1253 Vine St. Hollywood
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COVERED LAND PLAY 1253 VINE ST. POTENTIAL TO REDEVELOP AS MULTIFAMILY OR OFFICE HOLLYWOOD GRIFFITH OBSERVATORY W HOLLYWOOD HOTEL HOLLYWOOD & VINE NETFLIX METRO STATION NETFLIX THE FONDA THEATRE CAPITOL RECORDS PANTAGES THEATRE SUNSET BRONSON STUDIOS HOLLYWOOD PALLADIUM HOLLYWOOD BLVD. DREAM HOTEL SUNSET BLVD. NETFLIX 1253 VINE THE LOS ANGELES SUNSET GOWER STUDIOS FILM SCHOOL CINERAMA DOME FOUNTAIN AVE. VINE ST. WILCOX AVE. COLE AVE. CAHUENGA BLVD. LEXINGTON AVE. FOR SALE: ±1.09 Acre Redevelopment Opportunity LAURIE LUSTIG-BOWER KAMRAN PAYDAR Executive Vice President First Vice President Transit Oriented Development (TOC) Tier 3 Lic. 00979360 Lic. 01242590 +1 310 550 2556 +1 310 550 2529 Designated Opportunity Zone [email protected] [email protected] www.1253Vine.com NOTABLE DEVELOPMENTS IN THE AREA PALLADIUM RESIDENCES EPIC HOLLYWOOD ESSEX HOLLYWOOD 730 Apartments 302,102 SF Office Space 200 Apartments 18,400 SF Retail Space 4,7000 SF Retail 24,000 SF Ground Floor 1400 N. VINE ST. Commercial Space Fully leased by Netflix 200 Apartments 16,000 SF Retail ACADEMY ON VINE This 3.5 Acre Mixed-Use Campus 13,000 SF of Retail Space. (Netflix Anchored) HOLLYWOOD TOWER HANOVER HOLLYWOOD 29 Apartments 270 Apartments 55,000 SF Grocery 12,000 SF Retail 50,000 SF Office VINE ST. 1253 VINE RISE HOLLYWOOD 369 Apartments 2,570 SF Ground-Floor Retail Space FOUNTAIN AVE. 1235 VINE ST. 117,150 SF Office Building 7,960 SF Restaurant/Retail Space BUNGALOWS ON FOUNTAIN CAHUENGA BLVD. ±60,000 SF Creative Office Campus 22 1253 VINE DOWNTOWN LOS ANGELES KOREATOWN PARAMOUNT MELROSE AVE. PICTURES OSTERIA MAMMA LARCHMONT VILLAGE SANTA MONICA BLVD. HOLLYWOOD FOREVER CEMETERY MARIO’S PERUVIAN & SEAFOOD N. GOWER ST. 1253 VINE FOUNTAIN AVE. VINE ST. CAHUENGA BLVD. COLE AVE. WILCOX AVE. CINERAMA DOME THE GODFREY HOTEL 3 1253 VINE © 2021 CBRE, Inc. All rights reserved. WILSHIRE COUNTRY CLUB MELROSE AVE. SUNSET HIGHLAND AVE. PROVIDENCE RAO’S LAS PALMAS STUDIOS CAHUENGA BLVD. SANTA MONICA BLVD. L’ANTICA PIZZERIA DA MICHELE HOLLYWOOD WILCOX AVE. RECREATION CENTER CINERAMA THE GODFREY HOTEL DOME SPACE 15TWENTY SELMA AVE. 1253 VINE VINE ST. THE LOS ANGELES FILM SCHOOL FOUNTAIN AVE. SUNSET BLVD. 4 1253 VINE CENTURY CITY CULVER CITY WILSHIRE COUNTRY CLUB SUNSET MIRACLE MILE LAS PALMS STUDIOS SANTA MONICA BLVD. CAHUENGA BLVD.PROVIDENCE RAO’S HOLLYWOOD RECREATION CENTER VINE ST. 1253 VINE FOUNTAIN AVE. DE LONGPRE AVE. THE GODFREY HOTEL THE LOS ANGELES FILM SCHOOL CINERAMA DOME SUNSET BLVD. 5 1253 VINE 6 6 1253 VINE TABLE OF CONTENTS I. Executive Summary Page 8 II. Area Overview Page 14 1253 VINE CONTACTS LAURIE LUSTIG-BOWER Executive Vice President Lic. 00979360 +1 310 550 2556 [email protected] KAMRAN PAYDAR First Vice President Lic. 01242590 +1 310 550 2529 [email protected] www.1253Vine.com 7 12531253 VINE VINE © 2021 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:8219930 I EXECUTIVE SUMMARY 8 12531253 VINE VINE THE OPPORTUNITY CBRE, Inc., as exclusive agent is pleased to present for sale a ±47,305 square The Property is located within the boundaries of the Hollywood Entertainment District and is in a foot (±1.09 acre) Transit Oriented Development (TOC) Tier 3 redevelopment designated Opportunity Zone census tract. opportunity in famed Hollywood, California. Location Demand Drivers Located at 1253 Vine Street with frontage on the corner of Vine Street • “Techtainment” tenants: convergence of technology and entertainment and Fountain Avenue, the property is zoned C2-1-SN and is suitable for • Studio tenants: Content creation multifamily or office redevelopment. • Key Area Employers: Netflix, Paramount, Viacom, Capitol Records, the Academy of Motion Picture Arts and Sciences as well as Technicolor among others The Property boasts a Walk Score of 96 out of 100 – a Walker’s Paradise” – and sits in the heart of a vibrant urban setting in one of the most globally Current improvements consist of a ±31,799 square foot neighborhood-serving retail center. The recognized cities known as “The Entertainment Capital of the World.” Property is 61% occupied and generates approximately $600,000 of annual revenue. Any lease with remaining term beyond October 2022 includes landlord termination rights. A wide array of restaurants, night life, entertainment, cultural and recreation amenities, and the Hollywood Farmers Market are in the vicinity of the Property. 1253 Vine Street is an exceptional Hollywood redevelopment opportunity. Easily accessible employment centers include Hollywood, West Hollywood, 1253 Vine Street is offered on an UNPRICED basis. Downtown Los Angeles, Universal City, Burbank, Glendale, and Koreatown. www.1253Vine.com 1253 Vine Street is located near two Metro Red Line subway portals: Hollywood / Vine station (approx. ½ mile) and Hollywood / Highland station (approx. 1.2 miles). HOLLYWOOD EMPLOYMENT Hollywood/Wilshire Corridor Jobs Total 4,555,264 Arts and Entertainment 2,886,709 Goods and Products 186,387 Media and Design 1,242,995 Planning and Architecture 112,876 Service 51,759 9 1253 VINE 9 1253 VINE Technology and Science 74,583 1253 VINE ST. OPPORTUNITY HIGHLIGHTS Highly Visible Corner Location in Hollywood Any lease with remaining term beyond October 2022 Transit Oriented Community Tier 3 Substantial frontage on Vine Street and Fountain Avenue includes landlord termination rights. Daily traffic count of over 36,000 Designated Large Area Employers Include: Multifamily and Office Demand Drivers Opportunity Zone 96.9% of housing units in the Hollywood Entertainment District are renter-occupied • ViacomCBS • Technicolor “Techtainment” Users – Surging technology and entertainment users (MTV, Comedy • Deluxe Central, etc.) • Raleigh Studios • Paramount Pictures • Capitol Records • BuzzFeed • Trailer Park • KTLA / Tribune • CNN Walker’s Paradise Proximate to Two Metro 96 WalkScore Red Line Subway Portals www.1253Vine.com 10 1253 VINE PROPERTY OVERVIEW Address 1253-1273 N. Vine Street 6326-6330 ½ W. Fountain Avenue Los Angeles, CA 90038 & 90028 APN 5533-005-051 Site Area ±1.09 Acres ±47,305 SF Zoning C2-1-SN Frontage ±139 feet along Vine Street ±340 feet along Fountain Avenue TOC Status Tier 3 Height Limit None Community Plan Hollywood Community Plan Update (HCPU), includes Community Plan Implementation Overlay (CPIO) Hollywood Signage (Media District) City Council District CD 13, Councilmember Mitch O’Farrell 11 12531253 VINEVINE RENT ROLL As of June 2021 Landlord Monthly Annual Annual CAM Charges Security Unit Lease Est. Area Lease Remaining Monthly Total Lease Start Termination Rent Rent Rent Percentage Monthly Deposit Number Type SF Expiration Options Rent Monthly Option Per SF Per SF Share Amount 1 NNN 2,535 VACANT 7.97195% 1B** Gross 1/11/2021 MTM $ 2,500.00 3.57$ $ 30,000.00 42.86$ 0.00000% -$ $ 2,500.00 $ - 3 NNN 2,700 8/1/2017 8/1/2022 $ 8,352.57 3.09$ $ 100,230.84 37.12$ 8.49083%$ 2,295.00 $ 10,647.57 $ 15,034.63 5 NNN 1,350 7/1/2020 6/30/2025 1 x 5 years X $ 4,151.57 3.08$ $ 49,818.84 36.90$ 4.24542%$ 1,416.00 $ 5,567.57 $ 8,925.88 6 NNN 675 9/1/2018 8/31/2021 $ 1,693.10 2.51$ $ 20,317.20 30.10$ 2.12271%$ 618.00 $ 2,311.10 $ 3,216.90 6A NNN 675 7/1/2019 6/30/2026 1 x 5 years X $ 2,104.15 3.12$ $ 25,249.80 37.41$ 2.12271%$ 415.00 $ 2,519.15 $ 3,339.22 7 NNN 600 11/1/2011 10/31/2021 1 x 5 years $ 1,843.34 3.07$ $ 22,120.08 36.87$ 1.88685%$ 369.00 $ 2,212.34 $ 4,424.01 7A NNN 765 4/1/2020 3/31/2025 1 x 5 years X $ 2,376.03 3.11$ $ 28,512.36 37.27$ 2.40574%$ 625.00 $ 3,001.03 $ 6,249.68 8 NNN 1,170 3/1/2014 2/28/2022 $ 3,613.00 3.09$ $ 43,356.00 37.06$ 3.67936%$ 751.00 $ 4,364.00 $ 8,858.82 9 NNN 1,682 10/1/2020 9/30/2023 1 x 3 years X $ 5,117.14 3.04$ $ 61,405.68 36.51$ 5.28947%$ 1,080.00 $ 6,197.14 $ 11,436.75 10 NNN 1,838 5/1/2020 4/30/2022 X $ 1,500.00 0.82$ $ 18,000.00 9.79$ 5.78006%$ 1,669.00 $ 3,169.00 $ 1,500.00 11 NNN 1,188 9/1/2010 8/31/2022 $ 2,801.51 2.36$ $ 33,618.12 28.30$ 3.73597%$ 702.00 $ 3,503.51 $ 6,936.80 12 NNN 1,048 2/1/2017 1/31/2027 1 x 5 years X $ 2,656.14 2.53$ $ 31,873.68 30.41$ 3.29570%$ 643.00 $ 3,299.14 $ 7,686.79 14 NNN 2,525 5/1/2020 4/30/2022 X $ 5,050.00 2.00$ $ 60,600.00 24.00$ 7.94050%$ 2,293.00 $ 7,343.00 $ 5,050.00 15 NNN 1,270 VACANT 3.99384% 16 NNN 675 12/1/2018 11/30/2022 X $ 1,181.67 1.75$ $ 14,180.04 21.01$ 2.12271%$ 346.00 $ 1,527.67 $ 3,494.93 16A NNN 660 VACANT 2.07554% 17 NNN 1,350 VACANT 4.24542% 18 NNN 1,275 9/1/2015 8/31/2021 1 x 3 years X $ 2,332.05 1.83$ $ 27,984.60 21.95$ 4.00956%$ 1,168.00 $ 3,500.05 $ 3,847.88 19 NNN 675 VACANT 2.12271% 19A NNN 675 7/1/2021 6/30/2024 X $ 1,038.11 1.54$ $ 12,457.32 18.46$ 2.12271%$ 618.00 $ 1,656.11 $ 2,854.79 20 NNN 1,185 VACANT 3.72653% 21 NNN 675 10/1/2020 9/30/2023 1 x 3 years X $ 1,208.47 1.79$ $ 14,501.64 21.48$ 2.12271%$ 434.00 $ 1,642.47 $ 2,991.84 21A NNN 650 VACANT 2.04409% 23 NNN 1,573 VACANT 4.94670% 24 NNN 885 VACANT 2.78311% 25 NNN 1,500 VACANT 4.71713% Total Current 31,799 $ 49,518.85 $ 1.80 $ 594,226.20 $ 21.66 100.00%$ 15,442.00 $64,960.85 $ 95,848.92 Total Units Total Area Percentage Occupied 18 19,516 61.37% Vacant 9 12,283 38.63% Any lease with remaining term beyond October 2022 includes landlord termination rights.