450 S Broadway Los Angeles, CA
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450 S Broadway Los Angeles, CA Offering Memorandum For Sale or Lease Retail Storefront Disclaimer This confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement personally or electronically signed by you (the “Confidentiality Agreement”) and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible acquisition of 450 S Broadway in Los Angeles, CA (the “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the “Owner” or Avison Young (“Broker”). This Memorandum was prepared by the Broker based on information supplied by the Owner and the Broker. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other “Evaluation Material”, including any computer diskettes or files distributed to you via email from Broker or accessible online through Broker’s website) are for general reference only. They are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither Broker nor Owner guarantees its accuracy or completeness. Because of the foregoing and since the Property will be sold on an “As-Is, Where-Is” basis, a prospective purchaser must make its own independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing progresses, prospective purchasers should seek advice from their own attorneys, accountants, and engineering and environmental experts. Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written purchase and sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations therein have been satisfied or waived. Owner has retained Broker as its exclusive broker and will be responsible for any commission due to Broker in connection with a sale of the Property pursuant to separate agreement. Broker is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other broker in connection with a sale of the Property if such claims arise from acts of such prospective purchaser or its broker. This Memorandum is the property of Owner and Broker and may be used only by parties approved by Owner and Broker. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement. 450 S Broadway Los Angeles, California For more information please contact: Hayden Eaves 213.471.7318 [email protected] DRE License 00964951 Matthew Spear 213.471.7006 [email protected] DRE License 02082513 Content Executive Summary Property Description 06 07 450 S Broadway Los Angeles, California Location Market Overview Overview 08 10 Executive Summary Join the many national and regional tenants who are now located on the beautiful Historic Broadway corridor. Nestled on Broadway between 4th & 5th Street, this retail store For Sale or Lease front is perfect for a tenant who wants to be located in one of the most dynamic locations in Downtown Los Angeles, Retail Storefront with many developments underway including Mixed-use, Creative Office, Hospitality, and Retail. Your new retail concept will service a high daytime population of ±228,800 within a 1-mile radius, tapping into the many residents and neighboring tenants, as well as tourists and visitors! with boasting numbers of over 22 million visitors annually. Let’s bring your concept to life! CALL AGENT ASKING PRICE Investment Highlights • Located in the Historic Broadway Corridor in DTLA • Ideal for Most Retail Uses • A Part of the “Bringing Back Broadway Initiative” • High Ceilings, Bright & Open • Spacious Store Front with 25’ Street Frontage • High Foot Traffic with Walk Score of 98 out of 100, a “Walker’s Paradise” • Option for redevelopment opportunity • Zoned for most general commercial leases. Ability to develop 15k-20k SF property Address 450 S Broadway, Los Angeles, CA 90013 Stories: 1, plus basement Property Square Feet: 7,300 SF (basement included) Year Built: 1908 Description APN: 5149-024-006 Zoning: C5-4, Los Angeles Ground Level Ground Level Basement Level Location Overview 450 S Broadway, Los Angeles RETAIL/ RESTAURANTS • Grand Central Market (3rd - 4th St): Eggslut, Press Brothers Juicery, Villa Moreliana, Berlin Currywurst, Sticky Rice, Ana Maria, Knead & Co. Pasta Bar + Market, Clark Street Bread, La Tostaderia, Olio Wood Fired Pizzeria, McConnell’s Fine Ice Cream, Belcampo Meat Co., District Market, Ana Maria’s Comida Mexicana, The Oyster Gourmet, G&B Coffee, China Cafe, Horse Thief BBQ • Broadway Arcade Building (5th - 6th St): Kai Japanese Roots, Garcons de Cafe, Gourmet LA Bakery, Don Francisco’s Coffee Casa Cubana, Blue Jam Cafe, Downtown Donuts, Gelateria Uli, Pizza Napolita • Maccheroni Republic • Jordan Flagship Store • GAP • Ross Dress for Less • Urban Outfitters • Aesop • WSS Shoe Store • Mezcalero • KFC • Burlington Coat Factory • Acne Studios • Walgreens • Broadway Bar • Payless Shoesource • Umami Burger • Shiekh • Rite Aid • Footaction • Walgreens • Cliftons • Donut Friend • AT&T • Blue Bottle Coffee • Sprint • MetroPCS • Boost Mobile • Subway • 7-Eleven • Debbie’s Bridal • Carl’s Jr • Cricket Wireless LANDMARKS/ MULTI-FAMILY • Bradbury Building • The Orpheum Theatre • 430 Broadway Lofts • The Chapman Flats • The Judson • Million Dollar Theater COMING SOON Apple Store, Broadway Trade Center, & Vans (8th & Broadway) Perla Condo Tower (4th & Broadway) 430 BROADWAY MILLION LOFTS DOLLAR THEATER THE JUDSON BRADBURY BUILDING MACCHERONI REPUBLIC 450 S BROADWAY BROADWAY ARCADE BUILDING BROADWAY BAR GLOBE THEATRE THE CHAPMAN FLATS TRAFFIC COUNTS S Broadway W 4th St 0.06 NE 21,556 W 5th St Frank Ct 0.02 SE 21,605 Market Overview DOWNTOWN LOS ANGELES Downtown has undergone a phenomenal renaissance, but now the big story is the next phase of that transformation – DTLA 3.0. With more development than at any time since the Demographics 1 Mile 3 Mile 5 Mile 1920’s, Downtown is booming. The population 2024 Projected Population 71,334 529,937 1,301,717 has more than tripled from 18,700 to 75,633+ 2019 Estimated Population 66,117 516,747 1,279,384 and is projected to triple again to 200,000 by 2019 Total Daytime Population 228,814 400,832 661,241 2040. Coupled with a weekday population Growth 2019-2024 7.89% 2.55% 1.75% of close to 500,000, and a concentration Average Household Income $72,805 $57,821 $55,840 of business, culture and civic institutions unrivalled in the region, DTLA is clearly ascending to new heights. BRINGING BACK BROADWAY The “Bringing Back Broadway” initiative has incentivized nearly $1 billion in investment to revitalize the historic Broadway corridor. The Theater District is experiencing a dramatic wave in new retail and restaurants while simultaneously becoming a hub for creative office and boutique hotel development. Now a destination hot spot rather than a neglected thoroughfare, the bustling Broadway District draws hundreds of thousands of visitors annually to enjoy hospitality, art, entertainment, dining, and a unique urban pedestrian experience. Tower Theatre: Apple store Tower Built in 1927, Broadway’s Tower Theatre is undergoing Expected to be completed in 2020, Perla is the Historic the largest transformation in its 92-year history. Apple’s Core’s first high-rise tower in over a century reaching proposed renovation of the ±7,650 sq. ft. historic building 35-stories. The tower will feature 450 condominiums studio, preserves the ornate Renaissance Revival style of the one-bedroom, and two-bedroom dwellings. Plans also call interior of the theatre while transforming the theatre into for ±7,000 sq. ft. of street-fronting commercial space and the company’s DTLA flagship store. In addition to the retail structured parking. development, Apple is developing an event center that will host classes, special lectures, programs, and other collaborative experiences. It is expected some events at the upcoming store to draw hundreds of people, while other events will be planned for smaller groups. The restoration historic building will save an important part of Los Angeles culture and draw new energy to downtown’s core. $30.5 Billion TOTAL INVESTMENT IN DOWNTOWN LA FROM 1999-2018 Perla 450 Condominiums Perla Price $8,200,000 Price/SF 401 S MAIN ST $498.60 LOS ANGELES, CA Total SF 16,446 Sale Date 3/3/2020