Variel Ave. Existing In-Place Income Woodland Hills, Ca

±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 The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE.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 6233 VARIEL AVE. 6233 VARIEL PARTNERS SOUTH BAY 336 UNITS (SENIORS HOUSING) PROPOSED 6109 DE SOTO AVE. DE SOTO 6109 CALIFORNIA HOME BUIDERS 368 UNITS PROPOSED 6036 Variel Ave., Woodland Hills Woodland Ave., 4 | 6036 Variel THE Q VARIEL CALIFORNIA HOME BUIDERS 245 UNITS UNDER CONSTRUCTION

ERWIN ST DE SOTO AVE SOTO DE CEGI

6041 VARIEL AVE. 6041 VARIEL B 263 UNITS UNDER CONSTRUCTION CANOGA AVE CANOGA

VELA ON OX RESIDENTIAL FAIRFIELD 379 UNITS DELIVERED DEC. 2018 VARIEL AVE VARIEL 6036 VARIEL AVE. VARIEL WOODLAND HILLS, CA CA WOODLAND HILLS,

OXNARD ST

West View West

UNDER CONSTRUCTION 174 ROOM HILTON HOTEL ROOM HILTON 174 FPG DEVELOPMENT GROUP FPG DEVELOPMENT HILTON HOME2 SUITES BY HOME2 SUITES BY 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. of Year Project Developer 2 9 Units Built

Vela on Ox Fairfield 379 2019 1 21221 W Oxnard St Residential Lease Up 3 Mira Est. 6 2 CityView 174 21425 Vanowen St 2020

6636 Variel The Hanover Est. 3 Avenue 395 Company 2021 6636 Variel Ave

The Q Variel California Home Est. 4 245 6200 Variel Ave Builders 2020 5 10 The Q West California Home Est. 5 6263 Topanga 347 4 Canyon Blvd Builders 2020

6036 VARIEL AVE. Under Construction Evolution Evolution Est. Warner Center 277 6 Strategic Partners 2020 6606 Variel Ave 1 7

6041 Variel BCEGI Est. 11 Avenue 263 7 International 2020 6041 Variel Ave

The Clarendon Est. AMCAL Housing 335 8 22121 Clarendon St 2020

River Point at Panoptic Est. 9 Warner Center 154 Develoment 2021

Planned 6801 Canoga Ave

Amazon Grocer PCG Woodland 33,574 SF Nov. 10 6245 Topanga Canyon Blvd Hills LLC Retail 2019

Other Home2 Suites FPG 174 8 11 by Hilton Development Guest - 5957 Variel Avenue Group Rooms

Source: Axiometrics; CBRE Research You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 13 | 6036 Variel Ave., Woodland Hills

Layout ID:L04 MapId:6644685 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 property overview VARIEL AVE. WOODLAND HILLS, CA 6041 Variel Avenue Woodland Hills, CA 91367

Investment Summary

Address 6036 Variel Avenue, Woodland Hills, CA 91367

Submarket Woodland Hills

Assessor Parcel Number 2149-005-022

Land Area ±1.21 Acres (±52,720 Square Feet) 6036 VARIEL AVE. Current Zoning LAWC (College District) https://planning.lacity.org/complan/specplan/pdf/WarnerC.pdf

Existing Improvements One building totaling ±22,625 square feet

Ownership Fee simple

Entitled No

Council District CD 3 - Bob Blumenfield

15 | 6036 Variel Ave., Woodland Hills Aerial View of Existing Structure

Back of Existing Structure

6036 Variel Avenue - Rent Roll as of September 2019 Lease Term Rental Rates Suite Square Feet % of Property Begin End Monthly PSF NE Portion of Industrial Building 6,293 28% 3/1/2019 3/31/2024 $5,034.40 $0.80 (Can be Delivered Vacant by COE) NW Portion of Industrial Building 4,434 20% 3/1/2019 3/31/2024 $3,547.20 $0.80 (Can be Delivered Vacant by COE) Total 10,727 48% $8,581.60 $0.80

Occupied 10,727 48%

Vacant Sq Ft 11,898 52%

Total Sq Ft 22,625 100%

16 | 6036 Variel Ave., Woodland Hills Warner Center 2035 Specific Plan

Within Woodland Hills, the Warner Center 2035 Plan (WC 2035 Plan) is a development blueprint for Warner Center that emphasizes mixed- use and transit-oriented development, walkability, and sustainability.

The WC 2035 Plan considers development fundamental to supporting regional transportation investments such as the Metro Orange Line and, as a result, creating a vibrant Transit Oriented District (TOD) based upon sustainability, community connectedness, accessible public transit, and promotion of innovative businesses, job diversity, and a safe and friendly pedestrian environment.

Key elements of the Plan include:

• A growth strategy that encourages and incentivizes infill development and redevelopment of existing properties.

• Creating of a place where people can live, work and play and where day-to-day needs can be met locally by walking, bicycling or other “small slow vehicles”, and local transit.

• Creating a network of publicly accessible open spaces to encourage public gathering and pedestrian activity.

VANOWEN ST

6036 VARIEL AVE.

TOPANGA CANYON BLVD WARNER CENTER 2035 PLAN

DESOTO AVE

17 | 6036 Variel Ave., Woodland Hills Los Angeles River

College District TOPANGA CANYON BLVD RIVER The Property is located within the College District of Warner Center VANOWEN ST which is generally bounded by Victory Boulevard to the north, De DE SOTO AVE Soto Avenue to the east, Oxnard Street to the south, and a north- OWN NORH south line located between and parallel to Canoga Avenue and Variel Canoga Station VILLAE Avenue to the west. Westfield Topanga METRO ORANGE LINE The College district is intended to provide a work-live environment De Soto Station

that incorporates new residential development while retaining the TROLLEY WESTFIELD history of industrial uses on properties. It is intended that new VICTORY BLVD

buildings will have higher level designs that are pedestrian friendly. VARIEL AVE A base maximum FAR of 4.5:1 is permitted for all lots within this district. Costco CANOGA AVE College District - Development Standards The Village at Topanga COLLEE Uses All typical residential, retail, and OANA office uses permitted by right ERWIN ST DOWNOWN FAR 4.5:1 Westfield Promenade 6036 Density Unlimited, provided that all dwelling units VARIEL AVE. are minimum of 300 SF & cumulative total DUs in Plan area remains under 26,048 OXNARD ST OWENSMOUTH AVE

Height Unlimited, but any building over 75 feet DE SOTO AVE may be subject to additional conditions per Mitigation Monitoring Program

Setbacks Front setback of 12 feet required (20 ft max. setback) AR Parking Residential Uses COMMERCE Min. 1 parking stall per unit, max. 2 stalls per unit BURBANK BLVD WARNER CENTER Projects with over 100 units are exempt SHUTTLE from providing guest stalls

Commercial Uses Kaiser Permanente Woodland Hills Min. 2 stalls per 1,000 SF, max.4 stalls per 1,000 SF 101 Mixed-Use projects are subject to parking regulations in proportion to division of residential and non- residential uses; shared parking may be permitted 18 | 6036 Variel Ave., Woodland Hills Warner Center 2035 Specific Plan Entitlement Process A DEVELOPER PROPOSING The Warner Center Specific Plan process and associated Environmental Review A PROJECT CONFORMING combine to streamline the entitlements process for planned developments. The following items should be taken into consideration for any proposed project within TO THE WARNER CENTER the Specific Plan area: SPECIFIC PLAN CAN PROCESS • Entitlements Process – in lieu of the city’s typical Site Plan Review process for a project resulting the construction of 50 net new dwelling units or 50,000 APPROVALS THROUGH THE net new gross square feet, projects within the Warner Center Specific Plan area are subject to Project Permit Compliance, an expedited discretionary approval “PROJECT PERMIT process administered by the Department of City Planning COMPLIANCE” PROCESS • Environmental Review – As part of the Warner Center Specific Plan approval process, the City certified a Master EIR contemplating large-scale development WHICH THE CITY ESTIMATES within the area. As a result, most projects within the Plan area can be approved under a Negative Declaration (ND) or Mitigated Negative Declaration (MND). WILL TAKE 4-6 MONTHS

• Incentivized Uses – The plan provides development bonuses for a number of FOR APPROVALS. uses that the city wishes to target in the area. The project can utilize one bonus per incentivized use provided. The incentives & bonuses include: Incentivized Uses Bonuses

Fully subterranean parking Additional 0.5:1 FAR

Local-serving retail Mobility fee reduction

Community-serving uses Can be aggregated if multiple uses are provided Additional publicly accessible open space

LEED Gold or equivalent project

• Urban Design Guidelines – Projects within Warner Center are subject to Design Review approval to ensure compliance with the Urban Design Guidelines contained within the specific plan. Download a copy of the Warner Center 2035 Plan: • A developer proposing a project conforming to the Warner Center Specific Plan can process approvals through the “Project Permit Compliance” process https://planning.lacity.org/complan/ which the City estimates will take 4-6 months for approvals. No separate CEQA specplan/pdf/WarnerC.pdf approvals are required.

19 | 6036 Variel Ave., Woodland Hills Los Angeles River TOPANGA CANYON BLVD

VANOWEN ST DE SOTO AVE

SHOUP AVE METRO Orange Line Canoga Station De Soto Station to North Hollywood Station 40 mins Westfield North Hollywood Station to Wilshire Vermont 20 mins Topanga Wilshire Vermont to 7th Street DTLA Metro 4 mins De Soto Station METRO ORANGE LINE VICTORY BLVD VARIEL AVE WESTFIELD TROLLEY

The Village CANOGA AVE at Topanga WINNETKA AVE Pierce College ERWIN ST

Westfield Promenade 6036 VARIEL AVE.

OXNARD ST Daily Traffic Counts OWENSMOUTH AVE DE SOTO AVE Variel Ave/Oxnard St 12,070 Canoga Ave/Oxnard St 28,150 Victory Blvd/Variel Ave 32,330 DeSoto Ave/Oxnard St 44,199 Warner Center Shuttle 101 Fwy/Canoga Ave 256,000 The Warner Center Shuttle began service in 2018, offering improved access within Warner Center. The line consists of 10 BURBANK BLVD WARNER CENTER stops, beginning at Canoga Station and SHUTTLE includes stops at Westfield Topanga, The Village, Warner Center Corporate Park, Kaiser Permanente. The shuttle operates 7 days a week, every 10 minutes. Kaiser Permanente Woodland Hills 101

20 | 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

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6036 area highlights VARIEL AVE. WOODLAND HILLS, CA Los Angeles River

Warner Center Restaurants, Shops & Amenities

TOPANGA CANYON BLVD VANOWEN ST

DE SOTO AVE Shopping Restaurants Canoga Station 1 Target 11 Gyu-Kaku Japanese BBQ 2 1 (1 Mile) 2 Macy's 12 Islands Restaurant 11 3 Nordstrom 13 California Pizza Kitchen 13 METRO ORANGE LINE De Soto Station 4 Crate & Barrel 14 Il Fornaio Cucina Italiana 12 (0.8 Miles) 9 5 REI 15 EMC Seafood & Raw Bar 3 WESTFIELD 6 Verizon 16 Wokano TROLLEY VICTORY BLVD

VARIEL AVE 7 Costco Wholesale 17 Sushi Katsu-ya 24 4 7 32 8 Nordstrom Rack 18 Fleming's Steakhouse 8 33 18 9 Best Buy 19 Ruth's Chris Steakhouse 29 14 16 CANOGA AVE 10 Fry's Electronics 20 Maggiano's Little Italy 15 21 Corner Bakery Café 6 OWENSMOUTH AVE Fitness 17 22 31 29 29 Cardio Barre 22 Morton's The Steakhouse 5 ERWIN ST 30 Equinox 23 PF Chang's 34 21 31 24 Hour Fitness 24 BJ's Restaurant 20 19 10 6036 32 LA Fitness 25 El Torito 25 VARIEL AVE. 35 Lodging 26 Tomoya Sushi & Izakaya 26 23 TGI Fridays OXNARD ST 33 Hilton 27 30 34 Marriott 28 Daphne's 27 DE SOTO AVE Attractions 29 Roy’s Asian Fusion 35 AMC Promenade 16 36 36 Warner Center Park TOPANGA CANYON BLVD

BURBANK BLVD WARNER CENTER SHUTTLE

Kaiser Permanente Woodland Hills 101 22 | 6036 Variel Ave., Woodland Hills The Village at Westfield Topanga

The Village at Westfield Topanga is a $350 million open-air development consisting of 535,000 square feet of retail and 285,000 square feet of office space. Opened in September 2015, The Village brings the best of shopping, restaurants – including al fresco patio dining - and entertainment programming to Warner Center along with a full-service gym and Burke Williams spa. YEAR-ROUND ARTS & CULTURE Retailers at The Village include Costco, Crate and Barrel, Eddie Bauer and REI. Restaurants include EMC Seafood & Raw Bar, Larsen’s Steakhouse, Sushi EVENTS, ENTERTAINMENT, Katsu-ya, and Il Fornaio Cucina Italiana. & DINING OPTIONS WITHIN The Village design includes park-like landscaping, pedestrian walkways, water features, outdoor lounges and play areas. A weekly farmer’s market, museum 1 MILE OF 6036 VARIEL AVE. component, year-round arts and culture events, entertainment and music performance programs will bring interconnection that will further enrich the community.

23 | 6036 Variel Ave., Woodland Hills Westfield Topanga Regional Shopping Center

Located just over a mile from 6036 Variel Avenue at Victory Boulevard is Westfield Topanga, one of Southern California’s top regional retail destinations. Westfield Topanga is home to more than 260 top brands, signature dining and entertainment experiences in 1,637,000 SF of retail floor space. The mall showcases the finest in luxury retail including Cartier, Jimmy Choo, Salvatore Ferragamo, Louis Vuitton, Burberry, Gucci and Tiffany & Co.

Westfield Topanga’s impressive tenant roster also includes Abercrombie & Fitch, Adidas, Anthropologie, Apple Store, H&M, Lacoste, Lego, Lenscrafters, L’OCCITANE En Provence, Lululemon, Macy’s, Nordstorm, Sephora, Target, Tesla, Urban Outfitters, Victoria’s Secret, Williams Sonoma and Zara.

In September 2018, Westfield announced a $70 million interior renovation of Westfield Topanga. The upgrades to the shopping center’s interior include new floors, tiling, lighting fixtures and paneling; updated restrooms and family lounges; and new digital infrastructure aimed at enhancing the customer experience. The mall will remain open during the renovation, which will mostly take place after business hours. The project is under construction and is slated for completion some time in 2019. Westfield Topanga - Rendering of Renovation

“CLEARLY, WESTFIELD IS WILLING TO INVEST IN ITS BRICK-AND- MORTAR PROPERTIES IN A RETAIL CLIMATE THAT HAS SEEN BOOMING GROWTH FOR DIGITAL SHOPPING.”

“$70 MILLION RENOVATION COMING TO WESTFIELD TOPANGA MALL”, LOS ANGELES DAILY NEWS, SEPTEMBER 18, 2018

Westfield Topanga - Rendering of Renovation 24 | 6036 Variel Ave., Woodland Hills Westfield Promenade Redevelopment

Located approximately 0.5 miles from 6036 Variel Avenue at Oxnard Street, Westfield Promenade is a shopping mall currently anchored by AMC Theater, Ruth’s Chris Steakhouse, Maggiano’s Little Italy, Corner Bakery Cafe and United States Postal Service.

Plans for the long-term redevelopment of the mall were announced in October 2016. The proposed $1.5 billion mixed-use project, called Westfield Promenade 2035, aims to create a “downtown district” for the San Fernando Valley. Plans include 244,000 square feet of retail space, 1,400 apartments, 629,000 square feet of office space along with a 320,000 square foot, 15,000-seat sports and entertainment center. Construction would occur in four phases with the first phase to be completed in 2021 and the last phase to be completed in 2033. A full buildout of the Promenade 2035 project would add approximately 3,700 residents and 3,000 jobs to Warner Center.

Westfield Promenade - Existing

Westfield Promenade 2035 - Rendering of Promenade Square Westfield Promenade 2035 - Rendering of Entire Project

25 | 6036 Variel Ave., Woodland Hills Westfield Topanga Luxury Westfield Topanga The Village

BOSS Abercrombie & Fitch Athleta Burberry Adidas Bitter Room Pottery Cartier Alex and Ani Briella David Yurman Anthropologie Burke Williams Day Spa Gucci Apple Store CAVA Mezze Grille Jimmy Choo Banana Republic Crate & Barrel Louis Vuitton BCBGMAXAZRIA Costco Montblanc California Pizza Kitchen Drybar Neiman Marcus Dr. Martens Eddie Bauer Omega Forever 21 Fabletics Saint Laurent Free People Hanna Andersson Salvatore Ferragamo Giggles N’ Hugs Jimmy’s Famous American Tavern Stuart Weitzman GNC J. Jill Telsa Motors H&M JOEY Kitchen Tiffany & Co Havaianas M. Frederic Tumi Kiehl’s Paper Source L’OCCITANE en Provence Pressed Juicery Area Restaurants Lego Planet Beauty LiLi’s Beverly Hills REI EMC Seafood & Raw Bar Lululemon Skin Laundry Fleming’s Steakhouse LUSH Handmade Cosmetics Sloan’s Gyu-Kaku Japanese BBQ Madewell Sunglass Hut Il Fornaio Nespresso Sur La Table Islands Restaurant Nordstrom Sweetfin Larsen’s Steakhouse Pandora Tender Greens Lucille’s Smokehouse BAR-B-QUE Peloton Z Gallerie Maggiano’s Little Italy Sephora Morton’s The Steakhouse Target Ruth’s Chris Steakhouse Urban Outfitters Sushi Katsu-ya William Sonoma The Cheesecake Factory Zara Wokcano XOC Tequila Grill 26 | 6036 Variel Ave., Woodland Hills

ERWIN ST

CANOGA AVE CANOGA VARIEL AVE VARIEL 6036 VARIEL AVE. VARIEL WOODLAND HILLS, CA CA WOODLAND HILLS,

OXNARD ST HOSPITALITY, HIGHER EDUCATION, AND PUBLIC TRANSIT USES. TRANSIT AND PUBLIC HIGHER EDUCATION, HOSPITALITY, 6036 VARIEL AVENUE IS AN OUTSTANDING DEVELOPMENT OPPORTUNITY DEVELOPMENT AN OUTSTANDING IS AVENUE VARIEL 6036 TOGETHER BRINGS THAT HUB ANGELES REGIONAL THRIVING LOS A IN RETAIL, DESTINATION RESIDENTIAL, OFFICE EMPLOYMENT, MULTIFAMILY Warner Center Major Employers

Warner Center is considered the “Downtown” of the San Fernando and Conejo Valley office markets with over 6.9 million square feet of office space.

The primary office buildings for Warner Center are Farmers Plaza; LNR Warner Center; Warner Center Office Towers; Trillium Complex; Warner Corporate Center; Warner Park Center; Warner Gateway; Warner Premier; 6200 Canoga; Wellpoint Office Tower.

Warner Center employers engage in a diverse range of sectors including real estate, transportation, insurance, accounting, banking, manufacturing and government. Local employers include:

Zenith Insurance Intuit Inc. California Lutheran United Online Inc. Redbox University Unico American Corp Merrill Lynch Oplink Communications Rach Local Inc. Activision Publishing Music Reports Inc. Pierce College ATK Defense Electronics Medtek Net Inc. Girl Scouts of Greater Systems Anthem Blue Cross Los Angeles Viking River Cruises ReachLocal LLC Avnet Inc. Medesthetica Medical Group 28 | 6036 Variel Ave., Woodland Hills Kaiser Permanente Woodland Hills Medical Center

• Kaiser Permanente Woodland Hills Medical Center is a 280-bed hospital located less than 1 mile from 6036 Variel Avenue. It is the highest ranked hospital in the San Fernando Valley with strength in specialties such as cancer, diabetes, endocrinology, gynecology, orthopedics and urology. In 2019, it was named as a Newsweek 2019 World’s Best Hospital in a survey of more than 2,700 hospitals across the United States.

• Kaiser Permenente Woodland Hills is currently in the process of expanding its campus. Currently under construction is a new emergency department and operating rooms. The expansion project is expected to be completed in October 2020.

Kaiser Permanente Woodland Hills Medical Center - Photos

APPROXIMATELY APPROXIMATELY 0.9 MILES FROM SITE 1 MILE T0 101 FWY

HOME2 SUITES BY HILTON DE SOTO AVE FPG DEVELOPMENT GROUP 174 ROOM HILTON HOTEL UNDER CONSTRUCTION

6036 OXNARD ST VARIEL AVE. WOODLAND HILLS, CA

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29 | 6036 Variel Ave., Woodland Hills metro.net Metro Rail & Busway

Chatsworth Amtrak & Metrolink metro.net

Nordhoff SAN FERNANDO VALLEY Metro Rail & Busway Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/CitrusGlendora CollegeSanmetro.net DimasLa VernePomona Claremont Roscoe GOLD LINE FOOTHILL EXTENSION Memorial Park Sherman Way SAN GABRIEL VALLEY Transportation Linkages LAX FlyAway Del Mar Metro Rail &Canoga De SotoBuswayPierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood Fillmore Universal City/Studio City Los Angeles River 6041 Variel Avenue is located withinWarner the Ctr primary trade corridor of the West San Fernando Valley. Hollywood/Highland South Pasadena

The Property is served by eight nearby transit routes, shuttles and ride-shares. The METROHollywood/VineLAX OrangeFlyAway Line providesHighland access Park from Warner Center north to Chatsworth

Hollywood/Western andChatsworth east to Pierce College, Reseda, Van Nuys, Laurel Canyon and North Hollywood. The METRO Orange and RedSouthwest Lines Museum connect at North Hollywood Station. The Amtrak & Metrolink CENTRAL LA Vermont/Sunset METRO Red Line subway provides service from North Hollywood to Universal City, Hollywood and Downtown LosHeritage Angeles, Sq with connection to Koreatown at Nordhoff SAN FERNANDO VALLEY Wilshire/Vermont Station. Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/CitrusGlendora CollegeSan DimasLa VernePomona Claremont Vermont/Santa Monica Lincoln/Cypress Roscoe GOLD LINE FOOTHILL EXTENSION Memorial Park Sherman Way SAN GABRIEL VALLEY Chinatown Topanga Canyon Boulevard connects to the 101 Freeway and the 118 Freeway, providing furtherVermont/Beverly access to the Greater Los Angeles Metro. LAX FlyAway Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North HollywoodWestwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La BreaWilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink Fillmore Grand Av Arts/CivicGrandGrandGrandGrand Ctr/Ctr/Civic ParkParkParkPark Metrolink Universal City/Studio City PURPLE LINE EXTENSION LAX FlyAway Los Angeles River Bunker Hill LAC+USC MedicalCal State Ctr LA El Monte Warner Ctr Westlake/MacArthur Park South Pasadena REGIONAL CONNECTOR WESTSIDEHollywood/Highland TRANSIT PROJECT Historic Chatsworth Broadway Little Tokyo/Arts Dist Amtrak & Metrolink 7th St/Metro Ctr Hollywood/VineLAX FlyAway Highland Park Pico Pershing Hollywood/Western Square Southwest Museum LATTC/Ortho Soto Nordhoff CENTRAL LA Institute Indiana Atlantic SAN FERNANDO VALLEY DOWNTOWN Lake AllenPico/AlisoSierra MadreArcadia VillaMonroviaMaravillaDuarte/CityIrwindale of HopeAzusa DowntownAPU/CitrusGlendora CollegeSan DimasLa VernePomona Claremont Vermont/Sunset Heritage Sq Little Tokyo/ LA Arts District Mariachi Plaza East LA Civic Ctr Roscoe Grand/LATTC GOLD LINE FOOTHILL EXTENSION Vermont/Santa Monica Lincoln/Cypress Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC Memorial Park EASTSIDE 37th St/ San Pedro St Vermont/Beverly Chinatown SAN GABRIEL VALLEY Sherman Way SANTA USC Westwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La BreaWilshire/WesternWilshire/Normandie Union Station LAX FlyAway Martin Luther King Jr Del Mar MONICA Wilshire/Vermont Amtrak & Metrolink Jefferson/USC Washington Rail Station Grand Av Arts/CivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink CanogaCanogaDeDe Soto SotoPierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon LAX FlyAway PURPLE LINE EXTENSION BunkerNorth Hill Hollywood HollywoodLAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park Leimert Park CRENSHAW/LAX WESTSIDE REGIONAL CONNECTOR TRANSIT PROJECT Transfer TRANSIT PROJECT Historic Slauson VernonFillmore Broadway Little Tokyo/Arts Dist Station BuswayStation 7th St/Metro Ctr Universal City/Studio City Warner Los Angeles River Pico Pershing Hyde Park River Angeles Los Warner Ctr Square SOUTH LA Slauson Center LATTC/Ortho Soto South Pasadena Busway Street Institute Hollywood/HighlandIndiana Atlantic Service DOWNTOWN Fairview Pico/AlisoHeights Maravilla UNDER Little Tokyo/ Manchester Florence CONSTRUCTION PACIFIC OCEAN LA Arts District Mariachi Plaza East LA Civic Ctr Grand/LATTC Hollywood/VineLAX FlyAway Highland Park Downtown Inglewood Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC EASTSIDE Firestone 6036 VARIEL AVE. 37th St/ San Pedro St Hollywood/Western SANTA USC Westchester/Veterans Southwest Museum Martin Luther King Jr 103rd St/ MONICA Jefferson/USC CENTRALWashington LA Rail Station Watts Towers Metro Rail Leimert Park CRENSHAW/LAX Aviation/Century Vermont/Sunset TRANSIT PROJECT Slauson Vernon Transfer Willowbrook/Heritage Sq LAX Shuttle G Station RosaBusway ParksStation Red Line Aviation/LAXHawthorne/LennoxCrenshawVermont/Athens Harbor FwyAvalon Long Beach LakewoodBl NorwalkBl North Hollywood to Union Station Hyde Park LAX River Angeles Los SOUTH LA Slauson Vermont/Santa Monica Busway Street Service Lincoln/Cypress Purple Line Fairview Heights Rosecrans UNDERCompton Wilshire/Western to Union Station PACIFIC OCEAN Manchester Florence Mariposa CONSTRUCTION Blue Line Downtown Inglewood Firestone Vermont/Beverly Harbor ArtesiaChinatown Downtown LA to Long Beach El Segundo Gateway Westchester/Veterans Expo Line Westwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La103rd St/ BreaWilshire/WesternWilshire/Normandie Transit Ctr UnionGATEWAY Station CITIES Watts Towers Metro Rail Del Amo Downtown LA to Santa Monica Douglas Wilshire/Vermont Amtrak & Metrolink Aviation/Century Grand Av Arts/CivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink PURPLE LINE EXTENSION Willowbrook/ LAX FlyAway Green Line LAX Shuttle G BunkerRed Line Hill LAC+USC MedicalCal State Ctr LA El Monte Crenshaw Harbor Fwy Rosa Parks Carson Wardlow Redondo Beach to Norwalk LAX Aviation/LAXHawthorne/LennoxVermont/Athens Avalon RedondoLong Beach Beach LakewoodBl NorwalkBl Westlake/MacArthur ParkNorth Hollywood to Union Station REGIONAL CONNECTOR WESTSIDE TRANSIT PROJECT PurpleHistoric Line Gold Line Wilshire/WesternBroadway to UnionWillowLittle Station St Tokyo/Arts Dist East Los Angeles to Azusa Mariposa Rosecrans Compton 7th St/MetroSOUTH CtrBAY Blue Line Harbor Artesia Pico PershingPacificDowntown LA to Long BeachPacific Coast Hwy El Segundo Gateway Square Metro Busway Transit Ctr LATTC/Ortho CoastExpo Line Soto GATEWAY CITIES HwyDowntown LA to Santa Monica Douglas Del Amo Institute Indiana Atlantic DOWNTOWN AnaheimPico/Aliso St Maravilla Orange Line Green Line Chatsworth to North Hollywood Carson Wardlow RedondoLittle Beach Tokyo/ to Norwalk Redondo Beach LA Arts District Mariachi Plaza Pacific 5th St Grand/LATTC Gold Line East LA Civic Ctr Silver Line Willow St East LosAv Angeles to Azusa San Pedro to El Monte Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms SOUTHCulver Park City BAYLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC San Pedro Downtown 1st St Street Service in Downtown LA EASTSIDE and San Pedro Pacific Pacific Coast Hwy Long BeachMetro BuswayLAX FlyAway Coast 37th St/ San Pedro St Hwy USC SANTA Anaheim St Orange Line Regional Rail Martin Luther King Jr Chatsworth to North Hollywood MONICA Jefferson/USC Washington Rail Station Pacific 5th St Silver Line Av CRENSHAW/LAX San Pedro to El Monte Amtrak LeimertSan Pedro ParkDowntownTRANSIT1st PROJECT St Street Service in Downtown LA amtrak.com and San Pedro Transfer Long Beach LAX FlyAway Slauson Vernon MetrolinkStation BuswayStation metrolinktrains.com Hyde Park Regional Rail River Angeles Los SOUTH LA Slauson Busway Street Amtrak Service Airport Shuttle Fairview Heights amtrak.com UNDER Manchester Florence CONSTRUCTION PACIFIC OCEAN Metrolink LAX FlyAway metrolinktrains.com lawa.org/flyaway Downtown Inglewood Firestone Airport Shuttle LAX Shuttle (free) lawa.org Westchester/Veterans 103rdLAX St/ FlyAway lawa.org/flyaway Metro SubjectRail to Change Watts Towers DECMAY 20172016 Subject to Change LAX Shuttle (free) LACMTA ©2017 18-0976MM Aviation/Century Willowbrook/lawa.org LAX Shuttle G Rosa Parks Red Line Aviation/LAXHawthorne/LennoxCrenshawVermont/Athens Harbor FwyAvalon SubjectLong Beachto Change LakewoodBl NorwalkBl 30 | 6036North Variel Hollywood Ave., to Union Woodland Station Hills DECMAY 20172016 Subject to Change

LAX LACMTA ©2017 18-0976MM Purple Line Wilshire/Western to Union Station Mariposa Rosecrans Compton Blue Line Harbor Artesia Downtown LA to Long Beach El Segundo Gateway Transit Ctr Expo Line GATEWAY CITIES Downtown LA to Santa Monica Douglas Del Amo Green Line Redondo Beach to Norwalk Redondo Beach Carson Wardlow Gold Line Willow St East Los Angeles to Azusa SOUTH BAY Pacific Pacific Coast Hwy Metro Busway Coast Hwy Anaheim St Orange Line Chatsworth to North Hollywood Pacific 5th St Silver Line Av San Pedro to El Monte San Pedro Downtown 1st St Street Service in Downtown LA and San Pedro Long Beach LAX FlyAway

Regional Rail

Amtrak amtrak.com Metrolink metrolinktrains.com

Airport Shuttle

LAX FlyAway lawa.org/flyaway LAX Shuttle (free) lawa.org

Educational Attainment - Warner Center vs. California

Warner Center California 33.9%

21.0% 21.4% 18.6% 19.0% 16.8% 12.9% 12.8% 9.0% 4.1% 4.1% 7.30% 1.4% 2.2% 7.8% 7.8%

Less than 9-12th Grade - High School Diploma GED or Alternative Some College - Associate's Bachelor's Graduate or 9th Grade No Diploma Credential No Degree Degree Degree Professional Degree

Demographics - 1 Mile, 3 Mile, and 5 Mile Radius 1 mile 3 mile 5 mile

5 MILES 2019 Population 24,195 206,505 414,706 Estimated 2024 Population 27,425 212,567 426,807 Estimated 2019 Number of Employees 39,957 95,447 197,108 Estimated 2024 Average HH Income $122,697 $128,346 $129,798 3 MILES Within 1 Mile of 6036 Variel Avenue

2019 AVERAGE HOUSEHOLD INCOME: 1 MILE $103,146

2024 PROJECTED AVERAGE HOUSEHOLD INCOME: $122,697

PERCENT OF HOUSEHOLDS WITH INCOME $100,000+: 35.4%

POPULATION OVER AGE 25 WITH BACHELOR’S, MASTER’S, PROFESSIONAL OR DOCTORAL DEGREES: 50.7%

31 | 6036 Variel Ave., Woodland Hills

Layout ID:L04 MapId:6642795 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 comparables VARIEL AVE. WOODLAND HILLS, CA Los Angeles River

Rent Comparables Map

TOPANGA CANYON BLVD VANOWEN ST DE SOTO AVE Subject Property 3 2 6036 Variel Avenue

AMLI Warner Center 1 21200 Kittridge Street Westfield 1 Topanga Canoga Station De Soto Station (1 Mile) The Enclave at Warner Center (0.8 Miles) 2 6710 Variel Avenue

TROLLEY WESTFIELD METRO ORANGE LINE Eton Warner Center VICTORY BLVD 3 VARIEL AVE 6701 Eton Avenue

Oceano at Warner Center 4 4 6355 De Soto Avenue CANOGA AVE The Pointe at Warner Center 6 5 The Village 6150 Canoga Avenue at Topanga OWENSMOUTH AVE 8 Sofi Warner Center 6 ERWIN ST 6300 Variel Avenue 5 Vela on OX 7 Westfield 21221 Oxnard Street Promenade 6036 VARIEL AVE. The Motif Apartments 7 8 21021 W. Erwin Street OXNARD ST

DE SOTO AVE TOPANGA CANYON BLVD

BURBANK BLVD WARNER CENTER SHUTTLE

101 33 | 6036 Variel Ave., Woodland Hills Rent Comparables

1 AMLI Warner Center Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 21200 Kittridge Street One Bedroom 110 21.07% 695 76,450 $2,040 $2.94

Woodland Hills, CA 91303 One Bedroom 193 36.97% 729 140,697 $2,440 $3.35

Year Built One Bedroom/Loft 14 2.68% 877 12,278 $2,483 $2.83 2007 Two Bedroom/Two Bath 158 30.27% 1,103 174,274 $2,557 $2.32 Units Two Bedroom/Two Bath 28 5.36% 1,115 31,220 $2,600 $2.33 522 Three Bedroom/Two Bath 19 3.64% 1,375 26,125 $3,597 $2.62 Occupancy TOTAL/AVERAGE 522 100% 883 461,044 $2,442 $2.77 93.1%

Amenities Source: Yardi Controlled Access Fitness Center Business Center Clubhouse, Playground Swimming Pool Spa Rental Office

You are solely responsible for independently verifying the information in this Memorandum. 34 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

2 The Enclave at Warner Center Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 6710 Variel Avenue Studio 8 4.10% 609 4,872 $1,861 $3.06

Canoga Park, CA 91303 One Bedroom 24 12.31% 632 15,168 $1,922 $3.04

Year Built One Bedroom 28 14.36% 721 20,188 $1,966 $2.73 2010 One Bedroom 3 1.54% 724 2,172 $2,011 $2.78 Units One Bedroom 55 28.21% 739 40,645 $2,021 $2.73 195 Two Bedroom/Two Bath 29 14.87% 1,026 29,754 $2,404 $2.34 Occupancy Two Bedroom/Two Bath 8 4.10% 1,084 8,672 $2,414 $2.23 96.9% Two Bedroom/Two Bath 19 9.74% 1,123 21,337 $2,459 $2.19 Amenities Controlled Access Two Bedroom/Two Bath 21 10.77% 1,150 24,150 $2,535 $2.20

Fitness Center TOTAL/AVERAGE 195 100.00% 856 166,958 $2,165 $2.53 Business Center Source: Yardi Clubhouse Tennis Court Playground Swimming Pool / Spa W/D in all Units

You are solely responsible for independently verifying the information in this Memorandum. 35 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

3 Eton Warner Center Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 6701 Eton Avenue One Bedroom 55 18.46% 651 35,805 $2,137 $3.28 Woodland Hills, CA 91303 One Bedroom 52 17.45% 720 37,440 $2,212 $3.07

Year Built One Bedroom 5 1.68% 727 3,635 $2,237 $3.08 2013 One Bedroom 24 8.05% 772 18,528 $2,352 $3.05 One Bedroom/Loft 8 2.68% 850 6,800 $2,475 $2.91 Units 298 One Bedroom/Loft 6 2.01% 918 5,508 $2,732 $2.98 Two Bedroom/Two Bath 30 10.07% 1,022 30,660 $2,347 $2.30 Occupancy Two Bedroom/Two Bath 13 4.36% 1,034 13,442 $2,477 $2.40 96.6% Two Bedroom/Two Bath 27 9.06% 1,045 28,215 $2,576 $2.47 Amenities Two Bedroom/Two Bath 30 10.07% 1,058 31,740 $2,491 $2.35 Controlled Access Two Bedroom/Two Bath 19 6.38% 1,176 22,344 $2,694 $2.29 Fitness Center Two Bedroom/Two Bath 5 1.68% 1,227 6,135 $3,400 $2.77 Business Center Two Bedroom/Two Bath 19 6.38% 1,238 23,522 $3,045 $2.46 Clubhouse Swimming Pool / Spa Two Bedroom/Loft/Two Bath 2 0.67% 1,199 2,398 $3,391 $2.83 W/D in all Units Two Bedroom/Loft/Two Bath 3 1.01% 1,363 4,089 $3,865 $2.84 TOTAL/AVERAGE 298 100.00% 907 270,261 $2,441 $2.69

Source: Yardi

You are solely responsible for independently verifying the information in this Memorandum. 36 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

4 Oceano at Warner Center Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 6355 De Soto Avenue One Bedroom 8 3.28% 696 5,568 $2,253 $3.24

Woodland Hills, CA 91367 One Bedroom 16 6.56% 705 11,280 $2,125 $3.01

Year Built One Bedroom 2 0.82% 74 3 1,486 $2,107 $2.84 2013 One Bedroom 68 27.87% 783 53,244 $2,340 $2.99 Units One Bedroom 2 0.82% 803 1,606 $2,454 $3.06 244 One Bedroom 8 3.28% 937 7,496 $2,386 $2.55 Occupancy One Bedroom/Den/One Bath 16 6.56% 882 14,112 $2,316 $2.63 92.6% Two Bedroom/Two Bath 20 8.20% 1,027 20,540 $2,570 $2.50 Amenities Controlled Access Two Bedroom/Two Bath 14 5.74% 1,073 15,022 $2,975 $2.77

Fitness Center Two Bedroom/Two Bath 64 26.23% 1,075 68,800 $2,325 $2.16 Business Center Two Bedroom/Two Bath 22 9.02% 1,101 24,222 $2,676 $2.43 Clubhouse Swimming Pool / Spa Two Bedroom/Two and One 4 1.64% 1,250 5,000 $2,644 $2.12 Half Bath W/D in all Units TOTAL/AVERAGE 244 100.00% 936 228,376 $2,408 $2.57

Source: Yardi

You are solely responsible for independently verifying the information in this Memorandum. 37 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

5 The Pointe at Warner Center Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 6150 Canoga Avenue One Bedroom 75 55.15% 755 56,625 $2,250 $2.98

Woodland Hills, CA 91367 Two Bedroom/Two Bath 15 11.03% 1,104 16,560 $2,870 $2.60

Year Built Two Bedroom/Two Bath 46 33.82% 1,129 51,934 $3,021 $2.68 2004 TOTAL/AVERAGE 136 100.00% 920 125,119 $2,579 $2.80 Units Source: Yardi 136

Occupancy 97.8%

Amenities Fitness Center Business Center Clubhouse Swimming Pool / Spa W/D in all Units

You are solely responsible for independently verifying the information in this Memorandum. 38 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Unit % of Size (SF) Actual Rent Unit Type Rent Comparables Count Total Unit Total SF Total SF

One Bedroom 4 1.79% 719 2,876 $2,130 $2.96

One Bedroom 16 7.14% 74 3 11,888 $2,252 $3.03

One Bedroom 12 5.36% 74 9 8,988 $2,351 $3.14

One Bedroom 4 1.79% 756 3,024 $2,019 $2.67

One Bedroom 12 5.36% 810 9,720 $2,040 $2.52

One Bedroom 15 6.70% 826 12,390 $2,170 $2.63

One Bedroom 4 1.79% 842 3,368 $2,415 $2.87

One Bedroom/One and One Half Bath 1 0.45% 806 806 $2,168 $2.69

One Bedroom/One and One Half Bath 16 7.14% 818 13,088 $1,910 $2.33 6 Sofi Warner Center One Bedroom/One and One Half Bath 3 1.34% 830 2,490 $2,312 $2.79 Address One Bedroom/One and One Half Bath 4 1.79% 857 3,428 $2,324 $2.71 6300 Variel Avenue One Bedroom/One and One Half Bath 6 2.68% 872 5,232 $2,116 $2.43 Woodland Hills, CA 91367 One Bedroom/One and One Half Bath 4 1.79% 881 3,524 $2,281 $2.59 One Bedroom/One and One Half Bath 16 7.14% 890 14,240 $1,993 $2.24 Year Built One Bedroom/One and One Half Bath 4 1.79% 896 3,584 $2,126 $2.37 2009 One Bedroom/One and One Half Bath 4 1.79% 916 3,664 $2,382 $2.60

Units One Bedroom/One and One Half Bath 8 3.57% 994 7,952 $2,301 $2.31 224 One Bedroom/One and One Half Bath 14 6.25% 1,205 16,870 $2,746 $2.28

Occupancy Two Bedroom/Two Bath 8 3.57% 1,077 8,616 $2,712 $2.52 95.5% Two Bedroom/Two Bath 1 0.45% 1,087 1,087 $2,512 $2.31 Two Bedroom/Two Bath 6 2.68% 1,100 6,600 $2,658 $2.42 Amenities Two Bedroom/Two Bath 11 4.91% 1,125 12,375 $2,890 $2.57 Controlled Access Two Bedroom/Two Bath 4 1.79% 1,135 4,540 $2,515 $2.22 Fitness Center Two Bedroom/Two Bath 7 3.13% 1,144 8,008 $2,678 $2.34 Business Center Two Bedroom/Two Bath 4 1.79% 1,150 4,600 $2,525 $2.20 Clubhouse Two Bedroom/Two Bath 8 3.57% 1,167 9,336 $2,597 $2.23 Swimming Pool / Spa Two Bedroom/Two Bath 20 8.93% 1,207 24,140 $2,893 $2.40 W/D in all Units Two Bedroom/Two Bath 8 3.57% 1,522 12,176 $3,063 $2.01 Hardwood Floors TOTAL/AVERAGE 224 100.00% 976 218,610 $2,406 $2.47

Source: Yardi You are solely responsible for independently verifying the information in this Memorandum. 39 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

7 Vela on OX Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 21221 Oxnard Street Studio 23 6.07% 627 14,421 $2,638 $4.21

Woodland Hills, CA 91367 Live-Work 5 1.32% 1,479 7,395 $3,987 $2.70

Year Built Live-Work 21 5.54% 1,630 34,230 $4,817 $2.96 2019 Live-Work 1 0.26% 2,356 2,356 $6,517 $2.77 Units One Bedroom 73 19.26% 702 51,246 $2,760 $3.93 379 One Bedroom 134 35.36% 74 6 99,964 $2,887 $3.87 Occupancy One Bedroom 20 5.28% 825 16,500 $2,913 $3.53 49.9% (In Lease Up) Two Bedroom/Two Bath 39 10.29% 985 38,415 $3,545 $3.60 Amenities Controlled Access Two Bedroom/Two Bath 52 13.72% 1,038 53,976 $3,685 $3.55

Fitness Center Two Bedroom/Two Bath 7 1.85% 1,239 8,673 $3,007 $2.43 Business Center Two Bedroom/Two Bath 4 1.06% 1,254 5,016 $4,112 $3.28 Clubhouse Swimming Pool / Spa TOTAL/AVERAGE 379 100.00% 876 332,192 $3,172 $3.62 Media Room Source: Yardi W/D in all Units

You are solely responsible for independently verifying the information in this Memorandum. 40 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Rent Comparables

8 The Motif Apartments Unit % of Size (SF) Actual Rent Unit Type Count Total Address Unit Total SF Total SF 21021 West Erwin Street One Bedroom 8 2.03% 812 6,496 $2,158 $2.66

Woodland Hills, CA 91367 One Bedroom 115 29.11% 823 94,645 $2,329 $2.83

Year Built One Bedroom 45 11.39% 8 74 39,330 $2,429 $2.78 2015 One Bedroom/Den 24 6.08% 958 22,992 $2,384 $2.49 Units Two Bedroom/Two Bath 107 27.09% 1,168 124,976 $2,783 $2.38 395 Two Bedroom/Two Bath 7 1.77% 1,202 8,414 $2,789 $2.32 Occupancy Two Bedroom/Two Bath 26 6.58% 1,204 31,304 $2,834 $2.35 93.9% Two Bedroom/Two Bath 4 1.01% 1,303 5,212 $2,879 $2.21 Amenities Controlled Access Two Bedroom/Two Bath 13 3.29% 1,351 17,563 $2,857 $2.11

Fitness Center Three Bedroom/Two Bath 37 9.37% 1,484 54,908 $3,722 $2.51 Business Center Three Bedroom/Two Bath 9 2.28% 1,531 13,779 $4,864 $3.18 Clubhouse 2 Swimming Pools / 2 Spas TOTAL/AVERAGE 395 100.00% 1,062 419,619 $2,715 $2.56 Playground Source: Yardi W/D in all Units

You are solely responsible for independently verifying the information in this Memorandum. 41 | 6036 Variel Ave., Woodland Hills ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Multifamily Sales Comparables Criteria: Properties located within 3 miles from the Subject Property, sold in the last 24 months in excess of $300 PSF and 50+ units. Source: CoStar, sorted by price per square foot

6301 De Soto Ave 6300 Variel Ave 21530 Califa St 6530 Independence Ave 6250 Canoga Ave Address Woodland Hills, 91367 Woodland Hills, 91367 Woodland Hills, 91367 Canoga Park, 90303 Woodland Hills, 91367

Units 264 224 147 205 362

Sale Price 93,000,000 82,500,000 50,100,000 52,000,000 157,000,000

Cap Rate 4.00% 4.00% 4.30% 4.25% 3.90%

$/Unit $352,273 $368,304 $340,816 $253,659 $433,702

$/PSF $395 $377 $360 $358 $324

SF 235,214 218,610 139,302 145,442 $484,354

Built 2008 2009 1979 1985 2008

Sale Date 09/27/18 09/27/18 10/17/18 12/14/18 07/13/18

© 2019 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Land Sales Comparables Criteria: Select sites located within 3 miles from Subject Property, sold in the last 24 months. Source: CoStar, sorted by price per square foot

Address City Zip Price SF Price/SF Zoning Sale Date

6636 Variel Ave Canoga Park 91303 $31,000,000 108,900 $285 LAWC 3/8/19

6801-6819 Canoga Ave Canoga Park 91303 $10,000,000 48,221 $207 RV(WC)-SN-RIO 11/22/17

6233 Variel Ave Woodland Hills 91367 $4,162,000 24,393 $171 M2-1 9/27/18

22157 Clarendon St Woodland Hills 91367 $970,000 5,906 $164 LACR 5/7/18

6253-6279 Variel Ave Woodland Hills 91367 $15,250,000 94,817 $161 WC, Los Angeles 10/1/18

20116 Sherman Way Winnetka 91306 $6,890,000 44,431 $155 C2-1VL-RIO -

22045 Clarendon St Woodland Hills 91367 $980,000 7,405 $132 LAR1 1/8/18

6130-6140 & 6150 Variel Ave & 21050 Erwin St Woodland Hills 91367 $14,200,000 110,219 $129 WC 6/6/18

21300-21320 Oxnard St Woodland Hills 91367 $11,600,000 100,623 $115 WC 6/27/19

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. Affiliated Business Disclosure Disclaimer

CBRE, Inc. operates within a global family of companies with many This Memorandum contains select information pertaining to the Property subsidiaries and related entities (each an “Affiliate”) engaging in a broad and the Owner, and does not purport to be all-inclusive or contain all or range of commercial real estate businesses including, but not limited part of the information which prospective investors may require to evaluate to, brokerage services, property and facilities management, valuation, a purchase of the Property. The information contained in this Memorandum investment fund management and development. At times different has been obtained from sources believed to be reliable, but has not Affiliates, including CBRE Global Investors, Inc. or Trammell Crow been verified for accuracy, completeness, or fitness for any particular Company, may have or represent clients who have competing interests purpose. All information is presented “as is” without representation in the same transaction. For example, Affiliates or their clients may have or warranty of any kind. Such information includes estimates based on or express an interest in the property described in this Memorandum forward-looking assumptions relating to the general economy, market (the “Property”), and may be the successful bidder for the Property. Your conditions, competition and other factors which are subject to uncertainty receipt of this Memorandum constitutes your acknowledgement of that and may not represent the current or future performance of the Property. possibility and your agreement that neither CBRE, Inc. nor any Affiliate has All references to acreages, square footages, and other measurements an obligation to disclose to you such Affiliates’ interest or involvement in are approximations. This Memorandum describes certain documents, the sale or purchase of the Property. In all instances, however, CBRE, Inc. including leases and other materials, in summary form. These summaries and its Affiliates will act in the best interest of their respective client(s), at may not be complete nor accurate descriptions of the full agreements arms’ length, not in concert, or in a manner detrimental to any third party. referenced. Additional information and an opportunity to inspect the CBRE, Inc. and its Affiliates will conduct their respective businesses in Property may be made available to qualified prospective purchasers. You a manner consistent with the law and all fiduciary duties owed to their are advised to independently verify the accuracy and completeness of all respective client(s). summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of Confidentiality Agreement this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN lYour receipt of this Memorandum constitutes your acknowledgement RISK. that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the The Owner expressly reserves the right, at its sole discretion, to reject any acquisition of the Property, (ii) you will hold it in the strictest confidence, or all expressions of interest or offers to purchase the Property, and/or to (iii) you will not disclose it or its contents to any third party without the terminate discussions at any time with or without notice to you. All offers, prior written authorization of the owner of the Property (“Owner”) or counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. CBRE, Inc., and (iv) you will not use any part of this Memorandum in any nor the Owner shall have any legal commitment or obligation except as set manner detrimental to the Owner or CBRE, Inc. forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. © 2019 CBRE, Inc. All Rights Reserved.

CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.

44 | 6036 Variel Ave., Woodland Hills 6036 VARIEL AVE. WOODLAND HILLS, CA

CONTACTS Laurie Lustig-Bower Executive Vice President +1 310 550 2556 CANOGA AVE [email protected] Lic. 00979360 ERWIN ST

Kamran Paydar OXNARD ST Vice President +1 310 550 2529 [email protected] Lic. 01242590

VARIEL AVE 6036 VARIEL AVE.

±1.21 ACRE MULTIFAMILY MIXED-USE DEVELOPMENT SITE UP TO 4.5:1 FAR LOCATED IN WARNER CENTER SPECIFIC PLAN DE SOTO AVE www.6036Variel.com EXISTING IN-PLACE INCOME

© 2019 CBRE, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.