Variel Ave. Existing In-Place Income Woodland Hills, Ca
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±1.21 ACRE MULTIFAMILY MIXED-USE DEVELOPMENT SITE UP TO 4.5:1 FAR 6036 LOCATED IN WARNER CENTER SPECIFIC PLAN VARIEL AVE. EXISTING IN-PLACE INCOME WOODLAND HILLS, CA CANOGA AVE ERWIN ST OXNARD ST VARIEL AVE 6036 VARIEL AVE. Laurie Lustig-Bower Kamran Paydar www.6036Variel.com Executive Vice President Vice President +1 310 550 2556 +1 310 550 2529 [email protected] [email protected] Lic. 00979360 Lic. 01242590 CANOGA PARK BOB HOPE 405 AIRPORTT 6036 RESEDA VARIEL AVE. NORTH VAN NUYS HOLLYWOOD WOODLAND 170 BURBANK HILLS ENCINO 134 SHERMAN OAKS GLENDALE UNIVERSAL CITY GRIFFITH 27 OBSERVATORY HIGHLAND PARK TOPANGA BEL AIR LOS FELIZ STATE PARK HOLLYWOOD WEST HOLLYWOOD 405 ECHO UNIVERSITY OF CALIFORNIA, BEVERLY HILLS PARK LOS ANGELES KOREATOWN CHINATOWN MID-WILSHIRE CENTURY CITY BRENTWOOD PICO UNION DOWNTOWN PACIFIC LOS ANGELES PALISADES SANTA UNIVERSITY OF MONICA CULVER CITY SOUTHERN CALIFORNIA CRENSHAW MAR VISTA KENNETH HAHN STATE LEIMERT PARK RECREATION AREA VERNON 405 SOUTH LOS ANGELES VENICE HUNTINGTON MARINA PARK PACIFIC DEL REY OCEAN INGLEWOOD PLAYA DEL REY SOUTH GATE LAX 2 | 6036 Variel Ave., Woodland Hills © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID:L04 MapId:6625797 TABLE OF CONTENTS Executive Summary PAGE 08 Property Overview PAGE 14 Area Highlights PAGE 21 DE SOTO AVE Comparables 6036 PAGE 32 VARIEL AVE. WOODLAND HILLS, CA www.6036Variel.com CONTACTS Laurie Lustig-Bower Executive Vice President +1 310 550 2556 VARIEL AVE [email protected] Lic. 00979360 Kamran Paydar Vice President +1 310 550 2529 [email protected] Lic. 01242590 West View VELA ON OX FAIRFIELD RESIDENTIAL 379 UNITS 6233 VARIEL AVE. DELIVERED DEC. 2018 SOUTH BAY PARTNERS 336 UNITS (SENIORS HOUSING) CANOGA AVE PROPOSED HOME2 SUITES BY ERWIN ST HILTON FPG DEVELOPMENT GROUP 174 ROOM HILTON HOTEL 6041 VARIEL AVE. UNDER CONSTRUCTION BCEGI OXNARD ST 263 UNITS UNDER CONSTRUCTION THE Q VARIEL CALIFORNIA HOME BUIDERS 245 UNITS UNDER CONSTRUCTION VARIEL AVE 6036 VARIEL AVE. WOODLAND HILLS, CA 6109 DE SOTO AVE. CALIFORNIA HOME BUIDERS 368 UNITS DE SOTO AVE PROPOSED 4 | 6036 Variel Ave., Woodland Hills South View TO MALIBU & PACIFIC OCEAN APPROXIMATELY 0.9 MILES FROM SITE APPROXIMATELY 1 MILE T0 101 FWY HOME2 SUITES BY HILTON BELLA VISTA APTS FPG DEVELOPMENT GROUP 579 UNITS 174 ROOM HILTON HOTEL UNDER CONSTRUCTION 6036 OXNARD ST VARIEL AVE. WOODLAND HILLS, CA 6041 VARIEL AVE. BCEGI 263 UNITS UNDER CONSTRUCTION DE SOTO AVE VARIEL AVE 5 | 6036 Variel Ave., Woodland Hills East View MORE THAN 60 DISCIPLINES, 111 DEGREE PROGRAMS TAUGHT TO 22,000 STUDENTS BELLA VISTA APTS 579 UNITS THE MOTIF APTS 395 UNITS DE SOTO AVE 6036 VARIEL AVE. 6109 DE SOTO AVE. WOODLAND HILLS, CA OXNARD ST CALIFORNIA HOME BUIDERS ERWIN ST 368 UNITS PROPOSED VARIEL AVE 6041 VARIEL AVE. BCEGI 263 UNITS UNDER CONSTRUCTION 6 | 6036 Variel Ave., Woodland Hills North View CANOGA STATION METRO ORANGE LINE DE SOTO STATION (1 MILE) VANOWEN ST METRO ORANGE LINE (0.8 MILES) 6233 VARIEL AVE. THE Q VARIEL SOUTH BAY PARTNERS MORE THAN 60 DISCIPLINES, 336 UNITS (SENIORS HOUSING) CALIFORNIA HOME BUILDERS 111 DEGREE PROGRAMS PROPOSED 245 UNITS TAUGHT TO 22,000 STUDENTS UNDER CONSTRUCTION ERWIN ST 6109 DE SOTO AVE. CALIFORNIA HOME BUILDERS 368 UNITS PROPOSED DE SOTO AVE 6041 VARIEL AVE. BCEGI 263 UNITS UNDER CONSTRUCTION VARIEL AVE 6036 VARIEL AVE. WOODLAND HILLS, CA OXNARD ST 7 | 6036 Variel Ave., Woodland Hills SAN FERNANDO VALLEY CANOGA STATION METRO GOLD LINE VANOWEN ST (1 MILE) ERWIN ST DE SOTO AVE CANOGA AVE 6036 ERWIN ST VARIEL AVE. WOODLAND HILLS, CA VARIEL AVE VARIEL AVE 6036 EXECUTIVE SUMMARY VARIEL AVE. WOODLAND HILLS, CA THE OPPORTUNITY CBRE, Inc., as exclusive agent, is pleased to present for sale a ±1.21-acre development site with the potential to build a multifamily mixed-use project of up to 4.5 : 1 floor area ratio (FAR) in the desirable Warner Center/Woodland Hills submarket of Los Angeles, California. Located at 6036 Variel Avenue, the Property boasts an excellent Warner Center location that is proximate to three malls: • The Village at Westfield Topanga (mixed-use, open-air shopping and dining with ±100 stores stores); • Westfield Topanga (regional indoor mall); • Westfield Promenade (34-acre property envisioned for redevelopment to include expansive community open space, residential units, shops, cafes, hospitality and an entertainment/sports center.) Additionally, the Property’s neighborhood enjoys restaurants such as Fleming’s Steakhouse and Roy’s Asian Fusion as well as its desirous location within the San Fernando Valley’s urban core with over six million square feet of office space. Along with its outstanding location, the future development envisioned for this site will benefit from Woodland Hills’ strong multifamily fundamentals, favorable income and education demographics, and proximity to public transit via the Metro Orange Line. The Property is currently improved with ±22,625 square feet of warehouse/industrial space; two tenants occupy 10,727 square feet – providing the benefit of existing in-place income – and the remainder of the space is vacant. The Buyer can maintain the in-place income during the entitlement process or the Seller can deliver the Property vacant at the close of escrow or have the leases terminated early. 6036 Variel Avenue is offered to the market on an unpriced basis. Front of Existing Structure VARIEL AVE 9 | 6036 Variel Ave., Woodland Hills Opportunity Highlights • Outstanding demographics: • 2019 Average Household Income: $103,146 • 2024 Projected Average Household Income: $122,697 SAN FERNANDO VALLEY • Percent of Households with $100,000+ Income: 35.4% CANOGA STATION • Population Over age 25 with Bachelor’s, Master’s, Professional or METRO ORANGE LINE VANOWEN ST (1 MILE) Doctoral Degrees: 50.7% • Outstanding location in the desirable Warner Center/Woodland Hills submarket: Proximate to the newly built open-air retail center The Village at Westfield Topanga, Westfield Topanga regional mall and Westfield Promenade shopping center with nearly 350 top brands, restaurants and entertainment options. • Local retailers include: Apple Store, Nordstrom, Neiman Marcus, Target, CANOGA AVE Macy’s, REI, Costco, Williams Sonoma, Crate & Barrel. • Restaurants include: Roy’s Asian Fusion, Fleming’s Steakhouse, California Pizza Kitchen, Cheesecake Factory, Il Fornaio Cucina Italiana, EMC Seafood & Raw Bar, El Torito, Island’s Restaurant, P.F. Chang’s. 6036 ERWIN ST VARIEL AVE. • Walking distance to Warner Center office buildings with over six million square feet office space. Approximately 40,000 employees work within WOODLAND HILLS, CA the Warner Center area. Major employers include HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital, Pratt & Whitney, Pierce College. • Free Red Trolley service connection between Westfield properties via local streets with plans to add additional Warner Center pickup locations. • Immediate access to major San Fernando thoroughfares including De VARIEL AVE Soto Avenue, Canoga Avenue, Victory Boulevard, Burbank Boulevard, and Topanga Canyon Boulevard. • Transportation linkages via Highway 101 and the 118 Freeway. • Walking distance to Metro Orange Line Warner Center Transit Hub: Two transit stops are located within walking distance of the Property, linking Warner Center and North Hollywood, with further Metro Red Line service to Downtown Los Angeles. • Located within the Warner Center 2035 Specific Plan: An important regional hub for the entire San Fernando Valley. • Future Transportation Hub Plan for the intersection of Variel Avenue and Oxnard Street. 10 | 6036 Variel Ave., Woodland Hills Price: 6036 VARIEL AVENUE IS AN The Property is being marketed unpriced. OUTSTANDING DEVELOPMENT Offers due: Friday, November 8, 2019 by 5:00 PM OPPORTUNITY IN A THRIVING For more information, please visit: LOS ANGELES REGIONAL HUB www.6036Variel.com THAT BRINGS TOGETHER MULTIFAMILY RESIDENTIAL, Strong Submarket Multifamily Fundamentals OFFICE EMPLOYMENT, • 94.6% APARTMENT OCCUPANCY RATE DESTINATION RETAIL, • 2.8% YEAR-OVER-YEAR RENT GROWTH HOSPITALITY, HIGHER EDUCATION, • 212,567 PROJECTED POPULATION WITHIN 3 MILES BY 2024 AND PUBLIC TRANSIT USES. • STRONG ABSORPTION OF NEW MULTIFAMILY RESIDENTIAL UNITS 11 | 6036 Variel Ave., Woodland Hills 6041 VARIEL AVENUE IS LOCATED IN A BOOMING RESIDENTIAL AREA. CANOGA STATION METRO ORANGE LINE (1 MILE) VANOWEN ST OWENSMOUTH AVE 7 CANOGA AVE 5 12 8 6 4 10 ERWIN ST 3 1 6036 11 2 VARIEL AVE VARIEL AVE. 9 OXNARD ST DE SOTO AVE NEIGHBORING RESIDENTIAL PROPERTIES EXISTING UNDER CONSTRUCTION PROPOSED 1 VELA ON OX 5 TRIANA APTS 9 6041 VARIEL AVE 11 6109 DE SOTO AVE 379 UNITS - DELIVERED DEC 2018 362 UNITS 263 UNITS - BCEGI 358 UNITS - CALIFORNIA HOME BUILDERS 2 BELLA VISTA APTS 6 THE POINTE APTS 10 THE Q VARIEL 12 6233 N. VARIEL AVE (SENIORS HOUSING) 579 UNITS 136 UNITS 245 UNITS - CALIFORNIA HOME BUILDERS 336 UNITS - SOUTH BAY PARTNERS 3 THE MOTIF APTS 7 SOFI WARNER CENTER 395 UNITS 224 UNITS 4 THE MONTECITO APTS 8 OCEANO 85 UNITS 244 UNITS Woodland Hills Development Pipeline No.