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Core La Jolla Investment Opportunity Offering

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Core La Jolla Investment Opportunity Offering CORE LA JOLLA INVESTMENT OPPORTUNITY OFFERING MEMORANDUM EXCLUSIVELY LA JOLLA OFFERED BY: The Jewel of Southern California MIKE SLATTERY 858.546.5437 [email protected] CA License 00761146 JASON KIMMEL 858.546.5414 [email protected] CA License 01328121 TIM WINSLOW 858.546.5436 [email protected] CA License 00891667 KEVIN NOLEN 858.546.5487 [email protected] CA License 01840398 4747 Executive Drive, 9th Floor San Diego, CA 92121 T 858.546.5400 F 858.630.6320 www.cushmanwakefield.com Offering Statement/Disclaimer Cushman & Wakefield (hereinafter “CW”) has its employees disclaim any and all liability for thereunder have been satisfied or waived. CW is been retained as exclusive advisor by Prospect representations and warranties, expressed and not authorized to make any representations or Street Associates, a California limited partnership implied, contained in, or for omission from, this agreements on behalf of Owner. (the “Owner”) for the sale of 850 Prospect Street Investment Offering or any other written or oral (the “Property”), located in La Jolla, CA 92037. communication transmitted or made available to This Offering and the contents, except such the recipient. This Offering does not constitute information which is a matter of public record This Offering has been prepared by CW a representation that there has been no change or is provided in sources available to the public for use by a limited number of parties and in the business or affairs of the Property since (such contents as so limited herein are called does not purport to provide a necessarily the date of preparation of the package. Analysis the “Contents”), are of a confidential nature. By complete summary of the Property or any of and verification of the information contained in accepting the package, you agree (i) to hold the documents related thereto, nor does it this package is solely the responsibility of the and treat it in the strictest confidence, (ii) not 7598 GIRARD AVENUE purport to be all-inclusive or to contain all of prospective purchaser. to photocopy or duplicate it, (iii) not to disclose the information which prospective investors the package or any of the contents to any other may need or desire. All projections have been Additional information and an opportunity to entity (except to outside advisors retained developed by CW, and designated sources inspect the Property will be made available by you, if necessary, for your determination and are based upon assumptions relating to upon written request to interested and qualified of whether or not to make a proposal and the general economy, competition, and other prospective investors. from whom you have obtained an agreement factors beyond the control of the Owner and of confidentiality) without the prior written CW, therefore, are subject to variation. No Owner and CW each expressly reserve the right, authorization of Owner or CW, (iv) not use the representation is made by CW or Owner as to at their sole discretion, to reject any and all package or any of the contents in any fashion or the accuracy or completeness of the information expressions of interest or offers regarding the manner detrimental to the interest of Owner or contained herein, and nothing contained Property and/or terminate discussions with any CW, and (v) to return it to CW immediately upon herein is, or shall be relied on as, a promise or entity at any time with or without notice. Owner request of CW or Owner. representation as to the future performance of shall have no legal commitment or obligation the Property. Although the information contained to any entity reviewing this Offering or making If you have no further interest in the Property, herein is believed to be correct, CW or Owner an offer to purchase the Property unless and please return this Investment Offering forthwith. and its employees disclaim any responsibility for until a written agreement for the purchase of inaccuracies and expect prospective purchasers the Property has been fully executed, delivered, to exercise independent due diligence in verifying and approved by Owner and its legal counsel, all such information. Further, CW, Owner, and and any conditions to Owner’s obligations 4 EXECUTIVE This is one of the last remaining opportunities to purchase a freestanding surface parking lot in SUMMARY the heart of La Jolla with mixed use zoning and VENUE neighbors such as Vons, The Lot, The Conrad, 24 FAY A Hour Fitness, and many others. The property has a G walkability score of 98. 7598 GIRARD AVENUE THE PROPERTY HE GIRARD Cushman and Wakefield, as exclusive agent for the Seller, is pleased to present to qualified investors MARKET OVERVIEW and developers a very rare opportunity to acquire a The La Jolla Village market is made up of nearly parcel in the heart of La Jolla located at one of the 8,500 acres, with 22,000 homes and over 47,000 most visible intersections in all of San Diego (Torrey residents. This upscale community consists of Pines Road and Girard Avenue). Girard avenue is seven miles of prime coastline that boasts some the one of the most iconic retail streets in all of San of the most expensive real estate in Southern Diego and connects the core of La Jolla from Genter California. The average household income in La to Prospect Street. The property is approximately Jolla is estimated to be $144,214. The commercial VENUE 12,245 SF with 25 surface parking spaces. Various real estate market in La Jolla Village emulates this plans have been considered including developing wealth, commanding some of the highest rents in GIRARD A 16 units (two of which would be affordable) (with Southern California. La Jolla is a very strong market approximately 5,400 SF of retail space and 17 tuck that caters to a unique clientele of both foreign under parking spaces). The property is located in and domestic businesses, residents and investors. the La Jolla PDO Zone 1 which allows a 1.7 FAR Downtown La Jolla, specifically Prospect Street and for mixed use developments that include retail and Girard Avenue corridors, consistently generate the TORREY PINES R residential. highest levels of retail and office activity in the Village of La Jolla. As a preferred location for office and With the pent up demand of residential housing in retail tenants seeking San Diego’s premier business core locations we believe these units would lease O address, demand for space in the Village of La Jolla AD in the range of 2,250 PSF for 600 SF units. We has increased tremendously over the past 10 years. also believe that retail in this specific location with Downtown La Jolla is home to major restaurants visibility of 29,731 cars from Torrey Pines Rd and and hotels, high-end boutiques, galleries, law firms, Girard Ave. per day would attract the highest quality securities firms, insurance firms, accounting firms of tenants. The property has a short term lease with and real estate offices. Vons (the adjacent neighbor) for excess parking at TORREY PINES RO $4,120 per month. Vons has the desire to continue AD this lease. 6 7598 GIRARD AVENUE, LA JOLLA, CA / 7 OFFERING SUMMARYG ASKING PRICE: ZONING: HE$3,200,000 GIRARD LJPD-1A which allows 29 residential units per the acre (1.7 FAR for projects consisting of retail and residential) PROPERTY OFFERING: Fee simple interest in 12,245 SF of land with 25 surface parking spaces HEIGHT LIMIT: 30 feet TENANT: Vons parking (short term lease) F.A.R.: 1.7 – Retail / residential mixed use (12,245 SF x 1.7 = 20,733 SF) ADDRESS: 1.3 – Office / residential mixed use (12,245 SF x 1.3 = 15,981 SF) 7598 Girard Avenue, La Jolla, CA 92037 CURRENT PARKING SPACES: LAND SIZE: 25 surface spaces PEARL STREET ±12,245 SF LEASE TYPE: POTENTIAL PROJECT SIZE: Full service gross (MTM) ±20,811 SF F EADS A A LEASE TERM: Y A ASSESSOR’S PARCEL NUMBER: $4,120 per month through August 31, 2019 GIRARD AVENUE HERSCHEL A VENUE 350-462-11 VENUE 7598 GIRARD AVENUE Note: Property is being sold on the “as-is, where-is” condition of the Property. Qualified prospective investors will have the opportunity to inspect the Property. Each prospective investor is to rely solely upon its own independent investigation, evaluation, and judgment as to the condition of the Property. The Owner reserves the right to sell or withdraw the Property at any time without prior notice. VENUE 8 PROPERTY HIGHLIGHTS VERY RARE INVESTMENT OPPORTUNITY IN LA JOLLA This is a very rare opportunity to invest in a core asset in one of the SIGNIFICANT BARRIERS TO ENTRY more affluent neighborhoods in the country. The La Jolla Village commercial real estate market has significant barriers to entry due to the limited sites available for future DEVELOPMENT POTENTIAL development and there are currently no new speculative projects The property allows a developer the ability to construct a 20,816 SF under construction. Due to the scarcity of commercially zoned residential / retail project consisting of 16 units (two of which would land for development, its coastal orientation, and current zoning be affordable) and ground floor retail. guidelines, these barriers to entry are heightened in La Jolla Village. With a lack of available land allocated for future mixeduse SHORT TERM LEASE development, and increasing demand by smaller professional office There is a short term lease with the neighboring property owner users, retailers, and residents, it is very likely that prime, well located Vons (Albertsons) properties will continue to remain in high demand. 7598 GIRARD AVENUE YEAR-ROUND MILD CLIMATE/AFFLUENT POPULATION/DESTINATION RESORT STRATEGIC LA JOLLA VILLAGE LOCATION LOCATION The Property’s location offers easy access to residents and visitors La Jolla is a beautiful seaside resort, bordered by Pacific Beach and alike, near the high traffic intersection of Torrey Pines Road and VENUE Torrey Pines State Reserve.
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