Beverly Terrace 1335 W 1St Street Los Angeles , Ca 90026
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LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. BEVERLY TERRACE 1335 W 1ST STREET LOS ANGELES , CA 90026 NO LINKAGE FEES, SHOVEL READY & FULLY ENTITLED 102 UNIT RESIDENTIAL DEVELOPMENT OPPORTUNITY LEE-ASSOCIATES.COM • TEAM-CLINE.COM LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. TIM WETZEL Senior Vice President LIC ID 01001571 C: 213.700.0183 O: 323.767.2048 E: [email protected] Confidentiality and Conditions JACK R. CLINE, JR. Senior Vice President | Team Cline LIC ID 00854279 The material contained in this Offering Memorandum is confidential and for the purpose of considering the purchase of the Real Estate described herein. It is subject to the terms and provisions of the Confidentiality Agreement signed by O: 323.767.2025 the recipient of this material, and is not to be used for any purpose or made available to any other person without the E: [email protected] TEAM-CLINE.COM express written consent of Lee & Associates® - Commerce, Inc. (“Broker”). This Offering Memorandum was prepared in May 2019, by Broker solely for the use of prospective purchasers of EVAN JURGENSEN 105 Freeway Distribution Center located in Compton, California (the “Real Estate”). Neither Broker, Owner nor any Associate | Team Cline of their respective officers, employees or agents, make any representation or warranty, express or implied, as to the LIC ID 01967347 completeness or the accuracy of the material contained in the Offering Memorandum or any of its contents, and no legal O: 323.767.2032 commitments or obligations shall arise by reason of this package or any of its contents. E: [email protected] TEAM-CLINE.COM Prospective purchasers of the Real Estate are advised (i) that changes may have occurred in the condition of the Real Estate since the time of this Offering Memorandum or the financial statements therein were prepared and that (ii) all DOUG CLINE financial projections are provided for general reference purposes only in that they are based on assumptions relating to Senior Vice President | Team Cline the general economy, competition, and other factors beyond the control of Broker and, therefore, are subject to material LIC ID 01142005 variation. Prospective purchasers of the Real Estate are advised and encouraged to conduct their own comprehensive O: 323.767.2116 review and analysis of the Real Estate. E: [email protected] TEAM-CLINE.COM The Offering Memorandum is a solicitation of interest only and is not an offer to sell the Real Estate. The Owner and Broker expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Real Estate, and expressly reserve the right, at their sole discretion, to terminate discussions with any entity at any time with or without notice. This Offering Memorandum is confidential. By accepting the Offering Memorandum, you agree (i) that you hold and treat LEE & ASSOCIATES the Offering Memorandum and its contents in the strictest confidence, (ii) that you will not photocopy or duplicate any Commerce, Inc. part of the Offering Memorandum, (iii) that you will not disclose the Offering Memorandum or any of its contents to any CORP ID 01125429 other entity without the prior written authorization of Broker, and (iv) that you will not use the Offering Memorandum in any fashion or manner detrimental to the interest of the Owner or Broker. 500 Citadel Dr, Ste 140 Commerce, CA 90040 P: 562.699.7500 F: 562.695.3133 LEE-ASSOCIATES.COM • TEAM-CLINE.COM 3 1335 W 1ST Street, Downtown Los Angeles, CA 90026 TABLE OF CONTENTS I. EXECUTIVE II. PROPERTY III. MARKET IV. AREA SUMMARY OVERVIEW OVERVIEW OVERVIEW LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM 4 DTLA Vista Hermosa Natrual Park W 2 ND ST LUCAS AVE W 1 ST ST W 1 ST ST BEVERLY BLVD GLENDALE BLVD LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. EXECUTIVE SUMMARY LEE-ASSOCIATES.COM • TEAM-CLINE.COM BEVERLY TERRACE | 1335 W 1ST Street, Downtown Los Angeles, CA 90026 6 EXECUTIVE SUMMARY LEE & ASSOCIATES IS PLEASED TO PRESENT A SHOVEL READY/FULLY-ENTITLED RESIDENTIAL DEVELOPMENT OPPORTUNITY TO BUILD 102 UNITS AT THE INTERSECTION OF DTLA, ECHO PARK AND HISTORIC FILIPINOTOWN. THIS PROJECT IS EXEMPT FROM LINKAGE FEES. This fully entitled 102 unit development is located at the gateway to three of Los Angeles’ hottest neighborhoods: Downtown Los Angeles, Echo Park, and the Historic PRICE: $10,900,000 Filipinotown (HiFi). The site offers excellent views of the Bids are due Monday, DTLA skyline and San Gabriel Mountains. Beverly Terrace July 15, 2019 by 5:00PM, PST is the also directly adjacent to one of LA’s best kept secrets, the Vista Hermosa Natural Park. LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM BEVERLY TERRACE | 1335 W 1ST Street, Downtown Los Angeles, CA 90026 7 LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM 8 Los Angeles has grown more than any major metropolitan region in the high income world except for Tokyo since the beginning of the 20th century. DTLA is in a sustained period of growth, absorbing more than 2,200 units in each of the last 4 years. DTLA’s population has also nearly tripled since the turn of the century. The emergence of DTLA as a vibrant walkable entertainment and residential district has helped drive strong absorption during the ongoing construction boom. EXECUTIVE SUMMARY DTLA continues to be the largest downtown employment center in the Western United States BEVERLY TERRACE IS THE GATEWAY TO THREE OF LA’S MOST DYNAMIC MARKETS: and the persistent demand for apartments is DTLA, ECHO PARK, AND HISTORIC FILIPINOTOWN showing no signs of slowing down. LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. PROPERTY OVERVIEW LEE-ASSOCIATES.COM • TEAM-CLINE.COM BEVERLY TERRACE | 1335 W 1ST Street, Downtown Los Angeles, CA 90026 10 PROPERTY OVERVIEW ADDRESSES 1335-1345 W 1st Street 110 Glendale Boulevard 113 Douglas Street Los Angeles, California 90026 APNs Zoning (Project Specific) Council District 5160-013-001 / 5160-013-034 RC4 (LW) U/3.7-0 Residential CD1 - Gil Cedillo 5160-013-002 / 5160-013-039 Mixed Use Category 5060-013-033 2I-2374 Los Angeles State Enterprise Zone Lot Area Exempt from Ordinance No. 185342 Geology & Soils Report Approval Report ±32,316 Sq. Ft. This Project is Exempt from Los Angeles Report N. BG22289 ±0.74 Acres Affordable Housing Linkage Fees LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM BEVERLY TERRACE | 1335 W 1ST Street, Downtown Los Angeles, CA 90026 11 LUCAS AVE BEVERLY BLVD W 2ND ST W 1ST ST W 1ST ST GLENDALE BLVD PROPERTY OVERVIEW ENTITLED DEVELOPMENT Approved Number of Units 102 (6 Very-Low Income) Approved Building Height 75’ Approved Number of Stories 7 Approved Parking Spaces 150 LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM 12 hI FI TO ECHO PARK GLENDALE BLVD BEVERLY BLVD ST ST ST ST W 1 Vista Hermosa W 1 Natrual Park ND ST W 2 N TOLUCA ST TO DTLA LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM BEVERLY TERRACE | 1335 W 1ST Street, Downtown Los Angeles, CA 90026 13 PROPERTY OVERVIEW Ownership obtained entitlements based upon the plan described below. The Project includes 5 units set aside for very low income. The other 97 units are at market rate. The Project also includes a ±3,567 SF commercial space as well as a ±2,000 SF pool area & ±8,700 SF roof top deck with skyline views. DESIGNED PROJECT UNIT MIX 5 Levels of Type IIIA Over 2 Levels of Type I on Unit Type No. of Units Average Sq. Ft. Construction Grade above 1 Subterranean Level Type I Studios 10 ±520 Sq. Ft. Building Height ±75’ 1 Bedroom 57 ±590 Sq. Ft. FAR 2.9 Residential / 1.2:1 Commercial Est. Building Area ±157,020 Sq. Ft. 2 Bedroom 30 ±1,000 Sq. Ft. Est Living Area ±75,078 Sq. Ft. 3 Bedroom 5 ±1,050 Sq. Ft. Parking Spaces 150 Totals / Averages 102 ±740 SF Average Unit Size LOCAL EXPERTISE. INTERNATIONAL REACH. WORLD CLASS. LEE-ASSOCIATES.COM • TEAM-CLINE.COM AREAS LANDSCAPING AREAS ST PLAN LEGEND UNIT TYPE LEGEND PLAN LEGEND TOTAL AREA OF UNITS: 11,656 SQ FT A 6 0 WALL TYPE TAG, A 6 0 WALL TYPE TAG, 1335 W 1 Street, Downtown LosLANDSCAPING AREASAngeles, CAREFER TO AD.10 90026 REFER TO AD.10 | AREA OF COMMERCIAL: 7,691 SQ FT I BEDROOM UNIT 14 BEVERLY TERRACE 1-HOUR FIRE BARRIER 1-HOUR FIRE BARRIER BUILDING COMMON AREA: 2,501 SQ FT 2 BEDROOM UNIT AREA OF CIRCULATION: 3,308 SQ FT *REFER TO LANDSCAPING DRAWINGS FOR MORE INFORMATION 2-HOUR FIRE BARRIER 2-HOUR FIRE BARRIER WOOD STUD WALL 3 BEDROOM UNIT WOOD STUD WALL CMU WALL CMU WALL THE ABOVE DRAWINGS AND SPECIFICATIONS AND IDEAS, DESIGNS AND ARRANGEMENTS REPRESENTED THEREBY ARE AND SHALL REMAIN THE PROPERTY OF THE ARCHITECT AND NO PART THEREOF SHAL BE COPIED DISCLOSED TO OTHERS WORK OTHER WITH ANY IN CONNECTION OR USED OR PROJECT OTHER THAN THE SPECIFIC PROJECT FOR WHICH THEY HAVE BEEN PREPARED AND DEVELOPED, WITHOUT THE WRITTEN CONSENT OF CONTACT WITH THESE VISUAL ARCHITECT. THE DRAWINGS OR SPECIFICATIONS SHALL OF EVIDENCE CONCLUSIVE CONSTITUTE RESTRICTIONS. OF THESE ACCEPTANCE THE ABOVE DRAWINGS AND SPECIFICATIONS AND IDEAS, DESIGNS AND ARRANGEMENTS REPRESENTED THEREBY ARE AND SHALL REMAIN THE PROPERTY OF THE ARCHITECT AND NO PART THEREOF SHAL BE COPIED DISCLOSED TO OTHERS WORK OTHER WITH ANY IN CONNECTION OR USED OR PROJECT OTHER THAN THE SPECIFIC PROJECT FOR WHICH THEY HAVE BEEN PREPARED AND DEVELOPED, WITHOUT THE WRITTEN CONSENT OF CONTACT WITH THESE VISUAL ARCHITECT.