF with reciprocal rights to adjacent parking within the Canwood Corporate Center. Elevators: One (1), Schindler Elevator Unleased Space: Suite 120/130 - 5,360 RSF Suite 210 - 3,453 RSF Leased/Occupied: 12,051 RSF Per Current Leases 12,623 RSF Per New Measurements Total Leasable Area: 21,436 rentable square feet O N C O R I N T E R N A T I O N A L DAUM | FLOORPLAN - SUITE 120/130 | 5,360 RSF Canwood Street 29209 Agoura Hills, CA AVAILABLE/DIVISIBLE SUITE #120/130 ±4,699 U.S.F | ±5,360 R.S.F O N C O R I N T E R N A T I O N A L DAUM | FLOORPLAN - SUITE 210 | 3,453 RSF Canwood Street 29209 Agoura Hills, CA AVAILABLE/DIVISIBLE SUITE #210 ±3,027 U.S.F | ±3,453 R.S.F O N C O R I N T E R N A T I O N A L DAUM | GROUND LEASE ABSTRACT Ground Lease Abstract Lessor: Southern California Edison Company Lessee: Agoura Hills NCP, LLC (the Building Owner) 2 Lease Term: 50 years Start Date: June 12, 2001 End Date: June 11, 2051 9 Site Area Leased: 76,905 SF (approx. 1.77 acres) Current Rent: Annual $/SF $23,052 $0.30 2 Rent Schedule: Date Annual $/SF/year June 12, 2021 $24,205 $0.31 June 12, 2031 $25,415 $0.33 June 12, 2041 $26,686 $0.35 0 Recoveries: Lease is NNN Renewal Options: Three (3), five (5) year renewal options at fair market rental rate, but not less than the prior term’s rent nor greater than a 7% increase for the prior term’s base 9 Agoura Hills, Street, CA Canwood rent compounded for each 5-year term. Purchase Options: None Comments: There are a total of 33 years remaining on the initial ground lease term, with 15 years of renewal options for a total of an additional 48 years. O N C O R I N T E R N A T I O N A L DAUM | 2 9 2 0 9 Agoura Hills, Street, CA Canwood O N C O R I N T E R N A T I O N A L DAUM | REVENUE AND EXPENSE SUMMARY Type: Office Building Address: 29209 Canwood City: Agoura Hills State: CA 2 Street Price: $4,750,000 ($221.59/RSF) Approx.