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Brandon Michaels Group | Marcus & Millichap 1 Investment Advisors BRANDON VENICE MICHAELS MARINA DEL REY GROUP WASHINGTON BLVD CULVER WEST CULVER CITY MARKET HALL 30,000 square feet of Class A retail and restaurant space on 1.6 Acres of Land MAR VISTA WASHINGTON PLACE WASHINGTON WASHINGTON BLVDS CENTINELA AVE S CENTINELA AVE A UNIQUE OPPORTUNITY TO ACQUIRE A PRIME WEST LOS ANGELES SIGNALIZED CORNER WITH SIGNIFICANT DEVELOPMENT POTENTIAL IN CULVER CITY, CA 12402 WASHINGTON PLACE | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 1 INVESTMENT ADVISORS: BRANDON MICHAELS TEAM MEMBERS Senior Managing Director of Investments Sean Brandt Senior Director, National Retail Group Ben Brownstein Tel: (818) 212-2794 Nicole Cottrell Fax: (818) 212-2710 Steven Schechter [email protected] Austin Sreden License: CA #01434685 www.BrandonMichaelsGroup.com CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial per- formance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE 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 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 about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com TABLE OF CONTENTS 1 2 3 4 EXECUTIVE SUMMARY CULVER CITY, CA PROPERTY OVERVIEW COMPARABLES ANALYSIS PLAYA DEL REY MARINA DEL REY BALLONA WETLANDS WASHINGTON BLVD CULVER CITY MARKET HALL 30,000 square feet of Class A retail and restaurant space on 1.6 Acres of Land CULVER WEST S CENTINELA AVE PLACE WASHINGTON WASHINGTON BLVD CULVER CITY • CA SANA MONICA VENICE BEACH PENMAR GOLF LINCOLN BLVD COURSE VENICE HIGH SCHOOL VENICE BLVD MARK TWAIN MIDDLE SCHOOL MAR VISTA S CENTINELA AVE EXECUTIVE SUMMARY CULVER CITY MARKET HALL 30,000 square feet of Class A retail and restaurant space on 1.6 Acres of Land 32,768 VehiclesCENTINELA Per AVE Day WASHINGTON PLACE 36,559 Vehicles Per Day 8 12402 WASHINGTON PLACE | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP EXECUTIVE SUMMARY A UNIQUE OPPORTUNITY TO ACQUIRE A PRIME WEST LOS ANGELES SIGNALIZED CORNER WITH SIGNIFICANT DEVELOPMENT POTENTIAL IN CULVER CITY, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 12402 Washington Place, a unique opportunity to acquire a price West Los Angeles signalized corner with significant development potential in Culver City, CA. CCC4. 12402 Washington Place is ideally located on the southwest signalized corner of Washington Boulevard and South Centinela Avenue. Located in Culver City at the gateway to Marina Del Rey and Venice, this prime parcel of land is situated on the prominent and high trafficked SW signalized corner of Washington Place and Centinela Avenue. This centralized Culver City site is one of the best locations in West Los Angeles, just minutes from the 405 Freeway, Playa Vista, Marina Del Rey, and Santa Monica. 12402 Washington Place offers a rare opportunity to acquire a prime Westside corner with a multitude of potential uses. The subject property benefits from 125 feet of frontage along Washington Place and 122 feet of frontage along South Centinela Avenue. The site is zoned CCCG. This location is truly a walker’s paradise, with a walk score of 90/100. The property benefits from high daily traffic counts exceeding 35,000 vehicles per day and close proximity to transit, with a transit score of 52/100. The site offers excellent ingress and egress, with five curb cuts allowing for ease of access along Washington Place and South Centinela Avenue. The current CCCG zoning allows for a significant development opportunity in the prime and affluent Culver City submarket of West Los Angeles. The site is ideal for a plethora of potential uses, including multi-family, mixed-use, creative office, hotel, or retail. By-right, the current zoning allows for fifty multi-family units per acre with community benefits, with the ability to implement state density bonus programs. 12402 Washington Place also offers a unique opportunity for an Owner-User Buyer. There is currently a 1,534 building on the site, which will be delivered vacant. This space can be occupied by a user or expanded upon to create additional square footage. The current zoning allows for a drive-thru at this location, creating a multitude of potential use options. 12402 WASHINGTON PLACE | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 9 PLAYA DEL REY LOYOLA MARYMOUNT UNIVERSITY LAX PLAYA BALLONA THE RUNWAY MALL VISTA WETLANDS MARINA DEL REY VENICE LINCOLN BLVD BEACH MARINA DEL REY MIDDLE SCHOOL VENICE HIGH WASHINGTON BLVD SCHOOL S CENTINELA AVE CULVER CITY MARKET HALL 30,000 square feet of Class A retail CULVER and restaurant space on 1.6 Acres of Land WEST MAR WASHINGTON BLVD VISTA S CENTINELA AVE WASHINGTON PLACE 10 12402 WASHINGTON PLACE | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP LOCATION OVERVIEW CULVER CITY MARINA DEL REY MARINA DEL REY CULVER CITY, CA IS AN AFFLUENT, HIGH-DEMAND LOS ANGELES COUNTY SUB-MARKET THAT HAS UNDERGONE TREMENDOUS GROWTH AND HAS BECOME A PRIME DESTINATION TO LIVE, WORK, DINE, AND SHOP 12402 Washington Place is ideally situated on the on the southwest signalized corner of Washington Boulevard and S. Centinela Avenue. The subject property is surrounded by a strong mix of regional and national retailers, including In-N-Out Burger, Jack in the Box, Costco, Vons, Rite Aid, Little Caesars Pizza, Wingstop, Yard House, and Dunkin Donuts. There are multiple schools within close proximity, including Wildwood School, Grand View Boulevard Elementary, Beethoven Street Elementary, Mark Twain Middle School, and Venice High School. 12402 Washington Place is well located within a dense demographic location, with an immediate population of over 43,000 people within a one-mile radius, over 287,000 people within three miles, and upwards of 657,876 people within a five-mile radius. This affluent West Los Angeles location boasts an average household income is $114,864 within a three-mile radius. West Los Angeles is a densely populated, highly desirable location for residents and visitors alike, with its urban and costal lifestyle, outdoor spaces, and unique restaurants and shopping. 12402 Washington Place is ideally located in Culver City at the gateway to Marina Del Rey and Venice, within close proximity to Century City, Westwood, Brentwood, Santa Monica, Bel Air, and Beverly Hills. The site is within close proximity to the 405 San Diego Freeway and the 90 Marina Freeway, with easy access to downtown Los Angeles, the San Fernando Valley, and Los Angeles International Airport. Since the 1920s, Culver City has been a significant center for motion picture and later television production, best known as the home of Metro-Goldwyn-Mayer studios. It was also the headquarters for the Hughes Aircraft Company from 1932 to 1985. National Public Radio West and Sony Pictures Entertainment now have headquarters in the city. The NFL Network studio is also based in Culver City. 12402 WASHINGTON PLACE | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 11 investment highlights IRREPLACEABLE WEST LOS ANGELES LOCATION PRIME DEVELOPMENT OPPORTUNITY 1 • SW Signalized corner of Washington Place and S. Centinela Avenue 2 • 15,355 SF of land • Direct access to the
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