8.7 Acre Infill Development Opportunity in the Heart of the San Fernando Valley 14665 ROSCOE BLVD

OFFERING MEMORANDUM

8.7 Acre Infill Development Opportunity in the Heart of the San Fernando Valley 14665 ROSCOE BLVD. | PANORAMA CITY, CA

VAN NUYS BLVD.

ROSCOE BLVD. TABLE OF CONTENTS

Investment Summary 3 Market Summary 6 Property Description 11

Exclusive Advisors

Bill Bauman John DeGrinnis Jeff Abraham DTLA Office Vice Chairman Executive Managing Director Senior Managing Director 700 S. Flower St, Suite 2500 t 213-298-3593 t 818-921-8529 t 818-921-8528 Los Angeles, CA 90017 [email protected] [email protected] [email protected] nkfsocalretail.com CA RE License #00969493 CA RE License #00918958 CA RE License #01830909 INVESTMENT SUMMARY Investment Summary

Newmark is pleased to present qualified investors the rare opportunity to acquire an 8.7 acre site located at the Northwest Corner of Roscoe Boulevard and Tobias Avenue in the Panorama City submarket in the City of Los Angeles. The property was formerly occupied by Montgomery Ward and contains existing improvements totaling approximately 172,500 sf. The existing buildings consist of two single story structures fronting along Roscoe Boulevard, that were formerly occupied by a restaurant and Sears Auto Center. The restaurant building is 6,000 square feet and the Sears Automotive building is 12,500 square feet. The third building is the former Montgomery Ward consisting of approximately 154,000 square feet on two levels. The balance of the site is comprised of open, paved surface parking.

The site is centrally located in immediate proximity to the 405, 118, 170 and 5 freeways as well as a new lightrail station. In addition, the property is located immediately west of the Panorama City Mall and the only Walmart in the City of Los Angeles.

The site has favorable zoning lending itself to a wide variety of potential uses. The current ownership is in the process of finalizing entitlements for a mixed-use development consisting of a 7 story 623 unit apartment complex with approximately 60,000 square feet of retail and restaurant space. With the extraordinary residential densities in the area, there is a tremendous need for quality housing.

With such a scarcity of larger scale, infill development opportunities in Los Angles, the size, location, and zoning of the site presents a very unique opportunity for commercial, mixed-use, or residential development.

NEWMARK 3 INVESTMENT SUMMARY Property Highlights

• Rare infill development opportunity • Regionally accessible site adjacent to major freeways and transportation corridors • Excellent opportunity for commercial, mixed use, or residential development • 172,500 square feet of existing improvements • Plan currently in process for a mixed-use project with 623 apartment units • Strong demographics in terms of daytime and residential densities • Potential adaptive re-use of the existing buildings

ROSCOE BLVD. • Good potential owner/user opportunity • Located across the street from the Panorama City Mall and the region’s largest Walmart

TOBIAS AVE.

Building Area Land Area Zoning 172,509 SF 8.7 Acres C2/P CEDROS AVE.

APN 2653-018-040, 2653-018-030, 2653-018-029, 2653-018-028, 2653-018-039, 2653-018-021, 2653-018-020, 2653-018-019, 2653-018-018

NEWMARK 4 INVESTMENT SUMMARY Site Aerial

CHASE ST.

VAN NUYS BLVD.

TOBIAS AVE.

CEDROS AVE.

ROSCOE BLVD.

NEWMARK 5 MARKET SUMMARY Panorama City Overview

Located in the heart of the San Fernando Valley and centrally located near six major freeways (405, 5, 170, 101, 210 and 118), Panorama City boasts the most diverse and the highest population density in the San Fernando Valley. With its young age range, Panorama City is greatly in need of new, modern housing to accompany the approved light rail (aka East San Fernando Valley Transit Corridor), expansion and redevelopment of the Panorama Mall, and Kaiser Permanente Medical Center. Panorama City also has three high schools, two recreational centers, a senior center, and a chamber of commerce.

KAISER PERMANENTE: Medical Center for BUDWEISER BREWERY: 3rd Anheuser-Busch emergency, urgent and after-hours care brewery in the US brewing 77 different brands

NOHO WEST: Retail and entertainment destination in North Hollywood

GALPIN FORD: #1 Ford dealership in Los Angeles for 29 straight years IMT SHERMAN CIRCLE: Eco-friendly, Luxurious Van Nuys Homes

NEWMARK 6 MARKET SUMMARY DEMOGRAPHICS Location Map

Population 3-Miles 5-Miles 344,428 764,519

Daytime Population 3-Miles 5-Miles 89,228 239,692

Household Income 3-Miles 5-Miles $73,788 $85,964

Homeowners 3-Miles 5-Miles 37,838 97,829

Median Age

3-Miles 5-Miles 34.7 35.9

NEWMARK 7 MARKET SUMMARY Amenities Map

San Fernando’s busiest intersection TRAFFIC COUNTS

Van Nuys Blvd. 42,735 Roscoe Blvd. 42,431

NEWMARK 8 MARKET SUMMARY Sepulveda Transit Corridor Valley-Westside Alternative Transit Map HRT 1

N NORDHOFF

SHELDO

PARTHENIA

WEBB ROSCOE

SATICOY Metrolink 170 Van Nuys

WOODLEY

LAUREL CANYON

COLDWATER CANYON COLDWATER SEPULVEDA

WINNETKA WINNETKA TAMPA BL RESEDA OAK WHITE BALBOA SHERMAN WAY

VANOWEN HAYVENHURST VICTORY LANKERSHIM

Van Nuys

VAN NUYS BL NUYS VAN

MAGNOLIA

WOODMAN

VENTURA BL 101 MOORPARK Van Nuys Bl/ Ventura Bl

ROSCOE STATION

SITE MULHOLLAND

Sepulveda Transit Corridor Project NEWMARK 9 (alignment options)

Underground N O

405 A

Transfer Station E

O Existing Service C

B E V E Metro Expo Line R L Y G & Station L E N Metro Orange Line

& Station SAN VICENTE BL BURTON Amtrak/Metrolink & Station UCLA Campus

SEPULVEDA

Under Construction SUNSET

BEVERLY DR BEVERLY E Westwood/ VICENT Purple Line Extension SAN UCLA & Station (Section 2) OLYMPIC PICO Santa Monica Bl Santa Monica Bl

LACIENEGA Pre-Construction/Environmental Review O BUNDY S WILSHIRE T

SANTA MONICA BL B

R Purple Line Extension 7TH & Station (Section 3) Expo/Sepulveda Expo/Bundy S 10 E P East San Fernando Valley U O L C V E PICO E A D Light Rail Transit Corridor N A & Station Alternative has optionVENICE BLto terminate at LINCOLN OCEAN PARK either Expo/Sepulveda or Expo/Bundy

EFFERSON J Source: Sepulveda Transit Corridor Project Feasibility Study, 2019

WASHINGTON PL MARKET SUMMARY Regional Aerial

ROSCOE BLVD.

VAN NUYS BLVD.

NEWMARK 10 PROPERTY DESCRIPTION Property Summary The subject property is a rare 8.7 acre site located at the Northwest Corner of Roscoe Boulevard and Tobias Avenue in the Panorama City submarket in the City of Los Angeles. The property was formerly occupied by Montgomery Ward and contains existing improvements totaling approximately 172,500 square feet. The existing buildings consist of two single story structures fronting along Roscoe Boulevard, that were formerly occupied by a restaurant and Sears Auto Center. The restaurant building is 6,000 square feet and the Sears Automotive building is 12,500 square feet. The third building is the former Montgomery Wards consisting of approximately 154,000 square feet on two levels. The balance of the site is comprised of open, paved surface parking.

VAN NUYS BLVD. The current owner of the site is in the process of finalizing entitlements for a mixed-use development consisting of a 7 story 623 unit apartment complex with approximately 60,000 square feet of retail and restaurant space. The site is surrounded by apartments to the north and westerly side of the property and is located directly west of the Panorama City Mall anchored by Wal-Mart and Curacao. The mall ownership is in the process of evaluating redevelopment options for the site that include multi-family, commercial, and entertainment uses. In addition, construction has commenced on a $32 million upgrade of the Van Nuys Metrolink station which will be the

centerpieve of the transprtation network in the San Fernando Valley. Included in the plans is a Metrolink stop at CEDROS ST. CEDROS TOBIAS ST. Roscoe Boulevard directly adjacent to the site. In additon, the intersection of Van Nuys and Roscoe Boulevards is one of the most heavily trafficked corners in the valley.

The subject property is located on Roscoe Boulevard, one the region’s main commercial arterials with immediate access to the 405, 118, and 5 freeways. The size, location, and zoning of the site afford the buyer a wide range of potential commercial and residential uses. In addition, properties of this size and scale are very scarce in the Los Angeles infill markets further adding to the uniqueness and appeal of this opportunity.

Property Highlights ROSCOE BLVD.

Building Area Land Area Zoning 172,509 SF 8.7 Acres C2/P

APN 2653-018-040, 2653-018-030, 2653-018-029, 2653-018-028, 2653-018-039, 2653-018-021, 2653-018-020, 2653-018-019, 2653-018-018

NEWMARK 11 PROPERTY DESCRIPTION Site Plan

NEWMARK 12 PROPERTY DESCRIPTION Parcel Map

CHASE ST.

11 111 10 12 82 112 Por

113 9 14 81 113 Por

115

44 8 80 116 Por 117

18 118 79 Por ROSCOE BLVD. 19 119 20 120 78 VAN NUYS BLVD. Por 121

21 122 77 Por 123 CEDROS AVE. CEDROS AVE. TOBIAS

124 40 125 76 Por 39 126 75 127 Por

128

129 74 Por 28 130 29 131 73 Por 30 132

ROSCOE BLVD.

NEWMARK 13 PROPERTY DESCRIPTION Residential & Commercial Development

PROJECT INFORMATION PROVIDED SPACES # OF SPACES % ACCESSIBLE 11 4.6% FLOOR STUDIO 1-BEDROOM 2-BEDROOM 3-BEDROOM TOTAL EV 12 5.0% 1st/2nd Floor 0 0 19 0 19 STANDARD SPACES 123 51.7% 3rd Floor 9 84 30 6 129 COMPACT SPACES 92 38.7% (40% MAXIMUM ALLOWED IN COMMERCIAL) 4th Floor 10 89 30 6 135 TOTAL COMMERCIAL SPACES 238 100.0% 5th Floor 10 89 30 6 135 6th Floor 10 89 29 5 130 ** NOTE: COMMERCIALPARKING MAY BE REDUCED IN THE ENTERPRISE ZONES PER THE LA CITY STANDS (2 SPACES PER 1,000 SF) 7th Floor 7 49 19 0 75 TOTALS 46 397 157 23 623 RESIDENTIAL BIKE PARKING PANORAMA CITY 623 UNITS RESIDENTIAL UNITS TYPE FACTOR REQUIRED PROJECT OWNER 14-Mar-18 Mixed-Use Development 623 Units Long Term 1 Space/Unit 623 Spaces REQUIRED ON SITE ENCLOSED 623 Units Short Term 0.1 Space/Unit 62 Spaces REQUIRED (UNENCLOSED) RESIDENTIAL CAR PARKING 685 Spaces 685 Spaces TO BE PROVIDED 623 UNITS RESIDENTIAL TYPE FACTOR REQUIRED UNITS COMMERCIAL BIKE PARKING 23 3 Bedrooms 2 Spaces/Unit 46.0 Spaces 60,000 SF 157 2 Bedrooms 2 Spaces/Unit 46.0 Spaces COMMERCIAL SF TYPE FACTOR REQUIRED 397 1 Bedrooms 1.5 Spaces/Unit 46.0 Spaces 60,000 Long Term 2,000 SF/Bike 30 Spaces 46 Studios 1 Spaces/Unit 46.0 Spaces 60,000 Short Term 2,000 SF/Bike 30 Spaces 623 1001.5 Spaces REQUIRED W/OUT ANY REDUCTIONS 60 Spaces REQUIRED 150.2 15% Max Parking Reduction per LA City Bike Parking Ordinance** 60 Spaces TO BE PROVIDED 851 Required Residential Car Parking After Bike Reduction 942 Provided (See Count Below) OPEN SPACE SF Required RESIDENTIAL PARKING 1ST FLOOR 2ND FLOOR TOTAL 3 Bedrooms 175 4,025 SF RESIDENTIAL GARAGE 400 542 942 2 Bedrooms 125 19,625 SF ** THE 15% BIKE PARKING REDUCTION REQUIRES 4 NEW BIKES SPACES PER 1 1 Bedrooms 100 39,700 SF CAR OMITTED. (1,500 FT FROM PORTAL FOR FIXED RAIL, BUS STATION OR SIM- Studios 100 4,600 SF ILAR) HENCE 4 NEW BIKES SPZCES X 150 CAR SPACES REDUCED WILL REQUIRE Total Required Open Space 67,950 SF Total Open Space w/out reduction 600 NEW LONG TERM BIKE SPACES (600 SPACES PER PARKING REDUCTION<623 10% REDUCTION 61,155 SF Total Open Space with 10% reduction CODE STANDARD SPACES) 623 LONG TERM BIKE SPACES WILL BE REQUIRED FOR THE RESIDENTIAL Balcony Reduction 31,150 SF (623 Units x 50 SF per Unit) Private Open Space Non-Balcony Open Space 30,005 SF Common Open Space required Common Open Space COMMERCIAL CAR PARKING NOTE: SEE SHEET A0.3 OPEN SPACE FOR EXACT LOCATION AND AREAS OF THE OPEN SPACE PROVIDED. 60,000 SF THE ACTUAL OPEN SPACE REDUCTION REQUIRED IS 5.3% BASED UPON THE AREA OF OPEN SPACE PROVIDED COMMERCIAL SF FACTOR REQUIRED PLAZA AREA (TOBIAS AVENUE): 17,000 SF Retail 60,000 500 Spaces 120 Spaces (NOT INCLUDED IN OPEN SPACE CALCULATION) 120 Spaces REQUIRED ** ENTERPRISE ZONE 238 Spaces PROVIDED

*Above parking and unit count/mix can be altered based on new transit oriented incentives as long as within building envelope and GSF

NEWMARK 14 PROPERTY DESCRIPTION Residential & Commercial Development (Cont.)

SHEET INDEX The Icon Panorama will be a mixed-use project with approximately 623 residential units and associated amenities above two levels of above grade parking structure. The project will also include approximately 60,000 square feet of commercial space with associated surface and structured parking and landscaping that includes an approximately 17,000 square feet of plaza area to be used by residents and commercial customers.

There are two residential buildings: one comprising five-stories of residential structure over two-stories of above grade parking with access from Cedros Avenue and Tobias Avenue; the other comprising of four-stories of residential structure over two stories of above grade parking with access from Tobias Avenue. Each residential building includes a mix of Studios and 1,2 and 3 bedroom units each with access to amenities including an outdoor pool, podium courtyards and roof decks. A row of 2 bedroom townhome units is located on Cedros Avenue to screen the parking and soften the effect of the residential building behind and above.

The Project is requesting a Vesting Zone Change from the [Q]C2-1-CDO and [Q]P-1-CDO Zones on portions of the Project site to [Q]C2-1-CDO on the entire site and request to modify the [Q] Condition related to signage that will comply with Los Angeles Municipal Code (Article 4.4 Sign Regulations, Section 14.4.1-14.4.20) and/or may be subject to a district specific signage program to be developed in coordination with the City of Los Angeles, Site Plan Review, a Vesting Tentative Tract Map to vacate the alley and separate the residential and commercial portions of the Project site, a Master Conditional Use Permit for a Commercial Corner Development to address height and hours of operation, on-site and off-site alcoholic beverage service (“CUB”), hours of operations and entertainment use, and a Direc- tor’s Decision to reduce the Open Space by approximately 6%.

This project will be designed to accommodate a future minimum capability of 20% electrical vehicle charging in the commercial and residential parking areas. Photovoltaic panels will be incorporated on the roof tops of the residential buildings to provide a future alternative energy source. Pedestrian linkages are GENERAL NOTES incorporated to provide access from residential lobbies and parking to the commercial buildings and the park.

APPLICABLE CODES • 2016 LOS ANGELES BUILDING CODE • 2016 CALIFORNIA BUILDING CODE, PART 2, TITLE 24 C.C.R. (2015 INTERNATIONAL BUILDING CODE) • 2016 CALIFORNIA ELECTRICAL CODE (CEC), PART 3, TITLE 24 C.C.R. • 2016 CALIFORNIA MECHANICAL CODE (CMC), PART 4, TITLE 24 C.C.R. • 2016 CALIFORNIA PLUMBING CODE (CPC), PART 5, TITLE 24 C.C.R. • PART 5, 2013 CALIFORNIA ENERGY CODE (CEC)

*CEQA challenge NEWMARK 15 PROPERTY DESCRIPTION 1st Floor Site Plan

NEWMARK 16 PROPERTY DESCRIPTION Renderings

NEWMARK 17 PROPERTY DESCRIPTION Regional Aerial

VAN NUYS BLVD.

ROSCOE BLVD.

NEWMARK 18 FINANCIAL SUMMARY Regional Aerial

VAN NUYS BLVD.

ROSCOE BLVD.

NEWMARK 19 DISCLAIMER

Newmark, exclusive marketing representative of the Seller, is solely authorized to present this or making an offer to purchase the Property unless and until written agreement(s) for the property investment offering (the “Offering”). This is a confidential Memorandum intended purchase of the Property have been fully executed, delivered and approved by the Owner and solely for your limited use and benefit in determining whether you desire to express further any conditions to the Owner’s obligations therein have been satisfied or waived. interest in the acquisition of (the “Property”). The material contained herein is confidential and is presented strictly as information for Prior to submitting an offer to purchase the Property, interested parties should perform and rely the exclusive use of the prospective purchaser. Receipt and review of this Offering by the upon their own investigations, analyses, estimates and projections and otherwise satisfy any prospective purchaser constitutes an agreement not to divulge, share or distribute the concerns regarding material aspects of the proposed transaction including, but not limited to, information to any other party, except the prospective purchaser’s legal counsel and financial legal, municipal, environmental, operational, seismic, financial and physical issues, and all other advisors, without the prior specific written authorization of the Seller or Newmark. Each matters affecting or pertaining to the Property. The Seller will be offering the Property including prospective purchaser shall also agree to and comply with the provisions of the confidentiality all appurtenances and tenant improvements, solely on an “As-Is, With-All-Faults” basis, without agreement executed by such prospective purchaser prior to receipt of this Offering. any representations or warranties. No person is authorized to make any representations or warranties on behalf of the Seller regarding the Property. Any and all information regarding the This Offering is submitted subject to errors, changes, omissions, changes in price, market Property provided to any interested party by the Seller or Newmark, including all information and other conditions. It contains selected information pertaining to the Property and does contained in the Offering, is provided without any representation or assurance, express not purport to be all-inclusive or to contain all of the information that prospective purchasers or implied, regarding the accuracy, completeness or current status of applicability of such may desire. It should be noted that any and all market analyses, estimates and projections information. Each interested party is expected to undertake such reviews and investigations contained in this Offering are provided for general reference purposes only and are based on and make such inquiries as such party may believe to be necessary, appropriate or advisable assumptions related to the general economy, competition, real estate market trends, and other for the purpose of forming a decision to make an offer to acquire the Property. factors beyond the control of the Seller or Newmark.

The Owner expressly reserves the right, at is sole discretion, to reject any or all expressions of Such analyses, estimates and projections are therefore subject to material variation, and may interest or offers to purchase the Property and/or to terminate discussions with an entity at any not be consistent with the views or assumptions held by other professionals. time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum PHOTOCOPYING OR OTHER DUPLICATION OF THIS OFFERING IS NOT AUTHORIZED

Exclusive Advisors