Mixed-Use Development Site Santa Monica Blvd. at Federal
Total Page:16
File Type:pdf, Size:1020Kb
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. 16 www.11600SantaMonica.com EXECUTIVE SUMMARY THE OPPORTUNITY CBRE, Inc., as exclusive advisor, is pleased to present a mixed-use subject site, or an eight minute bicycle ride. To the northeast of the site development opportunity at the southwest corner of Santa Monica by approximately one mile, the terminus of the Purple Line at Wilshire/VA Boulevard and Federal Avenue in the eclectic neighborhood of West Los Hospital is expected to open by 2026. The Wilshire/VA Hospital station is a Angeles. 11600 Santa Monica Boulevard, a development site suitable five minute bicycle ride from 11600 Santa Monica Boulevard and will serve for up to 96 residential units, which includes eight affordable units, and to connect the West Los Angeles community to Westwood/UCLA as well as approximately 7,150 square feet of retail space sits on ±0.65 acres of Century City, Beverly Hills and Downtown Los Angeles. land. The West Los Angeles submarket adjoins some of LA’s most sought after The site is currently home to the Blue Wave Hand Car Wash, which is neighborhoods. The site is situated west of the 405 freeway, south of the owned and operated by the seller of the property. Operations can be affluent Brentwood submarket and just east of the coastal City of Santa closed to coincide with the close of escrow, or the seller could lease back Monica. The University of California Los Angeles (UCLA) in the Westwood the property while the developer obtains entitlements. The billboard on neighborhood is located less than 2 miles from 11600 Santa Monica the property is currently leased to Outfront Media through 2028 with Boulevard, and Santa Monica Community College is approximately 2.5 miles Lessor termination rights in the event of redevelopment. from the site. Surrounding demographics within a one-mile radius are very PROPERTY OVERVIEW strong with an Average Household Income of $119,456 in 2018 projected to 11600 Santa Monica Boulevard is located approximately four blocks from rise to $148,535 by 2023. CIM’s future mixed-use project at Santa Monica Boulevard and Granville WESTWOOD WILSHIRE BLVD VILLAGE WESTWOOD Holmby Hills Avenue. The project will be anchored by Target and is anticipated to 11600 Santa Monica Boulevard is offered to the market on an unpriced 11602-11618 SANTA MONICA BLVD basis. open in March 2019. InLOS addition, ANGELES, just one CA block 90025 from 11600 Santa Monica Boulevard, a mixed-use project is proposed for the ±2.67 acre lot at the Offers are due on Friday, February 8, 2019 by 5:00 PM. intersection of Barrington Avenue and Santa Monica Boulevard, which is slated to includePROPERTY a Whole INFORMATION Foods Market. 11602-11618 Santa Monica Blvd ADDRESS The site is also located just blocksLos to Angeles, celebrated CA 90025Sawtelle Japantown, home to fourPRICE of famed food critic Jonathan $17,000,000 Gold’s “101 Best Restaurants in LA”. The site is also strategically located between two major metro rail lines. PRICE/SF To the south (LAND) is the Expo$604.04 Line connecting Santa Monica to the University of Southern California and Downtown Los Angeles. The LOT SIZE 27,882 nearest Expo Line stop, Expo/Bundy, is approximately 1.3 miles from the PROPERTY TYPE Redevelopment www.11600SantaMonica.com 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 11600MULTIFAMILY Santa Monica RENT SURVEY 1 2 Source: CBRE Inc. 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), M2 - Expo/Bundy Station ±1.3 miles 8 minutes Culver City, USC, Downtown LA Layout ID:L01 MapId:5971783 © 2018 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. www.11600SantaMonica.com Rent and Sales Comparables 9 MULTIFAMILY RENT SURVEY 1 The BW 78 Units 1168 South Barrington Avenue Los Angeles, CA 90049 (310) 479-6200 Completed Improvement Rating A DateJanuary, 2014 Location Rating A Occupancy 98.7% Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 112 Spaces, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Steel Frame Other Factor - Major Street Exposure - Barrington Avenue and Wilshire Blvd, View - Downtown Los Angeles Apartment Interior Amenities - Internet Access, Optional Monitored Security, Above Standard Ceiling Height, Microwave 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 Two Bedroom/Two Bath 42.31% 33 1,165 38,429 $4,717 $4.05 Three Bedroom/Two Bath 5.13% 4 1,475 5,900 $6,394 $4.33 Penthouse - One Bedroom/Two Bath 2.56% 2 1,204 2,408 $4,430 $3.68 Penthouse - Two Bedroom/Two Bath 3.85% 3 1,579 4,738 $6,246 $3.95 Penthouse - Three Bedroom/Two 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 Avenue Los Angeles, CA 90025 (310) 826-3100 Completed Date Improvement Rating A January, 2009 Location Rating B Phase II December, 2014 Occupancy 88.8% Prior Names Eleven 950/Twelve 000 Common Area Amenities - Controlled Access, Fitness Center, Business Center, Clubhouse, 1 Swimming Pool, 1 Spa, Rental Office - Stand Alone Parking - Total Parking - 173 Spaces, Parking Type - Subterranean Functional Characteristics - Private Balcony/Patio, Construction Type - Frame Apartment Interior Amenities - Internet Access, Included Monitored Security, Partial Fireplaces Available In 623 Square Foot 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 16.80% 21 643 13,510 $3,397 $5.28 Two Bedroom/Two Bath 49.60% 62 974 60,410 $4,033 $4.14 Two Bedroom/Two Bath 11.20% 14 1,134 15,878 $4,071 $3.59 Three Bedroom/Three Bath 6.40% 8 1,321 10,571 $5,351 $4.05 Three Bedroom/Three 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 derived from USPS records Page 1 of 3 MULTIFAMILY RENT SURVEY 3 Notting Hill 52 Units 1900 Sawtelle Blvd Los Angeles, CA 90025 (310) 477-7777 Completed Improvement Rating A- DateJune, 2017 Location Rating B- Occupancy 100.0% Common Area Amenities - Controlled Access, Fitness Center, Rental Office - Stand Alone Parking - Total Parking - 78 Spaces, Parking Type - Subterranean