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T CONFIDENTIALITY & CONDITIONS INVESTMENT CONTACTS
T The information contained in this Offering Memorandum descriptions of the full agreements involved, nor do they
E is confidential, furnished solely for the purpose of review constitute a legal analysis of such documents. Interested by a prospective capital partner of 2044 Franklin Street, parties are expected to independently review all documents. Oakland, CA (the “Property”) and is not to be used for
E any other purpose or made available to any other person This Offering Memorandum is subject to prior placement, without the expressed written consent of Greystone Real errors, omissions, changes or withdrawal without notice
R Estate Advisors (“Greystone”) or the “Owner”. The material and does not constitute a recommendation, endorsement is based in part upon information supplied by Owner and in or advice as to the value of the Property by Greystone or part upon information obtained by Greystone from sources the Owner. Each prospective capital partner is to rely upon T it deems reasonably reliable. Summaries of any documents its own investigation, evaluation and judgment as to the are not intended to be comprehensive or all inclusive but advisability of investing the Property described herein. TODD VITZTHUM S rather only an outline of some of the provisions contained Senior Managing Director therein. No warranty or representation, expressed or Owner and Greystone expressly reserve the right, at their implied, is made by Owner, Greystone, or any of their sole discretion, to reject any or all expressions of interest 925.838.8826 respective affiliates, as to the accuracy or completeness of or offers to invest in the Property and/or to terminate [email protected] N the information contained herein or any other written or discussions with any party at any time with or without notice. oral communication transmitted to a prospective capital Owner shall have no legal commitment or obligation to any CA Lic. #01303121 I partner in the course of its evaluation of the Property. No interested party reviewing this Offering Memorandum or legal liability is assumed or to be applied in connection with making an offer to invest in the Property unless a written L the information or such other communications. Without agreement for the investment in the Property has been fully limiting the generality of the foregoing, the information shall executed and delivered by the Owner and such party and not be deemed a representation of the state of affairs of the any conditions to Owner’s obligations thereunder have been
K Property or constitute an indication that there has been no satisfied or waived and then only to the extent expressly change in the business or affairs of the Property since the provided for therein. Greystone is not authorized to make date of preparation of the information. Prospective capital any representations or agreements on behalf of Owner. N partners should make their own projections and conclusions without reliance upon the materials contained herein and This Offering Memorandum is the property of Greystone
A conduct their own independent due diligence, including and may be used only by parties approved by Greystone engineering and environmental inspections, to determine and Owner. The Property is privately offered and, by GARY WEISS the condition of the Property and the existence of any accepting delivery of this Offering Memorandum, the party R potentially hazardous material located at the site. in possession hereof agrees (i) to return it to Greystone Principal immediately upon request of Greystone or Owner and O | 310.407.3407
F This Offering Memorandum was prepared by Greystone (ii) that this Offering Memorandum and its contents are and has been reviewed by Owner. It contains select of a confidential nature and will be held and treated C | 310.991.2780
information pertaining to the Property and does not purport in the strictest confidence. No portion of this Offering [email protected] to be all inclusive or to contain all of the information which Memorandum may be copied or otherwise reproduced or CA Lic. #00964967 4 a prospective capital partner may desire. All financial disclosed to anyone without the prior written authorization projections are provided for general reference purposes of Greystone and Owner. only and are based on assumptions relating to the general 4 economy, competition and other factors beyond control and, therefore, are subject to material change or variation.
0 An opportunity to inspect the Property will be made available to qualified prospective capital partners. In this Offering Memorandum, certain documents and other
2 materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate
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4 CONTENTS
4 EXECUTIVE SUMMARY 4
F PROPERTY OVERVIEW 7
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A LOCATION OVERVIEW 16
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MARKET OVERVIEW 21
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Copyright ©2020 Greystone & Co. II LLC. All rights Reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone Real
Estate Advisors, Inc. makes no express or implied guaranty, warranty, or representation that the information is complete or accurate. Further, any projections, opinions, E assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone Real Estate Advisors, Inc. recommends that you conduct your own investigation of the property in order to reach your
T own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone Real Estate Advisors, Inc. should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.
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EXECUTIVE 2 SUMMARY 0
4 Greystone Real Estate Advisors, as exclusive PREMIER UPTOWN LOCATION Oakland is often referred to as the central hub of the Bay Area, advisor, is pleased to present the opportunity 4 which makes the Uptown Downtown District Oakland’s main to acquire 2044 Franklin Street (the “Property”), line. Once a shopping district in the early 20th century, Uptown an urban mixed-use redevelopment site located is the hottest neighborhood in Oakland. A new restaurant, indie
F in the highly sought-after Uptown District, boutique, or bar seemingly opens every other week, with nearly Oakland’s premier live-work-play destination. 125 opened in the past decade. Oakland’s entertainment R Situated one block from the newly announced capital comes alive at night with a host of new restaurants, hip bars, and Square headquarters, two blocks from the 19th an arts scene that’s one of the best in the country. A Street BART station, two blocks from the new 900K SF PG&E headquarters, a four-minute walk COMPELLING MULTIFAMILY FUNDAMENTALS N to Lake Merritt, and a 15-minute commute to San There are extremely high barriers to entry and few large development sites available in the downtown region, especially Francisco, the Property is an irreplaceable asset in the Uptown district. The Oakland market continues to K located in the heart of the San Francisco Bay Area. experience strong rent growth and tight vacancy rates
L The Property is a 25,500 SF lot currently operating ACCESS TO MASS TRANSIT a single-tenant office space, and is situated in The Property is located within walking distance to several transit options: I the CBD-C zoning district, which permits a wide 19th Street BART Station, Oakland Jack London Square Amtrak Station, N variety of uses including residential, mixed-use, San Francisco-Oakland Ferry, and convenient access to I-880 and I-980.
retail, and commercial with no height limit. The HOTTEST APARTMENT MARKET IN THE COUNTRY project proposes a mix of studios, one-bedroom, S Oakland continues to top the list of annual rent growth leaders in the and two-bedroom units with approximately 5,385 U.S. Rents rose in Oakland for all apartment types in 2019. Studios were
T square feet of amenity space including a leasing 3.3 percent more in 2019 at about $2,839, one-bedroom units were .7 center, mail center, roof-top deck, outdoor cafe, percent more at about $3,308 and two-bedroom units were 6 percent R and fitness studio for tenants. more at roughly $4,338.
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INVESTMENT SUMMARY E
Price ...... To Be Determined by Market Site Area ...... ± 0.59 Acres / 25,500 SF T Address 2044 Franklin Street Zoning . . Central Business District Commercial (CBD-C) City ...... Oakland, CA Current Use . . . . . Commercial Building & Parking Lot Year Built 1966 Proposed Use . . . Mixed-Use / Multifamily / Commercial 5 EXECUTIVE SUMMARY
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T PROPERTY E OVERVIEW
E 2044 Franklin Street is an urban, mixed-use redevelopment site
R located in the Uptown District of Oakland in Alameda County, CA. The commercial site was operating as a single-tenant office space T formerly occupied by Bank of America. Comprised of one parcel totaling 25,500 square feet, or 0.59 acres, the property is situated
S in the Central Business District (CBD) zoning district, which allows a
wide range of ground-floor office and other commercial activities. The project proposes 357 units with a mix of studios, one-bedroom,
N and two-bedroom units and approximately 5,385 square feet of I amenity space including a leasing center, mail center, roof-top deck,
L outdoor cafe, and fitness studio for tenants.
K PROPERTY DETAILS
N Address: 2044 Franklin Street Oakland, CA 94612 Zone: CBD-C, Unlimited Height
A Residential: 357 Units
R Retail Area: 3,585 SF Vehicle Parking: None
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Residential Amenity & Open Space: 7,50 0 SF
4 Height: 239 Feet Stories: 22
4 Loading: 2 Berths
0 Avg Studio Size: 430 SF Avg One-Bedroom Size: 605 SF
2 Avg Two-Bedroom Size: 1,000 SF Proposed Rendering
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2044 FRANKLIN STREET
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T BUILDING METRICS PARCEL MAP
E ADDRESS: 2044 Franklin Street
E BUILDING METRICS ZONE: CBD-C, Unlimited Height
R RESIDENTIAL: 357 units ADDRESS: 2044 Franklin Street RETAIL AREA: 5,385 sq. ft. T ZONE: CBD-C, Unlimited Height VEHICLE PARKING: None S RESIDENTIAL: 357 units : 7,500 sq. ft. OPEN SPACE RETAIL AREA: 5,385 sq. ft. HEIGHT: 239 feet VEHICLE PARKING: None N STORIES: 22
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RETAIL AREA: 5,385 sq. ft.
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LOADING:4 2 BERTHS RETAIL AREA: 5,385 sq. ft.
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BUILDING METRICS
STUDIO: 430 sq. ft.
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1 BEDROOM: 605 sq. ft.
E BUILDING METRICS 2 BEDROOM: 1,000 sq. ft.
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DEMOGRAPHICS LOCATION 0
OVERVIEW 4 277,858 514,799
COMMUNITY PROFILE Residents Residents 4 Oakland is often referred to as the central hub of the Bay Area, which 3-Mile Radius 5-Mile Radius makes the Uptown District Oakland’s mainline. Once a shopping district in the early 20th century, Uptown is the city’s premier live – F work – play destination. Oakland’s entertainment capital is host to
39 R new restaurants, hip bars, and an arts scene that is one of the best Avg Age of Residents in the country. Situated one block from Square headquarters, two 3-Mile Radius A blocks from the 19th Street BART station, a four-minute walk to Lake Merritt, and a 15-minute commute to San Francisco, the property is N an irreplaceable asset located in the heart of the San Francisco Bay $82,922 Area. 2044 Franklin Street has a Walk Score of 97 out of 100, deeming Median Household Income K the location a “Walker’s Paradise,” so daily errands do not require 3-Mile Radius a vehicle. L
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2 .2 N Burgeoning with local cafes, Avg Persons / Household 3-Mile Radius restaurants, and nightlife venues,
Uptown is renowned for its arts, S
culture, and historic sites like Fox 2,599,043 T Total Labor Force and Paramount Theatres. R San Francisco–Oakland–Hayward MSA
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$771,000 E Median Sale Price
T Oakland City
17 LOCATION OVERVIEW 1
OAKLAND 2 AMENITIES MAP KOREATOWN
T NORTHGATE LEGEND
E DINING / ENTERTAINMENT 980 3 1. Common Wealth Cafe
E 2. Dan Sung Sa 3. Gogi Time 4. Mua Oakland R 5. New Parkway Theater 6. Stork Club 4
T 7. Calavera 5 8. Dosa 9. Hawker Fare 2 S 6 10. Ozumo 7 11. Luka’s Taproom 1 12. The Atheltic Club Oakland 8 9 13. True Burger
N 14. Umami Burger 10
I 15. Agave Uptown 16. Lost & Found 11 17. 2022 L 12 18. Hopscotch UPTOWN 13 19. The Paramount Theater 16 K 20. Belly 15 14 21. Flora Restaurant & Bar 2 22. Duende 17 3 N 23. Fox Theater 18 1 24. The New Parish 19 25. Mockingbird 20 34 A 26. Make Westing 27. Camber Uptown 21 4 28. Bar Dogwood R 29. Parlour 22 3 4 30. Cafe Van Kleef 24 23 F 31. The Lunch Box 27
32. Analog 25 33. Aburaya Japanese 26 34. Enssaro 28 29
4 RETAIL 30 31
4 1. Whole Foods 2. Green & Go 3. Uptown Farmer’s Market 0 4. Gourmet Market MAJOR EMPLOYERS
2 1. Kaiser Permanente 2. Pandora 3. Square 33 4. BART 4 5. PG&E 32 18 2,000 87,389 2 EMPLOYEES APPLICATIONS 0
The 356,000-square-foot Year after year, for
4 expansion in the former more than a decade, Sears Building positions
applications for 4 Square to become the admission to UC
largest tech company Berekely exceeded
in Oakland. 80,000. F - San Francisco Chronicle - Berkeley News
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19 LOCATION OVERVIEW
DAILY CONVENIENCES SHOPPING AND DINING
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A sampling of conveniences within walking distance Broadway Avenue
E or in close proximity to the property are: ■ Broad selection specialty retailers and eateries
E along Broadway Avenue. ■ Urban Stitch Boutique; Oaklandish; Town Biz;
R Laurel Book Store; Show & Tell Concept Shop. ■ Xolo; Duende; Itani Ramen; Delicious Curry House. T Bay Street Emeryville
S ■ Bayside, pedestrian-friendly, multi-level shopping
and entertainment complex. ■ Express; Gap; Sleep Number; Zumiez; Vans;
N LUSH; Levi’s Store; Forever 21.
I ■ AMC Bay Street 16 movie theater;
L California Pizza Kitchen; PF Chang’s. Hair and beauty salons, fitness centers, gas stations,
K auto repair shops and parts supply stores, insurance Alameda South Shore services, and medical clinics are also nearby. ■ Waterfront, open-air shopping center with a
N variety of national retailers and restaurants. ■ Trader Joe’s; Safeway; Kohl’s; T.J. Maxx;
A Ross Dress for Less; Old Navy; Carter’s. ■ Trabocco Kitchen and Cocktails, Panera Bread,
R Jamba Juice.
F Eateries
■ Umami Burger ■ Ichiro ■ alaMar Kitchen & Bar ■ Mela Bistro 4 ■ Duende ■ Aburaya
4 ■ Agave Uptown ■ Ike’s Sandwiches ■ Burma Bear
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E Oakland leads the East Bay as the economic
R and cultural hub of the region. The city is situated on the eastern side of the Oakland T / San Francisco Bay in Alameda County. Its eastern border offers 19 miles of coastline,
S while rolling hills to the east offer views of
the Bay and Pacific Ocean. Within the two are traditional, well-kept neighborhoods,
N a progressive downtown that is experiencing I a surge in growth, and superior cultural
L and recreational amenities. Oakland is the administrative site for the county of Alameda,
K the regional seat for the federal government, the district location of primary state offices,
N and the transportation hub of commerce for the bay Area.
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F 421,546
2020 POPULATION EST.
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0 7,541 .1 PEOPLE / SQUARE MILES
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R WALKER’S PARADISE F 97
EXCELLENT TRANSIT 4 80
4 2044 FRANKLIN STREET BIKER’S PARADISE 0 92
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24 DEMOGRAPHICS 2
0 LARGEST GROUP OF EARNERS ANNUAL POPULATION GROWTH 4 37 .7 $73,161 2 .5 $100,000 - $149,999 (15.6%) $50,000 - $74,999 (14.5%) 1 29%. 1 .27% MEDIAN MEDIAN HOUSEHOLD AVERAGE 4 GENERATION Z MILLENNIAL AGE INCOME HOUSEHOLD SIZE $200,000+ (13.2%) Other (56.7%)
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R POPULATION GROWTH (OAKLAND) U.S. POPULATION: AGE 20-34 COHORT
(MILLIONS) A 500,000 470,635 70.0 69.5
69.5 N 450,000 421,546 69.0 68.4 68.5 390,929 400,000 68.0 K 67.5 67.1 67.0 350,000 66.5 L 66.0 300,000 65.5 I
2010 2020* 2030* '16 '18 '20 '22 '24 '26 '28 '30 '32 '34 '36 '38 '40 N
Source: Greystone Research, ESRI Demographics. *Projected Source: Census Bureau, Fannie Mae
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COST OF LIVING COST OF LIVING - ITEMIZED T (OAKLAND) (OAKLAND)
250.0 350.0 316.3 R 192.9 200.0 174.4 300.0 162.6 E 250.0 150.0 U.S. 200.0 U.S. Average E Average 100.0 150.0 111.3 125.8 90.3 103.5 100.0 T 50.0 50.0 0.0 0.0 City of Oakland Alameda County Contra Costa County Groceries Utilities Health Care Transportation Housing Source: Sperling's. Source: Sperling's 25 AREA OVERVIEW
T HOUSING
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R MEDIAN HOME VALUE (ZILLOW INDEX, MAY 2020) T $525 S MEDIAN LIST PRICE OAKLAND
N $499 I MEDIAN LIST PRICE SAN FRANCISCO-OAKLAND-HAYWARD MSA
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F 19% 64% 18,429 TOTAL BUSINESSES 16,255,174 4 OAKLAND - DOWNTOWN 4 1,611,139 0 172,140 TOTAL EMPLOYEES OAKLAND - JACK LONDON SQUARE Blue Collar 2 Employment 17% 7 6%. OFFICE VACANCY 1Q 2020
26 AREA OVERVIEW
COMPANIES RELOCATING 2
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Oakland continues to benefit from companies relocating from San Francisco to In 2019, an Urban Land Institute report 4 escape skyrocketing rents. Oakland also stands to gain in attracting firms that need named Oakland and the East Bay
several hundred thousand square feet and can’t find it in San Francisco. In the past to a list of metro areas attracting 4 five years, average asking per square foot FS rents have more than doubled from outsized amounts of capital across $2.23 in the first quarter of 2015 to $4.59 in the first quarter of 2020, according to the the U .S . The Urban Land Institute and most recent Collier’s report. PwC consider the Oakland and East F
Bay area as one of several “major R Some recent announcements and capital investments include: capital magnets” across the nation.
A PG&E announced that it will shift its headquarters to downtown Oakland starting in 2022, exiting San Francisco after 115 years. N This marks a major jobs coup for Oakland. TMG Partners, a principal owner of the 28-story office tower at 300 Lakeside, will As of October 2019, a total of 47
K renovate the downtown Oakland offices to PG&E’s specifications. Oakland-based companies closed
funding rounds for the year with a L Deem Inc., a corporate travel company, moved its headquarters combined value of $583 million,
I from San Francisco to Oakland in late 2019. Deem Inc. leased marking the highest total in years . a full floor - about 16,454 square feet, in 1330 Broadway, an N 18-story tower in the heart of downtown Oakland above the 12th
Street BART stop.
S Blue Shield, a nonprofit health plan, moved its corporate Jeff Bellisario, interim executive headquarters from San Francisco to Oakland in 2019 to reduce director for the Bay Area Council T administrative costs, provide a new, state-of-the-art facility for its Economic Institute, which studies
R employees and to strengthen the company’s position for long- economic issues affecting the vast
term sustainable growth. region’s livability and business E competitiveness states “I think we’ll Square, the payments processor corporation run by Jack Dorsey E see Oakland emerging as tech (Twitter CEO), signed a lease for a 356,000-square-foot building in downtown Oakland in December 2018. The building has moves a bit to the East” further T capacity for up to 2,000 workers. Square’s arrival is expected to stating “It’s becoming that cool hip attract other startups and tech companies. place to go ”.
27 Untitled mapAREA OVERVIEW
Subject HEALTH CARE
T 2044 Franklin St
E Pinole Medical Offices KAISER PERMANENTE MEDICAL GROUP Kaiser HospitalsE Kaiser Permanente has headquarters in Oakland and is All itemsR the city’s largest employer. T LARGEST Alta Bates S MEDICAL GROUP IN U.S. Richmond Medical Center
All items
N 12,000+ EMPLOYEES - OAKLAND
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L 4 .5M PATIENTS IN NORTHERN CA Herrick Campus
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Alta Bates Campus N ALTA BATES SUMMIT MEDICAL CENTER
A With locations in Berkeley and Oakland, Alta Bates Summit is a part of the Sutter Health network. Summit Campus Oakland Medical Center R 2044 Franklin Street F LARGEST
PRIVATE, NOT-FOR-PROFIT MEDICAL CENTER IN EAST BAY
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4 CAMPUSES Alameda Medical Offices
0 2 Kaiser 2 ACUTE-CARE HOSPITALS Alta Bates Map data @2020 Google
28 AREA OVERVIEW
TRANSPORTATION 2
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■ BART provides access to San Francisco Airport, 4 Downtown San Francisco, and the East Bay
■ Passengers can also access AC Transit buses from
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A ■ Connects Oakland to San Francisco
TRANSPORTATION TO WORK N Bike
K I-880 2.8% Connects Oakland to San Jose, running parallel to the Walk 880 ■ L southeastern shore of the San Francisco Bay 4.0%
I Use Public Transportation N I-80 22.4% Carpool ■ Runs from downtown San Francisco through Oakland 80 11.0% across the United States to the New York City S Metropolitan Area
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■ Jack London Square rail station connects residents to E destinations across California
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FERRY SERVICE T ■ From Alameda / Oakland via Jack London Square ■ Provides service between Oakland, Alameda, and San Francisco
29 AREA OVERVIEW
HIGHER EDUCATION
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E Two of the largest higher-learning
E institutions in the East Bay area are the UC BERKELEY California State University East Bay in
R Hayward and the University of California The University of California, Berkeley is a public research university and is Berkeley. T the oldest and flagship campus of the University of California system. UC Berkeley has been ranked by numerous major education publications as
S among the top 10 universities in the world. 42% OAKLAND - BACHELOR’S DEGREE OR HIGHER
N 43,204 $800M+ #1 $4 .7B
I STUDENTS R&D EXPENDITURES PUBLIC UNIVERSITY ENDOWMENT UC Berkeley Campus ENROLLED WORLDWIDE
L U.S. News & World Report
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Located in Hayward, California State University, East Bay is a public
4 university and is part of the 23-campus California State University system.
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0 14,705 737 136 60 STUDENTS ACADEMIC UNDERGRADUATE BACCALAUREATE 2 ENROLLED STAFF AREAS OF STUDY AREAS OF STUDY California State University, East Bay Campus
30 AREA OVERVIEW
TOURISM AND RECREATION 2
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The eclectic and diverse Downtown district is rich with 4 history, art and culture, and emerging specialty shops and Oakland Coliseum restaurants. Lake Merritt’s Lakeside Park is one of the most 4 accessible parks in the city, and residents have access to
Oakland - Chinatown a variety of sites and activities, including the Lake Merritt
Wildlife Sanctuary - the oldest Wildlife Refuge in Northern F America. The park also features an indoor playground; paved
R walking trails; lawn bowling; and non-motorized boating.
A PARKS & TRAILS
N ■ Lafayette Square ■ Paramount Theatre Fox Theater K ■ Rotary Nature Center African American Museum and Library Oakland City Center Jack London Square ■ L ■ Oakland Museum of California
■ Museum of Children’s Art I
■ Museum of Art and Digital Entertainment N ■ Fox Theater
■ Children’s Fairyland
■ Snow Park S
Oakland - Off the Grid T
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E Sources: Greystone Research; Yardi Matrix; Wikipedia; U.S. Bureau of Labor; U.S. Census: Sperling’s; CensusReporter; T Oakland - Temescal Street Fair Colliers; City of Oakland; ESRI Demographics.
31 INVESTMENT CONTACTS 2
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4 CONFIDENTIAL OFFERING MEMORANDUM
TODD VITZTHUM F Senior Managing Director
R 925.838.8826 [email protected]
A CA Lic. #01303121
N GREYSTONE REAL ESTATE ADVISORS 1777 Botelho Dr, Suite 375
K Walnut Creek, CA 94596 2044 L FRANKLIN STREET
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GARY WEISS S Principal O | 310.407.3407 T C | 310.991.2780 R For more information visit [email protected] www.greycoadvisors.com/2044-franklin-street
CA Lic. #00964967 E
Copyright ©2020 Greystone & Co. II LLC. All rights Reserved. Although the information contained herein has been obtained from sources deemed reliable, Greystone Real Estate Advisors, Inc. makes no express or implied guaranty, warranty, or representation that E the information is complete or accurate. Further, any projections, opinions, assumptions, or estimates used or offered herein are for the purpose of example only and do not and cannot be deemed to represent the present or future performance of the subject property. Accordingly, Greystone Real Estate Advisors, Inc. recommends that you conduct your own investigation of the property in order to reach T your own conclusions or opinions as to value of the property. Physical condition of the property, including without limitation the potential presence of mold, asbestos, lead based paint, and hazardous materials may affect the property, its value, and may, if present, pose health risks. The property should be independently examined by experts selected by you. Any recipient of these materials from Greystone Real Estate Advisors, Inc. should not and may not rely on these materials for any purpose beyond general introductory information concerning the property.