BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

VICTORY BOULEVARD

TOPANGA CANYON BOULEVARD

A BRAND NEW 2020 CONSTRUCTION SINGLE-TENANT NNN SHAKE SHACK IDEALLY LOCATED DIRECTLY ACROSS FROM WESTFIELD @ WARNER CENTER TOPANGA & THE VILLAGE IN THE HEART OF THE WARNER CENTER, CA, 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 ONE OF CALIFORNIA’S LARGEST URBAN DEVELOPMENTS @ WARNER CENTER TABLE OF CONTENTS 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303

PROPERTY OVERVIEW 01 INVESTMENT ADVISORS: BRANDON MICHAELS STEVEN SCHECHTER NICOLE COTTRELL TEAM MEMBERS Senior Managing Director of Investments First Vice President of Investments Investment Associate Sean Brandt Senior Director, National Retail Group National Retail Group National Retail Group Vaughn Brown Tel: (818) 212-2794 Tel: (818) 212-2793 Tel: (818) 212-2686 Ben Brownstein AREA & DEVELOPMENT OVERVIEW 02 Fax: (818) 212-2710 Fax: (818) 212-2710 Fax: (818) 212-2710 Andrew Leff Lauren Sackler [email protected] [email protected] [email protected] Zachary Saloff License: CA #01434685 License: CA #01089464 License: CA #02062546 Austin Sreden www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com FINANCIAL ANALYSIS SPECIAL COVID-19 NOTICE 03 NON-ENDORSEMENTS All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

NON-ENDORSEMENT AND DISCLAIMER NOTICE NON-ENDORSEMENTS Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or DEMOGRAPHICS sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information 04 about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. BRANDON

MICHAELS 16830 Ventura Blvd. Suite 100, Encino, CA 91436 GROUP www.marcusmillichap.com SOUTHERN CALIFORNIA'S PREMIER SALES TEAM PROPERTY OVERVIEW MAJOR CAPITAL INFUSION

Westfield’s Promenade 2035 EXPEDITED APPROVAL PROCESS Estimated $1.5 billion capital infusion Developers conforming to Specific Plan Urban Design guidelines PROPERTY OVERVIEW PROPERTY

Uptown at Warner Center may process approvals which City of Los Angeles estimates of 4-6 PROPERTY OVERVIEW $3-4 billion capital infusion months from complete project submission @ WARNER CENTER 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 Brings entertainment, culture, sporting events to the heart of the San Fernando Valley activating residents to live, work, shop, stay and play. “BY RIGHT” DEVELOPMENT

Projects within WC2035 are subject to Project Permit Compliance, an expedited discretionary approval process saving time, money WHY BUY and resources SIGNIFICANT GROWTH PROJECTIONS

21,000 new households and 80,000 new jobs PREMIER BUSINESS HUB projected in Warner Center by 2035 combined with IN an additional 37 million square feet of business and Upscale community containing well-educated and OVERVIEW DEVELOPMENT & AREA residential buildings and 20,000 residential units professional workforce, Warner Center is the central WARNER business district of the San Fernando Valley SELF-SUSTAINING COMMUNITY FORTUNE 500 COMPANIES MAJOR OFFICE TOWERS • Walt Disney Company • Warner Center Towers One of Los Angeles’ largest urban developments, CENTER? • Amgen Inc. • LNR Warner Center Warner Center is truly a Self-Sustaining, Walkable, • Health Net Inc. • Trillium Towers Transit-Oriented, Mixed • Avery Dennison Corp • Farmers Plaza

Walkability to area/lifestyle amenities including entertainment, dining, shopping, transit, housing ANALYSIS FINANCIAL and employment

SHOPPING CENTERS TRANSIT ORIENTED DEVELOPMENT Westfield Topanga ● UNIQUE LIFESTYLE AND AREA AMENITIES Westfield Topanga The Village ● Ideal mix of housing, shopping, and entertainment, Westfield Promenade ● Ideal combination of a downtown lifestyle with the feel of a local regional transit access, and a pedestrian-oriented neighborhood amidst beautifully landscaped outdoor spaces, environment. Three Orange Line stations.

cultural event centers, fitness centers, entertainment/sports DEMOGRAPHICS complexes, and high end retailers and restaurants

6 7 NORTHROP GRUMMAN SITE A 1.27 million-square-foot development plan that would bring WARNER CENTER, CA 566 independent living units to 6636 VARIEL AVE Warner Center.

A new seven-story residential project with 271 apartments above a parking CARILLON APARTMENT HOMES OVERVIEW PROPERTY

structure. PROPERTY OVERVIEW CANOGA AVENUE A class A, 264-unit multifamily CALIFORNIA HOME BUILDERS SITE property in Woodland Hills, has sold for $93 million or $352,272 per unit. A combined 588 units of housing and 66,000 square feet of commercial space.

UPTOWN AT WARNER CENTER

$4 billion mixed-use development

21031 WARNER CENTER LN A planned 24-acre complex in Warner Center could bring about 1,000 apartments and condos, a

24-story hotel, and a trio of 15-story OVERVIEW DEVELOPMENT & AREA office buildings TRIANA APARTMENT VANOWEN STREET A 362-unit residential complex in the Warner Center.

TOPANGA CANYON BOULEVARD FINANCIAL ANALYSIS FINANCIAL

21200 OXNARD ST

A 52,581-square-foot, single-story OXNARD STREET VICTORY BOULEVARD flex commercial building on 3 acres WESTFIELD PROMENADE 2035 in Woodland Hills. OWENSMOUTH AVENUE ERWIN STREET ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) DEMOGRAPHICS

8 9 WARNER CENTER TOWERS 1.9 million SF of Class A office towers

WESTFIELD PROMENADE 2035 ($1.5 billion capital infusion - 1,400 residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment and Sports Center) Amazon’s New Grocery Concept Called ‘Amazon Fresh,’ Now Open in Woodland Hills, Company’s First Location PROPERTY OVERVIEW PROPERTY PROPERTY OVERVIEW SUMMARY WESTFIELD THE VILLAGE (2.1 million square feet and houses anchor stores Macy’s, Neiman Marcus, Nordstrom, and Target)

A BRAND NEW 2020 CONSTRUCTION SINGLE-TENANT NNN SHAKE SHACK IDEALLY LOCATED DIRECTLY ACROSS FROM WESTFIELD LUXURY APARTMENTS @ WARNER CENTER TOPANGA & THE VILLAGE IN THE HEART OF THE WARNER CENTER, CA, Executive ONE OF CALIFORNIA’S LARGEST URBAN DEVELOPMENTS 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA

TRAFFIC COUNT: 29,777 VEHICLES PER DAY he Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale a high-profile, brand new 2020 construction VICTORY BOULEVARD Tfree-standing single-tenant Shake Shack, ideally located at 6443 Topanga Canyon Boulevard directly across the street from Westfield Topanga & The Village in Woodland Hills, CA. The subject property is located just three parcels northwest of the signalized intersection of Victory Boulevard and Topanga Canyon Boulevard, within the boundaries of the high-growth, high-demand submarket of the Warner Center. Shake Shack executed a ten-year corporate guaranteed NNN lease that runs through January 2031, with two 5-year options to extend the lease term through to January of 2041. Minimum rent payments increase by 10% starting July 1, 2025, and on the first day of each option term.

uilt in May 2020, the subject property is 3,616 square feet situated on 14,397 square feet of land zoned LAWC within the boundaries of the Warner Center

B2035 Specific Plan. The site has a total of 14 parking spaces, and benefits from excellent visibility with 120 feet of frontage and one ingress point along ANALYSIS FINANCIAL Topanga Canyon Boulevard. The restaurant has seating for 80 people inside and offers an additional 590 square feet of outdoor patio seating suitable for an additional 30 people. Shake Shack officially opened for business on June 8, 2020 and operates Sunday through Thursday between the hours of 11:00 TOPANGA CANYON BOULEVARD AM till 10:00 PM, with Friday & Saturday closing at 10:30 PM. Currently, Shake Shack is paying $7.22 per SF, which is significantly above current rents in the TRAFFIC COUNT: 34,706 VEHICLES PER DAY immediate area. The property presents a unique opportunity for an investor to acquire a stable and secure trophy asset in a prime Southern California location with significant growth projections and limited downside.

hake Shack (NYSE: SHAK), a national credit tenant headquartered in New York, NY, is a modern day “roadside” burger stand serving an American menu of Spremium burgers, hot dogs, crinkle-cut fries, shakes, frozen custard, beer and wine. What originated as a hot dog cart in the heart of Madison Square Park back in 2004, has now transformed into one of the fastest-growing gourmet fast-casual restaurant chains expanding to approximately 300 locations DEMOGRAPHICS in 30 U.S States and the District of Columbia, as well as over 100 locations internationally. Shake Shack became a publicly-owned company through an initial public offering (IPO) in early 2015, and is now worth $3.58 billion as of December 2020. 10 11 WARNER CENTER TOWERS (1.9 Million SF Office Towers)

TRILLIUM TOWERS OVERVIEW PROPERTY

Westfield Promenade 2035 Westfield Topanga & The Village Warner Center Towers PROPERTY OVERVIEW

THE WARNER CENTER IS THE CENTRAL BUSINESS DISTRICT OF THE SAN FERNANDO VALLEY WARNER CENTER TOWERS 1.9 million SF of Class A office towers AND ONE OF CALIFORNIA’S FASTEST GROWING SUB-MARKETS WITH 7,188 RESIDENTIAL UNITS CURRENTLY IN DEVELOPMENT AND 20,000 NEW RESIDENTIAL UNITS, 37 MILLION @ WARNER CENTER SQUARE FEET OF NEW BUSINESSES AND 80,000 NEW JOBS PROJECTED BY 2037 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 OWENSMOUTH AVE WESTFIELD PROMENADE 2035 pproved by the Los Angeles City Council and effective December 25, 2013, the Warner Center 2035 Plan (“WC 2035 Plan” or the “Plan”) is a development blueprint for Warner Center that ($1.5 billion capital infusion - 1,400 emphasizes mixed-use and transit-oriented development, walkability and sustainability. The WC 2035 Plan encompasses approximately 1,100 acres, or 1.7 square miles, and is bound by the Los residential units, 2 hotels, 864,000 SF A Class A office & retail, Entertainment Angeles River to the north, the Ventura Freeway to the south, De Soto Avenue to the east, and the west side of Topanga Canyon Boulevard to the west. The WC 2035 Plan divides Warner Center and Sports Center) into eight districts, each with its own development guidelines: Uptown, River, North Village, Downtown, Commerce, Park and Topanga. Shake Shack is ideally positioned in the Topanga District (WC Topanga-SN-RIO) which will only allow non-residential uses. OVERVIEW DEVELOPMENT & AREA VICTORY BLVD he property at 6443 Topanga Canyon Boulevard is an excellent location within the Warner Center, centrally located just north of the Interstate 101 Ventura Freeway and conveniently positioned Tin the center of a broad range of employment and retail options. The subject property is located directly across the street from Westfield’s 1.6 million square foot shopping center, commonly known as the Topanga Mall, and is one block north of the Village at Westfield Topanga, an open-air lifestyle shopping center that offers a gathering place for dining, shopping, and entertainment.

he uniqueness of this offering is further defined by its central location positioned within close proximity to two of the country’s largest planned developments. The Westfield Promenade – a T34 acre, $1.5 billion mixed-use development – is set to include 1,400 residential units, a 272 room and 300 room hotel, 150,000 SF of creative office space, 470,000 SF of Class A office, 244,000 SF of retail, and a 15,000 SF entertainment and sports center. Uptown at Warner Center is receiving a $3 billion capital infusion to complete an unparalleled mixed-use development consisting of 47 acres which will consist of more residential units as well as retail, office, hotel, research & development, assisted living and community center, and a 5-acre open park.

ignificant growth is projected in the immediate area, with 37 million square feet of business and residential buildings, 14 million square feet of non-residential building area, 200,000 residential Sunits, and 80,000 new jobs projected by 2037. This dense immediate sub-market benefits from over 400,000 people within five miles of the Shake Shack location. There is significant growth ANALYSIS FINANCIAL projected over the upcoming five years, most notably within one mile of the subject property. There are over 140,000 households within five miles of the subject property, and over 15,000 households within one mile. The average household income ranges between $78,000 - $104,000 within one to five miles.

TOPANGA CANYON BLVD DEMOGRAPHICS WESTFIELD THE VILLAGE WESTFIELD PROMENADE WESTFIELD TOPANGA WARNER CENTER TOWERS PIERCE COLLEGE 0.3 MILES FROM SHAKE SHACK 0.6 MILES FROM SHAKE SHACK 0.3 MILES FROM SHAKE SHACK 1.1 MILES FROM SHAKE SHACK 1.5 MILES FROM SHAKE SHACK 12 12 13 STRONG IMMEDIATE DEMOGRAPHICS AND POPULATION TROPHY NET-LEASED SHAKE SHACK PRIME WARNER CENTER, CA LOCATION DENSITY PROPERTY OVERVIEW PROPERTY OVERVIEW PROPERTY PROPERTY OVERVIEW Anthem Blue Cross Shake Shack [SHAK] is a publicly traded company on the NYSE worth 3.58 • Directly across the street from the newly built, open-air retail center • Average household income of $78,000 - $104,000 in the immediate area • Billion “The Village” at Westfield Topanga and Westfield Topanga, encompassing Highlights over 2.7 million square feet of retail space with over 250 top brands, Strong local economy with significant job growth over a multitude of Shake Shack is a national credit tenant with over 300 locations in the restaurants and entertainment options • • United States and over 100 locations internationally diverse sectors Within close proximity to the Westfield Promenade, a $1.5 billion renovation First Shake Shack location to debut in the San Fernando Valley • Over 80,000 new jobs, 37 million square feet of business and residential • that includes retail, Class A office, two hotels, 14,000 residential units, • buildings, 14 million square feet of non-residential building area, 200,000 and an entertainment and sports center residential units projected in the immediate area Construction was completed in May 2020, and the restaurant officially Within close proximity to the Uptown at Warner Center project, which • opened for business in June 2020 during the height of the Coronavirus • Over 2 million residents and 850,000 jobs in the densely populated San is receiving a $3 billion capital infusion to complete a mixed-use • Fernando Valley Pandemic development New 10-year lease in place expires in 2031 with two-5 year options and Proximate to Metro Orange Line, with two transit stops located within Warner Center Towers • 10% rental increases every 5 years • walking distance, linking Warner Center and North Hollywood, with OVERVIEW DEVELOPMENT & AREA

Investment Investment further Metro service to Downtown Los Angeles • Shake Shack currently pays $7.22 per SF, which is significantly above current rents in the immediate area Local retailers include: Apple, Nordstrom, Neiman Marcus, Target, Macy’s, • REI, Costco, Best Buy Electronics, Crate & Barrel • Shake Shack was established in 2004 and transformed into one of the fastest growing fast-casual chains in the U.S. Local restaurants include: Roy’s Asian Fusion, Fleming’s Steakhouse, Cal- • ifornia Pizza Kitchen, Cheesecake Factory, Chipotle, Il Fornaio, Pizza Rev, • Over 7,600 people are employed by Shake Shack Guacho Grill, Coffee Bean & Tea Leaf, P.F. Chang’s and many more Walking distance to Warner Center office buildings with over six million Adopted a new model for digital ordering during COVID-19 which • square feet of office space • increased sales and allowed for operations to continue during the city- wide lockdown • Approximately 40,000 employees work within Warner Center ANALYSIS FINANCIAL Westfield The Village Major employers include HealthNet Inc., Zenith Insurance, Kaiser • Permanente Hospital, Pratt & Whitney, and Pierce College DEMOGRAPHICS

14 Westfield Topanga & The Village Westfield Topanga 15 @ WARNER CENTER 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 PROPERTY OVERVIEW PROPERTY PROPERTY OVERVIEW

Highlights 6443 Topanga Canyon Blvd Address Woodland Hills, CA 91303

Price $7,835,000 BUILDING SF Building SF 3,616 Price/SF (Building) $2,166.76 3,616 Land SF (Acres) 14,397 SF (0.33 Acres) Property Property

Price/SF (Land) $544.21 LAND SF OVERVIEW DEVELOPMENT & AREA Current Cap Rate 4.00% TENANT INFORMATION Current Occupancy 100% 14,397 Current Rent/SF $7.22 Tenant Shake Shack, Inc. Rent Increases 10% Every 5 Years LEASE TYPE SSE Holdings, LLC, a Delaware Guarantor Limited Liability Company Options Two 5-Year Options

Capital Improvements of ANALYSIS FINANCIAL Landlord Obligations Parking Spaces 14 Surface Spaces NNN Parking Lot

Parking Ratio 3.91/1,000 Lease Type NNN

Year Built 2020 PARKING SPACES Lease Commencement 6/8/2020

APN Number 2139-002-031 Lease Expiration 1/31/2031 Zoning (WC)TOPANGA-SN-RIO PARKING14 Net Operating Income $313,404 DEMOGRAPHICS Warner Center Specific Plan Topanga District

16 17 SUMMARY OF TERMS @ WARNER CENTER INTEREST OFFERED 100% fee simple interest in Shake Shack located at 6443

Details 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303

Topanga Canyon Blvd, a 3,616 SF brand new retail building OVERVIEW PROPERTY situated on 0.33 acres of land in Woodland Hills, CA, 91303. PROPERTY OVERVIEW SITE LOCATION TERMS OF THE SALE The subject property is located four parcels north of the NW signalized corner of Topanga Canyon Boulevard and Victory Property is being offered on a free and clear basis. Boulevard in Woodland Hills, CA. PROPERTY TOURS SQUARE FOOTAGES Prospective Buyers are encouraged to visit the site and review all due diligence materials prior to submitting offers. Access The subject property consists of a 3,585 square foot restaurant with an additional 590 square feet of outdoor patio seating Property Property situated on approximately 14,397 square feet of land. to an outline due diligence is available portal. All property tours must be coordinated through the listing team. TRAFFIC COUNTS Daily traffic count along Victory Boulevard is approximately 29,777 vehicles per day. Daily traffic count along Topanga AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA Canyon Boulevard is approximately 34,706 vehicles per day.

PARKING SPACES The property offers 14 surface parking spaces, the maximum allowable by City of LA’s Warner Center 2035 Specific Plan.

PARKING RATIO The parking ratio is 3.91 per 1,000 SF.

YEAR BUILT ANALYSIS FINANCIAL The property was built in 2020.

APN NUMBER The APN number is 2139-002-031.

ZONING

The zoning is (WC)TOPANGA-SN-RIO. The subject property is located in the Topanga District of the Warner Center Specific DEMOGRAPHICS Plan.

18 19 tenant profile

Shake Shack (NYSE: SHAK) is an American fast casual restaurant chain based in New York City. It started out as a hot dog cart inside Madison Square Park PROPERTY OVERVIEW PROPERTY in 2001, and its popularity steadily grew. In 2004, it moved to a stand within PROPERTY OVERVIEW the park, expanding its menu from New York–style hotdogs to one with hamburgers, hotdogs, fries and its namesake milkshakes. $3.58 BILLION NET WORTH Since its founding, it has been one of the fastest-growing food chains, COMPANY PROFILE eventually becoming a public company filing for an initial public offering of stock in late 2014. The offering priced on January 29, 2015; the initial price of Name Shake Shack, Inc. its shares was at $21, immediately rising by 123% to $47 on their first day of Type Private trading. Industry Retail Shake Shack has frequently been the headlining restaurant at The Founded July 2004 Infatuation’s EEEEEATSCON food festival in Santa Monica, CA and Forest Hills, OVERVIEW DEVELOPMENT & AREA Founder Danny Meyer NY. Culinary Director Mark Rosati is known for creating exclusive burger and shake collaborations local restaurants for the festival. In 2019 he collaborated Headquarter New York City, New York, U.S. with Petit Trois in Santa Monica and Uncle Boons in Forest Hills. NYSE SHAK Website ShakeShack.com LEASE ABSTRACT Revenue $459.31 million (2018) Tenant Shake Shack, Inc. Net Income $15.18 million (2018) Lease Type NNN FINANCIAL ANALYSIS FINANCIAL Total Assets $433.50 million (2018) Lease Commencement 6/8/2020 Owner -- Lease Expiration 1/31/2031 No. of Employees 6,101 (2018) Rent Increases 10% Every 5 Years Products Sold North America, Europe, Areas Served Options Two 5-Year Options Middle East, Oceania, Asia • Hamburgers, Hot Dogs, French Current Monthly Rent $26,117 United States: 168 stores Fries, Chicken No. of Locations International: 86 stores Current Annual Rent $313,404 • Custards, Milkshakes DEMOGRAPHICS • Beer, Wine

20 21 22 SHAKE SHACK-6449 Topanga Canyon Blvd 6443 Topanga6443 Canyon Blvd |Woodland 91303 CA Hills, @ WARNERCENTER BUILDING HEIGHT 20 FEET 20 CEILING HEIGHT 10 FEET FOUNDATION CONCRETE FRAME STEEL CONCRETE FLOORING 14 SPACES PARKING 23

PROPERTY OVERVIEW DEMOGRAPHICS FINANCIAL ANALYSIS AREA & DEVELOPMENT OVERVIEW PROPERTY OVERVIEW AREA & DEVELOPMENT OVERVIEW PROPERTY OVERVIEW PROPERTY AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA

WOODLAND HILLS An Affluent Neighborhood in the West San Fernando Valley OVERVIEW AREA & DEVELOPEMTN AREA OVERVIEW Woodland Hills is an affluent neighborhood in the southwestern region of the San Fernando Valley , which is located East of Calabasas and West of Tarzana. On the North it is bordered by West Hills, Canoga Park, and Winnetka, and on the South by the Santa Monica mountains. The community’s location provides easy access to the many business districts of Los Angeles, including Tarzana, Warner Center, Hollywood, West Los Angeles, Downtown POINTS OF INTEREST Los Angeles, Universal City, and the Tri-Cities areas. Neighborhood residents in Woodland Hills have convenient options to numerous restaurants and nightlife, shopping centers, retail shops, grocery stores, pharmacies, schools, open spaces, parks, sports fields, and walking trails within minutes of their • Woodland Hills Country Club home. • The Woodland Hills Recreation Center

Woodland Hills is accessible to all of Los Angeles. The 101 Ventura Freeway provides East to West travel, and easily connects to the 405 San Diego • The Warner Center Park ANALYSIS FINANCIAL Freeway for North to West travel. Ventura Boulevard, which stretches 18 miles throughout the San Fernando Valley, is the longest contiguous avenue of • Upper Las Virgenes Canyon Open Space Preserve businesses and home to multiple retailers and amenities. • Santa Monica Mountains National Recreation Area Woodland Hills Office Park is situated between two wealthy communities in Los Angeles County, Calabasas to the West and Tarzana to the east. Woodland • The Top of Topanga Overlook Hills is home to Warner Center, which is one of Los Angeles County’s largest master-planed business developments, and considered the central business district of the San Fernando Valley. Warner Center offers a sweeping complex of office parks, high-rises, apartments and shopping centers. It is home • Glowzone LA to the massive Westfield Topanga and brand new The Village at Westfield Topanga, providing consumers a large array of retail options. Multiple luxury • Serrania Park

apartment communities have sprung up in Warner Center, creating a fashionable and trendy place for residents to live, work and play. DEMOGRAPHICS

26 27 PROPERTY OVERVIEW PROPERTY

WARNER CENTER A Multi-Billion Dollar Submarket AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN Warner Center is one of Los Angeles’ largest urban developments, offering a sweeping complex

THE TRILLIUM LNR WARNER CENTER WARNER CENTER TOWERS AREA OVERVIEW of office parks, high-rises, apartments, and shopping centers. It is home to approximately 20,000 residents and employs more than 50,000 people. Known as the central business district The Trillium is among the most prestigious office Built in stages between 2001 and 2005, LNR Warner Warner Center Towers is a 1,937,959 square foot office of the San Fernando Valley, the district combines a mix of office buildings, hotels, world class campuses in Woodland Hills combining for 660,669 Center is comprised of four five-story buildings and campus comprised of six prestigious office towers restaurants, shopping centers, and business parks. square feet of Class-A office space. The Trillium one three-story building containing approximately strategically located in the heart of Warner Center. features an attractive stone and tinted glass exterior, 808,274 square feet in total. Tenants include Health Net, Warner Center Towers is one of Los Angeles' largest The forner Rocketdyne site, named Uptown at Warner Center, located at Vanowen Street and accentuated by lavish interior finishes and on-site UMG Recordings and Viking River Cruises. office campuses and offers a park-like setting with Owensmouth Avenue is slated for a $4 billion, six million square foot development by United amenities. landscaped plazas, attractive fountains, high-end Technologies Corporation and Boston Global. The six million square feet project will include amenities, and breathtaking views. ANALYSIS FINANCIAL 3.95 million square feet of residential space and 1.1 million square feet of Class A office space. The project will also include 310,000 square feet of cultural and public space, 240,000 square MAJOR TENANTS MAJOR TENANTS MAJOR TENANTS feet of assisted living space, 200,000 square feet of high-end retail, and 155,000 square feet • ADP, LLC • Kaiser Permanente • AIG of hotel space. • CGI Strategies • Wells Fargo Bank • Morgan Stanley • Zurich North America • Merrill Lynch • KPMG LLP • Blue Shield of California • Bank Of America Mortgage • Union Bank Warner Center is poised to undergo profound changes as commercial development expands • Goldman, Magdalin & Krikes, LLP • Anthem Blue Cross • Banc of California over the next two decades. With the advent of the Warner Center 2035 Plan, Warner Center is • Black Compean & Hall LLP • Goldco • Regal Cinemas quickly becoming one of the fastest growing sub-markets in the country. DEMOGRAPHICS

28 29 WARNER CENTER

dius ra MAJOR CAPITAL INFUSION ile m 5

WESTFIELD’S PROMENADE 2035 OVERVIEW PROPERTY Estimated $1.5 billion capital infusion CANOGA 3 m ile PARK r UPTOWN AT WARNER CENTER ad iu s $4 billion capital infusion WEST s HILLS diu Brings entertainment, culture, sporting events to the heart of the San ra le WINNETKA RESEDA i Fernando Valley activating residents to live, work, shop, stay and play. m

1 37 SIGNIFICANT GROWTH PROJECTIONS 3 MILLION SF 80,000 MILLION SF 21,000 new households and 80,000 new jobs projected in Warner Center of high-end retail and entertainment including Westfield's Promenade, new jobs created with Warner of business and residential buildings WOODLAND TARZANA by 2035 combined with an additional 37 million square feet of business Westfield Topanga, and The Village Center 2035 added to Warner Center by 2035

and residential buildings and 20,000 residential units. OVERVIEW DEVELOPMENT & AREA

HILLS ENCINO OVERVIEW AREA & DEVELOPEMTN EXPEDITED APPROVAL PROCESS CALABASAS Developers conforming to Specific Plan Urban Design guidelines may process approvals which City of Los Angeles estimates of 4-6 months from complete project submission. OVER WARNER CENTER BOUNDARIES PREMIER BUSINESS HUB

Upscale community containing well-educated and professional quality8,000 residences and growing ANALYSIS FINANCIAL workforce, Warner Center is the central business district of the San Fernando Valley. $91.5K 60% FORTUNE 500 COMPANIES MAJOR OFFICE TOWERS Estimated average median of Woodland Hills' residents have a bachelor's • Walt Disney Company • Warner Center Towers household income in Woodland Hills degree or higher. • Amgen Inc. • LNR Warner Center • Health Net Inc. • Trillium Towers • Avery Dennison Corp • Farmers Plaza DEMOGRAPHICS

30 31 Amazon’s New Grocery Concept Called ‘Amazon Fresh,’ Now Open in Woodland Hills, Company’s First Location TOPANGA MALL WESTFIELD PROMENADE 2035 TRAFFIC COUNT: 34,612 VEHICLES PER DAY ($1.5 billion capital infusion - 1,400 TOPANGA BOULEVARD residential units, 2 hotels, 864,000 SF Class A office & retail, Entertainment OVERVIEW PROPERTY and Sports Center)

6263 TOPANGA BLVD

New 7-story mixed-use apartment community with 347 residential units

WARNER CENTER TOWERS TRAFFIC COUNT: 9,468 VEHICLES PER DAY 1.9 million SF of Class A office towers ERWIN STREET

OWENSMOUTH AVENUE AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN

OXNARD STREET FINANCIAL ANALYSIS FINANCIAL

WARNER PLACE

1 Million SF of office, 80,000 SF of commercial, 1,000 residential units, 68 live-work units, 228 room hotel WARNER CENTER, CA CANOGA AVENUE DEMOGRAPHICS

32 33 Project Developer No. of Units Yr Built

Vela on Ox Fairfield 1 379 2019 21221 W Oxnard Street Residential

Mira 2 CityView 174 2020 21425 Vanowen Street PROPERTY OVERVIEW PROPERTY Lease Up The Clarendon 3 AMCAL Housing 263 2020 22121 Clarendon Street

Hanover Warner Center The Hanover 4 395 Est 2021 6636 Variel Avenue Company

The Q Variel California Home 5 245 Est 2021 6200 Variel Avenue Builders 2 9 4 7 The Q West California Home 6 347 Est 2021 6263 Topanga Canyon Blvd Builders 11 6 11

5 OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN Under Construction Vert Evolution 7 277 Est 2020 10 6606 Variel Avenue Strategic Partners 8 DEVELOPMENT PIPELINE 1 6041 Variel BCEGI 12 8 274 Est. 2020 6041 Variel Avenue International Over the last several years, Warner Center has seen a boom in residential and commercial development, and more is on the way. The Warner Center 2035 plan and its lasting impact began to take form when Westfield expanded the Topanga mall to add a vibrant outdoor live/work/play environment at “The Yaya 9 Yaya Group 101 Est 2021 Village.” Since then, dozens of residential and mixed use projects have been proposed and broken ground. With supply constraint still looming in the West 21121 Vanowen Street San Fernando Valley, there is still critical demand for quality housing and commercial space in Warner Center.

The Q De Soto California Home ANALYSIS FINANCIAL 10 358 - 6109 N De Soto Ave Builders

6400 Canoga Sandstone 11 650 - 34 7,188 2.1M 3.2% Proposed 21221 W Oxnard Street Properties Amazon Grocer 33,574 SF 11 PCG - 6245 Topanga Canyon Blvd PROJECTS UNDER APARTMENT UNITS IN RENTABLE SQUARE FEET OF VACANCY RATE Retail CONSTRUCTION AND DEVELOPMENT COMMERCIAL SPACE FPG PROPOSED IN WARNER CENTER 174 Guest DEMOGRAPHICS

Other Home2 Suites 12 Development - 5957 Variel Avenue Rooms Group

34 35 WESTFIELD PROMENADE 2035 PROPERTY OVERVIEW PROPERTY

$1.5 BILLION CAPITAL INFUSION PROJECT SUMMARY The Los Angeles City Council cleared the way on December 2 for a sprawling development planned • 1,400 residential units for the west San Fernando Valley, signing off on a new sports arena, two hotels, a 28-story office • 272-room hotel and 300-room hotel tower and more than 1,400 new apartments. Westfield's new mixed use complex set to replace the aging Promenade shopping mall in Woodland Hills. Now, the Australian developer has released • 150,000 square feet of creative office space new details about the project, which will bring 1,400 units of housing and two hotels to Warner • 470,000 SF of Class A office Center. The redevelopment is part of a wave of projects spurred by the new Warner Center 2035 • 244,000 SF of retail plan, which was designed to reinvent the western Valley’s downtown as a more urban live-work • 15,000 seat Entertainment & Sports Center community. y More than seven acres of open space including: two acres of open space at ground level with approximately 500 trees and more than 100 of those trees along street frontage; along with approximately five acres of elevated open space featuring rooftop gardens and landscaping ECONOMIC BENEFITS OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN atop nearly every building. Promenade 2035 represents an anticipated $1.5 billion y A lush and green Promenade Square will serve as the heart of the neighborhood, a gathering long term investment in the valley place to relax and will play host to a range of community activities. Pocket parks, public spaces as well as courtyards, called the Gardens, will also offer more intimate gathering spaces. DURING CONSTRUCTION: y Residential opportunities range from work/live studios to one, two and three bedroom • Creates more than 12,500 full and part-time jobs apartments and luxury villas with appeal for artists, up-and-coming executives, young families or empty nesters – all with easy access to a lifestyle designed to cater to every need. • Generates nearly $2 billion in total economic output. (Approximately 1,400 residential units) y Class A office space that brings work and home together in unique and diverse ways with AT FULL COMPLETION: ANALYSIS FINANCIAL shopping, dining and entertainment just steps away where cars are not needed and commutes • Creates more than 7,900 full and part-time jobs. are walking distance. (Approximately 470,000 square feet) • Generates an estimated $1.6 billion in economic y Smaller, more localized retail opportunities, services and dining experiences along with a output community grocery/pharmacy will compliment The Village and Westfield Topanga offerings. (Approximately 244,000 square feet) • Generates nearly $12 million in net new annual y A versatile Entertainment and Sports Center will accommodate 15,000 with flexible seating revenue to the City’s General Fund that could adapt for more intimate events and gatherings such as professional, youth and

community sports as well as live music, performing arts and speaker series. DEMOGRAPHICS

36 37 UPTOWN AT WARNER CENTER - $4 BILLION CAPITAL INFUSION

Uptown at Warner Center is a one-of-a-kind development opportunity consisting of nearly 47 acres OVERVIEW PROPERTY located in the mature market of Warner Center in the San Fernando Valley, surrounded by the third largest shopping center in the United States (Westfield Topanga, The Village at Westfield Topanga, and Westfield Promenade 2035), numerous high profile office projects, and residential developments.

The development will produce a state of the art “Live/Work/Play” environment that will be a walkable community featuring a combination of residential and commercial uses including retail, office, hotel, research & development, assisted living and community center space surrounding a 5 acre open park. It will be the San Fernando Valley’s most desirable, sustainable destination with expedient access to every convenience including numerous shopping, dining, and public transportation options. The San Fernando Valley consists of approximately 260 square miles making it the largest geographic component of the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area, that as a standalone city, would be the seventh largest city in the United States. AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN

PROPOSED PROJECT SUMMARY AREA OVERVIEW

Class A Office 1,130,000 Residential 3,950,000 Assisted Living 240,000 Retail 200,000 Cultural/Public/Education 310,000

Hotel 155,000 ANALYSIS FINANCIAL Site Central Plants 50,000 TOTAL 6,035,000

Projected Hotel Room Total 210 Rooms Projected Residential Units Total 3,950 Units Projected Assisted Living Units Total 330 Units Parking Total 10,030 Spaces

TOTAL DEVELOPMENT SITE AREA 2,037,929 SF DEMOGRAPHICS

38 39 SHOPPING & RETAIL

WESTFIELD TOPANGA

Westfield Topanga and the brand new The Village at Westfield Topanga is one of Southern OVERVIEW PROPERTY California’s largest shopping complexes. Westfield Topagna is the only center in the United States with a Neiman Marcus and flagship Nordstrom alongside Target, and is a power shopping paradise with a luxury lineup including Gucci, Tiffany & Co., Salvatore Ferragamo, Louis Vuitton, Cartier, Burberry, Jimmy Choo alongside Apple, Tesla, Tory Burch, Anthropologie, Free People, OMEGA, Splendid, Urban Outfitters and Lacoste.

THE VILLAGE AT WESTFIELD TOPANGA The Village showcases trendy local fashion and lifestyle brands, sensational restaurants offering al fresco patio dining, a full-service gym, spa and yoga studio, along with Costco, Crate & Barrel, a weekly farmer’s market and more, all under a canopy of native trees and

vegetation. With a combined square footage of over 2.5 million, Westfield offers the retail OVERVIEW DEVELOPMENT & AREA AREA & DEVELOPEMTN OVERVIEW AREA & DEVELOPEMTN consumer a laundry list of high-end retailers and restaurant choices. It has transformed into

a central gathering place for shopping, dining, entertainment and leisure and provides local AREA OVERVIEW residents and visitors a destination experience unlike any other in the San Fernando Valley. The Village showcases trendy local fashion VENTURA BOULEVARD and lifestyle brands, sensational restaurants Ventura Boulevard is one of the primary east–west thoroughfares in the San Fernando Valley. offeringa l fresco patio dining, a full-service Running 18 miles, Ventura Boulevard is the world's longest avenue of contiguous businesses.

It has always been a concentrated location for mom and pop shops and small businesses gym, spa and yoga studio, along with ANALYSIS FINANCIAL in the Valley; nowadays it has pockets of housing, mini-malls, and shops, along with a wide Costco, Crate & Barrel, a weekly farmer’s assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million market and more, all under a canopy of to $50 million and home to numerous celebrities, executives, athletes, and entertainers alike. native trees and vegetation. DEMOGRAPHICS

40 40 41 3 NORTHROP GRUMMAN SITE PROPOSED DEVELOPMENTS A 1.27 million-square-foot development plan that would bring 566 independent living units to Warner Center. 5 6636 VARIEL AVE A new seven-story residential project 1 CARILLON APARTMENT HOMES CANOGA AVENUE with 271 apartments above a parking PROPERTY OVERVIEW PROPERTY structure. A class A, 264-unit multifamily property in Woodland Hills, has sold 1 $93 MILLION 264 UNIT MULTIFAMILY COMPLEX for $93 million or $352,272 per unit. 9 UPTOWN AT WARNER CENTER Location: 6301 De Soto Avenue MG Properties Group - October 2018 WARNER $4 billion mixed-use development

389 UNIT MULTIFAMILY COMPLEX 7 21031 WARNER CENTER LN 2 CENTER A planned 24-acre complex in Warner Center could bring about 1,000 apartments and condos, a 24-story hotel, and a trio of 15-story OVERVIEW DEVELOPMENT Location: 21200 Oxnard Street office buildings Bolour and Associates - December 2018 TOPANGA CANYON BOULEVARD 2035 4 TRIANA APARTMENT VANOWEN STREET 1.27-MILLION SQ.FT. MIXED-USE (OFFICE & SINGLE UNITS) A 362-unit residential complex in the 3 Warner Center.

+RESTAURANT Location: 21240 W Burbank Boulevard OVERVIEW DEVELOPMENT & AREA 8 OVERVIEW AREA & DEVELOPEMTN +HOTEL Northrop Grumman - December 2018 CALIFORNIA HOME BUILDERS SITE A combined 588 units of housing and 66,000 square feet of commercial , O, Re space. 4 $157 MILLION 263 UNIT MULTIFAMILY COMPLEX 7 $1 BILLION MIXED-USE (RESIDENTIAL, OFFICE, & RETAIL)

+RESTAURANT Location: 6250 N. Canoga Avenue + 228 HOTEL ROOMS Location: 21031 Warner Center Lane +SWIMMING POOL + 1.25 MILLION SQ.FT. OFFICE, Adler Realty Investments - April 2018 LaSalle - July 2018 RETAIL, AND RESTAURANT +FITNESS CENTER 2 21200 OXNARD ST A 52,581-square-foot, single-story flex commercial building on 3 acres in Woodland Hills. 5 $100 MILLION 394 UNIT MULTIFAMILY COMPLEX 8 352 UNIT, 25,000 SQ.FT. OFFICE, & 13,000 SQ.FT. RETAIL FINANCIAL ANALYSIS FINANCIAL Location: 6636 Variel Avenue Location: De Soto Avenue & Erwin Street ERWIN STREET Hanover Company - June 2018 California Home Builders - November 2017 OXNARD STREET , O, Re $1.5 BILLION 1,400 HOUSING UNITS, TWO HOTEL $4 BILLION MIXED-USE DEVELOPMENT VICTORY BOULEVARD 6 9 OWENSMOUTH AVENUE +1 ACRE PUBLIC SQUARE Location: 6100 Topanga Cannyon Blvd RESIDENTIAL, RETAIL, Location: Vanowen Street & Owensmouth Avenue 6 WESTFIELD PROMENADE 2035 + PARKS, COURTYARDS Developer Westfield OFFICE, HOTEL, Binswanger, Realty Advisory Group, Inc. ($1.5 billion capital infusion - 1,400 ASSISTED LIVING, residential units, 2 hotels, 864,000 SF and Kidder Mathews (“BRK”) & COMMUNITY CENTER SPACE Amazon’s New Grocery Class A office & retail, Entertainment Concept Called ‘Amazon Fresh,’ and Sports Center) Now Open in Woodland Hills, DEMOGRAPHICS Company’s First Location

42 43 DEVELOPMENTS WITHIN THE PLAN INCENTIVIZED USES AND DEVELOPMENT BONUSES The Warner Center Specific Plan process and associated Environmental Review Each project that incorporates one or more Incentivized Uses shall be entitled to one combine to streamline the entitlements process for planned developments. The development bonus for each Incentivized Use incorporated. OVERVIEW PROPERTY following items should be taken into consideration for any proposed project within the Specific Plan area: • INTENSITY BONUS – An additional 0.5:1 FAR above the base maximum FAR shall be permitted for each lncentivized Use incorporated into a project. For illustrative ENTITLEMENTS PROCESS – in lieu of the city’s typical Site Plan Review process purposes only, a project that offers two Incentivized Uses and requests two for a project resulting the construction of 50 net new dwelling units or 50,000 development bonuses in the “Intensity Bonus” category shall be entitled to net new gross square feet, projects within the Warner Center Specific Plan area an additional 1:1 FAR (i.e. aggregate of two 0.5:1 FAR bonuses) above the base are subject to Project Permit Compliance, an expedited discretionary approval maximum FAR. Notwithstanding the foregoing, no project in any District shall process administered by the Department of City Planning exceed a FAR of 6.0:1.

ENVIRONMENTAL REVIEW – As part of the Warner Center Specific Plan approval • MOBILITY FEES REDUCTION BONUS – A 3% reduction in a project’s Mobility Fees WARNER CENTER 2035 PLAN process, the City certified a Master EIR contemplating large-scale development shall be permitted for each Incentivized Use incorporated into a project that within the area. As a result, most projects within the Plan area can be approved offers two Incentivized Uses and requests two development bonuses in the OVERVIEW DEVELOPMENT & AREA under a Negative Declaration (ND) or Mitigated Negative Declaration (MND). “Mobility Fees Reduction Bonus” category shall be entitled to a 6% (i.e. aggregate OVERVIEW AREA & DEVELOPEMTN The WC 2035 Plan considers developments fundamental to supporting regional of two 3% reductions) reduction in a project’s Mobility Fees. Notwithstanding transportation investments such as the Metro Orange Line to create a vibrant Transit INCENTIVIZED USES – The plan provides development bonuses for a number of the foregoing, no project in any District shall be entitled to more than 12% in Oriented District (TOD) based upon sustainability, community connectedness, accessible uses that the city wishes to target in the area. The project can utilize one bonus reduction of the Mobility Fee. public transit, and promotion of innovative businesses, job diversity, and a safe and per incentivized use provided. The incentives & bonuses include: friendly pedestrian environment. A developer proposing a project conforming to the • INCENTIVIZED USES BONUS FOR RESIDENTIAL DEVELOPMENT IN COLLEGE, Warner Center Specific Plan may process their approvals through the “Project Permit URBAN DESIGN GUIDELINES – Projects within Warner Center are subject to COMMERCE, DOWNTOWN, AND UPTOWN DISTRICTS – Projects located within the Compliance” process. This process is streamlined; whereas, the City estimates project Design Review approval to ensure compliance with the Urban Design Guidelines College District, the Commerce District, the Downtown District, or the Uptown approvals to be issued within 4-6 months from submission of a deemed completed contained within the specific plan. Districts are permitted a Residential Bonus for up to two incentivized uses. Each FINANCIAL ANALYSIS FINANCIAL “submittal package”. This development opportunity will emphasize mixed-use and incentivized use can be used to ascend the Graduated FAR Table use mix by transit-oriented development, walkability, and sustainability. A developer proposing a project conforming to the Warner Center Specific one level. For example: a project in the Uptown District that is within the “>2.0 Plan can process approvals through the “Project Permit Compliance” process Up to 2.25” FAR level, which permits a minimum of 40% Non-Residential and Allowed Uses, Specific Plan Bonuses and Incentives can be found at: http://planning. which the City estimates will take 4-6 months for approvals. No separate CEQA a maximum of 60% Residential uses within the project, that implements two lacity.org/complan/specplan/pdf/WarnerC.pdf. The possibilities include mixed-use, live/ approvals are required. incentivized uses within the project, would be eligible to utilize the project mix work units, schools, hotel, office, restaurants, retail, and/or theaters to name a few. percentages within the “>2.5 Up to 2.75” FAR level, which permits a minimum of 30% Non-Residential and a maximum of 70% Residential uses within the project. Notwithstanding the foregoing, no project in any District shall exceed a FAR of

6.0:1. DEMOGRAPHICS

44 45 Map 10 Activity Nodes, Canoga Park Los Angeles River New Streets, and High School River (WC) River-SN-RIO Alabama Ave Active Frontage Streets Vanowen St Milwood Ave Jordan Ave TOPANGA DISTRICT DEVELOPMENT Warner Center DIVISION OF DISTRICTS City of Los Angeles Planning Department November 2012 • Revised March 2017 • 021 North Village The WC 2035 Plan divides Warner Center into eight Eton Ave (WC) NorthVillage-SN-RIO TOPANGA DISTRICT INFORMATION: PERMITTED DEVELOPMENT BY FLOOR AREA: districts, each with its own development guidelines: (WC) Topanga-SN-RIO The Topanga District is encompassed by Basset Street to the • There are no use restrictions on any Project by floor area. Uptown, River, North Village, Downtown, Commerce, OVERVIEW PROPERTY Uptown Kittridge St North, Topanga Canyon Boulevard to the East, Burbank Boulevard

Overview Overview (WC) Uptown-SN-RIO Park and Topanga. Uptown at Warner Center is M to the South, and mainly Glade Street to the West (varies TA BUILDING HEIGHT - ALL PROJECTS SHALL BE PERMITTED AN R positioned in the Uptown district. Legend: ow depending on exact location within the District). The District UNLIMITED BUILDING HEIGHT SUBJECT TO THE FOLLOWING represents a transition between the Warner Center’s urban core, EXCEPTIONS: and the neighboring residential areas to the West. In its role as

Independence Ave The Uptown District, envisioned for large-scale District Boundary @ WARNER CENTER • Street Wall: There are no Street Wall requirements 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 a transitional district, it is expected to provide the local-servicing office, residential & hotel uses. Victory Blvd established for this District. Activity Node needs of the neighboring residential areas to the west of the district. Based on past development, the District is likely to carry • Any Project over 75 feet in height shall be subject to The River District will consist of properties along New Street on as Commercial. additional submittal requirements as set forth in the Active Frontage Street Mitigation Monitoring Program. the river and add new pedestrian and bicycle paths. De Soto Ave Canoga Ave FLOOR AREA RATIO1: MAXIMUM 3.0:1 • Projects shall be subject to applicable minimum building height requirements established in LAMe Section 12.21.1-A.IO College Floor Area Requirements based on proposed FAR: The North Village District, served by the Canoga (Transitional Height). and De Soto Metro Stations, will combine residential Owensmouth Ave (WC) College-SN

GRADUATED FAR TABLE with transit-oriented development. OVERVIEW DEVELOPMENT & AREA

ACTIVITY NODES OVERVIEW AREA & DEVELOPEMTN Development Development Min. Non-Residential Max. Residential

Variel Ave Variel FAR • There are no activity nodes in the Topanga District. Floor Area Floor Area The College District, served by the De Soto and new Erwin St Oxnard Street Orange Line stop, will focus on live- Topanga ≤1.0 100% 0% (WC) Topanga-SN ACTIVE STREET FRONTAGE: TOPANGA CANYON BOULEVARD work projects and smaller developments. > 1.0 – 1.25 92% 8% • There are no Active Street Frontages in the Topanga District. Downtown > 1.25 – 1.5 84% 16% > 1.5 – 1.75 76% 24% The Commerce District, served by the Oxnard (WC) Downtown-SN SETBACKS: > 1.75 – 2.0 68% 32% Street Station, will become a secondary job center • All projects shall observe a front setback area of no less > 2.0 – 2.25 60% 40% to the Downtown District. than 12 feet and no more than 15 feet. Any project not

DEVELOPMENT OVERVIEW DEVELOPMENT > 2.25 – 2.5 52% 48%

Oxnard St located on an Active Street Frontage shall be permitted a ANALYSIS FINANCIAL > 2.5 – 2.75 44% 56% The Park District, which includes the Warner Center front setback area of up to 20 feet. A minimum of 30% of the Park, will allow townhomes and flats. > 2.75 – 3.0 36% 64% required setback shall be landscaped. TOPANGA CANYON BOULEVARD > 3.0 25% 75% Vassar St Vassar The Topanga District will only allow non-residential Califa St • Maximum FAR of 5.0:1: (50,552*5) = ± 252,760 SF • Minimum Non-Residential Floor Area: (0.25*252,760) = ± 63,190 SF uses. • Maximum Residential Floor Area: (0.75*252,760) = ± 189,570 SF

1 For the purposes of calculating the Floor Area Ratio, area of the lot after any dedications (net lot area) must be used. Based on the apparent existing Right-of-Way (ROW) dedication The Downtown District will focus on entertainment Marylee St Commerce Park (WC) Commerce-SN of 80 feet, and a required 1/2 ROW of 40 feet, it appears there are no anticipated required dedications, to be verified with a survey or engineer. Please note the Specific Plan contains a uses and encourage mixed-use development. (WC) Park-SN requirement for an 8-foot sidewalk easement.

2 Based on our experience, PAOS may be provided within a required sidewalk easement. DEMOGRAPHICS

Burbank Blvd 46 47 Julianna Pl

101

Ventura Blvd Topanga Canyon Blvd Topanga Not To Scale FINANCIAL ANALYSIS FINANCIAL ANALYSIS PRICING Shake Shack Address 6443 Topanga Canyon Blvd Woodland Hills, CA OVERVIEW PROPERTY Price $7,835,000

Current Cap Rate 4.00%

Building SF 3,616 SF

Price/SF (Building SF) $2,166.76

Land SF 14,397 SF (0.33 Acres)

Price/SF (Land SF) $544.21

Year Built 2020 AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA Rent Increases 10% Every 5 Years

Options Two 5-Year Options

Guarantor SSE Holdings, LLC

Lease Type NNN

OPTIONS RENT/MO RENT/YR

Lease Years 6-10 $28,728.70 $344,744.40 ANALYSIS FINANCIAL FINANCIAL ANALYSIS Lease Years 11-15 $31,601.57 $379,218.84

Lease Years 16-20 $34,761.73 $417,140.72

RENT ROLL TENANT SF % LEASE START LEASE EXP RENT RENT/SF PRO FORMA RENT PRO FORMA RENT/SF Shake Shack 3,616 100% 6/8/2020 1/31/2031 $26,117.00 $7.22 $28,728.70 $7.94 DEMOGRAPHICS TOTAL 3,616 100% $26,117.00 $7.22 $28,728.70 $7.94

50 51 DEMOGRAPHICS DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2020 Population 32,700 207,819 392,497

67,533 2020 Households 14,364 73,807 138,241 OVERVIEW PROPERTY Total Population of Woodland Hills, CA. The median age is 42. 2020 Average Household Size 2.29 2.79 2.81 392,497 23,633 POPULATION BUSINESSES 2020 Median Household Income $66,728 $81,606 $80,125 49% 51% WITHIN 5-M RADIUS WITHIN 5-M RADIUS EDUCATION MALE FEMALE 2020 Average Household Income $93,373 $115,968 $118,080

2020 Owner Occupied Housing Units 3,664 39,196 74,353

2020 Renter Occupied Housing Units 10,700 34,611 63,889 AREA & DEVELOPMENT OVERVIEW DEVELOPMENT & AREA $93,373 $66,728 <$25,000 19.11% 13.69% 14.51% AVERAGE HH INCOME MEDIAN HH INCOME 37.8% 15.6% 32.4% 14.2% $25,000 - $35,000 7.98% 7.16% 6.94% WITHIN 1-M RADIUS WITHIN 1-M RADIUS HIGH SCHOOL OR LESS HIGH SCHOOL GRADUATE Bachelor’s or Associate Graduate GRADUATE DEGREE $35,000 - $50,000 10.46% 9.10% 9.55%

$50,000 - $75,000 18.94% 16.09% 16.00%

$75,000 - $100,000 13.35% 13.55% 13.07% ANALYSIS FINANCIAL

$100,000 - $150,000 15.43% 19.14% 18.47%

$150,000 - $200,000 8.14% 10.00% 9.35% 74,353 63,889 OWNER OCCUPIED HOUSEHOLDS RENTER OCCUPIED HOUSEHOLDS $200,000+ 6.58% 11.28% 12.10% WITHIN 5-M RADIUS WITHIN 5-M RADIUS DEMOGRAPHICS DEMOGRAPHICS

54 55 BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

VICTORY BOULEVARD

TOPANGA CANYON BOULEVARD

INVESTMENT ADVISORS: BRANDON MICHAELS STEVEN SCHECHTER NICOLE COTTRELL Senior Managing Director of Investments First Vice President of Investments Investment Associate Senior Director, National Retail Group National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2793 Tel: (818) 212-2686 Fax: (818) 212-2710 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] [email protected] @ WARNER CENTER License: CA #01434685 License: CA #01089464 License: CA #02062546 6443 Topanga Canyon Blvd | Woodland Hills, CA 91303 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com